Smart Money Moves: Life Insurance, Emergency Funds, and The Rule of 55

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.6 • 2.8K Ratings

🗓️ 21 April 2025

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

We're back with answering YOUR questions and you gave us some good ones. Brian and Bo break down affordable life insurance strategies for high earners with health challenges, how to prioritize saving when adopting a child, and what to do with multiple retirement plans like 401(a), 403(b), and 457s. You'll also learn how the Rule of 55 really works (and how to avoid losing it), plus how to assess the true opportunity cost of going back to school to boost your income. Don't worry, though, we still had plenty of fun along the way. Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become a client Subscribe on YouTube for early access and go beyond the podcast Connect with us on social media for more content Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:36.5	Calvin's question is up next.
0:38.7	He says, I'm married 31 with a 10-month-old son.
0:42.9	My wife and I both have a medical history and it makes life insurance very expensive.
0:48.7	We have supplemental life through work, but it's small.
0:52.8	Our net worth is $3.1 million, and we have a 400K household
0:56.8	income. So that's a very good income. What options do we have? So when I hear 31 years old,
1:03.9	$3.1 million net worth, $400,000 income. First option, I think, is you go to aboundwealth.com
1:10.3	slash become a client.
1:11.3	Now, I'm kidding, sort of. One, you're in an amazing spot. But you have recognized there
1:17.3	is this unique thing. If you have a medical history, sometimes getting life insurance,
1:21.4	and by the way, we have life insurance to protect our income for those who depend upon it,
1:26.8	right? So if someone's dependent upon your ability to create income for their well-being,
1:30.4	whether that be kids or a spouse or dependent or whatever that may be,
1:34.8	then you have an insurable need on your life.
1:37.2	If something were to happen to you, that person would need your income to be replaced.
1:41.3	And certainly with a 10-month-old and as a married couple,
1:44.0	it's not
1:44.3	like you have an insurable need. But you've had a medical issue that has now caused you to have
1:49.8	either trouble getting insurance or it causes your insurance to become very, very expensive.
1:54.0	So what do you do? Well, there are generally two options. One, I like a lot more. You said,
	...

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