<prompt> Human: Im sitting on about 50K cash right now in a savings account. Male, married, 29, self employed 85,000year combined with my wife. No kids, no plans for kids.My wife has about 30K in student loan debt at 6. We own our home which we bought it 2017. No other debts. I max out an IRA every year, currently 15K in there. Wife has 401K with match from her employer. We have a separate savings account with 15K for emergencys. I have a friend who is a financial advisor who is pressuring me to let him handle the 50K. Its a tempting offer since I dont have the time or know how to deal with investing. He suggests investing everything in a combination of active funds and whole life insurance. Ive avoided the stock market since I got this cash because everything seems at record highs which seems like a bad time to invest. If I dont go with my advisor friend, my plan is to pay off my wifes student loans and sit on the rest until the market cools off a bit. Should I go with my gut or just hand it off to a friend who studies this stuff and forget about it?  <response>: No. This is big mistake 10 here.Buying whole life insurance from someone you knew in college to jump-start your financial future, even if you have no dependents. You do not even need life insurance until you have responsibilities after your death. If and when you do have them, term life insurance is much more cost-effective. Politely decline the invitation to a free financial planning session from your old fraternity brother. 