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Investing with Pennies

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
September 3, 2020 8:03 am

Investing with Pennies

MoneyWise / Rob West and Steve Moore

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September 3, 2020 8:03 am

Most people let their spare change pile up until they cash it in for a fee.  But, instead of filling up coffee cans with your pennies, dimes, nickels and quarters, why not put them to work? On the next MoneyWise Live, hosts Rob West and Steve Moore share several investing options that require little or no money to start. Investing with pennies on the next MoneyWise Live at 4pm Eastern/3pm Central on Moody Radio.


Need him. What you do with your spirit change.

Most people would pile up until eventually, it ends up in one of those cloying eating machines at the grocery store that takes 10%. So is there a better way to cash and coins filling up coffee dimes and quarters. Why not put them to work financial planner and teacher Rob West sure several testing options require little or no money to start your calls on anything at 800-525-7000 800-525-7000 times more penny for your thoughts. Next on moneywise was a time to have a pile of cash before he could really start investing in the stock market. Thankfully those days are gone right well yeah Steve. The minimum requirements of brokerages have steadily gone down in recent years and now there are many options that allow you to invest with just $100 or less in some cases, no minimum at all like will even talk about today. Okay I will where we start well with a disclaimer of sorts how the investment options will talk about should not necessarily be your first choice. If you have a 401(k) at work where your employer offers matching contributions.

Well, that's what I'd like for you to start if you don't have a 401(k) that I would consider opening an IRA, an individual retirement account and some of the options will discuss today will actually allow you to do just that.

Okay, good. Now that we have that out of the way, what's our first small money investing option. Yeah it's one our listeners have heard before.

It's called acorns. Stephen has a minimum investment of five dollars and a monthly fee of just one dollar acorns literally enables you to invest your spirit, change you give it your credit or debit card login information securely. Of course in acorns rounds up every purchase you make to the next dollar so let's see you buy something for $3.50 well acorn rounded up. Stu rounded up to four dollars and puts that extra $0.50 directly into your account. Whatever your account reaches five dollars well acorn invested for you but now you begin by saying that I could begin with a minimum of five dollars and then a monthly fee of a dollar. That's 20%.

That's a lot yeah so you just have to be careful there and make sure that as you have those smaller amounts. It's gonna be a much higher percentage but you wanted to grow quickly and again acorns as the name implies, from small seeds grow large investments. That's what were hoping for what's next well. Next is one of my favorite Steve sets up part of this new fin tech movement. It's called betterments. It has no minimum investments in charges just 1/4 of a percentage point per year on your holdings a betterment is an automated system.

Essentially, a Robo advisor that allows you to invest small amounts and index tracking exchange traded funds are what are known as ETF's betterment takes all the guesswork out of investing. You tell it how much risk you're willing to take and answer some questions, it recommends funds or ETF's in a diversified portfolio that matches your risk tolerance. It also offers rollover 401(k)s and traditional or Roth IRA's that have a great website and a phenomenal smart phone apps will not go that's good to know are now Robin Hood is another one of these investing apps that we often hear mentioned. So where does that fit into the overall scheme of things. Yeah, well Robin Hood is another one that has no minimum investment and doesn't charge commission on stock trades at all from your smartphone well how they make money. Yes several ways. One is by taking a little from the funds you have on deposit with them also by lending money to you to trade with notice leveraging but we would tell you to never borrow to invest in the stock market. I would say that's presuming on the future right okay I would else whether stash with a minimum investment of five dollars and $100 monthly fee very similar to acorns – allows you to buy fractional shares of ETF's.

That's a great feature because some ETF seven minimum investment of the thousand dollars so much like acorns us – charges you 1/4 of a point annually on balances over $5000 will a lot of these names are newer names. What about some of the big guys are they setting up as something similar to address this competition as a matter fact.

Yes, many of them are Charles Schwab is set up some very low cost index funds. They also have their Schwab intelligent portfolios, which acts a lot like betterment the Schwab S&P 500 fund is a minimum investment of just a dollar another swap fund tracks the entire Dow Jones market index and has no minimum investment required and one more chases something called you invested has no required minimum investment to gives you unlimited commission free online stock and ETF trades great great information is her phone number 800-525-7000 like to speak with Rob last most couples can't talk about yet. Most money books expected. How can you create a budget work pay down debt. If you can even talk about spending or saving with me if you get tense about your just playing avoid money conversations altogether thriving in love and money like Chante and Jeff felt hot is for you and it's yours free when you donate $25 or more to moneywise thriving in love and money for a better relationship not just a better project for 30 years and sound mind investing has been helping Christians reach their financial goals. Step-by-step guidance for investors at every stage from those just getting started, those getting ready for retirement through scriptural principles and practical suggestions.

SMI offers financial wisdom. More information in a short deal webinar on profit and peace of mind, no matter what's happening in the market is available at sound mind's the Sunday morning service were approaching the crucial point one person in the congregation is just holding on. Let's take a look inside his subconscious captain. We just can't take anymore as many banks have completely one night attention span is shot can only give you half and pulls Bella Scotty. We need more power. The sermon lasts for another 20 minutes. I'm sorry Capt. I'm doing all I can just to maintain his life support systems is the Bible too much for your memory banks. God wants you to understand his word. That's why he wrote it down. The Bible contains the key to eternal life to spend time in God's word and then tell others about the only way the truth and the life of Jesus Christ. And if that is robbing you of freedom and peace of mind. Christian credit counselors can help. We are a nationwide nonprofit counseling organization has helped over 300,000 individuals in the last 27 years get out of credit card debt 80% faster while honoring that data and phone to learn how Christian credit counselors can help you visit Christian credit Christian credit counselors not call 800-557-1985 today from taking your calls, questions, comments on anything financial to make the person. However, 805 five 7000 give us a call right now 800-525-7000 that were talking about investing with your pennies with your spare change being able to make small investments. How do you do that, where do you do that. I of course I got an early start as a very young man. I still have my Indian head Penny can collection and I believe they're probably worth a buck may be to but may send them for a long time. After all hundred percent copper okay you don't still make you want that anymore. They'd like that anymore and I anything you wanted anything else you want to say.

Well let me just underscore this idea of this move toward financial technology.

You know, as we move more and more into the digital age of everybody's got essentially a computer in their hands at all times. It's called the smart phone and through these apps that did in some cases can get us into trouble mainly when were shopping online perhaps buying things too easily, that are not in the budget. They can also be used for good financially speaking. And that's when we take advantage of some of these apps that help us to save and in particular I love the idea Steve of automating your savings know if you can do something like acorns with rounding up or you can set up an automatic draft from your checking account after every payday into a stock portfolio or savings account. You know you just set it and forget it and you build it right in your budget.

I think anytime we can automate our savings and our investing were going to be much better off because we don't have to think about it we don't initiated and so that's where many of these options can be very effective especially for somebody as younger and just getting started, so be sure to check them out will have a list of all of the different options for low-cost investing that we mentioned in the open today in our show notes just go to moneywise

Click on the show and that will take you all of our broadcast archives, including the show notes for today's episode and will have links to every one of these organization you know I totally agree with you. I love automated tools like this because generally there a welcome surprise you. You begin the process you sort of forget about it and then when you do decide to check in and see how you doing is generally pleasantly surprised.

So it's kind of a kind of a fun thing that's exactly right now so I would take advantage of.

Okay, let's take advantage of our callers today. We appreciate you being there. We appreciate you making the effort to give us a call 800-525-7000. Let's see how many we can get to Scranton, Pennsylvania hello Ruth, what's on your mind. Hi Ruth hello Ruth, I can hi Ruth are you there I go right ahead. Please hello Ruth, yes, ma'am, can you hear us very pleased that I have some money and not checking account and not on an account and waited until say what my financial advisor would think investing at end something and I had heard something about mental status, the silver and eight goldeneye suggested that to happen maybe with things so unsettled with a virus that silver and gold would be better than anything else will. Ruth and I appreciate so much that you been a diligent saver. You've obviously built up some money that has the potential to be investing.

I think as a steward of God's money. One of the things we should be doing in addition to giving and providing for our families and enjoying what God has given us in living on a balanced budget. We should be thinking about getting a return on God's money as well and the very best way to do that.

But not just to get the best return possible. I think the really the key needs to be. What are your God-given goals and objectives. What are your values as a believer and where is God taking you and how does this money his money as a tool will help you accomplish those objectives and then out of that will come a plan and I think of for most people that will include some investment. So we want to make sure that your financial foundation is in place again spending plan living on God's provision and not beyond it that you're giving generously that you're saving. If you have an emergency fund, great. If you don't I target 3 to 6 months expenses in a savings account. Not trying to invest that.

But once those pieces are in place and as long as we don't have any credit card data were well on her way to paying off our consumer debt. I would say making systematic investments into longer-term investment options is a great thing now where do you put that well I would say, although I understand what you're getting at when you talk about the metals and were certainly seeing a lot of advertisements for them. As of late, because were seeing the precious metals increase with the increased volatility uncertainty, but I don't think that's a place for the average investors core holdings, we would say that for the metals and spring particular gold is typically where most people go, you would probably not want to think about having more than a 5% allocation of your portfolio and you might say will Rob given the uncertainty, given what could happen in the future with the US economy in the US dollar, and oh what about inflation isn't gold.

A good hedge and I would say yes it is but remember when we look at the long-term historical performance of the stock market.

I would say a diversified stock and bond portfolio versus the long-term performance of the metals a trying to time the market is not gonna work in your favor because invariably you're not going to enter on the right date and exit on the right date to maximize the value and be it just doesn't perform as well as the stock and bond market and it has more volatility so I don't want you to take on unnecessary risk. When we would expect you to get not as good long-term performance, at least historically speaking, so is much as you might be tempted to send in overweight the metals given everything I see going on around me.

I would resist that temptation and I would look toward a more diversified traditional stock and bond investment strategy that's long-term in nature, meaning 10 years plus and with the advice of wise counsel which you Artie referenced your financial advisor so I would say let's focus on getting that emergency fund in place, but then with the amount you want to invest. Let's look toward stocks and bonds as opposed to precious metals Ruth. We hope that helps you.

Thank you very much for calling in today.

We wish you the best. Let's see, continuing on down to Orlando hello Roberto, what's on your mind yet.

Thank you for taking my call. I get about like $85-$90,000 in saving how Laura and also we have about $8000 debt in a car that we bought in $2000 $16. That's the only yeah I like talking thousand eight now 401(k) the company that I didn't conjugating, and my wife and I would like to see the way that we can best in you know, not taking too much risky couple questions I like where you headed with this. I'm thrilled to hear you don't have any credit card debt.

You really only debt right now. Consumer debt if you will, is that car loan. You obviously are living within your means. Could you been able to put some money aside outside of this money are considering investing do you have a separate emergency savings or would that be a part of this account as well.

Okay, what would you estimate and this is going to be just the generality here, but what would you guess your total expenses are over a 30 day period.

Well, okay, about 3000. So if we wanted three months expenses. We want 9000 in savings would want 18,000 if you went for a full six months expenses that would be the target for your emergency fund, I'd like for you to move that to a savings account. Maybe an online bank like Ally Bank or Marcus or capital one 360 you could link it to your checking and that's there for emergencies. Then beyond that. Do you have any other short-term savings goals are you saving for a car replacement.

You have a child, it's good off to college anything in the near term, or is this money really money that you can look 10 years plus out.

Well, not much else. And yet the only one… We have okay and tell me about the 401(k) that you had that you said you have a little bit and you know what percent of your pay you're putting into that 401(k) not quite sure beyond they pay like you like 25 or hours something like that.

Okay, here's what I like to do. There is the employer contribution and that's great. Take full advantage of that.

But then there's the portion that you're putting in, and I'd like for you to target 15% of your pay if you can market into the budget going into that 401(k). Most of your investing should be done in these long-term retirement accounts where you get tax deferral which is going to help the money to grow without the taxes being the drag anything beyond though in this existing account that's in checking anything beyond that 9 to 18,000 that you're going to put into savings for emergency fund certainly could be invested. I would just want to make sure Roberto that you and your wife see this is money that you don't plan to touch within 10 years because if you do, I'd rather you not go into the market, but if not then I think you got a couple of options. If you want to manage it yourself. You could go visit our to get some great ideas there. You can also connect with a certified kingdom advisor there in Orlando and see about having somebody help you manage this money in the stock and bond portfolio. But the key is you want to make sure it's done according to your goals and objectives and with the right long-term time horizon not short-term in nature. So I think you're on the right track. I do one of those two roots and by the waist down the line will get your information and send you a copy of Austin prior sound mind investing handbook. I think that'll be a great encouragement to great idea. Every part of Roberto stay with us. There we appreciate your phone call today listening to moneywise life for taking your calls 18 taking your calls at 525-7000 55 7000. A toll-free will be right back.

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Click the start button moneywise today moneywise live and were taking your calls, questions, comments on any financial topic. Maybe it's I don't know.

Maybe it's that giving housing credit saving. Maybe it's something a bit more overtly biblical, something having to do with faith, trust eternity as it relates to your money, your finances, the Bible obviously talks about all these areas, and many many more I give us a call 800-525-7000.

Let's go to Elgin, Illinois and tie. What's on your heart today sir, how can we help you yes that you all are talking about me and that Glenn money that we get it back, but we want to widely differ were we talked about money and already we have sitting in. I think okay all right very good couple of things you mentioned some terms. S&P 500 yields also mentioned the Dow Jones, the S&P 500 or S&P stands for Standard & Poor's and basically it's a Weighted index of the 500 largest US publicly traded company. So think about this is the the 500 biggest companies based here in the United States. The Dow Jones industrial average. When people say the Dow Jones. That's what they're talking about.

Typically, or they might call it the Dow 30 it's a market index that tracks 30 large publicly owned blue-chip companies trading on the New York Stock Exchange and the NASDAQ and so again, instead of a pool of 500. This is just 30 companies and there's a various criteria, we will get into as to how those are selected, but I think the bottom line here is that those are indexes and I can be a great way to invest its very low cost. You can get broad diversification. See not trying to pick winners and losers. You're not saying I want to invest certain amount of shares in this particular company and they have a bad quarter something happens when you own an index you're getting a broad cross-section of the market which can be a very effective way to invest and as of late fees on these index funds either mutual funds or ETF's are coming way down.

So I think the key tires anytime you want to invest need to make sure it's for the right reasons and with your goals and objectives in mind. So what I would say to you is the same thing I said to the previous caller number one want to make sure living on a spending plan and you you got a plan that allows you to take your income and live within that so you're not incurring any debt you have some margin on a monthly basis to make sure you're giving regularly to make sure you have an emergency fund in place. I would recommend 3 to 6 months expenses in a savings account not invested you want to make sure you know any credit card debt. If you do I'd focus on paying that off first because that's can be a guaranteed return equal to the interest rate on the credit card and then make sure you're working diligently toward paying off other consumer debt like student loans or car loans. Beyond that, you should be investing first in your retirement account. You mentioned you have a deferred comp and that's great you want to make sure you're participating in that deferred compensation plan which is basically where a portion of your compensation is good to be set aside to be paid at a later date. Taxes are deferred and this is gonna be a retirement vehicle. See you want to be participating in that with anything you have. Beyond that, I would say a great way to get started would be one of these Robo advisors we talked about. You can look a better mentor Schwab intelligent portfolios through a question-and-answer process there to figure out exactly where you're at what your risk tolerances and then build a very low cost diversified portfolio.

You can also check out sound mind that would be another great resource that sound mind investing one time and let you go right of time but we appreciate your call. Thanks, 800-525-7000 four moneywise 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 at eventide. We 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 invest Thank you from the bottom of my heart I could've had the procedure I needed without CHF's help sharing the bills that letter from a member displays Christian healthcare ministries purpose to glorify God and serve his people. CHF is the original noninsurance voluntary health filesharing ministry, enabling its members to share the cost of each other's medical bills, call 800-791-6225 or visit CH ministries not more hi my name is Lyle worship media. Many 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. Washington stays awake in vain in vain that you rise up early and go late to rest for he gives his beloved and that is Psalm 127 verse one through to the Moody radio verse week. Remember Patrick Henry living on his deathbed he said this about the Bible.

Here is a book worth more than all the others that it is my misfortune never found time to read. Don't let his story meet your story. Read the Bible today and the word can help sign up for this free devotional and the work done today in the 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 store Pres. Trump is a really good sleeping scheduled in Latrobe, Pennsylvania Democrat Joe Biden has met with the family of Jacob Lake in Wisconsin. He also held a public discussion with business figures and civic leaders in Kenosha Pres. Trump visiting Kenosha two days ago, but concentrated on praising law enforcement and accusing protesters of domestic terrorism growth in the US services sector where most Americans work slowed in August, but that was after big rebound in July indicating that lingering problems stemming from the coronavirus pandemic persist, the Institute for supply management reports its index of activity in the sector showing a reading of 56.9%. Stocks fell sharply on Wall Street today. The Dow dropped 807 point NASDAQ 598. This is SRN use John 1335 reminds us. By this all men will know that you are my disciples have love for one another first for this day. Verse for any obviously continuing on sunrise, Florida hello Jason, thanks for your patience.

I followed up credit billboard midnight my credit around one and I found report on a report of all that, but I think report is not accurate. Like I don't ignite though the bad way you will let yeah that's a great question. You know you'd be amazed at the percentage of credit reports that have inaccurate information. It's for that reason that the fair credit reporting act offers a provision whereby you can challenge that negative information that's inaccurate and it has to be either verified within 30 days by the credit bureau or delete it and they'll have to provide proof of that verification. It could be that this particular account was sold to a collection agency. And that's the name you're seeing that you don't recognize but it is in fact something that's owed. But it's still worth you challenging it, because if you don't recognize and it could be inaccurate. So where do you go from here. Well, the starting point. Jason is to request a copy of your credit report from each of the three bureaus so I go out to Trans glad to echo FICA echo and go out to it and when you want to request those, though, you'll probably want to do that through annual credit yet another website, but that's a place where you can request now once you have those reports from each of the three bureaus then you can go through them and mark any accounts that you don't recognize that you don't think are yours and by going to each bureaus website. They'll give you the instructions on how you can challenge that negative information.

Once you do that again they'll either have to verify it or delete it and you'll find that they're very responsive. This is the process that they have set up. And if it is in fact yours then you want to contact each of those creditors and talk about either getting on a payment plan or settling that account in full and if you do that you want to make sure you get the settlement amount in writing in this get confirmation that they have receipt received your payment and that there's a zero balance so you can make sure that that's updated on the report appropriately does only make sense okay but that's where I think you need to go from here and I think as you get these accounts cleaned up and as they become further and further in the past. If they are yours. Your score will automatically improve. Just being on time, pay, or keep your debt levels, low, and you'll see that 6 to 51 up above 700 and no time and good for you Jason for keeping an eye on these accounts. I will done my my friend. Let's continue on Chicago, Illinois. W MBI Dolores, what's your question today and now I guess they gave me like a $30 you know rebate now in the form of a debit card and places that I can use it yell retail merchants and entertainment and dining, but I think it's better off using this up at my GM dealership when I have another service done well, you certainly can and I think you just need to see where it's eligible for use. So is it limited to those brands that are on the back of the corridor.

Is it more like a Visa or American Express gift card where it's just loaded with cash and you can essentially use it anywhere. Those credit cards are accepted.

If so, then you have unlimited options in terms of how you spend that money if it's limited and you just need to make sure you use it for preferably a budgeted item with one of those vendors that it's approved for.

So I love the idea of you hanging onto it and using it next time you need to get service. Just don't forget about it.

You'd be surprised at how many billions of dollars are sitting on unused gift cards right now because they're in a drawer somewhere and people forget. So I would say I probably err on the side of using it sooner rather than later so you actually cannot use it to your benefit, but if you can try to use it for a budgeted item. I think the first step. Those to figure out what options you have and then make your plans as to how you want to spend a good question Dolores, thank you very much. If it's for a Chick-fil-A go-ahead use that there were were fans of their waffle fries. There you go.

Thanks, Dolores Indiana, Kathy, thanks for holding so long. What can we do for you when we put 29th step rapidly financial. My daughter went to happen in February – for I now have her two children who are in college so everything I discovered that we have an annuity which I would take the annuity change and security can only be in a percentage, and what might not be at my job due to the covet environment. Time to start taking annuity payment later that any amount per my but nevertheless will have huge fee that I what that really aware.

So, for X amount of dollars per month for the rest of my life, variable, and then my air to agree what ever went to laugh at my dad what my question would be wiser to go.

I had no money out of that annuity where they could make larger amount and be in charge now yeah yeah well you're going to have to see will be back up Kathy, I'm so sorry to hear about this challenging year that you have them, grateful for the hope of heaven, knowing you will be reunited with your loved ones when we meet Jesus face-to-face but I know you've been through a lot and not the least of which is navigating all of these financial questions and decisions that you had to make, especially in the midst of the COBIT 19 pandemic.

I do think you need some wise counsel here Kathy to look specifically at what you have these annuity contracts very significantly in terms of not only the fees and the expenses. But what your options are. Now that you have annuitized you have less options in terms of where this money can be moved and so they're gonna want to look at the fine print on that and understand specifically what options you have built normally with an annuity you would be able to roll it from one annuity to another. One time, and in that one year. And so there are plenty of options these days where the annuities offer low cost low commissions where the fees are much less and yet so there are not all created equal by any means, but I think it all needs to be done in light of your overall goals and objectives. What you need in the way of income versus what you have coming in and what investment strategies are going to be the best fit for that given what you have today and what you're trying to accomplish in the future and that's obviously more complicated than we be able to get to here in just a couple minutes on the radio, but I think this is a great time. Kathy, it's not too soon. It's been enough time that has passed for you to look at and make some decisions moving forward related to your finances and how you're managing God's money. So I encourage you to connect with a certified kingdom advisor there in Indiana who can look at everything you've got give you some wise counsel evaluate this policy and look at your whole financial life do just click find CK if you have other questions along the way. Give us a call and will be right back. Your family is important for this month.

Somebody likes the magazine were giving your family to send closer together and closer to true financial freedom, practical advice to shrink the financial mutation in your marriage is more budget friendly family activity since you left more free money wisely magazine subscription is waiting for you hi I'm very glad I'm here to help you understand how urgent it is a sugar for every opportunity to the eyes of a layman. If you think the roads going crazy now just wait maybe about the way crazier is a lot more going on the hearing in our scripting news report with agendas that have nothing to do with curing a virus or solving racial to the contrary, both her excuse to permeate America with fear and confusion.

God is not given us a spirit of fear but of power and of love and a sound mind. If you're caught up in the fear of this road. You're not caught up in the mind of God.

God's fees country knowing he has everything under control and his timing is perfect. Huge numbers of your coming to the Lord because of the fear and confusion and you have this moment to use the same forcibly your unsaved friends.

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Most churches have canceled the Sunday services.

People retreating into their homes and the long lines in the supermarkets, the streets, a client, how will you handle hi I'm Betty.from Christianity

Call me crazy but while everyone else is retreating into a shell of self-interest self protection.

I think that you and I have a huge opportunity what the world needs right now is for God's people to stand up to step out with the client calm confidence and share the hope that we have in Jesus Christ because let me tell you when people you know see the confidence you have the assurance that you have the pace that you have in your heart they going to want to know where that comes from.

So while the rest of the world is panicking, the Christ of them laugh them, encourage them to lead them. Tell them about this Jesus who died and rose again for theme. Many people are experiencing financial challenges such as credit card downsizing that in jobs saving more than half of all the horses 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 for managing your finances will discover the profound relationship with God, your money counts is available when you click the store, but moneywise website is moneywise. Lori find links to a number of free resources personal finance tools, budget templates, archives of past radio programs and easy way to find this KA a certified kingdom advisor in your area, and a way to connect with a budget coach at no charge. Again, it's moneywise and it's also how you can give quickly and easily and generously. When you click the donate tab right at the top of the page. Moneywise the auric Ohio to see my mother correct. No, it's not Ohio, it's Missouri St. Louis to be specific enjoys what's in your mind about every premium no went back about two years. Okay I sure yeah this is what you're talking about is a life insurance policy with a return of premium rider which essentially allows term life insurance policy holders to recover the premiums paid over the life of the policy. If you don't die during the stated term and so obviously it's an additional cost that you been paying that's factored in. And because of that you paying that more expensive policy than a basic term life insurance policy you're going to get this return of premium at the end. And no, I mean other than just being familiar with the policy language and reading that the prospectus and so forth so you understand exactly what the terms are. This should work exactly the way it was stated if you have that right around there and you'll get back to the premium which they by the way been investing all of this time and that's how they're able to do that so that's a good thing and I would just make sure you understand what of the provisions related to how you received this return of premium when the policy is in fact reached its term of the other thing I would mention to you Joyce is make sure you have a plan to get a replacement policy in place. If you have a an ongoing need for life insurance so that when this policy is no longer in force and the return of premium has taken place, you've got another policy to replace it. And at that point, I would probably look at just a basic term policy. Make sure you get enough coverage so you offset the risk that's there and the something that fits in your budget as well, to some extent now sure that you made that well. I would be thinking the same thing Joyce.

I would ask do you have a need for insurance because remember insurance is to offset the risk that exist for a dependent or a spouse where there would be a loss of income. If the one spouse passed away, or there would be a major additional financial expense as a result of someone's passing and so therefore the the insurance life insurance offsets that but if you don't have that because you been saving in your income retirement income sources are in place or you're not married, whatever it might be. Then there's really not a need for insurance there because you've got other assets that are going to provide for you if something happened to you there's nobody depending upon you to go out every day and earn an income.

So I think at that point we then pivoted to additional giving additional savings opportunities so you can continue to build your assets so that in this season of life. Let's say you had a major medical need long-term care or something like that that you got the assets to cover that as opposed to spending money on insurance premiums for a death benefit that you don't really need Joyce. We hope that helps you as you begin this search.

Thank you very much for your call today. Now we go to Ohio and it's Jackie what's up what's on your mind today Jackie sure my 25 year nursing career account for three middle and me by their Acme arm will read over you an IRA that I managed portfolio. I think that the nature and it carried out 1.38% management fee and arm long enough to very understand and all that I give Mary that hyper PR I monitoring reading about how that can eat away your find and I heard you talk a lot about the rebel advisor to Charles Schwab. I was wondering if that would be better to do. Jackie Riley asking how much did you have in this for 3B and 75,000 okay very good and the fidelity advisor you're working with resistor somebody that was assigned to you when you moved it over. Out of the 43B, versus an advisor that you interviewed and selected that you're going to be working with moving forward me the hospital over the years. I kinda knew me and actually has a grounding 290 yeah which is great work it's been doing very well in the last several weeks.

I'm not surprised to hear that would just hit a new high of most of the indexes you know the bottom line is that 1.38% fee that you quoted there on nearly $300,000 is is not out of line. The key would be is that, all in. Is that kinda built into these funds and then he's charging a fee on top of that or is that really the total fees and you should be able to ask that question.

Just wanted total accounting of what I'm gonna pay over a 12 month period, all in for the. The investments that I have your fee in any kind of built-in fees for these investments funds or ETF's. So you understand exactly what you're paying and then the only other consideration would just be do you feel like you have a good working relationship to you. Are you happy with kind of the communication and how often your meeting. Is there some larger financial planning that's being done here to make sure that your needs are covered. For instance, do you need a long-term care insurance policy so you got that covered for your future and is the investment mix the right mix for you moving forward. So as long as you feel like you have a good rapport. There's a good fit there, then that's great. And I don't think that roughly 1.4% fee is out of wine. Assuming that's the true cost of the expenses you're paying all in.

So I'd asked that question and and then decide whether this is the best relationship for you moving forward. If you'd like to interview a few others you could connect with us couple certified kingdom advisors there in Ohio just to have a couple of other individuals to compare against the relationship you have now and you could find those it to moneywise but sounds like you're on the right track and you've done very well Jackie thank you very much and we hope you have a great remainder of wells missing this weekend.

I guess where one day ahead of ourselves. Put thank you very much Indianapolis. Hello Mac, what's on your mind and a retirement lawyer and I went into full-time 313 year felt like the Lord closed that door now but I start build 90 build out with knee thinking about buying a and by that money to buy an employer with right now have the 401(k) they need to be there five years old.

I wonder if I'd be put money now or I will be called back out into the mid-three there five years. Yeah yeah was a lot of moving parts that are listed with the retirement investment. First, I would just make sure you understand that you're probably referring to a vesting schedule where you have to be there a certain number of years to be able to get hundred percent access to the funds you have. So you're fully vested and you'd want understand that before you get into it because if in fact you don't plan to be there that long and there is a vesting schedule before you would have access to these funds, you may decide you need to go elsewhere, and so you could fund an IRA or if you have some income that you're receiving outside of this employer and you have the ability to open a separate IRA or an individual K you could do that where you don't have to worry about the vesting, so I'd just make sure you understand exactly what those provisions are in your right.

If you don't plan to be there and they have a vesting schedule that I would probably not go that route and invest outside of that plan. Now, with regard to the other kind of moving pieces. What's the main question you're wondering there should you buy the care of the car with cash or something else. Hate all why I went by the Cold War and not paid mortgage or yeah you know I don't like putting a car against a home mortgage loan because here's what can happen even though the interest rate is low, you can end up stringing that out. Not over five years like we typically would with a car three years but over 20 or 30 years, which means that even though you have that lower interest rate.

You can end up paying more over the life, so I'd rather see you take that money and put it back against the house and then borrow perhaps at a slightly higher interest rate. But where it's tied and collateralized not to the home, but to the vehicle itself work that into your budget and get that paid off somewhere in the next 3 to 5 years before that thing is fully depreciated so that would be the way I would go there. We appreciate your call today. Mac Lord bless you and all these decisions you're making moving forward – and thank you very much Rob you know every day, particularly if you turn on the news, you know, every day seems to be fraught these days with the uncertainty in fighting and arguing and news headlines and the markets are doing so well those that mystify you well little bit, but it is a leading indicator in the bottom line is, with the Fed support and the strength of the consumer in the US businesses. There's a lot of good reason to think that this economies get a rebound very quickly. Thanks. Rough moneywise live is a partnership between Moody radio and moneywise media. Thanks so much for 20

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