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Dave Says: The Point of Life Insurance

Tue, 22 May 2012 00:04:00 -0600

by Dave Ramsey
source: MormonLife.com

Mormon Life says: Why will the cost of my term life insurance increase to $4,000 per year at the end of the term?

Dear Dave,

I have a 20-year level term life insurance policy. I noticed the other day that the cost would increase to $4,000 per year at the end of the term. Is that because it’s the end of the policy coverage or something else?

Tate

Dear Tate,

Technically, the policy will expire at the end of the term. But most companies that sell term life insurance will let you renew it, if you can’t get any other insurance, at a ridiculously high rate. But let’s face it, 20 years down the road your probability of death has also increased. The older you are, statistically speaking, the more likely you are to die.

If it were me, and I’m near the end of that policy, I’d go buy another 20-year level term policy, and let the old one run out. The only time you might run into trouble with a policy like that is if you were in the last year of coverage, and were diagnosed with a terminal illness. Then you’re really going to be paying through the nose to keep your coverage intact.

But the real point of a 20-year level term policy is to ensure that your family is taken care of while the kids are at home and your mortgage is covered if you die prematurely. If you follow my plan, you’ll have $500,000 to $1 million your retirement account when the policy runs out and the kids are gone. Plus, you’ll have taken a 15-year mortgage, and your house will be paid off too. If something happens then, your spouse will be okay financially.

The further along in life you get, assuming you do the stuff I teach, the less need you’ll have for life insurance!

—Dave

Dave Ramsey is America’s most trusted voice on money and business. He’s authored four New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover and EntreLeadership. The Dave Ramsey Show is heard by more than 5 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com.

How Long Does Dehydrated or Freeze-dried Food Last after Opening?

Tue, 22 May 2012 00:04:00 -0600

by Emergency Essentials
source: MormonLife.com

Mormon Life says: Learn just how far you can stretch those precious cans and packets of food storage by considering quality of food and exposure to air, heat, and light.

When the time comes to use your food storage items - either in an emergency or in your day-to-day meal planning - one thing you'll want to know is the shelf life of your items once they have been opened. Knowing how long you have to use dehydrated or freeze-dried foods after opening them will ensure that your food storage is put to its best use and none of your storage efforts (or money) will be wasted.

There are a few factors that determine how long food will last after it is opened. They include the following:

The quality of the food at the time it is opened

The degree to which food is exposed to oxygen and moisture

The degree to which food is exposed to heat and light

The quality of the food at the time it is opened:

The older food storage gets and the more it is subjected to fluctuating temperatures (below freezing and above 80 degrees), the more the quality of the food will be affected.

The degree to which food is exposed to oxygen and moisture:

As soon as a storage container is opened, the food inside is exposed to air. Air contains both oxygen and moisture, both of which will affect the shelf life of your food. The higher the humidity (moisture content) of the air, the faster the product quality (nutrition and taste) will decrease.

The degree to which food is exposed to heat and light:

Temperature greatly affects the speed at which food deteriorates. The higher the temperature is, the faster the quality (nutrition and taste) declines and the shorter the time food stays edible and safe. Since many organisms require light to grow, exposure to light also causes deterioration.

As a general rule, food stored in a #10 can or a bucket, depending on the above factors, may stay good up to one year after opening. Use your best judgment in deciding which food items to use. One way to determine if food is still of acceptable quality is to verify that it smells normal. Another way is to taste it or cook with it. If the quality of the finished product is satisfactory, continue to use it. Although food will lose nutritive value over time, old food retains some caloric and mineral value. It may have some life-sustaining ability remaining. The information below includes general guidelines intended to help make an educated decision. Each situation is unique due to many contributing factors.

Recommendations:

Before and after opening your food storage, you can prolong its shelf-life by eliminating the adverse affects listed above. Store your food in the coolest, darkest and most airtight environment possible.

Consider the following options to extend the life of food once the container has been opened:

-Pour what has not been used into a zip-top freezer bag and seal the bag. Place the bagged food back into the can and replace the lid (to eliminate light).

-Pour the remaining food into Snapware containers, which offer an airtight seal.

-Commercially available sealers can create an airtight environment. Put the food back into the can with the plastic lid secured.

-Generally speaking, refrigeration or frozen storage can extend the life of food. If you do not have much refrigeration or frozen storage space, use a pantry, cupboard, etc.

Making the effort to store food for an emergency will be priceless to you if and when you need it. Taking these small extra steps will ensure that your investment will last and be the best quality possible for you and your family in a time of need.

Dave Says: Daring to Dream Again

Tue, 15 May 2012 00:04:00 -0600

by Dave Ramsey
source: MormonLife.com

Mormon Life says: I want to work a little after I retire, but I'm burned out by my job. How do I find the fire again?

Dear Dave,

I’m 53 and in a position financially to retire in a couple of years. I want to keep working some after retirement, but I’m so burned out by my job that I’m not sure what I would do. How can I find something that would light my fire again?

Nancy

Dear Nancy,

If you haven’t dreamed in a while, dreaming becomes an exercise. I think it would be a good idea to set aside some time, turn off the television, and just think about the things you like doing. Maybe you could schedule a long weekend, just for Nancy, and get away somewhere to just relax, unwind, and think about the things that make you happy.

It’s easy to get out of the habit of dreaming, but try to find some time that will allow you to get back the feelings you had when you were 18 and felt like you could conquer the world. Visit that place in your mind and your spirit, and think about what you’d aim at if you could do it all over again.

Dreaming is a great thing, but you have to formulate an idea. Once you have that in place, you can begin to develop a strategy for getting there. Make a list of the things you need to do ahead of time to make the transition possible. Would you need to take some classes or save up and buy some equipment between now and then? These are all important issues to address. And check out the book Quitter by Jon Acuff. It’s a fantastic read for folks in your situation. Good luck, Nancy!

—Dave

Dave Ramsey is America’s most trusted voice on money and business. He’s authored four New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover and EntreLeadership. The Dave Ramsey Show is heard by more than 5 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com.

Preventing Menu Fatigue

Tue, 15 May 2012 00:03:00 -0600

by Emergency Essentials
source: MormonLife.com

Mormon Life says: Find out which things you might not think of (along with many you do) are essential to include in your food storage to provide variety.

Most of us are accustomed to having a wide variety of food choices available to us. Consider the dishes you ate at home in the last week. Then think of the types of food available in your local restaurants. More than any time in history, we can partake of the cuisines of many nations - Mexican, Italian, German, Chinese, Indian, Thai, and more - and our grocery stores often carry exotic produce that we may not even recognize. We take variety in our diet for granted, but if you were suddenly forced to depend upon your stored emergency food for sustenance, how much variety would you have?

The first thing to remember is this: While variety in your diet is important to us in our daily lives, in an emergency situation the critical factor in staying alive and strong is our calorie intake and the level of nutrients in our food. So focus your first storage efforts on meeting those basic needs, and once you've done that, you can easily add variety to your storage with some additional items.

To get an idea of some additional items you may want to add, prepare a sample week's menu from just what you have on hand to see how you would fare. Can you extend that single week into two weeks without too much repetition? Menu fatigue is the result of a diet with limited variety, but it doesn't take a gourmet chef to solve this. Adding salt, pepper and just a few other spices can make a big difference in the range of dishes you can create from food storage.

Another benefit of having more variety in your storage foods is that it will provide better nutrition (more variety of essential Vitamins and minerals) and a more satisfied dinner crowd. Wheat is nutritious and makes excellent bread and cereal, but it can also be so enjoyable if you were able to occasionally make some of it into pasta, crackers, or dumplings. Oatmeal, cracked wheat or 6-grain cereal are all healthy breakfast choices alone, but by adding peaches, berries, mango chunks, or banana slices, you can enjoy a totally different flavor. If you are able to have a selection of different grains, legumes, vegetables, fruits, meats and dairy products (including cheese) on hand, it will go a long way toward preventing menu fatigue. It will also give you many more ways to be creative with your menu. Including such vegetables as peppers, onions, and celery will allow you to make meat or meat-substitute dishes much more flavorful and healthful.

Keeping a supply of your favorite spices and flavoring agents on hand also gives you the opportunity to provide interest and variety at mealtime. Start with basic black pepper and iodized salt (which will provide the necessary trace mineral iodine as well as flavor enhancement). Include both sweet and savory spices and extracts such as vanilla, almond and coconut. A bottle of smoke flavoring, for example, adds an authentic taste to barbecue sauces and ham or bacon dishes. Take time to think of your family's favorite seasonings and plan accordingly. Many seasonings are even available packaged for long-term storage.

Include baking soda and baking powder as well as yeast and dough enhancer for your baking needs. Obtain some needed fats - butter or margarine powder or shortening, oils, and powdered whole eggs for baking.

Another kind of variety to consider has to do with the resources required to use the stored foods. Grains and legumes are so important to have on hand. Learn how to prepare them in ways your family will enjoy. It is wise to practice when times are good.

During conditions in which you can cook and bake as usual, all of your storage food will be useful to you. But during an extended loss of power and/or gas, you'll need to make use of alternative cooking sources. Practice using these alternative cooking sources, whether it is a camp stove, gas grill, a Volcano, etc. Also, have food on hand that is quickly and easily prepared with little or no cooking. Perhaps you may be able only to boil a little water, in which case "just add water" foods will demonstrate their worth. Some regular foods such as pasta, instant rice, and hot cereals can be cooked over a period of time in a thermos by adding hot water and letting them stand. In other situations, you will want foods that can be eaten as-is or warmed quickly, such as MREs (Meals-Ready-to-Eat). Include some canned foods that provide water as well as ready-to-eat food in times when water might be scarce. For example, the juice from canned corn, pears or fruit cocktail. It would be wise to include foods in your storage program that fit into each preparation category. Prepackaged combos are often a great option because variety is usually a big factor of consideration.

So as you plan your food storage, remember these simple tips. Plan to get the basics first and then add variety to ensure that you have the things you need in an emergency. Sustaining life is the most important - and once you've met that need, you can add more foods to provide the same variety in your meals that you have now. The more your food storage resembles your day-to-day foods, the more at ease you and your family will be in what are otherwise stressful times. With some simple forethought and planning, your storage foods can be much more interesting and appealing than you might expect - and will better serve you to get through difficult times.

This article is sponsored by Emergency Essentials.

Dave Says: Time to Play It Smart!

Tue, 08 May 2012 00:03:00 -0600

by Dave Ramsey
source: MormonLife.com

Mormon Life says: Our son is starting as a professional soccer player. How can we help him so he doesn't get caught up in a glamorous lifestyle?

Dear Dave,

Our son is 21, and he’s embarking on a career as a professional soccer player. He’ll only be making about $30,000 a year, and we want to know how we can help him manage this money and not get caught up in the idea that he has to live a glamorous lifestyle.

Karen

Dear Karen,

“Glamorous” isn’t the word I’d use to describe a $30,000-a-year job, even for a 21-year-old. I think the biggest thing here is to make sure he develops some emotional maturity and uses basic, common-sense guidelines to help keep things in perspective. If he makes a habit right now of budgeting and living on less than he makes, he’s going to have a lot easier time later on if he starts raking in the big bucks.

Help him prepare his heart for two things. First, that a career as a professional athlete will probably be a short run. Enjoy it, be smart, then prepare to move on to the next part of your life, and develop a different career track.

The second thing is that even if he beats the odds and ends up making a ton of money, he’s got to view the money as a responsibility and a privilege. This is when the common sense and maturity really come into play. You can’t run out and buy a bunch of houses and cars and expect even big money to last for long!

—Dave

- -

Dave Ramsey is America’s most trusted voice on money and business. He’s authored four New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover and EntreLeadership. The Dave Ramsey Show is heard by more than 5,000,000 listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com.

FHE: Family

Mon, 07 May 2012 00:05:00 -0600

by Shauna Gibby
source: MormonLife.com

Mormon Life says: "The family is ordained of God. Families are central to our Heavenly Father’s plan here on earth and through the eternities." -Neil L. Andersen

Conference Talk:

For more information on this topic read “Children,” by Elder Neil L. Andersen, Ensign, Nov 2011, 28.

Thought:

The family is ordained of God. Families are central to our Heavenly Father’s plan here on earth and through the eternities.

(Elder Neil L. Andersen, “Children,” Enisgn, Nov 2011, 28.)

Song:

“Families Can Be Together Forever,” Children’s Songbook, p. 188

Scripture:

And he took a child, and set him in the midst of them: and when he had taken him in his arms, he said unto them, Whosoever shall receive one of such children in my name, receiveth me: and whosoever shall receive me, receiveth not me, but him that sent me.

(Mark 9:36–37)

Lesson:

Bring a photograph of your family to scripture study. Show your family the photograph and tell your family that Paul gives some great council for specific family members in Colossians 3:18–25. Take turns reading verses 18–24 and have your family watch for the counsel for the different family members. Ask:

• What should wives do? (Verse 18.)

• What should husbands do? (Verse 19.)

• What should children do? (Verse 20.)

• How should fathers deal with their children? (Verse 21.)

Read verse 25 to your family and ask them how they feel when someone in the family is

mean to them. According to verse 25, what is the reward for those who are mean? Encourage them to be kind to each other and build family unity thus becoming a Christlike family.

(Dennis H. Leavitt and Richard O. Christensen, Scripture Study for Latter-day Saint Families: The New Testament, [Salt Lake City: Deseret Book, 2006], p. 249.)

Story:

Billy Casper

We are all one happy family when we are members of the Mormon Church.

This all started back in 1959, the year that I won the United States Open for the first time. That year I was contacted by the Utah Golf Association to come to Salt Lake City to play in the Utah Open. We accepted, and almost immediately upon arriving in Salt Lake City, we found there was something special about the city. As we became acquainted with the people we found that there was something very special about them: they were very genuine, humble people. They had a wonderful fellowship with one another that we had not experienced in

a large group of people anywhere that we had traveled. It was very interesting to us. The examples that we witnessed in the people that we met started us investigating. I must say

that it took me quite a time to make up my mind, but I’m sure Sister Casper had made up her mind three or four years ago. (I am sure one of the reasons for that is that she is one-sixteenth

Indian.)

All during this time that she was studying and I was wrapped up in playing golf, it seemed like

I had no time to sit down and do the things that were really important in my life. It seemed like the things that were important were the material things. If I wasn’t playing golf, I would be on a diversion someplace, vacationing or fishing. If I wasn’t fishing, I would be watching television, so that my spare time was not being channeled in the right directions.

At that time, I think if I had been asked the question “What is the most important thing in your life?”, it would have been a very difficult question to answer. I think golf would have been a prime concern at that time. Now there is no question in my mind as to what is the most important thing in my life: it is my family and the Church. Golf is now the vehicle I travel by, and I am very fortunate to be gifted with a good talent.

For quite some time in my life I had asked myself the question, “What am I trying to accomplish while I’m here on the earth?” I had been thinking about this some three or four years before I ever became interested in the Church. By that I mean I feel that I really didn’t become interested in the Church until about October of 1965. For several years previous to that time I had asked myself the question, ‘What am I trying to accomplish while I’m here on this earth?”

I now know the answer to this question. When I was beginning to study the gospel I thought about two other questions, “Where did I come from?” and “Where am I going?” I found the answers to all of these questions, and I found them through the gospel of Jesus Christ, the restored gospel of Jesus Christ.

Almost immediately after I was baptized into the Church on the first of January, 1966, a great change came over my life. I had a wonderful inner peace with myself that I did not have before. Little things that seemed to bother me in the past no longer seemed to be as important. This meant that every facet of my life I improved on, I could do better. My golf improved, my life and my family improved, and of course my religious life improved.

I know that if we will just study and practice the gospel of Jesus Christ, we can become as firm as the rock on which it is built. I know that as I have the opportunity of traveling and listening to Saints bear their testimonies, my testimony is strengthened. My testimony grows daily as to the trueness of the gospel of Jesus Christ.

(Leon R. Hartshort, Powerful Stories from the Lives of Latter-day Saint Men, [Salt Lake City: Deseret Book Company, 1974].)

Activity:

Play one of your family’s favorite board games.

Refreshment

Coconut Macaroons

2 cups coconut

2 1⁄4 cups granulated sugar

1 cup flour

Pinch of salt

1 1⁄2 tablespoons corn syrup

3⁄4 cup hot water

2 large eggs

1 teaspoon vanilla

1 cup milk chocolate chips, melted

Mix coconut, sugar, flour, and salt in a mixing bowl. In a separate bowl, add corn syrup to

water and dissolve. Add eggs and vanilla. With a mixer on low speed, add liquid ingredients to dry ingredients and mix until evenly blended. Allow mixture to rest and absorb moisture for 30 minutes. Scoop onto cookie sheet with an ice cream scoop. Bake at 350 degrees F. for 18–20 minutes.

For added flair, dip half of the cookie in melted chocolate chips and place on wax paper to set up.

(Recipes from the Roof, [Salt Lake City: Deseret Book, 2011] p.120.)

To access the PDF version of this lesson, click here.

Dave Says: Don't Stay Down

Tue, 01 May 2012 00:04:00 -0600

by Dave Ramsey
source: MormonLife.com

Mormon Life says: Should I accept state assistance for children's insurance while I get back on my feet?

Dear Dave,

I just lost my job due to company-wide layoffs. I have an emergency fund, but I’m losing my health insurance. Our state has a program that covers children’s healthcare in these kinds of situations. Would it be okay to accept this for my kids until I find another job and things get better?

Paul

Dear Paul,

There’s absolutely nothing wrong with accepting help when you’re down or struggling. On the other hand, to define yourself as being down or struggling is a really bad thing. By this, I mean you should never just sit there, consider yourself helpless, and expect someone else to take care of you. Remember this: everyone falls down. Losers stay down, but successful people get back up!

If I woke up one morning and realized I had no insurance or couldn’t feed my family because I’d lost my job, I’d be out looking for work all day long, every single day. If that didn’t work, I’d pack everyone up and go find another place to work and live. At the very least I’d map out a plan to work and make money somewhere else during the week, then come home weekends.

You sound like a good dad, and I love the fact that you’re thinking about your kids. Do what’s necessary to take care of them right now, even if it means getting help from the state. Make sure you’re out there busting it, and trying to make something happen in the job market, too. You shouldn’t still be living this way six months from now!

—Dave

For more financial help, please visit daveramsey.com.

Dave Says: Treat Them the Way You'd Want to Be Treated . . .

Tue, 01 May 2012 00:04:00 -0600

by Dave Ramsey
source: MormonLife.com

Mormon Life says: I have good tenants who missed their rent last month because of tough times. How lenient should I be?

Dear Dave,

I have tenants who have been perfect in paying rent on time for almost a year. Last month, the woman lost her job, and when I went to collect the rent the other day, she said she didn’t have any money. I’m pretty sure they used part of it for a car payment and the electric bill, and I know they need these things. Still, I’m torn over how to handle this and how lenient to be.

Alex

Dear Alex,

You’re right, what they spent the money on were things they needed. At the same time, they probably knew the rent was due and when it was due. Since you know about their situation, and you’re their landlord, it might be a good idea to offer to try and formulate a plan that would help them get through this tough time.

If it were me, I’d sit down with them and make a budget and list of priorities. Food comes first, water and electricity after that, then rent, and finally the car. Get into their business a little, and find out what else is going on in their lives. You have to be fair and firm to be a quality landlord.

I’d be willing to cut them some slack if they’re cooperative and honestly have to choose between feeding their kids and paying me. But if they insist on misbehaving with their money or having parties on the weekend, I’d have no problem telling them to find another place to live.

The biggest thing is to treat them the way you would want to be treated if the roles were reversed. I think most people want to do what’s right, but you want to feel good about extending mercy when, and if, it’s appropriate.

—Dave

For more financial help please visit daveramsey.com.

Dave Says: Unity Is the Key in Money and Marriage

Tue, 24 Apr 2012 00:03:00 -0600

by Dave Ramsey
source: MormonLife.com

Mormon Life says: Do you think it matters if it's the husband or the wife who handles the money?

Dear Dave,

Does it matter whether it’s the husband or the wife who keeps the checkbook and pays the bills? Lots of people say that kind of thing is the man’s job, but I was curious about what you think.

Daniel

Dear Daniel,

I don’t think it matters one bit, and here’s why.

In each family there’s a nerd and a free spirit. The nerd is good at keeping track of things and putting everything in its place. The free spirit is just the opposite. They are not detail-oriented. Now, this doesn’t make them irresponsible or mean that they don’t care. It’s just that they aren’t blessed with a gift for administration. They want things to be good and right just as much as the nerd, but they don’t necessarily get a rush when the checkbook balances out.

Just because the nerd keeps the checkbook doesn’t mean he or she gets to make all the financial decisions, either. In a marriage, those decisions should be made together with input from both the husband and wife. Remember, God didn’t unite some kind of joint business venture. He made you as one – together. When you do a budget each month, you should both sit down and come to a mature, reasonable and respectful agreement on where the money’s going.

So, when it comes down to the act of keeping the checkbook, I think whoever is the more organized of the two should handle this duty. But if you include these other principles, you’ll experience more unity in your daily lives together and have better communication in your marriage!

—Dave

For more financial advice, please visit daveramsey.com.

Dave Says: Mixing Friends and Business

Tue, 24 Apr 2012 00:03:00 -0600

by Dave Ramsey
source: MormonLife.com

Mormon Life says: I started a partnership with my friend. What can I do to make sure our friendship is saved even if our business doesn't end up working out?

Dear Dave,

I just began a business with a friend as an LLC partnership. I know he’s honest and a hard worker, but I’m still a little scared that everything will fall apart and we’ll walk away mad at each other. We used a CPA to get a tax ID number and help us set up the company. Do you think we should pay a lawyer to help us map out the partnership agreement in writing?

Mike

Dear Mike,

Drawing up a written partnership agreement may be the only shot you’d have at walking away from this venture with your friendship still intact. But I don’t think you need to hand some lawyer a bunch of money to make it happen.

Chances are, your new business doesn’t need that level of detail. All you need is someone to help you draw up a template that answers all the “what if” questions. This template can be as simple as a list of all the things that could go wrong and the answers to those scenarios. These would be things like death, disability, moral failure, bankruptcy, etc., and what happens if any of these occur.

You know, there are hardly ever problems in a business venture when everyone’s happy and making piles of money. But it can get rough if you begin to disagree over the direction the company is taking. Or, what if personal issues make you decide you don’t want to be in business with the other person anymore?

It’s easy to go all pie-in-the-sky over these things, but you have to make plans for any and all of the worst outcomes, too.

—Dave

For more financial advice please visit daveramsey.com.

Dave Says: Downsizing House to Get Out of Debt?

Tue, 17 Apr 2012 00:04:00 -0600

by Dave Ramsey
source: MormonLife.com

Mormon Life says: Is it ever a good idea to sell a home and buy a smaller one to get out of debt?

Dear Dave,

Is it ever a good idea to sell your home and buy a smaller, less expensive one in order to get out of debt more quickly?

Autumn

Dear Autumn,

It’s a good idea in some situations. If you don’t really like the house, or maybe you were thinking about selling it anyway, then I’d say go for it. It would also be a smart move if you simply have too much house and the payments are eating you alive.

I usually recommend that your monthly mortgage payment or rent be no more than 25 percent of your take-home pay. If your house payments are taking 40 to 50 percent of this figure, then it’s time to unload the house.

But selling your home can be a tough thing emotionally. I’d never advise someone to sell the place they love and move down in house if their payment is reasonable. In these situations there are usually other areas where you can cut back, keep your home, and still get out of debt in a reasonable amount of time.

—Dave

For more financial help, please visit daveramsey.com.

Dave Says: Boundaries . . .

Tue, 17 Apr 2012 00:04:00 -0600

by Dave Ramsey
source: MormonLife.com

Mormon Life says: My fiancé's adult daughter doesn't show responsibility. What do we do?

Dear Dave,

I’m getting married to a wonderful man, but his 19-year old daughter from a previous marriage is very irresponsible. She doesn’t want to make her own car payments and doesn’t want to work. Lots of days, she sleeps until noon and just lies around the house. He agrees that he’s been too lenient and that she needs to grow up, but doesn’t want to pull the rug out from under her. What do you think?

Kelly

Dear Kelly,

There are two problems here. One is financial in nature, and the other is a lack of boundaries. You’re walking face-first into both of them.

Marriage counselors will tell you if you can agree on four things – religion, money, children and in-laws – then you’ve got a good chance of having a successful marriage. You’ve got two of these yanking your chain right now - money and children - and they’re both wrapped up in one spoiled little girl. If you and dad really want to show her that you love her, you’ll make sure she starts learning some character and discipline.

I’d strongly suggest that you and your fiancé go through pre-marital counseling to make sure you’re on the same page when it comes to handling this and other issues. You might also want to read the book Boundaries by Dr. Henry Cloud, together. Then, the two of you will have some tools to sit down and create a reasonable timeline for her re-education. Her dad, not you, needs to present this to her and explain that he’s made some mistakes by not requiring her to grow up and learn self-sufficiency. Then, he can lay out the ground rules and a monthly timetable.

It wouldn’t be cruel to require her to get a job during the first month, along with getting out of bed by 8 a.m. every day. During the second month, you could also require her to do some work around the house to help out. During month three she could be required to pay rent. This way, you’re stepping up the expectations gradually to the fifth or sixth month, when she’s moving out and taking care of her own responsibilities.

It’s all about love, Kelly. But it’s also about boundaries and expectations that will prepare children to function in the real world.

—Dave

For more financial help please visit daveramsey.com.

Food Storage: What Should I Buy and How Much?

Tue, 17 Apr 2012 00:03:00 -0600

by Emergency Essentials
source: MormonLife.com

Mormon Life says: The basic questions of "what" and "how much" confront all of us as we try to meet the nutritional needs of our families in planning for emergency situations. Figure out how to determine your family's needs.

"Plan" is the operative word in creating a food storage plan; don't rush headlong into purchasing foods that sound good or that you think your family ought to eat without researching what the food really contains, what your family's requirements actually are, and what your best value would be.

To determine your family's needs, it would be wise to think first in terms of calories per person per day, and then in terms of nutrients (protein, vitamins and minerals) provided – and finally, in terms of cost per serving. Be aware that in high-stress situations we require more calories than usual to keep minds and bodies operating in peak condition. According to the government's dietary guidelines, under normal situations most adults need around 2,000 to 2,600 calories per day – more if very active or highly stressed. Children usually need 1,500 to 1,600 calories per day, but remember that they are growing, and by the time you need to use your emergency food supply they may be eating like adults!

In deciding whether to purchase a product, be sure you can determine the caloric value. This may be especially tricky in kits and combos that contain several different foods. Multiply your family's estimated daily caloric need by the time period you're trying to cover. For example, 2,000 calories per day for a month for one person is about 60,000. For three months, that would be 180,000, and for a year, about 730,000 calories. If the "year's supply" kit you're considering does not contain at least that many calories overall, you will not be sufficiently nourished if you must depend exclusively on your storage food. You will either need to purchase a kit that provides more calories or plan to obtain extra products – fruit, desserts, baking mixes, grains and cereals, and hot cocoa or other drinks, for example – to supplement your kit.

If you are purchasing products separately, keep track of the calorie count and serving size as you buy, so you will know where you are in the process. Do not rely entirely on the number of servings listed for each food you purchase, as not all servings are created equal. If a serving of a main dish item is listed one-half cup, ask yourself if that amount will satisfy and nourish a hungry teenage boy – or would it be more appropriate for his little sister? Consider the make-up of your family and buy accordingly. A cup of orange drink, a cup of beef stroganoff, a tablespoon of butter, and a quarter teaspoon of salt all count as a "serving." Depending upon the food choices, a person could consume three servings a day and only get 600 calories. Serving sizes may also vary from one brand or supplier to the next. Familiarize yourself with both the serving size and calorie count for each product you purchase.

Don't get overwhelmed by the thought of preparing an emergency food supply. Following the approach we've outlined here will help you get your food storage pulled together in an organized and thorough way. Planning and purchasing supplies based on these suggestions will ensure that you have stored enough calories for each person's daily needs – and enough nutrients that your family will stay strong, healthy, and ready for what lies ahead.

This article is sponsored by Emergency Essentials (bepreared.com).

Dave Says: Teaching and Tough Love

Tue, 10 Apr 2012 00:04:00 -0600

by Dave Ramsey
source: MormonLife.com

Mormon Life says: With two sons who are drug users who are irresponsible with money, we're not sure how to divide our will.

Dear Dave,

My husband and I need to update our will, but we’re not sure how to divide the money. All of our children are grown, including my three stepsons. The problem is that two of my stepsons are irresponsible with money and are drug users. Do you have any advice?

Colleen

Dear Colleen,

Typically, if you give money to a drug user they’ll use it for one thing: drugs. Your goal as a parent is to love them and teach them to the best of your ability. Buying their drugs upon your death doesn’t fall into either of those categories. There’s absolutely nothing wrong with you deciding not to leave them any money as long as they’re involved in this kind of activity.

If it were me, I’d have a reading of the will when the changes are made. Then, I’d sit down with the family members and explain why you’ve updated the will in this manner. Let them know you love them and want what’s best for them, but you and your husband have decided you’re not going to take a chance on funding any misbehavior on their part.

Make sure you let them know, too, that things can change if they change. They might be mad and fuss about it, but that’s okay. Let them be mad. It’s perfectly all right for you to attach stipulations to any inheritance they might receive, especially when it’s for their own good!

—Dave

For more financial help, please visit daveramsey.com.

Dave Says: Get Moving!

Tue, 10 Apr 2012 00:03:00 -0600

by Dave Ramsey
source: MormonLife.com

Mormon Life says: Should we live with my parents so we're closer to my husband's job?

Dear Dave,

My husband works two hours away from home. He gets up at 3 a.m. and doesn’t get home until 7 p.m. We have a fully funded emergency fund, and he makes $95,000 a year. My parents’ place is an hour from his job, and they’ve offered to let us live with them. What do you think of this idea?

Jessica

Dear Jessica,

Why don’t you just sell the house and move closer to where he works? If he makes that kind of money and you’ve got your emergency fund in place, you should be able to handle moving costs. I’ve got to be honest, I’d do the two hours to work and two hours home drive maybe once before I’d begin seriously looking for a place much closer.

Right now, you guys don’t have a life. And moving in with your parents wouldn’t be much better. That poor guy practically lives on the road, and I’m sure you both want more quality time together. He sounds like a great guy, though, to be willing to go through all that. He’s busting his tail and doing what it takes to provide for his family, but there’s just no reason for either of you to go through this kind of pain and inconvenience.

Get your house on the market, and find a little rental near his job for now. You can rebuild part of your emergency fund if necessary, but if I’m in your shoes, I’m going to fix this logistical nightmare as fast as humanly possible!

—Dave

For more financial help, please visit daveramsey.com.

Water Storage Options

Tue, 03 Apr 2012 00:04:00 -0600

by Emergency Essentials
source: MormonLife.com

Mormon Life says: In most emergency situations, fresh drinking water is the most important item you can store. Learn your options for portable and stationary water storage.

It is recommended to have both portable and stationary emergency water storage. Portable water containers should be light enough to carry during an emergency. Be sure to take into consideration that water weighs 8 lbs per gallon. Preparedness authorities recommend storing at least 14 gallons of water per person. This would mean a family of 4 would want to store approximately 56 gallons of water (remember to store both stationary and portable). There are many types of containers and options available for storing water for long term.

Water Storage Containers

Heavy-duty, thick, polyethylene barrels, made of food grade materials, are great for water storage. These barrels are normally blue (color is important, blue means water is being stored, red would mean fuel or flammable liquid is being stored, and colors other than blue may not be food grade plastic) and normally come in sizes that range from 15 to 55 gallons. It is recommended to store these barrels in a dark and cool area, such as a basement or food storage room. Storing your barrel outside could have an effect on the life of the barrel. It is not recommended to store any water container in direct or indirect sunlight. Also, it is best to store water barrels with a non-pourous insulation barrier (such as wood) between the cement and the barrel.

It is not recommended to store a barrel outside, but if you have to, it is recommended to take certain necessary precautions. Cover it as much as possible to prevent exposure to light, ensure cleanliness and for insulation purposes. During the winter you have to take into account the freezing factor. When water freezes it expands. If there is not enough room at the top of your barrel, it can cause your barrel to become disfigured or may even crack. It is recommended to only fill the barrel 9/10 the way full if you plan on storing it in a place where there is a potential of freezing.

One of the best water storage options is the metalized plastic bag in a boxed water kit. The metalized bag is filled with water and then placed in a cardboard box. The water is kept from light, limiting any bacteria or algae growth. These kits are great because they offer an easy to use and versatile portable water system. The boxes can double as a sanitation kit (emergency toilet) and a carrying case for transporting water.

A smaller version of the metalized water bag system is the water pouch or box of purified drinking water. Each pouch contains approximately four ounces of water that can be stored for more than five years. This would be an alternative to heavier containers as a minimum ration for small children. These small pouches may not be as convenient for large amounts of water.

Two-liter pop or juice bottles are also a good option for inexpensive water storage. Be sure to clean them well and store in a cool and dark area. Light and warmth will promote algae and bacteria growth. Over time these water containers can breakdown and leak. It is recommended to not store them next to food or other items that can be damaged by water. Heavy containers should always be stored close to ground level and secured to prevent breakage or possible injury in the event of any earthquake or natural disaster. Be sure to store these water containers away from any harmful chemicals. Rotate the water once a year. It is not recommended to use milk jugs. These jugs are biodegradable and can break down within a short period of time.

Tips and Suggestions

-Water can be found during an emergency from several different places around the house including the water heater, ice cubes in freezer, and as a last resort, the reservoir tank in your toilet (not the bowl).

-Treat water with bleach before you use your water during an emergency. It is recommended to use 4 drops of bleach per quart of water.

Rotate your water once a year for freshness. Choose a month that is convenient for you.

Water containers can be stored in many different places such as closets, underneath beds, etc.

-Glass containers are not recommended for water store because they can easily break during an emergency.

-Available water filters and purifiers treat from 26 to as much as 39,000 gallons of water. These items are a must to have in addition to your portable and stationary water storage to ensure enough water for your family.

-If space and money is a concern, start small and gradually build your water storage as you build your food storage.

-If:

A) the water is free of microorganisms,

B) the container is made of food grade materials,

C) the container is clean and tightly closed,

D) the container is kept from sunlight,

then it will remain safe indefinitely.

Make Your Retirement Money Last

Mon, 02 Apr 2012 11:09:00 -0600

by Mountain America Credit Union
source: MormonLife.com

Mormon Life says: These five tips will help you save enough so that you don't run out of money during retirement.

What are the chances you’ll run short of money in retirement? The Employee Benefit Research Institute, Washington, D.C., predicts that 47 percent of early baby boomers ages 56 to 66 and 43 percent of late boomers ages 46 to 55 are at risk of having insufficient income in retirement to cover basic retirement expenses, as well as uninsured health care costs.

These five tips offer the insight to help you achieve everything on your retirement bucket list.

Save more—The 10 percent savings objective that was the standard years ago might leave you short down the road. These days a savings goal of 20 percent of gross income is a better target, with that percentage increasing the later you start.

Plan for more expenses in retirement—Many retirees say they spend as much as, or more than, when they worked. As a general guideline, plan on replacing at least 80 percent to 100 percent of preretirement income.

Be realistic about working in retirement—Despite plans to pursue some sort of employment in retirement, most retirees never return to work. If you intend to keep working past age 65, now is the time to ask employment counselors or your company’s human resources department for advice about continuing your career.

Pay more attention to retirement planning—To be really well prepared, you and your financial professional should have a strategy for how you will manage and allocate your investments throughout your retirement years. From which accounts will you draw your income? How much can you afford to take out each year? How will you insure yourself so that your medical and long-term health-care needs are covered? How will your estate ultimately be managed and distributed?

Invest more aggressively when you are young—Generally speaking, higher returns come with higher risk. In one example, three investors each invested $250 per month for 25 years. The most aggressive of the three accumulated $422,546, the most conservative accumulated only $271,120 and the moderate investor ended up with $374,055. Typically, you can’t afford to take big risks in your 50s and 60s, so the time to invest for maximum growth is when there are decades between you and retirement.

Finally, one of the smartest, and easiest, steps to help you plan for retirement is to meet with a financial professional, like those at Mountain America. They can help you assess your situation and plot a course toward a successful retirement. To schedule your free consultation, visit a Mountain America location near you or call us toll-free at 1-800-748-4302.

These strategies do not guarantee a profit or protect against loss and may not be suitable for all investors. Each member’s specific situation, goals and results may differ. Past performance is not a guarantee of future results. Individual members should review with their Mountain America financial professional the terms, conditions and risks involved with specific products and services.

Dave Says: Worry about Your Wallet, Not Your Image

Tue, 27 Mar 2012 00:04:00 -0600

by Dave Ramsey
source: MormonLife.com

Mormon Life says: I'm a new doctor with an old car. Should I upgrade?

Dear Dave,

I’m a new doctor, and I drive a car that has over 200,000 miles on it, is 10 years old, and a few dings in the doors. I’ve heard image is everything when you’re a doctor, but I like not having a car payment. Should I just get over being self-conscious about my old car?

Mario

Dear Mario,

I like not having a car note, too. I’d walk, ride a bike, or drive your car with a great, big smile on my face before I picked up a car payment!

As new, young doctor you’ve probably got six figures in student loans hanging over your head right now. So you need to get out from under all that before you start thinking about driving something fancy. If this car is truly on its last legs, then I’d say save up for a few months then upgrade to a good, reasonably-priced, used car.

Just remember, a Mercedes or BMW doesn’t prove you’re a doctor, and it doesn’t mean you’re a good doctor, either. You just need to worry about what’s smart for you instead of what other people think!

—Dave

For more financial help, please visit daveramsey.com.

Preparing for a Tornado

Tue, 27 Mar 2012 00:04:00 -0600

by Emergency Essentials
source: MormonLife.com

Mormon Life says: Tornadoes can be unpredictable and scary, but an emergency plan will go a long way toward bringing you peace of mind.

The following information on preparing for and responding to tornadoes is taken from the FEMA web side at ready.gov/tornadoes.

Before a Tornado: How to Plan

Conduct tornado drills each tornado season.

Designate an area in the home as a shelter, and practice having everyone in the family go there in response to a tornado threat.

Discuss with family members the difference between a "tornado watch" and a "tornado warning." Contact your local emergency management office or American Red Cross chapter for more information on tornadoes.

Have disaster supplies on hand:

Flashlight and extra batteries

Portable, battery-operated radio and extra batteries

First aid kit and manual

Emergency food and water

Non-electric can opener

Essential medicines

Cash and credit cards

Sturdy shoes

Develop an emergency communication plan

In case family members are separated from one another during a tornado (a real possibility during the day when adults are at work and children are at school), have a plan for getting back together. Ask an out-of-state relative or friend to serve as the "family contact." After a disaster, it's often easier to call long distance. Make sure everyone in the family knows the name, address, and phone number of the contact person

Tornado Watches and Warnings

A tornado watch is issued by the National Weather Service when tornadoes are possible in your area. Remain alert for approaching storms. This is time to remind family members where the safest places within your home are located, and listen to the radio or television for further developments.

A tornado warning is issued when a tornado has been sighted or indicated by weather radar.

Mobile Homes

Mobile homes are particularly vulnerable. A mobile home can overturn very easily even if precautions have been taken to tie down the unit. When a tornado warning is issued, take shelter in a building with a strong foundation. If shelter is not available, lie in a ditch or low-lying area a safe distance from the unit.

Tornado Danger Signs

Learn these tornado danger signs:

-An approaching cloud of debris can mark the location of a tornado even if a funnel is not visible.

-Before a tornado hits, the wind may die down and the air may become very still.

-Tornadoes generally occur near the trailing edge of a thunderstorm. It is not uncommon to see clear, sunlit skies behind a tornado.

What to Do During a Tornado

If at home:

-If you have a tornado safe room or engineered shelter, go there immediately.

-Go at once to a windowless, interior room; storm cellar; basement; or lowest level of the building.

-If there is no basement, go to an inner hallway or a smaller inner room without windows, such as a bathroom or closet.

-Get away from the windows.

-Get under a piece of sturdy furniture such as a workbench or heavy table or desk and hold on to it.

-Use arms to protect head and neck.

-If in a mobile home, get out and find shelter elsewhere.

If at work or school:

-Go to the area designated in your tornado plan.

-Avoid places with wide-span roofs such as auditoriums, cafeterias, large hallways, or shopping malls.

-Get under a piece of sturdy furniture such as a workbench or heavy table or desk and hold on to it.

-Use arms to protect head and neck.

If outdoors:

-If possible, get inside a building.

-If shelter is not available or there is no time to get indoors, lie in a ditch or low-lying area or crouch near a strong building. Be aware of the potential for flooding.

-Use arms to protect head and neck.

If in a car:

-Never try to out-drive a tornado in a car or truck.

-Get out of the car immediately and take shelter in a nearby building.

-If there is no time to get indoors, get out of the car and lie in a ditch or low-lying area away from the vehicle. Be aware of the potential for flooding.

When a tornado is coming, you have only a short amount of time to make life-or-death decisions. Advance planning and quick response are the keys to surviving a tornado.

After a Tornado

-Help injured or trapped persons.

-Give first aid when appropriate.

-Don't try to move the seriously injured unless they are in immediate danger of further injury.

-Call for help

-If you smell gas, do not turn on any appliances or switches. This includes using phones, flashlights or a cell phone.

-Turn on the radio or television to get the latest emergency information.

-Stay out of damaged buildings. Return home only when authorities say it is safe.

-Use the telephone only for emergency calls.

-Clean up spilled medicines, bleaches, or gasoline or other flammable liquids immediately. Leave the buildings if you smell gas or chemical fumes.

-Take pictures of the damage--both to the house and its contents--for insurance purposes.

Remember to help your neighbors who may require special assistance--infants, the elderly, and people with disabilities.

When a tornado is coming, you have only a short amount of time to make life-or-death decisions. Advance planning and quick response are the keys to surviving a tornado.

Dave Says: Hunt Down the Money!

Tue, 27 Mar 2012 00:03:00 -0600

by Dave Ramsey
source: MormonLife.com

Mormon Life says: I have a partial scholarship to law school, but I can't work in the meantime. How can I make it out without debt?

Dear Dave,

I’m 24, and I don’t have any debt except for a small student loan. I’m going to law school to study international law, and I have a scholarship that pays 25 percent. However, I won’t really be able to work much while I’m studying. How can I do this without taking on more debt?

Amy

Dear Amy,

If I were you I’d do some online research on all the governmental agencies out there. I’ll bet there’s one that’s willing to pay for your law school if you would agree to work for them for a few years after you get out. It’s kind of an indentured servitude deal, but that’s a lot better than taking on $150,000 or more in debt.

The scholarship is a good thing, but we both know it will only scratch the surface when you’re talking about law school. Think about this, Amy. You got the scholarship by finding a good opportunity and asking for it, right? There’s a ton of scholarship money out there, and millions of dollars of it goes unclaimed every year.

If I were you, I’d get into the business of hunting money. Track down every possibility you can, and use every honest thing to your advantage!

—Dave

For more financial help, please visit daveramsey.com.