Comments on: The Riskiest Decision of Your Life http://www.thewisdomjournal.com/Blog/risky-decisions/ Life, Money, Business, and the Pursuit of Balance Mon, 07 Jul 2008 10:49:21 +0000 http://wordpress.org/?v=2.5.1 By: Ron http://www.thewisdomjournal.com/Blog/risky-decisions/#comment-726 Ron Tue, 04 Mar 2008 01:43:14 +0000 http://www.thewisdomjournal.com/Blog/risky-decisions/#comment-726 @Jenn You're exactly right, BINDING arbitration at that. Some policies have the insurance company able to choose the arbitrator with ZERO input from you. Great point! @Jenn
You’re exactly right, BINDING arbitration at that. Some policies have the insurance company able to choose the arbitrator with ZERO input from you.

Great point!

]]> By: Jenn http://www.thewisdomjournal.com/Blog/risky-decisions/#comment-725 Jenn Tue, 04 Mar 2008 01:33:22 +0000 http://www.thewisdomjournal.com/Blog/risky-decisions/#comment-725 I would also add to this... Realize that when you sign your car insurance you are agreeing to arbitration with them if there is a dispute, not court with a judge/jury. I would also add to this…
Realize that when you sign your car insurance you are agreeing to arbitration with them if there is a dispute, not court with a judge/jury.

]]> By: Carnival of Personal Finance #142 - The Homeless Edition — The Baglady http://www.thewisdomjournal.com/Blog/risky-decisions/#comment-706 Carnival of Personal Finance #142 - The Homeless Edition — The Baglady Mon, 03 Mar 2008 07:50:42 +0000 http://www.thewisdomjournal.com/Blog/risky-decisions/#comment-706 [...] Ron@TheWisdomJournal from The Wisdom Journal presents The Riskiest Decision of Your Life. [...] [...] Ron@TheWisdomJournal from The Wisdom Journal presents The Riskiest Decision of Your Life. [...]

]]> By: Ron http://www.thewisdomjournal.com/Blog/risky-decisions/#comment-689 Ron Sat, 01 Mar 2008 19:23:20 +0000 http://www.thewisdomjournal.com/Blog/risky-decisions/#comment-689 @Andy Wood I need to make that call again. Last time there wasn't much difference, not enough to matter anyway. I think a lot of insurers have gotten addicted to high net profits without those "pesky claims," then when the claims DO start rolling in (aka, hurricanes Rita/Katrina), they raise rates so their profits aren't affected. @Andy Wood
I need to make that call again. Last time there wasn’t much difference, not enough to matter anyway.
I think a lot of insurers have gotten addicted to high net profits without those “pesky claims,” then when the claims DO start rolling in (aka, hurricanes Rita/Katrina), they raise rates so their profits aren’t affected.

]]> By: Andy Wood http://www.thewisdomjournal.com/Blog/risky-decisions/#comment-686 Andy Wood Sat, 01 Mar 2008 15:15:36 +0000 http://www.thewisdomjournal.com/Blog/risky-decisions/#comment-686 Increasingly, car insurers are using selected items from your credit report as an occasion to evaluate your risk (according to them) and raise your rates. We had a really good year last year - finished Ph.D., moved into bigger house, really good zero-balance credit card, etc. However, our car insurance went up more than 25%. Wrecks? None. Tickets? No new ones. The culprit? All those new credit accounts. Somehow they have decided that I'm going to wreck my car because I changed my address and now mkae more money. Hey, you know all those "15 minutes will save you" commercials? I just made the call. They weren't kidding. Increasingly, car insurers are using selected items from your credit report as an occasion to evaluate your risk (according to them) and raise your rates. We had a really good year last year - finished Ph.D., moved into bigger house, really good zero-balance credit card, etc.

However, our car insurance went up more than 25%. Wrecks? None. Tickets? No new ones. The culprit? All those new credit accounts. Somehow they have decided that I’m going to wreck my car because I changed my address and now mkae more money.

Hey, you know all those “15 minutes will save you” commercials? I just made the call. They weren’t kidding.

]]> By: Ron http://www.thewisdomjournal.com/Blog/risky-decisions/#comment-668 Ron Fri, 29 Feb 2008 03:52:53 +0000 http://www.thewisdomjournal.com/Blog/risky-decisions/#comment-668 @My Dollar Plan Hmmm . . . interesting idea on the umbrella coverage. I'll have to check that one out! Thanks for the idea.8) @My Dollar Plan
Hmmm . . . interesting idea on the umbrella coverage. I’ll have to check that one out! Thanks for the idea.8)

]]> By: My Dollar Plan http://www.thewisdomjournal.com/Blog/risky-decisions/#comment-667 My Dollar Plan Fri, 29 Feb 2008 03:26:32 +0000 http://www.thewisdomjournal.com/Blog/risky-decisions/#comment-667 Great post! In addition, I've found it's sometimes cheaper to load up with umbrella coverage at lower underlying limits than increasing the limits on the cars themselves. Of course we carry 500/500/100 with a $1 million umbrella on top. Great post! In addition, I’ve found it’s sometimes cheaper to load up with umbrella coverage at lower underlying limits than increasing the limits on the cars themselves. Of course we carry 500/500/100 with a $1 million umbrella on top.

]]> By: Ron http://www.thewisdomjournal.com/Blog/risky-decisions/#comment-664 Ron Fri, 29 Feb 2008 02:10:55 +0000 http://www.thewisdomjournal.com/Blog/risky-decisions/#comment-664 @Martin Hey Martin. Glad to see your comments. It's ironic how we tend to fear some things, but be comfortable with others that are much more deadly. I read a statistic about how many kids are killed from drinking common cleaning products (Pine Sol, Clorox, etc) and the number blew my mind. Where's the outrage? @Martin
Hey Martin. Glad to see your comments.
It’s ironic how we tend to fear some things, but be comfortable with others that are much more deadly.
I read a statistic about how many kids are killed from drinking common cleaning products (Pine Sol, Clorox, etc) and the number blew my mind. Where’s the outrage?

]]> By: http://www.easywealthfire.com http://www.thewisdomjournal.com/Blog/risky-decisions/#comment-659 http://www.easywealthfire.com Thu, 28 Feb 2008 19:45:27 +0000 http://www.thewisdomjournal.com/Blog/risky-decisions/#comment-659 If you give most people a choice between letting their daughter who is in the 3rd grade play at her friends house who has a pool in the backyard, or at their friends house where daddy owns a gun, most parents would fear the gun. The truth is, pools kill more kids than guns by like 200 percent or something like that each year. What most people perceive as a benefit and what is a benefit to them are 2 different things. Most people I know think their money is the safest in a local bank. I would argue online banks are far better. My local bank usually gives me .25 percent interest. Most internet banks I see that are FDIC insured like Etrade, or ING Direct give average 5.05 on the same kind of account. If you leave your money in a local bank you actually lose money, since inflation is about 2% a year. But, most people perceive it as safe. Don’t get caught up in popular belief. Take the extra 5 minutes to read and understand then compare benefits. Your future self will thank you as those extra thousands roll in. Oh yeah, car insurance. Hey, is there a car insurance website that does cost and service comparison for various insurance companies by area. That would be a great tool. I mean, they already do it for cars If you give most people a choice between letting their daughter who is in the 3rd grade play at her friends house who has a pool in the backyard, or at their friends house where daddy owns a gun, most parents would fear the gun. The truth is, pools kill more kids than guns by like 200 percent or something like that each year.

What most people perceive as a benefit and what is a benefit to them are 2 different things. Most people I know think their money is the safest in a local bank. I would argue online banks are far better. My local bank usually gives me .25 percent interest. Most internet banks I see that are FDIC insured like Etrade, or ING Direct give average 5.05 on the same kind of account. If you leave your money in a local bank you actually lose money, since inflation is about 2% a year. But, most people perceive it as safe.

Don’t get caught up in popular belief. Take the extra 5 minutes to read and understand then compare benefits. Your future self will thank you as those extra thousands roll in.

Oh yeah, car insurance. Hey, is there a car insurance website that does cost and service comparison for various insurance companies by area. That would be a great tool. I mean, they already do it for cars

]]> By: Ron http://www.thewisdomjournal.com/Blog/risky-decisions/#comment-658 Ron Thu, 28 Feb 2008 15:03:23 +0000 http://www.thewisdomjournal.com/Blog/risky-decisions/#comment-658 @Frugal Dad Sorry to hear that, I hope he's okay. One thing's for sure, UAB is one of the best! @Frugal Dad
Sorry to hear that, I hope he’s okay. One thing’s for sure, UAB is one of the best!

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