I was asked yesterday to take a look at www.financialone.com and give my honest opinion. The website offers quotes from various companies, that offer Life Insurance, Mortgages and Annuities. According to the website, "you can't find an online shopping system that quotes more companies." Sounds good doesn't it.
However, I adhear to Dave Ramsey's teachings and so I have some strong opinions on www.financialone.com's offerings, so I will try to do that through the eyes of Dave Ramsey. For example, I have no problem with the offering of Life Insurance. Everyone needs that service or will, to provide for our family after our death. With mortgages, some may need to take a mortgage out to buy their first home, however any subsequent homes should be paid for with savings and the sale of the previous home.
Finally, www.financialone.com offers annuities and that is a service I have a really big problem with. Fore example, Dave Ramsey's website says, "Dave owns no fixed annuities and does not suggest them as part of your investment plan. Dave teaches that there are no good places for fixed annuities in your investment plan. Simply stay away from these." In addition, Dave says, "Variable Annuities (VA's) cause more confusion than any other financial product."
Overall, I would recomend that you avoid Financial One.
what is an annuity? Thanks,
ReplyDeleteSean T.
Bub, you nailed it. Dave Ramsey's teachings make a lot of sense. The way to get wealthy is to deep-six your debt and connect with your cash. Thanks for spreading the word!
ReplyDeleteSean -
ReplyDeleteIn its most general sense, an annuity is an agreement for one person or organization to pay another a stream or series of payments. Usually the term “annuity” relates to a contract between you and a life insurance company, but a charity or a trust can take the place of the insurance company.