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More Money Than Month

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
September 3, 2021 5:19 pm

More Money Than Month

MoneyWise / Rob West and Steve Moore

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September 3, 2021 5:19 pm

Look up the word “margin” in a thesaurus and you’ll see some great synonyms—surplus, extra, and latitude, for example. And when it comes to your finances, they all mean one thing—having more money than month. On today's MoneyWise Live, Rob West will explain that to get that margin, you need more income than “outgo,” and he’ll talk about how that adjustment will impact your life. Then he’ll answer your calls and questions on various financial topics.

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Listener that stands out that work with recently. Was this older couple that was interested in refinancing. He reached out to a few different lenders in the other credit wasn't the best. I know some of these other bigger banks.

You just won't hear back from them, which I cannot stand not everybody has the 780 credit scores and never had any hardships in their life.

I'll walk you through what you have to do. How can you end up being able to do this refinance.

Whether it's 236 months from now back that older couple. We work with them for months and months to improve their credit and we were able to get the loan done. We were saving them hundreds each month thousands of dollars a year. Finally got themselves into a situation financially that they can handle and they could start saving money each month, saving for retirement at the end of the day they just could not be happier. Which just put a huge smile on my face. We like the word margin in the thesaurus and you get some great set of surplus extra latitude.

For example, when it comes to your finances will having more money month Rob West to get the margin you need more income than outgo will talk about the first day of how it impacts your life.

It's all your questions at 800-525-7000 525-7000 was your financial decision you may not equate finances, but you're probably familiar with its use in the business world, where the term is usually profit margin. When we buy an item at the store.

We don't consider how it got there, but someone had to make it. Usually many people working for a company they all need to be paid wages then salespeople had to get the retailers to buy the product or service and they need to be paid a salary, and often the commission on top of the transportation people have to get the product to the retailers and they need to be paid in the retailers have to markup the product because they have bills to pay and need to make a living to see you've got several business entities involved in getting that product where you can purchase it and that each step along the way, the manufacturer trucker and retailer all need to have sufficient margin or profit to make it worthwhile for them or the product never gets to you know how much is sufficient. Well, it varies depending on the product and how much it cost to bring it to market.

Other factors play a role as well. Competition, market size and volume.

You see, the more units you sell, the smaller your margin needs to be a new automobile has thousands of dollars of margin, but a lot fewer of them are sold in say cans of chicken noodle soup with soup, you may have $0.50 of margin. But if you sell 10 million cans while you're probably going to stay in business. So how do we apply this lesson to our lives. Well, the same principle holds true when it comes to our margin, and not just for money but for our time and energy as well. How much do we have left over after all of our obligations are met. You have your job, family commitments, chores around the house and obligations to your church.

You must also prepare for unexpected or irregular expenses like broken plumbing car repairs. All of these involve time, money and effort on your part. Do you have time and energy left over to recharge your batteries and spend time with God. That's another form of margin that we all need to be clear here. I'm not lumping time with God into your other obligations.

That's not just something to check off your to do list time with God isn't something we have to do it something we get to do when it's critical to living a balanced life with our time family service to the Lord, and of course our money. Now what does having margin with our personal finances look like, well, it simply means having extra for the so-called rainy days, family emergencies, medical expenses above your deductible or helping a visiting missionary or college student if God speaks to your heart.

The key to acquiring that margin is living on a budget or spending plan to help you decide in advance where your money will go.

Did you know there are only three things you can do with money expended, save it or give it away to every dollar you've ever made or will ever make goes into one of those three buckets. A budget is just a way of deciding ahead of time what goes where. By the way, this isn't the same as balancing your checkbook, for example. That's just seeing where your money went, not deciding in advance where it should go. By the way, if you haven't downloaded the free money wise app yet. We encourage you to do so.

It uses the envelope system and it makes budgeting easy to get it wherever you download your apps if you're not making those spending decisions ahead of time. It's almost a certainty that your income won't be able to keep up with your outgo as you set up your spending plan. You may see that you have more month left over when the money runs out. Well, then you've got to make some changes find a way to increase your income or reduce your outgo, your expenses if you need help with that. Go to moneywise live.org and sign up with one of our volunteer coaches. They can help you make your budget work.

The key is learning to live on less than you make.

Having margin, having money left over at the end of the month.

Without it you will slip into dad and never be able to save future and when you finally get financial margin.

You may find that you also have more physical and emotional margin. You'll sleep better, feel more relaxed and better able to use your spiritual gifts to serve God and help others. So that's the importance of margin. You know, this key idea that we talked about often living on less than Cooper is the foundation to every financial success that begins with the plan.

Typically the spending plan so hopefully this is helpful to you today and encouragement for you to get started on that budget because her next 525-7000. Thank you for joining us for moneywise live to them. Rob West, your host today. Just a moment will begin taking your calls and questions. We got some lines open. Here's the number 800-525-7000. That's 800-525-7000 members on your mind today.

Whether it's giving your dad savings or perhaps even how you can reduce your debt and improve your credit score me whatever you're thinking about today would love to tackle it. Talk about it. Perhaps you're really struggling right now. I'd love to be an encouragement to you or maybe you have a surplus wanting to know what God's heart is for handling more than you need, and everything in between 800-525-7000 is the number to call before we get into your calls today looking at let you know about something that's coming next week and next week we launch our weekly moneywise digest this is gonna be a weekly email that you received free of charge with no cost to it and it's going to feature the very best content that we've loaded into our content library that week so we have content coming in all the time from National Christian foundation and Art Rayner and gospel patrons and generous giving and sound mind investing in compass, finances, God's way. All the leading voices in Christian finance or feeding content into our library every day@moneywiselive.org well will curate what you believe is the best content based on what's trending and will put it in our weekly digest, so you got it all in one place. If you'd like to have that delivered to your inbox each week. We'd love to get that to you. It's as simple as creating a free account@moneywiselive.org just scroll to the bottom of the page. You can create an account in seconds and that will automatically sign you up to receive our weekly digest. If you want to understand God's heart related to money reading these articles watching these videos there quick reads, you will begin to reorient your heart around God's way of handling money as opposed to the worlds, and I couldn't encourage you more to do so again moneywise live.org is the place to go create a free account and will get that to you each week. Sorry.

Let's dive into some phone calls today. We got just a few lines left 802 five 7000 were going to begin in Chicago, Illinois.

W MBI Tanya, thank you for calling him to help.

Right now there are many know any. Finally, the money belong to already appreciate your calls. You mentioned the time so let's start there is obviously a tide which by the way, the reason we talk about 10% is a tithe is because the time the word literally means the 10th and so giving a tie or 1/10 of your firstfruits to the storehouse which in the Jewish days of the Old Testament. The Jews would give to the temple and that was clearly a part of the Old Testament law. Another was multiple times so it ended up being more like 23%, but we certainly see that clearly, and that idea of the tide.

Even preceded the law, we see that with Abraham and Melchizedek week certainly see reference to the tithe in the New Testament by Jesus and others. Now, a lot of folks will say whoa or no longer under the law of Moses and you will certainly find differing opinions by pastors and theologians regarding whether the idea of the tithe is still the minimum standard for Christians today. So what is our approach here at moneywise well that we take the approach that the bar has been raised for New Testament believers living under the grace of Jesus shed blood on the cross for mankind. So why not start where God had his people start throughout the Old Testament of the tithe is clearly a tangible expression of our dependence on God and our desire to put him first because when we give firstfruits as we read about in Proverbs 39. We're saying we want to give our first dinner best to the Lord because we recognize that everything comes from him so I like to say what the tithe is the beginning point what Randy Alcorn calls the training wheels of giving and then we try to go beyond that with free will giving so we can experience the full joy of being a part of God's activity in the world now. If were going to do that and I think ultimately that's between you and the Lord. Clearly we read the New Testament we don't want to give out of compulsion, but we want to give cheerfully as the Lord leads, so you it's between you and the Lord. But if you were to say a Tanya I want to begin with the time you want to give 1/10 of my increase. Whatever provision passes through my hands in a month. I'm going to build that right in my plan, I'd say that's great that where you give that well again. If we go back to the model from the Old Testament the storehouse the temple would be most closely aligned today with the place where God has planted us our local church which was cured clearly part of God's plan to take his message to the ends of the earth until he returns to claim those who have trusted in him. And so I think we should be giving to our local church first and then we should absolutely be giving beyond that as we align our passions with the needs in the world and where God is at work now, you raise an interesting point what what a fun between churches or your my church is closing and I'm looking for new and well I we don't want to be legalistic about it again. It's about giving. It's not that God needs our money. It's about giving as a.m. something that we give out of the desire of our heart out of obedience. It's an act of worship and clearly it's to be a part of funding the work of the local church. So if you're between churches. I would say perhaps you break your tithe down to a weekly time and maybe wherever you are worshiping on that Sunday.

That's where you get your tithe but at some point we need to be planted in a fellowship with the body of believers that we can be committed to that to do ministry to be gathered with the saints to worship and to grow in our faith. And whenever that time comes that your planet somewhere. I would say give your tithe there so hopefully that's an encouragement to you today. Again, we don't have to be legalistic about this, but I think we should orient our hearts to say were to give to the church. First, wherever God has planted us and that may change over time, and then will prayerfully give beyond that, here's the thing. When you experience the joy of giving. I have experience that you will begin to reorder your finances in such a way that you can do even more because it's just so much fun together.

So Tanya, thank you for your call today raise a great question, but let's head to Indiana Sue, thank you for going out and help this man. While my partner became day making a lot of what you get up happening and there. If you wait that I going making my light yet and now what I'm carrying the full light ranking Now find it it it talking and extracting me, and I doubt now I thinking found to continue to do that if the way down the Miking people allow my own, thank done being stripped again and divided we way to get Mary yes Sue, why do you believe that your fianc is not working, earning anything that can contribute at this point I'm about all okay well clearly as you think about and pray through God's plan for the two of you.

You all need to be talking about all kinds of things as you were to prepare for that both your spiritual walk and how God has prepared you, and what it looks like to join together as one flesh, but that certainly needs to include your finances as well because keep in mind when to become one that doesn't include everything except the money it absolutely includes the money and so when you bring your finances together under the Lordship of Christ as one flesh. You need to be prepared for that as well and so there's a lot of discussion that needs to go on about what was money like growing up and how are we going to handle money and what lifestyles God called us to. And what about the value of work and what is our budget going to look like and how much we can give and save in your what goals do we have been as you begin to talk about that.

I think you will begin to get a clear picture as to where you're headed in that area and there may be some things to work through here you I would want for you to understand what his plans are moving forward to be able to earn enough to provide now. You all may decide that you're both going to work or not, but you need to have a clear understanding of that going into it and I believe you need to work it down to the level of actually having a spending plan this okay what income sources are we going to have and what kind of lifestyle will we have as a result of that, can we meet our obligations is he bringing that into the picture, or are you and are you going to be able to save for the future. I mean, I think having an understanding of all of these things praying through that. Talking through that together is critical to make sure that this is in fact door that the Lord has opened and leading you to proceed into an end at the extent that there is not an understanding of the meaning of much of the minds there, then perhaps we need to push the pause button and just kind of take your time to say is this the right direction and are there other things going on that perhaps you both need to be aware of because remember money is just symptomatic of our hearts. Ultimately, the money is way we work out what's important to us or values in our priorities and so I would use kind of the money conversation and what you uncover their to really get down to the heart of the matter in terms of where God is taking each of you and then obviously together as a married couple. If that's the direction the Lord leads so that the very least I see some warning signs here that perhaps the next step. Sue would be to reach out to one of our money wise coaches who could work up a plan with the two of somebody who's the third party that could speak into it teach you all some of these biblical principles we talk about here, but also help you put together a budget and I think that will be with so this turns out. Delighted to have you with us today and moneywise live slides open to hear from you today taking your calls and questions on anything financial, here's the number 800-525-7000. That's 800-525-7000 eight limit remind you if you haven't downloaded the moneywise app.

We'd love for you to do that you can access broadcast archives of this program.

Not to mention all of our content are money management system where you can track and plan your finances and then ultimately manage everything in a digital envelope system where everything is downloaded from your institutions. You can also post questions in our moneywise community get answers from her coaches. You can find a CK as well as on the moneywise app get it wherever you get your hopes to search for moneywise biblical finance card back to the phones 800-525-7000 two McHenry, Illinois hello Beverly, how can I help hello.

My question for annuity and I take RMD from Dell and my financial advisor said to take the total of my R&D out one account and he advised which account I should do that and he did not tell me that the County so he wasn't totally familiar with the characteristics of the account and when I get that I heard $1768 penalty and I was just wondering. He might be expected to make some financial amendments but it yeah I mean obvious. I don't know all of the details as to how this went down and what the communication was, but clearly, if his direction was as a result of not having a full understanding of what he was directing you to do and that resulted in penalties that you weren't aware what happened and perhaps he wasn't either because he didn't take the time to understand what he was advising you to do, then clearly he's at fault there and I would at the very least make him aware of that fact and see how he wants to handle it that you know most of these firms when there are errors like that they have a way to make restitution and put everybody back on equal footing.

But it will involve you know you having to make that known to him and and then perhaps you write a letter that would then get passed on in the firm would then decide how they want to handle it. So yeah, I think at the very least, Beverly just given what you've described, it's worth the conversation.

Have you given him a chance to respond to your concerns that you just described to me. Well try to get the company to make changes in their policy but of course they can't and down so you raise this idea of him or the firm representing him covering this fee on your behalf. Okay I would do that you'll keep in mind that you could start with just a conversation.

If you write a letter expressing your concern over the advice you were given that resulted in these penalties that were unknown to you and you believe, also to this advisor when he made the recommendation.

If you write that in a letter it has to be passed on to the firm. That's just part of the rules and regulations where you have to make these complaints known and at that point it would start a process to look into this to see what was actually advised. What's the documentation and whether or not the firm the advisor and/or the firm need to cover this, so I would probably start just giving him the benefit of the down saying listen the more I thought about this the more concern I have the advice that was given resulted in this penalty and I believe I should be made whole. But I want to give you an opportunity to respond to that just here about and think, says the Lord give you wisdom as to the next step.

Whether or not you want to raise this at a higher level or whether you just want to let it go and I think you certainly so we appreciate your call Beverly. Let us know how that turns out.

Sorry to hear about his frustration got bless you much more to come on moneywise loggers the number 805 7002 then today the moneywise live wisdom for your financial decisions against lines open and headed into a holiday weekend and I suspect many of you already ready to enjoy some time off and that's why. Perhaps we have a few extra lines open today's if you had a burning question.

Maybe something on your mind or your heart related to your finances and you want to make sure that you're applying biblical wisdom, and principles to those decisions, whatever they might be. We'd love to hear from you. 800-525-7000.

We got some lines open 800-525-7000 back to now round rock, Texas. Actually Donna, thank you, thank you for going out and help my I'm a single lady and I'm about 60 years old and I don't really have too much money saved up that I'm getting ready to inherit a little bit of money. Probably not much probably eight to $10,000 and I was just wondering if there's something really smart. I could do with that. I got all know what that okay will double a questions verse. He said you single your around 60 this here inheritance you expect to be 8 to 10,000. The first thing is we look at the priority use of this Donna even before we think about investing it for the future. I would want to know two things.

Number one is do you want to do any getting out of it.

Secondly, do you have any consumer debt credit cards or car loans give a mortgage and like that okay and then now what kind of savings do you have what kind of liquid savings.

Do you have before you received this well pretty good until the pandemic. Naturally, hurt me, though I don't really have much you know have an account rebuilt and sure okay and what would you say your total expenses are over a month's time. You are you, electricity and rant if you were to me and hopefully have a budget but if not, if you were just thinking of generalities here.

You spend in 2000 and 1000 4000 now. I probably got it down to its probably a save 1000 offhand. Okay, let's say there's some things in there that come in a couple times a year and not every month and then yet in gifts and Christmas me let's it's 2000 a month all in. You know I'd love for you to have six months worth of reserves in the liquid savings account. So if you pretty much depleted your reserves, which is where you would go if the unexpected came you and I had not a planned expense with a routine maintenance on the car, but something that comes out of left field or something related to your house or medically something unexpected. That's where that emergency savings really is helpful because and we don't have to think about taking on any debt. And if you're planning to get 8 to 10,000. That's probably about what you would want to have in your liquid savings account just to fall back on and with that I would put it in an online bank savings account a high yield savings you going to get about 1/2 a percent a year so not a whole lot but it's good to be FDIC insured protected up to 250,000 backed by the full faith and credit of the United States government and you could link it to your checking. So if you ever needed that money for an emergency you just transferred and within a day or two it would show up in your checking account. That's probably what I would do with this money and then as you are able to save more over time, then perhaps you know we could start putting some away for the longer term, and in seeing if you could get a return on it by investing it, but I probably wouldn't do that quite yet since you've depleted most of your savings, but give me your thoughts.

How does that feel to you. Well I know I should try to say that our maybe maybe I should try to buy little you know the final trailer and ran it out man out. Then I would have some rental property. Now try and concern.

I would a return sure it and I certainly can appreciate that I just wouldn't want you to put it to work somewhere whether it's you and so you put it in stocks and we had a speedbump here in the markets down and then all of a sudden you have a major unexpected expense. You don't have any savings and now you're forced to sell these stocks at a point that's not productive because the markets down and now you've lost money or you go in and buy a trailer and try to rent it out but then you need some repairs and some other expense comes up, you don't have the money for it and you don't get a renter as quickly as you thought or they move out of the damage the property you know anytime we do that, you know, no matter what we do we need this financial base under us that really is gonna protect us and ultimately the trust is in the Lord, but having some margin or some savings is really critical.

No matter what you do. Whether it's stock market investing or real estate investing because the unexpected will come, if your money is tied up you may be forced to sell it at a loss or take on debt, which I don't want you to do so. I think if I were you, I just use this to shore up your emergency savings and then see if you can work your budget in such a way that you could get a certain amount every month in excess that you could then start putting away. Let's say into a good high-quality mutual fund or something like that. So I'm going to encourage you to start there as opposed to trying to invested given that you don't have much in the way of savings right now but we appreciate your call today.

Donna all the best to you in the days ahead. Let's head to Fort Lauderdale Florida. Barbara, thank you for your call. How can I help you dare try my call and when he turned he thought it not Medicare part a whole thought he had full insurance without a lap which you get retired to the Postal Service that he would have to take part.

They didn't take it right then but I want 55 yet to pay the extra money out on 65 a take in part be leaving Percodan. We had full insurance level lapse you get, but Colby Charlie's insurance now you know if the same insurance work and find $1200 a year and were trying to see if there's a phone number.

We could call to get somebody, because the Medicare specialist in our area along with the president of the proceeding. Ron Beatty, David K should be paying a fine, but Social Security makes a determination and I've been killing it for two years and may they say he has to pay the fine, because he wasn't working. I never told him back that he had to be working that you said he had had full insurance but at a lap that he get the same insurance and I think that insurance mandate and they said that will not consider retiree insurance prior yeah I'm so sorry to hear that means you can file an appeal to have a penalty removed like the one you're describing. If you make the case that the government gave you bad advice or is applying the rule incorrectly just based on your situation.

I think that's probably the next step that I would pursue here you as you think about moving forward. You clearly know if what's being applied shouldn't be just based on the fact that you had coverage elsewhere. And that's the key. You know you you can opt not to get Medicare part B during your initial role enrollment period or within 12 months after you if you do that you can avoid that penalty. If you have coverage elsewhere, and if you did, then perhaps you know that penalty doesn't apply to you. So I go just to Medicare.gov and look for the appeal process for you to formally file an appeal to have that penalty move which is going to begin a process to investigate this determine whether in fact this was correctly.

We wish all the best in others can be frustrating as you navigate Medicare system just asked the Lord to give us some wisdom here in favor as you proceed more calls to come just around the corner of moneywise live biblical wisdom for your financial this is 525-7000 one thank you for joining us of moneywise live on Rob last year close to your calls and questions on anything financially hundred 525-7000 as we head into a holiday weekend, what plans do you have some fun facts and enjoy your family and some time to do. Perhaps some grilling or something enjoyable with friends and family, thank you for your calls today. We covered a lot of ground. I let's go right back to the phones to St. Petersburg, Florida, Brenda, thank you for calling today. I can help my call and ACLU responsibility. You know it does vary from state to state.

Generally, I believe Brenda that that fiduciary statue limitations on producer responsible is three or four years.

You will have to check with the state of Florida to see what it is in your state because that's handled at the state level.

In many cases. In some cases it may be handled by the Securities and Exchange Commission, depending on the nature of the situation, but I would start with your state, but I think typically it's three or four years. Does that help on something.

Another question and I think six years now and after wound advisor may cause me to lose my HD six. Are you familiar with HD 620 yes so so I caught what they did. While I agree I find all the papers in the event that my HD six wasn't what I and they they told me it wasn't that there was no way they were. That credential will double my monthly they never heard anything like that had me fill out all the papers and that we both Darren and we and they said to what that will do the paperwork and share here convenience, but don't turn it in, yet we want to do a three way call with you on Monday morning with over the weekend and they didn't wait. I turned the papers and credential. When I because they had my signature there was no way they were getting out to reinstate that they gave me in HD five and didn't charge me you know at bite the company America prize.

The attorney there. He offered me $2000 for poor customer service by that that no nowhere near what they cause me to lose. Well Brenda, I'm so sorry to hear about your situation. Obviously, this is ultimately between you and the brokerage firm related to the sale of this product and you know I will tell you is, these firms and including the one that you mentioned are very good, typically at working with their customers who believe that something's been done inappropriately.

Whether it was just a misunderstanding work there was in an intentional misleading hearing that would obviously be uncovered in the due diligence process that they would go about with the advisor but they're very good about making restitution and accepting responsibility. If there's responsibility to be taken.

Ultimately, annuity contracts are overseen by the state insurance commission although very variable annuities would be ultimately governed by the Securities and Exchange Commission, but the firm is biz, the starting place and I would do that in writing and just let them know what you feel like transpired and why you feel like that it was not handled appropriately and then you work through that process with them. If you feel like you need to retain some counsel to represent you and that you certainly could do that or you could handle that yourself. But I think ultimately they're gonna want to do the right thing to make sure that the two you are satisfied as a customer because I know that's new in their best interest as well as your self. Even though that statute of limitations perhaps is run out you.

I think it's worthwhile to pursue this and just let somebody know that you feel like something was not handled appropriately and will pray that the Lord gives you wisdom as you navigate that we appreciate your call today.

Let's head to Chicago, Illinois Kelly, thank you for your call.

How can I help Kelly. I don't think I hear Kelly's radio in the background. They will see if we can get Kelly to turn that down. Let's head to Miami, Florida Jennifer, thank you for your call. Can I do for hi I'm 52 years old and I have about you not know that one in $100,000 in the bank account and I don't know what to do with that I'm writing do I put it in our Roth IRA right mutual fund kit my savings account I see okay so tell me a little bit about your situation you have is this, your emergency savings. Obviously, it's quite a bit more now what you would need. But what superb extra job that I took on an extra job. I was able to all that money get deposited nine with my actual job I did that money in my checking account to pay for things and have a fund and my job and not provide a 401(k) so I know that and that I should put money towards my retirement but I haven't been doing so, another job, yet her job that I told you that I hide data quite a 401(k) match anything and I don't mind I'm confused whether to put money in 401(k) better than match anything like that. The money that I am getting paid from them. Do I put it in. No, I don't know Roth IRA in the mutual fund know what you very very good.

Well, I think there's a couple of things are number one is I would reduce that savings to just 3 to 6 months expenses keep that liquid that's good to be your emergency reserves.

Then, with the second job. Clearly, you have quite a bit of margin you have the ability to put money away because you built up this hundred thousand that's a good thing but we really want that growing Jennifer in a tax-deferred environment because that's can be most advantageous to you where the taxes are good to put a drag on the returns over time, which is either a 401(k) or some type of IRA the benefit of the 401(k). As you can put more money away on an annual basis, even if they're not matching you know so you can put quite a bit more money for 2021 input 19,500 in a 401(k), whereas you can only put 6000 into an IRA. So I think you know the benefit there is you get more money working for you through salary deferral into that 401(k) even if they're not matching now that you could also fund every year our Roth IRA which would be great.

But again, you can only put 6000 in there because you got quite a bit in that savings account which are probably going to want to do is max out what's going into that 401(k) out of your paycheck every month and then take what you need for your expenses that you're no longer getting because you're putting so much into the 401(k) and just live off of that amount that you need to pull into your checking that's coming out of savings. This does that make sense because you can't just drop that hundred thousand in a 401(k) so yeah you could say right take the full amount 19,50012 out of my check and if that leaves you sure you just supplement that your savings until it's all invested and then as you get it into the 401(k) and that new Roth IRA you can open that is just a matter making sure you have the right investment mix for you which you know if your young and you got plenty of time, you probably want to be fairly aggressive in terms of getting that money to grow for you if that your risk tolerance and goals and objectives to settle make sense though your money. Why have somebody they can recommend.

We don't offer any financial services we just provide the biblical financial education. However, there are some great advisors that have the designation that we recommend.

Which is called certified kingdom advisor. These are men and women who have significant experiences financial and investment professionals that met high standards but they also been trained to provide biblical financial counsel.

You can find a CK there in Miami by going to our website moneywise live.org just click find ACK and you can search by city, state or zip and I'd interviewed two or three. Find the one that's the best fit and then that professional could direct you as to everything you need to know to get these accounts set up and select the investments in the 401(k) and then move forward from there. Okay, thank you so definitely want the money there.

In the faded accounting and I can't Put it into the 401(k) have to be put into 401(k) prior to reaching me that's right through salary deferral. So it has to come out your paycheck, but they can ratchet that amount up to the maximum.

And then you can just supplement out of savings until you deplete those funds okay, but I think it much. Okay, Jennifer, God bless you and thank you for calling. I would've finished today in Moline Illinois Cheryl.

How can Holly help my hunt and peck 954 and he'd never went out and have a 401(k) company name only put in the maximum and right now we've got out like $950,000 backed away for retirement, and by the time he retired will have that so he wants to retire in the lake and go fishing every day with me that statement, he chose the one that your retirement income is not.

I think I believe that all that money and we look ugly and eight indictment Year retirement income.

Well, it doesn't matter what state you're in. As you take a withdrawal from a 401(k) or if you wrote to traditional IRA. The amount you take out in any calendar year is going to be taxed as taxable income. So the idea behind the 401(k) in the traditional IRA is that money grows tax-deferred so you get the deduction when it goes in that it grows tax-deferred. And then when you take it out. You pay tax on it as income in the amount that you pull out that the ideas that you're taking less because lifestyles lower debts paid off in your supplementing the Social Security line will finish a bit off the air, but I think you've done everything right you say quite a bit of money. Yes, you pay some tax just need to build your budget accordingly as light as a partnership between Moody radio and moneywise media was a big thanks to my team today. Thank you for being here. Enjoy your Labor Day week back is


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