July 9, 2013 • Page 2 shop online at www.missourivalleyshopper.com Dave Says This Deal Is Not Yet Broken BY DAVE RAMSEY Dear Dave, Our son is about to graduate from law school. He took out a loan to cover the cost, but we’ve been paying on it for two years to help him out. Right now, the balance on the loan is about $76,000. We could continue paying it off, but my husband is hesitant. How do you feel about this situation? — Patty Dear Patty, It’s not a bad thing if you guys decide to continue helping him out by paying off the rest of the loan. But I don’t want you to feel as if you’re obligated in any way. No deal has been broken here, and you haven’t reneged on a previous agreement. But there’s absolutely nothing wrong with a young lawyer earning a living and paying off his own debt. He can roll up his sleeves and clean up the mess he participated in making. If you do decide to pay it off, that’s an incredibly generous gift. In my mind, it should be met with much gratitude and appreciation. It should also be accompanied by a signed letter of agreement from him stating that he will never, except in the case of a 15-year, fixed rate mortgage, borrow money again. In other words, I’d want to see some kind of permanent commitment and Dave RAMSEY recognition of the fact that you guys have changed your family tree. I’d want this kid to be affected in a deep and profound way by this gift; so much that his kids would also be affected in a positive way by your behavior and by his in the years to come! —Dave Dear Dave, Is there a downside to refinancing your home often? —Katrina Dear Katrina, There’s really no downside to this, as long as each time you do a refinance you lower your interest rate enough to allow you to recoup closing costs before you move. In other words, you have to first make sure the numbers work. First, calculate the amount of money you’ll save as a result of a refinance. The way to do this is by multiplying the interest difference by your loan balance. If you have a $200,000 mortgage on a 5 percent loan, and you refinance to a 3 percent loan, that will save you 2 percent per year, or $4,000. Next, look at the refinance costs. What are the closing costs in order to refinance? If it’s $10,000, and you divide that by $4,000, that says it would take two and a half years to get your money back. If the costs are $8,000, it would take you two years to get your money back if you’re saving $4,000 a year. That’s pretty substantial! What I just laid out is called a breakeven analysis. Basically, it answers the question of how long it will take you to get back the money you spent on closing costs with the interest you save. That will give you the answer as to whether or not you should refinance again. So, there’s not really a “you’ve done this too often” rule. If you refinance three times in a year it would only be smart if interest rates have dropped significantly throughout that time. Doing a refinance to save an eighth of a percent won’t work out well for you. — Dave Dave Ramsey is America’s trusted voice on money and business. He’s authored four New York Times bestselling books: Financial Peace, More Than Enough, The Total Money Makeover and EntreLeadership. The Dave Ramsey Show is heard by more than 6 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com. 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WWW.COUNTRYFORDSALES.NET ~ WWW.COUNTRYFORDSALES.NET ~ WWW.COUNTRYFORDSALES.NET ~ WWW.COUNTRYFORDSALE S.NET WWW.COUNTRYFORDSALES.NET ~ WWW.COUNTRYFORDSALES.NET ~ WWW.COUNTRYFORDSALES.NET ~ WWW.COUNTRYFORDSALE S.NET WWW.COUNTRYFORDSALES.NET ~ WWW.COUNTRYFORDSALES.NET The annual Fourth of July picnic was a celebration of time and freedom. We’d all watched the parade, earlier, because that’s what you do on the Fourth, and we believe in it. Our parade features Scout troops in uniform, the high school band, floats with pretty girls … well, okay, it’s actually Delbert’s convertible with signs on the doors … and little kids proudly leading their dogs down our main street. In other words, pretty much everyone. Those of us who aren’t marching have been known to say things like, “Hon, isn’t that the O’Brien kid with that German shepherd? My, he’s grown.” You know. And then we go to the picnic and gorge ourselves and play softball and horseshoes and soak up the sun and laugh a lot. It’s a time for asking mere acquaintances from grocery store sightings just how they’re doing, in hopes of becoming real friends. It’s time to catch up on friends who have been solid bricks in our wall of life forever. It’s also a time to rejoice and see new bundles of babies that have joined us since last year, and feel a bit sad at those who have left us, too. It’s a time when two guys on opposite sides, politically, can just smile and talk sports and enjoy each other. There’s time enough to disagree on policies later on. No rush. And we know, deep inside, that this is the real reason we celebrate our Independence Day. Because we can set aside our differences and have fun together. We can be free to have fun together because a long time ago some men in powdered wigs were smart enough to look ahead toward … well, toward this very picnic of ours, actually. They wanted it to be fun, too. ———Brought to you by Federal Premium ammunition. Our bullet and load combinations boast the ultimate in accuracy and performance. www.federalpremium.com www.missourivalleyshopper.com IMPROVE WORKING CONDITIONS FOR YOUR FEET. SALE! In stock. 6” & 8” styles. FREE SOCKS Available in Safety & Non-Safety Toe Boston3rd • Yankton •to Boots Shoes 665-9092 312 W. Independent Order of Odd Fellows Statewide Dispersal Saturday July 13th, 10:00 a.m. Located: Girard Auction Facilities Wakonda, SD As a result of many of the lodges in South Dakota closing, we will be offering this large selection of furniture and antiques from lodges across the state at auction. Furniture: (4) 3-seat large oak chairs-unique; oak rolltop desk; many Large Oak Arm Chairs—mission style, larger ceremonial, & others; oak office chairs; kitchen cabinet w/ glass doors; lg book case w/ class doors; piano stool w/ glass ball feet; podiums; oak bookcase; plant stands; Ceremonial: 3 antique caskets w/ skeletons & mannequinsunique; many fancy swords, shields, & helmets; Flag & Pike poles with fancy tops; Bow & Arrow; oak ballot boxes; encampment crook; wands & torches; gong, jeweled board; antique blindfolds; IOOF Souvenir tapestry; 4 Satin Banners; gavels; bearded masks; Faulkton Lodge Satin Banner; Other Antiques: Buckeye Stereo-opticon magic lantern slide projector w/ box; auto-harp; antique posters, prints & proclamations; fancy oak picture frames; Flag Poles—some with eagles; flag stands; Early Dell Rapids Old Fellows Home photos; mandolin case; trunk; Tomas Wildley Lithograph; player piano rolls; folding chairs; kitchen supplies, dishes; office equipment; Consigned: Full Sized, Heavy Slate Top Pool Table w/ Accessories— Excellent. 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