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How to Build Credit

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
January 29, 2021 7:03 am

How to Build Credit

MoneyWise / Rob West and Steve Moore

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January 29, 2021 7:03 am

In Proverbs 22, Solomon writes, “A good name is more desirable than great riches…” And in today’s financial world, having a “good name” means having a good credit score. On the next MoneyWise Live, hosts Rob West and Steve Moore share some ways you can improve your credit and after some time, your financial horizons. Then they’ll answer your financial questions from a biblical perspective. How to build your credit on the next MoneyWise Live at 4pm Eastern/3pm Central on Moody Radio.

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Hi this is Doug Hastings, VP here at Moody radio and we have a unique sponsor for this podcast. It united Faith mortgage the faith focused mortgage team with a very specific advantage that can save families money. Here are two things you need to know number one united Faith mortgage was started by a dad and his son and his wife and they've grown into a team helping families all across the US and number two, they have unique advantage. Their company is an arm of a bigger company, which is a direct lender meaning there's no middleman. Their company uses its own money and makes its own lending decisions within its own walls. Again, no middleman, and often this allows them to get you a better rate on a new home purchase, refinance, or cash out refinance which could save you money over a lifetime.

Check out the faith and family mortgage team@unitedfaithmortgage.com and that if he is a DBA of United mortgage Corp. 25 Millville Park Rd., Millville, NY license mortgage banker for all licensing information, go to an MLS consumer access.org corporate MLS number 1330. Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah and in Proverbs 22. Solomon writes a good name is more desirable than great riches to be esteemed is better than silver or gold and that wisdom is especially true today is a good credit means having your pocket today think of advising Pres. Rob West held ways to make that happen, that your calls on anything financial at 805 five 7805 five 7004 credit. That's why not help catch up here.

We we start out talking about having a good name but how does that relate to something like a good fight school. Yeah, generally speaking, always acting in a godly and righteous manner will cause others to hold you in high regard. As a follower of Christ your good name gives glory to God whom we all serve now in the financial world having a good name means having a good credit score.

It's how lenders judge you, and it translates into having more silver and gold if you will.

So my good name is my is numbers.

I guess my good score, but how exactly does all of that was it to get well several ways. The higher your credit score, the more likely you are to be approved for loans, credit cards and mortgages and the lower interest rate. You will be offered much that much people tend to know what many people don't realize, however, is that these days your credit score may also determine what you have to pay for home and auto insurance of the higher your score, the less you pay, and increasingly, employers are using candidates credit scores in their hiring decisions. I candidate with a high credit score might be offered a job over someone else actually. And that would translate into more silver and gold in your pocket eventually so. So let's say I'm just starting out in the world. I don't have a credit history.

I'm 20 years old how to get started. Well the first thing you do is get a basic understanding of how the credit system works and for our purposes, let's concentrate on your FICA credit score since it's the one most lenders use. It's based on the information held in your credit reports at the three credit bureaus experience Trans Union and echo facts and it ranges Steve from 300 to 850.

Anything lower than 580 is considered poor.

580 to 670 fair 670 to 740 good 740 to 800 very good in anything, about 800 is exceptional score indicates the likelihood that you will repay money that's loaned to you. That number is based on the five factors.

They are your payment history.

Whether you made any late payments. The length of time you had each account. Your balance versus your available credit.

The types of accounts you have and then finally the number of new accounts okay but what if what if I don't have any of those things. Well, it's sort of a chicken and egg thing. How do you get credit if you don't have any well you do that by opening. In most cases a secured credit card. It has a credit limit equal to the amount of money you put into a designated savings account in the bank then uses that as collateral. It will then allow you to make charges on the card. Up to that amount that limit.

If you will. You want to make one routine charge a month and then pay it off in full each month.

By the way, make sure it's a budgeted item.

Make sure the card though is one where the bank reports your activity to the credit bureaus.

That's usually the case with secured cards, but not always in now. You'd be starting to build a credit history okay and we talked about that one before anything new on that front. However, ways to build your credit when you have none.

Yeah you can also get something called a credit builder loan.

If you go to the website self.Inc. that's INC a bill actually help you set it up. By the way, you can also get this type of loan from some banks and credit unions you apply for and get the loan. Usually the amount is from $300 2000, when approved, you don't actually get the money it's put into a CDN you make monthly payments that are reported to the credit bureaus. Therefore building your credit history in the process when the loans paid off. You get the money you've paid into the CD plus a little interest, minus the fee, the bank charges.

So again it works like a credit card that secured but outworn installment loan and having both types of credit both revolving and installment would build a favorable credit history and score even faster.

Will that is a new one at credit builder okay Ellis come back and chat a little bit more about this and then will turn the corner as we say and then take some calls from listeners today. Here's our phone number by the way, all lines are open right now is a great opportunity for you to call 800-525-7000 to speak with Rob Moore.

I may speak twice myself stick around. This is moneywise not to have you with us today is moneywise lines were having a great time.

This time even better if you call: program get calls that we have to turn it in to what Rob what would we do if we don't get any calls will talk about spring welding or a long time since you've done a drum solo on the air so we could pull that back out.

You are a man after my own hearts are thank you for remembering what you do let me know. Only your mom wants to hear drum solo and she's not here today. I 800-525-7000. We were talking about ways to increase your credit score even get a credit score.

If you're too young, but a ball on this force Rob where we want to go, what we what do we want to remember. Yeah why think you know as we talk about credit scores. Remember, the whole idea behind the credit scores.

We no longer operate in a society where somebody stays in place. You know in one city for a generation and everything is based on a handshake. We want to be able to have instantaneous credit decisions or global transaction so we reduced all of those relational all those relationships. If you will to a number and that number simply indicate indicates how likely you are to repay as agreed and of course there's an algorithm that determines that the probably guarded account like the Coca-Cola secret. Although we do know the elements that make it up.

Let me just mention one other idea if you're trying to build credit. You don't want to use the secured credit card or the credit builder, loan, or perhaps you have in your just looking to add something else you can become an authorized user on someone else's credit card.

Usually that's a parent or some other family member.

Just make sure that person has a solid credit score and you don't actually have to use the card as long as the primary owner uses it and makes regular on-time payments. You'll generally get the benefit of the good reporting on your report. The opposite is true. Though if you become an authorized user for the wrong person that has bad credit well that'll trickled into Hugh's well here's the bottom line though it takes time to establish a good credit rating. So you have to be patient. Just make sure you make all your payments on time. Eventually lenders will be willing to extend you credit without it being secured.

Here's the key, though, I don't care how good your credit score is.

I don't want you to go into debt. So if you can't exercise discipline only use credit for budgeted items and pay it off in full, especially with those credit cards every month that I wouldn't even go there, but again because the credit scores being used for so much more even than lending decisions.

I think it's something important to be thinking about yeah good point, good point. Okay will escrow our phones. In fact, our first caller Alex. I think as a comment on this very topic. Alex would he have for us today sir and right away that starting or corporate site and get their first credit card.

So what will I know you would typically see Alex for somebody who's just starting out your first score would range anywhere from you under 500 but probably no not as low as your talking about your upper for hundreds to 500 and even into the 700s.

In some case. If there's no bad credit, especially because there are other factors, including your income and employment in those types of things so it can be quite a range, and that roughly 500 on the low into 700 on the high-end. Typically, though, you're going to see numbers around the low 500s to the to the low 600s, and the challenge there is. Although you can get various types of loans you know you will struggle to get the most competitive rates. In fact, they won't be available to you. If you're looking for something like a mortgage.

That's why it's important to establish it early.

Be consistent as an on-time pay or keep those balances paid off. So you're not pushing the utilization and you'll be surprised it and how quickly it comes up at the biggest factor that's can be working against you is just the age of the accounts being so new, that's obviously going to hurt you. Feel it in the overall formula. As time passes. Obviously that score will continue to rise as you stay consistent in your payments.

Alex would appreciate that call that question. Thank you very much.

Indianapolis, Indiana hello Ben, what's on your mind today I'll practice my question with my wife and I are faithful drivers, the growth of our income were both employed and about a year ago I started will call the side job making a little bit of extra money on the side and at the time is right around Christmas time and we decided I got a little bit extra income and we put it towards sending our compassion international kiddo a Christmas present. And since then, we cannot do little note the small little chunks here and there that we've gotten from the side gig would kind of put into an account called giveaway money and we would give that away will never spend it on ourselves but as the business grows a little bit not number changes a little bit I'm I'm just curious is that biblical or do I need to be typing on that minute we want to do additional things like you know send her Christmas present you know that's not more an offering thing was just curious what he thought yeah it's a great question, Ben and I think here's the bottom line underneath all of that is that we don't want to be legalistic around it. We want to give with a cheerful heart. We want to give as an act of worship when we look to the New Testament we see this idea of giving proportionately as God has prospered us so I like the idea of systematic giving in proportion to our increase.

Applying the principle of the time that we saw under the Mosaic law is certainly a great starting point, giving off of your increase attend to the storehouse which would most closely be related to the local church today. I think that's a fabulous idea and if you want to apply that principle then basically what you would do as you say, what is my increase and I would look at that is really anything that passes through your hands with just a few exceptions. Perhaps like an insurance payout that's making up for a loss that you had.

That's not actually an increase it's a reimbursement for a loss, but anything else and I would even put inheritance of Social Security and that really God's provision in your life, then you would say what is that increase and then on the firstfruits, meaning I think most closely related to the gross of that amount.

We then give a systematic lien. You could start with the local church.

So I think that's one way to approach it again. If you're applying the principle of the time, but at the end of the day God wants your heart. It sounds like you're getting a lot of joy out of your giving. I think that's the ultimate objective in between you and the Lord how you decide to parse that out between your church and your compassion child and giving Christmas gifts to those that are in need you with a side business. I think that's entirely up to you but you know it the intent of the tithe is the full amount. The 10th on the increase and I would look at all income sources including your size business as being a part of that equation.

Do you follow that absolutely Ben. We appreciate you listening. Thanks for your calls or thanks brother. God bless us try to take one more quick one, before the break, Athens, Tennessee hello Joy, how can we help you today have grandchildren, aren't you directly here and check trying to put money away for college what extent past option yeah Joanne, just curious. It sounds like you all have plenty to do with the newborn to 11-year-old grandkids are you busier now than you were when you were working right and how happy we are to love it. I'm sure you have a ball. You know it. Here's my favorite tool for saving for college joy. It's called the 529 plan and basically think about it like a Roth IRA, but for college related expenses. You don't get a deduction.

When the money goes in. You can put in up to 15,000 a year per account. In some cases you can even put in more than that. And when you do the money will then grow tax deferred or is usually tax free, so long as you pull the money out for qualified educational expenses.

So the money gets invested when he gets into the 529 among the various mutual funds inside that particular plan and then as the money grows. Obviously you don't pay taxes on it.

Then when you pull it out there. Some benefits number one is it's treated as an asset of the parent which you for this particular child or any of them happen to be able to qualify for federal financial aid.

It would impact them in a much lesser degree as an asset of the child versus an asset skewed mass of the parent versus an asset of the child. The other thing joy is that if one child in need all the money you could transfer it to another, or if they got a scholarship or grant you can pull the money out on a pro rata basis without any tax implications. So it's a great tool and where I would head next is a website saving for college.com saving for college.com.

They have the best tool out there were you'd essentially submit the scenario. All the kids and the kids, ages, and what stage are located in, and it would help you do some planning, both in terms of how much to contribute but also helping you determine which 529 plan. Are you better off in the state of Tennessee are you better using another states 529 plan because the performance is better in its can look at the tax considerations as well as the overall investment performance.

Looking back historically so I think that's the be in the savings vehicle of choice. Does that make sense. I yes I am. Thank you for calling.

Thank you joy be fun to have that many grandchildren I have with you and I love mine to death. I write you listening to moneywise live he's Rob Weston grandchildren yet, but they'll be coming along later short, I'm Steve Moore and we love to hear from you.

800-525-7000 combat. Josť had James in Ohio. James and Felicity don't go anywhere. Be right back.

This is first Corinthians we read all things are lawful to me but not all things.

This is moneywise live from last time Steve Moore were taking your calls today about anything financial.

No specific topics or anything financial that you may be wondering about struggling with her, wondering if God's word actually addresses it. Let's look into that together 800-525-7000 Spokane, Washington hi Ed, thanks for holding Sir. How can we help you. Well my call. First of all or actually, my question is not so much. I count 20 question is an informational question.

I just need some information and met with my credit score is quite high it in the mid-1800s, and math because I've been out of debt for 30 years. I might call my car every but I do have credit card debt that I pay off every month. You in full. When I asked this question. No one can give me an answer and that is the over the last year my credit score has gone down by 19 point and nothing has changed other than the fact I have more assets but I have a year ago know that you losing sleep over these 19 points, but I wonder how could it be any different. I am not losing sleep God is God's taught me very well. I'm to be a steward. Everything and I wonder how could I been any different. Over the last year for it to go down and I don't know. No one picked Mike. No one can give me an answer. Well I got the answer for you. You come to the right place. Now here's the thing couple couple of things. Number one is keep in mind you probably charge of varying amounts unless it's just one consistent charge that you have on this credit card that you pay off every month. If you're just using it for various expenses throughout the month and then you pay it down. You invariably have some months recharge more in some months are you charge less right to get married by several thousand, but every month I pay it off in full sure. But what's being reported is not that zero balance what's being reported is the balance during the month when the payment is due before the payment hits and so that's causing your credit utilization to that very slightly but it still varies from month to month because it any given time.

It's reflecting the balance prior to you making that payment and being reported is on time.

The other thing that's going on here at is keep in mind this is not a static formula that determines these credit scores. The algorithm is always changing right there tweaking it and changing it and they may highlight one particular aspect of it that was of to a lesser degree. In the past and now it's a bigger part of the equation and so it tweaks it and so you're going to see these kinds of changes as the credit scoring formulas change in among the FICA score there's been several different versions of it and even then, depending upon which you know institution is actually pulling it. They may look to one over another. In terms of the versions of those algorithms that are being applied for the score to be generated.

Bottom line is I'm not surprised it you may find that in the next 12 months it's 19 points higher than where it was you know before this started and that's just going to be a change in in some of the variations that occur along the way. But the bottom line is I wouldn't be concerned about it. I know you said you're not and I certainly can appreciate that you're going to qualify if you ever wanted to borrow anything and I suspect you probably won't. You're going to qualify for the very best, most competitive rates and terms and so this is never going to work against you always in your favor because Europe sky high above 800, but I think you know the end of the day trying to figure out exactly why the score that you get is generated is a losing proposition.

Because nobody knows what goes into the finer points of that algorithm behind the scenes at work were glad that you got through.

You're the kind of financial planner. We want someone who has really dives into the numbers loosely can't drive you have to over 19 point hurt is going live in Spokane call and call and we appreciate that this is moneywise live life to take some work off right back to moneywise where we do our best to find God's plan for your financial life according to his principles give us a call if you like 805 five 7000 Hartsville, Ohio hello James a welcome to the program and what's on your mind.

I think the show share I have a question employer-sponsored retirement finance.

I either money not traditional IRA or Roth IRA and we started fostering and adopting several years ago and we've had three adoption and most likely another one this year with our deductions and credits. Basically I've filed tax exempt because I was getting too much money back so I consult with our accountant and I filed exempt again this year and probably next year. My question I've been putting in mostly into traditional. Should I take advantage of the Roth and I'm not sure where the tax note I get that back at the end of the year then with with my credit or art. I just wondered if I should be investing more in the rock. Now that I am the tax-exempt status. First, permit a couple years yeah yeah I think that makes a lot of sense James because you obviously with the traditional you're getting the tax break now, but that tax bill is going to have to be paid later as income. Then seal pay income taxes you pull that money out.

But where is the Roth that you don't get the benefit. But you're getting benefits on tax deductions and other places. And so to build a maximize that opportunity to put it in now on an after-tax basis and then let it grow between now and retirement and then be able to access those funds without a required minimum distribution and with no tax to be paid on all of the gains between now and then is a wonderful opportunity and so you're getting the best of both worlds are not necessarily forgoing the tax breaks because they're coming from other sources and you're still getting this money working for you on a tax-free basis as it continues to grow so I think that would be the logical choice for you moving forward. Okay James that make a sorry closet. I was wondering if that works for you. Sounds like you did that you have a follow-up I said I was just wondering. So these children are younger between six and one years old right now and I was I was I know the 529 is is the go to for the poor planning, but you have information. I don't know I just heard laughter getting it was that adopted children have are able to get a lot more scholarships or even hate tuition for colleges that have information that you know not specific, but I will tell you there are all kinds of scholarships and grants for specific people, whether that's aspecial attributes or your nationality or particular skills or degree you're seeking their scholarships for just about everything and I would absolutely concur that there are specific scholarships for adopted foster and an orphan children going off to school so I think looking into that with intentionality makes a lot of sense. I will tell you my wife grew up in a single-parent home or my made it very clear she needed to pay for college. She got over $100,000 in scholarships. Now, it wasn't without a ton of work today during their living room into a scholarship application factory. They did the research they applied for every scholarship under the sun, and she was rewarded very very well and graduated completely debt-free. So I think absolutely I would look into this. Amazon has some wonderful resources some books that you could order on this topic. Look for the ones that are the most highly rated from the readers and and specifically search out scholarships in this category James we wish you and your children the very best as you go forward. Thank you very much oh Winchester, Indiana hi Randy, what's on your mind today. I after church and so wanted Phillips on my retirement and I purchased a house for $7000 to remodel about three years to remodel it have about 30,000 and down on an electric company is going to purchase it for me to put a new substation at and so my question and they're also giving me some on it to help on the capital gains tax, but is there a way to avoid the capital gains tax. Well, are you looking to stay in the rental property business.

Randy yes I I've got three of the rental at this time.

Yeah okay well I think the question would just be whether you want to look at a 1031 exchange. The only reason. Perhaps you wouldn't is if you want to go ahead and have them pay the capital gains now. Even if you roll it into a new property, they may be willing to still give you whatever portion of the capital gains offset they were going to give you in the form of additional purchase price, so it may not be of any concern to them whether you push it forward. So I think the best of both worlds would be step one make sure their pairing you a fair amount so it you know either broker's price on it where you contact a real estate broker and have them offer a professional opinion on what it's worth, or get it appraised just to make sure that they are in fact giving you at least fair market value if not paying a premium for it and then go and get in writing whatever they're willing to pay for the capital gains offset.

You then get all of that and then as long as you select another property in 45 days enclosed within 180 on a similar type property and there's a pretty liberal definition for what similar property type is as long as it's an investment property, then you can in a sense push that capital gains bill forward keep 100% of the proceeds working for you and at some point down the road you'll have to pay the capital gains audit. You just wouldn't have to recognize that right now, does it make sense I think so.

I want to call a large number 1031 exchange is where you 1031 and you'd want to work with somebody who has some experience in this area to help you make sure everything's done properly so work with a tax professional who can help you identify that property in the proper window.

Make sure you close in the proper window and make sure that it's handled from an IRS reporting standpoint properly, but that's gonna push it forward doesn't mean you still can't tell get paid by the County. Whoever is making the purchase for both the fair market value plus whatever capital gains offset their willing to give you Randy well, we've agreed to a good sound so great gray and I suspect that's true. Congratulations.

That sounds like a win-win all the way around S. Randy, thanks, have a good Sunday coming up. Sir Robert quick emails from Billy.

This is a little different. Is it okay to buy lottery tickets if I promised God to give even more than a ties if I win yeah Billy, I highly shift the question that you know. Remember, God doesn't need our money. He wants our hearts and I don't think he would encourage you to violate biblical principles you will find the word lottery in the Bible, but the principle is that we should be steady plotters, not hasty speculators.

That's pretty clear in the Bible and I would put the lottery ticket in the hasty speculation category so regardless of your promise and your intent on what you will do with the money. I think violating the principal in the first place. When again God is not looking for money is looking for our hearts to be aligned with him and to really lean into and follow his his principles and his word.

Then I would stay away Randy. We appreciate that. Thanks buddy. And if you have a question for Rob that you'd like to send you like to email it. Rather than call in that be great. The address is questions@moneywise.org questions@moneywise.org when we come back and wont tell you little bit about the other money wise at something that Rob the movement working on for a long time. We think it's world-class and if you'd like to find a high-tech way of addressing the old-fashioned envelope budgeting method. This is exactly what you need and will come back some more about that takes calls right as I was saying were you excited about the new moneywise, and it's a difficult approach to managing your money.

Basically, budgeting, saving, spending, record it automatically connects all of your bank accounts.

If you wanted to. And there's even a part of it. Rob, a community part right when you where you can nationally interface and talk with other people. If you choose to you not sharing your financial information obviously but and you hang up there once in a while let's little scary. That's exactly right. That's the moneywise app.

It's the best digital envelope system I've ever used. Download your transactions automatically categorize them into your envelopes.

Have it in the palm of your hand shared with your spouse know exactly where you stand in every envelope at any given time. And yes, a community section where you can share ideas, asked questions, get tips and I weigh in there sometimes on your questions were also introducing and you could go and download it now so you'll be the first to know in the next two weeks were introducing a brand-new Discover tab.

Here's what we've done we've gone out to the best content providers all across the biblical finance space. So think compass National Christian foundation gospel patrons generous giving all of the best of the best we've brought them all together all of their content is good feed into our app in the discover tab and so you'll be able to go to one place, the premier destination to get all the best content related to God's heart as you as you manage his money and I were so excited about it. It's all rolling out in the next two weeks of you download the app now in your app store. The Apple App Store the Google play store you'll be ready when we introduce this new section to the app to get all that great content and if you are in the community section when Rob happens to logon and you want to talk basketball. That's the way to get his attention. Throw that out there. Skokie, Illinois hey Karen, thanks so much for holding. We know you've been out there for bit. How can we help you get an interesting question.

I'm wondering if you can explain what happened with game stop and hedge fund now absolutely you know this game stop frenzy has been on believable and basically what happened is a very large group of young day traders have basically squared off against the Wall Street establishment other using something called read it in a particular page in Reddit, which is kind of like a social media platform if you will, a discussion board. The pages called Wall Street bats and basically they been identifying troubled companies that are targets of heads hedge funds that are short selling it meeting they were essentially saying that the stock was going to decrease so they were shorting the stock so as the stock declined. They make money. These were the professional traders will. The reason that this particular company is out of favor is they operate brick-and-mortar companies or shops that sell video games physical video games.

The problem is brick-and-mortar is losing popularity, but bigger than that. Video games now are mostly downloaded not put in on a desk and so this companies been heading down for a long time. Well, they got behind it and basically started buying the stocks. These youngsters started coming in there and just buying big time and it cause the hedge fund shorts to have to cover so when they do, that means they have to start buying to cover their positions and I like my dad used to say when not when he was a professional money manager if there's more buyers and sellers stocks going up, and this stock went up big time. In fact, last check. It was up. I believe 400% on the week. Now it's been fascinating to come to watch because there's been a lot of things moving with the SEC and with the particular trading platforms. Others, actually, today announced a class-action lawsuit against Robin Hood. One of the more popular platforms for trading among millennial's they are limiting your ability to buy the stock. In fact, today they place a restriction I understand we could only buy one shifter of either any of these companies and they traders are not happy about it but where is this going to end well.

The thinking goes that the other game stop shears will stop climbing either because most of the short positions have given up and are no longer forced into buying the stock to cover their losing positions or because of the brokers of the US market regulators intervening and then as the stock starts falling human nature is going to kick in because these retail investors will watch their paper profits that they've gotten remember I said up 400% this week. They'll watch those paper profits start to it that your evaporate in the natural impulse will be there to start selling selling selling in this bubble which is exactly what it is is going to pop and there's gonna be a lot of people that lose money. So here's the bottom line don't violate biblical principles because you get caught up in something that seems to be working when in fact it never works.

We've seen this happen time and time again, and there will be a lot of people that lose a lot of money. Karen great question.

We know it's been in the headlines a lot. It seems kind of cool kind of neat kind of fun. We could all become billionaires overnight not likely to happen for most people, but we hope you appreciate Rob's assessment of dad and I were glad that you called today.

Thanks very much. Boca Raton, Florida hello Debbie, how can we help checking account and a liquid one employee and I don't pay a monthly fee to move it out of there because the minute I start charging me for my monthly checking account so I'm wondering about. I don't know what you do.

It's a great question, Debbie, and what I would recommend is that you look at perhaps a an online savings account so you could look at something like Marcus or I capital one 360 or Ally Bank. These are FDIC insured banks.

There are online banks, but they still have the FDIC insurance and the benefit is still paying about 1/2 a percent a year. Now what is 1/2 a percent on 20,000. Well, that's only $100. So you're going to want to make sure that the fee that gets imposed on your checking account is less than $100 a year if it's not, you're actually better off there, but I might start looking for another option for checking as well because you should be able to find a fee free checking option unless you have some particular affinity to this bank either because of where the banks are located or the ATMs that kind of thing. But if in fact it's less than $100 a year then now or you move to something that's free, then that online savings accounts could do a couple of things for you to allow you to earn a little bit interest. Not much 1/2 a point, but a little bit and is going to get it out your checking account which I think is a better approach because when it's sitting there and checking it's a little easier to spend it. Whereas if it was in an online savings account even though it's linked, and you can electronically move the money for free in 2 to 3 days through the ACH transfer transfer system, it still takes the transfer which means it's a little harder to get to and that's not a bad thing. So I think I would evaluate the fee side, you're right to look at that and then compare that to these other online savings accounts is another option. Debbie God bless you, thank you so much for calling in today to see one more before we put a bow on it today.

Tampa, Florida, and Roberta did have a question, no longer able to work due to medical issues. So I've been struggling on my laptop always provided probably taking five years before not completely struggling an opportunity for Christ and actually to a different job but have to travel about what gobbled my I think any mixed messages from" might like to write yeah yeah well as you evaluate this. There's obviously the financial side, Roberta and then there's the nonfinancial side so as you look at that obviously the nonfinancial side I think you need to begin with and just say what are the implications of that and what is it that you feel like you're taking this new job would mean for you and your husband and your family will have to travel much like what have to travel back and forth and you have a sense of how often you'd be gone.

How many nights a week. Have you got that level of understanding how to be gone and may be able to come back one or two weekends a month depending yeah and obviously that would be really challenging.

I'm sure you know on you and the family are you able to make you really done a deep dive into the budget based on your current income just in terms of what might be able to be tweaked on a temporary basis what expenses you can eliminate what asset you could sell just to kind of weather this storm and until your husband finds work possible kite one circuit R anymore. Okay, very in how short are you on a monthly basis.

When you run that budget and you look at and where you're at with just your income only what kind of shortfall do we have what I can barely survive. Now that when I start learning about $2000. I'm not sure. Okay, understand, and when is that how far away is that.

Time marches in okay very good. Well here's the thing you know the Bible is not you doesn't have any specific career advice. What you need to look at is ill at the end of the day you need to live within God's provision and so I think you will need to come back together on your knees, saying, Lord, give us wisdom here. James 15. If we lack wisdom, we should ask God and he'll give it to us that step number one I'm sure you've Artie done that. But let's continue to do that next step is to say, the Lord working to just trust year to provide something right here and then start really going after it and seeing if something else doesn't come available and then at the other side of the equation is what long-term changes could we make in our spending that are hard decisions and are we willing to do that to right size the budget do we need to sell the house you are there things we need to do so, you can still be there plugged into the family not gone all the time and and cover your bills and then I think you know compare this option which is certainly a blessing to all of that and let's see if the Lord will give you some wisdom on where you go from here on the line was talk.

Thank you Roberta stay with us. This is moneywise live.

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