More on Q and A Session

This is more from our session with our church leader.

Question: Should we be looking at life insurance and what type?
Answer: Especially if you have children you should consider getting life insurance. This is especially important for the bread winner of the family. Term life insurance is a relatively inexpensive way to go because it does not build a cash value.

I will also discuss insurance more later.

Question: Should we have a will?
Answer: The main reason at our age to have a will was to designate guardianship of our children if we did not have a will covering that then the state decides the fate of the children.

Questions were also raised about budgeting and retirement investing.

With budgeting one of the main points was to review a few months statements if using a credit card approach and budget using the past as your guide, be careful with food purchasing a lot of money can be wasted on nonessential foods, start with set expenses such as church/charitable donations, rent, utilities, and others.

With retirement we discussed the approach of starting good habits now, Aiming for home ownership, IRA accounts and a few other things I will discuss in detail later.

We also discussed government aid programs and the opportunities available to get help with medical insurance, grocery shopping, and home buying. These will be other things I will try and cover in depth as well.