Tough Decisions Ahead

Sorry about your dad.
I understand your feeling. My dad died at 26 from non hotchkins lymphoma. I was told its hereditary. My grandfather (dad's dad) died of hotchkins lymphoma at 78. Both are types of cancer. Since my dad died at 26, I figured I would most likely follow the same path. Therefore I made no effort or plans for future life. I am sure warning signs were missed with your dad and again i am truly sorry.

 

I'm decisive, but I want to know ALL facts and the Right decision before I make one. Anything where there isn't a clear this os right vs this is wrong makes me wonder which path to travel.

 

Without risk there is no reward. Leap of faith my friend. That even if you take the new career and it kicks your ass, you are going to get right back up and fight. Even if it means fipping burgers or Walmart greeter until you find something better.

 

this is a true point. I need to make sure if I marry my GF and then fall over then she would be taken care of, as well as maybe leave something for my Brother's boys.

My grandad is the one who died, my dad just has had lots of heart problems as well as lots of AFIB spells that have happened to him (even when he diets and exercises) so the odds dont look to good 20-30 years down the road for me.

 

this is where I am almost fearful. If I leap out (not job related, but in life) and fail everything then i have no help to back me in life.

 

I would recommend getting some term life insurance (25yr term at least) while you're young, it's much much cheaper, and still healthy. If something pops up health wise at a later date you won't be able to purchase life insurance to help your family out.

 

If you do not fail, then you can not properly learn.

 

I was actually planning to get life insurance when I made some more money. What happens if you outlive your term? And do you have to pass a physical?

 

Most term policy there is no physical. If you out live the term then then insurance company won and you get to buy a new policy.

 

So I take it to get a really long term then?

 

It depends on the amount you're asking for. You'd be surprised how cheap it is.

 

I'd like about a $1000000 just in case I do fall out in my 40s or 50s

 

Yes with major decisions there is often no easy answer. It’s really just your decision.

As many others have said here, this is ultimately about health and retirement and how you get there. Not many pensions around and 5% 401k match isn’t going to make that happen. It’s easy to say as a young man “I’ll work forever” or to believe the mysterious hand of Wall Street will magically take your 5% savings in to millionaire status by the time you retire. But you won’t work forever and Wall Street is just as likely to take your money through a crash or Congressional aided means. The hard math says with no pension you will need to save 20%-30% of your income over the course of your working life to maintain a retirement income similar to your working life income. However you hit that savings goal is up to you. But before you jump balls deep in a family, keep that goal in mind and budget/plan accordingly.

 

Get the longest one you can.

The higher the amount of the policy will typically determine if a physical is needed.

 

Yes. The idea behind life insurance is that when you're young and have no money saved you need the insurance to cover your obligations.....like a mortgage, kids etc. When you're older and have lots of money saved up you're essentially self insured. Meaning you can cover all your obligations (by this time you shouldn't have any, or very few) and you don't need insurance. Now reality says life doesn't always work out that way.

 

Good thing is, I dont want kids, so I can hopefully save money there. My long term plan is to buy a double wide trailer to live in, build a shop at said place and also here in the next year I need to buy another car as my truck is getting worn out FAST. My Gf doesnt mind waiting for me to get my feet planted but she is all about marriage.

is it possible to get several policies from different companies to total up to the amount I want in order to avoid this?

 

I believe you can have multiple policies. I have been out of the game a long time and have gladly forgotten most of the 56 hours it took for me to get my health and life insurance license. Oh and the 2 hours it took to take and pass the federal exam.

 

Yep! At least you could back in the day, things may have changed since I last looked into it.

 

I did the same waay back in the day! I just wasn't that good of a salesman!

 

I kicked my wife’s tires for 9 years before we got married and I have known her for over 20 years. Also didn’t buy a house until a few years ago. Those things can wait and they will wait.

Set your sights wherever you want them to be and get there by any means necessary. Never live beyond your means and save save save. If you can do those things you will be ahead of the curve. Oh and credit cards are evil.