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God’s Will Is Not More Stuff

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
December 29, 2020 7:03 am

God’s Will Is Not More Stuff

MoneyWise / Rob West and Steve Moore

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December 29, 2020 7:03 am

Our consumer society tells us that we can never have enough stuff. But as Christians, how do we avoid the risk of having our possessions come to possess us? On the next MoneyWise Live, hosts Rob West and Steve Moore warn us about the danger of valuing our possessions too highly and they’ll remind us what the Bible says about ownership and stewardship. God’s will is not more stuff on MoneyWise Live at 4pm Eastern/3pm Central on Moody Radio. 

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One other one said I have held many things in my hand's and I have lost them all but whatever I have placed in God's hands. Those I still possess friends like to have you with us for another daily additional wise life. I've got for your finances.

Pres. Rob West is our host and program mention is so we won't be taking any phone calls have lined up some in advance that we hope might be interesting so please stay with the site more holes in your positions rabbit opening statement from Martin Luther is pretty insightful, but of course he was just restating what the Bible already tells us about ownership stewardship and stuff. Absolutely Stephen that's really the essence of the Reformation going back to God's word and nothing else for direction on how Christian should live in this world that Jesus gives us a long discourse on how we should view earthly possessions in Luke 12 that we shouldn't worry about what will you eat or drink, or wear because the father already knows of those needs and he will provide. Jesus says, seek his kingdom, and these things will be added to you. Do not be afraid for your father has chosen gladly to give you the kingdom. And then of course in first John two or toll do not love the world nor the things in it. If anyone loves the world in love at the love of the father is not in him. So Martin Luther was merely restating a profound biblical principle and declaring that when he applied it to his life during which he was excommunicated and declared an outlaw by the church in Rome. It absolutely proved true right so understanding that a how do we take this teaching and get it from our heads to our hearts. What would you say through planning and action of the first action should be prayer.

As believers we must do this daily anyway but include your finances in your prayer time with the Lord, do it together with your spouse.

If you're married seek agreement on how you should manage your money well planning means having a spending plan.

It's the only sure way to avoid overspending on things you don't really need a part of it should be a plan for what you will do with extra money even if you don't see it yet. So it's critical to work up a spending plan and again ask God for his guidance as you prepare it and by the way, we have volunteer coaches to help you develop a spending plan you can get access to them@moneywiselive.org so what's the danger of possessions, even if we can afford them logistically say things demand attention. You have to store them, clean them, fix them oil that may contain them in for you Steve. That means changing that oil and replacing the tires. Also, if you're not careful you find the wiring things tends to push God out of first place in your life that God alone wants to meet our needs and gives us peace and fulfillment. He wants to spend time with us and use us in his grand plan for the universe that gets knocked aside. If we look to fulfillment in cars, houses, electronics, new close in a recreational shopping. No physical things can never meet spiritual needs.

Is this a bigger issue for those who already have a lot I want to say not necessarily. You remember the Bible was written during a time when most people had very little, but even then, God was warning about not letting things grab crowd out his love as we talk about often. 2300 versus on this topic.

It was important to the Lord again any practical thoughts or suggestions for combating acquisition addiction or stuff -itis. Oh, there are men and I would just say again first pray bring God into your finances, waits two weeks or even a month before you buy something you don't absolutely need the desire may in fact go away also reflect on stuff you bought in the past and consider how long it kept you fulfilled and here's a big one. Steve if you're married, make sure your spouse is aware of everything your purchase. That alone may limit your spending on unneeded things another biggie. Consider not replacing things while they're still good, but only when they are no longer functional.

You know how her day in the former host of this program, and a good friend of ours here hangs onto his cars until there just one rusting away from, well, you know, stopping all the productive work that's more of a utilitarian approach to things, of course, you and your spouse have to agree, and perhaps find a middle ground. All of this within reason of course, if you're still wearing your high school bellbottoms. Well, maybe it's time to splurge and now buy some skating things. I don't know but let me say the best for last year. Ask God to help you be more generous. It's counterintuitive, but it's the key to breaking the chains of materialism generosity listening to moneywise live with Rob last time Steve Moore were going to take a brief break then will be back with more moneywise live many people adopt an attitude toward marriage and finances that it'll all work out somehow. But sadly, it often doesn't financial woes can devastate a marriage but there is a better way. God's way, money and marriage God's way by Howard date will help you discover God's approach to growing your finances and strengthening your relationship with your mate and cultivating godly joy, money, and marriage God's way is available when you click the score and moneywise I.org you have money in a retirement account for just a general investing. You know, the stock market sometimes possible to enjoy both profit and peace of mind and investing no matter what's happening. You can see a short video webinar on that topic. Sound mind investing.org since 1990 sound mind investing in stocks offer financial wisdom for living well sound mind investing.RG authors Robert and Nancy while Demuth of her many life stories. They all point same God's hand we see in everything so we can trust him to write a story. It's encouragement you need God to control our lives to be a written living pricing for our glory.

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Please don't call me to stick around. Lots of good information ahead.

Let's begin by going up to Rochester New York, and Mary, what's on your mind. Like all share been on my own for about four years after 24 year marriage and dad didn't have any credit card data point but now I print out about $8000 that that I'm trying to get paid down.

I can't adapt one of those 0% per year and that's coming to an and I'm wondering about rolling that over to another 0% and paying the 3% fee or pulling from savings.

I do have enough tucked away the excess amount.

But then that take that right down or splitting the difference using a whole life money from a whole life policy quality at that time that it's very grateful that you called today, I'm delighted to hear you're really focused on how you can get this paid off once and for all. I got some thoughts for sure, but I just make sure I have the numbers you sent 8000 that you owe in credit card debt and that what you have saved up currently like that and a liquid account and then there's about 8000 in equity in a whole life policy and can I get kind God that and I can put extra on that as well excellence and over and above the minimum payments. What you have in the way of margin with this extra job that you could send for debt reduction specifically toward principal. All I've been paying 200 a month okay could you do more if you really buckle down on the spending plan mechanic tight mortgage and all that you know everything is on me is the one income now and then beyond that when you look at this debt then you think about what's got you there in the first place, you know. Was it an unforeseen event or was it just overspending over several years. It was just a little bit overspending I did I take a trip that I thought that I would be able to coordinate and get on that.

Having wanted to accept using my own money and also putting it on the card and an analogy bothersome to me that and I got that hanging over my head.

Last question, what would you estimate is the total of your monthly expenses. If you put everything together for a given month, including the minimum payments but not me more than that, how much you spend probably 100 okay so if we were to take half of that 8000 and pay toward the credit cards that would still give you three months worth of expenses that you have available in savings. But here's what I'm going to suggest. I think we had to get off the balance transfer game you know I don't like you having to jump around not only because your opening more cards, which have impact on your credit but also then there available to be compromised at some point you gotta stay on top of them. You mentioned of the fee. The bell transfer fee which is often 3% right off the top and you I don't like you pan that so what I'd rather you do is first start without spending plan go back to the budget and say what can I do to really take another hard look at this yelp dial back every possible expense that you have that you could get away. Reducing could you cancel the cable.

Is there things you could do to limit eating out. I realize you probably been through this exercise before but were really looking for. You know, one of those budgets. That's just really lean and mean because were singularly focused on trying to get out from under this credit card debt once and for all. That's the first step in if you need some help with that are moneywise coaches would be happy to walk alongside you in that process married, perhaps even help you think outside the box on areas.

You could cut back. That's number one. Because we want to free up as much as possible, then we take 4000 we wipe out half of the credit card debt right off the top. We keep the other 4000 in savings which is going to be there to, or 4500 to give you three months worth of expenses and then we take every dollar we can the 200 that you have plus anything you find as you redo the budget and we debt snowball it, which is where we take smallest to largest balance and really go after it. That way, and I think the key is as you begin to see those cards paid off.

You get some yell really an emotional win there and you see yourself making progress and were not have to invade this insurance policy and were not going to continue to play the balance transfer game. The only other thing you may want to look at as you evaluate this is credit counseling program.

Our friends are Christian credit counselors could have the cars canceled get the interest rates down and help you pay this off 80% faster.

That would be another approach but those would be my two preferred approaches. Again, always starting with the budget but then just going after them yourself and not trying to pull from the life insurance not taking all of your savings wages and you have to fall back to credit cards when the unexpected comes and certainly not the continuing to jump around from card to card. This all makes sense. So what I was thinking a little bit, but the balance left let hard ride becomes a higher interest rate. You know versus my bank with my checking account there operating something 5.9 for the life of the loan which I know I don't want to drag out or you know try to jump one more time to a 0% swell again as long as you're committed to it and you're not going to allow that to let you perhaps back off of this extra income works increase your spending. I would be okay with one more move, but when I probably prefer you to do is start then with credit counseling at that rate's about to increase dramatically call Christian credit counselors, or better yet, go online Christian credit counselors.org start there. If not, if that's not to be the best solution and I think it probably is. Then maybe one more balance transfer but again you gotta just stay really laser focused on getting this paid off and were glad that you called in today Mary, thank you very very much show that music in the background means we have to pause. I love Rochester a lot of a lot of famous people until I know you do this and I think Steve Moore, I think more calls. This is 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 more at moneywise. I've.org that is robbing you of freedom and peace of mind. Christian credit counselors can help where a 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 that info to learn how Christian credit counselors can help you visit Christian credit counselors.org Christian credit counselors.org or call 800-5571 98528 so I here's a quick way.so intoxicated.thinking so weird in such a dysfunctional state is not until we pushed back from the thing that we type the time to begin to wake up not being there are behaviors and relationships that are so toxic and so dangerous coming out from under I do when you get away from it in.

Have you ever noticed this when you get back around to take something if anybody willing to hear that there are some people you never need to be around again. Some people never be around again some substances we need to be around again, because when we intoxicate on any well listening to Galatians 120 was your hostess throughout West times more.

Today's broadcast is a breeze but I think the upcoming information will help you and bless you, the wise steward of God's given throughout West understanding of the hospital bill or to 1000 and 800 I can make a plan with them all 1800 out in the $1600 laying around that you could send Doreen here's the deal.

I mean, are you feeling bad about it.

Or, what is it you're wrestling with. Or is it just purely the financial side of it that you're wondering about you, but all you can even work with you and anyone you can make a payment plan for the 818. No healthcare providers are notorious for this offering a cash discount. So if you're willing to pay in full with by the way most people are because most people going for procedures like this are they going for a hospital stay and they don't have any idea how to pay for them and then they end up getting stuck with the bill yet they give you a cash discount if you're willing to pay upfront and in full. And that's just a part of the deal here so it's not like you went to them and said listen, I'm really struggling and you need to help me or not.

As long as you treated this honestly and they're willing to offer you a discount if you pay in full. I take full advantage of it.

If you got the money to do. Thank you so much Karina and let's go to Chicagoland Esther thanks for holding what's on your mind today I married my mother's house last year and I celebrated 40,000 thing I had I had to conflict my knee so out of that. Honestly, I got 19,000 out of and I wanted to know if I would have to pay federal taxes on you know when it comes to inheritance.

You don't inheritance are not considered income for federal tax purposes whether you inherit cash investments or property. Now, any subsequent earnings on the inherited assets are taxable unless it comes from a tax-free source which would not be the case with your mom's estate.

So you could have estate tax on the estate but not federal. That would only kick in. Above right now I think it's me estates worth more than over $11 million so significant.

Celeste along the way that lifetime exemption was eroded by gifts that have been made but generally speaking, Esther. You would not, of course, details on your situation is never a bad idea. Especially with a major life event like this to run it by a CPA or professional but bottom line is you shouldn't have any issues with this regarding federal taxes. Specifically, how my well tell me how much you're talking about roughly about okay yeah and what is your age Esther. If you don't mind me asking okay and so is this money you wouldn't anticipate touching for the foreseeable future. I know that they okay I like well I think the key whenever we have money is to define the purpose of it. And with that purpose comes the time horizon. So if this is money. You say you don't. I just want to put it away for the foreseeable future. My time horizon is at least 10 years. Then we absolutely could look at an opportunity to invest it. Take it and put it to work. So where you put $19,000. Well, you're probably going to want to invest in one of two investment vehicles one could be a what's called a mutual fund which is nothing more than a basket of investments could be stocks could be bonds. The most typical of form of mutual funds or something. It's a little more modern created more recently and that would be something called an ETF in exchange traded fund, which is nothing more than a basket of investments but instead of trading at the end of the day. It trades throughout the day like a stock, but in either case, what would probably make sense is for you to pick some high quality, broadly diversified mutual funds.

They may be even what are called index funds were essentially you know when you hear about the moves in the stock market what you're hearing is that the index is the underlying investments are moving up over time. Well you want with $19,000 probably not going to buy individual stocks with companies you might know you want to invest in these indexes and really capture the broad moves of the market up and down now. The reason we say 10 years is because in any given time the market goes up and down so if you are a 10 year investor or more history would tell us over the long haul.

You can do quite well in fact, it's the very best way to build wealth over time without having any direct involvement like being a landlord of a piece of real estate.

So where would you go from here. Well, I either go to Vanguard which would be a great high quality company with low-cost funds, index mutual funds you could go to a sound mind investing their all believers and they could help you pick out some good quality mutual funds.

We could go to someplace like a Charles Schwab and use what they call the Schwab intelligent portfolios were you to answer a series of questions and they would build a low-cost index portfolio for you using exchange traded fund so that would be my next move Esther either sound mind investing.org Vanguard or the Schwab intelligent portfolios and I realize there's a lot to process there.

So after you do some reading on each of those sites you have any questions, give us a call back. Esther would let you call today.

Thank you very much that's good down south Fort Lauderdale and Janet Huckabee help that you need an $8000 left on the cart five years old and okay I have my colloid 90 gaining some finance charges go ahead and paid for going you absolutely would. Yeah Janet. The quicker you pay that off you'll save immediately the equivalent of the interest rate you're paying on an annual basis with the simple interest loan, which is what a car loan is, and we love the idea of paying off consumer debt. We just ask a couple quick questions first so you said you owe about 8000 on the car. What you think the car is worth today. Do you know you looked at them all.

Now I okay you could go to Kelly blue book or Edmunds, or any number of sites Kelly blue book is K BB.com put in the details on the car and find out whether you actually owe more than the car is worth probably have maybe a slight bit of equity. Or maybe it's about even let me ask you this. Do you have anything saved up in terms of emergency funds will how much over and above $8000. Do you have a cake and staining have close to 40,000.

Okay, very good. Excellent.

And do you have any other debt other than a mortgage. No hard and why get that payment okay very good yeah I love the idea Janet, if you've got six months expenses there in savings you got your lifestyle and check you living on a budget. You don't have any credit card debt you know any other consumer debt besides your mortgage that you're carrying. I love the idea of paying this car off. You're going to guaranteed get the return equivalent to the interest rate that you been paying to the car. Now you've got that car payment freed up to pay back into a separate savings account for your next car purchase and I probably open a separate account is an online bank or maybe your current saving institution, but specifically for that purpose and start building that up to you got that cash there to buy the next one and you'll be really glad you did it appreciate you listen to the program. May the Lord bless thanks for.

Thanks very much. It's moneywise from last don't forget to visit us online moneywise live.org for Christian healthcare ministries enables believers to meet their healthcare costs affordably, biblically and compassionately. It's not insurance but a voluntary cost-sharing ministry based on the biblical example of Christians sharing each other's needs and members are defined under the law for not having health Christian healthcare ministries might be your health cost solution call 800-791-6225 or visit CH ministries.org. How should we as Christians think about investing. What if we could invest our money in a way that aligns with what we believe that Eventide we believe it is possible to love God and love our neighbor in the very practice of investing we decide investments for performance and better world so you can invest for the future with a sense of wholeness and purpose. We call this investing that makes the world rejoice. More information is available@investeventide.com. How do you reach people who call themselves Christian but don't know Jesus find out by reading the unsaved Christian Dean, and Sarah was a cultural Christian today. He pastors a thriving church that he wrote this book to offer starting points that lead to deeper conversations you'll be equipped to confront cultural Christianity and lovingly share the gospel to the cultural Christians in your life.

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This is also in use.

Joining us today. This is live. Our Facebook question of the day is what are you doing to live more simply, when it comes to material things.

I love the responses we got Rob Genesis minimalism helps only by what you need and on occasion and and only on certain occasions she wants and need her home with less cleaning.

I see that I Lorraine says avoid what the world sees as the latest and greatest thing including close food and gadgets love gadgets. Brenda says that been working to clear out things I simply don't use and don't need and provide them to people who can make more use of them.

And that's always a great thing to give away something you're not using and see someone else who really needs it or can or can you send that come as a double blessing absolutely already tobacco phone lines Kipper Kentucky hello Judy, what's on your mind, and mature, and I wondered what I should do with it and check it out. The more stable or put you sure you tell me little bit about the annuity denote the money within pretax or is an after-tax contributions. Do you know it (and it made it very good and what is the cash value on what would you be able to get out of it.

2000 okay and you said you are in retirement now is that right five years with okay very good and what other retirement assets are you accumulating besides the city 2000 and 401(k) retirement at work okay and so as you think about retirement shooting you look at what your expenses will be in that season of life. You feel like you'll be able to fund your lifestyle without touching this annuity is that right okay very good.

Well, you know you've got a couple of options. Obviously, you can roll it over to another insurance product. My preference would probably be to go ahead and in invest these funds outside of the annuity product you would need to understand any tax implications when you pull it out before you take it outside visit with my CPA or accountant to make sure I understand the implications before I make any moves at all, but beyond that, go investing it. Having it the output to work for you in a way that's consistent with your goals and objectives. The good news is because you obviously followed biblical principles you sounds like you have plenty of savings to really last year throughout the rest of your life.

This is going to be funds that if you needed for long-term care or some major expense that were to come down the road perhaps want to do some additional giving along the way, this would be a great source of funds for that and so if you don't have an investment professional. You probably want to connect with somebody to help you manage these funds. This is a significant amount of money and so you could connect with a certified kingdom advisor there in Kentucky by going to moneywise live.org and what he or she would likely do is hold an investment portfolio for you again that isn't taking unnecessary risk and yet still has a very considerable growth component to it. Given that this is money. You don't expect to touch anytime soon. Even though you're five years out of retirement and recognizing that you need this money to last if the Lord tarries and you have good health for decades.

And so it just could continue to grow and though probably build a mutual fund portfolio stocks and bonds and give that way you have complete control over not only access to the funds. If you needed them in your retirement years, but also control over the investments in the fee structure in terms of what you're paying someone the last thing I might suggest Judy is for you to look at long-term care insurance.

If you consider that yeah you know that's probably your most your largest risk I should say in this season of life is having a significant need for long-term care that could erode your assets.

We usually recommend you look at it between ages 55 and 65 and it wouldn't of course need to fit into your budget.

You want to take on something that you can afford. But if you could, it would really help to offset that risk that the majority of Americans will need at some point in their lives and typically from 18 months to three years and you know with the cost of the nursing home care being, you know, upwards of $80-$100,000 a year you know that could be something that really allows you to run through your assets quickly. While long-term short care insurance would step in and cover that. So I would take a look at that as you're planning for that season of light, but other than that. Hopefully that gives you some thoughts to consider Judy, thank you very very much that's quickly moved to Cleveland, Ohio.

Jeanette have a question for Rob today. You are making a rich and great sound practical advice. Where in fact yeah well you won't find specifically the head that number in God's word. What we find in God's word is principal starting with the idea in Proverbs it tells us there's precious oil in the house of the wise and foolish man swallows it up and so we need to have some margin. We certainly see Joseph modeled that when he saved in the years of plenty for the years of famine and so I think this idea that God gives us more today than were to consume today. We should take part of it. Be generous, but we should also in recognition that we are commanded in first Timothy to provide for families that part of that is having some margin or some savings that we can fall back on now.

Where does the 3 to 6 months come from building on this idea that as is, wise stewards, we should have margin or savings. Well, that really is just around very practical idea that if we were to lose a job or to have a major disruption in income that 3 to 6 month period is the period of time.

Where would typically take someone to replace that income by going out and finding a new job or something like that for the sad reality is in this study, I came out just last year, and we've seen it before. Nearly 40% of Americans.

Jeanette can't cover even a surprise for hundred dollar expense and so what were seen as Americans are anywhere near 3 to 6 months on the average in terms of their savings are living paycheck to paycheck, but if we want to be wise and prudent that 3 to 6 months would give us that cushion to allow us to go out and replace income or overcome Lord willing, whatever disruption in income. We had so we wouldn't have to rely on debt, but we could continue to fund our expenses while we overcame that temporary shortfall.

So the principal is biblical.

The 3 to 6 months is not and I would say. As with any advice we give, you need to take it before the Lord and say not what Rob what should Robin Steve do or what did they tell me to do what you say Lord, what would you have me to do, and allow him to help you define your lifestyle, your savings goals. Your giving goals.

All of it were just given you guidelines that make sense. You're welcome Jeanette thank you for your call Robert Severus that has to do with insects and Hansen being so well go to the ant you sluggard and consider its ways sits wise at stores up in the in the time of harvest for the winter that's coming in so we need to follow that Steve we need to be storing up like that, aunt, and be ready for whatever comes our way.

God is our provider not are things in our checking account, but we need to do our part of stewards that when you said sluggard and it could be just my screen seems to me that you looked directly into my eyes, so that sluggard I think you know I think you would never think of you sluggard listeners think you're listening to moneywise live with Rob West. Today's broadcast is recorded so if you hear mention of the phone number please don't call us. You can find us online at moneywise.Margie will be right back. You have a strategy for your finance your career even your retirement strategy for your getting Christian foundation and your family maximize your resources to learn how to moneywise not work. 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 to what you're interested in gaining a solid biblical understanding of money, possessions and eternity managing God's money is available in the store moneywise live.org. This is very hard right here to help me understand God's purpose for your life to the eyes of a layman, the words of auld lang syne. Should old acquaintance be forgot and never brought to mind an admonition to not forget those who gone before us and changed our lives. Those of us who know the Lord are less than 10% of our population houses that we've been blessed with the truth of It is of course the grace of God and all the godly people impacted our lives from family to pastors and teachers and professors, neighbors and even strangers who invested their lives in our lives that we can enjoy eternal life in heaven.

So when you sing the lyrics of auld lang syne sing them with reverence for those who secured you and your and made those who come behind us find us faithful. Your job is revival outside the walls moving everyone and everything will help doing that go tomorrow. TW.com. Most of us are Bible study genes.

That's why Moody publishers created the everyday Bible commentary series Dan utilizing Romans. In Revelation, every, bringing important historical background insights from the original language help with difficult everyday Bible commentaries for people like more publishers.com you feel stuck.

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This is our final segment of broadcast previously recorded. Thanks so much for being with us today and we hope will stick around and enjoy the rest of the program, and good to have you back with us today.

It's moneywise love I with Rob West see who's coming up next.

Jim is coming your way than Esther but first we say hi to Sandra in Cartersville, Georgia what's in your mind today. Sandra and I will know my mortgage with you. Okay, tell me a little about the situation you're in and what is the balance on the mortgage. Sandra will okay very good and what you have in your thrift savings okay very good you been a diligent saver what you living on Sandra you pulling anything out of the TSP to supplement Social Security now Social Security retirement check from Postal Service where I work, okay, very good. What I do like the idea of you paying off that mortgage probably don't want to do it in one tax year. Do you use a CPA or do you do your own taxes okay very good. Well, what I would consider is connecting with that CPA and saying listen. I'd like to be debt-free. I want to own my home free and clear. I want to reduce my expenses as low as possible, but I want to do it in a way that makes sense. You've obviously accounted for that mortgage payment in the retirement income you have and you're not drawing from the thrift savings so your living modestly, that's a good thing, but you're gonna want to ask the CPA at what frequency should I pay this off meeting. What I think he or she will probably say is let's do it over to tax years. Let's take 30,000 this year. In 2020 and pay toward the mortgage and then let's take another 30,000 next year and we won't push ourselves up into a higher tax bracket and pay more in the way of taxes. But what they're gonna want to look at is are you going to end up paying more in interest by waiting these next 11 months to pay it off, then you would be saving in taxes by not paying it now. What they may come back with this. You know what it doesn't matter you're going to save more in interest. So let's go and pay it off now or they may say no, it does make sense to do it over to tax years.

Let's do half now and half next January will let them decide that, but I think the bottom line is Sandra. Let's going get that paid off will be free and clear you put that money back into your budget, which means you don't, you need even less on a monthly basis and at that point you can give more, put more toward savings.

Whatever you want to do some expense okay one yeah, I'm sorry, go ahead. I want to take money out of my saving it out of my hand.

What they probably 11,000 and 12,008 Amber I don't yeah well there's a great opportunity there. You know you can give that money away would would you be a great thing for you to consider.

You may want to look at rolling that to an IRA and then that would give you the ability Sandra to do what's called a qualified charitable distribution so any money that you're right now giving out of cash.

You could instead give out of you from your IRA.

It would go against that mandatory distribution that you have that your referencing that the IRS makes you tick every year except you wouldn't have to pay the tax on it, it would go straight to the ministry or your church and then you could if you wanted to reduce the amount you're sending out a cash so you just be replacing it but you do it in a way that allows the ministry to get more and you're going to save some taxes so that would be one option would involve you rolling into an IRA.

If you didn't want to do that. What I would say is just put it in savings and then pray and ask the Lord what would you have me to do and it could be that he wants you to do even more giving than you're already doing. But once your debt-free and if you're paying your taxes and I'm sure you are in.

You've saved all that you need to save and you don't want to increase your lifestyle you've read Santa what I what I call your financial finish line, which really just frees you up to either continue to save the pass on as an inheritance or to be more generous and support the work of the Lord and that's where real joy is found in I think you're probably already a generous person, but it could be something you have a lot of fun doing even more. Sandra God bless you, thank you very very much that's moved to Huntley, Illinois now and Jim, we know you been holding a bit.

Thanks for that, and what your retirement question.I have to do with the question that came up. My wife and I are both over 70 and my wife has to make some distribution decisions which were kind of confused about but then the we heard that the weekday star.

Our final expenditures on our Social Security. It and disability compensation that I get from the VA focusing on that is our budget. Our lifestyle now but then we heard that Social Security will be a distribution know they'll be lowered because of the income out of any of the retirement accounts that we have and that really bothered so I would like them understanding in how to deal with Social Security and and and mandatory distributions that have to be done. Well, there's a number of things going on here, let me just say right up front. Jim you going to SSA.gov or connecting with your local office is always a great idea.

You'll find that very helpful and they can really explain what can often become some complex issues in a way that's easy to understand.

Generally speaking, number one, you're not going to affect your Social Security benefits with any income once your beyond full retirement age, you can earn as much as you want, so that will be affected. You will have to pay more in taxes on that Social Security's over 2020 tax year you know there's a certain threshold. For instance, if your combined income is more than 34,000 you'll pay taxes on up to 85% of your Social Security benefits yell if well for married filing jointly.

44,000 you'll pay 85% of your Social Security benefits and tax if it's between 32 and 44,000 you'll pay taxes on up to half of your Social Security income. So you're concerned about taxes that that is one issue with regard to the required minimum distribution. You just need to make sure you satisfy the amount you need to take out every year based on your age and the IRS schedule and if you don't need that money. Obviously, you could do what I told the previous color, that is, you could do a qualified charitable distribution to send it directly to a ministry or charity and they wouldn't have to pay the tax. You wouldn't have to pay the tax. You'd satisfy your RMD and you could use that to offset money. You are already giving out of cash. Otherwise you taken put in savings and that's the Lord give you some wisdom on how to use it does not cover the issues you're asking about, or did I miss something. Yes it does. Endo. We've been in touch with Social Security so that help to some okay quarter qualified distribution to charity. Yeah I'll just give you a quick synopsis of her have to try to get to one more call for rent at a time, but basically if you want your online Google qualified charitable distribution. Essentially what it is is your opportunity to go straight from your IRA to a qualified charity which would be a 501(c)(3) church and ministry.

The pay the amount is sent directly to them when it is a Windows the stocks or investments are sent to that ministry when they sell it they don't pay any tax on that they receive 100% of the value of what you send. Which means you don't have to take it out first pay the tax and then send it a lesser amount to the ministry go straight to them and it's 100% of it goes against your qualified your required minimum distribution and then you could. In lieu of that, no longer send what you were sending out of cash and so it's basically just a more effective way to give and honor the Lord in your giving or you could do it over and above maturity giving, but it's something to look at because it goes directly against that required minimum distribution.

Thank you, Jim Delray Beach, Florida, Esther, your final color of the day and how can we help Mark well quick I am 41 and I am just trying to find a way to basically do guide work and what you talked about earlier really hit me. Could be true and be like the heart what he wanted and I have a bowel. Maybe $20,000 in her TSP find my bringing about $3000 on my and my kinda come up about 18 1900 I have adequate for about saving it out of the speaking about hundred dollars to Michelina Snyder looking like a kind, I don't think getting on the right route because of 40,000 in the retirement back. I don't know that and I don't think I you said you're saving about 800 a month on $3000 in monthly income. That's 26%, you're saving that's tremendous Esther where are you putting that anywhere right now. Okay, do you have a retirement plan work available to you yet have a click okay and you're putting your maxing that out later provided that could probably put factors that make up at least get to campus. Yeah, I'd look at putting 10 to 15% and actually get more of that money. Assuming you have 3 to 6 months, built up in emergency funds. If not, let's take that 800 a month and get to three months worth of expenses saved up in your savings, but then let's start bumping up that contribution to the TSP because that money is going going tax-deferred. You can get the deduction and that's can help you make up for some lost time in building that up a little bit more quickly. I think you'll be glad Esther, thanks very much. God bless you and Rob West. Thank you so always a pleasure moneywise live is a partnership between Moody radio and moneywise media are. Thanks today to our technical crew, Amy, Judy, Aaron, Jim and Chris P. Thanks for listening to us again tomorrow


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