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Dave Ramsey

Your Bank's Advice Isn't Always Right

Dear Dave,I want to roll over a 401(k), and my bank is encouraging me to roll it over to fixed annuities. Is this a good investment?-JohnDear John,More times than not, when you go to a bank for investment advice , what you'll get in the bargain is bad advice. And that's the case here.I'd move toward a traditional IRA, in a series of good growth stock mutual funds. Put it across four types of accounts: growth, growth and income, aggressive growth and international. What you're looking for, John, is a great track record for your investments. You want a track record so ridiculously good that it gives you a great sense of comfort, even though there's no guarantee of what's to come. And there are mutual funds out there that can do just that for you. I own one that's over 70 years old, and it has averaged nearly 12 percent over that time.Lots of people talk in "what ifs" when it comes to investing. Well, you can play that little game all day. But if the economy goes completely down the tubes...

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  1. Not all Financial Decisions Should be Based Exclusively on Math

    Dear Dave,I went to medical school, and now I have $70,000 in debt. I just started a three-year residency making about $50,000 a year, while my wife makes $40,000. T...

  2. Enough's Enough: It's Time to Get Your Credit Life in Order

    Dear Dave,How can I get credit card companies to stop sending us preapproved offers? My wife continues to sign up for these, and now we have $40,000 in credit card d...

  3. Here's How Much You Need to Make to Afford a New Car

    Dear Dave,I've heard you say many times you shouldn't buy a brand-new car unless you have a net worth of $1 million. What's so special about a million dollars?Angela...

  4. Never Give Debt Collectors Access to This

    Dear Dave,I've heard you say to never give collectors access to your checking account. Does that include payments with a debit card too?SusanDear Susan,Absolutely! I...

  5. Gov't Debt Priority in Setting up Repayments

    Dear Dave,My husband has his own business installing windows. As a result, we now have IRS and state tax debt. We're managing the payments, but where should these de...

  6. Stossel 01/09/2014: Equality vs. Liberty

    Is it unfair that some people make more money than others? Stossel looks at the issue of income inequality

  7. Bonds are Safe, Right?

    Dear Dave,My husband works construction, so we barely scrape by during the winter months. Should we build an emergency fund for the slow times?-CathyDear Cathy,I thi...

  8. Paying Off College Debt: Is Something Better than Nothing?

    Dear Dave,My wife and I are working the Baby Steps, and we have our budget in place. Sometimes the budget gets busted because of home improvements and various other ...

  9. How to Handle a Child Bringing Home a Paycheck

    Dear Dave,I live in Los Angeles, and my daughter makes $3,000 to $5,000 a month modeling. I don't want her to become spoiled by this job and the income, and I need a...

  10. Is it Safe to Keep My Savings Online?

    Dear Dave,My wife and I have $15,000 in debt left to pay off. We bring home around $32,000 a year, and we usually spend $250 to $300 on Christmas. I started talking ...

  11. Paying Off the House vs. Growing Savings

    Dear Dave,What would you recommend for 401(k) contributions while getting out of debt?-ChazDear Chaz,I recommend putting a temporary stop to  investing  while you're...

  12. How to Know You're Ready to Buy a Home

    Dear Dave,I'm in the military, and my wife and I have $13,000 in the bank along with $35,000 in a Roth IRA. We also have no debt, and we put $3,500 into our savings ...

  1. Spending Habits: Are You Being Generous or Foolish?

    Dear Dave,My husband and I are debt-free, and we have several hundred thousand dollars in savings. We pay for our children and grandchildren to visit during Christma...

  2. Considering a Career Change? Look before You Leap

    Dear Dave,My wife and I are debt-free except for our home. She travels one week per month and charges her expenses to a personal credit card for reimbursement later....

  3. No, Credit Cards are Not Evil

    A little over a month ago, my husband and I were getting ready for a five-night trip to Jamaica. And as usual, we went to great lengths to budget for anything and ev...

  4. Don't be too Scared to Change Your Budget

    Dear Dave,I recently got a new job that will increase my income by $20,000 a year. I've got $65,000 in debt, and I'm trying to pay it off, so I know I need to adjust...

  5. Is Land a Good Investment?

    Dear Dave,My in-laws have lots of debt. In fact, they're always joking that the debt they'll leave us is more than the inheritance. How will this affect my wife and ...

  6. What Happens to College Savings if Kid Gets Scholarship?

    Dear Dave,How do you feel about gambling at a casino, as long as you limit your spending and don't expect to win big money?BrianDear Brian,I don't really have a mora...

  7. My 6 Year Old Saved $400, Should I Control How He Spends It?

    Dear Dave,I know you hate payday loan companies. Do you feel the same way about check-cashing companies?BrianDear Brian,Check-cashing companies are not a good deal, ...

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