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
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
2/6/2014 - posted
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
2/6/2014 - posted
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
2/6/2014 - posted

In Other News...

New Fire Chief Plans to Continue Department's Progression

MADISONVILLE, Ky. (9/17/14) — Recently sworn in as the new Madisonville Fire Chief, Gregory Leslie Brasher continues to… Read More

Dawson Springs Police Chief to Retire on Halloween

DAWSON SPRINGS, Ky. (9/16/14) — The city of Dawson Springs held its regularly scheduled meeting at 7 p.m. Monday, Sept.… Read More
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
2/6/2014 - posted

Most Read This Week (Site-Wide)

September 15, 2014 4653

Man Accused of Stealing Rural King…

in Top Stories by MCSO PIO Alex Piper
September 15, 2014 4449

Man Accused of Stalking Woman During Her…

in Top Stories by GPD PIO Wes Miller
September 13, 2014 3861

MPD Responds to a Disturbance at Baptist…

in Top Stories by Madisonville Police Department
September 16, 2014 3195

Postal Worker Arrested for Terroristic…

in Top Stories by GPD PIO Wes Miller
September 15, 2014 2198

Man Arrested for DUI, Carrying Concealed…

in Top Stories by Madisonville Police Department

Most Read Stories from Hopkins County

September 13, 2014 3861

MPD Responds to a Disturbance at Baptist…

in Top Stories by Madisonville Police Department
September 15, 2014 2198

Man Arrested for DUI, Carrying Concealed…

in Top Stories by Madisonville Police Department
September 15, 2014 2065

Man Arrested for Being Under Influence of…

in Top Stories by Madisonville Police Department
September 17, 2014 1223

Three Injured in Two-Vehicle Accident

in Top Stories by Kyle Pharris
September 17, 2014 1137

Wanted Man Leads Troopers on Chase…

in Top Stories by Trooper Stu Recke

Most Read Stories from Owensboro

September 13, 2014 1644

The Gift of Aging Oct. 16

in News by Jennifer Kaminski
September 13, 2014 1641

Audubon Bon Harbor Area Alliance to Host…

in News by Abby Shelton
September 13, 2014 1591

Dogwood Azalea Neighborhood Alliance to…

in News by Abby Shelton
September 13, 2014 1376

Wesleyan Shawnee Neighborhood Alliance to…

in News by Abby Shelton
September 15, 2014 1037

Owensboro Convention Center Announces…

in News by Madison Strobel

Most Read Stories from Muhlenberg County

September 15, 2014 4653

Man Accused of Stealing Rural King…

in Top Stories by MCSO PIO Alex Piper
September 15, 2014 4449

Man Accused of Stalking Woman During Her…

in Top Stories by GPD PIO Wes Miller
September 16, 2014 3195

Postal Worker Arrested for Terroristic…

in Top Stories by GPD PIO Wes Miller
September 14, 2014 1944

Three Injured in Single-Car Collision

in Top Stories by Robert LIttlepage
September 13, 2014 1735

Local Author Signs Copies of Her New Book

in Top Stories by Charles W. Riley II, SurfKY News

SurfKY News Group, Inc. Central Office & Printing Division
1125 Nebo Rd.  •  Madisonville, KY 42431  •  270.452.2249 (fax)
Main Number: 270.452.2727 (phone)  •  Printing Division Direct Line: 270.821.8600 (phone)


Contact a member of our staff: www.surfky.com/contact
Copyright © 2014 SurfKY News Group, Inc.  •  Terms of Use  •  Site Map

social 03social 04social 22social 21social 06