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Have you ever saved someone from financial ruin? home insurance.

 

I tried, but unfortunately, I couldn’t save a friend from making the biggest mistake of her life, home insurance.

Years ago, a very close and dear friend lost her husband. He received $250k in life insurance income, which was tax-exempt. He also got $250k, once tax-free, from the sale of a $500k home. From what he had, he bought a condo for $250k.

He is literally living a life that is anyone’s worst nightmare. She also liquidated for $100k a retail business she ran with her husband.

I introduced him to our financial advisor, to invest the bulging funds. In 2 years, she spent $600,000 of her money ($500k of which was tax-free) giving it away to her 3 useless children.

I tried hard, but I couldn’t stop him.

Now she, in her 70s, with health problems, lives precariously day by day, with minimal social security and at the mercy of her friends. If at any point you see a homeless person on the street and wonder what happened to them, there’s a reasonable chance they’ve done stupid things similar to my friend’s.

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