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Money and Marriage F.A.Q.

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
June 25, 2021 8:03 am

Money and Marriage F.A.Q.

MoneyWise / Rob West and Steve Moore

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June 25, 2021 8:03 am

Sometimes dealing with finances in marriage can be a challenge. But what better way is there to gain wisdom on how to deal with that challenge than to ask an expert? On the next MoneyWise Live, host Rob West welcomes Howard Dayton, author of Money and Marriage God’s Way, to hear from him the answers to some questions he’s frequently been asked over the years. Then Rob will take your calls and questions on the financial topics you’d like to discuss. That’s the next MoneyWise Live, where biblical wisdom meets today’s finances, weekdays at 4pm Eastern/3pm Central on Moody Radio. 

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That's Proverbs 1920 and 1 Better Way to gain wisdom then to ask questions by Rob Weston will be doing that today specifically frequently asked questions about money and marriage in here to answer them is the guy who wrote the book money and marriage God's way, my friend. Our date that it's all your calls at 800-525-7000.

That's 800-525-7000. This is money wise live for biblical wisdom meets today's financial decision well.

Our guest is Howard.

This radio program and founder of compass, finances, God's way. Howard, always a delight to have you back on the program. Oh I love being with you Rob, thanks so much for having me absolutely all right Howard, we've got a list of frequently asked questions here pulled from your book money and marriage God's way.

I'm just in a dive right into the first one which is my husband loves me and is kindhearted but sometimes he makes foolish decisions. Do I have to respect him when he does that. How do you respond to that one. Howard will I've made my my number of foolish decisions to drop still as if I could go to bed. My wife, who wrote the first pray pray for God to give your husband wisdom to make solid financial decisions that then ask your husband if the two of you could meet together daily that use these time to seek the Lord and really, frankly, to encourage your husband and in a gentle way.

Discuss decisions you're making as a couple.

Of course allow him to make the final decisions for the family and when he senses that you respect him that you trust in him.

He's much more likely to make good solid financial decisions has Rob in my experience, couples will make much wiser decisions. If they both routinely discuss the issues together and seek each other's counsel. Remember wife is to be helpmate of the husband and I can't tell you how many times my wife has been an enormously helpful in making good decisions such great counsel Howard. This is a tough one but I think as you start in prayer and approach him or her in the right way allow the Lord to work and then confidently move forward together. The Lord can do incredible things, and that really leads to the next one which is very similar, but just basically says my husband is a control freak. He gives me an amount of money every week that barely covers expenses he won't tell me anything about her finances so much he earns and how much data or savings we have. If something happened to them. I'd have no clue what we have, or where the records are kept. How can I get him to share with me that the real challenge. The first thing once again is to pray for God to give him a willingness to invite you to fully participate in the finances, then develop a budget for the money that you are responsible for then asked to meet with him weekly to pray together for God's blessing on the family finances and to review your spending and teach you how to wisely manage money. Husband often is much more likely to engage his wife in the finances when he sees that she's eager to learn and observers are handling money well and Rob honestly most of the answers to money and marriage include the element of prayer.

You just need to invite the Lord of the universe into our marriage relationship. If we really wanted to flourish and I love what first Chronicles 2011 says we adore you Lord as being in control of everything and that everything includes our marriage and also includes our finances yeah Howard, we just got about a minute before our first break here, you know, as you well know money issues are so often about everything other than money. They have deeper spiritual issues at their core, and so how is a recognition of that important as you begin to lean into these issues that you're describing nothing, it's fundamental it's foundational to not only solve the financial issues that really do have a thriving and flourishing marriage. Rob we need to have good communication respect and love one another hour day with us today, founder of compass, finances, God's way. Were talking about frequently asked questions about money and marriage. I'm sure will tackle one that you have just around the corner blitz on to your calls at 800-525-7000. That's 800-525-7000 before we go and let me remind you, have you checked out the new moneywise at can get it in your app store today. Just search for moneywise biblical finance that's moneywise biblical finance and welcome back to moneywise live.

So glad to have you with us joining us today.

Howard Dayton as we talk about money and marriage specifically frequently asked questions and Howard just before the break you were talking about how to approach a spouse when things are out of control. Perhaps you are not being invited into handling the finances.

Perhaps there are questions that are going unanswered or he or she is making foolish decisions and wanting to know how to approach that you know you were saying. Prayer is such a key element of that you said how you approach it with a willingness and openness to discuss it. Keeping God at the center is obviously critical and as we think about these things. Howard, it can seem like that and whether it's the husband or the wife that the budget is being used to constrain nor control and yet when there's a bigger vision about where God is taking you as a couple what your values are, what your convictions are and money then is the tool to accomplish those with the budget being just the daily handling of the money to pursue those things it does reframe it a bit doesn't all absolutely. I mean it should be viewed as as you said is a tool that will help accomplish what's really on our heart, as a couple and Robert fundamentally gets down often down to the perception of the spouse store the other spouse.

And I think I need to. Anchors are found in Ephesians 5 in Ephesians 525 it's husbands, love your wives as Christ loved the church that get this and gave himself up for her. It's a sacrificial love that the husband should have for his wife on the other hand, it's really clear and that same passage that the wife is to respect her husband.

And if the wife doesn't feel loved by the husband or the husband doesn't feel respected by the wife. That's where one of the symptoms is that your finances, your conversation around finances become frayed and arguments and everything else that flows from that because it doesn't have that basic foundation of love and respect such a great point right. Let's get into a few more of these frequently asked questions related to money and marriage. Here's a tough one but pretty clear from a biblical perspective that reads my wife wants me to cosign for her brother who filed bankruptcy couple years ago. He's trying to start a business. I don't feel good about it.

What you think.

I don't feel good about it either.

I had a feeling quote Xhosa. They did a study and they found that 50% of those who cosign for bank loans. Guess what, they ended up making the payments.

75% of those who consume for finance company loans ended up making the payments and if you cosign guess what, you're likely to make the payment on that loan that you go side and that's not all. Your credit may be trashed because the lender normally doesn't communicate with you. Once the yeah the borrower is behind on the payment when the payments are late and by the time it get around ask you to know him pony up and pay it's too late to protect your credit so cosigning is risky business makes you legally responsible for the debt of another and by the way, the Scripture is pretty clear. Proverbs 17, 18, warns us, it is poor judgment to cosign another's note to become responsible for the debt of that person and by the way that that means to me that the parents shouldn't cosign for their children. We decided not to do that for their first car.

Whatever. And by that we model that Scripture says cosigning is dangerous and in our family. We just don't cosign yes I like that so practical and helpful by let's move to the next question. This one says Howard. I love my husband. He's a great guy, except that his middle name should be spender.

He simply can't control his spending our credit card debt is off the charts. It's killing our marriage what you recommend and this is heartbreaking and all too common is it it really is. I mean it did wipe the smile off my faces were talking if he recognizes the problem. Ask him if the two of you can meet weekly to discuss the spending of the family and ask him if he's willing to allow you to keep control of the budget I provide him with a reasonable weekly allotment.

He's free to spend in any way he likes, but at least you got those core expenses covered and frankly, if it sounds like it's a serious problem. I don't know if he would admit that it's a prime but if he does, I would really encourage him to seek counsel from somebody that can help them bring it under control and certainly I would suggest that they meet together with the budget counselor and I know that moneywise has some great experience budget counselors that are available for people to meet with Rob and always focus.

She should always focus on continuing to respect him and praying for the Lord to improve his spending habits, nagging won't get the job done will not help the situation but prayer and approaching him in saying a gracious way that is is really important whether such wise counsel Howard a couple of things come to mind. Number one is healing. Each of these questions. The husband has been at the center of this. This can obviously go both ways might want to make that point very clear.

We can easily exchange the wife in each of these situations.

Secondly, you know, I think we need to build in some flexibility in the budget for each person to be who God created them to be assuming there's margin bill.

Perhaps we build in hobbies that each of them enjoys or some discretionary spending within reason for each of them to feel like they have a way to express who they are, through the family finances.

Does that help. It really does and I think it really take to build on that Rob. It helps for the family to have a vision of vision for the what they want to accomplish financially and when they get together and discuss how do we fulfill that vision.

You make a part of the budget, one that he or she can spend on whatever they want, but the core budget should be able to move them along toward reaching their vision. Yeah why that's so helpful. There are so many questions I want to get to today. Perhaps when we have time for just one more. And this is one that comes up so often in troubles many faithful spouses. Here's the question Howard.

My husband doesn't know Jesus Christ as his Savior and doesn't want us to give afraid to disobey the Lord.

Should I insist that we tied give 10% so that we don't miss God's blessing what you say. Well if your husband doesn't want you to give. Don't force them rather cooperate with them. Second Corinthians 812 tells us if the willingness is there. Speaking of giving the gift is acceptable according to what one has, not according to what one doesn't have another words if you desire to give God knows that he's pleased with you. Even if your husband won't allow idea. So here's a suggestion, ask your husband if you could give a portion of what you say from the part of the budget that you manage that way you still have the opportunity to personally give even if it's not based on the total income of the family put on the portion of the budget that you yourself control. That's a very practical way to continue to give in that circumstance will Howard, thank you for your wisdom today. My friend Juergen have to have you back real soon to continue to unpack the sky bless you, thank you very much all right, Howard Dayton, founder of compass, finances, God's way. Your questions are next. 800-525-7000 stay with us much more. Moneywise life when we return to that heavy along with us today. I moneywise live taking your calls and questions on anything financially. Here's the number 800-525-7000 wines openly love Jim you 800-525-7000.

Always great to be joined by our good friend and former host of this radio program, Howard Dayton, founder of compass, finances, God's way. Howard has really thought through this whole idea of money and marriage. In fact, that's the reason he wrote the book money and marriage God's way and would love for you to check that out. It is a wonderful resource. It's an area we can all use assistance in your there's a reason that 70% of married couples have conflict related to money and it's an area we need to lean into. Think about it you know we all come to the marriage relationship with obviously different personalities but that includes money personalities, how was money handled. Growing up as a child what was modeled for you was there excess were you living on a very tight budget and how is God wired you know usually you're either a spender or a saver and you know putting those two together in an area that's is charged as the money topic is just can create some real conflict or good friend Chante fell upon the researcher and author really did a significant study on this and found. In fact, that one of the primary reason 70% of couples find so much conflict in this area is there is a misalignment of values related to how the money is handled the why are we spending money the way we are. What's most important to each of us and together as a couple and as a family and how is money able to support that will until we have those conversations get on the same page. We will struggle in this area so my prayer is that you will do something about it. Pick up a copy of money and marriage God's way. If you're an engaged couple spent a significant amount of time talking about this whole area finding some common ground determining what lifestyle you're going to live in your views on Denton giving and work all of that out, perhaps even find a mentor financial couple that can journey with you for the first year you these things are so critical, but it pays huge dividends and I hope today was an encouragement to you will have power back real soon to talk much more all right. Let's take some phone calls today. We do have some lines open. We love to hear from you. Whatever's on your mind today civic guys for saving or giving.

Perhaps it's establishing a spending plan or maybe have got some debt you're looking to pay off whatever it is we'd love to hear from you. 800-525-7000 were to begin today in Wisconsin.

Teresa, thank you for your call. How can I help all to comment and I have to say I've been listening days where the cat and State Farm's very way way way way back anyway at my comment wise I was listening to some advice about looking@bank.com for interest-rate and finally bear and minute my union is paying more than anyone he thinks are paying 2%, so trying that out there.

Don't forget to recommend credit unions interest rates are phenomenal. Considering yes well Therese. It's a great point and I'm glad you brought it up. You know, typically credit unions have higher interest rates on deposits and lower fees than brick-and-mortar banks. They tend to put an emphasis on customer service.

They may also be willing to work with folks who have a lower credit score. Yet the downside is, there are requirements for many of them to be able to join, so it's not as widely available to everyone, and they typically have fewer locations. It's also not deal typically a lot of these their high yield savings accounts offered by the online banks are available nationwide.

The credit unions obviously typically are more regional in nature or have some requirements that would make them not accessible to everyone, but that doesn't mean you shouldn't do your homework as you've done and if there is a credit union in your area that you qualify for in their paying higher rates with lower fees than absolutely take full advantage evident in one of the thing I'll mention is that federally insured credit unions are equally as safe as FDIC FDIC insured banks of those credit unions use what's called national credit Union share insurance fund, which is the is backed by the full faith and credit of the United States government in the same way as FDIC insurance so you bring up a great point and I would fully concur with checking your credit union at the same time you look@bankrate.com and you know consider some of the online banks in your search for low fees, accessibility, good customer service and high interest so Teresa great point that you made today. Thank you for listening and thank you for calling on to Spokane, Washington, 800 525 is a number to call Ralph thank you for your call today sir, how can we help you. I am getting ready to retire and I work for company work for up and they have something called public tires public employees retirement and I'm trying to decide I got in my retirement thing is that I can buy up my monthly payment.

I'm trying to understand. Is it worth buying up pay increase my monthly payment are not medically good investment. Basically, there they would pay higher rate all the way till I passed away. Yes. Well, it certainly was worth looking into. I think it's really just a function of the funds that you have available now and you know the present value of that future income stream, and whether you know what they're going to return to you in terms of a higher monthly payout makes sense in terms of the rate of return you're going to get for the money you're going to have to commit to buying that.

So I think this warrants Ralph a visit with a financial planner to look not only at whether or not this makes sense from a financial standpoint running the calculations and also comparing that to what your expected lifestyle and budget will look like in retirement. What asset you have that when added to Social Security whether or not that will meet your need and the amount of liquid capital. You need to hang onto in the near term self as they put all of that together. I think it will give you some good advice.

Look for a CK there in spokane@ourwebsitemoneywiselive.org just click find a CK to come in moneywise lines so glad that he along with us today on moneywise like take your calls and questions on anything financial. Applying the truth of God's word to your financial decision choices.

We have slides open would love to hear from you.

Here's the number 800-525-7000. That's 800-525-7000. This is a great time for me to remind you as we head toward the end of June during the summer months. At that moneywise meeting in this radio broadcast is listener supported.

We can do what we do without your generous support. If you consider yourself a part of the moneywise family you count on this broadcast to give you godly insight that's practical encouraging as you handle God's money. If you are availing yourself of the moneywise app or the great content on our website or coaches. Whatever it might be. We just asked you prayerfully consider supporting the ministry you can do that quickly and safely online it moneywise live.org just click the donate button that's moneywise live.org click donate will thank you in advance again. Now we've got a few lines open 800-525-7000 ahead next to Georgia and Angie. We appreciate your call today. How can I help you only lead to, and she now takes a blank will be split evenly when she passed. She currently there are 1% right or she can on just this in mind that there are other better option right now. Why appreciate the call. I'm so sorry to hear about your dad's passing, but delighted to hear that your mom is your wanting to think through and be a careful steward of these funds that are significant and you all are walking alongside her in that I let me just ask Angie is did she need an income drawn off of this to supplement other income sources, or is this money that, barring the unexpected is truly beyond what she needs. Okay all right well you pointed out what is typically seen as the options that she has is the surviving spouse, you know, typically you would treat the annuity as your own, then you'd keep all of the options that the owner had in this case, they owned jointly. Annuities obviously can be structured in a wide variety of ways. So options vary on the particular annuity structure that was determined with the provider at the time of sale. The insurance company so as you said, you know.

Often, you would see someone take a lump sum distribution, which has tax implications. You have to plan for and or you could roll it into an individual retirement account which may be a great option to consider, because that would defer the tax options and perhaps give favorable treatment barring any changes in the tax code which some are being proposed that would change this, but would potentially least on the current tax code. Give favorable treatment when it was inherited at her death, so I would encourage you to perhaps visit with a financial planner just to look at any number of options. 1% is quite low so I think rolling it out either into an IRA or just taking a distribution and have somebody manage. It is gonna be a better option because you can still set stay or she can very conservative and yet do better than that 1% a year there would be probably a growth component to the overall portfolio that that would be long-term in nature that would allow the returns. You know, to move higher. But then still a very conservative base. Perhaps even the majority of the funds so that it's protected offer some stability. It's been a smooth out some of the volatility that you might experience if it were 100% invested in stocks which is probably the right approach.

Given that even though she doesn't need it now and arguably, this money could grow for a couple of decades or more. She has good health you regardless of that she may need it at some point me and obviously the unforeseen you know could happen and it would most often be medically related in this season of life. You know, if you were to need some some caring homework in a nursing home or assisted living that can erode assets in a hurry so I think given what I've heard, it probably is going result in you, either rolling it out or taking the distribution and I getting some the professional management but I want you to look through all of that and consider that alongside her overall financial picture and I think connecting with an advisor in your area to do that makes a lot of sense.

If you don't have one, or she doesn't, you could look for a CK in your area by going to our website moneywise live.org but at the set to generate any questions in your mind, Angie option is that now I term or let out and start and the option will that's probably again I made to make a specific recommendation just not knowing the full picture of her finances, but what will likely be the outcome is that the rolling it out to an IRA will make a lot of sense. Just because it will deferred the tax implications and potentially allow you to miss them altogether. Barring a change in the tax code and get that repositioned so it's invested appropriate to in her goals and objectives. Perhaps, with the goal of exceeding the current return being offered by the annuity company so I would proceed along those lines.

Get some professional counsel, but I suspect that will be the direction that will make the most sense. We appreciate you checking in with us though all the best, let's go to Chicago, Illinois. Robert, thank you for your call today sir, how can I help you.

Hi all my I want that you think about that accepting certificate will take on Yeah you know you can purchase tax liens in the same way actual properties can be bought and sold. You know, and it's not something that I'm particularly in a fond of real property liens carry substantial risk which means you know if you're a novice buyer you have to understand the rules and the potential pitfalls that come from this type of asset, I mean essentially it's a claim.

The government makes on a property when the owner fails to pay the property taxes that usually have bidding wars because they're sold at auctions you know and then if you had to foreclose. There could even be other liens against the property that prevents you from taking possession. If you get it there could be unforeseen expenses with repairs or even evicting somebody who's occupying it so I think you know, given some of those particular issues inherent with this type of investment at something you unless you're up your professional always got significant experience in this area you got ample capital behind you to go into it knowing that there could be some pitfalls but you got the financial means to overcome that for the average person.

I would say stay away let's do more than a vanilla flavored investing with the stocks and bonds and real property, but not through the auctions tax such as my take on it.

I like to keep things simple. I hope that's helpful to appreciate your call today. This is moneywise live on Rob Wes and Roger along with us today much more to come. Slides open 800-525-7000. Looking forward to chatting with you to pause for a brief come back much more just run with us today and moneywise live the Scriptures and why your financial decisions. That's overall about here we recognize God owns it all and therefore wears her manager of God's will. The question, how can we manage God's money.

Thankfully, we all want to hear well done good and faithful servant and I believe that begins with the posture of an open hand holding what we have, loosely recognizing we have an abundance. And that begins with the recognition that our abundance is not financial in nature. It begins with God's love for us, most notably shown through the sacrifice of his son on the cross, that we might have eternal life paying the penalty for our sin and inviting us into a personal relationship with him. If we start and in there. We have all that we need. The question then is about stewardship after we give our lives to Christ. We want to be good stewards of everything God entrusted to us her time in our relationships in his word. And yes, the financial resources that all belong to him.

The earth is the Lords and everything in it. So how can we be that faithful manager and what principles can we draw from Scripture that we can apply to today's financial decisions to move forward with confidence but in a way that allows us to live with contentment and peace and ultimately generosity. That's what it's all about and how can we help you today what's on your mind, we have probably room for a couple more questions today. Here's the number 800-525-7000. That's 800-525-7000. Let's head back to the phones today to Indiana Angela, thank you for your call. How can I help you I and my question is actually for my daughter who is going into her second year of college and she's wanting to start long-term investing. She put paving that she put money into her savings account which is paid every two weeks and during the summer.

She's working maybe about 25 hours during the school year about maybe 10 per week that she's wanting to get the best interest long-term and that she would like to open an IRA and Roth IRA but the bank isn't that you think that what the best option for her eight yeah yes so I think the key is deciding yet what type of account she wants even before the investments in the account because as you mentioned any money that she has. She wants to start first by establishing the practice of giving so we want to begin to model systematic generosity and then beyond that she needs that reserve account. Then I think given cut her stage of life. She needs to be looking perhaps with your help at what are some of those perhaps near-term or medium-term needs that she'll have four funds so once she gets through college know is that savings going to be enough to get her started in her first apartment and turn on the utilities in first last and security in Michigan and need to buy a car. Some things like that that she may not want to tie money up long-term.

If she has some needs like that but once you know we've got a plan that she's working toward.

In terms of some of those things that have been identified, then I think it's a phenomenal idea at her age to start a Roth IRA. Assuming she has earned income and you said she does know then she could start systematically putting an amount into a Roth. Even if it was just in order hundred or $200 a month it would be below that the cap on what she can put in each year, but it starts that habit of saving for the long term. I don't want to take away from money shall need in the near term. But if it's truly money she can allocate to the long-term than that makes a lot of sense and keep in mind although I wouldn't want to encourage this. If she needed to.

She could always big get back the original contributions or up to her total contributions, not any of the gains but the contributions without any tax implications as to where to open that account, I'd probably at her age and you with the amount were talking about have her start with one of the Robo advisors feel better. Mentor Schwab intelligent portfolios or wealth front, the very easy to use the very low cost and you you automatically automatically rebalance the portfolio with every contribution.

And there's not any transaction fees social just pay a very small percentage probably like .2% 1/5 of 1% a year on what's in there and based on the way she answers the questions that will be posed. They will build basically an index portfolio that mirrors the market and shall capture the broad moves of the market, she won't be investing in individual companies, but she doesn't want to be with this amount of money should be to highly concentrated.

She just get the broad moves in the market over time and that will do very well over the next let's say 40 years or however long it's gonna be in there between now and when she needs it down the road but not give me your thoughts on what I've just shared with her because after the latch and well yet that is what we were thinking we just didn't know where to get the deed at McKay, for instance, I have one in our bank that I know the interest rate is high and she and has taken a financial course entitled are required to take and so she was familiar like I need the compound interest every time mom that he was just wanting to know where to start and in the part in any amount or percentage because she does understand when she finishes colleges have been going to grad school and I keep that apartment that kind of thing that she had to say for that that you didn't know, no favorite the percentage to kind of pay what her contribution should be and where no one is yeah one and these are all great subpoints and questions.

Once she's in her working life and she's got a budget and she knows what it's gonna take to cover her rent her utilities and food and insurance, and the things that she needs to pay for the goal will be after her emergency fund is fully funded.

Which of the 3 to 6 months worth of expenses.

Whatever her monthly expenses are. We want that in liquid savings and the goal would be to try to get to 10 to 15% of her income going into a retirement account, probably starting with a 401(k) at work. She has that, if not a Roth IRA, or both, but right now that doesn't really apply because she's, you know, not into her working life. Yet she still in college, so I think a better approach is to say, let's try to determine how you what our goal is for that first last and security in the car and some of those other things that we can actually assign a number two and then let's take the discretionary income. She has right now above her expenses that the margin and let's say between now and graduation.

How much does she need to put aside to reach those goals and then whatever is left could be no go systematically into a retirement account so it's probably less about a percentage right now in this season of life and more about what is it gonna take to reach her goals for the money she needs after college and then what's left over. And that's what she would set up an automatic contribution to into her Roth IRA and I think wealth front better Mentor Schwab intelligent portfolios would give her what she's looking for in just one clarification you mentioned an interest rate is really not an interest rate it's more about the growth of the investments in that because she'd have stocks largely stocks inside that portfolio that you follow all that I think the goodwill you're welcome and I appreciate your call today and tell her we're wishing her all the best and hope to talk to you again real soon to Indiana Scott, thank you for your calls or how can help you. I saw our garment, no debt at all, mouth or and gotta hundred and 50,000+ in the proper training on making .01, the money honey… Do it.

Yeah, what is this money for is this money you need to try to convert into an income or is it just you know extra that is there if you had an emergency. What what is it for oil for development of merchant on replica monument all the time.

I didn't sleep very well financially that on your mind yeah yeah yeah so the question is beyond the 30,000 you want to take any risk with it.

Are you looking to achieve a higher rate of return you can immediately take this whole thing and move it into high-yield savings account and go from, you know what you're making right now to 1/2 of a percent .5% maybe even .55 and you know if you quadruple your return even though it's still not get to be a whole lot just by going to outlier markets or capital one 360, but if you want to take some risk, even on a very conservative basis with the portion beyond the 30,000 in the emergency fund.

Then you could begin investing it. The question would be, are you comfortable with a 7 to 10 year time horizon on that money so that you're not having the you know pull money out when the markets down.

I like – I will convert my results from a low but offered account that best of the market that you might check.

I don't know that's smart move or not, but did not move the money. Remember now yeah well I would look around, you know, to our earlier call me and you could perhaps look for a credit union or your area that's offering an attractive interest rate if you can find one, even 2% if you qualify for that particular credit union. You need to look at all the fine print, but I think if you're looking for a banking product. You just need to do your homework and bank rate.com or look locally to see what you can find yellow and you know that's going to give you at least somewhat better in a much better than you're earning now, but with inflation. Let's say it's pegged at 2%. You don't even any of those options you're going to be losing purchasing power over time. Unless you take a portion of it and move it into risk assets even on the conservative end of the spectrum you could have an advisor build a portfolio for you that as you know, maybe 30% and dividend paying conservative value based stocks that would provide some growth. And even if the market was down for a period of time you know your two from now you wouldn't touch that and you let it come back and then the rest you could invest in bonds and other fixed income type investments with the goal of getting not five or six or 8% but maybe you know 4% or five but if you want to stay in banking products that are ultraconservative. I think you just need to look for better yield and that's it either via credit union or an online bank so appreciate your call. It sounds like you guys are doing a lot of things right because you had been a margin that allowed you to build up this money in the first place. We appreciate your call. Licensor lets you do it for us today so thank you thankful that you stop by moneywise live is a partnership between the radio and moneywise media want to say thank you to my team today Gabby T. Rios, Jim Henry and thank you for being here as well will come back on Monday and do it all over again. I hope you'll join me time. Have a great weekend –


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