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Buy Now, Pay a Bunch Later

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
January 19, 2021 7:03 am

Buy Now, Pay a Bunch Later

MoneyWise / Rob West and Steve Moore

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January 19, 2021 7:03 am

If you’ve been shopping online lately, you’ve probably seen a surge in “buy now, pay later” offers.  But is it really a good idea to postpone payment and take advantage of these so-called deals? On the next MoneyWise Live, hosts Rob West and Steve Moore reveal the perils involved in this payment strategy. Then they’ll answer your calls and questions on various financial topics. It's buy now, pay a bunch later, on the next MoneyWise Live at 4pm Eastern/3pm Central on Moody Radio.

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It's no surprise that online shopping has increased dramatically during the crisis and right along with that there's been a surge in buy now pay later deal about the shopping signals feels but is by no today by Pres. limits your calls and questions on anything until 1-800-525-7000 800-525-7000 five now punctuated with Rob so why should we be a bit skeptical about these online offers that allow us to delay payments and interest charges.

Is there something fishy about that little bit because as they say the devil is always in the details how some well the offers to buy now and not make a principal or just interest payments until some date in the future are legitimate and usually they're in big bold letters but the fine print tells the whole story and usually have to scroll down or click a link to lost my glasses. So what, what with that fine print say usually find a statement illegally is that you might have to read a couple times to understand but let me translate would go something like this by the way why you're not making payments until June 2021 or whenever we're adding as much interest as the law allows to your balance but you won't see that into your first bill comes through okay ouch you know that means you haven't saved anything and now you owe.

Not only the balance but all those delayed interest charges as well. That's not much of a deal that right. But in fairness, you could take the offer get the merchant jot in merchandise.

Enjoy it and then pay off the entire balance before the grace period ends and depending on the contract.

You'll probably plant pay little or nothing in interest or fees. But here's the thing.

Are you really going to do that. Do you have the money to pay off the complete balance in your savings or checking in.

If you do, why didn't you just pay for it in the first place, or will you be able to put it in there during that grace. Because of course the clock is ticking. My guess is that most people doing the buy now pay later deal will not pay off the balance in time and they'll end up paying more in interest than the term that skews me than the item cost in the first place. And that certainly with the finance company is counting on. So for example let's say you buy a car account for $3000.

Yes, people do that. That's a much many compasses going for these days to buy now pay later deal but you don't pay it off in time. So you begin making the monthly payments and a 20% interest you end up paying $4800 in interest alone. So in the end the account to really cost you almost a grand while that's one expensive couch. So how can we avoid the temptation of buy now pay later because those online offers really can be attractive, well, there are two ways. One practical one spiritual first the practical. Let's say you really do need a couch because you're tired of using folding chairs that doesn't mean you have to buy a new one at all. Instead, go to the Salvation Army goodwill or some other thrift store and buy a decent use couch or maybe a few hundred dollars or less, you can look at online classified ads as well. Right now you've got your couch and will be fine for a while but you still want something a little nicer. Maybe the used one doesn't quite match your decor.

That's okay so start saving for the couch you really want. Discipline yourself to put that money away every month, perhaps with an automatic transfer from your checking account and once you have the money saved, you can pay cash for the couch of your dreams and not pay a nickel and interest okay well good idea. I know that's the spiritual way or what's the rather the spiritual way to avoid this by now pay later scenario just a search your heart for why you feel discontent if you're willing to get caught up in a buy now pay later scheme. Odds are, deep down, you're not content with God's provision and you feel you should have more.

So I would just pray that the Holy Spirit will give you discernment the peace that comes with truly trusting God to provide for your needs printed your will would become his will. Mark 11 assures us of the Steve it reads therefore I tell you whatever you ask in prayer, believe that you have received it and it will be yours.

Okay anymore advice for avoiding by no pay later offers online or anywhere else you know Steve when it comes to these lifestyle decisions. We've got to start on our knees. We gotta purpose ourselves to say we will not live outside of God's provision. We will not take on debt to fund our lifestyle. We will instead be content with what we have.

Trusting in God's promises and we will order our financial lives, we can experience from west to call us today and moneywise live 800-5257. Would you like your life to be infused with joy.

Would you like to interject an internal dimension into even the most ordinary day.

Mother, Randy Alcorn says you can when you discover the treasure principle and a concise powerpack style is newly revised and updated book offers a six step plan to finding the pleasure and eternal reports of the treasure principle what you discover. Life will never look the same treasure principle is available when you click the store, but moneywise for 30 years and sound mind investing has been helping Christians reach their financial goals. Step-by-step guidance for investors at every stage from those just getting started, those getting ready for retirement through scriptural principles and practical suggestions. SMI offers financial wisdom for living well. More information short via webinar on profit and peace of mind, no matter what's happening in the market is available at sound mind'll hear it when someone says something that disagrees the Bible baptized most decent person I believe in God's son headed for heaven. Jesus said, not everyone Lord Lord will enter the kingdom unless one is born.

Reminder authors Robert and Nancy want to move the curtain many life stories all point same time as hand we see in everything so we can trust him to write a story. It's encouragement you need to control our lives to be written for our glory. You can trust God to write your story by Robert and Nancy will your copy today.

Many people are experiencing financial challenges such as credit card debt downsizing that in jobs savings. In fact, more than half of all divorces are the result of financial pressures at home, but there's hope in your money counts biblical financial expert Howard shows that the Bible is a veritable managing your finances will discover the profound relationship with God, your money counts is available when you click the start button moneywise blessing and an honor to have you with us today. If you have a question for Rob West question of any kind. Now's a great time to call because we have three or four open lines as I look at the screen three or four opportunities for you to get in that 800-525-7000 were chatting for just a couple of minutes about the pros and cons of buy now pay later opportunities they can be helpful at times, but many people find that ends light of their best approaches to this and best motives. Often they end up paying more in interest than they ever planned on just buying stuff with debt in general is not always a great things will be prayerful about that Rob another principal I've noticed whenever you and I talk about the high cost of couches, which I think you broached the topic. I jumped in.

Silly me.

I noticed that that night, my dinner is going to be served cold and I don't know why exactly what it just a slaver. All that works, that maybe Marsha listens to the program is that is a part of it.

I keep taking the batteries out of the back of the transistor radio we have, but I think her online approach to life is to get out was because he listens in the car while she's going from Your Account… We Better Shift Gears a Real Quick, Green Bay, Wisconsin Hey Fred Nice to Have You with Us Today Sir, How Can We Help You, but Not My Question. Checkbook Action Program for Eligible Background, but I Thought Your Work Now You Only Have Profitable This past Year Program.

That's a Great Question. I Appreciate What You're Asking for Any Clearly You Want to Be Found Faithful with the Use of These Resources.

Recognizing the Intent and Purpose behind It Is to Keep Companies Going Who Employ People so We Can Keep Our Economy Strong. Keep People Employed and Continue to Operate Economically As a Nation in Your Life You for Your First of All, If You're Eligible Then There Is No Legal Reason Not to Take It Think, Consider That Your Business in the Black Is a Huge Blessing to Your Employees by Shearing.

They'll Continue to Receive a Paycheck but I Think beyond Just Are You Legally Entitled to What I Think of the Heart behind Your Question Is, How Is It Something That I Should Take. And That Becomes Very Personal. As a Steward of Your Business, and of God's Money, and so I Might Just Pray about Whether You Really Need It. Has Your Business.

In Fact, Suffer Do That to the Pandemic.

Do You Anticipate That It Might and If Not Someone Else's Business May Need to Help More, but at the End of the Day.

I Think As Long As You Are Legally Eligible. You Pray through It and You Think There's a Legitimate Need, or Potential Need for That's What It's Therefore and You Know Your Not Helping the Nation Economically by Not Ensuring That Your Business Survives Because You Have 15 People Counting on You That It Will Then so That's Why You Operated to the Best of Your Ability and during a Really Difficult Time. National Global Pandemic of the Government Is That We Want to Come Alongside You and Help to Ensure That That Is in Fact the Case in If That's a Real Possibility or in Fact the Reality of the Situation. I'd Say Go for It.

I Think the Question Comes in When You Feel like Based on Everything You Know Today, Your Business Is Going to Do Just Fine and Then I Think You Have To Ask Yourself the Question, Is This Something I Should Accept at That Point Does It Make Sense Yeah Yeah Well I'll Just Trust That the Lord Give You Some Real Wisdom.

Fred, As You Pray and Think through That and I Appreciate Your Approach on This.

I'm Confident the End of the Day the Lord Will Honor the Heart behind the Question Which Is You Want to Be Found Faithful. You Want to Hear Well Done Good and Faithful Servant. And That's Clearly the Direction We Should All Be Pursuing Fred, Thank You Very Much and Good Luck up There in Green Bay.

I'm Referring to Football Now Not General. Good Luck, but We Appreciate Your Call. Thank You Very Much. Green Bay Think Researcher Jim Henry Is from That Area. He Gets Gets Gets Testing This Time Year Testing but Just Touching Nothing Touches the Better Editor. Yeah, They Were a Cleveland Browns Fans Leave If We Had the Weekend to Get over That so Everyday That Was That Was a Tough Game for Speaking of Youngstown, Ohio Hello Lisa, Welcome to Moneywise Live between Brown.

Hello, I Saw the Story Got a New Story Done in a Diner like Right There Splitting the Middle and Lower Talking to People on Both Sides and I'm Sure That's an Interesting Place by Talking All but yet Finances Project.

We Were Thinking of Getting Money Will about One and I Got a High Functioning along the Spectrum, so I Know and I Think She Might Be 24 and I Think It on SSI. I Know There's a Care Current Parameters without Constantly Look about Getting Providing for Something for Her in the Future Yeah You Know There's Something Called an Able Account a BLT. Are You Familiar with That Lisa Okay I Will Check That out.

It's Similar to a 529 That We Would Typically Talk about for College, but the Able Account Which Is Actually Established under Pres. Obama's Stance for Achieving a Better Life Experience and Basically It Offers a Tax-Free Investment Accounts As Long As the Use of the Funds Are Used for Qualified Expenses and so in Addition for You and in Addition Education Because with the Able Fund. It's for Qualified Disability Expenses of These Would Include Job Training and Support Healthcare and Financial Management. They Can Be Used To Pay for Summer Camps for Children with Special Needs and Equestrian Therapy for Individuals with Autism.

As You Mentioned, so You Know They're Available As Long As You Were Diagnosed with a Disability before Age 26 and the Conditions Expected to Last At Least 12 Consecutive Months and Your Receiving Benefits under SSI or SSDI Contributions Are Limited to 15,000 a Year, but They Still Allow You to Qualify for the Government Assistance While You Have the Funds in the Account so That Might Be a Good Way to Go Just Given That There May Be Some Ongoing Needs. Down the Road and You Want to Be Able to Have Those so Fund Set Aside Deal a More Complex and More Expensive Approach. This Could Be a Special Needs Trust to Be Felt like That Was Warranted Where Money Can Be Set Aside and Only Dispersed under Certain Conditions and There Are Obviously Some Benefits to Having That Type of Account As Well, but the Able Account Is Much Simpler to Set up, Less Costly and I Can Provide Some of Those Same Benefits Where the Funds Are Set Aside and Available Again Growing Tax-Free. But As Long As They're Used for Certain Expenses Related to a Disability. So I Would Check That out. You Know, in with the Nieces and Nephews. Some That Don't Have the Physical Challenges.

I Think Looking at Perhaps a 529 Plan As Long As You Want Your Mark the Funds for College Could Be a Great Option There Just to Give Them That Nesting That When the Ready to Go off to School. They Have Those Funds Available and If Someone Got a Scholarship of the Money Can Come out on a Pro Rata Basis Equal to the Scholarship or Can Be Transferred to Another Child.

So Those Are Two of My Favorite Tools and the Situations Lisa Were Glad You Called Today and Hope That Information Helps You. You Sound like a Very Generous Person Leaving Something Not Only to Your Own Children but Nieces and Nephews. We Wish You and Your the Rest of Your Family the Very Best Things You're Listening to Moneywise Live with Rob Last Year Because at 800-525-7000 705,000 Theory I Need Some Help. Sometimes I Feel like I Can't Get a Handle on My Money. I Mean Where Is a No Go. It Sounds like You Need the Money Might Help You Plan Your Budget and Track Your Spending Three Dollars You Spend Every Morning on Coffee Every Morning Access to Financial Advice Sounds Awesome. Let's Do It. Okay, Searching for Moneywise Any Abstract Moneywise. Do You Feel like Your Hands Are Tied with Dad Preventing You from Serving God. If You Have Credit Card Debt. Christian Credit Counselors Can Help through Our Debt Management Program We Can Get Out Of Credit Card Debt. About 80% Faster While Honoring Your Debt Info. For More Information on How Christian Credit Counselors Can Help Visit Christian Credit Christian Credit or Call 800-557-1985, 800-557-1985 to Actually Click Play to Look for Your CEC Go to Chapter 14. This Particular Chapter, Chapter 14. Return of Christ in the Kingdom of Christ on This Are What You Did Just That Which We Can Really Pull Back and Go through but We Can't. I Just Want You to See Sending in Terms of the Name of God, Jehovah, Mechanistic, and That We Are Studying Today. Verse 20 Zechariah 14 Verse 20 on Holy to the Right Will Be Inscribed on the Balance of the Horses and the Cooking Pots in the Lord's House Will Be like the Sacred Bells in Front of the Altar in Jerusalem and Judah Will Be Holy to the Lord Almighty Will Take Some of the Pots and Cooking Them to Me.

That Will Be to the Lord Their God with a Quick Word That Is Excited to Announce the Relations Experience.

In Addition, Your Company to Listening Where Moneywise Live a Place Where We Do Our Best to Help You Understand God's Word and God's Principles and Humbly Applied Your Money in Your Finances. We Can Help You Talk about Those Things. Give Us a Call Right Now We Have Three Outstanding Lines Were Three Open Lines May Be a Better Way to Put It. And That Means There's Lots of Space for You Call Right Now 800-525-7000.

Rome, Georgia Hello David, What's on Your Heart. One Right Trying to Be Good Works with Our Money, We Inherited Our Home Home Home Place That I Grew up in from a Mom and We Didn't Have a Mortgage Rate on but We Wanted to Renovate Total Renovation on the inside and Took out a HELOC Could Do That That HELOC Is 1% per Year. I Guess You Must Keep Whatever They Call It with a 10 Year Maturity on It and Why You Continue to Pay That Height. All We Flip It over into Just Getting up a Regular Mortgage at a Lower Interest], Who Were Three Where They Stand Now, so There's No First Mortgage on the Property. Currently David Is a Right Okay so Only the HELOC and What's the Balance on All Right and How Quickly Do You Anticipate Paying That off. Our Goal Was like a Year to Be Three or Four Main Okay What Is the Interest Rate Currently 77% Okay and Is It Fixed at Seven or Is It throughout the HELOC Should Be Floating and When Is the the Payments Right Now Are Based on What Kind of Payoff Are You Paying Interest Only Are You Pandan Them out with the Term on It All Week for a Little Bit Extra in Their Way.

But It Is Not like Knocking a Big Dan Unit Will Rapidly Started out at 992 and Then Went down 89 Now Yeah Year Given That You Think This Could Extend As Much As Five Years and That's a Really High Interest Rate. Obviously, I like the Idea of You Going Ahead and Getting the First Mortgage to Pay That off What You Could Do Right Now. For Instance, You Could Get a 15 Year Payoff or a 10 Year Payoff but You Know, Go Ahead and Base Your Payments Amortized to That Five Year Payoff so You Don't Have To Send Them Only the Minimum Each Month Based on the 10 Year Term and If You Could Going That That 7% down to 2 1/2 for 2.6 Something like That. You Will Even with the Cost of Getting That Mortgage Your Save Some Money and You Want to Look at That and Make Sure That That's in Fact the Case. But You Know I Think As Long As You Can Save Good Bit of Money. That'll Make A Lot Of Sense. The Thing You're Gonna Want to Be on Your Guard about Though. David Is Often Once We Get That Mortgage. It's Really Easy to Come and Slip into That Minimum Payment Each Month Based on the 10 or 15 Year Payoff. Just Let This Thing Continue to Grow and Not Make the Hard Choices to Live within Your Means Cut Back Expenses Create Some Margin so You Can Send Extra on a Monthly Basis.

So You're Looking at More of Three, Four, Five Year Payoff to You.

You Just Have To Make Sure Your Disciplined Enough to Do That Even Though You're Looking at and Say Well It's Only 2 1/2% Interest Will Display the Minimum and You Know We Got Other Uses for This Money. So If You Really Want to Become Debt Free. Then You Need to Stay Focused on That and Really Prioritize It, but I Think Even with the Cost of Getting That That $90,000 Mortgage That You Know Cut That to Interest Rate down to 1/3 of What It Is Today You Are You Going to Save a Bunch of Money in the Long Run Because That's Our Outlook. Thank You Very Much Appreciate Your Welcome. Thanks for Going Things That God Bless 800-525-7000 St. Petersburg, Florida Angie, We Know You Been Holding a Bit. Thank You for That and What Your Question, Yes, Thank You. Every Kid a Very Large Money for My Mother's Passing.

I'll Even Prepare Myself so I'm a Little Area, so I'm Wondering First. If You All Have Recommend APA Because I Have Been Inherited Has Been an Inherited IRA, Which I Am Trying to Figure out How to Take Distributions in Years and How That Will Affect Me and with the CAC, yet Very Good Was the Account Holder, Which I Believe You Said Was Your Was Your Mom Was She under 70 1/2 When She Passed over. She Went over and Asked Last Year and Okay so As a Non-Spouse or Family Member with the Account Holder Being over 70 1/2 You Got a Couple of Options That the IRS Offers and Do Recommend Heavily That You Get a CPA Involved with A Lot Of Money. You Don't Want to Get This Wrong. You Want to Set It up and Do It Exactly the Way You Should See You Don't Pay Any Penalties or Extra Taxes. But There's What's Called the Life Expectancy Method Where You Would Transfer It into an Inherited IRA Held in Your Name. If It Hasn't Already Been Done and Then Your Annual Distributions Are Spread over What's Called Your Single Life Expectancy Determined by Your Age in the Calendar Year Following the Year of Death and Then Reevaluated Every Year and You Don't Incur the Early Withdrawal Penalty Part. Minimum Distributions Are Mandatory and There Be a Schedule and How You Take It out. The Second Is a Lump Sum Distribution and They're All Distributed to You All at Once Pay Income Taxes You Will Incur That 10% Is so Hot We Do Have CPAs Moneywise Click Connect with the CK and Somebody Be Happy to Help You Find the CK Tax Professionals in Your Area.

This Content When the CK Is Christian Healthcare Ministries Enables Believers to Meet Their Healthcare Costs Affordably, Biblically and Compassionately Is 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 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 Supposed to Love God and Love Our Neighbor in the Very Practice of Investing Design Investments for Performance and a 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 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 will be equipped to confront cultural Christianity and lovingly share the gospel to the cultural Christians in your life.

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Mr. Trump plans to leave Washington tomorrow morning. Joyner brace Andrews in a ceremony that he himself helped to plan Mitch McConnell is blasting president from the Kentucky lawmaker claims the president help to spur the attack on the capital two weeks ago 12 Army National Guard members have been removed from the presidential inauguration security detail after they were found to have ties with militia groups. The Army does not say which fringe group to guard members belong to, or to what unit they soldiers were serving in Monroe County, Pennsylvania late yesterday for people shot and wounded, no suspect arrested. This is SRM news moneywise live so far today.

Let me think about the high cost of college talked about the frustrations of actually being a football fan, and having all your news on the same weekend and I will say Jim now in St. Louis. Jim what are you frustrated about Sir Hockley. Well, you mentioned that government had pushed back the mandatory mineral mates to distribute from an IRA to from 70 to 72. Yes, I don't want to take it out what device I can rollover me for doing unfortunately no, Jim. So as a couple dynamics at play. Now back in 2020 is a long time ago when it's RMD's were temporarily suspended under the cares act, but that's not the case for this year, so there back in place in 2021 you have to take an RMD and musters there's further legislation indicating otherwise. But no indication of that currently. So as of today you've got a take that RMD for 2021.

If you were 70 1/2 or older.

On December 31, 2019. You would take it to know if you were born at any time in 1949 or earlier.

Is this means you'd be at least age 72 on December 31, 2021 so there's that kind of change.

Their world went from 70 1/2 to 72. Now it in terms of how much you need to take out obviously you follow the IRS's table on that.

The only device that I could tell you about that would allow you to perhaps not realize that the requirement of distribution that sounds like you don't need would be something called the chair a qualified charitable distribution which basically just allows you to give money out of your IRA to charity ministry your church and satisfy your RMD.

The benefit is you don't recognize it as income and that they get the full amount of what was received without having anybody paying any income tax so your your contribution is larger therefore larger deduction.

And again, your satisfying the RMD at the same time and what you could do is offset that gift through the qualified charitable distribution with cash, you would have given otherwise which will allow you to hang on to more of your money and so that would just be one option, but apart from that, there's not other similar type of account you could put it in that would cause you to miss having to take out at least that RMD for 2021. Thank you. Okay, thanks very much. Jim thank you Jim all right Indianapolis WGN FM Richard. Welcome to the program today sir, and what's your financial question yes or no in the weekly rack. Well I'm glad you asked Richard we do in fact have just that there called moneywise coaches and these are volunteers, men and women who really have been trained and have committed to walk alongside folks who want to understand God's way of handling money and get on a spending plan and so the work with you virtually over the telephone or probably a video chat on the computer with you and your wife go get you set up on the plan teach you a few biblical principles along the way. Meet periodically, probably every other week give you some homework in between meetings and the great thing is is no cost for that coaching. They will ask you to spend $29 to buy the electronic workbook that will be used but all the time that they will give is our gift to you.

There volunteers they love what they do and what we hear from folks that are coming out of that coaching experiences that it's fabulous because there have the accountability they have somebody with the know-how they have somebody who's walking with them, helping them deal with their specific questions and and spending plan and so we'd love to help you with that hearsay you take advantage of a just go to our website moneywise Click on connect with the coach and that will put you in line. Now, typically within 2 to 3 weeks will have a coach freed up and ready to get started and Rob is a you and I both know these aren't just well-meaning people and nothing wrong with being well-meaning but not only do they have a heart for ministry, but they are well trained. Many of them have been doing this for quite a while.

They're trained well and that's not any sort of haphazard thing and it really again as you pointed out what we've heard back is that lots and lots of people thousands of people are blessed on an annual basis due to the wonderful ministry.

These men and women do directly from their homes, but online using lots of technical gear and equipment and very high-tech. That's right, not Richard again were glad you called today. Thanks very much Randall.

Welcome to the program's or what your question for Rob West that you part 11 St. percentagewise for extended care facility. One the I see you as you talk about the annual cost of the long-term care what type of talk about in-home care are you thinking about assisted living. Give me a sense of what you'd like to try to anticipate you. Now we have longevity in our family. So really, I'm not sure. It may entail one yeah yeah okay well you know me and obviously it it varies greatly depending on what type of long-term care you're talking about how it can run anywhere from $150 today upwards of $300 a day.

Give depending on what you want, in-home care, assisted living, skilled care field and their semiprivate rooms. Those types of things so you know it can obviously get very very expensive and you know the average person will need this type of care. If somebody does require long-term care assistance will typically last for 18 months to three years and I think you can do the math them, and if were talking hundred and $50 a day. You know, that's 54,000 a year if it runs up to $300 a day.

They can be over $100,000 a year and then you can run that out for you know 18 months to three years on average.

Which is why we are proponents if it fits into the budget of somebody considering long-term care insurance premium for a typical 60-year-old couples around $3400 by age 65 that could increase significantly beyond that five to $7000 a year, but obviously that's can offset a pretty major potential financial risk. If you haven't yelled and step in with an annual cost of 60 $200,000 a year or more. So the I think that's what you've got to consider as you think about this. There's some wonderful resources out there on the web that you can explore just to get the cost generally in your statement of the type of care you're looking for and that like you said a couple years is the average length of time someone 65 years and older will need care. So you could just take that daily amount multiplied out by you know two years and you'll get your number so Rob that's again I think what you are saying there is that even though most people think that most people will need long-term care. The numbers don't really show that I know actually the majority of people to need long-term care assistance at some point at something in their life in the last on average to okay you listening to moneywise live he's Rob West and Steve Moore come back `someone calls me stick you probably find your career even your energy for your getting a Christian foundation in your family to learn how to is 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 on the radio 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 when you store moneywise is here to help me understand God's purpose for your life to the eyes of a layman, leading people to Jesus Christ for over 40 years and I can say without a doubt the most fun I've ever had. The more we share, the more we want to share but starting is the hardest because it's hard because you think it's hard when it is Jesus said people know that you're his disciple, not by volume and loving it would doesn't require any training required anyone in the results are always essay relationships are built will begin to invite you into their lives. In conversation about God. Follow naturally. Your job is revival outside the wall to everyone every day closer to go tomorrow.

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You should check out our website and chance are lots of resources there that will help your budgets, your investing biblical principles past radio archives of this radio program, and others.

All of that available when you visit moneywise, let me mention you get the phone number that I want to mention one thing, okay 800-525-7000. That's the phone number to chat with us here today 800-525-7000 sir, what you know today and every day.

This happens all had lunch with the guy that walked on the moon. Come on serious so I had the chance the privilege in the honor to dying today with Charlie Duke who is an American former astronaut. He was the 10th man to walk on the moon.

The youngest still today of 36 years old and he is a phenomenal man who loves the Lord. He and his wife have spent the last number of years when he's not consulting with NASA, which he did just couple of weeks ago, traveling the world sharing their faith and just an incredible man and I got to spend a little time with me and even today he's he's still young man at 36 know he will know he's not 36 today. He became the 10th and youngest person to walk on the moon at third Avenue, 36, WHICH was in 1972 now because he was in space and you know that's all it's fraught with confusion did he come back younger than when he took off something that happened in there that wasn't on my list of questions, but that I get a chance to meet him again. I'll ask you I consult regularly with NASA to you and yeah and they keep asking me to please don't bother us anymore so I blessing yeah barely cool and he's a brother in Christ, we can we can say a lot but he we can say that right, absolutely we can amen and amen to that. I write Cleveland Ohio just outside of Cleveland, Ohio, Patty, how are you today share Larry hello another NASA guy, by the way, did you know that until Larry worked from before he started Christian financial concepts. Anyone that's where I began.

That's where I began my roads to and through Larry and they've never looked back. Yet they say don't call us what you guys did today, 30 care and now we do have a will most recently are well we needed and he just cannot wait no you don't. And then another friend to get the truck and save you from going to probate court. Then another friend of mine told me don't waste your money on the trust only thing it provides privacy and publishing and not publishing your state at the time your death waste of money so basically well.

I'm not an attorney but I will give you my thoughts just generally on the will versus a trust and I will say there everything I've heard, I agree with in the sense that yes, it does provide privacy in terms of it being out of the public record that's not all.

It provides another person mentioned that you will allow your state to pass outside of probate. That's true anything in the trust would pass outside of probate. You might think about it this way if you any of these is true. Number one, you know you have a net worth of at least $100,000.

You have substantial amount of assets in real estate you have specific instructions on how and when you want your state to be distributed to your heirs. Any of those could cause you to at least want to consider a trust you there good for minimizing estate taxes if that's can be a factor for most people it's not protecting your state from lawsuits and creditors. They do allow you to avoid the probate court but they are somewhat complex in each type of trust has its advantages and disadvantages, and they certainly are to be a little more expensive than just a simple will. So I think depending on your situation, depending on whether you are trying to you have specific instructions on how and when you want things distributed around it's important to you to have that privacy whether or not you want to in fact be out of the probate court. I think those are considerations that I would talk there with a godly estate planning attorney, but if your situation is fairly simple. There's nothing a will can't do in terms of making sure your wishes are carried out with regard to how God's resources entrusted to you are passed to the next steward at your death. We just use this time dimension. In addition to a will be sure you look at other things like a durable power of attorney, health care surrogate.

Even a living will to make sure you know it, and a healthcare directive to make sure that your end-of-life decisions and healthcare decisions and even legal affairs can be handled by people you designate in the event you are incapacitated or unable to make this decision so doing with all that once is a great idea. When you visit with a godly estate planning attorney. If you don't have one, Patty, that connect with the CK there in Cleveland on a website moneywise and ask for a referral to an estate planning attorney Patty God bless you. Thanks for listening. Really, thanks for listening. All these decades. God bless you, Indiana Norberto, how can we help, use, or what's on your mind so will help. I have that like that.

I'm trying to a but now I'm also trying to write up my credit bowl, a ball, a credit card help me will know that you're currently trying to pay off number two well there are two ground of their bill and some I got to wireless account okay enter though showing up on your credit report is past due is that one of the reasons you're trying to raise your credit score right yeah well you having a good credit, meaning credit that indicates you're in on time payer as agreed on your report is certainly going to help you as you move toward reestablishing your credit at the same time you want to get those paid in full. So it's not that information that says at one point you are delinquent of those ring collections go away for seven years because it's true.

If it was inaccurate.

You could dispute that could be deleted but if it's accurate is not going anywhere but what you can do is by paying it off you can get it to work shows a zero balance and either paid or settled in full. That's going to help, but you also want some good timely credit being reported, that indicates you're paying as agreed.

You may have trouble giving your current state of affairs in getting an unsecured card and if you have trouble managing your finances and you might be tempted to go back further into debt by getting an unsecured credit card. I would recommend you don't do that, but an alternative that is what's called a secured credit card that you could get at your local bank or any number of banks in your area where you put an amount on deposit.

Let's a $200 then you would set up a recurring small budgeted charge every month to hit that account. Something you already expecting to do. It's Artie been planned for in your budget and you can set it up to hit that the secured credit card every month. It might be a five or $10 charge. That's okay, you pay it off every month and then that money is overseas me that on-time payment is reported to the credit bureaus each month as being on time and that's can begin to establish some good credit of the bank isn't taking a risk on you because you've put the money on deposit.

That's equal to the limit that you can charge up to and I think that would be a good thing for you as you move forward. So hopefully that's helpful to you, and I think you'll be glad you went in that direction. Thank you so very much.

We appreciate that call today. I think we have time for my calling from Fort Payne, Alabama, and what's the situation like that. See if we can squeeze you in here are all on my way a lot might wonder what would be the best way to were only taking it out for my neck and not now. What is the amount that you have available. Mike you're not exactly sure what number is over 100.

Okay, let's it was 125,000 and then you were to try to pull 4% year that would be basically 5000 a year is gonna cost more than that to maintain your probably here hundred dollars to get around yeah so you're thinking about, you know, maybe 13,000 so that's can be a little bit more than I would like but the bottom line is you want to try to generate a reasonable conservative rate of return and allow this money to continue into perpetuity where what you're pulling out you know is just coming out of the principal. I don't think you'll be able to do that on the amount of money were talking about. Even if it was 128,000 you'd have to take 10% a year just to generate that to 12,800 year that it would take to cover it. That's good to be more aggressive than you're going to want to be on an account that you just trying to generate income on but think the bottom line is I would look for a an investment professional in your area. Look for a certified kingdom advisor there and Fort Payne. Mike said just go to our website moneywise Click on find a CK and then put in your ZIP Code and any competent investment professional could take these assets understand with the purposes and deploy an investment strategy that will accomplish your objectives. To the best of their ability, and I think it was long as you can either cut that back or realize you can have to dip in slightly to the principal each year.

You should be able to accomplish your objectives. Mike, thanks for calling. Would love to help you with that thank you very much moneywise live as a partnership between Moody radio and moneywise media. Thanks so much for being with us today.

My thanks to our technical crew behind the scenes, Amy, Dan, Clara, and of course Jim Henry is here Jim is our financial researcher and also changes the oil on the moneywise plan. Thanks so much for listening.

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