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

Dave Says – July 28, 2013

dave R2 300KENTUCKY (7/28/13) – This week Dave discusses ' Giving from grandfather’s wealth', ' Pension solvency', and 'U.S. currency deflation?'

Dear Dave,

My grandfather died about a month ago, and I recently learned that in his will he distributed his money unevenly between his children and grandchildren. I received significantly more than other members of the family, but I make $140,000 a year. I’d like to give them some of my inheritance to even things out. How would you approach this? - Kate

Dear Kate,

You’re obviously unselfish and have a really good heart. But honestly, it was your grandfather’s decision and his money to do with as he pleased. It wouldn’t be wrong or greedy to simply keep what you have without worrying about it a second longer.

If some of your relatives are having financial troubles and you feel that making a gift of a portion of your inheritance will help, you can do that. With your income, it’s probably not going to change your life in a big way. My advice would be to look at your relatives and their situations objectively and see if something like this would really be a blessing. Then, if your heart and your head still tell you it’s a good thing, do it. - Dave

Dear Dave,

Considering the condition of the economy, how secure should I feel about the solvency of my pension? - Crystal

Dear Crystal,

In many ways, this would depend on your particular pension. Some pension funds are very well-run, very solvent and are in great shape. Others are poorly managed and not the type of programs in which you’d want to invest any of your money.

The biggest problem with a pension is that it’s the property of the organization. If it’s a union pension, it’s not yours—it’s theirs. All they do is pay you out of the fund. So if they go broke, you lose everything you had in there. If it’s a business that has the pension, that makes them the owner—not you.

That’s the beauty of the 401(k). You’re the actual owner. If the company you work for goes broke or the union does a poor job of managing things, it doesn’t harm your investment.

Don’t misunderstand what I’m saying. There are good pensions and bad pensions, just like there are great managers and lousy managers. Just make sure you check into the solvency of the program before you put your money in there! - Dave

Dear Dave,

What do you think about predictions of a major deflation of U.S. currency? - Steven

Dear Steven,

I think woven into your question is another question: What do I think about the predictions of our economy completely collapsing? The truth is I don’t believe for one second that our economy is going to completely collapse. Do we have some serious problems that should be addressed? Yes. Do we have politicians who are stupid and who don’t want to address these problems? Absolutely. But does that mean the world is coming to an end? Of course not!

It does mean, however, that you and I need to demand that the people in Washington stop playing games and do their jobs. This ridiculous spending spree we’ve been on for years has to stop. Government spending on all levels—national, state and local—is ridiculously out of control.

I’ve heard end-of-the-world predictions most of my life. But the truth is, we’re not going to see anything of that magnitude until Jesus comes back. No, I’m not going to predict or believe that the U.S. currency is going to collapse. Don’t spend all of your time and energy worrying about conspiracy theories and doomsday scenarios. Spend it living life! - 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 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
button coupons
2/6/2014 - posted
3/13 - 16
2/6/2014 - posted
3/13 - 16
button classifieds
2/6/2014 - posted
3/13 - 16

Most Read This Week

December 16, 2014 10345

Coal Miner Fatally Injured in Underground Mining…

in Top News For All Sites by Dick Brown
December 14, 2014 8967

Muhlenberg Pays Homage to U.S. Armed Forces

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
December 17, 2014 7294

Elderly Couple Found Shot to Death in Muhlenberg

in Local (Muhlenberg) Top News by Trooper Stu Recke
December 17, 2014 6659

Three Men Charged with Burglary

in Local (Hopkins) Top News by Madisonville Police Department
December 15, 2014 5002

Hopkins County Woman Charged Second Time in Two…

in Local (Hopkins) Top News by Charles W. Riley II, SurfKY News
December 15, 2014 4429

Woman Leads Police on High-Speed Chase in Stolen…

in Local (Hopkins) Top News by Madisonville Police
December 18, 2014 3980

Cat Scratching over Dog Ownership Escalates

in Local (Hopkins) Top News by Amber Averitt, SurfKY News
December 19, 2014 3922

Dawson Springs Man Charged with Sexual Abuse of…

in Local (Hopkins) Top News by Detective Sean McCance
December 19, 2014 3670

Armstrong Mine to Layoff 39 by End of Day

in Top News For All Sites by Rita Dukes Smith, SurfKY News Director
December 16, 2014 3609

Highway Crews Pre-Treating Roadways for Potential…

in Hopkins News by Keith Todd

Stories Trending Today

December 19, 2014 3922

Dawson Springs Man Charged with Sexual Abuse of…

in Local (Hopkins) Top News by Detective Sean McCance
December 19, 2014 3670

Armstrong Mine to Layoff 39 by End of Day

in Top News For All Sites by Rita Dukes Smith, SurfKY News Director
December 19, 2014 3585

Woman Flown to St. Mary's after Two-Car Collision

in Local (Hopkins) Top News by Trooper Stu Recke
December 19, 2014 3069

Vehicle Explodes into Flames on Pride Avenue

in Local (Hopkins) Top News by Gwen Smith
December 19, 2014 2810

Vehicle Fire Causes Traffic Back-Up on Pennyrile

in Local (Hopkins) Top News by Doreen Dennis
December 19, 2014 1616

Muhlenberg District Court Fines Handed Down

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
December 19, 2014 1469

Madisonville Police Arrest Reports - Dec. 19, 2014

in Hopkins News by Madisonville Police Department
December 19, 2014 1334

Hopkins County Sheriff's Reports Released

in Hopkins News by Sheila Hopper
December 19, 2014 1213

KSP Post 2 Trooper Honored for DUI Enforcement…

in Top News For All Sites Touching Hopkins by Trooper S. C. Recke
December 19, 2014 1069

Pennyrile Narcotics Task Force Obtains Multiple…

in Local (Hopkinsville) Top News by Lori Blakeley

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