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Today's version of moneywise.
Life is recorded. Our phone lines are not from time to time, harassed his insurance.
Another way to phrase the question might be, should people of faith, worry about insurance.
Maybe it would help to define faith.
Rob West you will find the word insurance in the Bible, but faith appears hundreds of times, providing a clue as to what God may think about insurance will look into that.
Then we have some great calls lined up but please don't call him today because we recorded this is moneywise live at the intersection of biblical truth in your finances.
So as I said the faith appears in the Bible anywhere from 500 times depending upon your translation and in many of those verses a promises either stated or implied.
For example, Ephesians 28 reads for by grace you have been saved through faith and this is not your own doing, it is the gift of God. Romans 10 nine makes the same promise when we openly express our faith that says because if you confess with your mouth that Jesus is Lord and believe in your heart that God raised him from the dead, you will be saved and in acts 21 when the Philippian jailer asked Paul and Silas, what must I do to be saved and they said, believe in the Lord Jesus and you will be saved you and your household. So we get a clear picture of what faith is and what it does. Faith is believing that Jesus Christ is the son of God, that he died on the cross for your sins and that he is the only way to eternal salvation. The promises that having faith will save you from eternal damnation, and there could be no greater promise or gift we shouldn't attach other meanings to biblical faith or assume promises not made the Bible doesn't say we won't have hardships in this life, including financial setbacks. In fact, quite the opposite.
In John 16 Jesus says I have said these things to you that in me you may have peace in the world you will have tribulation, but take heart I have overcome the world and in Romans 1212 we find rejoice in hope, be patient in tribulation, be constant in prayer and finally in acts 1422 through many tribulations we must enter the kingdom of God. So by faith we are promised eternal salvation, not safety from troubles of this world. That's the first reason why I think the concept of insurance doesn't run counter to Scripture. The second reason is that the Bible repeatedly tells us that it's wise to take precautions.
Proverbs 27, 12, reads the prudent sees danger and hides himself, but the simple go on and suffer for it. And in Proverbs 1316 we find in everything. The prudent acts with knowledge but a fool flaunts his folly. And finally, Ecclesiastes 712 tells us for the protection of wisdom is like the protection of money and the advantage of knowledge is that wisdom preserves the life of him who has it that King Solomon is telling us that while we must accept the circumstances God lays before us wisdom, like money and can make hardship easier to endure having a plan to recover lost assets in case of a financial calamity is certainly wise and that's exactly what insurance is the third reason I think the Bible supports the idea of insurances that were told to provide for loved ones. First Timothy 58 reads, but if anyone does not provide for his relatives and especially for members of his household, he has denied the faith and is worse than an unbeliever. Proverbs 1322 tells us a good man leaves an inheritance to his children's children, but the sinner's wealth is laid up for the righteous, and in second Corinthians 1214 it reads children are not obligated to save up for their parents, but parents for their children unless you've managed to save up an enormous quantity of wealth.
How would you be able to provide for your family without insurance. Should something happen to you. Further, the Bible says were obligated to compensate others whom we've harmed the Exodus 21 and 22 are full of examples of this. While you probably don't have oxen that will trample your papers vineyard. The lesson is clear. If we love our neighbor as ourselves will make them whole. If we caused their suffering. If you caused someone serious injuries say in an auto accident, you have the resources to make them whole, to compensate them for their medical expenses and lost income.
You almost certainly need insurance to do that. Finally there is the fact that insurance is often required by law, and Christians are to obey civil authority as long as it doesn't conflict with God's law. So those are the reasons why think insurances quote biblical insured because it's practical, wise, and it helps us follow several of God's financial principles. I hope that's been an encouragement to you today and that you can take this and applied to your financial life you are listening to moneywise live with Rob West. Today's broadcast is prerecorded and that means were not taking any call but we got some calls lined up so stick around for more moneywise live this brief back to moneywise live on Rob West. This is where God's word intersection financial life is today and our team is taking some time off to this program is don't: today we too were live in the studio but we do have some great calls all lined up ready for you today. I'm sure you'll enjoy them.
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Even though the interest rates arguably will come down and we would want to ensure that it does it tends to take the pressure off and so often what's not done is the hard work to get out of the cycle that led to the data in the first place, which is living on a balanced budget well within your means monitoring the flow of money in and out having a spending plan that you stick to your very strictly and help getting past what will ultimately cause you to run up some credit card debt again in the future.
That's just been my experience over the years in counseling probably thousands of families through this is that that's the net result.
A year later they've got this other new dad to and then the credit card debt is back so I think that would be my first concern. The second is just the tendency with that lower payment lower interest rate to say, well, my best intention was to put 200 a month but you know we had some unexpected expenses over here or this came up on the side and men.
We really love to take that trip we been stuck in the house for a long time and so we kind of find other ways, and we don't rationalize that by reminding ourselves that that interest rate is a bit lower so I think for those reasons I you know encourage you to perhaps stay on the current track you're on euro and just continue to take away at these debts and get them paid off sooner rather than later, but if you were to say to me, Rob, I really dealt with all that I've demonstrated. I can live on a budget. You know we been very strict with applying this money.
We have every intention to continue to do that and I've looked at both the cost of taking this out as well as the interest rate it just makes a lot of sense. Then of course on paper that can work to your advantage as long as those other elements don't creep in here does that make sense though so I think that's really the decision you need to make him the only other option I would throw out there which is probably a bucket number three if you will, is a credit counseling or forensic Christian credit counselors.org will be delighted to at least take a look at what they could do with this. These accounts would be closed. It does in fact enter into your credit score. Although it may be noted on the report that you are in a credit counseling program but essentially they get the interest rates down. You have one fixed monthly payment through credit counseling and pay this off 80% faster, on average, so I would at least give that a look before you made your final decision. Their wonderful folks though. Pray with you though, encourage, you will analyze your situation and tell you exactly what they can do it again, it's Christian credit counselors.org and Colleen, I appreciate your call today. Hope that was helpful to you, but let's head to just well stay in the state of Florida Winterhaven Deborah, thank you for calling. How can help you if ever held in good health. The only medicine I take thyroid and conduct that and I have time to buy long-term care insurance much older or aesthetic that my understanding will take you so buy but I can't bring myself to give. I like the one premium thing so I can't can't get myself to pay the hundred and $50,000 for the insurance now when I could put $50,000 into a separate fiber account and athletic interest compounding this paper myself getting money on premium yeah how are you getting the hundred 50,000 can walk me through the mouth. I find it quite and I made 200,000 or more and in January I catch that out so I have that hundred and 50,000 available. Plus I paid the capital gains tax. At that time. Short-term, so I have the money to do it. That money actually in the stock market now making 18% on my own financial advisors and so will I take premium insurance premiums or something. I might not want told about life insurance with the rider for lawn care insurance, but you're still paying premiums for life insurance has been a pretty big fever that seemed to lose money. Well first of all I think the key here is recognizing that long-term care is expensive. Bottom line is about 7/10 people will require long-term care in their lifetime.
Now, for how long averages somewhere around 18 months to three years and you know the costs per month can be very high and that's really the benefit of the insurance given just the percentage the high percentage of people that will need it for some period of time and then the the ongoing costs of a nationally last year. The monthly median cost for in-home care was around 4500 a month community in assisted living. About the same and then the nursing home facility. No private room can run you upwards of $9000 a month.
So even though hundred 50,000 sounds like a lot, and it is clearly it's a significant amount of money you could run through that if you needed no nursing home care for an extended period of time now to your point long-term care insurance isn't cheap and so I think if you would have to find that policy that works for you in terms of the daily benefit you're looking for the inflation rider which you know that's going to continue to make these costs increase over time, which would pretty much you require that you have this hundred 50,000 invested to outpace that but through a policy like that as long as it fits in your budget, which clearly you can at the very least pay for the premiums out of the funds you're describing would give you that added peace of mind that if you had, you know, a real need in this area that was very expensive that you'd have the staying power. You know to continue with that for as long as you needed it without running through this money, but clearly coming to your point, it's something you may not use, as with insurance your most insurance we don't ever want to have a claim right but it's there to offset a risk and probably the biggest risk you have in terms of eroding your wealth in this season of life is this need for healthcare, so I think you just gotta balance those to Deborah and perhaps getting you know a life insurance usually long-term care insurance specialist who can walk you through the various types of policies. The coverages the riders, the cost and then compare that to the averages of what you might have to spend if you were seven, you know, one of the seven of 10 people that need this type of care bill for some period of time and then at the end of the day. You just gotta prayerfully make that decision as the steward of these resources and if you decide just don't rely on these funds and what they will grow to between now and when you need them.
That's certainly a viable option. The other is you to invest in an insurance policy to be there to at least take a good portion of their daily costs that it would take to fund this type of care that makes and only up to four years.
There's really not many are any pay more than four year and what I have now sure now it's good word but keep in mind, on average, you will need less than the averages 18 months to three since 04 years with the on the outside sounds like you've done your homework. I hope that helps you call this is a reminder that were not live today but we do have lots of great information coming up and the rest of the program, so please you're listening to an encore presentation moneywise live. You can find out more information about the topics we talk about when you visit our website moneywise live God for today's program is prerecorded, so keep that in mind, but we got some calls lined up and great information coming your way to help break we were talking to Deborah and discussing long-term care insurance and this is a challenging area because again, the cost for long-term care if you needed in 7/10 Americans 65 years and older will.
I can be very expensive and yet these policies are very expensive as well. Average annual premium around $2700 for a single woman up to 2000 for single man over 3000 for a couple really does require that's the annual premiums that you consider fully whether this is something that makes sense for you and can fit well within the budget and then what type of policy what company is the best one because costs can vary significantly for similar policies from company to company, then what is the right daily benefit amount and should you have inflation protection. What kind of waiting period before it kicks in. And then what's the benefit. For the length of time that it will last.
On average women need the services longer than men. Nearly 4 years, about two years for men and so this is something that I just encourage you to get with a knowledgeable expert professional that specializes in long-term care insurance before you make a decision as to whether it's right for you to consider your options. Make sure it fits well within the budget and compared the cost to the assets that you have, to see if this is a risk that you have the ability to offset with insurance so I connect with somebody in your area to explore this if you're going to do with the best age range to do it is between age 55 and 65 and I hope that helps you go back to the phones. Jeff is in Chicago, Illinois Jeff, thank you for your patience. I can help you in question looking to retire next year and they employer work for has a cash balance retirement which I can take the annuity or they would just pay me the cash they pay me out annuity and nightly in roughly $200,000 and I mean the cash would be roughly $200,000 and I owe hundred thousand dollars on my home so I was wondering if it makes sense to pay that the home office and atenolol refinance rate percent and just taking that big of a chunk out of the retirement benefit.
Does that make sense.
Talk to me Jeff about usage.
I believe your three years out from retirement. What will your income picture look like at that point, might I receive a pension from the military and I don't have all 750,000 in my 401(k) at my IRA. Also, I am in a goods or just to sell my minimum expenses would be covered but paid up the house would actually leave a little more margin in my budget very good. I like this plan a lot because you have other assets, namely the 401(k) nearly 3/4 of $1 million. You got to the military retirement.
By the way, thank you for your service are and I like the idea that you would be debt-free by the time you reach retirement even though you have a low interest rate on that being unencumbered the flexibility and freedom, not to mention the peace of mind that comes from that I think is something you really enjoy.
I think the key is, what's the timing that makes sense from a tax standpoint in terms of recognizing these withdrawals from the pension so I work with your tax preparer on that it could be Jeff you want to spread this out over the next three years and time the payoff over three tax years with your retirement date so that as you're entering retirement you got your expenses as low as possible which I know you really enjoy.
Take some of the pressure off the income that you have any investments, but not require that you pay any additional tax that is than is necessary. So I would check on that.
But apart from the tax picture.
I love this idea being completely debt-free. Given other assets that you have all the best to you in this exciting new season of life coming up. We appreciate all the folks were to pause for a brief break that much more. Investing is more than just returns. It's an expression of who you are and what you value is the way you invest your money reflect your identity as a Christian that eventide design investments for performance and a better world so you can invest with the confidence to reach your financial goals while remaining truly are Christian values and commitments.
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This is SRN news. Thanks so much for joining us today and moneywise live wisdom for your financial decisions before we head back to the phones today. Let me remind you of the importance of your financial support right here at year-end moneywise media is entirely listener supported, which means our broadcast daily are moneywise after moneywise coaches are website all the things that we do to encourage you with biblical financial wisdom is a direct result of your financial support. So if you would prayerfully consider a gift here before December 31 we'd certainly be grateful. You can add to our website moneywise live.org and click the donate button that's moneywise live.org and click donate to give online safely and securely. Or you can find our mailing address or phone number again moneywise live.org and click donate before December 31, and thanks in advance by let's head back to the phones.
Lincoln, Nebraska Trudy, thank you for your patience.
How can I help you today. I like turtle I'm on a very limited income and disable and I make 973 from government instability and 144 right now that might be a play that it validate right around $1150 and I have no new debt.
I do have all that I need to take care and my main concern is I really old IRS that around 24,000 10 years old and telemedical.3000, and that Colorado Christian University, 2000, so that that night that I have no new debt and my total expenses are roughly my I just did the math and I'm down to 280 and Mark is all he is all I really cannot or to put it in do the right thing with light guided by didn't let yes I get my main question if there is very little bit. How can I Colorado Christian alone is 21% interest in and make the interest on the IRS that I'm trying to understand how to manage it. Yes, so have you contacted them to see either party to work out any kind of offers in terms of getting interest rate down a repayment plan and what is the status of these are you current on all of these debts. I current on actually any of the other article that is a collection Colorado Christian I agent and that new debt that they that they that limit the collection, I didn't have my is unable to make payments on time and felt that it collects it. I spoke with the collection agency and if they look this is related you have to pay $100 a month in order to overcome the interest alone and so that's a large chunk of what I have and I find the IRS's concern I haven't and made an attempt to make arrangement with that let them for five years. So okay and they doing in the garnishments of your disability. No okay well obviously on the limited income you have, you know that money only goes so far and so you know what I would just say to you is that the extent to which you have the ability beyond your you know your necessary expenses to keep the roof over your head, and utilities paid and you'll keep food on the table. Any additional money you know can be used to pay these. I would prioritize the IRS first when you have the ability to do so and you can certainly negotiate a payment plan or submit what's called an offer in compromise and perhaps I would check with your church to see if there's a tax professional or CPA that that would be willing to help you as just a ministry to you and to volunteer their time somebody who understands you know how to do these types of payment plans with the IRS. That's obviously the most important because the IRS can tarnish a portion of your monthly benefits to pay for the arrears and they're not doing it to this point. That's a good thing. Obviously you don't have the funds to do it. But beyond that, I think you know just generally speaking, Trudy you want to be transparent with these collection agencies letting them know where you stand, even perhaps furnishing you know the details of the income that you have coming in and so they understand how limited the funds are you're dealing with than the end of the day. You can only do what you can do so would have to trust the Lord that he will continue to provide and and give you some wisdom here.
As you navigate this but if you were to look at perhaps trying to begin to chip away at these I would start with the IRS and I would have some representation to do that so I prayerfully consider a call to your church if you can connect with somebody to help.
The only other thing I would offer is that perhaps you checking with our email@example.com. They typically work with credit card debt and I realize this is not that but that they would have some ideas on how you can approach each of these and perhaps would be willing to help you work on the spending plan or budget are moneywise coaches would be happy to help you know cost as well just go to our website moneywise live.org and click connect with a coach, so I realize this is a big weight on your shoulders so we just can ask her moneywise live community to be praying for you and let us know as you progress through this what God does. Along the way and I'm confident of between Christian credit counselors and or coaches that we can get you some assistance and have somebody that can walk with you through this journey and we appreciate your call today, very, very much, to Chicago, Illinois. John Q for holding today. How can I help you protect my wife and I have $105,000. We wanted grandchildren $15,000 each to make deposit 529 plans and I'm curious to know if amount the IRS calendar. Your gift tax so you have a suggestion that helped us to make that investment well. One of the many benefits of saving for future education and 529 is that the contributions are considered gifts for tax purposes. So you know in 2021. You can gift up to 11, then the half million dollars without having to pay federal estate or gift tax because of the lifetime exclusion if you wanted to stay under the annual gift exclusion.
It would be $30,000 per child between you and your wife could you get 15,000 each per beneficiary without using part of the lifetime gift tax exemption or having to pay gift taxes so I think given the amount of money they were talking about and the number of grandkids that you have, you'd probably will be able to stay even under that you annual gift exclusion and then beyond that you could spread it out over a couple of years to make sure that you do. Depending on how the math works out. So I think this is a great option and obviously be a huge blessing for these kids as they then have this money to grow between now and college. The only other question would just be if the 529 is not already been set up John. I would encourage you to visit saving for college.com to run some analysis, both on what amount is needed to be. Say more. What's the best plan for you to use the state of Illinois.
529 or is it some other state based on just any tax benefit you get. Not to mention the performance of all of the states and saving for college.com every quarter ranks all of them could give you a pretty detailed analysis on which one is the best or least recommended that all make sense okay. We appreciate your call today.
All the best to you, sir. How well we covered a lot of ground today. Dad's talked about paying off the mortgage documents and college talked about same time it much more to come on moneywise live with us today are moneywise live is taking some time off today in the studio, so don't call that we received lots and lots of emails from you asking questions. We try to take as many of those as we can on the air to give you a response to what you're dealing with your financial life or my biblical perspective. The questions committed questions that moneywise.org and feel free to send your own along the way.
Let's take a couple of these today and see if we can give you some help. First one is from John, he writes, is it smart to take a home equity loan to purchase a rental and I'm assuming John you mean take a home equity loan against your primary residence, and I would just simply say no I wouldn't do that. What that's doing is mixing your business, which is what I would consider a rental property.
It's a business with your personal finances. I would love for you to move toward being debt-free including your primary residence. Over time, and by adding additional debt to that primary residence.
If something happens to the business meeting that rental property we get into a recession, you're not able to rent it out. Well now the sudden you put your home in jeopardy if you're not able to make that extra mortgage payment.
So instead, what I would do is try to say and by with only a mortgage against that rental property itself. Now, as a rule of thumb. What I would love for you to have is a mortgage of no more than 60% because that's going to allow you to have 40% in equity. Keep your debt service low, meaning that the cash flow coming from that rental property should allow you not only to cover the mortgage payment but also the taxes the insurance and to set something aside for maintenance that may mean John that you've got a delay this purchase because if you're going to have to qualify for that mortgage, you have to do that based on your income, and it may require that you save a bit longer. In order to have that 40% down payment, but I think in the end you will be glad that you have quite a bit of equity and of that rental property should work pretty well for you over time. We appreciate that email. Next one comes from Irene. She writes my husband passed away two years ago I $50,000 in life insurance. How should I invest it or should I leave it in the bank and Irene first am so sorry to hear about your husband's passing. I'm grateful though that he thought and planned ahead or the two of you did so that you had something when he was gone and it sounds like this is money that you don't need it right away you're not talking about living on it because you're thinking about investing it. That's a good thing, which means to me. You got your income covered. Here's the way I would approach this Irene. The first thing I would want to do is have at least six months expenses in the bank in a savings account. That's a reserve account that you could rely on with the unexpected. And I would make sure you set that aside and have that money available as you need it again six months at a minimum. If there was some uncertainty about your income or your budgets pretty tight. You may want to keep as much as a year. Beyond that, then I think you would be free to invested so long as your time horizon is at least five years on 5 to 10 years in terms of where you would put that you can look at a high-quality mutual fund its balance between fixed income and stocks are friends of sound mind investing.org can help you with that but I would have a mix of the two in my priority would be around having that emergency fund fully funded. We appreciate your call or excuse me appreciate your email. Next up is Roxanne Roxanne just says simply.
I want to go on a budget. I need some a push and some encouragement. I have a smart phone.
I've listened for a long time. Where do I start and I promise I didn't see this question Roxanne tell you the place I would go is the moneywise app you mention your smart phone you mentioned you want to be on a budget that we put together what I believe is the best digital envelope system out there and you can download it wherever you get your apps just had to your app store and search for moneywise biblical finance. You can download today.
Get your budget set up connect to your accounts and you will be well on your way to having your budget in place.
All right, let's head back to the phones and see how we can help some folks to Florida.
Ryan is been very patiently waiting Ryan, how can I assist you. I think you might call I not real sure where to start out try to make this super concise, so my wife and I are in a lot of that, some of which we did most of what we did on our old another portion. I did not inherit on on purpose or on my own so when we sold our home. We moved from Indiana to Florida in 2017 on the couch ever bought out they were sold did everything that I was supposed to do with that budgets or what the net proceeds of the housework are moved about a month and 1/2 after I moved got a call from the title company that told me that they overpaid overpaid outside $12,000 because did not state they neglected to take out the firm when we bought the house, which was a HUD home and then basically what it boils down to is at the end of the day for their mistake, to which again I budgeted everything perfectly. They ended up not only suing me for $12,000 that they overpaid me, but they got triple damages, saying, stating that I withheld information really did not sell anyway I digress yet so it basically. So now I have a $41,000 on top our student loan of 79 55,000 my life and you know were not even homeowners are all all to come down here for a year and that you don't buy a house so an hour trying to rent at the no higher price is obviously ultralight and I are college-educated working, but the main thing is I got the first portion is that you know how to get out and then my my other half.
That is basically for the last four years. What I've had to do is make sure that I earn the most income so that they don't garnish my wages but it's like I don't want to have to do that for the rest of my life. And so, biblically speaking, I don't know what the right answer is. I want to pay somebody $41,000 for something that I didn't do as well as what works whereat but we carry that burden every day. It's very, very old, so I just wanted to know your thoughts. Yeah.
Well first of all, I'm so sorry to hear about all that you been through I know this is something that's can weigh heavily and it's a bit frustrating. You know when you go into something with the best of intentions, well thought out well planned in your case trying to honor the Lord with each of these decisions and buying the house that you can afford and you're just starting out, trying to while you're paying off student loans, then you have this thing come out of left field with this 12,000 that's no more than tripled bill. I realize that can be something that is just confusing and difficult the process and yet we need to find a path forward where you can honor the Lord in your obligations and we can provide for your family at the same time. Is this issue with the 12,000 that's now 41 is not resolved in the house that was it resolved by a court or how how did that come down. No, not resolved by a court date they got their judgment, but what they did was they assigned it to an attorney here in Florida and I had to hire an attorney who said that she wishes that she now I had talked to her before anxious could help me out but I digress they basically all they're doing is consistently checking on my finances to make sure that I have had some major windfall and so I have to like every six months. Now I have to get your process of filling out all the paperwork and paying an attorney to make sure that I like is that they're not not come garnish my wages because technically fight Esteban Florida as long as I make over 51% of the income okay but that also hold back my life, which is very discouraging because she's a nurse, and she's trying to get her RNs but she's afraid that if she make more money than make them work. This is try to work off of the 12,000 that you originally own and work on a payment plan that everybody would agree to is is there the option to negotiate at this point are they close that door. I'm not certain.
Honestly, I know when I first offered back to them, they balked and said no but you know there's I suppose the possibility of maybe renegotiating that and that's something that I need to ask God to help me on my pride or because you might my anger towards the situations that lie don't leave anything out and do anything to make my life miserable. But then God says that's not how it speaks up and they did overpay you so you got the money is not your yes right so I know you get back so I think the key is immune. Obviously, the student loans are what they are. The author federal loans as can be income-based repayment options that will allow you to manage that even though that that's high and forget the politics of it.
A portion of that are all that may even be forgiven at some point, a space that was being bantered around in Washington. I think we need to really focus in on the 41,000 and start by making it a matter of prayer asking the Lord to intervene I can stay Orion you know you've saw to honor him this entire way. I just want you to be honest and just say Lord I want to trust you with this. I'm to submit this to you all follow whatever lead you have but I'm just can ask you to intervene miraculously is often hearts, where needed.
I would talk to your attorney about re-approaching them about starting up payments to the extent you have the ability to do so offer that 12,000 and see if you can get to somebody who would be willing to perhaps consider this again and I think if you could start making some progress where you're not filing every year and looking at all the is making the most money you guys would be free to follow the leading of the Lord and do whatever he has for you based on this new negotiated payment plan. He would feel a whole lot better. So once you start there. I will be praying for you and I want to encourage you to check that when fortune got bless you my friend moneywise.
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