Quote:
Originally posted by CDSmith
Do you have an investment/insurance broker?
Back in about the middle of 2000, my income from porn had really taken an upswing, from virtually nil in '99 to around $4k a month. ($4k a month US is a LOT here in Winnipeg, let me tell you). I got a cold-call from some guy wanting to talk about investing etc. Get this: his name..... "Webster Webb". How appropriate was that?
This guy has turned out to be a godsend.
He got me started by setting up what is called a "Challenger fund", a long-term investment that has a high rate of return and many great features for money management, features that come with it because there is a small life insurance policy attached to it. One of the perks is that, if you're ever sued by anyone including the government, this fund <i>CAN'T</i> be touched. It is exempt from a greedy spouse in a divorce situation as well. Not that those things worry me at this point, but they are well-received none the less.
He has set up funds for all the money accrued in a pension fund from my former hospital career, and has set me up with aggressive investments in addition to that.
Still I don't think I'm doing enough. But I'm wondering,.... how many of you have an "investment guy" that you're working with on your future? What is your long-term plan here? Since there is no "webmaster union" and no paid benefits or life insurance, no dental plan, no nothing.... are you still living paycheque to paycheque or are you investing in your future?
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sounds like you have a universal life insurance policy- the money actually can be touched unless you have a named close relative as a beneficary.
Even then there's a 7 year period where it's very ify if the money can be attacked if you get sued. After cash has been in an annuity (which is what the investment portionof a universal life policy is) for 7 years it's almost impossible to touch, but untill you hit that 7 year mark it's only slighty more secure than any other investment. Court judgements can attack income comming out of an annuity though. most universal policies have non-fixed insurance cost factors in them (YRT) - the will eat up any savings in them in later years. full or large withdrawls WILL (regardless of what your agent tells you) incurr tax problems too.
Sential life isn't one of the bigger companies in winnipeg or canada - they are a SMALL player to say the least. Last I heard they were just a small brokerage office in the city, but that was years ago.
just a sugestion, talk to a broker from GWL or manulife for a second opinion. they often tend to be a little more knowledgeable and deal with high end clients. Few to any do cold calls though - an agent who does is usually green or not very sucessful and often tricks people into buying stuff they don't need - like life insurance policies for savings needs. Personally I think seg funds are a much better way to go than universal life. - buy insurance for insurance - buy money prodcut for saving. Some agents talk a smooth talk but when you crunch the numbers you're better off with liquid cash 9/10 times. there are some applications for universal life insurance policies as savings tools, but unless your income is $150K+ a year you'll be WAY beter off with seg funds.
I don't know you specific situation, but I do have a clue about this kind of thing, I have a CFP and sold mutual funds and life insurance as a broker for 7 years before I got into this business. When I sold out I had 13 million under management. My average client's income was over $100K/year.