No, I donít believe buying cancer insurance is a good idea. However, I do believe everyone needs health insurance
. If you have a good health policy in place, itís going to cover you in the event youíre diagnosed with cancer.
Lots of insurance companies offer these policies because cancer is such a scary thing. Itís a hot-button topic, and many people have lost friends and relatives to cancer. I donít believe in cancer policies though. You need a good emergency fund
of three to six months of expenses, long-term disability coverage and a solid health insurance plan.
My favorite health plan, and what I use personally, is the Health Savings Account (HSA). With an HSA you have money sitting there to cover some of the ancillary things. Most cancer policies wonít cover alternative treatments and things like that, and lots of them are income policies, meaning they replace a portion of your income, but thatís what disability insurance is for.
Impulsive may equal homeless
I moved to New Orleans four years ago for a job. I was let go and found a government job pretty quickly, but Iím ready for a change of pace. Iím thinking about using my two weeks of vacation to move and find something different in Austin, Texas. I have a little cash saved, but how much savings should I have in place for something like this?
What youíre describing may have sounded fun and cool to me when I was 20. But I made lots of really dumb mistakes
back then, and itís definitely not the way I would handle things now.
Austin is a fantastic city. Itís booming, the people are great and itís only about a dayís drive from New Orleans. But going over there cold turkey with nothing but a little money in your pocket isnít a good idea. In other words, Iím not going to give you permission to be impulsive and unwise.
If I were you, Iíd take those two weeks of vacation,
go to Austin, and see if I could line up a job. In addition to that, use every waking moment youíre not at work to scour job listings in and around Austin. Even if itís an interim kind of thing or two part-time jobs, at least then you wouldnít have to burn through all of your cash. Montgomery, this is the very same advice Iíd give my own son if he called me in this situation.
I love that youíre taking charge of your life
and looking to make things happen. Just make sure you use a little wisdom and some planning in the process. Never jump off the dock before the ship has arrived!
Resenting the family loan
I borrowed $30,000 from my aunt to buy a condo eight years ago. We had a deal that she would get her money back, plus a piece of the profits, when it sold. If there were no profits, she would get back her original $30,000. Recently the condo sold and I lost the money I put into it, plus my auntís money as well. I make good money and donít have any other debt, but Iím a little resentful now that she wants me to pay her back. Do you have any suggestions?
I donít want to be mean, but you have no right to be resentful toward your aunt. This is the deal you signed up for, and she did nothing wrong. Wanting her money back now isnít greedy or malicious on her part, and itís definitely not worth putting a family relationship at risk
I know what youíre thinking, because itís just human nature. You just went through a lot, and the situation didnít work out as planned. Plus, it doesnít sound like your aunt is hurting financially if she put $30,000 toward helping you in the deal. Part of you is thinking she has plenty of money, so why doesnít she just forgive the debt
and forget about everything?
If you were barely scraping by, I might suggest that you sit down and talk with her over a cup of coffee, explain the situation and ask her to forgive the debt. Right now, the little girl part of you is whining, ďOh, come on. Just let me go!Ē But the grown-up Christine knows better. That part of you is whispering, ďYou know what to doÖĒ
Pay her back as quickly as possible, and get this bad deal behind you for good. You said you make good money, so just take care of your responsibility. Itíll hurt some, but itís better than taking a chance on ruining the relationship with a very generous and loving aunt.