BIC_BAWS Adventure Thread

[JDMDreams]

Open a wealth simple account, so far you will still get 2.25% on your cash, no transaction limits. Anything you spend on debit you get 1% cash back and you can get cash back in crypto. ??? Profit. Banks won't close you loc if you close your chequing

[donk.]

Originally Posted by BIC_BAWS

I hold two policies:

CanadaLife - $1014
Equitable - $2,266.04

Bro, your spending 3k a year on life insurance? :O

Who sold you this scam with no dependants

[SkinnyPupp]

Everyone has that friend (or several) who will try to sell you on life insurance even if you are in your 20's with no dependents. Those aren't real friends btw.

[JDMDreams]

How much should you spend on life insurance

[bcrdukes]

Originally Posted by donk.

Bro, your spending 3k a year on life insurance? :O

Who sold you this scam with no dependants

Oh boy, do I have a story for you at the next Stock & Noob meet.

[supafamous]

Originally Posted by JDMDreams

How much should you spend on life insurance

No hard and fast rule but I've seen two common ways of approaching it:

- 7-10x your annual salary
- Enough to clear your debts and to leave your dependents several years of income (or to fund things that you would have funded like your child's education)

This generally only applies if you have dependents though - if you don't have dependents you don't generally need life insurance (if you're famous you may want insurance regardless)

For example, when I bought my first house with my wife we bought enough coverage to pay off the mortgage (20 years, $800k, $933/yr) and when we had a kid I bought another policy (10 years, $800k, $768/yr) to cover lost income. I technically should have bought more when we bought our latest house as the policies didn't cover lost income and the mortgage anymore but in the 3 years since our investments have grown enough to cover lost income - if I had died in the first year or two of owning our new house it would have been a financial PITA for my wife and kid though (beyond me dying).

Reference:
- https://www.ratehub.ca/blog/how-much...nce-do-i-need/
- https://www.policyme.com/blog/how-mu...ance-do-i-need

[supafamous]

Originally Posted by BIC_BAWS

I wonder if it is the smoking that is resulting in this high of a life insurance premium. At the time, ten years ago, the difference wasn't that drastic, and my rate hasn't changed.

I hold two policies:

CanadaLife - $1014
Equitable - $2,266.04

I don't remember why I carry it.. aside from I've been paying it for the last ten years and it feels like a waste to cancel it now that im at 50% paid.

It might be a huge waste to keep paying it as well and you may want to cut your losses now rather than keep paying. You're on the hook for another $33k - money that could go to something else whether it's paying off other bills, cheaper life insurance, or being invested with much higher returns. Whole life policies are generally bullshit and only suitable for people who need forced savings (and you do seem like you need to be forced to save).

You may be better off cancelling the policy, taking the money out and buying a term life policy (if you even need that since you don't have dependents). If the mortgage is the problem then get a 10 year policy that's just enough to pay it off your portion so your parents aren't on the hook - that would be a really cheap policy even though you're a smoker. You may even be able to convert your current policy to a term policy.

I'm not a professional (of course) so you'll need to talk to a professional to see how the numbers play out but I'm not sure keeping it is the right play here.

[Badhobz]

You’re super young !! The hell do you need a life insurance policy for ?

My wife took one out on my ass just in case I kick the bucket or get sick. Makes sense considering I’m old and I love whores and doing stupid shit

[JDMDreams]

I mean he does have liability. So his family won't be homeless incase something happens to him. Everyone says they will sell the house when they die, but probate can take years + look at the market conditions, do you really want to fire sell at -$500k and still be homeless. Type r payments still need to be paid when you die.

[bcrdukes]

Stop going to the gym, Badhobz

[BIC_BAWS]

Originally Posted by JDMDreams

I mean he does have liability. So his family won't be homeless incase something happens to him. Everyone says they will sell the house when they die, but probate can take years + look at the market conditions, do you really want to fire sell at -$500k and still be homeless. Type r payments still need to be paid when you die.

Pretty much this. Life insurance is to pay off the house if I die.

Tho, I've had life insurance since I was 18 and it definitely sounds like what Skinnypup described... my mom probably got conned LOL. It makes her happy if I keep my policy.

This is most likely how the poor stay poor.

[JDMDreams]

Insurance is one of those things you're glad to have if shit hits the fan. Like imagine having no insurance if someone crashes into your m3 also it does get more expensive the older you are cuz it's all age based.

[lowside67]

Originally Posted by supafamous

It might be a huge waste to keep paying it as well and you may want to cut your losses now rather than keep paying. You're on the hook for another $33k - money that could go to something else whether it's paying off other bills, cheaper life insurance, or being invested with much higher returns. Whole life policies are generally bullshit and only suitable for people who need forced savings (and you do seem like you need to be forced to save).

You may be better off cancelling the policy, taking the money out and buying a term life policy (if you even need that since you don't have dependents). If the mortgage is the problem then get a 10 year policy that's just enough to pay it off your portion so your parents aren't on the hook - that would be a really cheap policy even though you're a smoker. You may even be able to convert your current policy to a term policy.

I'm not a professional (of course) so you'll need to talk to a professional to see how the numbers play out but I'm not sure keeping it is the right play here.

To add a bit of perspective - whole life insurance policies are definitely not "generally bullshit." They are in fact one of the most powerful tools available to move wealth between generations in a low risk and tax efficient way, and actually can produce very significant returns if you measure them against funds received by beneficiaries, net of all taxes.

However, they are also very profitable to sell, and therefore they have become the biggest square peg ever to be pounded into a round hole. There are a TON of good reasons to buy whole life insurance, but for a younger person who does not have a family, and does not have fully funded TFSA/RRSPs, I'd struggle to see the logic.

With that said, getting in early does provide for a significant upside in overall return and I have seen many clients later in life try to buy them once they have wealth and beneficiaries only to find they are being medically declined.

All this to say, I am not sure that buying one (or two) was the right choice, but now that you have them, I'd think long and hard before cancelling them as you have at least locked a low cost of insurance in.

-Mark

[JDMDreams]

Also depends on what you bought, it's also good to have critical illness coverage. You get sick but can't work, last thing you want is to be dying and worry about money gonna be homeless. Just look at all the foreclosures on the re thread.

[Gerbs]

Originally Posted by donk.

Bro, your spending 3k a year on life insurance? :O

Who sold you this scam with no dependants

But let me keep getting scammed, they already swindled me for 10 years

Originally Posted by JDMDreams

I mean he does have liability. So his family won't be homeless incase something happens to him. Everyone says they will sell the house when they die, but probate can take years + look at the market conditions, do you really want to fire sell at -$500k and still be homeless. Type r payments still need to be paid when you die.

The household has 4 working members and my mans contributing $1,500. A $1,500/mo deficit is a small dent on a SFH.

Probate will not take years, the surviving parents have title on home. You can sell in < 3-6 months

I struggle to see a financial liability

[JDMDreams]

Funerals ain't cheap and his parents are old, I doubt they will want to work another 20+ years. Unless they dump him in the ganges I mean Fraser River.

[Gerbs]

Originally Posted by JDMDreams

Funerals ain't cheap and his parents are old, I doubt they will want to work another 20+ years. Unless they dump him in the ganges I mean Fraser River.

We can get one done for $5-10K, I'll send him off into the Fraser River in a Honda and have every do a ricer flyby

[mikemhg]

Originally Posted by SkinnyPupp

Everyone has that friend (or several) who will try to sell you on life insurance even if you are in your 20's with no dependents. Those aren't real friends btw.

Got a loser buddy that just recently joined one of those WFG-type companies.

It's like clockwork with these guys, suddenly they have "mentors" they're always hanging out with, then they're reaching out to you and other friends about money management. Now somehow you're some financial expert with no post-secondary? Fuck off

Goodbye.

[westopher]

I have a networking event bro. Just working some connects and we can circle back in the new year.
We all know these fucks. Same guys posting "loyal but dangerous" wolf memes and quotes with a picture of Tom hardy that he never fuckin said lol.
It's always the same dudes that think they are snorting free range GMO free coke and vaccines are poison.

[Badhobz]

Did someone say coke ?!? Where ?!?

[unit]

I got dragged to these pyramids twice. once when I was 17 and didn't know it was a pyramid. made zero dollars and didn't even understand there was a product to be sold. all the trainings were basically teaching you about compound interest and how rich you could be in 40 years which is like wtf... what does that have to do with this business? absolutely nothing but they can try to impress dumb people with no money sense with big dollar amounts to hype them up. I bet if you asked people there to explain exactly how the business makes money, 99% would not be able to explain it to you.

when I was 30 and more money smart and already knew I hated these MLM things, my dads customer got me to go to a meeting. I already knew it was a pyramid but because he was what I thought was an important client I just obliged him. it was full of dudes in douchey suits and douchey watches, and a bunch of poor fucks who tried to act rich and you knew they were driving home in their beat up chevy cavaliers after. it was actually kind of amusing when you already know that you're not gonna fall for it.

[bcrdukes]

Well, since I'm in the worst coast (aka Toronto) I wanted to take the opportunity to say "thanks" to all of you on Revscene as this can be considered my final post of 2024, unless Badhobz tells us he got raped by the Ferrari gym girl. December marks my anniversary month on RS which I joined back in 2001. (I was previously on the E-Z Board forums for those of you who remember it.)

2024 has been an interesting journey on RS. I found myself posting the usual dumb garbage, making fun of and being sassy with Badhobz (i love you) and seeing my friends move away and/or get hitched (you know who you are!) But that didn't change our friendship in any way. I'm super grateful for all the friends I've made over the years on this forum. Let's not forget the Stock and Noob meets, and dark0821 gaining more weight than he lost.

I'm excited for 2025 as I head back to school while juggling my full-time job. I am by no means an arrogant baller like some of you jack asses, but I'll always be here for some laughs, boring stock cars, and the jabbing here and there. on to bigger and better things, Revscene. I hate you all, openly and without regret (IYKYK - Nintendo reference) but deep down inside, I love you all. I wish you all a happy new year. Thanks for an amazing year.

[bcrdukes]

Ah fuck I posted in the wrong thread. Sorry, BIC_BAWS!

[Badhobz]

Posting on wrong thread…. Classic. Take that BAWS !!! That’s what duke thinks of your problems.

[BIC_BAWS]

That's ok. 2024 or rather this thread has surprised me with all the thoughtful advice that can be gathered from this forum - thank you for all the support and for letting me treat this as a sounding board (lol).

They say forums are dead but evidently the community is still kicking. Hobz & Donk, have been doing a fantastic job at hosting in-person events for a "dying community". RS lives.



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