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7 Money Lies Teenagers Believe

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
August 30, 2021 5:42 pm

7 Money Lies Teenagers Believe

MoneyWise / Rob West and Steve Moore

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August 30, 2021 5:42 pm

The world can be a scary place, especially if you have children, because Satan often uses lies to lead them astray. And those lies are frequently related to money. On the next MoneyWise Live, Art Rainer will join Rob West to talk about 7 money lies teenagers are believing these days, and he’ll arm you with the truth to counter those. 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. 

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Rob West and Steve Moore
Rob West and Steve Moore
Rob West and Steve Moore
Rob West and Steve Moore
Rob West and Steve Moore
The Steve Noble Show
Steve Noble

One listener that stands out, that I work with recently was his older couple that was interested in refinancing eight reached out to a few different lenders and the other credit wasn't the best. I know some of these other bigger banks.

You just won't hear back from that 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 might heads. I sound like a broken record. I been doing this for 18 years. I have never seen a market like this in my life. Home values have generally been skyrocketing.

The last couple of years with interest rates being some low I I've actually seen refinances were people are able to cash out the newly found equity in their homes to home improvements, whatever it may be and still save money per month compared to what their prior mortgage payment was. I like to see it is my job is to present you with a few different options. I step back.

I let you decide and I'll let you call me when you want to move forward.

We might heads United faith mortgage is a DBA of United mortgage Corp. 25 Millville Park Rd., Millville, NY. Licensed mortgage banker for all 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, and today's version of moneywise. Life is prerecorded, so our phone lines are not open. First John 519 reads. We know that we are from God in the whole world lies in the power of the Taira West. It's a scary thought, especially if you have children as the world tries to lead them astray, often with money carburetor joins us today to talk about seven money lies teenagers are believing these days and to arm you with the truth then will have some great calls lined up but since we're not alive today. Please hold your calls until next time. This is moneywise live biblical wisdom for your financial journey carburetor wears a lot of hats he's a financial author, teacher, vice president of the college in southeastern Wake Forest, North Carolina, and a frequent moneywise contributor are delighted to have you back. Thank you for the pleasure are to teenagers are often easy prayer day for the attractions of this world without question. If you ever had a teenager, or if you've ever been a teenager you know it could be Demetri.

Teenagers are bombarded with lies about various topics, including money the world constantly pouring in their money principle to our our teenagers and often times we don't even need only to notice that because the become talk like the error that we do we grieve limp little to be teenagers now that what happening to Derek to their mind is often the topic of toxic with these teaching that the world is placing them so your teenager. You need to hear about the money lies that are being put before you dear parent of a baby teenager. These points can be important areas of conversation for you enter the world, certainly not going to tell you the truth, and so for us at parent units really kept us.

Yes, that's exactly right. And we've got seven of these lies today to unpack. So let's dive in the art. What's first on the list for the first one is that the Bible doesn't really speak to my and as you read through Scripture you you quickly find out that that the differently not not sure there's over 2000 verses about money and stewardship woven God talks about it all the time. Jesus spoke about learning more than any other topic while he was here on earth. And so, certainly, as parents who have teenagers we want our teenagers to know the Scriptures, and that means teaching them what the Bible says about money because it certainly speaks to it because what we know is that money management is often a reflection of heart management to God. Obviously find it not be a very important topic in area two to address money issues are heart issues available to Lake Larry Burket used to say he would say this money in the way we handle it is the clearest indicator and what's going on in our lives spiritually reveals what we value and where we placed our trust are going to the second lies were not of course saying that money itself brings contentment right will not make that would be the second money lie that we see teenagers believing that that money will make you happy Delaunay see the images on what is on the computer are on their on their Florida phone that the people that that maybe they seem to have a lot of money and they seem to be smiling with the message that they're receiving is that that money does possess and whatever is in that that picture whatever's in that video that that is what makes them happy, but steady score show that this perception is not true that that money primarily magnifies whatever you already are happy with with a little you can be happy with with much and with little you can be content with with much.

However, if you're not content with little things not happy with little more money is not going to solve your problem.

It's only going to magnify that on discontentment that you have in your heart. God has not wired us to make money fill that void in our lives. Money cannot be our hope.

It is a title that will always lead us to the satisfaction and disappointment in the social media age that we live in an artist, you will know only magnifies these issues well's will continue to unpack this list. This is so critical. We need to raise kids future adults that understand financial literacy.

But more important than that God's heart as it relates to their money, so will continue to unpack seven money lies teenagers are believing these days without rain or just around the corner. More to come on moneywise live stay with us will be right back. Welcome back to moneywise live yesterday as arbitrator talking about seven money lies teenagers are believing these days and are this is such a critical topic for teenagers to hear for parents of teenagers. The year that we've covered the first two going to the third in a week just before the break, said that you know what they're seeing on social media.

What these teenagers are seeing on TV really drives this idea that money leads to happiness and clearly that's one of the wise money lie number three really plays off of that. What is yet with immediate grades as well is real monetary wealth and we that not true.

Going back to social media. A lot of the pictures that he needed are seen are fake as a fake background. Often times when you see an individual next to a car on that car.

They fit it in a parking lot and took a picture next to it and claimed that it was their own. Did you know that they actually have Instagram studios. We can go when set up on a inosine created a scene and get your picture taken as if you're on an airplane or if you're at a fancy restaurant which will not get me to take a picture in a in a studio so media portrays as wealth is often not real money driving that car going to an exotic place living in a large house that that person is actually wealthy real monetary wealth is measured by your network at assets minus liabilities that get you to your network and those people who are actually wealthy based on numerous studies of people there truly wealthy that have a strong network actually pretty frugal and not die not seen them drive around in fancy cars and going on exotic vacation that you may have billionaires in your in your own neighborhood, but you just would never know it is our somebody looks like their millionaires are probably not those plain looking folk with high net worth were probably able to resist something that you're well aware of art and that his phone no fear of missing out. That leads less discipline people straight into debt Florida what's next what's money lie number four money money lie number four is that there money in my vision don't really matter.

Right now the decision that they make with their money doesn't necessarily matter right now but you know that right now. Their decisions are very significant effect. Teenagers are working and start setting aside money into retirement account and start taking advantage of that beautiful thing called compounding where making money on top of your on top of your money and they can make a a good cost-effective decision on where they would go to school, making sure that net cost amount that you actually pay is low so that you're not going into debt to go to college. Most importantly, they can start developing the biblical pattern for money management. Give save live they do that if teenagers can do that is important for adult corporate teenagers they can go ahead and start doing that every dollar that they get to give a little, they save a little and then they use the rest to pay for their day-to-day expenses. They're going to find a fellow in a very financially healthy position later on in life, so true, it's good habits begun now will pay off for the rest of your life hard. What's money lie number five Mennonite number five is that that everything will eventually work itself out. But somehow everything magically will be okay. That financial finances will get take care of themselves and courts as adults we know that it won't write poor spending habits will eventually catch up with you yet will certainly catch up with you. Lack of saving will catch up with you at the number one concern for the retirees. Do I have enough saved so teenagers. I would encourage you for listening to the show. Talk to adults here. They are concerned here what they type you are a parent tell your teenager your concerned, your your your my concerns. You will be responsible for the result of your money decision and it starts even during the teenage years, so troops are liberal education, or perhaps even the lack of playing all of this very significant money lie number six told to teenagers is that they don't need to know that much about money and what we see in our nation as the result of that money. I financial literacy had plummeted in the United States that statistics are staggering. As parents we need to make sure that our children that our teenagers are the exception, and that they are not not just Gouda, manage money, but how God wants them to manage money and so they need to learn about the money in there in a while.

How it works and how to make sure that you're getting that there stating that that that that they are then living on the rest.

So troops that brings us to money lie number seven which is one of our favorite topics related to generosity.

Tell us about the and a little bit. The little bit of money that they do have not been to like it, don't have much money right that a little bit of money that they do have can't really make a difference through to generosity and and I understand you're working maybe a minimum wage job and you're thinking little bit of money that I get what difference if I give a portion of it. What difference could it make and somebodies. But how could God use that and what I would encourage teenagers to be member is the story of Jesus feeding the 5000 member.

He took just a few fish in a few loaves of bread instead of 5000 people we serve a God of multiplication and he can take whatever little that you can't get and make a difference in the world that you you did everything that you every day. They never even know the difference that you're making through your generosity to all the got acid to do the just obey him trust the material with your financial financial resources and watch him do what only he can do and got the economy, the amount sacrificed always supersedes the amount given so give even if it numerically little guy just about a minute left, let's finish with something really practical.

How do you advise parents to begin allowing their kids to manage money is 1617 18-year-olds do they need a checking account to the Jetta credit card you. What are some of those practical first steps before they leave home. A great question and provide a lot of those answers in our book to put together called money challenge for me and certainly getting a checking account is an important step in getting a retirement account if they're working at another important that the big thing that we can do as parents is to make sure that we understand our responsibility to teach our children about money. They're not just figure it out on their own. If you leave it to them to figure out there can end up with a comment that and a a very poor understanding of what God desires for them and my Internet find themselves frustrated and discontent all because we didn't step up and explain to them what God teaches about money so well for money lies are everywhere. We don't want our kids to fall for them. We know that can lead them down the path of spiritual and financial ruin are delighted to have you with us today procedure stopping by taking much for having the pleasure carburetors better. Yesterday you can find out more about him in his books and articles on God and money are hey before we go to our break.

Let me remind you that we are not live today but we do have lots of good information coming your way.

So, please state it's great to have you with us on moneywise live today but unfortunately they were not live were pretty recorded and therefore won't be taking your calls. However, we've lined up some calls in advance that we think you'll find helpful. So stay tuned and enjoy the rest of the program were so glad you joined us today on moneywise live or head to Greenwood, Indiana Valerie, thank you for your patience. How can I help you today call my first time I got it I just retired in January car payment $20 a month and I will credit here just like 17 loan out for like years and have two more years to pay for it anyway when I'm wondering should I keep my money from my emergency account and pay off the car or should I just keep paying sure how much is left on the car about $7000 7000 emergency 1313 okay all right and what are your total expenses 30 day. Over one month roughly about $3000.

Okay, so if you were to pay off the car, you have 6000 left. You have two months worth of expenses still in the bank how much margin would you have every month over and above your expenses.

Once the car is paid off for you right up to the edge and so you'd only have the equivalent of that car payment or you have a little bit extra every month.

Now there's not much extra. I retired in January and I'm thinking I'm kind of bored anyway I might go back and work part time in Outlook enough money that and well I would probably not pay it off right yet just because what I'm hearing is that you've got two months expenses, but there's not a whole lot left over if you can fit the car payment in the budget. I'd prefer you. You you maybe accelerate this car payment, but I want you to hang on to at least three months expenses so that's can be. Let's say 9000 so perhaps you take 4000 of it in pay against the car, leaving three and then add a little bit more, you know, to every payment.

Let's try to shorten that payback.

But I don't want to get you in a situation where you live in right up to the edge every month and you've only got two months expenses and then something major comes out of left field. So I think if you were to do either, and not all of your money and then let's just add something every month and that's can require that you go back to that spending plan and either increase income as you said by going back to work or decrease expenses by really getting focused on what can you cut back on and then when you do that your goal would be to free up margin to add to that monthly payment every month.

I think that's going to be a better option than you just gonna wiping that out and being left with not enough in the way of reserves.

Does that make sense though to Valerie thank you so much are so welcome. Listen, congratulations on the hard work you've been doing and that we appreciate your call today very much to Indianapolis, Indiana Rene, thank you for your patience.

I can help you. I appreciate it. I have more) account. I would like to have. I had two job.

Currently quite each one pension and so I can hold that old, but I have the three other account. Not a huge amount of money in any of them and that I can contribute to them any longer. I have a new job, you are like J and I also have a lot and that all on what you need to enter into determining okay so give me a rundown quickly account types that you have 143B and it probably had 80 dead. Then the chair for another job with the faculty position and I I'm not entirely sure I want J emeriti.

They were running through the company that I don't okay, no problem.

So with the 403 B's and 401(k)s you want to separate from service you can roll those out. I would absolutely consolidate those in the one IRA, one traditional IRA that's going to just create some simplicity it's less accounts for you to keep up with can be a little easier for it to be managed either by you or someone else because you're not having to do that across multiple accounts and once you separate from service. The fees can increase in those retirement accounts. If you have other IRAs is always the same type they can be combined as well. But, for instance, you can't put a Roth into a traditional so you probably end up with the annuity which you have to leave for the pension and then the traditional IRA which is going to be the recipient of all of those company-sponsored plans and that if you have a Roth you'd still have a Roth. At that point you have to decide how to manage it. Rene, who's gonna make the buy and sell decisions. You can either do that yourself through mutual funds or exchange traded funds with the help of the perhaps sound mind investing soundbite, or you could hire an investment professional to actually make those buy and sell decisions for you.

You could look for a certified kingdom, advisors, and many of them more than 30 I believe in Indianapolis you could visit with two or three and find the one that's the best fit with the idea of combining them makes a lot of sense to me and that will really just simplify things okay my new job, account, or do you think a traditional IRA more. Yeah, that would certainly be an option you want to check with your plan administrator to make sure. But usually you can so you would roll the not the IRA the 401(k) and the fourth release into your new 401(k) or whatever that is. And that's going again. Put everything in one place, so you've got to the better control over it and then as you select the investments inside the plan which would probably do yourself. You would obviously just do all of the assets inside account so I would call your plan administrator asked that question if they're allowing you to do that. I think there's nothing wrong with that. You could certainly take that approach or pause for a brief break that much more.

This is moneywise live versus ledger along with us today am Rob West. Let's take an email but today's email comes from Sally and she is Sally right should all of us have our accounts frozen with our credit bureaus and what Sally is talking about is a credit freeze. Each of the bureaus. Six. Aqua facts and Trans Union, all by law have to offer you the ability to freeze your credit report at no cost. You will have to make that request either through their website or by calling them or through the mail but essentially my recommendation. There is typically I would say if you know your information is been compromised which seems to happen often these days. Or, you know that you've been the victim of identity theft you would absolutely want to freeze your credit. That's essentially going to place a pin number on your credit report so that if anyone tries to open an account in your name, then that would stop them in their tracks so you could do it. It's going to add that extra layer protection but also an extra hassle factor if you will, when you're trying to open a new account or seeking some credit.

So I typically say if you know your account or identity has been compromised. Go for it.

Otherwise it's really up to you.

We appreciate you all sending those questions and again the email address questions that let's go back to the phones to Indianapolis at nurse. Thank you for your patience can help you. My question is because I just got married and and I am a firm believer in Christ and my wife also is what the issue is because before we got married.

She used to go out with her family every Sunday after church.

But now that we married and we trying to stay below big money and I'm trying to convince her that we don't have to go out to eat every Sunday, but she believes she because she used to fellowship with him every Sunday that we should continue. Well, I certainly can appreciate that Abner you know I think there's a couple of things here. Number one is we have to recognize that the way we handle money is largely influenced by our upbringing watching our parents and how money was handled and what money was used for, and in the case of her family.

It was used for celebration and to make memories and to build family relationships at the same time as husband and wife. You are now stewards of what God has entrusted to you as one flesh. So you've got a make a plan based on the resources that you have so I encourage you to start with the budget and if that's something that's really important to her. See if you can fit that into the budget because of its upland expense that it fits with everything else. If it doesn't, perhaps there's an opportunity for compromise. Maybe it's not every Sunday. Maybe it's every other so you know that would be my approach as number one for you as the husband to recognize just the value that time with family is to her the importance of that meal at the same time you as husband and wife have to decide how to use God's resources and there are limited resources so you can't do everything and so I think as you approach that conversation prayerfully and as husband and wife sitting down saying what's most important us is an important us that we stay out of debt yes is important were able to provide for ourselves. Yes is important we save a little bit in the were able to give.

Yes. Is it important that we can spend time with family and around the meal table yes but maybe you can't do all of it. So what's most important. And if there's resources they're trying to build it into the budget try to build it into the plan so that you could continue to do that and if there's not yet maybe it's some portion of that.

Maybe you join them once a month but I think the key is for you all to realize and for her to realize with you that you these are money is a tool to accomplish God's purposes, and you can't do everything because there's limited resources that you have to prioritize what's most important. And let's be flexible in that realizing your new married couple and you're going to value different things doesn't mean one's right and ones wrong but you have to find a way to move forward together. Does that make sense. Yes, it showed no end that people got married.

She had accumulated few credit card bill, which is now I own is my sponsored bidding and I'm trying to tell it that that the extra money that basically go ahead and stand too hot $200 a month: not every Sunday we can put that: the credit card that I thought we can go about once or twice, but we can go every Sunday as we now have that much and she see them every day and then we go to the same church. Well, I appreciate that, but I think you want to approach this.

The way I said be prayerful about it. Let's see if you can do it.

Perhaps, maybe not every week and we appreciate your call. Let us know how it turns out. Thank you so much God bless you.

All right, let's add to our Fort Lauderdale, Florida Lana, thanks for your patience. I can help you last year and I find I surgery everything I find out that I have felt like it had like three months plus a little better for emergency take my entire emergency fund.

If I used it to do that. I do have an annuity it.

Not much is $35,000 gained about 10,000 might have in stock. Now the question is should I think I'm going to need about 10,000 and 10,000 company or should I look for another option. Yeah well it's a great question and I understand the predicament I'm glad to hear that you got that emergency fund. You got some margin there. And this annuities been performing for you. Certainly ideally, we would want to take out the from it because he wanted to be there to have down the road. I don't like the idea of borrowing from it and we could get into that, if you'd like.

But the idea that you would perhaps pay for this out of cash flow would be the best case scenario. I realize oral surgery is not cheap. I would encourage you to at least contact the medical provider to see if they'd be willing to take payments for the procedure. Perhaps give you your cash discount if you're going to be paying for this out-of-pocket know that would be the best case scenario.

What other options have you considered Lana do you have a home with some equity in it be a what else have you been looking all that and I really don't have a lot of that I have a lot of extra at the end of each month. Either this surgery that you approached the provider to see if your cash pay or whether that could be reduced substantially, and if so, could be paid overtime type I see okay all right well you know I think that's the best case scenario. I mean, there are various options like health care lending solutions United Medical credit prosper healthcare lending would just be a couple of them so you could look at an option like that. I feel because this is a medical procedure if it's necessary. We obviously need to get it done and so that would be option one. I don't like the idea that you take a 40% haircut on a $10,000 coming out of an annuity that just is this going to come up with that as a last case scenario.

I think the best option would be other than borrowing just see if you can get your provider to work with you and pay as you go build out-of-pocket really dial back your spending and let's pray that the Lord just provides the situation and to through those payments to the surgeon, the perhaps as long as it doesn't cause any further problems that could be done in stages where you could actually funded out of cash flow.

Perhaps you will work on the side to ransom additional income, but I think your fallback is clear that annuity. Sorry to hear you're having to wrestle through these hard decisions.

Lana wasn't going to give you some wisdom appreciate your call. This is our final segment of the broadcast. We previously recorded. Thanks so much for being with us today and we hope you'll stick around and enjoy the rest of today's program start state of Montana marked the first want to thank you for your faithfulness and calling God's call on your life.

A lot of people in the kingdom. So thank you well. Thank you Marcus for soul start right off my mom went home to be with the Lord in April and very sad but also what celebrates I know she's out and I know that I will see her again so so without the financial end of things were working away to that, she gave me a wonderful gift.

She left me 20 acres with a small house on it, just outside of the popular ski resort town here in Montana, so I understand this is that this is a gift from God and for my mom, and not want to manage it properly. I wanted I want to use it for his kingdom want to do the wisest thing I can with it.

I just, you know, the huge responsibility for me and I have a few concerns. I'm concerned that possibly were in some sort of real estate bubble, no insulation, everything a man I'm wondering, I'm considering selling it to reinvest it elsewhere or whether I should start plans to to develop a plan to generate income on the property or what I should do that is a substantial amount. Well, I can imagine this doesn't happen to be near big sky versus a different ski resort, yet different ski resort. Okay there is more to very good with some good friends and I used to make an annual trip out to big sky.

We have done in several years but it is beautiful country so I can only imagine how special this is. And I'm so sorry to hear of your mom's passing, but I share your celebration in the hope of heaven and rejoicing that she's with Jesus. Even though I know she is sorely missed and I appreciate the responsibility mark with which you're approaching this gift because you are now the steward of these resources.

It's always belong to the Lord, it still belongs to the Lord, but the stewardship responsibility has passed from your mom to you and you want to be found faithful and that you made it clear you want to do the wise thing with regard to the financial side, but you also want to honor the Lord and build the kingdom and those are all the right goals and so I think your your certainly approaching this in the right way. Getting wise counsel, but also making sure that your real prayerful about this, but you know I always like to start by just saying you know this is an asset to. Let's not focus on what type of asset, it is at the moment but let's say as an asset that you're now charged to manage. How does this fit into your overall financial plan. Do you see this is a key piece of what will ultimately allow you to retire someday when you can no longer work and be a funding source of lifestyle. Is it something that you want to do some giving out of or combination of the two bids it to generate an income as you said now to supplement other income sources. Give me a sense of how it fits financially into your overall picture. So I run my own small About 10 years and I am debt free except for my personal residence, but I really don't have any retirement to speak of. I put everything in my business and not working a lot of work 70 hours a week is standard week for me so I I'm looking at this as in that with what I may connect about 70,000 a year. If I had this amount of money that the value of the home and the land is worth in the bank would I go in by trophy piece of property in a resort town and you know the answer is no, I'm not in a position to do that is so I'm kind of looking at this and saying okay, how how can I make this grow for my my children, my children's children and and maybe I can back off my work a little bit get down to 50 hours a week in the process to certainly encourage, especially if you have children but just for your own health working 70 hours that so lost a lot of hours your login every week and so being able to back off and take a breath and ask of the Lord what he has for you.

Just gets more rest in your life and in some other disciplines I think is always a good thing and I'm talking to myself at the same time, you know, I think, as you approach this mark really and we need to determine is this something we want to be in income generating now or in the future, or both. Do we want to try to retired that and what kind, giving, do we want to do out of it. Obviously, the first question you know that really a lot of this hinges on his do you want to sell this property that you've acquired and I'm not really give you an answer to that.

You need to get some wise counsel on that with regard to yes. Nationally, the real estate market is built sky high and you know this is probably and not just a typical piece of property as I'm hearing you describing it's 20 acres small piece of small improvement in the home near real ski resort.

So it's a little unique and so you're gonna need to get somebody who really understands this market who can help you understand that you probably have a good sense of this already.

How is this market done for this particular type of of land and its specific location. One of the prospects for the future, but just generally speaking euro home values nationally are about 5 1/2% overvalued right now, indicating were not really in a bubble and that the reason for that is the actual demand for housing is very high.

Inventory is very low so it's a supply and demand issue millennial's are trying to move out of urban areas into suburbia and beyond. And so you what most folks expect is not any kind of housing bubble like we saw in 0809 that was real. Systemic in nature. In terms of its problem more of the cooling off the tapering off because these growth rates are not sustainable and we may see especially in certain pockets of the country. Adept but probably not any kind of major collapse. What about land values well slightly different asset that would need to be considered and again I think that's were getting some wise counsel makes sense so that be as to whether or not to sell it. The second thing is diversification. Your Ecclesiastes talks a lot about diversification.

You are obviously highly concentrated in this particular parcel of land which is one asset class, but it's also in one specific location, whereas if you were to liquidated and invested in marketable securities some combination of stocks and bonds and maybe some real estate investment trust. Things like that you could be very, highly diversified and said I think that's something to consider you not putting all your eggs in one basket in terms of the performance of real estate in a very specific location in Montana. Thirdly, I think is just your looking at this in terms of the of the income that it can generate and what it's going to take in terms of the effort on your part to generate that. So you could be very passive in terms of the income it generates, or the growth that you experience through a stock and bond portfolio versus active participation where you're actually resume said you constructing new residences on this parcel that you then gonna rent out. Will Nelson you've gone from a small business owner working 70 hours a week to I don't know what it is you get the really hands-on in and yelled running real estate business, so with rentals so I think you gotta think through prey, through all of that, I'd start with that real estate professional who really knows the area and can counsel with you, and I suspect, given the goals that I'm hearing from you. Going ahead and selling it enjoying the fact that real estate prices are very high and then redeploying that into a stock and bond portfolio makes sense. Give me your thoughts on just what I was sharing and let's see if we can come up with a game plan where you go from here. I really like the idea of diversifying you know because as I said this is my retirement everything else in my business which I business is just me. So it's really not work a lot this is that I want to want to grow this for the kingdom and, of course, I'm a tiger so red off the top 10% of everything I make in Skinner go right back to the Lord's kingdom. After that, I do have two children that are special needs that you need my help rest of your life.

So I'd like to take care of them and I just feel like the diversification in creating a portfolio that is to grow and maybe maybe I can take a little bit income to offset the amount hours of them working in the meantime but continue to grow the portfolio on the yeah I think that's the right approach and in the only reason I say let's make sure you talk to a professional.

There is I just wouldn't want you to overlook something that you and I am, I might not be aware of is there a major development coming in. That's good to be a game changer in that specific locale in the in a very short period of time or something on the horizon that alters whether or not this is the right time, but apart from something just glaring. I think that's wise counsel wise thinking in terms of you got going and selling it moving toward a portfolio that makes sense. Perhaps you pay off your home first yellow and then begin to invested in a way this can generate some income or at least have some appreciation while you're continuing to work and then have yelp resources there for your future. You may even want to consider a special needs trust where these assets go in there and can be available for lifelong dependence where you can give certain stipulations as to how the money is used even know beyond your life or if you were incapacitated for the benefit of the kids and so looking at that from an estate planning standpoint with an attorney I think would be really important and then the last thing I would say Mark is perhaps talking to our friends at the National Christian foundation in CF You may want to consider giving a portion just to even a small portion of this land away to you a donor advised fund prior to the sale you for giving purposes now because of the stepped-up basis. It may not make sense or be necessary, should be much a taxi or thinning, but at least just thinking about what's the best way to do giving given that you have a major transition sale asset with the conversation so I think you're on the right track. My friend seek out some wise counsel. Perhaps a certified advisor to navigate this with you and we appreciate your call today very much folks that's good for us today. Thanks for listening moneywise. Live is a partnership between Moody radio moneywise media. This is where God's word intersects with your financial life come back and join us.

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