Conventional investing wisdom, should i disregard

[midas]

Sniper-

Very good advice but I'm going to give it a few tweaks:

1A - I'm assuming he has whole life insurance since he called it an "investment". Dump the whole life for term life and free-up some cash flow. Whole life is a sucker bet!!

2B - Pay off all credit cards - there is no better short-term investment than paying off credit card debt.

2C - Learn to live without credit cards - borrow only for homes and cars.

7 - If he doesn't own a home - buy one - a home is generally a good investment especially in a top 20 market.

[Peter666]

One point should be clarified at 1A:

Whole life insurance is a sucker bet BEFORE you are 45-50. Term insurance will give you more cashflow when you are younger. But if you can handle the cashflow situation, Universal Life insurance will provide you with both the insurance and investment money you seek.

[Harmonica]

I dont not whether this is possible in the US or whether it is sensible advice that I am about to give you but here I go, over here in the UK most credit card companys offer you 0% interest credit cards for a specified period of time, anywhere from 6 - 12 months, so what I do is I get my debt that I have on my credit cards and after the 0% period is over, I change to another credit card with a similiar 0% offer on balance transfers, that way you never pay any interest on your borrowings. [img]/images/graemlins/smile.gif[/img]