Close Menu
  • News
  • Stocks
  • Bonds
  • Commodities
  • Collectables
    • Art
    • Classic Cars
    • Whiskey
    • Wine
  • Trading
  • Alternative Investment
  • Markets
  • More
    • Economy
    • Money
    • Business
    • Personal Finance
    • Investing
    • Financial Planning
    • ETFs
    • Equities
    • Funds

Subscribe to Updates

Get the latest markets and assets news and updates directly to your inbox.

Trending Now

Ford Foundation Names Yale Law Dean Heather Gerken as Next President

July 1, 2025

Arshile Gorky’s experience as an immigrant to the US and the painting that defined it – The Art Newspaper

July 1, 2025

Early Powell departure could be an ‘unexpected gift’ for EMs

July 1, 2025
Facebook X (Twitter) Instagram
Facebook X (Twitter) Instagram
The Asset ObserverThe Asset Observer
Newsletter
LIVE MARKET DATA
  • News
  • Stocks
  • Bonds
  • Commodities
  • Collectables
    • Art
    • Classic Cars
    • Whiskey
    • Wine
  • Trading
  • Alternative Investment
  • Markets
  • More
    • Economy
    • Money
    • Business
    • Personal Finance
    • Investing
    • Financial Planning
    • ETFs
    • Equities
    • Funds
The Asset ObserverThe Asset Observer
Home»Money
Money

Dave Says: Its A Big Mess & More Harm Than Good

News RoomBy News RoomFebruary 14, 2024
Share
Facebook Twitter LinkedIn Pinterest Email

Dear Dave,

I’m a single mom, and I opened my own small business last year. The business isn’t growing at all, and my mom and dad are helping me with the bills. On top of all this, I don’t receive any child support payments from my ex-husband. But my biggest concern is our home. I bought it four years ago, and when I opened my business, I did it with a home equity loan. Do you have any advice?

Tammy

Dear Tammy,

You need to close up your business, at least temporarily, and go find some money-making work. I’m sorry to be so blunt, but you’ve got a really big mess on your hands.

Long story short, the money you make at another full-time job is likely to decide whether you can stay in your home. If you’ve got a mortgage, home equity loan and business debts hanging over your head, the chances of this are slim. You probably need to consider the idea moving into a small, affordable apartment for a while, too. If you do this, get your debts paid off and your finances back in order—which includes living on a budget and saving—you might be able to buy a house again in a few years.

I know the idea of giving up your home and business is hurtful, but sometimes when you have a serious illness, extensive surgery is needed to fix the problem. And right now, you’ve got a very serious financial illness.

I want you to understand how I’m looking at this, Tammy. The house alone is not the problem. You borrowed money to open a business, and that was your first mistake. You also have no savings, which is another mistake, and now your business isn’t making a profit. See how all of it combined adds up into one big mess?

I love your spirit, and the fact that you want to be an entrepreneur. But you’ve got to get control of your money first. If you don’t, this thing will eat you alive.

—Dave

 

Dear Dave,

Our son has been married for about three years, and he and his wife are having financial problems. He wants to live on a budget and save money, while she hates the idea of budgeting, and always wants to buy expensive things. They make enough to get by, but they’re not rich. How should we handle it when he asks us for advice?

Stan

Dear Stan,

If he can’t get her to realize these habits are hurting them and their financial future, and if it’s an issue they’re going to continually butt heads over, it would be smart for them to sit down with a good marriage counselor or pastor. Something like this needs to come from a neutral and objective third-party.

Do you get what I’m saying here? The last thing he needs to do is go back to his wife spouting stuff like, “Well, my parents said…” Remember when you were first married, Stan? You didn’t want your in-laws always hovering around putting in their two-cents worth, either, right?

I know you folks are concerned. It’s only natural, because you love them and care about them. But if your daughter-in-law feels like her in-laws and her husband are ganging up on her, it could do way more harm than good!

—Dave

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Keep Reading

Is your bond ETF actually a safe investment? Here’s how to check

Safe and Sound: 15 Clever Spots to Hide Your Valuables Where Burglars Never Look

50 Small Business Ideas For Women

The MoneySense Find a Qualified Advisor Tool

How Much Risk Can You Handle?

Trump’s Money Rules: 10 Bold Lessons for Your Bottom Line

10 Expert Tips to File Your Tax Extension Without Triggering an IRS Audit

How Long Does It Take to Build Good Credit? The Truth about Credit Length!

Buying ETFs in Canada: MoneySense ETF Screener Tool

Recent Posts
  • Ford Foundation Names Yale Law Dean Heather Gerken as Next President
  • Arshile Gorky’s experience as an immigrant to the US and the painting that defined it – The Art Newspaper
  • Early Powell departure could be an ‘unexpected gift’ for EMs
  • Troy Minerals Announces Maiden Inferred Resource Estimate for High-Purity Silica at Table Mountain Project, BC
  • Raphael’s experiments with innovative painting technique revealed by Vatican Museums restoration – The Art Newspaper

Subscribe to Newsletter

Get the latest markets and assets news and updates directly to your inbox.

Editors Picks

Arshile Gorky’s experience as an immigrant to the US and the painting that defined it – The Art Newspaper

July 1, 2025

Early Powell departure could be an ‘unexpected gift’ for EMs

July 1, 2025

Troy Minerals Announces Maiden Inferred Resource Estimate for High-Purity Silica at Table Mountain Project, BC

July 1, 2025

Raphael’s experiments with innovative painting technique revealed by Vatican Museums restoration – The Art Newspaper

July 1, 2025

FCA payable fees to drop by close to £10m in the next year

July 1, 2025
Facebook X (Twitter) Instagram
© 2025 The Asset Observer. All Rights Reserved.
  • Privacy Policy
  • Terms
  • Press Release
  • Advertise
  • Contact

Type above and press Enter to search. Press Esc to cancel.