This Week’s Money Map:

• 🤫 Magic words that reveal life insurance secrets

• 💰 Supercharge your retirement: Backdoor and mega backdoor Roth conversions

• 🏡 5 warning signs your home insurance will jump this summer

• ⌛ MG Book Club Week 2: Invest in experiences (not things)

🤫 The magic words that reveal life insurance secrets

Ever wonder what insurance agents aren’t telling you? With a few savvy questions, you can crack the code to affordable, tailored life insurance that truly protects your loved ones.

"Term or whole?" 
Term life insurance is typically cheaper and covers you for a set period, like while you’re paying off a mortgage. Whole life — with lifelong coverage and cash value — often costs more. Ask your agent, “Does term life better suit my financial goals?” You’ll likely find term policies offer great value. Compare term life and whole life insurance quotes before you talk to an agent. 

Tap into hidden benefits
Some policies let you access part of your death benefit if you face a serious illness. Ask, “Which policies include accelerated death benefit riders, and what are their triggers?” Also, check if term policies are convertible to permanent ones without a medical exam for future flexibility.

Master the rate game
Your health shapes the cost of your premiums, but knowing what counts is key. Ask, “Which health metrics matter most in your underwriting, and what qualifies me for preferred rates?”

Pro tip: A quick medical exam often unlocks lower rates than no-exam policies.

Customize without breaking the bank
Riders like waiver of premium or child coverage can enhance your policy without high costs. Ask, “Which riders are most valuable for my life stage and budget?” This keeps you from paying for unnecessary add-ons.

Nail the right coverage
Don’t guess how much insurance you need — use a reliable life insurance calculator. Ask your agent, “What’s the ideal amount for my family?” For estates, ask about life insurance trusts. This ensures your family’s needs are met.

With these insider questions, you’ll secure the right policy with confidence. Ask smart, save big, and protect your family’s future.

💰 Supercharge your retirement: Backdoor and mega backdoor Roth conversions

If you’re a high earner (i.e., your modified adjusted gross income is over $165,000, or $246,000 if married and filing jointly), you’ve likely bumped into the Roth IRA income limits. But guess what? You can still build a massive tax-free retirement account with a few clever moves:

Backdoor #1: The backdoor Roth
Make too much for Roth contributions? Here's the workaround:

• Put $7,000 into a traditional IRA (you get no tax deduction anyway)

• Immediately convert it to a Roth IRA

• Pay taxes only on any tiny gains during conversion

• Boom! You just made a Roth contribution despite your high income

Backdoor #2: The mega backdoor Roth
Take the super backdoor strategy and crank it up. This one's the real game-changer if your 401(k) allows it:

• Max your regular 401(k) contributions ($23,500)

• Add after-tax contributions (up to $46,500 more)

• Immediately roll the after-tax money to a Roth IRA

• Result: $46,500 in annual Roth contributions (way more than the $7,000 IRA limit)

These aren’t loopholes — they’re legit IRS-approved strategies. If you’re already maxing your 401(k) and want to stash even more in a Roth, the backdoor routes are the smartest detours around.

Who this works for: High earners already maxing traditional retirement accounts with employers offering flexible 401(k) options.

The reality check: Not all 401(k) plans allow after-tax contributions or in-service withdrawals. Call your HR department and ask. If they say yes, you could be missing out on tens of thousands in tax-free growth. Also, seek the help of a tax pro or financial advisor to execute these strategies.

With the right strategy, you could retire with millions and pay $0 in taxes on your retirement savings. That’s next-level money smarts.

🏡 5 warning signs your home insurance will jump this summer

Last week, my neighbor's insurance renewal arrived with a shocking 35% increase. No claims filed. No policy changes. Just another victim of this summer's nationwide premium surge. Here are five red flags your home insurance might also increase this summer.

1. Your trees are untamed wilderness
Those beautiful shade trees could be costing you hundreds in premium increases. During summer storms, overhanging branches become battering rams against your roof and siding.

Create a 5–10 foot clearing between trees and your home. Most insurers won't explicitly mention the discount, but documenting this maintenance can qualify you for preferred rates normally reserved for newer properties.

2. Your roof is showing its age
If your roof looks like it is older than 10 years, prepare for rate increases regardless of its condition. For roofs over 8 years old, invest in a professional inspection with certification. Many insurers will maintain better rates with recent documentation from a licensed professional.

3. Your driveway resembles a road map
Those innocent-looking cracks aren't just cosmetic problems, they're red flags to insurers using satellite imagery to assess your property. Apply a quality driveway sealant ($100–200). Document with dated photos and send them to your insurer — many offer maintenance discounts that exceed the repair cost.

4. Your home security is outdated
While you're focused on summer travel, insurers are calculating theft risk at your property. Basic door locks and traditional alarm systems no longer impress underwriters in 2025. Instead, install and document smart home security features (e.g., doorbell cameras, water leak sensors, smart smoke detectors) before renewal time. These modest investments often trigger "protective device discounts." It will also protect your home better and give you peace of mind. 

5. You have recent claims, even small ones
That minor $900 claim from last summer's hailstorm seemed insignificant, but it could trigger a substantial premium increase at renewal. Consider reserving insurance for catastrophic losses by raising deductibles to $2,500–5,000. The premium savings often cover minor repairs out-of-pocket while protecting your claims history and preventing rate increases.

Don’t let summer sneak in a premium hike! Pick one red flag above and tackle it this week, whether it’s trimming trees or getting a roof inspection. Call your insurer to discuss discounts and share proof of home improvements. And if you don’t like what you hear, use a reliable home insurance calculator to estimate costs and find the best coverage without giving out your personal information. Small steps now can save hundreds on your next bill!

⌛ MG Book Club week 2: Invest in experiences (not things)

For this week, we’re diving into chapter two of Die With Zero by Bill Perkins, titled “Invest in Experiences.” In this chapter, Perkins argues that spending on experiences early in life like travel or learning a new skill pays lifelong dividends. Here’s why his advice could transform your financial mindset, plus practical tips to make it work.

Experiences are your life’s currency
Perkins opens with a story about his friend Jason, who borrowed $10,000 from a loan shark in his 20s for a three-month backpacking trip across Europe. Risky? Sure. But Jason’s stories of Dachau, Parisian picnics, and Greek island adventures left Perkins envious. The lesson: life is the sum of your experiences, not your bank balance.

Action: Perkins suggests assigning “experience points” to activities, like a game, to quantify their value. A weekend hike might earn 50 points, a dream vacation 500. This mindset helps you prioritize what truly enriches you.

Your memory dividend pays for a lifetime
Perkins introduces the “memory dividend,” the joy you relive every time you recall an experience. Unlike a car that depreciates, memories grow richer over time. That concert you attended? You’ll smile about it for years. He cites studies showing experiences bring more happiness than possessions. Tech companies like Facebook cash in on this, reminding you of past moments to boost engagement. You can, too, by investing in moments now.

Action: Create a “memory bank” by journaling or photographing experiences. Budget for future experiences with a savings plan. For example, $50 monthly can fund a $600 annual trip.

Timing is everything
Not all experiences are timeless. Perkins regrets missing a youthful European adventure because, by 30, he was too settled for hostels. He emphasizes timing — a ski trip at 25 is more feasible than at 65. If you’re young, prioritize adventures over saving every penny. If you’re older, focus on experiences your health still allows.

Action: Create a “time bucket” list for the next five years.

Start living a rich life today
Most people save for retirement, thinking this is when they’ll fulfill the majority of their dream experiences. But Perkins’ core message for this week is clear: invest in experiences early to maximize life’s fulfillment. Allocate funds using a retirement calculator to ensure you don’t oversave for later in life.

So if you do nothing else this week, do this: Pick one experience — maybe a cooking class or a weekend getaway — and budget for it.

Life’s too short to hoard cash for a future you might not fully enjoy. Start building memories now, and your future self will thank you. Join us next week for chapter three!

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The MoneyGeek Team

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