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Cryptocurrency Update

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
June 16, 2021 8:03 am

Cryptocurrency Update

MoneyWise / Rob West and Steve Moore

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June 16, 2021 8:03 am

When you hear the word “cryptocurrency” what comes to mind?  Do you think it’s a wise investment or is it too volatile for your risk tolerance? On the next MoneyWise Live, host Rob West will talk about the crypto-market and how what’s happening today compares with what took place during one of history’s great investing bubbles. Then he’ll address your questions on the financial topics you’d like to discuss. That’s on the next MoneyWise Live, where biblical wisdom meets today’s finances—weekdays at 4pm Eastern/3pm Central on Moody Radio.

Rob West and Steve Moore
Rob West and Steve Moore
Rob West and Steve Moore
Rob West and Steve Moore
Planning Matters Radio
Peter Richon
Rob West and Steve Moore

Luther told me a funny story the other day she had bought one of those fancy new exercise bikes and for him. It was without a doubt a very special tool to help them get healthier.

The problem was three days went by and then for and he'd yet to use the bike and then on night five.

He sitting at the kitchen table and he looks down at himself, and he couldn't help but just laugh because there he was wearing the exercise T-shirt that came with the bike and he was eating to corndogs. Hi, it's Doug Hastings with Moody radio and I think we'd all agree having a special tool only matters if we use it to our benefit and I love you guys to learn about my friends at United faith mortgage a very unique faith focused mortgage team with an advantageous tool just for you to see United faith mortgage is an arm of a bigger company who is a direct lender, which means they get to use their own money and make their own decisions is no middleman and often this advantage allows them to get you a better rate on your refinance or your new home purchase can save you monthly and lifelong money, so I'd encourage you check them out. United faith mortgage United faith mortgage is a DBA of United mortgage Corp. 25 Millville Park Rd., Millville, NY. Licensed mortgage banker for licensing information, go to an MLS consumer corporate MLS number 1330. Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah. When you hear the word script (what image pops into your mind.

For many people it might be a $should be to around as well. It's true that some investors and made big money vested in crypto currencies. Others, it probably lost just as much or more will talk about that verse today John Deere calls at 800-525-7000 805 five 7000. This is moneywise live as the needs of today's financial okay I should probably explain the reference in the early 1600 people went crazy investing in tulip bulbs in Holland. As a result tool. Prices skyrocketed and they became the hot commodity that well you can imagine what happened.

The tulip market eventually crashed in many investors lost everything. The so-called tulipmania of the 17th century was one of the history's first great investing bubbles.

Well the same thing is more than possible today with many of the hottest new crypto currencies and that's why savvy investors might think of tulips when hearing the word crypto currency. It seems like every week there's a new crypto currency mania, you hear names like does cooling light calling the theory and by man's Trenton chain-link. Of course, bitcoin is the granddaddy of them all, and by far the best known now. Here's one of the big problems with crypto currencies. It seems like investors are willing to tolerate a great deal more volatility with them than they would for other investments. Here's the bottom line. Crypto currencies are ultra high risk investments with far too much volatility that exceeds any other investment class.

Let's use bitcoin's recent history. As an example in mid-April.

Bitcoin was selling for around $63,000.02 weeks ago on June 1. It was 37,000.

That's more than a 40% drop. Personally I believe the technology behind many of these crypto currencies is here to stay in our digital age it would simply demand instantaneous global transactions that are low cost, accurate and verifiable, but for some of those very same reasons.

Terrorist groups are reportedly using bitcoin and other crypto currencies because transactions are largely untraceable concerns the governments could step in and regulate or even outlaw crypto currencies has fueled some of the volatility for these investments and since crypto currencies only exist in the digital realm, there's always the concern that they could be hacked. 30 happen to at least one crypto currency based in South Korea that users of bit home lost $30 million worth of currency. Another problem is the lack of so-called paper trail crypto currency transactions can't be undone in the sense that they can't be recalled, so a breach is a very real problem. The con artists have even set up entirely fake crypto currency exchanges that defrauded folks of their entirely real money. The crypto part of the crypto currency is a double edge sword. Investors want little or no regulation.

They don't want to rely on governments or government manipulation of currencies, but the challenges when things go wrong.

Like with a hack. It's difficult if not impossible for authorities to recover the funds that crypto currency investing is also not what you'd call a user-friendly environment. In many cases you can't recover a lost or forgotten password and there are some horror stories of people who have lost thousands if not hundreds of thousands of dollars. Well, it simply tied up in the crypto currencies with no way to access it is just like the wild west of investing. Not many rules and every man or woman for him or herself so crypto currency investing is short-term, it's highly speculative trading and definitely not the type of investing. Encouraged by the Bible. From my vantage point, the faithful steward invest for the long term with reasonable risk any minimum amount of anxiety. Why would someone risk their money in something so risky.

Well, it's just simply because of the chance to make a lot of money in a hurry, but the Bible has something to say about that. Proverbs 21 five is clear the plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty that another reason the get-rich-quick mentality is so dangerous for investors is that it often breaks one of the cardinal rules of investing which is diversification. When you see something making huge returns to knee-jerk reaction is to pull all of your money or put all of your money into it puts all of your eggs in one basket help. Bottom line, and a good rule of don't understand something and can explain it, you probably shouldn't be there today your goals and questions are next. 800-525-7000. This is moneywise live financial writeback. Thanks for joining us today on moneywise live. We recognize that God owns everything. Therefore, we are stewards and money then as a tool to accomplish God's purposes, I am Rob West. So glad you're along with us today as we mind the Scriptures and apply God's wisdom the principles we find in the Bible related to financial financial management to your financial life. So here's the question what's on your mind today what you want to talk about giving or saving.

Perhaps its debt repayments are to be long-term savings or lifestyle. Whatever it might be. Give us a call. Here's the number we have some lines open 800-525-7000. That's 800-525-7000 just over to talk to Lorraine in Chicago. Felix is in Chicago as well but were to begin today in Minneapolis. Mike, thank you for your call today. How can I help you sir I hate you for taking my call.

Trusted source of all advice like you're welcome. I feel stuck in deciding on how to help it. I question it might learn about the companies behind the advisors their fees and philosophies and how they relate to the advisor because the advisor takes a percentage of finances under that is going to be taken care of and then the company behind him also has skis and and whenever I read the fine print I get stuck because I don't like crying print yeah yeah no I completely understand what my first call me just affirm the idea that you should seek some wise counsel when it comes to managing God's money, you know, as we move through our lives in our financial lives become more complex with everything else in our lives. I think about the days when Julie and I were in a one bedroom condo just newly married in South Florida and things were much simpler than them with four kids and more things to take care of which is one of the paradoxes of prosperity and so I think as we think about being a faithful steward of what God has entrusted to us for little or much. Clearly, the Bible affirms this idea that we should seek wise counsel and I think go in that area of finance. That's certainly true. I think one of the first things you need to decide Mike as you process this is what type of financial professional. Do you need or professionals. Gil is a tough financial planner who you know is not going to be looking to manage assets or you sell you any products but somebody who you just pay for their time to actually give you a comprehensive financial plan as outlined in the certified financial planning process were there looking at risk in retirement and college savings and cash flow and taxes and really giving you a good understanding of what God is doing in your life where he's taking you and and then aligning your planning with your values in the near term, but really, more importantly, and where you're headed in the long term, or are you looking for somebody was an asset manager a wealth manager who can actually beyond a financial plan actually take responsibility where you delegate investment management and as you said, often those folks are paid based on a percentage of the assets under management. So tell me, I guess. To begin with. Are you looking for both of those are just one.

Both of them because I have got left turning 65 this year and are looking to have someone help take over some of those responsibilities yeah I like that it well and I have a trusting just how did implement everything in it just all of those things I haven't had to deal with. Yes, well obviously that's good to give you peace of mind to know that somebody's with a lot of expertise and time dedicated to this responsibility going to be looking after what God has entrusted to you. So I think you need to ask some questions related to both pieces of that and you know what's really clear and you mentioned this as well is in addition to somebody's expertise sin, how long they've been in the business you know some of the things I would want to know my car yet. How do they get paid and they should be very transparent about that, both on the planning side is that an additional charge and what would that look like each year and then secondly how do they get paid in all of the fees and expenses related to the investment management. Is there a euro a percentage of the assets under management that's charged in addition to that, are there fees embedded in the investment still use or any transaction costs that go to the custodian.

All of that should be able to be clearly articulated and made plain for you to see and that would really be critical. I also think it's important that and by the way Mike don't hesitate to ask that question in any advisor you would work with should be ready, willing and able to furnish that information. I think it's also important that you understand that they fear your values and this is why we talk a lot about the certified kingdom advisor designation because you know God's word is a lot to say about this topic and it's often countercultural in terms of how we should approach, finances, wealth, lifestyle, giving investing all of it. I think it's often counter to what the culture would say and so having somebody that is aligned with your values that understands the heart of God and really can bring obliquely wise financial advice advice to bear in the context of competent financial counsel I think is critical. So what I would do is interview two or three folks doesn't matter to me whether somebody's with what we would call wire house, one of the big names on Wall Street or their independence.

You perhaps could interview with a one from each. At a minimum, because as long as you align well with who they are. You feel good about their expertise and the rapport you have a good understanding of how they are compensated. That's most important to me as opposed to whether, in other with a particular firm or out, so low as what we would typically call a registered investment advisor.

The last thing I would throw out that I think is also important is during that initial meeting, there should be a lot more question asking than selling because I want to know that they want to know who you are and where God's taking you as they're doing their discovery. I also want to make sure there's good alignment with how they want to communicate with you. Hopefully they're willing to align that with your preferences. You know how frequently are you gonna meet in is that over the phone or a videoconference or in person.

You know those types of things. I'd also want to understand where you fit in terms of their ideal client profile.

Are you beneath their typical client profile, and therefore there to hand you off to a junior advisor planner. That's not necessarily bad, you just would want to know that going into it or are you in their core client base in there to serve you directly or is it a team approach so I know I'm throwing a lot at you but I think it really is just the first of all, praying the Lord to give you some wisdom. Secondly, a series of interviews a lot of question asking and then ultimately landing on that advisor that feels like a good fit. And yes, at that point, you should expect to pay for financial planning is a fee and then the percentage of the assets under management.

Ongoing does that make sense though. I think it okay very good Mike. We appreciate your call, and by the way, to find a CK there in Minneapolis. Just go to moneywise moneywise and click find a CK putting your ZIP Code and you'll get the list of the CK's there in Minneapolis that you can choose from and we appreciate your call today. Well were already out of the game covered some great questions related to money, there's a lot more to come today in fact were to be talking with Felix just around the corner in Chicago about some money.

His daughter has that she received as a graduation gift wants to know how to invest and what about Lorraine in Chicago. She has a lien on the property wants to refinance the mortgage and then Susan wants to talk about Social Security and the 2035 target where the trust fund is going to leave it all that more just around this is moneywise live and grateful that you tuned in today to moneywise live on Rob West phone lines are open for your calls and questions 800-525-7000. That's 800-525-7000 take the opportunity to remind you that moneywise media is a listener supported ministry at your support that allows us to share God's financial wisdom every day. And as we are now into June into what we effectually refer to as the summer slump. We can always use your support and assistance.

Your gifts allow us to bring you our financial coaches and are certified kingdom advisors in our radio broadcast every day are web content.

It was and the moneywise app as well and all that's going on there. Plus the things we have become, which by the way are pretty exciting, though fully in the next several weeks. Tell you about some of the new things were working on, but all of that is made possible by your financial assistance.

So, would you consider a one-time gift or perhaps becoming a monthly patron. Whatever the Lord may lead you to do me just encourage you to go to moneywise and click the donate button moneywise and click the donate button would be happy to send you Ron blues book. Never enough is our gift to you.

When you make a gift to the ministry. Thank you in advance. Let's head back to the funds today.

Chicago, Illinois Felix, thank you for holding Sir how can I assist you. What I thank you for taking my call. Absolutely thank you for pilot. Yeah, I would question my daughter. We had a great graduation she graduated from high oh and I we had a little party and and she got a block of more than maybe think that them $100 and out because they have on investing that and is looking to get got a part-time job as well and she's looking to maybe invest out 100 to 300 more every month so I wanted ask for your advice on which way she should go here day after getting there and I want to get her on the right track with this great Felix and delighted to hear that. So you and she are you having these conversations, you know, as it relates to helping our kids understand how to handle money as they move out of the home into college and and beyond know it's so critical that we have these conversations as Howard Dayton, my good friend and author says we need to be MVP parents we need to model good godly financial management. We need to have verbal communication.

We need to talk about it and ask questions and explain and then we also need to have practical opportunities to work it out. MVP and that's what you're doing your your modeling it in your financial life you're talking about it and now you want to practically help her get started and that's really a critical. I think you know when it comes to handling God's money, Felix.

We always need to define what the purpose of the money is and we need to look at the priority order of the uses of the funds. I think one of the first things out of the gate. You could do is help her to understand the idea of giving being generous in your taking a portion of her increase, perhaps attempt to start with and giving that to her local church or getting her active in and generosity. Secondly, I think you need to look at you. Is there a short-term need for any of this money you as she moves beyond high school into college, you know, is this really the beginning of her savings that she needs to be able to use for some discretionary spending beyond know what might be covered for her or is this money that could truly be set away.

You know, for the longer term, and if organ invested.

I'd like for there to be at least a 10 year time horizon, where you know we could begin to see this money grow for her future. Talk to me about that piece of it in terms of whether she needs this money and more of a short-term savings account ready and available versus tying it up for the longer-term witness barely started talking about that so is looking more for the long-term. Okay, yeah, I think the only thing I just want to make sure of is that as you process this with her that this is not money that you know she says yeah I really want to invest.

Let's do that and then a year from now she's gonna want to say yeah but I know I'm gonna run dry and I need to ask is this money for various expenses that I don't have covered through another means I would just discourage her from investing money do you think she would need in less than you know 5 to 7 years at a minimum, preferably 10 or more. And so that's where you've got a navigate that with her but to the extent you want to lock it up or not lock it up and put it away and begin investing in you got two options here because she has earned income as she could actually start funding the Roth IRA with the a portion of what she's bringing in every month which should be great because you know starting at this age.

You know just a little bit every month even 25 or $50 would go a long way towards helping her build something that's really meaningful in a way down the road and I understand it's hard for a teenager to think about your 40 years or more, but it could be a great starting point, but funds that you obviously don't want to put away for retirement, but willing to invest for 7 to 10 years or more, you probably want to do in a taxable account where she could get some growth but have the opportunity to use it well before retirement. In either case, I probably get her to open an account at tell with one of the Robo advisors so betterment Charles Schwab intelligent portfolios you could use wealth front or even the Vanguard advisor.

They're all very similar. You would with her. Open the account you to answer a series of questions about her time horizon goals and objectives she could make systematic contributions. It's very low cost, and as she makes those additional contributions. There's no transaction fees so as she puts in $100 a month. It's automatically redeployed in the same strategy using index ETF's, without any cost and typically are to pay may be .25% year quarter of a point. But the benefit is even with a very little amount of money like were talking about. She gets broad diversification by owning the big market indexes so she's not gonna get to know the high flyers like Tesla and some of the tech stocks that have been doing well although not as well as of late, but she's going to capture the broad moves of the market over the long haul and I think that's really the prudent approach to be properly diversified. So again I would look at either splitting it between a Roth and a taxable investment account or go all into a taxable investment account, or she doesn't want to put it away, truly for retirement and then look at one of the Robo advisors again betterment wealth front Schwab intelligent portfolios with Vanguard advisor is to give her a very low cost, very effective way to invest, as she's just getting started in the do some education along the way you stand. The one item at a send her a gift. It's wrong to lose, book, massacre your money she's got some time this summer. Maybe she could read it that would help her to understand. Really some of his key biblical principles and talk about moneywise live that really help her to get started in understanding God's way of handling money which is Felix appreciate your call today. Thank you for a great dad walk alongside, Tori, moneywise I we have some wise opening thousands there with us, grateful that you enjoy this today for moneywise live where God is your financial life on nonplastic ear calls and questions as well as open a 525-7000 straightahead Alicia in Grand Rapids at lien in Fort Lauderdale Susan in Clearwater. But first listening on W NBI in Chicago. Lorraine how can I assist you. My call on my property. I'm trying to read my but I'm having a problem with the refinance, you know. Did all the paperwork when a company profits the lien and they cannot do the lien refinance yes what type of lien is it Lorraine, it is United States government lien for taxes. Well not really thought taxes but something else. I see bottom line. There is no strict rule that says you can't find it. Refinance if there's a lien on your home.

But the problem is, you'll have a difficult time as you've already seen here finding a lender willing to do it so that's can be the challenge.

No soft liens, you typically are the refinance, but a mechanics lien.

The tax lien, or federal government lien like you have it are going to be issues ill. Obviously you can't sell the property into you take care of the debt and the lien is removed either and so I think the key right now is to focus on getting that paid off after it's removed. It's still going to appear in your credit report which could also cause you some problems but give you a greater chance of subduing the refi so I'm not surprised.

Unfortunately, I'm sorry about the situation, not surprised that they have turned you down. I think the other option you can look at Lorraine would be to find an independent mortgage broker who has a lot of experience who could go out across the industry and see if there might be a lender that they're aware of who would do the refi. The challenges I suspect because of the situation you're probably the refi's knocking to make sense because the terms are going to be very good.

So now you just have added cost for the refi itself, and you may not be any better off so I think the focus right now needs to be getting that paid off. And moving beyond it as it gets further and further in the past, even if it's on your credit report if it's paid in full and released bill that's obviously going to allow you to rebuild your credit. Over time, so sorry didn't have better news but I think that needs to be the focus of your attention right now and we appreciate your call today to Clearwater, Florida Susan, thank you for your patience. How can I assist you all I yesterday on Social Security right now and 70s and can't say that in 2030 and 2035. The trust fund would be completed for Social Security named that I'm won't get anymore Social Security is not know doesn't mean that. So let me just to reassure you that first and foremost Susan I do appreciate you listening every day to basically the what's going to happen is of the trust fund will be completely depleted based on the incoming taxes that we have and the number of people who are collecting which continues to increase his so what would happen at that point is its estimated based on the most recent study that was done without changes. Social Security would not be able to pay full benefits beyond that point they would be until 2034 but once that trust fund is depleted because there's just simply more going out than coming in between now and then it that point. Benefits would have to be decreased by about 25% now will then actually happen. Well, I would tell you it's far more likely that Congress will overcome gridlock and implement steps to correct the problem either by increasing payroll taxes or raising the full retirement age, or both, neither of which would affect you. Keep in mind the oh so security was only designed to cover about 40% of retirement income, which is why it's so important that folks are saving beyond that obviously it's a critical piece of for your field maintaining your expenses moving forward. And so I suspect what is going to happen because this is such a political hot button is that the changes will be made so that they can shore up the other. The trust fund. But again, even if it no changes were made and the trust fund was depleted. Ongoing current tax revenues. At that point would be able to cover about 75% of benefits so there would be a 25% reduction. I wouldn't count on that. I think were to see some changes. Does that make sense though 2035 now that I think you just by George Orwell.

I love and will is and I appreciate you call that I am glad I can reassure you because there is that your checks not going away and and again I think some changes are to be made to listen. All the best to you in this season of life excited about what God has in store for you in the days ahead. We appreciate your kind remarks about the program.

Thanks very much.

Let's head to Fort Lauderdale Florida at lien. How can I assist you well. I $22,000 to put a call from our supply due to additional updates and clotting so expensive. We cannot afford it now.

We put a hold on. We would like to see you took. Did you see 22,000 out of the retirement accounts and IRA.

Okay, how long ago did you do that, how many days has it been roughly all let me 20 months three months. Okay well here's the thing. If you reinvest the funds meaning re-deposit what you took out within 60 days into the IRA, then there's no tax consequences which if you're less than 59 1/2 year to pay a 10% penalty plus that hold 22,000 is good to be added to your taxable income this year so you have to pay income tax on that if you can get it back in within 60 days. It'll be as if you never took it out. Unfortunately, if you're beyond 60 days 61 or greater. It can't go back and in the first thing we need to do is make sure you set aside at least enough to cover the taxes that will be due based on income taxes and the 10% penalty if you're less than 59 1/2.

That's why I really encourage folks not to touch these IRAs or retirement accounts. Because this is very expensive money that were tapping into especially part of 59 1/2 a minute a minimum you're probably looking at 30% of that that you need to be setting aside to pay taxes on or about $6600 that you will owe to the government's if you can get it back in do that quickly add contact a tax professional to help you because you'll have to report distribution and the refunding of the money on your tax return but it would be a wash. Otherwise, you need to set that money aside then I think from here need to rewrite used cars right now are very expensive part of overseeing as the economy reopens and some of the spike in inflation. It's really hitting a few sectors hard and one of those is used cars right now so I be prayerful and really diligent about finding something well call today. God bless you folks.

Thanks for joining us with a pause for a brief break but still much more to come moneywise lives. Join us today for moneywise lives with biblical wisdom, decisions, choices.

Barbara Weston just a moment will go back to the phones. But first, let's take an email question. This came in from John and Kate in Alabama. By the way, if you want to send us an email. We tried to read one a day on the air you consented to John and Kate asked how do we improve our credit score and it's a great question.

What a lot of folks think about because these days. Credit scores are used for more than just determining whether to extend you credit. It's a part of determination on hiring a higher ability.

If you will you're looking for a job. It has to do with your insurance premiums and more. And so it is an important part of our financial life not worth going into debt over by any means but just something to keep in mind John again. I think the first key understanding is really what makes up your score. We have some insight into that from fight go fair Isaac, which is probably the leading scoring company. They tell us 35% comes from your payment history. 30% from your amounts owed 15% from the length of credit 10% from new credit and 10% from your credit mix of adjustments in each of these quickly 35% payment history.

The key there is to be in on time payer. If you don't have active credit history because you paid everything off or you're just getting started. A great option as a secured credit card look at the capital one secured MasterCard. This is where you put a certain amount on deposit they give you a credit limit up to that amount. So they have no risk because they can capture that money if you don't pay the bill. You would then set up probably a recurring charge for a budgeted item could be very small and then pay it off in full every month. The ideas that's reported to your credit report every month giving you some good payment history showing yourself as an on-time payer amount. So that's 30% key.

There is you want to keep the total you owe in the aggregate across all of your limits less than 30%, but also each individual account you want to keep under 30% debt to limit meaning the amount you owe outstanding versus the total limit available should be under 30%, preferably a be at zero because I don't want you to be carrying any debt below 10% is even better. That's going to help to really improve your score. The length of time the length of your credit history, time is your friend. So the longer you show yourself as an on-time payer that's going to help you a new credit is 10% you want to really limit your borrowing answer.

Don't be out there looking for new credit all the time that'll help. And then finally your credit mix. This is just the types of credit you have revolving like a credit card installment like a car loan or mortgage they want to see that you have a variety of credit, but again not worth going into debt over. I would rather you be debt free with a little bit lower score than I would. You taking paying interest just to get that score up but anyway I hope that helps you as you understand what makes up your score and you can lean into trying to do everything you can to get that up over time right back to the phones Alisha's in Grand Rapids. How can I assist you.

Sure, while it will aerate cannot only write a story but importantly at the right song for years and that career past and I am actually right now I felt to carry a lot of contacts have calming and in regards to cutie working for other people actually writing and how you can perform it right back I'm trying to see how borrowing cannot backstop.

My work experience mph I'm in my 30s I don't want to wait forever to put my career college I could take, that money to go ahead and first my career to continue and work my daily. I until I get it easy because yes, well, you know that's the key. And this is always the tension men were trying to launch out into something else that requires us to generate income is the sole proprietor, especially when you're just trying to break in and get started.

Although you've demonstrated that folks are willing to pay you for these God-given abilities you have in songwriting, but no translating that from you. What has been a few here and there to something that can support you fully is obviously the challenge and so ideally you would Weitzen know do what you can part-time or evenings or weekends for a while while you continue to build up some savings and I would like for you to have that savings outside of retirement accounts just because of how expensive it is to ask, is that money once he gets into a retirement account because of the penalties and the taxes that are due. So even if you froze your contributions moving forward and didn't contribute anymore and you start really limiting your lifestyle the best of your ability and saving so that you've got it all at least a runway of six months because the key is you need to get a really good feel for and maybe Yorty have this, but how much income might you expect from this you need to obviously have a really good understanding of what your expenses will be euro. As you move into this, not just your personal expenses. But I'm talking about for this business that you will be running so that you can work up a business plan and have a good sense of how much runway do you need so you're not putting your own financial life in jeopardy and the other music industry is well known for folks that are trying to break in. You know, doing everything they can get working nights and weekends and you're just trying to make a career out of it what we know is that God has gifted you with some incredible talents and I think you need to make this a matter of prayer for him to give you wisdom to know when is the right time for you to move may be more full-time into this. I just don't want you to get a situation where you start paying a lot of unnecessary taxes or worse you start taking on a bunch of debt to fund your expenses because you're not quite ready to make this move and I realize that can be frustrating because you know your work in the 9 to 5 and you just feel like you don't have the time to put toward it. So where is that balance Alisha and what could you do to build up some savings to give you that runway before you actually make the transition from quitting your job to doing this full time so I regard like maybe 10,000 pay right now and in my Michael read my morale here it is there and it]. Even if you like when I go to church.

I like the messages are our firmly to move into that now. I don't know now if I should give Delano take more money are in now. I don't know what that's it without opportunity current and every yeah well I think that the key is that God would lead you to violate your biblical principles so I would deal. Continue to pray asked the Lord to give you wisdom and you know only you can really know what God is leading you to do, but at the same time, I'd take some real practical steps to say okay based on what is been coming my way and what I've generated. If you put full time toward it. What could you conservatively expect to come in over the next six months and what expenses would you have against that business related expenses and then you really take an honest look at that because once you leave that job.

You're going to get a really have to rely on that 10,000+ what you can bring in from this work to get you there. So I do the hard work of really analyzing what's been coming your way in terms of opportunities translating that into you know the amount of time you be able to dedicate to that full time and then taking expenses out of that and then seeing how long you feel like you could maintain that that really quantitative analysis plus what the Lord is leading you to do. I think will give you some peace of mind to know what is the right time, whether that's next month or next year, and I will S the money was community be praying for you as you make those decisions. We appreciate your call today.

Let's go to Florida actually with Victoria.

How can I assist you, and I went together like a well my reply that I don't know regular well shaking like a track team 1920.

Every athletic chair and make sure that many well well is it simply a case of bequeathing your assets to your sons after death.

The will would be fine.

That'll cost you somewhere between 500 and $900. If you have other considerations like not getting the funds to a child all at once or certain triggering events, you know, based on them reaching certain ages or no trustee that's making decisions based on you know decisions they are making whatever that might be.

That's where a trust whereby a trustee would manage those funds could make some sense that's gonna cost you probably $1500 or maybe a bit more, another opportunity would be to put what's called a TOD a transfer on death on an account at a brokerage firm or a bank which would bypass the will and just make sure that certain assets are automatically passed outside the estate to your named beneficiaries. But again, if it's just a matter of making sure that you know everything is going to pass as a part of your estate to the people that you selected, namely your children a simple will should cover that unless there's other considerations you want to factor in is that make sense. Victoria absolutely I'd find a godly estate planning attorney in your area. You can contact the CK on our website moneywise to ask for referral, maybe check with your local church to find out who's an estate planning attorney, local fellowship, they should be able to take care of this.

I know you a lot of peace of mind is called moneywise live is a partnership between Moody radio and moneywise media producing today Deb Solomon engineering Dan Anderson research today.

Mr. Jim Henry our call screener was Gabby T observing today was Eric Tidwell think here will be back tomorrow with another edition of moneywise live. Can't wait to see you then have agreed

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