021015_YKMV_A2.pdf
February 10, 2015 • Page 2
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Dave Says
Generating Passive Income
BY DAVE RAMSEY
Mabel Adams was out
the other day, with her new
walker, the one with the basket on it, and a seat for sitting when she gets tired? It’s
a purple kind of walker and
she likes it. It has hand
brakes, too, just like a bicycle. She was headed for the
Curl Up ‘N Dye beauty salon
to get her permanent
renewed, and she had to
pass by the elementary
school on her way.
And there were half a
dozen kids trying to get kites
to fly in the gentle breezes of
February.
They can’t wait, she
thought, for the stronger
winds of March. They’ll run
and the kites will billow up
behind them, but they’ll
have to stop short of the
chain link fence, and the
kites will flutter down like
spent butterflies. She could
read their minds, of course.
Hey, maybe if I run faster …
Mabel smiled and shook her
head.
Can’t wait for March.
Childhood is like that. It’s a
can’t-wait time. When you’re
eight years old, time crawls
by so very slowly. It takes
forever to become eight and
a half. Lifetimes. Why, when
you’re eight, and you finally
make it to eight and a half,
you’ve accumulated a wealth
of learning and experience in
Presidents Day Sale
Day S l
Da
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2012 Chevy Malibu 2LT, leather, white, 45,000 miles ....... $12,800
L
2012 Ford Fusion SEL, leather, V6..................................... $12,500
2011 Chevy Impala LT, moon roof, leather, remote start .... $13,900
2009 Chevy Cobalt LT, red, 2dr, 80,000 miles
miles..................... $5,950
2007 Chevy Trailblazer LT, 4x4, loaded, moon roof ............ $10,900
a
2007 Pontiac G6, moon roof, V6, gray, aluminum wheels ......$6,995
2005 Chevy Uplander Van, all wheel drive, quad seating ......$6,950
a
Dear Dave,
I’ve been following your plan,
and I’d like to find
those six months. Well, in
a way to make a
those five months, anyway,
little more money
because you can’t wait for
on the side. Do
six months, so you declare
you’re eight and a half at five you have any
ideas for generatmonths.
ing some passive
Push it. Hurry up. Make
income?
the winds of Spring come
Dave
sooner. Won’t I ever be eight
—
and three quarters? Will my
Taiwan
birthday never come?
Dear Taiwan,
School will be out for the
First, I want to
summer in May, but by May,
make sure you’re not getting
I’ll probably be grown up.
involved with some get-richMabel waved to the kids
and they “Hi Mrs. Adams’d” quick scheme, like a nothingdown real estate seminar.
her and went back to their
“Passive income” is a term
play.
that’s sometimes attached to
If only, she thought … if
those sorts of things.
only the time went by as
Passive income is pretty
slowly for me, instead of racsimple; it’s income off of
ing along.
investments. In other words,
-----it’s money you set aside that
Brought to you by Slim
makes you money. There’s
Randles’ new book Strange
not any other income that is
Tales of Alaska, now availreal passive income.
able as a Kindle book on
If you wrote a book and
Amazon.com.
got royalties from the sales,
some people would call that
passive income. I get royalPlease Recycle When ties from the books I’ve written over the years, but the
people who would
call that “passive
income” didn’t follow me around
while I was working my tail off to
write and sell
those things. To
me, it wasn’t passive income at all;
it was a business.
Technically, the
government would
call it passive
income. But they
don’t have anything to do with
reality.
When it comes to passive
income, I only invest in two
things — real estate, for
which I pay cash, and good
growth stock mutual funds.
Active income usually takes
the form of a small business
idea or your career. That’s
income that you, yourself,
are literally creating.
But that’s how I look at
that stuff. Some people may
have a different view on it,
but I like to keep things simple.
RAMSEY
Done Reading!
Pickup Trucks
—Dave
IT’S A SMART BUY!
Dear Dave,
I’m following your plan
and trying to find different
ways to save money. What’s
a good way to decide
whether or not you need
full-coverage insurance on
an automobile?
—Barbara
Dear Barbara,
I think you should look at
a couple of things. First, you
need full-coverage or collision if you don’t have a lot
of money, because you’ll end
up walking if the car gets
totaled. You need this coverage even if it’s a $2,000 car.
You might keep the
deductible a little high to
save on premiums and then,
if something unexpected
happens, you can cover the
out-of-pocket expense with
your emergency fund.
Let’s say you have
$50,000 in savings. You’re
driving a $5,000 car, and you
decide to drop collision coverage because you’re thinking if you total it you can
just write a check and
replace the car. You can, but
then you have to look at the
other side of the coin. What
does this collision coverage
cost per year versus the
$5,000 risk you’re taking?
I’ve run those numbers a
few times, and generally I
find collision insurance to be
a pretty smart buy!
—Dave
2011 Chevy Silverado C1500, w/t with utility topper
ra
topper.........$12,500
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ra
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ra
2008 Chevy Colorado LS, reg cab, 67,000 miles, white ....... $8,900
ra
2007 Chevy Silverado, short box, 4x4, loaded, red ...........$12,500
ra
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ra
2007 Chevy Silverado, w/t, reg cab, long box, clean .............$7,700
ra
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Please help
Anna Pinkleman
celebrate her
90th birthday on
February 15.
Cards can be
mailed to Anna at:
57040 885th Rd.
Hartington, NE
68739
———
Dave Ramsey is
America’s trusted voice on
money and business. He has
authored five New York
Times best-selling books:
Financial Peace, More Than
Enough, The Total Money
Makeover, EntreLeadership
and Smart Money Smart
Kids. The Dave Ramsey
Show is heard by more than
8.5 million listeners each
week on more than 550 radio
stations. Follow Dave on
Twitter at @DaveRamsey and
on the web at
daveramsey.com.
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