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Don’t Make a Home Shopping Flub

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
September 1, 2020 8:03 am

Don’t Make a Home Shopping Flub

MoneyWise / Rob West and Steve Moore

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September 1, 2020 8:03 am

Overspending used to require you to leave your house and exert a bit of effort. But in today’s era of home shopping and smart phones, you can easily bust your budget while sitting comfortably on your couch. On the next MoneyWise Live, hosts Rob West and Steve Moore give you ways to avoid that danger. We’ll share how not to make a home shopping flub on the next MoneyWise Live at 4pm Eastern/3pm Central on Moody Radio.

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Once upon a time overspending required a bit of effort you actually had to leave the house.

But what happens when you can sit comfortably at home in your jammies and with a simple click bust your project. Well we all know the answer to that spells trouble for T, the smart phone and just a little indiscretion that advises president Rob West gives ways to avoid that danger. Your calls on anything financial at 805 7800 525-7000 times more don't make a home shopping flub next moneywise line art Rob computers and smart phones have really become lethal weapons for the budget.

Yes, I'm still trying to get over the fact he was about jammies and flub here in the beginning of the show and not even two minutes and yet to be a good day. I'm thinking I'm out of my jammies class is so full of good leaders and smart phones have become lethal weapons for the budget and it's really because they're an actual computer with a telephone app you you can do just about anything these days, and that includes getting you into trouble by overspending. It's just too easy Steve to see something you like push a button and the next day there it is on your doorstep. So it's a great temptation. That sure is hey did you see telephone app just a moment ago to see telephone app just want to be sure about that sent down the road that I will.

This is scary but how did we get here anyway. Well, obviously, technology has made it easy, but I think boredom is another factor. If you don't get out of the house and do active things you look for passive ways to occupy yourself and usually that means going online. Listen to this.

Americans racked up 1.1 trillion in credit card in a recent survey showed that were spending nearly hundred and $50 a week more than we budgeted almost half of those responding said that online shopping was a major budget buster. Hence today's program so more time online in many cases means more time shopping online and this is especially true if you are already an impulsive shopper credit cards have always been a problem for impulsive shoppers. We know that the Internet just makes it more of a temptation right. Oh I would sooner say that for sure Steve in the same way that using credit cards rather than cash can make you spend more at the grocery store, the mall shopping online has made it so much easier to overspend. Everything is just one click away many cases the site already has your payment information, making it even easier. You were living in a world where money has become invisible in so many cases the ease at which we can now spend it online has become a real challenge. While I never thought of it that way. But yes, you're right. Money has become almost invisible. The bills however have not, but the money itself kind of invisible arts. What we do about what the good news is there are actually several things you can do about it and we want to give a hat tip or two are in estimable engineer and occasional cohost Rich arousal for suggesting them out first is establishing a layer of accountability to your online shopping and of course this is much easier if you're married, have shared account so you and your spouse, or perhaps another family member can see what each other is by now wait a minute. We spent many years recommending people not have shared accounts mean leased in some areas but you're saying in this case it's accountability, oh, absolutely. And, and I would absolutely recommend shared accounts for husband and wife definitely have them current. Okay, so having someone look over your shoulder can be a good thing. What's next well this one is an extension of the first to make a house rule that when you want to buy something online. The other person your accountability partner has to click the purchase button that will often lead to a discussion about whether the purchase is really necessary, or you just want something because your board. Let's hope that discussion itself doesn't become too spirited. This might be also good time to pray together about the purchase as Howard Deighton often says it's impossible to argue with someone when you're praying together so very good information what so what's another way to curb some overspending online and this is an oldie but goodie so you don't want to buy things you haven't planned for in your budget but a powerful tool to avoid these impulse purchases is what we call the 30 day rule. Don't buy anything online until it's been in your want list for at least a month and I would say the other one is perhaps don't five fall for the one time only offers you know that great price that may never come around again has probably already come around somewhere else, maybe even several times if you and God wants you to have it, then it will be at the right place at the right time.

Great information taking calls at 805 five family wagon this month's moneywise magazine were given your family to send closer together and closer to true financial freedom, practical advice to stricter financial computer caged in your marriage, budget friendly family activities and more free moneywise magazine subscription is waiting for you moneywise.org/site if you're investing for retirement or any other goal you may be wondering if it's possible to enjoy both profit and peace of mind, no matter what's happening in the market.

Sound mind investing is a short video webinar on that topic. Sound mind investing.org SMI has helped tens of thousands of Christians learn to be wise and faithful stewards in the area of investing profit and peace of mind matter what's happening in the market.

Sound mind investing.org this is gold scams are nothing. You combine wood covered brass ring with Erica lutes. He then going to crash might be seen coming from inside contract.

The retreat to clean us unless he does, great value for today are reaching for something that will give them a sense of security fairly bad things they seem to have everything taken because all that is gold came so that you can have life the way God intended forgiveness and peace satisfaction life forever in heaven, that's you can even chat live with someone now needs him.org 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 data and phone to learn how Christian credit counselors can help you visit Christian credit counselors.org Christian credit counselors not call 800-557-1985 long. Today I moneywise live more and you're out there just getting ready to dial but you forgot the number well no worries, it's 800-525-7000 taking your calls and comments question suggestions today on anything financial we have open lines so this is a great time to call 800-525-7000 just before the break we were talking about avoiding online compulsive shopping. Any other recommendations Robin, we want to make light of this, because you know maybe you are I would buy you know a book we didn't really need her. I don't know parishes, let's say, but there are some people that really attend overbuy and sometimes it really can get in the way with their budgets and with their spouses, and the last thing he wanted to was split of the family or put ourselves in a terrible position financially because were over buying and we can stop what's right and I would even take it one step harder than that. Stephen say as stewards managing God's money.

We have a responsibility to be found faithful. Now that doesn't mean were not able to enjoy what God has entrusted to us and clearly in Scripture, we are but it's within the context of content minutes within the context of God's priorities are values aligned with Scripture and the goals that come out of that and being aware that we may have the propensity to buy things to perhaps appease ourselves. Sorry for not having a good day.

We may react and buy something just to make ourselves feel better. Those aren't the right reasons to be buying your here's the child we were talking about this just before the break.

The Internet has made that in many cases a real temptation because you no longer to get the car, drive to the mall you just pull up the browser and you can go shopping so yet. We said that have an accountability partner put the 30 day rule in place, perhaps.

Don't fall for the one time only quote" offers another one would be you as you really think about things I want you to really consider whether it's in need or want and really just think about this idea that you may want to instead of buying certain things put that money in a personal benevolence fund that you can use to help somebody in need outside of your household. That would be a great way for you to say you know what each time you make a purchase.

I just consider whether this is something I really need and perhaps this is something that would allow me to be more generous. So careful consideration pray through it and see if it doesn't change your spending habits.

So, if you know your FedEx delivery man by first name any baking cookies and he comes by and tells you what's going on with the spam, you can't get out the front door because that wall of boxes that had all those things are just telltale signs. We have some big news really big news coming out that spent eight months in the in the works. Do we want to reveal it now, or should we hold off, you know, let's get them in suspense just a little bit longer, maybe take one call and then come back to what you think. Yeah okay good one.

Call only if that call is from let's set some parameters only if the call is from Coos Bay, Oregon. Let's say and then if it is they will do this.

The other thing. Okay, let's say hi to Michael where are you calling from Sir so there you go. Hey Mike said I were just ignorant with you here. How can we help you nice to have you with us.

Well, I'm getting a settlement will change. I talked about buying a house. Well, my father didn't like talking coming up the bike and I have the money to buy a cash for some left over account but I mean I don't know what you mean. Should I pay like Downing and he payments or some well Michael, here's the thing. And there's the financial side and then there's the emotional and I would even say spiritual side and in a week. We recognize their clear warnings in Scripture about the use of debt, but I wouldn't say by any means that having that is a sin, I think we need to follow certain rules we would tend to say number one if you're married, you and your spouse to be in complete agreement before you borrow. Number two, we should only borrow if there's no other way to pay for it. Number three. We should have an absolute commitment to repay number for the economic cost should be less than the economic gain that we stand to benefit from when we buy it, meaning we don't want to use debt if at all possible for depreciating items so I think there are some rules that can keep us you know it in check. And of course we want to make sure that it fits into our budget so that if organ have to provide debt service, meaning payments like a mortgage payment. You does that fit in your budget, and is it going to provide some strain and stress on your budget and such a point where it's gonna prevent you from achieving your other God-given goals, meaning you're not going to be able to give like you want to give risk to prevent you from saving for other short and longer-term goal. So I think you gotta put all that into the equation. Now one of the things that you'll hear when folks say you want to pay off your house because it's a low interest rate. Number one, number two, you know it's deductible if it's your primary residence in your itemizing number three you can do a lot better with that money. Other places to be seen what's happening in the stock market and all of that is true. On paper, you could make a case that makes a lot of sense for you to have a home mortgage because of the things you can do with that money. But what I think that discounts is either a real conviction either on your part. If you're married on the part of husband and wife to be debt free and if the you have that conviction. I wouldn't dismiss that letting the other thing that that financial equation discounts is just the peace of mind that comes with know that knowing that you own your home and being completely unencumbered, and being able to just go wherever the Lord leads without having this hanging over you and being able to sleep at night. Stephen and I been doing this for a long time and I will tell you we never had anybody call that said, I paid off my house last year and I just haven't been sleeping well because I really regret we just don't get that call and so I think you need to really pray through it and if you feel like you want to just pay it off. I think that's a great thing. I wouldn't hesitate to do that you follow the same right monthly bank you know your low interest loan, but I don't have to pay taxes, property tax rebate are not. I don't pay property tax might primary house because the veteran screen. It would just be just be the only financial thing you have. If I paid bought a house would be the insurance and electric and water well in that just allows you to live very modestly and hopefully allows you to have a good bit of margin which you could do some additional giving with you can obviously say can invest so I love the idea of you being debt free now if you said wrong, we don't have any problem carrying a mortgage for a portion of what it's can it take to buy this house. It's not something we feel really strongly about would like to own it. At some point but were okay taken that money doing something else with right now. I wouldn't argue with that but if you have the least bit of conviction and desire to remain debt-free like you are today, which is a really good feeling I'd say go for Michael and don't look back at Michael H that you call and I think maybe part of the issue.

There is just because the amount of money seems to be someone you know we have a couple hundred thousand dollars is due. I really wanted to plunk it all down. It just seems a little foreign it does you know and having access to that cash being able to know that it's there if you need it and it becomes somewhat illiquid as soon as you paid against the house is now either got a refinance at a regular salad that takes time and money. I get it, but I think there's also something, especially someone in his situation was already debt-free. There's something about being debt-free that a lot of people are just really excited about and I don't blame him neither. Well, okay, listen were going to a policy or take a break and then will come back to crutches, Andrea's call.

Stacy's been holding patiently get all these good folks have something to share with you right after this break, so don't hang up your driving careful about it but stick around Mrs. moneywise live West 800-5257 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's hope in your money counts biblical financial expert Howard shows that the Bible is a veritable managing your finances will discover the profound relationship with God, your money counts is available when you click the start button moneywise live since everything here is one importance to me personally. Matthew 18 world because of the terminology is right there in the line in the original Greek language the world because of offenses must come to man by chance, it's what the world is not like what I went through so many different data stating we read about in the newspaper by the world we live very very interests me principalities, things will happen to me experiences 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 counseling by Howard Dayton will help you discover God's approach to growing your finances strengthening your relationship with your mate and cultivating godly joy, money, and marriage counseling is available and moneywise live.org today. Thank you very much moneywise live at 800-525-7000. Okay let let's cut to the chase here.

You and a number of members of the kingdom advisor staff that been working on something feverishly for the last eight months you're excited. I'm excited. Why should we be excited well Steve today is the official launch of brand-new moneywise.

Wow, here's why that's such a big deal.

We have been working on the team led by Chad Clark and couple of wonderful godly and very talented developers since January have been working on the app they might say Rob, why did it take until September.

Well, this is just not your average this is your digital envelope system connected to all of your banks and institutions using the latest in security and technology to automatically download all of your transactions put it into your custom budget. This is the place where you can go to listen to all of our broadcast archives to stream this program on Moody radio moneywise live live every day.

Whatever you're ready to do that. There's even a brand-new community section where you can go in and pose questions and engage with the moneywise community.

You can search for a certified kingdom advisor and did I mention that I think and I'm serious about this, that it's the best digital envelope system I've ever used. Here's one of the main reasons we developed it. I've been out there using digital envelope apps for a long time as you might imagine that I do.

I tested them all and every one of them. Although there are some great ones out there. Every one of them had something that was missing at least as far as I was concerned to be able to track my spending plan and download my transactions and custom categories and being able to tie it back to my funding accounts whether it savings or checking, or both. And so we said you know what I think we gotta build our own and so we found world-class developers to develop the spending plan app that I think rivals no other and so I want you to go get it.

I want you to check it out. I want you to engage in the community and listen to the show and use the envelope system and there's a lot more coming. The team has so much planned in the months and years ahead. So this is only the beginning but it's a great start to here's what you do.

Whether you're in the Google ecosystem and you go to the Google play store earlier in the Apple ecosystem and to go to the Apple App Store. Just search for moneywise you'll see it is moneywise biblical finance. Download the app there's no charge there is a pro subscription. If you want to download your transactions automatically, but you can use it manually.

You can engage in the community. You can listen to the broadcast archives.

There's no charge for any of that so downloaded today go search in whatever App store you use for moneywise biblical finance and let us know what you think and you heard it right here from Rob Rob West's own lips. This is not this is not your average app.

This is an above average far above is visiting. Is it in color colors. There are lots of RX is a digital, fully digital, fully digital, you do need a computer that you need a computer smart phone or a town alone and and there's even a web app coming in the next couple of weeks so you be able to pull it up in your browser, but right now with the use of smart phone or a tablet and iPad download. You can start tracking your budget today telling you, you are going to buy stuff with you.

We are talking about purchasing stuff there and I know I sold inside the snow not think you can as a sign of those you know I'm not right in the cutting edge of this is dating apps like this can date I can find a date if Marsha says it's okay I can do that with this app. No no no no I get so many levels. No how do people look at it today when when this program is over how they find it one of the UK to go to your app store. So if you're in the Google player the Apple App Store and then you just type in the word. Moneywise you'll see it there moneywise biblical finance and you can listen you can even turn off the radio and live stream. This program right now if you wanted to, but make sure you turn it back on a little bit later but yeah it's all there, but I am so excited about the digital envelope system. Steve you'll see your transactions come in. You can automatically have been filed into your getting categories in your tithe in your eating out in your groceries a minute go right in there.

It brings the logos of the cup. The vendors that your spending that you can even have savings accounts of your saving for a car you're saving for a child's education you want to link your savings account. You tell the app that it's a funding account you can put it into an envelope and see how much you say it's all they are and runs incredible running at a time.

Okay, move on, but I'm sorry goodness number from right from Rob Weston says it is not your average Orlando Florida hello Roger, thanks for holding on and what your questions are Nike contract. All my life income is been up and down coming and covert basically field.

I do not see being able to go back to work between I liked I would have liked working till 70 and you make the maximum social. I do not honestly able to go back. Sorry thank you sure got the point.

Now forget the x-ray percent income coming in. Now that's scary yeah garage. I can certainly appreciate that and I would say absolutely you know that's why it's there, it's there to be a support to you, you know, it was only intended to cover about 40%.

But the good news is, hopefully, your lifestyle is less than you know it we're moving forward than it was when you're in your working years and you know it would be great to get that extra 8%. But there's a couple of factors that really make that a viable for most people. Number one that you're in good health and you expect to be able to take advantage of that higher payout for long period of time and number two that you don't need the income right now and you do and so unless you have another plan to solve for that. I would say go ahead and take that and know that it's there and it's part of God's provision of this pray for you quick father.

We just left Roger up to you are his provider and sustainer bring provision bring comfort walk alongside them during these difficult things in Jesus name Roger hang in there buddy would let you call less carelessness to their prayers as well.

This is moneywise live. Investing is more than just returns. It's an expression of who you are and what you value is the way you invest your money reflect your identity as a Christian and eventide design investments for performance and a better world so you can invest with the confidence to reach your financial goals while remaining true to your Christian values and commitments. We call this investing makes the world rejoice more is available. Best eventide.com invest eventide.com 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 hi my name is Lyle wish you the radio verse of the week is found in Psalm 127 versus 1 to 2, unless the Lord builds the house, those who build it labor in vain unless the Lord watches over the city of Boston stays awake in vain that you rise up early and go late to rest for he gives and that is Psalm 127 versus one through to the Moody radio verse of the week. Founder Dwight Lyman once said, we walked in the wilderness to the promised land tomorrow will provide flanking him with the remainder, 100-7101 2170. 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 counseling 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 counseling is available and moneywise live.org president from visiting Kenosha, Wisconsin the day the president toward a recent riot so and visited two businesses in Kenosha, but it burned down during the riots and made a commitment for funding to rebuild those businesses and support local law enforcement. The Pentagon says China is increasing the number of capabilities of its nuclear missile force which is much smaller than the US is in a new report to Congress, the Pentagon says it expects China over the next 10 years to double its stockpile of nuclear warheads, a federal appeals court has blocked a New York prosecutor from obtaining president prompts tax returns on the president's lawyers continue to fight a subpoena seeking the records around a sentence announcing he will lift the states ban on visiting nursing homes starts closing.

Hire the Dow up 248 points. The NASDAQ was I had 164. This is SRM use comes from Matthew Matthew 621 is also treasure Savior Jesus Christ is obviously that's where were want our heart to follow and main let's continue on today by going to Wellington, Ohio, Andrea, what you question for Rob Carolina Carolina my mobile home and my need to my current malware here in Ohio and now mobile home in a decrease in value and a lot when I tell my mobile home a lot. You why pay income tax on yeah Andrea personal congratulations on your new marriage that's very exciting.

You generally speaking, a by the way, I'm not a CPA seven always check with a tax preparer tax professional for your specific situation to make sure everything is done properly, but just me talking generally how this works of the loss on the sale of a personal residence is considered a nondeductible personal expense. You can only deduct losses on the sale of property that's used for business or investment purposes. So what you could explore and there are some nuances to this and again you'd want to check with a tax professional. But you could only obtain a deduction for a loss. If you sell this home you converted to a rental property before you sell it. Now your deducted deductible loss will be limited because when you converts from personal use to rental use. You can only use either the lesser of the property's fair market value or the property's tax basis it, but there will be some nuances to that because this is a mobile home which is slightly different. So bottom line is, generally speaking, no. But if you're really interested. Depending on the loss of what the potential tax savings as you could talk to a tax professional about the possibility of converting this to an investment property prior to the sale and then you would just want to understand fully the implications of what that means and what the potential deduction is based on the calculation of the basis which is really what's can determine the loss of that you would have to deduct in the first place, so check that out if you have a tax preparer great if you don't there in Ohio, or perhaps where the mobile home is located. Search for a certified kingdom advisor in the tax area by going to our website moneywise live.org just click on find CK so she could turn things around a little bit. If she made a rental property out of this.

For this I did you happen to know what amount of time it would have to be a rental property outside night.

She's in a need to check with a tax professional. Just get all of those details and make sure that this even makes sense and it's possible in her situation. She may just find that it makes more sense to sell it outright be done with it and take the loss and move on.

That's something they can work together and really wish the best with that. Thank you for asking. Let's continue our speaking of Ohio where Andrea now lives Akron, Ohio hello Stacy, welcome to moneywise live, all share. I call my mortgage company. They tell me have not radically get why I bank in their family, but I would have to call and get a payoff quote now that they charge you payoff quote once before with them on that one, but I don't want to pay that payoff quote Moody at all over the need to check that Stacy, what is the fee they're quoting you for this. I know it seems silly. Okay, you know, a lot of times it's 50 or more. This actually is fairly common. So in two pieces to what you said it's actually fairly common that for your last mortgage payment, you have to send in a certified check, and it's often the case that they're going to ask you to send it to a different address than what you been using it could be because it's a different division of the mortgage company or even a third-party firm that's going to go through the process of releasing the lien from the house which would also explain why you can use the online payment system that you have been using so and with that usually comes a fee so you know I want this to be done right. I want the release of lien to be done right. I want you to get the proper documentation.

So if it were me, Stacy, I just even though I totally understand what you're saying. I'd probably just go with it send it where they're telling you to send it send the certified check in that 1999 and let's just be thrilled that this is paid off.

You can get the release of lien have all the documentation in order if you just really have a hang up with that.

I can certainly appreciate that. Perhaps you can call and just tell them what you're trying to do and see there's any other way. But what I will tell you is what you're describing here is fairly common, and the last thing I will say is congratulations for paying off your home.

Yeah, we wish you the best of that, Stacy.

We understand where you're coming from but this is kind of typical Linda I suppose you could get out of the bank and you know create a bit of the scene. Maybe pay that 1999 a Nichols or something, but a great witness is not a Stacy. All kidding aside, thanks very much. We wish you the best with that the bank is in business to make money. This is just part of it is St. Louis, Missouri, Darien, just a couple minutes or what's in your mind, so all really quick on my father now really entering into the workbook now making more money than I've ever made. And so I have also have no current noted bill. So my question is how do I maintain a and handle that correctly and get that taken care of while still save money and you know be able to enjoy life totally get it and I've got the answer but let me ask a couple questions.

First, you mentioned you have some debt. What you have is a credit card no more so like a couple car loan. Goldratt, probably a little over $50,000 were all totaled up and you have an emergency savings account. No not not actually I do have money saved up. I have about $4000.

They okay that I haven't paid any debt towards that if I did, I probably wouldn't have that yeah yeah very good price, but you don't have credit cards and you have a little bit left over. Typically a month, usually yes okay so here's what we need to do number one want to start learning God's way of handling monies were done here today. I want you to stay on the line and Amy Rios is going to send you a copy of Howard Deaton's book your money counsel want you to read through that and begin to digest these biblical principles number two.

You've gotta have a spending plan and boy do I have an answer for that Darien we just today released our brand-new moneywise apps go downloaded in the Apple App Store the Google play store and set up your budget because that's the way you make sure that your spending money that reflects your values and your priorities.

We want to keep your lifestyle as lean as possible so you can focus on condition additional savings want 3 to 6 months expenses and paying off that debt. By the way are moneywise coaches be happy to help moneywise live.org knowing you stand in line with do you know if you have enough money house. Do you know how much is enough. If not, one blue can help his 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. Find it all in master your money by Ron blue available when you click the start button moneywise live.org hi I'm very glad I'm here to help you understand how urgent it is to share your faith every opportunity to the eyes of a layman.

Share your favorite adventure requires no talent because it is not about you it's about the people God brings to you and God wanting to reveal himself to them through you and he not you knows exactly what they need to hear to believe, except his son Jesus Christ as their Lord. When you get in the way of what he wants to tell the conversation go sideways. You don't have to repair warrior what you say. The Holy Spirit does that for you and the words, your mouth will surprise even you wonder where that come from blackout great fascia is the exact opposite of the uptight plot trusting God and allowing his Holy Spirit to flow through you and change your life in front of you. There is nothing more exciting than knowing God is using you to move people closer to join is not America famous Lewis and Clark expectation had was to its source and drink from. If only he had satisfied his thirst for all restlessness proceeds from the never felt less like the present. Soon afterwards Meriwether Lewis died of suicide you drink the sweet water of success and conquest get what you wanted in the Bible you creators created by and for ourselves instead missing Jesus died to pay for every wrong thing done so you can find void if you come to see Jesus wanted. Call 888 need him, meet him and experience what it means to be thirsty.

Here's a great deal more about our money than most of us imagine Jesus is more about our use of money and possessions and about anything else, including both heaven and hell in managing God's money on the radio and breaks it all down in a simple, easy to follow format that makes it the perfect reference to what you're interested in gaining a solid biblical understanding of money, possessions and eternity managing God's money is available when you store moneywise live.org having a great day where you were on stations coast-to-coast where you are today. I hope it's a the sun is shining and you're having day in the Lord. Thank you. Being there when thank you for calling in the number again is 800-525-7000 and Rob Alfred texted us a few minutes ago and he says are you aware of any mutual funds that invest only in countries that are that are democracies and are open to Christianity, avoiding countries like China China that persecute Christians you know it's interesting that you asked that Alfred you and others in exciting developments going on in the faith-based investing space. Whether it's being able to choose your investments based on companies you want to avoid other companies you may want to embrace even in the area of engagement where you corporate engagement. You vote proxies, and perhaps to send emails to the leadership through the investor relations department. The others more world-class investment solutions that allow you to reflect your values as a believer then ever and one of those. I think really us sinners and Alfred on what you're talking about you often hear Jerry Bowyer on this program. He's we like to call him our resident economist Jerry is a good friend.

He said just a phenomenal economist but he also is a student of God's word and really knows the Scriptures, and Jerry joins us at least monthly juries apart invited financial and what they do is they use an investment decision framework that basically takes all of the principles that you find in God's word around sound economies, including valuing human life, including human productivity, which is at the core of cots designed for economies and they basically look at every country every nation of the world. In light of whether they adhere to those biblical principles or they violate them and then the investment framework either rewards or doesn't invest in those countries based on how they do and so it's a timeless principles, rules-based investment solution. So check that out. I think that might be something you'd be interested in learning more about this a lot of articles there that you can read at no charge. If I didn't funds.com and thank you very much we appreciate that that email if you'd like to send an email to Rob the address to use is questions@moneywise.org questions@moneywise.org Brook Park, Ohio hello Michael, thanks for hanging or holding or waiting but how can we help you so you got the ability to stop what I'm finally on disability and I don't have some back to coming but I also got my garnishment letter yet and I have an attorney.

All my grandpa helped me with about attorney recommended the backpay, but I have a piece about that and appetite for South Coast tax on the same piece about letting them handle it but how you guys all handle that situation with Kevin, what about yeah well I would have that same check my goal about you know whether what you're trying to accomplish is in line with the spirit of the law and what's owed. We certainly want to render to all what is due to them tax to whom taxes due custom to whom customers do and that's what Paul writes about in Romans 13 and so I think you know, in light of the spirit of the law there. We just want to make sure that were not trying to avoid paying back taxes that we fairly owe now if there is a provision which I know the Social Security administration says that a claimant may deposit money into a trust or an escrow account with a representative but it doesn't happen directly. You gotta receive the money first and then put it in, which means it could be frozen in your account. Again, I would always default back to what was the spirit of the law. What's actually own and are we trying to come to get around that and I certainly wouldn't feel good about doing that and I sense from your question. You don't either. And so you just want to make sure if there's obviously a lawful and fair way to handle this. You want to do it because we don't want to pay anything more than Leo, but if it's really to get around tax that's owed any way that I would say you need to go ahead and pay it so I would connect with godly tax professional who can advise you through this just to make sure everything is done appropriately and if you have somebody great if you don't, you could there in Ohio look for a certified kingdom advisor in the tax area. This would be somebody who shares your values and understands biblical principles but also has significant experience and competency in the tax and accounting area. Thanks Mike appreciate it.

We appreciate that Travis is in Indianapolis. Robbie has a question about 529 plans for his kids very good Travis, you're on anyone's live go ahead yeah will hear my wife or any of her two kids. I just learned that are transferable.

So is there a benefit to having individual and or what it meaning benefit to have a single account that transferable between the four of us. Yeah, it's a good question. You know, one of the reasons why you might want to have separate 529's for each of the kids is often the investment strategies will be based on the graduation date and so some of the most simple investment solutions inside. Many of these, 529's are those target date type investment. So if you've got that pegged toward the graduation date.

You can be more aggressive with one account and get more more conservative as you approach a graduation and the other account even if you don't use the target date funds and you just pick from the various funds in the account again with a younger child you can be more aggressive than you are with the. The older child and so you may miss out on some of the upside, because all of the money is getting more conservative at a point in time when it doesn't need to for younger children and so I think for that reason, even though there's a nice feature.

And there were you can move it around among the beneficiaries.

If you don't need it. I still like having those separate accounts for the investment strategy purposes. If that makes sense to you might want want. Let me also just mention one of the things you can change beneficiaries, but you can only have one at the time. So if you have two kids in school at the same time that could be a problem as well. So yeah, I think you're on the right track with these multiple accounts but anyway appreciate your call today. Thanks for listening sir, thanks very much. See the students to Dayton Tennessee next hi Judy, what's on your mind today to make money for my retirement and that part in my part that anyway out my credit card and I'll outthink out and promptly at night time, though I would staff that I can sure sure well, a couple of things there in terms of the capital gains that you potentially owe.

If you have the depreciation on this rental property. If you want to look at something like a 1031 exchange. You have 45 days to select the replacement property and then a total of 180 days from the closing to acquire that replacement property which would allow you to essentially push the capital gains tax forward and you wouldn't realize it until eventually.

You sold the next property and that you didn't replace it with another like kind property so just keep those time frames in mind. I love the idea of you becoming debt-free and I wouldn't wait another day. I going pay that credit card debt off because you get a guaranteed return equal to the interest you're paying you not to get that anywhere.

The real estate market or the stock market. So I go ahead and pay those off, don't think twice about anything else and get yourself in a position where you completely debt free with the rest of it if you didn't decide to roll it into a new property that you certainly could invest in or do some giving. If you want to do some investment side connect with a certified kingdom advisor there in Dayton, Tennessee, and have somebody who understands God's word and who's also a professional advise you on how you could invest this in line with your goals and objectives. But congratulations on the sale and I think you're on the right track. Judy God bless you. Thanks so much Rob one square call who couldn't stand the line for us.

It's like EL from Chicago. She says my husband switched jobs a year ago we received the check from his previous employer's 401(k). Should we put that into a new retirement plan, or roll it into the current employer's 401(k) yeah you can do either one. I would say if you whatever you do if you received the check you want to get it into a tax-deferred account within 60 days. Now the benefit of going into the 401(k) is all the monies in one place and you can invest it in a strategy that makes sense but I like rolling into an IRA as well. Then you have complete control over the fee structure in the investment so either one would be fine.

Just make sure you don't go past 60 days and Steve before I let you call me just mention one more time today right to download the moneywise applets in the Google play store the Apple App Store. Just click on the search bar type and moneywise biblical finance and have some fun is it, what, what's is the official name or title for this app.

It's called moneywise: biblical finance okay and it if one were to Peru's the In-depth would one find your picture your photo, your visage, no, that's not about me.

This is their app for their digital envelopes and for the radio program and community questions and it's not a very is very is you.

You've met the man.

It's not about me that's not what he says to me one were off the air around the program he says in the state. It's not about me but it is about Rob West taking your calls Monday through Friday at 800-525-7000. I'm Steve Moore, always the distinct pleasure to have you joining us today moneywise live is a partnership between Moody radio and moneywise media tell a friend about us.

Have a great remainder of your day doing this again tomorrow for a brand-new edition moneywise


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