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Perils of Lost Passwords

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
August 25, 2021 5:18 pm

Perils of Lost Passwords

MoneyWise / Rob West and Steve Moore

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August 25, 2021 5:18 pm

Thanks to identity theft, everybody knows that a compromised password can cost you money. But now it turns out that a lost password can also be financially devastating. It’s a cautionary tale for most of us, but one of epic proportions for some cryptocurrency investors. On the next MoneyWise Live, host Rob West will talk about the perils of lost passwords. Then he’ll answer your calls and financial questions from a biblical perspective. That’s on the next MoneyWise Live, where biblical wisdom meets today’s finances, weekdays at 4pm Eastern/3pm Central on Moody Radio. 

See omnystudio.com/listener for privacy information.

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Listener that stands out that work with recently. Was this older couple was interested in refinancing eight 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 will 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 one listener that stands out, that I work with recently. Was this older couple that was interested in refinancing the other credit wasn't the best. 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. 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 and they can start saving money each month, saving for retirement, which just put a huge smile on my face.

We might heads United face mortgages, a DBA of United mortgage Corp. 25 Millville Park Rd., Millville, NY. Licensed mortgage banker for licensing information, go to an MLS consumer access.org corporate and MLS number 1330. Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah, and today's version moneywise live his prerecorded sure phone lines are not open thanks to identity the everybody knows that a compromise password can cost you money. But now it turns out that a lost password can also be financially devastating by Rob West. It's the cautionary tale for most of us, but one of epic proportions for some crypto currency investors will give you the details first to the we have some great calls lined up taking your life calls today because we're prerecorded.

This is moneywise live biblical wisdom for your financial security.

So for most of us, the lost or forgotten past. It is no big deal, it's just a temporary inconvenience, even if it's for something as valuable as our banking or investment accounts. We simply click the forgot password link to have reset instructions sent to our recovery email address but that's not how it works if you lose the password to your coin account. The world's biggest and best-known crypto currency has no recovery process. If you lose your bit coin key as the password is called, you lose access to your account.

While it's far too volatile as an investment for my taste. There's no denying that many people have made fortunes investing in bed coin summit made hundreds of millions of dollars on paper at least you think the last thing those folks would do is lose their password old but it happens a lot more than you think. Perhaps the best-known case is that of the San Francisco programmer who in 2011 was paid for some work was 7000 bit coin. He promptly lost his password to the account and he still walked out at the time a single bit coin was selling for around a dollar so the programmers loss was certainly unpleasant but not catastrophic. Well today the ultra volatile bit coin cells anywhere from 20,000 to nearly $60,000 per bit coin that means that the high-end the programmer owns upwards of $400 million in bit coin that he can't touch and may never be able to, but is not alone, not by a long shot. It's estimated that 20% of all bit coins in existence today are trapped inside accounts with lost or forgotten passwords.

That's around $140 billion worth of assets that odors can't touch. Now most of us will never own bit coin and frankly I'm glad for that. But does this story carry a warning for the rest of us. As I said it's a cautionary tale about password maintenance. This something we all need to pay attention to and take seriously.

As more and more financial transactions are done online.

The number of passwords we have to keep track of these days continues to grow.

It's the rare individual who doesn't lose track of the password occasionally.

In fact, a recent survey revealed that 25% of us forget a password at least once a day, but that's only a part of the problem using a week password memorizing a single one and using it on several accounts and not routinely changing passwords.

All will put your privacy and finances at risk. Some of you may have solved this problem by storing passwords in a word doc or some other file. Hopefully one that's backed up and password protected itself, and that certainly solves most of your password headaches, but there's actually an easier way. If you haven't looked into using a password manager, you should these are special apps that, among other things, create random passwords for each of your accounts. This is especially valuable if you're in the habit of using one password on several accounts even though you know you shouldn't and the passwords these apps create or as long as your arm and crazy complicated the kind you could never memorize but you don't have to. The password manager does that for you. All you have to memorize or keep track of his one password needed to operate the password manager itself and when you think about it. That's a lot easier and more secure than storing several dozen passwords in a word doc somewhere that it's definitely easier than constantly having to recover forgotten passwords so password managers provide a very valuable service and not surprisingly, most charge to do it but not a lot. Typically, you might pay around three dollars a month for an individual service and maybe five dollars for a family plan that allows for multiple users across different devices.

There are free versions available, but they may not have all the features you want. Some of the most popular password managers are last pass Lane and one password that's the number one in the word password but one thing all of these apps have in common is that they're fairly easy to set up and by the way, will have links to all of these in today's show notes you are listening to moneywise law I with Rob West today's broadcasters prerecorded and that means were not taking any calls but we got some calls lined up and great information coming your way that we think you'll find helpful. So stick around for more moneywise live after this brief break back to the program last year along with us today.

Today's program is prerecorded, so I would encourage you not to call in but I will tell you we have some wonderful calls all wind up in advance that I know you will enjoy. In fact, let's go to one of them now to Chicago, Illinois, and Georgianna, thanks for calling. How can we help about $55,000 in debt. I've been able to pay every month without fail never been late and did not credit card debt. I have a home that may have about 50 $55,000 in equity and nihilism for sure if I should will. I also want to do some work in my home for sure if I should refinance my home to pant the debt and also include some work to be done. What is the home worth perhaps maybe about $200,000 and you owe roughly 145 on 125 very good. You know I'm not a fan of that, Georgianna. I just don't like paying off debt with home equity for a number of reasons. Number one is were taking what is unsecured debt, meaning it's not collateralized by anything and were securing it to your home so I'm delighted to hear that you've been in a position where you been able to make those payments on time every month but if something happened you were unable to in the case of the credit cards they could file a judgment in courts and get you would have to acknowledge that, you know, the debt which you certainly would. And then in overtime.

You could work on a repayment plan of that debt. But there is limited recourse, as opposed to you transferring that debt to your home, something happening and you being unable to make the payment, which is now higher because you got a mortgage of nearly 200,000 or hundred percent of the equity and now your home is a risk they can foreclose on it inside. I just don't like that number two. You've got to a decent amount of equity in this house right now. I would typically say weed if at all possible, never want to go below 20% in terms of the equity that we have in the home and on the $200,000 home. That's 40,000 so I would not want that mortgage to go above hundred and and 60,000 and just because you know that's going to bring in private mortgage insurance which is going to add an additional cost to you and that does nothing for you that's just for the benefit of the lender and it's an added expense. Not to mention if we were to see the housing market. Take a downturn you know if you have or have financed in 100% or close to it. You could find yourself upside down where you actually owe more than the houses were through, then you'd been able to sell it for, which would obviously be a really challenging situation and limit your flexibility.

The third thing is that even though the interest rate would be much lower. It's going to string this prepayment out over a much longer period of time what so you go get a new 20 or 25 or 30 year mortgage.

Even though it's a lower interest rate that interest over that three decades as can end up being a lot of money and then lastly, there is a cost of refinancing and it can be sizable cost so I think the key for you right now is to make sure that your living on a spending plan a balanced budget and that you are able to stick to that every month so you're not continuing to add debt if you're not, that's great, but I would just really dial back into that budget and look for ways to cut back have a spending plan. We are tracking the flow of money in and out. To be sure that you are you staying on budget every month and are moneywise apt can help with that.

In fact we were done here today and on the line and I'll give you a six month subscription that you can download your transactions into the app to stay on top of it. So where do you go with this debt well if you haven't already, I would look at a credit counseling program are friends of Christian credit counselors do a wonderful job will be able to come up with the payment for you little hopefully fit right into your budget. Get those interest rates down and people in credit counseling pay off their credit cards debt that that's 80% faster because of the consistent payment in the lower interest rates up but I've thrown a lot at you there. Give me your thoughts. While I cannot agree what you said to Tristan, I just needed support.

The other thing that I was thinking about this to me borrow from my 401(k), which is also a lawyer with Nina. Give me a lower rate that I can pay it off, but it's the frantic program can help me better and that sounds like an idea yeah I would start there is anything you might want to temporarily suspend new contributions to your 401(k), which would allow you to have more take-home income that you could then redirect toward debt reduction.

I wouldn't borrow from the 401(k) because of something happening yet separate from your job that would all become taxable to you as income plus a 10% penalty if you're if you're under 59 1/2 so I just don't like the idea of borrowing from the 401(k) so I leave that alone. And I can't contact Christian credit counselors@christiancreditcounselors.org and if anything in a reduced temporarily your new 401(k) contributions get more going to debt reduction each month through credit counseling so I give our friends a call there or contact them online Christian credit counselors.org and I think that'll be a real help to you. You stay on the line will get your information and get you that moneywise apt subscription.

We appreciate your call. Let's move on to DeKalb, Illinois Nicole, you're next on the program. Go ahead and all life insurance, health issues, I'm 42 years old and told me not to get any tax wise mention of your life insurance in order because you found extending your life insurance or making any changes to it in the future. Yes. Well, I certainly understand that. I think the key is, though, is there really a need for permanent insurance. Typically I only recommend permanent insurance. If you have a lifelong dependent. If you need to do it for estate planning purposes, you know if you need based on health challenges, which is obviously potentially the situation you'd want to have something in place to offset a risk that would be incurred if something happened to you. The Lord calls you home and there's somebody here that's relying on your income or there's an added expense that's created like ongoing childcare or something like that. As a result of your passing. Would that be the situation here and is there really a need for life insurance beyond the term insurance policy that Yorty have anyone need something. I don't have any don't have anything to my children so I don't have my entire life.

No 401(k) that can get married so he is their stepfather. I feel a strong responsibility to make sure that my kids are taking care of its 14 cell. What I would be looking at Nicole is a is a new term policy. If anything you could give 30 year term policy that would cover the next 30 years of the Lord called you home there be a payout but for you to lock in a whole life policies can be very costly, and I'd rather see you go get a new term policy shop it around with an independent agent can get to the very best price for your age and health condition right now before you do this and then lock in that policy. It will be there for the next 30 years that the Lord takes you all middle payout to your beneficiaries and if you have good health and the Lord Terry's will be around for a long time little expire, but you be saving all on the way. I hope that helps appreciate your call back to moneywise. I am Rob West your hosts. We are not alive today. We actually have the day off so don't call in to have some rate calls all lined up for you to enjoy and one of those comes from Las Cruces, New Mexico, Ellie, you're next on moneywise like hi I have a question about title lock insurance or what your opinion of it. Yeah, you know I'm I'm not a big fan yellow folks often get this confused with title insurance, which is obviously different in its generally less. It's an owners policy.

It protects the mortgage company from claims against your title title theft insurance will is a completely different product and essentially just monitors whether your deed has been transferred out of your name at the county records office. Now that might be helpful if you're able to react in time and challenge the deed transfer before the scammer takes out a new loan but that's a pretty big if. Also, no matter what you hear in those ads, there's really no way to actually lock a property title in any state. At least not yet. There's nothing to stop a scammer from forging your signature in transferring the deed out of your name and by the way, you can monitor whether a fraudulent transfer has occurred by yourself. Among the many counties now allow you to view the status of your deed online. Some even allow you to sign up for automated alerts and that you know the challenge here is in terms of protecting yourself from home title theft.

You really don't need protection against it because it's fraud so if someone forges your signature and transfers your deed, it's still fraught at the end of the day of the con artist and legally own your property so the new lender doesn't legally have a claim to it so they tried to foreclose on it. It would be wrongful foreclosure so I just thinking of these products obviously are getting some attention as of late, but there's just not a whole lot behind them. So I would encourage you to pass this that makes them so Ellie wanted to see what the risk was involved and if I had to challenge a title change. I would have to get eternity to do that, but ultimately, I would not be you know at risk for anything except attorney fees that correct yeah I mean that with putting much be the case because again it would be done fraudulently so there would be anybody with that would have an legitimate claim to that property, other than you, which again is different than title insurance, which was protecting you or protecting the lender. Unless you get an owners title insurance policy which I would encourage you to do from somebody who has a rightful claim to the to the title, but if it is a clear title on it than anything else. Were talking about would be fraud and that would be really something that you would just have to be able to demonstrate to your legitimate ownership.

But beyond that a policy is not going to protect you from that. I think that's going to be the courts job so we appreciate your call today. Hopefully that's helpful to you, sir. Let's head now to South Carolina. Mike, your next up on the program.

Karen yes sir mother XRT rate your take on that little bit of research on financially but don't let the well let me just say first Mike we don't exit give specific recommendations, I wouldn't be able to give an up or down vote on any particular investment. But XRT is the stock symbol for ripple, which is a technology that acts as a crypto currency in a digital payment network for financial transactions. They offer an alternative platform as well that facilitates cross-border payments in and that's kind of their place in this crypto currency space if you will. You know that the challenge with the crypto currencies. The obvious to getting a lot of attention. I think the technology behind the crypto currencies is here to stay in our global digital economy where we want instantaneous and secure transactions, even cross-border, but they tend to be quite volatile and the only investing I would encourage any of us to do including myself is investing this long term that's properly diversified. That's not speculative and are trying to capitalize on the short-term moves of a particular investment is just too much risk with God's money from my viewpoint, so I'd rather you be across multiple asset classes with a properly diversified portfolio. That's long-term. It's not gonna be as exciting perhaps because you won't necessarily know have a concentrated position and something that could be a highflying stock, but again I don't think that's the prudent investment strategy for us as believers, so I would just respectfully say that mom. I believe this is a little too volatile. You know, for prudent investing in and see if you can move along at that point, we appreciate your call very much today let's take a quick email before we head to our next break. This email comes from Kathy and Jim and they write. Hey Rob were looking to refinance our property where wondering what the rules are to determine whether or not refinancing right now makes sense and Kathy and Jim, a lot of people are looking at this right now. We have historically low interest rates and my rules are simply that's number one. You want to try to save at least a point and 1/2 on the interest rate appointment quarter would work appointment half is better. You want to make sure you're to stay in the home for at least 5 to 7 years. I want you to match your remaining term or shorter so you have 25 years left. I wouldn't go more than 25 years on the new loan if you could drop it to 20 and still allow that payment to fit in your budget even better. I get three bids don't just settle for the first one from your bank I get three bids and I'd probably get to those from at least at least two of those from online lenders and then I would want to make sure that the cost to refinance is not more than 2% of the loan. If you find it's higher than that they may be asking you to buy the rate down and that's going to add up quickly and in this low interest rate environment.

You shouldn't have to do that so hopefully that's helpful to you, Kathy and Jim, thanks for writing in today and if you'd like to post a question in our community and our moneywise and I would love to have you do that our coaches stop by. I'm in there periodically, as well. Just download our app in the in your app store today search were moneywise biblical finance question and pause for a brief break back with much more stable to moneywise live on Rob West hey were prerecorded. Today we have the day off so don't call Lynn but we have some great calls all lined up like this one in Fort Lauderdale for me being your own moneywise live, go right ahead, taking my call to question.

I will be turning 65 in maintenance may and I was told that I need Medicaid and I was wondering why that's something that I would not be using the company have insurance for my husband's job and I only had insurance job. Yeah I possibly mean Medicare instead of Medicaid. I'm sorry it's copy Medicare okay yeah no problem no prompts. Well here's the thing, you don't have to sign up for Medicare. If you choose not to, but Canada the big if there is if you want to later you could incur some penalties.

The exception is, and this may be what exactly applies to you based on what you just said if you have group health insurance from an employer for which you or your spouse actively work after 65 then you can in fact delay enrolling in Medicare until the employment ends or the coverage stops and in that case you would not incur any late penalty when the employer tied coverage ends then you're entitled to a special enrollment period of up to eight months. Nadine to go ahead and sign up for Medicare so you can't delay Medicare enrollment without a penalty.

If your employer-sponsored coverage comes from retiree benefits or cobra which don't count as active employment, but if you're actively employed, then you should be all set in the way does that make sense so inquiring they make me find out why can't can't can't hear anything. When I turned 55. I'm a cop. I just wanted well now that yeah you would need to check with the company just to make sure that you are going to continue to have active group health coverage based on your husband's employment, and as long as that is continuing then you don't need to enroll in Medicare because you're covered under another policy as long as there's no lapse or disruption in that and that would be a question you want to post them, then you should be all set. You could delay it and again when that ends so that ceases to be available then you would have a special enrollment period of up to eight months to sign up for Medicare so we hope that's helpful to you, Nadine. We appreciate your call very very much today, let's head next to Indiana and welcome Abby to the broadcast data you're on moneywise live shoe. Thank you, are where farming family and were to the point where we are well stock market and are saving that starting to grow and it bothered me that it's not doing anything at the mercy of something coming up for sale on calling to ask what options should we consider using our money wisely in the waiting. Yes, what's the timeframe on this money, Abby, and how much do you have sitting there parked timeframe and basically when when something would come up for sale. No timeframe. Sure and hopefully saying that we've been waiting eight years now and at this point were talking about three 300,000 okay where's that money parked. Currently in a specialized money market. You know what you're earning on that right now right at 1%. You're getting 1% okay that's great you know as much is I hate to say this is the key for this money because you want to be able to move quickly and you don't want it at risk, meaning you know if you were to put it in any kind of marketable securities were to put it into stocks even very high quality conservative stocks are you to put it in the bonds as interest rates headed up those over the next year, those bond prices are gonna fall, you could lose principal and you certainly don't want to do that because even though it's been eight years. The Lord may provide the right property a week or a month or six months from now. So I think just given the nature of this money. The first thing that's key is it's about the return of your money, not the return on your money. Meaning you want it protected you wanted safe and yes is a good steward you want to want to learn a little bit interest in your certainly doing that. I mean, the prevailing rates right now. High yield savings is around .5, perhaps even .6% to little better than one half of 1% at 1% at that's in fact you know what they're paying you in the monies completely liquid and you have FDIC insurance that which you may or may not, depending on what kind of money market.

It is, then that's a great thing because you know you're at least in a getting a good bit of money every year for that 300,000 as it sits there not as much as you could, and I realize I can be frustrating, but I think the key is you just want to make sure you're ready to move because in a market like this and I realize this is in a single-family home you're looking for you looking for a farming land but I suspect, given the fact that you all haven't found anything in eight years. Others have in either so the ability to build a move quickly with the money being readily available and not having it at the risk of principal loss is really key, so I'd probably just stay right where you're at. Does that make sense so we are currently in an arm out and bought out by their attention that will be in a year or something, and I'm afraid that that right all and that the security will still be there but yet that does make that okay yeah I think that's exactly the way you need to approach this. Just recognizing that is much as you'd like to be making some more money just have and the peace of mind to know that that money is there safe. It's ready to go and then it's just up to the Lord's timing so I'm sure you have already but you and your husband is make this a matter of prayer and asked the Lord to give you the right decision and the right to wisdom to know when to move when that right thing comes and we appreciate you calling it today, very, very much. Let's take a quick email before we head into our next break. This one goes to Sally and Sally is in Atlanta Georgia and she asks that when I have credit cards that are open but unused, how do I know if I should close them and it's a great question is one that a lot of people have regularly especially when we get caught into that trap of opening store cards because were getting that 10% discount that they promises which we did. But we can end up with a bunch of open accounts and here's the thing I like for you to close those probably no more than two every six months. But over time, I'd like you to close those unused accounts and parent back to something that's more manageable and more simple. Why you ask. Well, if there's a zero balance. It's not affecting your credit utilization and it's not affecting your repayment history because the bottom line is there is no payment being made with a zero balance. But it is open and active, and therefore if it was compromised in any way and somebody charge something on that account without your permission. That's fraud, but it still be a real hassle.

If you didn't call and I catch it because if you don't reported in time you could be responsible for it and when it goes unpaid which it would if you didn't know about it. That's going to be reported to the credit bureau and it's gonna take you quite a bit of work to get that all cleaned up. So how do you go about closing those cards well first of all, I just call the customer service number on the back of the card and to let them know that you like to close it, I'd follow up with something in writing and then is 30 to 60 days later I would check your credit report and annual credit report.com to make sure that they follow through on moneywise out the knots.

It's the best digital envelope system out there, plus a community of believers and the best content on biblical advice. You can find it in your app store did a search for moneywise biblical finance. I'm Rob West on moneywise live right back after this back to moneywise. I am Rob West. This is where God's word intersects with your financial life.

So glad to have you along with us today. Their team is taking some time off today. This program is pretty corded, so don't: today, wait till were live in the studio but we do have some great calls all lined up ready for you today.

I'm sure you'll enjoy them working recovering how you find a stock certificate if you been perhaps inherited some stocks but you don't have the certificates you claim those will also talk about nontraded REITs, what's that what's a real estate investment trust will talk about that with Randy first working to head to DeKalb, Illinois, Wendy, what's on your mind today, my car sure I went out they currently rank essential worker and now were down again because now the shortage is eat chips that are in the car. I heart. This actually wondering. I just received cobra paper. Cobra make their insurance. Yes, that yes okay let's tackle the economy first. You know obviously you know the economy is recovering quite strongly as it reopens were expecting gross domestic product to be stronger than it's been 20 years as we move forward. And as we see a general reopening but that's of course relative many factors determine how well the economy is doing and hold is doing as a whole and in various regions of the country were to see significant differences especially when we look at individual sectors.

Auto industry would be one hospitality would be another. The others just certain industries that have been affected. More significantly than others.

And we've also got continued covert shutdowns. We got supply-chain interruptions.

We got weaker worker shortages in some areas, so you know it's really hit or miss and extended unemployment benefits. Frankly, made it difficult for some businesses, especially restaurants, to stay open as much as they've like. So I think all in the key here. Wendy is just to stay the course in terms of if you looking for additional employment. Being diligent in doing that.

The good news is we are seeing the economy rebound quite well as long as you're in the right sectors of the economy and it's always good to come down to how are you managing what God's entrusted to you in during a season where its lien, especially if you're out of work you're starting with the bare minimum. Going back to that spending plan.

Look at it we call the big four you want to keep food on the table and keep a roof over your head. Keep the mortgage of the rent paid, keep utilities on and keep gas in the car so you can get to work, but deal beyond that everything is discretionary and on the table to be cut so that you can manage through a difficult season. So I think we've got to certainly your stronger economy ahead and and were seeing good signs right now in terms of the economic data that's coming. But you gotta stay the course, so hopefully that's an encouragement to you as you look forward to the years ahead in your area and in your industry. With regard to the insurance you know I think the key is your just to keep that insurance in place. Cobra is a great way to do that so that you make sure you know that you don't to go without any protection because that could be a huge risk for you financially ill moving forward. If you lose that protection altogether and cobra as a stopgap is a great way to to handle that. I would also look if you need to. If that's not gonna work for your budget because you having to assume that cost fully.

I'd look at Christian healthcare ministries is a health sharing alternative that's affordable where you can make sure that you have some coverage in place in terms of you not having to come out of pocket per incident beyond what's a $500 and were Christians literally tens of thousands of them share one another's medical bills in a way that really is cost-effective. You can find out more@chministries.org. If the cobra plan is not going to work for you and we appreciate your call today, but let's head to Indiana next Colleen you're on the broadcast I can we help. I bought an Apple $300, grandmother and dollar for each of my daughter and my daughter. He passed away in 1985) shortly after my way and I have no clue where to find out how to get a hold well yes you as a stock owner if you lose a certificate you still own the stock.

So that's the good news paper certificates are rare these days, but they can be replaced, and it really does vary by company. But first thing you do is you have to describe the loss in any facts surrounding it through an affidavit, you may be required to purchase what's called an indemnity indemnity bond. This is to protect the corporation and the agent in the case that the law certificate is somehow redeemed by another party. So in your case, you probably have to prove that you inherited the stock which you can do we know once the will was probated. If it hasn't been already and your bottom line is my next move would be to call the company's investors relations department.

Investor relations handles these types of things until tell you how you contact the transfer agent to be able to reissue the new certificate so investor relations will be on the website of any publicly traded company get the phone number give them a call. Let them know what's going on and they'll tell you exactly what the steps are to both prove that you're the owner that through the inheritance, as well as how you can have these reissued again. It's called the investor relations department and I would place that call.

Next, right onto Chicago, Illinois Randy are next on the program. How can we help user call yeah I bought an IRA and part of it is invested in real estate investment trust. All tools I have actually three REITs and one of them is actually traded now and two of them are not, and I'm just wondering what my options may be, I don't want it to occur any significant penalties if I know get IV somehow if there's a way or I should just cannot hang on to them what this thing right out. Yeah well the first thing to do is find out what options you have any just for the benefit of our listeners a nontraded REIT is basically a real estate investment that's designed to predominate, provide returns based on real estate that support just inside the trust, but it doesn't trade on a securities exchange, and because of this it can be a liquid for a long period of time, others also give typically some front in fees. I think the key for you. Randy is to go back to the documents that describe exactly what you have and find out what their buyback plan is if they have one, you know periodically. Some REITs will tender for shares and that's a great time to exit at a discount. No doubt, but you least you can get out so you'd want to check the REITs website to see if they put provided any announcements and then go back to those original documents that were provided to you when you got into this just to find out what liquidity provisions were in there and how you go about valuing it and then getting out if it can be done. Each one is going to be a bit different and so it's can require some legwork on your end. Do you have the original docs on this all yeah I believe I do all my own him in front of me, but I believe I do. And I do have somebody I worked with actually obtain these REITs so I can always get a hold of him as well. You doing that okay I think that's your next step is to find out what options you have so you could begin to move in that direction because that's really going to be the key. There's not any kind of one-size-fits-all on this. It's really coming down to what provisions were made possible for the investors is a part of the real estate investment trust in each one is can be a little different, so gimme questions what you read that give us a call back.

We appreciate your call today very very much sir. Let's do an email today. Actually we try to get to as many of these as we can do if you want to send an email to us. Here's the email address questions@moneywise.org questions@moneywise.org. We recently heard from Kristi and Jeff, and here's what you asked Christie and Jeff, you said you want to pay off credit card debt and fund your emergency fund, you're just having trouble figuring out which one comes first and I can certainly understand the predicament there. Let me give you my thoughts. You know when it comes to the priority order of managing God's money. We realize we have simultaneous priorities. We want to be givers right we want to be debt free.

We want to provide for our families and cover our expenses.

We want to save for the future. How do we do all of that will the good news is there are some great principles that we can apply from God's word about the prior use of God's resources.

You know from my standpoint, I think we should be givers.

First, that you may not be giving at the level you ultimately want to give but I would start somewhere begin to exercise that muscle and give systematically right off the top. That's between you and the Lord how much you give but I think proportionate giving right up front is gonna break the grip of money over your life and get you in the habit of beginning to give starting with your local church.

Then I'd love for you to have some reserves but if you have high interest credit card debt hybrid.

I'd limit the amount that you're saving for your emergency fund of 1500 hrs. is not a magic number. I think it's just a number that's going to give you something to fall back on if you have a major unexpected expense and hopefully break the cycle of you having to put money on those credit cards. Once you have $1500.

Let's go after the credit card debt in the snowball method smallest balance. The highest dial into that spending plan create as much margin as you can each month and let's tackle the smallest one until it's paid off, and then move right on down the line. Once the credit cards are paid off.

Go back to the emergency fund with a goal of 3 to 6 months expenses Christie and Jeff, thanks for emailing us. If you have a question again questions that moneywise.org is the email address we folks that's good for us today. Thanks for listening moneywise.

I was a partnership between Moody radio moneywise media. This is where God's word intersects with your financial life come back and join us next time will you publish

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