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3 Misused Money Verses

MoneyWise / Rob West and Steve Moore
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November 18, 2021 5:22 pm

3 Misused Money Verses

MoneyWise / Rob West and Steve Moore

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November 18, 2021 5:22 pm

Money is one of the most common subjects in the Bible, with more than 2,300 verses that relate to our finances. But are those biblical principles always applied correctly to our money and possessions? On today's MoneyWise Live, host Rob West will share 3 money verses that are sometimes misused and he’ll clear up the confusion surrounding them. Then he’ll take your calls and answer your financial questions from a biblical perspective. 

See omnystudio.com/listener for privacy information.

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One of the most common subjects in the Bible more than 2300.

Related versus giving us a well know fibroblast wethers Proverbs parables of Jesus, God's word has a lot to say about money and possessions put three of those many verses are sometimes misused the confusion of your calls at 800-525-7000 800-525-7000.

This is moneywise live just lives in dramatic ways. That's all the more reason we need to understand its teachings, especially about money and possessions because there's so much a part of our lives now to be sure the Bible is clear in its meaning it has no hidden codes that we have to decipher so it's only our interpretation of it that sometimes gets us into trouble.

You can't properly apply God's principles for managing money. If you misinterpret the meaning of the verses so let's look at three passages where that sometimes happens.

Probably the most misunderstood verse and all of the Bible would be first Timothy 610 for the love of money is a root of all kinds of evil.

Now that seems pretty clear. So it's a wonder why this verse is often paraphrased incorrectly as money is the root of all evil. And of course that misses the point entirely.

Money is simply a tool that can be used for good or ill, but the love of money is always destructive and sinful because it replaces our love for God. It's yet one more form of idolatry. Also, that misinterpretation is led some to think that people with few resources are somehow more godly than affluent people. The Bible never teaches that in fact this was one of the issues that arose during the Reformation. The reformers called out so-called mendicant tour poverty orders of priests and monks who begged for their sustenance but were corrupt and lived in luxury. Also, many people whom God favored had significant resources, David, Solomon Job, to name a few. God gives some people abundant resources so they can be generous to others in need. That of course is a very godly use of money and if you need any further clarification about the meaning of first Timothy 610. The second part of the verse provides that it says some people, eager for money, have wandered from the faith and pierced themselves with many griefs.

That's what the love of money will do to you the next misused passage about money is Luke 18 verses 24 and 25 it reads how hard is it for the rich to enter the kingdom of God.

Indeed, it is easier for a camel to go through the eye of a needle than for someone who is rich to enter the kingdom of God.

Again, some people misinterpret this to mean that somehow there's righteousness, and being poor and that being rich is a sin, but that's certainly not what Jesus is teaching he's calling out those who think their riches, their works will buy their salvation. Those who heard Jesus say those words were confused to. They asked then who can be saved and Jesus goes on to say the things that are impossible with people are possible with God.

The teaching there is fundamental to the doctrine of grace we can't get to heaven by our own efforts, but only by the grace of God through faith and in the very next chapter, Luke 19 Jesus further makes this point to in his encounter with Zacchaeus, the crooked but repentant tax collector.

The man was probably still quite rich even after returning more than he'd stolen. But Jesus said, his faith had saved him. Now compare that to the account of the rich young ruler in Mark chapter 10 he was prepared to follow Christ until he was told to give up all that he owned, Jesus was testing his heart, knowing that it was connected to his wallet, Jesus knew the rich young ruler loved his money more than God. But keep in mind that can be true no matter if you have a lot or a little in our third misused versus Luke 1234 which reads where your treasure is, there your heart will be also. Again, it seems clear enough, but some people get confused and think of saying the opposite that there's a difference between your treasure and your heart.

Or at least they wanted to mean that they think they can separate their earning and spending from their love of God but we just simply can't our monthly bank statements are a reflection of what we hold in our hearts before spending money in a way that dishonors God. It's an indication of our spiritual condition.

Are you glorifying God or giving into material desires Jesus means exactly what he says where your treasure is, there your heart will be also.

It's meant to convict this and it does all right in your calls and eggs 805 five 7000.

That's 800-525-7000. This is moneywise live biblical wisdom for your financial goals and so thankful to have you along with us today at moneywise live on Rob West your post. We began today by talking about misused money versus bottom line is God's word has a lot to say about money. You know, I think there's something that so connected between our hearts and our money and will. That's not my idea. Jesus said where your treasure is, there your heart will be also so we know our heart follows her money and we know it's clear that God owns everything. We are stewards or managers of God's resources and we see money as a tool to accomplish his purposes, and we understand that money is not evil as a tool can be used for good or evil.

The question is does God have our hearts and if money is a reflection of what's most important to us.

What does the way we are handling or allocating God's money say about what we truly value and are we okay with the story that our monies telling or do we need to make some changes.

Well, that's a question we can all ask prayerfully and answer and hopefully as a result of doing so, we might be able to make some changes to bring God's heart into our lives in this area of money so that he can have Lordship over everything, including his resources.

Let's talk about that together today in light of your questions. What's on your mind today financially. We got lines open. Here's the number 800-525-7000. That's 800-525-7000 is it saving or giving. Perhaps it's investing it. We been talking a lot about faith-based investing recently in an exciting and growing space in the investment landscape where you can align your values, not just with your financial decisions. But with your actual investments. What we could talk about that. Whatever's on your mind today. Again, here's the number with lines open 800-525-7000.

Let's begin today by taking a couple of emails we do give you an opportunity to send us emails and questions@moneywise.org it's questions@moneywise.org and we try to take several of them each day. If we can of this one comes from Bob. He says I have two or three credit cards that I would like to close. Is it better to close the oldest first.

Also, I was told I should have a time interval between closing the accounts and do not close them at the same time they have different limits does this matter so great questions. Bob, let's begin unpack these if you have extra credit cards. That is courage. You're not using because you're limiting that perhaps do one credit card, maybe one debit card. I like that strategy I would concur that closing the make some sense. These are just less accounts that you have to monitor to ensure that they haven't been breached or haven't been compromised in some way that would allow them to be used fraudulently.

You would typically only know that by seeing unauthorized charges coming through and so an open account means an account you have to be checking regularly by closing it. You no longer have to do that now.

What's the impact well when you close an account that limits that was available to you is no longer available to you which just means any balances your caring for a higher percentage of your new Glover lower overall limit in the aggregate. If that happens to push above 30%, which is what's called credit utilization that could cause your score to come down. Also, if these are older accounts and therefore that history of an older established account is removed because it's no longer factored into your score which may or may not be the case. Depending upon the scoring system you're using that could also impact you negatively. Bottom line is any impact is only to be temporary. If you're managing money wisely paying your bills on time, keeping your balance is low hopefully zero because you're paying them off every month. Any impact is going to be minimal as to how many to close at once. I would just simply say let's not close more than two in six months that wavy space without any impact will be again very very minimal. Bob Hope that helps you and again if you have a question you'd like to send this to be read on the air just send it over the questions@moneywise.org card. Let's begin to take your calls and questions today.

Here's the number 800-525-7000 would love to hear from you will begin today in Chicago, Illinois Virgil, how can help user I about all I really enjoy it now I get my mortgage and I explained to him and I want me benefit and know what I'm about to my eye upon account with Tillman and Elaine Janda likes your 401(k) like I with target date data field like this percent only only going all and you and always nominated Mike 6% in the market you advise me what options I have to invest some kind of crime.

Looking think I forgot to consider looking investment light got to be diversified hunting stimulus to follow. I get date right now I get like the year 2040.

Likely diamond fonts.

I cook for bummed out at the end end up doing some and what what what you what you advise me very good Virgil. First of all, I really concur with this idea that you know when we live within our means. That gives us a surplus which gives us the opportunity to make sure were pursuing our goals.

I would say beginning with an emergency fund. After that, paying down or paying off consumer debt and then saving for the future. Whether that's a short-term savings goal or a longer-term goal like saving for retirement and that's assumes that were giving first not just out of our surplus, but were building that in as you know, something we do systematically and proportionately right off the top, but that margin is key into your point. It's giving you the opportunity to put something away for the longer term, and allowing that to work for you through a stock and bond portfolio. Now let me ask you and I will weigh in on what you raise there about this potential account. Your opening with Merrill Lynch but is this in a retirement account at work or one that you opened yourself or is it just a taxable account, I myself you know I cannot work it out 20% and have a little extra extra event. I would like okay and is it in an IRA or is it just a taxable account lockout. I see okay very good and how much you adding to it every month. Now that I have a little extra II would like to add like $500-$600 extra a month but I Okay and you haven't built this account up yet. You're just getting started. Correct yeah I just opened it and they said you know if you open it to get $600.

I sound like incentive but then now you check out like $200 to get them to stop anyway. But the initial. Like that he takes like 6%, 5% of yeah what is coming to let me Merrill Lynch is a very reputable and well-known investment manager there some wonderful advisors. There are many of our certified kingdom advisors are with Marilyn, so I don't have any problem Merrill Lynch whatsoever. I'm a little confused about the 6% mean that perhaps that's just because you have such a small balance that you're just getting started with, but that would not be normal and customary for Merrill Lynch or any others, so perhaps you misunderstood that, or perhaps is just because you're starting out, but I would say with regard to an account where you just getting going and that's a good thing I love the fact you to set this up as an automatic contribution. I would probably go for this type of account with one of the low cost providers in the space through probably a Robo advisor solution because you don't have enough yet for somebody to manage this for you.

You're just looking to invest on a dollar cost averaging basis, which means whether markets up or down in any given month you're gonna put your same $500 in and you know if you're buying when the markets down your buying more shares for the same money and the opposite is true in the market is up and over time you'll just have multiple entry points into the market and you should capture the broad moves of the market going up in terms of how you build a portfolio with these Robo advisors like the Schwab intelligent portfolios like the Vanguard advisor Robo solution and with betterment any of those three would provide you an index based ETF portfolio. So these indexes would mirror the broad market indexes the S&P 500 and you have some international and domestic large-cap and small-cap. You have an allocation to a bond ETF is well and all that would be based on your age, your risk tolerance and your time horizon and as you invested the beautiful part of these Robo advisors is they typically don't have any transaction cost so any new contributions are automatically reinvested in the accounts are typically rebalanced to the model portfolio once a month and you might pay 20 basis points alike.

1/5 of 1% a year for one of these Robo solutions so I'd check out one of those three, the Vanguard advisor Schwab intelligent portfolios are betterment. I think any of those three would give you what you're looking for a low-cost, high-quality, passive approach to investing that will grow over time. Does that sound good. Thank you. Thank you Virgil you very kind.

I present those kind remarks well or to take a lot more questions today.

In fact, we'd love to hear from you. I got room for you with lines open that we give you the number as we head into a quick break will be back to take your calls and questions 800-525-7000 800-525-7000. This is moneywise live. That's biblical wisdom for your financial decisions were so glad you stopped by today in order to cover a lot of ground. Perhaps your question again. 800-525-7000 thanks for tuning in the moneywise live on the West Coast's biblical wisdom for your financial decisions. I got a couple of lines open 800-525-7000 moneywise weekly wisdom email went out today. That's our free weekly email with a thoughts from me on how you can be a more effective steward of God's money as well with our recommended reads or trending podcasts as well as our verse of the week and in this week's email. I share seven ways you in can increase your savings that seven ways to increase your savings. Hopefully some practical insights that you can apply immediately and we have some great articles in there, including a great new article from the National Christian foundation that generous marriages make resilient couples and how you can do that also got one on breaking the plastic addiction and much more. If you're not signed up to receive our moneywise weekly wisdom email. It's free and I'd love to put it in your inbox every week to set up@ourwebsitemoneywiselive.org and create a free account and when you do that that will automatically sign you up by let's head back to the phones today and just a moment will be talking to James Sue's got some questions from Sarah cues. Don is in Missouri, but next Akron, Ohio hi Michael, thank you for your patience. I can help you here. You know with your program here and just questions here with regards to that. I am heavily indebted.

I not sure like what the estimation is probably 100,000 and maybe, and that's just included with school debt as well.

The loans, whatever. So I you know, one of the obedience of Christ and the end of my life that way.

As far as getting out of that, but I'm just not sure where to start at yeah yeah very good.

Well, it's like the old saying, you know, how do you eat an elephant one bite at a time and I think the same applies here that we don't get into debt overnight. We certainly don't get out overnight and so it's really going to come down to first recognizing God owns it all and recognizing his principles of managing money which includes living within our means and that may sound simple, but Michael I can tell you it is critical that you embrace that idea that as your income rises and as you have it you get a bonus along the way.

You're an unexpected windfall that you really limit your lifestyle with intentionality, which means having a budget system to control the flow of money in and out, you live below the income that you have so that you can create margin because that margin is going to be essential to you first.

Building emergency fund. If you don't have one. And I'd say in a with the credit card debt on top of student loan debt, and I'm assuming that's what the other debt is but I'll ask you to clarify that. But if you have credit card debt I'd start with that emergency fund of just $1500. That's that emergency reserve that you're gonna fall back on when the unexpected comes and it will. But beyond that, let's go after your consumer debt.

First, obviously keeping the minimums paid on everything and develop a plan to pay that off now. You mentioned, I think you have about 20,000.

Apart from your student loan debts is that if the credit card debt or some other type of debt. It is some other type of data match I paid off credit card debt I've never gotten another credit card.

This just another of the smaller debts that I believe you know you know that I've accumulated as well. Now I'm on top of the student loans that I have right with this and you don't have to reveal specifics to visit family members or friends. Or is it medical data to a type of document medical okay art.

Well, I think the key is to make sure that you have a proper accounting of everything I get all of them written down and then I go after the smallest balance first. So here we like the snowball method here, which just basically says let's ignore the interest rate especially since were talking about other than credit card debt. Let's ignore the interest rate. Let's just try to get some quick wins. If you have something that you know the thousand dollars you call them, and especially with medical debt. Bill though be eager to work with you. In some cases they may even be willing to settle at lower than the current balance, especially if your cash payer and you then you'd start working your way into paying the minimums on everything, but then taking every of available extra dollar that you have over and above your budget and applying it to that smallest balance and here's what's can happen when you pay that off that's getting give you the encouragement. The psychological boost to keep going and then we take that amount including the minimum payment you were paying on that card or that account and roll it to the next one and write down the line and eventually when that 20,000 is paid off and all you have is the student loan debt that we just want to apply as much as we can to that to get going in the right direction and hopefully you can have a plan to get that paid off within 10 years.

Couple of other resources that will help other moneywise app could be a great resource for you. We can connect to your accounts create your budget really closely monitor your spending. Using our digital envelope system can download that in your app store to search for moneywise biblical finance. Secondly, our coaches would be happy to help you as well. Your Pro user to the moneywise app you could schedule a 30 minute meeting with a coach or sign-up to go through a multiweek engagement with a coach again no charge but they can help you set up that spending plan and get moving in the right direction as you get this plan in place and you start to see some progress in confident that you want to come after chosen to spend some time with us here moneywise live today biblical wisdom for your financial decisions and around West Coast.

All of our lines are full, so we'll get right to your calls in question. Just a moment but first you will in Luke 12 we read the parable of the rich fool and I love right at the end where it says so is the one who endlessly builds his net worth. You could put in there when it is not rich toward God. What is that mean to be rich toward God you know is we think about handling what God has entrusted to us and here's the bottom line we all have an abundance because even before the first dollar we have the saving knowledge of Jesus Christ the Lord sent his son and saw fit to reconcile us and unto himself by his son living a perfect life dying on the cross to pay the penalty of our sins and then being raised from the dead and sending them to heaven and when we choose to place our trust in him.

We can have a personal relationship with them and also the father at the same time, and that in and of itself is an abundance but we also the promises of God represent I will never leave you or forsake you. So we have so much so when we talk about how we manage our financial affairs on this program. We just want to know how do we honor God.

As we manage and store his resources and I think part of that goes back to this line in Luke 12 we want to be rich toward God, while John Piper, the author and pastor says you don't when we handle money in such a way that it is apparent that God is our treasure and not our money that's being rich toward God and that's what I'd like to see for all of us including myself that it's apparent when we handle our money that God is our true treasure, but we still want to be effective and faithful managers. So let's do that together will head back to the phones to Missouri hi Donna, welcome to the program grid thinking yes I was calling about whether to pay off a motorhome or not.

I okay got it, and I mean I'm 75 years old have Social Security and pension money market account that I can use to pay it off now to have a 401(k) that you know I don't check. Of course, except for the distribution yes okay so what I'm hearing is you got this motorhome payments balance about 40,000 you can cover the minimum in your budget with the income sources that you have and you're not even having to draw apart from what's required from the 401(k) but you're wondering if it makes sense. Just go ahead and pay it off so your debt free and that would also lessen your monthly expenses because you no longer have that payment. Is that right, correct okay what you have in the money market, Donna today, about 39,009 39 okay see you have to pull hundred percent of it and what are your monthly expenses total on a monthly basis roughly roughly there now. I would bet $2000 okay so if we wanted to have three months expenses.

We need 6000 we wanted to have six months expenses we need 12. I'd probably say your age and stage of life. I'd love for you have at least six months worth of expenses and if you went to a full year we be talking 24,000 so you know I would love for you not to spend that down to zero because that if the unexpected comes in. It can do that pretty frequently, then you don't have anything to fall back on in our him to think about putting things on credit cards and and so forth. It sounds like, though, that you do have some funds that you could pull from a retirement account, even though that would be taxable and so if you would have more peace of mind to know that you know that is paid off. Even though you can cover it and you have a real conviction around being debt-free that I would say let's take from a combination of a portion of your emergency savings may be the difference between 24,000 and you know the other balance or you know go down to maybe six months which would be 12,000. So that would allow you to pull it out, perhaps 25,000 out of the emergency savings to put the toward this and then you need another 1514 or 15,000 that you could pull from your 401(k) as long as you pulled enough and set it aside to cover the taxes you know that you would have to pay on that amount and that way you would eliminate that payment and then you'd have even more. You could put away on a monthly basis to rebuild your emergency fund. Apart from that, if you are comfortable just kinda hanging on to this debt if you will, you know, I would say let's go ahead and and pay it down use that to roughly 25,000 that I said is could be allocated from the emergency fund, but then for the balance rather than just you know pulling that from your retirement account. Just continue to make the scheduled payments that you were making until it's paid off, and then you haven't taken anything from your retirement account you just simply drawn your emergency savings down to six months and then once you finish packing it off, you build it back up. I could go with either of those options.

I think the key is just how strong is that conviction on your part to get this paid off in full. Does that make sense. I left on that motorhome set back and I wonder if it along.

I'd say yeah I appreciate you thinking well and if you continue to make the same payment but you took that 25,000 from your emergency savings and now you've only got 14,000 left on the loan.

You're gonna pay it off in less than five years. So that would dramatically reduce the payback and allow you not to touch the other 401(k) so that may be an option to consider that we appreciate your call today very much but said to Syracuse, New York hi James, how can help user how are you just right so I'm 48 years old and I'm finally in all after a long battle in a good place financially. I knocked out a lot of credit card debt. You know I'm making some pretty good money now and I want to call kind of a late bloomers, so I don't have anything really geared towards retirement yet. And right now my good place to do so, and in all. I'd like to retire at 62. I'm just hoping that maybe you could point a finger in the right direction for me. I've never spoken to a financial advisor but your I'm ready to start putting money aside and I just want to know.

You know what the best way to go about it the traditional IRAs come to get maybe like the crypto route. I don't know much about it but I feel I'm starting out and okay just some advice yeah be happy to James and you know the key is to start this soon as you can, you know, I'm glad to hear that you're in a position where you got some margin sounds like you despite mistakes you made in the past we've all got them you living within your means, which is giving you the ability to pay off your credit card debt and now you're in a place where you can start really thinking about putting something away for the future as your income increases guard against your lifestyle, increasing with it. Let's That lifestyle. Let's manage the flow of money in and out live on a spending plan and take as much as you can in socket away for the future in terms of how to go about that you do you have a 401(k) available work and if so, it is there any matching contributions and 401(k) just became available to us expanded so I'm trying to start put money into that directly weekly. You know, okay, good.

What I would figure out how much you can put away. I'd love for you to try to put away 15% of your income if you can swing it. So what I would do is figure out what is 15% and can you do it. If not, determine what that total amount is that you can afford to put away in a monthly basis. I'd fully fund a Roth IRA Roth IRA with 6000 a year and then I would fully take advantage of the match and anything you can do above the 6000 I'd put into that 401(k) as well. So between a combination of the two. The Roth and the 401(k) with the matching. Let's see if we get six months.

This gives me a 15% of your income going in the light also want to send you a copy of a sound mind investing handbook and this is moneywise line will be right back. Thanks for joining us on moneywise live on my West Coast part of the moneywise community you count on this program and resources on the website moneywise.

If so, I'd invite you to consider. No supporter industry moneywise is a 501(c)(3) and we are entirely listener supported. So we do what we do because of your generous support and if you'd consider prayerfully a gift to the ministry as we head into the year indices and we would be grateful here's a way to do that just head over to moneywise live.org and click the donate button that's moneywise live.org and click the donate button you can give quickly and securely, and we would certainly be grateful. Along with that said, with a gift of $25 or more if you'd like it will send you as our gift the great new book from Paul David Tripp called redeeming money. It's one of the best books on our money and our hearts that I've read in a long long time. It's just a way of saying thank you and we do thank you in advance. Let's head back to the phones today. Eileen is in Florida and Eileen understand you have some teens that you'd like to invest for I can help you in my car.

I have $3000 each and I would like to know how to like them okay Eileen, do you have that earmarked for any specific purpose, and in particular I'm wondering would you like earmarked for college or would you like it more generally available are generally available okay and do you want control over when and how they get it or are you comfortable deciding right now before their 18 that when they reach 18 if it was theirs no matter what to do with what they want to.

You'd be okay with okay so then what you could look at is what's called a custodial account so sometimes call the you TMA account uniform transfer to minor actor UGMA uniform gift to minors act, but essentially if you call it a custodial account. Somebody will know what you're looking for and it's essentially where it's in their name but your listed on there as well because as an adult until they reach the age of majority. You have to be on the account but when they reach the age of majority in your state. It's their asset. They can do with it what they please and you just have to recognize that going in, and then you'd want to go ahead and start investing it and I think you know, as you put money in there. Whether it's this 3000, you're starting with or something you might add systematically over time and as long as you have I would say at least a five-year, prayerfully, preferably a 10 year time horizon. Then you could put that money to work and it will grow over time.

Now, where would you put it well. I think a great place to go would be what I shared with the previous caller and that is one of the developments in this age of investing with what's called for intact financial technology in the decompression that's going on in the Fidelity was the first and now many others have introduced free investment accounts where the yellow indexes have literally no cost and so all of the fees across the board in the investment landscape as the technology has improved and we got more accessibility than ever. This caused everything to get much less expensive and as a result of that, these Robo advisors have popped up which is essentially where very sophisticated algorithm.

Many of them. No award-winning created by some really intelligent folks allows you to answer a series of questions about the purpose of the money in the age of the person it's benefiting in the risk tolerance you have and so forth. And then it builds what's called on and then indexed portfolio of exchange traded funds. That's nothing more than a basket of investments. This can capture the broad moves of the market and the allocation between stocks and bonds can be geared toward the agent objectives of the investor.

So if you open one of those accounts and I'll give you three different options to do that. I think it would be a very low-cost but very effective way to invest in the beautiful part of it. Is it just kinda automated every time you make a contribution. It's automatically rebalanced across the the investments. There's no cost.

Every time you invest is just an annual charge and that annual charge is very small like 1/5 of 1% and I think you know that on a passive basis will give you the kind of investment account you're looking for. I would look at the Schwab intelligent portfolios I'd look at Vanguard advisor and I look at betterment those three I think would give you what you're looking for so check those out Eileen and if you have any questions, give us a call back and by the way you stay on the line want to send you a copy of the brand-new, recently revised sound mind investing handbook that will be a great tool for you and your daughters to begin to learn to invest God's way. We appreciate your call today on to Texas hi Ellen, how can help user.

Well, good to talk. My question. It is on 71 and this year I have a small or have had a small tree company arborist and I had a heart attack and I'm not able to work but of paid off all my dad and I sold my little company and made a nice little profit on it and now I made a return on that money up about 1.5 million is what I have acquired in cash so I'm short from Social Security and a little rental place up about 4000 a month and I'm trying to figure out if an annuity is a safe thing, or should I look at other investments.

Very good balance.

You said your short about 4000 a month on a rental meaning you have a rental property, and it's not cash flowing above your expenses are my missing something. I meant that my mom delete in, has now brought because I sold my company, I can't will likely not yes or not accents are good and so that the gap between what you're bringing in from other sources and what your monthly need in is is about 4000 a month right right okay very good. Well the good news is on that 1.5 million.

That shouldn't be terribly hard to make up because you know if we were to look at what you would reasonably expect from a portfolio like this you know the typical rule of thumb, we would look at would be 4% a year which would be about 60,000 which is little more than you need on an annual basis until more recently, I just saw an article from MorningStar the other day there recommending 3.3% why the reduction from four well there.

Same with the modest returns were going to expect in the days ahead. Your coupled with some of the challenges on the horizon that over the long haul that be a safer number to pull out per year where you'd want to maintain balance and give you that income. Whether it's 3.3 or four. You're right in that range were you should be able to pull out the income you need on a monthly basis and have that portfolio you replenish that each year the question is just know how risk-averse are you what I would probably my default position would be you go interview three investment professionals you get to know them, they'd ask you a lot of questions. You get to know who they are in their track record and got have their investment philosophy and they'd understand, what you're trying to accomplish in this monthly need that you have and then they deploy a very conservative investment strategy with a focus on both capital preservation and preserving what you have an income where you know, through a series you know primarily bonds and other fixed income type investments with probably a small allocation to stocks maybe 30%. They would be able to cover your income and replenish the account every year through the dividends and the gains and if the market was down, even for an extended period of time, it would most significantly affect that 30% in stocks and we just wouldn't touch it. During that period of time until it recovered and historically it always has the benefit of that is that you know it's it's your capital is always available. The other option is you lock it up in an annuity. Now you if you're extremely risk-averse that can be a very effective way to transfer the risk from yourself to the insurance company and they give you guarantees. What's the downside well there is lots of different fees involved in that the gains will be limited.

You know you could result in more taxes. Ordinary income versus capital gains. There's no stepup in basis for the heirs. There tend to be complicated and to get to your money you could have surrender charges and penalties. But there's something to be said about the guarantee that you not to lose any principal and depending on your risk tolerance that may or may not be something that's really important to you so reflect on what I've just shared give your thoughts. Well, think it's all new to me about his clear thought but I like your 303 different investment people that can give me comfortability and that's all the money and when I have the lid on it, whether it one day or whether it's 20 years or that's that's funny that you said that my dad used to say that almost all the time, clear as mud. I love it.

Yeah I think that's right.

And I would make any decisions quickly. Especially since this is all new, but I think you know, given that it would give you a lot of flexibility over the investment strategy complete flexibility, lot of control over the tax structure and in tax loss harvesting. A lot of benefits on giving out of appreciated stocks were you could give appreciate stocks and then backfill with cash and you'd still have access to your money and you can be very conservative and you're not asking for a lot in the way of a return your given the assets that you have and what your monthly need is so I think you're really in a great spot here Alan to hire an advisor can deploy a strategy like we described, but at the end of the day you're the steward. You gotta be comfortable with that. I wouldn't rush it. And you're gonna want to take the time to understand what you're getting into. Because Lessig want to do is work a lifetime sell a business only to turn the money over to somebody and say I don't know what they're doing now you need to know that and then that's gonna take an education and an advisor who's willing to spend the time to get you up to speed on how they're compensated in other than best for you based on what God is doing in your life, not because they want to beat the market or anything like that. So head over our website moneywise live.org click find a CK and find three certified kingdom advisors near you interview the three if you have other questions, give us a call back. Then the Lord will moneywise live as a partnership between Moody radio and moneywise media that's good to do it for us to miss it. Thank you, my team, AB, Rios T, Deb Solomon agenda ahead. Jim Henry thanks for being here as well.

Hope you come back and join us tomorrow will look for you to publish


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