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More Obnoxious Corporate Policies

MoneyWise / Rob West and Steve Moore
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July 14, 2021 8:03 am

More Obnoxious Corporate Policies

MoneyWise / Rob West and Steve Moore

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July 14, 2021 8:03 am

What does managing a major corporation have to do with supporting anti-religious liberty legislation? That’s a question many company CEOs don’t want to answer. On the next MoneyWise Live, host Rob West welcomes economist Jerry Bowyer to explain how many corporations are involved in obnoxious policies these days and how he’s trying to get them to answer for it. Then Rob will address the financial questions you’d like to discuss. That’s MoneyWise Live, where biblical wisdom meets today’s finances—weekdays at 4pm Eastern/3pm Central on Moody Radio.

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Finishing Well
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Finishing Well
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Finishing Well
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Hey there I'm Jim and Baxter and Iser Moody radio is the director of business development. Our team's job is to find businesses that love MIDI radio and Jesus Christ and want to support the work we do financially just like you today. I like to introduce you to United States mortgage.

Simply put, they are afraid focus mortgage team serving clients across the United States. They put together a team with Christian values with faith and family at the core. They know that this is arguably the most important purchase of your life. Check out the top five things you should know about United States thanks to you and United for supporting the radio. United faith mortgages, a DBA of United mortgage Corp. 25 Millville Park Rd., Millville, NY license 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 is running a major corporation have to do with supporting anti-religious liberty legislation question many company CEOs don't want to answer fibroblast all too many corporations are involved in obnoxious policies these days that economist Jerry Boyer has been trying to get them to answer for it easier to discuss that first today then it's on to your calls at 800-525-7000 call that number 24, seven, 800-525-7000.

This is moneywise life where biblical principles guide our financial decisions against Jerry Boyer is the FOXBusiness channel with his market insight sees the founder and president of your research and we simply know him as our good friend and favorite economist Jerry welcome back. Thank you, my friend, always great to be with you Jerry.

A lot of what will talk about centers on the so-called quality act. It's such a positive sounding name. Who wouldn't want to support that. But it poses a major threat to religious liberty as you well know what you begin there. Tell us about that yet the quality act does two things which directly and severely harm religious liberty rights. One is that it explicitly says in the law that it's not covered by the religious Freedom restoration act and that if you are charged under the provisions of the equality act. You may not appeal using the religious Freedom restoration act now. The religious Freedom restoration act is a mainstream law, Chuck Schumer introduced it when he was in the house. Teddy Kennedy introduced it in the Senate.

Bill Clinton signed it and it's a pretty mainstream idea that the government should not cause people to do things that are against the conscience that should be excessive entanglement or decrease of religious liberty in following some other interests so it does that, in addition it goes out of its way to increase and expand the list of buildings or institutions or places that are covered by this so normally you know, under the law under discrimination law, there are public accommodations. So if a black person goes to a hotel and tries to check in while hotels are public accommodations so there covered under the Civil Rights Act. And of course races covered under the Civil Rights Act. So what with the quality act does is not only does it take the protections that we've given based on race and extend them to people with different gender identities, which is not an unreasonable thing I can understand why people would want to do that, but it also vastly expands the list of institutions that this covers so now churches, ministries, homeless shelters, battered shelters. These places also are covered. So if a man who identifies as a woman wants to go to a Christian shelter for battered women who are in many ways, trying to get away from men because of those past relationships. Sorry you got a lettermen. Otherwise, you violated the equality act. So this is pretty pretty obnoxious stuff. And of course his name, quality act, and a bunch of the CEOs just see a quality and they've already essentially surrendered to LGBT Q and whatever comes from that interest group so they signed on and I'm convinced having had many conversations dozens that the vast majority of them had no idea that this was also going out of its way to we can route religious liberty will Jerry, thanks for that explanation because I think I like many companies, CEOs, many of us don't know fully what's behind the equality act and its threat to religious liberty. Jerry a few months ago you reported having some success in some one-on-one conversations with executives that target Pfizer and even Apple. It was unrelated to the equality act will get to that in just a moment, but any update on those conversations.

Well, in the case of target.

What happened is they had banned a couple of books in response to a single tweet about that were skeptical about transgender surgery for children. They were confronted, they run banned the book are admitted that they were wrong and said that they would change their ways and then I found out at the annual meeting simply by asking. It looks like they have sneakily read banned the books again.

I don't know where this is going to end. But talking the truth is like leaven you put it in there and then you see what happens while corporate engagement is our topic today in order to talk about some new conversations. Jerry's been having is he's been participating in a number of shareholder meetings and specifically asking about the equality morning, Jerry Boyer, our favorite economist, and then it's on to your questions. 800-525-7000. This is moneywise life back to moneywise live fibroblast my guest today is Jerry Boyer economist.

He's also the founder and president of Boyer research and its earnings season, which means lots and lots of annual shareholder meetings and Jerry you been a responsible investor you been participating in a lot of them in with a very particular reason in mind and that is to express your values because here we have an opportunity as owners of companies to make our values known and engage with executives. During these meetings give us an update on what you been up to. I been attending a lot of these annual shareholder meetings. It's easy this year because they're all virtual.

I don't know what will happen in the future you log on yet a certain number you need and then you can ask questions. Now they might ignore the question but they stopped to answer it. Eventually, in writing, so you can force the discussion and actually force the debate, and I focus mainly on ways in which a lot of these companies have whether they know it or not been supporting legislation which weakens religious liberty but also on abortion funding. For example, in the case of AT&T which was there was a resolution put forward by shareholders asking AT&T to do something real simple, just disclose who which which charities your giving money to Ms. Armani right the shareholders tell us who your giving it to. They use shareholder money to fight the resolution from shareholders which would force them to reveal to shareholders what they're doing with shareholders money so I asked them about that and they said well under the law, you know, this is just this is a management matter not shareholder okay. I don't agree but you could still tell us, just as you don't think it ought to be on the ballot. You can still tell us who were you giving money to are you giving money to Planned Parenthood and why are you hiding things that a very active discussion first and the annual meeting and then after with a lot of emails back and forth with AT&T about funding for abortion. Anything else specifically on your engagements with AT&T yeah AT&T was a really interesting moment other people ask questions. Maybe they were responding to our questions about political involvement and the CEO of AT&T said well CEOs are ill-equipped to engage in politics and we spend we in upper management.

Spent a lot of time thinking about this and not going to the next natural conclusion which is hey stick to the phone job you stick to your day job. You admit you're not good at politics. You admit it hurts you. You admit it's taking up valuable time. Maybe you should stay out of it altogether except when is direct if you want to be involved in the politics of phone regulation sure that's on mission getting involved in abortion, and transgender and all that stuff it's off mission you go to the day job stick to the day job. Well it's not like you bought a share of AT&T's can then got on the meeting agenda you were representing a significant group of shareholders right yes actually I was there representing institutional shareholder, so it wasn't one share a lot of activists particularly on the other side of many of these issues will buy one share. Just they can show up and try to influence that's not what I'm doing. I'm just trying to be a responsible shareholder citizen if I don't like what's going on in my state or my country, I vote.

What I don't understand is why Christians don't like what's going on in corporate life and their responses don't vote leave all way disengage doesn't make any sense to me more concerned about my country.

I am the more diligent going to be about registering to vote and making my voice heard, and I think the same thing applies as a shareholder citizen. Same thing applies to companies we own, absolutely Jerry, do you think that AT&T management really understands what's in the legislation their company is supporting and you know that there likely alienating more shareholders and customers in their attracting. I think they do now the sense I'm getting from these companies is that a lot of the stuff they endorsed a year ago or two years ago and there's a little bit of buyer's remorse about just automatically signing on to anything that comes from LGBT Q and BLM and all these other groups. I think there's a sense that. Oh, wait a minute.

There are two parts to this country and we been putting our thumb on the scale siding with one group over and over again and again you know against the other and are getting a lot of backlash to getting backlash about voter reform issues like threatening to boycott Georgia.

That's been a big issue. That's not the core issue for me.

Life and religious liberty are core issues for me, but I think they're beginning to sense that they that it wasn't as riskless as they thought to simply sign whatever the human rights campaign put in front of them in terms of the gay-rights and that they were sold something didn't know that they were not siding with gay people. They were siding with gay people at the expense of religious people are playing rights off against one another.

I don't think that's what they intended to do and I think the kind that they kinda wish they hadn't well to take folks like you. Jerry pointing that out and engaging in the conversation and talk to us about some of the work you've been doing it Boyer research. I know you've been putting together a database of corporations yes database of all the corporations that I'm involved with institutionally and then their ratings upon the equality at what they support on the state boycotts, various other ratings where they been on on marriage issues and other things. I got a database of that and now a automated process where, for example, we just sent out an email to 330 companies that are in indices that we work with saying were concerned that companies are getting off mission and too much in politics. We have a statement of principles we'd like to share with you will you read it so that when out some of them tried to unsubscribe, follow-up, iPhone, wait a minute, we own you.

You will unsubscribe from us. Others of respondents yeah I'm glad like to read that statement. Let's have a conversation about.

In fact, I was just working on that this morning then the next one that will go out will be about the equality, ask or try to use technology to make this something that doesn't take up all of our time. That's fascinating and I love how intentional your being Jerry any other shareholder meetings you've attended in the results you've experienced, well right now were about to do Dell Dell's going on and the other in the other room and one that really stands out to me is Marriott because I found a pretty successful I and someone from another group both asked about the equality act and the CEO of Marriott said something very interesting.

He said it passed the house. It's now in the Senate in the Senate is a place we can deal with some of the issues that are of concern to you. In other words, what I heard is I hear you wish. You don't want to trash religious liberty so we can work in the Senate to maybe deal with some of those issues and not have the version not support the version that gets rid of religious liberty. So progress can be made but you have to constantly stay at it and you have to be diligent and you have to be in you have to be patient. That's the thing you lose a lot a lot of people feel like they need to walk away, but again, if you've delivered the message. You've already succeeded in some ways in God's eyes. Whether they've healed. Heed the warning or not, that's up to them. But if you don't deliver the message. The guilt is on you. If you do deliver the message and then listen to guilt is on them. That's what that's what Ezekiel said, and that's what were trying to follow here. It's very good.

Jerry got just a few seconds left for someone who's listening today an individual investor, and they're encouraged. Perhaps even inspired by what you been up to hear. How might you take what you've learned and equip them to do the same thing.

Well, they can seek me out on social media. I'd be happy to give him some pointers. There's even a little white paper that I wrote for you guys, which you could be available to them, which is takes them through personal, the biblical case for this and then also the how to. It's really not that hard. If you're an investor in a company they send you an invitation to the meeting and it has a little 16 digit number that you can use to log on. That's about it. You go to the link to put in the number is a little box that says type your question here and you type your question and then you hit send, and it's as simple as that great but Jerry are on the front lines.

I appreciate the update were so grateful for you my friend. Thanks for stopping by and for you to bless Jerry Boyer. You can find more on Jerry and his Much more to come on moneywise live stay with us, grateful you've decided to join us on moneywise live today.

A number of ways number 805 five whatever is on your mind today will whatever's going on in your life again. 800-525-7000. We got our amazing team in the background ready to serve you Gabby TR call screener today. Amy Rios engineering Deb Solomon is producing today and Mr. Jim Henry providing me some excellent research folks. We started today by talking about faith-based investing and let me just mention you know if this is a new idea to you. Perhaps what Jerry was talking about was a foreign concept that you could actually take your role as an owner of an individual company through individual shares, or perhaps through mutual fund share ownership and express your values, you, you're invited to those certain corporate shareholder meetings. As Jerry said let's just one way that you can leverage your role as owner to make sure that the company knows where you stand. Perhaps you want to avoid certain companies by screening out to companies that have activities that conflict with your values or if you want to buy companies that are making a positive impact in the world, even the kingdom impact well all of that rolls up under a really exciting and emerging segment of the investment universe called faith-based investing. If you want an advisor who understands that can help you think about your faith as it relates to your investments perhaps you want to connect with a certified kingdom advisor in your area. You can do that when you visit our website moneywise just click find CK if I were to go to the phones now again we've got a few lines open. Here's number 800-525-7000 were to begin today in Huntsville, Alabama, and Jenna, thank you for your call today. How can I help you call me guy and I mortgage. I currently have about here. I can hundred and $38,000.

I might hear again and I currently contained in that type your hearing though… And the question been mulling around in my call you and you think I get in the market situation a little concerned about everything going down and I did not happen. Many here I should night my neck pain and I'm currently paying 3.5 interest on land, this wouldn't know a couple of things and I love where you're headed with this because if you listen to this program, you know, Jan of the number big fan of being completely debt-free including your home mortgage. But I also want to make sure that we don't do that too soon, in the sense that I want you to make sure you have ample resources to both fund your lifestyle if you're relying on income from your investments. Are you trying to grow your investments for the future and just working capital appropriate reserves and so we got a balance that with the desire to be debt-free. Obviously if you have a surplus in your income is covered. It's a much different equation that if you're still building wealth trying to take care or take advantage of compounding and growing money over time and working on perhaps other priorities, because although I love the idea being debt-free completely. I'd much rather you focus on things like consumer debt or credit cards. What I call permissible debt is really debt on assets that are appreciating and certainly your home will be one of those but in time when we have ample resources and were able to. I like the idea of even paying that off. It gives you incredible freedom and flexibility. Peace of mind coming from knowing your unencumbered and I would choose that over even perhaps being able to make a few percentage points more in the market when the time is right. So let me ask you said you have a $238,000 mortgage what you have in investable assets.

In total 10.4 million. Okay, listen, yes ma'am and are you living on that 2.4 million is that generating an income now little bit trying to bring anything I hear back here On many very good and what are you pulling out of the monthly roughly 9000 okay and so that would be an appropriate amount because if I just do a 4% on the 2.4 million. That's about 96,000 year which would be about 8000 a month and that would be a level at which most investment advisors would say yeah we can have a conservative kind of income-based portfolio that would allow us to both protect and preserve what we have in terms of the principal balance but give you an ample income to cover your lifestyle needs and hopefully not see that the client know there's give me a portion of that. I'm sure that's invested in stocks which is the growth component in most years that's going to add additional return which is helpful to get that overall return up over time. In other years. If we were to hit a recession a year or two down years down the road that may be down, but that be okay. We let that ride and know that we don't need that right away and it would recover at least historically speaking.

I think the opportunity you have here is to say, well obviously if I were to pay off my mortgage then that mortgage payment goes away, and so perhaps you could reduce the amount that you pulling out of it. So if you were to pull 250,000 or so out of that to 2.4 million obviously never pulling a larger percentage every year out of those investments, but hopefully that 8000 now is 7000 or the 9000 is 8000. Would you be able to cut it back by roughly that amount. You very good so I like this plan because I think it gives you the ability to own your home gives you the peace of mind that comes with it. And you know I've never Jenna had anybody call back to the program after doing the same. Really wish I didn't pay the house so I would say, given what I know about your situation is just a little bit but given the assets that you have the whole mortgage but I think you're in a prime position to just go and pay that off that I would talk to those advisors about that even mention this conversation and then pray about it make a decision much more, but it was because right now I moneywise live on Rob West taking your calls and questions number 800-525-7000 800-525-7000 you haven't downloaded the new moneywise. This is a great time to do it. In fact, in the next 30 days. We have some exciting updates coming to the moneywise aft in a brand-new website will be launching as we relaunch our moneywise community with even more integration of our moneywise coaches as they are available in all kinds of forums and groups based on topic and life stage to answer your questions and for you to provide encouragement to one another but also get practical assistance. Also in the moneywise upper digital envelope system, but will be introducing both the plan and track option if you just want to make a plan and track how you're doing during the month or a track only option. So we want to give you flexibility to manage your money exactly the way you want to and then finally we continue to add content from the very best content providers in biblical finance every day in our new Discover tab it's all there in the moneywise out plus access to broadcast archives moneywise live just in your app store search for moneywise biblical finance and you can download it today. Back to the phone south to West Palm Beach, Florida. Heather, thank you for your patience.

How can I help you taking my call. Sure, I'm doing great things in my ear and I will call a whole loan that we are catering and I wanted to know a good proposal to go away okay. We came across great e-commerce marketing company that also the fulfillment they are looking to establish a contract and that contract is marketable, fulfillment the product until I can be laid there would also help finance the accounting portion of the instilled court. They're looking for a $30,000 investment to start the 18 month and then it would be a 50-50 profit share mind there is no additional fee to renew the contract that we will be in that 50-50 profit share and they did all her money back guarantee. At the end of the 18 month that we do not make back at least 30,000 that they would give a different kind.

Okay. Well there so many e-commerce platforms right now. Heather obviously there's many smaller platforms that cater to businesses that want to sell products and services online but don't have the ability to establish their own e-commerce website. Not to mention some of the things you said such as fulfillment caging even the marketing so they come in all varieties.

I think the key is the cost structure. Obviously the larger platforms we would all know eBay Amazon at sea. They all have different commissions. What you're describing to me sounds a bit expensive and so I want to do a lot of due diligence on really what they're bringing to the table in terms of the marketing how much you can rely on that I would be very cautious there and is it worth putting up the kind of money you're describing when you can get started with much less on a different platform. I realize you may be giving up some things and having to do more yourself. But I like the idea. Especially with the new business of really going into it slowly hanging onto your capital and not giving so much away, both in upfront and the profit sharing. Amazon, for instance, you know the account fees are somewhere between phenotypically around $20-$40 a month and commissions might be somewhere between six and 20% the average sellers paying about 15%. So anybody wanting 50% of the sales price is pretty high, so I would look for a better deal somewhere else. At the very least, I would encourage you Heather to do a good bit of research in terms of looking for reviews on this particular e-commerce platform. All that information is out there. The Internet will be your friend in terms of you. Just type in e-commerce commerce platform name in the word review and you'll get all the information you want, and I suspect you'll hear from people and you want to make sure that this is their legitimate folks and not just the company itself, but I suspect you'll hear how it's work for others. Or perhaps it has it but I'm always very cautious about companies asking for that much in the way of an upfront fee and the split. You also want to know a lot about the fine print related to that money back guarantee to make sure that is in fact legitimate and that others have said they been able to take advantage of that.

So I go slow.

I would do a good bit of research and I would look for some less expensive options, but I'm excited about your new venture and hope you'll keep us updated as you progress. Let's head to Spokane, Washington, Leo, thank you for your patience. I can help user yeah thanks for taking my call. I had a variable annuity with Vanguard and at the first of this year.

They transferred it to Transamerica and I'm not happy with their customer service and was wondering if you could recommend another management company yes have you considered.

If this is a qualified annuity rolling this into an IRA that would give you a lot more flexibility it can you do that with an annuity you can, yes, so if it's a qualified variable annuity that was established with pretax dollars. It can be rolled into a traditional IRA. This is where typically would be set up by an employer as a part of a retirement plan. Is that what would you have here was this what you might believe to be a nonqualified annuity establish with after-tax dollars. Yeah, I think it was established with after-tax dollars.

Okay alright well I think didn't you do need to to do a bit of research just in terms of first of all what you have that could be transferred out of there any surrender penalties. Whether it is qualified or nonqualified money because that's can be pretty important as you make this decision and then I would look to something that has obviously very good investment options in it.

I would've been a fan of a Vanguard. It's a very solid company tends to have very low fees, and so perhaps what your next step might be.

Leo is to connect with an advisor who can evaluate the policy that you have help you understand how it's done with the tax structure is and then give you several recommendations on perhaps where you can roll it to other pretax or an after-tax basis and the companies that would give you both the lowest fees lower surrender charges, but also really high quality investments and so I'd be hesitant to name any particular companies at this point, especially given the fact that I think somebody needs to evaluate the actual policy, you have before recommendation is made.

So, let me suggest you head to our website.

If you haven't already connect with a certified kingdom advisor there in Spokane. I know there's a number of them that have CK designation, that person will review the specific policy and then give you hopefully a number of recommendations, including whether you might want to surrender the policy and just invest outside of an insurance contract that may or may not make sense.

Depending on your goals and objectives and what you willing to assume the risk whether you want to transfer that our website is moneywise just click find us think. You certainly had away from the company. Folks, we still a lot more to come on moneywise live. I hope you'll stay with us if you have a question give us a call 800-525-7000 six just about talking to Gabrielle and Lorraine both in Illinois. Diane's witty Las Cruces New Mexico. But first to Merrillville, Indiana, Patricia, how can I help you today my call and I'll pick each of you to get my queue emphasize so many times of the need for you like font. I am looking for something I want to get to keep you advised that the web to put this kind of fight Mike into saving function is something we should keep an eye make it really can't cannot can't count the complicated PD is well. Patricia delighted to hear you say that and I think this really is a key piece of your financial foundation and as we think about managing the money that God has entrusted to us and that's what it is we are stewards of God's resources we want to establish a priority order for how we should handle those limited resources. Because remember five things we can do with money. There's the money we live on the money we give the money we owe for debt and taxes and then the money we save or regrow. And that's it. And the question is how do we then allocate resources among those five uses well clearly we should give first, we should be systematic and are giving and ultimately how much is between you and the Lord we should live well within our means.

Which means we have have a spending plan, but that spending plan should have some margin in it. Meeting beyond the fixed and discretionary spending expenses. We should have for something left over. Next, I think, is the emergency fund because that's really the reserve that's for the unexpected. We all know the unexpected will come if we don't have something to fall back on. We either have to pull money out of the account that was not intended for short-term purposes like a retirement account or some other type of investment account or we have to use debt to cover those expenses and that's really not the opportune situation. In either case, so the emergency fund really is critical now where to keep it.

I would get it out of the checking account because it's just too tempting to use that on a monthly basis. So the way I set that up is to say I'm going to have my checking account which is where my regular monthly expenses happen, pay all my fixed and discretionary spending out of the checking account every month based on a plan, a budget and then the emergency savings that your building up ideally with a target of 3 to 6 months worth of expenses should be in at least in my recommendation would be an online savings account. I like Marcus I like capital one 360. I like Ally Bank. Any one of those three will have no fees and no give you both at FDIC insured account but also one paying today about 1/2 a percent in interest. That's all good because I can cost anything and you'll make a little money while it sits there. The great part is that you can link that online savings account to your checking account so that your transfer of funds is only a click away and perhaps 1 to 2 days of time for that money to transfer no cost through the ACH system. Why is that important. Well, it makes it accessible but not too accessible, because it still requires you to plan ahead to get it. I think at least in my opinion that's the ideal scenario where the money safe and secure its earning a little bit of interest but it's still fairly accessible when you need it because again, the unexpected will come at some point. That doesn't make sense though. Thank you so that it might now absolutely will Patricia.

We appreciate your call today very much and you still alive will send you a copy of Howard Dayton's book, your money counts. I think it will be a blessing to you. You obviously are somebody is interested in handling money. God's way and this is one of the best books out there so you stay on the line will get your information to get that right to you on to Chicago, Illinois Lorraine, how can I help you think I have a high laying on my property go to probate court.

If something happened to me yet.

Generally speaking, I'm not an attorney so just a general rule of thumb is that the probate can be started with a lien remaining on the property. However, the lien has to be satisfied and removed before probate can be closed. So if their cash assets in the estate, the executor can petition the court to apply those to satisfy the lien if that's not possible. The property will likely have to be sold with the lien attached the lien would then be extinguished when the monies transferred at the close of escrow about the procedures do vary going back to kind of the legal side of this from state to state. So I would consult with an attorney. For more information, but generally speaking, that's the way that happened, so I hope that provide some clarity to you. We appreciate your call today about to Diane and Las Cruces New Mexico. Diane, thank you for your call today. How may assist you.

I guess Mandarin not sure what to do I in December and I was trying lien here New Mexico conduct property taxes are so low because Mike is crazy right now.

You became a much more time to just having faith in mankind don't know never invested so that's what I'm calling it seemed like to make it okay.

I think the first question we always have to ask when it comes to thinking about how to deploy God's money to seek a return on it, is what is the purpose for this money and that would be my question to you as you think about the proceeds that you have from selling the home. What is your plan moving forward and how quickly might you want to redeploy this in the form of a another home purchase or something else wait on the home purchase because everything is so high I like to do it is money in the future is to be a retirement account contemplate and sell it daily work or if we don't we don't make any money and tell that something that we like it was nice having it as a rental for like 30 years site for characters like Ohio that we decided just get the money out.

We elected in New Mexico, which is the tech summit next to the good idea and so you believe this money if you were to invested you could have a 10 year time horizon on it or is a reason to believe you'd want to use it prior to 10 years okay get and have you all you said you're self-employed. Have you will set up a retirement plan of any kind. We don't have any debt which is the only market but that went back 27,000 and got it. So do I pay it off with the rest eventually impact that are well and I like the idea that you all would take these funds that you're not going to redeploy into another piece of property and begin to fund your retirement account.

I like sap IRA set SEP IRA. This is a great option for self-employed individuals. Essentially, this is where you can put in up to 25% of your compensation or $58,000 as a retirement contribution.

This is for folks like yourself who are self-employed, you don't have access to a 401(k) or 43 be at work and allows you to put away some significant dollars.

I think the key for you all is you even if you use this fund. These funds to to begin to cede to set up IRAs or even an individual 401(k) were a simple IRA.

Anyone of those three. The key would be for you to really prioritize moving forward. The ability to add additional funds over time and that's can require that you limit your lifestyle so that you pull less out of the business and you can divert some of the profits each quarter.

Certainly each year toward additional retirement contribution. So I think this could be a good start, but the key is to continue to fund that and do what's called dollar cost averaging into additional investment so that when you will reach retirement. You have perhaps a business that has a value that can be sold, but also in another asset class stocks and bonds couple of substantial retirement accounts that have been growing over time, and the combination of the proceeds of the sale the business, plus the investments that could be a real underpinning to your retirement income as a supplement to Social Security. So what I would recommend you do is you visit with a certified kingdom advisor there Las Cruces. Diane ask about the best retirement account for you all to set up, it'll probably to be a set up an individual 401(k) or simple IRA do some planning and then make a decision as to both how much to put in for this year.

From these proceeds and how it should be invested and that I would also encourage you to make a plan to fund it with additional resources. Over time, so I hope that's helpful to you. I appreciate your call today very much were just about out of time, but to May the Lord bless you quickly to Gabrielle in Illinois. Gabriella just have about a minute left, talking out here. I'm not a big fan of investments in crypto currency.

It sounds like perhaps you've done well that's great but there's just too much volatility and because of the unregulated nature of the crypto currencies that are prone to volatility.

I think that's gonna be the case for the foreseeable future, which puts it in a really speculative high risk investment class that I just don't think is prudent to hear the Bible talks about steady plodding, being really properly diversified. We see that Ecclesiastes so you're not only in a speculative high risk category of investing, but you're also highly concentrated unless you have other assets so as to what you should do with it. First, as I'd either diversified into an appropriate stock and bond allocation as to whether or not it makes sense to pay off the mortgage. I would just look at what other asset you have and whether this is the right timing.

If you hold the line. We'll talk about that of folks asking to do it for us today. That is a thank you, Kathy and Jim, thank you for being here were so thankful that you join us expand this program was light as a partnership between Moody radio moneywise. Media hope you come back and join us again tomorrow. I'll be here Lord really

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