Why did you get the policy to begin with? What made you first think it was a good plan for you, and what made you now think it’s not?

I don’t know anything about your financial situation or if it’s a good plan for you or not, but that’s a pretty drastic 180. Whole life insurance definitely requires a commitment to make it work at all.

Own occ is rarely needed for most office job types. Your financial advisor is correct - it’s really only needed for very specific professions requiring specific (especially physical) skills (doctors, dentists, musicians, tradesmen, etc).

Think of it this way - if you or I lost a finger somehow, no big deal. A neurosurgeon loses a finger, and now they are out a million dollars a year in income.

Own Occ is a lot more expensive. Anything that would keep someone from doing a typical office job would likely keep them from doing any job (such as a terminal cancer diagnosis, or degenerative neurological condition).

Whole life needs to be medically underwritten as well. If you can’t qualify for term, you can’t qualify for whole life.

Registering a business itself is cheap (like less than a $1000 cheap), but you have additional considerations (namely IP).

Who’s the parent holder? Do you have grants, or perspective partners? The additional cost would come from setting up a proper operating agreement and putting some seed funding in place, but every situation is different.

One low cost index fund is diversified - and yes there isn’t much financial reason to do anything otherwise.

I have 20-25% also in an international index, but it’s more for psychological reasons than anything. If international outperforms for a period of time, I at least feel like I’m “in the game”.

I buy indexes, and never plan on selling a single share (in my taxable accounts anyways). I live by the “buy, borrow, die” philosophy where you just leverage your assets when you need to.

With that said, I don’t know Edward Jones loan rates, but I’m sure they suck. I use Interactive Brokers for anytime I need a securities loan.

It’s possible you got fished for answers to security questions that a bad actor could use to access your accounts. That’s the problem with those security questions - you can change your passwords, but you can’t change your mothers maiden name.

It is weird they were able to verify your account activity though - I don’t get that.

I would definitely report this incident up through chase, and monitor your account activities.

Was the question about your finances in relation to the Tesla? If you were asking whether you should get a Y or an S, that’s not a personal finance question, but if you are asking whether you should be leasing or buying it, that is a personal finance question.

What do you mean "withdrawing early"? How long did you think you have to keep it?

I said it’s a standard, not the standard. I know many people who are in the same boat of having to hit a 75% LTV. This has been especially true with the rapid rise in home prices the past couple of years - banks do not want to get caught holding a bag because Zillow says your house is worth 20% more than you bought it 6 months ago.

75% is a standard LTV without substantial improvements being done. Some allow for 80%, but many do not.

75% is pretty standard without “substantial improvements” made to the property.

I’d say this is exactly what happened - the argument of whether or not insurance is covering this person or not is a red herring. It sounds like the family reduced coverage to mandatory minimums, and there is not enough property liability to cover the damages.

This is good information, however I’ve never seen a policy not cover liability in this case. They might night cover their own car, but if they carried insurance, there is no reason it shouldn’t cover the other vehicle (unless their liability limits were too low, which is certainly a possibility).

Losing 20% of your returns over the course of 20 years is far more impactful than taxes. Do a calculation to see for yourself. It’s why so many people are better off just funding their 401k to the match and then moving on to a brokerage account.

I would only recommend this with a good 401k plan, typically from larger companies that offer plans with low fees. There are so many 401ks out there that end up having fees in the 1.5-1.75% range that completely negates any long term tax advantages, and then some.

As everyone has said, this is silly. The IRS does not flag everything over $10k. Furthermore, if it’s inheritance, no one would owe taxes on such a small amount anyways.

What form is that? People make 5 and 6 figure deposits routinely without filling out forms.

I’ve never heard of a company going after an employee for $300 in “PTO Debt”. That’s insane to me, and a waste of company resources. If they really cared that much about it, they shouldn’t have paid you for the negative balance PTO to begin with.

Start small. If you like having that $100k in cash, by all means keep the $100k in cash.

How much extra cash flow do you have per month? Start investing that bit each month in a total market index fund at a brokerage. You shouldn’t have to worry at all about what happens to that if you have your $100k in cash on hand.

Overtime if you get more comfortable with your risk tolerance, you can always start moving some of that $100k over, if you wanted.

Definitely don’t stop your 401k contributions. That’s money you won’t be touching for another 30 years+ - why worry about it?

99% of car loans are simple interest loans.

True at the present moment. It’s definitely a bit whacky right now - CD’s have traditionally been a bit better than corresponding treasury bills. The spread will probably diminish, but for right now putting money on treasuries is absolutely the best play. Treasuries are state and local tax exempt as well, as opposed to bank interest.

That’s cool - good luck!

I think it depends on your credit score, but 41% is definitely high and would likely raise some flags, however banks in general aren't quite as stringent with DTI with auto loans as they are mortgages. You might get away with it (doesn't hurt to try).

I assume you are in a HCOL area? You are certainly servicing a lot of debt!

High yield savings accounts and CD’s suck right now compared to just buying treasury bills. Banks are just taking your money at 2.5% or 3%, and buying T Bills paying 4%+.

Cut out the middle man - just buy treasury bills yourself.