davesays300 green2KENTUCKY (7/7/13) – This week Dave discusses "Her blessing was to be a blessing" and "Thinking long term"

Dear Dave,
My mom died a few years ago, and she left me an inheritance of $60,000 in stock. She was always investing and saving money. I could sell this and be debt-free while still having plenty left over, but I feel like I’ll lose a part of her if I do this. Do you have any advice? - David

Dear David,
I didn’t know your mom, but from what you’ve told me, it sounds like she was a pretty smart and responsible lady. I don’t visualize her as the kind of person who would’ve said, “I’m going to leave you this stock. Always keep it and never cash it out, no matter what happens.”

A gift like this is someone wanting to bless another person with some of the good they accomplished in this world. It’s your mom’s way of giving you an opportunity to have a better life. In my mind, the best way for you to have a better life is to use the money to become debt-free then use the cash that used to go toward debt payment to invest.
I know you loved your mom, but I think you’ve given this stock more power than she gave it. You’ve gotten her blessing, and that was to be a blessing to you. You know, you can be a blessing to others in lots of different ways. She just accomplished it with the stock.

Honor your mom and go be debt-free today. The time is now! - Dave
 
Dear Dave,
My husband and I are in our 60s, and we don’t have long-term care insurance. It would cost us $8,000 a year at this point, and our annual income is $200,000. Do you think we should get this type of coverage? - Toni

Dear Toni,
I’m a strong proponent of long-term care insurance once a person turns 60. Prior to that age you have less than a one percent chance of spending time in a nursing home, so I wouldn’t spend a dime on it until then.

A lot of agents and companies try to sell long-term care insurance to people who are 40 or 50 years old, and I just don’t believe in that stuff. But once you hit age 60, your chances of using it increase almost daily. At that point, it’s a smart buy, and you’ll get a great return on the investment. Eight thousand dollars annually is a lot of money, but nursing home costs can run $50,000 a year.

My advice, Toni, is to buy long-term care insurance. I believe in having this type of coverage, even if you can afford to pay for care out of pocket. It takes a lot of stress and worry out of growing older. Most ladies outlive their husbands, and a frequent scenario is that the man goes into the nursing home and drains the nest egg to pay for everything. Of course, this can happen the other way around, but I’m sure neither of you wants to leave the other in a bad situation. - 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 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.

e-max.it: your social media marketing partner

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.

In Other News...

Upcoming Events at Land Between the Lakes

KENTUCKY (7/30/15) — Land Between the Lakes offers a variety of fun programs for all ages and interests. Friday and… Read More

Neighbors Provide Helpful Information

KENTUCKY (7/30/15) — As Kentucky Transportation Cabinet engineers have started evaluating the site of a fatal washout… Read More
1 DOW 17,689.86
0.00 (0.00%)    
2 S&P 2,103.84
0.00 (0.00%)    
3 NASDAQ 5,128.28
-0.50 (-0.01%)    

Most Read This Week

July 27, 2015 5892

Death of Central City Man in Dawson Springs Under…

by SurfKY News
July 27, 2015 3781

School System Announces Free Lunch/Breakfast at…

by SurfKY News
July 30, 2015 3276

Webster Man Leads Police on Chase through Parts…

by SurfKY News
July 31, 2015 3231

Miss Hopkins County Fair 2015 Chosen

by Tammy Holloway, SurfKY News
July 28, 2015 2560

Hanson, Owensboro, Bowling Green Youths Win at…

by Tammy Holloway, SurfKY News

Most Read This Month

July 17, 2015 16274

Muhlenberg Most Wanted - Top 10

by SurfKY News
July 23, 2015 15240

UPDATE: Family Confirms Body of Missing Teen…

by Shawn Freels, SurfKY News

Stories Trending Now

July 31, 2015 3231

Miss Hopkins County Fair 2015 Chosen

by Tammy Holloway, SurfKY News
August 01, 2015 2102

24th Annual Miss Teen Hopkins County Fair Pageant…

by Tammy Holloway, SurfKY News
August 01, 2015 1930

Little Miss, Mister Hopkins County Fair Chosen

by Tammy Holloway, SurfKY News
August 01, 2015 1256

'Diggers' Return to Find More Hatfield-McCoy…

by SurfKY News
July 31, 2015 1208

State Fair President Commends Hopkins County Fair…

by Tammy Holloway, SurfKY News
July 31, 2015 1029

Hopkins District Court Fines Handed Down

by SurfKY News
August 01, 2015 880

Knight Crowned 2015 Miss Pre-Teen Hopkins County…

by Tammy Holloway, SurfKY News
July 31, 2015 830

House of Onyx's Crystal Gallery Opens in…

by SurfKY News
July 31, 2015 779

Henderson Woman Faces Rape Charges

by SurfKY News
July 31, 2015 756

Hopkins County Sheriff's Reports Released

by SurfKY News