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
2/6/2014 - posted
button coupons
2/6/2014 - posted
2/6/2014 - posted
button classifieds

In Other News...

Citizen Sounds Off About Library

HOPKINS COUNTY, Ky. (11/26/14) — Here we go again, the library, or should I say, “the black hole.” On Nov 18, the Dulin… Read More

Library Collecting Food in Lieu of Overdue Fines

MADISONVILLE, Ky. (11/26/14) — “Food for Fines” is once again being offered by the Hopkins County-Madisonville Public… Read More
2/6/2014 - posted

Most Read This Week

November 21, 2014 7575

Man Accused of Assaulting Coach During Basketball…

in Local (Muhlenberg) Top News by Rita Dukes Smith, SurfKY News Director
November 22, 2014 5214

One Injured in Two Vehicle Collision in Greenville

in Local (Muhlenberg) Top News by Miria Thomas
November 21, 2014 4898

Crashing Dump Trucks in Work Zone Cause Pennyrile…

in Top News For All Sites Touching Hopkins by Trooper Stu Recke
November 21, 2014 4128

Muhlenberg District Court Fines Handed Down

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
November 21, 2014 3964

Madisonville Police Arrest Reports - Nov. 21, 2014

in Hopkins News by Madisonville Police Department
November 21, 2014 3508

Swimming and Diving Closes Fall Season at Ohio…

in General Sports For All Sites by UK Athletics
November 24, 2014 3361

Two Charged for Possession of Meth After…

in Local (Muhlenberg) Top News by MCSO/PIO Alex Piper
November 21, 2014 3248

Kentucky Employers to Save About $112 million

in General News For All Sites by Cathy Lindsey
November 25, 2014 2716

Madisonville Man Charged for Selling Cocaine

in Local (Hopkins) Top News by Madisonville Police Department
November 25, 2014 2674

Call for Help Results in Arrest for Possession of…

in Local (Hopkins) Top News by Madisonville Police Department

Stories Trending Today

November 25, 2014 1984

Protect Your Home When Traveling This Holiday…

in General News For All Sites by SurfKY News
November 26, 2014 1649

Madisonville Police Arrest Reports - Nov. 26, 2014

in Hopkins News by Madisonville Police Department
November 26, 2014 1533

Sweet Staple of Thanksgiving

in General News For All Sites by SurfKY News
November 26, 2014 1520

Muhlenberg Set for Small Business Saturday Savings

in Local (Muhlenberg) Top News by Paul McRee, SurfKY News
November 26, 2014 1440

Baptist Health Madisonville Hires New Physical…

in Local (Hopkins) Top News by Kristy Quinn
November 26, 2014 1283

Greene Leaf Boutique Offers Style for Less

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
November 26, 2014 1254

Citizen Sounds Off About Library

in Hopkins News by Scott Rogers
November 26, 2014 1193

High School Wrestling Teams Returning to…

in General Sports For All Sites by Steve LeMaster
November 26, 2014 1175

Madisonville Man Charged with Selling Cocaine

in Local (Hopkins) Top News by Lt. William W. Poe
November 26, 2014 1121

UK Volleyball Finalizes 2015 Class with Watson

in General Sports For All Sites by UK Athletics

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