Archive of Dave Says - Weekly Financial Blog

Archive of Dave Says - Weekly Financial Blog

(The newest articles on the top)

  • Used Car Warranties?
    Used car warranties can be expensive and have little benefit for you. The best way to cover yourself is to buy smart and self-insure.... more
  • Married or Single, Budgeting Is The Key
    Whether you're married or single, staying on track with your finances can be difficult. Living on a budget and never spending more than you make are some good tips.... more
  • Used Car Mileage?
    When buying a used car, be sure to do your research and make the best possible choice of what will last you the longest.... more
  • You're Under No Obligation
    If you your adult children the gift of education it should be met with just as much gratitude and appreciation.... more
  • Touch People's Hearts
    If you don't trust the doctors' office practices, then why should you trust their medical opinions?... more
  • Touching their Hearts
    Get kids to give. Involve your kids in the acts of giving and doing for others.... more
  • Budgeting for Taxes
    Answers to new business startup wanting to know how to budget for taxes paid on a quarterly basis.... more
  • Rental Properties? Baby Step 6
    During the debt snowball, which baby step is the right step to start working on a rental property that money is owed on?... more
  • Wait on IVF?
    When making a large financial commitment, explore all options before finalizing your commitment.... more
  • Vacation Home For Rent?
    A vacation home could be a good investment, as long as you are debt free and are ok with the upkeep.... more
  • Leasing Equals Financing
    Leasing is just another form of financing.... more
  • He's Becoming a Man
    Handling and managing money can be a tricky task. Whether you are younger or older learning the best techniques to keep your budget working properly is important.... more
  • Debt Snowball Reasoning
    Being in debt is a more of a behavioral issue than a financial issue. Change your behavior and you will see the financial changes fall into place.... more
  • Where Do I Put The Money?
    Gold is a volatile investment. Mutual funds are a better option for long term savings.... more
  • Help parents, or pay student loans?
    Knowing how to avoid a financial crisis situation is half the battle. Having someone fix it for you is only a temporary crutch.... more
  • What's Reasonable Fun?
    Having a great income-to-asset ratio and living debt free gives you the opportunity to relax and enjoy a few things.... more
  • We Can Afford It On a 30-year Mortgage
    A 15 year fixed rate mortgage is a better way to go than a 30 year. It will end your debt in less time and free up your income that much faster.... more
  • No Retirement Cash At 58
    You need to get out of debt before you can build for retirement.... more
  • Pre-Paid Debit Cards For Kids?
    Dave doesn't recommend using pre-paid debit cards to kids.... more
  • Become Debt-free Before Marriage?
    Dave says that you can get married before becoming debt free. You and your new spouse can work together as one to get rid of any debt.... more
  • You Still Need One
    If you have a very stable employment situation you can get away with an emergency fund that is on the lower end of the spectrum.... more
  • You Need a Better Plan
    When you know a low or no income period is coming you need to plan ahead. Your emergency fund is not there to cover this predicted period of time.... more
  • Time to Leave
    Dave talks about how to handle a family member that potentially is taking advantage of members of their own family.... more
  • Turn This Into A Blessing!
    Planning for the future is a part of life that should never get pushed aside. In the long run, it pays off and keeps you financially in the clear.... more
  • Problem Plan
    Don't take out a loan pay off another loan, but instead work hard to pay off the current loan.... more
  • Home Improvement Debt?
    Debt is something that can be avoided if you are extremely smart and careful with your money. Knowing when to take out loans and when to say no to things is important.... more
  • A Bad Move
    It is best to get term insurance than whole life insurance. Don't ever borrow money on your whole life insurance if you have one.... more
  • First, Get a Real Job
    Loans and insurance policies can put you in debt very quickly. Keeping a real job and staying on top of your financial situation can keep you one step ahead.... more
  • A Bad Method At This Stage
    Having other investors in a project is like taking on partners. Be wise in your decision to put yourself in this position.... more
  • Hands off the Emergency Fund!
    ... more
  • Discussing and Negotiating
    Whether you are trying to negotiate a salary or learning when a money situation is considered an emergency, it takes research and budgets.... more
  • Threaten to Garnish
    Stay informed, debt collectors can't simply garnish your wage without going to the appropriate legal process. It is unlawful for them to threaten wage garnishment.... more
  • Rental House Being Foreclosed
    Whether it's your debt or a landlord's debt effecting you, there is always a way out. Seeking advice and finical help should be your first step.... more
  • Dip In, Pay It Off!
    If you have enough money in your emergency fund to cover an actual emergency then dip in and use it.... more
  • Let Him Be Mad
    Debt is something almost everyone encounters at some point in there life. Learning when to say no to things or people and knowing how to budget your money and savings can help you stay debt free.... more
  • The Family Nightmare
    Big decisions need to be made with your spouse being in the loop. Lack of consideration of your partner leads to additional problems in a marriage.... more
  • Keep the Bike!
    Family heirlooms are best kept for personal reasons. As long s there's another way to get by financially, try to avoid selling it.... more
  • Pass on this Deal
    Owning a home is probably going to be one of your biggest expenses throughout your life. With that, it comes with a lot of big financial and personal decisions. Thinking long and hard about these decisions is the best way to go.... more
  • To File, or Not to File?
    Making an insurance claim on your home, make sure the claim is worth it because the consequences can be a rate increase or cancellation.... more
  • Too Much Risk
    It's not a good idea to risk the majority of your net worth in a single stock. Diversify your investments to reduce your risk.... more
  • What to do with the Leftover?
    When budgeting your money for the month, it's ok to allow any extra money to roll over to the next month.... more
  • What's Your Priority?
    Getting your priorities straight is the key in being successful and being able to figure out what your next move is. Whether it's when you should buy instead of leasing for your business or when to move out on your own, priorities are key.... more
  • Buy or Lease a Building?
    Getting your priorities straight is the key in being successful and being able to figure out what your next move is. Whether it's when you should buy instead of leasing for your business or when to move out on your own, priorities are key.... more
  • Skipping to the Altar
    If education is already paid for make a substitution. Plan ahead and start saving for a wedding, home or other large expense.... more
  • Midlife Adjustments?
    Having an emergency fund should be your priority. Before you start saving for a house have your emergency fund set and ready to go if needed.... more
  • You Can't Fix It For Her
    Always be careful whom you take loans from and whom you give loans to.... more
  • Mortgage for the Deduction?
    Being smart about your money is the main way to stay debt free.... more
  • Bad Advice from a Bad Friend
    If you have racked up credit card bills, it is your obligation to pay them. Don't try to manipulate your way out of the mess you got yourself into.... more
  • Giving Wisely
    When our hearts are open to the concept of helping others, do so wisely. Make sure your own affairs are in order and then feel free to help those less fortunate.... more
  • Crowdfunding Real Estate?
    Whether it's real estate or life insurance, you're going to have questions. Both are important things to gain knowledge on from as many sources as possible.... more
  • How Late is Too Late?
    Whether it's real estate or life insurance, you're going to have questions. Both are important things to gain knowledge on from as many sources as possible.... more
  • Ethics and Integrity
    There's nothing wrong with learning all you can from other companies to open your own. Just be sure not to cross the line with what you bring over to your table.... more
  • Don't Compromise Your Emergency Fund
    Always try to avoid dipping into your emergency fund whenever possible. Your emergency fund tends to keep emergencies away. When it's not there, an emergency is bound to hit.... more
  • Do the Manly Thing
    When in debt, your overtime pay doesn't give you free rein to spend your extra wages on fun. Prioritize your needs first and then if there's a little extra you can justify a small treat.... more
  • Teens and Checkbooks
    When teaching kids about finances, start small and have them prove they are able to take over the control of their money.... more
  • Why the Smallest Debt First?
    Dave discusses why to tackle the smallest debt first when following the debt baby steps.... more
  • Roth Over Pension
    Whether it's deciding to get pensions or IRAs, or how to break bad habits and pay off your debt, we can all benefit from professional advice. Seeking professional advice will put you on the right path and answer all of your questions.... more
  • You Skipped One
    A fully funded emergency fund is extremely important to have because unexpected emergencies never seems to happen at the right time.... more
  • It Doesn't Have to be a Deal Breaker
    When furthering your education, consider the amount of already accumulated debt you have and then decide if you want to add to that or find a plan that can start alleviating some of it.... more
  • Collections and Creditors Question
    Once a debt has been turned over to collections your credit damage is already done. Come to an agreement with the collection agency and start paying off what you owe as quickly as possible.... more
  • Get Rid of the Cards
    It's always wiser to choose debit over credit when given the choice. Debit transactions are more likely to keep you out of the debt credit cards tend to suck you into. Are the rewards points really worth the risk?... more
  • No Magic Number
    If you have reached a point in your business that you are considering changing to an LLC, make sure the processing and filing fees are worth the switch at that time.... more
  • Beware of Overspending at Warehouse Clubs
    Warehouse clubs can be a great place for bargains but be careful not to get too much of a good thing.... more
  • Not Ready for a House
    A choice of whether to get a secured credit card or not towards building credit?... more
  • What Will Won't Work?
    In life there are a lot of choices you have to make and you have to be smart about them. Whether it is how your will is going to be done or building credit and buying a house, it can be confusing. Seeking professional and legal help for...... more
  • His Wife's Final Gift
    When given some devastating news, don't give up hope, continue to have faith and focus on making the best with what you have.... more
  • IRA to Gold? Bad Idea
    You want to fund your IRA with something that has a long track record based on growth due to the performance of the companies involved, not something like gold that is very volatile once the economy picks up.... more
  • Wife Wins
    When the rules of paying off debt from smallest to largest don't apply you should knock out the one with the highest interest rate first.... more
  • The Teacher was Wrong
    Dave advises student about credit rating and savings required to buy a home.... more
  • Dying Car or Kill the Student Loan?
    Dave responds to question of paying off student loan debt with savings or purchasing a newer car to replace junky old one.... more
  • Dissolve the LLC?
    If the operating costs of an LLC don't outweigh the income it receives it would be beneficial to leave it open.... more
  • Cash is a Better Security Blanket
    Instead of keeping credit cards on hand as a security blanket try to put away enough cash for your emergency fund and access it through a debit card.... more
  • Dave's Take on Layaway
    Law away programs should not be something you make a habit of using. If you don't have the cash for it then you can't afford it. Save up for something and get it when you have the funds available.... more
  • Trashing Your Truck
    It's never a good idea to drain your family's finances to purchase a work vehicle that will inevitably get destroyed by its daily use.... more
  • You're Using It Wrong
    Debit works the same as credit without having to input your PIN.... more
  • Jobs From Home?
    No matter what problems you are facing in your life, there are solutions for all of them. Reaching out to more than one person to help you figure out what should be done is a smart choice.... more
  • Run From That Guy
    Don't switch your 401(k) to a hybrid annuity. There is less cost involved in a 401(k) compared to annuity. Both do the same job protecting your money from taxes as your money grows.... more
  • Helping Dad
    If someone has a history of financial irresponsibility then by helping them get out of a debt is only enabling their poor choices and keeping the pattern going.... more
  • Cash Flow School?
    In lieu of taking on more debt in order to pay for school try to start paying for future tuition in cash and work on eliminating your current debt as quickly as possible. This will ease your debt payments down the road and free you up of any...... more
  • Why Save Before Paying Off the Mortgage?
    Your home is more of an asset than a liability. An emergency fund and a retirement savings are important to have prior to paying off your mortgage. Once those things are accumulated then work towards paying off your mortgage.... more
  • Get Yourself Out of It
    When one, or both, partners in a marriage gets themselves into financial trouble you have to work together, as a unit, to figure out a solution. You have to have communication, unity and shared goals in order to work together to clear up the mess and to avoid...... more
  • Newlyweds Buy House the First Year?
    Newlyweds should spend the first year of marriage getting to know each other better and adjust to being a married couple. Take this time to get better acquainted both emotionally and financially and worry about the house hunting later on.... more
  • Kicked Out, Starting Out
    If you're in a tough situation and your just starting out you need to financially cover the basics, such as food, shelter and transportation, before looking to the future. Once the basics are covered you can venture on to bigger and better things.... more
  • Don't Touch the 401(k)
    Withdrawing from your 401(k) to cover credit card debt is not a good idea. You will be hit with penalties and lose out on potential interest that would have been earned. Instead, scrimp and save, maybe even take on a part-time job if needed, and knock out your...... more
  • Did Dad Do Her Wrong?
    Borrowing money from, or loaning money to, a family member or friend can easily lead to hard feelings, anger, and disappointment. Be leery when you intend to mix money and family/friends.... more
  • Paying Cash Doesn't Make it Smart
    When it comes to a Tiny House there is no track record that tells us what kind of resale these types of homes have. This aspect alone can make it a bad financial move.... more
  • Mother is 95 Years Old; Where Should Retirement Go?
    When an elderly person already has their money accounted for it may be better to just leave things as is and not upset them with financial change. Even if they could be getting more with a different type of investment. If they have obtained financial peace don't rock...... more
  • Accounting 101
    Regardless of the size of your company you should always keep your business and personal finances separate so you can accurately see what is going on with your business' finances. In order to figure out your profit you will use a simple equation...Revenue - expenses = your profit.... more
  • Young, Jobless, and Scared
    In the wake of an unexpected job loss, when you don't have any savings to draw from, you do anything and everything to earn some extra money and stay afloat. Then prioritize your debt and go from there. Sacrifices are needed to regain a solid financial footing.... more
  • Travel Medical Insurance?
    When traveling, check with your current medical insurance provider to see if you will be covered under your current policy during your travels. Don't fall into the trap of buying additional travel medical insurance if you don't need it.... more
  • He Set You Up
    When looking to buy a new toy be sure you can pay for it in cash. Items that are not necessities should never be financed and you should never owe any more money on it once you drive it out of the showroom.... more
  • You Can't Just Cruise
    When paying off your debt it's so important to stand up to temptations and avoid getting yourself into further unnecessary debt.... more
  • Be Professional
    When leaving a job position, it's always best to leave on good terms. There is never a need to burn a bridge if it isn't necessary. Always be professional, honest and upfront.... more
  • Retained Earnings Are a Must
    In the business world, retained earnings is equal to an emergency fund for your personal finances. It doesn't have to be a big percentage, but you should be setting money aside every month for the company.... more
  • How Much is Too Much For a Wedding?
    When planning a wedding, it's always wise to compare your debt to income ratio. The more debt you have in relation to your income, the smaller your wedding expenses should be. After all, it's not the size of the wedding that will make a good marriage. It's the...... more
  • Adjustable Rate Mortgage
    Adjustable rate mortgages transfer risk to the consumer, and puts the homebuyer in a position where they're at the mercy of the markets when it comes to the amount of their mortgage payments. This factor is definitely something to be aware of when planning on obtaining a mortgage.... more
  • Rental Runaround
    Don't take a chance on wrecking your total money makeover by running out to get a credit card for something silly. Before processing a transaction, double check that they accept the tender you are planning to pay with. If not, find someone who does.... more
  • Buy the car?
    With all the right savings plans in place, retirement, emergency fund and a nest egg, you should allow yourself to splurge on something reasonable here and there. As long as you continue on the right track, enjoy your splurge. You deserve it.... more
  • Learning and Living
    When you are left to make all the financial decisions you should be knowledgeable when doing so. Find the right person to teach you as much as possible so you are able to make the best financial decisions for yourself.... more
  • What is a Money Market Account?
    Money markets are short-term financial instruments that pay the same or slightly more than a traditional savings account. Some are attached to mutual fund companies that allow you to buy right into the money markets.... more
  • Mother is Elderly; Does She Need Long-term Care Insurance?
    Upon reaching 60 years of age you should absolutely require long-term care insurance. Whether you have millions of dollars in assets or just a small nest egg you need to be covered in the case of prolonged medical care or nursing home care.... more
  • Don't Cut Your Safety Net
    When just starting your emergency fund, it is always best to start with at least $1,000. Budget yourself and save up as much as possible to accomplish the initial startup and you will feel a new sense of security.... more
  • Steps in the Process
    If you are following the Baby Step program and are looking to sell your home in the process, be sure to have a full funded emergency fund in place when doing so. Don't rely on the equity in your home to supply your emergency fund.... more
  • Use An Insurance Broker
    It is best to use an insurance broker to help find long term care coverage for an elderly person who is sickly.... more