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

Dave Says – Dec. 22, 2013

dave says2 300KENTUCKY (12/22/13) — This week Dave discusses 'model behavior' and 'garnishing while paying.'

Dear Dave,
I live in Los Angeles, and my daughter makes $3,000 to $5,000 a month modeling. I don’t want her to become spoiled by this job and the income, and I need advice on what to do with the money. Should it be put aside for a car, and do you think she should have to pay for something like that herself?
—Lisa

Dear Lisa,
So how do we keep a high-income, high-profile job from ruining this little girl? I think a lot of it has to do with her interaction with you, and how you gently mold her work ethic and attitude. Don’t let her become a diva. She’s not there to be fawned over or placed on a pedestal. She’s there to serve. That means working hard and doing the best she can. That’s her job whether she’s flipping burgers or making $5,000 a month modeling. The money’s nice, but what we’re really doing is making sure she learns some important life lessons. And you’re still being a parent, not a friend or peer, through every moment.

When it comes to the money, you guys should sit down and discuss some goals for the future. I think it’s important that any car purchase be reasonable, because the best thing a kid this age could do with that kind of money is save up for college. Even if she goes to school on a full scholarship, she should be driving something low-key. Just because she gets a free ride in college doesn’t mean she gets to cruise the streets in a Lamborghini. Set the rest of it aside for when life really begins—after college.

As her mom, it’s very important that you teach her these lessons now. It’s essential, too, that you don’t surrender the position of parent, teacher and leader. Chances are when this young lady is 34, no one will give a flip that she modeled for a while as a teenager. The most important things here are the lessons taught and learned, not the money.
—Dave

Dear Dave,
My husband and I have about $60,000 in federally insured student loans. Can our wages be garnished if we’re paying less than the actual payment amount? If so, how far behind do we have to be for that to happen?
—Jennifer

Dear Jennifer,
To the best of my knowledge there’s no set formula for making this determination. In counseling people, we find some folks who are two years behind making payments before anything is done, while others are flagged at just a couple of months. In reality, they can garnish you immediately if you’re paying less than the agreed-upon amount. But in most cases they won’t mess with you as long as there’s reasonable activity on the account.

The thing most people don’t realize about student loans is that a lawyer doesn’t have to be involved for them to garnish your wages. It’s a lot like the IRS in that they don’t have to sue you in order to take your wages. Congress gave them that power because it’s a federally insured loan. And in my mind, that’s way too much power.

If you’re having trouble making your payments, don’t just throw up your hands and default. Talk to them about a deferral, and keep sending them whatever you can. It’s always better to be proactive than reactive in situations like these. Let them know you want to make good on your obligation, and ask what you can do to make this happen under terms you can afford.

Good luck, Jennifer!
—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.

button coupons
button classifieds

Most Read This Week

December 24, 2014 12823

Christmas Eve Bloody Brawl Erupts on Dulin Street

in Local (Hopkins) Top News by Doreen Dennis
December 25, 2014 8946

Gift Returns Done Right

in General News For All Sites by SurfKY News
December 25, 2014 6382

Arrests Made After Dulin Avenue Christmas Eve…

in Local (Hopkins) Top News by Officer C.P. Haynie
December 25, 2014 4669

Crime Stoppers Top Most Wanted - December 25, 2014

in Video by Crime Stoppers
December 23, 2014 4200

Couple's Alleged Dispute over Blanket Leads to…

in Local (Hopkins) Top News by Madisonville Police Department
December 23, 2014 3667

Alleged Theft at Walmart Sends Two to Jail

in Local (Hopkins) Top News by Madisonville Police Department
December 23, 2014 3285

Disturbance Results in Vehicle, Foot Pursuit,…

in Local (Hopkins) Top News by Officer Tyler Russell
December 26, 2014 3243

2014 Looking Back: World Mourns Watson Family…

in Top News For All Sites by Paul McRee, SurfKY News
December 26, 2014 3227

5-Year-Old Boy Kills Buck/Doe

in Local (Muhlenberg) Top News by Randy Adams
December 23, 2014 3082

Hopkins County Grand Jury Indictments

in Local (Hopkins) Top News by Karen McKnight

Stories Trending Today

December 28, 2014 2483

Patriot to Idle Two Mines Tomorrow; 600-700 Jobs…

in Top News For All Sites by Rita Dukes Smith, SurfKY News Director
December 28, 2014 1342

2014 Looking Back: Central City’s Lu Ray Park…

in Top News For All Sites by Paul McRee, SurfKY News
December 28, 2014 1334

Unique New Year's Traditions from across the World

in General News For All Sites by SurfKY News
December 27, 2014 1076

Understand and Avoid Elder Financial Fraud

in General News For All Sites by SurfKY News
December 28, 2014 1019

Five Tips to Get Control of Your Retirement in…

in General News For All Sites by David Taylor
December 28, 2014 844

New Year Brings New Sales

in General News For All Sites by SurfKY News
December 28, 2014 838

Dave Says - Dec. 28, 2014

in General News For All Sites by Dave Ramsey
December 28, 2014 795

Outdoor Truths - Dec. 28, 2014

in General News For All Sites by Gary Miller
December 28, 2014 786

Legislator's Log - Week of Dec. 28, 2014

in General News For All Sites by Brent Yonts
December 28, 2014 696

Lung Cancer Not Always Linked to Smoking

in General News For All Sites by 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