<prompt> Human: Hey folks, Please excuse the throwaway, I did it so that I could be more specific about my financial position using my normal account.So basically I just turned 26 and Im stressed. I have an income of 45,000 a year, I JUST got myself debt free, I have a more than adequate whole life insurance policy, and I own a modest car actually own outright. Basically Im living below my means, looking to the future, and its stessing me. Ive started rolling what was the credit card payment into savings and that has me on track for 9000 a year around 750 a month, I was aggressive about debt reduction. I know emergency fund is the top priority and thats where the savings is going right now. But Im terrified about needing to save for:- my retirement which you cant depend on anyone else for, call it 600k for 15 or 20 years worth. I could plan for less but I want to work because I WANT to in retirement, not because I have to.- saving 30k for a house downpayment 10 where I live, or in markets where my skills are in demand,- a potential wedding, thankfully were both fairly laid back people so a wedding would be very very small, but even a very very small wedding is going to be two or three grand- Acheiving my dream in life...which isnt a dream at all. I want a Ferrari, I have always wanted a Ferrari. Theyre not cheap cars by any means but its not a ridiculously unachievable goal. This WILL happen at some point, it is not a dream like i want to win the lottery. I cannot stress enough that this is well researched and acheiveable on its own. Aquisition cost is between 30k and 50k of course it goes up from there as well, but what I want is acheiveable.So how does on budget for a million dollar net worth...on 45k? My girlfriend is on a similar savings track so that will help. But 2 years is a very short time when planning for ones entire lifespan, not to be pessimistic but its too early in my opinion to plan on my retirement being our retirement yet.Assistant: I have an income of 45,000 a yearGood. I JUST got myself debt freeGreat!I have a more than adequate whole life insurance policyWhat? These are awful products, even if you need life insurance and you dont at the moment. Calculate the cost of getting out of this.a potential wedding, thankfully were both fairly laid back people Make sure you marry a gal with solid financial habits and a good career sounds like she has one.my retirement which you cant depend on anyone else for, call it 600k Good youre thinking about this. At a 3 withdrawal rate, 600K will yield 18Kyear. Make sure this is enough.Acheiving my dream in life...which isnt a dream at all. I want a FerrariPick a different dream - helping others through volunteer work, for example. Or wait a few years until youre older, and you realize what a pointless desire this is. Human: Ok, why is whole life an awful product? I legitimately dont know, my parents set me up with it before I left home and Ive kept it up. It seems like a decent idea to me :And I wont be changing my passions any time soon. You change your lifelong ambition first and then come talk to me. I dont want the car to gloat, or any other reason. I have a passion for them, for as long as Ive been a car guy Ive had a passion for a beautiful red on tan Ferrari. The sound, the curves, the minute details, they excite me.  <response>: The problem with whole life insurance is that its a combination of insurance and investment that is very expensive with very minimal rate of return on the investment side. The ideal thing to do is to separately buy Term life insurance this is very cheap compared to Whole life and then invest the money you would have otherwise been paying the whole life to an investment account lets say invest in Index funds or put it in a Roth IRATaxable investment accounts which would have better rate of returns.I was actually on the same boat as you. I bought a whole life insurance which I dont even really need I bought it as an investment - this was a horrible idea. The first year, all my premiums pretty much went to my sales agent as commission so by second year, when I wanted to close it, it didnt even have any cash value so I got nothing back. I just thought of it as paying stupid tax - I paid around 900 for the first year.Try to look how much the cash value is right now. You might be able to surrender the policy and get at least a little bit of money back. 