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Money Worries

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
August 17, 2021 5:49 pm

Money Worries

MoneyWise / Rob West and Steve Moore

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August 17, 2021 5:49 pm

Do you worry about money, always wondering if you’ll have enough for tomorrow? Is that worry robbing you of sleep or hurting your relationships? On the next MoneyWise Live, host Rob West will explain that if concerns about money are stealing your peace of mind, you can take tangible steps to overcome your financial fears. Then he’ll answer various questions on financial topics from a biblical perspective. That’s on 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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Uncle Ryan is going to talk about how cash out refinance as I I sound like a broken record.

I been doing this for 18 years. I've never seen a market like this in my life values have generally been skyrocketing. The last couple of years with interest rates being some low I actually seen refinances were people able to cash out that 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 so it's worth the shots to give us a phone call and one thing I can promise at United faith mortgage is we will not be pushy. It's one of my biggest pet peeves I can promise you we will not be that way.

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 worry about money not just once in a while but consistently always fretting about whether you have enough for tomorrow is robbing your sleep or hurting your relationships, where the student doesn't have to be that way you can take tangible steps to overcome your money worries and gain much needed peace of mind will jet about the first today that it's all your calls and questions at 800-525-7000 800-525-7000 call 24 seven.

This is moneywise live well first of all might help to know that you're not alone.

Financial stress is all too common survey show that money is one of the top causes of stress in America, one that was only made worse by covert shutdowns. So why are so many people worried about money. In America the wealthiest nation in history. Well, I think a lot of it has to do with not managing money wisely. It may be regretting were questioning decisions that hurt their financial situation, but we need to keep something in mind there are really two kinds of worry or concern about money or anything else. Both rational and irrational. Rational concern is the name suggests makes sense and is logical.

It's understandable to be concerned about having enough to pay your bills. That's why we set up spending and saving plans were prepared for tomorrow. Those steps obviously minimize financial stress, as long as you're living on less than you earn in your paying down any debt you have, so that someday you can be debt free. You can trust God to do the rest.

Psalm nine says those who know your name. Trust in you for you, Lord, have never forsaken those who seek you and Jeremiah 2911 for I know the plans I have for you declares the Lord, plans to prosper you and not to harm you, plans to give you a hope and a future.

By the way, if you're not living on a budget that getting out of debt and saving. I urge you to download and start using the moneywise app uses the tried-and-true envelope budgeting system and it's a powerful tool for getting your finances under control.

We also have trained volunteer coaches to help you set up your budget and then stick to it.

You can sign up for a coach today@moneywiselive.org. Now what about irrational worry about money.

That's when you're already taking those steps you're on a budget living on less than you are working toward becoming debt-free. Or maybe you already are debt free and you're still worried about money that's irrational, worry and while that type of worrying about money is unhealthy for anyone. It's a real danger sign for Christians as believers, our focus is supposed to be on Christ. Jesus tells us in Matthew six. Not to worry about these things that God will provide for our needs. Therefore, do not be anxious, and what shall we eat or what shall we drink, or what shall we wear for your heavenly Father knows that you need them all. So if you have irrational fears about money. It could be that your focus is on wants not needs on yourself and not Christ.

But there's 1 Foolproof Way to overcome irrational fears about money. First, understand that money is perhaps controlling you your giving it the power to do that and the quickest way to break that power is by giving. I know that seems counterintuitive.

You're worried about money. So you give more of it away but it works because it takes the emphasis off you and puts it on others in need, and you may be thinking, but I don't have money to spare all that's not a problem, even giving just a few dollars helps break the power of money and it doesn't even have to be money you can help others in any number of ways that won't cost much, if anything, a volunteer at a homeless shelter do a chore for an elderly person on a fixed income. Maybe mow the lawn so they don't have to pay someone to do it or just have coffee with them. If you think they're lonely or you could offer to babysit for free. That would be a huge blessing for a single mom or dad who just needs a little me time when you cook, make an extra serving and bring it to a sick neighbor or maybe a friend is out of work. By the way any of those could also give you the chance to share the gospel and while you're doing those things.

You're not thinking about yourself or money just what you can do for others.

Jesus also says in the six seek first his kingdom and his righteousness and all these things will be given to you as well, so whether your money worries or rational or irrational. There are positive steps you can take to find peace of mind to recognize that God is the owner that we are the managers and ultimately our trust is not in our faith is not in our money, our trust is in the Lord who will never leave us or forsake us. All right here because her next years. The number 800-525-7000 800-525-7000 Rob Weston. This is moneywise live biblical wisdom for your financial delighted to have you along with us today. Moneywise my host is biblical wisdom for your financial journey. We started today by talking about money worries tell you so many Americans are faced with money worries and the key to that is surrendering what we have, to the Lordship of Christ recognizing that he owns it all and we need to live with contentment within our means. That may sound easier said than done. If you find yourself in a difficult spot today, but the creator of the universe is promised to provide for your needs and so rather than running to the credit cards.

Perhaps we need to put all the bills on the table and say Lord you see what I have. I want to be found faithful. Would you help me to get on your planet of the key to that is to begin by learning God's principles of managing money. We want to help you with that today. Whatever's on your mind. Would love to hear from you. Here's the number we got lines open 800-525-7000.

That's 800-525-7000. Whether it's saving or investing, perhaps paying down debt. Should you consider a credit counseling program or consolidation loan.

What about your credit score and your generosity. How you give wisely will tackle any of those and do it through biblical lengths again. 800-525-7000 is the number to call to we started today on the topic of worry. That was our Facebook question of the day.

How do you keep yourself from worrying about money and Sandy said seek first the kingdom of God and he will bless you, and clearly we need to be seeking first the kingdom we need to be renewing our minds regularly with God's word especially as it relates to money so that we have God's heart and not the world's messages when it comes to how we should view money and the things that money can buy. We need to see it as a tool to accomplish God's purpose is not an end in and of itself. Elizabeth said I count my blessings.

I'm thankful for what I do have and I think that is so key. Elizabeth, you know, if you want to stop the worry about money. I think starting with gratitude, perhaps even keeping a gratitude journal where you might begin by just writing down those things that God has blessed you with starting with the nonfinancial things know even before we get to the first dollar that God has entrusted to us. We already have an abundance. Think about this. Your heavenly father is given his son who paid the ultimate price to pay the penalty for our sins through his death and resurrection, that is enough. We already have so much more than we deserve. So when we manage the king's resources. It's a high calling. We want to be found faithful in that so I think gratitude, Elizabeth is a great place to start well or to dive into your questions here in just a moment. Again, for some phone lines open as the calls come in 800-525-7000. That's 800-525-7000 before we dive into the calls though. Let me get to an email question we take your emails and questions@moneywise.org and often we run out of time to take those so I'll pick one up now.

Karen wrote in just simply asked, we are refinancing our mortgage Rob. What tips do you have to limit or reduce closing costs and I Karen this is a great question. You know were still at historically low interest rates right now. Interest rates are the lowest they've been in decades. It's not uncommon right now to get 30 year loans with a two handle at two in the front and a 15 year even with a one handle 199 I heard just the other day but you're right Karen of the costs are key especially refinancing because keep in mind any money you spend on refinancing costs is money that you have to pay back. In a sense, through reduced interest in order to make this worthwhile and you need to stay in the home long enough to pay that back or to cover that cost through a reduction in the interest so that you can enjoy the benefit of that refinance beyond that point. Which means I would be thinking in terms of staying in your home for at least 5 to 7 years.

The best way to reduce those closing costs is just simply shop around. It's amazing with the largest transaction.

Most of us will ever have. We might get one offer and think about that and how often do you price shop. Other things that are minuscule and cost compared to the transaction were talking about with refinancing your home, so make sure you get at least three offers and I'd have at least one of those be an online bank, find out who has the best rates and terms through bank rate.com about once you have those offers. I would compare those closing costs. The target you want to look for is about 2% or less of the mortgage that your refinancing hundred $50,000 mortgage try to stay under $3000 in total costs but we appreciate your question.

If you have a question, then you'd like to send it into perhaps be read on the air. You can send that to his questions@moneywise.org all right really get to your calls today 800-525-7000 Becky's in Naples. Becky, how can I assist greatly acquired company.

It's been around for like over 25 year and we do not want to use our personal credit card. Our accountant we need to get a business credit clock and I don't know. I've never applied for business credit card.

What do we need to know that's right yeah very good I like nerd wallet.com kind of a funny name but a great personal-finance website nerd wallet.com there regularly comparing and reviewing the very best credit cards including the business credit cards. In fact, I just pulled it up as I was taking your call and today they came out with a story. The 11 best business credit cards of August 20, 21, so you you can't get a more current than that and what to look at is the annual fee. Any rewards rates. If there's an intro offer of the pros and cons and product details. And I think that's a great idea because you know we talk often Becky about separating your small business, your self employed business from your personal finances and how critical that is to keep two separate books not to let them get mixed to make sure that the expenses for the business stay in the business so that when you're paying yourself you can do that through a consistent salary so that on the personal side, you can budget accordingly and then as you have built up profits in the business. You can take distributions which actually have tax advantages, but in terms of the bookkeeping. It is so much more effective for you to keep everything separate because then you can run reports on the business you can understand the true health of the business and not get that mixed in with your personal finances, which may mask some problems because in your personal finances. You may be, you know covering up some deficiencies that the business has and you can't really see those as quickly so I take a look at nerd wallet. Compare and contrast those business. Business credit cards and it's going to come down to adjust what longevity you have in the business you whether you have any history there and you know typically you're going to have to personally guarantee that as well. Is that helpful to the Becky.

Because this business does million dollars in business okay all right here yeah and so that's a good thing though because said, to the extent you have a good longevity. You've got a healthy balance sheet you can demonstrate that you can specifically target a card that does not require a personal guarantee and solely based on the merits of the business, so I would just make sure you include that in your search. As you look for the card that's the right one for you. We appreciate your call today very much onto Cleveland, Ohio, Patty, how can we help you another question we improve our loan rate accurately and holler about. Try not to get us more than 2%.

My husband and I are both and we want to go 30 year mortgage down to a 20 and we do have a young adult child. And that's assuming that you know she will take over the house payment or sound of home that we certainly hope to live five or more years but just wondering. We would we currently have 29 years and are 30 year mortgage and we would of course eliminate eight years.

By doing that. I'll not candidate money or are daughter yes very good. Would you be able to absorb a higher monthly payment. Even with the reduction in interest rate okay very good, yes, will you want to make sure that that payment stays lower than 25% of your your income just as a starting point, but I like this because we always want to reduce the term while you are 29 to 20 years.

We want to save at least a point on the interest rate you're doing that we want to make sure we watch the closing costs and make sure we keep those in check because every dollar you spend is doll is a dollar you need to recoup and enter savings before this makes sense to you and your not to getting all stretched beyond your budget. You also plan to stay in this home for at least five years and I think you know that's really important. And as you said, it will set you up to allow your daughter to take a homeland.

Your shoulder need to refinance at that point. These mortgages are not assumable these days, that's okay.

Or she could sell that I like this plan because anything is can get you out of debt quicker with less interest is we got slides open about 800-525-7000 much more just, this is moneywise live around West program where we recognize God owns it all.

Money is suitable to be faithful stewards in managing that money. Let's go to God's word together find the principles to why your financial decisions. Phone lines are open 800-525-7000 before we get back to the phones. Let me remind you that in the moneywise Alpine on the moneywise website moneywise.org is an opportunity to connect with the moneywise community.

That's right. Imagine a community of stewards on a journey together trying to find God's heart and rent in managing their money. Well, that's the moneywise community and when you post your question in the moneywise community. You'll get an answer from moneywise coaches trained volunteers ready to help you on your journey as well as others in the moneywise community that want to share their perspective and insights on whatever you're dealing with. There's no cost to post in the moneywise community would love to have you do that today. How do you do it well head to our website moneywise.org and click on the community button or download the moneywise out the moneywise communities right there in the app alongside our digital money management system and all of our content. If you had to your app store wherever you get your apps. Just search for moneywise biblical finance. You can download it today and get your questions answered will look for you there and I'm in there from time to time as well so maybe we'll meet there are, let's head back to the phone to get 800-525-7000 Chattanooga, Tennessee hello Scott, how can I help you. Chris Faragher record of our caller. " Ryan, molecular narrative, her mother's retirement about Little America Philip the first surrendered through this category outside of America emergency Carlos Hunter knew him a couple times but not set up emergence of the last couple years for my question always been a question where is there is limited her mom hello to Edward Jones and ardent right now looking about how to select 1.3 fiber select out per year for them to measure it. So it's up to around zero might maybe five or 6000 near to optimum amendment ban on the share of the take like 15-16,000. A mandatory withdrawal of the electric failure.

Similarly, this year's return report. Most veterans you are opening about our lives. All it said there adult son a billable shop around. Another might be someplace with little baby manager for less money, but their spirits would recommend the standard which ignores the shop around for other money manager type playfully asked questions God and obviously this is a lot of money you want to make sure that you being wise and how it's managed. I like the idea that you have a professional doing it for you This is your full-time job and you have specialized training in this, you got some longevity in managing money or you just want to and that's certainly okay here the steward. I like the idea of entrusting it to somebody who can give careful attention to it, to not react emotionally and make the best decisions based on your and you and your wife's goals and objectives, not his or her own in terms of the management fee 1.3% it would be perfectly in line with what would be normal and customary so I certainly wouldn't make a change based on that alone. What I would be looking for in a money manager is do I have a good rapport is there to get a good flow of communication is that happening in the the rhythm and the methods that I'd like how is the performance been yo is there somebody that can answer my questions and handle.

You know my needs related to the account. So when I need them in it are they responsive. Is there a periodic review whether that's quarterly or semiannually to sit down and say here's where we started. Here's where we are today.

Here's all the withdrawals that have come out, and here's how it's performed versus you know the other, market performance consistent with your investment strategy. Are we taking unnecessary risk or we being too conservative and so you as you look at kind of that total picture. You know that should inform you as to whether or not it's good for you and if any of those things you feel like are not where they should be.

I bring that to this advisor's attention, give him or her the chance to remedy that to the extent it's not working. You certainly could look at other options. In fact, you could connect with the any one of our certified kingdom advisors there and chatting want to make a change but regarding the fee alone. I know it sounds like a lot of money but that would be the typical fee she would pay for somebody is taking discretion over the account making the buy and sell decisions according to your list, so if you're happy with formants of the communication I'd say stick with appreciation called, moneywise live 800 57 thanks for tuning into moneywise.

My westernmost biblical wisdom for your financial journey in the lesson that I mentioned finding a certified kingdom advisor in your area. If you'd like to find the national specially trained to bring biblically wise professional financial advice. The high standards met in competency integrity references from pastor and client as well as regulatory reviews. That's a certified kingdom advisor.

The gold standard in biblical financial advice.

You can do so on our website just head over to moneywise.

I.org click find a CK bring it back to the phones we have some lines open today 800-525-7000 in just a moment will be talking with Susan about how you sell your home in this crazy market. She wants to know when we can expect the housing market to stabilize and perhaps even become a buyers market Amerian Sarasota wants to know whether he locks a good option to pay for some home renovations and repairs.

But first, in Wellington, Wisconsin hello Rose, how can I help you today. All my right with dry so I keep all I get pros and cons sure are you in what's called a variable annuity where there's investments inside its and it's growing over time, or is it the fixed annuity words paying a fixed interest rate per year. Do you know are the variable okay and how is it been performing happy with all so far okay and tell me a little bit about your situation. Are you retired. I am semiretired right now.

I still draw salary company but not completely retired yet. I okay very good in terms of Social Security. Have you looked at your budget to say when you fully retire based on what your monthly need is what your income requirements are to cover your expenses would Social Security alone cover that and if not, what would that gap be that you would estimate on a monthly basis. I know that he would not cover it with that if I want you not getting a salary at that time would probably be about $3000 3000 months. And what you have in the annuity. What is the value of that annuity.

Do you know the love down well I can tell you exactly on about okay. Well I think that's really the question we need to look at here because you're in the accumulation phase of this annuity where the money is growing based on the underlying investments and you said it's been performing well. I'd love for an advisor to look at that and just evaluate the performance at some point you will get to a place where you want to try to retire and the key will be you be looking for income sources because your current income will go away and you have Social Security as a base but then you said you perhaps could have a gap of around $36,000 a year and so we would want to look first at if you annuitize these annuities, which means you move from them growing and accumulating based on the underlying investments to the annuity starting to pay out a fixed monthly amount in the form of a monthly check then you know that would give you obviously supplemental income to add to Social Security. The question is just when you annuitize is a going to generate enough there will be enough to make up that gap for you to fully retire and could you pull that money out, which could surrender the resultant surrender fees could result in what wouldn't wouldn't be hurt you in any early withdrawal penalties but there could be taxes due, depending upon what type of annuity it is, but could you pull all that money out and consolidated in one place and have it invested outside of an insurance company in such a way that would generate the income that you need or give you the ability to at least pull the income and then if you so choose your dip into the principal as needed.

So I would at this point. Connect with a certified kingdom advisor there in Wisconsin just to look over your entire situation now is the time Rose for you to be planning for that day. A couple years down the road deal where you transition from the old full-time work or part-time work to being fully retired in whatever God has for you and that next season and have a plan for how you're going to cover your lifestyle, which hopefully will be less.

At that point you know if you still have any debt, including home mortgage.

Hopefully that's paid off by the time you retire you want to get those that monthly need down as low as possible and that professional can also be determined whether it's best to stay with the annuity product. You have now or to consolidate everything outside of the new were you have more flexibility about regarding the investment strategy. So I would make that move. There's too many moving pieces for me to tell you one where the other which would be the best to go just based on the information I have.

You really need a deep dive that would also result in you. Knowing what you need to try to save between now and retirement. If you're not quite on track for having the asset you need to support your lifestyle at that point, so once you visit with a CK if you have any questions, give us a call back and you can find some of their locally when you visit moneywise.

I.org and just click find a CK. We appreciate your call. Mary is in Sarasota. Mary, how can I help you, thank you very much for your call. I need some significant money to pay for repairs on a home that was damaged during a recruiting process so I need to reroof the roof again and pay for significant interior damages to ceilings other exterior damage is too many things and have already banned significant dollars like six figures in attorney fees, engineering, discovery, and I don't want to keep spending down my portfolio which needs to support me for the rest of my life and also creates a tax advantage and wanted to inquire about a HELOC that they waking up late to get up the money I need to complete the work and that I hope to sell my home and and move on. I hope you have an existing market share about 233 on my home and I would say with the roof the house with the work 6 to 7 okay what you think you need to spend all in. Unfortunately at least another 200,000 and this was the result of halogens on the part of the roofer when you can't exactly collect that that I just say yeah they didn't damage the home during the refit working process. It didn't do it to code and that they work during the reign and then they walked away from the job is something I would just get out of the Gerard and I just trying to work out with them and they leaned so sorry to hear that. I think you got to see quite a bit of equity in the home. I just want to make sure that you got the cash flow to pay it but HELOC could be a great option if you just plan to do the work and then sell it. If you're going to stay in the home for some length time look a home equity line of credit with next interest rate lock is variable, but if you're planning just to do the work that would allow you to pay as you go and then sell the home and move on them so sorry that you make sure you shop around to get those closing costs as low as possible. Use bank rate.com is there if you have other questions moneywise on protector that you joined us today from anywise liability for wisdom for your financial decisions and choices about ways to host a moneywise the money was his list yourself a part of the moneywise family benefit from this program. Perhaps you use the moneywise after you've asked a question to her moneywise coaches you read articles the moneywise.org website.

Whatever it is that you participated in. We would certainly appreciate you prayerfully considering supporting this ministry.

We can't do what we do and all the things that are to come and we got some new things rolling out this fall without your generous support.

We rely on that you can head over to our website to make a gift quickly and securely.

Just go to moneywise.org and click the donate button again moneywise live.org click donate and you can give safely and securely is a one-time gift or even set up a monthly gift. We would certainly appreciate it back to the phones today. Susan is in Pascoe County, Florida, and Susan understand your wondered about the housing market. How can I help my call, and where it really market and were not in a hurry to buy a home how likely Val and God willing everything the defendant and his direction where to where okay when renting one is not sure you know how long shed we hand-picked the paint that weight be an Indian that week now and we want to buy but we want to buy at a reasonable rate. We don't want to go to crazy with the prices that have been out there lately yeah yeah well it's a challenging situation, and clearly the trend is going to be to move you from the sellers market toward a buyers market just simply because we were in such a seller frenzy even just a couple of months ago and that's clearly going to begin to wane.

In fact, we've already seen some signs that it is the challenge is no rental prices are sky high. So for you to get what you're looking for.

Even though you're willing to be patient and try to time the market. Now that's a challenging proposition and you could be spending quite a bit of money to do that, just because of the elevated direct home rental prices right now but what about the housing market. Well, the reason that we believe we are moving toward more of a buyers market that will come probably sometime in the second half of 2022 is because we got a few things going on.

We're beginning to see increases in mortgage rates from historically low interest rates to do something a little higher, though still be over the macro perspective still be very low, but they'll be higher than we are now and will probably be looking at around 3 1/2% by mid fall and maybe a little bit higher than that as we had in the next year because interest rates are clearly going to be heading up by the Federal Reserve as the economy dictates of the other thing that we have is an increase in home inventories. It would got to know some lessening of the buyers that kinda pulled out to because of that selling frenzy and so that's created more inventory. You've also got an event happening this fall, where the forbearances are going to come to an end.

Those special forbearances that were made available through the covert legislation that allowed folks. As a result of the pandemic, to initiate a forbearance on the mortgage they can afford as those come to an end. Any of those folks are not gonna be able to resume those mortgage payments and they're going to sell. It's unfortunate, but it's gonna create more inventory and when you put all of these pieces together, plus the economy reopening. You know, over time, and would obviously that's been slowed by the Delta variant of the pandemic you were going to see less frenzy now will we see the housing market will take a significant dip. I don't think so. You know it was by all accounts, about 6 1/2% overvalued and we saw surgeon prices, but the demand was real, and with low inventory I think will have a cooling of the housing market.

I think with more inventory you have less people paying it out numbers that are way over market value. That's a good thing, but you're not gonna see I don't think any kind of major decline were not in a bubble situation like we were in 0809 were there was real systemic problems in our financial system so you know what the will approach I would take is if you want to try to wait for an increase in inventory and you you know you're okay moving twice and you find a decent situation in terms of not spending. Just a lot of money that's unnecessary that I would say perhaps you wait you know in the closer the end of the year first half of next year but waiting much longer than that.

I don't know makes a lot of sense. And the good news is you're going to get top dollar coming out which then allows you to kinda plow that back in when I'd be most concerned about is the find the right home for you at the right price point that fit your budget that meet your needs in terms of location and size and that you buy right and if if I'm right and we see cooling into the fall and early next year, then at least you'll be able to not pay more than the market value because I think some of the frenzy will kinda come off but I wouldn't necessarily be looking to wait for a year or more in hopes that your to see a major decline in the housing market because I just don't think working to see it. Does that make sense though Susan how long I will not wait to poorly act on, not whatever we I'm selling our home. Yeah, it doesn't matter how quickly redeploy that at all. That's not a factor as long as you lived in your primary residence for two out of the last five years you can have up to 500,000 in gains, not the selling price.

The profit as a married couple and if you never redeploy that you still don't play pay any capital gains as long as you don't have more than 500,000 in profits one now my okay and that black thank you, thank you, Susan. We appreciate your call. The best to you, to Louisville, Kentucky Casey, thank you for your patience.

How can I help me, I contract after my line of work and I need to see where I can look elsewhere to continue thinking for my retirement. I currently have a Roth IRA. 26 and it saddened parallel psychic lines. I want to be able to connect with someone who is managing my Roth IRA or other type as retirement and understand it a little better yeah very good about what you have in the rods. If you don't mind me asking what's the balance. Balance is only 2800 okay very good and are you actively contributing to that Casey ideal contribute about like every other minds. I guess he now at the feeling I get paid at random from 10 to 30, 60, 90 day trial intended larger chunk. Sometimes budget intent. Little by little back just really think that looking on it. That's not working what I'm doing and what I had felt maybe you know something I need to deal back very good.

Well, there's the type of account and then there's the investments inside of it so you made a good choice with the Roth IRA and you can put in 6000 this year and so I would know if you can. You could set up an automatic contribution with freelance work I realize your income, ebbs and flows, you may want to make those contributions, you know yourself as opposed to setting it up automatically just so you can as you said skip a month here and there, but that's the good account for you as a starting point. I would love for you to get up to the point where you could put in more than 6000 a year and obviously will be capped with a riot Roth IRA so as a is sold that independent contractor, freelancer, you may want to look at next ASAP SEP IRA which is going to give you a tax deduction belie to put away quite a bit more money as you have the ability to do so. So there's the type of the account and then there's the investments which you know at $2800 and growing, you're going to need to find more of an automated solution either where you select the investments yourself, but as you said, that's not been working or you use probably one of the Robo advisors that which is basically where there's a precipitous 12 very sophisticated algorithm that builds a portfolio low cost high-quality portfolio. What are called exchange traded funds.

This just capture the broad moves of the stock market over time, which is a great way to invest. It's very passive and trying to pick the winners and losers. You're just saying I'm in a be happy with how the market performs which you know historically over every tenure. Is done incredibly well and you can be pretty aggressive. You know it. At your age so I think the opportunity is to move to one of those so you would actually just transferred the assets inside the Roth to a new Roth and I would look at either of the Vanguard advisor.

The Schwab intelligent portfolios or betterment betterment Vanguard advisor Schwab intelligent portfolios.

All three of those are to be low-cost you fill out and answer a bunch of questions and then they'll basically automated or automate a portfolio for you and every time you make a contribution.

It will be rebalanced among those investments and it will be working for you all the time so I think that's gonna be a good fit for you to check those out. You can read reviews in her wallet.com.

Pick the one that's the right fit and then go and get those accounts open or that Roth open. Transfer your money and that you can get that working for you think you'll feel better that it's invested in a way that's consistent with your goals and objectives.

You'll start to see some growth over time and we appreciate your call today quickly to Woodstock, Illinois just got about 30 seconds. Bob, it looks like you sold a secondary home. Perhaps a rental property you want to use that to pay off your current home in your wonder about taxes. Is that right okay yeah there is no way to defer that capital gains tax that you would have on a secondary property, whether that was a rental or just a second home by putting it into your primary residence, you would need to use a 1031 exchange. To put it into a like property which would be another rental property in their stipulations about how quickly you have to do that but if it's going to be your primary residence, there's no way to push that capital gains down the road you have to go ahead. Sorry about that. You want to hold on the line. I'll see if you have a follow-up question.

They want to thank you for joining us today. Moneywise, lives a partnership between Moody radio and moneywise media unfolds today Eric Tidwell doing research Robert Sutherland engineering today. Mr. Dan Anderson and my producer was Julio's so glad you are here look for you tomorrow as we can do it all over again. Providing was Jerry Conrad last


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