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Spousal Social Security Benefits

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
April 7, 2021 8:03 am

Spousal Social Security Benefits

MoneyWise / Rob West and Steve Moore

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April 7, 2021 8:03 am

Many people are familiar with how their own Social Security benefits work but fewer are aware of how spousal benefits work. If you’re married, were married in the past or have never received a paycheck, you just may be eligible to get your spouse’s retirement benefits. On the next MoneyWise Live, hosts Rob West and Steve Moore discuss ‘spousal’ and ‘survivor’ benefits. Social security spousal benefits 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
Planning Matters Radio
Peter Richon
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. If you go to our mortgage teams website you'll find hundreds of testimonials of real Christian radio listeners. We've helped Laura here is a recent friend was kind enough to share a few words with our local station actually work. Grandma and how Mary Kelly and Lee found out if they like making out with a sellers market Filing.

But anytime we needed her steely fair practice.

He got everything we needed it and mentally asked for it and made it work. Steve made sure that if that was the house that our family wanted plea-bargaining at that house their wonderful company and were just really glad that we found them in a contest that they helped us get there and we are in now. My migraines been in our family is so happy we are united states mortgage 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. Today's version moneywise live reporting a lot of folks will tell you that they can't receive Social Security benefits unless you've worked and pay payroll taxes for at least 40 quarters or 10 years of the problem with that is a lot of folks are wrong they were talking about spousal and survivor benefits today. You may be eligible for them even if you never received a paycheck host Rob West fills us in on that verse today know we are prerecorded to please hold your calls until next time we have some questions already lined up Steve Moore for a few minutes today important retirement information. Next, moneywise live Rob Social Security is maybe even too important, certainly occasionally a bit confusing, but people do make this a big part of their retirement plan by not having enough savings which is not the way it was set up to work, but that's all the more reason to know more about what you have and how much you have been and all the rest is absolutely Steve it's especially important to do your research.

If you haven't worked the required 10 years because the Social Security Administration usually won't inform you that you may be eligible for benefits.

Let's get to know right off the top.

So let's give folks a jumpstart on that research. First of all, how does regular working person qualify for Social Security benefits. If you don't have the necessary work record what like you mentioned at the top.

The first way is through what's called spousal benefits, you may not be eligible to receive benefits based on your work record, but you may still be able to receive them based on your spouse's record, or even your former spouse's record in the case of a divorce. Okay, let's get to know but what would those benefits look like. If you're getting spousal benefits what works like this, you may be eligible for up to 50% of your spouse's benefit if he or she claims out there full retirement age. So for example if your spouse is eligible to receive 1500 a month at their full retirement age or benefit amount could be as much a 750 a month okay and when does that happen. Well, you'd have to be at least 62 years old and your spouse would have to be receiving benefits already. Now you can claim your spousal benefits that early, at age 62. But if you do there's a cost. If you claim them before your full retirement age, which is now 66 or 67 welding your benefits will be permanently reduced by up to 30% unless you're caring for an eligible child under the age of 16.

So bottom line is Steve unless you absolutely can't live without the money. It's better to wait for your full retirement age to collect spousal benefits in addition to rent if it's okay, you mentioned something about divorce, how would that work that well it's interesting you could almost say divorce has no impact at all, and here's what I mean by that. If you're divorced, you may still be able to claim benefits based on your ex-spouses work record of the marriage must have lasted at least 10 years and you can't currently be married and even if your ex has re-married you're still eligible based on his or her record as would be the case with a current spouse, you have to be at least 62 years old the file for divorce benefits and your maximum benefit would again be 50% of your ex spouse's full benefit amount.

If he or she files at full retirement age, but unlike a current spouse, your ex-spouse does not need to have already applied for Social Security benefits for you to receive them based on their record. Finally Steve, your claiming benefits has no effect on your former spouses or their current spouse's benefits whatsoever. Okay my head is spinning a bit here. I understood everything you said. I just hope I can remember it for more than a few minutes but I guess the upshot is you're not left out in the cold.

If you've been divorced wanted here a little, or a widower. Well, now we're getting into what's called survivors benefits your eligibility for those depends on the age of your spouse when they passed away. So if your spouse work for at least 10 years. Then they would have qualified for benefits and as a result, you may be entitled to survivor's benefits. But even if your spouse didn't work that long. There's still a chance you could qualify and you really need to check with your local Social Security office for more formation on that and personally I found those folks to be quite helpful because this can be confusing. Yet, no question about it. For example, as a widow or widower you have to be at least 16, not 62 to file for benefits but you also may qualify for age 50 or older and have the disability so as you can see, it gets a bit technical only come back after the break will finish up the segment and hopefully give a few more details listening to moneywise live but today we're not lives so if you hear that phone number. Please don't call but to stick around.

Lots of good information. Yes, it's true. Steve Moore has retired his cohost and Rob West is spending a little time with his family. So enjoy some encore presentations of moneywise live this week and join us on April 12 moneywise live 2.0: this Rob what about nonspouse receiving survivor benefits now so this would be children, ex-spouses, parents, sometimes even other relatives. They may qualify Steve and all of those cases, the amount of the benefit depends greatly on how much the worker was eligible to receive and how many people file for benefits. There's a maximum amount a family can receive.

And that's based on the deceased's work record as well. So that's again an area where you want to get a bit more information. This may be new information for a lot of folks. I know there a lot of folks who don't even realize that a spousal benefit exists, let alone survivors benefits. So this is something you certainly want to get more information on or your local Social Security office and I happen to be on

Just a few days ago and I have to say no, their websites and then there are websites, but I found this one well done and easy to understand, and you know sometimes when people here.

They have to go to a government website. They almost give up before they begin to try because it sounds like something complicated that they'll have to wade through lots of fine print, but I found to be very understandable and easy to use so don't be afraid to check that out Carrabba's take some calls. Let's see, let's go back to Columbus, Ohio Candace, thanks so much for holding on what you question for Rob West and I received an alert when it was mailed out. I don't really make an amount yeah yeah they are going out actively. Candace and so you many folks have already received them, but many habits of that's not a complete surprise doesn't mean necessarily there's anything wrong, let me encourage you to go to the irises website, They recently revamped this section you want to look for the get my payment portal.

It'll just say get my payment.

If you click on that. Follow the instructions you can put in the information and get some insight as to what's going on, but I suspect it's going to be there any time, but I think this get my payment will be exactly what you need hopefully get to the information you're looking for and that check will be there before you know it is so even though your neighbors may have received. There is Candace there still printing those they are still mailing those so nothing to be too alarmed about. Okay okay yes but I thanks Candace. Let's go to Chicago Tony, how can we help you hi Tony Willis, no Tony, are you there okay I don't I don't hear Tony.

Maybe we can try to get her back have an email. This is from Tom, he says, can I borrow money from my credit card to replace my roof. The cost would be around $12,000 we could pay it back.

We think within 30 to 45 days we think about that now.

I don't like that at all. Even though you can take a loan against your credit card. The others, usually a fee for that and you have a sky high interest. The challenge is, imagine if you think you can pay back, but then you can't get your best laid plans go awry. And now you've got a really high interest debt that you've got to take care of and service every month. That's going to make that roof very costly over time. So I would delay that as long as you can and try to cut back expenses lifestyle the best you can so you can start saving for that and see if you can build that maybe do some minor repairs just to keep it in working order so you don't creating more damage. But then, you know, go ahead and save into you can do the full repair time.

We appreciate that question things astride Chicago one more time Tony, are you there super, how can we help and we have a call IRA or employee. No one can Tell it like two years old now are a little bit more than two years old. I have heard a 401(k) better but I already have and a little bit more to implement and manage or whatever and I have my daughter also working with that so I'm I'm wondering why in critic, then click it over to a 401(k) or get still operate employee as a plan yeah simple IRA with a simple plan for small businesses.

Tony, for the reasons you mentioned. The symbol is easy to set up a very inexpensive doesn't have the expensing of filing requirements each year just very easy to maintain. You can offer matching you have to do it consistent across the board on for everybody, but you can offer a matching portion. Why is it do you think they're not taking advantage of it like my spelling.

I wanted the employees are. I don't I don't really understand why no one had taken 13 years of free money right now absolutely and are you offering to match. Okay, this is an education thing.

I believe Tony not anything else you need to get somebody in there that can explain to them you know what this is in the benefit that your offering, you know what I could see you going through the whole process of setting up a 401(k) all the time and expense, not to mention the set up cost of the annual expense of maintaining it and then nobody does that, either. And so you haven't improved the situation so I I think perhaps maybe find a financial advisor in your church, somebody who's a friend. Maybe call it a certified kingdom advisor there in Chicago. See if somebody be willing to come in and just give an hour of their time to explain you to your employees including your daughter what they have thought to take advantage of here or maybe you just educate yourself and you know duo a little lunch and learn to listen.

I want to buy everybody lunch. Maybe it's over zoom because of coated but you send him you know a gift card for lunch and then you asked them to come on the zoom and you take 30 minutes.

Explain the benefit that you've given them, and you have the free money that they're passing up and how simple and easy it is to take advantage of. So I think that's your first step before I ever consider putting a 401(k) in place for small business is just too costly and I don't think it's actually Rob that's great advice Tony we wish you and your employees the very best selling a generous and year were going to pause for a brief break that will be back with more you're listening to moneywise live from last time Steve Moore more coming after this is and if I give all my possessions to the poor and if I deliver my body to be burned but do not have love, it profits me nothing. A real pleasure to have you with us today.

This is moneywise live time Steve Moore 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 so stick around. This is moneywise live let's go directly to our phones. Chicago Anna, thanks for your patience and what you question about Allah, but I want to mow ILA and I was wondering if you will be why my conversations I those computer investment programs like that. I checked the strap one all intelligent portfolio that somebody manage their great question.

How much did you say you have in that for 3B that you be rolling over about 300,000 okay yeah you know I'm a fan of the Robo advisors for someone who's just starting out. It's a great option if you're just getting going. The minimums are often very small there very low cost. You get great diversification using an index strategy. There great with rebalancing as your contributing so as your building wealth in the market. I think of the Robo advisors are a phenomenal tool and a lot of the millennial's are using them and that's a great thing when you have the substantial assets like you have after you been working for a long time to build that up. I think you can do better to have an investment professional working with you just to make sure that your unique needs are addressed.

It's not that the Robo advisors can't accomplish that but I think somebody in your situation would really benefit by having somebody you could sit down with face-to-face asked questions really gets to know you and what God has for you in this new season of life can really help to tailor the investments to your needs as well as the tax considerations the income that you will need to draw off this at some point that would probably be more suited for this stage of life that you rent. So if you don't have someone there some wonderful certified kingdom advisors there in Chicago. Anna if you just go to moneywise

Click on find ACK night interview two or three. Find the one that said the best fit for you and that probably be the way to go. They can answer all your questions. There generally would not be any kind of consultation fee, and you really want to just find some of that's a good match for you, but that would be my preference for you at this stage of life that work for you Anna so long for. Yeah, that's a lot of money and there's no question about it. You've obviously been a diligent saver. You've worked a long time.

You've saved a long time.

Clearly limited your lifestyle.

I'm excited for you as you enter this really fun season of life. Or you can ask God what's next what's my next assignment and it sounds like you have the resources you need to be able to maintain your lifestyle. The key is just to be a wise steward in the Bible is very clear that we should seek wise counsel.

So I think that's why you would be headed in this direction, but we appreciate you taking the time not only to listen to the program but to call in today with your question and we appreciate your loyal listenership and I got blessed Nashville, Tennessee hi Alex, what's going on in your life's are my call a white guy the white car use. I just need to bind on cost for my next question is bought by I think you should on company, suggestion, I see. So the question is if you buy a used car and did you say with a rebuilt engine that I hear you correctly rebuilt title okay. Alright. And how would that affect the insurance to my knowledge, you mean they're gonna want to know that there's a clean title and is there not on this car you're looking at the some of that it will stratify talk a lot if you are authorized for me okay we just at the benefit of our listeners that clear title just simply means it's never been deemed a total loss. Otherwise, it would be known as a salvage car and so you'd be obvious that what you want to be looking for.

And if you didn't have a clean title. I would think that the insurance would take issue with that.

Steve for your thoughts. Well, sometimes it's known as a salvage title sometimes is just known as a rebuilt title or rebuilt title but it does mean that we at one point the car was actually totaled by the insurance company and then the car has been rebuilt so that it then mates meets the state qualifications. Typically, the state will send out an inspector to approve the work that's been done on the car so that even though the car was totaled at one time the state now deems that it's usable and safe.

However, once it has a salvage title. Most insurance companies will provide a liability insurance for it but they won't offer you anything else, not comprehensive, not collision because they don't really know what else may have happened to the car that wasn't seen or addressed. So typically you will lose about 50% of the value of a car with a rebuilt title. I have purchased a couple of cars that way. In fact, it was a wonderful Christian guy and that's what he specialized in was rebuilt title cars and that typically it was up about 50% less than the market value for what what you're a non-salvage title would've been and that was a good deal so you just have to know what you're looking at and take your chances and ask an independent mechanic, perhaps even review it, but not a bad option if money is tight.

My body and if I get caught. Well, I mean if it has a rebuilt title already and you get in an accident yeah because you don't have collision insurance.

More than likely, you just have to bear the entire value of repairing the car yet again. I see you just have to you have open eyes going in and be prepared to deal with that if it happens but if your money is tight.

That's all you can afford, then that's not a bad option as long as you're dealing with honest people that think the big idea here is that very few insurance companies will in fact give comprehensive coverage on these salvage to rebuilt titles and suggest anywhere that I know that in addition to getting the savings on the purchase. There are some risks there and you need to be able to cover those in the event you had a collision that was not covered. You'd be out that money and out the car for a period of time.

So hey Alex, thanks for checking back in with us. We wish you the best as you pursue this appreciate that Alex and speaking of auto insurance. I just received something in the mail the other day reminding me it was time for me to renew my auto insurance. This is my third year with this company, and typically this is the time when I re-shop my insurance lots of insurance companies will you a great rate going in, but by the third year they want to recover that inexpensive or cheap rate of that they offer you initially so if that's your situation. Be careful about that. Go out and shop every third or fourth year and save yourself some money process. You're listening to moneywise live with Rob last today's broadcast is recorded so we won't be taking any calls but we have some calls lined up in some great nation coming your way that I think usable and very very this is moneywise live on Steve more, visit our website if you haven't been there in a while.

Or perhaps you've never been there you find this to moneywise moneywise moneywise live.Oregon.

There you'll find lots of information about who we are what we do access to free resources like a budget template sways to find a certified kingdom advisor in your area how to connect with a budget coach at no charge and much much more. You can also make a donation to our ministry. If you'd be so inclined. We ask that you pray about that. If you enjoy the program and then click the donate button at the top of the page moneywise live.ORG that's good.

Chicago hi Becky nice to have you there and what's on your mind, are very little credit will Becky tell me a little about the status of your savings. Do you have any savings. Currently, okay, what was would be the total roughly of your expenses each month more blood and got her pregnant are there and how literally trying every time that we have medical bills that we have to have surgery.

I got you just as you will have a budget of you taking the time to really track your spending for a period of time and get it all written down and categorized us to see exactly what you need on a monthly basis is want to make sure that you've done that and are you living by them. If you found a system that works for you Becky were your controlling the flow of money in and out.

You know how much is left each month during the month and the discretionary categories you're curbing your spending. As you're getting down, you know, toward the end of the month in certain areas so that you stay on budget and you have that kind of process in place did we lose you Becky all right. I'm not here.

You want to give you some thoughts I think that's really the first step is. I'm glad to hear that you've done the budget that's great. Now we need to make sure that you guys really have a process to control it and that's where the moneywise app comes in. It's a digital envelope system. The old tried-and-true envelope system is the best way to control your money and I with our new moneywise app that you find in your app store. You can connected to your institutions download your transactions. They get automatically categorized into your envelopes and here's the key at any point in the month you can open it up and see what's left in an envelope so that you can make midmonth corrections along the way and begin to dial your spending back as needed to stay on budget. That's key also using that process to look for any available areas to cutback you clearly have a time on your plate that you just talked about so I realize it's very difficult and things are changing all the time, especially medically.

I get that about what we want to do is try to reduce spending wherever possible so that we can free up margin on a monthly basis after the minimum debt payments are made and after the expenses are covered. We want to try to build that savings up to three months expenses, especially with as many variables as you have going. So I think the better option.

With this bonus that you got Becky is for you to build up that emergency savings to three months expenses. So you've got that to fall back on because I don't want you to want you to break the cycle having of having to go to the credit cards anytime something comes out of left field and I realized that probably happens more often than not, instead of really piling on the credit cards right now and by the way, if you have anything more than what would get you three months expenses.

Let's go right to the credit cards and try to pay those down, but in the meantime, let's visit with Christian credit and let's see if we can use a debt management program to get the interest rates down. By the way, you'll pay the debts off 80% faster and that's can help you start making some progress toward getting those paid off as you pay them off and you have a consistent monthly payment that fits into your budget. That's going to free up money when you're done to put back toward paying down the medical bills and getting savings even hired toward six months expenses then we can start looking longer-term, so I realize you have the weight of the world on your right now will certainly ask her moneywise live community be praying for you, but I'd encourage you to start with the budget tracking system and Christian credit and if you have any other questions, give us a call back at that. Thanks very much for calling I'm sorry we lost you in the middle of that but I hope that you're able to hear the rest of Rob's answer.

Thanks very much and if you need to call us back again on another day with give it another try. Grand Rapids, Michigan hi Dee, what you question today, I quit crying. I am when that Greek happened a couple years ago I went right back here, let me carry that on give me a letter letting me know and then get treatment remake daddy timeline where dairy like settlement and keep track in her Social Security number and nothing came up and she never got like a pregnant nine and a bit, I think that I speak out about a separately anchored $150 an acre. Well, anything dedicate legitimate. Thank expended PFM if you know anything about that.

Yeah I do DN it is legitimate. I think the key is you don't want to respond to something you get by email. You want to go to the site.

The really is dedicated to this and the website is aqua fax breach aqua fax breach and if you put in your information there and you find that you are eligible and you did have the losses or the time spent during the period of time where it's relevance to this particular settlement and you you don't qualify based on having paid for monitoring services or the other and the necessary pieces, then absolutely I would proceed, but you'll just want to check that website. Make sure you're at the right place and get its echo fax breach for you to get more information about your specific eligibility. Thank you Dave to try to squeeze in Patrick here calling from McHenry, Illinois what your investment question Pat, I just read I just read it and thought, and I know you moneywise live would not think it was a very wide shot up hundred and 30,000 pulled it out by and I have a lot to learn.

Not planning on doing thousand and and now have 500 and I was just wondering about that and I wish I would've learned about will. That's not something will really teach you, but I wonder what you weigh about going about paying taxes on that because I know I don't know everything about… Everything about investing, but if you hold a stock for so long that you don't have to pay the taxes on it, but this is basically a trade before we run out of time. Okay yeah well I think the key here is your right. We were not crazy about penny stocks because they're often highly concentrated. You don't have proper diversification and by the way the average penny stock last year lost 27%, so I'd rather you be properly diversified investing for the long haul.

In terms of a short-term gain. That's just good to be at your normal tax rate.

And that's another way to be taxed. He will be right back moneywise live anymore is writing often with the retirement sunset, leaving Rob to clean up after the party so you are hearing an encore presentation moneywise live.

This is moneywise live where we come to you each day remembering that God owns it all and then we take what he's given us to manage and do our best to manage it.

According to his principles as we find them in his Word the Bible.

Let's continue on Quitman, Mississippi hello Paula and what's on your mind.

The redhead about yes redhead, Paul. I hate, and money in a written account what what it might put it look natural. From yeah I would be looking for an online bank that offers a business savings account. You will not find the same options as you do with a personal account but there are still some great options out there for you to get more of a higher yield business savings account. That's what you're looking just to improve the yield that you're receiving is that right yeah okay I would check out the bank and in which you be looking for would be high yield business savings accounts, you know, again, you'll find them anywhere from you right now .8% up to a point and 1/2%, some with no fee and you know depending on how much you're carrying the waiver balance you may or may not see a whole lot of money out of that but every little bit helps right and so as long as it works for you in terms of the practicality of the day-to-day management of the business, you may be a good option for you to consider an alternate account that that gives you a little bit yield there. So again bank is a great website for you to explore that.

And I think you'll find what you're looking for Paula and Rob.

The difference between a business savings account in a regular personal savings account would be what you want to see starts with business and one starts with person you deal with personal accounts. They actually just the others more options and we get into business banking and business savings, just not all banks will offer the same terms the same rates on the business side as they do the personal side, there tends to be more transactions, more in and out in a business environment that interpersonal and so you will just find a difference there. And so that's why when you're looking for a business savings you specifically need to go out and look for a business savings account as opposed to just looking for the highest yield savings account. Most of those that you come across will be personal and some of it may be only personal okay understood. Thanks, Mark is in Aurora, Illinois, and Marco what you question today for Rob. I call Jeremy talking about refinancing mortgages and one of things I don't hear frequently is modifying a mortgage or taking the amount of difference in principle that you would pay going from 30 year fixed up 15 year fixed and just applying it to the main part of the principal reduction yeah you thought well love that Mark and savor both of them only talk about each one. Loan modification obviously is something that's a bit different than a refinance in that you're just asking the lender to change the terms of the existing mortgage and not actually replacing the mortgage.

The challenge with a loan modification is that most people don't qualify because you're going to have to provide the documentation to show hardship or some basis for why they would modify this loan you on your behalf, and most people just simply aren't in a position to qualify if they will, you might as well ask if you think you could qualify for a modification, but in many cases, they'll just refuse that request and so it's fairly uncommon unless again you're in a hardship situation in terms of just taking your existing mortgage and paying against the principal. Absolutely, you know that's the way to go for most people to just default to the 30 year mortgage because they want to keep the payment well within their means the ability to get that paid off that much quicker is to prepay the principal and what I like is either going taking 112 of the mortgage payment and sending that extra every month.

Or you could try to focus on sending one extra payment a year or do what's called a biweekly mortgage where you pay half a payment every two weeks. Well, there's 26, two week periods, which means you'll send 13 full payments which happens to be one extra that's good to take a 30 year mortgage and depending on the rate probably get that down to 25 or 26 years just listening one extra payment a year so I think that's a phenomenal idea that we only talk about refinancing for those where if you're going to be in the house. 5 to 7 years. You can save a point, preferably appointment half on the interest rate that can really go a long way to helping you save in total interest dollars spent. Assuming you're going to stay in the home which gives you enough time to pray, pay back the cost of the refinance, but all three of those should be evaluated depending upon your situation is at something. Thanks okay thanks for arranging that point to goats good thought, yet they very much Mark appreciate that. Let's see how about the St. Louis in a group that you ever been the arch.

I've never been to St. Louis. No well you say you and I take a trip, okay. All right moneywise live from St. Louis by the bagels you pay for the airfare chair on a thank you very much for the call yesterday and what you question God will and bacon that any night all my thinking to get them to manage money well there's a couple of options out there, one that's the kind of fun. It's got a smart phone app. It's very visual and it's really designed for people to start investing with just as little as five dollars is called stockpile just like it sounds, no monthly fees are minimums you to pay $0.99 a trade. But again, it's very intuitive and it's something that for kids. I think it with your help, of course, because it would be a joint account.

It could be, or custodial account. It could be a very effective tool in fact I've done it with my kids where they want to do invest in specific companies and I like to use that as a learning experience for them to go out. Research the companies that they're interested in investing in come back to me and tell me why they then put some money yeah and then it gives them some incentive to track the progress of those particular companies because remember where your treasure is, there your heart will be also. God's word says so. It's funny how when you invest in a company you become really interested in how the company is going to do on a quarterly basis and so that's a great way to get started doing downside to buying individual stocks which you can do through stockpile because you can buy something called a fractional share. So even though that the company like Apple or alphabet Google or yellow Amazon or any of those might be trading at hundreds of dollars per share. You can buy what's called a fractional share, so you can still invest in those companies even though you couldn't afford to buy a single share in that.

So one of the benefits of stockpile.

But the downside is you can't trade too much because with a very small account even $0.99 a trade will add up. And secondly, we want to treat teach this principle you find in Ecclesiastes of diversification and so when you're investing in just one or two companies you can use it as a learning experience. But it's not the right strategy. If you start to put meaningful money and you want to use probably indexes and ETF's.

So you can get broad exposure into the market and begin to teach the idea of diversification. So let's do this. I want to send you a copy of the Howard Dayton's book, your money counts of your stable and will send that to you. You can go through that with them begin to talk about some of these principles of handling money.

God's way and then to get started in investing. You can check out stockpile for fractional shares or if you want to put money in for more of a long-term strategy.

I'd look at either betterment or wealth, front, and I think that give you what you're looking for in a row we've had a couple of people mentioned young people today teaching young people working with young people. We had a young man calls was 19 is trying to work on some things. In fact, he said I wish they taught this in high school boy. This is this is a critical crucial area. Don't you think teaching young people how to handle finances. Everything from you know how the how the system works in the United States to how to apply for a savings account or a checking account, how to balance your checkbook and then right on down practical stuff that young people need to know before they head off to college was exactly right Stephen.

Unfortunately, too often they're not leaving the house with this kind of education there's the financial literacy side. But then there's the biblical side as well, which is so critical to understand God's way of handling money and our friend Ron blue is doing a lot of work. To that end, if you want to learn more about what they're doing in high schools and universities across the country, including home schools.

Visit their website.

Ron blue really exciting things happening and will maybe talk more about that in the future projects.

We will endear Rob thanks very much and thank you for tuning in and for listening today. If you're wondering about maybe refinancing your current home or maybe buying a home or rental property. If you're somewhere in the middle of the mortgage Mays once put it that way. I like to suggest a copy of Dale Vermillion's book and navigating the mortgage maze, others all kinds of great information there biblical practical how to apply for mortgage various types of mortgage financing. What about some tax concerns best payment options top 10 mortgage traps to avoid and what to do if you just don't qualify for mortgage that and more. When you pick up a copy of navigating the mortgage maze by our good friend Dale Vermillion effect.

They'll be joining us soon on an upcoming program, but in the meantime, you might want to purchase a copy of his book and you'll find it and others available to purchase.

When you visit our website which is moneywise moneywise live.OR moneywise live is a partnership between woody radio and moneywise media do us a favor tell a friend about the program so they can tune in and enjoy it as well. If you have an email question if you'd like to send around West that addresses a short one Keep your questions short as well. My thanks to our technical crew, Amy, Judy, Jim and Gabby T. Thanks so much for being there. Join us again next

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