Chasity Ruffin Your Financial Representative

Insurance And Investing Serve Two Different Objectives
Financial advisor Darren L. Colananni of Centurion Wealth says that investing and insurance shouldn’t mix, and for more reasons than one. First, you have two completely different objectives you're trying to achieve, and life insurance with an investment component tries but fails to combine them into one investment product that does the best job at meeting both sets of needs.

The Bottom Line
At the end of the day, almost everyone I spoke to on this topic had a similar view on mixing investing and insurance. They all seemed to agree most people are better off buying term life insurance that provides a death benefit and then investing the rest.
The premiums for term coverage are significantly less than whole life policies.

The money a person saves on premiums can then be used to invest in a traditional investment vehicle, such as stocks or mutual funds. Best of all, you get to decide how your money is invested when you take on this challenge yourself, and you get to avoid the high fees and hidden charges many life insurance products charge.

Live Below Your Means

Frugality is one of the qualities that determines whether you’ll accumulate wealth. No matter how they’ve built their fortunes, successful people who maintain their fortunes implement simple cost cutting measures to avoid overspending. Whether they clip coupons, make their own meals, or shop at discount stores, the frugal habits of the rich help them stay that way.

401ks and IRAs provide tax breaks authorized by the government to incentivize people to save money for retirement.

Not utilizing them is essentially throwing away money.