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Bless Your Pastor Month

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
October 4, 2021 12:06 pm

Bless Your Pastor Month

MoneyWise / Rob West and Steve Moore

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October 4, 2021 12:06 pm

Now that October has arrived, it’s time once again for us to celebrate, appreciate and bring honor to our pastors. On today's MoneyWise Live, Rob West will talk with Brian Kluth about ways you can lift up and encourage your pastor in the weeks ahead. Then Rob will answer your calls on various financial topics. 

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Finishing Well
Hans Scheil
Finishing Well
Hans Scheil
Finishing Well
Hans Scheil
Finishing Well
Hans Scheil
Finishing Well
Hans Scheil

This is Damon Baxter and I serve as business development director for MIDI radio.

The only reason were able to spread the gospel of Jesus Christ on the radio is because of financial support from listeners like you.

We also have businesses support us to like United States mortgage faith in family is at their core, it's why they choose to be such a close partner with our station is why they specifically advertise on Christian radio stations across the country. It's wife, father and son, John and Ryan still lead the company to this day. Check out United faith mortgage and their direct lender thanks to you and to United faith mortgage for supporting beauty radio United faith mortgage is a DBA of United mortgage Corp. 25 Belleville Park Rd., Melville, NY license mortgage backer 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. This is Damon Baxter and I serve as business development director for MIDI radio.

The only reason were able to spread the gospel of Jesus Christ on the radio is because of financial support from listeners like you. We also have businesses support us to like United States mortgage faith in family is at their core, it's why they choose to be such a close partner with our station is why they specifically advertise on Christian radio stations across the country.

It's wife, father and son, John and Ryan still lead the company to this day. Check out United faith mortgage and their direct lender thanks to you and to United faith mortgage for supporting beauty radio United faith mortgage is a DBA of United mortgage Corp. 25 Belleville Park Rd., Melville, NY license mortgage backer 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 elders who will well be considered worthy of double water, especially those who labor in preaching and teaching.

Rob listed that verse in first Timothy five is especially timely in October because it's bless your pastor mother will talk with Brian clues about how you can lift up and encourage your pastor in the week said that it's on to your calls at 800-525-7000 800-525-7000. This is moneywise live biblical wisdom for your financial journey well.

Brian clues is a best-selling author of several books on generosity. He was a pastor himself for 10 years and is now the national spokesperson for bless your pastor month organized by the national Association of Evangelicals, Brian, always great to have you back to talk about this important event will great to be with you in your list really want to encourage them to be judicial scared on and show God's love for their pastor and church that I couldn't think of a more worthy endeavor Brian. This is an annual event, but it's more important than ever this year due to the ongoing challenges that covert presents. As you well know it still a very real crisis for many churches and pastors start by telling us what the numbers describe number share in our state of the research is that two thirds of churches were impacted financially by the downturn or that covert caused 90% of pastors are filling more financial stress and they never felt, you know 80% of churches under 200 people in the small hundred $25,000 annual audit annual budget, and churches challenging time and many pastors are working 50 to 70 hours a week.

I received less than $50,000 a year. No retirement, no healthcare, no employee benefits sacrifice going on for pastors in this last 18 months, with an especially difficult. So they need God's love and care from their people more than ever before. That's exactly right and encouraging members to support their pastors and church that financially is a big part of bless your pastor month but there are many other ways to show our gratitude for those who serve us so tirelessly tell us about the three step plan. Brian you've developed for people who want to get involved. Bless your call UPS 123, number 150 wage acquired 50 ways to bless your pastor and staff.

The church gets bad, and distributes back to their congregation member to receive an offering on our give a urine bonus to the pastor and staff member to really celebrate and honor them publicly somewhere between October the end of the year and when churches do that. We have $1 million in grant funded gift cards to give to pastors $100 at a time so all that's available of bless your I love that you referenced a list of 50 ways we can bless her pastors and church staff and look for you to share a few examples with us. I wanted everybody listening right now you when you're going to the grocery store line or gas station. Look to your right or left you a gift card rack with gift cards for restaurants and so forth. Picked up one of those taken home, put it with a card to your pastor that you all would appreciate them praying for them. Give it your pastor what he or staff members or your Bible can be group does altogether and just love on them a gift card that's a real easy way.

Secondly, whatever skill you have your mechanic fix a car if you like gardening Bill Clinton clock was for them to help paint your house or do a project at their house. So you have your dentist given dental care.

I just look for practical things you can do something is what you own. What you possess that you can share with people that I was a pastor. People would let me use her RV dealer they would let me stay in the vacation home or share frequent flyer points but very practical things that really helped me and my family just to experience God's love, but needed me that we had made such a difference in people did that but I know you even recommend babysitting a lot of pastors have young families and could certainly use a night out as a couple so that could be a real practical way as well.

Right you have a friend that she watches her pastors kids once a month for four hours on a Saturday and just so the pastor couple can get away and do errands your going to do something and they just so appreciate that.

That commitment of the trusted person to help watch their children.

Big makes a big difference whether such materials to help folks.

Bless their pastors and church staff this month. You can download this materials folks and get more Brian, great to have you with us. Think about pastor Brian clues is better guess today the website again. Bless your calls or text 800-525-7000 stay with us. Thanks for joining us today and moneywise live is blasted. Looking forward to taking your phone calls today. Whatever's on your mind, financially speaking, we'd love to hear from will run your situation or question through the lens of biblical truth try to give you practical advice to help you move forward with confidences you seek to be found faithful in managing God's money you can get in on the conversation today by calling 800-525-7000.

That's right 800-525-7000. Our team is waiting for you and would love to speak to you I have you visited moneywise lately.

If not, I'd love for you to do that. There's some great featured articles right there on the website including five retirement myths and a whole host of questions and answers that I know you perhaps have when you're there moneywise Be sure to create your free moneywise account when you do so. That will allow you to post in the moneywise community to get answers to your questions for moneywise coaches you also automatically receive our moneywise weekly wisdom with a digest of our best new content trending podcasts and other encouragement. I even put a note in there to encourage you in your stewardship journey each week. Again all that's available when you signed up to create a free account to said to moneywise and click sign up. We'd love for you to do that today, hard-working head to the phones again. We got some lines open. Here's a number 800-525-7000 were to begin today in Athens, Tennessee hi Ellen, how can I help and I recently retired. We are leaving on retirement ready to replace their thinking your call.

I nearly caught my question actually cut a Term retirement making and pay cash or shakily At a nickel or little yeah that's a great question so you said your living on the pension plus Social Security. There's a monthly know. Okay not okay got it okay so the pension is that being sent to you every month is a is a check or is that just continuing to grow that portion of your retirement okay. All right. But you have the option at any point to take a lump sum withdrawal from that we are thinking of matter at retirement. I see.

So tell me about that other retirement account that you have. I okay so where were you thinking you pull this money from the TD Ameritrade retirement account or you were getting there and creating create whatever we want to option. I see so you live on a spending plan you got a pretty closely followed budget, but there's not a lot of margin I'm hearing so that if you added the monthly payment for car loan that perhaps would stretch you just based on what you're pulling from the pension and in the other accounts currently is at right that we could call a larger icy okay very good and is that an IRA or what is it that is being managed for you that's not the pension or the annuities will okay yeah I'm liking that idea. Perhaps you all do taking out the old small loan yard love for you to put to us at least 20% down on it somewhere between 20 and 50% if you had that saved up without impacting too much or emergency fund and you could do that out of savings that would be ideal, but if you need to take a larger amount initially from the investments I would do that and then perhaps you bump up your monthly withdrawal equal to the payment so that you have enough to cover that and that we are not adding all of that is taxable income this year and you can spread that out over time. Hopefully some of the appreciation in that portfolio would offset some of that and you I think the only other question is, and I assume you've done some of this planning is help with the amount you're pulling from the IRA, especially if you were to bump it up is that you know too much in the sense that you know your you're going to begin eating into some of the principal or your advisors feel like you can sustain this level of withdrawal based on how it's invested a big waiting on that we are not still waiting their lower interest yeah what is approximate Sherwood what's the value of the IRA. Currently 1.4 okay what are you pulling out of the monthly okay yeah you know you're not pulling a whole out there in terms of what you ultimately mean for percent on that would be 56,000 years here pulling a little bit more than that, but you I would imagine they should be able to make that up. So I think given what you got. You could go either direction.

You either go ahead and put half of it down or just pay for the whole thing. How much are you looking to spend on this new car purchase. Now, okay.

All right. Very good.

Yeah, I think I would not now that I've got all the details. Here's what I would do.

I would either pay for it over to tax years so pull half of it now and then get a loan for the rest pay it off next year or put somewhere between 20 and 50% down and then just bump up what you're pulling monthly from the IRA to cover that smaller that increase with the monthly payment. I could go either direction, whichever you will feel most comfortable with is that makes sense option. Okay, very you're very welcome Ellen Lord bless you and thank you for calling today 800-525-7000 for moneywise live biblical wisdom for your financial decisions. Let's head to a Cumberland County, Tennessee David, how can we assist you. I found in my record in my dad's babble about 14 Defense savings bonds between mail forwarded to my 1945 that the number only Kevin don't have the amount in the monster not direct. I don't know whether he ever rename them overly mental all have is anyway I can check on that. Yes I would go to treasury that's treasury direct.GOC this is the federal government's website for bond issues and all the information you could want would be there, including the ability to put in the CUSIP number and find out what the current status of these is that these are and you could get. Also read up on next steps. If you needed to inquire directly so I would check that out David.treasury direct.GOC and I think at that point, you get the information. If you have other questions along the way, don't hesitate to give us a call back.

We appreciate you checking in with us folks a lot more to come on moneywise log today, including perhaps your question is savings or giving. Maybe it's think about some debt reduction or just getting that spending plan in line or maybe your spouse are not seeing your finances. We'd love to help with any and all here's the number 800-525-7000 800-5257 back to moneywise live biblical wisdom your last hose your calls and questions today. 800-525-7000 just before the break, David was asking about her wondering of these were initially known as the fence bonds.

Basically it's a debt instrument issued by the this case, the US government as a means of borrowing money to finance defense initiatives and military efforts during times of war of the final round of series EE bonds, which is what they are stopped earning interest in 2010.

Those who had these in 1960 could swap them for what's called a series H bond and defer that tax liability but treasury is the place to go.

There's a helpful calculator there that would allow you to determine exactly what they're worth today. According to what you have, the denomination and how old it is.

If in fact it hasn't been redeemed and then your bank could actually take that paper bonded turn that into some cash, but treasury is a place to go it interesting that spoke still have those today and so certainly I can understand wanting to know what the value is all right. We got two lines open 800-525-7000. Let's try to get through as many of these as we can see how we can help will be in Texas actually with Charlie in a moment will start. Though in Austin, Texas with Louis Karen we have a question about where in our late 50s early in a position in our homestead free and clear and feel that the time is right to liquidate some long-held investments in some of that article he would last a bit of our debt that were particularly interested in complete bait date bait investing strategy portfolios think like that. We have a long-standing relationship with Morgan Stanley but I don't think you have any baskets of funds or anything that we could pick a counterpoint in that direction. That's that's our question very good listener. I'm glad you're thinking about this. This is an exciting and growing segment of the investment landscape. I would say two things with regard to your question first is you as you liquidate these properties if you want to do any giving out of the proceeds of this you may want to check with our friends at the National Christian foundation to see about gifting, even a portion of this property to a donor advised fund prior to the sale, which could give you some tax advantages and create some funds that could be then given away to ministry or your church, but with that portion that you recognize as a set of proceeds. If you want to redeploy that. I love the idea of you thinking about a faith-based investing strategy that I would think about it in two ways.

Number one would be the avoid the bucket. The other of the second would be the embrace bucket explain them.

So avoid just simply says there are certain companies we want to avoid with our investments because either their primary business activity or their corporate profits are used for things that don't align with your values as a Christian. And so you want to screen those companies out, and that's very possible today or embracing other companies. The idea there is that you want to look at the social or the kingdom impact the company is making as a result of the work they're doing and you want to specifically invest in, or an investment manager on your behalf. Specifically, invest in those companies that are making you know the world rejoice, promoting human flourishing and the expansion of God's kingdom. No, I think both of those are available to you and they can be done together.

So the next question is then where do you go I would say couple of things number one if you want to begin to read and learn about the space I would direct you to our website moneywise, you'll see there under the learned tab that there's all kinds of articles from some of our content providers like Eventide faith driven investor inspire praxis mutual funds. These are all fund families, investment families that specifically invest in faith-based type investments so they have mutual funds and exchange traded funds that are overtly faith-based in their approach and strategy. Now they will differ in terms of how they go about that. But all of these fund families are committed to that work. And that's why they're part of moneywise.

So again, if you click on learn. You could begin to read some of their articles and their approach now in terms of how you deploy this, you got a couple of options.

Louis one is you could make direct investments in these fund families that are listed on the site or you could connect with a certified kingdom advisor there in Austin and you'd want to ask the CK whether he or she is able to deploy a faith-based investing strategy either on the embrace side or the avoid side or both. Not all of them do some of them do more traditional type investments, but others are specialists in this type of investing, and I will say that some of these fun families that I mention are even available at Morgan Stanley so you would need an advisor who understands that, but he or she should be able to access some of these fun families even on that platform, I've thrown a lot at you know, do you have any follow-up questions well just wanted one last question. Thank you for the information it worse if I was to transfer you know basically close the Morgan Stanley accounting transfer somewhere out there that create a taxable event or is there some kind of period of time where I can make that transfer without it being a taxable of what type of accounts are these of the taxable accounts are they retirement account, IRAs well yeah yeah got a sapphire got some wrong rollover IRA okay so there would be no taxable event occurring inside those accounts because you can open a new Roth or a new set up, or a new traditional and another custodian, and then you would liquidate those investments that are currently held in those accounts at the existing custodian, but that doesn't generate any tax because it's inside of her retirement vehicle until you take a withdrawal and you're not going to, in this case you would just simply liquidate the holdings and then the assets would transfer from one IRA to another, which doesn't create a taxable event.

And that's the beauty of those retirement accounts subset up Roth and traditional all would be included in that you follow yes I did very well. Happy to do it moneywise click learn and start reading up on it and then connect with a certified kingdom advisor and I think you'll be headed in the right direction. And this is an area of the investment universe, and I'm really excited about because were singing routable flows as Christians are made aware that their values can be reflected in their investments, not just their planning decisions to make their investments to really moving a lot of money this. Thanks for joining us today on moneywise live biblical wisdom decisions. Phone calls are available extra phone lines, I should say for you.

800-525-7000. What's it right back to and will head back to Texas hi Charlie, how can I help hello there, thank you so much for taking call. Mr. West I have property up for sale that we currently live in its value to about 600,000. We want to buy a house between 250 and 300. How should we take care of the rest of the money yeah very good talk to me about where you're at. Charlie, are you in the retirement season. Are you still working I'm 61 and disabled so I'm not working anymore. My wife still works okay. I would have no debt, okay, very good and is your wife's income what you're using to fund your lifestyle, your monthly expenses already have other income sources. Well I have disability you're not out of thousand okay and the combination of those two covers your lifestyle. What about assets that you might have in retirement.

So let's say she stops working at some point in the next several years. At that point.

Are you all funding retirement accounts at her place of business or what other assets do you have a 401(k). She has a 401(k) and what's roughly in that hello probably about 120 okay and you know if you were to look then at other assets that you have apart from you downsizing and then having these funds available.

Is there anything else that could be income generating.

At that point. Not that I'm aware of all of our cars are older and paid for okay so basically we need to take this roughly 350,000 you have left over after the sale of the home plus whatever her hundred and something thousand in her 401(k) grows to during the rest of her working career and turn that into the income that you all would need to live on alongside your disability correct okay and what is her income currently.

What would you will need to generate in order to maintain your lifestyle currently gets between 20 503,000 okay sorry so you know if we were to save 350,000.

Let's say three and 50 will be what's left. And let's say her 401(k) grows to 250,000 that would be essentially 600,000 that you will would have available and that season that would throw off about 24,000 a year at a 4% return which would be about 2000 a month before any taxes you have to pay so were getting close there.

Obviously, the longer she can work and contribute to and with some market growth on that portfolio.

Perhaps we do even better than that, but I think certainly you're in the neighborhood there and and perhaps your living expenses come down a bit when she gets to retirement because certain expenses going to come off the table including you know what she's putting away for the future.

So I think the key right now would be for you to look Charlie at investing this money in a way this can have some potential for appreciation beyond what you get in the straight income based portfolio where you're focused on a bond type fixed income investments, and even though I think were in for some choppy your markets, you know in the next couple years just given how far we've come and some of the headwinds we have notably inflation and the prospects of the tax increases. Some of those types of things.

You know I still think you having exposure to the stock market, both US and international with a broad diversified portfolio for at least a portion of those funds is going to give you feel over the next 10, 20, 30 years and if the Lord tarries and you are in good health.

That's how long we need this money. The last that's gonna give you some growth to the portfolio and even if we got into a recession. You wouldn't touch that portion you just know it would go down and then you'd let it recover and you, historically speaking, that's gonna be the best place to build wealth over time. But then the rest of the portfolio would be anchored by fixed income type investments either dividend paying stocks or preferred stocks or bonds that type of thing and as interest rates, head up the bond prices will fall, but over time you should be able to capture a bit more yield to put all of that together, I would encourage you to connect with that advisor. A professional investment advisor who could understand your goals and objectives help you plan for the immediate but then also looking out toward when you're both fully retired and put an investment strategy together and deploy that on your behalf.

Do you have an advisor that you've worked with in that capacity.

Note, but I'd like to have it be faith-based yeah yeah very good. Well, I would recommend you connect with a certified kingdom advisor. These are men and women who have significant experience as investment and financial planning professionals. They met real strict character and integrity requirements.

They've also been especially trained to apply a biblical worldview to financial decision-making. It's a designation that's a recognized throughout the industry and its our trusted designation for those who need professional financial advice. So what I would do is head over to our website moneywise, you'll see a button that says find ACK stands for certified kingdom advisor.

I'd interview at least two or three. They don't work for us. They have their own businesses, which means they have their own fee schedules and approaches. They just met the high standards that gives us the confidence that there somebody you should talk to find the one that's the right fit, and I think that will be the best approach for you moving forward.

To be able to preserve what you have and also grow it. So it's there for your future to settle make sense. Yes it does. I have one more quick question yes or governing my going to have to pay taxes on this sale. If I buy another house so this is your primary residence that you're selling. It's my only house yet okay yeah feeling that I would have as a married couple.

If you live thereto out of the last five years. What you have, you would have up to 1/2 $1 million in gain enough profit that would be excluded without any kind of capital gains some RNA delivered to listen. We appreciate your call today. Thank you for listening and may the Lord bless you in the days ahead. Certain will hope to talk to you again real soon.

Let's head next to Indianapolis, Indiana hi Diane, how can I assist you. Hi Mike, I like a bunch of other people. The Powerball is over $600 million.

I bought a ticket that if you are a Christian to part like playing the lottery ticket. When you first got me to protecting it with so so to answer your first question is no, I wouldn't be playing the lottery. Your Bible doesn't call gambling sin. But the gospel of John makes a point to tell us that the Roman soldiers cast lots to see who would get Jesus tunic and that doesn't present a good image of gambling. I also think as stewards of God's money.

We should not be taking a get-rich-quick approach which clearly is what the lottery is a we should be doing with the Bible says about the steady plodding, which I think is more of a sure and steady approach with proper diversification like we read around about in Ecclesiastes. So I just don't see as a steward of God's money is God's money manager how we can in good faith to take that kind of risk with his money.

So I would just stay out wouldn't participate in anyway shape or form. Someone gave you a lottery ticket for your birthday. Anyone well I'd say look at it as an opportunity to give generously. Perhaps a get on your knees before the Lord say what what would you have me to do and I think it could be a great opportunity to redirect that money into the kingdom. At that point, but for all intensive purposes. I passed Diane appreciate you checking with the middle, and moneywise live just delighted to have you with us today. I moneywise live decisions in just a moment and focus for some additional questions.

But in the meantime, this is my Monday during this final segment broadcast week I hear from her good friend Bob Dall. Bob is chief investment officer across market.

Global investments were investments and values intersect. You can learn more across Mark and Bob good afternoon sir, and you my friend. Yeah. Happy Monday.

I'll tell you I'm glad you're here today. I've got all kinds of questions, let me start with the you just giving us your latest analysis on what's going on in the macro level in our economy.

Yeah I yeah put out a quarterly piece of Dall's deliberation today and that title Rob was tug of war between cyclical tailwinds and higher inflation and interest rates that are headwinds what's going on, we've had a number of months where the story was almost all positive and it was hard to fight. Find flies in the ointment.

Now you and I been talking for the last several weeks there were flies that are showing up in that appointment and that is in the form of this higher inflation.

It's not all transitory interest rates creeping higher questions about earnings in the third quarter because of supply shortages and pricing pressure and so we still have a good economy and good earnings. That's the tailwind is not going away. I think that prevents us from having any kind of bear market, but we haven't had a pullback of this magnitude 5% or down from the high in many many months in their normal 5% pullback Rob as it happens, on average, every 2 to 3 times per year and we've not had one for 20 months. Yeah, yeah, interesting set out the growth that is asked where experiencing is not just a mistake and they were seeing a strong economy, globally as well. Right yes Nelly. Nicole did Delta has an impact on who is recovering and who's still slowing but as Colgate and the numbers are getting better in most places, including here in the US is that Delta variant hopefully moves its way out will begin to see signs of economic Pickup here there and everywhere. So yes, overseas is beginning to little bit better. Bob talk about the supply chain pressures that were seeing you notes were reading all kinds of articles that sound somewhat scary about the fact that you were seeing a huge increase in the number of container ships off of the coast of California right now and there's not a near term solution for what's going on there.

How do you think this plays out and is this largely what's driving the market lower supply shortages have been around as you know, for a bunch of weeks, actually a few months now and are lasting longer and going deeper than most people thought. I think everybody remembers how used-car prices went through the roof a couple or three months ago and that was simply a sign that can't find semiconductors to build new cars. Production came way down. So if I can't find a new car. I'll go buy used car and the man went straight up to get those kinds of dislocations here there and everywhere there are signs Rob, it's signs and not trends yet, but things are starting to ease up, many of the ports it will take weeks, probably months in certain cases, to get back to have a chance to get back to any semblance of normal or moving in a good direction.

Okay so this is something that we could likely see lasting through Christmas. Let's say, but as we head into 2022. Most folks thinking perhaps Q1 we could see some of these supply chain issues resolve. I think so Q1 some cases it will take to Q2 but between here and there. Rob, we have earnings to report third-quarter earnings fast and furious soon and were spoiled earnings off the pandemic loft and sensational. I think it will be a little mixed in among the reasons will be GI couldn't get what I needed to make my product and therefore earnings for a little short because of these supply problems. So that's that's what has the market little spookier interesting, so I think it sounds like your prospects for the future remain the same. You still believe that equities should be favored. That is, stocks over the next year and beyond just given everything we know today is a right fair to say I did put in our conclusion. Near-term caution is warranted as the global economy downshifts that the temporary phenomenon and it may have further to go. We talked about expectations on our part that sometime in the back half of this year we get the 5 to 10% pullback were down five and a small fraction could we go down this amount again over the next week we could things can happen. Rob is running tomorrow and the stock market is going to new high in the next two weeks. I don't think that's going to happen were going to some backing and filling here, but stocks still better than bonds on a 6 to 12 month horizon and clearly the central bankers of the world are providing plenty of liquidity for these economies could to continue to run.

I guess that the truth pedal to the metal said in particulars, thinking about women going to slow down the rate of purchases was always were in this pickle they knocked him to do that will take the good old time all right. Bob will talk to you next week. Thank you, my friends, Bob Dall, chief investment across Mark. Global investments you can learn more across Mark let's it back to the phones East Moline, Illinois hi Patty, you're on moneywise live. Glad Mike and I are considering buying a vacation home in Florida and we're wondering if we should do it and how should we pay cash or pay part of day knowing Empire finance and he is retired.

I don't work here. My mom and I'll probably start info security next year and he also gets so security okay and what are you all living also besides. His Social Security retirement okay and is that a 401(k) that your pulling income off of the pension. What is yet would be 401(k) and we would probably go to a few different places I have in stock and we have about you tell me about 750,000 okay and how much would you be looking for this vacation home one 4000 40,000 okay and this is something that you will would just enjoy. Are you intending to make this income producing life enjoyment. We could rent for 55 client retirement life okay. Home on a lot. Okay, very good. Well, I think that the key is, you know, make sure that it fits into your overall plan. So if you all have ordered your financial life so that you can live basically off of Social Security. His pension and then you'll be adding your Social Security your living modestly, your debt free. Got three quarters of $1 million and you're really not having to pull much from that in the near term, then obviously you could take this and redirect a portion of it into Florida real estate. Now the downside is it's highly appreciated right now but you know if you have the ability to buy it, and those are assets that you're not needing right now to live off of, and you could enjoy that. Maintain it and then at some point sell it or move into it and sell your current residence. Yeah, I like the diversification that comes with that. I think the key is at what premium are you paying you know if any. I assume you will be paying a premium just given what's going on in Florida real estate although it has in effect manufactured housing quite as much as single-family homes, but you still need to look at that and understand what's happened in that market in the last 12 to 24 months and you don't have prices risen dramatically and how much and you just understand what you're getting into, but apart from that, if you can take part of your assets that you're not relying on right now, especially as you were to take additional Social Security and redirect that you know I don't have any problem with it.

As always, it fits into your overall plan and again they're not making anymore. Florida state so it's a great place to be invested, especially given the tax favored environment in that state and people moving out of the states that are not as tax-advantaged and so I think you'll continue to see for based on real demand an increase in in South Florida reverses me in Florida real estate in general.

So I I'm on board if it fits into the overall plan Patty with this idea. We appreciate you checking in with us today. Let's quickly go to Lincolnshire, Illinois hi Denise, how can I help you question five you financial yeah I think others really come to pieces to this.

The first would be for a financial plan where you begin to look at. Do we have the right insurance coverage and you know are we do we have kids.

Are we planning to have kids. And if you do, what are we doing to save for college and what is our approach to retirement and how much should we be putting away right now. Given our other priorities that may be shorter-term perhaps buying a home or paying off student loan debt or any other consumer debt that you have so I think you know there's a case.

Even early in your marriage to go and sit down with a financial advisor. Perhaps once a year, and you'll begin to put that plan together and then update that over time just to make sure you're making wise decisions.

Beyond that would be at what point do you need an advisor to manage investment assets, and I would say when you you'll pass about $100,000 in investable assets, I would be thinking about hiring an investment advisor to manage that for me. Prior to that, there are some great options out there.

Sound mind Robo advisor solution to take care of yourself. Even early as a young couple I go and get started with the financial planning privacy care website moneywise live please. We appreciate your calling today. All the best money wise. I was a partnership between moneywise today and Jim thank you for being here today will be back tomorrow for another edition of moneywise live

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