Financial Advice

Spoiling instead of spilling and wrong instead of won't, damn gesture type.

>>18453770
why is your wife spoiling one kind and not the other? that's fucked up.

you need to sit her down for a chat on proper financial responsibility. cut down on crap, and work out a good budget for yourselves. present the plan and you have something to work with, otherwise she'll just think you want to take her toys away/

>>18453783
Our son is two months old and plenty spoiled by everyone else still. I try to talk with her about it, but we both came from extremely poor families so we struggle to make good financial plans. Now that I'm making more than enough, though, I'd like to start making investments so that we can break out of the habits we've been in since childhood.

>>18453770
I know that investing sounds like a fun thing to do right now, but with the dependants you have right now and how vital your income is to them, you should be spending at least some of your leftover money on some life insurance/disability insurance for yourself. The first step to financial security and wealth building is protecting you and your loved ones from what can go wrong before you plan for what you hope can go right.

Ask your friends to see if they work with a financial advisor they can refer you too, it's not smart to navigate that minefield on your own.

>>18453770
I'd go with her wishes if I were you.

> Because I'm the only earner
If she's looking after the kids at home, that's usually considered doing her part of the job - whether that's fair or just "traditional" is probably debatable, but unless you've decided it's not the normal thing ignoring her will probably be seen as unfair.

> it seems like a solid investment right now
Based on what assets and dividends anyhow? Can't you make a good enough case to convince her?

>>18453829
Just wanted to add a disclaimer that I work in this industry, and I've seen enough shit to see that both life/DI are warranted. A recent example is a 30 year old male I was introduced to last month, was actually on SSD when I met him due to an accident at his work he had a few years back. Guy was too noble to not sue for workers comp (idiot). was making $4000/month, SSD pays him $700/month now. His disability forced him to move back home with his 60+ year old parents who are broke, later diagnosed with PTSD and has a shaky hand. And the kicker in all this was that his fiance left him a month before I came in contact with him. Dude was an absolute wreck.

>>18453854
Insurances are warranted. Insurance compaies' asset management is generally silly from the point of view of customers.

Not only do they bag a high percentage of the funds inserted into the system, they also generally will do the expeditious thing and work against you in almost any way possible to avoid paying. Life insurance companies often don't notice and pay out after someone dies - nooo the deceased's beneficiaries generally need to file a claim, and fun things like that.

>>18453862
I can agree with you on several points there. There's a lot of shitty insurance companies out there, ones that I would never let my loved ones near. The big red flags are the ones that have poor or no medical underwriting and poor financial strength from the 4 major credit agencies. Also stock insurance companies that have to answer to shareholders can have a conflict of interest for their polocy owners. Stick to mutuals.

As for the benficiaries needing to file a claim, that part is mostly true. The insurance companies are not legally bound to paying out unless a relative files a claim for the beneficiary to recieve the money. It's why I told OP to ask his friends for a trusted advisor. If you're working with someone who won't give a damn to call you at least once a year to make sure you're still breathing, they're not worth your business.

>>18453770
I'd go against her if I were you. If the money will eventually become toys, candy, or any other disposable things to keep children happy, it'll be more wise to use it to safeguard their future further besides that.

Since you're the only breadwinner, have you got life insurance or any other safety measures in case things went south? If you haven't you'd better look at those first in my opinion, before investing further in anything else.