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Managing COVID Debt

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
August 9, 2021 8:03 am

Managing COVID Debt

MoneyWise / Rob West and Steve Moore

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August 9, 2021 8:03 am

Millions of jobs were lost in the U.S. due to COVID, and not all of those have returned—not even by a long shot. And that has pushed many people deeper into debt. On the next MoneyWise Live, host Rob West welcomes John Jodka with Christian Credit Counselors to tell us the best way to manage that debt. Then Rob will answer your calls and questions on various financial topics. That’s MoneyWise Live—where biblical wisdom meets today’s finances, weekdays at 4pm Eastern/3pm Central on Moody Radio. 

Rob West and Steve Moore
Rob West and Steve Moore
Rob West and Steve Moore

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For many Americans, the pandemic is starting to fade away like a bad dream, but for others, the economic is an ongoing nightmare fibroblast millions of jobs were lost in the US due to Cove that not all have returned not by a long shot.

That's pushed many folks deeper in debt, job job cut with Christian credit counselors tells us the best way to manage that debt today that it's all your calls at 800-525-7000 800-525-7000. This is money wise live biblical wisdom for your financial journey. Our guest John Jahnke is an account super visor Christian credit counselors. He leads a team of trained specialists who help people manage debt responsibly. According to biblical principles and John a real treat to have you with us today. Things are going to be here job as we often say you folks at Christian credit counselors are on the front lines, educating and helping folks whose debt has gotten out of hand, in your view, just how bad did things get with the COBIT pandemic. Yeah right like it's hard to overstate how bad things got during the pandemic over 20 million jobs were lost in the United States, and household debt ballooned up to $14.6 trillion now as restricted or lifting millions of Americans are getting back to work getting back out the workforce, but are unable to deal with the debt incurred during this time just to keep their heads above water and what makes that struggle with that. Even more difficult is being unsure of where to go for help or how to evaluate the different options that are out there. So what I want to talk about today are the pros and cons of the most common strategies that people may encounter that sounds like a great plan. John where we start the first strategy that many people use these dealing with their creditors directly they are in trouble and they give their creditors a calling. What is really beneficial about that is that it's straightforward they're getting help directly from their lenders generally they're able to keep their accounts open and in good standing. Now the downsides here that any help that you might get from your creditor is usually short-term between six and 12 months and these might not be the most favorable terms that you could get yeah I would imagine this is naturally the most common strategy people use John, but what happens if that approach doesn't solve the real underlying problem will at that point. A lot of folks turned to debt settlement, which is something that we never advise a Christian counselors yet. Debt settlement seems attractive at first because there's the potential to pay back less than the full balance owed, and the client doesn't have to deal with the credit card companies are creditors directly. The downsides of debt settlement are numerous.

These are for-profit companies that charge extremely high fees before the process even starts. These accounts have to go to collections they have to already not be paid. There's no guarantee that a creditor will even to successfully negotiate a settlement and collection activity might continue during that time, up to and including lawsuits finally debt settlement causes severe damage to the credit score. Aside from bankruptcy is the most negative way accounts can be reported yes John. Clearly that's not the approach to take the other approach that we see many folks take is debt consolidation not a fan of that approach either.

I know you're not as well John talk about the downsides of debt consolidation and how that differs from debt settlement with debt consolidation when one obtains a loan to pay off the other debts that they have their downsides to come along with that again.

It seems like a great option on debt consolidation loans often have high interest rates and terms that are very favorable so when you think that you're getting a loan to get you out of debt and get you into one monthly payment what you find is that you're coming into a situation where you can end up paying even more in interest to the banks in the long run. And that's why I we don't recommend yeah I completely agree. Even if you're lowering the interest rate with a debt consolidation loan down from the high interest credit cards, often extending that term out and having a lower monthly payment is get out cause you to pay more in the long run. Plus you've seen this John what I experience is that folks end up getting the pressure taken off with that debt consolidation loan they haven't solve the underlying issue which is overspending. And so then six months or year later credit card debts back and now they have a debt consolidation loan on top of it. So bottom line. None of these approaches are very effective, but we've got one that is that using a debt management agency specifically Christian credit counselors with a far more effective approach will talk about that just around the corner joining us today is John Jahnke with Christian credit counselors stay with us. More to come on money wise live back to money wise live. So glad you're alone with us today. The pandemic has really caused some financial challenges. For many Americans. In fact millions who have lost jobs seen a reduction in pay perhaps been furloughed as a result, credit card debt is at incredibly high levels. So how you approach that will we went right to the source today. Joining us is John Judd, account supervisor with Christian credit counselors underwriter of money wise and a great partner in ministry job just before the break we were talking about some of the ways that we don't advise folks go about getting out of credit card debt. We don't advise consolidation loans we don't advise you to use credit or debt settlement which will destroy your credit and often cause you more harm financially and expense in the long run. We even don't recommend you just try to go it alone because often those solutions are temporary and will not ultimately result in you paying off the debt so there must be another alternative.

I know there is, tell us about the most effective way. In your view, to start to tackle this you know the strategies we talked about before. Like he said don't address the underlying issue and we think that the best strategy that does that is what's known as debt management. I think it's the best strategy to get out of debt and stay out of debt and the reason why is that under debt management program to debt management agency works in direct partnership with the credit card companies to reduce the monthly payments and the interest rates. The benefit of this is that you're working through the agency directly with the creditors.

The accounts remain in good standing. If this does not harm your credit and because the balances are paid in full class will come out of the debt management program in a better position than when they went in the other benefit of the debt management program is that the accounts are paid off more quickly than using any other method with the direct partnership with the creditors. The interest rates and the monthly payments are reduced and the client is able to get out of debt and stay out of debt in the long term and under debt management programs. The client gets one on one counseling with a certified credit counselor. That means that not only are we addressing the math issue right of the credit cards the payments, the interest rates. The dollars and cents were also addressing all of the financial concerns that led to getting in that position in the first place and building a better position for the client when they leave the program that is no question about it. Of course the Christian credit counselors is a debt management, operation, and this is the process that you follow walking with God's people, helping them to set up these plans address the interest rates get on a payment they can afford that work with them to set up the spending plan and as we know, help them get out of debt.

On average 80% faster. I know it's founded on biblical principles as well, John, and that's really a big part of this is you see this as a ministry that you and your team coming alongside folks in these situations talk about that aspect of what makes Christian credit counselors different absolutely suit you said it, the biblical principles of financial management are what drive our business and I think set our clients up for success. You know, one of the things that we think about here and I think about when I'm talking to my clients directly is how are we being good stewards of what we been given and I'm reminded of Proverbs 21 five the plans of the diligent lead to profit as surely as haste leads to poverty and to me what that says is when it comes to your finances when it comes to your money being diligent about making a plan and making the best choices will lead to the best outcome.

And that's why when we work with our clients. We apply those biblical principles because we believe in. We've seen that that generates the best outcome in the long run. Yeah that's very good John walk us through the process. When somebody calls with debt problems and you agree to him on the phone for the very first time. What happens next. Absolutely Rob when someone gives our office a call and take that first step to get in touch with us. The first thing that happens is that they get no cost, no obligation consultation with one of our certified credit counselors are counselors will sit down with the client or over the phone or by email and go over their situation in detail not only the debts but also the budget spending plan and talk to them about their situation and get a real personal connection to what's going on in their lives.

And what's bringing them to our ministry. The credit counselor is then to be able to work with the client and the creditors to put together the plan that's going to reduce the interest rates reduce the monthly payments and in the end, get them out from under the burden of debt that's great after that. Obviously they will look at each of their creditors and determine what those new interest rates will be all of that then results in a consistent monthly payment that's built into their spending plan is that right that's exactly right. The benefit of the debt management plan is that there's one monthly payment. It's going to address all of the debts and it's going to be lower than the client can imagine and even without that lower payment about get the client out of debt. 80% faster on in the power of that is in the reduced interest rates, which on average. John, if I'm not mistaken, offer a significant reduction from what they're experiencing with their prevailing rates right that's right Rob Peter as we come out of the pandemic, what we're finding is that interest rates are starting to increase on credit cards on mortgages on all kinds of things and credit cards have some of the highest interest rates in the lending market already with debt management programs. Interest rates can be reduced by as much as 50%. And so what the client sees that is that every dollar that they put down towards their debt goes immeasurably further then it would at the higher rates if they were pass John, this is really helpful. We got just about a minute left, I'd love for you to share a story, perhaps an individual, no names. Of course, but someone that illustrates what Christian credit counselors can do for folks struggling with debt. Rob you know I had a client just complete the program recently here and in 2021 now. He enrolled with us and 2016 and he had just over $81,000 in credit card debt across 15 credit card so quite a bit.

At that a lot of cards and what his goal was to get out of debt before he retired now the way that he was paying before the program. In the interest rates he was paying it would've taken them hundred and 24 months that's 10 years to get out of debt and get out from under it and in that time on the $81,000 that he would've paid an additional hundred and $18,000 charges now through the program we were able to get them paid off in 60 months. Exactly 5 years from the date he enrolled and she paid just $13,000 in additional interest.

That means we sent him over $105,000 through the program and he was able to get out debt and to retire debt free. While well I can imagine I'm in the burden that that lifted from this gentleman. We talk about the freedom and the joy that comes from first of all, just having a plan that he knows is get a result in getting out of debt. But then when he finally gets to that point. Tell me about that that for me as a credit counselor is the best part of the job is when the client completes the program when they get out from under that burden of debt and you can hear their voice and see it in their face the relief that comes along with that the freedom to pursue what they want to pursue and to live their life according to God's mission love it will. That's all the time we have today.

Would John appreciate you stopping by very much was an absolute pleasure. Thank you, Judge Gillick, Christian credit counselors is better guest. You can find more about managing debt that's Christian credit More to come on moneywise live stay with us. Delighted to have you along with us today for moneywise live on Rob Webster hose.

This is the program were God's word intersects with your financial life we'd love to hear from you have some phone lines open were taking your calls and questions on anything, started today talking about credit card debt in the wake of the covert pandemic so many with reduced hours really struggling. Perhaps a job eliminated. If you find yourself in one of those positions right now. Perhaps wondering what the path forward.

Looks like we'd love to hear from you. 800-525-7000, but perhaps you another question you been wrestling with how to save for college or retirement or I get your credit card credit score turned around, or maybe it's what's the right lifestyle or how you give more effectively. We love to tackle whatever you're dealing with today. Again lines are open. Here's the number 800-525-7000 were to begin today in Homer Ville, Ohio Beth, thank you for your patience. How can I help you. My granddaughter has been added to her parents, checking account and I use their anyone benefits we can sign the account got over on with her credit be affected. It's a great question best and what you have to recognize is that with checking accounts because that's not a loan of any kind. It's your money and you access it with a debit card you're not borrowing for anyone and for that reason. Checking accounts are not included on credit reports.

So even if they were to overdraw that checking account and it incurred an overdraft fee that would not appear on the credit report.

Now there is a separate system apart from the three credit bureaus experiencing Trans Union and echo facts. That's called Chex systems and this is you might think about it as a credit bureau specifically for deposit accounts with banks and credit unions.

They do track your activity, including overdrafts and bounced checks and unpaid negative balances and other issues related to checking and then deposit accounts and what it's used for is when you go to open a new bank account. Not all take out a loan or credit card but a new bank account you could be denied if your check system report shows a history of repeated irresponsible account use and as an authorized user.

That information would be reported to your granddaughters Chex systems report, but it would have to be a pattern. And again it would be limited to a future checking account which is not insignificant, but it doesn't mean and in fact it wouldn't be reported to the credit report, which is what you and I typically think of the generate your credit score that used for the purposes of determining whether or not and at what rates and terms to extend you a loan or a credit card of some kind. This does that make sense to you, though Beth El now has her own checking account. Now all bank Yeah it's independence repository that the banks look to when someone is opening a banking account to deposit account of some kind and so they all go to ChexSystems as 1 Central Pl. for that type of account activity that's tracked related specifically to deposit account savings and checking accounts so that's where that would be reported because as an authorized user.

That information flows to her as well but again that's different from the three major credit bureaus that we typically think of, specifically that relate to loans like credit cards and mortgages and car loans things like that okay okay that absolutely a middle or bless you, thank you for calling today. Phone lines are open 800-525-7000 800-525-7000 on to Austin, Texas, Philip, how can I help you today. I like all the question we imported for this old finished paying child support. About five years ago.

Since then, we started a business. My wife and I and and we've been able to save substantial about the money year about around 35,000 year when our business is done well thanks to God.

I know it we just continue to say for the next 20 years. That's not enough to retire on and I know Roth IRAs. We can only put so much in annually. I just wanted to know what the best way for us to save or invest our money so we could possibly retire by the 860 65. We have about 85 in savings right now that we just putting in over the past couple years that we bought our first home to your two years after starting a business up three years ago we bought our home first on what type of retirement accounts. Have you open just just Roth IRAs for you and your wife none don't have one. Okay.

And what kind of surplus the abdomen.

I realize as a small business owner you know that's not necessarily consistent like it would be if you are a W-2 employee. But if you look over the past year and you think about Mia. Once the bills are paid in the business. Hopefully you guys are able to pay yourself one or both of you a salary and then perhaps your building up your profits that can be then distributed to you let you know when you look at that over the last 12 months after the bills are paid, but before any retirement contributions what you think you could put away on a 12 month basis. Without the bills and taxes are all paid okay and where have you been putting that into okay so what is that built up to this point. About 95, 90 okay alright and the DM that your mark for anything other than long-term savings, retirement know what we thought was the house early and out and trying to buy another home and snowballing that by another way to go. Yeah, I mean I don't mind that it's another asset class real estate performs well but I do like you building up a base of a retirement account with stocks and bonds and for you all.

I think you probably want to look first to the second IRA, SEP, or you can put away 25% of compensation are $58,000 for this year, easy to maintain very inexpensively breaks down the line will finish just after this moneywise live right grateful that you student in the moneywise live today and Rob West your hosting your calls and questions year to number 800-525-7000 lines open 800-525-7000 a year before we get back to Philip's been holding patiently. Let me remind you we can only do what we do here on moneywise live each day through your generous support.

Our partnership with Moody radio and you will allows us to bring you this program every day along with her moneywise. Coaches are certified kingdom advisors the moneywise app. All of the content. Moneywise, it's all available because you partner with us financially to allow us to serve you through this ministry and if you would prayerfully consider supporting moneywise a 501(c)(3) tax deductible organization that we would certainly appreciate that and that we can certainly continue our great work because of that support. Here's where you go to sent over a website. Moneywise, just click the donate button and whatever the Lord would leave you to lead you to give. We'd certainly be grateful to head back to the phones Philip has been holding patiently in Austin Texas. Philip is 44. He's got some resources freed up the just having completed. Child support he and his wife have a small business and have been regularly able to put away about $30-$35,000 in surplus each year. But just getting started really and saving for retirement. Good news. Philip is you got still time on your side you not 20 anymore, but I would imagine you still have about 20 years to put some money away and hopefully as the business revenues grow and you limit your lifestyle Your spending.

You would have more and more that you could give with but also save with now with that 30 to 35,000 a year. I do like the Roth IRA but as you said you're going to be limited to 6000 a year for you and your wife so that's 12,000 beyond that I would look to the sap IRA not really any kind of administration involved. So it's very low cost, and again as I mentioned, you can put away for 2021 $58,000 or 25% of compensation so it gives you a bit more room to save you get an immediate tax deduction and then that money could be invested in mutual funds or exchange traded funds. I like that is a base now if you said Rob. We also are interested in real estate we done our homework. We know what it takes to be a landlord. Once we pay off our home.

We like to accumulated few pieces of property. Over time that we can rent out in overtime own free and clear and create an income stream. I have no problem with that as long as you go into it with your eyes wide open. You have the proper reserves in place to whether you know a storm where somebody you know you don't have a renter for a while or you have some damage or you know you have some major repairs that you need to take care of to keep the property up to par, then I would say perhaps what you think in terms of a Philip is splitting that surplus where you know you have the regular contributions 12,000 you're going to the Roth perhaps even another five or 10,000 year going into the sap and then take the other and either accelerate the mortgage payoff on your primary residence or begin building up that the reserve account which may be a start to tap the money you've Artie put away about 90,000 to go ahead and buy that first piece of property, but I would just go slow again and make sure you have a good financial base under you and you know what you're getting into and you have the time to commit to what goes into a more active investment like your real estate investing versus a passive investment like stocks and bonds, but tell me your thought.

I really all information better look into the ethics he never heard that before and it stands for self-employed pension SEP and also I didn't know that my wife and I each put out that we were limited to 6003 filed married only. No, now it's it's know you an IRA is for an individual to you.

There are no joint IRAs and so yeah you would each with a spousal IRA, plus your own, you would each be able to put that 6000 Wayne Roth will be looking for that splitting it and also SEP and I will continue to do our homework and pray about real estate yeah I think that's a good plan. You you can't go wrong. As long as you keep the data.

The minimum, and you make sure you have plenty reserves under you. But I think you're on the right track. So keep it up and you know the key is going to be for you guys to really control spending and you know Your lifestyle so that as you get more and more in the way of profits and ultimately distributions out of the business.

You've got the ability to know to save even more pay down debt and build your assets for the future. So Philip, thank you for your call today for listening. May the Lord bless you in the days ahead, onto Brooksville, Florida Deborah, thank you for calling and holding today.

How can we help you yet have only taken out disability insurance on loans, credit card, and even at work and pain in on the policy faithfully. What I'm finding it now that I am disabled. They are not willing to go ahead and honor the claims on the credit card and even with my disability for work. What what you short-term when that ended, they refuse the long term.

I think their viability carried me all not certified able that where do I turn to try them even pain now. The insurance on the credit card yet very few think on their insurance policy and what is the basis under which you getting these repeated denials for this disability claims. Yet challenging the medical portion of it and the doctor are especially with coven now. But even before that. The last thing they want to do it around with insurance company on farm.

Well, I wouldn't give me this is nothing that you know this is really disheartening because obviously you paid good money for this. You'd make you took the extra step to have a policy like this in place in case you needed it, and now when you needed to get a denial obviously as frustrating unless there are carveouts in the policy that you know you're not meeting the requirements for her to know he considered disabled. Announcing your nondisabled but to be considered disabled by the insurance company did you buy these on your own through an agent, Deborah, or was this through your work or did you get these work for any name out Hartford liberty mutual therapy company. The policy drop off card is now at third-party insurance companies that usually like with what I my Visa card for the company now has put out the policy fee to pay for each month sure that pink premium is that the $20 on the policy and yet it's been a year. I can't seem to be able to go. I had an yet these clear now on the company liable to anybody.

Insurance commissioners are all sure I would be you're exactly right. The insurance commissioner of each state would be ultimately were there responsible to and so you could certainly contact them, but I do a little bit more legwork and I realized you know you may have already feel like you've exhausted every option, but I'd contact know that the representatives every insurance company has a representative that of sources. These policies so who is the agent for the company. That was the one to bring these policies and make them available. You need somebody who cannot represent you and will act as your advocate who understands the nuances of the policy. What are the requirements. One of the triggers to allow these now and can help you navigate the system so I call the company and find out can talk to can help you navigate. Let us know how it turns out were to come in moneywise lives. Thanks for joining us today in moneywise live around West.

Take your calls and questions of fact and just about phones but before we do Monday, which means here in the spinal segment broadcast was joined by a good friend Bob Dole, Bob Dobbins, chief investment officer of Ross Mark global investments where investments and values intersecting Bob, great to have you back with us today. It seems like jobs were back in the narrative this past week tell us what's going on in the US employment seen many amazing results back to the strength we saw earlier 943,000 and in that it in July and an upward revision in June shows that payroll growth is that picked up again like I think if we were to pick on the report. It was that average hourly earnings year-over-year across the four handle more than 4%. Now that's good for the worker but it also says there's some inflation in the system. You and I know that wage rate inflation.

Most of the inflation is hard to get out of them. Thought I come back to you and I've talked about in prayer week. I'm not so sure this inflation is transitory. Yes. Well, the Fed would have us to be believe this perhaps is going to be short-lived. As you've said for several weeks now. There certainly are signs in the data that at least in sectors of the economy if not done a more broad-based basis. It's gonna be around for a while and perhaps above their 2% target what you think over the next 12 months where you think will be 12 months from now, with inflation only blow the horn number I've just mentioned, but certainly above two. Shooting for left let's call it three to split the difference percent inflation in the long run. Rob, you and I know it is not the worst of all worlds, but not zero. Did you like it used to be, and therefore, what does that mean for investors. It means that 10 year treasuries at the you know, 118, or wherever we close today to low, which means rates have to go up and bond prices struggle and it probably also means it has a headwind effect on the P/E ratio the valuation of stock somewhat offset by the greater pad but that it becomes a bit headwind. If we really have inflation more and embedded it 3% said this economy is incredibly strong. You mentioned earnings season which 90% of those are behind us any new data there and what are we learning about the consumer aggressively. So yes, when it comes to earnings were almost second-quarter and founding late 90% of the company B in revenues and 90% beaten earnings. They are records but but that known by the marketing part of the reason the markets done so well all the yet pandemic low. Let me throw a little fly in the ointment. If you will. Third-quarter earnings are going to be versus last year are likely to be down from the second quarter and 2022.

Estimate seems like a long way out, but it's not that far actually start to come down a little bit of analysts have gotten too exuberant so the path of least economy is still strong, but my points are. It's not a one-way street anymore and that's life. You know Rob, I've been arguing that the markets going to get bumpier and chop beer. They're not codeword for a bear market.

I don't have one. As long as the community through the strong but it's probably not going to go up the pace we witnessed the first step of the yeah yeah it's like you've been saying that for several weeks now the global economy's transition from accelerating the more moderate growth of the next 12 6 to 12 months means muted returns for stocks doesn't mean we pull out of the stock market and for any reason, were still long-term investors with a properly diversified portfolio, but we need to be tempered in our expectations and you still maintain that position right exactly and just be aware of the valuation of the portfolio you hold. You don't want all high PE growth stocks. One of them done so so well. Again, not codeword for selling it. Just think, make sure you're not inordinately have a more balanced portfolio is probably a better way to say have some international stock Value Stock That Some Cyclical Stocks Just Have That Diversification That in Most Environments Pays off. Scrape Novel. We Always Appreciate You Stopping by Folks If You Want to Know Where Your Investments and Your Values As a Believer Can Intersect over the Cross. Mark and Check out the Portfolios.

They're Building There and the Incredible Work They're Doing to Find Value in Their Investments but Also Make Sure Your Values Whose Heart Reflected As Well. Bob Good to Have You My Friend Will See You Next Week.

Thanks, Douglas. All Right Bye-Bye and Back to the Phones We Go by the Way, We Do Have Some Lines Open and I'm to Stay after A Few Minutes Today Have Got Few Extra Minutes before I Need to Be Home and so I Love to Take Questions and Will Do A Few off the Year. While I'm Here in the Studio. The Number to Call 800-525-7000 Selma, Indiana. Brandon You Been Incredibly Patient Today. How Can Help You Get off to College Here Week from This Day and I've Been Listening and Reflecting Other Sitting Here Waiting That When I Got Out Of College Way Back in 98 I Picked up a Larry Burket Book on Budgeting and That's Where I Started Learning How to Budget and Different Jobs over the Years and the Indo Got behind on Retirement Savings Just Because Her Income Wasn't Needed to Be. Over the Years until Last Year so I've Been Trying to Really Catch up on Retirement Not Been Able to Have A Lot Of Extra to Put Towards My Son's College Fund and Quirky Voice That It's Easier to Build up Here. Your Retirement Fund and There Is No You Know There's Other Ways to Find the College Education so We Took That to Heart and over the Last Year's Senior Year. I Just Had This Challenge. You Need to Apply for All Scholarships That You Can and Go from There and See What God Will Do It. I've Heard Your Stories about Your Wife's College Education Was Paid for Your Scholarships and so That Now Is Encouraging to Us in Our Situation and so He Did That and the School Is Going to That a State so They Were Able to Give Them A Lot Of Money through the School Which Really Knocked His Tuition and Room and Board down to Where It Would Be If He Was Still In-State, and Then He Applied for Several Local Scholarships Here in Our Community and Was Able to Get Those and Got It with Then A Few Thousand Dollars and Got Word the Other Day That He Had Been Chosen for a Scholarship That Also Set the Very Bottom.

If You Also Had Received This Other Scholarship You Are No Longer Eligible Some Kind of a Bummer but My Son Being Not Shy, Very Humbling. He Follows after God and He like Mom a Call to See If It Is Actually the Bank That We Belong to a Scholarship There and They Called Him and Just See If I'm Still Eligible Not Know like As of 8 AM I'm to Be Able to Fund My Entire Freshman Year and so We Did and He Got Back with Them This Morning and I Said Yeah Will Still You Scholarships and You Can Still Use It While It's Incredible That Was Just Him Taking the Initiative to Make That Call Right Right Right Incredible Well You Know the Bottom Line Is You Know If You're Willing to Put in the Time and the Work You Know You've Got BC You Gotta Do Your Part in Getting through School. Some Good Grades. But You Know As As You Alluded to Brandon. My Wife Thought They Turned Their Family Room into Us. College Got College Scholarship Fact Turkey Applying for Every Grant and Scholarship That Was out There and There's Some Wonderful Books and Resources That You Can Avail Yourself of on Amazon in the Library. But the Key Is, You've Gotta Do the Hard Work to Go out and Find It and That There Is Money Available. You're Certainly a Testimony to That. So Hey Tell Your Son Congratulations Were Proud of Them and Excited for This New Chapter of His Life That He'll Be Starting, and We Appreciate You Sharing Your Testimony Today Very Much Quickly.

The Southside Chicago Michael How Can I Help You Michael You with Us. I Am Okay I'm I'm Being a Servant Here and I'm a Mom out the Current Condition. Cheap Weight Age of Retirement and Felt She Had a 47 Plan and She's Trying to Decide What the Best Way to Manage That Are Cheap to Have More Eternal Home.

she Pulled Money out Payout Mortgage and Get Rid of It and What We Should Be Dealing with Penalty Because She Pulled It out and If She Got Reinvested into Something like Real Estate. Is There Any Way, Tactical Active Does That Work at the Conference and She Happily Knocked on Her Monthly Income between 57 Plan. MPH Qualify for the Complexion at the Amount of Flow Coming and Concerned with Going out like That. For Now, Let's Kill the More That Can Dream House and She Still Want to Maintain That Even Though It A Lot Of How like to Talk Yeah Very Good.

Yeah, I Think That Certainly Is an Option. I Think Getting That House Paid off in Reducing Lifestyle and Living Expenses Will Certainly Take Some of the Pressure off You Have the Option Absolutely to Take You Out Of the 457 This Is an Tax-Advantaged Retirement Plan Specifically for State, Local Government, Some Nonprofits and You Know When You Pull the Money out Your beyond 59 1/2, You'll Do so without a Penalty, but It Will Be Taxable so She Just Needs to Plan for That. And, Depending upon How Much Sheep Is Pulling out. She May Want to Talk to Her or She Should Talk to Her Tax Preparer CPA about the Best Way to Do That to Minimize the Tax Liability Specifically Thinking about Putting That over Two Calendar Years so That She Doesn't Push Any Portion of That up into a Higher Tax Bracket Inadvertently but That's Certainly an Option.

I Think Given the Number of Things Moving around Here Probably Would Behoove You and Her to Visit with a Certified Kingdom Advisors Planner Just to Look at All the Pieces and Parts of Bring Some Device on How to Best. We Appreciate Your Call Today. Michael Tell Her All the Best for Us Today.

Folks On Behalf Of My Team and Dan and Jim Want to Say Thank You for Being Here Today Listening Moneywise Live As a Partnership between Radio Money Programmer Got Your Life. I Hope You Join Us Tomorrow Will See

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