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How to Save on Gas

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
April 13, 2021 8:03 am

How to Save on Gas

MoneyWise / Rob West and Steve Moore

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April 13, 2021 8:03 am

With summer just around the corner, certain things are inevitable. The weather’s getting warmer, days are getting longer, and gas prices are on the rise. On the next MoneyWise Live, host Rob West has some ways you can get more miles out of your tank of gas. Then he’ll answer your calls and questions on various financial topics. It's how to save on gas on the next MoneyWise Live at 4pm Eastern/3pm Central on Moody Radio.

The Christian Car Guy
Robby Dilmore
The Christian Car Guy
Robby Dilmore
The Christian Car Guy
Robby Dilmore
The Christian Car Guy
Robby Dilmore

This is Doug Hastings, VP of Moody radio and were thankful for support from our listeners, and businesses like United faith mortgage.

My best friend is blessed with three kids in a big house all the kids have their own rooms, but recently life in a bagel house is been different. In an effort to solve kid boredom.

My friend, but when those massive blue tarps and created a full room tent in the spare bedroom. They put each of the kids mattresses under the tent in the shape of a T and every night for now, five weeks the kids have slept with their heads, feet apart and set of rooms apart, it's Ryan from United faith mortgage and when I see a home.

I can help it see interest rates, escrows, and trying to help listeners pay the least amount possible. But for me that story was a needed reminder that it doesn't matter whether our homes are big or small it only matters whether willing to enjoy the little things that God gave us today like a tarp tent. If you happen to be looking for a new place to put up a tarp of your own. We are United faith mortgage United faith mortgage is a DBA of United mortgage Corp. 25 Millville Park Rd., Melville, NY license mortgage banker for licensing information, go to an MLS consumer corporate MLS number 1330. Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah and is just around the corner. Certain things are inevitable. The weather is getting warmer and things are getting longer and gas prices well there is absolutely you see that happening a month ago for $35 to fill up.

Now it's 45 Rob Weston today have some ways you can get more miles out of your 10 minutes onto your calls at 800-525-7000 800-525-7000. This is moneywise live biblical wisdom meets today's so this time of year. It's a good idea to look at how much budgeted for gasoline and maybe make some adjustments as prices go up. The good news is there are plenty of ways to make your gas dollars go further.

But one way is to let your smart phone work for you.

There are several apps that will help you find the cheapest gas in your area I gas buddy and ways.

That's of course W ACE to name a couple for links in today show notes. By the way, and don't wait till your own easy to fill up when you're forced to buy gas at the nearest station on the other hand, don't drive to the next county just to save a few pennies a gallon. Well, that will end up costing you more money. You can also join a rewards program to save on fuel. Lots of station chains and grocery stores offer fuel rewards programs to keep you coming back if you download the gas buddy. It actually has a feature called pay with gas buddy that could save you up to $0.25 a gallon that many of the national change that adds up quickly, others a paid version. The cost about eight dollars a month. It could save you up to $0.40 a gallon.

So depending on how often you fill up it could pay for itself and get you money ahead. Then again, you can simply use a credit card that offers cashback or rewards points when you buy gas, but make sure you pick those off every month, or the interest will eat up your savings in a hurry. Now this one is interesting. Did you know that when you fill up you can affect the price you have to pay for gas by filling up early in the week.

You can save money that a recent study actually show the gas prices are usually lowest on Mondays and Tuesdays avoid hitting the pump on Friday, Saturday or Sunday if you can, because that's when prices are the highest might save you only a few pennies a gallon but it all adds up these next few involved habits or behavior that can stretch your guest dollars. Of course, we'd have to start with carpooling, the longer your commute.

The more you can save by sharing rides with coworkers and kids activities are starting to pick up again. I know they certainly are in my house and there's more opportunity to save, thereby organizing carpools with friends and neighbors to get the kids to their extracurricular activities. It'll save you a ton of time as can also bundle your trip so organize your shopping and errands so that you can do all or most of them in one trip. If you do that consistently you might say about tank of gas or two over the course of the year. Are you a jack rabbit driver rapid acceleration got you money as well and brake pads.

If you have to jam on the brakes constantly, so take your foot off the gas sooner and glide more to a stop and of course always obey the speed limit, which will also save you money on speeding tickets and insurance premiums. Now another way to avoid tickets and save on gas is to use cruise control when it's safe. Staying at a steady speed reduces fuel consumption and anxiety when you go through speed trap as long as you're not cruising above the speed limit. Of course, and as we had in the summer months. We always want to crank up the air conditioning but you can actually make your gas dollars go further by cutting back on the AC that you can definitely cut fuel consumption by turning off the AC in opening the windows when you're driving around town, but there is evidence that open windows create enough drag at higher speeds that it's actually more fuel-efficient to run the air conditioner and keep the windows rolled up when you're driving at highway speeds. Interestingly, now let's take a look at the car itself. Your vehicle's condition can actually affect how much gas you use.

Studies show that underinflated tires, for example, can cost you a penny a gallon. Your gas cap may also be costing you money as well.

If there's a bad seal gas can actually evaporate from the tank. Also junk in the trunk can cost you money want to take any items out that you don't need to get better gas mileage. And finally, using the right brain oil. The energy Department says the wrong rate of oil could cost you as much as a nickel.

Plenty of ways to take the sting out of this summer's high gas prices your calls or next. 800-525-7000 on Rob West. This is moneywise live for God's word informs every financial decision moneywise live on Rob West euros along with us today as we mind the Scriptures. Yes.

2350 verses in God's word dealing with money and possessions and assets and we will apply those to your financial life. The decisions the choices things that you are wrestling with each day. Why so much. In God's word about money will I firmly believe it's because this area of our lives is most often the chief competitor, the Lordship of something's going to dethrone God from his rightful place in first position in our lives.

Since most often going to be money in the things that money can buy. We certainly see that theme throughout Scripture that that money is a riddled root of all evil. It's the love of money, but we gotta get it right. God owns it all.

Money is a tool to accomplish his purposes. The question is how do we navigate this life, because we all spend money all day long. Whether we do it actively or passively, the question is does the way we allocate God's money reflect what's most important to us. It really is a barometer not only of what we value, but to our spiritual condition as well and so try to navigate that together and in community and when we can do that is through your question so we look forward to hearing from you today.

Whatever's on your mind. Whether it's related to giving dad's. Perhaps it's saving for the future, investing, retirement, whatever it is any topic is fair game today here in moneywise live.

Here's the number 800-525-7000 800-525-7000. We have a number of lines open and will look forward to hearing from you today but let's begin with a question that came in by email. We do a take email questions try to get to as many of them as we can. Many of these come right out of our moneywise app which, if you haven't downloaded is available in your app store today and just click on the community tab post away any questions or comments you have and are moneywise coaches are in their responding to those questions in our moneywise community and I drop by there periodically, as well. We also grab several of these throbbing from the community and answer them on the air. So this one actually comes right out of our community. This one comes from Sarah and she is in court Elaine she says Rob any recommendations or ideas about buying a home in the sellers market.

Well, we certainly are in a sellers market in just about every portion of the country. I've looked at. In fact, I just sent an article over to our executive producer Jim Henry the other day about someone that put a home home on the market sold it within 24 hours. They got 88 offers in that 24 hour per peer that is a sellers market. So what you do Sarah.

Well I think a couple of things. Number one is when you're trying to buy in that type of environment number one you want to make your best offer first. That's this is not an environment where you want to try to lowball somebody and then work your way higher. You really want to go in with your best offer I be ready to bid.

You may have to go above asking price doesn't mean you should and you certainly need to count the cost and make sure it's in a range that you can afford because you don't want to buy too much house which can be tempting in this kind of market. You don't want to try to counter. In many cases you want to show strength vis--vis cash, so the extent to which you can put down a large down payment and be a cash buyer is going to put you in a stronger position.

Look at the nonprice factors, so could you close quickly. Again, could you put down a larger down payment. Could you reduce of the period of time where you have to do inspections down to five days instead of 14. Look at those types of options you might need to have money available. If you get a low appraisal because you may need to come out of pocket more in order to satisfy the lender and this is just a little trick I've used it before, you may need to send a letter along with your offer.

I know when Julie and I bought our last home the home. We were buying from. They had twins. We have twins.

We did write a little letter about how we excited we were to buy their home and how we thought it would be perfect for family and I will tell you the seller made comment at closing about how much they appreciated the letter and played a part in them, selecting us as the buyer so hopefully that's helpful to you, Sarah.

But this is a challenging market. All right, let's go to the phones to Mississippi. Rick your first up today are moneywise live, go ahead sir. All real quickly about me, but it does not come back here to work like about every year your topic money. I will learn a lot what but it is there no worksite without nachos. That money goes much farther. Is there anything I will work about probably four more years and am current background saving grand a year.

Is there anything I can do savable money might grow quicker over here today will not long ago about a week in the buying.

Okay, that's your surplus 502,001 year note bone and expense of so are you putting away somewhere between two and 4000 a month.

Yeah okay and what you're sending currently. If I understand correctly, you're sending all of that down to the Philippines that right yeah how much of you built.

We got Rod out on the ground right now. Okay why is it not more than that.

Is this savings a new thing yet. Do you have any other retirement assets to speak up now. Well, it all. As you noted. Labor not smart but now this is better but here's the thing. I think the starting point for all of us. Rick is to recognize what's most important is that we have accepted Jesus as our Savior. Once we do that, it's about stewardship, managing God's resources are time our relationships being a steward of God's word and yet being a steward of God's money as well. And no matter what mistakes any of us have made in the past we've all certainly made plenty of them.

This is an opportunity for you to say Lord I want to do this your way and I will apply your principles to my life.

I want to live simply and when live open handedly, which means I want to be generous and yet I want to save some for the future and manage your money wisely and I appreciate even though you've made some mistakes in the past. As we all have you wanted to get on God's plan moving forward.

I think the key for you Rick. At this point. Number one is just to make sure you continue to live life modestly.

I love the fact that you've got to plenty of surplus right now.

I think you need to start socking this away diligently and I would try to get this growing for you.

You when you stop working, you said that could be 4 to 5 years.

Do you have a sense of what your expenses might look like. At that point plan to stay in the states or you think you have back no okay all right and would you expect to be receiving Social Security down around a lot on my next couple years but probably not right okay and are you married yet. Okay. Would your wife receives the benefits as well. Now you have okay and what you expect your budget will look like at a minimum, will you need to fund your lifestyle when you get to that point. Each month, or you had about a mock layout right okay very good.

Well II think that the key for you right now you know is to just try to suck away as much as you can if you're self-employed, you probably be looking at a sap IRA, SEP, or you could use an individual 401(k), but the key is to get as much working for you as possible so that you can build up a nest that you know if you had done over the next five years. If you were able to build up ideally a couple hundred thousand dollars you pulled 5% a year off of that that be $10,000 a year that you be pulling out you divide that by 12 they give you $800 a month and after taxes you'd have your 500 easy, you could probably get by with even a little less than that. Maybe hundred 75 so I think that's your target, which would then create an account that could be invested here in the US very conservatively with a focus on income your goal being to have enough of the nest egg so that when you pull out between four and 5% a year totaling 500 a month or 6000 year that you're not ever taking anything out of the principal there would be a small portion maybe 30% of that in stocks that would provide some growth in the rest of it would be in fixed income. So I just be diligent in trying to suck away as much as you can between now and that point in a sap IRA or in an individual 401(k).

I'd probably look at Fidelity or Vanguard as a way to learn about you where to open that account and then just be systematic and putting that money away and getting in invested want to send you a copy of the soundbite investing handbook because I think that'll give you some not only some of these biblical principles but really the how to's of investing in Rick.

If you do that for the next five years, consistently and faithfully putting away the kind of money you're putting way you'll have that nest egg that could supplement your Social Security. You guys will have cells like all that you need to cover your bills and I asked God's will. What is next for you in that season of life, and I hope that's not helpful to your friend.

We appreciate your call today very much. Thanks for being along with us today. We got a couple of open lines and plenty of time for more calls. Here's the number 800-525-7000 800-525-7000 what's on your mind and your heart today would love to tackle it as we apply God's principles to your financial decisions a lot more to come moneywise live just around the corner. Thanks for tuning in today am Rob West. This is moneywise live for so glad you're alone with us today couple lines open 800-525-7000. Have you downloaded the new moneywise app. If not, it's in your app store. One of the many things you can do in the app is listen to this program on the go.

So whether it's an archived episode that you want to search for or just the daily broadcast is your on the treadmill or about town. Whatever it is you're doing at work or at school. You can access all of our episodes and much much more through the moneywise app. It's available as a free download in your app store today. Just search for moneywise biblical finance back to the phones we go to Denison, Illinois Dennis, thanks for your call today. Great answer absolutely maximum quick question for you, sir, in the mail today marks the newest check arrived. Do I kind that money and would be excited to hear what you have to say. You know it's a great question. Denison, here's my perspective on that if were going to apply the principle of the time and I think that's a great starting point for any of us.

We certainly see throughout the Council of Scripture old and New Testament, we should be givers we were created in the image of God he is the ultimate giver. I believe were most like him when we were giving and I think there's something that calibrates our hearts to his when were giving as well. How should we give all I think we should give systematically and proportionately. We certainly see that in the New Testament, and we should start. I believe with the local church. I think that's modeled throughout Scripture giving tide which Randy Alcorn, the author calls the training wheels of giving is based on the 10th to order or from your increase, I should say. So the question is, what is your increase in my view on that is really anything that passes into your hands. God is our provider. It all belongs to him. Provision comes from him. He'll never delegate that responsibility to anyone or any thing else so I would see any provision coming your way as part of your increase. I think perhaps the only exception to that. If we were just to look at it with a perhaps a bit closer would be maybe an insurance settlement where there was a loss that occurred in your being compensated for that recouping the expense that was incurred through that loss that would not be a part of your increase tax refund if you're tithing on your gross amount you've already given on that.

You just happen to give an interest free loan to the government for a period of time, but just about anything else and I would put life insurance in there. I'd put Social Security in there and yeah I'd put the stimulus payment in there I would just say as an opportunity and I think that's what it is to say, Lord, thank you for this provision, and I want to give back and again I think that's the starting point. The time not the ending point does it make sense to you.

I appreciate it tide the first time with it and will be good, God bless you Dennis. We appreciate you listening. Thanks for your call today to Spokane, Washington, Lisa, you're next on moneywise live going. I 2014. He cosigned on and the last four years until last year I got a letter in the now thoroughly given garnishment be taken on taste and since no agent at about 100 and then to my knowledge, I 2600 and I repent pandemic based on and have been content to date.

You just I don't think I can follow and constantly times to check up on day, since I can't get a clear answer.

They won't send a certified letter will be taken following the full amount and fell. Can you help me highlight this in one game yes well I realize this can be frustrating and certainly you want to honor this data. I certainly appreciate that it can be challenging as you navigate not only the legal process, but the collection agency and try to get everybody on the same page as you settle this debtor attempt to it seems like it should be fairly simple and I will concur that in many cases it's not. So I think the next step for you here is to do one of two things. One contact a collection attorney just to get some counsel that would be a great option for you. Secondly, I think, as you begin to attempt to negotiate this debt. Look at other options will talk about that off will be right back to be with us today moneywise live am Rob West to host you phone lines open 800-525-7000 covered some ground today order to continue whatever is on your mind and heart. Let's head to Montana. Dorothy, your next up on the program gritted handout number you can call me that after the first 100, $600 more so trying to locate the number back to hack. I'd be happy to give it to you Dorothy, let me ask you do you receive Social Security Dorothy, are you still there. Okay we lost there for second, are you receiving Social Security. Okay, there was a delay in checks going out to those receiving Social Security that was resolved recently and checks are in the process of going out so it didst not unexpected that you've had a delay but I know you probably want some answers.

The IRS has a website where you can check if you're comfortable online. If you go to and then click on get my payments. You can find out about this third round of economic impact payments in terms of the status if you'd rather call me give you this number if you have a pen handy. It's 800 91998350 say it again.

800-919-9835 and that's the IRS economic impact payment hotline and bill you probably find a computer on the other end as opposed to real live individual, but they do have an option to speak with a live representative as well so I suspect you get the information you need. We appreciate you listening and calling today. May the Lord bless you. Let's head south to Bradenton, Florida Kent you're on the program. Great answer.

I thank you for taking my call were in the process of selling our house currently and with the be fortunate to profit quite a bit and with that money we would enable us to purchase a another home for cash, which would leave us with no house payment, which I think is a great idea. My wife, however she thinks that it might be best to rent for a while and hope that the market declines which would save us a little money on purchasing a house at this time so it just kinda wondering.

I know you have a crystal ball, but if you had any guidance or suggestions on this. Yeah. Well, you know, Kent.

Certainly, there could be an argument to be made that were in a really hot housing market right now is no question about it, and folks are paying top dollar receiving houses sold in a matter of hours as opposed to days with multiple offers many of which are above asking asking price and beyond with the appraised or comparative market value would be. That said, it still your home. It's the place that you live, which means ill, although we would hope and pray that over time, it would appreciate in most homes do.

If there held for any length of time. In my view it's not truly an investment, because by definition, an investment is sold when it accomplishes its purpose and that's just typically not how we handle our homes, we may if we see it rise in value extensively. If were wanting to relocate, but typically, the nonfinancial side is the driver when it comes to our domicile because it is our home. It's the place we live and have memories and in many cases raise our children until ready to downsize her as the family expands, perhaps by something a little larger and we typically don't sell so I would say you need to look at both the financial and the nonfinancial side in terms of just the hassle of renting the always I can require some storage and your rental prices right now are very high higher than they have been historically and so you're going to pay more perhaps than you would have just in terms of rent, not to mention the fact that you're kind of in a waiting game that we have no idea how long this is going to continue deal, given the recovery that were in right now that could extend for some period of time. On top of all the incredible stimulus and monetary fiscal policy that's out there on the part of the government. I could see this economy continuing to grow and expand for quite some time. Does that mean that we won't turn over and see the economy dip down in the housing market go with it in the next couple years know that's very reasonable, given how far into this, we are and kind of the looming debt situation we have in this country, but I just think it's really challenging for you to try to time that with any degree of certainty or expectation, and I think you may grow frustrated kind of putting your life on hold to rent in hopes that something turns down when in fact it may continue to climb.

For the next couple years. So even when that downturn comes it may just get back to where it is today. We just don't know. So I think you know, in my view if if you can find a home that fit your budget. Especially when you can buy with cash that you plan to stay in for a long time. Even if you buy them a hot market at top dollar bill.

It should do well over time. The good news is you have hundred percent equity in it which is a great place to be and given where rental prices are out right now. I just don't think that's a bad move and all. That's my take others be plenty of people that might argue the other side of that and I wouldn't say there were necessarily wrong, that's just my view on it telling your thoughts so I agree I agree with what you're saying completely cut. My concern is about the rent rents are high around around where we are and were trying to relocate closer to her place of work in one of the other issues I'm worried about is I don't know this to be a fact. Don't capital gains come into play after year where we have to pay tax on that if we just have it in the bank somewhere.

Well, you would have 1/2 $1 million worth of exemption on your gain as a married couple if you lived in that home to have the last five years so as long as your game is not more than that.

You won't have any taxes on that you if you went deployed it though and began to invested then obviously you would have to pay capital gains either short-term or long-term on any profits from those investments. Moving forward, but not as a result of the sale of the home. So I think the two of you just need to come back together, talk it through breakthrough perhaps Sica some independent counsel. Maybe you connect with a certified kingdom advisor in and look at your overall financial plan. This being one piece of it and then see if you can have a meeting of the minds and make a decision to proceed, so will certainly be praying for you that the Lord give y'all some unity as you make this decision.

We appreciate your call today. Let's quickly head to St. Cloud, Minnesota, Lisa, we have just a couple minutes go ahead, head out high ground had come.

Yeah, my question I click we are yelling at our career I have and I think you have a 401(k) that he is planning on working and how hateful social at 66 four so we have some life insurance policy that I believe are no longer need and because our house.

It paid off and their children are at your college that weddings are done so my question is, is if we cash out the cash value of those life insurance policy number one. Is there any tax penalty do we have to pay tax and number two is better to keep it liquid because we don't have any like liquid paving.

Sure, let's do this. I'm going ask you to hold working to take a quick break we come back we'll tackle both of these tax side of it and what to do moving forward to listening to moneywise live with God's word intersects with your financial decision will always be right back. Back to moneywise live for God's word intersects with your decisions and choices just before the break.

Lisa was sharing with us to.

She's looking for some counsel related to it. Life insurance policy should they no longer need in this season of life and the tax implications related to pulling out the cash value as well as where to put that money once she does, and Lisa, if you pull money out of your insurance policy, the cash value generally are not taxed on the entire surrender value, you'd only be taxed on the amount you receive minus what's called the policy basis. So this taxable amount reflects the investment gains that you took out the butt with any tax question, I would always especially if it's a situation that's unusual and this would certainly be the case you don't pull money out of insurance policies. Every year I would use this as an opportunity to seek out some tax advice just to make sure that you understand the implications before you do it so that you can make sure that that amount as set aside paid in on a timely basis so you don't ever have any taxes or skinny penalties or interest, but the other will likely be some tax due on at least a portion of it with regard to where to put it. Tell me what you're considering we don't have short-term liquid money just to let out that not during that other option that we are thinking is tentative push. It indicated that 401(k) that we have okay yeah so the 401(k) wouldn't be an option in terms of the direct contribution you could put it into an IRA. Assuming you have earned income up to the limit.

Assuming you know with the traditional IRA would either be deductible if you're under the income limits are nondeductible. In either case, you can make that contribution and then you could put it into a Roth IRA.

Depending upon how much money you earn it.

If you're under those limits, but the 401(k) is through salary deferral and so you would have to tell your employer HR department. Whoever handles your salary to increase the deferral, the amount going into the 401(k) from your paycheck, thereby reducing the amount of income you're receiving and then perhaps you could use this cash value that you pull out to offset that if you were counting on that income to cover your expenses. But beyond that, you would be able to make a deck direct contribution to a 401(k). I do like the lease of this idea shoring up your emergency fund. I think that's a really critical foundation to your financial life, we tend to recommend 3 to 6 months expenses to have been there to fall back on.

In the event of the unexpected and the unexpected will come. So I think that's probably the best option for you again up to six months expenses and if you have more than that that's available. I think that's the opportunity to look at perhaps pushing that into our traditional IRA or a Roth.

We appreciate your call very much today, let's head to Ohio Terrier next up on the program. Current head on mom that will be 95 years old and terrifying things that she has put just one of us siblings time to PLG evening when she passes the way it will and you draw bank accounts that she has.

He is the only one POD and all the bank accounts and there's fiber fiddling and I'm just wondering yes on if all of that can be put on it POD and the other question I had with him.

He he is a nonbeliever and he just listens to him. Well, is that creating some challenges here just with regard to her handling her finances and even preparing for how she might ultimately transfer them what what issues are arising as a result, not quite following you on your client. Yeah well you said the second we will get to the TOD in the second but you said one of the challenges is she's essentially taking his counsel only is that resulting in some challenges in her financial actuation and and what are they, what, what are you trying to solve for quite sound in her finances. She much better off and she went to let I'm on but the big question in my mind is when she died past her analog voting hand in his own account and I don't trust him at all of this will get an equal fair share.

When she got halfway yeah I'm following so I think clearly there's the planning side of this looking at her state and making sure she's clear in her wishes and intentions with regard to what God has entrusted to her and then making sure that those wishes are carried out through the legal instruments that are in place both current will that allows you know all of her personal property and assets to pass. According to her wishes, as well as any beneficiary designations that you mentioned the TOD which is a transfer on death and you absolutely can name multiple beneficiaries and design divide assets. Anyway you like with the TOD. Basically it allows the assets to pass outside of the will.

Based on that to have beneficiary designation, and most of the brokerage and bank accounts will have that. So I think it could very easily be updated to reflect her intention to divide the assets equally. If that's in fact what she's looking to do but clearly now is the time to do that and so I think perhaps starting with your brother or talking to her directly. Just to say you know what mom we need to get everything in order so that the way you desire your assets to be left in whatever way you want, whether that's equally divided among the children. A portion of it going to ministry or charity, whatever that is is appropriately memorialized and then it's a very simple matter to just update both the will and the TOD's and beneficiary designations to reflect that. Now I realize that might be challenging to the extent she's not willing to take counsel from anyone other than him, and he's not necessarily going to encourage her to do that because that causes him to lose some of the controlling the situation in that he would no longer be the sole recipient of these assets to do with as he pleases. But clearly that's the way to do it. Both the conversation you need to have with her and then the resulting decisions that need to be made and documents to be updated but TOD can absolutely reflect all of the beneficiaries. It would be a very simple process to get it done so hopefully that's helpful to you. Terry will certainly be praying for you as you have those conversations because I know they can be challenging. Let's itself that quickly to Miami. Robert you're next on moneywise like go ahead.

Yeah, this is a quick coworker of mine and in the conversation I told you not about I want to pay my home. I own 69,000 and I can pay off and on and I'll find a federal no-no.

You don't want to do that you want to have something him to retire so it does the office and what if I can get on something in the inside and there's a hot dog, you will want to do away with that. So I just wanted her work in our work.

Would you want your opinion on that got Rob and I can tell you in all the years I've been doing this I never got a call from someone that said, I paid off my mortgage and I absolutely regret it. Just you don't get that call because you know both with the financial side being unencumbered, as well as the nonfinancial side, the peace of mind the flexibility that comes with owing no man anything is phenomenal and so I would absolutely encourage you if you have the ability to do so, assuming it doesn't deplete you entirely of your reserves to pay off the home, especially as you're heading toward retirement and looking to keep your lifestyle and expenses as lean as possible.

This is a great opportunity to pay all of your debts including your home mortgage be absolutely free and clear and then enjoy the benefits that come from that. So I would line up with you every day the week. Robert okay thank you very much all right Lord bless you sir Jonathan here to be our final color today in Orlando Florida. Karen Harper said it had a question on the first-time homebuyer and saving of 13 years and looking at not buying it with the market the way it is just what are your recommendations on just laying in keep on printing try to save a global versus not try to get likable, so to speak in how much you looking to spend as you can think through this price it out. Given your budget.

Yeah, I mean where opening is something for 259.

He might materially look at all like Parabolic Kick and Now It's like Houses Not in Good Condition Are Known for 215 like in My Favorite Such As,, and How Much of You Saved. We Had about It Nicole in the Bank I Would Have Any No Carpeting or Anything and We Have Our 401(k)s Are No I Heard Something You Can Take like What You Call Her First-Time Home by Yeah Well You Know What I Would Love for You to Do Is to Put down 20% of 40 That Would Deplete 100% of Your Savings and so I'm Not Terribly Excited about That. But As Long As You Were to Keep Three Months Expenses in the Bank. I Think the Goal Would Be to Find Something Where You Could Put down 20% Still Have At Least Three Months in the Bank.

If You Wanted to Temporarily Reduce Your Long-Term Savings, I.E. Your 401(k) to Build That Three Months Back up That Would Be Another Way to Go Because I Think You Having That Is Can Be Really Important, but I Don't like the Idea of You Continuing to Wait Just a Hope That the Market Turns down Because We May See This Go for Another Couple Years and Maybe Find It to 75 Now, She Would've Bought for 210 Setting As Long As You Can Abide Something That Fits Your Budget with 20% down. We Still Have Some Reserves Want the Principal and Interest Payment to Be No More Than 25% Take-Home Pay and Stay There for a Long Long Time and That's the Best. Thanks for Your Call Jonathan Thank You for Listening. This Is Moneywise Live Armrest Rob Last Thanks to My Team Today Amy, Dan, Rich and Eric Moneywise Live Is between Moody Radio and Moneywise We Hope You Come Back and Join Us Tomorrow Will Be Here As We Continue to Unpack God's Principles Widen Your Financial Blessing

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