Ask Davehttp://www.daveramsey.com/etc/askdave/index.cfm2016-10-23T03:03:01ZDave Ramseytag:daveramsey.com,2016-10-21:131606Special needs coverage2016-10-21T09:23:32ZAlicia and her husband have a special needs child. She asks if they should take advantage of the child rider on their insurance policy. Dave thinks it's a good idea in their situation and explains why.<p><b>QUESTION:</b> Alicia and her husband have a son with special needs, who had a frightening episode a few months ago. She asks Dave if it would be wise to take advantage of the inexpensive child rider on their insurance policy, since they are still two or three years away from being debt-free and having a fully funded emergency fund.</p><p><b>ANSWER:</b> Yeah, I would do that at this stage of the game. A child rider is guaranteed issue in most cases, meaning they don’t do a medical exam or they’re not going to worry about the special needs issue — most of the time. Just make sure that it is what they call “guaranteed issue,” meaning there’s no medical exam needed on him for that to be issued.</p><p>I definitely would pick that up, even if you weren’t facing the things you’re facing. We carried them on our kids for a period of time, and they were not kids with special needs and didn’t have any medical issues. We carried child riders until we had enough wealth to, God forbid, pay for funeral expenses if something had happened to one of them. </p><p>Thank you for your call, and thank you for having the heart of a mother.</p><p> </p>
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tag:daveramsey.com,2016-10-13:131585Be grateful and professional2016-10-13T09:25:19ZJT has worked at a small company for 17 years. The last time he received a raise was for just 50 cents, and that was 10 years ago. He has found a better paying job, so he asks Dave how to handle leaving a business where everyone is like family. Listen as Dave helps him out and, in the process, provides a look at both sides of the equation when a team member leaves a company.
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tag:daveramsey.com,2016-10-06:131579Insurance options?2016-10-06T11:25:57ZAnna and her husband are self-employed, and the pay almost $1,000 a month for health insurance. Dave tries to help her with other available options, but there aren't many.<p><b>QUESTION:</b> Anna and her husband areself-employed. They currently pay almost $1,000 a month for health insurance.She has heard Dave talk about the potential for rates to increase as much as 40to 60 percent next year, and she asks about other options such as just savingthe money in case of medical emergencies. </p><p><b>ANSWER: </b>You don’t want to go completelywithout insurance, because you’ll get penalized by the government. The problemis not an $8,000 kidney stone or a $1,500 bill at the emergency room for a bumpon the head and stitches. The problem is a cancer hit that’s $750,000.</p><p>You can go with an HSA-type of plan within the exchanges.Another thing you could look at is one of the medical sharing programs througha Christian organization such as Christian Healthcare Ministries. Of course, ifyou’re not a Christian and the religious ties bother you — and it’s really morethan a tie, it’s a requirement — then it would be hard to be part of that andstill be truthful.</p><p>If you could go with a higher deductible, HSA-type plan,hopefully it would help keep your premiums down. But this is what Obamacare hasdone to independent people like you and me who are self-employed. It’s justdestroying small group plans, and I guess that was their intent. I guess theywanted to put those companies out of business, so that the government couldtake it over.</p>
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tag:daveramsey.com,2016-10-04:131576Maximum investing2016-10-04T09:08:45ZDave gives a quick primer in mutual fund investing. <p><b>QUESTION:</b> José follows Dave on Twitter. He asks if there is a maximum amount that should be invested in a single mutual fund. Dave gives him a quick primer on mutual fund investing. </p><p><b>ANSWER:</b> I suggest that you do your investing equally across four types of mutual funds. Those categories are growth, growth and income, aggressive growth, and international. So that would be 25 percent in each type.</p><p>I probably wouldn’t go as high as $25 million in each one, but until you have over $10 million I really wouldn’t worry about it much. If you want to spread out some and have a couple of families of funds, that’s fine. I only have about three families of funds, so I don’t spread it out that much. And I own less than 20 mutual funds, maybe even less than 10, but with substantial money in each one.</p><p> </p>
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tag:daveramsey.com,2016-09-30:131565Micro investing apps?2016-09-30T00:00:00ZTammy asks Dave what he thinks about micro investing apps. He advises her to think big when it comes to investing.<p><b>QUESTION:</b> Tammy asks Dave what he thinks of micro investing apps. As you might expect, Dave is not a fan. He says when it comes to investing, you should go big or go home. </p><p><b>ANSWER:</b> Micro investing will create micro results. The word “micro” means small, so why are we messing with this? Who wants small? Are you going to have a micro retirement? Do you want to be micro wealthy? I don’t. I want to be really wealthy with a big retirement and a big life. With micro, you get nothing, you know?</p><p>If you want to do that, it’s fine, but it’s the same kind of thing where people say you get 1 percent back. So, you spend $100,000 in order to get $1,000 in brownie points. It’s the same thing. You can round up your Starbuck’s purchase by a nickel for the rest of your life, and then you’ll have a handful of nickels. If you want to do it, that’s okay. But if that’s your only plan, you should prepare to be hungry at retirement.</p><p>You’ve got to do more than micro, because micro means what it says — small. I guess you could argue that at least you’re doing something, but then you take up your time and brainpower to do all that stuff. Why not go big? Go big or go home!</p><p> </p>
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tag:daveramsey.com,2016-09-21:131533Accounting 1012016-09-21T10:28:30ZBrittany has just started her own business, and she wants to know how to determine profits. Dave has the answer, plus a little good advice, for the budding entrepreneur.<p><b>QUESTION:</b> Brittany follows Dave on Twitter, and she has a small business question. She asks how to determine her profits as the owner and only employee of a small business. Dave gives her the simple answer, along with a little extra advice. </p><p><b>ANSWER:</b> Your income minus your outgo is profit. What you take in minus your expenses equals profit. Period. This is regardless of how many employees you have or how big your business is. It’s that simple. What you take in minus your expenses — your revenues minus expenses — is profit. That’s a basic, Accounting 101 definition of profit.</p><p>You also need a separate checking account for your business. That’s the way to tell what’s going on. When you co-mingle it with grocery money and things like that, you can’t keep up with what’s happening with your business.</p><p> </p>
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tag:daveramsey.com,2016-09-07:131509Insurance info2016-09-07T10:05:22ZCynthia has questions about an index universal life policy with death benefits. She knows Dave prefers term life insurance, so she asks if she should keep her current policy. Dave says no, explains why, and, in the process, gives Cynthia an in-depth look into why some insurance policies are bad products.
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tag:daveramsey.com,2016-09-06:131507Cash flow grad school?2016-09-06T11:55:43ZDan is in grad school. He and his wife have a good income and little debt. He asks Dave if cash flowing school from here on out is a good plan. Dave loves the idea, and he gives Dan a few pointers for making things work.<p><b>QUESTION:</b> Dan in Tampa, FL, has a lot going on. He and his wife are on Baby Step 2, and he’s in graduate school while working full-time. They’re trying to cash flow his education from this point forward after previously taking out student loans. Their household income is $90,000 a year, and they have a car payment, so Dan asks Dave if they’re taking the correct approach.</p><p><b>ANSWER:</b> Lay your finances out, and run the idea of what tuition and school are going to cost between now and when you graduate. Your first goal is to do no more harm, meaning that you graduate and finish this degree without taking on any more debt. </p><p>I think beyond that, and I don’t know what you’re paying for the school, you should have some money beyond that to work your debt snowball. Don’t beef up the payments on your debt so heavily that you use up the money that you need for tuition. Getting though school will slow down your debt snowball somewhat. So don’t get so excited and gazelle intense about paying off your debts that you pay down so heavily on the car that you turn around and have to borrow for tuition.</p><p>First goal is to finish school without any additional debt. The second goal is to throw whatever else you can scrape up at the debt. Yeah, I’d definitely do that. It’ll work for you. Congratulations! That’s really neat. Very good idea.</p><p> </p>
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tag:daveramsey.com,2016-09-01:131501Travel medical insurance?2016-09-01T09:32:21ZTim and his bride-to-be are planning a honeymoon cruise. He asks Dave if it would be a good idea to purchase travel medical insurance. Dave advises them to first check into the details of their current coverage.<p><b>QUESTION:</b> Tim and his fiancée are planning on a honeymoon cruise. He wants to know if it would be a good idea to purchase travel medical insurance. Dave approaches this one cautiously, but gives Tim and his bride-to-be sound advice.</p><p><b>ANSWER:</b> I don’t know why your regular health insurance wouldn’t cover you, except that you might be out of the country for part of the trip. Find out what your normal medical health insurance covers, as far as out of network and those kinds of things. </p><p>Most of the time, for instance if you’re doing a Caribbean cruise, most of the out-of-network stuff will work there — but double-check on that. I have never bought travel medical insurance, and we’ve gone on two cruises this year. </p><p>Normally, I would say travel medical insurance falls into the gimmick category. But if you’re concerned about it, the best thing to do is check with your current coverage, see what you’ve got, and compare that to what you think might be your risk.</p><p> </p>
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tag:daveramsey.com,2016-08-17:131485Sold Dave three timeshares?2016-08-17T10:23:46ZJeremy calls in to tell a story of how he recently sat through a timeshare pitch given by Dave's personal financial advisor. On top of that, the "advisor" said he sold Dave three timeshares in the past. Dave gets a good laugh out of this one, sets the record straight, and in the process makes his feelings about timeshares perfectly clear.
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