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Archive of Dave Says - Weekly Financial Blog
- Time to Leave
Dave talks about how to handle a family member that potentially is taking advantage of members of their own family.... more
- Turn This Into A Blessing!
Planning for the future is a part of life that should never get pushed aside. In the long run, it pays off and keeps you financially in the clear.... more
- Problem Plan
Don't take out a loan pay off another loan, but instead work hard to pay off the current loan.... more
- Home Improvement Debt?
Debt is something that can be avoided if you are extremely smart and careful with your money. Knowing when to take out loans and when to say no to things is important.... more
- A Bad Move
It is best to get term insurance than whole life insurance. Don't ever borrow money on your whole life insurance if you have one.... more
- First, Get a Real Job
Loans and insurance policies can put you in debt very quickly. Keeping a real job and staying on top of your financial situation can keep you one step ahead.... more
- A Bad Method At This Stage
Having other investors in a project is like taking on partners. Be wise in your decision to put yourself in this position.... more
- Hands off the Emergency Fund!
Use emergency money for an actual emergency and increase budget if necessary.... more
- Discussing and Negotiating
Whether you are trying to negotiate a salary or learning when a money situation is considered an emergency, it takes research and budgets.... more
- Threaten to Garnish
Stay informed, debt collectors can't simply garnish your wage without going to the appropriate legal process. It is unlawful for them to threaten wage garnishment.... more
- Rental House Being Foreclosed
Whether it's your debt or a landlord's debt effecting you, there is always a way out. Seeking advice and finical help should be your first step.... more
- Dip In, Pay It Off!
If you have enough money in your emergency fund to cover an actual emergency then dip in and use it.... more
- Let Him Be Mad
Debt is something almost everyone encounters at some point in there life. Learning when to say no to things or people and knowing how to budget your money and savings can help you stay debt free.... more
- The Family Nightmare
Big decisions need to be made with your spouse being in the loop. Lack of consideration of your partner leads to additional problems in a marriage.... more
- Keep the Bike!
Family heirlooms are best kept for personal reasons. As long s there's another way to get by financially, try to avoid selling it.... more
- Pass on this Deal
Owning a home is probably going to be one of your biggest expenses throughout your life. With that, it comes with a lot of big financial and personal decisions. Thinking long and hard about these decisions is the best way to go.... more
- To File, or Not to File?
Making an insurance claim on your home, make sure the claim is worth it because the consequences can be a rate increase or cancellation.... more
- Too Much Risk
It's not a good idea to risk the majority of your net worth in a single stock. Diversify your investments to reduce your risk.... more
- What to do with the Leftover?
When budgeting your money for the month, it's ok to allow any extra money to roll over to the next month.... more
- What's Your Priority?
Getting your priorities straight is the key in being successful and being able to figure out what your next move is. Whether it's when you should buy instead of leasing for your business or when to move out on your own, priorities are key.... more
- Buy or Lease a Building?
Getting your priorities straight is the key in being successful and being able to figure out what your next move is. Whether it's when you should buy instead of leasing for your business or when to move out on your own, priorities are key.... more
- Skipping to the Altar
If education is already paid for make a substitution. Plan ahead and start saving for a wedding, home or other large expense.... more
- Midlife Adjustments?
Having an emergency fund should be your priority. Before you start saving for a house have your emergency fund set and ready to go if needed.... more
- You Can't Fix It For Her
Always be careful whom you take loans from and whom you give loans to.... more
- Mortgage for the Deduction?
Being smart about your money is the main way to stay debt free.... more
- Bad Advice from a Bad Friend
If you have racked up credit card bills, it is your obligation to pay them. Don't try to manipulate your way out of the mess you got yourself into.... more
- Giving Wisely
When our hearts are open to the concept of helping others, do so wisely. Make sure your own affairs are in order and then feel free to help those less fortunate.... more
- Crowdfunding Real Estate?
Whether it's real estate or life insurance, you're going to have questions. Both are important things to gain knowledge on from as many sources as possible.... more
- How Late is Too Late?
Whether it's real estate or life insurance, you're going to have questions. Both are important things to gain knowledge on from as many sources as possible.... more
- Ethics and Integrity
There's nothing wrong with learning all you can from other companies to open your own. Just be sure not to cross the line with what you bring over to your table.... more
- Don't Compromise Your Emergency Fund
Always try to avoid dipping into your emergency fund whenever possible. Your emergency fund tends to keep emergencies away. When it's not there, an emergency is bound to hit.... more
- Do the Manly Thing
When in debt, your overtime pay doesn't give you free rein to spend your extra wages on fun. Prioritize your needs first and then if there's a little extra you can justify a small treat.... more
- Teens and Checkbooks
When teaching kids about finances, start small and have them prove they are able to take over the control of their money.... more
- Why the Smallest Debt First?
Dave discusses why to tackle the smallest debt first when following the debt baby steps.... more
- Roth Over Pension
Whether it's deciding to get pensions or IRAs, or how to break bad habits and pay off your debt, we can all benefit from professional advice. Seeking professional advice will put you on the right path and answer all of your questions.... more
- You Skipped One
A fully funded emergency fund is extremely important to have because unexpected emergencies never seems to happen at the right time.... more
- It Doesn't Have to be a Deal Breaker
When furthering your education, consider the amount of already accumulated debt you have and then decide if you want to add to that or find a plan that can start alleviating some of it.... more
- Collections and Creditors Question
Once a debt has been turned over to collections your credit damage is already done. Come to an agreement with the collection agency and start paying off what you owe as quickly as possible.... more
- Get Rid of the Cards
It's always wiser to choose debit over credit when given the choice. Debit transactions are more likely to keep you out of the debt credit cards tend to suck you into. Are the rewards points really worth the risk?... more
- No Magic Number
If you have reached a point in your business that you are considering changing to an LLC, make sure the processing and filing fees are worth the switch at that time.... more
- Beware of Overspending at Warehouse Clubs
Warehouse clubs can be a great place for bargains but be careful not to get too much of a good thing.... more
- Not Ready for a House
A choice of whether to get a secured credit card or not towards building credit?... more
- What Will Won't Work?
In life there are a lot of choices you have to make and you have to be smart about them. Whether it is how your will is going to be done or building credit and buying a house, it can be confusing. Seeking professional and legal help for...... more
- His Wife's Final Gift
When given some devastating news, don't give up hope, continue to have faith and focus on making the best with what you have.... more
- IRA to Gold? Bad Idea
You want to fund your IRA with something that has a long track record based on growth due to the performance of the companies involved, not something like gold that is very volatile once the economy picks up.... more
- Wife Wins
When the rules of paying off debt from smallest to largest don't apply you should knock out the one with the highest interest rate first.... more
- The Teacher was Wrong
Dave advises student about credit rating and savings required to buy a home.... more
- Dying Car or Kill the Student Loan?
Dave responds to question of paying off student loan debt with savings or purchasing a newer car to replace junky old one.... more
- Dissolve the LLC?
If the operating costs of an LLC don't outweigh the income it receives it would be beneficial to leave it open.... more
- Cash is a Better Security Blanket
Instead of keeping credit cards on hand as a security blanket try to put away enough cash for your emergency fund and access it through a debit card.... more
- Dave's Take on Layaway
Law away programs should not be something you make a habit of using. If you don't have the cash for it then you can't afford it. Save up for something and get it when you have the funds available.... more
- Trashing Your Truck
It's never a good idea to drain your family's finances to purchase a work vehicle that will inevitably get destroyed by its daily use.... more
- You're Using It Wrong
Debit works the same as credit without having to input your PIN.... more
- Jobs From Home?
No matter what problems you are facing in your life, there are solutions for all of them. Reaching out to more than one person to help you figure out what should be done is a smart choice.... more
- Run From That Guy
Don't switch your 401(k) to a hybrid annuity. There is less cost involved in a 401(k) compared to annuity. Both do the same job protecting your money from taxes as your money grows.... more
- Helping Dad
If someone has a history of financial irresponsibility then by helping them get out of a debt is only enabling their poor choices and keeping the pattern going.... more
- Cash Flow School?
In lieu of taking on more debt in order to pay for school try to start paying for future tuition in cash and work on eliminating your current debt as quickly as possible. This will ease your debt payments down the road and free you up of any...... more
- Why Save Before Paying Off the Mortgage?
Your home is more of an asset than a liability. An emergency fund and a retirement savings are important to have prior to paying off your mortgage. Once those things are accumulated then work towards paying off your mortgage.... more
- Get Yourself Out of It
When one, or both, partners in a marriage gets themselves into financial trouble you have to work together, as a unit, to figure out a solution. You have to have communication, unity and shared goals in order to work together to clear up the mess and to avoid...... more
- Newlyweds Buy House the First Year?
Newlyweds should spend the first year of marriage getting to know each other better and adjust to being a married couple. Take this time to get better acquainted both emotionally and financially and worry about the house hunting later on.... more
- Kicked Out, Starting Out
If you're in a tough situation and your just starting out you need to financially cover the basics, such as food, shelter and transportation, before looking to the future. Once the basics are covered you can venture on to bigger and better things.... more
- Don't Touch the 401(k)
Withdrawing from your 401(k) to cover credit card debt is not a good idea. You will be hit with penalties and lose out on potential interest that would have been earned. Instead, scrimp and save, maybe even take on a part-time job if needed, and knock out your...... more
- Did Dad Do Her Wrong?
Borrowing money from, or loaning money to, a family member or friend can easily lead to hard feelings, anger, and disappointment. Be leery when you intend to mix money and family/friends.... more
- Paying Cash Doesn't Make it Smart
When it comes to a Tiny House there is no track record that tells us what kind of resale these types of homes have. This aspect alone can make it a bad financial move.... more
- Mother is 95 Years Old; Where Should Retirement Go?
When an elderly person already has their money accounted for it may be better to just leave things as is and not upset them with financial change. Even if they could be getting more with a different type of investment. If they have obtained financial peace don't rock...... more
- Accounting 101
Regardless of the size of your company you should always keep your business and personal finances separate so you can accurately see what is going on with your business' finances. In order to figure out your profit you will use a simple equation...Revenue - expenses = your profit.... more
- Young, Jobless, and Scared
In the wake of an unexpected job loss, when you don't have any savings to draw from, you do anything and everything to earn some extra money and stay afloat. Then prioritize your debt and go from there. Sacrifices are needed to regain a solid financial footing.... more
- Travel Medical Insurance?
When traveling, check with your current medical insurance provider to see if you will be covered under your current policy during your travels. Don't fall into the trap of buying additional travel medical insurance if you don't need it.... more
- He Set You Up
When looking to buy a new toy be sure you can pay for it in cash. Items that are not necessities should never be financed and you should never owe any more money on it once you drive it out of the showroom.... more
- You Can't Just Cruise
When paying off your debt it's so important to stand up to temptations and avoid getting yourself into further unnecessary debt.... more
- Be Professional
When leaving a job position, it's always best to leave on good terms. There is never a need to burn a bridge if it isn't necessary. Always be professional, honest and upfront.... more
- Retained Earnings Are a Must
In the business world, retained earnings is equal to an emergency fund for your personal finances. It doesn't have to be a big percentage, but you should be setting money aside every month for the company.... more
- How Much is Too Much For a Wedding?
When planning a wedding, it's always wise to compare your debt to income ratio. The more debt you have in relation to your income, the smaller your wedding expenses should be. After all, it's not the size of the wedding that will make a good marriage. It's the...... more
- Adjustable Rate Mortgage
Adjustable rate mortgages transfer risk to the consumer, and puts the homebuyer in a position where they're at the mercy of the markets when it comes to the amount of their mortgage payments. This factor is definitely something to be aware of when planning on obtaining a mortgage.... more
- Rental Runaround
Don't take a chance on wrecking your total money makeover by running out to get a credit card for something silly. Before processing a transaction, double check that they accept the tender you are planning to pay with. If not, find someone who does.... more
- Buy the car?
With all the right savings plans in place, retirement, emergency fund and a nest egg, you should allow yourself to splurge on something reasonable here and there. As long as you continue on the right track, enjoy your splurge. You deserve it.... more
- Learning and Living
When you are left to make all the financial decisions you should be knowledgeable when doing so. Find the right person to teach you as much as possible so you are able to make the best financial decisions for yourself.... more
- What is a Money Market Account?
Money markets are short-term financial instruments that pay the same or slightly more than a traditional savings account. Some are attached to mutual fund companies that allow you to buy right into the money markets.... more
- Mother is Elderly; Does She Need Long-term Care Insurance?
Upon reaching 60 years of age you should absolutely require long-term care insurance. Whether you have millions of dollars in assets or just a small nest egg you need to be covered in the case of prolonged medical care or nursing home care.... more
- Don't Cut Your Safety Net
When just starting your emergency fund, it is always best to start with at least $1,000. Budget yourself and save up as much as possible to accomplish the initial startup and you will feel a new sense of security.... more
- Steps in the Process
If you are following the Baby Step program and are looking to sell your home in the process, be sure to have a full funded emergency fund in place when doing so. Don't rely on the equity in your home to supply your emergency fund.... more
- Use An Insurance Broker
It is best to use an insurance broker to help find long term care coverage for an elderly person who is sickly.... more
- Fighting Fear
Dealing with any financial problems can be scary. Whether its debt that you are in or insurance issues, there is always a solution. Making budgets or contacting an insurance broker are ways you can start fixing your problems.... more
- Keep It Simple
Whether its finical problems or accounting problems, there is always a solution. Asking for help will steer you in the right direction to get back on track.... more
- Husband's Business is Dying
Family and financial responsibilities come first, if your business is not breaking even then it is time to leave it.... more
- Consider the House?
When looking to buy a home be aware of all the downsides. Those will still be relevant when you go to sell in the future, pending those things are still an issue.... more
- Health Insurance Options
Avoiding health insurance because of its high premiums is really not an option these days. Look into cheaper options within the healthcare exchange and try to find something more affordable.... more
- Is this plan too intense?
When paying down your debt, keep in mind the value of your real estate. It may not be worth selling it and losing the potential appreciation value as the market continues to rise.... more
- Taking the Trip
If your finances seem to be in order and the opportunity arises to have a discounted vacation, take it! We all deserve a little fun now and then.... more
- Interest-only Triplex?
Owning real estate and renting out space does not always work out as planned. Sometimes this can be more of a headache than it's worth.... more
- Sold Dave three timeshares?
Timeshares are never a good idea!! For the money you spend on a timeshare you could take several really nice vacations, and good luck ever getting rid of it if you do fall into the trap. They are so hard to sell because you don't really own anything.... more
- Split it With You
When family and money mix there is usually drama waiting in the wings ready to rear its ugly head at some point. I family members are involved make them aware of your plan and proceed accordingly. If the money is available to pay off a debt, do it...... more
- Owing on Commercial
Its' always best to have no debt at all hanging over your head, even when it comes to commercial properties. If there is debt looming above try to follow the debt snowball and eliminate as much as possible as quickly as possible.... more
- What's the Deal with Deferred Comp?
Deferred comp plans simply mean you are electing to defer and receive a portion of your compensation at a later time or date. You have a portion of your compensation withheld and directed into an investment of some kind instead, and you aren't taxed on it immediately.... more
- Private School is Busting Savings
If you can't afford to send your kids to private school than they shouldn't be going. There is good and bad in all schools and you shouldn't put yourself into hock in order to send them to private school.... more
- Baby Steps, Motivation, and Retirement
Take some time to accumulate an emergency fund so as to not dip into other funds when necessary. Work towards achieving higher goals that can possibly make the saving process a little easier.... more
- It's for Everyone
The same financial concept applies for large families as it does for smaller ones. The end goal is the same but the means of reaching it may be a little different. With more of a financial drain it may take you longer to reach those goals but consistent...... more
- Finding the Right Motivation
After being financially successful sometimes there are other needs that need to be met. There's tons of joy and fulfillment to be found when you're working in a way to serve the people and things that matter most in your life!... more
- No More Guilt Trips!
If a person wants to quit their paying jobs to join the ministry that is their choice. However, it's not healthy for them to then financially burden their children or others to pay for their decision. Bitterness and anger are sure to follow.... more
- Be There For Each Other, And Don't Give Up!
It is so easy to find yourself in debt and in trouble when it comes to paying it off. However, sometimes paying off your debt cannot always be your first priority.... more
- Business Issues and Family
Financial and legal issues can seem tricky to figure out. The best way to handle situations you are unsure about is to talk to an attorney.... more
- How to Protect a Special Needs Child with the Baby Step Plan
Parents find peace of mind by planning for the care of a special needs child through life insurance policies that will go into a managed trust for future care.... more
- It's not Discrimination
When applying for a job, always be honest about your financial history. It will be easier to explain what happened that got you into a certain position than it would to explain why you lied about it to begin with. As always, honesty really does seem to be...... more
- Snowball Switch?
When working the Debt Snowball, always try to knock out the smallest debt first and then continue to plow through the others to eliminate them one by one. The more you get behind you the more money you can put towards the remaining ones until they are all...... more
- Commonsense Calculation
Planning ahead of time for retirement can save you from much grief later on. Decide on what amount or percentage you want to live on down the road and put together a savings/investment plan that will work for you.... more
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