What I Think About What Other People Say (WITAWOPS)

  "Isn’t it inconceivable, depressing, and pointless?" What I thought This was my gut reaction when someone suggested buying life insurance for my young kids. My thoughts were: It’s inconceivable and depressing. Children are meant to bury their parents, not the other way around. The idea of losing a child is unimaginably painful, and no amount of money could ever begin to fill that void. A payout would feel like putting a Band-Aid on a heart attack. It’s pointless. Isn’t life insurance meant to protect those left behind? A couple with or without kids buys life insurance so that the remaining spouse can pay the mortgage, work less depending on the age of the kids, and maintain their quality of life. Since a child has no financial obligations, why buy something that will not be used? What I Learned I was naive. My assumptions were built on incomplete truths and misconceptions. Here’s what I know now. ( Disclaimer, I am not a financial professional or advisor nor am I selling ...

"8 percent of Christians in India do not believe in God." (Pew Research, 2021) What do I think Given our diverse interests, our dinner conversations are generally very lively and interesting. When we really get into a topic, one person, generally the one who starts the topic, will also use their phone at the table. Here’s why. I grew up without internet or cell phones, my parents couldn’t instantly validate, correct, or elaborate on anything we discussed. Our discussion was limited to what we already knew or believed. Now, though, we can dig deeper in real time. Take a recent dinner conversation: my child mentioned hearing about Jehovah’s Witnesses in India. The questions flew across the table. Was that for real? How many Christians are in India? One phone came out. 2% of Indians are Christians, which equates to roughly 28 million people—almost the population of Texas!  But any search gives multiple answers. This one also told us that 98 percent of Christians in India do not ...

“Many parents and advisors may not have considered establishing a child’s Roth IRA.” Brian Dobbis, LordAbbett.com , April 15, 2024. What Do I think I ignored this advice when I was a new parent but paid more attention years later when a friend with twin teenagers explained his simple strategy. Kids may earn $1,000-$2,000 over a summer or school year doing a part-time job. Of course they are motivated by money to buy some things, save up for something bigger, or learn how to invest in stocks.  My friend convinced his kids to put all their earnings into a Roth IRA in exchange for the equivalent in cash. A few formulas in a spreadsheet was all it took to show them the returns. $1,000 a year from age 14 to 21 growing at 6% becomes $325K by age 80. $2,000 becomes $650K. Its a no-brainer. The IRS allows this as long as the annual deposits do not exceed the child’s income for that year. Income can be formal or even informal — tutoring or odd-jobs. Why should you care Most teenagers are n...