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Job Hunting: The New Normal

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
October 23, 2020 8:03 am

Job Hunting: The New Normal

MoneyWise / Rob West and Steve Moore

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October 23, 2020 8:03 am

The coronavirus pandemic has forced companies to rethink how they do business and some of the changes may be here to stay. But what exactly does that mean for job hunters in today’s market? On the next MoneyWise Live, hosts Rob West and Steve Moore share some things you need to know if you’re looking for work right now. It’s job hunting—the new normal—on the next MoneyWise Live at 4pm Eastern/ 3pm Central on Moody Radio.

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Association rethink how they do business and some of the changes may be here to stay. But what exactly does that mean for job despite a remarkable economic comeback. The experts say that some jobs that that means more competition for available for work today advises president Rob West has what your calls on any financial topic of 800-525-7000 800-525-7000 times more jobhunting than normal. Right here and moneywise just how fierce is this competition for jobs, the state well it's remarkable to look back at where we were before the pandemic. Steve father were something like a million job openings that employers couldn't fill many of these openings disappeared when the economy shut down.

And while unemployment has improved greatly in recent months competition for jobs remains high. For example, these days, the average online job posting gets several hundred applications and hired highly desirable tech companies like Google, Facebook, Amazon, Apple they're all reportedly getting more than a thousand resumes for every opening so there is pretty fierce competition out here and I've sent out a lot of resumes. I haven't had one person respond down the ramp so jobseekers these days really need to focus on a few key strategies to improve the chances where do we start out well where we usually start with advice for jobhunting as that is networking depending on who study a look at anywhere from 70 to 85% of jobs are filled without being advertised. So who you know is still very important. Steve Moore, if you're thankful to have someone recommend you, or put in a good word for you. You're already far ahead of the competition. So make a list of people who may be in a position to help you by getting your name and resume in front of a hiring manager.

These could be former work contacts perhaps friends at church. Neighbors just about anybody. And there are some remarkable statistics about how effective this is. According to career pipit you have a 50% chance of getting an interview with the referral. If your resume is just another one in the pile, your chances go down to just 3% so huge difference. But as you contact folks on your list.

Remember that networking has to be a two-way street.

So I would just encourage you to always offer to pass along to your contacts any leads that you come across a good suggestion. Okay, now you mentioned that just having a resume in the pile with everyone else has a slim chance of landing an interview. Anything you can do to improve those aunts well a lot of jobseekers don't realize that the initial resume screening process is automated that many companies these days your resume or application is fed into a computer program called an application tracking system or ATS. So to get noticed, you have to use keywords from the job ad when writing about your skills and work experience that's going to improve your chances of getting your resume in front of an actual human being, which is always a plus. Okay yeah so I keywords are in anything you should leave out your resume indefinitely.

With this new ATS. Gone are the days when making your resume look flashy would get you noticed. That means no picture, no fancy graphics eliminate columns, tables and graphs. These days, it's all about the text, the closer it matches to the job ad, the better your chances of landing your resume before that hiring manager Karen.

Let's say you do all that and it works. You get the interview, how do you prepare for that. Well, it should come as no surprise that most interviews now are being done online and it's proving to be good and bad for hiring managers of the efficiency of online interviews. As you might imagine means they can conduct more of them, but they can't get to know you as well, as they might as an in an in person interview okay so honey take advantage of that. Yeah I would say just by making yourself more personable. So appearing over resume or some other video platform makes everyone seem a little stiffer than in person. So do your best to relax and forget about the cameras best again and stories are still a powerful way to convey a message, so instead of saying in my last job I did this or that tell a story that shows how your skills help the company. People love stories you should use one in your elevator pitch as well. That's the 30 or 62nd practiced response to a question you'll almost certainly be asked and the question is, of course, why should we hire you and you can respond with well here's why. Because I did this in.

Here's what happened as a result. This is where you can use all the creativity that you took out of your resume using stories to give real-life examples and I will come back and talk about the importance of social media in a job as well. This is money wisely. 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 main and cultivating godly joy, money, and marriage God's way is available when you click the store and moneywise live.org for 30 years. 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 short via webinar on profit and peace of mind, no matter what's happening in the market is available at sound mind investing.now Mr. Smith.

If you take away all the witnesses and the murder weapon with my client's fingerprints. There really is no evidence is that not true.

Well, there's a written confession. Okay other than that, to I guess without all that evidence, there is no case, I rest my case that it are you sure you don't need to defend me a little more so trust me, this case is in the bag. If there are no closing arguments will excuse the jury for the liberation, Your Honor, I speak for the rest of the jury very well. This court finds Mr. Whitmire guilty and sentenced to life in prison that is so not good well for you. My bill in the morning. God will eventually be your judge.

Are you prepared. The Bible says that Jesus speaks to the father in our defense are you trusting Jesus with where you will spend eternity to learn more, 888 need him or chat with us live@meehan.org and if that is robbing you of 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 counselors.org Christian credit counselors.org or call 800-557-1985 moneywise live from West as your host taking your calls and questions and 805 five 7800 525-7000 chatting for just a couple of minutes today about the difficulties of finding a job in this new this new environment we find ourselves because of covert and Rob, I think we were just creeping up on the importance of social media in your job hunt 20 have for us. There was at least one social media channel.

In particular, Steve. Let's call it business media and by that I mean LinkedIn you need to have an up-to-date LinkedIn profile that search engine friendly here again. Use keywords in your headline and tax that will put your profile in front of a hiring manager and this is where you should include a picture of yourself.

Almost all recruiters now say they use LinkedIn to find prospects for their job openings.

Certainly once you apply, they are going to check all of your social media channels, and so while on LinkedIn. It's about what you put on there with the other ones.

It's about what you don't want to make sure there's not things that are overly charged or political are things that are going to automatically disqualify you from a position that you might be seeking okay. Good information. Rob I have to say I hate to take the extra time but I just can't let this go. I've done a bit of hiring myself over the last couple of decades and to get my attention. I can remember one cover letter and resume that was done in black paper candor with handwritten silver ink.

Oh and was that it worked out for them with. Well I got my attention.

I'm here we are talking about it 15 years later me like I'm here as you get the job you know I was dared to death to consider acquiring but it definitely got my attention. So there you go. Give that prayerful concern information and again if you'd like to talk with Rob today about anything financial or to apply for a job.

Who knows we may have positions here that I'm not even aware of. But Rob is calling right now 800-525-7000 800-525-7000 and as soon as I see that Rob I'm having trouble with my computer so if we have a call up that I don't see do you happen to see that person their skulls come in and right now I would take an email though before we dive into these call something a list of gems I listed Tim's email it says I've only heard bad things about reverse mortgages are they always a bad idea even when you are house rich and cash poor. Yeah, you know, I reverse mortgages are not my favorite Steve, certainly not my go to when it comes to generating income in that season of life, but I wouldn't automatically disqualify them. If you're sitting on a large asset like your home.

It's paid off, and you're short on cash flow, I would prefer you to perhaps sell that property downsized credit right size your budget. Get everything in line and in that point, then you're not funding your lifestyle with that there are some downsides to reverse mortgages. For instance, it may affect your eligibility for needs-based Guster government programs were talking about Medicaid and SSI. The fees tend to be high so reverse mortgage closings carry fees like any mortgage, but they tend to be on the higher side and not to mention insurance premiums that are going to be added in there. All of that, pushing the total amount you are borrowing up the internal interest rate. The imputed interest rate inside the reverse mortgage tends to be higher than what you might think about in terms of prevailing rates and it's good to create challenges for errors who perhaps want to hang onto that property. If they did, so I think just given those factors, they tend to be expensive there to limit your flexibility may affect eligibility for needs-based government government programs. I would look for other options. First, if at all possible. Okay, how about one more. This comes to us from Al. It has to do with what a lot of people refer to as the cashless society. This is an interesting variation on that my local supermarket gave me a hard time when I try to make a small purchase with cash. They asked me to use my debit card or credit card instead.

When I told them I wanted to choose cash they wanted to give me a gift card instead of the change. Is this why people are afraid of the cashless society. What is going on. Yeah well I would just say, kindly say no thank you, you know, we are moving more and more digital all the time with electronic currencies and cashless payment systems, but that doesn't mean the coins and the bills are necessarily a thing of the past, even though especially in light of covert were seeing them use less and less, which is by the way, resulted in that coin shortage. You probably heard about but the bottom line is if you still want to pay with cash and use a traditional envelope system. You should be able to do that very effectively even though you're probably in light of the. The medical side, you're probably going to be encouraged more and more to use digital forms of payment. Whether that's a digital debit or credit card or some other means may be paying through an app, but we don't have to necessarily go all in on the digital payments. If we don't want to quite yet. Steve it's right okay and if you have a brief email that you'd like to send around for him to answer on the air. The address for that is moneywise exhuming the address for that is questions asked money questions@moneywise.org questions@moneywise.o are okay to our phone lines. Amy in Missouri.

What's on your mind today are I found out what I working to print and the burn found when I would go make payment on the grandpa he would never give me change and one day I can't and they don't give change and they did not apply to my account so that with one problem and I don't understand why Back Bay claimed they had been wrong and then it money yellow job searching that why when you're in England be diabetic. As I you and form of either you need to step away from the phone call would not allow you happen couldn't remember what I said to eat a low blood sugar not being allowed to leave month later they called me into a knot and you know you are cursing on the phone I said no I want.

I can remember my pleasure ended up firing me gone ahead and find somebody to see them or what should I have done that again Katie a policy procedure called me to your first question you think the key is anytime somebody prefers us to use the digital means of payment or take a refund as a credit that's obviously in their best interest. There always going to encourage you to do that so I would just when possible. Kindly say you know what I think I'd rather take the cash form of a refund or payment deal beyond that. And with regard to your work situation so sorry to hear about the way that worked out. I'm not the best person. I'm not an attorney and so you know I think the key for us as believers is to try to avoid litigation at all costs. Try to remedy the situation otherwise perhaps just be transparent about what happened. Make sure they know that it was medically related and see if you can't resolve it another way, but we appreciate you listening and calling so much Amy. God bless you, thank you very much Amy is our phone number again. If you have a question today were a comment for Rob it's 800-525-7000 800-525-7000 Rob were excited about a new a new resource year and it's a little birdie told me that you must want to will pass one of these onto to a listener today. What were we thinking here as far as the gap is concerned. Oh yeah were excited about the brand-new moneywise app Steve and it's out there it's ready to go.

You can get it in the Apple App Store or the Google play store, so would love for you to pick one up today.

The digital envelope system is at the core of it. Beyond that, there's the community where you can ask questions, and it's been really fun to see so many listeners and users engaging each other in questions inside the community. Plus the broadcast archives of moneywise radio program. So check it out today go to your app store. Whether that's the Apple App Store the Google play store you'll find it there. It's called moneywise biblical finance okay. Great information will come back and chat some more about the app later in the broadcast. Tell you more about some of those details and of course will come back and pick your phone call as well as 105 five 7000.

Anything financial that you may find pressing anything financially might be wondering what the Bible say about that around, give us a call 800-525-7000.

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 and managing God's money, author Randy Alcorn breaks it all down in a simple, easy to follow format that makes it the perfect reference to if you're interested in gaining a solid biblical understanding of money, possessions and eternity managing God's money is available in the store moneywise live.org separation lot before you see a lot of people here, not thinking is not with the word experience more.now relation you know if you have enough money house. Do you know how much is enough.

If not, one blue can help with this book.

Master your money a step-by-step plan for experiencing financial contentment. Learn how to save and invest and give wisely create a long-term financial plan and how to get out of debt. Find it all in master your money by Ron blue available when you click the start button moneywise live.org here moneywise live. We don't just take questions and answers.

Often we talk about what God is doing in your life in regard to finances or something learned about managing money in the past week God has revealed himself to you in the past few months and you'd like to share that as a testimony with us and the rest of our listeners. Please feel free to do that. It's always fun to see how God is working in the lives and hearts of others is our phone number again 800-525-7000. Continuing down to Boca Raton, Florida Nicholas, how are you today my friend.

I can't Nicholas do you mind me asking how old are you, Nicholas, 11 years old. 11 oh my yeah why are you calling us today what you question a lot of money I have about $300 I get one okay any recommendation from mom and need I say or what to do with my money love that Nicholas will first so glad you called. And second, congratulations. I suspect you put some hard work into saving up $300 you mind if I ask how you did it. Have you been doing some chores jobs around the house birthday money were to come from you. Give me $20 a month I had any responsible with my money. Love, love it all right what I want you to think about this money in three buckets if you will. Maybe three jars. In fact, you could even break it up into three physical jars if you wanted you might have to ask about the ticket to the bank and you know if it's in large bills but think about it in terms of give, save and spend. Okay, give, save, spend, and so we want to be generous with whatever we receive, we realize everything we have the opportunity to manage this $300 and every dollar after it frowned throughout the rest of your life belongs to God. The Bible tells us it's God's money, which makes us a manager which is pretty cool to think about right where God's money managers. We have the responsibility of caring for this money and so one of the ways we can use it. In fact, we see this clearly talked about in the Bible is to be generous with it to give it to our church or to somebody in need and so I would think about the first use of this money in terms of the give jar. The second is the save jar and that's something that perhaps you'd like to save toward something you really want to be sure to talk about what that is with your parents to make sure you are you are on the same page. But once you figure out what that is what you're saving for a new biker, a new pair shoes that you really want that or maybe a little more expensive than mom and dad have in the budget. Whatever it might be that you guys agree on that. I want you to print out a picture of it.

Put it right there on the jar and that's something that you're going to be saving toward and the third thing is to spend or jar if you will. Where these are daily expenses where mom and dad say you know what, if you want that you're going to need to pay for your in the checkout line. You want to pack a gossamer you want to be able to do something, you know, fun and go go play putt, but golf outside and with some friends and your parents are there and they say that something you need to pay for Nicholas if you want to be able to do that will that's what the spend jars for and so I want you to think about how much you'd like to put in each you could put 1/3 of it in the given third in the same and third in the span you wrestle through that and decide how you want to do that but I think that's going to help you to think about the best way to use this moving forward and it's also going to establish some really healthy habits that when you get older and you have more money to deal with.

If you can think in terms of I want to give to the Lord first and I want to save second and then I want to live or spend the rest after I've done those two things that's going to serve you well through the rest of your life is all not make sense. Awesome.

Also I hope that's helpful, buddy. Listen, I want to send you a book okay so want you to stay on the line and our answer is to get your information and it's called the ABCs of handling money.

God's way and working to send that to you. It's our gift to you and I want you to read that with your mom and dad when you have a chance. Nicholas, are you in school right now.

What's the situation with your schooling in covert and all of that time you and you have to wear a mask all day. What's the situation with that idea all day while I that's right is my friend.

It's always a great to have someone your age call and will you send that book without you stand in line. Let's make sure we have all your contact information and then down the road a little bit if you want to call back and let us know what's going on in your life will be happy to look forward to your call.

Okay buddy thanks very much. You have a great weekend Rob, you have a teller audience about your own children, your four children you have twins twin girls and then boys and what one of their ages again while we have a busy household. Steve we do have for my oldest Colby is a sophomore in high school. Hard to believe 15 about to turn 60, which means drivers license a full-fledged driver's license is in my future.

Mason is in the eighth grade and then Abby and Emma are twins are girls are in sixth grade and I presume that from the very beginning. We've been trying 805 five 7000. He's run last investing is more than just return 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 available. Best eventide.com invest eventide.com. 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 more communications major and the first of the week is found in Psalm 123499 for he will deliver you from the pestilence covering under his wings you will find rest. Psalm 91, things are always happening in the radio God is at work in listeners all around our monthly online newsletter uplift is changed in order to bring more listener stories, program updates and more listening resources be among the first to know about radios ongoing out check out the old new newsletter uplift subscribe right now my movie radio.org my movie radio. The financial wealth you leave behind could be the best thing that ever happened to your love, what's or the worst in splitting hairs, giving your money and things to your children without ruining their lives. Ron blue explains why it's important to make these decisions now, instead of forcing your heirs to do it later.

Splitting hairs will foster a real appreciation for the precious resources that God has entrusted to you, and it's available. Click the start button moneywise lot is on John's buddies and it gearing up for a rare weekend session. Those Republicans raced to put Amy Colby Barrett on the Supreme Court. Barrett is expected to be confirmed on Monday, Pres. Trump says Sudan will start to normalize ties with Israel making it the third Arab state to do so in the run-up to election day Northern California prosecutors will again seek the death penalty for Scott Peterson in the slaying of his pregnant wife and unborn son nearly 19 years ago they made that announcement today. Branson surpassed 1 million confirmed rotavirus cases, becoming the second country western Europe after Spain to reach that mark Wall Street talking off a sluggish start finishing mixed talks about mostly hunger this month but outdid drop 28 points, but the NASDAQ game 42 and the SMP was up nearly a dozen this is SRN news, thank you so much for listening and dialing in have a question or comment or something like Ron something financial would be to give us a call because we have three or four open lines. You will get any busy signal. Today, at least not right now. 800-525-7000 800-525-7000 Hinsdale, Illinois, of course, listening to our good friends at W MBI and CJ what's on your heart. I think Mike Frazier thinks so in reference to paying off debt. I made you know poor choices like in my younger 20 and I'm just trying to figure out the best way to do it. I do eventually want to purchase a home, so I just want to make sure like I'm doing it in the right way and probably like where I should yeah absolutely see Jim.

I'm so glad you called me love the help of that before getting my thoughts and want to just get a quick snapshot of your financial situation. Tell me about that that you have the types of debt and roughly the balances okay to me. I owe that I do on the IRA money, about 10,000, and I wanted to attend, as I think like that I had to get a new car so I I want to say and I caught one cars like Suwanee down no problem. Also, I do, but they I don't use them. Great. Okay, I don't really use them. Like I absolutely need to.

And then I wanted it. I think I had issued calculi will not long yeah I had issues with my health so I had the night I didn't get like hospital bill that I carried you to like having surgery done. So sure that writing I want to say I don't know hospital bill lies maybe like I know I calculate everything when I calculate everything myself.

It was like 18,000 maybe not altogether, but I want to maybe like Mac maybe like 3000 Mac. Okay, that gives me a good picture of it. So here's what I would say first of all, I'm so glad that you're calling because that means that you really want to handle this God's way and that's really the beginning point. You see, we have to recognize CJ that everything you have is been entrusted to you by God.

It all belongs to him, which makes you me and Stephen everybody listening managers of what God has entrusted to us and here's the thing we all make mistakes right were all sinners saved by the grace of Jesus and were all trying to live our lives in a way that aligns with Scripture. Here's the good news is that there's 2300 verses in God's word speak to how it speaks to how we should handle money and all the mistakes we made in the past we can invite God into our financial lives and leave all of that at the foot of the cross and say God I may have made some mistakes and I want to purpose myself to be faithful in managing your money moving forward. Someone invites you in. I don't want to use credit cards to rob you of the opportunity to intervene. I want to trust you.

For every dollar moving forward and I want to make the best most wise decisions I can with how I used your money. So that's the that's the starting point which involves a recognition of God's ownership and some prayer to invite God into your financial life. The second thing we need to do is live with in God's provision which means we have to have a spending plan or a budget.

So here's what I want you to do and you sound like you've done a little bit of this, but perhaps not quite in this way, I want you to get organized. I want you to make a list of all of your debts from smallest balance to largest want you to write them down the name of who you owe and the exact amounts and if you have some questions about that you may need to pull a credit report and annual credit report.com especially if there's some medical bills that have been sold to collection agencies, things like that. The one that I'm hearing is the most pressing is the IRS you really need to get on a payment plan with the IRS and you could connect with an enrolled agent or CPA there in Illinois in Chicago. Through our website moneywise live.org click find a CK in the tax area because you want somebody who can represent you, and perhaps get you on a payment plan and you don't ignore that when you need to really lean into that. But once you make that list of all your debts then you at least know where you stand, then we want to pay the minimums on everything, whatever that monthly payment is to the IRS.

Whatever you can work out in terms of a monthly payment to the medical bills obviously make your car payment every month and then we need to get that budget in Live Meeting, you might have to cut some expenses you might have to trim some things cancel subscriptions.

Whatever it is, so you can pay your bills, but have some left over to be able to send extra I want you to try to save $1500 first though because that's gonna be the start of your emergency fund and then when you do that were to take every extra dollar to put it against that IRS debt moving then on to the medical bills and finally to the car. Okay now I want you to stay on the line because I want to do two things.

Number one is in addition to connecting you with a CK in the tax area. I want you to visit with one of our moneywise coaches there's no cost in there to help you set up your budget also want to give you six months of the Pro subscription to our new moneywise out because that means you can download your balances set up your envelope system and manage that every day so you don't go over on your budget.

Again, that's the moneywise app and when you give your information to our team will make sure we get to that six month subscription and will get you connected with the coach. Does that sound good: quick question real quick about the time yet. Like any realistically just based off of the debt I gave you like, how long you think it would take for me to purchase a home. Yeah, you know, I think the key is right now we probably have to set that down the road to be several years is really all gonna come down to how quickly you can get this debt paid off because not only do I want you to pay off the IRS that in at least be working toward being on time with the monthly payment toward the medical debts, but I want you to save 20% of the down payment. In addition to your emergency funds. If you need 100,000 for the house of the townhouse of the condo that means you need to save 20,000 so that's probably going to take a little time but don't worry about renting in the meantime because last thing I want you to do is take on a big obligation like a mortgage before you're ready and CJ we wish you the very best in the line. Let's make sure we have your contact information and will get to those resources right out to you.

Thanks very much. I will become back from my break will say hi to Ray and also J&J who'd been holding a very patiently. But before we do that rob you know we have a group of volunteers, a very large group of volunteers all around the country who have gone out of the way to get trained so that they can help many of our listeners when our listeners need some face-to-face help with their basic budgeting information not talk to us about those folks who they are and what they're able to do all you happy to see this moneywise coaches and as you said, these are men and women who really see helping God's people put us spending the debt repayment and giving plan together as their ministry. They've been trained to do that again there called her moneywise, coaches, and other than small charge will ask you to make the by the workbook, which if you don't have the money for it will give it to you but if you can will ask you to out to buy the electronic workbook. Other than that they donate their time so they'll walk with you for six or eight weeks, maybe even a little longer. Virtual once a week meeting to get you set up on a spending plan that's moving in the right direction and help you start giving. It's called her moneywise coaches and you can connect with one day moneywise live.moneywise live a large box that says connect the coach more moneywise live 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 button@moneywiselive.org 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 time is approaching Fresno vote November 3 by subcritical moment in American history. Never before have we face a global pandemic chaos in the streets of belief system limits law and order because as a nation we turn our backs on God. We shouldn't be surprising. Almost half of all Americans have no understanding of God's good news of salvation through Jesus Christ. George Washington said it is the duty of nations to knowledge the providence of Almighty God told me one of the ways you could acknowledge the providence of Almighty God is the boat but the best way to obey God's will to share the good news of Jesus with everyone you meet God placed you at this time in human history to share his love to devote his will for every issue in Canada. There is nothing more exciting than knowing God is using you to move people closer to join is not America.com all facts and around compromise and around the really know, understand, one buying a home is the largest most nerve-racking purchase. Most of us ever make. It doesn't help that you're entering a maze of unfamiliar words and confusing options that can leave you intimidated frustrated and afraid. You can take advantage of navigating the mortgage mates by Dale Vermillion help you clear up the confusion on rack your nerves and make the best mortgage decisions possible with confidence navigating the mortgage maze available when you click the start button@moneywiselaw.org binding God's plan for your financial life. This is moneywise live phone lines ran from Idaho Ray what you question for Rob property, well will money on her house were wondering, is it better to pay off the mortgage or to roll the money into back into smarter investment property and 31 yeah well it's a great question Ray and you know you could go either way there's not an obvious choice here, but I'd be happy to weigh in with my thoughts. Tell me about the rest of your financial life to you living within your means you on track with retirement. You have an emergency fund those types of things we got emergency we live within our means that not much for retirement okay alright so were you seeing this rental property or or investment property and now the proceeds is really the core of your retirement plan more to keep reinvesting it into property and down the road. Hopefully that works out. What is it all you absolutely what is your age you don't mind me asking 51 okay and do you have are you self-employed are you a W-2 employee. W-2 idea have a retirement plan work. Yeah they just started it a couple years ago, though. So in order not a lot okay are they doing any matching yes okay so I take full advantage of that and if your wife is working the same thing there.

I think the idea would be. I love the diversification of having this other asset class with real property, but I also like the idea of you having a diversified portfolio in a qualified account where there's tax advantages where you're systematically contributing to that you still got some time on your side. But 51. We need to be diligently putting money away inside try to get up his possible to 15% of your take-home pay going into that qualified plan for both you and your wife if you can do that in terms of the proceeds of this property and I love the idea that idea being debt-free which you sound like you could do with the proceeds of this home but I also wonder just you know how you like being a landlord assuming that's what was happening with the other property and whether that something you'd like to continue doing and whether that was working for you.

Was it throwing off good income that you are either able to supplement your income with her you been saving to me about that side of property to me by several years ago and it actually the property value went up quite a bit little so we sold it to hopefully do the same thing over again just reinvest more property and we can agree to limit wrong raw land again possibly a okay yeah I actually like the idea of you investing in a property that could actually generate some income while you're waiting for the appreciation because often raw land doesn't appreciate quite as fast as we think.

Unless you have a really good area that you're investing in.

Plus, there's other issues you know is the neighborhood. If it's a part of the neighborhood. Go take off his everyone expected is a truly raw land and we gotta wait for the no improvements is the infrastructure in place and the roads in the plumbing and no electricity.

And you know is it going to grow the way we think it is or is the traffic pattern to move in another direction. We just all of those things create a bit more risk and we don't earn any income while were waiting.

So unless you have a unique situation. I'd probably be more inclined to go toward property can be income generating. But obviously you have to have the time, the expertise to put into that to maintain it marketed keep it updated and repaired and address any tenant concerned. So, although I like the idea of you becoming debt-free and if you had a conviction about that. I would say go for it you know if you want to keep it invested by rolling it into another property. The 1031 exchange is a great way to do that I would just make the decision between again going toward the raw land which worked out for you last time or going toward something that can be income producing in the meantime Ray were glad to get through today. Thank you very very much. Let's quickly moved to Colville, Washington Washington state and Catherine. What are your thoughts today. I love your program is helpful here and I started getting little benefit from my and working part time, but I wanted savings for funeral expenses and I got a term life policy. I don't.

I didn't get it did in the mail and I was wondering about you guys talk about other sources like burial plan at night, something that would not put a burden on my family thinking Yes make sense you know certainly that the best way to save for funeral to pay for a funeral would be by savings and so I'd love to see if you can live within your means and carve out a certain amount that you could you earmark into a savings account that would be there and available for next of kin family members to be able to have what's needed. That's one way to go. You can also buy funeral insurance which is just slightly different than that term policy you bought in that it specifically for these purposes, and it would be an amount commensurate with the actual expenses of a funeral and it gives your family more options obviously the prepaid funeral because their indiscretion of how it spam as opposed to all those decisions being made now and then. You know, perhaps we have some unknowns down the road a similar life insurance policy, but it pays out more quickly to help with those funeral costs. Of course, you set the beneficiary. Whoever is responsible for organizing the funeral and you know somebody who's 65 in good health. The $5000 policy would be about $22 a month, $10,000 policy probably just over $40 a month and you know you'll have a higher premiums if you went with one where they don't ask any health questions which is basically what's called guaranteed issue, but I think those are really the two options to consider. Can do the prepaid and funerals.org would be a great resource. They are the memorial society but I think one of those three is probably the direction for you to head Catherine my work is all absolutely yeah so I think the priority there. Catherine is you want to be living within your means want to be giving systematically and like for you have an emergency fund of at least three months expenses, but beyond that, assuming it on the credit card debt. Absolutely I'd be systematically contributing to that retirement account with or without matching I'd be trying to put away a goal of 10 to 15% of your pay into that and that's just going to grow every month it's gonna cost dollar cost average into the market which means when the markets up you buy less shares in the markets.down you buy more shares with the same money, but over time it'll grow and be a real nice nest egg for you down the road. Catherine God bless you, thank you very much for contacting us today.

We have time for one more Warren Ohio Josh here on the year with Rob West and Rob Dr. young man. My family and I we we worked pretty hard and out of debt and debt and I got out of debt free and I have a nice job a couple thousand saved up and everything around them that I never really wanted it paid for in an Lord blessed me. I just don't know what to do next. I don't want to go back in that it seems like if I want to advance my family lifestyle and/or future I should take chances with my money or are other people's money and I just don't know what to do. I like thinking I've gone back in the debt yeah and tell me specifically what you think about there. You talk about buying a house or borrowing to invest or what you we talk about yeah but I am property made, maybe even buying a few commercial properties to rent out like that. But on my mind yeah well you know I think the key is first of all your hard attitude. You know where you and your wife that in terms of recognizing your role as stewards of God's money and really following his principles of managing his money are you living well within your means.

Yes, it sounds like you are you purposed yourself to be debt-free, even at a young age. You start to put some money away that's great deal is. As long as you're doing those things you're giving regularly, and you've got some margin left over in your contributing toward a long-term diversified portfolio, you know, in the stock market. I think that's really the key. You've got that healthy emergency. The fund there to fall back on then being able to move out into taking on more risk even borrowing, assuming you don't have a conviction about not doing that I think is appropriate as long as you do it in the right way. Meaning you're not, you know, doing wild speculation and you're not know borrowing 100% that you have good equity in whatever you're borrowing to buy because it's a real asset that should appreciate over time and as long as you take the proper steps to educate yourself on what it means to be a landlord and where you should buy and how much you should spend. Are you putting your the rest of your financial life at risk or have you saved enough that you have some equity so you have some confidence that even if the real estate market took a downturn you could liquidate that property and satisfy the obligation such that it wouldn't put the rest of your financial life in jeopardy. I mean I think there's a way to take a measured approach toward adding more risk to your financial life, but doing it in a way that follows biblical principles so that if the unexpected happens, we have the ability to unwind.

We can liquidate a property and pay off debt. In it we can do things to make sure that it doesn't impact us negatively down the road so it's something we have to approach prayerfully when were married. We always have to make sure husband-wife are in complete agreement, including what it involves debt, especially when it involves debt and then I think it's just about doing everything in the proper order and timing.

Josh, thank you very much for calling and will just to suggest again that should be very prayerful about this. It's nice to want to move forward and succeed. What you want to make sure that you well armed, well prayed often the wisdom and advice from others been where you are now. Thanks very much for calling my thanks to Amy Aaron and Jim their technical expertise thanks to you for listening moneywise is a partnership between Moody radio and moneywise thanks again join us again


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