2 Broadcaster Press March 17, 2020 www.broadcasteronline.com Dave Says Protecting Your Assets Dear Dave, We live in Colorado, and we need some advice on protecting our assets. My wife is a teacher, and I’m a nurse. We make around $180,000 a year combined, and we’re set to pay off our home next month. We also have two teenagers who are both driving, so we were wondering about the best way to protect everything if one of them has an accident and we get sued, or something else tragic happens. Spencer Control Your Own Destiny Well, it’s March again … the windy month. And here in Home Country we have our very own variety that blows in to have coffee with us every now and then. Windy Wilson, of course. His takes on the human condition, and history, and darn near everything else lack only accuracy. The entertainment and color are always there, and we’re always glad to see the old camp cook and cowboy. Dear Trey, “Boys,” said Windy, “I guess you all figgered out what’s You should always put 15 percent of your income comin’ up here real soon. Yessir, it’s the Ideas of March. into retirement once you reach Baby Step 4. I would never count on a pension as my only retirement income, Comes ever March 15, and it’s an annual versary of the Dave because the truth is many pension funds are very poorly snuffin’ out of one a-them famous Romans. Julius Cae sar. The boys at the farm took turns stabbin’ him ‘til he managed. You’ll probably get the pension when the time comes. stopped givin’ speeches. Dear Spencer, “But the good part about them Ideas of March is, you I’m not predicting it will go broke or anything like that, With your income, and the stage you’re in when it but there’s no way I would leave the financial state of my ain’t got to do nothin’ about it. You don’t have to sing comes to wealth building, I think it’s time to add an songs or gather ‘round the campfire or buy presents fer retirement in other people’s hands. That’s exactly what umbrella policy. This is a liability policy, and you could yer brother or nothin’. I mean, you can jest sit back on you’re doing when your plan is to count on a pension probably buy an extra million in liability coverage for yer own sacrolibriums and conjugate adverbs or watch or Social Security. With Roth IRAs, 401(k)s and so forth, around $250 a year. It attaches to the liability policy teevee and pick scabs off the neighbor’s dog. you’re building wealth that you control. that’s already part of your homeowners and car insur“Now this was them days when Roman guys was a-runYou have to control the conrollables, Jordan. There ance. nin’ all over conquerin’ stuff ‘cuz they already had their With a couple of teenage drivers in the house it might are plenty of things in our lives we have no control over irrigation ditches in and had planted the alfalfa. And ol’ whatsoever, but you have to take charge of the stuff you run a little more than $250, but I wouldn’t think it would Julius Caesar, well he got real famous for bein’ the head can control in order to win. Building wealth is one of be much more, if any. It would just add an extra million to conquerer. To this day, he was so famous his face is on those things! the mix, just in case someone decided they were going to gold coins in old dead boats on the bottom of the ocean. —Dave come after you because of a bad situation. And a-course, you know they named a food after him. Yes As you continue building wealth later, like if you get they did. Thass right. We all heard of Orange Julius. Boy into real estate and start buying rental properties, make if I had a orange drink named for me, I b’lieve I’d open a sure you put those in a limited liability company (LLC). * Dave Ramsey is America’s trusted voice on money and coffee shop and call it the “Et tu Buffet. You’re not there quite yet, but it’s always a good idea to business, and CEO of Ramsey Solutions. He has authored seven “And you can tell ‘em I said so. best-selling books, including The Total Money Makeover. The plan ahead and do whatever you can to keep the size of Dave Ramsey Show is heard by more than 12 million listeners the target on your back relatively small. each week on 575 radio stations and multiple digital platforms. BroadcasterOnline.com —Dave Follow Dave on Twitter at @DaveRamsey and on the web at “Get Connected!” daveramsey.com. RAMSEY Dear Dave, I have a pension plan that will pay me 80 percent of my top three highest years’ income. Should I continue to invest 15 percent towards retirement? 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