Finances
Dave Says: No Emergency Fund Means Living on the Edge
I want to use some of our emergency fund to pay down house debt. Good idea? Dear Dave, My husband and I are in pretty good shape financially. We make about $250,000 a year with about $50,000 in the bank and no debt, and we’ve set aside money for our children’s college funds. Currently, we...
Dave Says: This Is About Manhood
Should my son move out when he graduates college or stay at home and save? Dear Dave, My son has worked and saved all through school and will be graduating this year with a degree in electrical engineering. He has a job waiting for him when he finishes, and he wants to move out on his own then....
Dave Says: Whole Life for Adult Kids
Should we sell our adult sons' life insurance policies to help pay off some of our debt? Dear Dave, My husband and I have about $50,000 in debt. It started piling up several years ago when one of our sons was injured. He’s 33, his brother is 23, and we’ve got whole life insurance policies...
Dave Says: Guidelines for Giving
What guidelines should I follow when giving money to family? Dear Dave, My husband and I are debt-free, and we have $100,000 saved. We like to give, rather than loan, money to family members if they’re having financial problems. Can you give us some advice on how to establish giving guidelines?...
Dave Says: What Goes Up Must Come Down
Is the current down economy a cyclical thing and just part of life? Dear Dave, I’m about to graduate from college, and I’m following your plan and trying to focus on my future financial situation. Is the current down economy a cyclical thing and just part of life? DJ Dear DJ, It is. There...
Dave Says: Hollywood Dreams
I want to pursue my dream of acting. How do I stay financially smart while I do? Dear Dave, I plan to move to Los Angeles to chase my dream of working in the television and film industry. I’m not married, have no kids, and I have $2,500 saved to live on until I can pick up a couple of jobs. I...
Dave Says: Working vs. Learning
Should my son work during his first year of college, or focus on his education? Dear Dave, My son is a freshman in college. Do you think he should work during his first year in school or focus all his attention on his classes? Ben Dear Ben, I don’t think there’s anything wrong...
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....
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