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August 12, 2021 8:03 am
That Find I sound like a broken record.
I been doing this for 18 years. I've never seen a market like this in my life values have generally been skyrocketing.
The last couple of years with interest rates being so low. I actually seen refinances were people able to cash out the newly found equity in their homes to home improvements, whatever it may be and still save money per month compared to what their prior mortgage payment was so it's worth the shots to give us a phone call and one thing I can promise at United faith mortgage is we will not be pushy.
It's one of my biggest pet peeves I can promise you we will not be that way. I like to see it is my job is to present you with a few different options. I step back. I let you decide and I'll let you call me when you want to move forward. We like to talk about how hot cash out refinance if I I stomach a broken record.
I been doing this for 18 years. I've never seen a market like this in my life values have generally been skyrocketing. The last couple of years with interest rates being some low I actually seen refinances were people able to cash out the newly found equity in their homes to home improvements, whatever it may be and still save money per month compared to what their prior mortgage payment was so it's worth the shots to give us a phone call and one thing I can promise at United faith mortgage is we will not be pushy. It's one of my biggest pet peeves I can promise you we will not be that way. I like to see it is my job is to present you with a few different options. I step back.
I let you decide and I'll let you call me when you want to move forward. We like Isaiah 211 reads the holiday looks of man shall be brought low in the lofty pride of man shall be humbled, and the Lord alone will be exalted by Rob West pride first made its appearance in the garden of Eden that has harmed our fellowship with God ever sense. What is thinking too highly of yourself up to do with money talk about that first today that it's all your calls at 800-525-7000 800-525-7000. This is moneywise live biblical wisdom for your financial decisions. So I think we should first make a distinction between the sin of pride in what we often call taking pride in our children or maybe doing a job well done. For that we might use the word satisfaction rather than pride. And there's nothing wrong with taking satisfaction in your job or your family. If you always remember to give God the glory. He did after all give them both to you along with everything else you possess. Even the ability to earn money is a gift from God.
The pride were warned about in the Bible is quite different. We read in Proverbs 1618 pride goes before destruction and a haughty spirit before a fall.
CS Lewis wrote that pride is the great sin that leads to all the others because it exalts the self over God.
First John 216 tells us, for all that is in the world the desires of the flesh and the desires of the eyes and pride and possessions is not from the father but is from the world, the sin of pride can be described as having an exaggerated view of yourself without regard for others in history shows that from the Tower of Babel to the Titanic. That kind of pride is proven to be disastrous. So how do you know when you're having a problem with pride.
It's been said that pride is the easiest center spot in other people. It's difficult to spot pride in yourself because it's the one said that tells you you don't have it. Maybe that's why Jesus says in Matthew 75 you hypocrite, first take the log out of your own and then you will see clearly to take the speck out of your brother's eye, but the one way to tell that you're giving into the sin of pride is that you become critical of others. That's just another way of exalting yourself over others. So pride is spiritually deadly, but it can be toxic to your finances to pride can reveal itself in any number of ways, and it often leads to other sins. Certainly one of the ways pride shows up as when we fail to manage money according to God's financial principles. The first and most important of those is that God owns everything and we're simply managers are stewards pride tells us that we own the things God has entrusted to us and that we can do with it what we want. Pride leads to all kinds of bad decisions and a lot of them are financial in nature, it could be something as simple as missing out on bargains and spending too much because you refuse to buy generic items or maybe you won't shop at discount stores because you feel your above that Proverbs 29, 23 reads one's pride will bring him low, but he who is lowly in spirit will obtain honor and pride often leads to big financial mistakes like buying too much house or to fancy a car, those are far more serious and can often be traced back to pride. Then of course there's just running up a lot of credit card debt.
Often folks will say they had no choice but more likely it's because deep down they feel they deserve a higher lifestyle than God has provided the Bible repeatedly warns us that pride goes before destruction, and often that destruction is financial. But his word also says that his God resists the proud, he gives grace to the humble.
For most of us. Humility doesn't happen by itself. We have to work at it in our finances and elsewhere. Fortunately, God's word encourages us and teaches us how to be humble first before God as we read in James 410 humble yourselves before the Lord and he will exalt you but also humble toward one another. Here Jesus second great commandment is key. Love your neighbor as yourself and Paul states in Ephesians 42 with all humility and gentleness with patients bearing with one another in love and in Philippians 23 do nothing out of selfish ambition or vain conceit, but in humility consider others better than yourselves by thinking more highly of others.
Extending grace to them. We humble ourselves and allow God to extend grace to us being financially generous requires humility and putting pride aside as we think more highly of others. Proverbs 1917 says whoever is generous to the poor lends to the Lord that he will repay him for his miracles, or next.
800-525-7000. This is moneywise live with the wisdom for your financial decisions. Thank you for joining us are moneywise live today am Rob West your hose taking your goals in question. Straight ahead. Here's the number 800-525-7000. That's 800-525-7000 would get about five lines open.
Would love to hear from you.
We got some great questions lined up today, but first speaking of questions, let me remind you if you already knew, or perhaps your hearing for the first time about our community that is the moneywise live community, specifically in the moneywise app this is a place where you can go to come together with other stewards trying to be found faithful in managing God's money. And here's the great thing about it that in the gap, which by the way, is a free download as is participating in our community but in the yeah when you click on the community tab you can post questions you may have a financial question.
You may not be comfortable being on the air with us, but you'd like to post it. Well here's the great news is that are moneywise coaches are in that community. Responding to your questions.
Even other stewards God's people weighing in with their expertise when they have for something to share from time to time, and I'm in there as well. In fact, I just responded to TJ yesterday.
He wanted to know about tithing on the sale of a home and how he calculates the increase in I was able to jump in there and provide him an answer.
So check that out if you would just go to your app store. The Google play store the Apple App Store. You want to search for moneywise biblical finance. When you get that the downloaded, then check out our community and by the way, you can read the content in the learn tab.
You can also manage God's money using the digital envelope system. It's all there in the moneywise app. Check it out today.
All right, let's add to the phones today.
First up is James in Pennsylvania.
James good afternoons are James R. I'm sorry this is James how are you doing great cigarette. It so my question was basically we have roughly about hundred and $70,000 in total debt that included the home vehicle credit think otherwise, and we have sufficient out at stretched that off and still meet the 65.house and left over, and I'm wondering if that's moderate to pay off all of those debts to be on that debt free, we have a budget set up and we have sufficient income just trying to figure out if it's smart to alleviate all those assets, or event we should be looking to pay them off separately yeah and in the hundred and 70 is that outside of retirement accounts. Yes yes okay so it's just sitting in a savings account of some kind. Yet we have them in different investments we have set up different investments. We have actually about 230 or seven different investments okay so do you have retirement accounts that you're contributing to through work on your own. Yeah yeah I have one through work and then we also do one set okay and you said you have about 230 total but 170 that's available to pay toward the debt. So does that mean your retirement accounts are sitting at about 60 or do you have more than he had a probably right around 60 estate. He thought, okay, very good and what is your age. I'm on 2828 okay excellent.
We do it some hard work to say congratulations.
You and your bride obviously have been limiting your lifestyle will or living well within your means you had plenty of margin which is allowed you to get started with your retirement contributions, but also accumulate quite a bit of money outside of that, that you're in a position to use toward debt so I actually really like this, especially given your age, you're young, you've got incredible time on your side if you went ahead and paid everything off to become completely debt-free, which some would say no. Use the leverage of invested I love the idea of you guys being completely unencumbered, having complete flexibility plus even more that you could redirect toward additional giving or long-term savings. Perhaps bumping up your retirement contributions if you got your retirement contributions up to 15% of your total take-home pay or your total gross pay. I guess I should say man in unit with the nearly 40 years to get home you'd you have to define your finish line early because you'd reach it early which would be a great thing because you will be debt-free throughout the whole of your working life.
You'll have plenty in the way of accumulated assets to fund your modest lifestyle in retirement, which means you have quite a bit to give away and so you'll need to be thinking about your aligning your passions with your giving because I think you could do some pretty hilarious giving along the way. So I really like this approach as you and your wife have talked thought and prayed about it. Is this something that excites you to be a completely debt-free, or are you all you all comfortable having the dad and is there one of you in the marriage relationship that would rather come to hang onto it, so to speak, just so you could take that money and put it to work. Yeah, that's kind of where were at war just we been actually admitted as well, but I did not I we been trying to pray and figure out what's best night know what you guys have the Christmas dance we give you got a call but dumb wingman kind of back-and-forth them what to do and that for conduct we have the option of possibly being completely debt-free without alleviating all of those assets and you know what that's being younger like like you said we talked about still having time to be a little bit more aggressive on our investing even after paying off the debt.
So yeah, that's the great option that you have and I wouldn't want to deplete your emergency fund.
That sounds a gift quite a bit of margin on a monthly basis, even if you dip down below six months you could probably build that up very quickly and then allow that to spill over into increased retirement savings. But again, you can't go wrong either way. Certainly there's nothing wrong with continuing to carry debt on your home. Specifically, I absolutely eradicate the other with the idea that you want to get more compounding for you, but given how young you are, how much you been able to accumulate to this point in the fact that you could literally be debt-free and then have thought all that extra margin to put toward additional savings and giving I think is just a great opportunity for you unless that would prevent you from some other shorter-term goals that you might be saving for you know in the near term. But apart from that I would just encourage you if you prayed about it thought about it and you like the idea of being debt-free I go full steam ahead and not look back. Here's the last thing I'll say is that in all the years I've been doing this the thousands of calls that we've taken. I've never never had somebody call back and so you know we paid off her house and her car were completely debt-free and then we just can't sleep at night. We really regret that decision.
I just don't get that goal. James and I think there's a reason behind that and it's one of the reasons that I think the Bible encourages us to try to move toward being debt-free because it changes the relationship. It's a slave master relationship.
The Bible talks about an I'd love for you to be out. Thanks for your call today will be right for you. Doing this today for moneywise live on my West Coast survey along here today and thanks for calling your questions. We got some great questions lined up that we do have room for you. Got a question today related to saving or giving capsids your lifestyle or managing your spending. Perhaps it's giving wisely or saving for college or as we just talked about with our last caller James paying down debt is. It's prudent to become completely debt-free.
Even if you have the opportunity to take those funds and invest them if you don't pay off the house at your process that will we love to process that with you using the Bible as our backdrop to draw the wisdom from Scripture around money. Here's the number 800-525-7000 just a moment will go to Kalamazoo in Fort Smith. But first, Pam is in Tampa Florida.
Pam thanked for calling today.
How can help you question about yes and wondering why right savings account yes okay some bank accounts do have POD designation retirement accounts. Certainly, do you know this, payable on death feature allows you to name one or more beneficiaries and then those assets would then not have to go through probate. I mentioned the alternate to beneficiaries and end it really is important that you name not only a primary but an alternate in case the primary dies before you.
I would also encourage you to review those beneficiary designations at least once a year in case anything changes but yes that the POD or payable on death or TOD transfer on death is a feature that allows it to pass more expediently and efficiently outside of the probate process.
I will say though, Pam. If you do you have a will, though currently no doubt you really do need one. You know some assets including real estate don't have a payable on death feature and if you die without a will you married you and your spouse know that means the state would step in and through the probate court determine how your remaining assets would be distributed and you certainly don't want them making that decision. If you have the opportunity to make that decision for those who have the children dependence at home.
Minor children absolutely want to will because that's going to designate their guardian if the Lord were to call you both home but so I think it's really some you need to do shouldn't cost you more than $500 or so, but it's your last stewardship decision and I would certainly encourage you to make sure that's in place. But yeah, definitely worthwhile to have the POD, not a replacement for a will and also make sure you update that annually Pam.
We appreciate your call today 800-525-7000 with your questions on to Fort Smith, Arkansas Logan good afternoon, things are going so the question and my fiancÚ and I get married in September somebody be married man and start that wonderful chapter my life. Congratulations and is exciting now that I will never man you know that when a transition going from single life and manage my money kid being married right going on money together and I was looking for some advice about maybe it started on you know, starting with like saving six most expensive and whatnot but also like further than that. Newt Gingrich got money right in the midst of putting in a savings account now so to slow. First of all, Logan congratulations. It is exciting. It's going to be an amazing journey and blessings in your life. Secondly, you know, just the fact that you're even asking this question around wanting to be prepared, says a lot about who you are and what the Lord and be able to do through you as a married couple, because this is the area that so often trips up so many married couples 70% of couples will say they have conflict in their marriage over money and so you can lay the right foundation get the right plan going into the marriage to handle money God's way. It will be a huge blessing to you and your bride throughout the rest of your lives.
You know what I would say to you as a couple things number one.
Communication is key you're in here that over and over can, but it's certainly true in this area of money management, both in terms of yellow having a conversation about what money was like growing up and really understanding that you know your different money backgrounds you hounded her mom and dad handle money, how did your mom and dad handle money was your you're on a tight budget or did they have access and did they operate on a spending plan. I mean, so much of what we bring to the marriage relationship in terms of our money habits and personalities were formed in our childhood and so talking about that and finding out where you know there was differences that you all can then move together and make plans as a is in one flesh is a married couple based on those uniqueness is really will be key in having those conversations are really important. I think you need to decide who's to be the bookkeeper even though you're both going to be involved in the decision-making and when encourage you to have a weekly or at the very least a monthly money date to evaluate your spending. You do that together but one person is probably the more detailed person would be the one to pay the bills and so forth. Talking about your lifestyle and you know depending on how you all are see God leading what kind of lifestyle do you want to live, how important is giving to you in words that followed really talking about all that.
The second thing is really learning. So, from communication to learn you need to learn God's way of handling money and when you get done here today on the radio want you to hold on because Deb's can get your information, I want to send you a copy of our Dean's book money and marriage God's way is our gift to you on these upcoming nuptials and I just want you and your bride to agree to read that together a chapter at a time. I think that's really going to unpack some of these key principles. The next would be a plan, you alluded to this. You know it's important to have six months in your emergency fund.
It's important that you're on a spending plan and you guys have a plan to live well within your means. It's important that you talk about how much her to be able to save toward retirement how much systematic giving and even sacrificial giving you want to build into that plan, begin to look at all that in advance, and you'd even want to probably pull a credit report for each of you so you can see and what you're bringing in. And that's not a time for finger-pointing.
That's just the time to say hey whatever we have assets and liabilities is now ours. It's not yours and mine.
It's ours together and then the last thing I would say is you might even want to think about getting a mentor financial couple for the first year summary that you can just check in with once a month who can really guide you, who understands God's way of handling money because the last thing Logan is that you know having a vision for where God is taking you talking about your values and recognizing that money is a tool to really take you toward where God has you and and where he's leading you as a couple is really key because your money is not the end, it's just the tool we use to accomplish all of those things that God is doing in our lives and the extent to which you can establish those goals based on your values based on Scripture, then it becomes a lot easier to make sacrifices financially in the short run and I were knocking to go out to eat tonight were to wait and do it on Friday night because no one saving that money is going to help us pursue things that we feel like God really wants us to do whether that saving or giving or whatever that might be. So I hope that's an encouragement to you. I do want you to know that you're well on your way to having a fruitful marriage in this area of money by just leaving you calling so I'm really proud of you and you hang on the line. I will get your information will get that money marriage God's way out to you and congratulations on hard folks always thought a lot of ground to cover today really talking about 401(k)s, building homes, wills versus trusts that in your question 800-5257 Roger along with us today for moneywise live a community of stewards coming together to manage God's money faithfully so we can pursue freedom and joy and contentment.
That's what it's all about mining the Scriptures applying God's truth is wisdom which is timeless and transcendent to today's financial decisions. Thanks for your calls and questions today. We do have actually two lines open 800-525-7000. Let's go to Kalamazoo, Michigan, Denise, your next up on the program. Thank you.
My company matches my input into it 4%. I currently have a balance of that particular portion of it.
The current balance is 251,000 of that where they've matched me 4% cost basis is 64,500. My outside brokerage firm tells me that I should do and you a I met unrealized appreciation should I do it yeah so essentially they're suggesting you take a lump sum distribution based on the difference in the cost basis and the market value is that what you're getting at. Yes yeah it is this all in company stock. The whole 251,000 okay to hope I can is about 1.4 million okay right that the company matched portion is the 251,000 okay, how much of the 1.4 is in company stock dollar like 251,000 oh, that's it. Okay see you don't have any other company stock outside of that right see if you've got a good bid.
Obviously, in company stock. I'm glad to hear it's not the whole account but it still I would say a highly concentrated position. So I agree I like the idea of you diversifying away what would they would've they suggesting you do with that money just have them redeploy it in another account and what are they telling about the tax event.
There what they telling me to do is if I take a lump sum now that I would be paying lower taxes on it.
If I do it now then if I wait till after I'm retired and start taking it out like so much a month since you and do you have the option Denise to diversify away from the company stock inside the 401(k) without taking the lump sum distribution. Yes, what they will do is the money that they naturally goes into company stock that I have taken the money that I have had and I have taken it down to like 10% of my portfolio so I don't have so much in company stock. Good okay well I would further diversified love to see you get that position down to only about 10% so I could go either way.
I think there's something to be said about the tax consequences based on what they're telling you of getting this money out through the distribution or skews me the lump sum distribution and then redeploying it and realizing that tax liability now as opposed to later through the end UA so I would check with your tax preparer, CPA just to have another professional whose unbiased look at this to make sure he or she agrees from a tax standpoint that that makes sense, but at the very least, whether you do that or just leave the money in the 401(k).
I'd love to see you get that to the company stock position down to about 140,000 or less, so that you're not, you know over 10% of the portfolio in one holding. I think that's just too highly concentrated.
If there was a bad quarter or there was something that went awry with the company may just talk to the folks from Enron, you know, years ago, who lost a combined $850 million when the company went bankrupt and every thought it was doing great.
I realize that's a worst case scenario, but that's why the Bible talks about being diversified in Ecclesiastes so I could go either way I'd check with your tax preparer before you do the end UA but at the very least, I try to get that position down to 10% or less. Does that make sense questioned out yet.
I have gotten anything. I have taken it down and okay good and will now with what ever the dollar amount is is doing in any way a good thing. My CPA says now okay what I would take your CPA's advice and I think because you've diversified deal. Further, I think you're leaving it right there. If your CPA says it's not a good thing is is probably the right move. There's no reason not to just let that continue to grow inside the 401(k) and then you can begin taking it out as you need it through regular distributions or required minimums. If you get to that point at age 72, so I would go with the Council of your CPA on that and if that's what they're saying they don't have thought a dog in this fight. You know, so to speak, other than just to make sure you pay as little tax as possible so that would be the direction I would head Denise. We appreciate your call today onto a Lafayette Indiana WGN are Robert go read hi Robin, I appreciate your wisdom and I'm looking for bad legal advice. We are a couple in her mid-80s retired and our grandchildren live 1700 miles away near glacier national Park and an order to be near to them. We find a fixed-price contract in November 2020, which we extended in May 2020, 21 to have a builder built a townhouse at the edge of Kalispell, Montana and then in April when we were there on the package was there on our lot, but just two weeks ago with our unit to be done at the end of we received a notice that we needed to pay $20,000: the fixed-price, along with 10 other units because of the spike in materials and may never again our lumber package was there in April. We are going to be discussing this with the builder and the developer which is a fairly large development going into another phase of construction. Soon tomorrow and I'm just wondering the Christian response.
I know that we as homeowners hire a lawyer and their young families, retirees involved, so what would be your Christian response yeah well clearly if you sign the contract and that contract has a fixed-price and there's not any no exclusions or exceptions. Based on you know a unique circumstance where materials have a certain percentage and rise in price and that kind of thing that there's fine print that allows this, then obviously in that case you legally required if not if it was truly a fixed-price contract and the burden of those price increases really falls on the general contractor as you well know, and you can demand that you stay will pay only the fixed-price amount and obviously could pursue legal options in the event he is demanding that you pay more now. From a biblical standpoint so you know, we if we need to pursue legal action. I think as long as it's not believer to believer, you certainly are entitled to do that. The question would just be you know if this wasn't as a result of inefficiency or poor workmanship. These overruns came honestly and in good faith.
You may decide then it's an opportunity to go to the negotiating table and say listen, how about we share this additional cost.
Let's keep this outside a court. Let's work together and were willing to take a portion of this if you do as well. Obviously we don't have to take any of it but you want to use that as a witness and perhaps to resolve this amicably. Based on these unprecedented times that we find ourselves in. I think that would probably be my starting point. If you have the ability to play more and you're comfortable doing so. I think you just continue to pray about it. See where the Lord leads in your certainly entitled to approach the wine will talk off the break will be right back moneywise live wisdom for your financial decision say if you have supported the ministry I would encourage perhaps challenge you to do so. If you consider yourself a part of the money was family moneywise is brought to you today in part by the generous contributions of our listeners.
We can only do what we do with her have been on the radio here. The broadcast each day with her community and our coaches and are CKs and all the content on our websites because of your support.
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One of my favorite towns, Dick, how can I help you sir if somebody 71 years old in almost 2 years ago I did a little on LegalZoom and I'll think of updating that known a couple practice and I should really have the trust out a will or trust along with the will and I'm not sure what reason I would do you know it's not necessary for everyone you know. While both are estate planning vehicles to assist in handling your affairs in other art some key differences you absolutely need a well some glad you have dad and I think it's good to update it, whether you do that yourself or have an attorney look it over, but the main difference is the will doesn't go into effect until after death wears a living trust is active once it's created and funded so assets have to be the retitled or get placed into the trust so that means that the trust can provide protection and direct your assets if you become incapacitated in some way something a will is unable to do.
The trustee could take over. Also after death. The assets in the trust don't go through the probate process so it's out of the public record not handled by the probate court, and if you have special considerations beyond your death. Were you wouldn't want your assets to be distributed immediately but perhaps over time based on certain conditions being met.
That would be another reason for the trust but you know if you're just simply bequeathing your assets to your children, you have no special needs and you know those kinds of things are not any real reason to have you know these assets managed for the benefit of somebody else. If you're incapacitated or something like that a trust is probably not necessary and it's a bit more costly, whereas a typical will, prepared by an attorney might be around $500 a trust would be more like 1500 so you tell me your thoughts on that addict is based on your situation well and so parties had a will then load the house would go through probate. Even though it's in the will.
Yes, it would it would go through probate. But the will love would be here, the executor would be assigned by the probate court or names would be the one to handle that. And if it stated clearly in the will, then that's not the court making that decision. It's just through the probate process. That's how it's distributed, but of course according to the will which is why you want the will, in place whereas with the trust.
Everything happens outside of the probate court. But even though the probate court is involved as long as you have that will it's good to get to the right place. It's just gonna happen.
You know through the courts as opposed to outside and so I guess you thought I had was my retirement a positive event to grandchildren it would go immediately with it wouldn't be there to be 21 or anything like that trust would do that it would hold to lingering page or something. It could gather could be certain stipulations that you would put in place the to. Based on those triggering events, the trustee would then release the funds over time, as those criteria are met.
You know and and certainly one of those could be age, so that might be a reason to consider it something I'd encourage addict to connect with a godly estate planning attorney in your area just to come and talk through this and with specifics related to your situation. It could be that some of those additional flexibilities through the trust might be worth the added cost for you to make sure that your assets are distributed according to your wishes. Let me also offer is our gift to you. One other thing if you stay on the line were done here.
I want to send you a copy of Ron blue's book splitting errors.
It's the best book in my view on biblical wealth transfer, and it covers a lot of the principles but also the how to's on the passing God's resources according to biblical principles of splitting errors is the name of the book will send it out to you as our gift and we appreciate your call today. Serve onto Lombard, Illinois, and thank you for your call today. How can I help about a month ago I called you an inheritance and I want to know what you thought they should pay off my all are invested. My mortgage had back at 2.5 interest rate and we all decided that I should I help you to call me back when you call you back okay it's only now a month later how you feel about the decision. Okay I was in there checking on going out numbered and then I will make that comment to Clement but when you leave I'll be confetti out the door really. You can't share with a lot of people I don't know what well you don't I can promise you. I hope we can add some excitement to that because there is so tens and tens of thousands of people listening to your voice right now that are cheering with you and about this decision that you've made and I'm frankly really excited for you about what this means for you just to follow the leading of the Lord have complete flexibility in being unencumbered I think is a great place and I'm really glad you see you're not saying I'm regretting that decision because I often say I've never gotten a call from somebody who paid off their mortgage saying I wish I had done that so I wouldn't be able to say that anymore. If you sent them today, but you're not. So that's it. That's how I felt a little left over and $50,000 so I'm just like I want to keep that like liquidity but I have no all kinds of other things but am I just wondering what type will. What is the total roughly of your expenses per month now, and that changed a little bit so I met. I don't even know I have to read recalculate.
But you know might help us with thinker $4000 and 4000. Okay, let's say you're wrong.
It's five amines you have about 10 months expenses which is quite a bit but your your fully retired correct know you're working okay and so yeah I mean obviously you got quite a bit more. We say no, typically 3 to 6 months expenses so I think at this point you have the opportunity would be for you to put some of that to work. No, perhaps half of it. If you need a new car in a coming down the pike and you want to replace that with cash you perhaps could move it over leave right there but your market for that purpose, or some other goal where you could keep yourself debt-free. But if you don't think you really need to be replacing car anytime soon. You certainly could deploy that into additional investments, but I think you're in a really great spot here deal with the plenty of assets being accumulated you're still working your completely debt free. Now you've got to bit more margin every month.
So this is a great place to be. I think you know perhaps is a target for that emergency fund 25,000 is probably the number and then not anything beyond that you you're free to either deploy it or earmark it for some other purpose but and thank you for calling today. We do celebrate with you were so excited for this decision you made, and clearly you been following God's principles, which is put you in a position to do this in the first place of God bless you.
We appreciate your call on to Wellington, Florida Ray, thank you for your call today. How can I help Rob. I had a slip and fall accident last year hegemony restaurant and I got a personal injury attorney and after you elect. We just got that settlement was $14,000 they gave me my question is am I obligated $14,000, minus the expenses of the attorney is one third to manage medical expenses which is about $6000, leaving about $2300 so my question is am I obligated 5 to 10% on the 14,000 of the $2300 Delray appreciate your question. You know I'm hesitant to say obligated when it comes to the ties we don't want to get legalistic about it and there you I certainly recognize were under the law of Christ, not the law of Moses and so you know that was a part of the Old Testament law were beyond that. But I would also say Jesus really raise the bar in every case and I would think that's for those of us who have seen what he did for us on the cross. His death and resurrection to pay the penalty for our sins.
We should want to give generously back to the Lord out of our excess out of our increase and so if you want to apply the principle of the tide.
Clearly what you would do as you would say I want to give on the increase. What is the increase in the situation well it's anything over and above. As you said the expenses that you incur because if it's them making you hold on expenses or costs related to this injury that honestly that's not an increase is just know them covering those charges for you but anything beyond that clearly would and applying the Old Testament principles which we see referenced in the New Testament as well of the tide which I think is a great thing we should be systematic givers, Randy Alcorn calls at the training wheels of giving the tithe. I certainly I think it's a great starting point if you wanted to apply that to this you would absolutely look at that portion that's over and above the real expenses that you incur. And then you would give 1/10 of that again. If you're applying that principle so I think that's a good thing.
Clearly you want to honor the Lord not out of compulsion or obligation but is a cheerful, generous giver and you certainly are that my friend, thank you for your call today. We appreciated Jennifer in Florida were not good to be able to get to you today. She's got some extra money she's debt-free wants to know where to invest, and I would say if you're just starting out. Check out our firstname.lastname@example.org sound mind investing.org to sound mind investing newsletter.
I think of you. Great way for you to get started with some extra money in no low no-load meaning no commission high quality mutual fund sound mind investing.org thanks Jennifer well that's good to do it for us today want to say thank you to my amazing team. Eric Tidwell Deb Solomon Amy Rios Jim Henry was along today and thank you for being here. Thank you for your calls and questions. Thank you for listening as well, but it was light as a partnership between Moody radio and moneywise media Lord willing, I'll be back tomorrow as well