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Spotting Fake Websites

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
March 1, 2021 7:03 am

Spotting Fake Websites

MoneyWise / Rob West and Steve Moore

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March 1, 2021 7:03 am

With increasing frequency, scammers are using fake websites to pose as companies you trust. By doing so, they’re trying to lure you into a con and get you to surrender your private information. On the next MoneyWise Live, hosts Rob West and Steve Moore have some pointers to help you be wise on the web. Then it’s your calls and questions on the financial matters you’d like to discuss. Spotting fake websites on the next MoneyWise Live at 4pm Eastern/3pm Central on Moody Radio. 

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This is Doug Hastings, VP of Moody radio and were thankful for support from our listeners, and businesses like United faith mortgage. My grandma loves Ice-T. It's her thing. So I go to hang the grandma for a bit and I see she's holding her big plastic cup with her T the cup is literally sitting inside one of grandpa's sports socks. I'm not making this up. No one can make this up grandma you okay of course dear the socks soaks up the sweat and keeps the tea colder. Hey, it's Ryan from United faith mortgage and as I thought about it later. I thought that's the kind of mortgage team. I want us to be the kind that's willing to take any step needed to get the job done on your new home purchase, refinance, or cash out refinance and can we help everyone know, obviously we can't know were willing to use grandpa sought to keep a drink called you know were willing to do whatever it takes to make sure you're taking care of.

We are United faith mortgage not a faith mortgage is a DBA of United mortgage Corp. 25 Millville Park Rd., Melville, NY license mortgage banker for all licensing information, go to NML as consumer access.org corporate MLS number 1330. Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah, and behold, I am sending you out as sheep in the midst of wolves, so be wise as serpents and innocent as is Matthew 1016. Turns out there were plenty of wolves on the web.

That's right's cameras are using for websites at an increasing trying to work on separation from your money today came from advisors Pres. Rob West tells you how to be wise on the web calls on anything financial at 800-525-7000 800-5257 more spotting websites.

That's not what he was probably down this trend a while back. Typically, how scammers were setting up fake Amazon sites and getting people to buy gift cards as part of the scam but it goes away beyond, Amazon doesn't right. That's one of the biggest examples and it's been in the news a lot but Steve.

This is a global trend involving all kinds of fake websites and different kinds of scams in 2020. Listen to this worldwide cybercrime was estimated that nearly $1 trillion. That's with while while I but we don't have to participate. So how do we spot fake website.

I will several ways, but many of them begin with something called fishing.

We talked about this in the past on the program that's fishing with a pH it's a way to get you to reveal your financial information under false pretenses by creating an air of legitimacy. A scammer might send you an official looking email from an address that closely resembles a real account. It might even have the official logo on the email and that email address might be something like security@amazon.protect.com.

I just made that up now and email it might say a suspicious attempt has been made to log into your account.

Please update your password and then provide a link to a fake webpage. You know the drill. It might even again have the logo on it somewhere to look official. If you click on the link. It'll tell you to first put in your current password before changing it so you do that and then type in a new password but the change never takes place on the real Amazon site and the scammer now has access to your account information there, including any credit card numbers you've entered.

So that's fishing and it usually involves a fake websites never respond to a request to change your password unless you've initiated it yourself from the real website.

If you get a request out of the blue just deleted and seems like these are happening more more often no more more as I've mentioned before in the last few weeks I've received several from my PayPal well allegedly from my LPL account and telling me there are lots of issues and problems. I just don't even respond to those I delete them, but nonetheless they are a little scary. Okay well what are some other ways to maybe spot a fake website what one of the easiest ways is by taking a close look at the URL that's what you see in the address bar of your browser and includes the domain name obviously Amazon.com is the real domain name, but a scammer might use something again like Amazon.security.com which would seem real. But isn't that so you have to be suspicious of subdomains that includes part of the real domain, but never Google, Amazon, because you probably get a bunch of fake URLs. In addition to the real one, so start any action at the real site by typing it indirectly again. In this example, Amazon.com okay watch for suspicious subdomains got it. What about what's next on your list yeah well at the beginning of the URL or web address. Look for the letters HTTP were HTTP STS at the end of that string of letters indicates that you have a secure connection in your did that your data can't be intercepted, but never input any sensitive information where you don't see the S at the end of the HTTP now. It's not 100% guarantee that the site with HTTPS in the your L is legit but not having it means the site for sure isn't secure and you don't want to do business there. Okay, how do we take it a step further to ensure that a site is legal and legit depths what you can look for trust seals on the sites of these are logos with names like Mick McAfee or Norton security. Just seeing that isn't enough though. You want to click on the verification identity formation and typically they're not going to go as far is actually impersonating the guarantee that would typically appear alongside the so if you can't find a trust seal on the website. Don't attempt to buy anything okay anything else. Well, one more thing if you're still not sure site is legit. Google offers a free service called the Google safe browsing transparency report will put a link to that and are shown don't you go to that webpage type in the URL you get a report on whether it contains any unsafe content like malware could compromise your financial thinks that this is minimized great to have you aboard. Today this is but a wise live where we remember that God owns it all and if we can help you with all that you have from a financial perspective using God's word as our starting place.

I would love to help you do that you have to place the call. However, 800-525-7000. That is not a fake website or fake phone number or anything like that but that's what we've been chatting about a little bit today. How to spot fake websites and rub anything else to add to your recommendations. Well, let's go to social media. For a moment because the question we posed today was how do you protect yourself from identity theft and think this to Brenda for weighing and she says that a couple of things. Number one she uses RFID cards in her wallet. You know, a lot of times folks are trying to scam information or retrieve information from the chip in your credit card using the very sophisticated readers and there are wallets that can protect against that.

Brenda also uses a monitoring service and she says not using her phone for payments you, I think, along with those this idea of not using public Wi-Fi for any transactions or business online where somebody could compromise your information and then just a few seconds ago Steve because that's how up-to-date we are here on moneywise life.away then and she said hey I just heard you talking about sites with HTTP as she points out very correctly that now of the modern browsers just have a walk icon next to the address and no longer use the HTTPS now you will still see HTTPS if you click into that that address window and holds up the full address but if you don't click in there what you will see just to the left of the URL in the address bar is a little picture of a walk-in that you simply means you are on a secure site that has some your features.

So, again, that doesn't solve everything, but it does go a long way to saying you're in a place that is secure. I not tell me again about this thing with the wallet. What was it you have other's chips in the credit cards.

Now there for smart cards right, you can just wave them across the reader and you know there are four devices were so many could come up behind you and actually scrape the information digitally off of your credit card so there are certain wallets that protect against that kind of. The other thing you can do is just simply keep your cards on your phone and then you have to be compromise and see that's not an issue with me because I can. I seldom know where my wallet is so I don't worry about that conflict. That's that's true now that I was right along with that phrase you use analog guide to digital world is that their income describe your son to write a song on the status. Remember where you heard it first, 800-525-7000. Let's begin. Chicago, Illinois at one do you know your wallet is right now that my back pocket. Well you only think it's in your back pocket check again. Okay, how can we help my friend, well right now. Currently, when I lived in a job and I lost my job site my 401(k). I transferred over to an Ira and Ron yeah and my white light dinner again. It was cooler to a friend. I recommend it now, but I believe I think that tragic, high on their any anything that they buy.

Okay, so clearly like they might not like me out. I want get capital rental I got a Ira a lot. Ira went like 8800 and my wife has her Ira with the same company like 20 grand and there I got another law both yet another offer of 9000, and then for my turnover at 300 and 330,000 okay so all and how much. Between all the accounts in which he had invested roughly I think about the eight now, maybe not 33 6300 60,000 yeah okay and what you being charged that the thing when asked if black colleges, the percentage in I get back on thing and right now are at with my current job I have a 401(k) and they match 3.5 and it company that and I hear it's good, better, okay. I just want to know my home is almost paid off and on 50 pictures so I'm trying to get closer and do the best I can. Yeah so is your primary question Ed and whether you're being overcharged exactly okay now let's talk about that has your investment professional told you the percentage that they're charging on the assets under management. Now when I act on it like you know all you never get any debt they could you give me something in writing and offended, but don't like like three years because I love my dad about three years, about three years with them, but my wife and the longer okay well I would go back and ask that question again and say listen, I need some transparency on exactly what I'm paying.

I'd like to know what is the percentage that I'm paying as a management fee annually and find out what that percentage is and then obviously you could calculate the dollar amount. It's not uncommon Edwin for an investment professional providing active money management where he or she is going in on a fiduciary basis to make the buy and sell decisions with your objectives. Paramount right so hopefully when you went in there was a pretty extensive due diligence and discovery process to do to learn more about you.

Your age and stage of life.

Your goals and objectives your risk tolerance you what God has for you in the next season if this is a godly individual. Hopefully they understand the Council of Scripture and can apply God's wisdom to even the decisions that are being made which is why we recommend a certified kingdom advisor designation. But if it the end of all of that than this professional is tasked with the responsibility of making the the buy and sell decisions based on all of that to initial discovery and the ongoing conversations you have each year, it would not be uncommon for them to charge a percentage of the assets under management and I would expect that number to be somewhere between 1% and 1 1/2% a year so that could be as much is $5400 or it might be 3600 on on a $360 a three or $60,000 account. All in. And so, yes, that's a lot of money, but keep in mind you've worked your entire career to amass this wealth and so you don't want to just put it on autopilot paying a professional for their expertise to make sure that it's managed properly to protect what you have to grow it, but also at some point in the future to help you generate an income off of it is worth your paying for that expertise and that would be a very common percentage. Now if if I heard that that number was higher than 1 1/2% on the management fee that was being charged the I'd say you might want to ask for them to bring it down or look for another option but at the very least they need to be very transparent with you about how they're being paid and in what ways and are they earning anything beyond the management fees like from the mutual fund companies or anything like that. So you want full transparency about everything that they are earning so then you can make a decision as to whether that's fair and appropriate so that would be my next question. Once you get that information don't hesitate to call us back when we hope that helps and we trust it does thank you very much. So Rob, are there more than minister more than one way for a financial planner to make his money.

It was there as they look at your account to provide you with wisdom throughout an annual period of time.

Absolutely yeah and then use the word financial planner which is really another set of services where they're actually doing comprehensive financial planning often that will either be rolled in as a part of the investment management fees or it will be charged separately based on an hourly basis or a set fee annually, based on the complexity of the planning needs that would often be in addition to a management fee that is charged as a percent of the assets under management. Beyond that, there are ways to be paid off of the individual investments themselves certain mutual funds and classes of mutual funds will pay a commission to the investment professional.

If there's any insurance products involve those have their own sets of commission so you just need to go in saying I need to know exactly how you are being paid and at what amount and from what places so that I can make sure that it's fair and that your interests as the professional are aligned with mine. Not that you're seeking the highest payout but you're doing what's right for me, which is what's really known as fiduciary responsibility doing what's right for the client and not in their own best interest, and if if you're a couple of years into relationship and you start to him little fuzzy on how they're charging you a wider charging unit doesn't hurt. This is not offensive to ask that question over again, correct, shoot me at all if I was concerned about the relation 800-525-7000 today to Ron West this is moneywise live back to moneywise live where your checkbook and God's will have an impact in your life and the lives around you. Don't forget keep your hand on your wallet because scofflaws bad guys crooks are out there pointing their their apparatus at your wallet through your pants pocket to get to the ships this and even some real ripeness is something you made up the chips in here cards that are readily and therefrom hundred yards away. They're able now appointed. Consider that they would typically be very close to you. I think that watching too many movies okay Miami Florida WR MB hello Isaac, thank you for your patience, my friend. What's on your mind. Hello I come from the radio down the road. I would like talking about dating, but I could find out all right for me today Isaac.

I like it in. I only have it but it still finance.

I got it of its dating advice.

Steve's the one who takes those who would send you some good.

Okay currently I'm in college living with my aunt and uncle. I parent I with the Lord. But I'm struggling with certain thought and I find myself to idle. I've made a plan where in like a month. I will move on my own where I can pursue my passion. I see myself accomplishing very big thing. But one thing that keeps me hesitant is what the Lord may think of. I'm not greedy but I see myself in the past and very prideful and I'm afraid of that. The Bible tells us. A pastor should not be a new convert because he may become conceited, and received the same condemnation as the devil. So my question is got me proud of me. If I pursue these types of careers so I can help others and work hard and write without elevating. While I appreciate that Isaac. It sounds like you really thought through this and clearly you want to honor the Lord with your endeavors.

We realize first of all that God owns it. All right, so everything that you have and will have forever more, until he calls you home will belong to him, which gives you the honor and the privilege Isaac of being the money manager for the creator of the universe just like I am in everyone listening to my voices, which gives us a high calling in a real responsibility as to how we handle God's money now is it inappropriate to have a desire to earn more to work hard so that you can and as you said, clearly point out, give more know that's very appropriate. In fact, that I was just talking about the sun on a morning show this morning as we were talking about really the why God gives this wealth in the first place and we were talking about Ephesians 428. Listen to this says anyone who has been stealing must deal no longer, but must work doing something useful with their own hands, to stop airmen to finish the verse in the second. That's exactly what you were talking about. You want to work with your hands and with your God-given talents to earn an income.

Now you might think that the rest of this passage says so that he or she may provide for themselves. It does not let me finish all go back, you must work doing something useful with their own hands so that listen to this.

Isaac they may have something to share with those in need. Isn't that interesting.

That says to me that the starting point for my money is a generosity story. The beginning point is not my provision enough you start with your provision, you end up with an endless list of needs and wants for God so loved the world he gave. It's a generosity story. And so if you begin with that motivation that Lord, I want to take the gifts and talents you've given me to work as unto you very diligently very hard and as you provide whatever that is large or small. I want to use that to get back to you and certainly to meet the needs of myself in my family which is caring for those around me both in my immediate family and beyond, and then saving a portion of that for the future so I can provide for myself and continue to share down the road that's in a very appropriate motivation and so I think you're setting out in the right way. The only thing I would encourage you to do is to search the Scriptures because God has a lot to say about how you should handle his money. So I want to do is hold the line.

I want to send you a copy of the stewardship Bible. It's a Bible with every one of the 2300 verses on money highlighted in green and I want you to start meditating on those passages so that as you move forward in God blesses you and provides for you. You can align your spending and your allocation of his resources with God's heart which is clearly articulated in Scripture Isaac were glad that you call would lead you got through glad that you spoke to Mr. Faber you earlier Ron because he's heat. He's a smart guy, so whatever he told you to do. Do that and whatever we tell you to do.

Pray about it first. But you stay in the line were going to send you something and Rob you know it really is. All kidding aside, it's great to hear from young people who want to serve Christ and who have their priorities in order.

Clouds exactly rights and we need to be seeking God's heart for how we manage his money and starting at a young age.

Imagine what Isaac's going to be able to do if he gets this right now before God continues to Isaac you asked about God being proud of you, my friend.

He is already proud of you. He couldn't love you more than he does. The day he saved you. Whatever you do or don't do still loves you wholeheartedly, so remember that this is moneywise live 800-525-7000 West today. Right now in open lines 805 five 7000 Valparaiso, Indiana hello Liz, what's on your mind on father and golden. And I don't like it. I yeah well the first step, Liz, and I'm sorry to hear about your dad's passing. The first step is to find out the value of what you've inherited because that's going to drive everything in terms of how you proceed in terms of getting a fair price for it.

If you liquidated and I would encourage you to do that in an appropriate time and way and then secondly's want to establish the value than you know with the increases and then you can give. As unto the Lord as he directs with the 10th or some other amount.

So where you go to get it valued well if you want to seek out a reputable appraiser. You can ask friends and family.

I'd probably visit the websites of the American Society of appraisers, or the national Association of jewelry appraisers to find out about appraisers in your area and then they'll charge you a small amount but basically you'll come back with in the property being described that will detail you what the value is at least an estimate and then middle you have the signature of the appraiser and that will be able to be used, your typically people use that either for tax purposes or insurance coverage or just to know, what they have.

So then they can proceed in finding a dealer that would actually purchase this or facilitate the sale of it so I think that your next step just to figure out exactly what you have and obviously in the meantime you want to make sure it's secure and whether that includes putting it that the bank in a safe deposit box or if you have a safe and home something like that. So I think those are really your next steps. From here, Liz, and what form is the schools and according bars and claims well okay so your advice real you would change your advice. Knowing that I know I mean you couldn't obviously go to a somebody from the numismatic Association who specializes in coins soon miss the test go because if there are rare coins. You want somebody who has a specialty in that area but if it's just valuing what you have Gothic, that's the place to go first. I write this, were glad that you called and we wish you the best with this.

Thank you very very much and you missed what you said it was noon.

This interest is likes roses. What is the somebody who specializes in coins. Coins okay vehicle points Miami, Florida hi Ron, welcome to moneywise live hello gentlemen, thank you. Always a couple weeks ago when you do the termite you work on a budget whereon you said that the May date budget so I remember that, but were still on that budget and my question is this. I've been on Medicare for about four years now.

I also I am part Indian. I have Medicare supplement well the price just went up from around 165 Vermont 290 a month now. I am very help guide a history of health my entire life all in my way.

She's healthy, but she had other issues. She had colon cancer and thyroid cancer and the Lord delivered up from that you completely clean from that now, but her health is a little more delicate than mine. So on the May date budget. My question is should I cancel my Medicare supplement and take that money and invested into a better health plan for my wife or should I put that in the Fabian because we do need to build up our emergency fund and or body come, whole life policy my life I have one of myself that I pay like $93 a month on the $30,000 benefit, but my wife has no life insurance.

So that's my question that make sense does yes obviously are trying to solve for couple things.

What the proper healthcare coverage want to try to push you trim the budget to the best of your ability and then lastly raise this question of life insurance, but let's start with the budget and the the Medigap policy you're talking about you. Basically what I might look for is a Medicare advantage plan your Medicare a and B isn't free. You have to pay about $150 a month for it, so this supplement isn't a whole lot more if you shop around for a Medicare advantage plan, you may be able to get a B and the supplement for about the same that you're paying now so I'd come to Google Medicare advantage and do some shopping and see if you can find something that would allow you to know drop the total cost that you're paying but still retain the same amount of coverage. I think with regard to the life insurance.

The question is just who needs life insurance and for what purpose you know who. Whole life insurance is getting very expensive on her life, especially if he or she has health issues are you talking about life insurance though for her benefit, so that would be on your life that would pay out to her if something happened to you.

I have life insurance myself. I am appalled that I pay about $90 a month for the whole life policy and and I've got a $30,000 benefit and I plan on keeping okay and are using that primarily as a savings vehicle or what are you interested in the death benefit benefit and that's for what purpose, funeral expenses, and that took thing yesterday and believed a little something for my life if I should go part were always get out mock arguments about going to go for you to be able to resolve the know I totally get it. Certainly a minute that's important to you than it sounds like you got a you got a plan for that one thing I would just put out there for you all to think and pray and talk about is you is that necessary because that's probably no. Especially given the current considerations in the budget bill. Do you have enough saved that if something were to happen to you she be just fine. That 30,000 would be necessary and then you can recapture that amount every month back into the budget.

If not, you feel like you know that something you want to cover expenses or as you said just to have a little extra for her beyond what you all have saved and accumulated to this point, then you know that will ensure that that is there for throughout the rest of her life. I just want you to count the cost of that and make sure that it's needed and that that's an effective way to do it. Given the other challenges you've got going on in the spending plan, but hopefully that's helpful to you, Ron.

We appreciate you calling him again and for your listening now run.

God bless you and your wife.

Thank you very very much in my wife and I have the same argument Rob was going to go first and I've noticed that as our arguments get more heated. I think I am the one is going to go first since this is just the vibe that I get sometimes say here's a quick team and it's a kick comes from Sue.

She says dear Rob to Robin Steve. Actually, my husband and I are not on the same page regarding our spending and he doesn't want to get on the budget. Can you offer some help on how we can agree well you know it. I appreciate this question and it'll be just encourage you Sue. You are in the same place that millions of people are in because we know 70% of people married couples money is a challenge. It's a source of conflict and you know I think one of the big reasons why that is, is that there's a misalignment of values related to the money seek money is the way we work out what's important to us and to the extent there is not alignment between where we headed and how can money help us accomplish that either because there's truly break down there, or just because you will haven't communicated well enough about that.

I think there's a real opportunity to come together and say let's develop a vision for our marriage. Where is God taking is now in six months from now in several years from now and how is money to help to the school to accomplish God's purposes and then the spending plan is just a reflection of that. By the way, make sure there's a little bit carved out for each of you to use as you wish and that budget is Sue thanks for the email will be right lies live taking your calls today so pleasure out there and so glad for the team that we had behind us today ravish you know we have a rotating group of people, all of them more rational than the last to today it's Amy and Dan and Aaron and of question Henry is here Amy pushes lots of buttons, toxic people, Dan pushes the buttons that Amy forgets the push. Aaron is down the hall.

We never see from Erin but we know he's doing a yeoman's job done there and is not quite sure what the job is and then of course Jim Henry, the man with two names.

Jim keeps track of all of our covert activity here at the moneywise headquarters and I'm happy to say that there has been no covert activity since Jim took over what he think that yes your yes true heart in Asia, Drummondville, Ohio hello Bill, what you question today sir okay thanks for taking my call. Sure I am too short. Question one is, is there a stock company you know of I could buy one share at a time. Yeah so you're talking about fractional shares their bill and this is becoming more and more common because you know a lot of these, especially these big, highflying companies, you can even afford to buy one share and so buying fractional shares means you can buy a percentage of the share and there are number of places to go. A lot of the big brokers will allow you to buy and fractional shares, including the Charles Schwab and fidelity. You will also see some of the newer folks that have entered the space through the fin tech movement that allow this as well. One that's gotten a lot of press lately is called Robin Hood. In particular because of their free trades.

They also offer fractional shares, so I probably look to one of those three again the Charles Schwab Fidelity or Robin Hood.

You can also Google brokers offering fractional shares and you get a big long list, probably a nerd, wallet or investor. And Rob is that acceptable I mean is that a good methodology just well I would need more Steve. I mean, I think the idea is if it's just kinda some money you've got on the side that you want to you know put into a company that you believe is going to do well. This is not what I'll call your serious money and I wouldn't do this with your retirement account. But if you got a little money sucked is the way you're not trying to trade the market.

Am I gonna buy in today hoping to sell it three days from now when it runs up and that's daytrading and that's a lot of risk and volatility that comes with that.

I don't think that's a prudent use of God's money. Unless you're a professional trader. But if you were to buy into a fractional stake of a company that you believe is going to do well. Over time you plan to hold that for the long term. I think that's a great way to go. Okay Bill, thank you very much we appreciate that Avalon Lake, Ohio, and Freddie what you question for Rob West wondering thank you and my primary 25 on it for about 275 and I am looking to refi the rate up to 2.89 per 15 year which, if I did that would not six years old. My current mortgage and but I was wondering about tying the rental. It is an option that I can do it. I'm just wondering about if I were to sell his house within a year or so you know, will I lose the equity potential equity to have sell the house to another. Sue: the rental about 70 think it's worth 30 so you be getting a new mortgage is roughly 195 on a $275,000 home and then you'd pay off cash out and pay off the rentals of what you thinking okay and then obviously if you were to sell that property you'd walk away with $80,000 with so you sold it for 275 you walk away with 80 and then the question would be, does that give you enough money to buy whatever is your next primary residence and without creating any challenges okay so that is the first red flag. The second red flag is I like to separate business. Your business interest from your personal finances, and I look at a rental property as a business because you know you would buy it as an asset you hopefully make it income-producing by renting it out and pay the mortgage and the reserves and the maintenance of the taxes and insurance in the marketing and then hopefully you have something left over or at the very least it's you have the rental income is paying off the mortgage so it will ultimately be an asset, but if something were to happen unexpected in your financial life by paying off that rental income. I realize you probably are paying off the mortgage on the real property. I realize you're probably getting a much better interest rate, but you're also increasing the potential risk related to your primary residence because of something happening you couldn't make your mortgage payment at hundred $95,000 mortgage you put your home at rest now you might say that's a pretty low risk. I don't see that happening. If I got into trouble. I could sell it and all that may be true, it's just another consideration, so I'd be looking at a do you really want to take that business interest mortgage and put it against your primary residence, which I love you to pay for you to pay off as quickly as possible, and you're going the other way by increasing the debt.

Number two is a gonna put you in a bad spot with the next property you want to buy because you don't have enough money for the down payment to get to a mortgage that's acceptable with your budget. So those would be the primary considerations.

As I look at this, Freddie. Thank you. We wish you the best as you work through that.

Thank you very much of Fort Lauderdale destiny just a couple of minutes.

What you question hi destiny is having trouble hearing you destiny one more time yesterday and here you know. Thank you.

I want you know what route you very good with the first thing I would say destiny is I want to make sure the rest of your financial foundation is in place before you invest.

I will answer your question MobileMe answer some questions. First, are you in college sure you out of college and working. You tell me what stage of life you're in. Okay what age are you if you know I'm asking 70 okay very good and you plan to go to college in the next year okay and how is that going to be paid or you have money saved to somebody else paying for it house. I can work awesome okay very good.

And do you have any savings have you said anything aside and outside of this money are looking to invest in. I'll call it an emergency savings account okay how much roughly about okay very good so I think the key here is to make sure that anything you start to invest.

We always want to have, use the word time horizon, meaning I don't expect to use this money for a time horizon of at least 10 years.

Why is that well will we invest. We don't know what the stock market demo use that term broadly. We don't know what the stock market going to do next week or in six months, or even a year or two years, but we do know that it's a very appropriate place to put God's money to earn a return over the long haul. Historically speaking, it's the most effective way to do that with the lowest risk where again if we are willing to be patient and not you know, act emotionally when the markets down, pulling it out and trying to jump back in at the appropriate time to just letting it go with an appropriate and prudent diversified meaning that all your eggs in one basket, diversified investment strategy. It's a very effective way to build wealth over time, but I want to make sure you have the time horizon right so this money that you received as a gift that's not part of your college fund and not in your $4000 savings. Do you think that's money you need within the next 10 years. Yes ma'am okay great all right so then the next step and do you mind me asking how much you would be looking to put to work in your investments right now 7000 okay very good so the place to go.

I think for that would be one of the there's some new online brokers that have wonderful smart phone apps and one is called betterment one that's a newer service from an older a financial institution called Charles Schwab and it's called the Schwab intelligent portfolios either one of those would allow you to open an investment account either a retirement account like an IRA. If you have earned income if you're not working a taxable account and deposit the money again betterment to her Schwab intelligent portfolios you to answer a series of questions and they would as you deposit the money in the 7000 all at once and then whatever else you add to it over time. They algorithms the computers would build an investment portfolio for you. That's very low cost. Comprised of what are called indexed ETF's and basically you would just own pieces of the stock market international and domestic, and small-cap and large-cap little bit of bonds but it would be mainly stocks because you're so young and you got so much time on your side and then you would systematically invest in it would be a very low-cost way to start capturing the broad moves of the market that's probably where I would go next betterment or the Schwab intelligent portfolios that I want you to stand the line though because I want to send your gift, it's the sound mind investing handbook. This can teach you all about investing God's way if you stand line will get that right out destiny thank you very much for your phone call today. We wish you the best as you begin and think through this process and procedures. So even upon people do lose money. Occasionally Rob, you said the stock market is an appropriate place to put God's money, you still good with that. I am as long as it's for the right reasons with the right time horizon and properly diversified. Yes I do absolutely think it's a great way to put God's money to work. Thanks. This program moneywise live is a partnership between Moody radio and moneywise media. Thanks so much for being with us today will be back tomorrow to do it all over again.

We hope will join us. Have a great day


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