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

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 2015 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.

3/13 - 16
button coupons

Stock Report

1 DOW 17,678.70
+6.10 (0.03%)    
2 S&P 2,057.09
+5.27 (0.26%)    
3 NASDAQ 4,771.76
+13.88 (0.29%)    
3/13 - 16
3/13 - 16
button classifieds

In Other News...

Merle Travis Day Celebration This Saturday

POWDERLY, Ky. (1/26/15) — "Sixteen Tons," "Dark as a Dungeon," "Smoke, Smoke, Smoke (That Cigarette)," "So Round, So… Read More

Juvenile Hit by Vehicle at McDonald's

GREENVILLE, Ky. (1/25/15) ― A juvenile was struck by a vehicle at the Greenville McDonald’s restaurant at 4:39 p.m.… Read More
3/13 - 16

Most Read This Week

January 23, 2015 8486

Local Church's Faith Restored; 71 Souls Saved…

in Video by Gary Gates, SurfKY News
January 20, 2015 7271

Bridal, Prom, Pageant Expo Planned for February…

in Hopkins News by Dana Brown
January 22, 2015 7101

Nortonville Man Accused of Selling Drugs near…

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Jail
January 21, 2015 5875

KYDOT Pre-Treating Roads Thursday in Antipation…

in Top News For All Sites by Keith Todd
January 23, 2015 5638

Parents Face Charges after Marijuana Joint Falls…

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Jail
January 22, 2015 5424

MCEA Head: Further School Mergers Might Ease…

in Local (Muhlenberg) Top News by Paul McRee, SurfKY News
January 21, 2015 4845

Man Arrested after Allegedly Nodding off on Baby…

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Jail
January 23, 2015 4451

Nortonville Woman Charged for Meth Possession

in Local (Hopkins) Top News by Hopkins County Sheriff's Office/Hopkins County Detention Center
January 25, 2015 4175

Dean’s List Announced

in Top News For All Sites Touching Hopkins by Joyce Riggs
January 22, 2015 3671

Local Family Business Changes Hands

in Local (Hopkins) Top News by Doreen Dennis, SurfKY News

Stories Trending Today

January 25, 2015 4175

Dean’s List Announced

in Top News For All Sites Touching Hopkins by Joyce Riggs
January 26, 2015 2621

Man Goes to Jail after Allegedly Attacking Family

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Jail
January 25, 2015 2349

UPDATE: Two Die, Two Injured in Two-Vehicle…

in Local (Owensboro) Top News by Dispatcher Dustin Staves
January 26, 2015 2109

KSP Arrests Two on Child Porn Charges; MPD…

in Top News For All Sites Touching Hopkins by Trooper Stu Recke
January 25, 2015 2099

Juvenile Hit by Vehicle at McDonald's

in Local (Muhlenberg) Top News by GPD Officer Wes Miller
January 25, 2015 1681

Market Commentary - Jan. 25, 2015

in Top News For All Sites by Randall L. Franklin
January 25, 2015 1678

Kynect Enrollment Climbs as Countdown to Feb. 15…

in General News For All Sites by Office of the Governor
January 25, 2015 1546

March 20-22 Women's Retreat: 'Holiness in Family…

in Owensboro News by Jennifer Kaminski
January 25, 2015 1426

Legislator's Log - Week of Jan. 25, 2015

in General News For All Sites by Brent Yonts
January 25, 2015 1416

Dave Says - Jan. 25, 2015

in General News For All Sites by Dave Ramsey

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 © 2015 SurfKY News Group, Inc.  •  Terms of Use  •  Site Map

social fbsocial twsocial yt
social gpsocial flr subscribevideoitunessocial rss