April 8, 2014 • Page 2 shop online at www.missourivalleyshopper.com Dave Says Don’t Play Financial Russian Roulette BY DAVE RAMSEY As a prequel to the morning coffee inhalation down at the Mule Barn coffee shop, the members of the world dilemma think tank were found at the break of day, armed with fly rods, in their other guise as charter members of the Lewis Creek Piscatorial Pursuit Alliance. “I like your presentation, Dud,” said Doc, waving his hand-tied midge through the air. A presentation is fly-fishing-speak for how you wave your line through the air and set it down on the water. “Thanks, Doc. That double-haul cast of yours is a work of beauty. Look at Steve over there. Ever see anyone pull the line out of the reel and extend his cast that well?” “Thanks,” said Steve. “But I keep watching how Doc does it and I know I’m not in the same league.” “You’re too kind,” said Doc. “I think a good part of it is just using this mayfly dry that Marvin tied for me. This thing just hangs suspended over the creek like it was a helicopter.” “I do my best,” Marvin said, casting a stonefly nymph upstream, “but we all know it isn’t the fly so much as it is the way it’s presented to the fish.” Half an hour later, they were seated and sipping at the philosophy counter at the Mule Barn. No one had caught anything that morning, but it didn’t stop them all from feeling really good about themselves. Fishing can be painlessly therapeutic. You can look it up. -----------Brought to you by A Home Country Minute with Slim Randles, coming to a television station near you. Want a sneak peek? http://www.youtube.com/wat ch?v=TMVxpRLzvVY -30Let us know any time you have a question, have too many fish in the local creek, or need anything, you know: mug shot, love advice, chocolate chip cookie. 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. I’d rather we Dave open a checking account with debit card privileges just for these expenses. What do you think? — Dustin Dear Dustin, I’ve got to say I like your idea better. The problem you’re both facing now is this: if her company ever shuts down, there’s a good chance you guys are stuck with credit card debt. Years ago I had a client who was working for a company, and he’d run up travel and business expenses on his American Express card. Like your wife’s situation, his company would then reimburse him for expenses. Then, he made a business trip to Europe, and, while he was there, his company asked him to pick up some computer equipment. The cost of the trip and equipment was about $22,000. When he returned to the office with all the computer stuff in tow, the front door was padlocked. The IRS had shut them down, and they went into bankruptcy. And guess what else? He never got the $22,000 from the company! Credit card companies don’t care about the circumstances. They want their money, period. You guys have done pretty well if you’re debt-free except for your home. But your wife is playing a game called Financial Russian Roulette, and it could backfire on you both at any time. Never take personal responsibility for company expenses. — Dave RAMSEY This is us: Slim Randles 7308 Painted Pony Trail NW Albuquerque, NM 87120 (505) 306-6009 cell homecountry8@gmail.com www.slimrandles.com www.missourivalleyshopper.com TRADING DEBT FOR A CAREER Dear Dave, I’m considering a career change and becoming a financial advisor. It would mean a 45 percent cut in salary for three to four years, and I’d have to take on debt in order to survive the cut. Is this a smart move? — Travis Dear Travis, No, it’s not. You didn’t give me a lot of details about what kind of “financial advisor” you’re thinking about becoming, but there are all kinds of people who put themselves in the category of financial advisor. A little voice in my head tells me you’re actually talking about life insurance sales. If that’s the case, then there are some things you need to understand. One, you wouldn’t be a financial advisor; you’d be an insurance salesman. And two, there’s about an 80 percent fallout in that world. Eighty percent of the people who start as insurance salesmen don’t make it in that line of work. Now, you could be making $200,000 right now. And if that were the case, you’d still be making good money while this new career takes root. Still, I’m not going to send you into debt for a career change. There’s got to be a way around that, whether it’s delivering pizzas at night or beginning your career change on a part-time basis before making the jump. Travis, I want you to live your dream. I also have no qualms about you going into the financial world if it’s what you really want to do with your life. But I’m not going to tell you it’s okay to go tens of thousands-maybe even hundreds of thousandsof dollars into debt to make it happen. Going deeply into debt to become a financial advisor sounds pretty oxymoronic to me. Doesn’t it to you? Don’t do something really dumb with money in the name of advising other people on their finances. That just seems wrong. — Dave * Dave Ramsey is America’s trusted voice on money and business. He has authored four New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover and EntreLeadership. His newest book, written with his daughter Rachel Cruze, is titled Smart Money Smart Kids. It will be released April 22nd. The Dave Ramsey Show is heard by more than 6 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com. Cleary has been building solid relationships for over 36 years for good reason — we treat our Clients like family. 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