Pick Your Community: | Hopkins | Muhlenberg | Daviess | Christian | Henderson | Lakes | McCracken | Webster

Dave Says - March 31, 2013

davesays300 greenKENTUCKY (3/31/13) - This week Dave discusses A model opportunity and Trusting in the family.

Dear Dave,
My daughter is 14, and she was recently offered a steady weekend modeling job. Do you have any advice on how to handle the money she earns? - Cynthia

Dear Cynthia,
In terms of investing some of the money she’ll make, a Roth IRA would be pretty cool. You would have to oversee it, of course, and you’d have to file a tax return, but starting something like this when she’s 14 would help set her up for some serious money later.

I think the biggest thing, however, is to make sure you create lots of teachable moments for this young lady. There are three areas every child should learn about when it comes to finances: spending, saving and giving. If she’s working and earning money, she should be able to spend a little and enjoy the fruits of her labors—within reason, of course.

Saving for the short term might include putting money aside for a car or even college. Long-term goals would include the Roth IRA, so she would have a head start on being able to retire with some dignity one day. Then you should always make sure to give some. Whether it’s tithing to your church or finding other good causes, giving helps others and it’s good for the giver. When we give, it helps us realize that we’re not the center of the universe. It also makes us a little more Christlike.

This is a phenomenal opportunity for your daughter. It’s also a great chance for you, as a parent, to involve her in the process and teach her important lessons that will last a lifetime! - Dave
 
Dear Dave,
When should a couple think about creating a family trust? - Angie

Dear Angie,
A family trust can take different shapes. Couples with young kids sometimes consider creating a trust in the event that they both die unexpectedly. In these situations, a family trust would be managed for the care of minor children.

Some people also create trusts for the purpose of avoiding estate taxes. These trusts aren’t as common, because you don’t have to worry about estate tax problems unless you have assets in excess of $5 million, based on current law.

But to be honest, Angie, I can’t think of a situation where you’d want to create a family trust to manage money while you’re alive. Unless, of course, it contains some kind of estate planning implications. - 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.

In Other News...

Bond, Conditions Set for Central City Man Accused of Sexual Abuse of Teenager

LOGAN COUNTY, Ky. (10/30/14) — William Greenwood of Central City attended his first court appearance at 8:30 p.m.… Read More

MCTI to Present 'Anne of Green Gables'

GREENVILLE, Ky. (10/30/14) — The Muhlenberg County High School Drama Department will present 'Anne of Green Gables' at… Read More

Most Read This Week

October 31, 2014 11221

Son Charged with Murder of His Family, Kidnapping

in Top News For All Sites Touching Hopkins by Dennis Thomas
October 27, 2014 6293

Earlington Woman Charged With Burglary for…

in Local (Hopkins) Top News by Madisonville Police Department
October 29, 2014 4987

Central City Businessman Indicted by Grand Jury…

in Top News For All Sites by Charles W. Riley II, SurfKY News
October 29, 2014 4816

UPDATE: Two More Arrested for Meth at Area Motel

in Local (Hopkins) Top News by Trooper Stu Recke
October 28, 2014 4530

UPDATE: 'Runner' Ran Home; Family Happy

in Hopkins News by Lisa Crook
October 27, 2014 4497

Baptist Health Madisonville Performs Baptist…

in Local (Hopkins) Top News by Kristy Quinn
October 31, 2014 3969

UPDATE: Names Released: Three Injured When Pickup…

in Local (Hopkins) Top News by Rita Dukes Smith, SurfKY News Director
October 28, 2014 3808

UPDATE: Extended to Wednesday; Heaven's Gates and…

in Local (Muhlenberg) Top News by Paul McRee, SurfKY News
October 28, 2014 3723

Hopkins County Grand Jury Indictments

in Hopkins News by Karen McKnight
October 27, 2014 3511

Woman Charged for Domestic Assault with Scissors,…

in Local (Hopkins) Top News by Madisonville Police Department

Stories Trending Today

October 31, 2014 11221

Son Charged with Murder of His Family, Kidnapping

in Top News For All Sites Touching Hopkins by Dennis Thomas
October 31, 2014 3969

UPDATE: Names Released: Three Injured When Pickup…

in Local (Hopkins) Top News by Rita Dukes Smith, SurfKY News Director
October 30, 2014 2862

UPDATE: Missing Elderly Couple Found

in Local (Hopkins) Top News by Chief William C. Crider
October 30, 2014 2079

Man Charged with Criminal Abuse of 2-Year-Old Girl

in Local (Hopkins) Top News by Lt. Charles Young II
October 31, 2014 2035

Top Race Candidates Address Campaign Issues

in Hopkins News by SurfKY News
October 30, 2014 2022

Man Accused of Using Bass Guitar to Strike…

in Local (Hopkins) Top News by Madisonville Police Department
October 30, 2014 1869

Madisonville Police Arrest Reports - Oct. 30, 2014

in Hopkins News by Madisonville Police Department
October 30, 2014 1692

Bond, Conditions Set for Central City Man Accused…

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
October 30, 2014 1430

Man Charged for Criminal Trespassing at Cross…

in Local (Hopkins) Top News by Madisonville Police Department
October 30, 2014 1385

MCTI to Present 'Anne of Green Gables'

in Local (Muhlenberg) Top News by Paul McRee, 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