February 11, 2020 • Page 2 Dave Says shop online at www.missourivalleyshopper.com Tighten Up! Dear Dave, I’m beginning to think we got in over our heads with our house. My wife and I make about $125,000 a year combined, but we’ve never been able to put anything aside for an emergency fund. Our mortgage payment is 35 percent of our take home pay each month. We have two young children, so we eat out a lot, but we have no debt other than our house. Do you think we should refinance our home? Jeff “This is ‘bout the best time of year,” said Steve, “to get out and do something fun, like go to a rodeo.” “Awful cold out there right now, Steve,” said Doc, who Dear Dave, has more degrees than a thermometer. “I guess it’s a good I have around $15,000 in a Roth IRA. I just recently thing they have all those building rodeos these days.” started studying your advice, and I was wondering if it “Well, that would take all the sport out of it, wouldn’t would be a good idea to cash it out and put the money it?” Steve said. “Dud, pass the sugar please.” toward debt. Dud passed the sugar. “Don’t know what you mean, Sarah Steve. Why would it take all the sport out of rodeo if the folks in the stands were comfortable?” Dear Sarah, “Cold factor,” he said. I teach people to stop investing temporarily while Dave “What?” they attack their debt. So, I wouldn’t add anything to it Now Steve was our resident cowboy here at the Mule at this point, but the worst thing you could do is cash it Barn truck stop’s philosophy counter. He still worked on out. If you do, taxes and penalties will steal a huge chunk ranches and lived in bunkhouses and saddled his horses of that cash. The only time I take money out of a retireDear Jeff, one at a time, but his rodeo days were far behind him. It’s ment account to pay off debt is to avoid bankruptcy or You two are making good money, and you’re debta sport with a very short career … one way or another. foreclosure. free except for your home. You can’t tighten up your “You see,” Steve said, “when it’s cold, the rough stock Start working the Baby Steps from the beginning. budget enough to save up an emergency fund? Stay out bucks harder … ‘specially the broncs. Not sure why, but Baby Step 1 is saving up $1,000 for a starter emergency of restaurants, dude! There’s no law stating you have you can see it even with broke horses. On a cold morning, fund. Baby Step 2 is paying off all debts from smallest to to eat out a lot just because there are kids in the house. they’re liable to hump their backs and hop a few times just largest, except for your home, using the debt snowball I mean, you’ve got no emergency fund. That’s a pretty for fun, or to shake out the kinks. Same with rodeo broncs. method. This will free up a ton of money! Then you’re basic thing. With them, I think it’s just more fun, though.” ready for Baby Step 3, which is increasing your beginner You guys need to get on a written, detailed plan, and “Well, I can see where watching broncs in cold weather start hitting your goals. I’m talking about a strict, month- emergency fund to a fully-loaded emergency fund of three would make it more fun to watch,” Doc said. to six months of expenses. ly budget. Now, I’ll admit your mortgage payment isn’t “That’s only half of it,” Steve said, grinning. “Those Now you’re ready for Baby Step 4, which is 15 percent poor cowboys who ride them are cold and stiff, too. exactly what I would’ve signed you up for. Your house of your income going into retirement! payments, or rent, should be no more than 25 percent Doesn’t help much with riding rank stock. And that’s the —Dave of your monthly take home pay. But your house payreason it’s more fun to watch a rodeo in cold weather. It ment isn’t what’s holding you two back. What’s holding tends to rain frozen cowboys.” * Dave Ramsey is America’s trusted voice on money and you two back is the fact that you haven’t been willing to tighten up the finances in other areas of your life to offset business, and CEO of Ramsey Solutions. He has authored seven best-selling books, including The Total Money Makeover. The biting off more than you could chew in terms of a home. No, I wouldn’t refinance. You’re fairly close where the Dave Ramsey Show is heard by more than 12 million listeners each week on 575 radio stations and multiple digital platforms. mortgage payments are concerned, so I think you can make it through this by looking at ways to increase your Follow Dave on Twitter at @DaveRamsey and on the web at income and selling stuff you don’t need to build an emer- daveramsey.com. gency fund. You two have been smarter than some, but PIERRE, S.D. – South South Dakota Department you’re really going to have to buckle down and rearrange Dakota’s proposed State of Education, Attention: your priorities to make this happen! Plan for the Strengthening Laura Scheibe, 800 —Dave Career and Technical Governors Drive, Pierre, Education for the 21st SD 57501. The deadline to Century Act (Perkins V) submit public comment on is now open for public the State Plan is March 5, 5 comment. Perkins V is the p.m. CT. The School Administrators of South Dakota (SASD) held a Manager, Brandon Valley, Joel Jorgenson Superintendent, federal law overseeing The public comment luncheon at the Ramkota Convention Center to recognize the Madison, Michael Amolins Curriculum Director, Harrisburg funding of career and window for Accountability eight Outstanding Administrators of South Dakota. Among the for being named outstanding administrators by their technical education. View Indicators related to the eight were: respective administrator parent groups. the proposed State Plan on State Plan is also open. Matt Alley Elementary Principal, West Central, Wendy Following the luncheon, the Outstanding Administrators the department’s Perkins Since January 2019, Otheim Special Education Director, Brookings, Joe Childs High were presented on the floors of the House and Senate and V webpage. Look for the the South Dakota School Principal, Mitchell, recognized with a legislative commemoration. State Plan Draft for Public Department of Education Dave Preheim Assistant HS Principal, Tea, Don Lyon MS The Outstanding Administrators Luncheon is an annual Comment link. has been gathering input Principal, Spearfish Middle School, Paul Lundberg Business event sponsored by the School Administrators of South Public comment can be and holding targeted Dakota, a statewide submitted in two ways: via school and stakeholder professional organization email to DOECTE@state. discussions to develop the Save 10¢ Off A Gallon Of Gas When You Use Your Sinclair Card for school Administrators in sd.us or via regular mail to State Plan. South Dakota. RAMSEY Cash Out My Roth IRA? 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