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Jumpstart Retirement Investing

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
September 27, 2021 5:53 pm

Jumpstart Retirement Investing

MoneyWise / Rob West and Steve Moore

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September 27, 2021 5:53 pm

Almost all of us will reach a point in life when age or health will prevent us from working. So, investing far in advance of that day is critical for generating retirement income. On today's MoneyWise Live, Rob West will share some ways to avoid being unprepared financially when the time comes for you to retire. Then he’ll address some calls on various financial topics. 

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This is Damon Baxter and I serve as business development director for MIDI radio. The only reason were able to spread the gospel of Jesus Christ on the radio is because of financial support from listeners like you. We also have businesses support us to like United States mortgage faith and family is at their core, it's why they choose to be such a close partner with our station is why they specifically advertise on Christian radio stations across the country. It's wife, father and son, John and Ryan still lead the company to this day.

Check out United faith mortgage and their direct lender thanks to you and to United faith mortgage for supporting Rudy radio United faith mortgage is a DBA of United mortgage Corp. 25 Belleville Park Rd., Melville, NY license mortgage backer for 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.

This is Damon Baxter and I serve as business development director for MIDI radio. The only reason were able to spread the gospel of Jesus Christ on the radio is because of financial support from listeners like you. We also have businesses support us to like United States mortgage faith and family is at their core, it's why they choose to be such a close partner with our station is why they specifically advertise on Christian radio stations across the country. It's wife, father and son, John and Ryan still lead the company to this day. Check out United faith mortgage in their direct lender thanks to you and to United faith mortgage for supporting Rudy radio United faith mortgage is a DBA of United mortgage Corp. 25 Belleville Park Rd., Melville, NY license mortgage backer for 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. Today's version of moneywise light is recording so I phone lines in Genesis 41 we read the seven years of famine began to come, as Joseph and said there was famine in all the way all the land of Egypt. There was bread. I am Rob West so Joseph planned ahead for difficult times, figuratively speaking retirement could seem like famine. If you're not prepared to talk about how you can avoid that first today. It 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 with them for your financial decisions. Almost all health Venice from working so investing far in advance of that day is critical for generating retirement income. Unfortunately, one in five Americans has no retirement savings and one in three has less than $5000. Obviously we are great at procrastinating. We're always ready to open that retirement account tomorrow and for many who do get started. It doesn't take much to derail their plans. A slight financial hiccup and they stop saving no question investing for retirement takes discipline patients in time for compound earnings to grow.

Fortunately, saving up a nest egg isn't complicated but you don't need to be a math whiz just live on less than you make. Invest the rest for a very long time in 30 or 40 years later near their okay but what if you got a late start. Can you speed up your investing plan or if you haven't yet begun.

Can you jumpstart your retirement savings. Yes, you can then here's a list of things to help you maximize the time left. Some will be familiar, others may surprise you.

This first idea has been around since direct deposit came onto the scene.

It's not new, but if you don't do it.

Your chances of saving successfully over time are greatly diminished and that simply to do it automatically have the contribution to your retirement plan taken out of your check before you ever see it. If you forget it's there and you will. You can't spend it out of sight out of mind.

The next idea strengthens your ability to keep saving it's developing a mindset called pay yourself first. You learn to view your savings as just another monthly bill but with the same importance as your mortgage or car payment you make that payment to yourself no matter what you need this to prevent tampering with your automatic savings. Now this next idea is probably one you haven't thought of. Stop giving Uncle Sam an interest-free loan every year. The average tax refund is almost $3000. That money should have gone into your retirement account. Not the U.S. Treasury. If you haven't got your refund yet in their significantly delayed again due to COBIT put that money into your retirement savings when it shows up. Then adjust your withholdings to get as close to zero as you can for which are low in taxes next year, after you do that check to see how much your paycheck goes up and put that extra amount into retirement savings. Every payday. The next ideas about slamming the brakes on what you might call lifestyle creep too often when folks get a raise or pay off debt. They'll develop the habit of spending that extra money that's lifestyle creep. Ordinarily I'd advise you to put all of that found money into retirement savings but inflation is creeping up and you may soon experience difficulty keeping within your budget. If you haven't already, so make a commitment to put at least half of any rays or other new money you receive into your retirement account.

If you can go higher. Do it. That still gives you money to deal with rising expenses while still boosting your savings and again out of sight out of mind. This next one is tried-and-true and definitely not new. It's using the snowball method to pay off your debt to start paying extra on your smallest dad to get rid of it first, then take that freed up money and put it on the next highest debt, then you'll have even more money to put on the next highest, and so on.

But what does that have to do with retirement investing while you can't save if you're paying off credit cards or other consumer debt so the faster you get rid of them, the faster you can start putting money into your portfolio.

Try one last idea. Not everyone can, but if you have the opportunity to work overtime or take a second job that actually has to say gives you extra cash will retirement and it gives you less time to spend money.

The mall so it's win-win overtime. Any one of these ideas could add thousands or even tens of thousands of dollars to your retirement savings and the sooner you get started, the more impact they'll have because of compound earnings that will encourage you to see a retirement planning specialist to help you determine what that ultimate goal is you need to set the financial finish line that will help you do more giving along the way your calls or next. 800-525-7000 Rob West and this is moneywise live biblical wisdom for your financial decision.

Thank you for tuning into moneywise live on Rob West hose. This is who is your financial decisions care team is taken some time off today: but great questions lined up like this will Indianapolis Indiana in thank you for going today. How can I help you yes I'm calling to see all or may have been to continue working on retirement age of 62nd how many mount or he 64.

We moved our house is not paid for and portray. I have some health issues where I not able to work so I can get my I get disability my Social Security disability to make up for that fact. How the question I got the would be wise for him to continue working until that time or not.

I think it would be makes a lot of sense. Especially if the reduced to Social Security would put a strain on your budget. Moving forward, but if he can continue to work it would do a couple of things. Number one is if he takes it at 64 versus let's say 67 if that's his full retirement age, he's going to see a reduction of somewhere between probably 20 and 25% in that monthly check every month.

Moving forward because he's gonna lock it in at a lower amount. So by waiting getting that bump of 20+ percent a month for the rest of your lives in. That check is could be meaningful in terms of being able to balance the budget and if he has the ability to work, then he's able to delay it so you all can continue to fund your lifestyle will you get those guaranteed increases. The other thing that could happen in this may or may not be the case. But if he's earning more today than he was in the early part of his working life. You have the payout is based on what's called the high 35 the highest 35 years of the Social Security wages where you know if he had, he was earning a lower amount and that could be replaced perhaps from his early working life with a higher amount for these next three years, then that also would bump his payment up even more than the increases.

He'll have by waiting until full retirement age so I think fruit for those reasons and unless there was some other factor that I'm not aware of. I think it does in fact make sense for him to wait he did earn more in the beginning he really only working at income as last time, when he then said that bump but you would get this roughly 8% a year that he will not be reduced by taking it now added back in to get him to the full benefit at full retirement age. Okay, I thought I okay thank you for calling and listening today and got bless you on to Chicago, Illinois. W MBI Sunday. How can I help call unfolding in November and I have a full old creepy Catholic charity and I want to know what the background that all creepy. Well, low call when I get what when I very good.

Yet we we lost you right there at the beginning of the question so you said you're leaving your current employers at right now they close out art department they close out okay very good so yeah you found another job in your to be transitioning there.

See you got a couple of options one would be to I would leave it there so I'd either roll it out to that new 403B your 401(k) whichever you have at your new employer or to an IRA of the IRA is going to require that you have a little bit more oversight of the investments because inside an IRA, you can essentially buy any stock, bond or mutual fund, and even some real estate. If you use something called a self-directed IRA so it just gives Joe ton more options which means you probably need some help with that. If you got it into the new 401(k) or 43B. If the plan administrator allowed it. You could then you know pick the same investment options from the menu of choices that you will direct your new money going toward and it would be a little more simple. You could probably do that yourself with the help of the plan administrator, how much do you have in that for 3B.

Now about how right yeah so I would think with that balance. I would try to roll that into your new plan.

Have you asked them whether that be possible to get needle in a public entity or not the company. Okay, so that's good to be my first choice given the balance of what you have there. Let's use that to concede this new retirement plan with your new employer and then set up your contributions to add to it over time and make sure you pick the right investments consistent with your age goals and objectives are right. Okay. Thank you, and year very welcome.

Thank you for going today.

God bless you on to Ohio. Kathy, good afternoon. I can help you have a Roth IRA and I received notice from the investment company that they are no longer the track program and my account is no longer available after the end of this month. Can I roll this into another Roth IRA. Yes yeah, you sure can. So you know you can transfer assets from Roth IRA to Roth IRA at any point. Do you have another author would you need to open one would need to open one. Yeah. Okay.

All right. So, depending upon how you want to do that in terms of how it's can be managed would determine where you go to open that new Roth what is your balance roughly and that other four Roth IRA only had 27,000 completely hands off as far as managing and unfortunately okay well you got a couple of options one would be was called a Robo advisor which is essentially where you would answer a series of questions and an algorithm would generate a portfolio for you comprised of what are called exchange traded funds. These are index funds. Think of them as a basket of investments that mirrored the broad indexes in yellow are investment world so you might have. The S&P 500, which is the 500 largest domestic companies. You can have the Russell 1000 you can have a bond index and so they use these low cost investments for you to essentially capture the broad moves of the market so you're not picking the winners and losers. There's not a fund manager trying to do that, but essentially you're saying I'm just can it be properly diversified. I'm going to be allocated among stocks and bonds depending upon my age and I'm just gonna capture of the moves of the market, but it's very low cost and so you could do that at Charles Schwab intelligent portfolios you could do that at the Vanguard advisor you could do that at betterment, which is more of a thin tech type app-based strategy, but all of these are very easy to use their very highly rated very inexpensive of the other option is you can head over to our sound and through the sound mind and the newsletter. They make it very easy for you to find it of the mutual funds that you should pick based on your goals and objectives and you would open an account at Charles Schwab or TD Ameritrade or Vanguard and then you can pick from their list of funds to get this money working for you. The key is you want to get all that money in one place and one Roth IRA. You don't want to just put it on autopilot. You want to get it invested so I use one of those two options either sound for one of the Robo advisors, and I look at Schwab intelligent portfolios, betterment, or the Vanguard advisor. Once you do that if you have any questions free to call us back to pause for a quick break back with more questions as we apply the truth of God's word to today's financial decision. This is money wisely back to moneywise live unraveling the wisdom for your financial care team is taking some time off today so don't call Lynn but we got some great questions that we lined up in advance that I know you'll enjoy like this one from Coconut Creek, Florida alternate were so got glad to have you with us today.

How can I help you all, making it the main yes why is she looking to move to a private loan no funny all that running on because she's looking for a lower payment in the lower interest rate yeah yeah the only thing you have to understand all to you can refinance these and she's would have to qualify to do so if she wants to do this on her own meaning you're not a cosigner. Then she'd have to have the income and the ability to qualify with the lender in order to to do this, you may be able to find some more advantaged terms meaning slightly lower interest rate or lower payment. The key though is you have to understand what she's giving up with the federal student loans.

There are income-based repayment options that she would lose out on where she got into a real hardship situation of the federal loans allow her to drop those payments if if she's unable to pay because she's had a reduction in income. She will lose some of those benefits if she goes to the private lender so she just needs to understand that and for that reason, I would.

I would think twice, perhaps about doing that because I think she's probably not going to improve her situation very much shall give up the income-based repayment options and then you know, in addition to that, she may find that it just doesn't make sense on paper, or the term will be extended and even though the interest rate and the payment is lower shall end up paying more back over time before it's all said and done. Does that make sense Alta right so I would argue that with her before she makes any decisions in a great website for her to read up on this is student loan student loan We appreciate your call today. Let's head to Tampa Florida.

Karen, thank you for going today. How can I help plan and when I retire I need all the money that I need Light I wanted that night. I don't know what yeah well yeah you know you're going to look at the lump sum option. You know by taking that a lump sum option. What folks typically do is roll these over to what's called an IRA, an individual retirement account which allows you to keep this as a nontaxable event habit managed by an investment advisor and then ultimately you know you could begin drawing money out as you need an annuity is simply where you transfer the risk of the investments to an insurance company. So instead of putting it in an IRA in getting somebody to manage it for you but you take all the risk of the ups and the downs with the market which you know you have the ability to manage through how conservative or aggressive. The portfolio is, but at the end of the day it still you bearing the risk with the insurance company and an annuity contract they are taking the risk in exchange for either a fixed rate of interest or some sort of a portion of the upside of the market with maybe a floor on the downside, so you can't lose the reason I'm not a big fan of annuities is there complex.

They lock up your money and they tend to be expensive in a meeting, the fees and expenses to go into them.

So I think you need to just figure out what it is you're looking for. And if you're looking for a monthly check for life and that's not available through your retirement system, then an annuity would be the way to go and you can transfer the rest to the insurance company but the first thing I'd pry look at is finding an investment advisor that could roll this to an IRA manage it for you and then as a part of that investment strategy make sure that you have the income coming to you that you need to supplement what other income sources. You have Social Security and anything else does that make sense Karen to find an advisor in your area, go to our website moneywise and click find ACK and I think that'll give you what you looking for.

We appreciate your call very much, but will folks know that's set as we think about managing my God's money. These are the types of things that come up.

How can I be a effective and faithful steward of what God has entrusted to me and in some cases that's going to be planning for that season of life where we are being reassigned right asking the Lord. What's next, not the typical version of retirement where we think about retiring to a life of leisure know our calling doesn't ever expire. Just may change the context in which were serving the Lord and we may find ourselves in a place where we don't have the ability to work full-time but in that season were we have the most wisdom and experience to use in the Lord service. We want to be prepared, which is why we need to take a portion of what God has given us today and set it aside for the future and that means we need to live within our means.

We need to dial back our spending. So we have margin sure to give you how to do that first, but also to say and to do that effectively and it works most effectively when were consistent little bit over time, being diligent, systematic saver, by the way, when we invest that way is called dollar cost averaging is the most effective way to invest over the long haul. My eyes close, but over time maximize our well we appreciate you being alone with us today and moneywise live.

We have more to come.

Just around the corner, but to take a quick break.

I hope you'll stay with us more questions right after this joining us today and moneywise live God's wisdom for your post Rob West thankful that you're along with us today.

Our team does take some time off today so don't call it however we've got some great questions lined up in advance.

I know the be an encouragement to you where to go to Baltimore, Maryland. Next Lisa, thank you for your incredible patience today at your next on the program. How can I help 62-year-old grandmother, and that this blessing maybe take a long hard look at my finances next time retire. I mean I'm not rich I was thinking about retiring, but I with these blessings. I now want to be a blessing to them not only spiritually but financially and I have about $10,000 in savings. I have a closeout IRA for about 10,000 house is paid for and I was thinking about getting maybe a full time job that I could possibly gain a pension, then got my health is pretty good. What are some of the strategies. I can do now to be a financial blessing for my granddaughter yes it's well I appreciate so much, Lisa.

Your desire to be able to pass something on these grandbabies you as they grow not only a financial legacy but of course a spiritual legacy which is the most important and it's amazing how I'm not in that season yet. My oldest is only 16 so we got a while but as I've watched others enter that season of life is grandparents.

It's amazing how priorities change in an instant. And because it's such a blessing. Let me ask you just to review your situation. I heard you say your home was paid for, though what you have in the way of retirement assets that you will be able to depend on beyond Social Security when you stop working well.

I don't have a pension coasting along until he is granted, like auto retirement age so I am that I got him in good health but I don't I wouldn't have a pension I would probably get maybe made a little over a thousand in jet security. Okay, before the grandbabies came. What was your plan when you reach a point where you can no longer work that comes before the Lord returns. Were you planning just with with a modest lifestyle to live only on Social Security but I think that this pandemic. Allow me to do so reflect a reflection on my finances so coasting along and working part time at what had no benefit in that I did that a little bit too long. But now that I've had time to reflect I would want to leave more than God. I'm healthy and that I could probably work another 8 to 10 years. Yes, the thing that I'm wondering is you know is much as I love you being a blessing to these grandbabies, you've got to think about providing for your needs first, which is in turn allowing you to be a blessing for them because your modeling, you know, handling money, God's way.

According to his principles and it could get you to a place where you could pass something on know at death. Now, if God affords you through his provision. The opportunity to also begin putting something aside now for them. Let's say it's a college savings plan or just a you know an account that's earmarked for them that you could use to be a blessing for them someday when they're getting another first apartment or needing to buy a car that's great and I love that. But my first and import of foremost concern is that you have something so that if you get to a place where you're unable to work. If Social Security alone is not able to cover all of your bills, you're going to be in a real challenging spot so I'd love for you to begin putting money aside into a retirement account over these next eight or 10 years if the Lord tarries and you said you good health and you could continue to work so that you got a bit of a nest egg built up. Let's say you saved 100,000 and then we could turn that into you know $400 a month to supplement your Social Security for you to cover your bills but if you say Rob, I don't need that. I've got a you know so security is all I need you know then we could talk about you putting some money aside for the grandkids, but I would encourage you to start with your own retirement savings. First, just given the fact that you although your home is paid for and that's great. You really don't have any other assets that you can depend on when you get to a place where you can no longer work.

Does that make sense yeah yeah yeah because part of being a blessing to them is for you to be able to cover your needs throughout the rest of your life and if the Lord tarries and you are in good health.

You think you have decades maybe three or more decades that you're still going to need to cover your expenses and you know and your obligations in Europe being a blessing to your kids in your grandkids by you know having the resources you need, so I'd probably start by taking advantage of the retirement account in your current job so that you know you can. You begin systematically putting some money away try to get up to 10% of your income going into that and that if you have anything left over. I would look if you want to fund college. I look at opening 529 plans, 529.

You can Google that go to saving for to read about them and you can figure out which states 529 plan is the best for you and then you could set up an automatic transfer into one of those plans so that you could begin putting something away that will be a real blessing for those grandkids. When that time comes, and they can get an education. So I hope that's helpful to you, Lisa. I so appreciate your your heart and your desire to be found faithful and to be a blessing to your kids and your grandkids.

We appreciate your call today, but let's head to Nancy and Chicago, Illinois Nancy, how can I help you hello hi Nancy yes Karen Chicago and I'm okay.

No problem how you help okay we all 4%.

We have about 20 units that they and will will we have been thinking about refinancing to see if we can find something that will put 10 or 15 years. Okay. Thought I'd be a hawk VA loan and we beat a hot, it went down because I know that that the interest rate is only 30 to be higher than conventional loan. But if we get a conventional loan.

How much coping, if we all hundred and 47,000 that will be think to do. Yes, how much equity do you have in this home. Right now we get back to going. Maybe 150,000 so you believe the home of 300 and you owe that 150 yeah okay yeah what you can absolutely take your existing VA loan and turn it into a conventional bike through a refi. I think that the question is where can you get the very best rates and terms, including the cost but I think you're in a great spot to do it as long as you don't increase the term so you be looking for a new 20 year mortgage or less. Try to get something in the high to low three volume say the least. One point that makes sense.

Make sure you can stay in this home for at least seven years and don't spend more than 2% of the value of the mortgage on the closing cost for the refi. So, no more than $3000, go to bank to look for some options start getting some quotes get at least three, and this can make a lot of sense if you can meet those criteria. I just laid out. Nancy, we appreciate your call today folks.

So because were brief practices moneywise live for wisdom for your financial decisions like this today just around thanks for tuning in moneywise live wisdom for your financial decisions for our team is taking some time off today so don't: however, we got some great calls lined up in advance and I know you'll enjoy them working to begin this segment in Minnesota with Michelle, thank you for calling Michelle just starting to think about retiring. I'll be 63 and I get and I know I started taking. Now it would be the very bare lowest amount that I could was hoping to hang on until I was 70, but I have a very stressful job that I don't know how much longer I can do the wondering if I should retire sooner and get a part-time job to supplement my income were not quite sure what to do. Well, I appreciate the question, and I know you stresses is not good. And clearly it takes a toll on your health as well. Michelle and so I don't like hearing you're in a position where you got a stressful job. Also see in my notes here for my produce with your driving 300 miles a week which I know takes a toll as well so I think this all starts with the spending plan to have a real clear understanding of what it takes to fund your lifestyle month-to-month as well as those nonrecurring expenses that come every six months or once a year. Do you feel like you have a real good handle on that right now is retired and he called just working part time. Although when I think about it.

With the current job I have, I provide to help ensure that Medicare that would be a big expense for us. Yes. Well I think that's where you've got a start because then the next question is okay, what would it take for me to fund that lifestyle without this job and you mentioned a couple of things. One is you can take Social Security at the downside there is, you're probably going to take a bout a 25% reduction in that when you take it at age 62 or 63 so. And that's permanent obviously so you get cost-of-living increases but you lock in Canada, 25% lower monthly payout. The question would be that you would that be enough. Plus some part-time income. But then when that part-time income goes away you are you going to be able to do it you with your Social Security your husband's in the retirement he has, or other savings. So I think it's really good that you know first. It said a dollar incense equation that you really need to work through and just understand kind of the implications of taking that Social Security early and then secondly, in a way that against what you just said that is the stress and the miles and everything else is going into that and if you could find something even part-time. Closer to home. I think you'd be thrilled that you did that so I'd look very carefully at that. You can also look at other options with Social Security. For instance, if your husband against the claim. His you could take a spousal benefit let yours continue to grow, depending on his age and and status that may be an option.

Once he claims, but that may not be an option for you guys, based on, where's he's at versus retirement. The other thing that I would mention is as you're working through this budget and try to figure out how you solve for healthcare. I'd look at Christian healthcare ministries you know health cost-sharing is a very budget friendly way to cover the cost of health incidents and expenses in this season of life in any season of life really and so you don't have to add a major expense when you transition out of your current employer situation and that's I think something that could really help you balance the budget and still be you know have the peace of mind to know that you got the backing. If you need any kind of medical event surgery.

Whatever it is that of the debts can be covered.

Check that so I'd make this a matter of prayer. Crunch the numbers pray through it. Look at CH ministries and if you can make the numbers work. I think it sounds like a great idea.

Let's head to Illinois.

Tom, thank you for your calls or how can help you.

Thank you. I have only already a unpatentable and I have a required minimum distribution take out and I understand that I can take the whole amount given to charity like taxes, question is does it have to be one charity are I would like to give it to my tied different charities that we give Phil all the same time that you learned it is absolutely possible. Yeah, you can distribute the money with a qualified charitable distribution to multiple charities. If you choose, so there's 100,000 per person limit that applies to the sum of all the Q CDs taken. The general is a lot of money so you're probably in on I can hit that most people don't. But as long as you're under that you can do that is one large contribution or you can take multiple smaller contributions to one or more charities and all of those would be done on a tax-advantaged basis, meaning you don't recognize the income they get the full amount and all of that is then counted against your RMD that you need to take for the year. The brokerage firm have to radical check or did they send it should.

They sent me the money and I just know now it goes directly from the broker brokerage firm, or custodian to the charity so you would call them, contact your your representative. Your advisor customer service where you normally talk to into said I need the paperwork to complete for a qualified charitable distribution are multiple and they'll either send your form or give you an online form in which you do it that triggers the money to be sent directly to the charity from the custodian you never take possession of it and therefore it's not a taxable event. Great, thank you very much okay thank you Tom for your call.

We appreciated how Paul is in Indiana. Paul I understand you want to talk about the giving, which is one of our favorite topics. I can help you in trying to understand the lady in the Bible last to client that my charitable giving beyond my typing curtain some way that it shouldn't be from abundant, would you care to address that I be happy to know you know I think clearly when we go back to Scripture we see that we should be generous people I love would tell Paul David Tripp, the author says he says you know if we start with provision which clearly we we should be providing for our families. We can get caught in this trap of an un-ending list of needs and wants and we never get to the generosity so we should start with the generosity of the gospel story is a generosity story for God so loved the world he gave so we should be givers we should be pipelines into God's activity, not a note, not a bucket where God's provision stops with us. The question is how much do we give.

And clearly we see the model of the widows might that Jesus celebrated and she gave out of her poverty, not out of her abundance clearly and we also see the rich fool know that you wanted to build bigger barns and it we we realize we should be rich toward God and generous and willing to share.

We see in the New Testament so we know these themes are all throughout the Bible. The question is how much for each of us, not how much should we give.

I think it's how much should we keep and that's between us and the Lord but I think you're right, I mean clearly we have been to whom much is given much is required, and in this country we been given much. Now don't get me wrong, there's probably people listening to us right now.

I'm sure there are that are really struggling in and of really desperate financial situation and God sees that he's gonna walk with you doesn't mean were knocking to be without our trials in this life, we will have those in God refines us and we learn to depend on him and trust him. And it's not easy but that's how he grows us, it gives us blessings because he loves us and he gives us and allows the difficult things to happen because he wants to grow us now, but most of us in this country have more than we need.

And, by definition, are rich when we compare ourselves to the rest of the world will what is our responsibility and that and I think that's something we need to be on her knees asking the Lord about what is that look like in terms of the appropriate lifestyle for each of us and you know that's I think for each person to decide on their knees with their spouse and before the Lord to save what should we be giving and should it hurt me and should there be a sacrificial element.

I think there should you know, Randy Alcorn, the author calls the tide the training wheels of giving. That tells me it's the beginning point, not the ending points of. Then we asked the question okay Lord, if this is counter where we start then what and maybe I'm increasing my you know my systematic percentage giving over time, and then you know I'm I'm starting to give off my balance sheet and you know maybe that account that I was planning on for something a vacation or in improvements in the lawn. I give that money away and you know just so you know what I'm knocking to do that. So you know I think there's not a right or wrong answer, but I think for each of us. We gotta search the Scriptures we gotta go before the Lord and we gotta ask the hard questions and we have to be able to stand before the Lord someday and give an account for how we handled his resources, especially given how much we've been interested in clearly working to be held to a higher standard because we been entrusted so much. But give me your thoughts Paul how how do you feel about that.

Certainly at a recent experience where women's shelter in town had a need for greater more than happy to Baker so I did the first time I've ever done that I might try like that had amount of money that it would be that it would be covered.

No matter what everything that I can get online I delayed my retirement drawing down all my heart about how well I hate to get you off, let's talk some more of the air because so were out of time.

But you know what a testimony that you're willing to give sacrificially and it's impacting you financially in a real way and I know God will use that smiling on that and its blessing. A lot of people as a result. Moneywise, I was a partnership between Moody radio and moneywise media that's all time we have today come back and join us tomorrow. Will you

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