Newlywed Help

Remember all those June weddings? Well, the honeymoon's over and nearly six months into marriage, couples are realizing the importance of combining their finances. Hi, I'm Rob West.

First up today, some pitfalls to avoid and recommendations to consider for newlyweds. And to help us with that, we welcome back a good friend, our former co-host, Steve Moore. Then it's on to your calls at 800-525-7000. Call it 24-7-800-525-7000.

This is MoneyWise Live, biblical wisdom for your financial journey. Well, that's right. We got tired of hearing from folks. We miss Steve. When's Steve coming back?

Enough already. Today's the day. Welcome back, Steve Moore. Oh, thank you very much, Rob. It's a real honor and a pleasure to see you again.

And that's what it says here in the script. Honor. Is that honor? Yeah, honor to see you again.

So genuine. I can feel the love through the mic. And no, it is great to have you here and just to hear that voice again. Well, just know we miss you. And tell us what you've been up to.

Oh, man. What have I been up to? Yard work. Marsha has me doing lots of yard work and babysitting. I'm doing a lot of babysitting for my my daughter is in nursing school. And so I'm I've been watching her daughter quite a bit. And it really is great, great fun. My my granddaughter, Olivia, is four years old, going on 18. And we're trying to we're trying to keep her at four and just love her to death. And I just as I've we've talked before, I love being a grandpa. I just love being a grandpa. So it's it's been great fun.

Thanks. Well, there's a lot to catch up on. Perhaps we can do it after the show today. I know we want to get into some important conversation around a serious topic. And so we'll get right into it. It's getting newlyweds on the same page financially. And I know this is something you've been thinking about. It's a real area of importance to you. And so who better to share some insights on that than an old married guy? An old married guy. OK. All right. All right.

I'll go with that. So, yeah, I guess I am an old married guy. So I'm certainly not a newlywed any longer, but I remember being a newlywed and I remember the mistakes that I made, perhaps. And if I had it to do over, I would have would have made some changes. But I guess the best we can do is just encourage this year's newlyweds to take it from the top, give it to God. And I'm here apparently to discuss some of those things with you, Rob, because you're you're a semi old newlywed. Not really. All right. Let's get into a few. So at some point, all newlywed Steve, as you well know, have their first squabble about money. What do they do when that happens?

Well, here's what I recommend. First of all, assuming you're both believers in Christ, I would recommend that you attempt to kneel down and pray together about your money and your finances. Ask God for wisdom, patience, understanding. Marcia and I learned a long time ago that it's almost impossible to argue with your spouse when you're praying together. It just takes the fight right out of you. And I know that this can be hard because if you're really a little ticked off with one another, the last thing you want to do is is pray with one another. But it really is important because it helps maintain and keep open those lines of communication, not only with one another, but with God. Well, that's absolutely right. Now, while we're on squabble, Steve, if you and Marcia are going to have a squabble, a disagreement about money, what's it typically about?

What's it typically about? I would say, do we really need to buy that for Olivia? We've already purchased so much for her this month. And this is Marcia talking to you, right?

Because you're the one who wants to buy it. Yes, exactly. Yes, exactly. Yeah. Grandpas don't say no.

They do it on occasion, but it's kind of hard to. And as my daughter and her husband and my wife keep reminding me, I have been wrapped around Olivia's little finger. So yes, is the default response whenever she wants something. But now, obviously, you don't want to spoil your grandchildren.

You want to raise them well and in keeping with God's principles. But in other things, I guess, might be even generosity. We were discussing that earlier this week. Our church was having a special giving opportunity and we were discussing that. But we've learned a few things in 48 years.

I'm sure you have. Well, we'll unpack a few more of those just around the corner, including some potholes to avoid. Steve Moore is with us today. We're talking about newlywed finances. Your calls ahead as well.

800-525-7000. Stay with us. Welcome back to Money Wise Live. A familiar voice with us today, a good friend, Steve Moore, back on the program today, sitting in the interview seat. That's right.

We're talking about newlywed finances. Once upon a time, Steve Moore was a newlywed and he's got some things to share. Steve, it's great to have you back on the program. Well, it's great to be here.

Really enjoy the opportunity. Thanks, Rob. Just before the break, Steve, we were talking about the fact that when newlyweds have their first squabble, and they will, they should pray. That when you're praying, that's the best opportunity to get on God's track and overcome your differences.

I want to talk, though, next about this question we get so often. You remember it well, and that is the importance of combining finances. You know, when we come into the marriage relationship, two become one, of course, and that includes our finances.

Why do you think that is so important? Well, you know, our old friend Larry Burkett used to say when it came to money and finances and marriage, if you can learn to talk about money, then you can talk about almost anything together. And combining your finances really makes you one with one another and then one with Christ. And then God can provide wisdom to both of you about your money and your finances. And it's not my opinion.

It's not your opinion. It's what God is telling and teaching us. So I think it's really vital not to have his finances and her finances, but to combine your money under the headship and lordship of Christ.

Well, that's exactly right. It also creates transparency, which as you know, Steve, is just so critical to building trust in the marriage relationship. You know, if it's my money and yours and we're each doing our own things, there's a tendency to perhaps even conceal some things, which can lead to financial infidelity. I mean, is that something that these couples need to take seriously?

Well, very seriously. And it's hard to teach and tell someone these things, especially newlyweds, because they are newlyweds and they're really, you know, almost in that honeymoon phase, so to speak. But at the same time, more than likely, they've lived as single adults for a long time and it's hard to break out of that model. So it's important that, again, that you combine your finances, not one taking precedent over the other, but learning how to communicate about these things so that later on in your life and your marriage, you can communicate about other things as well. And I'd like what you mentioned about a trust. You don't want to have any semblance of distrust in your marriage.

Yeah, that's right. Well, pray together often, combine your finances, communicate regularly, especially about this area of money. Steve, any potholes to avoid that come to mind beyond what we've already mentioned? Well, yeah, probably the big one is debt. Many young couples come right out of the honeymoon with debt. They may have received some gifts of cash during that newlywed time, but they may have spent all that money on the honeymoon, so they get back home, they unlock the door to the apartment, and right from the get-go, they have some debt. So again, really pray about this, make some adjustments in your finances, look at your combined budget, and then try to the best of your ability to set up a plan that will get you out of debt just as quickly as possible.

Yeah, that's exactly right. Now, you mentioned the B-word as a part of that, budget. Talk to us about how they should go about establishing a budget, especially since perhaps one might feel like it's limiting. You know, you're trying to control me with this budget, and where can I express kind of who God has made me to be if we have this rigid plan? How should they think about a spending plan, and then how do they go about setting one up? Well, yeah, I mean, if it helps, get rid of the B-word, budget.

See it as more of a spending plan or a way for us to extend and maximize the money we have, not only when it comes to spending and paying off bills and debt, but also with your generosity and your giving to your local church. Again, sit down and work this out together. It may not be a one-hour session. It may be multiple sessions. If you feel that things are getting tense, set it aside.

Come back a day later. Again, pray about it, then sit down and remember that his priorities may not be your priorities and vice versa. So ask God to help you as you work through this. But the key here is to try to get out of debt and stay out of debt, whether it's student loans or paying off your car or, you know, just the utilities each month.

Yeah. Now, Steve, obviously, when we come into the marriage relationship, we realize very quickly that God has wired us differently. Husband and wife, man and woman, we come in with different money backgrounds, we come in with different personalities. How have you and Marcia approached that, the differences that you all bring to the marriage relationship as it relates to moving forward together in this area of finances? Well, I have to be honest, you keep bringing up Marcia. I wish you wouldn't because then I have to... We can get her on the line too if we need to. No, no, no, no, no, no.

Don't do that. You know, Marcia and I were brand new Christians when we got married, so we didn't have it all together. And I mean, there were a lot of ups and downs and things I wish I would have done better and differently. But I can tell you what I've learned over these years, and that is that, you know, God has wired each of us differently. And it's important that we see that in one another. And when it comes to money and finances, it's important that he has a little spending money that he can set aside on his purchases, whether it's pizza or hobbies or whatever. And that she has the same thing, some money to call her own that she can spend any way she wants without having to be responsible to him.

And again, vice versa, because maybe she wants to save up her money to buy you a gift for your birthday. You don't want to have to, you don't get in the middle of things like that. So remember that you're a team, but you may be playing different positions. And it's important that each partner has an opportunity to be themselves, again, under the headship and lordship of Christ. Yeah. What about the bookkeeper?

I mean, there's generally one person in the marriage relationship that's more detail oriented, is the one that probably should pay the bills, probably the one who doesn't lose their keys as often as the other, maybe. Thanks, Rob. And I'm not looking at any one in particular.

No, no, I appreciate that. You know, the person who should do the books or keep the books is the person who God has equipped with that gift. That would typically be more of a detailed person, someone who can add two and two. So, you know, I don't think it necessarily has to be the man who heads up these areas. It should be the person who has expertise, has the gift and feels God's calling. Because, again, it's a partnership and one is not better than the other.

One is just different than the other. OK. All right. I got it.

OK. We've got about a minute left. I want to give you a chance to share any other wisdom for newlyweds that we haven't covered, your best advice for those couples listening in right now. Think long term. If you're having trouble setting goals and determining how you're going to spend your money each month, try to find a long term goal. If you can both agree that you want to be in your first home in the first five or 10 years, if you can both agree that setting money aside for your children's college education down the road. If you can agree on these long term goals, then you're much more likely to agree on the short term goals that will get you there. And then again, and I don't mean this in any flip, facetious way, ask God to direct you and bless your marriage and your finances.

How about that? Great advice, Steve. From a guy who's somehow managed to stay married for a long, long time. God's grace.

God's grace. Thanks for stopping by. Thanks, Rob.

God bless. Former co-host Steve Moore, ladies and gentlemen, gracing the airwaves with his dulcet tones once again. Hey, your calls are next.

800-525-7000. This is Money Wise Live. We'll be right back.

Thanks for joining us today on Money Wise Live. Your phone lines. Well, my phone lines are open for your calls, I guess I should say.

Here's the number 800-525-7000. What's on your mind today? We'd love to hear from you.

We'll be going to the phones in just a minute. Boy, it was great to have former co-host Steve Moore back with us on the program today. I have the opportunity to talk to Steve often and I so enjoy his friendship, but he is a huge fan of what we're doing here.

I will say, though, he is enjoying the retirement life and although we do miss him, we're thrilled that God has some new things in store for him in this new season. But, you know, we were talking about a really critical topic today and that is finances for couples, specifically newlyweds. You know, my experience is that as you go through those months leading up to the marriage while you're engaged, it is so critical that you begin to talk about money. You know, what was your earliest memory of money that shaped how you handle money today? How has God wired you? Are you more analytical?

Do you like the details? Or are you more directional and like the big picture? Are you more active or passive when it comes to managing your finances? You know, these things really shape our money personalities, not to mention how we grew up in terms of how money was handled and was there an abundance or were things pretty tight? You know, all of that informs and shapes how we approach money today and as we come together and bring these different personalities, these different backgrounds, it absolutely shapes what we're bringing to the table that has to be worked out.

Because my friend Shanti Feldhahn, researcher and Harvard graduate, says 92% of couples have tension, fight or try to avoid talking about money. And so we've got to get to the beliefs that inform how we handle money if we're going to move together as a couple and bring this area under the Lordship of Christ. You know, Shanti points out in her great book, Thriving in Love and Money, that really there are three key factors that allow us to break through the money tensions that so often plague couples. Number one, that we do just what I said, understand what's underneath how we and our partner, our husband or wife to be, respond to money.

So we've got to know what's underneath it all because that informs our behaviors. Secondly, we've got to be able to talk about money. As difficult as it is, that is so key that we have regular times to sit down as husband and wife and talk about money and finances.

Where is God taking us? How can money be used as a tool to support that? And then thirdly, having cushion in your financial plan or your spending plan is critical because it takes the pressure off.

You know, when the dishwasher breaks, if you're spending right up to the limit, well, then all of a sudden that's a problem. And that manifests itself often in discord between husband and wife. But when you have that margin or that cushion, it tends to take the pressure off and allows you to work through unexpected events. So understanding what's underneath how you handle money and respond to it, being able to talk about it and being intentional to do that, and then having cushion. Shanti and her research that she's conducted with her husband, Jeff, says are the keys to really breaking through what often can cause a breakdown in the marriage over this area of money.

I think the big idea is that we're intentional about leaning into this space so we can move forward together as husband and wife, but these are really important ideas. All right, let's get to the phones today. What's on your mind? We'd love to hear from you. In just a moment, we'll be talking to John in Missouri and Justin's in Montana. But first up today in West Salem, Ohio, WCRF is Diana. Hi there.

How can I help you? Hi there. I just got a quick question. My son and his wife have been married just a year. And what kind of physical tools would you recommend to help them with their financial? I don't think they have an extreme amount of debt, but I think it's overspending.

Okay, yeah, very good. Well, I'm glad you're asking this question because, you know, as we were just saying, you know, especially with young couples, getting out, getting started right in this area is really, really important. I think the first thing, Diana, would just be for them to learn, for them to grow in their understanding of God's principles as it relates to managing his money. And this is not something that comes naturally, depending on how much education took place, not only on financial literacy, but just on a biblical worldview of money prior to your son leaving the house and now your son and his wife, I think is really key. And so I'd love to send you a book called Money and Marriage God's Way.

It's from Howard Dayton, who's just a prolific author in this area of biblical money management. And perhaps you could encourage them. Maybe it's a Christmas gift.

Maybe it's something you just pass along. But encourage them to begin to work through this together, a chapter at a time, and just discover God's way of handling money. I think that's key. Secondly, and this is going to sound simple, but it really is the foundation. They've got to work on a spending plan. And here's the big idea. You know, it's got to be a spending plan and a system to control the flow of money that works for them. You know, what are those money personalities? As I said earlier, are they more detailed or more directional?

Are they more active or are they more passive? And generally speaking, they're not going to be the same, right? And so they've got to find a system that works for them because once the budget has been put on paper or entered into an app and it balances and it truly reflects what's most important to them, which means it has margin built into it so that beyond their giving, they can save for things like an emergency fund or a down payment on a house, whatever their priorities are right now. That's not going to happen if they're spending beyond their means or if they budget every penny because we know that the unexpected will come. That's where the emergency fund comes in. And that margin is really critical to being able to fund those goals. And so putting that into a spending plan and seeing does this really balance or are we taking on debt to fund our lifestyle? That's key. But then having a system to control the flow of money in and out after that once the spending plan is in place is essential because that allows us to say, OK, we've got this amount in the eating out category, but we've used it this month. So guess what? We're eating at home.

It's peanut butter and jelly tonight or entertainment or clothing or whatever it is. But that's so key, especially as we establish that rhythm early in the marriage. And by the way, it can have a portion built in that's discretionary for him and her to use as they choose. But it's a part of the plan. So let's do this. You stay on the line. We'll get your information and get you that book. We'll also give you six months to the pro subscription of the Money Wise app as well. You hold on the line and we'll be right with you.

Eight hundred five to five. Seven thousand lines are open. We'd love to hear from you. Call right now. Thanks for joining us today on Money Wise Live.

I'm Rob West, your host. This is biblical wisdom for your financial decisions. We're taking your calls and questions today on anything financial. We've got a few lines open. Here's the number. Eight hundred five to five.

Seven thousand. You know, we began today by talking about couples and finances, particularly newlywed couples, and how important it is to get started outright in this area of money management. You know, one thing I've long encouraged young couples to do as they're starting out is to find an older, more seasoned mentor couple in this area of finances to journey with them through the first year. Ask the Lord to perhaps reveal to you who that is. And perhaps through relationships in your local church, you might find a couple that has been at this for a while and in this area of finances could walk alongside you.

You could also take advantage of our Money Wise coaches that would be helpful in journeying with you for this first 12 months, because I believe if we can get this area of our lives right, it has a ripple effect into so many other areas. Let's head to the phones today. Eight hundred five to five. Seven thousand. Holly wants to continue the conversation on money and marriage.

Holly's in Chattanooga. How can I help you? Yes, I am basically a newlywed. I've been married less than a year.

I am older. This is my second marriage. And I wanted to get your input on having separate bank accounts. However, you know, pooling our money together to pay the bills.

The reason why I ask about this is that's what I am comfortable with. My husband and I mean, I have always been very, very frugal out of necessity. I raised my daughters. I was a single mother.

And so I had to be very frugal. And my husband is the most giving man I've ever known in my life. He will buy dinner for half the restaurant.

He is just so giving. But I am not I don't want it to be a problem with us, but I'm more comfortable having my own account. We both work and pooling our money together for the bills that we have, the living bills, the living expenses and that kind of thing. And I want to I heard you say that it's best to or I think I heard it right, that it's best to pool your money together. And I want to get your opinion on having two separate accounts, yet paying the bills together. Yeah, yeah.

Well, I certainly can appreciate where you're coming from, Holly. And with a second marriage, oftentimes, you know, folks will keep their estates separate because they're bringing wealth into the marriage. Oftentimes one or both have children that they had prior to the marriage. And so oftentimes they will handle their estate planning differently.

Not always, but many times they will. And I think that's fine as long as there's open communication and trust involved and agreement about how that's going to be handled prior to marriage and then use the legal instruments just to reflect those wishes that husband and wife have agreed on. But when it comes to the day to day handling of the finances, I just have found, Holly, that separate accounts works against transparency with your finances and just can lead to bigger problems. You know, money is just symptomatic of what's going on at a deeper values and spiritual level. It's just a reflection of what's happening in our hearts.

And usually the money issues are it's not about the money, it's about trust or, you know, breakdown in communication or spiritual issues going on with one or both parties if there's a misalignment. And so, you know, I really have found that if you all come together and talk about just what you said, you know, I love your giving heart. That's great.

That's part of how God has wired you. But let's do it in the context of a plan that we both agree on and let's talk about it in advance. And we're going to have complete transparency and we're going to trust one another and we're going to operate out of one account because we're bringing this together to become one flesh, including our finances. But we're going to do it in a way that, you know, has been decided in advance. And if there needs to be a portion of the budget that's directed toward spontaneous giving, that's great.

But that can be decided in advance. And maybe that accrues month after month until he decides that the Holy Spirit's leading him to give it away. But again, it's a part of the plan. It's not your money and my money and our money. It's all of our money. It's God's resources entrusted to us as now one flesh.

And I just have found that if we don't operate together out of one account, and it's not about the legal structure of the account, how it's titled and so forth. It's the fact that we're saying we're bringing it all together and then we're going to pray and ask the Lord to give us direction as to where he wants us to go, including our generosity, including our lifestyle, including our goals and dreams. And then the money is just the tool to accomplish that.

And the spending plan is the day to day handling of the money to those toward those goals. And it's a proper reflection of how he's wired you and how he's wired your husband, and then how you all choose to bring all of that together under Christ as one couple. But I just find if we go with the mind and the yours, it's going to foster other unintended consequences that are going to break down trust over time. Doesn't mean you can't do it.

It's just I've found that it doesn't work as effectively. But give me your thoughts on that. Well, and I have a feeling, I think he has mentioned before that he feels like maybe I don't trust him.

And so I don't want that to be a problem. And I don't know why I think I don't know why I am so and I'm giving to we both tithe, you know, and so we both are I'm giving to. But he's really, really, really giving, which is wonderful. That's one of the things I love about him. But I just I felt convicted when when I overheard the conversation.

I thought, oh, my goodness, I need to call and. Yeah, I think there's something to that, because if he's already verbalized that, I think that's something real that's going on underneath the surface that perhaps he sees this. And maybe if you're, you know, think deeply about it, maybe you would even agree that there is a little bit of a lack of trust there. You appreciate that aspect of how God has wired him, but you don't fully trust that at the end of the day, the money is going to be there to write the checks for the bills. And you may wake up one day and find yourself, you know, without what you need. And a lot of that goes back to, as you said, and this is true for all of us. What was money like growing up?

What was money like as a single mom having to, you know, scratch and claw to, you know, make sure the light stays on and get the rent paid and all of. And I realize we bring all of that into the marriage relationship. But at the end of the day, if we're going to join as one flesh and you're going to trust one another, you've got to develop a plan together. And then you've got to be able to honor the Lord and each other by respecting and honoring the plan and then move forward with confidence. Where you say, I completely trust you and he says the same and you all move forward. And if there's a breakdown, you talk about it and you work through it. But that's just part of being married and trusting one another as one flesh. That's how God designed it. So I'd take a week or two and just think and pray about that and ask the Holy Spirit to give you some wisdom as you move forward and then come together with him and talk about it.

Be honest, be transparent and let him do the same and let's see if you guys can move together, perhaps in a way that you haven't before with open and honest communication and complete trust. Okay? Thank you so much. All right, Holly, God bless you. We appreciate your call today. Much more to come on MoneyWise Live, biblical wisdom for your financial decisions. Give us a call.

800-525-7000. We'll be right back. Thanks for joining us on MoneyWise Live.

I'm Rob West, your host. If you visit MoneyWiseLive.org, we have some featured content today related to a topic we've been discussing since the opener today. This is a new article we're featuring from Art Rayner, our good friend and content partner at MoneyWiseLive.org. It's how to create a financially stressful marriage before you even say, I do. Now, obviously, we don't want a financially stressful marriage.

And so by understanding how we do that, we can avoid these things. So check that out today and avoid your financially stressful marriage before you even say, I do. It's at MoneyWiseLive.org, a great new article from Art Rayner. By the way, when you're there, create your free MoneyWise account. That will open up a host of options for you, including posting to our MoneyWise community where our coaches respond to your questions and comments. And you'll be able to get or receive each Thursday our MoneyWise Weekly Wisdom email with a note from me and our trending articles and podcasts, some great information that will help you on your journey toward true financial freedom.

MoneyWiseLive.org, just create a free account. All right, let's head back to the phones today. Irene's in Tampa and understand you have a story to share about how you started off with your marriage in this area of finances. Tell us about it.

That's correct. Actually, that article that you just mentioned, that's exactly what I did was I make sure that the money part or managing money is our discussion before we got married. So I found out my future husband has credit card bill. So I said, no, no, no, no, no.

You have to pay that off. And he said, how? I said, OK, we're going to start you're going to start coming to my apartment after work. I will cook dinner so we don't have to go out to dinner and spend money until you paid off your credit card.

So he did that. And then I said, I also don't agree with have car payment. We have to buy cars cash. He said, yeah, but I want a car every three years. I said, why? You don't need a car every three years. So we and he agreed that he's going to change the way he's managing his money because I want to make sure that he will manage his money wisely before we get married.

Because I don't like that. Yes. Now we've been married twenty nine years. We never argue about money. We paid our paid us our paid out our brand. We built a house and we paid it off within 15 years.

So now we're debt free. Wow. And I suspect you're still feeding him very well. Is that right?

Absolutely. I love that. Come to my apartment. I'll feed you and we'll talk about paying off your credit card debt.

You know, Irene, I love this because you weren't just going to allow this to unfold accidentally. You were very intentional to say, number one, we're going to have transparency. Here's where I'm at. Let's see where you're at.

Let's talk about it. Let's decide in advance how we're going to handle God's money. Let's talk about what's important to us, which certainly included being completely debt free. And then let's put a plan in place together to get there.

And then we're going to enjoy the fruit of living according to God's principles. And you did that and you did the hard work, which means you get to enjoy the blessing that follows. I appreciate your comment today and tell your husband we're proud of him.

And we appreciate your call today, Irene. Thank you. Bye-bye. All right. God bless you. To Billings, Montana. Justin, you're on MoneyWise Live. Go ahead.

Hi. I have a question about I own a house that I don't live in and I'm currently renting it out to some tenants. And we're trying to figure out between my wife and I if we should sell our house once the lease runs out or we should keep the tenants in there and just keep collecting the rent. Yeah, OK, so you're you're renting it out now and you've got tenants and the lease is coming due fairly soon, is that right?

Yes, next April. OK. And so your option would be they have indicate or at least they haven't indicated that they're wanting to leave. So you think perhaps they may stay. So you have that option or you could give them notice that you're selling it.

You're trying to decide between the two. Yes, and they've also expressed interest in buying it if we were to sell it. But they really like the house. They really like living there. So we're just kind of on the fence if we should keep them or sell it.

Yeah. So I think we need to go back to the rest of your financial life and talk about how this rental property fits into where God is leading you and what's going on in your life that these resources could help to allow you to accomplish. Do you feel like you're overextended in terms of debt or are you not able to meet any particular goals as a result of having this rental property?

No, we're actually breaking even right now. We do have about three months saved up for mortgage in case there's the renters do decide to move out and we have to put the rental property on the market. We can cover the mortgage for about three months.

But we're just not comfortable. We would be, after those three months, we would be living paycheck to paycheck trying to make ends meet. I see. Okay. And so do you have an emergency fund separate from the three months of rental mortgage payments? Do you have an emergency fund of three to six months of your total expenses in place?

No, we do not. We have an emergency fund of about $2,000. Okay. And are you contributing toward a retirement plan currently? No, I actually am retired at the time from the military, so I get a retirement check coming in and I get VA benefits coming in.

Okay. And is that enough to cover your lifestyle apart from the mortgage on the rental property if you were to have to cover that out of pocket? No, it's enough to cover the mortgage. It's barely enough to cover the mortgage on the rental property and my current mortgage of the house I live in. And then my lifestyle, it wouldn't cover that.

Okay. And if you were to sell this rental property at market value, what would you be able to generate in terms of proceeds? Well, we bought the house for $400,000 and it could sell right now for about $550,000 is what my real estate agent is estimating.

So we make about a $150,000 profit. We would more than likely offer to pay for the closing costs because we bought the house with not having to pay the closing costs and we kind of want to pay that forward. And so we would take that responsibility.

But we would be able to pay off quite a lot of our debt with selling this house and we'd be able to live very comfortably with selling the house. Okay. Afraid of losing our leverage income. Yeah, yeah.

Well, I get it. Well, based on everything I've heard, and obviously I just have a couple of minutes worth of a snapshot here, but I like that idea of you all getting out from under it. It sounds like, number one, that you're a bit overextended and without really any reserves to fall back on other than that $2,000, Justin. If we were to hit a speed bump in the housing market or a recession or you lose the tenant unexpectedly and you have a difficult time putting somebody back in there, you're going to be in a tough spot financially, which could put both properties at risk eventually. And I think getting to where you can balance the budget by paying off the debt with the proceeds of this rental property, shoring up your emergency fund and even perhaps putting whatever's left over to work for you, I think would give you a lot more peace of mind. Not to mention the fact that given where the housing market is, you're probably going to be selling at top dollar. I expect the housing market to cool off a bit, even though I don't think we're in a bubble situation. I could see it dipping down, and if we were to get into a recession a couple of years from now, just cyclically speaking, if you will, which could happen, you wouldn't be overextended and overlevered, and you would have right-sized the rest of your financial life, which I think is really key.

So I think holding this property is a bit of a risk to you financially, and I would concur with what I'm hearing in your voice, and that is that you'd feel a lot better by going ahead and selling it and doing what you need to do to get everything else buttoned up. So that's the direction I would encourage you to go, okay? Awesome.

Thank you very much for the advice. I appreciate it. All right. Thank you, Justin. We appreciate your call today. Well, folks, we've covered a lot of ground today. Let's quickly go to Butler, Missouri. Jon, I've just got a minute or two left.

How can I help you, sir? Yes, my wife is leaving work December 31st. She will be four years out from being 65 to be able to get the government insurance, so the only way that we can afford insurance was for me to cash in some investments and set some money aside to replace her income in cash so we have a low income to get better insurance through the Affordable Care Act.

I'm on disability. So we're going to be filing taxes on less than $30,000. She's going to have about $315,000 to $325,000 that we need to move somewhere, with the stock market being on the high like it has.

I'm wanting something, even if it's low interest, totally a no-lose situation to move the money to because it will be four years before she draws an income off of it. I see. Okay, very good. Well, a couple of thoughts. Number one is, as a stopgap, you could look at health cost sharing.

I would encourage you to check out Christian Healthcare Ministries at chministries.org, which could kind of fill in the gap here during this interim period of time. With regard to the $325,000, given that you don't want any risk and you're willing to give up some return for that to make sure you get the return of capital when you need it, I'd probably be looking at least right now at just a high-yield savings account, probably a couple of them in two different institutions because that's going to allow you to get up above the $250,000 threshold for FDIC insurance. And I'd look at Marcus, I'd look at Ally Bank, I'd look at Capital One 360. You could also go to bankrate.com and see who has the best rates. You probably don't want to lock into a CD right now with rates being so low, but you could look at that perhaps six months or a year down the road.

But for right now, getting a half a percent with FDIC insurance I think is probably your best option. John, we appreciate your call today. Hang on the line. We'll talk a bit more off the air.

MoneyWise Live is a partnership between Moody Radio and MoneyWise Media. I want to say thank you to our call screener today, Melody. I want to say thank you to our engineer, Dan. I want to say thank you to Amy, our producer, sitting in today as well, Courtney, and of course Jim Henry providing research. Thank you for being here as well. We'll look for you tomorrow for another edition of MoneyWise Live. God bless you.