WHAT HE SAID…
December 2, 2015
Councilman forgives man who killed his dad
December 2, 2015
Dear Dave,
How do you have a wedding without debt?
-Lynn
Dear Lynn,
Wow, where do I start on this one? I guess the best way is to tell the truth. Honey, that question kind of makes you sound like a little princess.
How do you have a wedding without debt? It’s really simple. You have a wedding with the money you have. There’s nothing wrong with small, inexpensive weddings. And once you accept that and start thinking about things from a mature, adult point of view, you’ll start realizing you can scrimp and save and have a really nice, small wedding.
Lots of people have beautiful, memorable ceremonies and even small receptions for less than $1,000. Sure, you can run out, go into debt and wear an $8,000 wedding dress for a few hours on one day of your life. Or, you can find one that’s much cheaper – even something that’s been worn one time – for a couple hundred dollars. Think that’s tacky? Well, let me tell you what’s even more tacky and dumb — going $15,000 to $20,000 in debt for one day!
To have a wedding without debt you have to be creative and think within your budget. That means growing up and not throwing a temper tantrum just because you can’t have every little thing you want. Most people don’t have lavish, expensive weddings, and guess what? Years down the road they’re still married, madly in love and laughing and hugging when they remember the best day of their lives.
Please, don’t turn what’s supposed to be a happy occasion into a financial mess that will take years to clean up!
-Dave
What do you do with restricted stock?
Dear Dave,
My husband works for a large company and receives restricted stock bonuses of approximately $5,000 each year. We’re not sure exactly how long they’re restricted, and we both wonder if we’re allowed to sell these options?
– Patty
Dear Patty,
You said your husband works for a large company, so my guess is they do this as an employee retention move. That’s why they restrict the stock. They’re trying to get people to stay with the company, and you’ll only be able to sell them after they are no longer restricted.
Usually, these kinds of things have a one-or two-year restriction. I doubt they’d put a five-year hold on it, but check with the company to find out the specifics. They can tell him when the stock is free to be sold.
If it were me, I wouldn’t hold on to too much of it. I don’t own single stocks. They have too much risk for my taste. Keep a little bit, if you want, but don’t put all or even most of your financial eggs into that one basket!
-Dave
Is loaning or giving helping?
Dear Dave,
The guy who has been my best friend since grade school recently asked me to loan him $5,000. All I have in savings in $5,000, but I would be willing to give him $1,000. The
problem is that while he’s a great friend with a good heart, he’s always getting himself into binds when it comes to money. Do you think I should give him $1,000?
– Israel
Dear Israel,
If I were in your shoes, and I was going to give this guy a fifth of everything I had, I’d want to know it was going to save his life.
If you want to gift your friend some money, then do it. But there’s no way I’d tell you to give him everything you’ve managed to save. And I certainly wouldn’t do it as a loan.
Ask yourself if you believe deep down in your heart that giving this guy $1,000 would truly be a blessing to him or if, by doing it, you’d be acting as an enabler and basically just funding more of his stupidity with money. From what you’ve told me, I think there’s a good chance the answer is the latter. And if that’s the case, you can be a much better friend by saying you love him enough to not ruin your friendship.
