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Online Scams to Avoid

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

Online Scams to Avoid

MoneyWise / Rob West and Steve Moore

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May 13, 2021 8:03 am

The emotions of fear and greed cause investors the most trouble with their money. And unfortunately, scammers often use those same emotions to trick unsuspecting consumers into parting with their money. On the next MoneyWise Live, host Rob West will talk about the latest tricks that scammers are using online today. Then he’ll answer your financial questions from a biblical perspective. That’s on MoneyWise Live, where biblical wisdom meets today’s finances, weekdays at 4pm Eastern/3pm Central on Moody Radio. 

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Let's call it the couch cushion – this is the moment when you need a tip for the pizza man a few bucks for your kids lunch or you can't say no to the sweet eight-year-old and her thin mints you've got no cash and no other options but to tear apart the house searching for hidden money. It's Ryan from United faith mortgage and it's funny how we can usually find a way to scrounge together a few bucks, hidden around our house. Shame on you if it's from your kids piggybacks for many listeners know there's enough money sitting inside your home to buy a swimming pool full of thin mints, home values have gone up across the country.

The last few years, leaving many of us with a good chunk of equity tucked inside our homes that we could cash out to use for life.

If you'd like us to help. We are United faith mortgage United faith mortgage is a DBA of United mortgage Corp. 25 Millville Park Rd., Melville, NY. Licensed mortgage banker for all licensing information, go to an MLS consumer access.org corporate MLS number 1330. Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah and financial advisors which emotions cause people the most trouble with their money and most will tell you for your inquiry. There's even a fear and greed index that investors use to gauge market sentiment by Rob West. Unfortunately, scam artists use those emotions to, as they try to separate you from your money. Talk about the latest ways they're doing that online today minutes on your calls and questions 800-525-7000 800-525-7000.

This is moneywise live with God's financial principles always overcome fear with people spending so much time and money line is it's no wonder that scammers are also focusing their latest efforts there and the first one will look at is probably the most common. We talked about fishing many times before. That's fishing with a pH not enough, but it bears repeating because it continues to be highly successful for thieves. It's when cyber crooks try to make you think there someone you can trust the company. Perhaps a colleague or a friend. Most often they use email, but they've expanded their efforts to cover many other ways you might communicate with someone online. It's all to get you to give up your personal financial information or click a malicious link in most cases a phishing email will indicate that you will money or that your due money again capitalizing on fear or greed that you can often spot a phishing attempt by carefully reading the message they usually have poor grammar and misspelled words. When you see that immediately hit the delete button next in the scammers bag of bad tricks is fake antivirus software.

This happens when you're looking at a website and you get a message saying that your computer is infected. Usually they'll offer free software to clean your computer, but by downloading it, you'll actually infect your system with a virus or what's called malware leave that page immediately and use only software from reputable anti-malware companies like Norton McAfee or Antigo.

There's another version of this that we might call the tech support scam you get a phone call during which scammers try to pass themselves off as tech support from your actual anti-malware provider saying your computer is infected. They'll ask you to download an app that allows them to take control of your computer remotely so they can quote fix the problem for you, and after they have control will bill actually download real viruses onto your system without you knowing it. I guess what happens then.

Well they'll do a scan that surprised turns up those viruses, then they'll require you to pay them to have the malware removed and even if you hand over the money. There's no guarantee they'll actually fix the problem.

If you get a call like that hang up reputable anti-malware companies won't cold call to tell you your devices infected Norton for example says they'll only call you if you first contact them about a problem in their tech support is free to subscribers and that's another clue that you're being scammed when tech support wants to charge a large sum of money to fix a problem sometimes more than the devices. Even worth shut. Beware of ads on Google offering service for exorbitant sums because even scammers can advertise their if you have a problem contact the manufacturer or a reputable anti-malware provider. The next online threat focuses on greed.

Let's call it the fast and easy money scam. You will often see these in search results. They'll take you to fake websites that offer quick money by doing almost nothing. What are they really after. Often they'll try to get you to turn over personal information.

Similar to what you might do if you were applying for a real job like giving your Social Security number and other financial information.

Never give out financial details in response to an email add or search results.

Another way the fast and easy money scam can get you is by requiring you to pay for something upfront like purchasing training materials before you start the job once the scammers have your money you'll never hear from them again. You know the old saying if it seems too good to be true it probably is. That really is the case here.

Jobs that require no skills or training, and few work hours are rare is unicorns, if such a job really existed. They wouldn't have to advertise it, people would be lining up by word-of-mouth alone. Okay, we have time for just one more online scam and that would be fake shopping sites. The Internet is loaded with them and they usually have one thing in common they offer you great deals on your favorite brands at ridiculously low prices. Sometimes 75% offer more.

Don't fall for these fake deals because then the scammers will have your credit or debit card information you have at the latest online scams. Your calls next.

800-525-7000 nine Rob West and this is moneywise live with God's truth guides on every financial bag moneywise live on Rob West.

Thanks for being with us today. Phone lines are open 800-525-7000 800-525-7000 would love to hear from you. Are you looking to know how to save for college you want to think about so you're giving and how to approach the Thai versus sacrificial giving that perhaps its longer-term retirement tour paying off that credit card debt whatever's on your mind today would love to hear from you again the number lines open 800-525-7000 before the break we were talking about online scams and boy there are so many of them these days. I think what we need to recognize is that we can simplify it a bit. Number one, FTC.gov, the Federal Trade Commission has some great information on how to protect yourself if you find you been the victim of identity theft or your suspecting perhaps fraud through digital means.

The FTC is a great source of information. I think you can boil it down to number one be really smart as to how you transact business online. Change those passwords regularly. Make sure their strong don't do business over public Wi-Fi like another big one is just this idea fishing that we mentioned. Don't click links in emails, especially if you don't know where it's coming from. Remember they are impersonating in many cases legitimate financial institution so you'd be better off going directly to their website don't do a Google search type it in yourself and make sure you get to the correct page and then never give information over the phone, whether they claim to be the IRS somebody in the legal area or even the police department, no matter who it is it's going, they won't ask for you to give personal information over the phone so just don't do it hang up and you can contact them directly and we want you to stay safe online, so you can be a good steward of God's money, and hopefully this information today will help you all right. Let's head to the phone's were to start today in my hometown, Fort Lauderdale, Florida, WK ES and welcome Winston to the broadcast. How do we help user my first grandchild and going off. The college is sewn and that when a child goes to college. Sometimes they get credit cards and you know when they come out of college and read it because the parents are taking care of the cottage expense in regards to tuition all of that is a grandparent in their program that I could put some money and that if he had some personal needs. He can go right to it an outback that started this on my you know I think the first question Winston, let me just back up and say I really appreciate your desire here to come alongside your grandchild and make sure that he or she can then only get through college, but do so in a way that allows them to graduate debt free that they can start on a strong financial footing. And yet when it comes to the money that you want to provide some assistance to is it directly related to college expenses, including tuition, fees, book supplies, equipment, things like that or is it really more spending money that may not be college related directly okay so then we don't want to use a 529 plan, which is particularly attractive for financial aid reasons because it's considered an asset of the parent and it can grow tax free, so if this is really just to provide some extra spending money. I think the next question is, make sure you have communicated with the parents so you all are on the same page about how you're going to go about this and then you want to understand, where he has his account set up. Does he have a checking account with a debit card. If so, great.

You know there's some really easy ways and systematic ways for you to transfer money into that account Zell is one that's fast and free. It's very popular now ZELLE you can learn more Excel pay.com you could go to your bank and set up an automatic transfer and ACH transfer of a certain amount every month right into his account. That would be one way you could use then mow you if he doesn't have a checking account. I really like the one from capital one called capital one money specifically for teens.

No fees will have a debit card. They have a great smart phone app and you can use that to transfer money in and out of the account and really get him set up to begin managing money well so I think the key for you is number one communication with mom and dad surveys on the same page in the number to make sure that you set it up in an automated fashion so your grandchild knows when that money is coming in and you don't have to think about it you just kinda set it up and forget it and then you perhaps can come back every six months or so and see how it's going. Perhaps even quicker than that. I think the other thing Winston is just a really lean into this opportunity to make sure your grandchild is learning God's way of handling money and so perhaps as a prerequisite to you providing this assistance that you require that he or she read a book like your money counts from her date which I'd be happy to send to you. If you hold the line after were done here today and maybe you guys read it so you read it, and he reads it and then you guys compare notes after every chapter but keep in mind it's really important that he not only learn the financial literacy side of managing God's money well but really the biblical underpinnings for all of it, starting with God owning it all and that he or she is a steward and that money is a tool and we need to live simply and hold it loosely and begin to practice generosity systematically it up. You know, at the very beginning before anything else, and just kind of all of these big ideas that so often kids leave home without understanding in their really game changers positioning at your grandchild for the rest of his or her life does all that make sense so alright so let's just recap your you stay on the line will get your copy of this book to pass along is a one of your graduation gifts number to talk to mom and dad about whether or not your grandchild Artie has an account. If not, look at capital one money for teens and then thirdly set up an automated transfer of whatever that amount is in and you can look at Zell then mow or using the capital one money app for those transfers. We appreciate your call today but let's stay in the state of Florida head North just a bit and welcome back to the broadcast.

Either read.

Thank you for having me under program.

Thank you have been looking at the housing market booming like it but we also got some goal being debt-free right now I only home and punishment it can't obviously get them like you got Qingdao man on along with providing portable housing for people and investment opportunity, and we thought about buying lots in land and downplay manufactured homes on them and we definitely think you could grant 550 grant basically two articles that I just mentioned and provide affordable housing. Yes, I like that Meg think a couple of thoughts. Number one is tell me how you plan to pay for this. Do you have the money saved up to buy the land of the lot for this. The first property or will you have to borrow tomorrow about about that a lot. He contacted Batman company that brought about minor construction and then get it a lot but it would be that we make that the very first column that we actually will come again.

He is a lot about my down payment lot that we wouldn't get into another lawn.

When we okay talked about the terms with your father-in-law.

Would that be where you will would share some of the profits or is he doing this. Just you'll obviously, we would like to be like partnership thing and do both of you feel like both you and you and your husband and your father-in-law you feel like you have a solid financial footing underneath you. You don't have credit card debt you have margin on a monthly basis, you got an emergency fund, you're on track. Saving for retirement. All of those things okay great and he's in a financial position to be able to do this as well. Okay, I think the key there is you don't. So often we can go into these things with the best of intentions, and then something doesn't happen the way we expected to perhaps of no one's doing it just the housing market turns down.

It takes longer to sell you. We get into start to tip into a recession in the you haven't sold one of the properties and all the sudden, if something goes awry and then there's relational damage in the midst of it. So I think you just want to go into it with everybody's eyes wide open. Knowing the risk making sure you have clear communication and I would even write it down as to what what are the expectations and the terms is this a gift. Is it alone is there interest is going to be charged is there to be profit sharing.

Put that on paper that may seem too formal, but at least it's going to avoid any unmet expectations that can relieve lead to the minute the relational collateral damage which certainly is no amount of money is worth that that would be the first thing the second is you I like that you're going in with some down payment. I'd prefer that it be yours.

But I can understand why you might want to do this.

I think just understand there are some potential lender restrictions when it comes to not only investment properties but also manufactured homes you want to check local zoning ordinances you want to just make sure you've done your homework because your manufactured homes are similar to traditional single-family home, but somewhat different in in some respects, and so just make sure you have fun.

Have you done your homework on that side of it. Other than that I would just say go slow and before you.

I like the fact you're going to deal with one property first in your to realize some profit before you roll it into the next. Don't get overleveraged and try to do too much at once. I would say let's get to the place where hopefully you're buying these all with cash at some point down the road and keep in mind the markets been on a tear. On the upside to see some softening here in the days ahead.

If there's not any kind of bauble here in a first it's baffling I can keep up with the growth rates received just not sustained. So I hope that helps make all the best to you and your husband and your father. This is money wise live moneywise from West phone lines are open eight 525-7000 just dad will be talking to Peter in Michigan about investments will be talking to a layman alliance Ohio about HSA's and Marion Austin about her mom's mother-in-law's 20,000 in checking where she can put that to accrue some interest.

But before we do that limited here in moneywise media were all about coming alongside you to be an encouragement to provide hope and wisdom as you manage God's money well and we do that every day by providing biblical financial content here on the radio on the webinar app. Providing innovative tools like we do with our digital envelope system in the moneywise app that you can download in your app store.

But we also provide expert guides, men and women who can come alongside you in your journey to be found faithful.

As a steward to provide helpful assistance and that really takes two forms it takes on the form of our certified kingdom advisors if you need professional financial advice, whether that's financial planning, estate planning, investment management, tax and accounting, Reaven insurance and are moneywise coaches are coaches are really there to help you with spending plans and debt repayment plans and giving plans. They do it completely voluntary. These are men and women who just as a part of their ministry. Want to come alongside God's people to help them manage their money well and here's the good news we have a brand-new team of moneywise coaches that have just come out of training there ready to go and so we got some additional capacity.

So if you want somebody to journey with you as you set up your spending plan and just think about how to manage God's money. Well, maybe you're just been struggling to get out of debt, you need some encouragement.

Our coaches can help. Here's where you go head over the moneywise live.org and if you need a CK click find a CK you can do a local search if you want to connect with a coach. Just click connect with the coach and will get you connected and I know they'll be excited to serve you and we look forward to hearing from you. Sorry. Let's head to the phones, Austin, Texas, Mary, how can we help you today. I like working there where he can place her money trying money in your checking account. He rented so frequently that we want her to have access. In case you were to have an emergency with our house or in a car that $20,000 and we get to find it really safe place.

Yes. Will that make sense and I'm glad you're walking alongside her to help her make these decisions right now about the best you're going to do is is one half of 1% and you you might find a few banks to go a little bit higher than that but they're all good to be less than .6%. A couple of my favorites are favorites are Ally Bank and Marcus you could find them online again ally and Marcus you both of them have great websites great smart phone apps.

Here's the key that you can link it up to her checking account or she can with your assistance and you'd move the money over. It's gonna be FDIC insured. There's not can be any fees or expenses shall get that one half of 1% in interest over 12 months, but it's going to move up as interest rates move up, so it should be a little higher down the road. The key is that it's safe and it's protected with the full backing of the full faith and credit of the United States government through the FDIC insurance. I like the fact though Mary that you get it out of her checking account.

If she's probably not somebody is gonna be out there spending controllably but you know it's an out of sight out of mind thing so you can transfer it over with the click of a button and will be there, usually within a day or 230 ACH system, but it's not mixed up with her daily spending money that would probably remain in her checking account so I check those out.

Pick one of the two again ally or Marcus. You can also get a bank rate.com and for others. If you'd like to do that as well and I hope that helps with the pause here we come back a lot more to come of Victor wants to talk about trading stocks from home and Peter wants to know where to invest thousand dollars will tackle both of those plus your question, here's the number 525-7000. This is moneywise live biblical wisdom days financial decision will that God's truth around Québec moneywise lives of heavy along with us today taking your calls and questions covering a ring financial topics. Applying God's truth and wisdom order to do that with Elaine in the lion's Ohio Elaine understand you have a question about a health savings account is a right hi, short and HSA throughout we we own a farm so we had our own insurance so it's a high deductible account and I now have just over 27,000 in our health savings account and optimum online online when I look at it there encouraging me to invest quite a bit of it actually makes an eligible to invest up to 25,000 of that money, i.e. I would love to look at it all as an investment, but it actually is money that we have set aside for our insurance, which has it a family deductible of $12,000.

We are very blessed that we have had good health. So far, and haven't had to use much of that but we're getting older and not sure how much of that I really truly ought to keep in their as just savings and what I could put actually invest their telling me.

25. I'm thinking more like 20 16th 20 for like two years of my insurance worth. What are your thoughts on yeah Lane is additional money being put in every month or over six.

A time I put it out. I put it in once a year. Now Sherman 7000 okay great and if you were to look back over the last couple years on average. How much are you taking out a year for medical expenses. You get three at the most. Okay yeah so I mean generally I would say, you know, at a minimum you would want to make sure that you have what would be considered a reasonable amount for the calendar for the year ahead, and then add some buffer to that and then you could invest the rest because keep in mind with you adding an additional 7002 it and you're not even using anywhere close to that on average, and I realize that could change go as long as you have a year or even two as you said in reserves for what could be expected based on just what you been spending historically that I would say beyond that you absolutely could be free to invest in. And that's really the beauty of the HSA is get that money working for you.

It's a very powerful tool for retirement because past age 65.

You can pull that money out and it doesn't have to be for medically related expenses and so I think that alongside your other retirement savings vehicles will be a phenomenal resource but you also don't want to get in a position where you've invested money money that's invested typically should be for of the long term meaning you know 10 years plus.

And if you're having to sell investments, especially if it's a down market.

That's not the ideal situation so that's why we want this 1 to 2 year buffer and I think you could go on the one year and just based on the additional money that's going in there every year of being so much more than what you need to set make sense yes it does now when I look and I push to invest.

They suggested betterment and you just punching your amount that where you would go with that work quite well for the amount of money you're talking about you that's good to give you.

Basically an index ETF approach and basically what that means is that they'll use exchange traded funds to build a portfolio that's very broadly diversified. It's going to have a mix of stocks and bonds, the allocation between stocks and bonds will be determined by your age and risk tolerance which they'll put you through a questionnaire to determine that and then among the stock portion they're going to have a mix of international and domestic stocks large crab small-cap mid-cap so you have a good range of the indexes which just means you're going to capture the broad moves of the market not anyone particular sector but the market as a whole. And that's probably a good thing.

And the same will be true on the bond allocation will be a mix of government and corporate short-term long-term durations and notes can be very low cost, and again you'll just get that long-term growth as the market moves up and obviously there's gonna be some bumps along the way. Especially that you given that were 12 years and will bull market but I think as long as you set aside what's appropriate for a year to it the most than you could feel free to invest the rest and I think that betterment approach with the amount of money you're talking would work just well's just fine so I thank you for checking in with us if you have other questions, don't hesitate to call back Elaine, let's head to Illinois Victor, you're next on moneywise live go ahead and get all try the blessing you have two morning one of my charities around the blessing you every day when I get off work. No investment like a training all but I try to see okay what type of computer to get and what you get on to start doing that type of training at all like small training starting out with thousand dollars and they work myself up but learning how to do it. Put it all out of my shorts and Victor are you thinking about short-term trading.

Were you trying to pick winners and losers and move in and out to capture up trends in the market quickly. Are you thinking about just being systematic with a long-term diversified investment strategy and all alone. It didn't work. It and I decided to get a look again at any rapid letter for bigger picture than that, I'm glad to hear that because I wouldn't I would encourage you not to invest if you were going to take the first approach you when we invested should be for the long haul. Meeting 10 years plus, we should have money that's going into the market after we've set up an emergency fund after we've been giving systematically after we've taken care of any you know short-term needs. This is money that really truly is for the future and well into it with that. We want to do it in a prudent way meeting following Ecclesiastes being properly diversified. We want to make sure that were not too emotionally invested in it.

It such that you know if we were to see a downturn that lasted for even one to two years you wouldn't automatically just pull the money out and on. Try to time your reentry point you really you leave it there as long as you have the right strategy and an allocation so I think that's a good thing if you're just getting started. I like the Robo advisors you know Vanguard has a Robo advisor. Charles Schwab has one called their intelligent portfolios you could use betterment, which we just talked about with the previous caller anyone of those three would take you through a question-and-answer process and then with an algorithm that they'd set up a very low cost, diversified index ETF portfolio it would rebalance periodically and it would automatically reinvest every time you made a deposit with very little cost. So I go that route again. Betterment Charles Schwab intelligent portfolios for the Vanguard advisor, which is the Robo advisor solution. I think that I give you what you're looking for. You can learn some things along the way.

By the way, if you wanted to do some more study on this topic are friends of sound mind investing.org would be a wonderful resource for you to learn God's way of handling money and investments to check them out as well. Sound mind. Thank you for listening Victor going to pause much more radical moneywise live or having so much fun today were accidents they have to take some calls. You have a question you want to ask. Love to hear from you. Here's the number 800-525-7000 800-525-7000. Let's go back to the phones.

Cleveland, Ohio hello Andrew, how can we help user on the user put a second time, the widow, and I did made in November. Now all we have to hear from previous know how to planning on how I know I help I have right now was my late wife you know what he is looking that type how in the list are no moving forward we come together. Note they didn't know how inoculate with all of that in my late reply, five Mikey, but also write about her as well.

You know you know me how it no doubt 25 years and don't know how to put that on the planet.

All that yes, that's great.

Andrew and I really commend you for thinking through this because you we really need to think about as we merge our lives and to become one that includes your finances, but it's so much more than that, obviously, and so making sure you all have done a good bit of premarital counseling I think is critical from pastor somebody had a Bible-based church, the other can really help you all prepare for this really big decision and make sure that it's God honoring and that together you all are going to pursue Christ as the head of the marriage, but then also to take stock in. Think about the finances, you know, do really understand you know where you're both at financially coming into this how money was handled not only in the previous marriage. But you know even growing up because that's so formative about how you all view money today. What are your tendencies in these areas and how can you all come together as husband and wife. I think your updating clearly your wills and estate documents that will be critical just because of all the changes involved and this is in one situation where I would say that a prenuptial agreement could apply and the only reason for that is because when you're bringing two families together that obviously have kids that you know from previous marriages where there's wealth or debt from a previous marriage is not that we don't want to join the husband and wife together. We absolutely do, but what we want to make sure of is that you know if there's assets that need to stay with one family, for the benefit of of certain children on that side that that's talked about in advance and that the others relational trust built and that there is decision-making that happens beforehand so that that can be then documented in a way that promotes unity but also recognizes just the complexities of the financial lives that you're bringing to the table you know if you're coming in with assets. You may want to pass along assets to your children, and she may want to pass them on to hers and that would be a decision you all would mean need to make doesn't mean in any way you're planning to get a divorce or you don't trust your spouse. It's communicating your concern for the future financial security of the other relatives and documenting that in either a prenuptial agreement or I love what our friend Ron Diehl talks about when the tech he talks about a togetherness agreement which is essentially a different approach to the same idea where you really work through all these issues and then you could even have a togetherness agreement drafted by an attorney, so it's binding a legal contract and I would recommend you pick up a copy of his book, Andrew. It's called the smart stepfamily guide to financial planning from Ron Diehl and Greg Pettus and it's one of which can walk you through all of these issues and even get very specific about what that togetherness agreement can look like so a pick up a copy of that book. The smart stepfamily guide to financial planning and then I would encourage you to connect with one of our certified kingdom advisors in the estate planning area there in Cleveland so that the person can walk you through the questions and answers you need to be responding to, and then for any legal documents that need to be updated or drafted. They can handle that as well.

The settle make sense to you and Greg Pettus PE TTYL as Greg Pettus yet. You'll find it on Amazon or at Fed Focus on the Family in the smart stepfamily guide to financial planning listen. All the best to you. We appreciate you listening and calling will certainly play. I pray the Lord's blessing over you on to Zeeland, Michigan Peter, how can we help user my call so I have a question after property we we have about 100 K in the back right now that they account and you will be the best way to invest the money. I know that I can live in accounting and give me 1/2 a percent or something in your debate only we don't have any debt except for what remains of the house it, we we actually own about hundred K in the house of the low rate tirade I have in the house is pretty loud about 2.5 but I really don't want to put the money up alcohol because their rates are low, but happy that I just want to find a way that I can hundred K that MSI faded slightly irregular savings account yes and talk to me about how you think this money will ultimately ultimately be spent in what time frame.

Right now we know how to dedicate about 11 years old so you will partner will be college. Not all of it and how would one have the variable of the case of an emergency when needed how we can tap into the money and get some of it out okay how we are putting out our 401(k) so that you probably have a market and what savings do you have apart from this hundred thousand. What will be have another one. I basically get for writ of expected thought, I will fluctuate between you and putting on the checking account believe that the amount debate it will be the one that I could get it in there right now not making any money.

Well, a couple of thoughts. Number one is like for you to think about this in terms of three buckets the bucket number one is your emergency savings.

It's that money that you would if you had something unexpected not planned replacement expenses like and we know the washer and dryers on its last legs and you know tires on the car. Mean things that we should be planning for. That's not a part of our emergency expenses were talking about you unexpected loss of income, were talking about a transmission that just goes out unexpectedly or if something comes out of left field medically.

That's where emergency fund kicks in and I'd like for you to have 3 to 6 months expenses in that first bucket total up what you're spending on a monthly basis and multiplied by three or as much is six based on your comfort level and I put that in an online savings account at Marcus or Ally Bank.

You really can earn 1/2 a percent but it's you're not going to have to pull money out of an investment that's down when you needed for emergencies is supposed to be liquid and secure so that would be bucket number one and you could link that right up to your checking account. If you ever need it is just an ACH transfer away bucket number two is that portion of the hundred thousand that you genuinely want to go directly toward college and I'd set up a 529 plan for that portion.

I go to saving for college.com run through their question-and-answer process to determine which is going to be the best 529 for you. It may not be the one in Michigan based on the performance of the Michigan plan versus any tax benefits of you staying in Michigan with a 529. But that's good to get that money growing tax free as long as it's used for qualified educational expenses then that there's any month money left over, and you genuinely believe you're talking to need that money for 10 years, then I'd say go and put that to work, and I'd probably use it with whatever's left.

Let's say that's 50 K quinoa one of the Robo advisors would be a great option. So Vanguard advisor Schwab intelligent portfolios or betterment when you get up over hundred thousand. I'd encourage you to contact a certified kingdom advisor to invested but I think is you're just getting started.

That would be a great solution just to get you going, but to settle make sense to you and Barbara say that only gave you talk about what it would be a taxable account because you're already doing your retirement savings a minute. If you've got to if you don't have a Roth. You can open a Roth IRA and put it away on it would be a tax deduction but you get tax-free growth but then beyond what you can put into the Roth which if you're married would be 12,000 for this year and leisure over the age of 50 and that it be a 14,000 between the two of you that money just cannot. I'm assuming given the going to be in a taxable account, but it so it's you pay capital gains as you have profits. But at least it would be growing for you for the long term dissent make sense okay. I do not think Michael rightly appreciated Peter, thank you for calling today. Well I think that's going to do it for us today we are going to stay after. So if you're holding on the line. I want to encourage you to stay on the line because I have some extra time in our team is here to stay around were to answer additional questions but say thank you for being on the broadcast today being a part of our money wise family. I do want to remind you moneywise media is entirely listener supported. And so, if you count yourself among the moneywise family.

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