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Originally Posted by That Guy

as for insurance, if you've got 20years until retirement, you can buy decreasing term insurance that'll cover the balance of your mortgage immediately and decrease its coverage over time (meanwhile, you're paying off the mortgage, so the decrease is okay). that's the cheapest way to cover expenses should something happen, and by the time it's up (if you've not neglected saving and investing) you can be self insured.

or you can just buy general term insurance. you get more coverage and it's cheaper than whole life (you don't toast bread in your freezer, so why mix your life insurance with a high-fee investment you can't control?).

also, no new cars saves a lot of money (IF you know enough to avoid total clunker or have a friend/family member that can help you).

the most important though is to get a FIXED mortgage (not adjustable rate), try to put money down when you buy a house, and try to accelerate payments if you can afford it. Some companies offer mortgages LONGER than 30 years... AVOID THOSE. while it might let you move into a slightly bigger house, the interest you end up paying compared to the house's value is insane.

Your better off instead of a decreasing term policy just go with a level term policy which is not very expensive unless you have health issues. They tend not to cost much more than the decreasing term and give you level death benifit.