If there’s one thing we love doing it’s showing people simple ways that they can adjust their spending to save money. Without a doubt the single biggest saving comes from life insurance. What you need to know is that if you have any dependents and something catastrophic happens, you need to be prepared for their future. Term Life insurance serves this purpose beautifully. It protects you and your family, and it’s VERY affordable. The problem is that big insurance companies try and bundle this protection with an investment component. It’s known under various names: Whole life, Universal life, Cash Value, Index Universal Life, and it is all BAD. Suffice it to say that this kind of insurance is a complete rip-off and that life insurance is for protection only, it is NOT an investment. (If you want to know all the ins and outs of insurance we wrote a whole book about it a few years ago called Getting Rich, How to Avoid Being Ripped-Off by the Insurance Industry.)

Basically, the reason for this is that a huge percentage of the money you think you’re investing every month disappears in fees and commissions. Apart from that, all the terms and conditions favor the insurance company rather than you, and that list is long. Almost any other investment – stocks, bonds, mutual funds, ETFs will give you a MUCH better return. For more details please read the book or check out our new online course: financialgps.teachable.com.

Now, please, do your friends and family a real favor by sharing this post with all of them – it will save them thousands of dollars in wasted payments. And, if they redirect the money they save, they could be debt free and saving for important family goals in a short amount of time.