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

Dave Says - March 17, 2013

dave R 300KENTUCKY (3/17/13) – This week Dave discusses Can I motivate my parents? And No on rent-to-own!

Dear Dave,
My parents are close to retirement and very heavily leveraged. Do you have any advice on how I can help motivate them to succeed financially? - Jack

Dear Jack,
I appreciate your concern for your mom and dad, but I’m not sure you can motivate anyone to do something. Sometimes people don’t have motivation because they’ve lost hope. In turn, it’s that sense of hopelessness that keeps them from moving forward. I think in these situations the best you can do is to show them hope. And one of the best ways to do that is to share your own story. You can also examine the numbers with them to show that the light at the end of the tunnel isn’t always an oncoming train.

I do this a lot with callers on my radio show. After we look at the pieces of the puzzle together, I might show them how they can pay off $50,000 of debt in a year’s time. Most of these people aren’t bankrupt; they’re just plain scared. So there’s a lot of power in that little word “hope.”

Sit down with your parents and let them know how much you love them and want them to enjoy their retirement. See if you can find out how much income they have versus the amount of debt they’ve piled up, then begin to formulate a step-by-step plan. Show them how they can begin to get traction and free up their money by living on a budget and getting out of debt. You can even offer to be their counselor or accountability partner.

You want them to be safe and secure in their retirement, and they deserve some dignity after working hard all their lives. So, in my mind, hope is the best thing you can offer. Motivation is a different story. That has to come from within. You can’t really motivate the unmotivated. - Dave

Dear Dave,
What do you think about rent-to-own housing? I’m not sure we’re financially ready to buy yet, but we don’t like giving money to landlords. Is rent-to-own a wise compromise? - Mike

Dear Mike,
I wouldn’t recommend getting mixed up in a rent-to-own situation. I don’t think it’s a wise compromise, and it’s also the kind of deal that works out well for the landlord, not the buyer.

If you’re not financially ready to purchase a house, then you need to get your life in order before you take on a major commitment like becoming a homeowner. Get your debts paid off, get an emergency fund of three to six months of expenses in place, and save up for a down payment of 20 percent. I know it’ll take some time and it might be difficult, but that’s what I’d recommend.

Buying a home when you’re broke, or trying to trick the system with a rent-to-own deal, usually doesn’t work. I spent a lot of time in the real estate business, and I still own several properties. I don’t do these deals because statistically the majority of people who rent to own never end up owning the property.

Take my advice and go slow, Mike. When you buy a home, you want it to be a blessing, not a burden! - 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.

Posted on 2/2/14
2/6/2014 - posted
2/6/2014 - posted
2/6/2014 - posted

In Other News...

JSMC Wound Healing Center Joins Healogics, Inc. to Raise Awareness of Diabetic Foot Ulcers

HOPKINSVILLE, Ky. (10/24/14) — The Wound Care Center at Jennie Stuart Medical Center, a member of the Healogics… Read More

Resident Returns Home to People Using Drugs, Alerts Police

MADISONVILLE, Ky. (10/23/14) — Madisonville Police responded to a complaint of trespassing at a Meadowlark Lane… Read More
2/6/2014 - posted

Most Read This Week

October 20, 2014 6588

Uncle Lee's in Greenville is Closing Its Doors…

in Local (Muhlenberg) Top News by www.unclelees.com
October 19, 2014 4403

Kentucky Energy Department Releases Virtual Solar…

in General News For All Sites by Dick Brown
October 21, 2014 3384

UPDATE: Pedestrian Struck by Vehicle on Shamrock…

in Local (Hopkins) Top News by Officer C.P. Haynie
October 18, 2014 3346

Muhlenberg County Celebrates New Farmer’s Market

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
October 20, 2014 2822

Man Charged for Assaulting Pregnant Wife

in Local (Hopkins) Top News by Madisonville Police Department
October 21, 2014 2554

Madisonville Police Arrest Reports - Oct. 21, 2014

in Hopkins News by Madisonville Police Department
October 22, 2014 2541

Hopkins County Grand Jury Indictments

in Hopkins News by Karen McKnight
October 23, 2014 2346

Resident Returns Home to People Using Drugs,…

in Local (Hopkins) Top News by Madisonville Police Department
October 20, 2014 2333

Hopkins County Sheriff's Arrest Reports Released

in Hopkins News by Sheila Hopper
October 22, 2014 2275

Failure to Signal Ends in Drug Arrest

in Local (Hopkins) Top News by Madisonville Police Department

Stories Trending Today

October 23, 2014 2346

Resident Returns Home to People Using Drugs,…

in Local (Hopkins) Top News by Madisonville Police Department
October 23, 2014 1710

Man Arrested for Endangering Welfare of Minor

in Local (Hopkins) Top News by Madisonville Police Department
October 23, 2014 1402

Muhlenberg District Court Fines Handed Down

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
October 23, 2014 1358

Madisonville Police Arrest Reports - Oct. 23, 2014

in Hopkins News by Madisonville Police Department
October 23, 2014 1262

Hopkins County Health Department Food Scores Thru…

in Hopkins News by Lisa Miller
October 22, 2014 1042

Build, Go and Grow Regional Entrepreneurship…

in Top News For All Sites Touching Hopkins by Patricia Wiles
October 23, 2014 845

America Should Not Go Greek in the Bathroom

in General News For All Sites by Dr. Glenn Mollette
October 22, 2014 816

Come Monster Mash at the Museum This Saturday

in General News For All Sites by National Corvette Museum
October 23, 2014 794

Vocational Rehabilitation Seeks Public Input Nov.…

in General News For All Sites by Kim Brannock
October 23, 2014 747

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