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Keep Christ in Christmas

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
December 24, 2020 7:03 am

Keep Christ in Christmas

MoneyWise / Rob West and Steve Moore

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December 24, 2020 7:03 am

Weeks before Thanksgiving, holiday commercials saturate the airwaves, decorations go up in stores and the Christmas rush begins. It’s easy to get caught up in the frenzy and forget why we’re celebrating this holiday. On the next MoneyWise Live, hosts Rob West and Steve Moore help us keep our perspective right and our focus on the birth of Christ this season. That’s MoneyWise Live at 4pm Eastern/3pm Central on Moody Radio. 

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Well it's Christmas Eve and you probably still have several items on your to do list for tomorrow's festivities. Have you thought about everything you think so, but did you remember to keep Christ in your Christmas preparations.

What we have a few items you can still add to your list to make the day not just Mary but meaningful as well. Kingdom advisors Pres. Rob West fills us in takes your questions, but we are pre-recorded today so you still calling yourself I'm Steve Moore and welcome to our Christmas Eve edition moneywise or Robert so easy to get caught up in the rush to make Christmas perfect, that we forget.

Why were celebrating the holiday. Don't you think I do. But I also think we can focus on one thing that will help us keep perspective in this season and that Steve is generosity. Our heavenly father gave us the precious gift of his son to save us all from Satan's power when we were gone astray as the song says, and that is the most generous gift in all of history and it should guide our thoughts and deeds year-round. Actually, not just during the Christmas amen well put. And to do that. We promise some things that we can add to our to do lists. Even at this late date. Now we should think of these as burdens, but perhaps a labor of love, absolutely.

And the goal is to reflect the character of Christ and what we do to be loving and generous, especially toward those who may not yet know him putting Christ back into what has become a secular holiday for many is a great way to witness, but let's prepare first to put ourselves in the proper frame of mind. You have to add someone to your Christmas gift list God himself. How you do that well in a number of ways have you felt God calling you to do something, but you been reluctant you could start there. Another way is to forgive someone you feel has wronged you. God has forgiven you, and promised to eternal life. How can you possibly not forgive another here's another idea you could promise the Lord you will spend the given amount of time each day to reading and studying his word. Does your family have a tradition of reading.

'twas the night before Christmas, that's fine. But this year at the Christmas story from the gospel of Luke. What a wonderful way to keep Christ in Christmas especially for the children.

Just a little aside, Steve, we have made it a tradition. The kids go around the house all the cousins and they put together costumes and they act out the Christmas story is one of the adults narrates and so much fun.

We always love to see what they come up with for their cost. Well then on Christmas morning before opening the guest. Spend a few moments in family devotion reading a verse or two of Scripture and discussing the true meaning of Christmas. To emphasize that make one of your gifts to your family members. A gift of service.

This kind of gift cost you nothing but a little time and effort babysit for your sister's kids or run an errand for your mother. Jesus taught us that it is more blessed to give than to receive that's acts 2035.

You let me mention one other that we have made a tradition on Christmas Eve. Every year Steve, we actually make a cake for Jesus. We have a birthday party.

We sing happy birthday and the kids look forward to that.

Every year as well mean cake and Christmas.

And these are all exactly when your kids are acting out the Christmas story wearing costumes. Are you the donkey. I imagine the sheep and how might we show the true meaning of Christmas outside the family well. COBIT certainly poses some challenges this year, but here are a few ideas you can do over the Christmas season and they don't have to be done today or tomorrow. Adopt a single mom for the holidays call her and let her know you're thinking about her and arrange to have a restaurant deliver a meal for her and the kids. You can also have a small gift delivered for each of them and of course always look for opportunities to share the gospel and here's an idea for next Christmas when we hope COBIT will be long gone plan with a few of your musical friends and go Christmas caroling in a nursing home or the children's ward of a nearby hospital, and I happen to know a little drummer boy who could perhaps show up and join you and have so will these are good ideas yours anyway. Anything else out. Well, sure, not why keep all the love in your own neighborhood or town that is your church supporting any missionaries perhaps send a Christmas email to them to encourage them in their efforts to share the gospel abroad, and if possible make a commitment to give at the same time.

But here's one last idea Steve invite a friend or family member who doesn't yet know the Lord to attend your Christmas service with you. If your church is meeting I can't think of a better way to share the gospel this Christmas season and that is that's great information and great suggestions. Thanks Rob you listening to moneywise live.

We have to pause, but would you like your life to be infused with joy. Would you like to interject an internal dimension into even the most ordinary day. Mother, Randy Alcorn says you can when you discover the treasure principle in a concise powerpack style is newly revised and updated book offers a six step plan.

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Cultural Christianity is a huge mission field in desperate need of missionaries get your copy of the unsaved christian@moodypublishers.com 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 is a verse from yesterday as I things I 400 son because I must leave them to the one who comes after me and who knows whether that person will be wise or foolish.

Something to consider as you think about leaving behind what God is entrusted to you today.

Let's go to our phone lines. Let's see I'm having trouble with my screen to Go to Rose and Antioch okay sorry about that. Hey Rose, thanks for holding what's on your mind in my car in regard to identity.

In fact, my husband had an identity week and it was at anyone about her health club storage company walked in and thinking like he took a picture and then he proceeded to open up a card charge $7000 within a week before coming ER. I had gone on to the credit bureau and froze the account so nobody can do credit checks are not without her knowing that they can bring that out right. My concern is any Social Security claim on employment retirement are taxes what kind words of wisdom you have that I can utilize to protect all that yeah well first of all, Rose. I'm so sorry to hear about that. I know that is just so significant in terms of the breach that is occurred. Just the wear and tear that is on your emotional health. Just knowing that that's going on in the concern that you have and unfortunately it's become all too common. You really the first step, have you filed a report with the FTC, the Federal Trade Commission okay I will do that FTC.gov you'll see where not only can you file a report with the FTC, but you can. They have some wonderful resources there that will give you kind of a checklist of what you need to follow, you will likely want to contact your local police department. See if they want you to file a police report you want to notify the IRS and I assume you didn't have identity theft insurance, but if you did want to let them know you've already placed a fraud alert on your credit reports.

That's key.

In addition to, or did you say you froze the creditor you put the fraud alert both tomorrow okay I would do that and then if you have credit monitoring service offered going take advantage of that in your situation I think it's worthwhile that you pay for it.

If you need to.

You may find that it's available to you, but if not, do that then of course you want to tighten security on your other accounts.

Just keeping up with that being outgoing, her pulling a copy of the credit reports to look for accounts that you don't recognize. You want to scan credit card and bank statements for any other unauthorized transactions and of course any new accounts. Although the fraud alert in the freeze should should help with that. You in some extreme cases, the Social Security Administration will issue a new Social Security mount number that's not usually necessary course of there was a tax related issue, you'd want to let the IRS know immediately.

They have a form for that it's called an identity theft affidavit and you could look into that@irs.gov.

But at this point we can assume that that that's not going to happen. Although you'd want to just make sure that you you don't know that is a possibility.

They do have an ID theft protection unit that you can contact you for some reason you think that it's possible that somebody has filed tax return fraudulently and that you can find that number on life.

You have a pen handy.

I can give it to you.

Do you have for something right with okay it's 800-908-4490.

That's 800-908-4490, but I think those are really the steps to follow when I think you'll find that FTC.gov is a great resource for just your reviewing the steps course you go back and listen to this exchange on our website moneywise live.org later today, but I would appreciate you calling so much and really sorry to hear that you're going through that were rabbit so horrible that you have to worry about this kind of thing at all, but particularly during this Christmas season that just well, if I may.

It stinks.

It's not a good thing and we just want to urge everyone listening to be very very careful because the crooks out there taking advantage of the stress and the may be that not being so attentive as we normally are because of all the shopping and what have you. So be very very careful with your identity and to whom you give out information like this. And again, we appreciate your call today, Rose. Let's go out to Kansas. Now Joseph what you situations are I might hear and finally he did a account with fidelity and he did a reaction to do a wire transfer account and he had a look at one of the statements he had a Fidelity rollover IRA and so man at finale related to transfer said yes my dad, do you want to take out the taxes now.

My dad said no. So then he said to us, he said just hold yet hold back 25% for taxes my first question is are taxes on that and my second question is at what point does siblings pay taxes on what we received. Yeah well it's a little different here, you need to get some professional tax advice. You also need has the estate been settled or is that still in process sitting in a savings account active okay so the obviously will be a final tax return will be filed by the estate. That's where you need to get some counsel on that. I'm not a CPA, but I'll just tell you. Typically, if you would've gotten this as an inherited IRA that's held in your name. Then you would make sure the annual RMD was taken for your dad and then you would begin taken taking the RMD over your life expectancy, beginning no later than the last day of the year following the account holders death, assuming the RMD was satisfied for that that prior year and then obviously if there's multiple beneficiary separate accounts will be established in the distributions will be based on the oldest beneficiary in the case though where the money was taken out prior to his death, and I believe that is going to be taxable to the estate prior to the money being distributed and so that would be handled by the estate in terms of bill paying the tax that was due and then whatever is left would be paid out according to the will and you as a part of the estate to the errors but again that's where you need to get some counsel on this to make sure this is all done correctly, that the taxes are paid properly filed on the appropriate returns and make sure that everything is settled and satisfied before any funds are distributed to the errors.

Do you have the some professionals you can look to that could help either a CPA for your father or yourself that could weigh in on this. Apparently I talked with fidelity and that they would get send me paperwork and my sister some paperwork as far as what the taxes will be next year in April and then I guess they would widen Senate lot. Okay, I would get a CPA Joseph to weigh in on this.

We can represent you and I would recommend you do that by going our website moneywise live.org. Click on the find SEK and find someone who is a tax professional who can look over this and make sure that it's done properly. Joseph, thanks very much. This is a reminder that today we're not lives so if you hear that phone number.

Please don't call but to stick around. Lots of good information. 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 not call 800-557-1985. You probably have a strategy for your finance your career even your retirement strategy for your getting Christian foundation. Create your family maximize your resources to learn how to moneywise.org/the to keep from being we need to get back to me since two thing it's not even funny because we just eternity want allergic to anything we hardly know what to do from the start you are daughters you will be so good and we email us from faith says is it better to give our four kids all underage 10 allowances don't want to pay them to help around the house doing family chores but we do want them to learn about earning money for hard work. What's your advice yeah well I would agree with you there. I like the idea of allowances but I also like the idea of kids having responsibilities so our kids have things that they're responsible for on a daily basis and then they have their weekly chores as well and we got a list in the kitchen or whatever but is responsible for and just part of being a part of our family. As you have these responsibilities you don't get paid for it. I do like the idea in a sense paying a commission to your kids for certain extra chores and I would pay based on the quality of the work so they can associate the idea hard work equals more pay, and there are some guidelines out there for how much that should be based on the ages of the children. Last thing I would say is begin teaching the idea of give, save, spend, as the money comes in for those jobs that you designate. Go ahead and have them allocate a portion for giving a portion for saving and maybe even have a specific item that they're saving for maybe even print out a picture of it and tape it on the jar so they know what they're working for.

And then I spend category for money that they're spending in the short term, let's go back to our phones. Idaho and Dwight, what's on your mind yet about. I get consolidation agreement today with a reputable company recommended to me by Bank of America.

Here, the interest rate but not the principal. I've also compared that with debt reduction companies that actually negotiate a reduced debt with credit card company. I wondering if you have any recommendations about which of those to proceed with or is the third alternate recommend or someone you recommend I talked to two more situation. Yeah just clarify the alternatives you're suggesting here Dwight because terms get thrown around and they mean different things when you talk about a debt consolidation you talk about taking a new loan and paying off the existing loans no I'm talking about. There are four companies Bank of America cycle that I'm having trouble managing debt and you out when I was sent to. I was very way they handle my situation. It's fantastic, but it appears me for what they do is they negotiate a considerably lower interest rate. My payments would come down from 600 to about 375 and tell you how may Michael take the payoff and most it will be going to principal to the credit card company an advantage to work with them to get something rather than nothing and apparently in the contract, but come credit card companies and pay them a portion of what payments are being made through them. The other companies they tell you that. All right you sign up with the you pay this much about you default on your contract Yahoo that's the settlement yeah okay yes the one we call debt management.

When we called debt settlement. Finally, debt settlement of all it's in the trash or credit.

I don't like the idea of stopping the payments where you get into collections that may issue a judgment on yeah yeah the goal is there to settle for pennies on the dollar. Get into a monthly payment and so I'd stay far away from that.

There's also a lot of fraud in those services as well. Debt management is something I like a lot. We actually prefer a company called Christian credit counselors and basically they have pre-negotiated reduced interest rates with the credit card companies. It is a not-for-profit is a registered credit counseling agencies so they all get the same rates you'll pay one monthly payment for the life of the payback, you won't decline with the balances, but with that reduced interest rate and with the consistent monthly payment you should be able to pay that back 80% faster. These are believers Dwight who would be delighted to work with the NL also get you set up on a budget is a part of that.

Make sure you can afford it. So I give them a call and just compare that as you said check it out. You'll find them online@thechristiancreditcounselors.org but I would stay far from the debt settlement Dwight, thank you very much.

Wish you the best with that down to South Florida now and Tonya. We appreciate your phone call today what your situation yes ma'am, we sure can go right ahead. I call my while going and now we have will be there until November.

Here any heart rate, and a car and I cosigned for the car. Also, around $12,000 and they will only give around and out and out. I'm trying to find what was the thinking yeah well Tanya. First of all me just tell you how sorry I am to hear about your husband's passing will certainly be praying for you and ask her moneywise live community to do the same as the Lord to be near to you during this season I know that's gotta be incredibly difficult not to mention the financial implications of that as you sort through all this. I hope someone is able to walk alongside with you and if you haven't asked for a family member or close friend. Perhaps someone from church to help you navigate all of these decisions and encourage you to do that asked the Lord to send just the right person as you print Frank think through that the first thing I would always do is call the leasing company. If you haven't already, to see if death qualifies for an early termination. I realize you cosigned it may not. But even if it's not in the contract they may be willing to make a deal. Another possibility would be to ask for the payoff and buyout the amount of the vehicle.

You may be able to purchase it to the video to end the lease, arrange someone else to buy it but I realize if you're upside down that's going to be challenging in the sense that you owe more than it's worth the option of returning it is really a last resort because of the penalties the other early termination, plus the remaining depreciation again. Ask if they be willing to work with you, given the circumstances, I think the best option is if they won't work with you on an early termination and giving you some concessions. Can you just continue to make the payments and until it's it's done. But this is where I'd be talking to your local church to see if they can help and certainly make the case to the leasing company and will be praying the gotta be some wisdom here. Had Tanya have adult children are again summoning your church and might be able to hold your hand through this process that would be all thank you for more moneywise's 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 truly are Christian values and commitments. We call this investing makes the world rejoice more is available, invest eventide.com invest eventide.com 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 investing.org timely rest on the fellow rain racing think in the future.

Maybe your mind is consumed in his new John Casler helps readers to focus on the here and now you simply publishers.com feeling that it's time to make a change possibility of a position is looking to fill a number of you'll find positions in management and not worth your time. More than 40 position openings available now. You'll find jobs online jobs.jobs.org. Here's a great deal more about our money than most of us imagine Jesus is more about our use of money and possessions and about anything else, including both heaven and hell in managing God's money, author Randy Elmer and breaks it all down in a simple, easy to follow format that makes it the perfect reference tool 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 tells Republicans say no to a democratic bid. The past president trumps end of session demand for $2000 in direct payments to most Americans. Some Republicans have voiced their potential support for the $2000 payments, but only if the money is offset by cuts to wasteful spending. They see the $2.3 trillion bill California becomes the first state to record 2 million confirmed coronavirus cases in Britain of the European Union obstruct a free-trade agreement that should avert New Year's chaos for cross-border commerce and bring a measure of certainty to businesses after years of breaks it turmoil. Now comes the race to approve and ratify the deal before the UK leaves the EU's economic structures on January 1 such closing slightly higher that I'll gain 70 points.

The NASDAQ was up 33 this is SRN use. We appreciate you being with us today. It's moneywise live in case you're just checking in Rob West taking your calls and questions today.

I'm Steve Moore.

However, today's program is prerecorded, so I misspoke there were not really taking your questions today, but almost any other day so give that some consideration and then give us a call back when were actually here alive. Let's go to Kokomo, Indiana, Byron, how can we help you sir. Thank you Michael, you better have a situation where there was no activity or fraudulent activity on a major credit card. Do you someone and tried to make article they did make a small payment by phone one day and then the next day they tried to refund the last couple full payments that made credit card I used quite a bit but I pay the balance off every month. The credit card caught that all straightened out. I got a new frame account new credit card through the that's taken care of a few days later, I've got a debit card in the mail from one of these nontraditional practice accounts, you know, likecard or something so I understand that I can check credit report to find out if someone opens new account that like some kind of a loner from obligated to pay.

Is there a way to find out if someone's trying to open up banking accounts and items like that. That's a good question. You know when you open a credit as he is and when you open a bank account, like a checking account.

Banks generally don't check your credit when opening an account, they will generally run something called Chex systems report.

It's like a credit report for banks and that's where they'll find previous banking problems like if you had your frequent overdraft fees are bounced checks of fraud or negative balances and so that's where they get that. So you could check to see I'm not exactly sure whether you can get a consumer version of that. I don't think you can actually but in either case, you did the credit report is knocking to do you a whole lot when it comes to banking accounts.

Now it doesn't mean, though, given what you've experienced Byron that you shouldn't go ahead and pull a copy of your credit reports to review them to make sure other accounts haven't been open because what we would commonly see is if your information has been compromised. These fraudsters would tend to open credit accounts to be able to charge in your name and that would show up and to combat that I would given what you've experienced probably go and put a credit freeze on each of your three credit euro reports and so what you do is contact Experian and Equifax and Trans Union tell them you want to put up for a credit freeze on.

There's no cost to that as of September of last year and that you have a four digit pin number that will be required to be furnished anytime an account is open in your name to create a little more hassle for you. If you open an account but it will prevent somebody from opening an account fraudulently because they won't be able to access the credit report, the lender won't. And they will be stopped in their tracks without that pin number but in terms of the banking information I I'm not sure there's a whole lot you can do there. You could Google ChexSystems just to see if there's a consumer version of that at the end of the day. I would just stay on top of your information and I continue to check the credit report regularly you if you feel like there's a potential problem you could add you one of the monitoring services.

I don't generally recommend them unless you have reasonably bit. Your information is been recently compromised and accounts are attempting to be opened in your name so hopefully that's helpful to you up. Sorry to hear you're going through this and hopefully you get on the other side of it, and if Byron wants to check out ChexSystems. That's the one spelled C HEX is that that's correct Byron God bless you brother thank you very much for contacting us today out to Indiana, John oh, what's on your mind sir John Michael yes or here in order to locate 50% towards my 401(k) told there's something weird about better yeah well are you already contributing the max amount currently 10% growth okay yeah what it could be immune obviously you can't make a lump sum contribution but you can change your allocation in terms of your contributions and so they know, depending on who your custodian is and what's permitted there.

You could perhaps use the bonus as a regular part of your budget in the coming year and just increase your contributions. Moving forward, which would be kind of a roundabout way to do it, but they generally will not do kind of a one time increase of contributions just because of the way 401(k)s are set up so I would go back to them and find out what options you have are they able to increase it one time for you in the month of December still has a salary deferral but to where they would take a larger amount out in this month and then next year.

Revert back to what you have been putting away or if not could you again.

Take that bonus use that over the next at let's say six months or so and or even 12 months and then in direct proportion to that amount that you would be adding to your budget out of savings have them increase the contributions for next year going into your 401(k) obviously subject to the contribution limits for 2021, which for a 401(k) is going to be a 19,500 unless you're over the age of 50 to settle make sense and a significant amount, sir, sir. Well obviously you're already putting in a healthy amount and they can only put in so much for the year but if that 15% you're still not hitting that contribution limits. I think it be worth asking whether they can do a one time increase in the salary deferral for the month of December I commensurate to at least what it would take to push you up to the limit that's available to you and then the rest you could spread out over next year. I certainly understand why you want to do it.

I guess Luther, one other option at you. What about opening an IRA and making a contribution for this year to an IRA, which would allow for a deduction. When you file your 2020 taxes.

Roth IRA already open. I'm wondering if I could redirect my well know it would come to you and keep in mind with the Roth you're not going to get the tax benefit on the front and you can get the tax-free growth so you would take it recognize the bonuses, income, and then you'd make the contribution to the Roth after-tax, and then you get tax-free growth moving forward. But what you could do.

John is open a traditional IRA and then make a 2020 contribution which you can do all the way until you file your 2020 return of up to 6000 if you're over age 57,000 and then you would get a deduction. So even though you recognizes income you get the deduction. When you file your taxes so you may want to think about opening a new traditional IRA John, thank you very much.

We have to hit a break, listening to moneywise line.

I need some 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 those answers and you can ask your questions and access helpful articles and moneywise podcasts sounds great many okay searching for moneywise and abstract.org. Many people adopt an attitude toward marriage and finances that it will all work out somehow. 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 Dayton 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 using this form and moneywise live.org is very hard right here to help me understand God's purpose for your life to the eyes of a layman.

Almost every curse is gone of initiative or is planning to go on a mission trip in the future is the thing to do. The problem is that most mission trips are more like sightseeing trips, and this strip offer is get your hands dirty actually share the word of God with people becoming almost nonexistent what your heart may be touching your generosity increase individualized or stubborn change during the course of most mission trips and even when your mission trip is a missions trip joy brought you and the lessons learned fade with time as you hungry to do it when you make every day of your life. A missions trip everyday becomes an adventure in the fun never stops as you live every day and enjoy leading people. She's your job is revival outside in the world by moving everyone and everything will help doing that go tomorrow. TW.com, which rings a day helps me grow we suppose when you reading today in the word is Christian by ourselves.

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We previously recorded.

Thanks so much for being with us to stick around and enjoy. Thank you for listening to us today. Thank you also. Your prayers and your financial support that help keep this ministry healthy alive and available to help others who are really struggling with their money and their finances. If you'd like to help in some small way gift of any size is always welcome and appreciated.

And you can do that quickly and easily and safely. When you visit moneywise live.org just click the donate button at the top of the page moneywise live.org and thank you so much in advance Minneapolis hey Julie what's on your mind today I'll be retiring 14 month teaching and I'm eligible and I'm wondering heard recently that might be impacted by my pension to interact and how does one affect the other and also does it make sense to load my pension so that I can know that it might security about 10 years when I security yeah it's a good question in public and private pensions are actually handled differently with regard to how Social Security is impacted.

Generally speaking, with a private pension, you won't see the impact, but with a public pension, you often will because you don't have to pay under the Social Security system through payroll taxes release many public employees don't so they often have money withheld that goes to private funding for the public pensions that they receive, and therefore it does affect Social Security as you begin to receive that if you spend any time with the Social Security talking about what you can expect in talking through this okay right I would do that. I think you'll find them to be very helpful and reasonable. You can make an appointment in your area to go through your specific situation. What you can expect the pension you're about to receive and how that will impacted and then what options you have to minimize that impact over time rather than trying to get into the details of that right now. Not having a lot of the information I think that's gonna be your best option here, so just go to the Social Security website schedule that meeting and I think you get some great information.

Then you can use that to plan for it and then after you talk to them if you want to give us a call back I'd love to weigh in at that point. Okay Julie, thanks for going. Thanks, Julie.

That's important to remember is that route that there is a big difference from Social Security's perspective, there's a big difference between public pension and a private pension, but it's exactly right because often with the private pension you're still paying into Social Security out of your payroll tax and so you would be entitled to both, but with that public pension, you will generally see a reduction commensurate to what you're taking there and it does make an impact for sure interesting. Thanks, right, Stuart, Florida Irene what your question today for Rob West helping my right now my mom and and they are over $100,000 in credit card and I don't have a power of attorney or anything like that and I was wondering, but a good first step.

He try to help Irene.

You said you taken over your parents finances.

You don't have the power of attorney, but your mom and dad have let you step in and begin to make some decisions for them, or with them I write out a check for my dad okay and have you called this to his attention. If you all talked about what you see here in the credit card debt okay and what what is how is that gone the way what conversations we had about what's currently happening pretty much pretty much ignoring it and saying that you now take care of itself okay are the credit cards currently being paid of the minimum payments being paid and are the current.

We were trying to over the last six months and sending $100 a month to five different credit card.

Okay. All right.

What I would recommend it to start with is that you contact reference a Christian critic you can find them online Christian credit account.org what they'll help you do is work through budget for your mom and dad to get that on paper what you're going to need no matter what you do and then they'll be able to analyze each of the debts figure out exactly what's owed one of the current interest rates and is there a way after the accounts are canceled and that's what will happen when it goes into debt management. Is there a way that you could get them onto a payment plan with dramatically reduced interest rates that's going to allow them to pay this money back. Is there a good income stream that if there was a payment that was agreed to that. There is a possibility that they could keep that up for the foreseeable future, about $3300 okay and they spend most of that on fixed expenses before the credit card so much as is left over after the credit cards made before the critical $500 okay all right were probably to be significantly short to me and I would expect that payment is going to be around 2%, so that put it around $2000.

So let's start with Christian critic get their counsel on where we need to go from here and then at that point will probably need to talk to an attorney just to find out what needs to happen. There has anybody pursued a judgment of any kind. There been any legal notices that this couldn't have come their way. Now okay all right well you want to get ahead of this.

I'm glad you're involved and I think if you start with the.

The folks at Christian credit counselors. They can give you some counsel them. Let let us know how that turns out. In perhaps the next step is to talk to an attorney and get somebody involved is to provide some protection. This is unsecured debt, but these creditors will go after judgments at some point if there's not a payment agreed to and it doesn't sound like there's enough money there you to cover what would be needed in the debt management program, but I go to Christian critic.org. Let's see what they come back with and then we'll talk about where we go from there. I really appreciate your call today. We appreciate the fact that they are eager there and helping out.

I know this is a tough one know it well and I will be praying with you and tell your family members over this. Thanks very much. One more Fort Lauderdale, Florida, Samantha, what's on your mind and you don't like long for him when he was in college. He's been unemployed out, he can't pay it back. Wondering if Route $71,000 in a investment future crime not to think and what I was going and would it be a good ideal to take that 71,000 pay off your student loan which would leave me about 13,000 happening just throw maybe like $2500 a month at that could make it go away now so this is your son student loan what is his age 35 I find for the loan.

I teach that I cannot get to give me a part of it because I was not the one who used it for education have to pay off the whole debt okay and is he working now. Samantha is underemployed, he always have been. I guess I'm just hesitant for you. I mean, I suspect this is a significant part of your retirement is not in the military now. Right now I don't do real investment here at school because only thing your offering up in Broward County is annuity which is like in Spain felt like to invest on my own.

I like it that I am retirement out the military and also get them from the school board I'm 60 I'm retiring in two years so I have I'll have money to live on and live comfortable, but I was thinking if I take and pay off that loan that that little now out of habit cloud over me. The rest of my life. Especially if I'm going to retirement yeah and I can certainly appreciate that and I realize that because you've cosigned here.

You are responsible as he has for this data and in the event he did not pay.

You don't want to allow that to damage your credit. Not to mention just the obligation and the commitment you have here at the same time. The reason I'm hesitant here and I appreciate that you manage your finances in such a way that you have money to live on in your expenses are covered. I'm just hesitant from a teaching standpoint for him for you to just let him off the hook. You know this is a responsibility he took on you were willing to cosign and we won't get into whether you should on that or not. I think the point is, how can you come alongside him to develop a spending plan to let him know that this is his obligation. Perhaps you're willing to help.

Maybe you offered to match what he puts in to pay it off. So every thousand dollars. He pays you will pay a thousand. Again, if you're willing to do that. But for you to just come in and wipe it out and he doesn't have to think about it again, especially if he's not been making wise decisions on pursuing working opportunities to cover his expenses.

I just feel like that's not going to set him up for success down the road because perhaps were sending the message that life just doesn't work that way that if we don't live up to our obligations. Somebody will step in and take care of that and I don't think that's in his best interest not coming trying not trying him to God. Mandy works with your chart and Jeff like I can tell him God have a plan for him and I think that's why he's not being employed.

If he she had a degree in accounting.

But the thing is when I retire in two years. I would like to have that get taken care of him. He's ever been able to make any payment on it.

I mean, I've been helping them out for their family goes like he has money to put on it. So if I have this money available now and I'm working full time with me to get make this go away before I retire. Now I'm not trying to take care of at Lodge at $86,000 there on a fixed income yeah no I get it.

But if you got this money to pull from to pay it off wanted to just systematically pull from it and see if he wouldn't be willing to match you along the way. Perhaps it's time to show some tough love.

If you decide you don't want to do that because you're obligated you were going to take care of it. You could certainly do that in this would be the place to pull the funds I just wouldn't jump to that conclusion. They were at a time, but thank you so much for your post Samantha. Thanks so very much. Speaking of tough love. That's Rob West times more working with this guy is something else, but there's a lot of their money wise live is a partnership between Moody radio and moneywise media. Thanks for listening. Join us again tomorrow


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