Question : Which is best option for investment for tax saving? I need to invest 10k? How about PPF or TERM INSURANCE?
If Term insurance plan is good option, which need to be opt? Single premium, With return of premium or without return of premium?
- asked by Jimmy
All Answers:
Answer #1
Are you relatively young? Why not consider a ROTHIRA. You won't be able to put the whole $10K in atonce, but it's a good long term investment plan.
- answered by KB
Answer #2
Term Insurance? That is not an investment. Aterm policy expires and is worthless unless youdie.Whole Life is called an investment by peoplewho sell it or people who got scammed into buyingit, but Whole is considered by most financialpeople as a scam. You get your money back (if youdon't die), but they don't pay you any realinterest on your money if any.PPF? is that apension protection thing? That sounds prettyshady as well.Why don't you sit down with a EdwardJones, A.G. Edwards, Charles Schwab, type investorand work on a plan with them. If you need toinvest $10,000 this year or every year they canhelp you with the best tax savings and even adeductible investment (Traditional IRA or Fed.bonds).Keep adding to your investment over theyears and you will make a ton more than payingwhole life insurance.Also, if you don't have aspouse and/or kids you may not need much lifeinsurance... Try to think of who you support nowthat will not be supported if something shouldhappen to you. A lot of people are overinsured... if you can imagine.
- answered by John Stamos
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measure and fulfill your financial needs
