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

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.

Started 11/8/2013
Started 11/8/2013
Started 11/8/2013
Started 11/8/2013
Started 11/8/2013
Started 11/8/2013

In Other News...

Industry of the Month - Quality Fabrication, Inc.

HOPKINS COUNTY, Ky. (10/29/14) — The Madisonville/Hopkins County Economic Development Corporation announced today that… Read More

First United Bank Treats Community to Food, Fun at Chamber After Hours

MADISONVILLE, Ky. (10/31/14) — Witches, werewolves, gnomes, rabbits and clowns – all were welcomed by Karen Glenn, CEO,… Read More
Started 11/8/2013
Started 11/8/2013

Most Read This Week

October 29, 2014 9149

UPDATE: Medical Examiner's Official Report…

in Local (Lakes) Top News by Dennis Thomas
October 27, 2014 6249

Earlington Woman Charged With Burglary for…

in Local (Hopkins) Top News by Madisonville Police Department
October 29, 2014 4616

UPDATE: Two More Arrested for Meth at Area Motel

in Local (Hopkins) Top News by Trooper Stu Recke
October 29, 2014 4520

Central City Businessman Indicted by Grand Jury…

in Top News For All Sites by Charles W. Riley II, SurfKY News
October 27, 2014 4468

Baptist Health Madisonville Performs Baptist…

in Local (Hopkins) Top News by Kristy Quinn
October 28, 2014 4410

UPDATE: 'Runner' Ran Home; Family Happy

in Hopkins News by Lisa Crook
October 28, 2014 3723

UPDATE: Extended to Wednesday; Heaven's Gates and…

in Local (Muhlenberg) Top News by Paul McRee, SurfKY News
October 27, 2014 3476

Woman Charged for Domestic Assault with Scissors,…

in Local (Hopkins) Top News by Madisonville Police Department
October 28, 2014 3464

Hopkins County Grand Jury Indictments

in Hopkins News by Karen McKnight
October 31, 2014 3299

UPDATE: Names Released: Three Injured When Pickup…

in Local (Hopkins) Top News by Rita Dukes Smith, SurfKY News Director

Stories Trending Today

October 31, 2014 3299

UPDATE: Names Released: Three Injured When Pickup…

in Local (Hopkins) Top News by Rita Dukes Smith, SurfKY News Director
October 30, 2014 2708

UPDATE: Missing Elderly Couple Found

in Local (Hopkins) Top News by Chief William C. Crider
October 30, 2014 1891

Man Charged with Criminal Abuse of 2-Year-Old Girl

in Local (Hopkins) Top News by Lt. Charles Young II
October 30, 2014 1793

Man Accused of Using Bass Guitar to Strike…

in Local (Hopkins) Top News by Madisonville Police Department
October 31, 2014 1557

Top Race Candidates Address Campaign Issues

in Hopkins News by SurfKY News
October 30, 2014 1557

Madisonville Police Arrest Reports - Oct. 30, 2014

in Hopkins News by Madisonville Police Department
October 30, 2014 1330

Man Charged for Criminal Trespassing at Cross…

in Local (Hopkins) Top News by Madisonville Police Department
October 30, 2014 1282

Bond, Conditions Set for Central City Man Accused…

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
October 30, 2014 1189

MCTI to Present 'Anne of Green Gables'

in Local (Muhlenberg) Top News by Paul McRee, SurfKY News
October 30, 2014 1173

Golden Arches Added to City’s Eastern Skyline;…

in Local (Hopkins) Top News by Tammy Holloway, 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