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February 4, 2021 7:03 am
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.
Our mortgage team happens to be an arm of a bigger company, was a direct lender, which means our company gets to use its own money and make its own decisions within its own walls. There is 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 in faith mortgage is a DBA of United mortgage Corp. 25 Belleville Park Rd., Melville, NY license mortgage backer 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 selling stuff online is all the rage these days there are even jokes about it infected you hear the one about the broken quiz machine that was for sale on eBay for $10. No questions asked, and I don't write but how to get serious about turning your unused items in the cash over the Internet. You've got to know how and where to do it.
So today, kingdom advisors, Pres. Rob West has some helpful tips limits your calls on everything financial at 800-525-7000 800-525-7000. I'm Steve Moore where to sell online. That's next here on moneywise line rather was a time when eBay pretty much had the market locked up for online selling a but that's no longer the case is. I know it is. And although eBay is still one of the biggest and best places to unload items you no longer need, especially for general merchandise and why not, since it's so easy to get started. All you have to do is create an account of ebay.com snap a few pictures of your items upload them and interviewed a few details and you're good to go with the whole world at your marketplace.
But maybe the best thing though about eBay is that you can sell practically anything there from toy soldiers to Toyota parts even whole cars for that matter. But eBay isn't the old mill only general merchandiser out there. You can also check out Bonanza the bid and then there is Facebook marketplace and by the way, will have a link to all the sites we mentioned today in our show notes.
That's right, we will, but if you have a pencil nearby, you might want to grab that. Of course these days. Everyone's walking around with a smart phone, there must be plenty of apps for selling stuff while that's exactly right.
In most of these are geared toward selling stuff right in your area for easy pickup by buyers of some of the top neighborhood apps for selling things are offer up 5 miles gone, and then next door. I know I use that in my area, but you just have to be careful about letting potential buyers come to your house and these apps have guidelines to help with that. By the way, Steve. I was it to my local county office the other day getting a new car tag and I noticed a sign that said basically it said online commerce area and the little note on the side so this has 24 hour video monitoring and it was right directly in front of the police department. So if you're going to buyer sent something behind you know one of these online commerce sites that requires you to meet someone in person.
Why not do it at the police station with 24 hour cambium camera monitoring and employee lights, sounds like a fantastic fantastic idea. Okay well what we mentioned already are great for general merchandise. Let's get into some specifics. Just about everyone has clothing they no longer where you know like those genes that used to be a size 8.
They must've shrunk obviously so know what do these kinds of books do where do they find opportunity and again the email address or comment Steve at moneywise.or but for selling clothing online and we mentioned some of these before. Here's a few sites to check out thread up #Buffalo exchange and trade Z he will make a ton of money selling used clothing items, but it'll get them out of your closet and there's an interesting specialty market in that space just for wedding dresses.
So if you have one you'd like to sell. Check out nearly newlywed still white and preowned wedding dresses.com it's on my list. Okay well what about electronics arrived and who doesn't have a junk drawer full of old cell phones, video games and the like. But what best places to unload electronics is de-clutter.com it's x-ray spelled DE CL U TT are and it's different from other sales sites you login and get a quote for your old phone, tablet or game console if you like the quote you create an account and complete the order they email you a postage-paid form that you put on the shipping box and you take that to a UPS store, a day after de-clutter receives the item you're paid by direct deposit.
It doesn't get much simpler than that now sounds pretty simple. Okay. De-clutter.com many other places for a used electronics.
Yes several. Again, these are in our show notes.
Check out gizmo goal swap buyback world and glide that's glide with and why these sites let you unload on most any personal electronic device including smart phones, laptops, tablets, even smart watches. By the way gizmo gold donates a dollar from every sale to build schools in underdeveloped countries. So you might want to check that out and by the way Amazon buys old electronics as well. If you're just tuning in, Rob is not speaking in a foreign language today.
These are all sites you may or may not know about and again they'll all be in our show notes today will come back and chat some more about places you can sell the stuff you don't want or need 800-525-7000 joining us today. It's moneywise live with Rob West, I'm Steve Moran were talking today about things you don't want or need.
That would not be you without you. Well, we wouldn't have much of a calling program so don't put your self on that list but if you have stuff old electronics maybe musical instruments. Anything on your list Rob for a musical instrument you might need to sell or get rid of in some way, yeah. Well anyone who's tried to sell a musical instrument or equipment to a music store pawnshop knows that it's hard to get top dollar there. EBay does offer a special area for selling those items, but you can also check out a dedicated site reverb.com it's dedicated to buying and selling just that musical items yeah I've used reverb myself several times and very well thought out and respected website and you really have a lot of people focusing on that site who are semi-professional, even professional musicians so it's a great place to start.
Depending on what you have okay we have time for maybe one more Rob what about the public, collectibles. Yeah, these are things like antique furniture, vinyl records, comic books, even coins and currency, even I know one that is near and dear to your hearts to classic cars not to sell these types of things you want to check out well and at least one side to email@example.com collectors.com and stat step tricks. You can also use those sites just to get an idea of what your item might be worth so again. All of these sites.
Many of them hard to hear and jot down because of the spellings will be in our show notes today would love for you to come out okay well that's a ton of information about selling some things online. Thanks, Rob. Again, you can find all of the links we mentioned today and how to spell them and link on them and all that and much much more. When you visit moneywise live.org and look under radio programs radio.
You'll find us a moneywise live.org look for today's show notes. Our phone number again 800-525-7000. Rob, let's dive right in St. Louis, Missouri hi Kate, nice to have you with us today what you question. First of all, I ended my question and I had to bend at 58 years died jumped over a year ago. He lopped on the wired. He was a faithful steward and together we tied to our local church and about that we gave to other condescending ministry. We were both interested in antiques and while I would wonder he was always drawn to a claim collectors counter and for 40 years now and again buying something that he never much about it so I didn't either.
Now I have what I think. If an appreciable collection of monies both calling and mailed as a responsible steward. I don't know how to determine its present value and I don't know what to do with it.
Yes, well, I'm so glad you called.
Today Kate and I'm really sorry to hear about your husband's passing, but it's clear you want to be found faithful with what God has entrusted to the two of you and now you are the steward of these resources, including this coin collection that you've uncovered which you're right may be worth quite a bit of money that you would need to then think and pray through how you want to proceed and let me just say for a non-collector inheriting a coin collection or discovering one that was already yours said because of it was so your husband's that that was purchasing these determining the value can be a daunting challenge you. There's so many factors rarity in Menton series in condition and even others. But you don't have to do it yourself. So I think the next step for you is to find the value of these so you're going to want to get an appraiser registered with the American numismatic Association or certified by the PC GS. That's the professional coin grading service in the way you do that is you just go to their website, P.
C. GS.com PC GS.com you can look for a certified appraiser in your area there in St. Louis, visited with at least one get an independent certified appraisal of what you have and that would be obviously the starting point before you then begin to think about, you know whether you do want to sell these, and if so who is the dealer that you want to use and you could probably get a referral there on that side as well. They also have a pricing tool that may help you get an idea lease for a portion of it what you have in the way of value so I would start there if you want to do some more learning about coins and their value in your now that you have this have developed an interest ended in discovering more you could pick up a copy of a book called cash in your coins selling the rare coins you've inherited, just go to Amazon.com's little over $13.
It's by someone named Beth Teicher again cash in your coins, but if not you could to start by getting that appraisal and and and going from there. Helpful. I appreciate your time absolutely came a God bless you, thank you very much.
Thank you very much right moving on Goose Creek, South Carolina hi Marla, I what you question today for Rob want to go out actually know I'm a little young to be on it. I want and ability that I have. I don't have a lot jumped out and so I don't have that degree, I thought about going to school typically will the company a lot of money and even after take out loan and not getting that gift because I don't know. I should get condition off ability that I can work and go to school and had it that way or thank you just bite the bullet Amounts and got the first backlit job well, I can certainly appreciate that Marla did you want to move in this direction to begin to establish work you need to have the skills to be able to do that and I realize that can be costly for you to check out some programs that may or may not be helpful to you in the situation are certainly designed for what you are describing. The first is a program from the Social Security ministration called ticket to work. Are you familiar with that. Okay. Have you looked into it and could that be a possibility for you when you I know they are doing them virtually overview assuming other platforms, but for the benefit of our listeners.
This is for folks who want to get off Social Security disability and it does provide a return to work program where you know they arrange for vocational training, rehabilitation, job referrals, employee assistance, things like that. There's also something that could be helpful to you specifically for those on Social Security disability and it's a trial work. Marla, where it allows you to test your ability to work for at least nine months without the loss of benefits, no matter how much you earn and then after that you have a special status for 36 more months where you can receive benefits for any amount in which your earnings don't exceed $1040 which was the ceiling a few years ago. Not quite sure if that has changed but bottom line is, there will be a ceiling there, but I think you know having that kind of behind you is key. The last thing I want you to do is go out and take on a bunch of debt without having a real understanding of where you're headed.
Whether there's gonna be a job there what you're starting pay will be and will be enough to fund your lifestyle coming off disability and pay back the loan so I want you to go slow. Look for every available opportunity to get the skills in the training that you need without taking on a lot of work or at the very least, you will begin to test that out just to determine whether in fact you know if it is viable for you given your situation, so I think the. The trial work. Could be helpful and if ticket to work could allow you to get some of this training without the added cost.
Obviously, that would be great so I be diligent in trying to get that virtual visit with the Social Security Administration, scheduled thing I'd like to do if you hold the line is I'd like to get you hooked up with one of our career direct coaches at no cost to you who can give you access to a career direct assessment, just as our gift and this will help you to uncover your God-given wiring and the potential jobs that would be most suited for you that you could protect perhaps pursue moving forward again.
It's a quick online assessment that you can take, and I think it will give you a lot of insight to perhaps you whether confirming this is the right direction for you or whether there's another area, you should consider sustainable and will get your information will get that right out to you.
If you have other questions along the way, don't hesitate to give us a call Marla God bless you were glad you called today nice to know your longtime listener and will pray that God gives you something real wisdom and open doors and open opportunities there. Thank you very much.
800-525-7000 is her phone number give us a call today. Anything financial that you're wondering about 800-525-7000 having a good day where ever you are now in Florida. Temperatures are mild right now getting ready for a big Super Bowl weekend in other parts yesterday, Rob. We talked to someone in man who said it was 40 and that we talked to the next person they were in Ohio. They said it was 20 and who knows, and I just learned during the break that Steve Moore does not do drive-through coffee I don't because I'd like I'm particular about my creamer and my my writing you sugar. I use the yellow stuff what's in it and I wanted put in there properly and you can date that you want to do it for you where they just hand you a stack of that and give me anything and so I'd rather just go in that way I can go from table to table like to be in control of the situation. I do and I'm sensing right now that I'm not. So let's go our phones take that Boca Raton, Florida hey Barbara, thank you so much for holding what you question for Rob West today. Thank you for taking my call. I get a program thank you I got a question I had a current mortgage with 3.5% 535,000. And I have about 12 years left on I wanted to take advantage of the new low interest rate backseat advertise 1.91.891.92 percent after 15 years now. A friend of mine that talked me out of this because she said your pain more towards principal now and left interest, but if you read it you can pay more toward interest in the last principal what you think you know what rates are you seeing Barbara at 15 years, 1.9 to Trunking 1.89 dictated the key would just be and there are 2% rates. We were just talking with Dale Vermillion the other day are Kenneth the mortgage consultant if you will to moneywise send good friend and he said that he is seeing sub to rates for 15 year mortgages without having to buy it down and that would be the key you want to look at the expenses in bed and that just see you. Make sure there's not any discount points where you're essentially paying to bring the loan down without any discount point you should be getting right under 2%, which is just kinda my going to think that you could borrow that kind of money for that will overrate but if you could do that that 2% or below.
So your saving appointment half and I would prefer you don't extend the terms I'd rather you go a 10 year mortgage that a 15 year but 15 wouldn't be terrible because you don't be having three years and then the key would just be your looking at the total interest paid so you could have your current mortgage run company run an amortization schedule that basically tells you how much interest you're gonna pay over the remainder of the loan between now and the end, because that's Artie been determined with a mortgage on the front end. You know, guilty exactly how much her to pay and then you could look at how much you would pay with a new 10 and a new 15 year mortgage at what's a 1.9% 2% over the life of the 10 year or the 15 year term and then you have to add to that the cost of the refinance and if with this lower rate. You can save money on the 15 year mortgage after you factor in this additional three years and after you factor in the cost of the refinance itself and you plan to stay in this home that I'd say proceed. It's really good to be a math equation at that point the only other thing to factor in there would just be the payment and I would try if you can afford it to keep the payment the same. If you get this new loan meaning whatever you're paying now continue paying that because remember, the payment is going to come down for all intents and purposes, so I would just look at all of those factors and I think that will help you make the decision to some extent yet okay thank you very good so you got some homework to do.
If you have questions along the way.
Give us a call and thanks for your call yet. Thank you very much Barbara.
All right, let's say let's yell you say we go to an email here. Rob I think we have one that was just sending this from Joe he says dear Rob, my home has a lot of equity with interest rates so low. Should I refinance with cash out to a have any guidelines do you have any guidelines that I could follow. Well, a couple of things.
Yes we do have some guidelines to Wendy refinance well, what we were talking about a moment ago. If you can save at least a point in the interest rate if you're not increasing the term, meaning if you got 15 years left on a 15 year mortgage refinance with 15 years. Not a new 30 years and then you're planning to stay in the home for at least 5 to 7 years and you shop it around to get the best rate the lowest expenses. If you check all those boxes then go for it and what I don't like about what I'm hearing you say Joe is my home is equity. Should I cash out know we want to get as much equity as we can. At some point we want to pay it off in full. Don't look at your home is a source of cash out.
Let's try to keep the money going in and get it paid off in full.
And if you'd like to send a brief email to Rob last the address is firstname.lastname@example.org and will be back with phone calls live with less times more were taking your financial phone calls today and questions on anything. Do you remember if it's important to you.
It's important to God's. Whether it's mortgages are going to school or saving for college buying a car, investing, saving, giving, or maybe it's a night out on the town to celebrate your wedding anniversary.
We can help you with that. Give us a call.
Guys spend a little bit more than you were planning 800-525-7000 up to Chicago hey Ted, we know you been holding a while. We thank you for that and what's on your mind.
I was just telling it come from a very very orthodox Muslim family but now I'm the following of Jesus presenting the Savior and and and I know I all right not that I try to pull legs up mom with your friends.
I think students don't need LF enough money because that is no money lessons to put on that. I try to pull the legs.
What I hope I hope that should be a program like this for Muslims.
Unfortunately that is not my cost-sharing is I bought a house last year by paying hundred thousand dollars down. I am a international travel agent and I sold on solar business and 5+ airline tickets coming March.
My goats pretty much got logged out. Yes, completely shut down and I have an FHA loan – particularly you don't know the pay was for one year in meanwhile the final game at $10,000, which we called BPP right and I prayed. I made a part of the mortgage, then the federal grant government give me another PPP another hindrance I break another mortgage. I on the mortgage. I played my complete should I stop paying our select repeat well to first of all thank you for your call and thank you for sharing part of your story with us and obviously what were overjoyed to hear is that you have given your life surrendered your life to Jesus Christ as your Lord and Savior.
That was the best decision you and all of us who profess Jesus is our Savior's have ever made, and I would encourage if you haven't already, to get plugged into a Bible believing church so you can grow in your understanding and knowledge of the Savior in your personal relationship with him and in the fellowship with the other believers in your right Bible does have a lot to say about money and I would tell you that the very best that Wall Street has to offer, has its roots in biblical truth and if you share these principles with your Muslim friends so you will know, regardless of whether you acknowledge the source you're giving them wise counsel. That's timeless always right. It's always relevant. It's never going to change with your mortgage situation here.
You know, the key is that you understand what in fact was done with this postponement are what's otherwise known as a forbearance. You said it was a one year or postponement by FHA you can want to ask a few questions you want to know, and you may know the answers to these do you have to pay any interest or escrow advances during the forbearance or is it a complete deferral secondly is the loan maturity date being extended by any way and then thirdly will the lender try to recapture the deferred amount through a balloon payment at loan maturity or through an extended maturity or other or some other ketchup method.
If the answer to all of those is no then you can take every opportunity given to you given your situation because you're in one of those sectors of the economy. That was the hardest hit by the coven 19 pandemic. Not only are you in the hospitality and the travel area, but international travel, which is even more difficult. And so the PPP loan was just for the purpose in which you took it to keep you employed to keep your bills paid while we wait for the economy to recover and this is gonna be one of the areas that comes back the slowest. So the first thing is understand what was done and what the implications are waiting and then the key to that is if in fact there's not any extra penalties or anything like that and take every opportunity to delay paying it and hold onto your cash until you know you weathered the storm because we want to keep your financial foundation as strong as possible, because we still don't know what the back end of this pandemic looks like.
Even though we see positive things developing this that make sense to you.
So I think you're on the right track here and I appreciate that you wanted to keep paying it and that's a good thing because if you have the ability to do so than you want, you know you want to get that paid off just as quickly as you can.
But during this season. Once you know the answers to those questions.
I mentioned you need to focus on keeping liquidity raising cash and keeping that money that was given to you through the PPP programs and other resources that you have available so you can sustain in weather the storm.
Just as long as it takes, and by God's grace so you'll be able to do just that and then your business will bounce back Ted. Great to hear from you and great to hear about the wonderful change in your life. We pray that you and your family will find Christ in every aspect of your life, and that your business would continue to prosper as we get through this whole coven thing. Thanks much for calling today. Steve, if I just pray for Ted bro quick like thunder. Father, we just come before you.
Now we just rejoice with Ted that he surrendered his life to you. We pray for him where his family that they would just grow in their knowledge and understanding of who you are their creator and their provider and sustainer that you sent your son or just as you did for all of us to pay the penalty for our sins, or we pray that you would provide uniquely in the situation where he's been really affected by this pandemic and yet nothing is out of your control and so we pray for your provision in his life and pray that this would be a time where his trust dependence on you is strengthened in Lord, that you would show up in only ways that you can miraculously and bring provision into his life, even in unexpected ways and will be sure to give you the glory for that in Jesus name, amen. Thank you Rob okay up up north a little bit, Buffalo, New York Alex, what's up yes cigarette ahead. You know my calling.
I am a fan of your radio show, so I thought them.
Thank you, thank Tomko yes I have a question. My questions around the you looking to purchase out dirt home office to homes are duplex and we obviously are staying. The second one right now and give my question is the first one with you all. $60,000 in the second you all like to 240 so question is you know we saving for the third home obviously looking to have 20% or more down so question is do we you know should you know you not thinking to purchase the third home anytime soon but we planning for saving. We have about like $45,000 saved up right now the question is should we put in my school go ahead and and and wipe out the remaining from the first mortgage and then continue to stay or are we going to get somehow get a loan you know so we can kind consolidate the first one in the third loan to at least have you know a plan for the not too far out in the future or the third home. Yeah. Very good was a lot of moving parts here, but I think I have the situation down so we got him a break you what I'm going to ask Alex is that you stand the line and as soon as we come back from this break I give you my thoughts of your situation. Alex would appreciate it. Don't go anywhere.
Sandra Lloyd were coming in your direction and we have some of the lines right now for any financial questions or concerns you might have let God bless. Take a stack of the staff at those 805 five 7800 525-7000 over speaking with Alex. He's up in Buffalo, New York Alex, I appreciate your situation you described it well. So you're living in one half of the duplex you're renting out the other side you've got quite a bit of equity in your place, so your side with only 60,000 that you owe the first mortgage then you got a second mortgage on the rental side were you owe about 240 and you're looking to move out of your side of the duplex and by the third property.
If I understood correctly, you would then turn that other half of the duplex you're currently occupying into a rental as well as that right now so duplex we all six teams to all 60 grand okay and the second one is the one that we staying in which you know you all 240 and will all be moving out from that. So we have three patents right now and we will have, or once we moved out and then we looking to purchase some of them got got it okay and your cash flowing. Obviously the one that only owes 60 you're canceling them but you're also canceling the one where you 02 40 with your current tenants and do you have enough coming and that you're able to pay the taxes and the maintenance put something aside for maintenance guilt as well as the insurance and so forth. Okay great in your comfortable. Obviously you don't you've Artie got three tenants so you'd be adding one more and then you'd move to single-family so I think the opportunity for you is certainly I want you to keep your primary residence separate and it's it's even more simple now that you're moving to a single-family home. I think the question would be is there an opportunity to refinance the either of these two properties just to improve your situation. Get a little better rate potentially you can, you know, investment property rates seen are typically three quarters of a point higher than standard rates and so you may just want with the rates having move down to see if you could refinance these would rather you not increase the term, but that may put you in a little better position then I think you look at that separately as a business, obviously.
And if you can pull profits out great.
Over time, but the key would just be if you can use that rental income to just keep everything paid your overtime going to build equity in those properties as it appreciates is that mortgage gets paid off by your tenants eventually you're either going to have something that will throw off a nice cash flow that you could live off of.
Or you could sell them obviously for no quite a bit of profit and then I think that 45,000. Assuming that's beyond any emergency fund you have becomes the savings account for the down payment on this new property, and I think to your point, you'd want to have at least 20% going into it so I'm comfortable with you all. Just keep in what you've got. You've demonstrated that you can manage that. Well it's working for you your cash flowing it. You may be able to improve your situation with the refi, but then as we move off into this other property, assuming you all don't have some concerns. Just about the overall amount of debt that you have, you know, then I would just proceed with the new first mortgage and keep saving and delay this as long as you need to into you get that full 20% for a down payment present make sense yeah so I guess my question is my last question would be what you will just think, let's say you know right now we have 45 and we need to lie close to 92 to be able to afford you know the third house McCormick the sundial don't you. At that point, take the money and wipe off the first mortgage that, not necessarily because you obviously think you quite a while to get to 90 and you've already you know we are already on your way to 45 so I would look at that separately as a business and the business is working your servicing the debt with the rental income you're about to add more rental income which is going to help that even more and then you know you're you're covering the taxes the insurance you put in a way for maintenance, so I'm comfortable just letting that ride and then just look at the 45,000 as you're halfway there to your down payment on the next property and it was always everything else is there in terms of the pieces of the pie for your financial foundation if you will that I think you're on a good track now. The only caveat to that would just be if you will have a conviction that no before we take on this other property. We want to reduce the overall amount of debt were just uncomfortable carrying this amount of debt and if so, then you don't hesitate to pay down and ultimately off that other property just recognizes going to mean that you have to save quite a bit longer, you know to get to the 90,000 but if you're comfortable with it. Then I'd be fine with you. All you know using that 45 and another 45 you'd save on top of it as the down payment for your new single-family home purchase. Alex, thank you for calling today sounds and you guys are doing well and thinking biblically, practically and then smartly and we wish you the best in that regard up to Michigan Sandra you're on with Rob West okay to annuity why can for four years. The other line. I can draw out every time I want you know that I had to pay tax sure if I drive out on the one hand by stating that my question is that the bank. Me personal loan against my house.
It's one of these that they just drive by give you might 50,000 and they can do a debit card or they can write me a check. I can get it at any given time. Okay, the interest rate on that is like 523 for I would only pay interest on when I borrowed and I would have 10 years to pay, but in no I would probably pay 300 a month get it, but I don't know if it's better to take my money out pay the taxes and go this other route answer a question.
I appreciate that Sandra so let me just speculate here you want to do to do some home improvements or what you can use the money for yes ma'am can hear me. I can hear you now.
Are you using the money for home improvements I can to be honest with you I'm thinking maybe in the summer I might get a sliding glass door okay okay or maybe I line I take a fancy vacation.
Okay, my basic question is which way better for me to lie taxes as it is sure yeah I guess the question though I have is depending upon how you are using the money I'd prefer not to find lifestyle with debt, especially with a home equity loan because it's just too easy. You know when you get that debit card and I'm not saying you don't manage your money wisely. You probably have managed to quite well and would continue to do so. But you know being able to swipe the card I member years ago I saw billboards that had the put it on the house card and that you scared me to death thinking I can walk around the plastic in my wallet that anytime I wanted to I could go out to dinner and swipe it and put the dinner on the house and just think and get the good graces. I don't think I want to do that in all and so I think you know living on a budget within your means with the income sources you have is really the key. Now, if there's a special project and you wanted to take a loan out against the house to do it and you want to pay it back quickly. Then I get a home equity loan, not a line of credit for a very specific amount for a specific project or projects that has a fixed interest rate. The problem with the home equity line of credit as can be variable, which means over time as interest rates move up and they will. It's going to continue to client as to the annuity yeah and you are to pay taxes on it. Eventually I would just rather you leave it there if you can, because that 4000 is going to be in let's say 3200 because you're gonna pay your 20% in taxes. Or maybe it's 15%. But there will be some amount that you have to pay and there is the opportunity cost of that money not continuing to grow for you down the road for your future. So I think the key is getting very specific about what you need the money for. If it's for a home equity and excuse me for home improvement.
I'd take the home equity loan if it's for the vacation I would look at what income sources you have and perhaps the annuity is the way to go for that. I would just look at it in light of the overall financial picture which I don't have the benefit of knowing that our our money was coaches would love to walk with you and this is Sandra perhaps get a little bit more detail on your budget help you work through spending plan and make these decisions, but once you've clarified the alternatives. You can connect with those coaches at no cost on our website moneywise live.org Sandra, thank you very much.
We wish you the best as you make these choices and decisions and rob just about out of time, but speaking of making choices and decisions and needing a little help from time to time. Not only do our budget. Coaches help with that, but we've got a brand-new tool that were awfully excited about that will help lots of people and I'm referring to. Of course the new moneywise that well. We sure do. Steve would love for you to check it out.
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You have the all the information in your hand to make the right decisions to align your spending with your values and you can even share it with your spouse or your both on the same page. The second is our community where I weigh in from time to time. You can ask questions and get great ideas from others in the moneywise community. And third is our Discover tab which today has all the episodes from the broadcast. But in the coming weeks is going to be populated with content from the best providers all across biblical finance am so excited about what were building and it'll be out very very soon so downloaded today in your app store search for moneywise biblical finance and this program moneywise live is a partnership between Moody radio and moneywise media. Thanks for listening. Join us again tomorrow