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

Dave Says – May 5, 2013

dave ramsey turq 300KENTUCKY (5/5/13) – This week Dave discusses Essential expenses and She stole his identity.
 
Dear Dave,
I’m following your plan, and currently I have $14,000 in my emergency fund. What are essentials for three to six months of expenses? - Brian

Dear Brian,
Basically, you should ask yourself this question: What would it take to operate my household for a month? There are several different things that could be classified as “essentials,” but if you take those things and multiply the number by three, four, five or six, you’ll see how much money you need to have a fully loaded emergency fund of three to six months of expenses. This is Baby Step 3 in my plan.

Some people get really technical about exactly how many months of expenses they need to save in this range. And that’s okay. You can take a little time to evaluate things before moving on to Baby Step 4, which is investing 15 percent of your household income into Roth IRAs and other pre-tax retirement plans.

Believe me, it’s a great feeling to have a big pile of cash sitting there just for a rainy day. You don’t want to go nuts and make it so big that you sacrifice retirement or other important aspects of your life, but after a point you shouldn’t be too concerned whether you have three months or six months of expenses—or somewhere in between—saved just for emergencies.

Having a nice emergency fund, along with no debt, creates a wonderful sense of financial peace! - Dave
 
Dear Dave,
If a wife takes out a credit card in her husband’s name without his knowledge, and they get divorced, can the husband claim identity theft? - Nancy

Dear Nancy,
Absolutely! Unless they have power of attorney, anytime someone opens an account in a name other than their own, they have stolen an identity. Being married to someone doesn’t give you the right to sign their name to a document.

I knew a guy in the real estate business years ago who was doing a lot of property deals under his own name. Occasionally, the title company would require his wife’s signature, and he would sign her name on the papers himself. Sometimes he signed her name after calling her up and explaining what was happening, and she was okay with the situation. Then, he signed some papers she didn’t know about, and it came back to bite him. He was charged with criminal fraud!

You cannot legally sign your spouse’s name without first having power of attorney privileges. If you do, it’s called identity theft. It’s a crime anytime you lie to get money. - 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...

Baptist Health Celebrates 90 Years

MADISONVILLE, Ky. (9/28/14) ― Kentucky’s largest health system, Baptist Health, is celebrating 90 years. Baptist Health… Read More

Nominations Being Accepted for Central Athletic Hall of Fame

HOPKINS COUNTY, Ky. (9/29/14) — The purpose of the Hopkins Country Central Athletic Hall of Fame is to commemorate… Read More
Started 11/8/2013
Started 11/8/2013

Most Read This Week (Site-Wide)

September 26, 2014 5486

Super Walmart Headed to Hanson, Fate of…

in Top Stories by Amber Averitt, SurfKY News
September 27, 2014 3410

Hopkins County Grand Jury Misdemeanor Indictments

in News by Karen McKnight
September 26, 2014 3181

Drug Sting Results in Meth Trafficking Charge

in Top Stories by Madisonville Police Department
September 29, 2014 3021

Endless Road Strings Bring Orchestra Mix to…

in Top Stories by Paul McRee, SurfKY News
September 26, 2014 2224

Muhlenberg Job Corps Recognizes Employee of the…

in Top Stories by Karen Robinson
September 25, 2014 2157

Shoplifting Complaint Leads to Resisting Arrest,…

in Top Stories by Information provided by MPD
September 26, 2014 2150

Muhlenberg 911 Service Recipient of $32,500 Grant

in Top Stories by Rebecca Hanchett
September 27, 2014 2078

Sinister on Center Takes Haunted Manor to Whole…

in Top Stories by Charles W. Riley II, SurfKY News
September 26, 2014 2014

UPDATE: Semi Trucks Crash, Block Northbound Lane…

in Top Stories by Keith Todd
September 26, 2014 1992

Madisonville Police Department Arrest Reports -…

in News by Madisonville Police Department
September 29, 2014 1738

Man, Woman Charged with Violating EPO Against…

in Top Stories by Madisonville Police Department

Most Read Stories from Hopkins County

September 26, 2014 3181

Drug Sting Results in Meth Trafficking…

in Top Stories by Madisonville Police Department
September 25, 2014 2157

Shoplifting Complaint Leads to Resisting…

in Top Stories by Information provided by MPD
September 29, 2014 1738

Man, Woman Charged with Violating EPO…

in Top Stories by Madisonville Police Department
September 29, 2014 1631

Man Charged with PI, Drugs, After…

in Top Stories by Madisonville Police Department
September 28, 2014 1295

Angel Garden Dedicated at Baptist…

in Top Stories by Tammy Holloway, SurfKY News

Most Read Stories from Muhlenberg County

September 29, 2014 3021

Endless Road Strings Bring Orchestra Mix…

in Top Stories by Paul McRee, SurfKY News
September 26, 2014 2224

Muhlenberg Job Corps Recognizes Employee…

in Top Stories by Karen Robinson
September 26, 2014 2150

Muhlenberg 911 Service Recipient of…

in Top Stories by Rebecca Hanchett
September 28, 2014 1539

Community Shows Support to Muhlenberg…

in Top Stories by Charles W. Riley II, SurfKY News
September 28, 2014 1285

Marching Mustangs Take Third in Ohio…

in Top Stories by Information provided by Shawna Hendrix

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