Pick Your Community: | Hopkins | Muhlenberg | Daviess | Christian | Henderson | Lakes | McCracken | Webster
Davis Motor Sales banner ad

Dave Says - March 17, 2013

dave R 300KENTUCKY (3/17/13) – This week Dave discusses Can I motivate my parents? And No on rent-to-own!

Dear Dave,
My parents are close to retirement and very heavily leveraged. Do you have any advice on how I can help motivate them to succeed financially? - Jack

Dear Jack,
I appreciate your concern for your mom and dad, but I’m not sure you can motivate anyone to do something. Sometimes people don’t have motivation because they’ve lost hope. In turn, it’s that sense of hopelessness that keeps them from moving forward. I think in these situations the best you can do is to show them hope. And one of the best ways to do that is to share your own story. You can also examine the numbers with them to show that the light at the end of the tunnel isn’t always an oncoming train.

I do this a lot with callers on my radio show. After we look at the pieces of the puzzle together, I might show them how they can pay off $50,000 of debt in a year’s time. Most of these people aren’t bankrupt; they’re just plain scared. So there’s a lot of power in that little word “hope.”

Sit down with your parents and let them know how much you love them and want them to enjoy their retirement. See if you can find out how much income they have versus the amount of debt they’ve piled up, then begin to formulate a step-by-step plan. Show them how they can begin to get traction and free up their money by living on a budget and getting out of debt. You can even offer to be their counselor or accountability partner.

You want them to be safe and secure in their retirement, and they deserve some dignity after working hard all their lives. So, in my mind, hope is the best thing you can offer. Motivation is a different story. That has to come from within. You can’t really motivate the unmotivated. - Dave

Dear Dave,
What do you think about rent-to-own housing? I’m not sure we’re financially ready to buy yet, but we don’t like giving money to landlords. Is rent-to-own a wise compromise? - Mike

Dear Mike,
I wouldn’t recommend getting mixed up in a rent-to-own situation. I don’t think it’s a wise compromise, and it’s also the kind of deal that works out well for the landlord, not the buyer.

If you’re not financially ready to purchase a house, then you need to get your life in order before you take on a major commitment like becoming a homeowner. Get your debts paid off, get an emergency fund of three to six months of expenses in place, and save up for a down payment of 20 percent. I know it’ll take some time and it might be difficult, but that’s what I’d recommend.

Buying a home when you’re broke, or trying to trick the system with a rent-to-own deal, usually doesn’t work. I spent a lot of time in the real estate business, and I still own several properties. I don’t do these deals because statistically the majority of people who rent to own never end up owning the property.

Take my advice and go slow, Mike. When you buy a home, you want it to be a blessing, not a burden! - 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.

© 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 by using one of the social media links below.

button coupons
Started 11/8/2013
Started 11/8/2013
Started 11/8/2013
Started 11/8/2013
Started 11/8/2013
Started 11/8/2013
button classifieds

In Other News...

March 20-22 Women's Retreat: 'Holiness in Family Life'

OWENSBORO, Ky. (1/25/15) — "Holiness in Family Life: Lessons from Saint Monica and Elisabeth Leseur" will be the focus… Read More

Two Arrested for Trader Baker Robbery

OWENSBORO, Ky. (1/25/15) ― Two women have been jailed after allegedly stealing from the Trader Baker store on U.S. 60… Read More
Started 11/8/2013
Started 11/8/2013

Most Read This Week

January 23, 2015 7946

Local Church's Faith Restored; 71 Souls Saved…

in Video by Gary Gates, SurfKY News
January 22, 2015 6890

Nortonville Man Accused of Selling Drugs near…

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Jail
January 20, 2015 6872

Bridal, Prom, Pageant Expo Planned for February…

in Hopkins News by Dana Brown
January 23, 2015 5496

Parents Face Charges after Marijuana Joint Falls…

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Jail
January 21, 2015 5488

KYDOT Pre-Treating Roads Thursday in Antipation…

in Top News For All Sites by Keith Todd
January 22, 2015 5023

MCEA Head: Further School Mergers Might Ease…

in Local (Muhlenberg) Top News by Paul McRee, SurfKY News
January 21, 2015 4748

Man Arrested after Allegedly Nodding off on Baby…

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Jail
January 23, 2015 4226

Nortonville Woman Charged for Meth Possession

in Local (Hopkins) Top News by Hopkins County Sheriff's Office/Hopkins County Detention Center
January 22, 2015 3604

Local Family Business Changes Hands

in Local (Hopkins) Top News by Doreen Dennis, SurfKY News
January 25, 2015 3512

Dean’s List Announced

in Top News For All Sites Touching Hopkins by Joyce Riggs

Stories Trending Today

January 25, 2015 3512

Dean’s List Announced

in Top News For All Sites Touching Hopkins by Joyce Riggs
January 25, 2015 1879

UPDATE: Two Die, Two Injured in Two-Vehicle…

in Local (Owensboro) Top News by Dispatcher Dustin Staves
January 25, 2015 1116

Juvenile Hit by Vehicle at McDonald's

in Local (Muhlenberg) Top News by GPD Officer Wes Miller
January 25, 2015 1078

Kynect Enrollment Climbs as Countdown to Feb. 15…

in General News For All Sites by Office of the Governor
January 25, 2015 980

Market Commentary - Jan. 25, 2015

in Top News For All Sites by Randall L. Franklin
January 25, 2015 913

Dave Says - Jan. 25, 2015

in General News For All Sites by Dave Ramsey
January 25, 2015 826

March 20-22 Women's Retreat: 'Holiness in Family…

in Owensboro News by Jennifer Kaminski
January 25, 2015 780

Outdoor Truths - Jan. 25, 2015

in General News For All Sites by Gary Miller
January 25, 2015 755

Legislator's Log - Week of Jan. 25, 2015

in General News For All Sites by Brent Yonts
January 25, 2015 392

MCCH Offers Free Screenings at the Love Your…

in Local (Lakes) Top News by Kyser Lough

SurfKY News Group, Inc.
Corporate Office & Studio
1125 Nebo Rd.  •  Madisonville, KY 42431
270.452.2727 (phone)
  •  270.452.2249 (fax)


Contact a member of our staff: www.surfky.com/contact
Copyright © 2015 SurfKY News Group, Inc.  •  Terms of Use  •  Site Map

social fbsocial twsocial yt
social gpsocial flr subscribevideoitunessocial rss