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Get business account at First Independence Bank/Bank mom mentioned
~2400-2500 income
~1500-1800 expenses
~700 left over roughly (how much of this includes paying off debt) Whatever is leftover should be applied to emergency fund ($12K goal for now).
Life Insurance and Disability Insurance: Current Plan: 69.73/month
Disability: Monthly Premium $25.80 (299/year), Modified Own Occupation structure (If I can't complete MY own job, then I can receive the benefit). Premium increases in year 7. Dividends received in 3rd year, can be applied to premium. Not a life-long policy. Structured until age 70, wouldn't be necessary at that point. Answers to health questions required. Marijuana may trigger need for medical examination (could increase the premium as well).
Life Insurance: $1M benefit $1442.53/month (16,716/year) Accelerated Care Benefit (adds long-term care coverage) good for single, childless individuals. Since it's built in, to the life insurance, if you don't use the benefit the funds stay in the life insurance. Funds are completely tax-exempt. Can use accumulated value and policy as collateral for a loan or to borrow against. Break even after year 12. Start with term policy to lock-in insurance, then convert the policy to whole life $1M benefit $43.93. Goal is to convert within 3-5 years MAX (before age 30). Premiums *can* increase drastically after year 5.
Look into setting up Roth IRA with Fidelity or Vanguard
Go through bank statements to analyze and create budget
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