Dave Ramsey

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James Savadelis – Endorsed Local Provider (ELP) for the metro Atlanta area.

Why Use An ELP?

Financial Peace University

Most people struggle to make ends meet. They just have too much month left at the end of the money. If you have made the mistakes and feel like your money vanishes each month, you are not alone. In fact, 70% of Americans live paycheck to paycheck.

Financial Peace University is designed to teach you and your family how to get out of debt, stay out of debt, and build wealth. You’ll meet with your class each week to watch a video lesson and have a discussion with an accountability group to change your attitude about money.

During this 9-week life-changing class, you will learn how to: get control of your money (follow baby steps, put together a budget, and set financial goals), stop struggling to make ends meet (save an emergency fund, eliminate financial stress, and invest for you future), tell your money what to do (know what insurance to buy, get deals on purchases, buy/sell a home, plan for retirement) and change your family’s future (utilize a good money plan, unlock power of giving).

Dave Says –

When do I need umbrella insurance?

 
Dear Dave,
At what level of net worth should someone consider umbrella insurance?
Matt

 
Dear Matt,
I think it’s something you should consider if you have a net worth of $500,000 or greater. But first you should be clear on what net worth really means.

Net worth is what you own minus what you owe. So the fact that you make a million dollars a year is not the determining factor in whether or not you’re a millionaire. The only people who use that definition are the financially uninformed and politicians who twist things around and throw out catch phrases designed to further their own agendas.

That being said, I would get umbrella insurance, which is extra liability insurance, when you reach the half-million mark in net worth. Prior to that I’d suggest carrying $500,000 worth of liability on your homeowner’s, car insurance and any other policies that have liability attached to them. Once you reach and cross that $500,000 threshold in net worth, however, I’d advise picking up another $1 million in liability insurance, called an umbrella policy, that attaches to the top of that and covers everything for an additional $1 million.

It’s a great buy, Matt. You can get it for about $200 a year in most states.
—Dave

http://www.daveramsey.com/davesays/column/column/dave_says_2013-10-28

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