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Uncle Ryan is going to talk about how cash out refinance as I 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 some low I actually seen refinances were people able to cash out that 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 it's gonna start the source of this about inflation. It's a way to take people's wealth from them without having to openly raise taxes, inflation is the most universal tax of all Rob West as inflation creeps up. People are understandably concerned about how will affect their budgets and investments talk about that first today with our own economist Jerry Bowyer. It's all your calls and questions 800-525-7000 800-525-7000. This is moneywise live biblical wisdom for your financial decision.
Well moneywise conjure financial email@example.com.
A frequent guest on the FOXBusiness channel and author of the maker versus the takers what Jesus really said about social justice and economics. Jerry always a delight to have you with us and always a pleasure to be with you my friend Jerry. We recently received an email from a listener Kurt in Colorado and this is typical of many emails we've received as of late. He writes I would enjoy hearing a discussion on moneywise about how the Federal Reserve quote" prints money that it pours into the economy and whether this leads to inflation related to the current rights won't those massive trillion dollar spending bills passed by Congress because inflation and if so are there good investments that protect against inflation. I've heard that commodities in real estate tend to increase in value during inflation and so Jerry, what we tackle. His question about the Fed printing money first. That's really a simplification. The Bureau of engraving and printing actually prints the money. So how does the Fed increase the money supply. Yeah, it is an oversimplification, though, it really does capture a truth, but you know maybe not quite the right detailed way. Yes, the money that you carry around is printed or minted. You know if it's coins and that's the Bureau of engraving.
That's the federal government that's not the Fed now. Most money isn't that money most of the money think about just yourself, how much of your money is in your pocket proportion before most people very little of it.
Most of us in the bank example and then there's wealth that send in investments. So how exactly is the Fed doing this okay it's not that complicated. I just said most of your monies at the bank for most people. Some people put it in the mattress was put in the bank so you've got money at the bank. Well, that's where you put your savings. Where does the bank put its money.
It puts money with the Fed. The Fed is the bank to the banks and we call our savings accounts or checking accounts. They call Bears reserve accounts.
Alright, so how does the Fed create money as opposed to print its they they create an electronic entry. They have the legal authority. Nobody else has this legal authority to simply create an entry in the computer and say while here's money and then they put that in the account of the banks so banks have their savings account with the Fed increased and now that the Fed get something exchange without the banks give them investments to give them bonds, usually in order to do that. So they are creating new money supply. Now this also but it's got more complicated that that is doing a lot of things it never did before, like quantitative easing where it's going out and buying right out there in the open market, rather than just working to the banks but by and large the way there. Creating money is simply creating entries and putting it in the bank accounts of the banks have money deposited with them fascinating. So how would you describe the Fed's policy of expanding the money supply. Since the onset of the pandemic versus prior supernova just incredibly explosive compared to prior almost 1/3 of all money that has ever been created has been created in the last year and 1/2 in the US economy say thing about all from 1770. So, actually, 1789. You know he'll 2020 and then another third on top of that, so it's really been incredibly expansive amount of the money supply creation and just like a supernova is a flash you'll feel it right away, but eventually it hits and what we've seen is the money creation from a year year and 1/2 ago is now hitting us in the form of higher prices will unpack that a bit more. Does that increase in the money supply automatically cause more inflation and what is that mean for you will also tackle the rest of Curt's question specifically related to the national to a whole host of issues, our good friend and economist Jerry Bowyer with us today. Hope you will stay with us a lot more to come.
Just around the corner back to moneywise live joining us today.
Our good friend and economist Jerry Boyer Jerry is the author of the maker versus takers what Jesus really said about social justice and economics. It's a must-read if you haven't already were tackling listener question today.
In fact, Jerry is providing some insights on an email we received from Kurt in Colorado. He wanted to know about the printing of money that's taking place. Specifically, the Fed expanding the money supply.
As a result of the pandemic and whether that's automatically going to lead to inflation, as well as potential investments that could act as a hedge against that inflation and Jerry just before the break you were explaining how the Fed goes about not printing money because that's of course the Bureau of engraving and printing, but how they expand the money supply as they lend to banks through electronic journal entries and let's talk about that massive increase in the expansion of the money supply as you said 1/3 of all the money that's ever been created has been created in the last 18 months which is a scary thought, in and of itself is not automatically Jerry going to lead to inflation. That's a good question. So let's do it.
Two versions does that automatically lead to new inflation always and will it lead to new inflation now. I think it does not automatically lead to new inflation always and that's why you live in talking about this yellow up for more than a decade.
Rob that's right and there's a lot of timed advisors to talk to you or to me about clients who heard something on talk radio or some video run around the Internet 2009 10 1112 blood moons.
Great reset whole bunch of stuff they're saying it's about to happen.
The dollars in the collapse of and have hyperinflation going to have to get your food from a dumpster etc. etc. etc. and a lot you and a lot of King visors folks had to talk a lot of scared people down from that.
So there would have there been a lot of predictions of hyperinflation that have not come true. Why didn't they come true because they they they didn't get how the economy works. They didn't get that there's a global economy. So if the central bank creates a lot of new money and essentially gives it to the regular banks widen that lead to inflation when they're doing in 2009 10 1112 well, the reason it didn't is because the banks hoarded that money because not only did the Fed say hey here's some money. They also said but wait a second before you blend that out to people working to pay you interest on that money working to pay you do not lend it out so they're kind like hitting the accelerator and the brake pedal at the same time, which is not a good way to drive you to burn out your brakes, so that money didn't get out of the banks very much into the economy and if it's not out here for doesn't get us that it's not chasing those goods all right, but something else happened. There was this terrible European debt crisis and then there was also Japanese debt crisis and what happened is some of the money that the Fed created farmers came in and said I am so worried about the euro that I want to hold onto a lot of dollars more.
I'm so worried about the end.
I want to hoard dollars so some of the dollars reported by banks here and a lot of the dollars were hoarded overseas well if there hoarded by banks here. They're not circulating here no inflation if there overseas more than the not circulating here so no inflation here and that's why, despite a lot of increase in money supply. We didn't get it but that's not what's happening now dollars, falling foreign investors don't really trust the dollar anymore. The political pressure is now on banks go out and lend, stimulate your way out of this. So now the money that is being created by the central bank really is circulating and it really is circulating here, which is why prices are rising, Jerry. We've all heard about the constraints in the supply side as we reopen during the pandemic and with the Delta variant. We reopened and then in some cases were having to close back up for good reason, but because of that, there's not a lot of goods being created are as many as there were because there's just workers that Bureau many of them are home still and were not seeing the inventories across the board is that making this works absolutely and shipping costs are very high as well, so it's hard to have a global supply chain and so it's harder to keep up with that yet were seeing in the day that you and I got it a webinar and not too long were working to show that the supply chain is having trouble keeping up with the spending and when that's the case that causes prices to rise so we talked about too much, too many dollars chasing too few goods and we showed how will they have to be chasing the goods right that's what dollars accept me to be here in the US and have to be circulating to be chasing the goods. The other side of that is too few goods.
Now we've got that too many dollars. We got the chasing and we have the too few goods so all of the inflationary forces. Everything is working against this kind of a perfect storm. Now I think supply chains are going to heal pretty quickly. Me on the market participants are pretty agile, but nevertheless right now the inflationary pressures are high and rising. And even when the supply chain heels and we have normal production, it can't keep up with 20 3040% increases in money supply. You still have to create more goods than you're creating money in order to keep prices from rising and we are much we seem to be much better at creating money than we are creating stuff at the moment, yes. So, as you said, when the supply chains heal that will help, but the Fed's target would be inflation at around 2%. If you feel like that's can be a challenge.
Yeah, and couple things.
One makes a 2% and then one day they said 2 1/2% like Monet wait a minute, when did we decide this and oh, and also that it's not two half percent in the short run, we have to have 2 1/2% on average away. So if we had 1% for a long time. Then we've got a have you know over throughout that 3 1/2%.
You know for a long time to make that the average and then they said has to be the average for quote an extended period of time so they keep moving the goal posts and by the way when they say inflation.
They don't mean the one that the rest of us are looking at CPI like the basket of goods they chosen easier greater to get into the technical side, but if ground beef becomes too expensive and you buy ground chicken instead.
CPI counts that ground beef went up a lot measured that the Fed is using doesn't count that it says Outlook prices didn't really go up because we bought ground chicken rather than ground beef and ground chicken is in is expensive, and that's inflation. If you lower your standard of living.
Nothing against ground chicken but I prefer ground beef and that's wise more expensive if you lower your standard of living because of prices that should count as higher inflation. It shouldn't count as all just changing patterns and behavior so that that is done a lot a little you know a lot of little workarounds.
A lot of you, the Pharisees usually here's a rule, but here's an exception is exception is an exception into the a lot of the workarounds to give themselves the ability to inflate for a long time before imposing little discipline. Interesting, but we could talk about this for hours dear, we have just a minute left last question, how should this affect our listeners personal finances and investments. Well, I think we we need to be more disciplined because our government is taking money from us tonsils right about that. This is theft. There's no other way about it and Christian theologians have known that for 500 600 years. This is just another way of this is just neighbor's vineyard, but in a subtle technical way there taking wealth which means they're making us poor, which means that you need to stick to your budget even more strictly, and maybe budget has to take account for the fact that your pay raises, might not be keeping up with price hikes as an investment side to this. I'm not an advisor. I help advisors think about this so you want to talk to your advisor, but that we just finished a big research project here for your research.
There are certain investments that act as inflation hedges and I can tell you what they are, but that's different than telling you what to buy, because there's a whole personal picture advisor relationship. Very good will pick it up there next time were together. Jerry, I appreciate you stopping by always pleasant economist Jerry Boyers been our guest today. You can read his insightful firstname.lastname@example.org.
Much more to come.
Just around the corner.
Thanks for joining us moneywise live around Western hose along with us today. Your calls and questions. Next, here's the number 800-525-7000 800-525-7000. We'd love to hear from you. Whatever's on your mind today financially speaking will take a look at God's word. See how we can pull out the principles that apply to your situation and give some practical advice to move forward again. Lines are open 800-525-7000.
Always great to have Jerry Boyer our good friend and economist stop by. You know this is a topic that a lot of people are thinking about where his inflation headed. What about the printing presses or the electronic expansions of the balance sheet that the Federal Reserve has been embarking upon what is that mean for the future and we always appreciate Jerry shedding some light on that clearly the principles we find in Scripture that apply to each one of us apply to nations as well and so were going need to heed that counsel and perhaps make some changes moving forward as we rein in spending and try to balance her budgets and get that national debt going the other way a lot more to talk about related to the subjects.
We will continue to process them in the days ahead. But we want to get to what's on your mind. So again, we'd love to hear from you really go to the phones are just a second. The lines are open at 800-525-7000 will begin today in Chicago, Illinois.
LOL how can I help you sir. Be safe and know your ready go right ahead.
Yes, so my text repairer said that all I had to make a minimum donation but in order to deduct my charitable donations. She said 20,000. Is that true is there such a minimum donation or do I need to get a new tax preparer and prayed my sister and not very good but it sounds like you give name for well I'm not good to be the one to say she's saying anything wrong because she's not that which she's probably referring to Al is that you've got to get above the standard deduction in order to itemize and when you itemize that's your ability to add in your charitable contributions you when they doubled the standard deduction to what is for 2021, $12,550 for individuals and $25,100 for married couples. They put you in a position where you automatically get that deduction. And so there's no benefit to you if you don't contribute or at least if all of your expenses you wish to itemize don't exceed as a married couple that $25,100 then you're going to opt for the standard deduction.
But if you exceed that. Then you have the opportunity to itemize and that's where total deductible expenses including charitable contributions that are above that would allow you to to fully maximize the benefit of those gifts, so she's probably referring to that.
And if you're not getting above that number then now you're not gonna specifically be able to take those against your tax return.
If that makes sense and I say something really quickly sure got so you said I would not be receiving benefits. If I don't go beyond that. But that's not true because I love the Lord. We can't out give the Lord and that's where my benefits are going to come from. So I'm going to keep on giving and well on the light.
Yet Emperor anyone who needs advice on finances. I would say go West young man go West well thank you I would get completely concur.
By the way, you were asking about whether or not on your tax return, you get deducted. That is completely separate from the benefits we give him that we were to receive from being partnered with the Lord and using a part of what he's entrusted to us in getting that into circulation in God's economy completely different scenario and I would fully underscore the idea that we don't give to get we don't give because of the tax deduction we give because it's an act of obedience is an act of worship that calibrates our hearts to the father and allows us to participate where God is at work that should be enough motivation for us and if we get a little tax incentive along the way. Well, so be it. But I love your heart now. I think you should stay with your sister as your tax preparer that sounds like the price is right and that she's doing you a great service. Thanks for weighing in and calling today by 800-525-7000 is the number to call. This is moneywise live.
Let's ahead to Florida, Margaret Euronext, I can help you are not well what are better to care where I track yeah well it's not really depending upon your situation Margaret. You are most often the trust is used for folks that have higher level of the state values so that we would typically be thinking of somebody that has been excessive. Maybe 1/2 $1 million-$1 million, or they have significant real estate holdings. The primary benefit to a trust is if you want to have the passing of your state happen outside of probate. You don't want to part of the public record you want to appoint a trustee where you might have considerations as to the timing of the distribution of for your state beyond your life.
So if you're giving to minors or lifelong dependent where you want certain triggering events to prompt the distribution of your estate over time.
Not all at once, like would happen is that a work with a will. Where it's distributed through the probate court at one time the trust can govern all of that, both after your death as well as if you're incapacitated prior to your death. So there are certain things that I will excuse me, that a trust will bring a revocable trust, as opposed to a will which are basically just govern how your personal effects and estate is distributed at the time of death.
Only and that would happen through the executor and through the probate court. So I think what's perhaps next for you to do is if you believe there may be a reason that you want to trust which would be probably around $1500-$2000 as opposed to three to $500 for well I'd sit with the godly estate planning attorney and just walk through that decision-making process 800-525-7000 guidelines open for moneywise live on Mirabilis right thanks for tuning into moneywise live on Rob blaster host website moneywise live.org.
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Our brand-new email called the moneywise weekly wisdom where we pull together what we believe are the best articles and videos from that we can deliver them to your inbox so consistently over time you can understand the heart of God as a relates to your money. That's what we want to help you do here at moneywise pay phone lines are open today 800-525-7000. In fact, I got a little extra time today before I need to be at a volleyball game for my daughter this evening song to stay after and take some extra questions. If you've had a question you wanted to ask for long time. We have room for a few more today because I'll be able to give an extra 30 minutes or so. So peers number 800-525-7000 whatever is on your mind. 800-525-7000 working ahead next to Highland Illinois guy. Thank you for calling and for your patience today. How can I help Landon and calling. I think calling today.
Yes, you're exactly right guys.
You're wondering what's happening with our coins and why we can get them and you know this is something we talked about a couple times in the past. There's a few reasons for what were going the covert cooling shortage that really kicked in last year about this time in it.
First of all, was the Bureau of engraving and printing has had a lot of trouble keeping the minting machines going with employees out due to the covert pandemic. So as a result there's just not as many coins in particular being produced that combined guy with folks using credit and debit cards more for in-store purchases as well as online. Because of the increase in online commerce coins aren't circulating quite as much as they had in the past and then no thirdly, we've got people moving more toward online banks and not going into brick-and-mortar banks as often, and that means they're not bringing in the coins they've accumulated. So we've got to apparently lots of piggy banks full of coins and you put all of that together guy and that's it resulted in a coin shortage doesn't mean you can't get them. There's just they're not as plentiful these days and it's for those reasons. As we continue to move more and more toward a digital economy that is governed by electronic transaction, so hopefully that's helpful to you if you want to get your hands on some going just visit your local bank.
I'm sure their work with the but to what you're experiencing is not isolated to your locale. It's happening all over the country and we appreciate your call my friend.
Let's head to Indianapolis, Indiana hi Sandra, how can I help you today to let Martin care children that live in my home and I was told by the overseer band that I should trying them on my taxes and Whitney a little year and only on Social Security so I didn't know what give me any good at all to claim them on my I see yeah I do you normally use a tax preparer. Sandra professional barrel and daughter did my taxes for me okay all right well you can want to check for some counsel regarding the specific situation you know that they're going to need to look at exactly how long these children are going to be with you whether or not there would even be a benefits of claiming them as a dependent. If you're even able to do that and so I think perhaps getting some counsel if you don't have someone in your local area. I would encourage you to visit our website moneywise live.org click find the CK in the end you'll specifically select someone in the tax and accounting area. If someone doesn't come up, then I would encourage you to ask for a referral to a godly tax preparer or accountant that can look at your situation and tell you specifically whether or not this makes sense would be just too many details associated with that for me to weigh in specifically. But listen so thankful for you taking these kids in and giving them a place to live well. Lord willing, their permanent situation is sorted out and I know you get some good counsel there and let us know how that turns out. We appreciate you calling in today 800-525-7000 is a number to call. Let's head to Florida. WK's EM Susan how can help you all have a couple but I have an appointment on Wednesday with the attorney altogether. When I went single kind of about six years ago and at this point I just want to make sure they do have a well that I know I should I make a trout power of attorney. I questions that are coming out to overtake and I'm having with other people in error something I want to get that every minute counts with an attorney appointment. I just any of the questions I should be asking, and I know you're thinking we run blue book, which I appreciate very much so that that hasn't arrived yet. Enter like the power of attorney they do all of the management when you And touch about the five chewed two children that the one that should I make somebody neutral from the outside the family.
I just not sure there's something called the perfect therapist that one child die wondering if there's anything I ancient. Should I did The kind of yeah you should because that's good to be the person. This is an estate planning attorney.
This is their specialty.
This is what they do and so they'll walk you through all of these things. Understanding what the power of attorney is Ms. since it's a legal document giving somebody of the power to act for another person and they have can have broad legal authority or can be limited to certain aspects of somebody's ill life, property or finances or medical care. There's obviously a host of other issues you're going to want to consider. I think you are probably referring to the executor and who should that person be one of the the traits the qualities of that person somebody who's detail oriented and not necessarily always the oldest child in every family, but somebody who has a good financial footing under them personally, meaning they been able to handle their finances well and can make a prudent decision acting on your behalf.
And then there's just a host of other issues you can tackle at the same time a living will and health care surrogate and then as you said, looking at the will you arty have the needs to be updated or perhaps even putting a trust in place of, I think you just need to take some time to write down all your questions so that you can get everything answered as you go in to see that estate planning attorney and they'll have a process to walk you through all of that so that when you leave covered all your bases and I'm glad to hear you, Susan goes down one line open 800-525-7000, moneywise is live on Rob last line of calls. Good news though I'm staying after for a few minutes and will go through all of these between now and well maybe in 30 minutes.
After the show is over today to stop just for a moment because I'm so excited every Monday in this segment were joined by my good friend and a market veteran Bob Dall. Bob is chief investment officer at crossbar global investments were investments and values intersect their faith-based boutique investment firm that provides a full suite of investment strategies to clients and institutional investors and Bob always appreciate what you're seeing in the markets just to help us navigate and understand the times in which we find ourselves and what that might be saying about where the market in the economy is headed from here. Talk about the growth rates that you're seeing in the US and abroad, and what that might mean for the equity markets. So the growth in the economy.
Rob, you know, long weaker than it was when we talked a couple of months ago would do stronger than usual and got a lot of people confuse women is slowing down but it's still really strong. Is it good or bad, and the answer is because the second derivative is negative. People are concerned, but by and large a part. Yes, obviously headwinds in the form of coded 19 that we thought was behind us in July and then the Delta variant hit and it's been really tough. Is it too early to determine what effect this extension of the pandemic might have on the economy for sure because we don't know where and how much were going to get and how much is going to cause consumers to say we didn't want. I think I will just wait to take that vacation will not do that that dampens ending receiving some evidence for that we so that the job number earlier this month.
It was woefully short dictation and some of the reasons probably get his yes what about inflation Bob, do you think we've leveled off her are you expecting to see continued rises and inflation in certain sectors of the economy so uncomplicated but I'll try to make it simple headline inflation over the next 12 months almost certainly will all but that's because some of the transitory inflation will appear underneath the surface, Rob.
However, there are long term inflation concerns wage rate is a perfect example of that. So it's going to be a confusing bunch a month old, you don't worry about inflation and the bears will look what's left than inflation at this transitory stuff late were really not going to know the truth but warm up interesting car. It's a longer term/question Bob the debt ceiling. We've heard a lot about that in the news is that much to do about nothing or is there something we need to be concerned about their every time this happened.
We get concerned and always turns out not to be a concern willpower Congress is all we gotta get this done. My guess is that the weight will end up and up again. This time Robert there could be some consternation and fingernail fighting between here and there. It seems like in Washington's involved.
That's always the case. Bob is looking forward in summary, we need to expect. Probably an upward trend but modest expectations. I guess you shop here at what I've been arguing and increases certainly load me as of last Friday when it five negative days in a row at the first time we met many months, but today we had a bit of a rebound, but it was it was Mick NASDAQ was down for the day. So what would work and have a bumpy ride. I would expect some sort of corrective activity between here and the end of the year, but all of the economy and earnings are okay. Dr. neck and have a big downturn most like already slumming to let you go I know you're joining us from the Getty seeing conference and so you enjoy yourself and we appreciate you giving us a few minutes.
Thank you. You might've heard it in the background qualities. No problem. Bless you my friend will talk to you next week Bob Dall, chief investment officer of cross market. Global investments you can learn more across Mark global.com back to the phones today.
Liberty Hill Texas believe it's Ira, did I say that correct Barry Brown.
How can I help you click on Shelley about rate. My current line. When I purchase plan how to hear three years ago it was affecting her downloadable game to lay back so obviously my interest rate with a little bit higher.
I got it at 4.5 and I know that I can get lower now. Yes I quite and I'm only thinking about being there no more than five years. Because were building somewhere in our last night and if it weren't for a lower interest rate. In audit we know. I'm hoping to three year okay. Given the fact that you may only be there two years Sarah I would say you need to pass as much as I'd love for you to take advantage of these low low interest rates, the amounts it's gonna cost you to refinance this just the pure cost of the transaction is going to negate the benefits you will receive over time, month by month in the reduction in the interest rate. Consequently, it's probably not going to make it worthwhile not to mention the time and effort you put into collecting the bids and going through the closing process and providing all the documentation so I just sit tight.
Continue paying on that mortgage every month and when you're ready to buy something else. I'm confident the rates might be a little bit higher than were seen today because the general direction is up as interest rates increase, historically speaking, were still going to be in a very low interest rate environment for the foreseeable future, so I'd sit this one out. Given the changes that are coming in your financial life. Unfortunately, but we appreciate you checking in with us on to Sarasota, Florida hi Bill, how can I help user traditional IRA is from a couple 401(k) that from previous employers. So I'm not currently placing any money in it. I have a 401(k). My employer currently that I have maxed out and I talked to my financial advisor builds the one IRA about starting a Roth IRA is my accountant suggested it and that I would put the money and after extraction go tax-free. In my financial advisor told me I couldn't do that because I was maxing out my 41K which didn't make sense. Read you know just googled it. I can't think find anything there only reason Nancy can never Roth IRA is you make too much money so you can just tell me about that yellow.
The bottom line is you can have both a 401(k) and an individual retirement account and that can include a Roth. You need to make sure that your underneath.
As you said, the amount that you make in terms of your compensation, your income each year in order to be able to contribute on a tax. Well, it was be after-tax contributions but to be able to get the tax-free growth in the put the money in the Roth. You gotta make under that threshold that you mentioned. But as long as you do, then you absolutely could max out both now you couldn't contribute to both the traditional IRA and a Roth but you could do the Roth and the 401(k) so I would check back with your financial advisor just to see if perhaps you misunderstood or there's some confusion as to your situation and ask for further explanation because so what I'm hearing it leaves you describe how you shouldn't have a problem doing that so we appreciate your call to Bill. Thanks for listening and checking in with us quickly on the Sarasota, Florida Hannah, how can I help you, and we have been praying over when you hire a person have any financial yeah you know I'd wait as long as you can in the sense that you know what you gotta look at is first of all just your historical cash flow to make sure that as you add more overhead. You're not doing it prematurely given, especially some of the uncertainties we have in our economy right now you we thought we were beyond the pandemic and obviously this delta variant, hit us with a whole second wave that's been really tough. And so, no, depending on what type of business you're in your being affected by either seasonal factors or the pandemic of.
Certainly you'd want to be careful as to how you expand your overhead.
So those historical trends plus the most recent six months will to a year will give you a good understanding of that. But obviously, the extent to which you can move this business beyond you where everything is dependent upon you and give you the ability to work on the business instead of in the business, which is a pretty big distinction because you as you begin to hire appropriately not getting ahead of yourself, but in due time. That gives you the ability to really focus on merit focusing on managing the business well is a P as opposed to everything being dependent upon the hours that you're putting in. And that's when you build something of value that allows you to have more freedom and even to see more growth over time. I think the other thing that's really important. Hannah and you guys Artie may be doing.
This is just make sure you have a good set of clean books for the business that's not mixed with your personal finances. Here you want to keep everything separate both on the expenses as well as how you compensate yourself out of the business into your personal finances so that you can truly evaluate how the business is doing it when we get everything all mixed together. It's very difficult to actually see whether the business is growing and how it's doing overtime and how are we doing versus last year or two years ago and one of the trends we can draw from that will having that separate and clean set of books I think really helps you tell a story as to where this is headed and will help you make that decision as to what is the right timing hiring that first holy yourself, so all the best to you. This is an exciting season itself. As I got his blessing your efforts in folks were out of time. That's not going to do it for us today, but I appreciate you checking in with us moneywise. Life is a partnership between money wise media and Moody radio want to say thank you to Amy Dan and Jim appreciate them being here today and look forward to have you back to parlor the sword will see that Magog