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 – May 5, 2013

dave ramsey turq 300KENTUCKY (5/5/13) – This week Dave discusses Essential expenses and She stole his identity.
 
Dear Dave,
I’m following your plan, and currently I have $14,000 in my emergency fund. What are essentials for three to six months of expenses? - Brian

Dear Brian,
Basically, you should ask yourself this question: What would it take to operate my household for a month? There are several different things that could be classified as “essentials,” but if you take those things and multiply the number by three, four, five or six, you’ll see how much money you need to have a fully loaded emergency fund of three to six months of expenses. This is Baby Step 3 in my plan.

Some people get really technical about exactly how many months of expenses they need to save in this range. And that’s okay. You can take a little time to evaluate things before moving on to Baby Step 4, which is investing 15 percent of your household income into Roth IRAs and other pre-tax retirement plans.

Believe me, it’s a great feeling to have a big pile of cash sitting there just for a rainy day. You don’t want to go nuts and make it so big that you sacrifice retirement or other important aspects of your life, but after a point you shouldn’t be too concerned whether you have three months or six months of expenses—or somewhere in between—saved just for emergencies.

Having a nice emergency fund, along with no debt, creates a wonderful sense of financial peace! - Dave
 
Dear Dave,
If a wife takes out a credit card in her husband’s name without his knowledge, and they get divorced, can the husband claim identity theft? - Nancy

Dear Nancy,
Absolutely! Unless they have power of attorney, anytime someone opens an account in a name other than their own, they have stolen an identity. Being married to someone doesn’t give you the right to sign their name to a document.

I knew a guy in the real estate business years ago who was doing a lot of property deals under his own name. Occasionally, the title company would require his wife’s signature, and he would sign her name on the papers himself. Sometimes he signed her name after calling her up and explaining what was happening, and she was okay with the situation. Then, he signed some papers she didn’t know about, and it came back to bite him. He was charged with criminal fraud!

You cannot legally sign your spouse’s name without first having power of attorney privileges. If you do, it’s called identity theft. It’s a crime anytime you lie to get money. - 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 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 21, 2014 7611

Man Accused of Assaulting Coach During Basketball…

in Local (Muhlenberg) Top News by Rita Dukes Smith, SurfKY News Director
November 22, 2014 5241

One Injured in Two Vehicle Collision in Greenville

in Local (Muhlenberg) Top News by Miria Thomas
November 21, 2014 4930

Crashing Dump Trucks in Work Zone Cause Pennyrile…

in Top News For All Sites Touching Hopkins by Trooper Stu Recke
November 21, 2014 4150

Muhlenberg District Court Fines Handed Down

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
November 21, 2014 3999

Madisonville Police Arrest Reports - Nov. 21, 2014

in Hopkins News by Madisonville Police Department
November 21, 2014 3537

Swimming and Diving Closes Fall Season at Ohio…

in General Sports For All Sites by UK Athletics
November 24, 2014 3397

Two Charged for Possession of Meth After…

in Local (Muhlenberg) Top News by MCSO/PIO Alex Piper
November 21, 2014 3291

Kentucky Employers to Save About $112 million

in General News For All Sites by Cathy Lindsey
November 25, 2014 2722

Madisonville Man Charged for Selling Cocaine

in Local (Hopkins) Top News by Madisonville Police Department
November 25, 2014 2713

Call for Help Results in Arrest for Possession of…

in Local (Hopkins) Top News by Madisonville Police Department

Stories Trending Today

November 25, 2014 2004

Protect Your Home When Traveling This Holiday…

in General News For All Sites by SurfKY News
November 26, 2014 1689

Madisonville Police Arrest Reports - Nov. 26, 2014

in Hopkins News by Madisonville Police Department
November 26, 2014 1578

Muhlenberg Set for Small Business Saturday Savings

in Local (Muhlenberg) Top News by Paul McRee, SurfKY News
November 26, 2014 1570

Sweet Staple of Thanksgiving

in General News For All Sites by SurfKY News
November 26, 2014 1478

Baptist Health Madisonville Hires New Physical…

in Local (Hopkins) Top News by Kristy Quinn
November 26, 2014 1364

Greene Leaf Boutique Offers Style for Less

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
November 26, 2014 1294

Citizen Sounds Off About Library

in Hopkins News by Scott Rogers
November 26, 2014 1246

Madisonville Man Charged with Selling Cocaine

in Local (Hopkins) Top News by Lt. William W. Poe
November 26, 2014 1237

High School Wrestling Teams Returning to…

in General Sports For All Sites by Steve LeMaster
November 26, 2014 1155

UK Volleyball Finalizes 2015 Class with Watson

in General Sports For All Sites by UK Athletics

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