Comparison Choices, Choices, Too Many Choices

[3Lfarms]

Did the OP get his tractor yet?

 

[4570Man]

You may have taken all the money that you would have paid for home owners insurance and put it into an account and still have it, most people don't do that..
And if they do, something will come up that they need the cash for.

The two big problems with that are actually putting money in that account and not touching it and nothing bad happens for a long time.

 

[atsah]

The two big problems with that are actually putting money in that account and not touching it and nothing bad happens for a long time.

That’s a fact, putting it in is hard, taking it out is easier..

 

[GirlWhoWantsTractor]

The OP obviously has some unique views on money management expressed in a number of threads. Hey, it's America, you can do what you want!

The thing with the self-insure idea, seems like the poorer you are the more attractive the immediate savings are, but the less you can afford to rebuild. The richer you are, the more you can afford to rebuild, but the insurance premiums are chump-change for you. IDK but all the rich folks *I know* insure themselves to the hilt for everything. And they seem to make out like bandits when losses do occur..... And they file claims for *everything* too. Not endorsing this necessarily, but I've found it not to be too bad advice to "think like a rich person." I mean someone who made the $$$ themselves; not their kids.

OTOH some scheme where I theoretically save X $$$ per year for X years with zero losses over that time and a theoretical X % gain on the saved money, and assuming I never need to withdraw that money..... sheesh, really?

Myself, I tend to maintain fairly minimal insurance with high deductibles, sort of covering both bases. I sleep better at night. But it's America, so you can do what you want and YM will definitely vary!

 

[paulfun9]

Burning to the ground 3 times isn稚 very likely. What if it burnt before you had enough money saved?

Don稚 understand risk or risk management very well do you?

It didn稚 and it痴 still standing to this day. Someone else pays the insurance on it now because I rent it and can稚 control the risk within reasonable standards. Those same fools who pay me rent rather than buying themselves also gave me the money to invest while I purchased and built new houses and found even more suckers to overpay me in both rent and purchase prices and give me more money to invest. Funny they all pay the insurance because they had no patients and had to have it right now, beyond thier means with no real back up.

Never wanted to be rich and certainly don稚 consider myself to be but I never wanted to live paycheck to paycheck like so many do whiteout even realizing they do so.

How much home do you need? How much home can you afford? How much do you need to borrow to buy that home? Why would I buy something I can稚 afford to buy without borrowing?
Think long and hard about those questions and how week the members of our society have become before you answer.

 

[atsah]

LOL...

 

[Fuddy1952]

I couldn't wade through all the posts but being retired for years, was self employed, my opinion on insurance.
I wouldn't drive across the road without car insurance.
The people who need the best insurance with the lowest deductible can least afford to pay for it.
I want all insurance I can get, auto, home, property, health, contents...with highest deductible I can get. Over time, saving the difference pays that deductible, and it doesn't take long.
I want at least a $2Mil umbrella. It's not that expensive. Over the years I've had claims paid out for various things, my premium rates are low.
Health insurance pre obama $100/mo., then $1500/mo., no subsidy...the lowest (worst) plan. Now we're on Medicare and supplements...about $250/mo.

 

[atsah]

I couldn't wade through all the posts but being retired for years, was self employed, my opinion on insurance.
I wouldn't drive across the road without car insurance.
The people who need the best insurance with the lowest deductible can least afford to pay for it.
I want all insurance I can get, auto, home, property, health, contents...with highest deductible I can get. Over time, saving the difference pays that deductible, and it doesn't take long.
I want at least a $2Mil umbrella. It's not that expensive. Over the years I've had claims paid out for various things, my premium rates are low.
Health insurance pre obama $100/mo., then $1500/mo., no subsidy...the lowest (worst) plan. Now we're on Medicare and supplements...about $250/mo.

You’re a smart man..

 

[4570Man]

Don稚 understand risk or risk management very well do you?

It didn稚 and it痴 still standing to this day. Someone else pays the insurance on it now because I rent it and can稚 control the risk within reasonable standards. Those same fools who pay me rent rather than buying themselves also gave me the money to invest while I purchased and built new houses and found even more suckers to overpay me in both rent and purchase prices and give me more money to invest. Funny they all pay the insurance because they had no patients and had to have it right now, beyond thier means with no real back up.

Never wanted to be rich and certainly don稚 consider myself to be but I never wanted to live paycheck to paycheck like so many do whiteout even realizing they do so.

How much home do you need? How much home can you afford? How much do you need to borrow to buy that home? Why would I buy something I can稚 afford to buy without borrowing?
Think long and hard about those questions and how week the members of our society have become before you answer.

I’m well aware how terrible most people are about managing money. I only buy things I can afford but it that doesn’t mean I can afford to buy them twice. And I personally don’t think there’s anything wrong with borrowing money as long as you’re smart about it. On the very unlikely chance you self insure and faithfully make the payments into that account and never draw a cent for other purposes it still doesn’t account for a failure sooner rather than later. If you can afford to rebuild a house, replace all your stuff, and pay rent while that’s happening then insurance isn’t much money for you. I don’t think you’ll find any rich person without insurance.

 

[GirlWhoWantsTractor]

I don稚 think you値l find any rich person without insurance.

That was my point.