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Job Interview Tips

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
January 24, 2022 5:10 pm

Job Interview Tips

MoneyWise / Rob West and Steve Moore

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January 24, 2022 5:10 pm

Preparation is the key to nailing a job interview. If you’re looking for a new job, you need to be relaxed, confident and ready for anything. On today's MoneyWise Live, host Rob West will give some tips on how to be prepared for your next interview. Then he’ll answer your calls and questions on various financial topics.

See omnystudio.com/listener for privacy information.

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Interested job candidate. How long were you in your last position the applicant replies. Well, my biggest weaknesses. My listening skills.

I am Rob West. Preparation is the key to nailing a job interview. If you're looking for a new job, you need to be relaxed, confident and ready for anything. I'll give you some tips today on how to do that, then it's on your calls at 800-525-7000 800-525-7000 you can call it 24 seven. This is moneywise live wisdom for your financial journey. Well it's definitely a jobseekers market. Employers are desperate for workers and there's no better time to try for that dream job. You've always wanted. But just because the labor markets in your favor, doesn't mean you can go into an interview unprepared. If it's an in person interview.

Of course you want to dress well and have a neat and clean appearance.

If it's a video interview. As more and more are these days that still applies. But there's more to getting the interview off to a good start. Choose a setting probably in your home.

It's quiet so you won't be disturbed. Make sure the background is well organized and uncluttered. It's a good idea to keep any pets out of the room you don't want your cat walking across the keyboard.

During the interview with that accomplished your interview begins.

And here's where your preparation really comes in because you'll probably be asked some tough questions but these are often standard and you should be ready for them. Keep in mind interviewers don't really want to trip you up. They asked tough, thoughtful questions, hoping you'll give a good answer.

One of the most common questions is where you see yourself in five years. Don't just answer would like to have your job or I expect to be so successful that I'll be on a beach somewhere answer that way and your resume will likely end up on the bottom of the pile.

Instead, use the five-year question is an opportunity to show that you're motivated to do good work and succeed.

It's okay to say you'd like to be in a different position than the one you're applying for. Maybe one that gives you more responsibility and a chance to grow professionally.

For example, maybe your field has different levels of proficiency that require more certifications you can talk about how you'd like to obtain them and how that extra training will help the company.

Here's another tricky question. You may be asked, why do you want to leave your current job. Here's where a lot of applicants get tripped up never say anything negative about your current employer. It will make the recruiter think you're disloyal and I'm grateful that you might also be tempted to say something like you want a shorter commute or better health plan. Now the recruiter think should probably leave this job for a similar reason. Instead, keep a positive give a few reasons why your current company is a great place to work and how grateful you are for the opportunities they've given you then explain how you can provide more value to a company, but your current employer isn't able to provide those opportunities right now. Use it to talk about your career goals and how you want to contribute more next question and you knew it was coming what your greatest weakness for this one. You always want to be honest with your answers but there's usually a way to be positive even if it's about a weakness. For example, you might say I sometimes tend to say yes when I should say am already maxed out workwise, but then turn it positive by showing how your learning to set priorities and give an example. That way you make it about your strengths whatever weakness you choose to answer with show how your working to overcome it. Okay our last question is probably the toughest of all, why should I hire you. Here's where preparation is especially important.

Don't say something Pat like because I have people skills. Instead, talk about how hiring you would be good for the company in very specific terms to prepare for it. Go over your resume and pick three things you've done to make an operation more efficient or to increase revenue or to reduce overhead for your current company also do some research so you're able to point out how those skills will help the company where you're applying saying things like, because I'm a hard worker, or I get things done aren't specific enough. You've got to be ready with solid examples of how you do those things finally the most important preparation you can do is pray as the spirit for the right words to say meditate on Jeremiah 2911 for I know the plans I have for you declares the Lord, plans to prosper you and not to harm plans to give you a hope in the future and of course, and with your will be done so those are your tips for nailing your next job interview, and in this market. I'm sure you're going to need it.

As we said this is a great opportunity to aim high and let's see if you can land the job you been really looking for your calls or next. 800-525-7000 800-525-7000 Rob West and you're listening to moneywise live biblical wisdom for your financial journey.

Thanks for joining us today.

I moneywise live program will be addressed biblical answers to your financial questions we mind God's word for principles in the 2350 versus the deal with money and possessions and apply them to what you're dealing with today what decisions and choices are you making with God's money and how can we help we got some phone lines open 800-525-7000. We love to hear from you today. Let me first take an opportunity to remind you that moneywise media is a listener supported ministry. We bring you this program in partnership with Moody every day. As a result of your support.

So if you consider yourself a part of the family.

We invite you to be a financial supporter of the ministry can give quickly and easily its tax deductible were a 501(c)(3) not-for-profit and you can do that@moneywise.org just click the donate button you'll find a form to give securely online.

A phone number to give that way, or a mailing address if you'd rather send something again moneywise is entirely listener supported and thanks in advance to so many of you who give on a regular basis were grateful Bartlett said to the phones today. What's on your mind. Saving or giving investing, whatever it is we'd love to hear from you. 800-525-7000 were to begin today in Chicago, Illinois hi Tom, how can I help you sir, thank you for taking my call. My wife, my wife neglected about 30 years ago in a 401(k) at her place of business where she no longer works. It has grown to 370,000 right now on the company is the bank it's more than 30 years old. It's a privately owned and seemed very able, so it is then that 401(k) is an all stock recently. She spoke about pulling the money. Some of the money off to pay her condo which would be around 140,000 we are aware of the 20% tax that would be hit with them but she really would like to eliminate this mortgage. She bought the home in 2018 or interest rate of 4.5 and she doesn't want to refinance. I suggested maybe we moved the mounting it into something safe and maybe pull out of that to pay off the mortgage sooner, but she had watched it go up and down over 30 years and had not touched and so she's not going to risk or really even change what she failed has worked with wondering what your thoughts are on you in the bassinet across with this. Yeah it's so you said Tom and I appreciate the thorough explanation you said she no longer works for this bank is she retired. At this point, or did she just change her place of employment. She has changed her place of employment. We are 52 and I'm 63.

Okay.

And you're both continuing to work. How long you plan to continue to work.

I am retired planning to work probably until around age 70, okay 70 so she still got a good bit of time here. She has 370,001 other retirement assets.

Do you have. I have a pension. She will have pension yeah I have some money but it kind of separate point between the two of us overtook, looking at her, if that makes pricing okay yes, we would advise to put all of that together realize this is probably how you handled money for a long long time. Just generally speaking, we would say in early to become one flesh.

When we unite under Christ, and so one. This is the goal, and that includes her finances. But I recognize you've got some ways of doing things. And again I suspect this is been the way you been doing it for long time so will will deal with it separately for now so you are talking about the home that she owns. You said she bought it in 2018. What is the balance on that mortgage about hundred and 40,000. Okay, so essentially if we were to take this 370,000 and she were to pay it off. You have about 230,000 left when you look at the expenses that she has. So if we were to take her budget for what she has expenses on a monthly basis is the pension enough to cover that or is she looking for a portion of this investment account to generate additional income to supplement well, that's not quite sure yet but she will probably I would guess you would probably need some additional okay and do you know roughly how much my gap would be maybe 1500 a month okay right so we were to take in and pay off this mortgage.

She has 230,000 left what we would typically look at us and say, okay, based on a 4% rate of return and that's just a good starting point for somebody who's no longer working is said, I got an income-based portfolio meeting where they're looking to first preserve the capital that they have and second generate a reasonable income such that a conservative investment portfolio would be able to offset that income and not decline in value over time. You'd at least be able to maintain the principle that would at least be the goal. In order to do that you have to have a portion of it that was at the risk of the stock market and probably a larger portion that's in more of a fixed income type approach and it would have been flow over time, but the goal would be to achieve at least that 4% rate of return to offset the income that you're pulling out at that point with 230,000 that would not quite get you there present only be about $765 a month so yeah that would require that she bump this up a bit. You know it 230,000 if she were to pull 5% a year me that be 11,500 which is still not quite what you're talking about so I think from that standpoint you perhaps have a little bit less than she needs and I think that's really the key number one is what are we trying to accomplish in retirement. What are her income needs and I realize, at some point she'll take Social Security so that would be in addition to the pension and could help to offset some of this either. Now at a reduced level or later at a higher level. So there's that side of it that you will need to work through and really have a plan for how you plan or how she plans to fund her income and expenses during this season of life while she's no longer working, but as you said, she's got quite a bit of time where she is going to continue to work in that could satisfy all of these issues. Secondly would just be her desire to be completely debt-free. If she has a conviction around being debt-free around the peace of mind that would come from knowing her home was paid off knowing that she's unencumbered.

If that's something that she either has a conviction from the Lord, or she just believes that would be preferable that I would say absolutely go for it and don't think twice about it.

If though she would rather keep this money invested, and she's comfortable maintaining this mortgage. I would then perhaps say the second option. In addition to just paying it off would be what if we were to say the goal is for her to have this paid off by the time she reaches retirement, which means that some time in a between the neck and over the next eight years or so while she still working. Her goal is to send enough over and above that monthly payment to make sure that that balance is at zero. By the time she retires and essentially then she's doing it out of cash flow and that 370,000 is continuing to grow. Not only is it there working for her, but were not paying the tax on it now as you would if you were to take it out.

So I think that's perhaps the second option, you know, in addition to perhaps just paying it all off right now but give me your thoughts on all that you yeah I agree with that.

Having a goal to pay it off. By the time retirement comes around and also I got another question I have, as far as it being and 98 or 99%.401(k) what is your suggestion as far as that move it, and to make into a paper plate. Well, I think perhaps that's a bit aggressive right now, given that she's eight years out of retirement, you know, I think, especially given what the market has done over the last couple years, certainly not even the decade before that you could make a real case that this market is a bit overvalued. We've got some challenges on the horizon, namely the Fed saying they're going to shrink their balance sheet and stop buying bonds and you know on the open market.

We've got to higher interest rates that are clearly ahead of us. We still got a strong consumer and we still got stronger corporate earnings coming in, but there's a good likelihood that cyclically speaking, we could see this market rollover in the economy and will be in a recession, we'd climb out of it and she still got a decent time horizon, but I think to be 98, 99% invested in stocks at age 62, eight years out from retirement would be more aggressive than you would typically look for is a is a rule of thumb, and I think typically you'd be looking at a portfolio of about 50-50. At this point in a good gauge from that as you take 110 minus your age and that's a portion you would typically have in stocks doesn't mean that's right for everyone. You've got to decide what the right your risk tolerance is for you based on your agent goals and objectives, but I think a portfolio more like 50-50.

You know, in stocks in fixed income would smooth out some of the bumps that she would have if we were to get into a real correction or even a recession, and given that she doesn't have 20 or 30 years in no time horizon.

She's got less than 10. So I think for that reason, there's a good case to at least consider getting more conservative in her investment posture very good. I appreciate your help very much okay Tom listen if we can help in any additional way along the way, don't hesitate to give us a call. I appreciate you checking in with us.

Well folks, I would love to hear from you today would got a few lines up and got some great questions lined up that will tackle just around the corner.

Kevin wants to talk about investing he's closing on a house here in just a few minutes in Wesley Chapel got another Kevin in Ocala.

He is a probate question that plus perhaps what's on your mind in the number to call 800-525-7000. This is moneywise live biblical was your financial decision. Think about handling God's money, there is money. We live on money and money owe taxes and then there's the money would grow. That's our savings and our investments live care following that's really you can do with God's money. After you earn it.

And after you recognize first and foremost that he owns it all. So how do you approach that what's the right lifestyle. Should we have debt, how much should we be giving and how much should we set aside for the future. Well, we can look to God's word provides principles that really help us. But at the end of the day.

We need to be on her knees, saying, Lord, thank you for what you've entrusted to me. We recognize with your promises. Certainly with the gift of your son Jesus Christ for our salvation. We have an abundance before the first dollar, but with the financial resources you've entrusted to us. We want to be found faithful and so Lord what is the right lifestyle for me. How much should I be giving, how much should I be keeping and what should I put away for the future.

Well, we want to help you navigate that sin, that would love to hear from you today. We've got two lines remaining open 800 525 7000s number to call, but let's head to Ocala, Florida hi Kevin, thanks for your patience can help my wife and I because our children older were gone through redoing our will in all that we started thinking about how and what the best way to be able to get out to get that them without any issues of probate and also here in Florida they have a thing called the ladybird and I don't know if you're familiar that, but I just wanted to know what your thoughts would be just so that you know we can save them any issues with probate.

Yeah, you know, just generally speaking, and I'm not in the state attorney and not an attorney at all. So I would always get legal counsel when you're thinking about, you know, this last stewardship decision you'll make which is your wealth transfer how you pass what God has entrusted to you to either your heirs or to ministry because the only other option is the government. We certainly don't want to give more than we have to.

And so, from appropriate bait standpoint when it comes to a home. Kevin and I think you many folks in your situation will put their kids names on the deed to avoid probate. The challenges that really creates a problem because if the kids are co-owners they'll assume the basis you have on the house so you bought the house for $100,000. 20 years ago. It's worth 400 they'll have to pay capital gains on $300,000, but if they inherit the property. They'll get us stepped up basis what the home is worth that your time of death, so no capital gains would be owed if they sold the property immediately and frankly it's pretty easy to bequeath home to your children in your will. Probate usually is in a problem if you really really want to avoid probate or do it anonymously you can create a trust. A living trust and put the house in that trust it would require you retitle it.

But then that would give the house to the kids without going through probate. The ladybird deed is just a way that a transfer of property to someone else outside of probate while retaining what's called a life estate in the property so I think you could use again certainly check with an attorney. As you either draft a will or trust update ones that you already have and/or just get some counsel. Does that help though appreciate it much sorry very good Kevin, thanks for your call serve another Kevin Wesley Chapel, Florida hi Kevin, how can I help you think in the call my wife and I are going to be closing on the house next week and after the close window to be left with about $75-$85,000 and I know the wise course is that six months of reserve in case anything happened, but we never really invested in one take some of that money to invest so that our eight-year-old daughter would have something in the future, but I got a house yeah well I think one option once you set aside that emergency fund and ground. Glad you mentioned that if you can't get that into a retirement account by maximizing retirement accounts that are available, perhaps beyond even what you would be able to buy supplementing your income out of that your simple way to do that would be to open a joint account and invest in a target date fund will tell you more about that fear. This is moneywise live. Thanks for doing it moneywise live if you'd like to find a financial professional that can bring biblical counseling that is financial advice at a professional level that aligns with your values and priorities as a Christian we trust the certified kingdom advisor designation confined to see KA in your area when you visit our website moneywise live.org just click find a CJA puts it back to the phones, Lakeland, Florida hi Joy can help you in hiring dollar I buy lot here. I yes I lost there at the tail and did you say to combine them in an Ira yeah yeah that to make some sense to me. Once you separate from the company you're able to typically roll that out under certain situations, you can roll it out before you separate, but certainly when you leave and yeah I rolling into an IRA is not going to trigger a taxable event.

The benefit of having them combined into one is that often times you'll have lower fees and more investing options. When you have more in the way of investable assets in a just make sure that you don't have unnecessary duplication and that it's being handled in a way that it really fits your ultimate goals and objectives plus is just one less account to keep up with your that's a significant sum of money. $200,000 so I probably think about hiring an investment professional joy to make the buy and sell decisions for you with your goals and objectives in mind unless you wanted to do it yourself.

You had the time and expertise to do that but if not I think this would be a great opportunity if you haven't already done so, to connect with an advisor who could do that, but as to the idea of rolling into an IRA. Combining the 401(k) and 43B. I think that makes a lot of sense. So long as they're both traditional in their your tax deferral approaches and they were raw 401(k)s or something like that will not now you. It's not if you're talking just about an IRA enough. He was talking about an IRA annuity, you can essentially take an IRA and stick it inside an insurance product and that insurance contracts can have guarantees that basically say there is a floor where it can't lose value and then on the upside you get a portion of that upside pegged to some sort of index or either in a perhaps a guaranteed rate of return through that annuity contract there could be provision for you not to lose money. Still not my preferred approach. I'd rather you keep full access to your money and just build a prudent investment portfolio that is consistent with your goals and objectives. Having an advisor that you select make those buy and sell decisions for you, but there is the risk of loss anytime were investing in were outside of some sort of annuity contract yet. The market can go down the investments can go down and so you just have to recognize that and that's why the investment strategy is matched to the appropriate time horizon and risk level that you desire for the expected return you're seeking, and you realize that it's going to go up and down over time.

But you know over the long haul. The stock and bond portfolio properly allocated is the very best place to build wealth consistently over time descent make sense joy. Okay, you're welcome. Thank you so much for listening and calling today 800-525-7000 is a number to call. We got a couple of lines open up Brian's in Indiana, Brian Goretti hello Michael J, yourself, thank you so questions. First off, so I'm pretty good about investing money.

I wrote that a good point for my age. I'm 50 years old, but we have life I have been lacking on emergency fund and originally had a medical issue that never worked for couple months and so that's pretty much depleted.

My question is would be wise. I was investing 15% into my work 401(k) and my employer match 7% would be wise to maybe reduce my contribution maybe 10% and to help build up my emergency fund again.

That's very wise yeah absolutely mean that's the reason you have the emergency funds. I'm delighted you had that in place. Obviously an unexpected expense can certainly include you. Being out of work for a period of time, especially if the reason you're describing. So that's why it's there. And yet we want to replenish it as quick as we can. You know you almost always want to maximize contributions to retirement plan but not at the expense of having your emergency fund in terms of the priority order that would certainly come first.

So I'd say you know whatever number you're comfortable with. I'd perhaps even think of putting half of that 15% in each paycheck until you replenished.

Your emergency fund and then bump that retirement contribution backup at that point. Okay, sounds good. Excellent needed every sermon, all right. Did you see the second question, Brian. You get a minute.

Laredo looking on the inspire fund that you you talk about my program. None and, personally, with their fun rating of the micro zero or -112+101st fund your target inspire insight where they rank companies based on their appearance or the lack thereof to Christian values right right okay and my thyroid fidelity, and I have a lot of those funds are related. Probably 02 -40 according to the inspire score so try to drop from the most rating one and maybe look to investing in one of the inspire funds, but my concern is about losing diversity with my portfolio site help or do I take the flight. Yeah let's a great question.

You know, and I think this is a question that a lot of believers are wrestling with. We would say this is a conviction matter, and there's not a Christian portfolio in an unchristian portfolio. It ultimately comes down to Romans 14. Let each one. Be fully convinced in his own mind. So I think as owners and companies.

We need to be thinking about how we want to invest God's money. And if we have a conviction that we shouldn't be investing in things that are misaligned with the Council of Scripture either as their primary business activity, something that we disagree with. It could be any number of things from your producing alcohol and tobacco to know how they use their corporate dollars. In terms of what they're supporting and funding well inspire insight.com brings clarity to some of those things so you can make a decision. There's knocking to be a perfect portfolio. So I think the question is, you know, first of all, what is your conviction around this and then secondly as the number of faith-based investments, albeit through inspires ETF's are besides mutual funds are praxis or guide stone or a number of the others and unify many of those on our website moneywise.org, there are options for you to either avoid companies through your investments or to engage or opt into companies that are promoting human flourishing and even kingdom values. That's an option that hasn't been available will be right back to moneywise live delighted to have you along with us today taking your calls and questions on anything financial puts it right back to the phones tends in Michigan. Tim, thank you for taking my call. My my question is based on what I have saved in my age, you think I'm on track to have a million-dollar next day when I want to retire okay tell me what you got today. So in my IRA. I have about 540,000. My wife and her 403B is about 200,000 she will have a pension.

She works for school district and available for Social Security were both 50 I for sure work till 65. She may not and we only have about $45,000 net okay alright so how much longer do you have between now and retirement, roughly why I have 15 years and 50 will okay not sure how much you want to work okay what are you adding to these accounts each month roughly dollars and well, so we were putting 10% of our income so annually she's probably 6 to 7000 and I'm probably 9000 right okay 10% of net so that 16,000 you think per year yeah okay alright well I mean if you just run a simple calculation. Essentially, you know it's 740,000 if you were to just look at a return of 6% year adding contributions of the oath, roughly $1300 a month you'll be in $1 million in about four years does not get to go a lot of time given you what you guys are adding to this what you already have accumulated asthma as a at a reasonable rate of return.

So I you and there's any number of investment calculators out there where you could you'll play with these numbers you until you're blue in the face, but I think the bottom line is, given that you have three quarters of $1 million. Now your arguably mill 15 years out from retirement. Your continuing to contribute 10% of your income plus a pension, you know you got quite a bit of money that you have today, and you certainly will have when that time comes I think the key is for you guys.

Number one is how much is enough. So we gotta define the finish line for both lifestyle which is your income and how much you're spending on a monthly basis and sounds like you're living with a modest income and then secondly your finish line for your accumulation. What is your ultimate goal and perhaps it's that million dollar number and I assume there was some rationale as to how you got that. But the key would be then okay if that million dollars is going to throw off let's say 40,000 a year plus your pension plus Social Security is that enough to cover your lifestyle in retirement. If you're living on. Let's say 80% of what you're living on today probably is, but you know you have to run that number and perhaps is it too much, you know, mean, do you not even need that much and perhaps what that means is you could either you start giving more today. You know, or put away lasts which means you'd obviously had that money available for some other goal but I think the idea here is that when we set finish lines based on reasonable targets and a lifestyle that we believe God is called us to know what I said earlier, is is only four things you can do with money. Essentially, there's the money we live on the money we give the money we owe the money were growing well eventually were debt-free so O's gone eventually.

We've capped our lifestyle we said we don't need anything more than what we have right now. Also lives off the table eventually to grow is off the table because we've either saved enough or were on track to have enough saved and again we don't know what the future holds, but ultimately our trust is in the Lord, not our stock portfolios.

But when you eliminate those three the only one left is give, which is an incredible thing because when you give more your taxes actually go down and you get to participate more in God's activity which I think is part of his design by which he blesses us so anyway, I've thrown a lot out you there.

Give your thoughts I understand you're saying and now that we can just turn to eat it when you started to think about Margo think so only complicating factor in all of this is what we will be debt free. Because that's that's a huge goal and then the second thing is we want to set how we live so that were beat me. Do not become a burden to our children as we age. So probably not interested in assisted living, nursing. That type of thing, but so then you gotta find a house that could handle a wheelchair if needed. Our nurse could come in if needed.

Or you could hire someone to do the lawn or the driveway on some of the things Regina Russell Whitman, you know, the housing market as it is. Yet we could sell her house for a lot of money. But will we go down so that could potentially be an added expense, but I didn't feel it's really important that list as having parent that haven't thought that through, it's going to be brutally hard for our siblings to deal with when it comes yes well I think you know there are ways again. Ultimately, our trust is in the Lord, we do the best we can to prepare and part of the way we prepare is to make sure we thought through these things. So, as you said, having a home that can accommodate your needs as you age. Number two is making sure you have enough to cover in your case, the cost of in-home care which you can run on average, as of last year about 5000 a month for homemaker and home health aide services and then on top of that. Haven't a good high-quality long-term care insurance policy with an inflation rider that you know could step in and provide a daily benefit for you to maintain the quality of life you're talking about staying your home have the assistance you need and for a couple that can run on average, you know, at age 55 about $3000 a year and go up from there. As you age, and as you get your riders that you adjust with inflation and those kinds of things. But if you've done your part in limiting your lifestyle eliminating debt done both of those preparing for the future by saving and then offsetting the risk in this case, the cost of your aging and in needs that you'll have related to your health in that season of life through a long-term care insurance policy. I think you've done about the best thing you can do at that point what you think of another question. Long-term care insurance, which I remember when that came out and I would like a huge deal that haven't heard anything about in years oddity that still available and obviously public you highly recommend at what age should we start looking into that now 55 to 60 is really when I would be looking at data mean, you know, 55 to 65 is where you'll see a lot of folks recommend that you know it's it's obviously less expensive when you start earlier, so average cost per year, about $3000 for a couple at age 55 and it will go up from there. So I would absolutely given what you expressed to me today be checking that out, find an insurance agent, insurance agent whose independent who specializes in this area of long-term care insurance representing a number of companies that can go out and find the best one for you, give you the daily benefit that you need. With the elimination periods considered an inflation riders and all of those kinds of things and make sure that it fits well within the budget because your ability to continue to pay that throughout the rest of your life.

Those premiums are very critical to it being there when you need it, but the stats say 70% of Americans over the age of 65 will need some sort of long-term care so the numbers would say that you'll be glad you have it in the future if something is gonna road your assets in that season of life. It's most likely going to be healthcare related expenses. 10.

We appreciate your call today. It sounds like you're doing a lot right, my friend.

We appreciate you checking in with us raise in Spokane Washington right thanks for your patience can help. Thank you all.

I'll try to be real quick that you can answer this pretty quick. I am retired and I've been building my emergency fund.

And it's gotten up to close to $20,000 and is just sitting in a savings account and given inflation it's going on. I'm wondering we did advise just leaving it in savings account yeah I will.

And the reason Ray is because the whole idea behind an emergency fund is that it's there in an emergency, which means you don't know when you're going to need it and if you need it.

You're probably going to need it in a hurry and you don't want it at the you to have any risk of loss and I realize you're losing purchasing power every month in this environment. I think what you're experiencing now is somewhat of a short-term spike. I think the inflation numbers will trend back toward historic norms probably not at the 2% level we been out probably elevated from that around three 3 1/2, but not anywhere near up near 7%, or six where we've been through the pandemic. So yes, that's good to be a factor, but I wouldn't put it at the risk of the market just to try to offset that because again you have the potential for loss and if you need the money. You may have to sell those investments at an inopportune time, or if you lock it up.

You know you may have penalties or at least give up the interest hereby having to get out of whatever you're in early so I just take advantage of a high-yield savings account.

Hopefully those rates will move up as interest rates do and I would be looking at Marcus or Ally Bank or capital one 360 right now pain about to little more than 1/2 a percent. Okay okay yeah that makes sense tonight. I kind of acted that's way to go but I just thought well I better ask though.

No problem.

We appreciate your call today, very, much thanks for checking in with us well that's good to do it for us today folks.

So appreciate you checking in with us and listening in each afternoon.

I enjoy being invited into your stories to be able to hear your joys and your struggles so that together as God's people. We can explore his word and apply it to our lives in the case of moneywise live to our financial lives want to thank our amazing team here at moneywise today answering their phones was Hans producing today Deb Solomon engineering Amy Rios and Mr. Jim Henry providing research today really appreciate you being here as well. Hope you come back. Join us tomorrow afternoon. I'll be here will see


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