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.

Posted on 2/2/14
3/13 - 16
2/6/2014 - posted
3/13 - 16
button coupons
2/6/2014 - posted
3/13 - 16
2/6/2014 - posted
3/13 - 16
button classifieds
2/6/2014 - posted
3/13 - 16

Most Read This Week

December 16, 2014 9138

Coal Miner Fatally Injured in Underground Mining…

in Top News For All Sites by Dick Brown
December 14, 2014 8344

Muhlenberg Pays Homage to U.S. Armed Forces

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
December 12, 2014 7938

Man Allegedly Threatening Medical Staff with…

in Local (Muhlenberg) Top News by Wes Miller
December 17, 2014 5792

Elderly Couple Found Shot to Death in Muhlenberg

in Local (Muhlenberg) Top News by Trooper Stu Recke
December 17, 2014 5717

Three Men Charged with Burglary

in Local (Hopkins) Top News by Madisonville Police Department
December 15, 2014 4733

Hopkins County Woman Charged Second Time in Two…

in Local (Hopkins) Top News by Charles W. Riley II, SurfKY News
December 12, 2014 4650

Man Allegedly Hits Brother with Pickup Truck…

in Local (Muhlenberg) Top News by Wesley Miller
December 15, 2014 4246

Woman Leads Police on High-Speed Chase in Stolen…

in Local (Hopkins) Top News by Madisonville Police
December 12, 2014 3759

Man Accused of Public Intoxication, Stealing…

in Local (Hopkins) Top News by Madisonville Police Department
December 15, 2014 3220

Vehicle Careens down 150 Foot Embankment with…

in Local (Hopkins) Top News by Madisonville Police Department

Stories Trending Today

December 17, 2014 5792

Elderly Couple Found Shot to Death in Muhlenberg

in Local (Muhlenberg) Top News by Trooper Stu Recke
December 17, 2014 5717

Three Men Charged with Burglary

in Local (Hopkins) Top News by Madisonville Police Department
December 17, 2014 1996

Madisonville Police Arrest Reports - Dec. 17, 2014

in Hopkins News by Madisonville Police Department
December 17, 2014 1577

KSP Charges Grayson County Man with Crimes…

in General News For All Sites by Sherry H. Bray
December 17, 2014 1466

Harney-Led Lady Mustangs Top Ohio County

in Local (Muhlenberg) Top News by Steve LeMaster
December 17, 2014 1435

KYTC Announces Winners of 2014 Adopt-a-Highway…

in General News For All Sites by Lisa Tolliver
December 17, 2014 1352

Mustangs Earn District Win over Ohio County

in Local (Muhlenberg) Top News by Steve LeMaster
December 17, 2014 1222

Princeton Road Drug Investigation Results in…

in Local (Hopkins) Top News by Madisonville Police Department
December 17, 2014 902

Change to Holiday Schedule for LBL Administrative…

in Local (Lakes) Top News by Land Between The Lakes
December 17, 2014 869

MFD Summoned to Seminary Street for Garage Fire

in Local (Hopkins) Top News by 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