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MoneyWise / Rob West and Steve Moore
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March 31, 2021 8:03 am

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MoneyWise / Rob West and Steve Moore

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March 31, 2021 8:03 am

A theologian once observed that many followers of Jesus love the thought of heaven, but don’t desire to bear His cross—choosing comfort over tribulation. So, have you considered if your lifestyle is keeping you from following Christ more fully? On the next MoneyWise Live, hosts Rob West and Steve Moore talk with author Michael Blue about breaking the chains of complacency. Then Rob and Steve will answer your financial questions. Free to follow Christ 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 surfing so I go to hang the grandma for a bit and I see she's holding her big plastic cup with her tea, but 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 sock 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 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 15th-century theologian Thomas a Kempis wrote Jesus has no money. Lovers of his heavenly kingdom but a few mirrors of his cross. He has many desirous of comfort but few of tribulation is changed after 600 years is your lifestyle keeping you from following Christ today host Rob Weston talks with Dr. Michael blue about breaking the chains of complacency that your calls on anything financial at 800-525-7000 800-525-7000. I'm Steve Moore free to follow Christ. That's next on my attorney and president of the Ron blue Institute.

He's written several books on biblical financial principles, including his latest free to follow discover the riches of a surrendered life. That's right, Steve Michael's also the son of Ron blue, founder of kingdom advisors sees a good friend and Michael has some incredible wisdom to share with us today. I'm really excited about this new book, and Michael, great to have you with us on the program. Thanks Robin Steve it is wonderful to be here, Michael.

I really believe this is an extremely important topic for all of us as believers living in is you and your data pointed out for a long time.

The most affluent nation in history, but this is also been a personal journey for you as you said you've had a comfortable life but tell us how you came to realize something was in fact missing at the tough on you know I have a great blessing of growing up in the home that I grew up in right do you mention my father and he taught me how to manage money from a biblical perspective. Some say he wrote a book on it for many and so I was blessed to know the basics right.

I knew how to save.

I knew how to avoid that. I knew that I was called to give to honor God and so I if you I did it quote unquote right from the start so I was doing all these things as I finished college or something in my 30s, probably as I was living this life from the outside. I look like I was really doing it all right but II realized that I really had a problem at not being selfishly motivated and so you know my my spiritual walk. As I began to look at it really kind of look like this just mirage as I began to explore and so I had an opportunity as I was trying to push into my faith is a little deeper to trust God and to obey him in a clear opportunity to follow him and when it came down to it, my family looked at the end comfortability of the new situation. The challenges that existed and said no and we really chose our comfort if you will, over the call of God, and this brought me to a really devastating place for I realize that I didn't trust that God was enough for me and my family and the hard situation he was calling us into and so I really started to look hard at that where I was. That's powerful because as you said you were trained in these principles. Your dad and mom modeled this for your family. You begin to live this out. And yet you realized you hadn't fully surrendered to share with us in our time before the first break here some of the practical implications of this realization what that begin to look like as you leaned into this new realization you had with the Lord. Sure enough, first thing was, I think I had become accustomed to following a lot of rules and looking correctly and my life and so I began to realize that my heart had to transform as well, and that was really a process of learning to say yes. And when places where God was calling me clearly to obey and so after this journey, where I had this realization. We moved into a smaller house. We downsized our lifestyle.

I'd left a large law firm started a smaller law firm with a friend with really no clients and I began to just seek God and through that, he led me to go to seminary and I really had no reason or understanding why, but that was a time in my life that I felt I needed to just say yes and trust him moves to begin really a process and and that still going on of learning to surrender my decisions surrendering my preferences and send yes to God when I feel him calling me clearly to do something and it's challenging you now. Lots powerful Schwab so excited to continue to unpack this because as you said this has a lot to do with our walk with Christ. But money plays a key role in this is we've often sit on this program, your financial journey is one of the key ways that God shapes your spiritual journey, and I know Michael for you really dealing with the financial aspect of surrender was a big part of this so will connect the dots and help our listeners perhaps think about money as a tool for surrender or stumbling block. You can be the wind and will unpack at right around the corner, that's right.

And later in the program will be taking your calls at 800-525-7000. He's Rob West, I'm Steve Moore. Our guest is Michael blue and will be right back after this great to have you with us today and moneywise live Rob West is your host. I'm Steve Moore, Michael blue was our guest today. Among many other things. Michael is the author of several books. His latest is free to follow. It has a lot to do with the transformed life or transformed heart and held things like well in this country anyway and how affluence can impact our choices and decisions and our call as we hear it from Jesus Christ does no question about that and Michael. I so appreciate your transparent description of the journey you and your wife and family have been on and as you said, that journey continues as it does for all of us. Now, growing up as the son of Ron blue, the author of the teacher that founder if you will, of kingdom, advisors, and the father of Christian financial planning, you Are expected to get the money journey right I would say so. I joke that my siblings and I grew up in this weird financial laboratory. I think where his test subjects. We are expected to get it right. That's great. What I love how you shared just before the break that you were applying the principles and from the world standpoint you were getting it right.

And yet, you realize that there was something missing and you began this journey of surrender that continues today.

Talk about that for a moment what you feel like it really means to answer Jesus calling you know what I think that Jesus's call and Scripture is is pretty blunt at times I think about his words follow me.

I once did a study on the call to follow him and often times it seems like it's accompanied by a rather no call it radical or extreme obedience to begin with, and so you know I think about Luke 923 if anyone would come after me, let him deny himself and take up his cross daily and follow me forever and save his life will lose it, but whoever loses his life for my sake will save it. And so as I thought about answering Jesus's call to follow him. It's this question of what is that look like with him.

I think about the disciples leaving everything I think about Jesus and the rich young ruler who he called to sell everything he tells others, they weren't fit to follow him and then to look back and so as I began to be confronted over and over with these scriptures. I can't begin to realize this is called a kind of belief. This is a call to surrender everything at his feet. Whatever that means. And so I've kind of came to the point where I understood that this may feel costly and the reason it feels costly to us is because it's asking us to die to an idol in our life. Something that we perhaps have put equal to or above following God in my life.

That was my comfort that was you know my family and doing all these things right. That was my idol that I was putting frankly ahead of God and following him and so it was a little bit uncomfortable and painful for me to say no to that idle and begin to die to it slowly as I learned, are trying to seek to follow Jesus is powerful. I was just listening to an interview last week with Paul Tripp, the author, I know you know his work well. He's written a book redeeming money in an interesting observation.

He said so often we listen to teaching around money from God's word. It starts with the call to provide for our families and clearly were to provide. But Paul made the observation that if we start with provision will end up with an un-ending list of needs and wants and we can never get beyond that in many cases, and yet the gospel story is a generosity story can in fact we should start with generosity and get to provision later.

Has that been a part of this journey for you absolutely provision I think is one of these things that is a good thing. Like you mentioned, we are called to care for our families were called to share with those around us that are closest but it can really be a slippery slope. We can justify just about anything as a need. I heard it said one time that the genius if you will, of capitalism, as it turns our once into needs and I think that's the creek that happens in a lot of our lives.

And so if we assume everything is provision. We begin to let this creep happen, but if we begin with. I think generosity is is a good place but I would even take it farther back than that and say begins with really.

This heart of surrender in our lives, which means my strongest desire.

I need to get to a point where I really just want to know God and I want to know him as deeply as I possibly can. And so what is that mean for every one of my decisions that I'm to make. After that, and out of that depth of love for God.

The decisions of my money, and provision will begin to flow, and I believe honor God and in pretty profound and radical ways.

Love, that is. Let's lean into that even a bit further out what is it look like then Michael for each of us and it's gotta be a journey that we each go on with the Lord. What does it look like tubes financially surrender to Christ for listeners wealth and financial surrender. I think is a little bit of a loaded term, perhaps because we often try to come up with rules to fit into the box and that at least that's my tendency. I tend to find enough you can give me a box to get in that box and so financial surrender is this place of saying to God I want to honor you with everything that I have but I have two other aspects to that.

I've been thinking a lot about recently and that is how do I use my finances to fuel my faith or feed my faith and how I use my finances to grow into a person who trusts God more and then the other thing is how I use my finances in a way that helps other people see and savor God as the ultimate provider, the one who gives us all things are good things for his glory, and so can I use my money in a way that is an surrender that I'm honoring God and feeding my faith and I'm drawing others to see God for who he is and so I think that's kind of where surrender begins. It's this heart attitude, but it deftly moves into action. We can't leave it there but we move into obedience through those things. Does that mean do you think then Michael that all of us as believers are called to live a life of austerity of simplicity and then plainness when it comes to how we handle God's money and I don't think when we look at Scripture, we see asceticism as the norm. I think that that can be a really dangerous perversion. I can be a miser with my money and that doesn't honor God. I may make decisions with my money that I buy a more expensive product for a number of reasons. Maybe where it's manufactured, maybe how it helps other people flourish in the world so I don't think that we are called to asceticism or austerity. We look at look at the Old Testament. Think about all of the festivals, all of the celebrations. God calls us to celebrate the good things that he has we think about the breaking of the perfume over Jesus in preparation for burial because that is a celebration of lavish celebrations. I think our celebration is of God's good creation, but it should point towards him as our provider and it should also not just be this norm for everything that we do. It should be periodic and they should be intentional moments of celebration and ensure I do think we should live more simply, is simply not because it's the hard way to go but because it's a better way to live. It frees me up to engage with people around me.

It allows me to engage with people who presumably have much less than I do. And so it it opens up all of these doors and I think we think about simplicity, in this really negative term when I think God invites us in the simplicity because it's a good way to live, not because it's hard yeah well on the end result is not only are we able then to be fully surrendered to have a more intimate relationship with the father but were able to love those around us more fully because we have the capacity to do it well, Michael.

I'm so excited about this project were going to have to have you back because we just scratch the surface but let me challenge each of you listening today pick up a copy of free to follow discover the riches of the surrendered life. Michael, thanks for joining us think your outbreak here Steve Michael blue has been our guest today is the author of free to follow discover the riches of the surrendered life. Check out Amazon you find there.

Your calls next to this is moneywise live stick around. Great to have you aboard, today is moneywise live with less than morning? Arrived today.

Anything financial is fair game. Give us a call. There's one right there. 800 557 800-525-7000.

We have 45 open lines now is a great time to get in, arrived about with your permission. Sure will dive right in. This is from my hometown, Rochester, New York hello Jacqueline how are you today I'm fine. There is shoveling snow up there. I don't know. Now we get a lot of rain oak happy to hear it let you question 121 years all think that you can get a most direct line and don't know that what I done to yeah yeah well first of all to Jacqueline and delighted to hear that you're already thinking about investing. That's a great thing because as we talk about often here on this program the power of compounding works most effectively over a long period of time. So if you can get this money working for you now. You know, in a systematic basis, which means that as you make those systematic investments into whatever it is a mutual funds or stocks you're going to what's called dollar cost average, which means you're gonna buy in at different points highs and lows and over time you know you'll be able to benefit from the long-term trends of the market is option trading legitimate sure. But is it the best thing for most investors. Novice investors in particular, I don't think so. The biggest difference. Jacqueline is the stock represents shares of ownership in individual companies or in the case of a mutual fund of a basket of the stocks again where you are an owner and a company, but an option contract with other investors basically gives you the right to either buy or sell based on an expected price so you're in a sense, betting on the direction you think the stock price is headed that it adds quite a bit of complexity to the investment process requires much more hands-on approach.

It's also a quite a bit riskier. Another downside is the treating or costs or the related costs of buying and selling the options. Generally, it's good to be higher than for stocks.

Although some of the online brokers now offer free options trading. There's also capital gains on your earnings which are higher for asset you held for less than a year. So my recommendation would be that you stay away from this type of investing.

Just because again you without professional training and really a lot of time to dedicate to it. I don't think it's the right approach, but if you again take a systematic approach to your investing in a broadly diversified portfolio and for someone just starting out.

I would tend to look at indexes as a way to do that and you could even use one of the Robo advisors to basically after a series of questions and answers automatically billed in overtime. Rebalance a properly diversified portfolio.

This can include ETF's with domestic international stock small and large Emerging and developed markets but also some bond exposure although your age. Probably a very little bit of bond exposure, if any, and then as you make those investments, it's automatically rebalanced into the right allocation very low cost, very heavily diversified so you're not at the risk of one or just a few companies, which is a biblical principle right out of Ecclesiastes, so that would be the direction I would encourage you to go but I don't want new in any way, stifle your enthusiasm because you know this is the time to be thinking about beginning to establish the discipline of investing. Does that make sense though very high profile that I had a branch out and into the reasons I mentioned, I would encourage you not to do that. I think you know what I would be looking at how you can put more weight on a tax-deferred basis.

I would also not forsake. Even though it's not very exciting to see money growing in 1/2 a percent. Make sure you have enough in liquid savings. So if you had an unexpected expense than you, you're not selling investments at a loss me right now it seems like everything's going up and has been for quite a while that won't always be the case. I think the other thing is, be sure you're giving attention to those short-term needs or even medium-term. You know your ready to buy a house. At some points you same. For that in the car wears out. You want to buy it you with cash. If you have margin.

This is the time to be putting money toward those things and gladden establish the discipline of giving as well, but Jacqueline sounds like you're doing a lot right.

Stand the wine I want to send you a copy of the run blues book, master your money that will hopefully give you a good healthy perspective of financial planning from a biblical perspective that will be our gift to you and that you stay in the line.

Emile get your information, Jacqueline, were glad that you called today and I think you'll be blessed by this book. Thank you very much. Sarasota, Florida hi Stan, what's on your mind wondering why and what about how not been told that you basically want to buy a house or you open up the equity from home that help build it by what you think. Yeah, well, regardless of which one you do first. I'm never going to be a proponent stand of the using the equity in your home for a new business venture. You know there's a reason that 70+ percent of new businesses fail. It's not doesn't mean I'm trying to scare you that you shouldn't start a business way I love small businesses and I think the desire to be an entrepreneur if done the right way going into a business with a real plan and having the proper reserves in all of those things organized know perhaps that you up for success but doing that by using your equity in your primary home meal is not the way to go. In my view, I'd rather see you keep everything separate. So if you haven't bought a home yet. You know, I think it really comes down to where are you in this process. You have stable income right now such that you could start this business and get going while you're still earning a paycheck. If so, I'd say go for it. Otherwise, maybe push that down the road and focus on saving up for the house, but if you do that, make sure you have at least 20% saying God bless thank you very much. 805 five 7000. He's Rob West times more back with more back to moneywise live in. Her phone number 800-525-7000 and Rob as we close in Good Friday and Easter. It's also the end of the month. The 31st.

Any thoughts about that for a well yeah month-end always brings about a look back just to say how are we doing with our giving because if you aren't aware of moneywise media is brought to you each day only by the generous support of our faithful listeners and donors are partners. If you will. And this is a good time to ask you if you've not to given this year you count yourself a part of the moneywise community if you consider that prayerfully would certainly be grateful, especially here at month end so you can give one time, her monthly by heading over to our website moneywise live.org just click the donate button.

We certainly will it. Okay moving along to West Palm Beach, Florida. Emilio what you question for Rob West. Thank you for showing. Really, really do appreciate it long term care insurance. Good idea to purchase you Quote Way. I Don't Know Yes Well It's a Great Question and Yeah I Am a Fan. I Think It's Gotta Be Enough of the Right Folks and Typically I Would Say This Is Somebody Who Has Assets Somewhere North of $300,000, Probably Less Than a Couple of Million in in the House in Assets in and I Realize That Some of Large Swath of People. But Here's the Idea Is This Is Probably in This Season of Life As You Head into Retirement. The Biggest Risk in Terms of the Largest Expense That Could Really Chip Away at Your Hard-Earned Money Because It Can Be Very Very Expensive Depending on Whether You Need In-Home Care or Assisted Living or Nursing Home or Adult Day Care, Whatever That Looks like and You Know the Statistics Will Say That the Majority of Folks Will Need This Now Typically Only Last between an Old 18 Months to Three Years. But Again, It Can Be Very Very Expensive so As Long As You Buy the Right Policy That's Either Going to Cover This Need for You, or Offset It Giving You the Ability to Perhaps Take off Some of the Sting. If You Will, of the Impact That It Will Be on Your Finances.

I Would Say It's It's a Great Thing to Have. You Typically Want to Look at It between the Ages of 55 and 65 to Get It Were Its Most Cost-Effective and You Know I Think in Terms of Your What You Can Expect to Pay at Age 65 in Good Health. Average Policies Run around $2100 Annually Maybe 3100.

If You Have Health Issues but You're Still Accepted and You Know As You Look at It. I Would Consider Some of the Writers in Particular, the Inflation Rider You Also Want to Look at the a Long-Term Share Care Insurance Companies That Are Really Committed to This Space and You Know They Been Rated Highly and Recognize Depending on Any Health Issues You Have One Company May Look at That Particular Health Issue Different Than Another.

So I Would Get Quotes from Multiple, in Fact, I'd Prefer Even to Look at Getting a Long-Term Care Insurance Agent Whose Independent and Can Really Understand Your Needs and Then Go out and Quoted with All of the Big Players and Find the Best Fit for You. So I'm a Fan. The Last Thing I'll Say Though Emilio Is That You Really Need to Make Sure That It Fits in Your Budget Because It Does You No Good If You Go down the Road You Have To Drop It Because You Can't Afford It and Then Get All That Money Is Wasted in Terms of Alternatives That the One Thing You Could Consider Would Be If You Have Life Insurance and You Want to Add It As a Writer You Can Certainly Do That. You Can Look at the Hybrid Life Insurance, Long-Term Care That's Asset-Based, Where You Use the Benefit to Pay for Nursing Homes Tax-Free. You Could Also Get an Annuity That Would Throw off Enough for Long-Term Care Insurance Premiums, but That's Not for Everyone, so I Would Start the Process of Investigating It to Get Some Quote See If It Fits into Your Budget.

At the End of the Day.

I'm a Fan of This Type of Insurance Route. Where Would Emilio Get Additional Information from a Nonbiased Source. Yeah Me. I Think You Could Start Just by Doing Some Research on the Web and There's so Many Great Websites out There Now That I Have Wonderful Objective Articles Investor PDL You Could Go to Nerd Wallet. You Could Go to the Balance Any of These Are Probably the Leading Financial Websites for Personal Finance. But Then I Think That Next Step Is to Find an Insurance Agent Again Who Has a Specialty in This Long-Term Care Insurance Area That Could Begin to Get Quotes Great Emilio Would Let You Call Today. Hope That Helps You Guys. Thanks Very Much. Let's Stay in Florida, and Sandra, How Can We Help You Where to Go. Thank You. One One Now I Will Finding Because I Want Little Bit of the PMI and If I Can Get a Lower Interest Rate. So I Contact the Company Offered Me a Lawn on to Point out the Fan in Years and One or 3.80 Years. I Don't Know Which One Could Go It However Active Different in the United Non-My Loan Amount Increased McKnight Cabin on a More Okay Yeah and so What You Have To Look at Their Is First of All Sandra You Are You in a Spot Where a Refinance Makes Sense and I'll Give You A Few Questions That You Can Answer and I'll Tell You Whether or Not That's the Case, and Then If You Determine That You Are a Good Candidate to Refinance, Then I Think You've Got Really Get Multiple Quotes Now You've You've Done That, but I Get Multiple Quotes for the Same Term and and I'd Make Sure At Least Two of the Three Are on the Line Lenders Who You Know Are Offering Some Pretty Competitive Rates Because It Sounds like You Know the Closing Costs on One of Them. The 15 Year Particular Pretty High and so They're Probably Using Discount Points to Buy down the Rate Facility Back up and and Talk about Whether Your Good Candidate for It. Do You Plan to Stay in Your Home for At Least 5 to 7 Years. Yet Okay What Is Your Current Interest Rate 4.5 Okay What Is Your Credit Score, Roughly, Do You Know That All and 20 Batman the Lower Wanted like 700 Okay. We Used To Have Good Credit, No Matter Which One Other Looking Answer That's Great How Many Years Have You Had Your Current Mortgage Okay and Was It a 30 Year When You Started yet. Okay Great and I in Your Budget. Do You Have Some Money Left over at the End of the Month.

After All the Bills Are Paid Okay Great yet so I Think a Refinance Makes A Lot Of Sense for You, but I Would Be Looking Probably at a 20 Year Mortgage of 15 Year May Push Your Payment up Higher Than You. You Want and You Can Always Add to It. The Good Thing about a 20 Year Mortgage for You Is You Know You're Still Shortening the Term Because You Have 23 Years Left on Your Current Mortgage, Assuming You Haven't Prepaid. Any of the Principal so Your Shortening It, but You're Not Cutting off so Many Years on It That You're Going to Again Make That Monthly Payment Cost Prohibitive. You Should Be Able to Get a Very Attractive Rate on the 20 Year Mortgage in a Well below 3%. I'd Be Looking to Pay No More Than 2.2 Percentage Points in the Form of Closing Costs so You Go Online.

The Bank Rate.com Find Two Lenders to Quote You a 20 Year Mortgage and Then Go to Your Local Bank for the Third and If You Have Any Questions Let You Do That Center.

Thank You Very Much Mary Beth and Cleveland Were Coming Your Way. Thank You for Sharing Your Radio with Us Today. This Is Moneywise Live Blasting Rob Home, One of the Services That Were Pleased to Offer Our Listeners Are Budget Coaches That We Have All across the Country and That Aspect of Our Ministry Continues to Grow Right What It's Exactly Right.

We Have a Wonderful Group of Volunteer Coaches. These Are Men and Women, Some of Whom Are Retired Maybe Stay at Home Parents That Could Be Any Number of Situations, but They Really Love Helping God's People Manage God's Money Vis--Vis Setting up Spending Plans and Giving Plans and Debt Repayment Plan so They Been Specially Trained and They Give of Their Time to Walk Alongside You in a Process That We've Created to Help You Set All That up What We Charge for It. Well, Nothing Other Than Will Ask You to Pay a Small Fee for an Electronic Workbook That Will Guide You through This Virtual Week by Week Process, but the Actual Coaching Itself Is Free and Some Ministry of Moneywise and We Have a New Group of Coaches That Were Just Trained There Ready to Go. So, Whereas We Would Normally Have a Two Week As Much As a Two Month Waiting Period for You to Get Connected with a Coach Right Now That Our Coaches Have Capacity, so If You Want to Get Connected with a Coach Walk through This Process They Be Delighted to Do That with You Just Sent over to Moneywise Live.org, Click the Button That Says Connect with the Coach and Will Get You in the Queue Ready Cleveland, Ohio, Mary Beth, Thank You for Your Patience and What's on Your Mind with New Car That We Have Two More Years to Pay on It and Roughly $6000 Balance. I Just Retired Today and My Husband Is Retired and We Really Only Have about 10,000, and Savings. Though at I Am Wondering If Paying It Is Why RNA but That's Kind of a Big Truck to Take Out Of You. So This Is Your Only Dead Left Mary in the House yet Very Good and so You Got 15,000 Savings and What Is Roughly Your Total Expenses on a Monthly Basis about Now You Know What It's Changing Because I Did Retire Now I'm Going to Get about 3500. Okay, so 3500, You Know, We Would Typically Want You to Have a Minimum of Three Months Expenses in Emergency Reserves.

This Can Be about 10,500 up to As Many As Six Months Expenses Which Would Be You Know the You Would Be Looking at around 25 to 1000.

At That Point and You Know I Think You're Saying That This 15,000 Is Really the Extent of Your Emergency Reserves or Is This in Addition to That, Now That Okay Yeah so What What I Would Do Is Is Really Keep That Money Right Where It Is. I Realize You're Not Earning As Much As You're Paying an Interest on the Car. But What I Wouldn't Want to See You Do Is to Kinda Chew through a Good Bit of That, You're down to $9000 in a Which Is, Right on That Bubble, but You Know Still If You Had an Unexpected Expense of Some Kind.

You Know That Would Potentially Put You in a Tough Spot so You Know I Could See Where Maybe You Accelerate This Payoff by Adding Out Of That Savings You an Extra $300 a Month or Something like That Just to Try to Get It Paid off a Little Quicker Because Obviously Soon As You Pay It off. You Can Take That, the Equivalent of That Car Payment and Put That Back in Savings but I Might Not Do It All at Once.

Just Because I like for You to Keep Some Powder Dry so to Speak and Have Those Reserves to Fall Back on, so I Probably Space It out and Say Okay If We Were on a Tractor Paid off in Three Years. Let's See If We Can Do It in 18 Months.

Which Would You Know Get You out from under That Quicker but Keep a Little Bit More in Reserves. Does That Make Sense at What I Wanted, but in My Mind Yeah That Makes Sense.

Okay, Very Good. Hey Listen I'm Excited for You. What You Believe God Has for You in This Next Season of Life As You Retire Today. All I Know. I Wanted to Grant and Do It Funny Because I Got the Church Already Had Me Doing a Service Project Today That I Was Retired Today. There Was Very Good. Well That's Exciting.

Listen All the Best to You in This New Chapter of Your Life You I Love That Run up the Church. Here Is Your Retiring Today and They Say Hey You Something You Can Do the Work.

God Bless You Marybeth Thank You Very Much Tracy's in Illinois and How Can We Help You Today. You Really Recommend You Earn 300 Earn 300 Year Limelight, and You Recommend It for Yeah Will Let Me Clarify That and Maybe I Wasn't Clear Enough, so I Appreciate You Raising This Boy.

Tracy, It's Not Your Income. It's Not What You Earn in the Year. It's Your Total Assets so All of Your Assets Minus All of Your Liabilities Is Your Net Worth, and If Your Net Worth Is Less Than 300,000. And When You Factor Everything You Have All Your Retirement Savings in Your Home and Everything, Minus Your Liabilities at That Point but Generally You Don't Need Long-Term Care Insurance Because You Would Almost Certainly Rely on Medicaid Assistance.

If You Required Long-Term Nursing Care.

So That's Typically What We Would See in Terms of Stepping in to Cover That Need.

It's Really Those Kind of in That Middle Group Where Your Total Net Worth Is above 300,000 All the Way up to a Couple of Million Dollars. Beyond That Couple $1 Million Market Probably Just Self-Insure You Know If You Have Long-Term Care Need You Just Pay for It Out Of Your Own Assets but to Clarify, It's Not Your Income, It's Really Your Total Net Worth Does That Make Sense Okay Thank You so Much for Going. We Probably Have A Few Listeners Who Make between 300,000 and a Million a Year, but Not Too Many.

I Know I Took a Cut in Pay. I Used To Be up at That. Wednesday Was Either That a Parking Space. I Will for the Park Is Because Parking Space.

All Every Time Fremont, Ohio W CRF a Great Bunch of Folks Working Really Hard at the Station up There. Hi John, Your Final Color of the Day.

How Can We Help You Retired and the We Have Some Opportunity to Mourn the Stock or the Real Estate.

We Have Some of Both. Right Now, and Am Wondering What Would Be the Best Option for Us at This Stage in Life and That Right Now I Am.

I Am Working with Some Social Eternity Is Part of My Income Help Supplement Our Monthly Budget till We Do Have Available to Us to Invest in. So You Arty Have a Pretty Sizable Investment Portfolio of Stocks and Bonds. John You Looking to Add to It or Diversifying the Real Estate Is a Right Now We Have the Way, Is It a Lump Sum or Monthly. I'm Sorry What Is It That You Have over and above That, That You're Looking to Deploy. Is It a Lump Sum That's Sitting in an Account Somewhere or Is It a Monthly Surplus Okay Yeah You Know I Think This Is Going to Mean I Love Real Estate and That's a Great Especially Once You Have a Substantial Stock and Bond Portfolio and You're Doing All the Giving You Want to Do. We Always Should Be Reevaluating That but Diversifying and Other Asset Classes. I Think Makes A Lot Of Sense Because It's Just More Diversification and That's a Good Thing with Real Estate the We Also Have To Understand What Were Getting into Enough Were Taking a Direct Investment As Opposed to Real Estate Investment Trust, or Maybe a Private Placement Where Were Investing in Real Estate Pool and Were Just Generating Income and the Appreciation over Time. That's One Thing but for Going Direct Real Estate Investment. You Gotta Make Sure You Have the Right Reserves to Make Sure You Understand What You're Getting into. If You Go to Become a Landlord and the Upkeep and the Maintenance in the Marketing and You Know Everything That Comes with That and I Would Again Want to Make Sure That You Not Taken A Lot Of Dad in This Season of Life without A Lot to Fall Back on If You Needed It, so I Think with a Monthly Surplus. I'd Probably Redeploy That into Additional Stock and Bond Investments That Are Passive, They Can Be Easily Tailored to Your Risk Level. In This Season of Your Life and I Think That's Probably Going to Be the Best Option for You, but We Appreciate.

Tell Your Call Very Very Much and Stealing.

Just Mention One Thing and We Got a Couple of Calls This Week from Some Folks Are Wondering about Missing Stimulus Checks but Let Me Just Provide Some Information That Might Be Helpful. You, There's Good News for 30 Million Social Security Recipients and Others Who Don't Normally File a Tax Return and That Is That There Checks Have Been Delayed Because the Social Security Administration Was Late in Getting the Necessary Information to the IRS but That Has Now Happened in the Treasury Department Just Announced I Read It.

Just This Morning That Those Stimulus Payments Will Be Processed This Weekend and Sent Electronically by April 7. That's a Week from Today. Also, the IRS Says It Expects to Send Stimulus Payments to Veterans Affairs Beneficiaries by Mid April. So for Those Who Are Looking for That Jacket That You Your Social Security Recipient.

You Don't Normally File a Return, Just Know the Fact You Haven't Got Your Check yet Is Not It's Not You, It's That There's Been a Delay but It's All Supposed to Happen in the Next Week Will, It Is Good to Listen As Rob Pointed out, He Just Heard This Morning. The IRS Apparently Has a Direct Line to Rob's Home and They Share All Updated Information Directly with Rob and Then You Hear It.

On This Program. That's Where They Disseminate All Their Stuff, You Know, I Think You Know I Think You Is Rob Last Time Steve or Thanks for Listening. My Thanks to Our Technical Staff Today Doing Great Work, Amy and Gabby TN Jim Henry Please Don't Forget That This Program Moneywise Live Is a Partnership between Moody Radio and Moneywise Media.

Thanks for Listening.

Have a Great Day Then Please Join Us Tomorrow Special Program That's Tomorrow Moneywise Live


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