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JAN. 19, 2024 • 3B
Dave Says...An emergency fund isn’t about instant gratification
BY DAVE RAMSEY, CEO, Ramsey Solutions, and an eight-time No. 1 national best-selling author, and host of The Ramsey Show
D
ear Dave, We’ve all our debts paid off, except for our home, and our fully fund-
ed emergency fund of six months of expenses is in place. In talking to people, it seems there are lots of different opinions as to what constitutes an emergency. What guidelines do you suggest when deciding whether to use our emergency fund? Ingrid Dear Ingrid, There are three things to ask yourself when you’re tempted to dip into your emergency fund. One, is it unexpected? Things like Christmas, birthdays and even
certain bills come around at the same time every year. If you’re not already budgeting for these things, it’s time to start. Otherwise, you might use your emergency fund for something that’s just the result of poor planning. Number two, is it absolutely necessary? Most of us think we know the difference between needs and wants, but sometimes the line gets a little blurry. If your car goes completely kaput, and you need transportation, use your emergency fund to buy some-
thing affordable and reliable you can pay cash for. But don’t dip into your emergency fund just to upgrade your good car for one with a million bells and whistles. That’s a want, not a need. And three, is it urgent? Sometimes, you have act like a grown-up. Every idea that pops into your mind isn’t unexpected, necessary or urgent. You can live that way if you want, but the result will be a quickly depleted emergency fund. Then, what’re you going to do when a real emergency
comes along? Practice the art of patience. Avoid impulse buys. Urgent things include stuff like a broken air conditioner in the middle of summer, a busted transmission or sudden, unexpected medical expenses. A big sale at Walmart? No. Concert tickets? Definitely not. That great new pair of shoes you just saw in a store window? Give me a break! Your emergency fund is about long-term security, not instant gratification. Don’t use it on a whim.
But don’t be afraid to use it when you really need to! —Dave Dave Ramsey is an eighttime national bestselling author, personal finance expert and host of The Ramsey Show. He has appeared on Good Morning America, CBS This Morning, Today, Fox News, CNN, Fox Business and many more. Since 1992, Dave has helped people take control of their money, build wealth and enhance their lives. He also serves as CEO for Ramsey Solutions.
Stock Market Insights: A fresh start for your finances
DR. RICHARD BAKER, AIF®, is the founder of and an executive wealth advisor at Fervent Wealth Management. https://www. facebook.com/Dr.RichardBaker
T
he first day back to work in January, I thought my wife had shrunk my dry-clean-only pants in the dryer. She hadn’t; I
guess I had too many peanut butter balls between Christmas and New Year’s Day. The headlines say inflation is dropping, but most Americans still feel the pinch as everyday expenses wreck their budgets. The pinch is coming from two different problems: inflation and what is called “Lifestyle Creep.” Lifestyle Creep is where a person either makes more money or receives more money (such as the pandemic stimulus) and starts making a habit of spending more money. Most Americans had extra
cash after 2020-2021 thanks to the Covid era of government stimulus and from being unable to spend money on restaurants and travel, which led to the lifestyle creeping of expenses. Taking a trip here, adding a couple of pieces of furniture there, and, of course, subscribing to a few more streaming services with their annoying monthly bill. Before we know it, inflation with our normal life expenses starts adding up, and our monthly budget is suddenly tight. The higher prices from inflation aren’t helping any.
Take buying home or car insurance, for example. Shopping for insurance has never been fun, but it’s becoming more frustrating than ever because of higher premiums and less coverage. As of November 2023, car insurance rates alone are almost 20% higher than a year ago. Both inflation and some of our spending choices have made our budgets a little tight around the middle. January is the perfect time to reassess your financial situation because you have year-end statements to study. This can help you get
a handle on where your extra money went. Total up what you spent last year on nonessential items like restaurants, vacations and streaming subscriptions. Next, nail down what you spend on essentials, like rent/mortgage payments, utilities, vehicle expenses and grocery costs. These are generally non-negotiable expenses. Look at your paycheck, compare it to these expenses, and reevaluate the nonessential expenses with what’s left. This is a judge-free zone. If you want to eat pork and
beans two nights a month so you can keep binge-watching your favorite show, I say go for it. Just do it consciously, and don’t let your bills sneak up on you and keep you from hitting your savings and investing goals. Hopefully, some of our everyday expenses will come down, and maybe TV will get easier, too. But until they do, let’s focus on the essential expenses that allow us to reach our investment goals and eat a few more salads. Have a blessed week! www.FerventWM.com
Sell smarter: Why working with a real estate agent may beat going solo
BY HEATHER TANKERSLEY, REALTOR®, provides services for residential, commercial, land and lake properties in the Branson Tri-Lakes area.
I
f you’re thinking about selling your house on your own, called “For Sale by Owner” or FSBO, there are some important things to consider. Going this route means taking on a lot of responsibilities by yourself – and that can be a bit of a headache. A recent report from the National Association of Realtors (NAR) found two of the most difficult tasks for people who sell their house on their own are getting the price right and understanding and performing paperwork. Here are just a few of the ways an agent helps with those difficult tasks. Getting the Price Right Setting the right price for your house is important when you’re trying to sell it. If you’re selling your house
on your own, two common issues can happen. For starters, you might ask for too much money (overpricing). Alternatively, you might not ask for enough (underpricing). Either can make it hard to sell your house. According to NerdWallet: “When selling a home, first impressions matter. Your house’s market debut is your first chance to attract a buyer and it’s important to get the pricing right. If your home is overpriced, you run the risk of buyers not seeing the listing. . . . But price your house too low and you could end up leaving some serious money on the table. A bargain-basement price could also turn some buyers away, as they may wonder if there are any underlying problems with the house.” To avoid these problems, it’s a good idea to team up
with a real estate agent. Real estate agents know how to figure out the perfect price because they understand the local housing market. They can use their expertise to set a price that matches what buyers are willing to pay, giving your house the best chance to impress from the start. Understanding and Performing Paperwork Selling a house involves a bunch of paperwork and legal documentation that has to be just right. There are a lot of rules and regulations to follow, making it a bit tricky for homeowners to manage everything on their own. Without a pro by your side, you could end up facing liability risks and legal complications. Real estate agents are experts in all the contracts and paperwork needed for selling a house. They know the rules and can guide you through it all, reducing the chance of mistakes that might lead to
HEATHER TANKERSLEY
Let’s connect to make the process smooth and take the stress off your plate. It’s Your Move! When you’re ready to sell too,
let’s connect. Heather Tankersley REALTOR®, ABR® Keller Williams TriLakes D: 417.332.5130 O:417.336.4999
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jan 18–21 • 6 pm & 8 pm See TWO concerts of the British rock band Queen! The first concert is their show in Montreal, November 1981, with “Under Pressure” topping the charts, following their record-breaking tour of Latin America. It was to be the only concert by Queen that was ever shot on film. The second concert is their live performance at Live Aid in 1985 with Queen’s 24 minute set in Wembley Stadium. ®
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legal problems or delays. So, instead of dealing with the growing pile of documents on your own, team up with an agent who can be your advisor, helping you avoid any legal bumps in the road. Bottom Line Selling your house is a big deal, and it can be complicated. Having a real estate agent can make a huge difference with setting the right price and managing all the details, so you can sell confidently.
O: 4173364999
Each office is independently owned and operated
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