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Teaching Children About Money

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
May 19, 2021 8:03 am

Teaching Children About Money

MoneyWise / Rob West and Steve Moore

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May 19, 2021 8:03 am

Kids are spending a lot more time at home these days and that provides a great opportunity to teach them God’s ways for managing money. On the next MoneyWise Live, host Rob West will talk with Howard Dayton of Compass, who says it’s easier to teach those principles than you might think. Then Rob will take your questions on the financial topics you’d like to discuss. 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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Licensed 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 with virtual learning becoming ever more popular these days. Kids are spending a lot more time at home that provides a great opportunity to teach that God's ways for managing money.

I am Rob West with so many adults today still equipped to handle money wisely. How can we expect them to teach those principles to their children. Well, I guess. Today Howard David of compass says it's easier than you think. We'll talk about that minutes on your calls and questions 800-525-7000.

That's 800-525-7000 businesses moneywise live for God's word guides our financial decisions so as its former hose tower date Mr. stranger to this program is also the founder of compass, finances, God's way, author of many books on God's financial principles and a great friend Howard. Welcome back. Thanks so much Rob just wonderful to be with you Howard. Many parents find the task. As you know, teaching their children wise, money management practices to be daunting, especially if they weren't taught that by their parents. So that's a big hurdle to overcome is it sure can be Rob and yet the Lord knows just how important it is for parents to do it now. Proverbs 22 six tells us train up a child in the way he should go and then I love this promise even when he is old he will not depart from it and I want to assure parents that despite what they may think it really isn't that difficult to teach God's financial principles to their children because first of all, the principles themselves are easy to understand and second, most of the principles that apply to their kids are the same ones that God established for the parents at such a key point and in order to get into these key principles that need to be taught and really a model for even how to think about that but let's just camp out for a second on how important this is you, Howard. As I've counseled hundreds and hundreds of families over the years. I know you have as well, you realize that the way money was handled by your parents when you were a child has a significant impact on how you eventually handle money is that your experience that is exactly right in. Unfortunately correct Christian parents would often handle their money in the biblical way, but they never communicated verbally what they were doing or why they were doing at her was based on God's word so that really takes more than just doing it, although that's really crucial and also requires communication on the part of the parents. While that's very true Howard, Ari, let's dive in with the big picture where we start Rob, here's the big picture. The most effective way to train our children to handle money God's way is to become what I like to call MVP parents, the M stands for modeling. In other words, the parent should apply these principles themselves because when you think about it. There's nothing more effective because kids soak up where they see their parents new Leica like a sponge soaks up water yes and next the V in MVP stands for verbally communicating. Why either handling money from a biblical point of view in the P stands for practical opportunities. Parents really need to give their kids opportunities to actually manage money. God's way and what I like to do is to focus on the basic financial principles that apply. Frankly any age. Yes, in the first one. Rob is really the most important principle, one that I've heard you teach on many many times and that everybody needs to grasp is that God owns it all first Chronicles 29 tells us everything in the heavens and earth is yours, O Lord, and I love what Psalm 24 says it adds to it. The earth is the Lords and everything in it. In understanding this truth certainly radically changed me all for the better so we have to teach this truth by example. Let your children see that you pray for God's provision and needs that your content with whatever he provides and that you really model understanding that God is the owner of everything you have. Yes, it's also really important to show your children that you give faithfully from your income level Proverbs 3 verse nine tells us honor the Lord with your wealth, with the firstfruits of all your crops in other words, every time you have a stream of income come your way joyfully give out of that income, while others are so key in starting with God owning it all really is the basis for everything to continue to unpack this just around the corner talking with Howard Dayton, founder of compass, finances, God's waist is more to come. Just around the corner. Welcome back to moneywise live today our guest, Howard Dayton, author and founder of compass, finances, God's way of former host of this program today were talking about a really important topic. How do we train up our children to manage money. God's way. Yes, that includes financial literacy, but even more important than that is understanding God's truth as it relates to how they manage money seeing the fact that God owns it all and that her stewards and that money is a tool. These things don't just happen. As Howard said we need to be MVP parents we need a model that we need to communicated verbally and then we need to look for practical opportunities to share it an hour just before the break you were sharing the most foundational principle that underscores everything and that is that God owns everything we need to communicate to her kids that he is our provider and you went on to say that we need to communicate. We have the privilege of giving part of our income to honor the Lord, and if they only took that away they be so far ahead would make absolutely because that's not what the world's telling us for sure Rob Knight so important to recognize the ownership of the Lord and honor him by giving whenever receipt receive an income yes I love that one down.

What is the second principle we need to teach our children.

I think it's really important to teach self-controlled and listen to this. You can't ground your children, and financial self-controlled if you're not disciplined yourself.

Proverbs 25, 28 reads a man without self-control is like a city broken into and left without walls as suet an early age.

Share some of the family budget with your children. Now if you're not living on a budget, you're really teaching your children that they don't have to either. That's the key, and that should be all the incentive you really need to draw up a spending plan, then show children how to set money aside for necessary expenses. They may want to buy a toy. They won't may want to buy a closer high school, whatever it might be that they're responsible for the show them how to set that money aside on a consistent basis in a course discourage them from using debt.

I would meet with my daughter every month to show her how we were making progress on getting out of debt. Never forget you and I thought I was beating my head against the wall when it came to communicating with Matthew how important it was to stay out of debt. But I remember walking down the hall and hearing him in his room talking to one of his buddies and he said you know we just don't believe in debt as a family we stay out of debt. I'm in a stay out of debt and I would just went to was Eased. That's right.

And so I would just say to parents. Don't be discouraged if you have a Matthew in your house and who is you don't not really great grasping or interested in what God says about money, but just keep on and that the Lord can speak to their hearts and you give them the desire to live a biblically-based financial life. I love that RA will that's the second principle demonstrating that you have self-control and that you've set aside personal wants and desires. At least until all necessary spending is covered and of course you want to stay out of debt right Howard was the third key principle to teach our kids year. The third would be Rob. It is so important to actually have your children use a budget and stick to it no matter what their income no matter what your income. It's really wise to live and on budget. In the simplest way to help them, especially when they're young is to divide their income into three parts, give, save and spend young children can use three jars for this they can see how much money is in each of the categories and teaching your children to live on a budget is one of the greatest financial gifts that you could ever give him because as the verse said earlier, even when they're old they won't depart from it just has to teaching them to be consistent to give to save and then disband, and in that priority is is really key love that Howard we had to hear friend of mine David wills on the program recently with the National Christian foundation and that David shared something that he and his wife have been really intentional to build into their kids. Three big ideas.

One is that we should work hard.

Second is that we should live simply in the third is we should give generously and I know those are so key in the been a part of your teaching for a long time wise hard work so important. Why is that such a key idea to teach to our kids will first of all it's it's biblical the Lord encourages time and time again, diligence and hard work, not overworking, and that hard work in it and I think in part because it's a great tool to develop her own character, as if we have the character to hard work.

Couple that with living simply not getting out of control on lifestyle and whatnot really takes a long way toward being financially stable and in a position where you can give more save more and spend more wisely so work is a huge issue that Scripture tells us you see a man whose faithful in his work is gonna stand before kings and it's really important to as much as possible to communicate to your children give them the opportunity around the house when they're old enough, encourage them to work for others.

I'll never forget the summer that I worked at a cement block plant in Florida. I made it gave me a real appreciation for people who have poor hard worker and the encourage me to continue with my education. Frankly, because you know that that was hard work.

Yes Howard. Let's get real practical on that side of things for a moment. How do you encourage parents to think about allowances versus paying for various jobs around the house.

I think it's all right to give an allowance it's it's a personal issue. The parents may choose to do so they may choose not to do so. The key is for the parents to cheat, teach the children that there are certain routine jobs around the house that that's part of the responsibility of every family member know I don't get paid for taking out the garbage and guess what son neither. You can get paid for taken out the garbage, but then there are opportunities for children as their getting to grow where they can have additional duties, they can wash the car, they can be taken out the trash, they can mow the lawn. Whatever it might be where they can earn additional income for doing those things and that's really important. And because you only learn to manage money when you have a stream of income.

Yeah that's right so I think it's fabulous idea for parents not only to have the nonpaid routine jobs that children do, but also compensate them so that they can really learn how to handle money and invest. That's what work is all about. You work hard because your hopeful that you can receive an income and you can begin the model that at home at a pretty early age. That's right, Howard.

Just a few seconds left wrap this up for us.

What would you leave us with on this topic.

Will God's word is she is you know Rob, we found out that it's got 2350 versus dealing with money and possessions and we have the opportunity to priceless opportunity. As parents, even grandparents that influence our children and grandchildren in this area that will be a blessing for the rest of their lives. Love it. Howard, thanks for stopping by my friend though my pleasure got bless your power date and founder of Gump's finances God's way. Your calls next. 800-525-7000 eggs were joining us today and moneywise lies heavy loneliness is just about taking your calls and questions on any thing financial applying God's word to find yourself today that saving lifestyle or related to our opening topic of raising money smart kids whatever's on your mind today we'd love to hear from you. Here's the number 800-525-7000. That's 800-525-7000 lines are open. It will take your calls in just a moment before we do. It's a great opportunity for me to mention the moneywise app. If you haven't downloaded it yet. I'd love for you to do that more than 11,000 of you have and that's really exciting because in the app is a host of resources that we think will be really meaningful to you. Beginning with the ability to access all of our content, whether that's this broadcast the archives and the daily episodes that you can take with you on your smart phone or tablet wherever you go up but also from our content partners. The best voices in Christian finance the best content all aggregated in one place on really any topic that you can imagine, it's all there in her discover tab in the community tab you'll find the moneywise community sharing ideas, asking questions and helping each other in their own stewardship journeys as well as our coaches jumping in their in responding to your questions as well and then the third component is our digital envelope system, a best of class digital envelope system where you can connect securely to up to 11,000 institutions. Download your transactions automatically categorize them into your envelope system and then manage your money wisely on a monthly basis so you can stay on track and it only talk about modeling the right kinds of behaviors to our kids. It's really key that we lead in order to model we have to do it first and so by demonstrating to our kids that we live on a budget that we recognize there is limited resources and that we have a plan and we stick to that using the tried and true envelope system I think is really key to driving this point home of the importance of living well within our means, which is so critical.

We can't do that without a spending plan. So rather than saying to little Susie or Johnny. You know what we just can't afford that about saying you know what we live on a plan and we have limited resources and in each of these categories. We prayed through where we believe God would out. Have us allocate his money and here's what's available in that category you know what they're just not the funds available today.

You can even have some fun with you know Julian, I have turned over portions of our spending plan to the kids for the month just to see what they would do with it. Help them to experience the trade-offs that they have to understand being able to choose some things in a particular week, and that may lead to not something else. The following week because again, there's only so much to go around so I would encourage you to download the moneywise aptitude that you'll find it in your app store. Whether that's the Apple App Store or the Google play store. Just search for moneywise biblical finance. It's a free download.

If you want to upgrade to a Pro subscription for automatic downloads. You can do that but most of what I just described is available at no cost. Again, search for moneywise biblical finance. Alright, so I will go to be taking your calls here in just a second. Here's the number we do still have several lines open 800-525-7000.

That's 800-525-7000 today were going to start in Princeton Indiana and Pablo were so glad to have you what's on your minds are built about it. Not well my part. Yeah, it really comes down to a max dollar contribution Pablo in terms of what you can put into that account. So at the very minimum, I would taken full advantage of that match. That's free money that you're not gonna give up and so definitely take that. But in terms of what you can put in addition to that, it's up to $19,500 in your 401(k) and if you're over the age of 50.

You get an extra $6500 to go along with that. So under the age of 50. Up to 19,500 and that's the total amount that can be contributed both your portion as well as your employer and that's through salary deferral. So you would have to tell them what percent of your pay. You want to be allocated into the 401(k) whatever matching there making available would be added to it. And again, the total of that over 88 tax year for this year 2021 is $19,500 now. You note. As a general rule of thumb, we would typically say is that assuming you're giving systematically and assuming you have an emergency fund of 3 to 6 months expenses your living on a budget.

You've got some margin, you don't have any credit card debt you are paying down with the plan to pay off your consumer debt quickly, you know, then I would start to think about your retirement savings. Again, starting with the matching portion, but the goal would be ultimately to get those contributions up to 10 to 15% of your income. If you get 10 to 15% going into retirement over a long period of time with compounding your to be well on your way to being able to cover your lifestyle in retirement when hopefully your expenses are lower and there should be no at least some Social Security to help offset that. Does that make sense though very good, but I hope that's helpful to you. We appreciate you listening and calling Sir at May the Lord bless you phone lines open 800-525-7000 Carol, so glad to have you with us today in Cleveland I can help Cheryl highlight I got know what I'm trying out help you.

Very good. Well I'm so Sarah, sorry to hear about that deal in terms of you handling this. I think it's great to get wise counsel. There's a very clear process for how this gets transferred to you.

But the key is the management of the funds in it. Now that you are the steward of these resources, Cheryl being able to make sure that those are managed in a way that's consistent with your goals and objectives God's doing in your life. I recommend you connect with a certified kingdom advisor in Cleveland is going to moneywise and click find a CK interview two or three. Find one is the best fit we talk more. More to come.

Thanks for joining us today on moneywise live on Rob West glad you're along with us today we begin the program today talking about raising money smart kids how to impart biblical truth is around money 2300 verses in God's word dealing with money and possessions impart those to our kids, no if they're going to graduate and leave our homes with financial literacy and that's a big if, because often that's not being taught. But let's say it is in most cases they're not gonna understand God's perspective of managing money that God owns it all and that were steward and that money is a tool in that we need to hold it loosely and live simply and give generously. Having these big ideas and that money, the love of money is the root of all evil and you know if something is going to dethrone God from first position in our lives.

It's often going to be money or the things that money can buy. These are big truths that our kids need to understand so they can carry that with them into adulthood and I think this idea that God owns it all is really the starting point to me and it's so foundational it changes everything. And so what we need to be intentional about his impart to our kids. What are the implications of God owning at all. Well, it's that we been given a huge assignment where the manager of the creator of the universe is resources talk about that that we're a trustee that every spending decision is a spiritual decision. Does that mean we shouldn't enjoy what God's given us know first Timothy says.

In fact, we should, but we should also be asking the question, Lord, what would you have me to do as I allocate your money.

We'll talk about that with your kids and know this other idea that the way we handle money reveals what we value your what's most important to us and that our heart actually follows our money. These are key foundational principles that we need to be teaching to our kids.

So as you model it as you live it out personally as you practically talk about it and then demonstrated through application and give them ways to handle their own money and begin to exercise that giving muscle and understand limited resources and begin in the context of your home to work hard and care about their output. You all did they do a good job at something if they're to wash the car. Let's make sure they do it really well, you know, these are things that I think we need to be intentional about and if we do that we will set our children up for success. I hope that was an encouragement to you today. It's so so important. Sorry, back to the funds we got some lines open 800-525-7000 that Rosalinda's in Elgin, Illinois and understanding of a question about your credit cards. Is that right Karen, I have one about what you know now I want to get rid of your you're on the right track here Rosalynn because you don't want those accounts open that many of them let me ask you the one that you use and you pay it off every month. Okay I forget what here's what I would encourage you to do number one use it for budgeted items and let's try to pay that off every month and when I say use it for budgeted items.

I mean, in a let's develop a spending plan. If you don't Artie have one and let's try to use that card only for things on that spending plan where we have the money for it and we could go ahead and pay it off right away. The benefit of that is were never going to incur any debt in negative pain interest, but secondly that's can help your credit score because you're going to be reported as an on-time payer every month and that's really the key to having a good solid credit score. Now those other six cards that you have a zero balance you're not using them, I'd begin to systematically close those I'd close I prioritize the newer cards of the cards that you had the longest I wouldn't close.

Those right away. I'd I'd close the ones that perhaps you've gotten you know. More recently, maybe in the last year where you're not using them, and the reason we want to close them is a guilt when we have an open account. Even if were not using it.

We still need to monitor every month because if somebody compromises that account gets access to it and uses it for fraudulent purchases. You need to report that on a timely basis of the you're not responsible for it and that means you have to watch these accounts. Even though there in a sense for you dormant because there really still active on so that's really a primary reason and then just for simplicity sake you want to get those statements in the mail or in your email, but the reason we want to close the newer ones is that history is actually working to your advantage from your credit score standpoint. The other thing is we want to close them slowly when I want to close all six at once. I'd probably say in the next 3 to 6 months. Let's focus on closing three of them and then six months after that. Let's close the rest until you have probably one credit card one debit card and then again only use them for budgeted items did you follow that one, okay. And that's fine and and I actually like that you're using the bankcard because you know that the type of credit that it is whether it comes from a bank or finance company is also factored into this formula. So even though it's newer. The one that you are actively using discontinue to use it but as you prioritize those other six. Let's close the first three and let's close the ones that you've opened more recently than the other three. And then we can never revisit this after six months.

I hope that helps you. We appreciate your call today, very, very much. Nashville, Tennessee Byron, what's on your mind today. I went all out. I mean, break time, and I'm 73 years old and I do all the maintenance, much very nice think I've been very nonchalant so security paragraph will anoint them and I am going to call on your kingdom advisors but I thought actually today is another route that could be just as rewarding that I wouldn't have to be. Every month, keeping an eye on you know if it's working for you Byron.

I love real estate, especially when it's cash flowing.

Well, you know, there may come a time where you say I just don't want the hassle and the upkeep of being a landlord, you know, get a call in the middle of the night that you know there's a maintenance problem and you know when somebody leaves unexpectedly. And there's damage to the property in any number of things deal can go wrong and there may come a time you said I just don't want to spend that much time overseeing it. I think that would be the reason.

But if you've got good solid properties you got low debt if if perhaps no debt. You've got good cash flow that supplementing your income coming in and that's working for you there's no problem with that. That's a great asset class to have as a part of your portfolio to generate income.

I'm in the other option would be kind of a stock and bond portfolio that as a 73-year-old retiree is focused on income generations are probably high quality dividend paying stocks may be some preferred stocks, maybe some master limited partnerships. Maybe some exposure to bonds and maybe a smaller portion that's focused on growth in stocks. That's gonna provide some of that growth engine over the long haul. That would be the other option and in the advisor that you contact could talk you through that but I don't have any.

Probably you continuing with the real estate by any means, if it's working for you until such time as you say not. I just want to perhaps spend a little less time overseeing all of this doesn't make sense to make a lot right now. I was 80 want to make sure I wasn't making a bad decision just because I yeah no not at all that I do encourage you to connect to the CK there in Nashville. We appreciate your listening calling of licensor because we come back more of your questions. Phone lines open 800-525-7000. This is moneywise line God's word informs every financial decision. Stay with us to come just around my daddy with us today. I moneywise live on Rob West.

This is where God's word intersects with your financial life and take an opportunity to encourage you to consider a gift to moneywise media we do what we do every day bringing you this broadcast our team of moneywise coaches are app developers or content writers and creators. All of that is as a direct result of your generous support in first obesity thanks to so many of you who support us on a regular basis. If you haven't considered supporting moneywise media and you consider yourself a part of the moneywise family. I just asked that you prayerfully consider it. This may not be the right season.

We certainly want you to give to your local church first. But if you would prayerfully consider a gift we'd certainly appreciated, especially as we head into the summer months or so you can give securely and quickly to set over to our website moneywise, click the donate button get moneywise and click donate back to the phones to parish Florida Sean, how can we help you today. I have a two related questions for tomorrow.

I understand there's a new law affecting beneficiary IRAs. My dad passed away in 2015 and 900 and IRAs from him and I don't know if I need to liquidate that I heard something about that. Secondly we we do dive on R&D that we take out from that each year, but we haven't typed on on the whole amount that we inherited. I just wanted to see it getting biblical red flags. There yeah well first of all, in terms of what you're describing with the change on inherited IRAs.

It was as a result of the secure act, and it replaced what was called the stretch IRA where you could stretch out those distributions over a long long time over your lifetime and it replaced it with a 10 year payment rule so that rule requires the entire IRA to be paid out by the 10th anniversary of the IRA owner's death and just about everyone is so subjective that there are some exceptions certainly spouse would be one of the exceptions in the minor children and a few others, but certainly that would be that the new rule that's in place and so you can want to get some counsel from your CPA or account just to make sure based on your dad's date of death, what applies to you and therefore you know how you need to schedule pulling that out as to not create any unnecessary tax burden and and you can be well planned and that in terms of how you approach a tithe on that mean I love systematic giving. I think the principle of the.

The tie that we see clearly taught.

The Old Testament referenced in the New Testament is a great starting point, giving systematically based on our increase. The word tide means 1/10 and so goes Randy Alcorn says that's the training wheels of giving.

I think we should start there and we should give the tide to the local church. Now how do we account for whatever comes into our home in terms of applying the tide. Well I would say your increases, your really that any provision that God brings to you so I love the idea that you would see this as a part of your increase in say Lord working it out. We want to give out of this IRA as perhaps we realize some of these your withdrawals you one of the ways you could do that you once you your subject to a required minimum distribution is through a qualified charitable distribution so you may want to look at that down the road. But in the meantime, you know, I would just look at what was that increase in the just develop a plan to say we want to honor the Lord with that. Now it's between you and him as to the timing on that and how you want to go about that, given that this is an asset that was received. It is in a tax-deferred environment and there's investments in there and so ill. I would say just to pray through that income to a conviction as to what the amount is you want to give and then the timing and then I think once you determine that they're looking for the best tools, whether that's a qualified charitable distribution down the road or using a donor advised fund. There's a number of tools for wise giving that you could consider, but they think the starting point is just to pray through tenant, how much and you know in what timing you want to make that happen. I'm confident to Sean that the Lord will honor your desire to be found faithful and giving. As a result of that increase that he's brought your way.

We appreciate your call today. Let's head to Anderson Indiana Bradley are next on the program. How can we help you I will call absolutely. My mother died in 2005 and not she left the property house could medium up other sister, I was only 17 when she passed away so I did know a lot about tax are anything about house house proceeds toward down after that and the lights went on today in my life I own a couple things in that property this coming year. Need my credit from doing things in my life and try to make payments to the city for it.

So far, many thousands gone. If not, I mean it is not a good like tax exemption that I found for my question is can I do to get my mother's laid-back maybe for you know maybe it helped stocking. My credit so I can start my report. Yeah, you know, I certainly understand that if you contacted them to try to work something out with regard to a payment plan of some kind, yeah and what they feel they house and the light was not healthy and was technically grass. It's in the estate of Winningham Bradley McCain that makes it not. And I don't know how to get out of state.

She had no will.

I don't want to get out her state if I could, you know, spouse attacked something to get that balance paid off. I would let her land back so you're not looking to sell his me I could get it back for my mom a little, but ask if I could sell it in during my credit more that would be okay to but I think the key for you and have you contacted the probate court that handled the estate. Yeah, I have a court date about it before it got for Darrell to comes about 22 when that happened. They team the house.

You know like unsafe or something like some foundation was backed up so they tore down when I was 23 and on the private sector to follow me every year why nobody ever buys a lien well I think you're going to need to get some legal counsel somebody to help you go back to the probate court. See how this property is titled Yahoo is in the county office who is the actually has the deed to it and then you move toward getting it sold, because if the property could be sold and obviously the proceeds could use be used to take care of that balance, but to the extent that that is not all been finalized or recorded properly then obviously that's gonna need to be done. I would contact an estate planning attorney in your area.

If you don't have one, or real estate attorney you could contact a certified kingdom advisor there in Anderson and ask for referral Bradley, but I would start there because that if we can get this ensure that it's been recorded and then deeded to you as a result of her death, and through the probate courts that obviously you could move toward selling it, and in getting this taken care of. I think that is the next step I keep us informed on how that goes. I know this is frustrating and clearly you don't you want to get settled. You also want to improve your credit so you can move on and manage your business and I think I getting this old is probably the best option so that you can satisfy those the amount that's owed in terms of back taxes so appreciate your call today connect with the CK there in Indiana. You can find one on our website moneywise before we talk to Sally. Let me just mention Sean asked about a beneficiary IRA and he said his dad died in 2015 that's gonna be Keyshawn because despite what many beneficiaries are being told that 10 year rule that came from the secure act only applies when the original owner. The IRA passed away after 2019 beneficiaries who inherited the IRA before that are grandfathered in and so I would check with your tax preparer, CPA, but that should be that you won't be subject to that new 10 year rule that is coming into effect with the secure act because of the date of death, so I'd look into that a bit further. You certainly don't get caught off guard, but it sounds like you should be not subject to that. But let's quickly go to Sally in Chicago. We have just a minute or so left. How can I help you start to question one how much you can get security retirement 65 or 70 well if you retire at 70 the absolute maximum is just under $4000 like $3895 a month but that would assume that you for your high 35 those 35 periods where you're paying into Social Security where they look at the highest throughout your working years to determine your benefit, you would have to be at the top end of the range for 2021. It's 142,800 and it's been you know being adjusted or indexed to inflation along the way. You have to be at the top end of that amount every year for those high 35 to get up to that amount.

So the vast majority people earn a lot less than the net amount, but that would be the max question I want to get something to the church and or a family member.

How much can I cancel that I can get back on my Yeah well you you have to talk to your tax preparer in terms of the how much you can deduct on your own taxes. It would really depend upon the amount that you're giving the weather you itemize and then it's can be subject to an AGI adjusted gross income In terms of the amount that is deductible for your situation. In that would be where it's going to a 501(c)(3), which would certainly include your church, so I'd check with your tax preparer and that a gift to your family is not going to be deductible to give up to 15,020, 21 without having to file a federal gift return, but there's not a deduction for that like to make a gift to a charity. We appreciate your call. They Sally thanks for listening very, very much. Let's go do it for us today. I moneywise live. Thanks for listening moneywise.

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