new dsKENTUCKY (5/19/19) — In this week’s Dave Says, a reader asks about getting an emergency fund achieved.

Dear Dave,

My fiancé and I just started your class, but we’re having trouble getting our beginner emergency fund together. We both work full-time, and I make $59,000 a year while he has worked in retail for several years and makes $22,000 to $25,000. I’m trying to manage a couple of side jobs, but we just can’t seem to get our budget to work in a way that will allow us to save anything. Can you help us?

Adrienne

Dear Adrienne,

First of all, your finances should remain separate until you’re married. There’s shouldn’t be a “we” in terms of money at this point. You can always run a single budget that you both look at and prepare for after you’re married, but right now he shouldn’t be paying your bills and you shouldn’t be paying his bills.

The biggest problem I see is that he’s making no money. He needs to get a better job. He can’t pay his bills, and in the process, he’s sucking you dry. I’m sure your fiancé is a good, hard-working man, but he needs to make a serious career shift soon — like now.

In the meantime, this guy needs to take on a part-time job or two until he gets that career shifted. It’s not really a budgeting problem you’re looking at. It’s an income issue.

— Dave

. . .

Dear Dave,

We’re wondering if we should diversify our investments by hiring multiple advisors with different companies, so we won’t have all our eggs in one basket. Your thoughts would be appreciated.

Marya

Dear Marya,

I would get one advisor, and I wouldn’t invest all my mutual funds in one fund. Virtually all mutual fund advisors can sell pretty much any mutual fund, and you can buy an array of different mutual funds from different companies through one advisor. That gives you diversification. So, there’s really no advantage in having multiple advisors, unless you don’t trust someone’s advice.

And if you don’t trust someone’s advice, why are you working with them in the first place?

I personally have one financial advisor, and I trust that person. Still, I ask lots of questions and make sure I understand everything that’s going on with my money and the investment before making a decision.

Why are you recommending this? What is it about them you like? Show me the fund and how it compares to the S&P and other funds in the same category. If you approach it this way, and again, you have one advisor, it’s a learning process and you become a more educated investor. Plus, after a while you can create your own diversification.

Never put money into something you don’t fully understand.

— Dave

* Dave Ramsey is CEO of Ramsey Solutions. He has authored seven best-selling books, including The Total Money Makeover. The Dave Ramsey Show is heard by more than 16 million listeners each week on 600 radio stations and multiple digital platforms. Follow Dave on the web at daveramsey.com and on Twitter at @DaveRamsey.

SurfKY News

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.

sitelogosm© Copyright 2008 - 2019 SurfKY News Group, Inc. All rights reserved.
This material may not be published, broadcast, or rewritten without permission.

Click here to subscribe to receive daily updates by email.

Most Read This Week...

Most Read This Month

Cloudy

84°F

Ohio, KY

Cloudy

Humidity: 55%

Wind: 3.11 m/h

  • 22 Aug 2019

    Thunderstorms 85°F 71°F

  • 23 Aug 2019

    Scattered Thunderstorms 80°F 70°F

Weather brought to you by

Market Report brought to you by

Market Report

Stories Trending Today