I have been considering different ways to generate some returns on my money, rather than just having it sit in a savings account at the bank.
My understanding is that the obvious first step is to begin adding to a retirement-type account, using the matched amount from one's employer. However, I've been getting different advice from different people.
It seems very standard for people to recommend either a 401(k) or a Roth IRA as a long-term way to increase wealth.
However, I have had others tell me that a better alternative is to use "variable universal life insurance", which provides both a) a life insurance policy and b) a way to grow your money similar to mutual funds, but with very similar tax benefits to a Roth IRA (i.e., you don't pay taxes when you withdraw money from such an account).
My question is, essentially, should I use a VUL instead of a 401(k) or a Roth IRA? What are the risks or benefits of either method of saving money?