Finances
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: 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: 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: 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...
Dave Says: Unity Is the Key in Money and Marriage
Do you think it matters if it's the husband or the wife who handles the money? Dear Dave, Does it matter whether it’s the husband or the wife who keeps the checkbook and pays the bills? Lots of people say that kind of thing is the man’s job, but I was curious about what you think....
Dave Says: Boundaries . . .
My fiancé's adult daughter doesn't show responsibility. What do we do? Dear Dave, I’m getting married to a wonderful man, but his 19-year old daughter from a previous marriage is very irresponsible. She doesn’t want to make her own car payments and doesn’t want to work. Lots of...
Dave Says: Downsizing House to Get Out of Debt?
Is it ever a good idea to sell a home and buy a smaller one to get out of debt? Dear Dave, Is it ever a good idea to sell your home and buy a smaller, less expensive one in order to get out of debt more quickly? Autumn Dear Autumn, It’s a good idea in some situations. If you...
Dave Says: Teaching and Tough Love
With two sons who are drug users who are irresponsible with money, we're not sure how to divide our will. Dear Dave, My husband and I need to update our will, but we’re not sure how to divide the money. All of our children are grown, including my three stepsons. The problem is that two of my...
Dave Says: Get Moving!
Should we live with my parents so we're closer to my husband's job? Dear Dave, My husband works two hours away from home. He gets up at 3 a.m. and doesn’t get home until 7 p.m. We have a fully funded emergency fund, and he makes $95,000 a year. My parents’ place is an hour from his job, and...
Dave Says: Pension? Invest Anyway!
If I'm getting a pension, should I still save 15 percent for retirement? Dear Dave, My wife and I are both active duty Marines. She’s planning to get out in a few months, but I’m staying in for the long haul. You recommend saving 15 percent for retirement, but how does that apply in my case...
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