November 7, 2017 • Page 2 shop online at www.missourivalleyshopper.com Dave Says Rental Properties? Baby Step 6 Step 6 is where you pay off your home, including any rental properties that weren’t already paid for in cash, and Baby Step 7 is when you relax, build wealth, and Dave give. If it were me, I would pay off my primary home before taking care of the rental properties. That’s simply a risk management perspective. However, if you owe just $20,000 on your rental property but still have a $3 million mortgage on your residence, you might go ahead and quickly knock out the rental property first. Hope this helps! —Dave BY DAVE RAMSEY Dear Dave, I have a rental property that I still owe some money on, and I’ve just begun Baby Step 2 of your plan. Should rental property debt be included in the debt snowball? —Matt Dear Matt, No, it shouldn’t. Baby Step 2 of my plan is where you use the debt snowball to pay off all debt — from smallest to largest — except for your home. This, of course, comes after Baby Step 1, in which you save up $1,000 for a beginner emergency fund. I would include rental properties in the “home” category, and I urge people to get serious about paying off their homes a little further down the road in Baby Step 6. To fill in the gaps, Baby Step 3 is going back and fully funding your emergency fund with three to six months of expenses. Baby Step 4 is investing 15 percent of your household income in Roth IRAs and other pre-tax retirement plans, and Baby Step 5 means setting aside college money for the kids. Baby RAMSEY BUDGETING FOR TAXES Dear Dave, I recently started my own business, and I know I’m supposed to pay taxes quarterly. How do I budget for those, and how much do I save? —McKenzie Dear McKenzie, You should always establish a separate checking account when you open a business. All your business income, and nothing else, should go directly into that account. Nothing else goes in or out of that account except for business expenses. What you have left, by definition, is profit. When you take that home, set aside 25 percent for your federal, quarterly estimates. In most cases — especially with a small, start-up business — that will put you pretty close to what you’ll need. If you make more than $60,000 to $70,000 in profits, however, you may want to kick that percentage up a little bit. It’s always better to save too much than too little. Best of luck, McKenzie! —Dave Dave Ramsey is CEO of Ramsey Solutions. He has authored seven bestselling books, including The Total Money Makeover. The Dave Ramsey Show is heard by more than 13 million listeners each week on 585 radio stations and multiple digital platforms. Follow Dave on the web at daveramsey.com and on Twitter at @DaveRamsey. MV Shopper CLASSIFIEDS M I S S O U R I VA L L EY Dining & Entertainment Ran into Herb Collins the other day down by the school. He volunteers there, from time to time, helping kids with their math homework, and trying to recruit future members of The Great World of Business. He loved business, back in the days when he lived in the city and ran the pawn shop. For years now, ever since he hung up his jeweler’s loupe, he’s told us that there was an excitement to making the right deal. “It has to be right for the customer and for me, or it isn’t right at all,” Herb always says. “You can do that and make several people happy and earn a living. There’s no need to take unfair advantage of someone just to earn a living.” Our little town is a bit tame after city life, but it’s Herb’s wife’s home town and she wanted to come back here to live after he retired. So Herb turned to helping kids understand how wonderful business can be. He’s advised kids on the most effective way of delivering newspapers on their bicycles, he’s suggested advertising gimmicks for kids with summer lemonade stands, and he’s helped several boys market their skills with a lawn mower. You can take the man out of the business, I guess, but it’s hard to take the business out of the man. So after the shaking hands and the how-are-yous, we talked about kids and business, and the new crop of youngsters coming up this year. I couldn’t help thinking ol’ Herb might jump at the chance to dive back in the world of commerce again, but he disabused me of that right away. “All through with that,” he said, shaking his head. “I was a successful businessman and now I’m successfully retired.” Successfully retired? “That’s right,” he grinned. “I have a wife and a television set, and they both work.” Daugaard Administration Launches State Response Website PIERRE, S.D. – Gov. Dennis Daugaard today announced the launch of SDResponse.gov to provide the public with real-time information during severe weather and disaster situations. The Governor encourages South Dakotans to utilize the new website in times of emergency and follow the corresponding @SoDakResponds Twitter and Facebook accounts. “South Dakotans need to have access to up-to-date information in order to make the best decisions during To place your ad call... times of disaster and inclement weather. With that intent in mind, we created SDResponse.gov to be a one-stop public safety response site just in time for the winter Seeking 40 acreS for season,” Gov. Daugaard said. Soccer complex development SDResponse.gov houses material from multiple state ed soccer park i agencies and outside response entities. The website curcity-owne 40 acres availasbup for sale. Our ou hav le within rently includes information on drought, fire and winter If y ton, ple les of Yank h Soccerase contact the weather, and the tabs will rotate depending upon the sea3 mi ton Yout Association . Yank son and what is occurring in the state. The website also i Loest, Cher Treasurer includes an archive where 665-4478 information from emergenAUTO cies dating back to 2011 are stored. 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