6B • NOV. 17, 2023
YOUR MONEY
bransonglobe.com
Dave Says: Go into debt for a wedding? Nope! arships, and my wife and I make good money. We just started your plan, so when we get to Baby Step 5, saving for college, can we substitute that with saving for a wedding? Benton Dear Benton, BY DAVE RAMSEY, CEO, Ramsey I’m glad you’re thinking Solutions, and an eight-time No. ahead, buddy. And I don’t 1 national best-selling author, have a problem with your and host of The Ramsey Show idea. It’s always a good plan to save for a wedding, ear Dave, Our daughter’s if you have the financial college education is pret- resources to do so. Did you know the avty much paid for already erage wedding in Amerthrough grants and schol-
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ica this year, according to Zola.com, ran around $29,000? Of course, you don’t have to pay anything close to that amount to make a wedding a beautiful and memorable occasion. Your household income, debt, savings and other factors will all play a part in how much you can legitimately afford. Sit down with your wife, crunch some numbers, and see what makes sense in your situation. Just remember to pay cash for the wedding. If you have to go
into debt to make it happen, you’re spending way too much! —Dave *** Dear Dave, My husband and I have just $12,000 to pay off before we’re debt-free. We’ve paid off almost $70,000 in debt in the last two years, and we both just turned 50. We would like to buy a house soon, but we know we need an emergency fund. It would take us over a year to build up an emergency fund, so
since we’re getting older, should we make adjustments to the Baby Steps? Debbie Dear Debbie, You’ve been making great progress, and you obviously have a good income to be able to pay off debt that quickly. But it shouldn’t take you two a year to build up an emergency fund, considering the rate at which you’ve been paying off debt. Yes, you need a fully funded emergency fund of three to six months of ex-
Stock Market Insights: Stocks on the streak!
DR. RICHARD BAKER, AIF®, is the founder of and an executive wealth advisor at Fervent Wealth Management. https://www. facebook.com/Dr.RichardBaker
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hey call him the streak!” My wife and I saw Ray Stevens sing “The Streak” in concert years ago in Branson, MO. The premise of the hilarious song is
that a man keeps streaking the town, and everyone is in an uproar. Right now, the markets are doing some fun streaks, too, but we aren’t in an uproar; we are egging them on. Stocks continue to inch higher this week on the news that the Federal Reserve has finished raising interest rates. Lower Treasury yields have also helped stocks bounce back strongly as it tries to recover losses from its threemonth correction. Stocks in the S&P 500 have risen eight consecutive days and nearly 7% since the October lows as of November 8. According
to Dow Jones Market Data, if it ends November 9 positive, it would be the first nine-day winning streak in nineteen years. The Nasdaq stock index (technology stocks), not to be outdone, was up for a ninth straight day as of November 8. The technology index closed above its October high on November 7, the first time a major stock index has reached a higher high (double peak) since July, showing positive momentum, according to Dow Jones Market Data. The negative news is that the Russell 2000 index (small-caps stocks) is still
near its low for the year, showing that the market run isn’t extending beyond the largest companies and the big tech companies. This weakness suggests that cautious investors currently prefer high-quality, profitable stocks over small companies with more potential to grow. Even though small caps continue to struggle, it looks like the rest of the stock market is gearing up for a fresh run at reaching new all-time highs. Here is what we need to see for it to be a possibility. • The S&P 500 needs to move above its October high (around 4420).
• The Russell 2000 needs to return to the 1800-point level to show broader market strength. • The U.S. Dollar also needs to weaken so U.S. companies can be competitive in selling overseas. The U.S. Dollar Index needs to stay below 106; it hovered at 105.5 on November 9. The markets seem confident that the Fed has finished its rate-hiking cycle. If rates continue to pause and the dollar continues to soften along with the normal end-of-the-year seasonal market strength, it may provide a more enjoyable
penses set aside before you start saving a down payment for a home. Maybe in your case, you could lean a little more toward the three-month side with your emergency fund. Then, after you’re all moved in, you could revisit the emergency fund and beef it up to six months. Fifty isn’t old, Debbie. Just stay on course and stick with the plan. You two have plenty of time to get your finances in order and find a great home! —Dave
market experience closing out the year. “The Streak” was released in February 1974 during the then-popular craze of streaking. It was such a craze that nearly 40 other songs about streaking came out during that period. In Stevens’ song, a reporter is interviewing a man who tried to warn his wife with “Don’t look, Ethel,” but is always too late. In the end, Ethel gets in on the fun and streaks, too. I hope, like Ethel, the rest of the stock market gets in on the streaking fun. Have a blessed week! www.FerventWM.com
Volunteers needed for Volunteer Income Tax Assistance Program in Taney County Submitted to Branson Globe University of Missouri Extension is looking for volunteers to provide free tax help for the 2024 tax season (2023 tax year) in Taney County. Become a tax volunteer and make a difference in your community. Jody LeMaster, Taney County VITA site coordinator, says, “Last year we helped over 1,000 folks in
our area with their federal and state taxes. The more volunteers we have, the more people we can serve; the more we can serve, the more likely we will be able to receive grant funds to keep the program going” The IRS sponsors the Volunteer Income Tax Assistance (VITA) Program. This program offers free tax help across the country for
people with low-to-moderate incomes. Here are six good reasons why you should consider becoming a VITA volunteer: • Flexible hours. We ask volunteers to serve an average of four to six hours per week. Our program is usually open from the end of January through the tax filing deadline in April.
• VITA sites are in Branson and Forsyth and need your help. • No prior experience needed. You will receive specialized training and can serve in a variety of roles. • Free tax law training and materials. Learn how to prepare basic tax returns and learn about all the tax deductions and credits that benefit eligible taxpayers.
User friendly program provided by the IRS. • Continuing education credits for tax pros. Enrolled agents and non-credentialed tax return preparers can earn credits when volunteering as a VITA quality reviewer or tax return preparer. • There is always a site coordinator on hand to answer questions.
As a volunteer, you will join a program that helps millions of people nationwide file tax returns at no charge for more than 40 years. Your help will make a difference. It is people helping people. It is that simple. To find out more, call the University of Missouri Taney County Extension office at 417-546-4431 or email taneyco@missouri.edu.
