NEW CASTLE —
Dear Dave: What do you think about the practice of credit card churning? — Ethan
Dear Ethan: I think it’s a pretty dumb idea. The concept is to run up the balance on one card as high as you can, then flip the balance from card to card in order to get perks like airline miles. But if you want to go through all the trouble and hassle over such a small amount of money, be my guest.
I’ve met thousands of millionaires, and none of them have ever credited their success to credit card churning. Think about it: With all the time you’d spend, and risk you’re taking on a scheme like that, you could actually have made some money.
If you want success, Ethan, you have to mimic what successful people do. This means living on a detailed plan, saving, and investing. — Dave
Dear Dave: Both of our daughters will start college next year. We have $25,000 set aside for each in their custodial accounts, but my financial adviser says we should take the money out because it will keep them from being awarded as much in scholarships and other assistance. What do you think? — John
Dear John: I disagree. It’s like saying you should quit your job to get food stamps. You guys obviously aren’t poor, and any financial adviser who says you need to fake being poor in order to get help is not a person whose advice I want to follow.
When your kids apply for scholarships and assistance, your entire financial picture will be assessed. More funding goes to kids from poor families than rich ones, but that’s only fair. Chances are, you fall somewhere in the upper-middle portion of the scale.
But no, I wouldn’t move the money or try to hide it. It’s just not honest to try and act like you’re poor when you’re not. I don’t believe in that kind of stuff. — Dave
(For more financial advice, please visit daveramsey.com.)
All About You ...
Related Photos
-
For years Dave Ramsey has been the host of the popular ‘Dave Ramsey Show’ on radio stations across the nation. Now, his financial advice column is carried by more than 300 publications. It will appear each Friday on The News website.
Discussion
Dave Ramsey: Credit card churning risky, foolish
- All About You ...
-
-
Culinary Conversation: A day in France— or close to it
Here’s some advice: If your spouse packs your lunch, never complain about the contents. I wasn’t actually griping. I just noted that it lacked excitement. The response from spouse was — our kitchen isn’t the Ritz Carlton.
-
Dave Ramsey: Avoid college loans if you can
“Dave Says" is a weekly column featuring financial advice from nationally syndicated radio host Dave Ramsey. His column is filled with timely, relevant questions and answers taken from actual letters and calls on Ramsey's radio program, “The Dave Ramsey Show.”
-
Lori Brothers: Be ready to stay healthy during storms
At any time during the spring and summer, we may get a signal from our local officials that there is inclement weather that can turn threatening. It is always important to pay attention during alerts to assure that your family, including your pets, are safe in the event of an emergency such as tornado, flood or power outage.
-
Sarah Stright-Hartley: Looking for stylish way to pack your possessions? It’s in the bag
One of the most personal things a woman buys is a handbag. It holds all of her prized possessions. So when shopping for a new bag, there are a lot of things to consider. Size, color, quality, fabric and length of use. Is she looking for something to use year round, or something that can be changed each season?
-
Kali Davies-Anderson: I’m now a year older — and a lot wiser
On May 7, I turned 28 years old. I understand this is still considered “young,” but I feel as though I have lived many lives in my 28 years. And in those many “lives” I have learned vast and various lessons.
-
Making a Difference: Custodian makes clean sweep of kids’ hearts
When Croton Pre-Kindergarten Center students recess for summer vacation next month, “Mr. Pete” will walk out the door with them. And it will be for the last time.
-
Culinary Conversation: 25 easy treats to make for Mom on Mother’s Day
The sweetest person you know deserves something equally sugary on Sunday. That would be your mother and the occasion is Mother’s Day. A luxurious brunch and a vase full of tulips are perfectly acceptable, and so is breakfast in bed, especially when big hands help little hands and someone (not her!) cleans the kitchen.
-
Dave Ramsey: How do mutual funds work?
“Dave Says" is a weekly column featuring financial advice from nationally syndicated radio host Dave Ramsey. His column is filled with timely, relevant questions and answers taken from actual letters and calls on Ramsey's radio program, “The Dave Ramsey Show.”
-
Lori Brothers: Walking tall is good for the body
Do you have neck soreness, back pain, or other posture problems? Maybe it’s time to take a new stance about your health and well-being. May is National Correct Posture Month.
-
Sarah Stright-Hartley: Want to add some zing for spring? Go ‘bloom’ yourself!
It's spring, it's spring! It finally feels like spring! Maybe I shouldn't say that too loudly, I don't want to scare it off. Anyway, one of the best parts of spring is seeing all of the pretty flowers popping up around the area.
- More All About You ... Headlines
-
