Finances
Dave Says: Ditch the Car, Keep Your Dignity
When your car debt is on the brink of forcing you to move in with your parents, Dave says sell your wheels and keep your dignity. Dear Dave, I’m 27 and married, and we have two kids. I make $90,000 a year, but we have $80,000 in consumer debt—$48,000 of which is in car loans. The rest is...
Dave Says: Collegiate Saving 101
Be honest in your dealings when your kids begin to apply for scholarships at college. Don't pretend to need more financial aid than you really do, because there are plenty of others who might need it. Dear Dave, Both of our daughters will start college next year. We have $25,000 set aside for...
Dave Says: Mother-in-law Has More Than Just a Problem
My mother-in-law has been racking up credit card debt, and we want to address the issue. How do we do it? Dear Dave, My mother-in-law has a serious credit card problem. She can’t afford stuff, but she shops anyway, acquires more and more credit and thinks she’ll pay for it all later somehow....
Dave Says: Closing Whole Life Insurance
I want to close out my whole life insurance policy. What's the best way to do that? Dear Dave, I want to get out of my whole life policy. Should I formally close out the old policy, or just stop paying the premiums? Anonymous Dear Anonymous, Close out the old policy once you have...
Dave Says: What to Do When Your Insurance Company Won't Pay Up
No car from an accident? No money for a new one? Invest a small chunk of change in a beater car! Dear Dave, My wife and I were recently involved in an auto accident, and the insurance company doesn’t want to cover the damage due to a technicality. We both work, so I’d like to find a...
Emergency Cash: Why to Have It and How Much You Need
How much cash do you have in your home right now? Enough for a train ride, a hotel room, or even a meal for your family? In making your emergency kit, don't forget about emergency cash. Let’s talk money. Emergency money. If you’re like most people today, you rarely carry cash because you...
Dave Says: How Much Life Insurance Do I Need?
When beginning a career, how do you know how much life insurance coverage you'll need? Dave Ramsey's got the answer! Dear Dave, I’m looking at buying term life insurance. Currently, I’m in medical school doing my last year of residency and making $35,000 a year. Should I base the amount of...
Which IRA is Right for You?
Planning retirement can be an intimidating prospect. There are many different options, and they can be confusing at times. One option that is relatively simple, and still effective, is the IRA. An Individual Retirement Arrangement (IRA) account is a retirement savings plan that provides tax...
Dave Says: 401(k), IRA or both?
Find out what Dave has to say to people taking care of their own retirement plans. Dear Dave, My employer recently stopped matching my 401(k) contributions. Together, my husband and I make about $100,000 a year. Should I continue to invest in this option, or should I put money into an IRA?...
Dave Says: How to Set Up Teenager's Driving Insurance
As scary as teenage drivers can be, Dave says that giving them a bit of responsibility at the right time will do them a world of good. Dear Dave, I’m divorced and have a teenager who will be driving soon. What would be the best way to set up insurance for the child? Mike Dear Mike, I...
Dave Says: Loaning Money to Relatives Not a Good Idea
When it comes to lending money to family members, Dave Ramsey reminds us that we aren't a national bank! Dear Dave, I made a huge mistake and allowed my sister to use my credit card. She said she’d pay back what she charged, but now she won’t pay the bill. The total was $5,500. Do you have...
Dave Says: Receiving Government Help Is Not Morally Wrong
When you fall on hard times, is it all right to receive financial help from the government? Dear Dave, I’m a single mom with three young children. I quit my nursing job a few years ago to be a stay-at-home mom, and one year later my husband filed for divorce. The state isn’t keeping him...
Dave Says: When Should We Buy a House?
When is it the right time to buy a house? Dave says a two- to three-year window may not even be enough. Dear Dave, My husband and I are on Baby Step 2 of your plan. We move every two or three years due to our jobs, so would it ever make sense in our situation to buy a house? Janelle Dear...
Dave Says: Be Tightfisted until the Crisis Is Over
When you're on the brink of a financial crisis, it's a good time to keep the cash piled high, Dave says. Dear Dave, Recently, my husband had to quit his job due to an old back injury. We have $25,000 in debt, but I’ll be receiving a $38,000 inheritance in a couple of weeks. Should we use the...
Top Tips for Zero-interest Credit Cards
What could be more appealing than a zero-interest credit card? You can make purchases and pay for them at your leisure, all without having to worry about high interest hanging over your head. But if you find yourself in a position to get a zero-interest credit card, be careful—using it unwisely could come back to haunt you.
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