Competency and Integrity Dear Dave, I’ve always heard that you shouldn’t ask a family member to be the executor of your will. What are your feelings about this? —Joyce Dear Joyce, I don’t necessarily agree with this line of thinking. In my mind, a family member who is competent and has integrity can definitely be the…
Condos Are Fine, But Do Your Research Dear Dave, I know when it comes to investing you like mutual funds and paid-for real estate. What do you think about using condominiums as investment properties instead of single-family homes? —Jason Dear Jason, I don’t really have a problem with condos as paid-for investments. I own a couple…
Loan Converts to Scholarship Dear Dave, I’m a senior in high school here in Arkansas, and I think I want to study business in college. I’ve gotten an unusual offer from a small, out-of-state school. It revolves around a $3,000 student loan program, where the loan converts to a scholarship if I maintain a grade…
Selling Sentimental Stuff Dear Dave, How do you decide whether or not to sell collectible memorabilia when you’re getting out of debt? —William Dear William, In most cases, there’s a pretty wide spectrum of emotional involvement when it comes to this sort of stuff. I mean, there’s a big difference between having a baseball signed by…
Planning for College Dear Dave, We have two daughters, and we’ve started thinking about financial planning for college. What are the differences between an Education Savings Account and a 529 plan? —John Dear John, I’m glad you’re thinking ahead and planning for the future. Here’s a quick overview of the two. The Education Savings Account (ESA)…
No Arguments Dear Dave, My dad and I have been having arguments over real estate and money. My wife and I are 33, and we have a rental property. We were trying to decide whether or not to sell the rental in order to pay down on our home. My dad has been very vocal…
Is it six months of paychecks? Dear Dave, Do I set aside six months’ worth of paychecks or the amount of my bills for six months when it’s time to save up my fully funded emergency fund? —Steve Dear Steve, In my plan, Baby Step 3 is when I advise people to save up three to…
Talk to Mom and Dad Dear Dave, My boyfriend is wondering if he should buy life insurance for his mom and dad. They’re both in their seventies, and they’re no longer married to each other. His mom is disabled and remarried, and she doesn’t have any life insurance coverage. The only coverage his dad may…
Should Retirees Move Investments to a CD? Dear Dave, My wife and I are in our early 70s, and we’re retired. We have about $136,000 in corporate bonds and $200,000 in mutual funds. Considering our age, should we move the investments into a CD? —Kurt Dear Kurt, There’s always a chance you’ll lose money if you…
Ethical Dilemma Dear Dave, I work an extra job part-time for a retail store chain while I’m getting out of debt. I like my job, except for having to pitch the store’s credit card to customers. Like you, I believe debt is a bad thing. Still, my bosses are putting more and more pressure on…
