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Lessons from Groundhog Day

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
February 2, 2021 7:03 am

Lessons from Groundhog Day

MoneyWise / Rob West and Steve Moore

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February 2, 2021 7:03 am

Groundhog Day has become synonymous with repeating the same mistakes over and over until you get things right.  Similarly, many of us repeatedly make the same financial mistakes, instead of taking time to understand and learn from them. On the next MoneyWise Live, hosts Rob West and Steve Moore share a few of those mistakes so you can avoid them. Then they’ll answer your calls and questions on various financial topics. It's lessons from Groundhog Day, on the next MoneyWise Live at 4pm Eastern/3pm Central on Moody Radio.

Amy Lawrence Show
Amy Lawrence
Rob West and Steve Moore
Rob West and Steve Moore
Rob West and Steve Moore
Amy Lawrence Show
Amy Lawrence

In 1901.

A woman by the name of Annie Taylor climbed into a barrel that she could ride that barrel over Niagara Falls. The first person to do so. The reason for her crazy endeavor. She was struggling to make ends meet and she was hoping for fame and financial security, it's Ryan from United faith mortgage of faith and family mortgage. Tina tries to improve your financial outlook without having to ship you over a 170 foot waterfall.

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There's no middleman. This advantage often allows us to get you a better rate, which can save you monthly and lifelong money through refinance or help with the cash out refinance cashing out some of your home's equity to use for life. We are United faith mortgage not of faith. Mortgage is a DBA of United mortgage Corp. 25 Belleville Park Rd., Millville, NY license mortgage banker for licensing information, go to an MLS consumer corporate MLS number 1330. Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah and heavy Groundhog Day. It's become synonymous with repeating the same as things over and over again destroying any chance you're doing things like that. Maybe with your money.

Bad habits are just going any better today, but by the president from West so them to call 800-525-7000 800-5257 times more lessons from Groundhog Day.

That's nice right here so Groundhog Day. It's a bit of a whimsical sort of holiday we were supposed to believe that a furry little road can predict the future silly kind of fun. I would agree with the silly part but I think it's popular because it's a way to break up the monotony of winter, perhaps. But as for predicting the future. We know that only God knows what lies ahead. Still, the Bible gives us a good idea what to expect when we act foolishly the Proverbs 22 three it reads the prudent sees danger and hides himself, but the simple go on and suffer for it, and a good one for today's topic is Proverbs 2416 it reads for the righteous falls seven times and rises again, but the wicked stumble in times of calamity that you know Steve God knows that will make mistakes sometimes even repeatedly, but when we repent and turn from those mistakes, learn from them.

I believe he strengthens us. And that's certainly true with our money, see if we seek his wisdom on finances cease faithful to provide it in the first place. We should look at courses in his word and we've said more than once that there's 2300 verses in God's word on how to manage money and possessions wisely.

That's right. And it's a much more reliable source of information than a burrowing quadruped somewhere in Pennsylvania so I will woo some of these money mistakes that people do repeat over and over and were here to warn about well the first one is also one of the most avoidable. It's living without a budget and we typically don't think of that is something people do over and over, but every month that goes by without a spending plan is just repeating the mistake. You know, you simply can't manage your finances wisely without drawing up a spending plan and sticking to it.

It always can't save up an emergency fund for unplanned expenses you most likely run up credit card debt as well.

You'll probably end up making late payments and incurring extra charges. You can invest properly for the future either and you certainly can't be as generous toward others as you might like to. So again, the longer you delay living on a spending plan.

You're just repeating the mistake of drawing out the inevitable. And that's I really, that's a really big mistake that lots of folks make time and time again. Okay, what's next, where he mentioned that again we might not think of it as a repeat mistake, but it is and that's not having an emergency fund set aside. Ideally 3 to 6 months living expenses. If you don't have money in liquid savings you know it's a repeat mistake because every time an unplanned expense pops up and they always do.

It's another financial calamity but a lot of people do it over and over and have to relive the embarrassment of having to borrow money.

Proverbs 2120 speaks to this precious treasure and Euler in a wise man's dwelling. The foolish man devours all he has. That's right. And to quote the eminent American league philosopher Yogi Berra.

It's déjà vu all over again. Okay, what's another repeat mistake well it's going month after month, without investing for the day when your age or health, prevent you from earning a living and this is without a doubt the most damaging to your financial health. That's because two things are required to build up a nest egg for the future.

Money of course but also time the longer you delay, the less time you have to build on your earnings every month. You repeat this mistake without investing something for the future means lost time that you can never get back in Steve we said it before, but your wealth is most often accumulated through your income. It's a powerful force. That's right. And ironically, the best time to start saving for retirement is when you're young, but when you're young.

Retirement is the last thing that's on your mind so it's can be a rotating thing, but good parents and grandparents will do the best they can to encourage their young people to do these kinds of things. Okay, we fit some of the big ones enter some little mistakes that people make with her money as well.

Absolutely. Probably too many to count. I give you one that's one of my pet peeves and that is ATM fees: more collateral damage from the pandemic put folks made more out-of-network cash withdrawals last year totaling $12 billion. That's welcome back and check some more about this and think your financial calls and 800-5257, they were celebrating Groundhog Day here moneywise and you might say what is Groundhog Day have to do it all my money with my finances. Well that could be it. Stuff that you kinda do over and over again which that film Groundhog Day was was all about, at least in part, and rob any in the last thoughts or words on this things we need to heed and watch out for, well, you know, Steve.

We mentioned there's little things that we can do, perhaps inadvertently.

Over and over again and I think the big ideas we need to learn from our mistakes.

We need to constantly be on the lookout for not repeating the same problem areas over and over. If there's one budget category that tends to be a budget buster move that particular category.

At the very least into an envelope system so you're tracking the use of that if it's eating out or entertainment or whatever it is you don't begin to dial that back if it's the fact that your unorganized and that really pays its price tax time or you're missing payments and that's being reported to your credit report.

Let's get a system to become organized out. I think as we begin to shift our thinking around this idea that were God's money managers.

It perhaps should cause it to be a little more weighty this responsibility that we have to manage God's resources wisely, which means we need to be on top of it and perhaps this is a good idea and a good opportunity, especially right at the start of a new year. To say this is the year that I get organized that I begin to save diligently that I pay off my debt. I begin to get on that spending plan and set something aside for the future and by the way, always be evaluating your giving to say how can I increase that as well so I would just encourage you to be thoughtful about how you're managing God's money, right disorganization with this such a huge one. It leads to bounced checks late. Bill payments as you already mentioned so many other things in the financial area so pray and ask God to help you make some changes this year that you won't have to keep repeating over and over. Know one thing I can repeat have been given official permission today to repeat the phone number. Steve give the number we have open lines. Okay, okay, I hear you. 805. That's the people in the background. Only I hear them in my headphones 800-525-7000 toll-free 800-525-7000. If you have any sort of financial question today for Rob West.

Let's tackle him. I let's begin by going to Scranton Pennsylvania may thank you for calling it today. Thank you for your patience and how can we help have a question returning to yeah I hi what I earn from my job like the work that I do I type that the church I recently property I only have the stone quarry and opened back up so in the future near future. My income will probably need double that money, I would like to spend give to the local church in the community where the stone quarry is another church in the community where I lead a very small church. Is it okay to split my time between different churches, there should all be going to church that night and well, may I present the question and obviously your very thoughtful and diligent about the giving that you're doing applying the principle of the time giving off of your increase. Whatever income sources you have your giving it systematically to the local church. I love that. I think that's a great a beginning point for giving as we think about that really honoring the Lord out of obedience but as an act of worship as well and I think starting with the storehouse the local church is the right way to go.

I certainly wouldn't want to be legalistic about it. You know, for me, the tithe goes to where I call my home church where I planted where I'm serving and being fed, involved actively in ministry. I give all of my time there. You know, if you decided for whatever reason, to make you that not necessarily be the case for your tithe and perhaps split it up.

I think that's ultimately between you and the Lord.

I would just encourage you to spend some diligent time praying about just asking the Lord for wisdom, but I don't think there's a right or wrong move here. If you feel led to do that with this particular source of income. Again, I think God doesn't need our money. He sees our hearts clearly either church and in this case, both churches are. I'm sure grateful for the giving that you're doing and it's probably going to a lot of five great things in the name of Christ. So I think you're right on track here.

I would just say perhaps asked the Lord to give you some wisdom may were glad you called and we wish you the very best you Selleck very generous and giving person. The latest church giving statistics that Rob and I have seen indicate that most Christians do not tie or even come close to its of the fact that you're worried about where to exactly send your tithe that sets of pretty big blessing to actually enjoy and organize your call today 800-525-7000 Canton Ohio brand what you question for Rob West.

I Groundhog Day my master like 15 years but out and I got married seven years ago about doing pretty well at getting rid of dad in different angle but the current time after $30,000 and at 10 years I thought Karen would be able to use that program notes didn't qualify for that because I didn't know and I will careful with the procedural thing I did kind of borrowed the money without thinking and around $30,000, 15 years later. And of course there's deferments and Maren small payments when you start out in all of that loud but I'm just wondering with the interest-rate think allow should we just take this and take it. She let out a bank or one of the frustrations that deals with getting out of student loan debt and get a lower interest rate 5% right now and again I think are 15 well, I think the key here brand is no, I don't like the idea of taking this and attaching it to your home. What say you know if you were talking about using home equity line of credit, or something else like a home equity loan to pay this off. Even though you're right. The rates are incredibly low were taking essentially what is unsecured that in securing it to your house which means if you have an inability to pay. Now your home is at risk and I also don't like the idea that we perhaps would then extend the term way out and we may get comfortable with this idea that while we can just pay that off over 10 or 20 years you know when I would like for you to really prioritize that and have some incentive to try to get that paid off. Just as quick as you can as opposed to extending it out a bit longer because you got lower rates and you feel like well as a lower interest rate. So I guess we just gonna let it ride that. So I would really stay right where you're at. I think the other thing that you have to recognize is with federal student loans.

Not only do we have for you potentially period of time with the lower rates right now but you have an opportunity if there was a disruption in income to operate income-based repayment plan that would allow you to take some pressure off if you had a really difficult season.

Obviously that's not going to be the case with other types of loans so I think right now unfortunately as much as frustration, as it has caused in that it's not coming down.

It's really about just adding more principle.

In addition to that monthly payment every month and that's always good to start with your spending plan is going back to the plan to say what can I do to dial back spending what I need to cancel what I need to eliminate. Do I need to sell some assets.

Is there a period of time when we need to really try to free up more money on a monthly basis so that after we paid off any credit card debt and after refunded our emergency fund were really attacking the principal balance on this thing so we can get it moving in the right direction. My fear is if we take another approach like HELOC that it's just gonna even though we might have a lower rate it's going to be, you know, the term is going to be extended and it's not going to give you the incentive to do the hard work of really dialing back your lifestyle. So unfortunately it's not easy, but I'm confident on the other side of it, you will be you glad you really focused on Britain.

Great call great question.

I will pray that they'll you get this thing paid off sooner rather than later and I hang in there as a teacher. We appreciate your services will quickly to Minneapolis hey Ray, what your situation, how can we help. Well, it's critical. Screw the last caller equity line of credit to pay for my son's college. They offered me know recently offered me to no cost of refinancing my interest rates are really low and they wanted.

They said that they would take that equity alignment that I took out already and put that in the my mortgage so that I have a lower rate because right now it's over 4% and it's a variable, and right now I'm only paying interest so my question is why take that that new mortgage and put that equity into that little lower rate and then pay everything in one payment yeah yeah and so basically you be combining the HELOC in the first mortgage. Give me the balances on both of them. The equity line that about ready to take in about 35,000. If we add it to my present mortgage it will bring it back up to about 177 which I paid for the house but my houses over doubled since I bought it okay alright so you'd hundred 70 would be the new mortgage so right now you're at about 135, is that right, correct alright and what you think the house is worth right now. They claim it's worth over 300 okay and what is your interest rate on that hundred and 35,000 at the present time. It's not quite 43 like eight or something like that okay and that would bring it down to bring it down to I think three or just about three okay what is your credit score, about 60 or 70 alright and finally, how much do you have left on that mortgage for many more years being merited up. Give me a lower rate a 20 year mortgage okay great let's do this and ask you to hold the line to take a quick break we come back and give you my thoughts and stay with his appreciate your phone call Joe will be right you stay with us in Chicago: Downers Grove stay with us. We come materially right now were chatting with Ray in Minneapolis wants to refinance his home rethinking financing is holding combining Rob yeah Ray. I think the key here is the diligence, with which you can approach this new loan if you're really living on a budget and you demonstrated that you can stick to your plan and you take at a minimum the amount that you have going toward the home equity loan right now and the current mortgage payment. Even though both will decline. Once you do this to attack this new mortgage and you don't increase the term on that first mortgage.

Meaning if you have 15 years left. You are really sticking with a 15 year mortgage then I'm okay with it, but if there's any hint that you know what things are tight you know where some months were kinda going underwater. You know we made when the pressure is taken off reallocate some of this money to additional spending which is really ultimately can result in you spending a lot more in interest even with the lower rate because of the term and the fact that you'd send the minimum, then I'm not excited about it. But if you genuinely believe that you can stay focused on this and commit at least what you have going right now to the two mortgages and and stay committed to that 15 year mortgage, then you should be in good shape. The other thing I would say Reyes I do a bit more shopping on this particular loan program in a most folks even though this is the biggest purchase. They will make need only take the first offer that's made you right now we just that was talking to Dale Vermillion who consults with us on mortgages here at moneywise earlier today and he was telling me that he seeing rates under 2% for a 15 year mortgage. Now that's probably going to require the very best credit scores and so forth. But there's a big difference between under 2% and right at 3%.

Especially if you've got, you know 60% loan to value you got a good bit of equity in this home, so I'd be shopping around. Maybe check with a local mortgage broker check with your bank and I also go to bank to see what some of the online lenders are offering you don't want to buy it down so check those expenses you should look for a very competitive rate. Something around your two 2 1/4% on a 15 year loan Ray, we trust that'll help you. Thank you very much. Downers Grove, Illinois just outside Chicago. I believe Joe what's on your mind today. How can we help thank you so much for the latter Kentucky unemployment insurance in regards to employment that I never put a claim in for a kiss really unnerved me because my correct address number of my social security. Never put in any unemployment claim that well Joe, it's a giveaway for sure.

This is a very common scam right now with so many people unemployed due to the pandemic. Here's what happens. The thieves apply for unemployment benefits in someone else's name and basically what the FTC, the Federal Trade Commission is that is you need to report that suspected unemployment fraud to your employer to the state unemployment benefits, agent, agency, and the FTC at this website. Identity and it's a good idea to keep a record of the communication.

I might consider just based on what you're telling me locking your credit report with the what's called a credit freeze. I would also place a fraud alert on it which makes it both of those make it much more difficult for an identity to open a new account in your name and then check your credit report side annual credit regularly to look for any unrecognized activity for about it. There are steps you can take a just outline them but that's probably what's going on. Joe, thanks so much for calling us today. We hope it all works out for you you listening to moneywise live finding God's plan for your financial life with us today is Tuesday. West times for tomorrow and Wednesday lesson more and we love chatting with you at 805 five 7000 home now open lines available 800-525-7000 Tampa, Florida hello James what your situations are high. James Esser here on the air Corps you allow what you know for the whole amount credit, the other day and it down 70 and I don't know why it would drop down that yeah well it's probably temporary. James you know there's a number of factors that go into your credit score.

One of those is whenever you open a new line of credit. It puts an inquiry on your account. That inquiry is going to pull your score down temporarily for a period of time, typically not.

70 points, but you'll see a decline could be upwards of 30 points and then just the fact that you're out there seeking new credit yellow is factored into that algorithm as well. Bottom line is as long as your overall balance is the debt that you have versus the limit for the available credit that you have is less than 30% in urine on time payer every month. This temporary blip will be just that it will be temporary. The score will bounce right back up.

As you begin to charge hopefully budgeted items and then pay that off in full every month on time as you do, that's can establish positive credit history so there so many factors that go into this.

Any number of things can cause you to have a temporary decline, especially when you're opening a new account like this and if you don't have a lot of other credit activity going on but as long as you manage your money wisely and again you're on time payer, keeping those balances very low, preferably at zero each month than your to be just fine.

This number will come out right back up. So there's a ratio rob as far as how much credit card availability you have versus how much money you have, how much debt you have, what was that yeah so that's the debt to credit to, or limit ratio which basically says here's the total balances we have versus the available credit. Now, with this being a new account that's probably not impacting him because he's now got a higher available credit probably doesn't have a balance on this quite yet. This would fall under the new credit percentage. So when you think about the pile of what makes up your credit score 10% of that credit score pie would be new credit and adding a new account does have a temporary negative impact, but that's lesson by the fact that credit utilization should actually be going in the right direction and over time that on-time payment history will be additional positives toward the overall score. So this thing should come back up in the very near future. So Jim keep an eye on it, but we think you're still in pretty good shape and we were glad you called today. Thanks very much. Chicago Elizabeth welcome to moneywise live. How can we help you away all I while I don't demolish $20,000 IRA that I went to the bank last week to cash in their change change in hand and put it in my checking could move it out of the bank. Someplace else could I understand I am a 60 day rollover but I was wondering if I could use that bottom money and not roll it over because I'm over 65 that I'm still working and not retired, but I have two children, one who is living at home and definitely needs money, but the other one that is looking keep paycheck to paycheck and could benefit from some cash. Yes, so Elizabeth you just wanted to take a withdrawal on this.

I expect the deposited in my checking account. I'm still waiting for them to do that and then I'm going to figure out what has to be done and I have to put it back into like an IRA or a pension or something you know I will do that but if I don't have to I wanted to take a portion of it and then how do my best like it. Should I just say give it both both children. Even though one needs and one dozen heart you know I wonder how to hunt out. Sure so just to make sure I'm clear. This was his IRA and you were the beneficiaries I correct Crockett and so you receive the IRA at the death of the owner, regardless of what's in the will or living trust because as beneficiary passes directly outside of probate and once the IRA custodian is made aware that the death occurred, then you receive that inherited IRA.

You can either leave it at the same institution and it gets moved over to an inherited IRA or another one now if you're the beneficiary and you inherited the count which you did, you can cash out the account at any time, even before age 59 1/2 without having to pay the early withdrawal penalty and then you would pay taxes on the money that you pulled out of the IRA.

When you file your tax return would be added to your taxable income. So bottom line is, as the beneficiary of an inherited IRA. You absolutely can pull that money out of the IRA and then do with it what you choose, including giving it to your children now. At that point, I think, to your second question of how to handle that. I think that something you really just need to think and pray through. You know, it's entirely up to you as the steward what you feel like is best. One of the things Ron blue says in his book splitting errors as he says we love our children equally.

We will treat them uniquely in what he means by that principle is just simply especially with adult children. We don't always have to treat them equally. Now you may decide you want to do. In fact, just that but you also may decide that one of failure children is in a pretty needy situation and as long as you're not enabling them to continue to have bad habits in terms of how they're managing God's money.

If it's really perhaps a desperate situation or something beyond their control, and you want to be a blessing.

Then you absolutely could go ahead and and make that gift and you know that would be something. Perhaps the you could do in a way that is going to encourage the right behaviors moving forward or you may say no I really do want to make the sequel and therefore I'm can take it and split down the middle. I'm gonna perhaps make one of the gifts.

Now you may hold on to the other one but your market for the other child and give it at the appropriate time that something you just need to ask the Lord for wisdom and discernment and then make a decision. There's not a right or wrong answer there, so long as again you're not enabling the child to continue to make poor decisions by perhaps rescuing them from a situation where there repeating the same mistakes over and over again and and you're just gonna prolong some of that so I hope that's helpful to you and gives you some direction. Elizabeth, thank you very much that's a great question. We hope things work out well for you as you make these choices and decisions hereof shall have to pay income tax on that money.

Is that right exactly right. So in a beneficiary with an inherited IRA. No early withdrawal penalty if you take it out even before 59 1/2, but you do pay taxes on the money that is withdrawn. Okay, this is moneywise live if you happen to be tuning in right now and again, here's our phone number 800-525-7000 this program we talk about the importance of old getting out of debt. Developing a budget or spending plan having an emergency fund living within your means all those kinds of things. Well if if you need some personalized help with those things because they're easy to talk about. But sometimes, not necessarily that easy to institute and to work out on a personal basis. If you need some face-to-face help with that.

You might want to connect with a coach, I connect with one of our moneywise coaches we have them all across the country and you can do that when you visit our website which is moneywise and among all the other resources and materials. You see, there see a box that says to connect with the coach another box that will allow you to connect with certified kingdom advisors, so check all that out today. I think maybe coaches would be a great help connect with the coach at moneywise. principal from James James for three and you ask not receive notice.

Here's our phone number again 805 five 7000. If you have a question, comment or concern for Rob West. Today he's taking all of those tomorrow we might get into some medical things but we have our attorneys working with definite response yet right medical questions. I have no I do it I mean if you had a wart and you wanted to remove it with a Brillo pad would that be a wise thing to do or should you consult with the actual physician is I'm just just thinking out loud here, you got it. Physician things. It's always a pleasure, Chicago, Chicago, Illinois hi Esther, welcome to the program likely help tell what will tell half $1 million round black cabs donated, the packet to charity to lower her taxes before she sold back my question. Is that possible when selling rental property. We are selling our rental property this summer and we want to know if we can donate to the charity before the sale to lower paying taxes on the profit. Yes Rob West guy is be careful listening to have no I'm just kidding, you're exactly right here.

Esther and I love the way you're thinking because this is how we give wisely and you know we talk with our friends of the National Christian foundation about this all the time and its non-cash giving. You see, we can give away appreciated assets like business interests in securities before the sale, meaning stock investments and yes, real estate and reduce taxes and thereby send more to charity. How do you do it well you donate the non-cash asset first and then what typically happens is you receive the tax deduction for the fair market value of your gift so more goes to charity because the capital gains taxes you save from giving the asset directly means more goes to support the causes that you care about and then because you receive the full tax deduction of the fair market value. You see significant savings on your income tax returns and then you might say Rob it sounds like everybody wins.

And I would say yes. Isn't that great. Everybody does when more money into the kingdom. Let's taxes for you and it's a really great thing. So where do you go from here. Esther well, you're right in that you have to do it first and I'm actually going to refer you to NCF the National Christian foundation. In fact, one of their local offices is right there in Chicago and they would be delighted to sit down with you.

You could make the donation directly to NCF and and then when it's sold the money or whatever portion of the real estate you place into probably what's called a donor advised fund whatever portion you placed into the DAF. The donor advised fund after the sale goes right into the donor advised fund and then think of it like a charitable checking account you get the full tax deduction in the year of the sale and therefore the gift and then you would be able to then disperse it at your discretion to your church whatever ministries you want. It's really a beautiful thing.

So here's what I want you to go to in CF that's National Christian foundation in CF connect with the Chicago office and I give them a call and they'll talk to you about how this works is that make sense redhead sure Michael in mutual funds with what is going on in our current economy. Yeah, it's a great question. I would say absolutely you know this is the US stock market is still the very best place for you to build wealth over the long haul. Just think about what happened last year Esther and then we came through a Google when were not through it yet, but we were in a global pandemic still are and look at what happened in the stock market and we saw the fastest decline from bull market to bear market in history back in March 2020. But then the market came roaring back because remember its forward-looking and yes we got some things were going have to deal with. Down the road.

We got US national debt that continues to climb.

In fact, it's about to surpass or maybe has just recently surpassed the US gross domestic product, but we're still the largest economy in the world and I think it still sound and the companies here in the United States and even other parts of the world that you would be investing in if you're in a high-quality mutual fund earnings are good and most economists that are believers that I talked to her saying this is good to be a good year. It's probably not get to be as up as much as last year, but again when were investing. We need to be investing for the long haul. Which doesn't mean were looking out 306 or 12 months and means were looking out five and 10 years and historically speaking, I don't think this is change the stock market with a properly diversified portfolios can be the very best place for you to build wealth with the least risk. Over the long haul.

Thank you Master Mike Champaign, Illinois. Mike's I looks like I might my screens telling me Mike that maybe you're a little concerned about the economy as well. You got about my question. I'm real concerned about the 14, 15, 18, $24 trillion debt.

Whatever number is you and the politicians used to be vocal about it. To try it out like it was just off and we don't hear about anymore, but what is okay will. What if we all wake up one day we find out that the dollar is no longer the reserve currency in the world are run on the bank sort US would default on its debt payment me what what happened at that point does it matter whether we would've saved money in a safe run of the mattress at home or that what happened what happens to the money. Well, I think you're your you make a great point here Mike and that is your right.

We have some challenges ahead is no doubt that the US national debt is continuing to climb at unprecedented paces and it be one thing if it was only happening during really challenging times like we had over the last year. It's another thing when it continues to climb, even during the 10 years prior when we should've had balanced budgets and budget surpluses not deficits because we had a roaring economy and the stock market and yet we continue to add to it. The reason most economists are not worried about it yet is because with interest rates so low, the debt service on it is so low know this economy can handle the current debt levels. Now if we continue to see this rise without the policymakers making some hard decisions and beginning to see it rollover at some point in the future. The reckoning will come at some point where you have to deal with it, but I would just tell you what our backs are against the wall here in the United States. We tend to do what we have to do to make the hard choices, so this is not something I be worried about if we had a use of the collapse of the economy or the dollar something like that.

I'd I don't think it really matters where your money is. But I don't think that's on the horizon anytime soon.

In fact, you know, for all intensive purposes. We have no reasonably will ever see that again were still the largest economy by nominal GDP and net worth in the world, the second largest by purchasing power and the fifth largest per capita GDP.

So this is a massive economy that is working in functioning quite well and we have central bankers and policymakers that are willing to do whatever they have to to support it whenever we get into difficult times, but at some point again the policymakers are going to have to make some hard choices with regard to the debt and with regard to the entitlement programs but I think the end of the day what we have to be found faithful with is what God has entrusted to us. The question is how my handling what passes through my hands and I think we just gotta be prudent and apply the principles we find in God's word were giving generously were living unless we make. We have contentment were saving for the future were paying down and ultimately paying off debt and if you do that you put yourself in a position to experience God's best. I don't think we need to live in fear. We need to live with faith and trust God who is our provider and I don't think there's any reasonable your money out of the bank and put it under the mattress or dig a hole in the backyard. I'm confident as long as you're handling what God has entrusted to you.

Well you're doing the right thing.

Mike, we appreciate that call.

If you do decide to dig a hole remember there's a number you're supposed to call first before you dig in the hole. The gas company will appreciate it as will your neighbors arrive. Quick email.

This is from our friend in Newark. He says I have a friend in need. Rob should I use my emergency funds for his emergency yet interesting to me I would never stop somebody who really feels compelled to give. I just think that's what we need to be doing need to be doing.

We need to love our neighbor as ourselves right is the second greatest commandment.

So I think the Lord prompts you to give give and give generously. But that's not an excuse for not living in such a way that you can't replenish that because what we know is that your God's given you enough for you to live within your means and therefore if you're depleting those funds. The unexpected will come in so I think you need to make a concerted effort to replenish that. But by all means of the Lord's encouraging you to help somebody in need.

I would say go for. I let me throw you a knuckleball here. What if you know someone in need. You verified the, neither a friend of yours maybe a relative. You don't know if they know Christ or not. Would it be okay to use your type money to help that person instead of giving it your local church. Yeah, you know, again I don't want to be legalistic about the ties I think you know the starting point would be to be faithful to your local church and I think that's where we need to begin and I think we should be ordering her finances Steve in such a way that allows us to have that be the beginning point of our giving not the end which means we have more than that going into a fund that we can use to give at our discretion, as the Lord leads even sacrificially and sober living that way we don't have to make that choice and put those two things at odds with one another. We can be faithful giving on the increase systematically to the church and yet be poised and ready and able to respond to the leading of the Lord. For additional gifts very well said Rob, thanks very much.

If you have an email question you like to send Rob keep it brief, just a couple of lines then the address is

What have to be on the air.

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