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Growing Leaders in Generation Z

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
February 10, 2021 7:03 am

Growing Leaders in Generation Z

MoneyWise / Rob West and Steve Moore

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February 10, 2021 7:03 am

We’ve had Gen X and Gen Y, so it no surprise that the current group of young people is called Generation Z.  But what makes this youngest group tick, and how can they be molded into tomorrow’s leaders? On the next MoneyWise Live, hosts Rob West and Steve Moore talk with Dr. Tim Elmore and some real live Gen Z-ers to find out. Then they’ll take your calls from across the country and answer your financial questions. Growing leaders in Generation Z 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 States 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 a 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 and that if he is a DBA of United mortgage Corp. 25 Millville Park Rd., Millville, NY. Licensed 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 we've had millennial's Generation X and then generation Y so you had to know they were coming. Now we have generations see what makes this youngish chick and how can we help them become tomorrow's leaders today host Rob West talks with Dr. Tim Elmore to find out, and later were joined by some real live gins years Steve Moore growing generation.

See that's that's right here moneywise live well I guess Tim Elmore is founder and CEO of growing leaders, a group dedicated to raising up new generations to be tomorrow's spiritual and entrepreneurial leaders is also a best-selling author of more than 30 books. His latest being the pandemic population eight strategies to help generation Z rediscover hope after coronavirus.

Well, that's right, Stephen. Tim is a great friend Tim were delighted you stop by today and for the title of your new book really sets the stage for what were talking about today.

Welcome to the program can crop great to be with you. Let's start by identifying just who were talking about what's the latest definition of generation Z. Who are they will bear sensually the young people only remember the 21st century. There the kids that were raising through K-12 education and early college but funny Rob.

Yes we all got used to the mindset of the millennial generation coaches, employers, parents send the group that is really different, really different actually, let's talk about those differences because when you get to a certain age in life.

It's natural to see everyone younger than you, as the same. But that's not the case right to world events, the developments in technology. All of these factors really shape who they are and how they see the world so how is this youngest group now reaching adulthood different from the others. Yeah it it will just mention it is different and that I think the thing that the students in college and hate the most is being lumped in with the millennial millennial grid with cell phones gently grip with smartphones and that was a game changer. Social media mental health issues just being overwhelmed. But what I love about Jen Thiers is they feel much more empowered with smartphone in their hand.

Think about Drafting theory and Alexa questions that you step mom and dad.

What do I need you guys in my life so I love the empowerment would have to guide them into making great choices with what they have to give that so good and I love that you said they no longer need knowledge from their parents. They need wisdom they need somebody to really guide them along the way. Now that they've had quite a different experience with the pandemic specifically compared to what millennial's faced with.

Well, it's a 911. So how might that affect them.

Yeah, we all remember September 11, 2001. What we know about that was it was a specific day and it was a specific place or places New York City, Washington DC. This pandemic is this elongated minister killer you know and and many from gently maybe all of them feel like be over and will I ever have that college education. I thought I would have or that marriage or that job and career.

So what I'm noticing is Jen Thiers do one of two things. They either drift toward just feeling overwhelmed by all of this and you can understand that, or they dig their heels in and say I'm to do something about this with that with that empowerment.

They feel and the good news is Rob millions of these Genji kids are going. I would've figured this out, I would adapt and and figure this out and I love it. I got just about a minute before break, you talk about something you call posttraumatic growth and that's really what you're hopeful about is these gins ears emerge from the pandemic. One is that Will it actually turned most people have not heard of even do it say a genuine psychological term.

When we go to trauma.

Most people expect the person to come out on the other side with PTSD or something like that of traumatic stress disorder but actually the numbers show that only 1/5 people that might you either come back from a war or or go to a car accident and have PTSD five actually what psychologists call posttraumatic growth and how this happens.

Rob is they go to the medic experience, but they get far enough away, and perhaps with a caring adult processing it with them.

They can see the silver lining to the dark cloud in the emerge stronger, better perspective, more grateful." Isn't that what we want with his next generation. So my goal is to help gently come out of the cold. 19 thanks stronger than talk to some gins ears right around the corner and continue to unpack this.

That's right, a couple of gins is right around the corner with microphone to chat with them just one moment. Our guest is to know more. I'm more more moneywise live after this great to have you with us today moneywise live and what better way to find out just what's going on with the generation Z folks then to talk to a couple of them. Rob West were joined today by some people you know I think 16-year-olds Colby West to may look familiar to you and to his classmate Kate Newman that's exactly right in these gins ears Steve are very special to me. Start with Kate, as you said, she's 16 she's a junior at Johnson ferry Christian Academy.

Kate and her family or close family friends of ours and Kate delighted to have you here today for having me absolutely, and Colby West.

As you said, we share a last name because he's my oldest of four. It's actually Steve. The first time I've had one of my kids father broadcast so this is fun. Codes great to have you high for her to be here for Colby 16 as well, but not just any 16-year-old and he might be happy that I'm about to say this, he's 16 today, which means birthday and you know we didn't plan that originally but Bud happy birthday, so thankful for you and really proud of you.

Thank you. All right, let's dive advice anymore. I'm going to get in trouble.

Tim you love a good focus group and we've actually got one right here in the studio, so I'd love for you to follow up on what you were just hearing before the break about the pandemic population and perhaps unpack that a bit with Kate and Colby yeah think Rob will be Kate welcome that conversation glad to have you with. I would be interested in hearing from the two of you about how things been going for you as you did with the pandemic. And even if you look at your peers. I know you must see mental health issues at the CDC reported last fall that one in four young adults have contemplated suicide, and yet you guys are finding a way to make it through this talk about what's going on as you see it from Genji point of view. Yeah so like you said we missed out on a lot this year with split seasons canceled prom canceled mission chance that we can't get back been really isolated for my friends list change events in school then canceled.

And honestly, we've, and that relationships are a lot harder now. You make efforts to see people and it's been really good exposure for your true friends are. But through all the best I've seen a sense of optimism for life after the pandemic. I feel like we can come out with a greater appreciation of life strong desire for community and deeper relationships and even new priorities I think will be a lot more flexible because so much that's been canceled or changed and expected and willing to adapt to that change more easily in the future. Yeah, one thing that always true about the emerging generation is much better than adults in adapting and I'm glad you're converting that. Thanks. Let's go a step further. I would love to hear from Colby. One thing I've seen in your generation is that you want to be your very much authentic people you want to be authentic about serving others, giving saving options. See, I don't know if you noticed Colby, but is much better at saving money and giving that millennial's were at their age. Can't talk about that from this and see this a lot with my peers authenticity something that's really important for them. I think with a lot of social media stuff circulating around this letter say things and things that are stage that kind of stand out to us, but I think that also makes a strong things that are real and have a lasting impression on people we want to make a difference in people's lives in a way that is tangible when it comes are serving and giving and I think the only way to do this is to work together. I think that even though her young students if they were together we can accomplish these things. An example of this would be mission trips we take every year. Each summer they become the highlight of what we do and it's a lot of fun and giving and serving with our time is something that brings a lot of joy in our lives. It's exactly right until I think really underscores exactly what you're talking about us related to the desires on the part of this generation to make a difference and be a part of something that has meaning and that's a perfect segue into the project that Colby and Kate are working on now trying to raise money to fight a life-threatening disease and get them to start with you. Tell us about this exciting project. Specially, nowadays everyone I feel like have a cancer connection and likely witness just the awful toll that it takes on them and their loved ones. Whether it's physically, emotionally and financially slightly alternate but Colby and I have been given this super special opportunity to help over 1.3 million Americans that are living with black and in the opportunity the kids talking about is the leukemia and lymphoma Society students of the year program as team members for team scenes, future students of the year is a seven-week competition for high school leaders are looking to make an impact in the fight against cancer. One of things that make students the unique as we get the opportunity to serve others, while also learning skills like leadership, business development, as well as project management. Our team's goal is to raise $100,000 by February 20. That's awesome.

And Kate, I know the funds that are raised are going towards a number of things related to this fight against blood cancer. Yeah, all the funds raised will help L@cancer research, patient services and efforts to make cancer treatments more accessible and affordable. This cause is really important to Colby and me, because leukemia is the most commonly diagnosed form of cancer in children and young adults. Well, I can imagine that it would be what I want to do is tell our moneywise live listeners how they can participate in helping team sites for the cure fight this deadly disease. So we want to start out and tell us how they can get involved.

Yeah, just go to moneywise there's a link at the top to donate to our team say suture right there, or you can just text team Saints 279-7979.

Every cancel make a difference. No matter how big or small and we want you to know that we are truly grateful for this opportunity to share better campaign, and we appreciate any and all support the nicest that's incredible well again Jen Sears are passionate about their causes, and these two Jen's ears. In particular, want you to get involved in helping them in their classmates do something really meaningful so we can have more research and really make a difference in this deadly cancer.

This is an opportunity to encourage some students to be involved in a great cause and by the way that I mention it's Colby's birthday.

No pressure.

Here's what you do work taking over the moneywise website today, right there at the top so you can get involved in LL as students of the year campaign, just click the link you can give any amount safely and securely. Or better yet text team Saints 279-7979. You get a link back that you can follow and you can give quickly and easily.

Colby and Kate really excited that you stop by today and Tim, this is just what you were talking about in terms of this generation really being passionate about the causes about it. In fact, I don't want to embarrass them that Colby, Kate, you guys are stellar example of what were going to need in the future.

So many of your peers are scared right now and overwhelmed to just hunker down. Try to keep her academic scores up in this strange kind I love the fact that you've reached outside of just getting a on your report card and said I would do something that actually matters in life, so may your tribe increase so much until being allowed to have a chance.

Just after the break to continue to unpack this pandemic generation and really help our listeners today change the narrative.

That's a really big idea in our few seconds left before the break, your set that up. Why is it so important will when you go through very difficult times whether it was World War II or the Great Depression or today with pandemic. It's very easy to get emotionally paralyzed and so what I'm after is parents, teachers, coaches who work with the emerging generation help our kids come out of this strange time with an accurate memory but a positive narrative memory meeting.

I remember it was hard for sure, but positive narrative, but we overcame that we came out stronger than when we went back to speak more with Dr. Tim Elmore, author of the pandemic population right after this back and take some calls later in the program on any financial topic that's of interest to you. 800-525-7000 and will be right back with us today. It's moneywise live your hostess from West times more table talking about. Just when you thought you understood the millennial generation. Along comes generation Z and yesterday has written a book called the pandemic population eight strategies to help generation Z rediscover hope after coronavirus and Tim Elmore is the author of that book. Also, the CEO and founder of growing leaders, a group dedicated to raising up new generations to be tomorrow's leaders, whether we like it or not, and we do like it. Based on the folks we've already heard from in today's program.

Now that's exactly right. And as our listeners know this program is focused on how we can take God's word and lay it on top of the financial decisions we make and really experience God's best in that as we talk about this next generation.

One of the things I'm most excited about is that they are passionate about their causes. They are generous. As Tim said, their sabers and Tim in your book you talked about some of the positives and negatives that can come out of this pandemic and many of them relate to this next generation being forward-looking a talk to us about those yeah generation because what happened with millennial their older counterparts are much more forward-looking. In fact, if you think about it since the turn-of-the-century. There's been three economic downturn eight born in 2000, even though they were infants. They saw adults that were little bit scared bended 2008 and in the 2020. So I ended up pandemic population book. You do a chapter where I talk about the potential negative outcomes from this season branch and the potential positive. I believe the difference between whether they receive a positive or negative paradigm or narrative will be how we lead them through this time to come out feeling like is scarce. I better save up and hold onto everything I got, you know, grab the toilet paper quickly or they're going to say this is our chance to give and to be generous and to meet me around and I think Colby and Kate were good examples of that.

Well, it's exactly right. But that takes intentionality takes shepherding of the Jen Sears in our lives to see the world that way and perhaps adopt that positive narrative you're talking about my love for you to take a moment and just walk us through the steps that you offer so eloquently in the book yeah well it was based on interviews I did with Great Depression kids wanted a chapter leader not I interviewed people that were between 85 and 95 years old, but they remembered the Great Depression and I said enables you to come through that with such grid and resilience. Everyone talked about parents and teachers and coaches really help build a gritty positive narrative and everyone in my talk to. Oh, we yeah we we work picked up suite we do that sort of thing. So here were some steps that might be helpful for your listeners. Number one.

I think it would be wise to get a whiteboard or a pad of paper and list the pros and cons of this pandemic you want to do concert because you want to show your student. I'm in touch with the fact that there are pros the pros Rob remind them. Something contradicts there is a silver lining to that dark clutch my mom did this so well with me and she growing up in the Great Depression. Number two.

We need to tell stories of past generations that made it through a tough time and here's what they did. We think in pictures. We think in stories. We've got to tell stories so that's got to be key and then finally, I recommend that caring adults who have kids around find a metaphor in a story that will begin to frame the narrative. Let me give you one quick example I weakly sat there with a high school senior who was really going into his senior year. This year he was really struggling. He was a bit depressed, a little anxious.

He knew that last year senior year was robbed from the fingers so we came up with a metaphor and we called it candles and brushfires real quick.

Here's the deal, candles, and brushfires are both flames right there. Both files I candle can be blown out with a small breath. You know on on Colby's birthday cake brushfire.

Not only can be withstand strong winds, they get bigger and I'm saying we are to be sent to each other. This high school senior and myself. Let's be brushfires coming out of breath I could get strong and not just survive but thrive. He recently texted me Rob with a check just that Dr. Tim, brushfire that you're not I got. I thought the metaphor that's going to frame his story coming out of 2020 2021 so powerful. Dr. Elmore well imagine folks if we could come out of this pandemic ready to send our Jen Sears into the world with the story and more forward-looking, more positive, more generous, holding what they have loosely and wanting to make a difference in the world and Tim that would be powerful.

Now I know a growing leaders you all are very practical in terms of the tools you're creating for families and churches and other organizations to really facilitate a conversation and provide some practical help. You have a free resource that you like to tell us about today we do now when the pandemic started almost a year ago we created something called home chat home chat star on our website growing and it six conversations that start with the picture because pictures worth a thousand words, each with an image, but we start a conversation on managing their time managing their resources, but it rather than just watching time flyby. We really think meaningful conversations are what we need with our kids home Would be one of the other. Rob would be the pandemic population book.

It's a short read, but we chance.

I just decided to dig ends and look back at what did people do during the Hong Kong flu. What did people do during the Spanish but what did people do during that Great Depression. What did the adults do to help emerging generation come through it well. And so in this book is for. I really put what I found it. I actually believe we have a greater chance than ever to really help the kids come out and love and thanks. By today, my friend were so thankful for you to be with you Rob. Things are happening and again you'll find Dr. Elmore's resources and growing will also post all these links in today's show notes.

This is money was not taking a call back at 800-525-7000 today was more than to have you with us today thoroughly enjoyed that interview about the Jen folks thoroughly also enjoyed getting to meet Colby and Kate Rob and the Colby's 16th birthday today really tell you what I now have a 16-year-old in the house to what to do, but that is a blessing and he gets added to the carpool rotation as of Friday so actually I'm in good shape.

That's good to know how much money were they trying to raise so there is so trying to their group it so school is trying to raise $100,000 for the leukemia and lymphoma Society to really try to do more research and provide patient services all around various types of blood cancer and it's an incredible initiative that's going on across the country and they're making great progress. In fact, you're helping, so we said right there at the top of the page today only work on taking over the header of the moneywise website for you to encourage the students and give to a great cause the leukemia from a society and already $1100 has been given some money wasn't there, so that's great, but we'd love to get to 5000. During this remainder of the program.

So if you'd like to give to a great cause and be a part of helping the Colby and Kate reach their goal.

We'd love to have you partner with them again moneywise just click the donate button any amount would be great, and a let's see what we can do between now and the end of the program and again our phone number for your calls and questions today on anything financial is 800-525-7000. We have multiple open lines right now 800-525-7000 give us a call. We love to chat around will get off this year in just a second of four children.

So Colby is 16 is your oldest is that correct. Yes that's right it is and then Mason is 14 and the no good twin girls, Abby and Emma that are 12 so we have a house full, but it's always a lot of fun around our house and I guess so. Okay then quickly because someone asked me about this earlier. What about the moneywise app.

How was that doing and I understand that something new is been added just in the last week right, well actually the new components coming out next week Steve but we are super excited about the new moneywise. In fact, thousands of you have already downloaded it and are using it were hearing from you. In fact we do little mini workshops every week for folks that want to know how to use it better and how to develop a spending plan.

Therefore, in their dental resume but it's been a lot of fun to talk to so many of you listen to this program regularly and are now a part of the moneywise app community.

It's a digital envelope system. The best I've ever used its community where you can share ideas and ask questions, and I pop in there from time to time and answer a good many of them, and then the third component you're talking about.

Steve is in fact our new discovered cabinets where you can discover all of the best content related to biblical finance so if you download the app today in your app store to search for moneywise biblical finance and what you'll find is all of the best content providers moneywise and generous giving and gospel patrons National Christian foundation encompassing a dozen others. All are feeding their content into our new moneywise app and that launches next week, so get the app now and you're a ready again. Just go to your app store and search for moneywise biblical finance. Now you implied that you sort of float in and out. You might be there on the sidelines watching lurking you I'm hearing that that that music from jobs that help people show no answering questions, encouraging helping anything other than jaws. Okay 802 five 7000. Let's go to some calls before I get fired.

Chicago hello Pam, how can we help and I was wondering if it would be wise, while their high get trendy and but my question is the tax penalty should I Salam that penalty are let them drop in what is that that course of action and also my second question is, could I will limit you and I were set something and invest firm would have to do. Yeah, great questions. Okay, so the current account that you have that holds these stocks you're referencing them is a taxable account, meaning it's not in a retirement account. Currently, like an IRA or 401(k). Is that right okay I see you this. So here's the thing that style of investing what you're describing where you're kinda getting in. Sounds like on a short-term basis to try to capture some stocks that have some momentum. Perhaps you read about them and see them on the news or whatever it might be in your trying to make a quick return is not really a style of investing that I advocate. In fact, it can be really dangerous because we get caught up in some of these types of investments you don't really prudent investing is only for the long haul.

Where were putting it in solid companies were properly diversified were taken the long view.

Were not trying to write a stock up and jump out because frankly, although you may have a few winners along the way doing that. It's just a losing proposition. All the data says that if that's your strategy. Unless you're a professional trader. You don't trained and working at this day after day.

That's not the approach that you need to take so I would in fact encourage you, given you with the proper tax considerations and everything else which I don't know the details. I would encourage you to move away from that strategy as quickly as you can up there are going to be tax implications, though, Pam, and obviously if this is a short-term capital gain in your you know you have income between 40 and 80,000 a year you going to pay 22% on it. Between 80 and hundred 64,000 you'll pay 24%.

So the tax bill is could be quite steep, but obviously it sounds like you got some profits and so you're to keep the lion share that but I would take the opportunity.

When you move out of these stocks and hopefully have more winners and losers do not try to repeat this approach and really get into a longer term properly diversified strategy that is consistent with your goals and objectives now once you liquidate and pay the tax. You could absolutely take that money and use it as a contribution for 2021 into an IRA.

In fact, you can still contribute for 2020 until you file your 2020 tax return, she could put in $6000 for last year, 6000 for this year and then you could redeploy those assets. I would say and probably not highly concentrated stock positions, but a properly diversified stock or excuse me, mutual funds or exchange traded funds and if you need some help with that. Our could help.

So that's can be the direction that I would head and be really careful about doing this again in the future.

Pam, thank you very much we appreciate that call today. You know, there's nothing wrong Rob with trendy stocks. In fact that's what people hear about when they flip on the news networks on TV but what were saying is that you need to do your homework first. Just don't jump in because everyone else is. And don't try to hit these highs don't jump in and jump out were kind of long term steady plodding folks around here well and I think that's really the biblical approach steep. When we look at the opportunity to invest take God's money, which is what we have where managers of God's resources we want to look to God's wisdom on how we handle it and clearly in the word, we should be seeking the return parable of the talents affirms that, but done in a way that's diversified with a long-term perspective without taking an emotional toil and where were on the same page as more moneywise live listening to moneywise live hostess from last time Steve Moore taking calls and questions today about wondering about when it comes to your personal money management going with trying to raise some money along with your son Colby and his friend Kate for the blood disorder and leukemia organization which is not the actual name help leukemia and lymphoma Society students of the year campaign. We said yeah will give one episode, the trying to help this group of students raise some money for really important because it help them be the generation that beats cancer so they're trying to raise $100,000.

We said maybe the moneywise live community can take 5000 of that today.

Guess what, you're already in for a $1200 where you said yeah we want to step up to 25 and $50 $100 in it. Somebody give a couple hundred dollars. That's great if you want to encourage the students give to a great cause. You can do that today.

Just today only work taking over the moneywise webpage. It's at moneywise right at the top of the page click donated every 10, 20, $5000 counts.

Let's see we can do between now the program and maybe you know someone who has struggled with leukemia or one of the other blood cancers. They tend to be something that just sort of pop up and you wonder what hit me what's going on. Some of them are able to be addressed in some of them still are a real mystery to medical science. If you'd like to help with that check us out today.

That's easy to find this particular thing on their website moneywise and you'll find all the information there right on the front right on the homepage let's continue on Idaho Jennifer and how can we help you fear where you think you your sweet I will pass that on. They've already left the studio, but they are a blessing to me and I will certainly share your sentiments. That was very sweet of I really appreciate when they are okay right well thank you it's now it's encouraging to meet so many of them, but to say how can we help you with your financial question today. I have a condo I hear 151, valued at about 240 and have an inherent and that I would really like to start paying down significantly on I'm wondering if it's why take out to do a refinance 3.75 right now I've been shopping around.

Someone did offer me something about 2.5 I'm in an FHA loan. I was hoping it transition to a conventional but that that I can't get it quite good of a rate that way but I'm wondering how my refinance with the ability to take a significant chunk out maybe $20,000 to pay down some of my debt. Tell me again what you think. The home is worth and what is the mortgage balance. So the mortgage balance is just over 151 and anywhere that you 40 not based on a formal assessment not based on what the houses around me than selling at very good and what years do you have remaining on the current mortgage.

Jennifer 26 1/2 okay you know I'm not a big fan of the strategy is much as it might make some sense to you the challenges you know let's say you were to do. I'm sure you're looking at a new 30 year mortgage.

I'd rather you do a new 25 or even 20, although that to 20 year mortgage may create some challenges just in terms of the monthly payment being more than would fit into your budget and my rule of thumb, there is I'd like it to be less than 25% your take-home pay for principal, interest, taxes and insurance. He got enough left for your other fixed and discretionary expenses. Not to mention savings toward the goals that you have but let's say you go with a 25 year mortgage and you can in fact save at least a point which you should be able to edit the 375 as long as you have the right, documented income and you got a good credit score then that that's can make some sense if you plan to stay in this home for at least 5 to 7 years because you're gonna save a bundle in interest over the life of the loan.

The challenges even though the rates attractive when we take that that student loan debt, which by the way, has your flexible payment options. Assuming it's a federal these are federal loans where if you got into a real hardship situation. You could use the income-based repayment to worsen some of the deferments options. If you got into a real financial bind. Not to mention the fact that it's it's not secured to your home which it would become. As soon as you put it on the house but in addition to that, by stringing this out over the next 25 years. You even though the rate is better, you can end up paying more in interest over the long haul.

So here's what I would do.

I would really focus back on that budget to say what can I do to dial back spending where can I trim what can I cut or cancel. How do I live well within my means and free up as much margin as possible so that after I paid off any credit card that you haven't mentioned any. Some of you don't have any. And after you've funded an emergency fund of at least let's say three months expenses you take every available dollar and probably just because of the relational dynamic you prioritize paying back your parents and then go to the student loans and just pay obviously the basic minimum monthly payment on the mortgage or the new mortgage if you refinance. I like that approach a lot better as opposed to taking all this debt and attaching it to the home for the reasons that I mention so hopefully that's that's helpful to you. Perhaps not exactly what you were looking for but I think it'll really pay off in the long run. Jennifer, thank you very much we appreciate your kind remarks at the top of your call today as well.

A Jill in Illinois what your question for Rob Wessler how are you doing right. Thanks Mike call the usual one.

I get a pension and I'm just trying to do some planning. I feel like I can live within the 4% rule and all my bill. My question is when do I start caught into the principle of my 401(k) like you know I like to live on the 4%.

But when do I just started takeout more and more like trying to get a good calculation of how how much I should live on make sense. Let's talk about what you have, Joe, and I was there time is getting short here but what you have in that 401(k) currently 50 okay and how much are you pulling out right now I'm not even retired yet but I'm planning alright so how much do you expect you would need to pull out on a monthly basis to make up whatever gap you have in other income sources 4%.

I plan 4%.

I think that's up to 26,000 year.

If you have the right investment strategy.

You know the guy who came up with the 4% rule actually recently revised that up. Which is kind of interesting.

And so he said 5% is probably justified. So if you stay at 4% and you've got an investment professional who's managing that with a portion in a growth component and then a really solid fixed income strategy behind it with the majority of the funds you should be able to pull out that 4% a year pay any taxes you know that you have to pay and never touch the principal and that would be the goal unless you wanted to eat into it because you had a major expense you want to take a big trip one year you want to do some giving. That was outside of what you're already doing systematically, but the idea is that the principal never gets touched because you should be able to generate a 4% return with the right income portfolio that has a growth component to it.

Does that make sense. Don't touch the long exactly yeah because then it'll last the rest of your life and again you know, you may want to go ahead and start spending some of that down, you may define what your finish line is and say I'm comfortable giving a good portion of this away or you know I want to use some of it and that's fine but the idea behind the 4% rule is you never touch the principal and if you can do that than you know it'll last. You know, as long as you live in a factoring in inflation and those kinds of things.

Joe, like you very much appreciate the question today sir. One more Kenosha, Wisconsin, Michelle, we have like a minute and 1/2 left here we help you well.

I program and I want for it with no and very limited income or any help.

Not real happy and I need help getting on and I had very different level site and I just want to go all out and get the line who can I talk to walk through that plate.

Well here's what's good for you Michelle you hold the line, our producer will get your information and will have somebody get in touch with you right away.

By the way, Michelle is talking about the money wise app and we would love for you all to go download it start using it.

You'll find it in your app store it moneywise biblical finance. By the way, Steve, $1435 is what the money was live community has given today toward the students of the year campaign that LLS the leukemia lymphoma Society there still time though any amount were trying to get to $5000 today and encourage some highschooler skews me yeah high school students, but also give to a great cause.

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