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Sharpen Your Networking Emails

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
June 24, 2020 8:03 am

Sharpen Your Networking Emails

MoneyWise / Rob West and Steve Moore

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June 24, 2020 8:03 am

Many jobs are filled without ever being advertised. And if you’re searching for a new opportunity, how do you find those jobs? Networking through email can be a helpful tool in your quest to find jobs and make new contacts. On the next MoneyWise Live, hosts Rob West and Steve Moore share ways to make those digital messages more effective. Sharpening your networking emails on the next Moneywise Live at 4pm Eastern/3pm Central on Moody Radio.

Rob West and Steve Moore
Rob West and Steve Moore
Rob West and Steve Moore
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Rob West and Steve Moore
Rob West and Steve Moore

By some estimates, 72, 85% of jobs are filled without ever being advertised here in the hunt for a new job hunting find those opportunities simply by networking yeah one frequently overlooked tool in the quest to make new contacts is simple. Sending email to today Kingdom advisors Pres. Rob West has some ways to make digital messages more effective than at your calls on anything financial at 800-525-7000 800-525-7000 times more sharpening your networking emails. That's, that's right here on moneywise live Jerome. I always think of networking, mostly as meeting friends or maybe former coworkers for coffee then giving them the spiel, but that's not really where a lot of the starches are usually not before you ever get to that point, you have to set up a meeting and to do that.

A lot of times job hunters will pick up the phone first. That may be okay for some contacts, but too often it catches people off guard and can make for an awkward conversation. A much better way to break the ice is with a simple email okay now. In that email, you don't want to just say hi. Let's have lunch there was a bit more to it than that right that's true, and it helps to understand the limitations of email it's one-dimensional restricted to the printed word that doesn't allow for dialogue, eye contact or body language, like the radio so he have to choose your words carefully right okay let's get into it, then how can we get the most out of a simple email to a potential networking client or contact you well. As with any form of writing you want to grab the reader's attention right from the start so the first few sentences are key they carry more weight than what follows.

There are several strong points or ways I guess to open an email message. One of the best, especially if you don't know the person is to mention a common acquaintance, Joe Smith and I were having lunch the other day and he suggested I contact you at seven. You know that's a way of establishing credibility with the reader. Another way is to convey something of common interest, like a news item related to that person's field, you could say I read in the Wall Street Journal that loops are making a comeback. You you get the idea.

And unfortunately, I remember little red and yellow one. Okay now, now that you have the reader's attention than what well as you continue. Keep in mind that brevity is beautiful. Craft your message with the fewest words possible and make it specific to the reader. Avoid the temptation to use boilerplate material copying and pasting from emails you sent other people. Make it personal.

Granted that can be difficult when you don't know the person you're writing a good practice is to check LinkedIn for details about the individual like achievements. Maybe you can use that in your email. I understand that your team was responsible for reducing overhead at your company by 3% last year, something that you saw in LinkedIn profile. Okay like that. Okay, let them know that to you know who they are. You done your homework that's exactly right in the more specific you are, the more personal your message, but avoid overused lines like hope you're doing well or just checking in. That'll make the reader want to check out. Perhaps you're getting to the real point of your email, which is the ask the trick with any form of networking is to turn this completely around and if it's genuine making an offer. So first, instead of saying that you're looking for a job mention that you have contacts in your reader's field and you'd be willing to make introductions or pass information on to them.

In other words, how can I be of service to you. When you make it about the other person.

It removes the burden perhaps you feel in asking someone else for help. Okay, but now I at some point you actually do need to ask for some help or assistance or right and you're ready to do that about now. Make it short and sweet, just a line or two explaining your situation.

Maybe you're looking for a new job in your field or you'd like to move over into another career field. Tell them you appreciate any contacts or information that could pass okay and then. That said, I wait for a response.

I'm not quite I would end by saying that you'd like to follow the phone call and ask if that would be okay. The whole idea here is to make important contacts that will help you in and others and you do that by establishing relationships which is difficult with email loan. So that's why would always try to take it to the next level. If the follow-up phone call works out offer to meet for coffee. The person is in your area. If not, maybe you can arrange a Skype resume call.

That certainly more common these days, and one of the pandemic okay was some great information from Rob last, particularly if you're on the look for new job position. Career is Rob West times more you call snacks today hundred 525-7000 money and life run on the same track. Unfortunately, sometimes it seems like your money is heading in a different direction from your goals and never enough three keys to financial contentment.

Author Ron blue helps you to break down all your financial options to a basic floor and then shows you how to keep it all chugging along in the right direction on the same track never enough three keys to financial contentment available when you click the store if you need investing.

You probably want help that's grounded in God's were taken by sound mind investing since 1990. SMI has helped tens of thousands of Christians acquire wisdom and confidence in their investment. Regardless of your investing experience how much you have doing that you can learn will still carry out investing more information about SMI and financial wisdom for living well is available online. Sound mind investing.famous lighthouse has been guiding ships for nearly weathering more than a hurricane. So we depend on don't always survive person something. Whoever follows me will not certainly, only dark time for your final journey is always is Jesus. Maybe Margie, do you feel like your hands are tied with debt, preventing you from serving God. If you have credit card debt.

Christian credit counselors can help through our debt management program we can get out of credit card debt. About 80% faster while honoring your debt info. For more information on how Christian credit counselors can help visit Christian credit Christian credit or call 800-557-1985, 800-557-1985 really happy to have you along today and he lives lives with Rob West taking phone calls on anything financial you may be thinking about wondering about confused about give us a call. Let us take a stab at it. Of course it will be a biblical call because this program is not just about making lots of money. It's understanding that money is never a goal unto itself. Rather, it's a tool to meet the goals the gods of plan for you in your life well in advance and again if we can help you with that.

We love the chatted 800-525-7000. Rob must begin by going up to Marinette, Wisconsin Rosie where is Marinette.

It sounds kind of picturesque along like this does sound nice good. How can we help you today well.

In October 28. My 20-year-old granddaughter to help her emergency fund every dollar she put in magic by 50% one per provide her with financial accounts. Electronic $500 in that account and she wanted to make a payment to her college classes because she's trying to become like that okay but right now she's got 50% or $50 account. Emergency account and your checking account and she has $1000 credit card with the current shift on furlough from a nearby hospital, but she holds down two jobs in the interim. My problem is what she spending money on what I consider to be my question her about her finances. Her learn life's hard lesson. This is a great question Rosie.

I'm delighted to hear that the approach that you've taken on this really wanting to be helpful here. So often, especially when it's a loved one, we can get in there and want to fix the problems and you've already alluded to the fact that you're willing to exercise some tough love here if that's the best case scenario and you were in scenting her to say which I love that idea you no matter how you do evidence, others a variety of approaches you are giving her 50% on top of everything she put into emergency fund just to reinforce these disciplines and habits that you want her to develop.

That's fabulous. Obviously, though, I think the key right now for her is to learn how to live within her means, which is really the building block. Once we get past God owns it all. And money is a tool in the importance of holding it loosely and being generous spending less than you earn is right there with the hose and that's really good to be the foundation to her financial success moving forward because without living within your means, it just nothing else works, so we need to find a way to really help her dial into that spending plan and see you. Obviously she has limited resources and doesn't mean that she can't eat out, but she needs to have a line item for that in the budget, and she probably needs to use an envelope system either digital or physical. And when the money is gone, it's gone and she's back to peanut butter and jelly you if that's the case, so I think given the fact that you have been an active participant. You taken an active role in her finances.

She gave you permission and access to her accounts as a result of this incentive you gave her which was fabulous. I think you certainly have the right to speak into it and I would encourage you to do so because of the foundation of this relationship that you have and so I'd sit her down and just a listen I want to help noticed a couple things I appreciate you giving me access. You've noticed that I've wanted to be helpful here financially and try to help you develop the right habits but also have noticed another piece of this which is this credit card debt and you know it may seem manageable now, but they're going to continue to raise the limit on those cards because it's something I like to hold that mountain starts with a small limit to you charge it up and then there can increase a little bit tell you congratulations you been managing your money.

Well, which basically just means you're carrying a balance and then there to keep pushing that limit higher and higher and higher until you're just making minimum payments and even better there collecting some over limit fees and some late payments and that's where they really start making money. We don't want her to get pulled into that cycle of using debt to fund a lifestyle that she can't afford so I would have that conversation and I would encourage her either with you if she wants to develop that spending plan and perhaps you be that objective voice looking over it helping her crafting it or connecting with one of her money wise coaches to help her, but that spending plan in place, but the bottom line is, every dollar needs a name. We need to have a place that it's going and doesn't mean that it has to be limiting a budget actually is free. It's just that we are are spending money in the ways that align with our values and our priorities and we don't spend outside of what God is provided which is what credit cards allow us to do, then perhaps you and sent her for not saving it for living within her means you. Perhaps you're willing to give some credit toward paying down the credit cards if she lives on a budget and you know create some margin and then for every dollar beyond the minimum payment she sends to the credit card to get it paid off. Maybe you're gonna match that instead of matching savings through that and think through it, but I think the bottom line is given. You know how you approach this in the past, given some your concerns about not wanting to just bail her out.

I'm confident you'll come up with the right approach on this.

As you move forward make sense though I was thinking of doing exactly right, exactly.

And so that the incentive moves to the problem area for her. Which today seems like living within your means sticking to that budget.

Having a plan and so whether you want to help her or you want to connect with one of our coaches Either way, I think she needs to develop some real disciplines and habits in this area for spending, but were glad that you have that relationship Rosie and you know, if ever you're wondering if every you're concerned you know there toward the bill the lighter side because you don't want to lose the relationship by being overbearing and not that you ever would be.

But sometimes you people see it that way or they start to withdraw and so you always want to keep that relationship open with her working two jobs and everything it does sound like she's responsible and heading in the right direction were glad you called. Thanks go out to East Texas Joe, we have just a couple minutes what's on your mind. I let her thinking wondering your opinion taking my call on yeah well it's a great question Joe and I suspect it comes from a place of just simply wanting to honor the Lord and become faithful with the key here is to recognize as a POA for your mom that really you're trying to carry out to the best of your ability. Your mom's wishes. So if she's not mentally competent to make these decisions, then I think you're in the position to say, would she have done this kind of given her ability to still make those decisions.

So was she a tither before you became POA and is this something she would want and expect you to do and if so, then absolutely, I think you you do that to carry out your mom's wishes as long as it's not harmful to the estate. You do whatever she would have done if on the other hand, she wasn't the tither you would know that. Perhaps you wasn't really a giver and I wouldn't take it upon yourself to make her want to get your trustee for her at some point. If this money is passed you an inheritance. Now you're the steward responsible for the Lord to make the decisions, but I think in this case with a POA. It's really more about what would my mom want me to do if she was able to do it for herself and then to the best of my ability I want to reflect that in the decisions I make. At least that's my perspective. Tell me your thoughts about you.

Okay very good only appreciate your call. Thank you so much. You stay safe there in East Texas. Thanks very much Joe, thank you and God bless you and obviously that's a great question Rob what she had tither in a giver and a generous person before hand, and if so more than likely that's what she would want you to do for her but if she wasn't still her money. You don't have total and complete control of the situation that's exactly right. The role of the steward to reflect the owner's wishes, which is what we should do with the Lord when he trust money to us and listening to moneywise live is Rob last time Steve Moore Mary and Becky were coming in your direction.

Stick around will be right back. Do you know if you have enough money house. Do you know how much is enough. If not, one blue can help with this book. Master your money a step-by-step plan for experiencing financial contentment. Learn how to save and invest and give wisely create a long-term financial plan and how to get out of debt.

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So here's a quick way to get back I got the third second first John chapter 4 says that plot to about 16 first John 416 we know and rely on the really messed up as if we don't get can we see that we are really not under condemnation. Can we really know God has blessed God lives inů Complete.

This is where I'm not so that we competent on the day of judgment, because we are like him. There is no lot if not all will worry Tuesday night from 9:30 PM central. No problem for television program the financial wealth you leave behind could be the best thing that ever happened to your loved ones or the worst splitting hairs, giving your money and things to your children without ruining their lives. Ron blue explains why it's important to make these decisions now, instead of forcing your heirs to do it later. Splitting hairs will foster a real appreciation for the precious resources that God has entrusted to you, and it's available. Click the start button moneywise. today and as a matter of fact we have one to three lines which means if you considering making a call. Not quite sure if you really do it today, you help us out. Not to mention our engineers and all the people working behind the scenes you'd help them by filling that phone line right now 800-525-7000 and Rob us today.

Today we give away the grand prize later in the program.

You know, I don't think so though okay well maybe tomorrow but we will give you the best of our abilities. The best advice we have so 800-525-7000 Tampa, Florida Mary, we know you been holding and we appreciate that and what's on your mind and help dilemma.

I track 13 years with life insurance company. I have two I rock IRA and their got like $100,000 in their and I've been trying to wait it out.

My two years to be up and 2022 but now I was thinking about moving that money out of their I'm going to be penalized about $3000 but I want to put it in every Jones I would say and because 10 year contract.

I've got myself into a man life insurance company.

Me and I can only make as much to reset some account and 3% and others feel like they're making all the money I'm not making it. I can only get one statement a year and I high you know I'm on my bed trying to talk, no, no, you shouldn't surrender the children you $3000 but I figure I'm 69 years old. I figure that by the time I get ready and need this money, I would agree 3000, and perhaps God willing, yet I have some profit on top of that. Yeah well this is one of the reasons I'm not crazy about using insurance products especially for retirement accounts because you really don't need the tax deferral you've Artie got it. And so, although they can provide some stability in terms of returns. You certainly give up some upside which are alluding to, and limit your flexibility, which are also alluding to is result of this surrender charge married could we approach this.

You know, you certainly could just go and move it out and I would interview at least a couple of advisors. Make sure you have a good plan for where you go from here. You know if you I'm hearing you don't need the money right now you don't plan to touch it for some time.

Is that right okay so yeah you you could theoretically recoup that you need to be able to wait it out and so forth.

But the other approach would be to say, you know, could we do this over time so you know is there a certain amount you can take right now without any surrender charge.

Do you know I can't. Okay yeah me so you perhaps you say instead of taken the hundred thousand right now would take 50,000 and move it out and start investing it separately and then a minute. You have systematically draw it down in such a way that makes sense to minimize the cost associated with surrendering that policy and in getting your money out.

So I think that would be the next question I would ask is, could you build a draw down over a couple years where you could instead of paying three grand. Maybe you pay a thousand or something like that and then slowly build up that Ed Jones account you were talking about with the proper diversified investment strategy that's can I get you some better growth, especially since you don't need the money right now but you know if you'd rather just get out of it be done with it, pay the 3000 think that's a terrible idea. I guess I would just look at could you phase it in and and save yourself some money that be the only question I would ask okay Mary. I don't know anything about an anniversary date that all of them anniversary date again. Maybe I could check into it maybe get a portion of it, you yeah because after the first couple years and you've Artie you since we paid a lot of those upfront commissions that weren't so forth. So the surrender charges start to fall off.

They can go up to seven years, so it may not happen quickly, but you should at least be able to get a portion and hopefully save yourself some money.

Mary were going to leave you with that.

But if you get down the road a bit and you find that your continuing to run into a brick wall here. Feel free to give us a call back and we hope that that little information helps you today. Thank you very much your listening to moneywise like we have a break coming up I think is me just enough time to read Maury's email. He says dear Rob, where can I find an amortization schedule online and how does it work well amortization schedule basically is just a schedule that says how much of each payment is going toward interest and how much toward principal the way it works. Those with an amortization schedule or amortize loan interest is paid first, and then after the interest is paid based on the interest rate in the balance.

The rest goes to principal sum, the majority goes to interest upfront last to principal and that it switches over time, your mortgage company can run that for you or you could use any number of calculators on why just Google amortization schedule mortgage calculator you'll find a number of a bunch of them out there. Thank you very much for your email. This should we as Christians think about what if we could invest our money in a way that aligns with what we believe Eventide we believe it is possible to love God and love our neighbor in the very practice of investing we designed investments for performance and better world so you can invest for the future with a sense of wholeness and purpose. We call this investing that makes the world rejoice. More information is Christian healthcare ministries enables believers to show love for one another by sharing each other's health costs through CHN's voluntary health cost-sharing programs members uplift each other spiritually and financially. CHN was an eligible option under the affordable care act and a Better Business Bureau accredited charity interested. Learn more by calling 800-791-6225 or online at CH ministries.more time.

This is more moneywise live in this universe of the week three. Therefore, rid yourselves of all malice and all deceit and slander of every kind who are spiritual may grow up in your salvation you have tasted that the Lord is first Peter 21 through three radial verse of the week, but that didn't stop Ronald Clay from trying to rob Brinks truck in prison. Ronald learned his father died just broke hopeless. Ronald yielded his life to Christ and turned to movie radio for spiritual growth today using Moody theological seminary go is to be used way that you have read Ronald stories in this month's Free newsletter lift go to my movie buying a home is the largest most nerve-racking purchase. Most of us ever make. It doesn't help that you're entering a maze of unfamiliar words and confusing options that can leave you intimidated frustrated and afraid.

You can take advantage of navigating the mortgage mates by Dale Vermillion help you clear up the confusion on rack your nerves and make the best mortgage decisions possible with confidence navigating the mortgage maze available when you click the start button moneywise federal appeals court has appealed the Justice Department's decision to abandon the case against Pres. from former national security advisor Michael Flynn that will in the prosecution against the Senate rejecting a GOP effort to advance its police reform bill resisting GOP promises to consider amendments to the bill.

Democrats insist only by going back to committee, will they be able to redraft the bill to their liking Senate has approved the nomination of a Mississippi judge to a Federal Appeals Ct., Cory Wilson is the 200 federal judge named by Pres. Rob and confirmed by the Republican-controlled Senate governor Wisconsin activating the National Guard after Tuesday night violence near the state capital in Madison starts falling sharply today that I was off 710 points the S&P down 81. This is SRA news to find the kingdom advisor in your area, or perhaps just see all the free resources we have available for use of the you can work on your budget and some other things into not to mention a lot of biblical encouragement. You'll find that and more. When you visit our website moneywise.O RG 02 mass little hello hello Becky, how can we help you, Which are about here 20 year mortgage. We had a 3.99% interest rate our home about 184, and we know about 85,000 like to redo our kitchen and we figured at 25,000. Unfortunately we don't have the money saved up for that you have to get a loan or something that we been talking to the bank and they came up with an idea that we would meet home again another 20 year mortgage at about 3.74% and they would roll that 25,000 men. Our plan is to pay extra on and he said if we pay about 500. We compare house. After that, each year, which sounds wonderful. We would like to have that no bank rental properties and we were trying to figure out if we can use that for any kind of leverage we owe 11,000 on one of them.

30,000 on another 34,000 on the mop plan we can collect all properties as well as that 25,000 that will need for the kitchen well into one mortgage can about 3.74% rental to be paid for and then leave it only have one payment right now is about $1100 if we took that class all of the rents that were generating which is around 2300 week then we can pay that off. I don't how many are just really sound like just a little anything about that.

I don't know why he just doesn't have a good feeling. I just wondering if one scenario sounds better to you than the other. Yes, I understand that the last option where they're suggesting you perhaps may want to roll it all into one will talk about that me with the 25,000 know so what is your current rate on your existing mortgage with a balance of 85,003.99% okay, you're six years into a 20 year mortgage okay yeah so I don't like that option just because you really aren't saving anything. So the cost of the transaction.

You know, to refinance it and get this new mortgage. Let's call it 110,000 instead of 85,000 by rolling the 25 man is gonna cost you know want probably a couple of percentage points. It's gonna cost you several thousand dollars and you're really not saving anything. You're on the interest for this period of time.

So what I'd prefer you do is probably look at a home equity loan rates are still fairly low. You and I can get to 3.75 you can be up around 5%.

But you're not can it disrupt that first mortgage and extend the term from 14 years back to 20. You're also not going to have to pay the cost of the refinancing that first mortgage so I kinda like that better and then you can just focus on paying that off just as quick as you can as you had planned and not disrupt that first mortgage with regard to the second scenario of rolling everything in the one I mean, I realize I can make some sense on paper because you're enjoying the you other, the rates associated with a primary residence as opposed to rental which would normally be higher but the downside is again were extending the term from what you have today and one principal. I like to follow is to not put our primary resident residence at risk for business and that's really have to how you have to look at these rental properties. This part of our business that were and whether it's a second business or side business or your primary no income source. It's a business and so I like the idea of keeping that separate from your personal finances, both in terms of the books as well as the risk associated with the because if something were to happen, you know, I realize you can always sell those.

But if you got into a real you know predicament now. Your personal residence is at risk associated with the debt service of those rental properties so I just kinda like even though I realize you can end up costing a bit more, like keeping those two things separate and just focusing on trying to pay those off out of the cash flow of the business, but I completely concur that the goal should be to get debt-free on all of it.

So I think if I were you, I'd probably sit tight with everything you have and just add a home equity loan for the 25,000. Assuming you have the cash flow and you can really service that well and then just focus on paying that off as quick as you can and then perhaps at that point. Turn your attention to trying to pay off those small rental property balances does it make sense of Becky and now I currently have no closing cost on a refinance that makes promotion right now, so I don't know if that is yeah the only downside there and I want you to get the disclosure you know with the truth in lending statements. You can see exactly when they say no closing because what is that mean and you know there are going to be some cost the outside of that there probably not including but so I want to know exactly what those costs are all in, you should build a get that from them an estimate. But then, secondly, we've got a deal with this extending of the term.

So if you're going to do that, you know, just recognize the implications of going from 14 your mortgage back to a 20 and that even though you're going to save on the interest rate you could end up spending the same or more in total interest just by lengthening the term of all of these notes versus where they stand today, so just make sure you factor that initially evaluated Becky were glad you called and will be praying that you and your husband find a common ground on this.

That's a good question thank you very much.

Brookfield, Wisconsin Alethea, we have a couple of minutes here.

What's the situation with your local church regarding ending and getting new building.

I know the different church and I have been and have taken a different route and wanted no biblical and back to her chip where you like fundraising campaign or thoughts on the fundraising campaign back in now and then some do like save up their ties over years and then expand based on that wondering about and what that bad for the church.

Yes, well, you know this is something that your churches really need to pray through starting with the pastor and the lay leadership to really make this decision with intentionality. I wouldn't say that your violating Scripture by borrowing I would say that the warnings found in Scripture apply to churches as well as individuals regarding debt and so we gotta be careful. We got understand that limits flexibility and limits our ability to do ministry and so we need to go into that carefully I when I was the finance chairman of a large church in South Florida. We did a $5 million building project we went into it say when I can I borrow a dime and we let the general contractor know on the front end that if we don't have the money. We may call you and say stop building and they were a little surprised, but they said okay will do it and that's what the Lord provided and we built it completely debt-free so take your time.

Pray through it I wouldn't automatically borrow and I try not to but I wouldn't go as far as to say it is unscriptural you. We appreciate a call. Thanks and more moneywise. Many people are experiencing financial challenges such as credit card downsizing that in jobs saving more than half of all divorces are the result of financial pressures at home in your money counts biblical financial expert Howard shows that the Bible is a veritable managing your finances will discover the profound relationship, your money counts is available when you click the start button moneywise and I'm here to help you understand God's purpose for your life to the eyes of a layman, always look to robots and inspire us to be better that we are the problem, of course, is that most liberals role models are living lives that lead people away from God pursuing the things of this world front of the one who created them. Unfortunately the problem is just as rampant in the church when Jesus is no more disciples fire love Christians are seen as anything but loving Google analytics confirmed that were seen as being angry and that's not good that's not being a good role model is a convicted.everything you do move people closer or further away from God that brings it down to where the rubber meets the road. You might want to keep score. Your job is ignite revival outside the walls of the church by moving everyone every day closer to Jesus. You need help doing that. Go to deliberate and determined in seeking solace rights as the deer pants for the water so my soul pants for Mike's first living these words of a man who's been described my soul pants for Charles Spurgeon's remarks. He says David was hearts did not see that he did not enjoyment of his absolute sense water is so his very self. His deepest life was insatiable for sense you delivered determines I'm writing my factual ministry.

One many people adopt an attitude toward marriage and finances that it will all work out somehow.

But sadly, it often doesn't financial woes can devastate a marriage but there is a better way.

God's way, money and marriage God's way by Howard date will help you discover God's approach to growing your finances strengthening your relationship with your mate and cultivating godly joy, money, and marriage God's way and moneywise God's wisdom. Today's financial choices and decisions were happy to have you out there today today happy to have Millersburg, Ohio.

Well Lori were so glad you called today how can we help you wondering what formula is to determine when it's time to spelling you vehicle how much repair is paid out matter.

Yes. Well, that's a great question, let me tackle the first part. First, there are some general rules of thumb, and that's all they are. You ultimately need to make the best decision in light of your financial situation, but some of those rules of thumb are when the repair cost start to exceed some people will say the vehicle's value or 50% of the vehicle's value over 12 months then that's where you should start to seriously thinking about getting rid of it. Another rule of thumb is, I think Edmonds will tell you if you spend more than one year's worth of monthly payments on repairs, then it's time for replacements to part with the car. So I think those are kinda some rules of thumb we should look at in terms of you still owing something on it.

That's not a concern as long as you're not upside down, which just presents other challenges. I think the key is if you can use a private party sale and maximize the value of it to be able to satisfy the loan get out of it. Hopefully with a little bit of equity and some proceeds that you can then roll into another car that you can afford this. Perhaps maybe a little newer and be able to. You enjoyed not having the repairs that you're facing right now that would be great. So I think the starting point for you here Lori is to establish the market value of this used car you can go to, which is Kelly blue book or and once you know that market value then you can decide, okay, based on what I've spent what I'm looking at does not exceed 50% or even 100% of the market value of the car today and if I'm going to have to take on a loan for a new car another new newer car new to you, you know with the amount that I'm thinking about putting into this or have put into it exceed one year's worth of monthly payments. That's when you really start to think about okay the general accepted principle that the cheapest cargo known as the one euro right now starts to break down because of the sheer amount of money you put in for repairs to make sense okay absolutely Steve, anything you want to add to that what color is it Lori white white none of those rules apply for. That's what I know I'm just kidding.

I think Rob's how old is your car 099 okay well this is 20 so you're getting up there.

I think all of Rob's advice was great advice.

Establishing the market value of the car and looking back over the last year to see and what you spent repairing it would be the key issues there are lesser something really outstanding or unique about your situation, but since there probably isn't. So take Rob's advice and will pray that God opens a window opens a door and helps you move this one along so you can get another one without any more debt if at all possible. Glad that you called today thank you very much. 800-525-7000, Calhoun, Georgia Jonathan, what's your financial situation that we can help you with your name along.

We're looking into getting a wheel might and I guess my question is kind of a report question, but what's the most convenient way for us to get a wheel might and what's going to be the most affordable way for us to get yeah you know you can download Jonathan free or low-cost will templates from the Internet illegal zoom would be one. They have a interactive website we can put your will.

Together, the average cost of a will, though, prepared by an attorney is going to be about $375 and I would just say, as a rule of thumb that's worth it.

This is something you want to get right. You want to make sure it's appropriate for your state you want to make sure that you've thought through all the considerations. Certainly, if you have small children and minors at home will is critical. And it's important for everybody that's critical because you're naming a guardian something were to happen to you and your wife but you just want to get this right and it's more about the questions they're going to ask and the things that they'll help you consider not to mention Jonathan. You can also take care of some other things the same time a durable power of attorney healthcare. Sarah get a living will. Some of those things that could be really helpful in just making sure your wishes are carried out should you get into a situation like that in the future so yes there are great options out there online that are affordable.

I would just encourage you to find a godly estate planning attorney who could do this for you and I think it's worth the expense. You will have okay Jonathan, thanks for: Rob, since you mentioned all those can you quickly check those off for us.

Power of attorney a living will or a healthcare surrogate likes explain what those yeah well healthcare surrogates and adulterers and pointed and pointed to make healthcare decisions. If you're unable to make them for yourself so you know that's obviously an important thing for anybody power of attorney is just the ability to act for another person in a certain situation, such as when they're incapacitated now and something needs to step in and make decisions. A living will is a written statement that just expresses someone's desires regarding medical treatment in circumstances where there are no longer able to express informed consent and an advanced directive something like that. So these are just key pieces to have in place.

Steve, I think, to make sure that your wishes are carried out in an end-of-life decision making process. Or if you're just incapacitated which may be temporary and somebody can act on your and typically a general attorney could do these things for you and maybe could even do all these along with you will all at the same time.

Sure yeah now an estate attorney would be someone who really specializes in these types of things mean there are so many different types of attorneys that do all kinds of certain areas of expertise so the state attorney would really concentrate on these types of things right. Great information for the Apollo Beach, Florida hi John, what's on your mind you.

I think we should start a new job.

Not having employed only will you look at more than just an IRA. I advised the owner that will would like to do 320 and 30,000 you're sure you said to have the 401(k) the owner 401(k) or the individual K they can call it, is that you have the ability, in many cases to put in more money with the sap IRA. If you qualify for it and you don't have some of the expense with the management and maintenance of the 401(k) even though they make it fairly simple. With the soul. Okay I like to set up option just because you really have complete control over how you set that up to the custodian is what you gonna pay for it in the individual investments inside it. So you know if they're recommending the 401(k) over the setup. I would just want to know why and you know it could be that based on the revenues of the business, you're just not able to put enough away and so you're better off with the 401(k) but for most businesses that are doing good business.

You should be able to put in more with the setup than you would with the annual contributions limits of the 401(k) and keep the expense at a minimum, and keep ultimate flexibility with the investment so I want to know more about why they're recommending to go away from the sap because I'm a big fan okay John. We appreciate your phone call thank you very very much. Have a great remainder of your day and brought before we go today. I thought perhaps we could mention the magazine one more time because your staffs putting a lot of effort a lot of work into this.

We just did a great podcast the other day that's going to be a part of the upcoming E magazine.

So tell us more about it who's it for what's it about and how can people get a copy yeah would love for you to sign up for our brand-new E magazine last quarter was the inaugural edition on financial hope, but our new addition comes out next week actually in the field is the moneywise family so will be giving you tips on raising money smart kids are preparing for an upcoming wedding. The questions you need to ask your engage your the person you're in cage to your future spouse were going to be dealing with other issues related to communication, even preparing for that first child and what you need to know about dealing with money and as you said Steve are featured podcast for the new edition of the magazine is with Chante Feld on a groundbreaking three year study she did on why 77% of married couples say they can't communicate well about money don't and she identifies really the reasons that is and how to overcome that and that's all contained in the free moneywise he magazine so here's what you do decide to moneywise Click on the green band near the top it says subscribe and that we would love to capture your email address and as soon as it's out will send it over to you.

No cost.

That's right. And when you're there at moneywise. It's also a place where you can make a donation if you feel so led.

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