6 • AUG. 5, 2022 OPINION
bransonglobe.com
Dave Says: Help them...and help them get help
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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, I finished college a couple of years ago, and I have a good job making $65,000 a year. The only debt I have is about $5,000 remaining on a car loan, and I am paying that off as quickly as possible. At the same time, my mom
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you in a financial bind, right? I’m really proud of you for wanting to help your folks this way. I know your mom and dad work hard. And they’re obviously good people to have raised a daughter like you. But I want you to think about one thing. If you make a habit of fixing their lives without them having a hand in fixing their lives, this scenario could become a nightmare for everyone. I’d go ahead and help them, but the only way I’d do it is if they promise to let you help them address the reasons they don’t have any money—and if they agree to get financial counseling. I can tell you love your mom and dad a lot. And I’m sure they work too hard to be broke.
I’m not talking about fussing at them or shaming them, I’m talking about sitting down and having a loving discussion about the issues and what they can do to start making positive financial changes in their lives. The fact that your folks have worked their entire lives, and can’t come up with money for roof repairs on a small home, tells me something’s wrong. The fact that they don’t have any money is the symptom. The problem is they’ve made poor decisions and mishandled the dollars they earned. Even if you don’t make a lot, you can still have a little cash set aside for emergencies if you manage it well. -Dave
Stock Market Insights: Almost, but not quite
KIM CHAPPELL Ad Designer gabbydor210@gmail.com
MARK FEDER
and dad need repairs on their small house, and I am not sure they can afford to fix things. They both work hard, but they don’t make a lot of money. Plus, they have some debt. I have enough saved to pay for fixing their roof, with plenty left over. What do you think about the idea of pausing paying off my car to help them? -Samantha Dear Samantha, You’re a caring young lady with a great heart, who’s also making good money. There’s no reason you can’t do both things. Help your mom and dad with the roof, then turn around and finish knocking out that car payment and re-build your savings. From what you’ve said, it won’t put
BY DR. RICHARD L. BAKER, AIF® Founder & Senior Wealth Advisor at Steadfast Wealth Management
B
all two!” That hacked off my daughter who was pitching. She had great control
and camped out in the “river” which is the black outline of home plate. The umpire wasn’t giving her the “river” as a strike and she was none too pleased. She didn’t say anything but the ump knew she disagreed. He hollered out to her, “It was almost, but not quite.” So are we in a recession? I think almost, but not quite. The Commerce Department announced on July 28 that the U.S. Gross Domestic Product (GDP) was negative for the second consecutive three-month period which technically meets the
criteria for a recession. The two quarters in a row is a popular rule of thumb for a recession, but that doesn’t make it official. It’s the National Bureau of Economic Research (NBER), that officially announces whether we’re in a recession or not and it usually takes them a year to decide. The two consecutive negative quarters are important in determining a recession, but other economic data must point to a recession, too. For example, there must be high unemployment, falling
income, and slowing retail sales. I don’t think we are in a recession because the U.S. unemployment and consumer spending, which is two-thirds of GDP, stayed strong in the first half of 2022. I do think our economy is slowing and the higher interest rates are forcing consumers and businesses to slow their spending. This is exactly what the Federal Reserve has been trying to do, slow down the economy to slow down inflation.
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