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Financial Fantasies

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
October 16, 2020 8:03 am

Financial Fantasies

MoneyWise / Rob West and Steve Moore

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October 16, 2020 8:03 am

Daydreaming can be a lot of fun—thinking about the “what ifs” of life. But when wishful thinking replaces wise money management, there could be nightmares down the road. The hard truth is all the happy thoughts in the world won’t help you pay the bills. On the next MoneyWise Live, hosts Rob West and Steve Moore reveal three delusions about money so you can avoid them. That’s on the next MoneyWise Live at 4pm Eastern/3pm Central on Moody Radio.

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Anything can be lots of fun thinking about what it is. But when wishful thinking replaces wisely management there could be some nightmares down the hard truth is all the happy thoughts and help pay the bills today with Pfizer's president from West Hills three visions about money calls questions on anything financial at 805 five 7000 lots of lies right now.

Get in line 805 five 7000 times more financial fantasies next on moneywise when does about lots of money were things will certainly never have become harmful. Well, you could argue that it's never a good thing because it's a waste of time and mental resources that could be put to better use elsewhere, perhaps does so in the broadest sense.

It's harmful all the time, but there's no doubt that it's harmful when you act or fail to act based on wishful thinking okay and what may I ask that what would that look like I have a feeling you asked that one example would be that you run of debt because you think there's money coming later.

That's presuming upon the future.

Of course, which the Bible warns about Proverbs 27 one do not boast about tomorrow, for you do not know what a day may bring forth that could also mean that you failed to do something like not drawing up a spending plan and sticking to it. Which leads to not saving the Bible warns us about that to Proverbs 2120 precious treasure in oil or in a wise man's dwelling, but the foolish man devours okay well I think you've laid some pretty scriptural groundwork for avoiding some financial fantasies so can we identify some of the some of them so that we can know exactly what to be wary of and I think you may have a couple there already written out three. In fact, let's start with number one thinking that you might someday inherit a pile of cash and that will solve all your financial problems, but how often are errors unpleasantly surprised by the provisions of her relatives will. It happens all the time and think about this. If you're wishing for an inheritance you're looking forward to someone passing away.

That's not only more than morbid. It's in direct conflict with the 10th commandment you shall not cover your covert your neighbors house. You shall not covet your neighbor's wife, or his male or female servant, ox or donkey, or anything that belongs to your neighbor to go out on a limb here because I'm not thinking about my neighbors donkey on a regular basis. This probably also applies to family members stuff.

So what net will be the next financial fancy that would be dreaming that you're going to win the lottery if that's your retirement plan be nice to your boss because you'll be working very very long time.

Statistically, you're more likely to die in a car crash on your way to buying a lottery ticket that you are of actually winning. And if you decide to walk to the store to buy a ticket you have a better chance of getting hit by lightning than winning the lottery.

Proverbs 28, 20 says very plainly a faithful person will be richly blessed but one eager to get rich will not go unpunished.

Now that doesn't mean you're going to be hit by lightning for wanting to get rich. It means you will naturally miss out on God's blessing.

If you failed to follow his principles for money-management. Those blessings aren't always financial. I should point out that they could be something like peace of mind that comes from knowing you're being a good steward of his resources or any other way that the Lord may choose to bless us. Yet peace of mind really does have great value. All right I'm I'm I'm thinking ahead here little bit and seeing that a lot more people might have a problem with this last week.

Yes, it's probably a lot more common and that's thinking the government will provide for you.

It's no secret that entitlement programs are in big trouble at the latest projection Steve. We talked about this. The Social Security benefits expected to exceed income by next year and that the programs reserve fund will be exhausted by I believe that's 2035, barring congressional action. Medicare is on an even faster downward trajectory and the covert crisis has hasn't helped either program. Now that's not to say those programs won't be available they will be, but they'll have reduced benefits or higher taxes to support them. The point is we all have to plan and save for the day when we can no longer work and be productive and by the way, even if they look exactly like they look today. Social Security was never into the fund more than 40% of your preretirement income table. Some of that information is that kind of start about when we come back we think about some positive encouragement that we can give our listeners think it's okay sounds great.

Here's another thing that sounds great to us 800-525-7000 805 five 7000 calling this many people are experiencing financial challenges such as credit card downsizing that in jobs savings. In fact, 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 as available when you click the start button moneywise 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 God's only thousand are visible to scientists, the way galaxy contains 100 semester Isaiah 4020 Verizon happens he who brings out the starry host one by one and holds them because of how very name was he who made the stars, the heavens. And if that is writing you a freedom and peace of mind. Christian credit counselors can help where a nationwide nonprofit counseling organization has helped over 3000 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 I moneywise live where you are best to remember that God owns it all.

All his stuff with me. I feel that way at times it was just taking a quick look at some financial fantasies.

You know, wishing and hoping for lots of money doesn't really accomplish much or anything along those lines. So Rob know what's a better, more effective way of looking at our money and our financial future. Well I would say Steve, why not put your hope in a sure thing and that would be God's promise to provide for all of our needs. Of course we have to do our part by following his financial principles.

We talk about them every day. On this program live on less than you make. Stay out of debt, save for the future. Give generously. You know by doing these things, you can improve your financial situation without any help from the lottery or a rich uncle and it's not a get rich quick scheme.

It takes time but we know it works.

Here's the thing. When we follow God's principles of managing his money. We put ourselves in a position to experience his best in my experience is that when we get this area of our lives right.

It has a ripple effect into our intimacy with in our relationship with him holistically, suggesting credible benefit from being able to take God's money, put it under his Lordship and see it as a tool to accomplish his purposes in our lives. And I'm thinking out loud. Haven't given this any real thought, but time and time again we hear of or we see people who won the lottery and come away with millions and millions and millions of dollars only to find that five or 10 years later.

They have none of that laughed. Maybe they've gotten divorced and they've run into some problems with the law. They didn't handled her taxes properly and they you and yet Dave they've had for just a moment, all that many people wish for and it just seldom works out. People are prepared to handle it or they have their priorities and in the wrong place and that's the the peace of mind that we look for when it comes to when it comes to knowing God personally through his son Jesus Christ. But that's exactly right. And we need to keep in mind Steve because we can get this wrong. Our self-worth is not equal to our net worth that we can start to equate those two.

And that's a big no-no. I think we also need to recognize that financial resources are not a reward for godly living that we could live in incredibly faithful and disciplined life in following Jesus and struggle financially.

There's not a direct correlation there is not a cosmic vending machine. We are called to faithfulness with what we've been entrusted. I love a cosmic vending machine. He is not. God has a different plan for each of us, even though his principles and his promises apply to all of us are. Here's our phone number 800-525-7000. If there's something financial you been thinking about wondering about some situation you find yourself and you're not quite sure whether you should go left or right. Let's kick that around a bit. 800-525-7000 we go to Tampa Florida.

Selena, thanks so much for holding on and what you question today why I know that quick yeah well Selena. It's a good to great question and I think there are some strategies that are key but it always comes down to one financial, one fundamental idea and that is really spending less than you make. And it sounds simple and yet it is so key to being able to have margin to do anything that God may be leading you to do.

Whether it's build up your savings give more pay down debt. Whatever it might be, it only happens up, you know, through margin and we can only have margin, meaning something left over after all the bills are paid, fixed and discretionary. If were living on a spending plan and we plan to have that margin and then we have a system to control the flow of money in and out. Do you all operate off of the budget. Selena now got it. Yes, okay, I get your question now what, I'm glad to hear you have a spending plan. Something is working well. Also sounds like you limited your lifestyle and you really are following these principles because the only debt you have is a mortgage. Here's the thing. If this is short-term savings, meaning it's and it's for an emergency fund or its money that's can be used in the next five years. Let's say is much as you might be frustrated by the lack of interest you're receiving on your savings account. That really is the very best place for it now. If you cannot open an online savings account. I would do that.

Marcus capital one 360 Ally Bank any one of those three or any other online bank that you might find a bank what you can find right now is there pain about .6% so little better than 1/2 of a percent. No fees. You know, whatsoever, and you can link it right to your checking account to move money back and forth electronically.

That's can give the FDIC insurance protect the money and give you a little bit interest.

Now I realize it's not going to grow significantly, but the key with that type of account or savings account that short-term in nature is it's not the return on our money that were concerned about. It's the return of our money.

We want to not be invested in something that has the risk of principal loss such that when we need the money, we might have to sell it and take a loss and I just don't think that's the best approach. So, I'd open an online savings and and put it right there what what was your second question yeah well I'm delighted to hear you doing that because essentially you are putting an extra 2400 a year on it in your payments is 800 you're sending an extra three payments a year that's going right to principal and that's a big deal that's going to take a 30 year mortgage and cut it down by about. I think about seven years. About looked at that correctly. In the past so you're on track to pay this off much quicker. I would say if you do nothing but just continue with an extra 200 a month making sure it's going right to principal. That's a great option. Really, that's the bottom line apart from you.


Assuming you could save at least a percentage point you to stay in the home for at least five years and you don't extend the term, that would be the other way.

But beyond that, I think just sending as much as you can to the principal on a monthly basis.

Assuming your other priorities are in place, you got that savings account you're giving regularly your saving toward retirement that I would say anything you can put toward the principles and get that mortgage balance coming down. Selena sounds and you guys are really doing a great, great job there high hang in there. Continue on. We appreciate your phone call. Hey, would you take a brief break them will come back and will chat with the with Jack and also with Matthew and that we have some open lines beyond that as well.

So this would be a great time getting your question 805 five 7000 find this in Facebook at all the social media that you use to sing to find this 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 Dean 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 available when you click the store and moneywise click and start to actually click away versus 33 through 3633 the riches of the wisdom and knowledge of God beyond tracing out Raven's explanation doxology here for Paul no never been in the way people tend just one. You can listen to this and 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 Dean will help you discover God's approach to growing your finances strengthening your relationship with your mate and cultivating godly joy, money, and marriage God's way is available and moneywise from the book of Proverbs 1522 patient plans are frustrated as they succeed, so perhaps, just perhaps, we can provide you some consult consultation today or consult you on anything financially might be struggling with her wondering about give us a call right now with some open lines available at 800-525-7000 Springfield, Missouri hello Jack, thanks so much for holding Sir what's on your mind. Well I work like school but like I am in retirement mode. I'm saving up for. I don't I don't know government, I'm technically retired. I got work to put money yeah well Jack, I'm sorry to hear about the challenges you have, but I'm grateful for your service or let me ask you, and I realize the dilemma that you're in here in terms of the income that you be able to count on for the rest of your life is that pre-much set and it will not change at this point the Army in all all mouth okay and so you you're able to conduct your lifestyle in such a way that you can live on that within the provision of those resources. Yeah, you worry about that. Very good yeah and so I think at this point you want to treated as if you're in retirement because normally we would be saving building assets during our working years so that we can convert those assets to an income stream in retirement so that alongside Social Security or a pension or any other retirement income sources we would be able to have enough to cover our lifestyle, our expenses are giving the things we feel like God has called us to do in that season of life because you find yourself in a situation where apart from God's healing which he could do your unable to work were thankful that you through these government resources. Because of your service and through Social Security. You have a monthly income.

That's the last the rest of your life.

And given that that will provide for your needs. I think that's really the key. I think the only question would just be with there be anything else on the horizon. Outside of that, that you could envision. I imagine you have good healthcare and that should cover pretty much anything that would come up but that would typically be held. The major a major medical event would be the most costly possibility in the future that somebody may not have the resources for but apart from that, that sounds like you know you really are and more of a retirement mode where sure you try to keep your lifestyle and check and if you have margin, you know you don't have any more debt.

See eliminate that bucket you not to pay any more in taxes because that is what it is and you're not can increase your lifestyle so that only leaves two uses of money giving and saving and so the question is with any margin that you have what is your financial finish line.

How much do you would you believe God would have you to continue to put aside for the future and then the rest is just increased giving opportunities at this point so is that helpful though I brought our IRA.

What year you know that you are not yeah you know, I think, given that you don't need the money. Anything that you have over and above your living expenses. As you look at where to put that now.

You'd have to have earned income to be able to fund a Roth because you can only put in up to over the age of 50. In the year 20 27,000 but up to the amount of earned income that you have. So if you don't have any earned income, you wouldn't be able to fund or contribute to a Roth, but I think the key is you wherever you put it. Let's try to get a good return on it so it grows for the future, but do some thinking, praying and planning about what that financial finish line is because I also don't want you to miss out on additional giving opportunities as the Lord leads Jack, thank you very much sir.

Again, we appreciate your service and that you gave us a call today.

God bless you very much of Lolo Illinois Matthew was it bolo my reading this correctly, my pleasure to have you with us today. What's on your mind all night. My brother all looking to buy property at long-term generation are on track for sale and no we justify mortgage. No, we might have enough reservoir of cash to make all or maybe a year or two, and a white people wanted so much for our Christian might think what does that not white at all tell me a bit more about the plan here Matthew so you plan to sell your primary residence that you live in today and then relocate to this new piece of property that you would own along with other family members. Is that right yet. What's the timeline on that property now in and how quickly you plan to sell your current property so you could pay off that second mortgage on the market now so it could be any time so they'll all be okay and so really the question is, I suspect, because you are doing this together in terms of the purchase of the new property.

The present piece of property is Artie been selected. Everybody's ready to move forward and so you're just wondering if it's premature for you to go ahead and enter into that taking on the second mortgage. Realizing your current property hasn't sold yet and what you're what I'm hearing is in order for you to cover both mortgages you have to come out of savings as opposed to being able to fund that the current cash flows are right yes okay okay let's do this, we gotta hit a break here, but I'd love for you to stay on the line so we can finish talking a bit more about this because it's a great question. I think you do need to give it some careful consideration. So if you can hold the line will take a short break will come back and finish of time will come back and check somewhere with Matthew and Tony and Brad also this is moneywise live 805 five 7000. 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 Eventide we believe it is possible to love God and love our neighbor in the very practice of investing we 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 a Better Business Bureau accredited charity interested. Learn more by calling 800-791-6225 or online at CH ministries.more hi name is Ryan Anderson children and family ministry major at the Moody Bible Institute radio verse of the week is found in second Corinthians, 4739. We have this treasure in jars of clay to show that this all surpassing power is from God and not from us.

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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 button at moneywise live to work on John's brother quarter progress toward a compromise go with 19 economic relief package.

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This is SRN use back to our phones. We were just before the break, talking with Matthew in Illinois. He wants to along with some other family members house and land prior to the sale of the current house that their living yeah well Matthew appreciate the situations it's interesting and I can appreciate what you're trying to deal with family members wanting to buy a piece of land that you can hang onto for generations and live near each other and do life together and that all sounds great. It also adds a lot of complexity to the situation, especially since you're going to be entering into a contract to buy a piece of property with other parties.

Again, complexity read into that whereby you haven't sold your primary residence, which is the means by which you're going to fund it. So normally I would say let's not go ahead with the purchase until you sell your primary residence, just not worth putting yourself in that position where yes it's a hot real estate market, as long as it's priced right and there's not any real problems with the property in urine and normal area of real estate that's actually selling fairly well.

You should be able to sell it in a very short period of time, but there's always the exceptions right and so we just don't want to put ourselves in a position where we risk our financial foundation in order to make the purchase. Now I realize there's added complexity here because you wanted to do this together. Assume they've already picked out the property or you will have together and people are ready to move forward and people are saying.

Well will float you until you get there and so I would just say you know the wisest thing to do would be to say now I need to push the pause button until we get this piece of property.

So, I realize it may not be that simple. So you've got to work through that side of the other piece is just recognizing the complexity of the legal structure of the shared expenses and I realize the intention is for this to be for generations and generations but is there sort of an offramp here because everything needs an exit strategy except for a spouse.

You know where to become one, and that's for life under the Lord.

But apart from that, we need an exit plan because we don't want to end up with damaged relationships as a part of that so I would go into this. Whether it's a business with a partner or piece of property with the home or homes with family members, knowing that there was a legal way that somebody could get out of it if they so choose, and actually have a way that they could value their portion and it could be sold to the other parties in that type of thing so that all that is Dr. on the front end and therefore we don't end up with damaged relationships. On the backend but I just think I mean I can't in good conscience say yeah, let's go ahead, knowing that you still got this piece of property. Your savings is going to eventually run out and it's a very ill liquid because it's owned jointly and nobody else is going to want to sell it. And even though they're saying they may float you the collateral damage relationally may be significant for some reason you just couldn't sell your property and you were in a really tight spot. Not to mention you're the one on the title so I realize you know I'm not giving yet necessarily any clear answers other than some real warnings just based on what I'm seeing. Despite the fact that I'm all in on the big idea as long as you've accomplished the things that I'm raising here. Does that make sense though. Yet yet your third grade not okay listen what you mean, I'm sure you have but make sure there's a godly real estate attorney in the middle of all of this just helping you think all the nuances of how it's blocked and again building and some of those exit strategies on the front and so all that's thought through, as to how each person values their portion other than if you don't assume you don't need it that's great, but if you did, you'll be glad you had it in your thought through and on the front mat. Thank you very much God bless you, a Brentwood, Tennessee. Next and Tony, what's your question today for Rob West. Dr. Mark called Boucheron about a year now. I hear people call it after you know what money that sometimes they provide a windfall or something or smartly select retired and I was wondering why you guys never mention or recommend index universal life for my training and understanding. There's no risk with dextrose like you to market gains but when the market tanks are goes down like it did in 2008. You don't have to lose all your money and your play catch up.

You know the worst you can do is break even is also living benefits. You can use while you're alive course get the death benefit and I've always been told that life insurance has tremendous tax and also a wonder why you never recommend better or you know enough about what sure it's a question Tony and not someone who says there are plenty of people out there that would say no. Never use an insurance contract. In this way, including universal life. I'm not one of those.

I think they have their place for people who don't want to assume a measure of risk, want to transfer that risk and you mentioned some of the benefits. Although I would say that you know you said what the very least you break even, but I would say that's a huge risk because breaking even in terms of the missed potential for no gain over a long period of time is a big deal because were counting on these assets that were putting away for retirement to be compounding year after year. And so one of the things that I not crazy about with universal life is that it Returns You Know the Insurance Company Sets the Maximum Participation of Course at Less Than 100%, Which Is How They Account for the Downside, and in Some Cases It's Low As Low As 25% in Terms of How Much You Are Able to Capture on the Upside in the Good Years.

Others, Not the Guarantees in Terms of a Guaranteed Interest Rate As You Said at the Minimum You Get Your Money Back.

You Don't Lose Money. But I Would Say That's a That's a Pretty Big Deal If You're Counting on This Money Compound over Time. Also, Just in Terms of the You Know That the Cost of This Were Talking about Larger Premiums Here for the Death Benefits of This Is Not like a Level Term Policy in Terms of What You Can Expect to Pay for the Death Benefit Portion of It and You Know, over Time, That Makes the Policy More Expensive and You Know, As You Know, with Insurance Contracts. You Don't Have the Ability to Get Your Money Back and so You Know If You Want to Be Able to Access Your Funds, the Cash Value That You Built up Your Love to Take That out What You're Going to Pay the Surrender Charges Depending upon How Long You Have the Policy and How Much of Your Own Capital You're Looking to Access so I Think Just Because of the Complexity of Them Were Giving up the Upside, and You Mention the Tax Benefits but We Can Get Tax-Advantaged Investments through Traditional Retirement Vehicles. So I Guess from My Standpoint.

I Just See Enough People That Are Underinsured That I Want Them to Buy All the Insurance They Need. During the Working Years When They Need It, and the Most Cost-Effective Way to Do That Is Term Life Insurance and Then I'd like to See Them Take the Rest of Their Money That They're Saving for the Long-Term and Use Traditional Retirement Vehicles Capture 100% of the Upside with a Well Diversified Investment Portfolio Which, Historically Speaking Should Do Very Well If Were Invested for the Long Haul, Meaning You Know At Least 10 Years and in the Case of Retirement, Probably A Lot Longer Than That and Not Necessarily Try to Tie It up into an Insurance Contract. I Realize There Are Some Features of Them and You Mentioned A Few of Them That Were Missing out on in That Scenario I Just Described It for All You Know Things Being Equal, I Would Prefer That That More Traditional Approach Would Become Your Thoughts. Well I Sure McGrath Would Go Back like 20 Years, or Maybe It Only Because of What Happened in 2008, Things Worked out. Definitely People off the Money. Are You Well Yeah I See That That's Not My Experience with All Things Being Equal, and As Long As You're Not Selling It Only Made up All Your Money in the Years Following. We Appreciate You Checking until You Great Ideas Will Be Right Back after This.

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Thanks for Taking My Call out That I'm Not Well I Just Retired from My Military Career. In My Career and He Which Is My 401(k) and on.

I Don't Need.

I Don't Need That Money Now.

I Probably Don't Need to Touch It and I Look at It Now by 5 to 10 Year One Question That I Have Dealt I I've Been Researching and Do I Can Manage That Myself Right but I Don't Know It Well and Now One of the Questions I Have 1% to an Advisor Let Them Yell Obviously Rapid Plan Together Together, but or Should I Get Started. Yeah, I Was Can Answer with One Word, Yes. Now Let Me Explain Said for the Better Good of Our Listeners TSP What Is That Let's the Thrift Savings Plan. This Is the Retirement Savings and Investment Plan for Federal Employees and Members of the Uniform Services. So, with Your TSP You Can in Fact Roll It out. Brad and yet, Here's My Perspective on Them, You Spend a Lifetime Building This through Hard Work and Contributions in Sacrificing and Keeping Your Lifestyle and Check and Now You're Sitting on This. A Significant Amount of Money and for You Not to Employ a Professional That's Can Help You Manage It Wisely. Make Sure It's Properly Diversified, Not to Highly Concentrated You Taken the Right Amount of Risk and You Know All of Those Factors As Being Management in a Tax-Advantaged Way. I Mean All of Those Things Is Just Worth It in the Same Way You Know You Go to a Doctor for a Medical Need and You Hire a Realtor to Sell Your Home. I Really Think There's an Incredible Benefit to Having a Financial Professional at Your Side. In Fact, a Fiduciary Somebody Who's Charged with the Putting Your Best Interest in Mind and Constructing and Managing the Portfolios and I Would Take a Step Further. I'd Encourage You to Consider. Somebody Has the Certified Kingdom Advisor Designation so They Share Your Values and They Really Understand an Eternal Perspective of Money, but Where Would You Find Such a Person That Canton Ohio You Could Do just click on find a CK putting your ZIP Code.

I'd interviewed two or three if Yorty have a couple that's fine too, but I would definitely interview some folks find the one that's the best fit in terms of experience and track record, but also other to communicate with you and how interested are they and what God's plans are for you in this next season of life and all of those factors because this will be a really significant relationship, but bottom line is yeah I would definitely use a pro red. Thank you very much. You have to move quickly here to OSHA land Washington, a beautiful part of the country. Linda, how can we help you. Good afternoon. I'm told my primary residence and of the proceeds that I'm getting. I would like he was $100,000 up and I have a duplex and I'm wondering a better way to use it on a line of credit IL about 220,000 on it right now probably valued between 450 and 500,000 would it be better for me to get rid of that line of credit get the traditional mortgage. Put the hundred thousand dollars.

That way, or do some improvement on it. The upper duplex would need new windows and possibly build a garage Linda with the improvements be for you to enjoy or would they improve the rental side or both.

And if it's for the rental side what it allow you to earn more money in terms of the rent you could bring in no I don't know that I don't know that answer.

So what I did with this with a single-family house had it for about 10 years so the lower part of it was all brand-new, new windows, no inflation, everything like that. The upper part of the 1964 house and I had old windows I could use improvement. That way the rent from the upper unit. I does take care of the line of credit and the taxes so I guess either pay it down or add improvements yeah well the goal is to be debt-free right because that's going to be added peace of mind. It's can save on the insurance cost but I realize that this is the half of this is a business.

Let's look at it for what it is and so we need to operate that business in a way that makes sense, meaning you have proper reserves that you're maintaining the property appropriately and we don't want you to do is be cash poor such that all the sudden, these renovations on the upper unit which sound nice to have today become necessary. Year from now or two years from now, and you'd you're going to have to go borrow money in order to do that because my preference would be that you do in fact refinance with the new first mortgage. Make sure that it's gonna make sense but it probably will. Given that this is a line of credit in terms of getting a better interest rate. Let's put as much money as we can toward that with the goal of being debt-free over time. But then the question is how much of that hundred and 60 in proceeds from your primary residence.

Do we want to put into it and how much do you need to hold back on so that you can have the right amount for reserves and do whatever improvements are needed to maintain the property and maximize the asset in terms of not only your own enjoyment in your portion. But the the rental income that you can receive upstairs but I think the big ideas.

Let's do what we need to do to try to move toward being debt-free. So all things being equal, I wouldn't hesitate about 460,000 against the mortgage. Apart from this idea that there are some necessary renovations that we need to do that we can't fund out of current cash flow. Does that make sense yes it does. Thank you to my question okay very good. Thank you for going today. God bless you and see if we can answer another that all this would be an easy one. Rob, a Chapel Hill, Tennessee and Elizabeth what's going on in your house. But when I really, really aggressively will have about $800 on paper by make that crackle sure here's what I promise, Elizabeth. I'm not going ask who it is.

I don't really want to know, but I'm not going to know so this is so comments I want to personally encourage you be you know God's puts us together in such a way that were usually opposite. There is usually one spender and one saver and that's just the way that it tends to work out the key is under the Lordship of Christ. How do we come together recognizing we need a shared vision for how we use God's resources and we can't do that without a plan but here's the thing you know 70% of married couples have disagreements. You might say fight over money.

This was a study that came out recently in Chante Feldman's new book, thriving in love and money, and one of the top reasons there was five reasons they identify why this happens. One of the top reasons is a misalignment in values related to how they use their money because you see, if we start by saying God this is your money. You want oneness in this marriage relationship you want us to use it to accomplish your purposes. So what are our values. What's most important to us. We want to live a life of meal being debt-free and one of our savings goals and what lifestyle you called us doing you how much giving. Do you want us to do you.

And as we begin to start at that level, saying God give us a vision for what you would have us to do as a married couple and what you want us to accomplish, then the money is just a tool. To that end right it's a tool to accomplish God's purposes in our lives and the way we administer that is through the spending plan and by the way, there needs to be a reflection of each of us in that spending plan, meaning it's not just the bills and it's not just the discretionary spending but there's probably a small amount that fits into the budget that each of us can use. However, we want right if I will use it for my hobby and you want to use it for something entirely different. That's okay as long as we built it into the plan but the plan has to reflect what's most important to us and the extent to which our spending tells a story about what we value.

If that story isn't consistent with where God is taking you guys then that we need to make a change and that really requires you all coming together to start with on your knees, saying, Lord, we want to invite you into our finances, recognizing it's yours to begin with, give us a vision for your taking us and then help us to use your resources to accomplish your purposes in our lives. And then we start to build the plan.

Now I realize it's easier said than done. And there's all kinds of things that come into that and how did his parents handle money and how did your parents and what are our you know all the ways were wired and one suspender and one saver and in all of that but I think together you more accurately represent Christ where you can enjoy God's resources, and yet be disciplined to be saving for the future.

Recognizing know that that's clearly found in Scripture. So let's do this, given all of that that I just as a backdrop, it really does all come down to this plan. So I want to give you six months of the brand-new moneywise Avapro subscription because I think that will help you begin to put all of this into a form where you can get it on paper you can get it into the app you can use that to track the flow of money in and out also.

What you connect with one of her moneywise coaches because this will be 1/3 party that can come to the table to walk alongside you guys to help you build that plan so that you can really have somebody to bounce ideas off of the can be kind of a neutral third party, and help you move toward this vision for your future that I just described this at all make sense to you all will I want to do one of the thing, in addition to the six months of the new moneywise.

Apple want to send you our Dayton's book money and marriage God's way because I think of you guys start reading that together. Maybe take a chapter a week or a chapter every two weeks.

I think you'll be really encourage self this for the sake of my team working to six months of the applicant give you Howard's book and I got bless you guys.

As you move forward and for the sake of our team.

I'm going to say goodbye.

We are out of time moneywise live as a partnership between radio and moneywise media have a wonderful wonderful weekend. Join us again

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