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In the late 90s, I invested money in the stock market without knowing much about the stock I bought. AdvertisementThe stock market has recently hit several all-time highs. I have some money sitting in an investment account that I manage myself, and it is so tempting to buy some individual stocks. Don't get me wrong, the stock market can and does (for many people) give better returns than safer investments. I tried and failed at researching and buying individual stocks without the guidance of a financial advisor.

Persons: I'm, I've, doesn't Organizations: Amazon Locations: —

AdvertisementAdvertisementWhen I was growing up, $100 went a long way toward paying for clothes, food, and bills. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . My view of money hasn't changed in decades, but this year has made me realize how I think of money is more suitable for the 70s than 2023. I'm just thankful our nieces and nephews are now adults, so there won't be long faces when we arrive at holiday parties empty-handed.

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I started working when I was in junior high, and I've always been glad to be able to earn money. I have chronic paranoid schizophrenia, and I haven't been able to work full-time since a 2006 episode. I've adapted as much as I can, but the limitations on when and how I can earn money are demoralizing. I've worked a variety of odd jobs since junior high. The hard truth is that I would have to seek housing with a family member without my husband's income.

Persons: I've, haven't, —, I'm Organizations: Service

Watching my parents navigate their 80s made me think differently about long-term care insurance. My dad and stepmom bought long-term care insurance while they were in middle age and still without any medical problems. My stepdad was diagnosed with lymphoma and required 24-hour nursing care for several months after he first fell ill. Since they didn't have long-term care insurance, he and my mom had to pay out of pocket for home health care: approximately $10,000 per month. When my parents first needed care and support, I initially thought my husband and I were too old to qualify for long-term care insurance, but it turns out we aren't; many people seek out the insurance in their mid-50s to mid-60s.

Persons: —, stepmom, stepdad Organizations: Service, US Department of Health, Human Services, American, of Medicine Locations: United States, Policygenius

My husband is close to retirement, and we've been thinking about the continuing cost of a mortgage. We could pay off our mortgage now and be free from interest, but it's not the best use of our money. One of those plans is to pay off our mortgage in retirement. Let's say instead of paying off our mortgage, we took $100,000 from our retirement savings, put it in a CD, and blocked it for 12 months. My husband and I also looked at the tax benefit of mortgage interest.

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However, we can't afford to — and I'm convinced my impulse spending habits are a big reason why. Now, I'm changing those habits to save more money in the working years we have left. I'm convinced impulse spending set us back yearsI've recently spent a lot of time wondering what we could have done differently to make an early retirement a reality. As I think about it, I keep coming back to one thing: impulse spending. Now, I'm changing my spending habits for the betterRecently, I have put some safeguards to help me avoid this unnecessary type of spending.

Persons: I'm, —, I've, it's Organizations: Service, Costco

Having a disability in the form of mental illness has shaped my husband's and my financial life in almost every way. We have been fortunate over the years with jobs, health insurance, access to doctors, medications, and the ability to plan for unexpected emergencies like hospitalizations. Our decision to invest in life insurance for my husband is a choice we made based on my disability. Disability affects the big picture aspects of my lifeWe also have to make long-term financial decisions based on my condition. Having a disability makes having and keeping your finances in order simultaneously more important and more difficult.

My husband and I had a 10-year term life insurance policy that expired several years ago. We decided to buy a universal life insurance policy instead since we can cash it out if we need to. The problem is that life insurance premiums at 30, 40, or 50 are different. After looking at term, whole, and universal life insurance policies and what each offered, we decided not to renew our term life insurance and to buy a universal life policy instead. I know this isn't affordable for everyone, especially if you are still young enough to get inexpensive term insurance.

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