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November 24, 2020 7:03 am
Whether you own a business, or you're trying to advance your career. Social media has become a very powerful tool for courting customers or just getting your name out there, but it can also be a double-edged sword, but today things you should promote yourself or your business on Facebook, twitter and all the rest from West shares those with you, but please hold your calls until next time, just recorded some great questions.
All that just to have more social media is next on moneywise Rob so like it or not.
Social media has become essential for business branding or networking your way to a better job these days.
If you're not using it, you're at a disadvantage because more than likely your competition probably is when you say wow that is so true these days it's really driving professional development and business growth. Here's an amazing statistic Steve.
A recent survey found that 37% of people around the world are using social media even more amazing folks 65 and up are the fastest growing demographic using the platform is not interesting. It is interesting yeah so what your primary recommendations to make this work. Well, the first piece of advice Steve.
I would offer anyone as they think about using it for business and professional reasons is get real. And by that I mean be re-be the real you don't try to pass yourself off is something you're not.
If you're not an expert at something, don't pretend to be. It's okay to use humor, but obviously nothing off-color. That's just common sense. Aim for charming, friendly and witty and only when appropriate. Yeah that's always been my policy but I don't always edit any anything else.
Well, is that I here's one to avoid Steve politics actually any controversy or topic, you'll probably end up alienating as many people as you attract. So what's the boy don't post anything you will regret later and remember anything you put online is out there somewhere, probably forever. Even if you take it back down. Yeah, things seem to have a habit of getting retweeted so you have to be careful exactly you want to portray yourself on social media as a professional who shares valuable content to customers and others in your field and never anything offensive.
Of course I commenting on current events can also be tricky unless you're really on top of things, you know, if you're not well informed about an issue or haven't done the research, stay away from it. The last thing you want to come across is as being ignorant or insensitive to something in the news example might be using a trendy hashtag to promote your business. If you haven't thoroughly checked it out on the other hand, if you have something of value about a particular issue to share with your online community. Go ahead and post it, but do it carefully, maybe even asked someone for a second opinion before committing yourself that's always a good idea.
You hear something I've done and I realize I'm showing my age here, but I ask the younger people sometimes maybe my children may be others. I know sometimes there are people in your 20s and 30s are in their 20s and 30s that no stuff is an older person, you may not know that will help keep you some trouble sometimes absolutely right.
So hashtag look before you leap. What else well. Avoid too much information.
You know I can occasional short anecdote about a personal experience related to something in your field is fine, but don't flood your online community with frequent posts about your progress on things they may not care about. Perhaps what you did over the weekend. If you insist on sharing those kinds of things you need to have a separate account for business and personal communication would send my recommendation a web of pictures of my granddaughters know well just in moderation. I guess I was in moderation. I do get spanked regularly by my children for doing that's okay. What else they have well. Next is use spelling and grammar checkers.
You always want your content to look polished. If you doubt your writing skills that someone else prove your copy before you posted and if you realize afterwards that you've made an error. Edit it and repost you don't want to end up in some meme if you don't know what that is. You can look it up about people who can't spell or use horrible grammar. What about showing the human side of your business field of endeavor. Yeah well that's a great question because every business line of work has a certain culture that interests customers and colleagues. It's okay to be transparent, share about the human side of things. I would just say again do that with him reason to follow the 8020 rule 80% of your content you provide will value 20% of behind-the-scenes glimpses of the company or your profession. This is moneywise live with Rob West brief break back with more gun. Here's a great deal more about our money than most of us imagine Jesus is more about our use of money and possessions and about anything else, including both heaven and hell in managing God's money, author Randy Elmore and breaks it all down in a simple, easy to follow format that makes it the perfect reference tool if you're interested in gaining a solid biblical understanding of money, possessions and eternity managing God's money is available when you store moneywise live.org. If you're investing for retirement or any other goal you may be wondering if it's possible to enjoy both profit and peace of mind, no matter what's happening in the market. Sound mind investing is a short video webinar on the topic of sound mind investing.org SMI has helped tens of thousands of Christians learn to be wise and faithful stewards in the area of investing profit and peace of mind matter what's happening in the market. Sound mind investing.org still grit grandparenting matter. Here's to intentionality on Thanksgiving. There are probably few surprises seating arrangement, menus, activities, who cooks, serves and cleans, that may already have been set in stone. Here's an idea for you start a new tradition and get your kids and grandkids and on the yeah brainstorm with them for some ideas. Here are a few to start with, organize morning football game. After dinner the men and kids help with dishes or handle them completely before after dinner.
The whole family goes for a walk over dessert planet Christmas outreach project for your entire family from the oldest family member to the youngest talk about each person's earliest Thanksgiving memory for more tips and encouragement for grandparents.
Check out grandkids matter.org.
And if that is robbing you of freedom and peace of mind. Christian credit counselors can help where nationwide nonprofit counseling organization has helped over 3000 individuals in the last 27 years get out of credit card debt 80% faster while honoring that data and phone to learn how Christian credit counselors can help you visit Christian credit counselors.org Christian credit counselors not call 800-557-1985 telephone number off is live today report because you can find this online live.jetting for just a couple minutes today about social media etiquette, particularly when it comes to your job, your career or your business. Perhaps there are things you should do some other things you shouldn't do to maximize that infect their Facebook question of the day is what is one chip you would pass along regarding the social media had a cat that you want to read a few of those who love the zeal we actually have a lot of interest in this. Maybe because Facebook is a social media platform. There was a lot of people wanted to talk about how to be proper in your social media etiquette, but yet I love some of these that Jeff said don't say anything you wouldn't say face-to-face. I love that idea you don't have to comment on everything you see from Janice. Keep your this is from Charlotte, keep your exclamation points and caps lock men up up that you know this is a great one from Lisa. She said keep it positive, keep it kind keep it God honoring and I think that's always really great advice Lynn said, be truthful and honor the Lord. Sue said, nonpolitical, and I love what Mike said little bit tongue-in-cheek, Steve. He said social media etiquette. That's funny if you spend any time on social media. You know exactly what he's talking about because that anonymity in some cases can bring out the worst in us periodically and we need to make sure that we are in fact being God honoring in all that we do and you'll find us on all the primary social media platforms under moneywise moneywise live moneywise media if you're looking for us.
You can find us and would love to have you check us out today.
All right, one more time 800-525-7000.
Let's take some calls. Cleveland, Ohio Howard, how can we help user 500 K will and you well.
I appreciate you both calling today. It's a great question.
I do like the idea of rolling the thrift savings plan out to an IRA. When you separate from your employer.
That's can give you a bit more flexibility in terms of the investment solutions and options that you have available to you.
You'll be able to have much more control over how it's managed not only the investments but who is giving you that counsel and with the $500,000. That's obviously a significant amount of money you all have worked long and hard to build this up and so we want to make sure that it's managed properly and so I would strongly recommend that you seek out an investment professional someone who can manage this inside a traditional IRA. If that's where you wrote to them that would be my recommendation where the investment strategy is really based on your goals and objectives with some really wise counsel speaking into it, perhaps even making the decisions for you.
Some of the things that this professional will encourage you to consider is do you need to pull an income off of this to supplement any other income streams now or in the future and if that's not right now. How long is that that will dictate the conservative are more more moderate nature of the investment strategy. Obviously, if you want to tap into any of this find these funds that would be a part of this and I would just say be careful there because obviously if you're under 59 happens can be a penalty if you're not still organ to be taxable you want to be careful not to pull out the 02 much in any one year such that you would drive that income up into a higher tax bracket so you may want to spread that out and keep in mind that the real purpose of this is to continue to grow and ultimately at some point generate an income at least that's what most people do. So you can supplement other guaranteed income sources like Social Security or any other assets that you've accumulated. So that would be my recommendation to roll into an IRA and then begin interviewing investment professionals. I'd probably sit with at least three before you make your decision and I look for somebody there in Cleveland with the certified kingdom advisor designation and you can find those professionals on our firstname.lastname@example.org that will just mean that in addition to their characters requirements and significant experience and expertise. They will also have a shared value system and understand the biblical worldview of handling money. But I through a lot at you there. Tell me what questions you have will I don't think so other than just making sure you're really thoughtful about how you perceive. So in terms of rolling it out as long as you don't take possession of the funds have it paid to you and you do a direct rollover to an IRA, then you're not creating a taxable event so that would be one thing to make sure you do, and then the second thing is you're going to need to determine what custodian to go to while I would interview the investment professionals before you do that, because depending upon who you go with there probably going to tell you what company they want you to roll it into and they'll open the account for you, but you'll spend a significant amount of time getting to know one another. Comparing really what God is called you to. In this next season of life with your goals and objectives your risk tolerance. All of those things and then once you settle on that to a professional that you be working with.
Then you would initiate the rollover by requesting the rollover paperwork directly from TSP. It's not a complicated process, but it's one that you need to spend some time working through so you make a good decision and really connect with an advisor who's going to be a great match for you and thanks for calling today.
We do appreciate that moving along this time to Sandusky, Ohio Marie what's on your heart today. Thank you for taking a crack can't be turned about 40,000. Everything we cannot put that money went on with diagnosed at a young age, and care.
We can't and very black-tie family friend community and lack of adequate time for hand get there at the end in different Nation and non-and we get the question on it gearing the kind we had you on development. Let me not working in Like that.
But where to point now where he is doing very wow year and posttreatment which have all been to be going in the right direction, playback, and change at any point. However, keep pouring out the rate like a year past treatment and on. We are considering impacting what we compare have money, we want to back carried on about 32,000 we consider his money from the donation of majority at the money and we want to make that Rated company and we wanted something quite like that often, knowing that we could only require it at another time, but if it could grow. Future medical need or if you have any future medical need from the treatment or you know college or anything like that and we get one not on the porch. Now that I get back in Conway and we can't immediately be able to do more work in grout care we get that jump out yet. Where were like okay that's exactly what we want to get for wrapping marketing impacting the money that's going on that idea how much should we be keeping an art stating that I fall back on money. We have met with an investment company. On one occasion and you know that mention getting her hands on a couple weeks for the full amount, but we didn't want to make sure that where looking into debt faithfully and in a smart way yeah very good. Well, I love the way you're thinking and I'm delighted to hear that your son is doing well, but I also recognize you want to be good managers of God's money. Specifically that's been earmarked for his care and so it can continue to grow until he needs it down the road, for whatever that might be in as you said, that could be everything from college to additional care that he may require. At some point.I think really spending some prayerful time thinking about how you want to allocate this money in terms of how much you would want at the risk of the stock market.
In addition to the time horizon and you don't have to treat the whole amount equally in the sense that you may say, well, we'd like to have you use row numbers or would like to have 10,000 of it available in the next five years, and so we may take a different approach with that money then let's say 30,000 of it or 20,000 of it that we think you know we would want to grow for a longer period of time.
If you feel like you could earmarked even a another amount specifically for college will then that gives us the ability to put it in something like a 529 plan which is going to shelter the taxes from Dragon putting a drag on the returns, but it is going to require that you use it for qualified educational expenses, and if you just don't know enough to know or to make that decision now. You may want to avoid that. So I would probably recommend you keep it in a joint account but just separate and earmarked for his care. Whatever portion that is and then as you all think through how long you want this money to be working for you and how much you need available in whatever time.
That's going to then allow the investment strategy to fall out of that anything you need in the next couple years I'd probably just keep it in an online savings account earning a couple percent interest little bit less, maybe, but it's readily available and it's safe because you with anything you put the risk of the market. Marie you need to ask yourself what I be comfortable if this lost value if I got a statement and it was down.
Let's say you're five or even 10% or more depending on how aggressive you are and would I be willing to wait for it to come back because you wouldn't want to get yourself in a situation where you are concerned because you got a statement and you lost money and you thought I just can't take any risk with this well. That tells me that we shouldn't of been in the market in the first place. And I think perhaps an ETF portfolio using something like swap intelligent portfolios where you answer some questions about the purpose of this money using a low cost ETF strategy with index funds could serve your really really well stable. I will talk a bit more here off-line and will be right back, buying a home is the largest most nerve-racking purchase. Most of us ever make. It doesn't help that you're entering a maze of unfamiliar words and confusing options that can leave you intimidated frustrated and afraid to been taken advantage of navigating the mortgage mates by Dale Vermillion help you clear up the confusion on rack your nerves and make the best mortgage decisions possible with confidence navigating the mortgage maze available when you click the start button moneywise live.org it's everything. When you sent it will become important in the word of God. Whether it's a character or contact you contact the very first meeting, you will learn something right here that will carry the concept of light throughout Scripture first time he received no name first timely receipt of redemption. Words like foundation words like deliverance you want to look things that look for the very first place may occur. Chapter contacts you will learn something profound carried us from our very first week of studying the names of God in the beginning God created that's what we see him for the first time that the Hebrew word for God. And we know that it was in the context is universal creators even though the name.means so much more than that concept from the very beginning, we can always think of when we hear the word all means mean that a wrong turn when it comes to money clear financial potholes magazine is all about helping you make moneywise. The session explicit podcasts and articles to steer you in the right direction. You are free Scripture and is waiting for you right #times the answers today. However, our pre-ordered. We will be taking your calls but we've lined up some calls in advance that I think you'll find interesting, helpful and very very practical. At least we've tried to make them that way so stick around. This is moneywise live let's go directly to our phones near Morrow Florida knows you. Thanks for your patience. Can we help you for having me! I would be wrong and I'm printing. Working out on my not my my mortgage is 122,000 I do have all been with 100,000 annual authority with hundred and 50,000, and now I will spend some money out of my mind and my mortgage degree and where should I much money out of sure no Jean, thanks for that background. Did I understand you to say you have about 116 in the 401(k) and the hundred and 15 in the Roth correction correct okay so you better have about 230,000 total in retirement assets and on my on my on my my order join my having right now I do have a $15,000 on my 401(k) plan at new $11,000 on my part time job also and what what is the balance on your mortgage 17 okay so the challenge I see here is that even if you took 100% out which I would never recommend you'd still not be able to pay off the mortgage and so it's really not go even though you'd be bringing the balance down.
It's not going to help you in terms of your cash flow because you're still gonna have to say make the same mortgage payment.
And now you've run through all of your retirement assets. So what I would recommend here based on what I'm hearing. No Jesus. I like the idea of you being debt-free. I just don't like the idea of you depleting all of your retirement assets to do it.
Especially as you're just starting out, so I probably and I realize this would be a major decision that you have to think and pray through significantly, but I'd consider number one downsizing perhaps finding a smaller house you could buy for cash.
I don't know how much equity you have. Hopefully, you do have something that you could buy with either a much smaller mortgage or no mortgage at all. The second is if you have the income in retirement to just continue paying on it as you have been as long as you have the ability to do so. Have you run the numbers in terms of what your monthly need will be what your budget will look like once you get to 65 1/2 and you plan to stop working full time. Do you know what that with that's going to be… And it and let God $1000 so yeah but I have you done a budget that says okay.
When I stopped working at 65 1/2. Here's what I need every month to pay all my bills. The recurring expenses. The utilities and put gas in the car and paying the mortgage and keeping your insurance paid all of those things plus the things that are nonrecurring making sure you put something aside that we recommend 1% a year, putting away a 1/12 about every month for the house for instance for repairs.
And what about car repairs and semiannual insurance payments. Do you have a budget that has all of those categories in it so you know what you need to have in the way of income. Once you reach retirement you done that. No, I didn't. Okay, that's your next step so do that so want you to go to moneywise live.org.
Click on connect with a coach and a coach will help you plan your retirement budget. What are your expenses going to be when you get to that point and then we need to look at what your income sources will be.
Are you going to be taking Social Security before full retirement age. What is that what other income sources will you have that's going to help you determine whether your to be able to do this once you do that process. Give us a call back as you were glad you called today. Thanks Kathy were coming your way. Kathy wants to know about her mortgage investing is more than just return it's an expression of who you are and what you value is the way you invest your money reflect your identity as a Christian at eventide. We design investments for performance and a better world so you can invest with the confidence to reach your financial goals while remaining truly are Christian values and commitments. We call this investing makes the world rejoice more is email@example.com invest eventide.com Christian healthcare ministries enables believers to show love for one another by sharing each other's health costs through CHN's voluntary health cost-sharing programs members uplift each other spiritually and financially. CHN was an eligible option under the affordable care act and a Better Business Bureau accredited charity interested. Learn more by calling 800-791-6225 or online at CH ministries.more.
My name is communications major at Moody Bible and is pray. I you may know that you are loved by family and friends, by God, but do you really Dr. Gary Chapman to whites known love five truths about God and your lovely how God uses it to communicate with how God is intimately involved in unexpected purchaser, how did you feel the last time you made a not so good decision as pastor Andy Stanley points out our decisions, like the steering wheel of our life and so you get decision-making right you get life right in his new book, better decisions and fewer regrets. You'll learn five critical questions to apply to every decision you make.
So you can feel confident you're getting it right. Request your copy with any gift to moneywise of $25 or firstname.lastname@example.org from John Scott. It was a record day on Wall Street is that all closes above 30,000 for the first time investors encouraged by the latest progress on developing rotavirus vaccines without game 454 points to close it. 30,046 NASDAQ was ahead 156 points today in the S&P 500 up 57 Pres. Rob applauded the news from Wall Street: 30,008 sacred number prices jumped in September is strong demand low interest rates and the smallest number of available homes on record combined a push-up housing cost. The S&P core logic to Shiller 20 city home price index showed that home prices rose 6.6% in September from a year earlier, much higher than the 5.3% increase in August. The biggest increase since April 2018.
This is SRN news moneywise live with your post from last morn. Please remember that they were recorded where not taking my calls. Let's begin with what we have Jim in Florida. Thanks for your patience.
How can we help you know I'm years old and I think we have a good plan in place. Overall, financially on the pastor. I don't know how long God going to keep me pastoring but that's up to him, but we have a home actually a new home. We recently moved to Florida. We live in Cape Coral that we have a 70 or $75,000 mortgage on it right now. It's about a $250,000 house when we came in. I went ahead and got a 30 year mortgage on it just because of a variety of things but I ran across this almost by accident.
The long and short of it is you take out a small HELOC and it looks like it's the second mortgage and you run your money through the HELOC and basically you're able to cite that huge mortgage interest especially on a long-term 30 year principal and interest loan and there's a software package that comes along with it that you're you they train you to use and supposedly if I follow this system I can pay my home for about 3 1/2 years. There is a $2500 fee which we would pay upfront and frankly if this is what it's cracked up to be. I would consider it a bargain. So anyway I just want to find out if you had any thoughts you know I'm not a big sanity seminar. I don't think it's a scam, although I don't know. This particular system and I'm not excited about you doing anything that requires thousands of dollars upfront and software packages that work required in order to administer it sound a bit complicated. I just kinda like to keep it simple and you know take the traditional approach and you know it can probably work. You know, but the challenges with so many of these. It has the potential to go awry and that your living on credit with the chance you be borrowing more than you should and you could actually end up accumulating more interest in using this if you don't administer it properly, or you have a disruption in your income or something just doesn't happen the way you expect and so you know, given that, given the complexity of it. Given the cost upfront and everything else that kinda goes into it.
I'd rather you just try to keep your lifestyle at a minimum, and pay a little bit extra on that low rate 30 year mortgage that you honestly pay down for quite a bit of time here rather than getting into a system like this just again because of the all the moving parts, and all these are fairly similar although they have their own uniquenesses and I'm not up to speed on this particular one but I think anything with upfront cost that significant in the complexity that you're describing. I think would just be caution flags for me. Okay, you risk of credit is that the HELOC that you're talking about. Yeah because you don't have offer that essentially are putting all of your paycheck.
I guess toward the mortgage and then you're living off the line of credit is that right as you need money again.
I'm not quite far down the road on it to fully understand it. You basically become your one bank account or not, but it becomes the primary place at the flow of money is going through right and I think that's how they get around that huge interest, the payment on the normal regular first mortgage. I think essentially all of your bills come out of your home-equity line of credit your paycheck deposit against your home equity line of credit. Whatever's left.
They pay down on your mortgage and it you know magically pays it off really fast. According to the system. The problem is and no matter how me times your kinda move it all around it tends to be the same and you know it's again it's very complex and it's very expensive you know having to pay for the set up of all of this so I again just rather you keep it simple and rather you just try to pay against principal whenever you have extra money and you not to take on additional credit options and you will have just the complexity of managing this whole system. I appreciate your help. What I called for RI Jim appreciate your call but God bless you. God bless you. Thanks for your time.
Yes, thank you, Jim Douglas, Grand Rapids, Michigan hello Scott, what your situation, I'm questioning the justification of spending all $1500 on up to set up a trust.
I want to be responsible if I my wife die or if we both die. I checked online. There's about 1/2 a dozen different services you can get forms and fill them out yourself as even a class. You can take reasonably costed but I'm just a little. Not knowing what to do what's best to look out for maybe a cheaper attorney who can fit up a trust in the will. I definitely need to do something I feel like I need to be prepared to soften the blow so there's no probate issues or costs upon her death.
Yeah, what is it you're trying to accomplish. Scott nothing.
You don't need a living trust. But what is it specifically you're trying to accomplish with the creation of the trust versus just a will and some of the other critical legal documents for state planning. I don't really know if the trust is necessary. I don't have a great fortune. I just want to avoid my heirs or my wife having to go to court and understand that that's cost itself. Yeah, I mean as long as you have a will certainly will go through probate.
But it can be done efficiently.
Certainly having a trust will avoid that. It will also allow the trust to be utilized even before your death. For instance, if you became incapacitated or you wanted to have assets distributed not just at death, but perhaps beyond your death for various reason you had a dependent to you know you didn't want to give all the money to at one time or you wanted to give it out over time, things like that. Also, it's not a part of the public record so it can be anonymous. There are few other benefits to that as well, but I think the first question is just make sure it is in fact something that makes sense for you and you're not just doing it because you heard it know everybody needs one because I don't think everybody does. But I would say Scott that this is one of those areas when it comes to legal documents. This is just me and there are some wonderful online tools out there and solutions like that. I would just rather have a professional have an attorney have a lawyer who is competent in this area, preferably somebody who shares your values, who can really walk you through this, make sure things done appropriately for your state and and then updated periodically, and in addition do a will which you absolutely both need to have you and your wife.
Make sure you have some of the other necessary documents in place like a healthcare surrogate and a durable power of attorney. You know those types of of legal instruments. I would perhaps get a second opinion or even a second and third opinion. You can go to our website moneywise.org. Click on find the CK and look for a certified kingdom advisor in the law and estate planning area. If there's not one there. Grand Rapids just connect with another CK and asked for referral visiting with a couple of attorneys to make sure again is a living trust necessary and then secondly comparing the cost which is always a good thing. As a steward I think would be wise, but I would prefer you do that with an attorney as opposed to try to do it yourself online. Thank you all right, Scott accomplishes her experiments got by the way, if you haven't visited our website and while you might want to check it out. I think you find it interesting to take a peek at and perhaps browse you'll find lots of free resources there. Things like budget templates and ways to help you maximize your spending and your saving archives of past radio programs modifying the kingdom advisor in your area how to connect with the budget coaching no charge and much much more. It's money wisely. I.O RG will become back then. He wants to know where the Bible talks about government.
David wants to know should he take out a line of credit to pay off his mortgage debt and much more.
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Danny you're calling from Michigan but what's the scenario there.
How can we help you out extra on your mortgage. I biweekly but contract with the bank was not biweekly so I paid $800 more than my mortgage per month.
At the end of the month.
Biweekly in my saving this much fun it that way.
Not having it contract with the bank to do that. Yeah, it's really just a function of how much you're sending extra toward principal, typically with a biweekly Denny what's happening is you're sending two half payments a month. Is that correct know each week and draw money out of my account or mortgage. Now I don't know money actually how I got it transferred all, so I don't know that they pulling that out through an ACH transfer where they're pulling it out or you transmitting it on your end and pushing it from your bank to the mortgage company once a week know they are doing right. What I would want to know the answer to that is, is this just to kind of help you smooth out the money in terms of what's coming out of your account each week, or was the purpose behind it.
To try to reduce the mortgage quicker and quicker out yet so I would want to know two things. Number one is it accomplishing the purpose you intended meaning as as they pull it out is is there a portion of its that is going over and above what's needed for the minimum payment every month which is going to be applied based on the standard amortization is there portion that's going directly to principal reduction over and above what was scheduled in the original agreement.
Your minimum payment and then secondly is there a charge for doing this because if there is you probably don't need to pack it you can essentially accomplish the same thing on your own so I would get a bit more information about what's actually going on is the total of them. The weekly payments that are coming out more than that the scheduled payment for your mortgage yes yes 1100 and I'm paying 1200 okay great so I suspect what's happening is that each week it's going toward the scheduled payment but then that last week, thereby applying an extra hundred to principal reduction so I don't see really a benefit of you doing it weekly because I think until that last week the monies just going against the scheduled payment.
Other probably not crediting you for the principal reduction on the front end, but I would want to know that so have them give you a bit more explanation and then find out they're charging you to do that and if so, you can just send the scheduled payment once a month and then send an extra hundred dollars toward principal reduction in and not pay them to do that for you but what was the second part of your questions are Scripture. I've heard someone that is not all that. I don't know that. Yeah why think what you're referring to is that the notion of retirement is only referred to once in the Bible comes from the book of numbers reverted refers to the Levitical priests that was the priestly tribe of Israel living off the tithes and offerings of God's people and retiring at age 50. There's no other direction in Scripture that would suggest we should retire now, does that mean retirement is sinful or wrong, I don't think so, but I think as believers we need to approach it from a different perspective. Well, what is that perspective well remember work was created before the fall of man.
We were created to be productive.
Adam and Eve were created as workers so work is good. It's a part of God's plan for us.
It's how he designed us and so we should be workers throughout our entire lives.
That means our calling doesn't have an expiration date and so that's where I think perhaps in some cases this modern view of retirement, which isn't all that old, relatively speaking in terms of the way our culture views. Retirement is not necessarily a biblical approach where we work for 60 we work until age 65 and then we just stop all productive activity in and live a life of leisure.
I don't think that's God's intention.
The question is what should be our approach well the first thing is we should decide what lifestyle God has called us doing what is our financial finish line meeting. How much should we be accumulating throughout our lives versus what were using to enjoy and provide for our families and give along the way and we shouldn't just accumulate automatically as much as we can. We should do it with a plan and certainly that should be given quite a bit of prayer. Then when we get to that season of life where I would argue you have the most wisdom and experience. The question is what is God have for you. Perhaps you do retire from the job you had leading up to that point and you shift your time and energy because you have the ability to do so financially toward serving God in another way. Another capacity maybe you have an opportunity to do more in service for the Lord. Maybe you redirect your time and energy elsewhere, but I don't think it's working to accumulate as much as we can so we can stop all productive activity and just live that life of leisure.
I think we need to be asking the Lord to reassign us, perhaps in that season of life toward what he has.
Next, for us and I think that's really the difference for the Christian. That doesn't make sense though to get any absolutely certain. God bless you, thank you buddy appreciate that Miramar, Florida David, you're on with Rob last really have to be quick about this if were able to okay will log it hundred and 6008 quick. I wouldn't know if it's wise to take credit to pay off the mortgage.
I don't like that option. David simply because a line of credit is is most likely going to be a variable interest rate, which means that the interest rate will move with the prevailing rates that are out there right now or in a very low interest rate environment and we could see a day in the if we got into a recession and you know where rates are moving up the others.
A number of market factors that affect interest rates and we are in a relatively low rate environment right now, so that would mean that the amount of interest you would be sending would go up significantly and your payment could go up with it.
So what I would prefer you do. Assuming you have a reasonably low rate right now with your mortgage is if you're trying to pay it off quicker do that by limiting lifestyle living well within your means creating positive cash flow and what we call margin and sending extra to pay down the mortgage, assuming you don't have any other consumer debt. Yet you're giving and you have an emergency fund, but the idea of getting a line of credit to pay off your mortgage realize there are some people out there that say that's a good idea at simple interest versus amortized interest and there's all kinds of gymnastics they do with depositing their paychecks and things like that, it gets complicated and I just think for the average person. It's a bit risky, and so I'd rather you to stay the course. Okay, that help okay think a business or bless you you're listening to moneywise and I think we have time for one more last call today so let's go to Lancaster, Illinois, and soon.
We appreciate your patience. What's on your mind. Okay, how you know I turn 66 and I worked hard on her caregiver and told by I'm an independent contractor. So I have to file that way and that's I have a rather large Spell that I have been able to 20 and I have been approached by company email telling me they can get great tax bill and I question be like such security member so that they can start right now my question yeah Sue, I would stay far from that. I definitely would be giving anybody your Social Security number.
Now can you have somebody a competent professional who's a CPA or an enrolled agent represent you before the IRS to try to pursue what's called an offer in compromise.
Try to get you on a payment schedule, perhaps even get some of this forgiven yes that's very legitimate but some somebody contacting you through the mail or the email asking you because they're aware of this debt that you have to the IRS and asking that you either provide them some money up front, or asking to provide personal and sensitive information that state stay away from that far from it. Actually, it's likely a scam or somebody that will try to take some money from you that so you don't need to be giving them so I think the key is twofold.
Number one. Let's learn from this and recognize that as an independent contractor you're paying you know the half that an employer would normally pay of the Social Security and Medicare taxes and so you can have some extra your need to plan for that set it aside. Brett makes quarterly payments so we don't get into this situation again moving forward. That's where a CPA can help you and then with the amount that you owe in terms of back taxes.
I would also get was somebody who has some experience in that to see if they can work with the IRS on your behalf to get you on a payment schedule and perhaps even get some of that reduced consumer you have to let you know we are really out of time, but we wish you the very best.
Feel free to call his back. If you're still stuck on this. Thank you very much for listening to moneywise live with Rob less times more moneywise. Live is a partnership between Moody radio and moneywise thanks so much for being there. Join us again next