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Don’t Pay These New Car Fees

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
March 12, 2021 7:03 am

Don’t Pay These New Car Fees

MoneyWise / Rob West and Steve Moore

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March 12, 2021 7:03 am

Do you know how much you’re actually paying for your new car? When buying a new car, it’s important to look over the sales contract’s fine print for unnecessary fees, since these hidden costs can really add up. On the next MoneyWise Live, hosts Rob West and Steve Moore disclose the fees you should never pay when buying a new car. Then Rob and Steve will answer your financial questions from a biblical perspective. It’s the new car fees you shouldn’t pay on MoneyWise Live at 4pm Eastern/3pm Central on Moody Radio.

Rob West and Steve Moore
Rob West and Steve Moore
Rob West and Steve Moore
Rob West and Steve Moore
Rob West and Steve Moore
Rob West and Steve Moore

This is Doug Hastings, VP of Moody radio and were thankful for support from our listeners, and businesses like United faith mortgage mortgage commercials are rarely exciting. So to make it slightly more interesting. Here my nieces to do it for me. Interest rates continue to drop like my sister's baby teeth, uncle Larry had still not stair. It was rates are boring. Talk historically low this year is even more boring. Talk historically lower than the previous point talk historically low sounds boring for so many listeners who just wanted to deal at refinancing right now could see the amount of light faith in God and that love some borrowers could potentially save hundreds monthly and tens and tens of thousands over the life of the loan, and that he didn't put 20% down before somebody ends up having to pay PMI gave uncle Brian I sent we are United faith mortgage United faith mortgage is a DBA of United mortgage Corp. 25 Millville Park Rd., Millville, NY license mortgage backer 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 just love that new car smell. Some people say the use of this cologne by the bottle with the average price of $37,000. Well, that's some mighty expensive cars really do have a wonderful aroma, but there may have a sales contract from West tells you what to look out for some calls from all across the however is not live more should never pay next right here by late-model used cars because they might be able to get a lot of trouble-free miles, a pretty good value, but that doesn't mean that were against buying new cars doesn't know not at all, as we often say if no one bought new cars would soon run out students buying a new car makes the most sense when you can pay cash for it and you plan on keeping it for at least five years. That way you you overcome the huge depreciation that results when you drive it off the lot of following those rules. Steve you can get a great value when buying even a new car know when you buy a new car. It seems like you're bombarded with all kinds of fees or add-ons. Some are unavoidable, but how can you tell well, let's start with the fees that you really can't avoid paying first is the destination charge. This is what the automaker charges the dealer for getting the car from the factory to the lot of dealers will almost never budge on passing that along to you. The destination charge should be listed on the window sticker. Then there's the doc fee which covers all the paperwork, the dealer must do to complete the transaction. This can run anywhere from $100-$500 if it's more than that, I would challenge it for sure.

Let's see the next would be state sales tax you really can't get out of that one either. Unless you're fortunate enough to live in Alaska, Delaware, Montana, New Hampshire or Oregon where there is no state sales tax. Interestingly also you probably won't avoid the tax.

If you go to one of those states to buy a car because it will likely be added on.

When you register it in your state and one more unavoidable cost of the title and registration fee. This one you should mind paying though because the dealer can probably file that paperwork faster and cheaper than you could do it on your own.

We might add, however, that some dealers do try to inflate some of those costs as a way of telling you that they were to do it for you so you don't have to worry about it don't have to forget it will take care of it. And certainly that's worth something. But you probably need to give that some some thought at least alright so these are all the fees you have to pay would buying a new car. Others actually one more, but let's put it in the maybe column.

It's an advertising fee of the dealer may insist on charging you for it, but it should be listed on the vehicle in plain view if they spring it on you when you're signing papers. Do your best to have it taken out okay now or at the fees. You should never pay so well.

What's first on this list.

Yes, something called a dealer prep charger dealer preparation charge. Theoretically, it would cover prepping the vehicle for display on the lot finalizing the sale, but this cost shouldn't be included in the retail price of the car or it should be, not as an added fee. Next, you might see a fabric protection fee. This one you can really skip if you're worried about staining the upholstery just by a few cans of Scotchgard and do it yourself it'll be a whole lot cheaper.

Another fee you shouldn't pay when buying a new car is paint protection. This is a urethane film that they put on the car, but you shouldn't need any rust that appears would be covered by warranty.

Instead of this protection just ask for wax.

When you go through the car wash, at least in my view you can guess I haven't purchased new in a while fabric paint protection is a kinda new to me. I guess that is new and though Steve won't be new to you and it's a fee for rust proofing and under coatings which can run you from $200-$1200 pending on the car. Most cars manufactured after 2006 are made with galvanized metal underneath that greatly reduces the likelihood of rust and you can move to Florida where you don't use all that much salt on the roads but it does come in, get in on in the year if you will. If you live to the beach right. I'm well aware of that absolutely anything else but one more fee you shouldn't pay when buying a new car.

Steve vehicle identification number pitching. Yes, it's a thing.

But while it's true that this would make it more difficult for thieves to resell your carpet stolen. You can do it for yourself or take it to an auto repair shop and have it done typically much cheaper than the dealer would charge okay dealer prep fabric and paint protection under coatings and then catching all fees probably shouldn't pay when buying that new set.

Thanks Rob listening to moneywise live but today we're not live so if you hear that phone number. Please don't call that you stick around lots of good information ahead moneywise live and we talk about our telephone number. Often, usually because we're alive today were pretty recorded some of her mention of the phone. Please don't call us. You can find us online at moneywise live.selling in the newer you is cars here today. Ron anything you want to move quickly back in the backyard. No no no not selling any cars today. Steve asked that it is however our Facebook question of the day.

What was your experience buying a new car and the days he says I love that my bank offers something called auto advisor.

They helped me get a better deal by negotiating for me. Okay I run you want to be the next one. Well Kate said sticker shock. She said don't forget about the new license, registration and insurance fees going up now. One benefit to a new car though is you don't have to get the missions check Steve so you get out on yeah yeah and don't forget to ask for free floor mats even when they tell you that giving you the best price you can typically you can get them to floor throw into a set of floor mats. Mary Lynn says I first lease to my car and then was able to buy the car. However, I won't be leasing again so that is probably good wisdom. If you think you're going to buy ultimately just go ahead and get the best deal you can. Don't lease at first you will end up paying more rent more money in the long run and then finally you already have. Well Bob said you need to do your homework and that's just great advice for anything where managers of God's resources. So let's be wise stewards good news.

Steve is there are more online resources than ever. The buyer is equipped with more data than ever before, when he or she walks into the dealer in terms of what the actual price was what it should be, and the ability to compare online across all kinds of dealerships so great opportunity for the buyer to be well informed and let me throw out one little commercial here though it's not really really commercial. We have no business relationship with Costco. However, they do offer a buying club and most people who've done their homework. I checked on them and actually used Costco to buy a car if found the Cosco again. They have a buying service. I generally can come up with some very, very good prices for you. So if you're thinking of buying new and you're already a Cosco member give that some consideration okay Kansas City, Missouri hello Ricky what's on your mind today and I don't have all wine I don't have stocks or bonds.

Although I have it. About $50,000 equity in my house about one or by state, 25,000 now invested into a real estate firm or stocks or bonds or something.

I'm kind of a future. Maybe you hear what you're saying Ricky and I can understand why you didn't want to move in that direction. And yet I don't think it's a good move for you and here's why you have. The goal is for you, ultimately, to be debt-free as you're entering retirement number one of the way you're going to do that is by paying off all of your debt including your home mortgage getting your lifestyle and monthly expenses down as low as possible so the need for income in that season of life is your thinking about what God has for you after your ready to redirect away from your current work, or perhaps when you can't work any longer. By keeping your lifestyle down in debt completely eliminated. That's just going mean that you need less. That's a first reason. The second is don't like borrowing to invest essentially would be taking the equity from your home paying interest on it which would mean that we have to earn at least that much just to stay or keep our heads above water and then you know anything beyond that would still be taxable, not to mention the risk associated with it.

So it's just not a good plan when I'd rather see you do is really start with that monthly budget and if you haven't taken time to track your expenses over preferably 60 or even 90 days. Ricky just to see exactly what it takes for you to fund your lifestyle.

One of those recurring and nonrecurring expenses those things that you get a bill for those things that you don't get a bill for butter a reality in terms of your monthly spending and those things that don't come around every month like a quarterly insurance payment or an HOA fee or no birthdays that you have for friends and family throughout the year you want to take a vacation periodically. Gotta get all that into the budget then you gotta begin to do the hard work of saying how can I pair this back to free up margin beyond my monthly expenses so that after I give and pay my taxes and cover my lifestyle. I still got something left over, and then with that I would prioritize first building up an emergency fund of at least three months expenses assuming your debt is paid off in terms of consumer debt including your mortgage. Then once emergency fund is in place. Now I would start thinking about not dropping a large sum of money in the stock market, but begin to invest systematically and I would do that either through a company-sponsored plan were you having a payroll deduction going right into a 401(k) or if you don't have access to something like that either a Roth IRA or if you're self-employed like a separate IRA but that's going to allow you to fund the retirement of the long-term investments out of your current cash flow doing it on a systematic basis so you're not trying to time the market, but you're just investing over time on a regular basis and trying to just build up and accumulate as much as you can using the overall long-term performance of the stock market not over six months or 12 months but over years and decades using that amount of time to ultimately be the tool to build wealth again were not doing it with borrowed funds that were paying interest on.

I realize that's more of a gun of a steady plodding approach. It's certainly not a get-rich-quick strategy and if you're trying to play catch up. I think the key is keeping the lifestyle as trim as you can so you can free up as much as possible to be contributing toward long-term savings, but give me your thoughts on that. Did you follow what I'm saying there might.

The bank and they said that the interest on my equity would be cheap cheap and I got to looking at the market and understand our guide are not 11.25% or something so I was thinking maybe I'd make enough to cover the interest off the equity maybe come away with maybe five or 6% of the investment itself. So what they're doing is they're pulling is not anything necessarily incorrect about what they're saying. Meaning is.

Is this money cheap.

Sure, relatively speaking, interest rates are very low right now and the long-term performance of the stock market. If you look over the last hundred years is certainly been better than 9%. But remember there's wild fluctuations in their you need to have time on your side and they're not factoring in the consideration that you be paying taxes on the game.

Along the way because it would be in a retirement plan. Again, I just don't think this is the wise approach to take borrowed funds and go into the market. I'd rather you focus on paying that house off and then just be systematic in your investments as a steady plotter month after month Ricky were glad you called today thank you very much we appreciate that Rob just before we hit the breaker. Here's a quick email it comes to us from Charlie. He says we are in our 70s and selling her house after we sell and before we buy another house. Is it safe to keep all that money in our checking account for a few months. It is just make sure you're not tempted to use that money because you wanted to be there when you need it for the next home. Other something called FDIC insurance.

This is the Federal Deposit Insurance Corporation, essentially giving the full faith and credit of the United States government backing to this money and backing to the bank and for some reason they were to fail, which is very very unlikely.

How does that work well, you get $250,000 per depositor per for each account ownership category that gets complicated but let's say you're married, you get 250,000 for an individual account and then if you have a joint account you get another 250,000 there and your spouse could do the same thing, so there'd be plenty of capacity there for you to have money that's safe with FDIC insurance, backing it and ready and liquid so that when you're ready to buy the next house you can grab it and go okay and if you have a question you'd like to email Rob, here's the address questions@moneywise.o are eight Chattanooga, Tennessee hi Danny, what you question today using pension through playoff credit card debt. I have about one of my pension have about 50,000. I have about 55,000 in credit card debt of Artie paid off about 20,000 in the past two years.

I know I know what want to play, but a little wrench in the one of our parents living with and their declining quickly and my wife would like to go part-time to help take care of her better and this would enable us to bill for her to go part-time. Yeah so obviously you pay an awful lot of debt in a very short period of time.

Danny, how did you do that, were you taking basically the lion share of her income and directing that straight to debt reduction and snowballing yeah good and so at this point she would like to be able to move to part-time as soon as possible meaning in the next couple of months or we talk in the next 6 to 12 months.

Well, we could use that pension down and she could do it almost immediately.

Okay. And so you there giving me the option to either take a lump sum in addition to annuitizing the pension. Is that right cannot think we lost just let's do this will take a break come back and finish this one. We will indeed you're listening to moneywise live your hostess round less times more.

Today's broadcast is recorded so we won't be taking any calls but we have some calls lined up integrative coming your way that I think the fine usable at the very very going to break for just a moment. Don't going where stick around 21 real pleasure to have you with us today. This is moneywise live times more that other guy over there.

The guy with the answers. He's Rob Weston were happy to have you with us on the program.

Today, however, we are pre-recorded. We will be taking your calls but we've lined up some calls in advance that I think you'll find interesting, helpful and very very practical. At least we've tried to make them that way so stick around. This is moneywise live let's go directly to our phones okay. We were talking with Danny.

Unfortunately he drove into a bad seller something Rob and I think we lost him, but any final thoughts of Danny, well I would just say yeah so Danny essentially has 55,000 in credit card debt they paid off a considerable amount that they owed me on that 55,000 over the last couple years and they did it by taking his wife's income and directing almost all of it to credit card debt reduction.

However, she would like to go part-time because they need to care for some parents are. He's wondering how should we pull from our pension and then essentially you could if you're a pension administrator allows it. Take a lump sum from the pension and it basically equals the amount of the credit card debt. I would just be hesitant to do that. All at once. That is going to be taxable. If you take that to a lump sum so you're essentially Danny can add $50,000, a balance of that pension or lease what you were planning to take to your taxable income for the year so just recognize that you know in terms of you've got a factor that in terms of what's actually available to reduce the debt by my question would just be. Is there a way to delay it or pay off a portion of it, maybe half of it that way and then the other half by delaying going part-time.

Let's say for six months. I realize it may not be ideal.

Depending on the timing and the situation with regard to caring for aging parents, but I would just try to look for a way to fund a portion of this out of current cash flow by keeping the budget lean and mean rather than taking all of it from the pension because of the tax implications, but at the end of the day. I certainly understand where you're headed.

And we certainly concur with the idea that you need to be there for aging parents and would fully support you in that effort. Danny we hope you caught the tail end of that. Thank you very much Harry is in lighthouse point, Florida, and Harry is actually a light house Rob maybe you know whether it is group right down the street. Harry exile and I'm going to hug him I'm doing great sir how are you show every day. Thank you sir I like so I leave three or four cars for $25,000 to Danford $300 a month every two or three years.

They call me take the car back. Give me a new car so I finally bought now I'm saving every month for my next car park and it just seems like I have to save more to buy a new car in five years, then the amount I was paying to lease a car and I always have a new car I'm never putting money to tired break the repair so I know what the Bible says about that, but it makes you lose either but I got the gist of your question, I can certainly appreciate what you're saying.

I'm not a fan of leasing a new car.

I think the key is we want to be able to buy a car that's affordable that fits in your budget. Whether that you used or new, and for many people because of the price of cars these days and because of where they're at in terms of competing priorities with the resources they have their better off buying a two or three year old car missing some of the depreciation and buying it is Howard Dean says says till the wheels fall off. And that's the way we drove our cars our last minivan that we had for a long time 250,000 miles on it so I don't like the lease because the embedded fees buying it out after is gonna cost you more than if you had even financed it. If you drive a lot you can have all the wear and tear. Plus, you'll often have to pay additional if you go over the allotted miles at the end of the day. I'd rather you buy and hold onto it for long period of time, and I can promise you the numbers will work in your favor if you do that, but just to take a serious side for a moment he does get that new car smell so that in the bottom of this is letting us live live west and email this with us from heaven. She says dear Rob and Steve, my husband and I are debt free, were now able to invest and my husband was able to take a lower paying job in order to do something he truly loves the financial freedom has been wonderful and such a gift to us. We have three children after paying our debt. We were able to become foster parents and were on our journey to adopt our daughter to celebrate the adoption were hoping to take a big family vacation. We don't have a credit card to spend the money we've saved without credit.

Our applications are being denied is a secured credit card, our only option. Yeah Abby just to celebrate with you for a moment how incredible your debt free. You're now investing your husband's doing something he loves even though it's a lower paying job, which you wouldn't of had the freedom to even do that if you hadn't gotten yourself in a position to be debt-free and then you've taken a step further year you choosing to become foster parents you're on a dirt journey to add, adopt, and you want to celebrate that with the family vacation that is super cool. All right, so what we do about getting a credit card to be able to have available during this trip that you're going to take yet unfortunately one of the byproducts of living debt-free is a lack of credit, which can be challenging now if you had credit in the past which it sounds like you did because you were able to become debt free. You probably have some history so I would get on nerd wallet and look around for some credit card options that are willing to extend to you with the lack of credit but a secured credit card would be a great choice in terms of establishing a monthly repayment history and that may be all you need to get back into this game and get somebody to approve you suggest head down to your bank put a couple hundred dollars on deposit put a recurring charge on their that's a budgeted item pay it off every month.

That will get you some positive history being reported in a couple of months from now you may be all set.

That's great information that's nerd I let's go back to our phones. That's good to Florida and say hi to ardently hardly thank you for calling actually help you first continent program. Thank you for calling the program over DNI only interesting so I'm about to buy a used car instructed to use truck so I was wondering, I have a car I bought a brand-new car 2015 and I got here.

So my goal was paid off in five years on a boat to reach my goal so I started. I have it going on right now so I got $3900 so I have the save store next car Mike was standing I have on 3000 maybe $500 on this just started emptying for so I'm what I should do if I should pay a product car and yes goal with no down payment on the extent that I'm going for okay and try to follow you, so you said you have 3800 that you've saved up in cash. Is that right toward the next car. That's what I got for the product will not entrench any far not money for the car so I have it saved okay. You know that I reach the wear. You note 3500 E. Bay parties car.

I'm wondering if I should pay off in the car and I am paying for no and then just going little or no down payment on the next car I six is so you owe $3500 on a car that was said that you no longer have. Was it in an accident or my missing something. No, I got not only, was in an accident being truncated money for the car okay so you no longer have the car but you owe the 3500 and the insurance company give you 3800 and my following you correctly, you okay great answer yet. We absolutely have to pay that off because you owe that debt and that was what that insurance payment was for glad you have it or and I glad that they came through with at least what you still owed in your student have 300 over and above that, the question then you're asking is where do I go from here. And that's the right question to ask.

What I would love for you to have is after buying a new car which are probably not but if you were to buy new car.

I like a 20% if not more, but at least 20% as a down payment just to make sure you have some equity you not ever to be upside down with a used car. You could go as low as 10%. Again, I'd love for you to buy it for cash. If you could save it up but I realize in many cases that's not a possibility.

And so a 10% down payment at a minimum would be my goal.

So what are you looking to spend on this next car. I'm looking for 2017, okay what you think that'll run you from running that may be plenty of okay and you don't have anything saved or do you have any kind of emergency fund.

Yet that's what I was trying to let you know that many thousand 800 that I have is from the car that was told by from the insurance. I have not money, but I have 3002. 3500 to pay on the Descartes at emptying off know that when you pay off the wrecked car you can have $300. Is that all you have in savings at that point or do you have anything else saved, it's not direct car card. I was raped I get paid for it. Insurance.

The product car sorted, and I'm talking about.

No, I bought a brand-new car 2015 so I have $3500 a off the car okay. All right.

And then, why do you need another car yet. The truck yes I need a truck okay all right please you and we shouldn't purchase it without any down payment and all I me right Ron, I mean we went to put some money down. We want to finance the whole thing when it's exactly right now in the challenge there hardly as you can get into it in and you could potentially be upside down very soon. So here's what I'm saying I think you just don't have enough in the way of liquid reserves and so I fire you I would be looking at buying something a lot less expensive and I tried to wait as long as you could to buy it so you could save that's going to come back to your spending plan and really going to require that you do some hard work to try to pair your lifestyle so you can free up some margin and continue to put money away so you're ready to buy that car and when you do, I'd be looking for something less than 25,000 of other than your house, and automobile purchase is probably the largest purchase. Most people will make and when you add them all up over a lifetime. It's really really substantial. So yes, you know, we could little bit about the new car smell and driving you having a Mercedes-Benz or a Ferrari or something like that, but obviously we all need something to drive to work in, do errands and things like that. Most of us will buy a car at some point but you don't want to let the other newness of a car. The flash of a car get the better of your budget, you want to be something I will buy something that's a good value you want to be thoughtful when you do this and obviously something that you and your spouse agree on any other thoughts recommendations in that guard regard right now. I think you're right on. Still, you gotta start with the spending plan and make sure you're not buying something to compete with somebody else or because you liked what you saw on Facebook or twitter. It's got a fit within your budget and with what you have available.

Looking back and chat some more. This is moneywise live happy to have love. Proverbs 2229 it says do you see in Mansfield in his work. He will stand before kings, he will not stand before obscure men. So whether you're a doctor or a plumber or an astronaut mechanic, a transmission I need a transmission guy rep but think of what it would be like if every Christian was known for the all the work that he or she did. Sometimes you may be the only testimony for Christ that the person you're standing in front of receive. So I take what you do seriously use your spiritual gifts and any other talents that God gives you to be a witness for him and to always do a good job by the strike occurred again. He's in St. Cloud, Minnesota.

What's so what's the situation that occurred in my call.

Sure, I am just wondering if it is a good time to invest in gold mine at the time, but to invest in precious metal gold. Currently, I do have like a far along in an IRA by just wondering if that's the best way to go now to to add a little something else so it would got ready. Why would you say this. I like gold as a part of a well diversified portfolio, but I'm talking about investing in gold is a long-term play, and I only like it at probably 5% of the portfolio. Max 10%. My preference would be it not be more than 5% of your portfolio. Why do we hear so much about gold right now. Well, it's a store of value. And so when we get into periods like this where there's all kinds of negative news and there's uncertainty about the economic condition globally. Just because of what's going on with coronavirus and now the oil markets. People flee to cold" safety, and they go into things that have real value that are physical and that would be golden so it does does tend to be one of those places people run to in a period like this where we have a lot of volatility, but again, if we go back to God's word. We shouldn't try to get rich and I'm not hearing you say that, but I'm just saying. Generally, we don't want to try to time the market and there's been a big run up in gold recently so we be getting in at levels that are much higher anyway. And again, I would usually only own gold as a long-term play and and what it does there in the portfolios try to smooth out some of the fluctuations that we would see in a period like this. It does tend to be more volatile, even though the performances there. It doesn't over the long haul. Perform as well as the broad stock market and it performs with more volatility, meaning up-and-down movements. So that's why we would often just recommend holding a small percentage.

How do you invest in gold. Well, people automatically think about taking physical possession like gold coins or bullion or jewelry. The challenge there is. You're often going through a dealer so there's a markup then you have to store it securely and that is because we not to mention for some people there have concern about keeping it on their physical possession. You can buy gold futures. That's for that. I would say only professional traders. For most people the best way to own an allocation to precious metals like gold or silver would be through exchange traded funds so this is basically a tracking fund that mirrors the movement of the price of gold. The underlying precious metal and so an example would be the ETF GLD which just tracks the price of gold that would be my preference and I would prefer that over investing in gold mining companies because then the price is moving not just with the price of the underlying precious metal, but in relation to how that particular company is performing their balance sheet and their performance in the supply and demand all those other issues so long answer to a short question, yes, it's advisable, but not on a short-term play were you trying to just capture a short-term move in the price of the precious metal, but as a long-term allocation of not more than 5% Kurt, we hope that helps a great question, especially in this day and time. Thank you very much, Franklin, Tennessee, LeeAnn, what's in your heart, car, think about my family, my been working hard security sure is a great question, let me ask you, you said you had 24 hour scare assuming what that means is that the end result was that your identity has not been compromised as a true okay I know I not working on right now here yeah well, there is no question that identity theft is real and in our global digital age it is on the rise. Although there is just as much activity to combated and used technology for good to overcome some of the things that the crooks are doing as much as there is people trying to assume you're right and steal your identity, but it's something you want to be vigilant about. I love the fact that you're working hard LeeAnn to be a faithful steward of God's resources. You said I'm getting have gotten out of debt. That's awesome. You got a secured credit card that's can prevent you from going back into debt but still keep your credit in a positive in the sense that you're as long as you're charging things that are being paid off every month. Now you got positive credit history being reported to your report every month. That's all really good in terms of the need for paying for credit monitoring unless your identity has been assumed or compromised. I think you're going with the free options is enough.

You know you could get the added peace of mind through credit monitoring it would run anywhere from $10-$30 a month but I would probably start with the free things. One of those well you do a credit freeze which is basically going to mean that nobody can open an account in your name without the pin number so that would prevent you know go a long way toward preventing anyone from opening an account fraudulently you can get your credit reports. I would get one from each of the three bureaus every quarter and you can do that from annual credit and then you can obviously monitor your credit score through nerd wallet or credit karma and stay on top of any changes in your credit score which would alert you to some activity you need to be aware of. I like that for most people simply because it's free, but if your comp information is been compromised. Your identities been stolen or you just are concerned about it in your you know it's really weighing on you, then that's I think credit monitoring is a next step is something you could consider LeeAnn we hope that helps you. Thank you very much and were happy to hear that you're starting to take your personal finances seriously. Thanks Indianapolis. However, we have just a little bit of time but is have a quickly okay so happy that he felt what we could pick up K yeah yeah you breaking up their bit Howard. I think it has to do with the sale of an investment property and how to miss out on the capital gains and if I heard you correctly, the best way to avoid the capital gains or at least to further capital gains on the sale of the commercial property is through what you may be aware of is a 1031 exchange where basically it is long as you get the money into another investment property of like kind or equal or greater value then you can push the capital gains out in the typical 3010 31 exchange. You have 45 days from the date of sale.

That's notice the identification.

To find it. But then you have to complete the sale within 180 days I would look for a qualified intermediary who specializes in this.

To get all the details. Make sure what you're looking at qualifies, but it certainly can be an effective way to avoid the capital gains now enroll the full amount into a similar property that could continue to work for you so I know we had a little trouble hearing you there and hopefully I captured the question correctly, and if so that would be my starting point place as you begin to explore that further power thank you very much we appreciate your patience and hope that we answered your question properly. Thanks again for calling in today Rob, you know we been talking a bit while for the last several days about investing, but if I may, I think one of the best investments you can make is in enough people or an organization that is blessing you, helping you, making a difference in your life that would be your local church. It might be a broadcast ministry right circuit. I would just simply say first of all thank you for being a part of the money was community.

If you listen or you call or you send us emails were grateful.

We want to serve you. We love doing this program every day were so grateful for our partnership with Moody radio but we are listener supported and so that simply means that we can't exist without your partnership financially with us. There's three quick ways to partner with us financially and I would just encourage you to pray first give to your church first. But then, however, the Lord may lead. We would certainly be grateful whether it's $100, $10 or thousand dollars. You can call 88 866-34-TRUTH 11 that's triple 866-34-TRUTH 11 and someone will help you. You can click donate when you go to moneywise or you can text the word give wise that's one word. Give wise to 28950 give Wisner 28950 even listening to moneywise live.

This is a partnership between Moody radio and moneywise media you are listener's around West time Steve Moore hoping you and yours have a wonderful remainder of the day, then join us again next

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