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Okay I can’t lie I’m sick of advisors taking advantage of young people. A thread:
A buddy of mine who’s a teacher met with an advisor at a B/D. He didn’t have an emergency fund build up, had no investments, is single, and make just around 40k.
They end up convincing him to put half of his remaining surplus into a permanent life insurance policy. Instead of maxing out a Roth, building savings, increasing 401k contributions, etc.
And when he brought up his student loans, they just said not to worry about them and didn’t ask any questions related to them.
He’s tried to cancel the policy and they keep drawing the money from his account.
That is not financial advising. A product will never be a one size fits all solution.
