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Train Up Your Children

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
August 5, 2020 8:03 am

Train Up Your Children

MoneyWise / Rob West and Steve Moore

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August 5, 2020 8:03 am

Teaching your children biblical financial principles is a gift that keeps on giving. Whether it’s your giving, spending wisely, or working to get out of debt, how you manage money will have a profound influence on your children. On the next MoneyWise Live, hosts Rob West and Steve Moore welcome Compass founder, Howard Dayton, who shares practical steps to teach kids wise biblical money management. That’s MoneyWise Live at 4pm Eastern/3pm Central on Moody Radio.


Funny, today's version of moneywise live's prerecorded store phone lines were not open. Parents naturally want the best for their children to see them grow up into adults who are paired for all the world throws at them, teaching them to manage money wisely is truly a gift that keeps on giving. Proverbs 22 tells us train up a child in the way go when they are old they won't depart from our host Rob West joined today by company's finances God's way, founder and were getting logical next.

I think our date is raring to go on this topic of gene kids about money. So let's hang on ST pedagogical somebody give you one of those word of the day flip calendars now. I got confused. I was thinking either podiatric or theological data got all jumbled together soon. We will dive in Howard. Our dear brothers with us today were delighted to build explore this topic that he has so much to say on Howard. Welcome back to moneywise will drop like a fool with me for not much as days in the department will Howard this is a critical topic coming sharing the gospel with your children is of course the most important lesson you can give them.

But after that, managing money, God's way is pretty important to his.

It really is Robin best way to become what I like to: M DP parent with him standing for model kids need you handling money outweigh first what you do will have by far the greatest impact on your children. Whether it sure you're giving or using a spending plan working get out of debt or saving or your work ethic.

All those will profoundly influence your children for the rest of their lives, but that's not enough to remember the M is modeled the verbal communication in it so important for us to link up God's word with our actions we need to verbally tell our children that what were doing is based on the Bible. Given chapter and verse. For instance, if your really making an effort to get out of debt. Share with them. Proverbs 22 seven.

The borrower is servant to the lender and kids we want to get free of debt so we can give more so we can save more motivated, even from an early age to understand everything you're doing with your finances is based on God's word and in the lastly the P stands for giving them practical opportunity to apply what they seen us do in her to say.

And naturally, the opportunities need to be designed for their age.

But in every case, Rob. The strategy should be based on what I like to call the little big principal that's found in Luke 1610 he was faithful in a very little thing. Also, faithful, and much so is your children prove faithful will small responsibilities there compared to assume a large wind after the handle quarters wisely there ready for a few dollars and when the handle a few dollars welder prayer for more responsibility for their you have that that's really the big picture become an MVP parent in you, I'm a grandparent city. It's a gift that has a huge impact on the rest of their lives when they understand what God says about money and they been applying it is as younger children swell our you laid out so well. I'm thankful for really that overview because as a parent if you understand that you're beginning to communicate that God owns it all were teaching these principles, but were doing that by modeling were doing that in a very practical way that really is the foundation and we got just a few seconds left. The challenge we have your Howard is that kids are learning this, there not to getting this in school that I am getting in college. In many cases at home so they don't understand that God's word is so much to say. Do they try to remember the 2350 verses and cows were dealing with how to handle money and fundamental reason he gave us those principal realized when he was can be a challenge for all with us today as our special guest Howard date and how it's an author, teacher, the founder of compass and obviously the former host of this radio program on today's broadcast is prerecorded, so we won't be taking any calls but how again comes back with some practical principles to help us teach our children about money and life run on the same track.

Unfortunately, sometimes it seems like your money is heading in a different direction from your goal, 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 start when it comes to investing guidance you want advice, grounded in God's word. That's the approach offered by sound mind investing. SMI has helped tens of thousands of Christians acquire investing wisdom and confidence. Regardless of your investing experience or how much you have to invest can learn to be a wise and faithful steward in the area of investing a short video webinar on profit and peace of mind is available now sound mind Mrs. Max McLean. Some people make life difficult. How we need to respond to Bob. Matthew five and pray for those who persecute you, that you may be sons of your father in heaven. He causes his sun to rise on the evil and the moon, and sends rain on the righteous and the unrighteous.

If you love those who love you, not even the tax collectors doing that and if you greet only your brothers, what are you doing more than others do not even pagans do that heavenly father is 95. Listen to the Bible so everything to hear more radio And if that is robbing you of freedom and peace of mind. Christian credit counselors can help where nationwide nonprofit counseling organization has helped over 3000 individuals in the last 27 years get out of credit card debt percent faster while honoring that that info to learn how Christian credit counselors can help you visit Christian credit Christian credit 800-557-1985 moneywise your post from last and as I mentioned, the special guest friend Howard date and joining us to talk to us about one of the most important things you can ever do in life and that's training your children or your grandchildren how to manage God's money and Rob IQs while Howard date was just sharing with us before the break that we need to be MVP parents we want to model God's way of handling money. We want to verbally communicate God's financial truths that we want to get practical opportunities for them to apply this and I can't help but think that that some folks are listening today saying model model. Maybe you haven't gotten that quite right window I do, do it doesn't really start with me. Do I have to fix it. Really, what I'm doing and in my life. First, because of what I'm demonstrating my kids absolutely Robin, fundamentally, that means number one we have to learn word says about handling money and then begin to apply it. It's interesting, I'm leaving my 75th small group financial study and very rich. We always asked the same question in all the groups you looking back on on your learning about finances in your in your household.

Did your parents model. These principles and did they verbally teach you what God said about handling money. I would say less than 5% can say they actually modeled God's word when it comes to money and actually communicated.

This was based on God's word. This is why I'm so passionate about parents learning how to do this in, and frankly, if your grandparent you could help model that sure you're good communication with your with your children how to make sure they're there on board with you. But even grandparents can have a huge impact on the way, kids learn how to handle money well. It never ceases to amaze me how when I asked someone what was money like growing up as they begin to describe that scenario. They begin to realize the profound impact it has on how they handle money today and so it really is important, but don't get discouraged and just throw your hands up, you can start wherever you are. Right now learning God's way of handling money and then talking about these truths with your kids, let's move to the practical side of this were some practical steps to teaching kids wise money management found in God's principles that this is not rocket science principles are really pretty simple.

The key of course is applying those principles, but here are some of the ways that we have done it with our kids and soon as children ready for school. They should receive income to manage parents need to decide where the income can be earned or given as an allowance if you choose to give an allowance line.

The kids routine chores without pay their fair share of the family, work, and if the chores are done. Know the children should receive the allowance out the amounts can vary according to the age of their ability to earn don't make mistakes. I'll never forget.

I used to take my son Matt we would bike up to the corner store. Get a pack of gum Saturday morning. I was just part of our routine is dad and son together and no matter how hard I tried, I mean the pack would be gone in about an hour wherever we decided that when when he started to get an income that he is going to pay for that and I'll never forget it comes out of stories get gained expression on his face. He said they took all my money and had setback gum lasted for a week carefully rationed it when children begin to understand when they would they buy something it costs them money and are much more careful with it so you teaching them that right out-of-the-box. They do needed income but do they work to earn it or do they get it as an allowance, but have to do family chores is key. Slots way we handle it at our home.

We have four kids, my 14-year-old and 12-year-old boys and twin girls that are tenants we'd taken that same approach they have daily responsibilities than they each have their weekly chores that they have to do and that's just expected as being part of our family.

But then there's those extra jobs that they get to do periodically and that's where they get paid in the pay depends upon how excellent they did their job and I think that tends to work pretty well, but the key is you have to find what works for you, but Howard, regardless of what parents decide to do in this area of allowances or commissions for chores if you will that leads right into budgeting. So what's the best approach is kids begin to receive money will Rob it's really important when their younger children use a really simple system. It will we use what we call the three jars labeled each one of them, one with give one was saved.

One would spend in the kids distributed a portion of their income into each jar and what we learned was that even a young child knows when spends are empty. No more money to send as they get older you can transition to an envelope system by having increase the number of options they can use the money for it. I think it's a great idea that before they graduate from high school teaching to use a budgeting system or even online budgeting system like in a course teach them basic shopping skills to be wary of advertising and impulse bending all those basic things that will help equip them to handle money as adults and you don't Rob it's really impossible to overstate how important this is because when they get married if they're used to using a spending plan, even if they if their spouse is not they can work together to really control their spending and their income be able to give more be able save more wiser in handling the resource slide your future son or daughter in law will be very grateful. Howard wanted on two more quick things before at a time. Today debt is there a real-world way to teach kids about the danger of that. Yeah I love the story of Roger getting loaned his son and daughter money to buy bikes that they desperately wanted to drop a credit agreement with them at hand. The debt repayment schedule and when they finally got it paid for net included interest by the way when they finally got it paid for their mortgage burning ceremony is learned was easy to get ended that it can be hard getting and maybe they took better care of those bikes and did any of their other possessions. One last about 30 seconds left. How we teach our kids to be generous. This is something parents want to know will start young. It's important especially when they're younger to see that their gift goes to need meet a need that they could see so they can see the impact of their gift on never forget when we took our kids to couples without this need of money, and it had a huge impact on impact as the voice of Howard date and the founder of compass to find out more about him and his wonderful for God bless and thanks so much for being with us loved.

Thanks. This is moneywise live on Steve Moore. Do you know if you have enough money of house.

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Yes indeed, this is moneywise the wisdom coming directly from God and his Word the Bible, but were not live today.

We are pre-recorded, but we have some great calls and questions all lined up.

I think you'll enjoy them so stick around to Chicago evolution.

How can we help user hi Mike, so I started in the job market right now.

I finished my school I went to school I got good grades. I got the medical school, but I am doing in the USA.

So now I have to wait three years to get my life so I just came in America started working have a $25 dollar job and I'm trying to get a car and rent, and nobody wants to offer me rent that no credit and when I try to buy a car but getting on a 30%. II don't know money. I did everything correct Larry taking advantage of evolution on the first of all, congratulations on your hard work and were delighted you're here in the USA. Unfortunately what you're experiencing is the way our credit system works.

When we moved to a society where instead of a handshake and a personal relationship.

We now rely on a scoring algorithm to determine how likely you are to repay as agreed, that we found ourselves in this situation. It's all about a function of your repayment history and the time period over which you have been demonstrating that repayment history and whether that information is positive or negative. And so, time, or lack thereof can be a real challenge is your experiencing. I think the key for you is just to do what you can and really there's two things you can do number one is save as much as you can so that as you go when you have a strong position financially whenever you're trying to buy a car, a down payment, a larger down payment obviously speaks for itself. Number two.

Your history will build itself over time.

So every month that goes by that you demonstrated employment every month that goes by that you show more credit history that's going to be really positive. I think you know, you probably want to look to a secured credit card which could be from your local bank.

I think discover offers them and for folks that have poor credit, which should be under 600 credit score. That's usually the way they need to go. You'd put a certain amount on deposit with your blood. So your bank two or $300.

They give you credit card attached to it, you wouldn't be able to charge beyond it. What you could do is put recurring budgeted expenses on that card.

So if you have a certain amount you pay every month for a budgeted item goes on the card you pay it off in full every month that you pay that off you are showing as an on-time payer and that is going to help your situation. So I think that is not to be a quick fix to this but if you open that secured credit card and you just continue to do what you're doing. Managing your money responsibly staying employed and letting that time build up you'll find that very soon.

I suspect you'll be able to get into that apartment and you'll be able to make that a car purchase and just be careful not to let this credit as it builds allow you to get in debt but is that helpful to you know Marty are doing on my credit. Why are they getting like 30% APR with no credit so I didn't get that good or bad, but there giving me upright and would like under 600 credit better APR rate which would make you think that that is happening. When I checked online on the calculator APR for bad credit score under 650 is around the between 10 and 18, and are getting 30% when I got dealers and trying to get card okay but keep in mind those are two different types of credit one is an installment loan and one is a revolving credit accounts number two what you're seeing online may not actually materialize for somebody that actually goes to the process of trying to qualify the rate that they come back with. Despite what you see on these websites may be considerably higher than what's quoted there and so I think that's what you're seeing. It's the difference between the different types of credit revolving versus installment and what's actually offered to someone. If you have under 600 credit score, you have a really difficult time getting a credit card of any kind, let alone one with a decent rate so I don't think perhaps you're seeing a situation where it's being that you know there's different weights and measures here. It's probably you're just getting a bad information, but I think the bottom line is you just need to keep doing what you're doing try to save up as much as you can and fairly soon you should be able to buy that car because you've got a healthy down payment and each month that goes by that you're going to build some credit, but I get that secured credit card. I think that'll really help Lucian. Don't get discouraged and will pray that God open some doors and windows for you buddy thank you very much for calling Linda is in Cleveland and Linda, we have just a short amount of time. What's what you situation here alone already on your IRA likelihood will negotiate on different, along with that notary title insurance typically you can't negotiate those you will find that those are set fees.

Now you can get the interest rate down by doing something called buying it down and so there be a certain amount up front that you could pay to court" by down the rate if you have the ability to do that you have the cash to do it. It can make sense for a lot of people because remember instead of just putting a little bit more down, assuming Yorty have a significant down payment. You're now paying a lower interest rate for the life of the loan, and that can add up to a significant amount of money but in terms of you going in and negotiating the stated fees for appraisals. In closing, because in those times, they typically you're not going to find people readily willing to negotiate those you may if you're going through a broker. But if you're going direct to the lender.

Probably not a think what's your better option is shopping. Different lenders not going with the first one you. We did a show not too long ago. Linda talked about the fact that people often take the first loan they get without shopping because I think in most cases there just tired of shopping for the house and selling it. All the things that go with buying a home there. Just like yeah I'll take it assuming sues their prequalified and I think spending some time going to bank online lenders going to your local bank and really shopping not only the rate but also the closing cost. These really certain when you have to run, I'm afraid.

Thanks. Call wish you the best. This is moneywise live more coming up this how should we as Christians think about investing. What if we could invest our money in a way that aligns with what we believe that even time we believe it is possible to love God and love our neighbor in the very design investments for performance and a 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 the Better Business Bureau accredited charity interested. Learn more by calling 800-791-6225 or online at CH ministries.more clear communications here within any Bible Institute found in Isaiah 5410 Fenton Mountains made a part call one 800 family this month's moneywise magazine were giving your family to send closer together and closer to true financial freedom, practical advice to shrink the financial patient in your marriage, budget friendly family activities and more free moneywise magazine subscription is waiting for you when you work/sign-up membrane by airlines and their unions were federal money to keep paying airline workers is getting a 16 Republican senators have endorsed a proposal to give airlines billions so they can avoid layoffs through next March, Chicago's mayor, announcing that the nation's third-largest school district will not welcome students back to the classroom.

After all, and will instead rely on only remote instruction to start the school year. Defense Secretary Mark Asper says most people think the deadly explosion Tuesday in Lebanon.

The killed at least 100 people was an accident. Lebanese officials say a large stockpile of ammonium nitrate left over from a seizure exploded at least one American was killed starts climbing again on Wall Street. The Dow added 373 points today. The NASDAQ game 57. This is SRA news, this is my last things happen to have you with us today on tape the day off, but glad that you are not that you're there and that you're listening and I think we have some interesting calls, comments and questions coming up that you may find not only interesting but helpful. So we hope you'll stick around Cape Coral, Florida, and Rory what's in your mind, all like to hike time.

I get it now. You not stop liking here. Yes Rory tell me there. So what you have saved up in the way of return, what types of assets and then roughly what are the balances are we hundred 32.0 1K we have 101.

Talking that we don't like the alternate weekend for some like to enter a quickly only thing I'm not checking back open current line in my car back about eight in each okay very good. Thank you for that.

You know roughly what the balances on the 401(k). I put 12,000 okay so if I just do some quick math here. It looks like you have about about 325,000 or so is that right yet hundred 32 and then 12,000 401(k) about 101 and the CD and then 83 from interest related in checking. Okay, so you've got about 325,000 all that if we were to put all of those together and those would all be available for retirement income is that the way you're seeing each of those accounts you just described okay and have you put together a budget Rory that just says here's what we think we need to cover our expenses in retirement. If you looked at by a 20 year and I told them the day Try again and I no idea that we collect and share that included this include your savings okay and then do you know how much you can get from Social Security already. Okay, very good.

I will here's a way to approach you know there are rules of thumb Rory out there that say something to the effect of your typically going to need somewhere between 60 and 80% of your pre-retirement income to fund your lifestyle in retirement. The reason it's less than your current income is you're not saving for the future and if you have kids there probably grown and maybe not on the payroll anymore and your expenses tend to come down. Hopefully your debt free. By the time you enter retirement so if you need 80% of your income. The goal typically is to say okay we want to save 12 times your annual budget in order to have that put away so that you can then draw an income off of that.

But a more accurate way to do it is just to say what we actually need. What is our budgeted amount that we need to cover expenses on a monthly basis. What guaranteed income sources do we have in your case that's the 2200 a month you receive from Social Security and then what is the gap what we need to make up with our interest or income off of investments and if I just do some quick math that 325,000 or so if it's invested very conservatively. If it were to generate 4% a year would throw off about a thousand a month and where you should never have to touch the principal meaning you could just live off the interest and the two of those together. The 2200 a month that you're already receiving from Social Security plus the thousand 83 from the interest should trough around $3280 a month which really should get you close, that's about 40,000 a year. So I think the good news is you're really on track to be able to generate the kind of income you need. The only exception to that would be have you thought about long-term care and if there were some major medical expenses which is typically the unforeseen major expense during that season. What is your plan for that and you're probably a little bit too late to buy a long-term care insurance, but I think that would be the only other consideration. So I think at the end of the day you're on track.

Here the last thing I would mention to you the Rory is I think you could benefit some from some retirement planning from a financial professional. And if you go to our website you can find a financial planner in your area there in Cape Coral that could help you run some illustration so you can see everything I just said on paper and that would probably give you a lot of peace of mind that would indeed Rory thank you very much for your phone call today. We appreciate that time for one more before the break Miami and then we know you've been holding for a while.

Thank you. What you question what you might call.

I put up one Kate from the company law. Example, if I put my mom and dad Mike right now the market looking a lot like I don't like to promote because of the market on only the demand yeah and then here's my thoughts on that first of all, when you think about the various places you can invest money and by the way, the notion of investing is clearly supported in Scripture. Many of Jesus parables used the investing ID at the center of the parable on the investor was the good guy. We also see principles in the old and New Testament around investing some you know that's part of the role of the faithful steward and we look over the last hundred years in the United States. The very best place to build wealth is been in a well diversified properly invested stock and bond portfolio.

Now the market is going to ebb and flow. And that's why you should be systematic in your investing, which is what you're doing when you put money into a 401(k) I would target 10 to 15% of your paycheck going into retirement. I put the first 3% up to the matching your 401(k), then I'd fund a Roth IRA, you can open that at Charles Schwab or Vanguard really like and then if you still have some room to go to get up to that 10 to 15%. I go back to the 401(k) and put additional contributions. There and then we hope that helps. Thank you very much. We wish you the very best. No one knows what the future holds, but for the most part. If we have a plan. We want to stay in the market continue to contribute to the 401(k) blowing up here momentarily and take another break this reminder. Today's broadcast is being recorded.

When we come back, hope Indiana will be chatting with Linda she wants to know what a widow needs to know when they're approaching for retirement. Are there any special areas of concern as well.

This is moneywise live with Rob last time more. Many people are experiencing financial challenges such as credit card debt downsizing that in jobs, savings, more than half of all divorces are the result of financial pressures at home but there is hope 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 will I got very tired. I'm here to help you understand the urgency and how much fun it is to share your faith in the eyes of a layman, you know, those who don't know Jesus have never knew Jesus more with every day bringing more vendors contradicting this Court.

In fact, misguided directives, there's nowhere to go but Jesus, for real, absolute truth.

These are peace in the midst of the storm. Jesus is the same yesterday today and forever, in whom there is no narrowness or shadow turning my soul finds rest in God alone.

He is my rock and my salvation is my fortress, I will not trust in Jesus allows us to rejoice when we run into problems and trials you know they will help us develop endurance and strength of character and her cough and hope for salvation, for we know how God loves us. Do you realize how desperately urgently almost run. You need to know Jesus like you know Jesus is doing is Jesus Christ and the Bible teaches in Matthew 26. Jesus was the Christ, the son of man doesn't fit Jesus. He was one of the prophets and forgot. The Bible teaches in John 14 Jesus claimed to claim he was special, real story. The first followers of Jesus Christ to die for their belief story they made Jesus for our sins, God except Franks already paid through the death of 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 Dayton will help you discover God's approach to growing your finances and strengthening your relationship with your mate and cultivating godly joy, money, and marriage God's way is moneywise today being a part of our listening audience. Even though today's run is just means don't try to please keep listening lots of information coming your way, particularly if you're interested in retirement.

Rob quite a number of retirement calls today and I think we have at least two more hope Indiana and Linda what's your question, I know I would like to know how to avoid yes well and I'm sorry to hear about your husband's passing. You know this is a good question to be thinking about as you head into the season, so you're still working currently is at right okay alright and do you feel like your income. This is covered with the retirement asset you have and the other income sources, retirement okay alright in between his retirement in the Social Security the survivor's benefits that you're receiving. Does that mean Linda your monthly obligations okay very good will that's good news that you have what you need to cover your lifestyle and your expenses. Do you plan to stay in your current home.

I think that would be one of the first considerations is really as you pray through it and think about this next season of life and what God has for you that you feel like he's calling you to stay right where you already think you be making a change of some kind. Okay well I would certainly recommend staying put for at least a year following your husband passing. We don't want you to make big decisions during that period of time as you really think about and and really seek the Lord for what he has for you. Next, you know, I think, as you process this a couple of thoughts. Number one is I would die have some good counsel around you and so I would seek out if you don't already have someone a financial professional to help you with financial planning, just making sure that they looked over all of your assets and understand where things are positioned looked at looking at any investments that you have to make sure somebody's giving oversight to those in their properly invested and want to make sure that you look at your will, and any other estate type issues, and do you have an up-to-date healthcare surrogate.

Do you have a living will and some of those really important estate planning and legal matters that need to be handled and perhaps updated.

If you haven't already, even a durable power of attorney if that's necessary.

So I would visit with a godly estate planner at some point in the near future to look at all of that and in those are really the primary considerations from a financial standpoint I think that perhaps the third beyond the looking at the budget, perhaps beyond visiting with a financial planner or investment advisor and then updating your legal side would be.

Lastly, just thinking through. Do you need long-term care insurance and based on your age. Is that still an option because perhaps the biggest risk if you will that's out there. During this season of life would be that you would need some long-term care and it would be it would go on for some time. It would be expensive and that can erode your assets and so really having a plan for whatever care you might need and whatever care you would desire you want to be in-home care or would you like to be in assisted living. If you needed it know and that you have a plan for how that would be funded and whether there's a an insurance policy that would be helpful in that I think those are the primary things that I would be thinking about now, but again all of that I think can take some time. Again, we don't want to make any big decisions and I would lean into your church family during this time as well and that's where the body of Christ is all about and then finally, if I may Linda ask God what he has for you during this period of life I want to recover a bed and get used to you are a new station in life, in your new season of life doesn't mean God's going to put you on the shelf you have maturity and sure you have skills and talents that would benefit others. So once things get straightened out to where you feeling a bit more comfortable about where you are asked God what does he have for me now and were glad that you called today and that helps. Thanks so much Rob. I like those don't make any quick decisions stay close to family and friends of those who want your best, and then make sure that you have all your estate issues updated and in place, and those are pretty good things to cover their when you find yourself in a situation like the death of a family member. I think that's right.

And just having a plan knowing you're working your plan is just help you to take one step at a time and have a little bit more peace of mind that see Beth is in Indianapolis send Beth what's on your mind today. How can we help you.

Thank you.

Number of years ago that were to retire at age 83, that they would earn would be greater at that later number and I also heard that if you wait to be as much a 30% savings increase and. I'm wondering if that's accurate, in part, that you can actually your Social Security will increase beyond full retirement age which is either 66 or 67 x 8% a year up to age 70.

Once you reach age 70. It will not continue to increase and so that would be the time that you would take it. So if your full retirement age is is 67 and you wait three years you have about 24% more than you would receive if you take it at full retirement age, and it's also true that you would take a reduction in what you earn. If you take it at any point prior to full retirement age princes to be taken at age 62 can be about 30% lower than if you were to take it at 67 so you are correct in, and that really is something each person should look at. First of all, do I need the money.

Can I wait and if I can wait. How is my health, and what I rather get that higher check for life realizing at some point. There's a breakeven where the higher check.

Even though you've delayed in taking it will make up for the money you haven't taken for those three years and then end up giving you more for the rest of your life and a lot of that comes into how long will you live, what is your life expectancy. What is your health and again do I need the money right now and that something for each person to look at, but the answer to your question is up to age 70. You get an additional 8% year okay Beth got bless you, but I thanks Beth S and see if we can get to one more Hoover, Alabama, and Jeff what you question for Rob West McCall. I have AA mortgage question retirement probably and 9010 mortgage two different lenders. It was probably originally an 8020. But right now the ratio is probably 90% of principal. The second mortgage is roughly 10% of what my main mortgages.

Now the bank made some errors, a little over a year ago. They finally got it corrected in and on the smaller of the two mortgages they made it a 0% interest mortgage are our loan. Really, I think they just switched it over to a loan so I still have a large principle on my primary but I'm wondering if because of the other loan is zero interest. I've been paying extra toward paying it off if I need to just go ahead and get that paid off. Or if I would be smarter. That's no interest to put my money into my other mortgage that does have a did not have an interest rate just a really interesting situation. Do you are you under the impression that that is going to continue that there will continue to be no interest charged no interest charge for the rest of the loan date. They made a pretty large next day and I think stave off any sort of legal action on that and they just don't be entered in a will this make you happy okay well yeah I mean the on paper that makes a lot of sense and there's not really a reason necessarily for you to accelerate that one.

Other than just to simplify the situation by having one loan instead of two. But if that interview don't have any strong preference to have an overly simplified mortgage structure of the key is that I want you to build some equity as quickly as possible.

Are you saying that you actually owe as much as the home is worth. Are you just giving me the breakdown of the amount of the mortgage that's out there now.

I probably have. I probably have 50,000 in equity. Okay, probably about 30% equity in okay and at this rate, when with the smaller of the loans with no interest be paid off if you discontinue paying the minimum. If I just continue paying the minimum. Probably five years yeah I like that plan to me. That makes a lot of sense to me because we want to try to retire the debt where you're paying the interest. It's not like this, things get to be strung out for the next 25 years is to be paid off within five years. It's interest-free you not taking on any new debt.

This is money you've already borrowed previously and so if it's me I'm prioritizing the first primary mortgage which with a harassment balance where you pay and some interest Jeff were glad that you called today and around that's an interesting situation and scenario never heard that one before.

Sounds like a pretty big year Steve I have neither Jeff again were glad that you called Rob. Always a pleasure Sir will come back and do it again the next sounds great, thanks. If you like to know more about money and what God's word says I can't think of a better book to recommend to you than Howard Dayton's best-selling book, your money counts.

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