Financial planning

Q: I have the opportunity to buy some disability insurance through a group of professionals I work with. But I struggle with wasting that money vs. how much more could I have if I just invested it. What do you think?

A: I think you need to understand your choices more clearly.

I grew up watching Let’s Make a Deal with Monty Hall. Eager audience members would scream wildly, pleading with Monty to pick them to play the game. Once Hall had chosen someone to play, announcer Jay Stewart would bring down what looked to me like a TV dinner trey with small package on it. Then Monty would give the contestant the opportunity to keep the little mystery in the small package on the TV dinner trey or trade for some hidden something behind (you remember) door #1, door #2 or door #3. Those were the doors beside which stood the beautiful Carol Merrill.

Q: My husband and I both have good jobs. We have a young family and even though we have a nice life, it isn’t like we have a ton of money left over every month. But we’ve got friends that just seem like they are always taking nice vacations, driving new cars and live in really nice neighborhoods. Are they just up to their ears in debt? Is there something we are missing?

A: Yes there is. You may be missing your own life.

So…beware the phantom.

The phantom does not exist, but she is very, very real. The phantom is every person you know wrapped into one, but featuring only the best aspects of their lives.

Q: I am just getting started in my career. I want to make sure I’m doing the right things so that I can be taken seriously and maximize my opportunities. Got any advice for me?

A: Remember your freshman year in high school?

Yeah, that’s too painful to recollect, so let’s go straight to your freshman year of college. If you are new to your career, I assume your freshman year in college was just four or five years ago.