We met with a really nice gentlemen (free of charge) here in Nevada who is a Dave Ramsey Endorsed Local Provider. It was nice to walk in and see Dave's baby steps, books, bible verses and inspirational quotes.
We had some questions about Bry's deferrered compensation plan and how to move that money around where it already is. He's going to get back with us on that after he does some research into the mutual funds offered to us.
In our situation he advised that with our daughter's transplant, keeping her whole life policy in effect was a great idea. And also us keeping the Aflac that we pay for.... until we have the 3 - 6 months savings that comes at step number 3 (which comes after paying off all debt except the mortgage).
Now Dave's usually not a fan of whole life or Aflac, but with the health issues we faced prior our advisor felt that they were prudent for our situation.
He advised that I cancel the whole life policy of $50,000 on myself which has a term rider attached to it of $ 250,000. Once I replace that with other coverage first... I am currently waiting to receive word on that so nothing gets cancelled yet. In total right now my life insurance is $600,000 through two companies in total $50,000 whole life with a $250,000 30 year term rider and also a $300,000 30 year term policy. Though I only work part time - the income wasn't the issue it's the loss of Bry's income as he would take some time off to be with the kids and use the money to pay off any remaining debt and the house so that things could be more comfortable for him and the kids.
When we can cancel the whole life on myself (any funds we get back) we will beef up our Emergency fund to $2,000 which our advisor felt was a good amount since there are 6 of us humans, 4 pets, 2 cars and a house. And use the rest on debt. (Bry had felt that $1,000 made him feel a bit
shaky hence the suggestion to increase).
My car is still in the shop so no word on cost for that.
I had to be taken to the Emergency room the other night which was the pits. They did a CT-Scan and determined I have some cysts on my ovaries. One had leaked a bit and that was causing me the pain. I was given pain mess in the hospital and then also sent him with some pain management and will be following up with an Ob/gyn who will put me on birth control pills to handle the cysts. Ugh not looking forward to being on the pill but it's the required fix so I will do so. Laying in bed recovering now, just taking it easy.
A side note to my ER visit, the PA that took care of me was also following Dave Ramsey... she and I were talking about it and the nurse got interested and started asking us questions as her boyfriend followed Dave. Was neat to run into someone following Dave as well and wanting out of debt.
~Have a blessed day~
Wisdom....
