<prompt> Human: Heres where im at: a friend of mine recently got a job selling 7702 plans on commission. According to him it will grow between 8 and 12 percent annually, be fully liquid, 0 tax and is guerenteed to never go down. On top of that it comes bundled with a 500,000 life insurance policy. Sound too good to be true? I sure think so. I wasnt able to get any downsides from him because according to him, the only downside is that I dont have one. Hopefully someone here can lend a hand and give me both sides of the picture, which im sure there are. I recently opened an IRA with my local credit union and have a 401k from my work. Im 24. Thoughts? EDIT: I think I may be dyslexic  <response>: Its a fancy name for an insurance product you probably dont want or need. Politely decline, perhaps with the excuse you dont like to mix business and personal relationships. If he persists ... well, he doesnt sound like that great of a friend.I recently opened an IRA with my local credit unionAn IRA _is_ a retirement tool you want to be using, but it probably doesnt make sense to hold one through your credit union. Are you just holding CDs or expensive mutual funds? Vanguard or Fidelity are the two most commonly recommended IRA providers. 