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Archive of Dave Says - Weekly Financial Blog
- You’ve Already Paid for It
Brandt, unemployment benefits are funds you’ve paid into. Accept them if needed, stay disciplined with spending, and focus on finding a new job.... more
- Rewarding Success
Cody, keep the allowances but call them commissions tied to chores. It’s a great way to teach kids responsibility and the value of hard work.... more
- A “Heart Problem”
Dan, your girlfriend needs to address her financial habits before considering moving in together. Support her growth, but don’t take on her burdens.... more
- How to Play Defense as You Build Wealth-Get the Right Insurance Without Breaking the Bank
Insurance protects your wealth by mitigating financial setbacks. Shop around for the best coverage, control what you can, and budget smartly to save on premiums.... more
- Keep a Boundary in Place
Separate savings and checking accounts help maintain boundaries and protect your emergency fund from accidental spending. Keep them distinct!... more
- Time to Make Something Happen!
Encourage your husband to step up, take any job, and help provide. Seek counseling to rebuild teamwork and avoid losing your home.... more
- On One Condition...
Keep savings intact. Use a budget and consider a side job to pay off debt. Success with money is mostly about good habits!... more
- What’s Best for Me?
For simple estates, a will is enough. Trusts help avoid probate but suit complex estates. Consult a lawyer to decide the best option for you.... more
- Only if You’re Debt-Free and Buying with Cash
Buying a vacation home to rent can offset costs, but be prepared for empty weeks and maintenance challenges. Enjoy the journey!... more
- When You Know Better, Do Better
You’ve made great strides with your finances. Forgive past mistakes and focus on your current success. Time and positive actions will heal the past.... more
- Wait…What?
Don’t trade old car debt for new. Enjoy debt-free living by finding alternative ways to go camping, like renting or using what you have.... more
- Right Heart, Wrong Actions
Your parents’ financial decisions are their responsibility. Set boundaries, seek objective advice, and prioritize healthy relationships over guilt.... more
- You Haven’t Done Anything Wrong
Your grandmother’s will reflects her wishes. You haven’t done anything wrong. Handle the inheritance with care and seek guidance if needed.... more
- He Needs to be Reminded
Your husband’s plan isn’t fair. In marriage, finances should be equal and shared. Remind him that your income and spending should be a combined effort.... more
- Not Just a Bump in the Road
Be honest and kind with your sister, explaining your financial goals and why you can’t lend money. Help her see that her money issues are a lifestyle choice, not just a temporary setback.... more
- Part of Your Monthly Budget
Identity theft protection is essential for everyone and should be included in your monthly budget, like insurance.... more
- This is Way Out of Line
Explain your financial situation, offer what you can afford, and remind your brothers to consult everyone before planning expensive events.... more
- There’s Nothing Passive About Real Estate
Find fulfillment by serving others and pursuing meaningful dreams. Reflect, pray, and explore passions to discover your purpose and become a blessing to others.... more
- Think, Pray…and Find Your Calling
Find fulfillment by serving others and pursuing meaningful dreams. Reflect, pray, and explore passions to discover your purpose and become a blessing to others.... more
- That’s a Pretty Good Deal
Prioritize school first, stay home to avoid debt, and balance work to finish on time. Moving out can wait until you graduate and are more financially stable.... more
- Which Comes First?
Set aside money for weddings after Baby Step 5, focusing first on education and retirement savings. Weddings are special, but education is more important.... more
- The Lesser of Two Evils
Set up a payment plan with the IRS for the $18,000 in back taxes. Avoid personal loans and focus on paying off the debt systematically.... more
- The Walking Debt
Old debts can resurface unexpectedly. Negotiate a settlement or payment plan, work extra jobs to gather funds, and aim for a quick resolution to avoid court.... more
- Where’s the Money Going?
Address the issue directly and kindly. Have an honest conversation about his late payments and emphasize the importance of sticking to your agreement.... more
- A Safety Net, Not a Hammock
Accept the move as a temporary solution. Use the time to address your finances and improve your career situation. Be proactive and goal-oriented.... more
- You’re a Great Big Brother
Help her invest wisely, spend a little for fun, and seek advice from knowledgeable people. Be there to support and guide her.... more
- You’re Playing with Fire
Appreciate his generosity, but decline. Borrowing from family can strain relationships and create discomfort during special occasions.... more
- It’s a Tough Situation for Both of You
Show empathy and support without being confrontational. Be a positive role model and let him know you're there to help when he's ready.... more
- Well-meaning, but Misguided
Best wishes for his college journey! A part-time job can enhance his time management skills and academic performance.... more
- Take Control of Your Mind and Money
Take control of your money with a realistic budget. Commit fully to your financial goals and make them happen.... more
- Increase Expectations Gradual
Gradual steps towards responsibility can help your stepdaughter learn important life skills. Keep communication open and supportive.... more
- A Lesson He’ll Remember for the Rest of His Life
While it’s tough, let your son face the consequences of his actions. Use this as a teaching moment for him to learn financial responsibility.... more
- Put the Money in Your Own Pocket
Skip home warranties if you have a solid emergency fund. Save your money and self-insure against damages or breakdowns.... more
- It’s Worth the Sacrifice
Consider going back to cash for better control over spending. Budget carefully and assign every penny a purpose to avoid overspending.... more
- The Normalization of Debt: How It Happened and Why It’s Keeping You Broke
In a world where debt is normalized, financial literacy is crucial. Break free from debt cycles to reclaim financial freedom and pursue your dreams.... more
- An Emergency Fund Isn’t About Instant Gratification
When tapping into your emergency fund, ask: Is it unexpected, necessary, urgent? Be patient, avoid impulse buys, prioritize true emergencies.... more
- Guide Them, but Let Them Learn from Their Mistakes
Teach kids financial responsibility by letting them experience consequences, guiding them through mistakes, and fostering independence.... more
- But Will He Listen?
Guide friend gently to realistic goals. Encourage budgeting, job stability. Support with care and honesty.... more
- Celebrate and Give With a Plan in Place
Budget monthly for holidays. Give thoughtfully, avoid debt. Stick to plan. You’ve got this!... more
- For Starters, Have A Plan
Embrace fear, disgust, contentment. Craft strict budget. Avoid temptation. You’re capable. Stay determined.... more
- It’s a Credit Card Addiction
Address credit card addiction with love and honesty. It’s tough, but essential for her well-being.... more
- Be Gentle, He’s Moving in the Right Direction
Collaborate with your husband. Acknowledge his concerns, set a reasonable emergency fund goal, then cut up cards and close accounts for financial security.... more
- Pay Off Their Student Loans?
Clear the Parent PLUS loans now. Extended plans are unwise. Use savings at 59 1/2. Government programs can be misleading.... more
- Don’t Buy a House Together Before You’re Married
Delay home purchase until after marriage. Prioritize communication and avoid potential risks. It’s a significant decision; take your time.... more
- Go into Debt for a Wedding? Nope!
Dave Ramsey approves saving for a wedding during Baby Step 5 if financially feasible. Emphasizes paying cash to avoid unnecessary debt in celebrations.... more
- Control Your Own Destiny
Secure your retirement with 15% personal savings. Employer contributions don’t count. Take control of your financial destiny for a dignified retirement.... more
- It’s a Gift to Your Family
Dave recommends preplanning funerals for family ease. Discourages prepaying, citing industry profits and limited investment returns.... more
- Eventually, You Become Self-Insured
Secure your family’s future with life insurance. Choose a term based on future plans. Aim for 10-12x income coverage. Stay debt-free and save for retirement.... more
- Risk is Real
Dave cautions against live-in flip real estate due to risks. Advocates careful planning and preparing for worst-case scenarios.... more
- When You Nickel and Dime Things, Nothing Gets Done Well
Dave suggests pausing 401(k) contributions during Baby Step 2, focusing intensely on debt payoff for faster financial progress.... more
- You Need a Better Plan
Seasonal predictable downturns in your business should not be considered an emergency. Based on your skill set, plan on those times that will allow you to keep earning money!... more
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