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

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...

Caldwell County Outlasts Madisonville-North Hopkins for Seventh District Title

CALDWELL COUNTY, Ky. (10/24/14) — Longtime frontrunner Caldwell County remains on top in the Seventh District. The Lady… Read More

Sindelar Closing in on State Record for Career TD Passes

PRINCETON, Ky. (10/24/14) — Caldwell County quarterback Elijah Sindelar has an opportunity to tie or break the state… Read More

Most Read This Week

October 20, 2014 7275

Uncle Lee's in Greenville is Closing Its Doors…

in Local (Muhlenberg) Top News by www.unclelees.com
October 19, 2014 4930

Kentucky Energy Department Releases Virtual Solar…

in General News For All Sites by Dick Brown
October 21, 2014 3539

UPDATE: Pedestrian Struck by Vehicle on Shamrock…

in Local (Hopkins) Top News by Officer C.P. Haynie
October 22, 2014 3213

Hopkins County Grand Jury Indictments

in Hopkins News by Karen McKnight
October 21, 2014 3104

Madisonville Police Arrest Reports - Oct. 21, 2014

in Hopkins News by Madisonville Police Department
October 23, 2014 3032

Resident Returns Home to People Using Drugs,…

in Local (Hopkins) Top News by Madisonville Police Department
October 20, 2014 2944

Man Charged for Assaulting Pregnant Wife

in Local (Hopkins) Top News by Madisonville Police Department
October 20, 2014 2903

Hopkins County Sheriff's Arrest Reports Released

in Hopkins News by Sheila Hopper
October 22, 2014 2565

Convicted Felon Charged for Handgun Possession…

in Local (Muhlenberg) Top News by Trooper Stu Recke
October 22, 2014 2409

Failure to Signal Ends in Drug Arrest

in Local (Hopkins) Top News by Madisonville Police Department

Stories Trending Today

October 24, 2014 2041

Central City Man Charged with Sexual Assault on…

in Local (Muhlenberg) Top News by Chris Cooper
October 23, 2014 1806

Don Everly to be Part of Rock and Roll Hall of…

in Top News For All Sites by Paul McRee, SurfKY News
October 24, 2014 1762

Woman Arrested for Allegedly Reporting Check…

in Local (Hopkins) Top News by Madisonville Police Department
October 24, 2014 1744

Miners Turn Out in Madisonville for…

in Top News For All Sites by Rita Dukes Smith, SurfKY News Director
October 24, 2014 1500

Madisonville Police Arrest Reports - Oct. 24, 2014

in Hopkins News by Madisonville Police Department
October 24, 2014 1388

Family Looking for 'Runner'

in Hopkins News by Lisa Crook
October 24, 2014 1262

County Renews Career Advancement Lease

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
October 24, 2014 1243

Baldwin, Crist and Saint Selected to 2014 Second…

in Hopkins Sports by Troy Crist
October 24, 2014 1221

Tail Light Out Traffic Stop Turns to Drug Arrest

in Local (Hopkins) Top News by Madisonville Police Department
October 23, 2014 927

Security Officer Offers Identity Theft Protection…

in Local (Hopkins) Top News by Amber Averitt, 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