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

Dave Says – October 7, 2012

KENTUCKY (10/7/12) - This week Dave will be discussing preparing for life beyond college and first the baby or the debt?

Dear Dave,
I’m in college with a full scholarship. I work part time and should be able to graduate with no debt. What can I do now to best utilize the money I make? - Tyler

Dear Tyler,
You’re in a fantastic position right now. First, I think your main goal is to study hard and be 100 percent certain you’re graduating on time with no money issues. The next thing is to make sure you have plenty of cash on hand to make the transition to the real world. In a case like this, transition can mean anything from moving to a new city to simply finding a different place to live. You’re coming to a time in your life where you really can’t have too much cash saved.

If it were me, I’d just save every penny I could and drop it in a savings account. You can worry about investing and growing your money later, after you’ve settled into your new life and have some stability. Just think how cool it would be to graduate with $20,000 in the bank. Then, when you change gears and move out into the real world, you can do some really cool things with the money that’s left. Set three to six months of expenses aside as your emergency fund, then you can even begin to think about buying a home and investing in Roth IRAs and other pre-tax retirement plans.

But your biggest investment right now is making sure you finish school and have the cash on-hand to transition smoothly afterward. And you’re in a great position to make that happen! - Dave
 
Dear Dave,
My wife and I are following your plan. We want to start a family, but we’re still in debt and still owe about $8,000 on our car. Should we pay that off and fully fund our emergency fund before we think about having children? - Robert

Dear Robert,
When two people who are married and love each other very much decide it’s time to share that love with a family, then it’s time. You’ve done a great job of managing your money, setting goals and formulating a game plan, so there’s no reason to wait.

If it were me, I’d begin aggressively paying down the car now. Then, when the doctor confirms she’s pregnant, you can temporarily push the pause button on your Total Money Makeover. If you haven’t managed to pay off the car at that point, use the money you were putting toward it to build up a big cash pile of savings, and go back to regular payments on the car after the baby comes.

By doing this you really lose no ground on your get-out-of-debt plan. You’re just redirecting your resources in case you need additional money down the road. But who knows? It may take you guys a while to get pregnant. And if that happens, you could have the car paid off and plenty of opportunity to save up more before the little one arrives! - 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
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
3/12 - 718 switched from reg 2 to hopkins only
Posted on 1/31/2014
2/6/2014 - posted
447 on Feb 15th (Val ad ended) switched to kid books
2/18 - 553 clicks
CHANGED TO SIMPLE AD ON 2/19 619 HITS
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
3/12 - 718 switched from reg 2 to hopkins only
Posted on 1/31/2014
2/6/2014 - posted
447 on Feb 15th (Val ad ended) switched to kid books
2/18 - 553 clicks
CHANGED TO SIMPLE AD ON 2/19 619 HITS
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
3/12 - 718 switched from reg 2 to hopkins only
Posted on 1/31/2014
2/6/2014 - posted
447 on Feb 15th (Val ad ended) switched to kid books
2/18 - 553 clicks
CHANGED TO SIMPLE AD ON 2/19 619 HITS
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
3/12 - 718 switched from reg 2 to hopkins only
Posted on 1/31/2014
2/6/2014 - posted
447 on Feb 15th (Val ad ended) switched to kid books
2/18 - 553 clicks
CHANGED TO SIMPLE AD ON 2/19 619 HITS

Most Read This Week (Site-Wide)

April 16, 2014 19162

UPDATE- Sheriff's Office Following Leads…

in Top Stories by Taylor Riley, SurfKY News Reporter
April 14, 2014 6472

U.S. Bank Hanson on Lockdown Due to Bomb…

in Top Stories by Rita Dukes Smith, SurfKY News Director
April 14, 2014 5294

Pedestrian Killed During Two Vehicle…

in Top Stories by Chris E. King
April 17, 2014 4087

KSP Nabs St. Charles Man Wanted by U.S.…

in Top Stories by Trooper Stu Recke
April 15, 2014 3106

Police Searching for Sureway's 'Baby…

in Top Stories by Taylor Riley, SurfKY News Reporter

Most Read Stories from Hopkins County

April 14, 2014 5294

Pedestrian Killed During Two Vehicle…

in Top Stories by Chris E. King
April 17, 2014 4087

KSP Nabs St. Charles Man Wanted by U.S.…

in Top Stories by Trooper Stu Recke
April 15, 2014 3106

Police Searching for Sureway's 'Baby…

in Top Stories by Taylor Riley, SurfKY News Reporter
April 15, 2014 2750

Multi-Agency Investigation Leads to Drug…

in Top Stories by Lori Blakeley
April 15, 2014 1065

State Approves $500K for Hopkins Archery…

in Top Stories by Rebecca Hanchett

Most Read Stories from Owensboro

April 14, 2014 2138

Grow Garden Grow - Spring Has Sprung

in News by Barbara Cecil Russ
April 15, 2014 1678

Owensboro Police Investigate Auto Accident

in News by Michael Hathaway
April 15, 2014 1333

Owensboro Parks Offers Tennis Lessons

in News by Britni Bunn
April 15, 2014 987

Happenings and Meetings Owensboro

in News by Dennis Beard, SurfKY News
April 14, 2014 703

Owensboro Health Hosts Tours for…

in Top Stories by Dennis Beard, SurfKY News

Most Read Stories from Muhlenberg County

April 16, 2014 3019

Sheriff's Deputies Nab Central City…

in Top Stories by Sheriff Curtis McGehee
April 14, 2014 2608

MCC Staff Shares Good News with…

in Top Stories by Paul McRee, SurfKY News Reporter
April 15, 2014 1983

'Walk Right Back' An Everly Brother's…

in Top Stories by Paul McRee, SurfKY News Reporter
April 15, 2014 1810

Local MCHS Students Train at Job Corps

in Top Stories by Karen Robinson
April 15, 2014 1480

Thumbpickers Unite at Mose Rager Day

in Top Stories by Paul McRee, SurfKY News Reporter

SurfKY News Group, Inc. Central Office & Printing Division
1125 Nebo Rd.  •  Madisonville, KY 42431  •  270.452.2249 (fax)
Main Number: 270.452.2727 (phone)  •  Printing Division Direct Line: 270.821.8600 (phone)

SurfKY Owensboro News Bureau
920 Frederica St. / Suite 210  •  Owensboro, KY 42301  •  270.683-8060 (phone)


Contact a member of our staff: www.surfky.com/contact
Copyright © 2014 SurfKY News Group, Inc.  •  Terms of Use  •  Site Map

social 06social 21social 22social 04social 03