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 16, 2012

KENTUCKY (9/16/12) - This week Dave will be discussing getting your affairs in order and going into emergency mode.
 
Dear Dave,
One of my relatives just discovered she has cancer. She’s a single mom with two young kids, and I’m not sure if she’s prepared to face something like this. What are the best steps she can take financially at this point? - Shannon

Dear Shannon,
I’m really sorry to hear about this. I know cancer is a scary thing to hear, but please remember to pray and be there for her all you can. God willing, things can still turn out okay.

When people ask if a person has their affairs in order, they’re usually asking a couple of different questions. Are you right with God? Do you have life insurance and a will? Another important thing is to have all the paperwork of your life organized and in a safe place, so someone you trust can handle the details if things don’t turn out well.

Everyone should have a good term life insurance policy in place. My advice is to have a policy worth 10 times your annual income. When it comes to a will, make sure it’s state specific. Probate and estate regulations are not federal laws, they’re state laws. So any will should be drawn up according to guidelines for the state in which you live.

Make sure, too, that she has made arrangements for any minor children. It might be a good idea to sit down and talk with two or three trusted family members or close friends and decide who will take them if the worst should happen. Whoever this is should be incredibly responsible and caring, and willing to love and raise these kids as if they were their very own.

Good luck, Shannon. And God bless you and your family. - Dave
 
Dear Dave,
My wife just received news that her company will experience significant layoffs in the next two months. On top of all this, she’s one of the newest workers there. We’ve been trying to follow your plan, but what should we do with the possibility of unemployment on the horizon? - Tyler

Dear Tyler,
It’s a pretty safe bet that your wife will lose her job, especially if she’s new to the company. If what she makes right now is a significant portion of your overall income, my advice would be to press pause on your Total Money Makeover and build up your savings as much as possible.

I love that you guys are trying to take control of your money, but right now there are storm clouds brewing in your financial lives. Sit down together and come up with a seriously belt-tightening budget. Scrape together every nickel you can from every area of your lives and put it into savings. Things like going to the movies or eating out are going to be a big no-no for a while. And you may have to look at the possibility of cutting some other non-essentials, like television. There’s nothing good on these days anyway!

If they do lay her off, she might be looking at a severance package, but at this point you can’t really count on that happening. So batten down the hatches and prepare for the worst while hoping for the best. The best way to do that right now is save, save, save! - 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
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 18, 2014 5096

Couple Charged for Concealing Food in Infant Car…

in Local (Hopkins) Top News by Madisonville Police Department
November 21, 2014 5009

Man Accused of Assaulting Coach During Basketball…

in Local (Muhlenberg) Top News by Rita Dukes Smith, SurfKY News Director
November 17, 2014 4593

Police Charge Woman for Drug Possession After…

in Local (Hopkins) Top News by Madisonville Police Department
November 17, 2014 3649

Bremen Woman Ejected From Vehicle During Kentucky…

in Local (Muhlenberg) Top News by Trooper S.C. Recke
November 19, 2014 3035

Three Injured in Two-Vehicle Collision on South…

in Local (Hopkins) Top News by Gwen Smith
November 21, 2014 2984

Crashing Dump Trucks in Work Zone Cause Pennyrile…

in Top News For All Sites Touching Hopkins by Trooper Stu Recke
November 18, 2014 2981

Area Talent to Film Music Video at Merle Travis…

in Local (Muhlenberg) Top News by Paul McRee, SurfKY News
November 15, 2014 2955

18-Year-Old Injured When Pickup Strikes Railroad…

in Local (Hopkins) Top News by Patrolman Falon Graham
November 19, 2014 2824

Two Killed When Vehicle Becomes Airborne, Strikes…

in Local (Owensboro) Top News by Daviess County Sheriff's Office
November 15, 2014 2265

Two Injured in Two-Car Collision at East Center,…

in Local (Hopkins) Top News by Patrolman Russell Nichols

Stories Trending Today

November 21, 2014 5009

Man Accused of Assaulting Coach During Basketball…

in Local (Muhlenberg) Top News by Rita Dukes Smith, SurfKY News Director
November 21, 2014 2984

Crashing Dump Trucks in Work Zone Cause Pennyrile…

in Top News For All Sites Touching Hopkins by Trooper Stu Recke
November 21, 2014 2184

Muhlenberg District Court Fines Handed Down

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
November 21, 2014 2065

Madisonville Police Arrest Reports - Nov. 21, 2014

in Hopkins News by Madisonville Police Department
November 21, 2014 1956

Swimming and Diving Closes Fall Season at Ohio…

in General Sports For All Sites by UK Athletics
November 20, 2014 1953

Commercial Truck Accident Closes Northbound Lanes…

in Local (Hopkins) Top News by Chris Rogers
November 21, 2014 1865

Hopkins County Health Department Food Scores Thru…

in Hopkins News by Barry Franklin
November 21, 2014 1726

Muhlenberg's McKenzie Johnson Named Wendy's…

in Local (Muhlenberg) Top News by Steve LeMaster
November 21, 2014 1713

Mustangs Host Webster County During Scrimmage Game

in Local (Muhlenberg) Top News by Steve LeMaster
November 20, 2014 1571

Governor Beshear Proclaims November Adoption…

in General News For All Sites by Cabinet for Health and Family Services

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