Miguel Gomez

CFP®
Personal Finance, Retirement, Investing
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“As a Fee-Only Wealth Advisor at Lauterbach Financial Advisors, Miguel Gomez helps people align their values and priorities with how they use their resources today and in the years to come.”
Firm:

Lauterbach Financial Advisors

Job Title:

Financial Advisor - Hispanic Investors

Biography:

Miguel Gomez currently serves as Financial Advisor for Hispanic Investors. In this position, he’s responsible for developing client relationships and keeping clients happy and aligned to their plans, while providing them advice using his knowledge of investment strategies, securities, and insurance.

In addition to being a Financial Advisor, Miguel is passionate about helping the general public take the mystery out of personal finance, and has been a weekly financial columnist for over two years at El Diario de El Paso and at MVS Noticias El Paso – Ciudad Juárez. He’s also been a speaker at various community events and is a frequent guest on radio, television and print publications discussing topics such as investing, marketing and immigration.

Miguel holds a marketing degree from the Monterrey Institute of Technology (Tecnologico de Monterrey) in Queretaro, Mexico. He became a CERTIFIED FINANCIAL PLANNER™ professional in 2014.

Before moving to El Paso in 2007, Miguel lived in Queretaro, where his family still lives. Miguel enjoys his spare time with his wife, their daughter and their three Scottish Terriers.

Fee Structure:

Fee-Only

CRD Number:

5451641

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April 2017
    Investing, Asset Allocation

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    Debt, Retirement Savings, Insurance
Did I make a mistake by choosing to invest in Whole Life insurance?
100% of people found this answer helpful

I tend to agree with your feelings about Whole Life. I have never seen a single case where the cash value is used effectively as a "retirement income" bucket. I have asked other advisors (one with 40+ years of experience) and they haven't seen one successfully done. So, don't feel guilty about cancelling it (yes, you'll lose the money you already paid, but you're cutting off your losses). Just make absolutely sure that you don't need the death benefit from that policy.

I commend you on saving for your retirement and having that discipline at such a young age, although I think that you could use the extra money (from the life insurance, for example) you have to pay-off your debt. Think of it this way; even if it's a low rate, your loan is acting as a bond with negative rates in your portfolio. Focus on paying it off, and then increase even further your savings (for retirement or otherwise).

April 2017