DAVE RAMSEY

Dave Ramsey says: Planning should get you through temporary loss of income

Nov 9, 2021, 11:30 AM
(Pexels Photo)...
(Pexels Photo)
(Pexels Photo)

Dear Dave,

My husband is a union member and works at a paint factory near our home.

His union’s current contract will expire in nine months. We have about $27,000 of debt left to pay off, and he makes a little over $80,000 a year.

I’m nervous because his slow season is coming up between now and then. During this time, he usually gets about half the hours — and, of course, less money — than he does during the rest of the year.

I’m a little scared, even though there hasn’t been a strike in the last six years. Do you think we should go ahead and pay off our remaining debt or hold onto every penny in case they walk out?

— Cheyanne

Dear Cheyanne,

I’m going to tell you something that might just blow your mind: You two can pay off the debt and have some money set aside to live on in that length of time.

If you do that, you’ll actually be more ready for a strike than ever before. You’ll both have to be on the same page financially and do things with a sense of urgency, but right now, I don’t think you’ve got too much to worry about.

The likelihood of them going on strike is pretty low. Chances are, they’re just rattling their sabers and talking big to posture for the negotiations.

Most factories are behind right now, and the last thing they want is to get even further behind. Everything has been so screwed up by COVID-19 that unless the union demands some completely ridiculous stuff, things will probably work out fine.

I think you guys are going to be fine, Cheyanne.

Should you be intentional and thoughtful about the situation? Absolutely. It’s always wise to look ahead and plan for the future. Getting that debt paid off and saving up a bunch of cash will give you real peace of mind.

— Dave

Dave Ramsey

(Pexels Photo)...
George Kamel

Here are some of the pitfalls of DIY investing

DIY investing is one of the hottest trends out there right now, but there are some pitfalls.
2 days ago
(Pixabay Photo)...
Dave Ramsey

Dave Ramsey says: Finances for married couple should always be a ‘we’ deal

Would it be fair if only the person making money in a marriage is allowed a little cash to spend for fun once in a while? Of course, not. Marriage is not a "me" thing, it’s a "we" thing.
7 days ago
(Pexels Photo)...
Rachel Cruze

Don’t let retail therapy cause you to overspend for the holidays

It’s the most wonderful time of the year – for buying gifts. And while you’re at it, you might as well buy something for yourself, right? We’ve all been there. Remember in “Friends” when Monica bought those super expensive leather boots on impulse? She ended up regretting it because they really hurt her feet. Womp, […]
9 days ago
(Pexels Photo)...
Dave Ramsey

Dave Ramsey says: Get rules in writing before friend signs on as tenant

Doing business with friends always comes with the risk of running into a situation that can damage the relationship. If you rent out a home to a friend, sign an agreement, just like with any other renter.
14 days ago
(Pixabay Photo)...
George Kamel

3 ways to get ready for the end of student loan relief in 2022

Whether you like it or not, you’re going to have to resume your student loans payments in the new year. Instead of waiting, prepare now.
16 days ago
(Pexels Photo)...
John Delony

5 ways to navigate family dynamics during the holidays

The holiday season tends to create more complications and tensions than usual in families. So here are a few things we can do in advance to make sure our time with loved ones is filled with less stressful.
23 days ago

Sponsored Articles

...
PNC BANK

How your family can explore the Musical Instrument Museum

Whether you want to spend a day with family, do crafts with kids at home, or have an adult night out, the Musical Instrument Museum in Phoenix has options. As the world’s only global musical instrument museum, MIM offers interactive and immersive exhibits to foster an appreciation of different cultures and their instruments. “A visit […]
...
Day & Night Air Conditioning, Heating and Plumbing

Why fall maintenance is important for your heating system and A/C

It’s easy to ignore your heater and air conditioner when they’re working but the moment something breaks, you will likely regret not keeping up with maintenance. After all, if something goes wrong, you may be stuck with a repair that will take longer and be more expensive than simple maintenance.
...
Sweet James

Best fall road trips to take on a motorcycle

Autumn in Arizona brings the beauty of color-changing leaves and a relief from summer heat. It’s one of the most pleasant times to explore the outdoors, especially on a motorcycle.
Dave Ramsey says: Planning should get you through temporary loss of income