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5 Good Money Habits for Teens

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
July 27, 2021 8:03 am

5 Good Money Habits for Teens

MoneyWise / Rob West and Steve Moore

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July 27, 2021 8:03 am

The longer you do something, the more it becomes ingrained as a habit. And that’s not necessarily a bad thing. Establishing good habits early in life will be a blessing for years to come. On the next MoneyWise Live, host Rob West has 5 habits for managing money that you'd be wise to establish, especially if you’re a teenager. Then he’ll answer your calls and financial questions. That’s MoneyWise Live, where biblical wisdom meets today’s finances—weekdays at 4pm Eastern/3pm Central on Moody Radio.

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Finishing Well
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Finishing Well
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Finishing Well
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Finishing Well
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Hey there I'm Jim and Baxter and I certainly radio is the director of business development. Our team's job is to find businesses that love Moody radio and Jesus Christ and want to support the work we do financially just like you today. I like to introduce you to United States mortgage.

Simply put, they are faith focused mortgage team serving clients across the United States. They put together a team with Christian values with faith and family at the core. They know that this is arguably the most important purchase of your life. Check out the top five things you should know about United States thanks to you and United for supporting the radio. United faith mortgages, a DBA of United mortgage Corp. 25 Millville Park Rd., Millville, NY license mortgage banker for licensing information, go to an MLS consumer corporate MLS number 1330. Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah. In today's version of moneywise. My phone lines are no longer you do something, the more it becomes ingrained as a habit that's not necessarily a bad thing. Establishing good habits early in life will be a blessing for years to come.

I am Rob West, it's never too early to establish wise habits for managing money, especially if you're a teenager today.

I'll give you five of them. By the way their great habits to start any time in life we have some great calls lined up but we will be taking your life calls today because we're pre-record. This is moneywise live where faith and finances go hand in. So let's start with spend civic lease on top of it. It's always important to know where your money is going and you can't do that unless you track it. If you haven't done it already downloaded start using our new moneywise app. It helps use establish a budget based on the envelope system that allows you to monitor all of your transactions.

This is especially helpful if you started some bad habits like spending too much time at the mall where spending is always a temptation or buying. Let's say designer coffee every day. The moneywise app can generate reports that show you where you need to curb your spending to stay on budget. Also, you might consider getting a cashback debit card that will earn money back on every purchase.

Just make sure that their budgeted and by the way for the app you'll find it in your app stores a free download in the Apple App Store or Google play. Our next good money habit for teens is getting budget body. That way you can rein in each other's impulse spending at the mall or anywhere else. Two heads are better than one, and you can challenge each other to stay on budget and look for ways to save money if you decide to eat lunch out with a friend. Maybe you can share an entrée by a full-size sub and split it portion sizes at many restaurants are big enough that you will not go hungry until dinnertime are a good money habit for teens. Number three is a DS and that stands for always be saving another way to say it is.

Pay yourself first when you get money as a birthday or Christmas present or paycheck from a part-time job I get into the habit of saving a certain percentage of it. If you have a checking account set up link it to a savings account at an online bank what you deposit the money into checking transfer a portion to saving savings do that before you spend even a penny and do it consistently, even if it's only a few dollars a week. The important thing is to establish the habit of saving now. If you have money coming in consistently from an allowance or part-time work. You can set up automatic transfers from checking to savings a habit you will never regret that no one has ever told us they've saved too much money. And while you're establishing the saving habit. Do the same thing for giving understanding that God owns everything is key.

He is your ultimate provider. He directs every penny that comes your way you want to show your gratitude by faithfully giving a percentage of your income. Any increase. You have to his kingdom and start with your local church. But remember, we often say tithing is just the training wheels of giving. So look for other ways you can glorify God with you giving beyond that we've sort of lumped saving and giving together. So the fourth good money habit for teens is building a good credit rating. You may want to ask your parents to set up a secured credit card for you with a secured credit card you deposit a certain amount into that account and then you can make small budgeted purchases pay them off in full. And as you do that, you'll start to establish a good credit history and score. But remember having a good credit history is a double edge sword. It can be a real convenience or it can lead you into debt if you're not careful. So to avoid that refer back to habit number one and that is to stay on top of your spending and stay on budget are in our fifth and final good habit for teens is to study how to manage money wisely. I know with all you do for school.

You probably think you study enough, but trust me learning how the financial world works will pay huge dividends, of course, there is no better way to do that studying God's word Bible has more than 2300 verses to the wise use of money and possessions as you study Scripture be on the lookout for them and consider how they apply to your life. Proverbs and Jesus parables in particular are rich.

God's financial but then you should spend some time learning about the nuts and bolts of managing money. Educate yourself about credit scores that always the best ways to say even longer term savings that might seem far off but will become also the moneywise app has hundreds of great articles about managing money for effective so we want every day after you have five good money habits for teens take them to heart your friends to pause for a brief break that much more stable, listening to a best broadcast of moneywise live.

This program is pretty recorded so were not available to take your calls today you can email us back questions moneywise.apply God's truth. His principles always timeless, always relevant, always transcending any situation you might have and apply them directly to the questions that you have what's going on in your financial life today.

Let us know will celebrate so that together and see if we can apply some scripture to what you're dealing with in your financial life. Before we get to our first question today to remind you we just graduated a whole new team of volunteer moneywise coaches. These are men and women that is a part of their ministry.

Want to come alongside you to help you navigate your financial life teach you some biblical principles as you meet weekly over a series of between 6 to 8 weeks. There's no cost for the coaching apart from a small fee you pay for the digital workbook. The walk alongside you, help you set up a spending plan giving plan. A debt repayment plan. And they love to connect with you often, we will have a 30 or 60 day wait to get connected with the coach but because we have some newly trained coaches ready to go there's no weight so I don't our website moneywise just click connect with the coach and we'd be delighted to serve you and let's dive in today first to Rochester, New York Marie what's on your mind today in our house and my dinner take that money which emulator anticipates that they can make a 900 hundred and 20,000 and then around until we can find the perfect have been to the market is terrible pain out of buying and out. We want to know what we should do with that money like a lame until we put that money into the next town and put it in a savings account or money market account literally daily Money yeah are you just trying to wait until you see a pullback in the housing market.

Do you have kind of a timeframe in mind.

We don't want to rent her to learn but we don't want to rush in and move into the next house you want to pay too much. The code don't want to buy the wrong house. So were hoping you know when I can have Diana out populated area, so we don't care like a non-pay too much. No matter what is okay very good, slightly couple of thoughts.

Their number one is in terms of your specific question as to where to keep that money given the timeframe time timeframe. Less than five years for sure. Ideally, you're saying around six months maybe a year. I think the place to go with that is a high-yield savings account. I would look at one of the online banks with FDIC insurance. It's fully insured protected by the full faith and credit of the United States government up to 250,000 you said you have about hundred and 20,000 you get today about 1/2 a percent maybe .6%. Not a whole lot. But again, the whole idea here is to not take a risk with this money you want to protect it. It's about the return of your capital, not the return on your capital with the specific amount of money because you're looking to redeploy it here in a very short period of time with regard to how to approach this. I don't think you're taking a bad approach here. Marie I would just recognize number one rent prices are pretty high right now to yes it's a sellers market because you know there is far fewer homes in terms of inventory nationwide than there are buyers that coupled with low interest rates and an economy that's chugging along pretty good.

As the economy reopens from the pandemic has created a real unusual situation. I was just talking to someone in my office today who listed her home. 18. Full price offers in 24 hours. That's a strong market but keep in mind Marie you're going to get top dollar when you sell which should offset to some degree what you're going to be paying when you go back again feeling a depressed market when you're selling. You might get not as much money below market and then you buy at a discount. So it offsets itself and I just would caution you when it comes to buying a home Bureau is long as you do your homework and you're buying the right house that fit your budget trying to wait that out in time. This is, in some cases a losing proposition.

For instance, think about it this way. Let's say that for the next couple of years. The housing market continues to rise. You're frustrated paying higher than market rental rates only to say fine working to go and buy that house now and then the market turns down because we had a recession a couple years down the road.

I mean, it's very difficult to try to time the entry especially was something like your home where the nonfinancial side, the location, the timing, not to mention the fact this is where you live is equally as important as the financial side, so I might consider maybe moving a little quicker. Once you find the right house that again fits well within the budget you have plenty of money to put down you'll be in a real strong position to hopefully make a purchase where you don't have a lot of contingencies certainly will be counting on a home sale, which would be good in the in the sellers eyes in terms of them not to thinking you might go away if your home doesn't sell. You won't have to sell a home that's a good thing.

So take your time and find the right house, but I wouldn't try to necessarily time the market in terms of your next entry point just because of the reasons that I mentioned is all that make sense though okay where I might you're welcome and you just give you threes's options on those online savings accounts.

I look at either. Marcus capital one 360 or Ally Bank all great customer service. No fees and that you get to higher than industry averages on those high-yield savings accounts, and we appreciate your call today. Let's head to Indiana WGN are Gary, thanks for tuning in today. What's on your mind's or great program long time listener for scholar caller. I am well will just say I'm retired and I have enough income to live all 12+ an extra all 35,000 or so year seven rental properties plus Social Security and a small pension to consent. I kind of outsmarted myself pulled $130,000 out of the market because I thought trade wars were on the horizon crash didn't happen and I'm sitting there with that money in cash it in a self-directed IRA and I don't know if I should just jump all the way in if I should trust kind of dollar cost averaging just by little bit of time over time. You know, just looking for some help on strategy. Since I've Artie outsmarted myself one. Well, I think the best thing you can do and you're not alone in this. We've all been here is learn from it right. I think anytime we try to time the market as opposed to taking a well thought out long-term diversified approach. Usually that's a losing proposition. Even if we have some short-term wins along the way and think that maybe were smarter than the average bear. We are constantly reminded over the long haul that no we need to just stick the tried and true principles of investing in every other financial decision but nevertheless you don't hear you are asking the right question and that is how do I wisely moved back into the market with money that's genuine genuinely a surplus because as you said your incomes covered you got this extra 35,000 year that obviously you're either giving her continuing to put away as to add to your investable assets. I think a prudent approach year, Gary would be to. In fact, what you said dollar cost average back into the market. The thing you're going to want to decide on the frontage. The front and though is how much do you want at the risk of the stock market because even though you have a surplus you know. Do you want to be in a position where let's say if it you were 100% in stocks. We were to hit a real bump in the road, not just a can of a blip like we had in the stock market last year with the pandemic, but we were to get into a cyclical recession where this economy rolled over and inflation crept up in and of the market was down for an extended period of time. When I say that I mean maybe a couple years you would you be comfortable if your mom your account value loss, 35%.

If you got a statement in that 125 was yellow 80 wood with that really give you some pause or would you be able to emotionally just come to say well I'm in a way that out let it come back if that causes you come some concern.

I think that should be the first signal that maybe you shouldn't be fully invested in stocks. You probably need a mix of stocks and bonds. Sounds like you have other asset classes covered which is part of your diversification through those rental properties with real estate. That's a good thing, but I would just want to make sure you kinda take an honest assessment of your risk tolerance. Before you do this now.

Once you decide on that allocation. Whether you're doing yourself.

Are you using an investment professional to actually select the investments, then I think beginning in over. Let's say the next six months, or even a year to systematically put that money back into the market is probably the best approach and I would make sure you're really diversified.

I certainly wouldn't be concentrated in what have for the last few years at least been the high flyers you know some concentrated positions in tack and in things that have done very very well. I would have a much broader a portfolio that's probably where the gains in the market are going to be over the next year or two and I wouldn't expect the returns that we've seen over the last 24 months. Either this at all make sense yet appreciate it and confirmed already. What I thought I should do but wanted that I have the voice of reason on my side absolute. We appreciate you listening and calling today for the first time in the middle.

Lord bless you as you seek to be found faithful in managing his money wisely and honoring him in the process were so glad you're along with us today for moneywise lie.

This is very to God's timeless wisdom and principles from his word and apply them to the decisions were making each and every day with his money. Come right around the corner with a whole host of issues stay with back to moneywise live on Rob last. This is where God's word intersects with your financial life. So glad to have you along with us today. Their team is taking some time off today.

This program is pre-recorded, so don't call in today. Wait till were live in the studio but we do have some great calls all lined up ready for you today. I'm sure you'll enjoy them. It seems like there's an unending number of ways to allocate God's resources. The good news is we can boil them down into really five uses of money. There's the money we live on the money we give the money we owe for debt and taxes and the money to grow, which is their savings that we have in God's word speaks to every one of those and if we live well within our means. We avoid the use of debt and we give generously and we set long-term goals. We have some margin or savings in our lives.

You know what we can put ourselves in the best position possible to execute experience God's best in this area that does that mean will always have more than we need no will go through difficult seasons, but at least we've done our part, we can leave the rest of the Lord, placing our trust not in our things, not in her bank account but in him is our provider and sustainer, and that's really the core of what we want to understand as we tackle each of these questions and issues related to managing God's money wisely, let's go back to the phones Akron Ohio will be talking about secured credit cards with G9 is that your question today about yet about getting it to our children become secured card dealt with the credit card in general. Picture cards recommend and how much would you recommend to go into that account. Yeah well the key with the secured card is the purpose you're getting that is generally for the purpose of building credit and so the limit is month is not as important as just finding secured credit card that you can get to. I would start with your local bank and make sure that that's can be reported to the three bureaus every month that typically you would be putting down around two or $300 where you know that's the amount on deposit. That's the limit you have but you know if you would just set up an automatic recurring charge for a budgeted item. It could be something you know a subscription for 699 a month, $6.98. We could be very small.

The ideas that you want to establish establish yourself as an on-time pair month after month bank is a great resource. They actually list of the secured MasterCard from capital one the open sky secured visa and the Discover it secured card as among the best today. They have around a $50 minimum deposit again bank and you'll find one from capital one open sky and discover all offering secured credit cards with pretty low minimums and again the idea here is that you're just trying to reestablish yourself, showing yourself as an on-time pair so you can build that credit score which as you probably know Gina is being used today for a lot more than even just whether or not to extend you credit for job applications, insurance premiums, a whole host of issues. Does that make sense. So does that answer your question okay thank you for your call today. We appreciated let's itself to Stuart, Florida Rob, how can we help you today.

Thanks for the opportunity I appreciate your blessings and second, history couple years ago I went through about what cancer lost my house started reestablishing BP cancer, by the grace of God started reestablishing income I'm 61 years old reestablish them, along comes the pandemic and lost 84% of my income now coming back. You know I'm starting to see light at the end of, what the pandemic barely make money to live on. I prayed hard to find.

You know how to wipe high probably why little lime load all live you know I made a call knowing that now I'm a little live on one after I get it.

Let's do this. I want you to hold the line to take a quick break we come back I'll give you my thoughts.

Thank you for your call today will impact this right around the corners back to moneywise live had left to encourage you to check out our friends at the National Christian foundation you'll find it in CF They have offices all over the country and they will help you give wisely. First of all the help you develop a giving strategy unpack what God is doing in your life and help you come up with a plan to give the can also help you with the where of giving and the how incredible tools available at your disposal. Not only donor advised funds but also how you give non-cash assets giving from a business or appreciated stock real estate artwork. Whatever it is that the Lord is entrusted to you.

If you want to be generous with it, giving it to Christian ministries or your church.

The team in CF would love to walk alongside you again in CF is the place to go, let's go back to the phone so Rob just before the break you were describing this journey you've been on you been through some difficult times financially. Much of that brought on by the pandemic. Your 1099 contractor you have some income coming in. And you've really decided at this point that you want to honor the Lord in giving with all that he provides all of your increase in I guess you're wondering how best to do that even though you have limited resources. Is that really the heart of the question really is. In the past five struggle I've said you know I got a business expenses and I gotta take care of business and then went out whatever I I considered my wage and I went high from that. But I made a biblical decision and that is my life doesn't separate. I don't get separated in other words, I want the Lord to bless my business as well as my life so I'm passing in home all tied yes and as I as were coming out of this pandemic.

Like I said last year, 83% income loss, but now I stroke Rob all because you're playing catch up and playing catch up.

I bring my time for the start and live on what and many, many times it's just I'm I'm facing a power power is going to be shut off here in a week you know if it ever is not paid, and these day-to-day decisions and I just want to know. You know what the right way to approach this. Yes. Well Rob, first of all me just I really appreciate the heart behind the question you're asking. Clearly you want to honor the Lord with everything he entrusted to you.

Here's a couple of thoughts. Number one is when we apply the principle of the time it's based on our increase its the 10th based on the increase from God's provision and I would really lump anything that comes your way is an increase is a part of that now when it comes to being a business owner. We recognize not all of what comes into a business. As part of your increase. You are the steward. There are no Christian businesses. There are believers people to place their trust in Jesus that operate businesses now as a business owner you may decide you want to get out of the business but let's set that aside for second for you Rob to be able to give a tithe, and you can certainly give far beyond that.

You can't out give God. And I like to say the tide is the training wheels of giving. It's the beginning point so will get to sacrificial giving in a moment but to apply the principle of the time to what God is entrusted to you personally. We have to ask the question what is your increase in your increase is what is paid to you out of the business after the business covers its expenses because of in some businesses if the tide was given on the gross receipts the business wouldn't stay in business to me think about a grocery store mean they're living on a very small margin of you know what's paid into them because they have to pay for the cost of all the food and in the products on the shelves and so that's not the gross receipts are not the true increase of that particular business.

So in your case, you gotta pay for that. If you have an office space or you got truck that you gotta put gas in her you got equipment you got insurance and got marketing expenses mean all of that is what makes the business run and then hopefully you're paying yourself a salary.

There may be even some distributions that are paid to you out of profits. All of that is your increase and that if you were to give a tithe on that it's okay Lord of this increase that has actually come to me out of the business after the business pays its expenses. Now I'm to give back and then you may say Lord I don't want to stop there.

I want to give sacrificially. Beyond that, I want to give you know based on it of 20% or 30 or whatever that number is and that's between you and the Lord and I think you need to apply his principles from his word to the whole of your financial life as you make this decision. Now you may also decide that you want to give out of the business and that's between you and the Lord but I think ill. Perhaps that's the starting point is to say, I want to run this business. Well, I want to grow it and as Lord. I am blessed personally with the resources from this business that are paid to me. I want to be sure to honor you first before I spend a dime on anything else and I think you would do that out of what's paid to you from the business not the gross receipts.

Does that make sense though and that's the approach that I took in the past and I have to say because of the nature of my business and it is so cold.

Ringgold was very difficult to follow you there though. And then this is often where Trevino small business owners get tripped up as you really need to have a clear line between you and the business for tax purposes to be able to deduct certain things to be able to just keep clarity on what's actually going on in the business you need separate books you need separate ledgers because as soon as everything just becomes one, it becomes very difficult for you to manage number one and from a tax standpoint, it becomes very challenging so I'd encourage you, even if it requires you to spend a little bit of money to get some help separating your personal finances from the business, keeping two sets of books and then you can always decide to give as much as the Lord leads you to get. I'm not saying you should That in fact RG Latour know it was well known for doing what he called the reverse tithe work. He gave 90 and lived on 10% of nothing wrong with that.

We want to live by faith that that's what will the Lord lead you to do.

That's great, but that's not the starting point. I think the starting point is to get things separated. Make sure you have clear lines of delineation start with a tithe on what comes in you, personally, and then you can always go up from there. But I think it honors the Lord. When you live well by his principles, managing both the business wisely in your personal finances wisely, but I would say doing them separately and not co-mingle to you, pray about that.

If you have other questions on the way. Give us a call back quickly to Cleveland, Ohio, Rachel, you're next on the program I Rachel you I'm here okay I we got just a few seconds left. Let's let's do this. Actually you hold on the line, you be the first caller after the break we just got about a minute left, and I don't want to shortchange you in terms of you being able to tell us what God is doing in your life. Hey folks, we are you dealt with a whole host of issues we talked about retirement and secured credit cards and we talked about teens.

We also talked about giving and I love it were applying God's truth to every financial decision that you have that we've actually got a couple lines opens up you still have a call we'd love to hear from you. 800-525-7000. Hey by the way, we started today talking about how you can encourage your teens to manage God's money wisely from the very earliest of ages, and we asked this question, our Facebook page. What financial habit would you recommend for your teens. We got some great responses. Go check it live, you'll see what a whole host of money wise listeners said regarding what they would pass on to their team. Hey, thanks you get along with us today on moneywise live for God's word intersects with your financial life would have caused Roger along with us today on moneywise live let's go right back to our phones Rachel thank you for your patience. I appreciate you calling from Cleveland today. What's on your mind. I thank you for taking my, my question is why the way and he had a money that he left me through a financial company retirement money and the way he said it and I didn't realize that it is that I get a month and I want to find out if there's a way that I can go back and answer for all of that money or as the annuitant do I have to just take it the way he set it up. Now that I'm been been for Sherry.

I want help if I could change is that money in the trust Rachel of some kind or was it just set up this way through the insurance company set up this way through the insurance company.

Okay, so it's an annuity is a right and a retirement annuity yet. Okay.

Well, typically with a retirement account as a spouse, you know, when you inherit let's aim for 3B or you know since her retirement account. You could roll it into an IRA and then once you get it into an IRA that you generally have three primary choices. You can cash it in. You pay income tax on the amount withdrawn, but no penalty taxes will apply regardless of your age as a spouse inheriting an IRA, you can treat the IRA as your own.

You'd name yourself as the account owner and then you know you would be then bound by the written requirements from the IRS in terms of required minimum distributions and so forth. You can also treat yourself as it does the beneficiary and you don't need to start taking any posts a post death R&B are MDs in the year after the death but you can wait until the original decedent in this case, your husband would have reached age 70 1/2 in any of those cases, though, that would be where it's an IRA in the money. This is available to you.

I think in this case. What you're describing is the insurance product that this money is in, and that this money is being paid out as an annuity it so I would go back to the insurance company.

Whoever is the account owner earlier the account owner, but the custodian of these funds and asked them what options you have as a spouse that's inherited this particular account to see if you can take a lump sum distribution there would be nothing preventing you from the IRS is standpoint the question is just in the fine print of the type of product that your husband had was this already converted to an annuity prior to his death and therefore it has to continue to be paid out that way or based on his passing and you inheriting this account is that a triggering event that allows you to take out a lump sum that's really going to come down to the provisions of that particular account that he set up and get what what that reads, so I would give them a call if you haven't already. Tell them your desire is to take this money out in full or at least accelerate it and see what options are there and will be able to look it up and tell you pretty quickly to set make sense original yet. Thank you so much.

Okay, so sorry to hear about your husband's passing and we do appreciate your call today.

I'm sure that you get the information in the we hope that works out for you, but let's head to Dallas Texas. Vivian, your next on the program, go right ahead hi how are you very well, thanks. I'm in February. I suddenly locked my daughter to stage IV cancer, unexpected, and we were told in January and she passed away this past that February, leaving behind two young children, a four-year-old and a five-year-old. I just received a email that policy on her job.

I was the beneficiary and so I really am just not sure what to get elected money that I will be receiving when I file the – creamy as there are something that I would like to not have to do that but that's for five euro how and what type of fun though. It would be best for my granddaughters. Yes.

Well Vivian, I'm so sorry to hear about this. Are you going to be guardian and caretaker of your grandchildren moving forward I'm not and so their father just found out that he will be getting some security for them.

Okay every month which we sat down like that and they'll be getting quite a bit that we decided to put into a fine not all of what going to find that will help him but but the bulk of that every month with five down from that that they'll receive until the 18 okay and in terms of the life insurance proceeds from her job. You were the beneficiaries but you want to earmark these funds you receiving for the benefit of the grandchildren is at right. Some of them yet, and if I shall tell us to put some of that for them. I don't know if they needed a car. When he turned 18. I just not sure sure I and you know I'm going to hopefully be retiring in about 10 years and so I want to be able to retire to be able to help them, but I'm just not sure what to do if identify to put some money away for them.

Well you know the best thing to do to keep your options open would be to put it in a separate probably taxable account that you've earmarked for them. So it's not co-mingled with other funds you've got it specifically carved out for this purpose, and then down the road, you'd have the ability to make that decision if sooner rather than later.

They needed some assistance needed to help their dad with certain expenses are as you said, down the road you wanted to use this money to help with college or a first car or something like that you have that ability so you just create either an individual account of a joint account if you if you're married with your husband, but specifically for that purpose so that you would know that this money has been earmarked at least a portion of it for their use and then depending on the time horizon on that would really dictate the investment strategy. So if that's money you want to be available in less than five years, I'd be real conservative. With that you could choose to.

Maybe up a bond type portfolio with some high-yield savings and what's interest rates move back up.

Maybe some CDs so this money is largely intact but you do earn a little bit more than you might earn in high-yield savings account or if you think this is money that you know is for 10 years down the road and you could certainly invest it with at least a portion of it of the risk of the stock market with the idea that you'd want to grow it over time so that when they needed it 10 or 12 or 15 years down the road, you'd have no good bit more than you have today.

So I think those are the decisions you need to make. First of all, how much do you want to set aside second open the account that you can put that and not a custodian account were becomes automatically there is to do what they want with at the age of majority, but it account in your name or joint. You and your husband and then depending on the time horizon picked the investment strategy. I probably look at Charles Schwab as an option for Vanguard one of those high quality investment firm that service custodian with low costs and a lot of great investments to choose from this it all make sense to you. Vivian born five) a foreign five year counseling potential, having no time here. Yes. So I think that makes sense. I'd I move forward from here so delighted that you've stepped in to help their dad and I know this is a difficult season that were to be praying that the Lord will be near to you, give you a lot of wisdom here in the till be with those little ones in the days ahead, and we appreciate you thinking of us and calling today so much. Bless you. But let's head to Kansas. Leave your next on the program. What's on your mind today small the loan or the months pandemic it what the technical term is PPP loan units for forgivable after two months and I was spanked any of it yet. I let three weeks to go, but I was considering eating that my mortgage is and be about 3% of my mortgage on property that is needed for the business bond so it's farm real estate yes so well, you've got to be able to document the use of dad in the PPP funds can be used for. For purposes, payroll, mortgage, interest, rent and lease and utilities so I would be real real careful to use those for the purpose in which they were intended. There's a lot of great information out there on the web as tubular documentation articles that been written about this you can want to check that and I going connect with your tax preparer is well just to make sure that you talk through all of these issues, but again those for purposes for that payroll protection program for small businesses was payroll, mortgage, interest, rent, lease and utilities and you're going to need to to document that is you file for your forgiveness so I just be real carefully to use that as it was intended and we appreciate your call very much today really thankful for each of your calls today.

We covered a lot but we started today talking about kids and money and how you can encourage them remember when it comes to kids and money modeling God's financial principles is so so key you know more is caught than taught in Bureau. I've talked to in my counseling. Hundreds and hundreds of families and the primary driver of where most people manage money is how money was handled when they were growing up.

And so, don't say that to discourage you but just to maybe encourage you to say you know what. From this point forward. I want to think about how I'm handling God's money, and in my doing that such a way that's encouraging my kids to follow God's financial principles when they leave home. They understand that God owns it all and that we should be hard workers and we were created to be workers before the fall in that we have limited resources we need a budget God's money wisely give generously. It all starts there anything survey along with us today moneywise live is a partnership between Moody radio and moneywise media want to say thank you to Amy Rios, Deb Solomon, Jim Henry and the team here at moneywise live back tomorrow with much more so I hope you'll join us right here on moneywise live. May the Lord bless you. Take survey along with us today

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