Taking it all in and getting a plan together

[Helen Fradette]

Hello! I found BiggerPockets about 2 weeks ago and have been hooked on the podcasts. Three years ago, I landed a job that allows me to actually save money each month rather than living month to month. Prior to that I was living just above the poverty level, a single mother with 3 children.  I got a Financial Advisor because I had nothing for retirement. He fixed me up with a Universal Index Life Insurance fund that I now contribute to each month. In addition, I have employer match up to 4% 401/403 accounts for which I am contributing 8%.  I just got an account with Mint.com and have started to get my accounts linked. I still don't know how much I need to retire. How do I figure that out?  I own my home and it has around 150K equity in it.  I would like to have a short-term rental somewhere warm so that I can go there every once in a while, when the sun hasn't shined in Michigan for 40 days. I have tons of ideas now and I don't know what to do first. I'm only 2 weeks into this journey and I'm pretty sure that first I need to build some capital. While I'm building capital, read and listen to everything... start a blog, use affiliate marketing, get my 18-year-old to manage it, rent out a room in my home, build an addition to my home, buy some property in a town that doesn't have a Starbucks, then become a franchise owner, how do I know if it will turn a profit? Take lots of notes so I can write a book and then go on tour someday... so many ideas...I feel I might be a little crazy.  I also tend to tell too much information about myself. lol. Glad to be here. Open to any tips and tricks of navigating the site or anything that I wrote above. 

[Mike S.]

IUL are great wealth multiplicator. However it is a long term game. Canceling your policy now will make it a waste of money and your will lose all the premium you put in.

The first few years you can expect to have a negative return, but later on you will be way ahead. Especially if you start using loans secured by the cash value, you can make your money work for you at two places at the same time.

My only regret with IUL is not to have started it sooner...