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

Dave Says – July 7, 2013

davesays300 green2KENTUCKY (7/7/13) – This week Dave discusses "Her blessing was to be a blessing" and "Thinking long term"

Dear Dave,
My mom died a few years ago, and she left me an inheritance of $60,000 in stock. She was always investing and saving money. I could sell this and be debt-free while still having plenty left over, but I feel like I’ll lose a part of her if I do this. Do you have any advice? - David

Dear David,
I didn’t know your mom, but from what you’ve told me, it sounds like she was a pretty smart and responsible lady. I don’t visualize her as the kind of person who would’ve said, “I’m going to leave you this stock. Always keep it and never cash it out, no matter what happens.”

A gift like this is someone wanting to bless another person with some of the good they accomplished in this world. It’s your mom’s way of giving you an opportunity to have a better life. In my mind, the best way for you to have a better life is to use the money to become debt-free then use the cash that used to go toward debt payment to invest.
I know you loved your mom, but I think you’ve given this stock more power than she gave it. You’ve gotten her blessing, and that was to be a blessing to you. You know, you can be a blessing to others in lots of different ways. She just accomplished it with the stock.

Honor your mom and go be debt-free today. The time is now! - Dave
 
Dear Dave,
My husband and I are in our 60s, and we don’t have long-term care insurance. It would cost us $8,000 a year at this point, and our annual income is $200,000. Do you think we should get this type of coverage? - Toni

Dear Toni,
I’m a strong proponent of long-term care insurance once a person turns 60. Prior to that age you have less than a one percent chance of spending time in a nursing home, so I wouldn’t spend a dime on it until then.

A lot of agents and companies try to sell long-term care insurance to people who are 40 or 50 years old, and I just don’t believe in that stuff. But once you hit age 60, your chances of using it increase almost daily. At that point, it’s a smart buy, and you’ll get a great return on the investment. Eight thousand dollars annually is a lot of money, but nursing home costs can run $50,000 a year.

My advice, Toni, is to buy long-term care insurance. I believe in having this type of coverage, even if you can afford to pay for care out of pocket. It takes a lot of stress and worry out of growing older. Most ladies outlive their husbands, and a frequent scenario is that the man goes into the nursing home and drains the nest egg to pay for everything. Of course, this can happen the other way around, but I’m sure neither of you wants to leave the other in a bad situation. - 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 9965

Coal Miner Fatally Injured in Underground Mining…

in Top News For All Sites by Dick Brown
December 14, 2014 8720

Muhlenberg Pays Homage to U.S. Armed Forces

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
December 17, 2014 6937

Elderly Couple Found Shot to Death in Muhlenberg

in Local (Muhlenberg) Top News by Trooper Stu Recke
December 17, 2014 6542

Three Men Charged with Burglary

in Local (Hopkins) Top News by Madisonville Police Department
December 15, 2014 4909

Hopkins County Woman Charged Second Time in Two…

in Local (Hopkins) Top News by Charles W. Riley II, SurfKY News
December 15, 2014 4360

Woman Leads Police on High-Speed Chase in Stolen…

in Local (Hopkins) Top News by Madisonville Police
December 18, 2014 3710

Cat Scratching over Dog Ownership Escalates

in Local (Hopkins) Top News by Amber Averitt, SurfKY News
December 15, 2014 3372

Vehicle Careens down 150 Foot Embankment with…

in Local (Hopkins) Top News by Madisonville Police Department
December 16, 2014 3271

Highway Crews Pre-Treating Roadways for Potential…

in Hopkins News by Keith Todd
December 16, 2014 3258

KFWC Proposes 2015-2016 Deer Season Dates and…

in General News For All Sites by Department of Fish and Wildlife

Stories Trending Today

December 18, 2014 3710

Cat Scratching over Dog Ownership Escalates

in Local (Hopkins) Top News by Amber Averitt, SurfKY News
December 19, 2014 3074

Dawson Springs Man Charged with Sexual Abuse of…

in Local (Hopkins) Top News by Detective Sean McCance
December 19, 2014 2806

Woman Flown to St. Mary's after Two-Car Collision

in Local (Hopkins) Top News by Trooper Stu Recke
December 19, 2014 2543

Vehicle Explodes into Flames on Pride Avenue

in Local (Hopkins) Top News by Gwen Smith
December 19, 2014 2325

Armstrong Mine to Layoff 39 by End of Day

in Top News For All Sites by Rita Dukes Smith, SurfKY News Director
December 19, 2014 1849

Vehicle Fire Causes Traffic Back-Up on Pennyrile

in Local (Hopkins) Top News by Doreen Dennis
December 18, 2014 1819

Hopkins County Sheriff's Reports Released

in Hopkins News by Sheila Hopper
December 18, 2014 1765

UK Track and Field Announces Initial Eight…

in General Sports For All Sites by UK Athletics
December 18, 2014 1714

Madisonville Police Arrest Reports - Dec. 18, 2014

in Hopkins News by Madisonville Police Department
December 18, 2014 1710

DeArmond Looks Back as Retirement Nears

in Local (Muhlenberg) Top News by Paul McRee, 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