Mrs Plony
Depending on your health and age and the amount of insurance. For example, someone 43 could get $500,000 of term insurance for less than $50 per month. This is for 10 year term life insurance and is renewable, just the premium will go up after 10 years.
If you put a $100 per month in a mutual fund for 20 years you would have $24,000.00 besides interest. It is not uncommon for yields to be as high as 20% per year so you may not only have enough to pay for the wedding but also to support them for a year or two.
All you need to do is have the insurance and the mutual fund paid automatically from your bank account. You wouldn’t even notice it.
The only problem is that you can’t touch this money if you run short and need to pay bills.
In order to find term insurance just type term insurance 20 years and then fill out the form online to get a quote.
As far as finding mutual funds look for a fund which doesn’t require a large investment but has high returns over 15-20 years.
Here too all you need is to type in High Return Mutual Funds over the last 15-20 years in the search bar and then choose the one that best suits your goals.
The High return on mutual fund will beat the insurance companies all the time.
This system will cost less and give you more money if done properly. As a general rule over the long run if you sit and hold on even the worst stocks make money over the long run. You just have to not get into speculative stocks that might go bankrupt but with mutual funds your diversified so the risk is less and since it is professionally managed they will not cash out if the price drops, as small investors do. They will buy and wait for the price to go back up as it usually does. This is how they make money for you.