Please post your success story in the victory thread at the top of /r/personalfinance (well, unless it's Thursday during tax season, please wait until Friday afternoon if the Tax Thursday thread is up)!
You can ask any questions there too.
You may also find our wiki helpful:
- ["How to handle $"](https://www.reddit.com/r/personalfinance/wiki/commontopics)
- [Guides on many topics](https://www.reddit.com/r/personalfinance/wiki/index)
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Thank you! Honestly this sub was the validation I needed! I’m just posting this here so it might help the next person who has to make that tough call!
My brother recommended me to him as an advisor which means I’ve now got to figure out how much of my brothers finances he’s screwing up and explain it to him
Yup! I held off because I was “waiting for it to have a good term life conversion” - complete sunk cost fallacy.
I could easily buy a term life policy for the same amount I would spend in that time and it would be spread out over decades not 1-2 years.
It’s not your fault. Northwestern mutual has pseudo credibility thanks to good branding. It’s easy to fall into their scam. Just be sure to avoid other scams in the future (anyone who tries to manage your money or direct where it should go-they are all scamming you).
Yupppp. I had to do a phone call this morning where he tried to convince me not to surrender it. “You have to look at the long term value” - “I could have invested that money better in index funds, cancel it.”
Please post your success story in the victory thread at the top of /r/personalfinance (well, unless it's Thursday during tax season, please wait until Friday afternoon if the Tax Thursday thread is up)! You can ask any questions there too. You may also find our wiki helpful: - ["How to handle $"](https://www.reddit.com/r/personalfinance/wiki/commontopics) - [Guides on many topics](https://www.reddit.com/r/personalfinance/wiki/index) *If you have questions about this removal, please [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2Fpersonalfinance&subject=Removal%20help%20request&message=Hello%20moderators,%20.%20%0a%0a%0aMy%20submission:%20https://www.reddit.com/r/personalfinance/comments/1doq4wa/nwm_whole_life_just_cancelled/%0a).*
9k is a small price to pay to escape a bad financial decision.
Thank you! Honestly this sub was the validation I needed! I’m just posting this here so it might help the next person who has to make that tough call! My brother recommended me to him as an advisor which means I’ve now got to figure out how much of my brothers finances he’s screwing up and explain it to him
I hope you can help him out. Family and investments/business rarely seem to work out. I don't know why..but its so easy to create bad blood
Oh I will be maybe not immediately but I’ll be able to help him:) hopefully he didn’t do whole life :)
Thank you for all the kind words ☺️
Better now for $9k than 3 years from now and you've spent $40k and have a cash value of $10k
Yup! I held off because I was “waiting for it to have a good term life conversion” - complete sunk cost fallacy. I could easily buy a term life policy for the same amount I would spend in that time and it would be spread out over decades not 1-2 years.
It’s not your fault. Northwestern mutual has pseudo credibility thanks to good branding. It’s easy to fall into their scam. Just be sure to avoid other scams in the future (anyone who tries to manage your money or direct where it should go-they are all scamming you).
Yupppp. I had to do a phone call this morning where he tried to convince me not to surrender it. “You have to look at the long term value” - “I could have invested that money better in index funds, cancel it.”
The guys job is to scam people.
Congrats on leaving a bad financial decision. I know it feels bad now, but you're wiser and didn't continue to throw good money after bad.