dave R2 300KENTUCKY (7/28/13) – This week Dave discusses ' Giving from grandfather’s wealth', ' Pension solvency', and 'U.S. currency deflation?'

Dear Dave,

My grandfather died about a month ago, and I recently learned that in his will he distributed his money unevenly between his children and grandchildren. I received significantly more than other members of the family, but I make $140,000 a year. I’d like to give them some of my inheritance to even things out. How would you approach this? - Kate

Dear Kate,

You’re obviously unselfish and have a really good heart. But honestly, it was your grandfather’s decision and his money to do with as he pleased. It wouldn’t be wrong or greedy to simply keep what you have without worrying about it a second longer.

If some of your relatives are having financial troubles and you feel that making a gift of a portion of your inheritance will help, you can do that. With your income, it’s probably not going to change your life in a big way. My advice would be to look at your relatives and their situations objectively and see if something like this would really be a blessing. Then, if your heart and your head still tell you it’s a good thing, do it. - Dave

Dear Dave,

Considering the condition of the economy, how secure should I feel about the solvency of my pension? - Crystal

Dear Crystal,

In many ways, this would depend on your particular pension. Some pension funds are very well-run, very solvent and are in great shape. Others are poorly managed and not the type of programs in which you’d want to invest any of your money.

The biggest problem with a pension is that it’s the property of the organization. If it’s a union pension, it’s not yours—it’s theirs. All they do is pay you out of the fund. So if they go broke, you lose everything you had in there. If it’s a business that has the pension, that makes them the owner—not you.

That’s the beauty of the 401(k). You’re the actual owner. If the company you work for goes broke or the union does a poor job of managing things, it doesn’t harm your investment.

Don’t misunderstand what I’m saying. There are good pensions and bad pensions, just like there are great managers and lousy managers. Just make sure you check into the solvency of the program before you put your money in there! - Dave

Dear Dave,

What do you think about predictions of a major deflation of U.S. currency? - Steven

Dear Steven,

I think woven into your question is another question: What do I think about the predictions of our economy completely collapsing? The truth is I don’t believe for one second that our economy is going to completely collapse. Do we have some serious problems that should be addressed? Yes. Do we have politicians who are stupid and who don’t want to address these problems? Absolutely. But does that mean the world is coming to an end? Of course not!

It does mean, however, that you and I need to demand that the people in Washington stop playing games and do their jobs. This ridiculous spending spree we’ve been on for years has to stop. Government spending on all levels—national, state and local—is ridiculously out of control.

I’ve heard end-of-the-world predictions most of my life. But the truth is, we’re not going to see anything of that magnitude until Jesus comes back. No, I’m not going to predict or believe that the U.S. currency is going to collapse. Don’t spend all of your time and energy worrying about conspiracy theories and doomsday scenarios. Spend it living life! - Dave

*Dave Ramsey is America’s trusted voice on money and business. He’s authored four New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover and EntreLeadership. The Dave Ramsey Show is heard by more than 6 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at www.daveramsey.com.

 

Disclaimer: The content supplied by columnists and letters to the Editor on this site does not in any way, shape or form, implied or otherwise, necessarily express or suggest endorsement or support of any of such content, statement, or opinions therein. SurfKY News does not necessarily adhere to or endorse content provided by outside non-staff sources.

LIKE SurfKY on Facebook - Click here to LIKE us now.

© Copyright 2015 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story on social media.

Posted on 2/2/14
3/13 - 16
1 DOW 17,712.66
+34.43 (0.19%)    
2 S&P 2,061.02
+4.87 (0.24%)    
3 NASDAQ 4,891.22
+27.86 (0.57%)    
3/13 - 16

Most Read This Week

March 27, 2015 5647

Three Arrested during Execution of Search…

by Madisonville Police Department/Hopkins County Detention Center
March 25, 2015 5315

Fazoli's, Roses Coming to Madisonville

by Amber Averitt, SurfKY News
March 24, 2015 5105

One Dies, Another Injured in Mortons Gap Traffic…

by Deputy Heath Owens
March 25, 2015 5035

Grand Jury Finds No Criminal Wrongdoing in Bean…

by Doreen Dennis, SurfKY News
March 24, 2015 4221

UPDATE: One Injured in Hopkinsville Road Accident

by Doreen Dennis, SurfKY News
March 25, 2015 4006

Madisonville Man's Living Room Leap Lands Him in…

by Madisonville Police Department / Hopkins County Detention Center

Most Read This Month

March 09, 2015 13554

Multi-Agency Drug Bust Results in $1 Million Meth…

by KSP DESI
March 02, 2015 11568

Madisonville Teen Faces Numerous Drug Charges

by Madisonville Police Department/Hopkins County Detention Center

Stories Trending Today

March 28, 2015 2703

Young Child Dies in Princeton Fire

by Chris Rogers, KSP
March 28, 2015 1739

Tractor Trailer Takes Out Guardrail on I-69,…

by Doreen Dennis, SurfKY News
March 28, 2015 1426

VIDEO: Shoe Charity Expands to 'Sweet Sixteen'…

by Gary Gates, SurfKY News
March 28, 2015 1197

Commission Hears More Proposals for Subdividing…

by Tammy Holloway, SurfKY News
March 28, 2015 1024

Independence Bank Scholarship Reception Held…

by Lynnsie Fulkerson
March 27, 2015 910

KSP Charges Jefferson County Man with Possession…

by Kentucky State Police
March 27, 2015 858

Alltech Brewing and Distilling Academy Launches…

by Danielle Palmer
March 28, 2015 774

Four Roses to Build Bottling Facility in Bullitt…

by Office of the Governor
March 27, 2015 772

It's Not Too Late to Get a Flu Shot

by Beth Fisher
March 28, 2015 750

Happenings and Meetings - Hopkins County

by Amber Averitt, SurfKY News