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 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.

3/13 - 16

Stock Report

1 DOW 16,762.48
+84.58 (0.51%)    
2 S&P 1,959.84
+9.02 (0.46%)    
3 NASDAQ 4,468.59
+15.80 (0.35%)    
3/13 - 16
3/13 - 16

In Other News...

UPDATE: Cadiz Police Investigating Bank Robbery

CADIZ, Ky. (10/24/14) — The Cadiz Police Department has issued a warrant for the arrest of Donald Cardale Bacon II, 19,… Read More

UPDATE: Crime Stoppers Fugitive of the Week – Oct. 22, 2014

CHRISTIAN COUNTY, Ky. (10/23/14) — One of this week's 'Fugitives of the Week', George Edward Daniel, was arrested by… Read More
3/13 - 16

Most Read This Week

October 20, 2014 6619

Uncle Lee's in Greenville is Closing Its Doors…

in Local (Muhlenberg) Top News by www.unclelees.com
October 19, 2014 4434

Kentucky Energy Department Releases Virtual Solar…

in General News For All Sites by Dick Brown
October 21, 2014 3398

UPDATE: Pedestrian Struck by Vehicle on Shamrock…

in Local (Hopkins) Top News by Officer C.P. Haynie
October 18, 2014 3376

Muhlenberg County Celebrates New Farmer’s Market

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
October 20, 2014 2833

Man Charged for Assaulting Pregnant Wife

in Local (Hopkins) Top News by Madisonville Police Department
October 21, 2014 2606

Madisonville Police Arrest Reports - Oct. 21, 2014

in Hopkins News by Madisonville Police Department
October 22, 2014 2575

Hopkins County Grand Jury Indictments

in Hopkins News by Karen McKnight
October 23, 2014 2497

Resident Returns Home to People Using Drugs,…

in Local (Hopkins) Top News by Madisonville Police Department
October 20, 2014 2384

Hopkins County Sheriff's Arrest Reports Released

in Hopkins News by Sheila Hopper
October 22, 2014 2293

Failure to Signal Ends in Drug Arrest

in Local (Hopkins) Top News by Madisonville Police Department

Stories Trending Today

October 23, 2014 2497

Resident Returns Home to People Using Drugs,…

in Local (Hopkins) Top News by Madisonville Police Department
October 23, 2014 1798

Man Arrested for Endangering Welfare of Minor

in Local (Hopkins) Top News by Madisonville Police Department
October 23, 2014 1525

Muhlenberg District Court Fines Handed Down

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
October 23, 2014 1510

Madisonville Police Arrest Reports - Oct. 23, 2014

in Hopkins News by Madisonville Police Department
October 23, 2014 1417

Hopkins County Health Department Food Scores Thru…

in Hopkins News by Lisa Miller
October 22, 2014 1148

Build, Go and Grow Regional Entrepreneurship…

in Top News For All Sites Touching Hopkins by Patricia Wiles
October 23, 2014 955

America Should Not Go Greek in the Bathroom

in General News For All Sites by Dr. Glenn Mollette
October 22, 2014 908

Come Monster Mash at the Museum This Saturday

in General News For All Sites by National Corvette Museum
October 23, 2014 889

Vocational Rehabilitation Seeks Public Input Nov.…

in General News For All Sites by Kim Brannock
October 23, 2014 794

UPDATE: Crime Stoppers Fugitive of the Week –…

in Local (Hopkinsville) Top News by Paul Ray

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