Pick Your Community: | Hopkins | Muhlenberg | Daviess | Christian | Henderson | Lakes | McCracken | Webster
Davis Motor Sales banner ad
Impressions pre-reset: 420826 Clicks pre-reset: 872

Dave Says – September 9, 2012

KENTUCKY (9/9/12) - This week Dave will be discussing buy it or turn it in? and fun to date, but not to marry.

Dear Dave,
I made the mistake of leasing a car a while back, and the lease is up in about nine months. Should I save up the money between now and then to buy it, or save as much as I can to pay down my student loans? - Aaron

Dear Aaron,
At the end of a lease the price for which you can purchase the car is called the residual value. This amount is preset when you lease the vehicle. So the big question right now is, what’s the car actually worth?

If the company thought it would be worth $12,000 and it’s actually worth $14,000, that would be a good deal, and you’d want to buy it instead of turning in the car. Even if you were going to turn around and resell it, you’d still want to go ahead and buy. Another big thing is that I’d never tell you to finance a car after the lease term. There’s no difference between that and walking onto a car lot and financing any other $12,000 car.

Look at it this way. You basically have a $12,000 car loan right now, and you’d only be changing the format from leasing to payments if you financed the thing. Should you keep this vehicle? Only if it’s a small percentage of your income. If you make $60,000 or more, I’d probably say save up, pay cash, and keep the car. But if you’re making closer to $30,000 the answer is no. - Dave
 
Dear Dave,
I’m dating a man who is really exciting and fun, but he has well over $100,000 in debt. He has nice cars, a boat and he travels a lot, and he does it all on credit. He wants us to get married, but his view of money worries me. What should I do? - Vickie

Dear Vickie,

The fact that you’re worried about this situation means you realize that fun and exciting don’t necessarily translate into being wise. I’m sure he’s a nice guy, but your concern tells me that you two are from completely different planets when it comes to handling money. And that can be a death knell to a marriage.

Disagreements over money and finances are the number-one cause of marital strife and divorce in North America today. Fighting over debt and the stress brought on by financial problems will take a heavy toll on any relationship. When you’re not on the same page with how to handle your money, you’re not on the same page of life. How you spend your money says volumes about who you are, where your values lie, and what’s important to you.

This guy is fun because he’s impulsive and has a lot of toys. But the fact that he’s gone into debt for this lifestyle also means he’s a little boy and not a responsible man. And unless you guys can get on the same page with how money is handled, I would strongly advise not going forward with a wedding.

For this to get serious and turn into marriage material, one of you will have to change. Either he’ll have to straighten up and start behaving wisely with money, or you’ll have to agree to enjoy living deeply in debt. - 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 5 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.

© Copyright 2014 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.

Posted on 2/2/14
3/13 - 16
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013
button coupons
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013
button classifieds
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013

Most Read This Week

November 22, 2014 5423

One Injured in Two Vehicle Collision in Greenville

in Local (Muhlenberg) Top News by Miria Thomas
November 24, 2014 3593

Two Charged for Possession of Meth After…

in Local (Muhlenberg) Top News by MCSO/PIO Alex Piper
November 21, 2014 3538

Kentucky Employers to Save About $112 million

in General News For All Sites by Cathy Lindsey
November 25, 2014 2835

Call for Help Results in Arrest for Possession of…

in Local (Hopkins) Top News by Madisonville Police Department
November 25, 2014 2764

Madisonville Man Charged for Selling Cocaine

in Local (Hopkins) Top News by Madisonville Police Department
November 22, 2014 2710

Greenville Representatives Taking Part in Austin,…

in Local (Muhlenberg) Top News by Paul McRee, SurfKY News
November 21, 2014 2532

KSP Announces 'Cram the Cruiser' to Feed the…

in Top News For All Sites Touching Hopkins by Stu Recke
November 22, 2014 2522

SAR Planning 'Triple' Revolutionary War Patriot…

in Local (Muhlenberg) Top News by Geoff Baggett
November 24, 2014 2505

Hopkins County Sheriff's Reports Released

in Hopkins News by Sheila Hopper
November 24, 2014 2486

Madisonville Police Charge Woman with Terroristic…

in Local (Hopkins) Top News by Madisonville Police Department

Stories Trending Today

November 26, 2014 1837

Greene Leaf Boutique Offers Style for Less

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
November 26, 2014 1465

Madisonville Man Charged with Selling Cocaine

in Local (Hopkins) Top News by Lt. William W. Poe
November 27, 2014 1387

Sons of American Revolution Hold Triple Grave…

in Local (Muhlenberg) Top News by Geoff Baggett
November 26, 2014 1337

Don't Let Your Thanksgiving Go Up in Smoke

in General News For All Sites by Kip Diggs
November 27, 2014 1327

Caretender's Staff Cares About Feeding Needy…

in Top News For All Sites Touching Hopkins by Amber Averitt, SurfKY News
November 27, 2014 1295

MCTI Presents 'The Santaland Diaries'

in Local (Muhlenberg) Top News by Paul McRee, SurfKY News
November 26, 2014 1248

Thanksgiving is Top Day for Cooking Fires

in Top News For All Sites by Ricki Gardenhire
November 27, 2014 1229

MSA Thanksgiving Food Box Drive

in Top News For All Sites Touching Hopkins by Joyce Riggs
November 26, 2014 1107

Gift Exchange Dos and Don'ts

in General News For All Sites by SurfKY News
November 26, 2014 938

Ready Your Home for Holiday Guests

in General News For All Sites by SurfKY News

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 © 2014 SurfKY News Group, Inc.  •  Terms of Use  •  Site Map

social fbsocial twsocial yt
social gpsocial flrsocial rss