Finances
Dave Says: Healing the Wounds
My wife secretly kept and used credit cards, and now we have massive debt and two liens on our home. What do I do? Dear Dave, Recently, I discovered that my wife secretly kept and used credit cards over the last several years. I also found out there are two liens on our home from some of this...
Dave Says: What Happens Now?
What happens to a vehicle if the co-signer on the loan files bankruptcy? Dear Dave, What happens to a vehicle if the co-signer on the loan files bankruptcy? Robert Dear Robert, First, it means that only the co-signer has gone bad. The car is still in your name, and the loan is still...
Dave Says: No Secondary Policy Necessary
I'm a doctor and my current job gives me free disability insurance. Should I get a second policy in case I lose my primary policy? Dear Dave, I’m a doctor, and I’ve been at my current job for six months. I’m scheduled to make $190,000 this year, and my husband and I will be debt-free in a...
Dave Says: Has the Limit Passed?
If the statue of limitations on a bill has expired, should I still pay it? Dear Dave, I bought a car a few years ago and purchased new wheels for $1,100 on credit. I haven’t paid the bill, and now collectors are trying to settle with me. I think the statute of limitations has expired. Should...
Dave Says: How Grown Up Are You Going to Be?
Should I use my trust to pay off debt or put a down payment on a house? Dear Dave, Recently, I got married and I have $10,000 in student loan debt. I have $50,000 that came from my grandmother, but the money is in a trust controlled by my father, who is an attorney. He says I should use it all...
Dave Says: Moving in with Mom
My mother-in-law has said our small family can move in with her while we get rid of debt. Good idea? Dear Dave, We’re on Baby Step 1 of your plan, and we have $1,000 saved. We have a baby, my husband brings home about $2,000 a month, and we have $50,000 in debt, the majority of which is...
Dave Says: The Point of Life Insurance
Why will the cost of my term life insurance increase to $4,000 per year at the end of the term? Dear Dave, I have a 20-year level term life insurance policy. I noticed the other day that the cost would increase to $4,000 per year at the end of the term. Is that because it’s the end of the...
Dave Says: My Food, My Roof
My 15-year-old wants to open a checking account that doesn't allow me or anyone access. What should I do? Dear Dave, I’m a single dad with two teenagers at home. My 15-year-old son wants to open a checking account of his own, but he doesn’t want me or anyone else to have access to it....
Dave Says: Daring to Dream Again
I want to work a little after I retire, but I'm burned out by my job. How do I find the fire again? Dear Dave, I’m 53 and in a position financially to retire in a couple of years. I want to keep working some after retirement, but I’m so burned out by my job that I’m not sure what I would...
Dave Says: Short Term or Greater Good?
I don't use credit anymore - only debit - but I still overspend. Should I get rid of cards altogether? Dear Dave, I have a problem with impulse spending. I switched to a debit card so that the money comes straight out of my checking account, but I still buy things I know I shouldn’t. Should I...
Dave Says: Time to Play It Smart!
Our son is starting as a professional soccer player. How can we help him so he doesn't get caught up in a glamorous lifestyle? Dear Dave, Our son is 21, and he’s embarking on a career as a professional soccer player. He’ll only be making about $30,000 a year, and we want to know how we can...
Dave Says: Frustration Along the Way?
Getting to financial freedom is intense! Is there a letdown after coming this far? Dear Dave, I’m about to complete Baby Step 3. I’ve been very intense about following your plan, but I was wondering if there’s ever any kind of frustration or letdown after you’ve come this far....
Dave Says: Treat Them the Way You'd Want to Be Treated . . .
I have good tenants who missed their rent last month because of tough times. How lenient should I be? Dear Dave, I have tenants who have been perfect in paying rent on time for almost a year. Last month, the woman lost her job, and when I went to collect the rent the other day, she said she...
Dave Says: Don't Stay Down
Should I accept state assistance for children's insurance while I get back on my feet? Dear Dave, I just lost my job due to company-wide layoffs. I have an emergency fund, but I’m losing my health insurance. Our state has a program that covers children’s healthcare in these kinds of...
Dave Says: Mixing Friends and Business
I started a partnership with my friend. What can I do to make sure our friendship is saved even if our business doesn't end up working out? Dear Dave, I just began a business with a friend as an LLC partnership. I know he’s honest and a hard worker, but I’m still a little scared that...
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