You: I just bought this whole life insurance policy yesterday. Was that a good idea?

It might have been, but I don’t know.

You: How come?

Well, I’d have a lot of questions to ask you before I could comment on what’s appropriate for your situation.

You: What kind of questions?

As in your income, assets, marital status, previous marital status, children, age of children, mortgage, other debts, degree of participation in your 401(k) plan, if it has a match, and so on and so on.

You: Well the guy who sold me the policy didn’t need to know all that!

No, not to sell a policy to you he doesn’t.

You: So did I get burned then?

I still don’t know because I still don’t know enough about you. But the fact that you’re nervous and asking me about a decision you made yesterday tells me that you may have good reason to be fearful.

You: So what should I do?

First, never make a financial decision you don’t understand. If you don’t feel comfortable with your understanding of something, have the person explain it to you again. If it still doesn’t feel right, sleep on it. It’s okay to be skeptical.

You: Really?

Absolutely. A good financial advisor never rushes you into a decision, especially if he wants you as long-term client.

Gary: C’mon, people, hurry up here. I got 15 others to see after you and I know they’re buyers. Are you in?

If you’re feeling sales pressure to make a decision quickly, it’s a decent indicator you might want to take a step back and talk it over with someone else. Taking care of your money, even in the presence of financial experts, is one way to be sure to live Beyond Paycheck to Paycheck.

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