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The Importance of Having a Will

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
November 25, 2020 7:03 am

The Importance of Having a Will

MoneyWise / Rob West and Steve Moore

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November 25, 2020 7:03 am

Having a will is arguably one of the most important things you can do for yourself and your family. A will can eliminate legal pitfalls and provide peace of mind for you and your heirs. On the next MoneyWise Live, hosts Rob West and Steve Moore welcome money expert, Ron Blue, who shares the importance of having a will. Why you need a will on MoneyWise Live at 4pm Eastern/3pm Central on Moody Radio. 

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The will allows you to determine exactly where your assets will go after you die. Usually that wasn't the case with one British filmmaker who left the money to the Royal Society for the prevention of birth, no doubt, that was supposed to read the action of birds. The point is, I will can illuminate legal pitfalls provide peace of mind for your today host Rob West chats about that money expert Ron blew some calls from all across the country. However, today's edition of the program is not my more importance of having a well right here on money wisely brought our guest Ron blue was a cofounder of kingdom advisors are frequent speaker on all things financial and most important for today's topic. He's the author of splitting areas, giving your money and things to your children without ruining their lives. That's right, Steve and nobody better to talk about the importance of estate planning and making your final wishes known, as well as the legacy side of wealth transfer Ron great to have you back with us again on moneywise. As always, thanks for inviting me absolutely run as we diamond today.

I know you once counseled a young widow whose predicament really underscored the need to prepare wisely for the future. I'd love for you to start today by telling us that story about you not giving a speech and afterwards a lady came up to me to tell you my story and her story was that her husband was an entrepreneur and he had sold his business No idea what the business was worse should never been involved with, and when she found out that the business have been sold for $7 million and put in the trust in the bank. She was gone, but she was more non-when she found out that her husband for tax planning reasons and allowed her to draw and come out of the will. But her two daughters were the ones who control the assets so she could Lonnie without getting permission from her daughters, and you can imagine the devastation that your child can. The real issue was that it put her in her daughters and tax planning boilers terrible terrible family.

But if that's not uncommon non-amount of money might be an uncommon but the fact that the husband prepares for the estate and doesn't really counsel the why think is not part of the process.

That's not an unusual situation is exactly right will get you more of those family dynamics in the bed, but first let's just talk about the benefits of having a well most people know they should have one, but a recent study showed that nearly half of Americans over age 55. Haven't run one up at all. So just review with this quickly. A few of the benefits the reasons why everyone should have a will and a legal document that have to be followed and it's far, far more than tax plan really a final message to your errors and not call the orderly disposition of your estate so it covers such things for guardianship for children. For example, in any young family that family with young children should have a well providing for guardianship and that's really difficult decision and many many cases and and also changes over time.

But that's a good reason for a will and a will to be reviewed over time. Yes, it also can be something really really important and that is the passing of personal property that maybe has no monetary value, but have great final value and I'll never forget when my mother-in-law died. She had to sisters who fought over the China and you know it viciously talk over the China not uncommon either their favorite jewelry, favorite art, favorite thing to personal property that can be covered and I will certainly if you're a business owner. The orderly succession of your business can be aided with a will and absolutely not any business owner should have a great place and of course desired charitable giving will be another one well a lot more on this topic. Right around the corner and team cheering good friend Ryan was alive and we only have a strategy for your finance your career even your strategy for your getting a Christian foundation create and your family to learn how moneywise.org 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, you 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 investing in now moment here's filled owner Sam had a Peter problem. A big part like the apostle Peter, also a big mouth. Sam seems so old time will remind you of Peter to remind you, you will be on remind me of me. Sometimes I just need focus adjustment like Peter got John 2115 were Jesus said that you love me more than the same friend try to focus adjustment today like I softening number one everything that's important to you and then number two. Ask yourself this question, do I love them more than God. God wants to give you and if you listen you will put his finger right on the area that needs change pride today and solve the problem.

To learn more about the network of American resources donor.org the financial wealth you leave behind could be the best thing that ever happened to your loved ones or the worst, and it 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 live.org for segment of our program run with us absolutely before the break. Recent study showed that nearly half of Americans over age 55.

Haven't drawn one, which means they haven't made a plan for the guardianship for the care of their young children, the passing of their personal property, making sure their desires are honored. What about a business and making sure that that's transferred orderly and effectively, and Ron just before the break. We talked about the idea of charitable giving being a part of your will as well. You can only give money to three places the government errors or charity your ministry in a will is one of the key ways to do that is made how to control attorney interval giving and never will. I don't get budded almost nothing that is given by will, and primarily because I might found it.

Nobody asked and by that I mean the legal profession prepares you well and rarely do they say would you like to leave any money to charity is to assume that you don't [the ministry world that a lot of money past that should go to charity and go hand in hand.

Errors don't use it wisely.

I wanted to just an opportunity. Perhaps a bit of a tangent and I will get right back to wills as we talk about this whole idea of charitable giving and no term or the principle that you claim throughout your ministry is the idea that you should do your given why you live in so you know, and where it's going and I love that because it really puts the emphasis on not only should we be thinking about getting out of our will, but what about getting right now. Talk about the consideration that should be given between those two things now and at death will include your errors are your errors can probably use the money more now than when after your dad and really good test redirect charity or with your with your errors as to how they handle money that is given boy start like dodgeball compounding is much greater than man closet compounding.

So if I can put assets. It is entrusted to me to work for the kingdom now think about the impact that that has throughout all of eternity viciously and I don't know. And it's true. I'm not sure that we get any credit for charitable giving kingdom purposes at death because we don't have a choice were living at all. Anyway, God wants me to be due again to experience the joy of giving. Right now I believe personal conviction I appreciate the thought for sure I run back to the mechanics of this in your view, who should have a will. Well if you breathing major still alive there really almost nobody that shouldn't have a well unless perhaps you know somebody that I can think of. Perhaps people in ministry who have nothing and you die with nothing. I do know Peter well but if your newly married for sure. You should have a well if you have children for sure. You should have or will we already talked about the charitable aspect won't happen unless you have a will. Certainly if you have significant assets you should have a will and incident made know what tends to happen, I think, is that people the most critical time to have a will is more earlier than later.

Later it becomes that of the transfer of wealth becomes really important early tomorrow.

The care of the family that you cover in a will. Certainly, if you own a business, you should have a will and people that have handicapped children or relatives that are responsible for that have to be taken care of ahead of time and if you got separate property and another working second marriages is happens a lot about Each of the cage of individuals bring end of the marriage separate assets might dad that I was remarried and he married a woman and Judy's mother was remarried and both of them had wills because of the separate assets so a plan for the orderly disposition of the things that God has entrusted to you. Have a square. Yes, that's right. As part of the really key role that we have a steward of. So everything God's entrusted to us and yet so many as we've Artie said Ron put it off or just don't do it all in your experience what you think that is where I people are confused they don't they don't want to answer those questions.

They don't necessarily know the questions to ask and it's not important because I'm feeling good right now and so it will take care of itself in time and many talk. I think most people think that a will is for the people as they get older as opposed to younger, but in fact that's not the case. So, not knowing what to expect and what questions to ask, let alone answer and you have to make hard decisions. And that's not always easy, and at any level in the marriage. So I think if it were a facilitator and advisor can come really comes in handy in helping somebody think through the implications of a will, having amount because of something you may not do yourself.

So, communicating though your intentions to your family, you know, the heirs should you do that ahead of time and what are some principles around how that should be done, perhaps drawing from your experience where it's been done well and perhaps not so well.

I believe that the error should never be surprised by the reading of the will.

You don't have to talk about amounts but as your children get older they read. I reach adulthood they should know what time that well and they should know what your values are and they should know why you decided what you decide and then the reality again is that the decisions that you make as you get older change been married 55 years 1978 and I don't know. I can't tell you how many iterations of wills that we've gone through because the circumstances change. Yes, so it's a document that is alive and needs to be reviewed and rewritten multiple times, not as you again as you get older and measure circumstances change. That's a key point to. It's not one of those things where you just set it and forget it. You do need to update it as your life changes as the laws change. Perhaps as you move from one state to another, and so it is something you need to revisit regularly and as you said Ron have open dialogue with your family as to preserve the relational side, and perhaps more important to pass down those values. The decisions that you made in the why behind each of them right always a treat. Debbie weathers my friend got bless you sir, thank you. What a pleasure. Thank you guys talk you later, Ron Lewis, but I guess today you'll find his blood splitting hairs at our website moneywise live.all large listening to moneywise live with Rob last today's broadcast is recorded so we won't be taking any calls but we have some calls lined up in some great weight that I think you will find useful.

At the very very moneywise live a more intimate advice questions about planning for retirement. Long-term care insurance. I don't know where to start. It sounds like you need to moneywise help you find answers and more. You can ask your questions with access helpful articles and moneywise podcasts sounds great many okay searching for moneywise and I this is not just talking to you along the way. When you get when you on your journey behind some of your emergency cut off the stragglers of God.

Please mark your body like a great place to underline it with no fear of God, your God gives you rest from all the enemies around you in the land he is getting an inheritance. You shall blot out the memory of Daniel so over the Amalekites slate when you people for me. When Christ said to Saul, so to keep me not doing anything to you I'm doing it to these men, women and children have personally been listening to experience. I need some help.

Sometimes I feel like I can't get a handle on my money. I mean where is a no go.

It sounds like you need to moneywise help you plan your budget and track your spending three dollars and spend every morning on coffee every morning. Also get access to difficult financially nice sounds awesome. Let's do it. Okay, searching for moneywise I got a real pleasure to have you with us today.

This is moneywise live times more that other guy was ailing I would be answers Rob West happy to have you with us in the program.

Today, however, we are pretty recorded. We won't be taking your calls lined up some calls in the past that I think will find interesting, helpful, and the very very thinking of coming information will help lessen my steward of God's given you. Proverbs 8 verse seven reminds us choose my instruction instead of silver knowledge rather than choice gold and it's God's knowledge and wisdom that we seek when it comes to managing our money today and if we can help you with that will certainly try Chicago, Illinois. Jackie and I thank you for calling and for holding what's in your mind will net about good and I can't take no more money that could be invested maybe okay thing like that by all that you're doing too much. Yeah, well, let's separate the purposes here Jackie for the various policies that you have the primary purpose for any kind of insurance, whether it's whole life or term is to have a death benefit to make sure that you're able to provide for your family. In the event one of the parties. One of the family members dies that you're dependent upon his or her income or in the event of the death would add additional expense. So let's say there's a stay at home spouse that passes away their small children at home there now need full-time daycare.

That's not built into the budget.

That's where insurance can come in, or the primary breadwinner passes away. Now there's no income and the reinsurance the death benefit is there to provide that income and make that up that's really how we should view insurance of the first question is how much insurance do you need and on who in the way you answer that, as you say you know whose income, are we depending on and usually just as a rule of thumb, and that's all it is, you probably want to do some additional planning, you would say we need at least 10 to 12 times the income were trying to replace in the form of a death benefit source of $50,000 that somebody makes you want at least $500,000 and death benefit and then we look at other needs that exist like I described in the case of somebody that would require a daycare so that's the first question, then the second reason, you would have a whole life policy is for a savings vehicle that's not my preference in terms of how you would save for the long term. I'd rather you buy as much insurance as you need by it as inexpensively as you can. That's going to be term life insurance and then save.

Apart from that, now that requires that you do that. So you gotta make sure you keep your spending and check and you take advantage of your company-sponsored retirement plan and building up your emergency fund doing all of those things. Perhaps a Roth IRA and then as your savings grows, you will get to the point where you no longer have a need for the insurance as you're nearing retirement because you're now self-insured. You've got the assets that you can depend upon, and so the need for insurance goes away, so I think as you look at it that would be the lens with which I would evaluate that. So tell me what death benefit. Do you have on these two policies do you know the hall on 200 okay. And is this on your life of me, what a holy check on me and Attorney at me and my husband okay so there's a different string who is the insured and then who is the beneficiary. What Bobby chatted beneficiary.

Okay, so the 457 and the 200s on you hall it just me, my husband and wanted doing okay. So me and him habitat for 450,000 but he didn't want to invest in a hold. He thought that was just too much. Yeah well so I think the first question is how much insurance do you really need and that would start with we don't need to get into that now that would start with you. Looking at what is the amount of income you need to replace if something happened to him and what is the amount of income you need to replace if something happens to you and can you generate that kind of income based on the proceeds of the life insurance on the $450,000 policy know we probably generate about $22,000 a year without impacting the principal and if we were to pull a little bit more out we could go up from there. If that's going to cover it. Great, but you may find you need six or $700,000 on him to replace his income will that's going to come in the form of additional term insurance because it gets costly if you use whole life. For that, then the second thing is are using it as a savings vehicle and is that the best place or would you be better off in a Roth IRA. So here's what I'd like you to do go to moneywise live.org connect with one of our certified kingdom advisors who can help you evaluate how much insurance do you really need and then secondly, what is the best savings vehicle for your long-term savings. Jackie and hope that helps you. Thanks very much Robert he said would take a look at an email we keep meaning to.

It keeps us sliding by this one's for Michael he says dear Robin Steve how should I prioritize my resources among these objectives, we have no debt but our mortgage and three months of savings.

We have a good amount of excess every month. Should we pay extra on her mortgage, save for retirement or fund college accounts for our children. Yeah. So here's the way I would approach that Michael is a great question and remember it is all about priorities.

There are no sequential financial decisions.

They're all simultaneous and what I mean by that is, every decision or spending decision has a corresponding impact on some other area of our financial life. So you've got your emergency savings in place that's great and you don't have any consumer data in the form of credit cards so the next is make sure you're saving 10 to 15% of your income for retirement.

Once you've done that. Now were looking at college and extra payments to the mortgage but I would prioritize the retirement savings first. Once the credit cards are paid off in the emergency fund is in place.

If you'd like to send a brief email question to Rob.

The address is questions@moneywise.your phone number mentioned today. Please ignore that phone number.

Today's broadcast is a freeze addition. I think the upcoming information will help lessen my this is 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 best design investments for performance and a better world so you can invest for the future with a sense of wholeness and purpose.

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Would you like to interject a kernel dimension in the most ordinary day on the radio says you can when you discover the treasure principle and a concise powerpack style is newly revised and updated book offers a six step plan defining the pleasure and eternal treasure what you discover. Life will never look the same treasure principle is available when you click the store, but moneywise live.org Johnstone resident Rob has pardoned former national security advisor Gen. Michael Flynn today pardoned the final step in the case, the Justice Department abruptly moved to dismiss, insisting the general plan should have never been interviewed by the FBI in the first place, only to have US District Judge Emmet Sullivan refuse the request on a former judge to argue against the federal government's position, a Pennsylvania state court issued an injunction blocking any potential further certification of election results in the state pending a hearing to be held on Friday with a spring separate the federal lawsuit by Pres. prompts campaign stocks closing mixed on Wall Street, the markets will be closed Thursday for Thanksgiving and open for half a day on Friday that almost 173 points. But as I gain 57. This is SRN news broadcast moneywise live questions you can email us@questionsandmoneywiselive.org St. Augustine, Florida, and we welcome Robert Robert were delighted to have you in moneywise live talk to helps her.

My wife and I are about a year and then we parked another home, but we we hung onto that part 100 in there now and are paying off the mortgage for my question is should I we have about 50,000 in equity.

We sell the house now and that money or would it be wiser to wait you know that the market be paid off in about 13 years and home value at roughly $200,000 yeah well I like real estate. As another asset class in your portfolio, so long as it is paying for itself. It's not putting a strain on your financial situation.

Otherwise, it's not preventing you from let's say investing in company-sponsored retirement planner, Roth IRA, things like that and that it's not adding a lot of stress and taking a lot of time away from other valuable things like your family and so forth. As you're serving in the role of landlord.

So let's talk about a few of those things. Have you had good history with their renters and have you been able to keep it rented for the most part I will let you know having thankfully and I don't have a definite thank great Janet time and all day very good and your covering your debt service. Plus you're able to put a little way for maintenance and upkeep.

Anything thereupon good for you. Let's talk to the rest of your financial life you have an emergency fund and are you saving for retirement we do and I'll get everything in my 401(k) late last 15 years. Okay you think you putting away somewhere between 10 and 15% a year, only about 8% now and what I've been doing great, I money dedicated great thing that okay talk to me about the amount of time you're putting into serving as landlord and you know calls in the middle of the night making sure you take care of the property and respond to the needs of the tenant is that putting the stress on you or your family. I mean the only time I would say the time when we got something like that.

But other than that now generally minor amount about drawing my time. Okay, you got good equity in it and as long as you've got savings as long as you got margin in your financial life is not causing you a lot of stress. I think you could go either direction.

I kinda like the idea of you keeping this asset class. It really allows you to follow the principle we see in Ecclesiastes 11 where your diversified because not only are you investing for the long term in the stock market with a properly diversified portfolio of tax-advantaged environment. Not only are you monitoring your spending and you have an emergency fund your building equity by way of somebody else's rent in this other asset class. Namely, real estate, and once that's paid off that's going to be an asset that will continue to appreciate or even better, could throw off an income while you're waiting, so I don't have any reason why you would want to get out of it.

Unless you just felt like you wanted to be debt free and therefore you could pay off the note or it was creating a hardship of some kind, both financially or timewise, but I'm not hearing any of that. So I'd say either stick with it, or if you felt like you wanted to get out of debt completely. That would be the reason so okay Robert yeah thank you, Lord bless you sir, thanks Robert.

Let's go to Hershey, Pennsylvania.

Everyone wants to go to Hershey, Pennsylvania.

Matthew nice to have you there sir, what's on your mind. I have a rental property and I have about $95,000 and so our question is that I stay the course, pay the rental property and ending up paying about $35,000 in interest mortgage, but by applying our current time to the mortgage payment would have been like paid off in about two and half years and I'd end up saving $30,000.

By doing that? Can I pay my mortgage with tight money and then when the mortgage is paid off, go back and make up the time payments. You know what, here's my approach to this. Matthew me whenever it comes to giving a thing. It's a matter that you need to take up with the Lord directly. You and your spouse in prayer. My approach is I don't ever want to presume upon the future in anything but certainly in this area of giving you. Proverbs 27 tells us don't boast about tomorrow, for you don't know what a day may bring forth and so I think the bigger opportunity here is obedience to what God has called you to both in Scripture or in affirming the idea of being generous, holding everything we have, loosely and taking what God gives us a portion of it and putting it to work in the kingdom which is going to yield a far greater return.

When you look at the Scriptures. It's actually 10,000% return in the kingdom for all of eternity. When you think about God's economy and you know that against what you're doing on paper with which there's nothing wrong with that but I think I'd rather see you not presume upon the future and continue to be generous and honor God's biblical principles around how we handle our finances, which means you still prioritize the things you're prioritizing that is getting out of debt, making sure you're really tracking your income and expenses. Now if you felt like the Lord was leading you to place a higher priority on getting out of debt. I would look for other areas of it in your life to cut back on. I certainly wouldn't look at the area of giving first so that's just my approach you know II don't like the idea of the IOU in the collection plate, so to speak. I'd rather you stay, keep your focus and priority on giving and out of obedience now and let's find other ways to to honor these other principles that you're keying off of which are good, but not to forsake the giving side of course giving in one year item like that year and the next. The standard deduction. I get a similar situation where you saved about your timing for one year, presuming that you think the difference there is a strategy called bunching which allows you to get up above that standard deduction. The idea would be that if you are normally giving certain amount every month and you had the assets in another account and you want to go ahead and put it in a donor advised fund and then just continue to disperse it at the same interval in and get a tax advantage from that, why not and I would agree with that but that's not saying that working to stop her, giving you II would see that as an opportunity to do that on the front end this post and was glad that you called today, man, thank you very much. Have a wonderful remainder of day.

If you're just tuning in, this is moneywise live find us on the web moneywise live.org but today we're not lives so that phone number. Please don't call to stick around.

Lots of good information, 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 before coded 80% of our population was living outside the influence of the church and over 80% of the unchurched new the world out of control was. Hopefully there's a God who can stop the chaos and were looking for somebody to tell them about him that was freak over our church because everyone knows our country is out of control. Good news is there are 30 leaders who know the Lord is our friend Savior bad news at less than 1%, or attempt to share your faith in a continual basis. That's why were in this mess would turn their lights out allowed America to become a post-Christian nation that's on God's got a hold us accountable but you still have time to make up for lost time and will hold your hand. There is nothing more exciting than knowing God is using you people closer to join is not America.com when kids are young.

Spend a chunk of time correcting behaviors, you know, don't touch the stove or share your toys but is that kid grows communication style needs to grow as well. Hi, I'm Mark Greg's parenting today's teens. If your kids are now 13, 14 or even older and you're still correcting them like you used to. Something has to change. Mom and dad, it's time to move from constant correction to correcting independent thought demanding statements no longer healthy results.

Instead, your goal should be to train your kids to think for themselves to discern navigate through crazy world is your interaction style grows, you might be surprised that your relationship with your team will grow as well. Want to hear Mark in person for a list of upcoming events to parenting today's teens.org. Do you know if you have enough money house. Do you know how much is enough if not Ron blue can help his book mastering 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 store button moneywise.org thanks for joining us on this issue moneywise, and Hershey all I have get this you know it actually does like chocolate when you're walking around some Hershey, Pennsylvania, and this you lights are Hershey's kisses that we think the collective cholesterol numbers of the residence in front. It's a bungles. Now I know I know I don't. I just just suggesting it's a beautiful place. I will say that I would love to visit because Lancaster is close by that whole area of Pennsylvania is just gorgeous, beautiful, especially in the summer months in the fall of Fort Lauderdale to me's.

We know you have been online for a while. We apologize for that but what you question yes I am that for the most part except for Mike, it won't. And my home right now I working mostly part-time work for not-for-profit score. About seven years now and actually worked in total I would say about five years for church and I work part time because I'm putting the rest of my time into my son.

I'm a new mother so I heard that there are programs out there like a loan forgiveness program like mine. He on the program for X amount of time income-based repayment program for X amount of time. Don't forget the rest of the loan. However, it seems to be a moving target and I call that one thing and then the next two years later, the whole goal. I'm trying out exactly how the work I'm trying to figure out if I should concentrate and again I work part time and I work for church so my funds are very very limited. I'm trying to decide if I should concentrate the remainder of my funds to pay off for Longwood to have below that I have left all our if I should concentrate some of my money toward the loan and the rest toward starting my college fund so I don't know what direction to move, but definitely this loan forgiveness is like a moving target. Well, you're right, there's a number of requirements and many borrowers are denied because they don't meet the programs requirement.

You have to have the right type of loan you have to work full-time for a qualifying employer, you have to make 10 years worth of on-time payments. But you're right if you can meet at then the public service loan forgiveness would be what you're talking about where you make 10 years worth of payments and then the rest is forgiven and the whole idea of this federal program is to encourage students to enter what are seen as relatively low paying careers in government work, or in nonprofit work and that's where you get the tax-free forgiveness.

But again, it's really important that you understand the provisions of the public service loan forgiveness to make sure you would in fact qualify and one of those is again as I said, you have to work full-time for a not-for-profit 501(c)(3). I do a little bit of homework and by the way, the way they define full-time is 30 hours a week or more, or if you work part-time for two qualifying employers with at least 30 hours a week between the two you may be eligible so I would take a look at that. But beyond that to me some delighted to hear that you prioritized getting out of debt. You're prioritizing really putting a solid financial foundation under you and I would be thinking about saving for your son's college.

Assuming you've got your emergency fund and no credit cards in your your saving 10 to 15% for retirement because there are ways to pay for college. Even without borrowing. There is no way to pay for retirement. Apart from saving so I would put that first, but it's worth it given the work you're doing looking into the public service loan forgiveness because it hasn't gone away. I think that thing the trips most people up is they don't read) and they don't realize until they're well into it thinking they're going to get that they don't actually qualified to some extent, thank you so much.

I hear that hours or more. Thank you Rob doing the website and the others a number of them out there. You could Google public service loan forgiveness but student debt relief.you asked would be a great place to go student that relief.US and there's a host of other websites out there right now will I will little guy to me. As we heard in the background economies. The FCC says you can't be on the air until your two years old so I think I fear broke a federal regulation which you which means you no longer apply for the student debt benefit, but such is life. You think people realize when I'm joking around. I hope so, but I fear they don't send you a governmental moment with you when you told me your hired, I thought you days I wonder if I will.

This can Fort Lauderdale Carlos what's on your mind today what you think and how can we help, how are you question to Mary we have about $45,000, Fidelity managed account.

All you had it for about you all, roughly about 10% out of that amount of time now in cash in saving that second thought, but seeing the price is one very late start on the way that you have roughly we have roughly about hundred and 20,000 cash so my question is rotated now should we put out from forest mortgage funding to manage fidelity are just doing any investment sure Carlos, do you have are you self-employed or do you have an employer employee okay and do you participate in a company-sponsored plan. Yes, I do and I'm counting on percent 401(k) but not liking okay percent of that is that of your overall income, you know that all real income.

It's about 21% grade while you're doing a great job and congratulations and you guys are saved a ton of money on the side for this real estate purchase that you know I am aware of South Florida real estate that it is very high. One of the strongest markets in the country and so I think the thing there is. Just make sure you go in with your eyes wide open in the sense that not only would you be perhaps taking on some debt as a part of this but you would have to get in the business of being a landlord and just make sure you have the time for that. The expertise of that if you didn't want to do that because either the real estate is just too high or you don't want to take that on. I like the idea of you connecting with a financial professional to help you manage this money. Obviously, you got good cash flow you Your lifestyle and check.

So go to moneywise live.org connect with a certified kingdom advisor there in Fort Lauderdale. As a number of them and then to be a great help to you and Rob. Let's try to squeeze one more quick win.

In Darwin's calling from Missouri and we have about 90 seconds, what's on your mind on thank you I rattle out that we sold and we had rented for about seven years and depreciated old-time now it had it sold for so what about $27,000 and and to update electrical. How can I claim that my income tax get the most benefit out of it. Depreciation was an expanse of what you suggest. When I am not a CPA and so I would check with your tax preparer just to be sure.

Normally what you would do as you would net the improvements to the real property not repairs but the improvements against the cost basis of the house. So for example pool would be an improvement of paint job would not and then you you take that and that's going to determine the capital gain on that investment property. The differences here, though you been depreciating it so that's going to come into play there, there would be more nuances and on that that I would be comfortable getting into here and just this minute that we have together. So what I would say is there. There may be a real opportunity for you to do that and so I if you don't have someone do your taxes.

It might be good to pay someone for their time just to give you advice on this specific situation, or perhaps just have a tax preparer do this year. Even if you're comfortable doing it yourself. In other years, thanks very much.

We wish you the best with that situation there. I like your word picture earlier about the rain and the umbrella and what was it you were describing again.

Well, yeah, I think that one of the ways to think about retirement account like an IRA or an annuity is the umbrella is the IRA or the annuity, which shelters the rain, which is the taxes from the assets that are underneath, so the assets are able to grow under the umbrella without being impacted by the tax and that's why we use those types of vehicles to grow wealth because it doesn't put a drag on the returns are not paying taxes along the way on dividends and interest and appreciation are monies able to grow freely without the taxes, holding it back. That's the real benefit in the power of using these retirement vehicles. I like that the rain in the umbrella tomorrow will come back and talk about the rabbit and the tortoise that's another one yeah I'm ready for that one tortoise would be the way my mutual funds tend to grow something along those line. Thanks. More about that much about you. It's called your money conscious by our good friend Howard Deighton. This book will help you find direction for your spending your saving, giving, investing, getting out of debt, how to teach your children about finances and money and much much more. You'll find this book and other helpful financial resources.

When you visit our website. Scroll to the bottom of the page moneywise.org. You'll also find links to Rob's resources how to contact a financial budget coach how to find a certified kingdom advisor in your area and much more. It's moneywise will I.O RG and don't forget if you have a brief email from Rob just a couple of lines send it along.

We try to get 22 in a daily basis. The address is questions@moneywise.org questions@moneywise.org moneywise live is a partnership between Moody radio and moneywise media. Thanks so much for being there. Join us again next


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