November 16, 2010 shop online at www.broadcasteronline.com Page 5 DAVE SAYS: Prepping your kids for healthy habits Dear Dave, We have two kids, ages eight and 11. When they get some money we have them take out 10 percent for tithes or giving, and 10 percent for saving. It’s difficult with the younger one sometimes, because all he wants to do is spend money. And really, what’s the point if he gets ten dollars of putting away just a dollar? How do you convince a child this age that it’s good to save? Allen Dear Allen, First, I think you’ve got a nice plan in place working with them on saving and giving. With a kid who’s eight, you start out by explaining it the best you can on his level. Then, if he still doesn’t want to do it, you make him do it anyway. Sometimes, as a parent, you have to pull rank when it comes to doing what’s best for the kid. Now, here’s the point of saving, even if it’s only a dollar. You want to make sure you teach them a pattern of habits that will help them win in life. When your kids have homework you make them sit down and do it. Then, you help them when they need help, right? The point is you want them to learn good study habits, so that when they get into high school and beyond they can succeed. That one dollar won’t make him rich right now, but getting into the habit of saving – because his mean, old dad made him do it when he was a kid – will make him wealthy one day! You might try setting goals for him, too. Lots of younger kids have trouble with the concept of saving. But if you set some goals, and let him save up a little bit of money and pay for something himself, it will be a real lesson for him. It will show him that delaying pleasure really pays off. Make sure you start out small, with a few easily attainable goals. Then, you’ll be paving the way for bigger things, like saving for a car and maybe even college! —Dave way to protect my personal assets? Carrie Dear Carrie, I’d go with a liability umbrella policy of about two million dollars. This picks up where your liability leaves off on your car, homeowner’s and rental property fire and extended coverage policies. It’s not very expensive, either. Landlord wants protection Dear Dave, I’m a new landlord, and I have a question. In the event of a lawsuit, what is the best If you start to build a substantial portfolio of investment real estate, such as houses, you might want to begin putting every four or five properties you buy into a separate corporate entity. I’d advise an LLC, which is a kind of cross between a soleproprietorship and a corporation. Plus, it has some of the best characteristics of both business types. Each LLC is a separate company with its own checking account. If you do all the paperwork properly, and an LLC entity owns a property where someone falls and sues you, then they can only sue for the assets of that company. —Dave * For more financial help, please visit daveramsey.com. Patricia Curry: 605-661-2860 Andy Curry: 605-261-1202 Archie Dunham: 605-366-4625 Also see us at Siouxlandhomes.com 611 E. Washington Street - $119,900 2650 sf., 4 bedrooms & 3 baths, kitchen appliances included, huge 768 sf garage, dbl. lot. Top to bottom updates in 2006; lite form basement, tiled floors in kitchen, newer cabinets. Virtual Tours www.dunhamcompany.com $5,000 CASH TO BUYER AT CLOSE EXTENDED TO JAN. 2011 1506 Country Club Dr. - $164,900 SELLER SAYS “BRING ALL OFFERS!” Like new! 1600+ sf, 3 bedroom, 2 bath ranch, dble garage, all oak, applances, sprinklers, fenced yard, many extras. 3 bedroom, 1 bath, huge kitchen. New carpet/ flooring/interior/extior paint/roof 2009. 2 blocks from school. 207 W. Clay Street. - $60,000 Elk Point, SD 710 E. Main Street - $154,900 2103 sf Ranch (1/2 of duplex) 3 bedroom, 2 bath, main floor laundry. Huge LL family room, storage. Oversized garage, fenced yard, garden shed. Many updates. 209 W. Walnut Street - $98,500 1/2 Duplex. 1034 sf, ranch, 2 bedrooms, 1 bath, main floor laundry. All appliances included. Single attached garage w/GDOpener and remote. 2-car garage on alley. 602 S. Pinckney Street - $205,900 Ranch, 2147 sf, 4 bedrooms, 3 bath, bay dining area leads to deck. Main floor laundry. Master bed/bath, walk-in closet. Huge garage, lawn sprinkler system. Thank you – Thank you In December 2010 it will be fifty years since I went into the Auction, Real Estate & Trucking & Livestock Business. This ad is to let you know as clients and customers all these years how much this family has appreciated your support. We have had many excellent years but 2010 is the best year in the Real Estate business we have had. In September I listed a Real Estate Auction for a farm and the owner said she hoped it would bring $4000.00 per acre. It brought $5600.00 per acre. In October another land auction I conducted the restate hoped it would bring $3500.00 per acre. It brought $4800.00 per acre. If you have land to sell or for rent give me a call or if you want to buy or rent. I’ve been in business more years than a lot of these agents are years old. The land price to buy or rent is the highest in my lifetime and there are more customers than ever. Richard Steine Real Estate 605-253-2283 Licensed in Iowa, Nebraska and South Dakota