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Resolve to Pay Down Debt

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
January 4, 2021 7:03 am

Resolve to Pay Down Debt

MoneyWise / Rob West and Steve Moore

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January 4, 2021 7:03 am

Last year was really tough and we all could use a fresh start now that we’ve made it to 20-21. So, why not consider a New Year’s resolution to pay down your debt? On the next MoneyWise Live, hosts Rob West and Steve Moore have some great advice about how to get started toward that goal and make strides toward becoming debt free. How to resolve to pay down your debt on the next MoneyWise Live at 4pm Eastern/3pm Central on Moody Radio. 

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Congratulations you made it to 2021 last year was tough for many people and we all use a fresh start. So how about a New Year's resolution to pay down some debt as a Christmas present.

December paying off credit card or maybe a car loan kingdom advisors Pres. Brown West has advice to get you started anything money related 800-525-7000 800-525-7000 nine Steve Moore is resolution to the next make New Year's resolutions. Anyway, why wait until the beginning of the new year to start a good habit or in the bed. Well, if nothing else, it's a tradition. Steve actually going back centuries in many cultures listen to what our team came up with in the West, it could have roots and watch night services held at the end of the year by some Christian denominations you see these allow believers to reflect on the past year, and perhaps resolve to do better in the one ahead.

There's also data Steve to show that you're more likely to keep your resolutions if you make them in the new year right at the start, as opposed to other times. I suspect it's because choosing the first day of the year is like drawing a mental line in the sand if you will out with the old and with the new people, of course, want to make a fresh start. That's right okay but do people actually keep their New Year's resolutions. Well try googling that and you'll probably find any percentage you like about how successful it is. There are numbers all over the place, but here are some that seem reasonable to me. 3/10 people make resolutions each new year but by March, only 28% of them are still following them strictly long-term. Only about 10% of people keep their resolutions, but you might increase your odds by end of being in that group. I guess that 10% by keeping your resolutions smart tonight. Here's what that is. That's an acronym SMA RT it's short for specific, measurable, attainable, realistic and timely.

All I can tell you put some thought into this. I like it.

I will me and let's be smart about making getting a New Year's resolution to get out of debt. So how do we start that one. Well, I'd like to start with a word of encouragement for many people the thought of getting out of debt is overwhelming, so they don't try or they give up too easily, but don't think of it that way. You remember the old joke about how you eat an elephant's.

Of course you do yet, but eating is one of my resolution so I'd rather we just move on about how remind you that one bite at a time is the way that is getting out of debt works the same way you see one little bite at a time were just talking about consumer debt.

Now, not your mortgage. That's a subject for another day.

So if you can envision being out of consumer debt by the end of the year. Just think about making some amount of progress.

Instead, the first thing you need to do is write down all of your debts and their amounts gather up all your credit card statements auto loans outstanding bills and then total little amount that could be a little depressing for some people certainly could, but it has to be done. You have to know how big that elephant is, if you will now after you've got your dead totaled. Make a plan to pay it off. Start by figuring out where you can trim spending from your budget to create what we call margin.

That's money left over after all necessary spending. If you're not on a budget, you'll need to draw one up and we can help you do that moneywise.org you can download our brand-new moneywise apps based on the envelope system. All digital. Of course you can access that in your app store or go to app.moneywise.org now you know how much money you have to attack your debt each month while still paying the minimum due on each debt. Take that surplus money that margin and put it toward the smallest debt each month that when that's paid off.

Take all the surplus money and start paying off the next smallest dad and so on.

This is the snowball strategy. It starts out slow and picks up speed and as each debt is paid off, you have more more money to apply to the remaining debt so therefore it snowballs and by the way those emotional wins every time you pay one off keep you ready. So that's it pretty much not quite. If you want this to be successful you have to resolve not to take on any new debt. Otherwise it'll just wipe out your progress so don't choose your credit cards or if you have to use them, cut them up and one last thing, Steve. Remember that smart acronym I said specific, measurable, attainable, realistic and timely will choose an amount that you can reasonably expect to pay off the next 12 months. It may not be all you consumer debt, but at least pick a number right is Rob was nine Steve Moore taking your calls right now 800-5257.

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And if we can help you in that regard, we love to hear from you a bunch of open lines right now 800-525-7000.

Rob I heard through the great wine of the broadcast grapevine that a couple of people heard of some of our reprise broadcasts. We dug into the archives over the last week or so so that we could take some time off. You know, return many of our gifts. Take down the tree and people wondered if we were still here doing the same thing on a daily basis and, indeed, we are here life correct click here live. Yes, in this brand-new year, although it was nice to have a bit of a break. Steve and I enjoy some time with family and just slowing down a bit, but always nice to get back in the studio and sit across the table from you and talk to our wonderful listeners. And if you would go out of your way because I hate to broach the subject is kind of cheeky but if you'd asked me my sizes every year and I've mentioned this before, then I wouldn't have to return everything that you send me okay okay what discordant text me those in that I'll save them for next year and that fruitcake come on, let's get original something different. 802 five 7000 Omaha, Nebraska Marjorie, thank you for holding and for your patience with your question.

You heard someone had any nursing care and care they were apply for Medicaid and when they did that a found that Medicaid would go back five years to look at their donation gifts to children and things like that and that would have to be paid back for they would even look at Medicaid spell. I understand that people are trying to hide my money but I learned: timeline can donate more than I have been doing. Karen and Ray that I don't want to get caught in a situation have any you know I think the key here is your right in that there's what's called a look back. When you apply for Medicaid.

It is 60 months in all states except California where it's half that 30 months when you apply for long-term care under Medicaid. Whether that's for services in your home or nursing home. There's an asset limit to be eligible determined by the states, so Medicaid's look back period is really meant Marjorie to prevent applicants from giving away assets or selling them in such a way that it would be to get under that asset limit if you will.

So in some cases people give things away or they may sell assets at less than fair market value, and if you are found to violate that rule. Then you have a period of ineligibility that's established, because those assets could have been used, to pay for your long-term care as opposed to the government services so you just need to find out based on where you're at what those asset levels are and whether there's any need to be concerned about that, but that look back.

It is something that's very real and it's intended for folks not to give away assets that they could have otherwise used to provide for their own care and cover expenses. In that way.

So I would I would check into that.

Just a bit more, so you're up to speed on what the rules are there in Nebraska, but says if you were given appropriate information. There is no picture and you donate greatly. Yeah well if you're intending to. If you're counting on Medicaid to cover your expenses. There really isn't in the sense that if those assets are given away that could have otherwise been used to cover your care bill that would creates potentially some ineligibility here and so I think you just need to get the specific rules and rags understood for your state so you know what those thresholds are and then you would be able to give knowing what the implications might be based on that look back. But I would appreciate your call today. I reach out to a certified kingdom advisor there in your area. You can do that on our website moneywise live.org. Perhaps ask for a referral to a godly estate planning attorney somebody who could really fill you in on the details. Rob I would think that if someone was actually trying to hide money or give money away that they could then ask for ass back for five or six years down the road that you wouldn't do it by giving money to two ministries as opposed to family members that right but again you know if those assets could have been used to pay the bills that Medicaid is then stepping into pay.

That's really the intention giving money away that could have been used to pay for the services.

Right. Well said and understood. Thanks very much and thank you again Marjorie 800-525-7000 West Palm Beach, Florida. Julie what your question today for Rob. I am sorry I'm Judy I'm mispronounced your name. I apologize yet I knew we claim inheritance money check deferred annuity yeah let me try to break that down just with some generalities here. Judy and then if you need specific information based on your situation.

I reach out to a professional tax preparer. Let's start with the inheritance the estate not the air pays federal tax on inheritance.

Now there are six states that impose an inheritance on beneficiaries.

None of those are the state of Florida where you're calling from. So you would in the state of Florida not be expected to pay any kind of inheritance tax. Again, it would only apply to the estate prior to you receiving the money as the beneficiary of stimulus checks are not taxable by loss of the money does not have to be paid back. That doesn't apply to what's known as the PPP. The payroll protection program loans but just of stimulus checks that were sent out to individual taxpayers. That is not taxable and then annuities are tax-deferred, so taxes are not doing to you received income payments from your annuity withdrawals and lump-sum distributions from an annuity are taxed as ordinary income.

They don't receive the benefit of being taxed as capital gains are typically as you pull the money out on the tax-deferred annuity than you would pay on that just like ordinary income, federal and state taxes. So again, based on your specific situation.

I would reach out to a CPA accountant professional tax repair. You can find a certified kingdom advisor in the tax area by going to our website moneywise live.org just put in your ZIP Code when you click find a CK but Judy hope that's helpful to thank you, Judy, and not only can you find a certified kingdom advisor when you visit our website. It's also a way that you can connect with a coach scroll about halfway down the page they're looking for someone to help you with some basic things like budgeting, giving, saving, getting out of debt and you'd like to actually speak with someone face-to-face, online or using a phone anywhere in the United States.

We have people all training who love doing what they're doing, which is helping you and that's easily accessible for you again when you visit moneywise live.org just click connect with the coach and that'll give you all the information the very best that we wish that you hang around. We have open lines of have lots of time to take calls and questions about anything money related to its moneywise live from last 800-6800 52 5000 that is robbing you of freedom and peace of mind.

Christian credit counselors can help where nationwide nonprofit counseling organization has helped over 3000 individuals in the last 27 years get out of credit card debt percent faster while honoring that debt 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 strategy for your getting National Christian foundation and your family to learn how many lines.org 3333 what is now being now were talking about the stars that throughout the universe is now were very well could be indicated in Genesis 1 and Genesis 2 increase when he universe were there things about the word of God is that we are told he would know when one of them was missing.

The lady said everything I want to tell you something being spelled between really nice and heavy with us today its moneywise live Rob West. It's a brand-new year, and perhaps your driving, having returned from putting your tree in the chip or whatever. Good to have you with us today. Maybe we can help. Something financial. If so give us a call 800-525-7000 Austin, Texas hello Paul what's on your mind all about 20 years ago have very very very little money and look like a company around 1/4 million dollars to write a letter X burden and want to pay the taxes on it, but I can very best way to invest in law probably over my left $50,000 in the stock market not okay to do that again wonder versus I placed market that we could get some monthly income off of Bayside Tech. Yeah, let's deal with both of those. Paul and I realize Austin Texas real estate. There is just gone through the roof so you have a very very low basis and sounds like a whole lot again, and this was not a property you occupied as your primary residence, correct okay yeah so obviously there is going to be some capital gains burden on that for most folks know that rate is 15%.

If your taxable incomes between 78,000 in less than 1/2 million dollars it would go up from there. If it's beyond that. So you would be subject to that long-term capital gains rate in terms of what you can do about it.

You know the most common approach there. If you plan to roll the proceeds into another investment property would be a 1031 exchange are you looking though to get out of the real estate asset class though as you reinvest this above you will start selling well and I think about you all the car I would like to know about family trust, trust an option, but still draw money out of yeah yeah well I think it really just depends on your intention. So if you plan to keep access to the funds and then just redeploy them in a more conservative, more stable investment that doesn't require the overhead and give the maintenance if you will of a rental property something that's what we call passive income, you know, looking at a very high quality stock and bond portfolio would typically be the default there. Paul I realize you said you'd not had a great experience. Perhaps you know having a professional help you with that.

Perhaps this time around. Taking a little different approach because you're in a different season of life. You're not looking for capital appreciation you're looking for capital preservation and income which would result in an entirely different portfolio. Typically, one that really is more heavily focused on fixed income type investments that are very passive, but were talking about high-quality corporate and government bonds we could look at some preferred stocks. These are stocks that are income producing very high quality dividend paying stocks of those types of things. CDs are not very helpful these days with the interest rates being so low because were locking our money up in your earning very little in the way of a return so you be better off awaiting for interest rates to rise in a high-yield savings account where you can earn at least 1/2 a point right now even though that's not a whole lot to write home about your there in Texas.

A lot of folks in Texas look at oil and gas royalties suffer a portion of their investments. It's what a lot of Texans call mailbox money because when you invest in the oil and gas royalties. You're not waiting for them to find oil you're talking about oil and gas royalties that are already in the ground we are taking a percentage ownership and then based on the price of the underlying commodity, then you are earning a royalty check every month. You just walk out to the mailbox and collect the check, but it does fluctuate with the price of oil or natural gas or whatever happens to be in the ground so I think you know the other option here is if you have any charitable intent with this prior to selling that piece of property.

There could be some things done to create funds that you could give away but on of tax-advantaged basis where you would get you know the full value of the real estate before any taxes are paid in the form of a contribution to something like a donor advised fund then you could give the money away to charities or your church. Perhaps places you had already planned to give to that would reduce the overall tax burden. So be a way to get more money into the kingdom, and you have less money going out in the form of taxes that would be an option but at the end of the day. If you're looking just to turn this into an income stream. I think you looking at finding the right investment professional to walk alongside you and build the right type of passive investment portfolio again of a small percentage of stocks a much larger percentage of fixed income type instruments would be the way to go. The last thing I would mention which I would be very careful about just because they can be very costly and I don't want you to get into something that's complicated and expensive, but an insurance product could be another way to alleviate some of the tax burden and get a guaranteed rate of return through an annuity but they're not all created equal and so you have to have a competent professional who's not looking to sell you something to earn a large commission, but somebody who can really help you navigate the right tool for you in terms of the right annuity contract. So here's what I'm to recommend Paul, we have some wonderful certified kingdom advisors there in the Austin. These are men and women who are competent professionals who understand the counsel of Scripture and can really give you godly financial advice both on the charitable side as well as the investment side and looking at the various opportunities you have prior to the sale to minimize taxes, maximize any giving and then create a sustainable income portfolio for you moving forward in the future when you find one of those professionals is just going to our website moneywise live.org click find a CK. I hope some of the things I've shared today.

I'll tell you what if you stand in line for us for just a moment.

We'd like to share something with you and that we appreciate your phone call today wish you the best as you make these decisions down. Thanks.

This is moneywise live with Rob last you have to make the first move 805 five how should we as Christians think about investing. What if we could invest our money in a way that aligns with what we believe that Eventide we believe it is possible to love God and love our neighbor in the very practice of investing we design investments for performance and better world so you can invest for the future with a sense of wholeness and purpose.

We call this investing that makes the world rejoice. More information is available@investeventide.com when it comes to investing guidance you want advice, grounded in God's word. That's the approach offered by sound mind investing.

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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. Try hard parents rising for real problems. Americans seemed well for you.

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A British judge has rejected a request by the United States to extradite Wikileaks founder Julian astonished her face espionage charges, saying it would be oppressive because of his mental health and the Commerce Department report spending on US construction projects increased 9/10% in November.

Stocks closing lower today that I'll drop 382 points that I stuck off 189 and the S&P fell 55 this is SRN news there listening to moneywise understand more that I am there with all the answers is Rob last the last call he mentioned something you mentioned mailbox money now. Are you saying. How did I know how to be coming back to this same mailbox money is not investing in the manufacture and distribution of mailboxes. You know it's not really it's it's really really at the activity of walking from your den out to the mailbox collecting the check walking back in. That's how you get mailbox will if we could move this along. I need to call my broker said not to confuse the issue till your Nebraska hi Jill, what's on your mind today sent all on our mortgage on mortgage rates are really low right now. The question is with the economy and uncertainty in what's going on around the world. Some of his retirement account on part of the house or Tim appreciate this question, what would you farm if you don't mind me asking. Well, you have only got on OPERATIONAL your busy guy.

That's great right now what you know about you, Stephen. Some days my just being right where Tim is right now just sitting on the tractor sounds fabulous, gazing off into the sun want to purchase a new hay grinder right although I suspect it's a lot of work I get that. Well here are couple questions were related to this because I appreciate where you're going with this. Do you all have a mortgage on the current property or in the current home all okay and you're looking to stay right there on the farm or just build a new residence write about tomorrow. There so little bit structure along well what would you expect to spend on this construction of this new home. Well were trying to keep it down there, but the way I look around for an answer click and I can stretch out is been going up significantly.

What you have that you could put down on this without tapping any retirement funds that are in retirement accounts well just got around our farm off loan.

We do have a little bit retirement yeah well and if you were to look at perhaps delaying this a bit with the goal of trying to get to 20%, $80,000. How long do you think that would take you if you're really diligent all okay and then do you think you could cash flow without any trouble. A mortgage and a low interest rate of 320,000 yeah I think that would be my preference mean rather than you tapping retirement funds and obviously you could do that.

Are you all are over 59 1/2.

Is that right I am my wife okay so any funds you pulled out of your retirement accounts that were in your accounts you wouldn't have any penalties on, but it's still expensive money because it's all taxable. Now you can spread that out over a couple of tax years, but that would extend this a bit, but I wouldn't want you to push you know that up into a higher bracket because you taken it out all at once. The good news is the money still there and so it could continue to grow. Make sure you are investing in a way that's appropriate for your age and risk tolerance. I get that you're saying you know we don't know what the future holds and we certainly don't most economists, godly economists that I trust. I was talking to one earlier today managing literally tens of billions of dollars on Wall Street and he's expecting a pretty good year this year. All things considered. Does that mean it'll always be that way.

No, not necessarily the economy certainly ebbs and flows. We never would've thought we came would come through what we came through last year with the market doing what it did, but there could be an extended time of two or three years. Even where we were in a bear market because we had a real recession that typically happens every 10 years or so were little bit beyond that now and so we're essentially due for a correction. But again, as long as you have a long time horizon and what I mean by that is, even once you reach retirement. Tim, if the Lord tarries in your health is good. This money needs to last you for 20 years or more and so as long as you have the right allocation to stocks even a temporary recession in a down market. As long as you're not having to pull that money out for cash flow you could let that right.

It's just an unrealized loss, and then at least historically speaking, it will move to higher ground. So again if you can cash flow it. If your patient to save up the money, put some good to put a good down payment on of around 80 200,000 and then you could lock in a low interest rate on a construction to permanent loan for this new home phone you will feel good about that. You run the numbers. I think that's the way I would go if you wanted to you could always pay it off with retirement funds down the road, but I would do that ever so slightly as opposed to doing it all at once upfront Tim, thank you very much for calling today. We wish you and your wife and your family the very best out there doing a great work for the rest of the country and we know it's tough work as well.

So God bless you. 10 thanks, Crown point, Indiana hello Mike, we have just a couple of minutes here what's in your heart today will building like I heard you say you've got the real date you got the investment account we lost you there for second.

Let's try just give me the tail end of what those investments are shared so let's get company stock market crypto currently apartment building. I only formally only formally take a paycheck from my landscape company and therefore I only hi off of that income.

I don't technically pocket the return to the profit of the other assets… If I should be what it is about the life but God honoring way yeah yeah will I appreciate that Mike and I think the spirit of this is to really be able to give back to the Lord systematically and proportionately on the increase. The question is, what is your increase and I would add to that in most cases were talking about a realized increase as opposed to an unrealized increase.

So once you realize an increase meaning you liquidated and asked that you sold the stock you sold an apartment building, whatever that might be sold to some crypto currency and you taken profits. Now you've got a realized increase and it's very easy to sell.

Want to give systematically and proportionately to the Lord's work on this. If it's not realized that it's unrealized that gets a little more tricky because in the case of the apartment building. Obviously you'd want to not be tithing on money unless the Lord asked you to give Jan the tithe but for the tide sake you're not giving on money that is going to be used for marketing and operating expenses and maintenance.

Those kinds of things you have to wait realized what is your true profit and you may want to do that on a six-month basis or a 12 month basis. So I think those are the things you need to be looking at as you think and pray about where the Lord is leading right careless couple of the more fear this moneywise live in back the financial wealth you leave behind could be the best thing that ever happened to your loved ones 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 live.org you know if you have enough enough money of house. Do you know how much is enough if not Ron 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 to 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 is here to help me understand God's purpose for your life to the eyes of a layman, you know, it's so easy live just beyond his perfect will for having a form of godliness but denying the power thereof wondering where God is in the midst of all the problems brought on ourselves in spite of all change your life forever. At any moment without her consent is what they were in control of her life and we don't give up the façade of the throw to anyone, not even God for this is allowing God to turn everything that's happening here right now.

Good which is his purpose to those who love him and live their lives for his purpose. Not enjoying life. It is exceedingly up finally.

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Your job is revival outside the walls bring everyone and everything will help doing that go tomorrow. TW.com hospitality Dustin Willis and Brandon Clement say it's the simplest way to change the world gospel centered hospitality makes a powerful witnessing statement as we open our lives and homes to the simplest way to change the world show you how you can be hospitable even if you don't have the space for most people are more likely to step into a living room sanctuary. So why not read the simplest way to change the world more Moody publishers.com you feel stuck. I get tired of going to the motions of faith you want to make real progress in your life and not know where to start is a book to help you grow spiritually grows well to the gospel as a starting point of the Christian life rather than the main point of all how to grow a new book by Darrell – available publishers.org that's Moody publishers.O RG having a great 20, 21, so we take your phone calls today with Rob last time Steve Moore Steve is another Steve from Idaho is on hold. He 62, wondering about the best way to get debt free.

But before we say hi to Steve first at Sarah in Crystal Lake, Illinois. Sarah, thanks for holding and for calling today.

How can we help them remember it.

He noted right apartment employment security and unemployment have ever have I recognized benefit. They knew my employer. They must have known Microsoft security number and received a debit card 89 received the card worked in many many years and it was that it made up company that he apparently now with filing from time wondering how you call the IDE at all he can do is leave a message they call you back nothing except keep an eye on your credit report. Who do I call you later what I have to worry about well couple of things. Number one is this type of fraud and that's exactly what it is, has gone through the roof because of the pandemic.

It is just another form. Sarah of identity theft. In many states are experiencing this fraudulent activity that's definitely true in Illinois, where the Department of employment security that you just referenced issued actually warning about the specific situation and typically it appears in the form of what you described. You receive a debit card and unemployment insurance letter and you haven't filed for benefits, but obviously it says that you have your notified by your employer that claim for benefits has been filed. When you haven't separated from employment that would obviously be another clue that you attempt to file a claim online. One already exists, or you received correspondence from the IRS regarded unreported unemployment insurance benefits.

All of those would be indicators that this is going on in your situation.

So what you do well you do exactly what you just described, and fortunately there are many cases overwhelmed with these. But you have to report the fraudulent claim to your state unemployment office. In your case, it's the IDE S what else well don't obviously activate that debit card if one was mailed to you. In your case, it was you don't want to contact the bank that issued the debit card. Do you want to request your free credit report and monitor it. You could go to annual credit report.com to do that. Look for other fraudulent activities. You also might try writing a letter to the state office with copies of any documents you received just to go on record with them but I think it sounds like Sarah you've identified it for what it is made the appropriate call you've left a message as long as you don't activate the debit card don't contact the bank and monitor your credit report. Unfortunately, that's about all you can do if it's some point you are. You see something going on beyond this, you could look at one of the LifeLock or one of those that helps with identity theft protection. Moving forward, but I think at this point, as long as you monitor it. That's what most people are going to do.

Just make sure that says it doesn't get taken it further than this Sarah were glad that you caught that and didn't get any deeper in that scam Rob by myself in the last last couple of weeks, I received a fake debit card in the mail, not just a notification but an actual card. I also received two notifications very official looking notifications from Amazon telling me my account had been compromised and they were shutting down my account that was no longer active.

I should try to buy anything. I passed all that on and was heard back from Amazon telling me that it was something ongoing they were aware of. So you just don't know know although are you sure that debit card wasn't my Christmas gift to you. Well it's never been like you before to actually send me anything of value. So just never eat this immediately so that Starbucks card. One year I thought I was good for a stone just fiscal lattes though just got where we now oh yes, Coeur d'Alene, Idaho hello Steve, thanks for holding my friend what's on your mind. Brilliant think is looking for a neutral opinion. I think I'm too close to my situation and I can't afford it might make that one year ago, my wife of 17 years left with a married man, about 1100 miles away. They were both married and they just left together better place together and then cashed out later about divorce decree from the bars. I did everything I could eat it. 10 to 14-year-old old pages so I locked about $100,000 during that transaction, one car 50,000 cash $40,000 in part it paid off and I lost 40,000 in a job. I was on a job in Seattle so but I did anything I could do not have the kids change their school. I wanted everything I could to keep stable in their life is in their house, having lost their mom so here now. The last thing I have to deal with in the decree is I have to get her off the banknote of the starting signed over on the house but are the decree which was to get her off and she is not responsible for any that I got out and not so, and she did.

So what I'm wondering if I have not a pile of equity had my realtor called me about 200,000 maybe but I owe $45,000 on a car, which I tried to sell like $15,000.

If I did get any offers air within 15 or $20,000 I would lose 10 to 15,000 easy. I got about $8000. My question is, at this point I've been struggling to keep everything together and always has been think the divorce. The easy thing to do would be to sell. However, at least it for the first year I didn't want children, but now it's getting harder for me. I'm a worker bee had been a builder for years but it is getting harder for me to work instruction every day pandemic at the drop of a different school from 730 to 9 and picked up much of a workday. I've got about $3000 company in between my Social Security and the kids and only $50 a month on child support. "On I make another 2000 a month… Maserati is making three grand league and everything is fine and then everything went well so you think would be smarter to just sell the house a $50,000 in debt.

Be absolutely debt free and have $150,000 down on a different house. Yeah, you know, Steve, first of all let me just pack up and say how much I appreciate your transparency here today and just what you described in you. Obviously, placing your kids stability above your own interests and not really doing what you needed to do as a dad to step up in a very difficult season to say I want to be here for you guys and I want to make sure that in the midst of all of this change in everything going on.

That's incredibly difficult that there are some constants and I'm confident the Lord will honor that. The role that you have played and continue to play in their lives also know that the stress that comes from just having no financial bondage. If you will, in the overhead that comes from you, not being able to keep up each month necessarily struggling to keep up with the bills is also going to impact your ability to be the dad you need to be make sure your own relationship with the Lord comes first and just and invest in yourself and the people around you that you care for and so I like the idea that now there were a little bit beyond some of the the dramatic changes that have taken place you really thinking and praying about selling this property to get out of debt to take some of that pressure off so that you can be free and unencumbered, unencumbered to continue to provide for your family to be there for your kids and continuing to invest in them without some of this extra burden hanging over you financially and you feel like you've exhausted every option though on the automobile because the other consideration. You probably know this better than I do is just that the maintenance and upkeep.

There of that asset. So, would you look at selling that is a part of this just to get out from under that very expensive foreign automobile.

I would love really good within the first year on the market I lost $20,000 drop off a lot yet, I would and I got a goodbye sold and still owed the bank can brand that would be okay pay that off on my own if they would agree to that and I bought this house in the inside. I looked at 50 bottom of my wife and I worked in the oil field for three years to get the down payment by our first house together and out when I walked around the outside. Just looking at it like a large white rabbit and I realize now what you did and struggled, but I literally made $200,000 on the last five years.

The area that the Lord led me to was so desirable time, but if I didn't have the carload mind you) 850 a month on the car payment and my insurance went up $130 a month thousand dollars a month faxing me is my biggest car I wouldn't have a problem well time we got into the program is upon us. Let me just say this I would really put that back on the market… Pray that the Lord will bring the right fire because if you get out from under that that changes things. But then I would begin prayerfully to consider selling the home and I talked to the kids every step of the way. Make sure you really communicate why you waited why now you're considering doing that to be praying for you Steve thanks recalled. Thank you Steve this reminder moneywise live is a partnership between radio and moneywise great start the year with you. Thanks for listening. Tell a friend join us again next


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