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New Year, Less Debt

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
January 3, 2022 5:07 pm

New Year, Less Debt

MoneyWise / Rob West and Steve Moore

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January 3, 2022 5:07 pm

It’s New Year’s Eve and you know what that means—you only have a few hours left to decide on your 2022 resolutions…and it’s easy to come up with a list of things you’re determined to do. Sticking to those resolutions is the hard part. On today's MoneyWise Live, Rob West will share one financial resolution that you’ll never regret keeping. Then he’ll answer some calls and questions on various financial topics. 

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Rob West and Steve Moore
Rob West and Steve Moore
The Todd Starnes Show
Todd Starnes
Rob West and Steve Moore
The Todd Starnes Show
Todd Starnes
Rob West and Steve Moore

Today's version moneywise line to our phone lines or not. It's New Year's Eve and you know what that means you only have a few hours left to decide on your 2022. Resolution Rob West. Anybody can make New Year's resolutions keeping them that's the hard part but I got one for you that you will never regret keeping all share that with you then will have some great calls lined up but since were not alive today. Please hold your calls until next time.

This is moneywise live biblical wisdom, your financial decision sold out. Now a lot of how many pounds they want to lose in the next year. That's a worthy endeavor, but why not add something else to your list of resolutions. In addition to reducing your waistline and how about reducing your debt will get into that in a bit. But did you know that making New Year's resolutions is actually a strong Christian tradition. Many cultures make them but Christian New Year's resolutions are grounded in a centuries old tradition called watch night.

These were services held at the end of the year by some Christian denominations and inspired believers to reflect on the past year and resolve to do better in the one ahead and there's something of a psychological boost to making them at the start of the year.

Studies show you're more likely to keep your resolutions if you make them at New Year's. It's like drawing a mental line in the sand out with the old, in with the new and making a fresh start.

About 30% of Americans make resolutions each year, but by March, only about 30% of them are still following them strictly and in the long run. Only 10% of folks making resolutions keep them permanently. Researchers have tried to improve those odds, and they've come up with the acrostic smart to use when deciding on what resolutions you will tackle the SCM AR and TV stand for specific, measurable, attainable, realistic and timely. So keep those in mind as you work out the specifics of resolving to reduce your debt in the new year and I'd like to start with a word of encouragement for many people the thought of getting out of debt is overwhelming, so they don't try to give up too easily, but you don't have to do it all at once. The important thing is to set a realistic goal and get started and to be clear, were only talking about consumer debt, like credit cards and maybe auto loans, not your mortgage.

Now if you can't see yourself getting out of consumer data in the next 12 months. Think about making some amount of progress. Instead, the first thing you need to do is write down all of your debts and their amounts so pull out all your credit card statements, auto loans and outstanding bills then total it up that's never a fun thing to do, but it's essential that when you totaled up your dad.

Make a plan to pay off some part of it. Start by figuring out where you can trim spending from your budget to create margin.

That's the money left over after all necessary spending. Of course, if you're not on a budget, you'll need to draw one up if you need help with that sign up with one of our volunteer coaches that moneywise you can also download the moneywise app wherever you get your apps. It's based on the tried-and-true envelope system and it makes setting up a budget a snap. So after you've done that.

Now you know how much money you have to attack your debt each month while still paying the minimum due on each dad take that surplus money and put it toward the smallest debt each month.

This is called the snowball method when the smallest debts paid off take the surplus and you'll have a bit more of it now and apply it to the next smallest debt when that's paid off. Repeat the process as you keep going, you begin to pay off debt faster and faster like a snowball getting bigger and gathering speed as it goes downhill as each debt is paid off, you have more and more money to applied to the remaining debt now to be successful. You also have to resolve to not take on any new debt. Otherwise, it will wipe out your progress so don't use your credit cards. If you have to cut them in half and one last thing, remember the smart acronym specific, measurable, attainable, realistic and timely. Well, choose an amount that you can reasonably expect to pay off in the next 12 months. That may not be all of your consumer debt. Maybe it's only $1000, or two or three that you don't want it too easy, but at the same time, it has to be a goal. You can reach that said, do those things and you're far more likely to be in the 10% who keep their New Year's resolutions.

Long-term, I'm Rob West and you're listening to moneywise live biblical wisdom for your financial decisions: let me be the first to wish you a happy it's great to have you with us on moneywise live today but unfortunately today were not live or prerecorded and therefore won't be taking your calls. However, we've lined up some calls in advance that we think you'll find helpful. So stay tuned and enjoy the rest of the program to moneywise live a place to host team is off today were taking time away from the studio's request advance.

Let's head right back to the phones, Bushnell, Florida hi Augustine I can help you know little bit of a different situation.

I normally care on your account. I laid home and with my folks, I had time to help with raising my sister's kids kind of the thing that keeps me from having greater income and not the part that is an issue for me.

I had back that is the Lord putting on my heart that I need to work on trying to clear up and becoming a more more parent thing. The more more I think about it and constantly licking the show now it's like everything is aligning. I need to do something so I called and I need to direct tell me what it is highly restless right now.

Okay so I have a little bit under it just under 30,000 in debt biggest bulk of that is student loans and I only make about $400 a month. Sometimes it might be a little bit more, but there's no guarantee on and I've read I've done out my budget and my budget didn't pack my end, and not being here at home. It help that a great deal. I don't. I'm not having to pay rent and such diet down. That only leaves me with probably about $200 could be doing anything with okay so you got about 400 a month coming in an income usage of about 30,000, and how much of that is student loans 2728 okay were you currently paying on those that are not paying on the moment and haven't been able to have it unfortunately have to be honest it is by choice and that's why I'm trying to the Lord is telling you doing wrong. You need to straighten this out and I'm trying to be very disappointed. Hanan at the learning process. Tell by me. I want to do what I'm commanded to do.

Sure shirts.

These are federal loans is that right okay and if you were to contact them in the income-based repayment options that are available through the federal loan program would allow you to pay something that would be very small but at least you would, and you would think feel better that your even if you're really not making much progress at least your honoring your commitment and if you get to a place where you get out you know when you can earn some more money then obviously you have the ability to pay more in overtime but right now, obviously with very limited income.

I realize your expenses are low, but we were talking only $200 a month. You have even to work with God is not a whole lot there. So I think you know the next step for you is, perhaps, to reach out to them and say listen, here's what I've got and I want to get started, but I don't have a whole lot and the other will ask you to document the income that you do have and then hopefully work out a repayment plan that allows you to begin sending and on-time monthly payment based on what you have available and at least that'll get you going in the right direction and then if the Lord provides more income you're able to move out from under this and work full time.

You then that's a whole different scenario. The good news is you will have learned to live modestly so you can carry those principles over and as you have increases in pay and more margin available and that'll give you ample opportunity to make some meaningful progress toward these debts in the future, but I think right now we just don't have the resources so you know if you're wanting to get started. I think you could certainly begin making payments out of what you have available, even if it's not going to make a whole lot of progress each month, lying on the Lord to bring an extra one who brought in the 400 begin with so it's all in hand.

That's right, that's right. Well, we certainly don't want you to be in default. So if we can get you back on and on time payment status based on the resources you have. I think that's the key. So I would go ahead and contact your student loan service provider and let them help you through this process of determining an income driven repayment plan and I think you know if you have the ability to do that and don't be willing to work with you. That will give you the peace of mind that you're looking for. We appreciate your call today. Augustine very very much to Rochester Bob how can help user all 58 years old and 65 and my father all is going get me $20,000 on my mortgage so the ticket down $45. I currently pay 5% interest on that loan. My question is should I refinance that lower rate are shared ideas pay extra on the mortgage.

I had off quicker that way. Yeah well you certainly think the question is you planning to stay in this home even beyond you paying this off.

Is that right okay now you can have trouble getting a mortgage below 50,000, maybe even 60 so you may need to. If you're going to refinance, you probably want to do it at the 65,000 and then just prepay it right away with this extra 20 but if if you have a good credit score and you could get that down you know around 3% on the 10 year mortgage.

The key would be you'd want to determine what the monthly payment is you want to send to at the very minimum match. The remaining term of seven years and then the combination of the lower interest rate and the accelerated payoff based on a seven year payback.

I think you will be the key, and then it's just a function of how much interest are you going to save over those seven years with the lower interest rate versus the cost of the refi which you know at 65,000 in a could run you 2 to 4%. The summer between 1500 and $3000. I would guess that you would be paying and then it's just the math equation based on the amortization schedule to determine am I gonna save at least that much in interest over these next seven years and if you are it might be worth, the hassle of going through. If you're not clearly that it be better just to stay with your current mortgage, so I probably look into it and if you can save a few thousand dollars over the life of these next seven years and it's worth it. You know for several hours of your time to get this refinance to go through the closing process. But if you are get a look at it I probably look at doing it on the current balance at no more than 10 years with a plan to prepay it. Keep your same monthly payment and then not do the math to determine that you can in fact recoup the closing costs and then save on top of that, through the lower interest rate is all that makes sense. Mortgage and hundred dollars a month on a paid on the key is mean, I like that plan. The key is just can you accelerate that even further, save more by reducing the interest rate is a part of this process before you. Now that would be worth looking into the very least if you just did nothing more. You're on the right track to be called all the best, this is moneywise. My goal is your financial decision. Back to moneywise my letter that he along with us today. Our team is away from his studio today. So don't call in questions and an email that will take here in just a moment that I know you will be encouraged by back to the phones. Mary is in Indiana and Mary. How can we know children learning search family members there. I don't want my home. I don't want to go into probate about doing that living. Yes, you absolutely could use a living trust now will will will accomplish that as well mean the probate court will be involved but when there's a will, the probate court is just facilitating the transfer of your assets based on your wishes that have been expressed through a valid will last will and testament, so that would be the simplest way. But if you're trying to avoid the probate process altogether, then you would have to use either of what's called a transfer on death which is a legal instrument that basically just says how the title is to be transferred outside of probate. As a result of your death that would be a legal instrument you could put in place or a living trust which would allow you to read title the home in the name of the trust and then based on certain triggering events.

You being incapacitated your death.

The home then would be liquidated or however you decided you wanted it handled and the trustee of the person named to carry out the trust documents and the intent would then distribute the assets according to the trust documents so you could take either approach. I think the question is just whether you are when you say you want to avoid probate.

Are you saying you want to avoid the probate court making the decisions or you saying you want to avoid probate altogether, even if there's a will that governs their decisions well really like cowboy any meaning carried on the on the on the property are bagging the property had no with children you had to weigh one Cal would end up paying a percentage of the honey were involved, I get that you know that I don't want going to pack well that the there shouldn't be an issue with taxes based on the current tax laws because you know, keep in mind that there's any taxes due. As can be paid by your state, but right now that doesn't kick in until 11.7 million. So the errors don't pay the taxes.

There's not an inheritance tax that exists. So in the fact that this would be transferred as a part of your will whoever's receiving this asset. If it's a family member they would get a stepped-up basis, meaning the value of the property at the date of death would become the new basis for the property, which means that if it was immediately sold, there would be no tax due.

Assuming that it sold for the same amount as the basis that is reset it at the date of death that they do that quickly. Those numbers are essentially to be equal. There's no capital gains because the basis is equal to the selling price, so I don't think you have to worry about that. The key is just how do you want this carried out and how do you do that as efficiently and effectively as possible.

It could be done through simple will or if you want to avoid the probate court altogether. You could use a TOD or you could use a living trust.

So I'm going to encourage Mary to visit with a godly estate planning attorney there in Indiana so that you can talk through all of this with and make sure that you've put other things in place as well. Like a healthcare surrogate somebody can act on your behalf know for health-related decisions. If you're unable to make those decisions. A living will, related to end-of-life decisions even durable power of attorney somebody to act on your behalf in terms of your financial affairs of your incapacitated.

These would be the things you want to do at the same time you're dealing with wealth transfer and asset transfer through wills and potentially living trust. So perhaps you call your church aspirin or referral to an estate attorney or you could contact a certified kingdom advisor there in Indiana and asked for a referral as well and I think that'll get you pointed in the right direction. We appreciate your call today. Thanks for listening to the program. Let's quickly take an email and this the first email, just says as a Christian should I be buying gold and silver to prepare for the upcoming hyperinflation and that comes from Keith and Keith. I appreciate that email, you know number one.

Yes, inflation is on the rise. Could we have a debt crisis or hyperinflation down the road.

Well, nothings out of the realm of possibility, but I will say the people that I trust that are looking at all the data and have God's heart to meaning. They understand biblical wisdom they've read Revelation know the end of the story. The people that I trust are not seeing signs of of hyperinflation on the horizon. Could that change sure, but that's not on the radar at this point should you be buying gold and silver. I don't think there's anything wrong with having a proper allocation to gold and silver but this year that would be 5 to 10% that I would be looking at soap 5 to 10% would be a normal allocation. I wouldn't overweight in that for any reason, so I hope that helps, Keith.

We appreciate you sending that email to Well folks before we had to this break. Let me remind you that this is a great opportunity for you to consider supporting the work of moneywise media. It's the last day of the year which means this is the deadline to get your gift in a way that's going to contribute to our planning for next year. And so if you would consider prayerfully a gift to moneywise media that we are entirely listener supported, and that would go a long way toward helping us accomplish our ministry objectives in 2022. It's quick and easy to deal you can head to our website moneywise. and click the donate button to put a check in the mail today that will be credited toward 20, 21 that would help us. You'll find the address there or you can call and talk to someone as well. The phone number is there that you find on the website again. Your support will go a long way toward helping us accomplish what were doing next year and thinks this is moneywise sitting in the moneywise live about Western hoses, biblical wisdom, and our team is away from the studio today, taking some time off, so don't call in question fully get to those. Let me remind you moneywise is entirely listener support you count yourself among the moneywise community. We'd invite you to prayerfully consider supporting this ministry so we can make plans for all of the ministry activities were doing next year if you'll make a tax-deductible gift before 1231, we'd certainly be grateful you can do that quickly and easily online moneywise just click the donate button and thanks in advance, but said back to the phones.

Florida is where Terry is located in Terry, how can help you much for taking my question. John and I have kind of multilevel situation.

I am separated from my husband not metaphorically get separated and I thought I how to hear and I have about 80,000 in 401(k) and I'm wondering because stock market political volatility at little concerned about protecting that money laundering and taking me behalf it out.

Putting it in paint something something more like a Roth IRA or taking half of that money and putting it toward principal and Terry have you separated from the employer that that 401(k) is associated with the restore working for them. I'm still working okay yeah so you're probably not going to be able to take that money out unless your employer offers that provision, whether you roll it to an IRA in a nontaxable event or you just take a withdrawal you typically are not able to do that until you separate from the company you inquired about that now.

I want even aware that at one payment in 9 1/2 I could do what I wanted. Yeah, you could take a withdrawal on it but you typically not going to be able to just roll it out to an IRA unless they allow for that provision, but I think at this point. The other question is first of all with the money that's in there. What is the right investment strategy that's your aligns well with your goals and objectives and then secondly would be. Is there any portion of it that you want to take out for another purpose. I'd love for you to not take the money out just because that's going to create a taxable event. Even though you're not going to have the 10% penalty because you're over 59 1/2, you still are going to add whatever you take out your taxable income and then in addition to that that money is no longer there to be growing so that you can access it down the road and that you know convert that into an income stream to supplement other retirement sources you mentioned just the political environment and the economy and you know I would agree we have our challenges, there's gonna be some headwinds but it was still a very strong economy of strong consumer were 12 years and with no market were probably going to see it rollover at some point here. It always does, from a cycle standpoint and so yeah we could hit a recession that we can have a full-blown debt crisis.

Probably not a mean I think you know were going to make the hard decisions in my opinion when we need to make them but clearly we need to make some changes down the road that will have most significant effect for our kids and grandkids, but the bottom line is you know we start the strongest economy in the world and in terms of where else you're going to put this money to make it grow such that you can offset you know the what's eroding through inflation in terms of your purchasing power.

I think the stock and bond market is still the very best place to be to be able to grow this money as opposed to pulling it out and just having it parked on the sideline or something like that because in my mind there's not a risk about financial collapse or anything like that.

It would just be more of a recession that we could hit it a let's say 18 months or couple years down the road so I think for that. From that standpoint and recognizing that if you're in good health of the Lord Terry's you know even once you retire you still have a decades long need for this money and you know, investing it, you know, in a properly diversified portfolio is the very best way for it to outpace inflation to get some growth so you can take an income off of that and not impact the principal so from my standpoint it in all things being equal, I believe that there look at adjusting the investment allocation to match your risk tolerance agent objectives inside the 401(k) because you have multiple investment options inside the 401(k) you be as conservative as you want and then you know with any debt elimination you want to do. Just try to limit lifestyle and find that on the current cash flow. But what thoughts do you have it actually very sound and probably the best way to go. I think my major concern is having taken out a mortgage at this late date and you know my number of working years being somewhat limited and wanting to protect know how my name yes and I think the key is right now.

As long as you can afford to pay that mortgage did you take a 20 or 30 year mortgage. What is charity okay and so I think the key would just be me recognized. That's not to get paid off on the current trajectory, but at the point when you retire if it's you know more than you can afford through Social Security and whatever income you have off of your retirement accounts.

Then you could downsize see how you could sell it and hopefully take a profit at that point and you could rent you could buy something smaller you get a townhome or something like that. That's more manageable. So I think mean you clearly have options. The key is, let's keep your lifestyle at a minimum. Let's keep investing for and saving for the future. Let's as you're able try to pay down the mortgage but just recognize that at some point, you know, the budgets can have to balance in retirement when your expenses hopefully are lower and you know will make the necessary adjustments. At that point for your housing because that's obviously your largest expense. So I think that's the track I would go on as opposed to pulling a big lump sum out of the 401(k) right now, which is been not to be available down the road and you have to pay the tax on it as well. I think you could also benefit from a financial advisor who do a financial plan for you to project some of these things out so that you know that you've got to know a plan that you're working toward, and I think that would give you some peace of mind. You could find a financial planner on our website moneywise and thank you for your call today. Gabriel is in Niles, Illinois W MBI to Gabriel.

Just a few seconds left. I can help you a lot just like to thank you Michael, I just a lot you wanted time to pay the credit card and how much should I lack and got great custom-built. Yeah, how much balance should you keep on the credit cards and address yes I click yeah I would try to pay them off every month.

I wouldn't worry about your credit score. Here's the bottom line as long as you're paying them off every month. Don't worry about when you pay them as long as you're keeping those balances. Even with what you charge every month before it's paid off under 30% of the limit. That's not going to affect your credit score and as always you're using it for budgeted items and paying it off at the end of their every month. That's ideal. I wouldn't have any of interest for the sake of trying to build credit and you don't need to possess.

Not the way the algorithms work so I just pay it based on the statement date paid off in full and only use it although I will talk off year and this is moneywise thanks for joining us on moneywise live around last.

This is biblical wisdom for your financial decision is our team is off today were enjoy some time away from the student. Those who don't call in great questions lined up in advance were to go to those in just a moment you know is a steward of God's money that you have an incredible opportunity to be found faithful in using his resources as a tool to accomplish his purposes well together each day. On this program we want to try to extract God's wisdom from the Bible and apply those principles to the decisions we are making today. Let's do that together will head back to the phones. Glenview, Illinois hi Karen, thank you for calling for your patience and hope for taking my call for single had a brain tumor. When I was 50. It was unexpected and I worked for an additional five years but then I was no longer able to continue. I was a grant writer at work so I was able to get on disability at age 55 and I presently own my own condo. I have no debt worked only for nonprofits, so my only savings is what I've managed to say, so I have a checking account with 30,000 Nanette I have an investment of 620,000 and and I were 257,000 and then a part-time job for a church that I do I get 400 take-home pay every month and my question is, I've lived in this condo for 23 years.

It was always my intention to find larger place and so I did find a larger place. Three. Currently in its instead of what my condo, set 100,000 which is now valued at 171 I'm interested in 300,000 and I'm calling to find out if you could give me some advice for my income situation if it's wise to purchase something and my age that is more expensive than where I'm living, being that I'm no longer working full-time. Yes, it makes complete sense will thank you for that. Really hopeful description of where you're at. It sounds like on disability for the last 10 years almost. You've done incredibly well working for nonprofits. You obviously limited your lifestyle and it's amazing what you have in your checking what you put away in your investments and the fact that you're completely debt-free including your condo.

That's just remarkable Karen what you been able to do in applying biblical principles here moving forward. Let me ask you what is your monthly expenses each month. What was the total of what you spent hundred okay zero is been in $1700 a month and you're bringing in $400 a month so you know you really need 1300 and are you pulling that from your investments each month. No, I'm not catching my investment I living so security and part-time job that I have icy stream where I'm at now.

Yeah, okay, it just wanted something a little larger and a little nicer and wondering if I've lost an opportunity. I don't think so incredibly well even if you were to take 130,000 out of your investments.

Your roughly 900,000 that you saved up your down to 750,000 but you going to need that money right now. You may down the road, but you certainly don't need it now.

And you know even at that lower amount of 750,000 which is a lot of money. Your 3 1/2%, which is what I would say you could very easily take per year, with the right conservative investment strategy and you know never deplete the principal you should be able to make that up through the investments that would give you another 26,000 a year just in income if you wanted or needed, but you don't have to take that right now because you got your bills covered because your living so modestly and you know if you were to take the additional money to buy the little bit larger place. You may have. Perhaps a few increases in expenses of the property taxes maybe a little bit higher. The utilities may be a little bit higher.

I suspect you could absorb that pretty easily. And remember, you're buying an asset that's going to continue to appreciate, so you know from everything I'm hearing Karen I'm say first great job. You really are managing God's money wisely and number two I don't see any problem whatsoever with you taking some of these investments, putting them into real estate. Remember you're just transferring the asset from investment stock investments or bond investments over the real estate I don't see any problem with you doing that, given your financial position. Thank you. I know I'm sure if I'm doing something that they should no longer been thinking about because in my situation I'm in good health but still in all I can earn what I used to earn not at all you are, you would essentially be moving from the one asset class to another. You'd be able to enjoy that which is part of the reason got a trust to us.

We see in first Timothy to enjoy what he's given us. Sounds like you're living very modestly and simply with contentment and so I think you're doing everything right and I would actually encourage you to go ahead with this plan because it sounds like it's something you're excited about, and there is no reason to do anything else. Alyssa and you do that with confidence you enjoy it.

Wessler to give you some wisdom as you make that selection for your new place and we appreciate your call today.

God bless you Karen to Columbus, Ohio hi Cheryl, how can help you in whole life and I'm 53 years old and I think for a while and turning it over and getting current at 20 year time would put me at maybe I think 83 years old.

You might find that the heat got to get think it is well first Cheryl. The question is how much life insurance do you need, if any, and for how long, if something were to happen to you with that place a hardship on somebody else. A loved one or a dependent because you are no longer able to earn an income now and I might have a daughter and four grandchildren will be an burden on anyone. It would matter at well just assisted and what is the purpose of the insurance is to be able to provide an inheritance to make sure my daughter and I grant being after I can okay well I guess the only question I would ask is you know is you think about stewardship of what you have this policy that you would have if you're to try to keep it for the rest of your life so that no matter what age Lord calls you home, whether that's next month or 30 years from now.

It's good to get more expensive as you age and the question is just, is that the best use of those funds to buy that insurance policy or would it be better know just to cancel these policies altogether and take that money and just start systematically investing it so that if you needed it at any point you could access those funds for yourself. But if you don't then you could give that to them as opposed to trying to pay for a policy. This can become increasingly expensive over time to set make sense.

You really don't you know unless you have a lifelong dependent somebody that's counting on you and your income to be replaced. If you die or who's going to incur additional expense after your death then really there's no purpose for it unless you're just using it to generate funds to leave as an inheritance. But again, if you're going to keep a policy that's going to last until let's say your hundred years old if that's along the Lord has in mind for you. It's good to get pretty costly and at some point you're probably going to just drop it because it's cost prohibitive. And then what you have to show for it. So I just think you need to really think about why do I have this insurance life insurance in the first place and should I be using this money. Another way to know either forgiving or for you know covering your own bills or for saving for the future, which is then an asset that would be available to give to the kids and grandkids when you pass away, so I just think you need to think through that we don't a lot of people get into this mode of what I just need to have life insurance or my whole life know it really is to serve a purpose and without purpose comes to an end. It's an expense we can get rid of so you think about that. Pray through it.

If you have other questions on the way. Give us a call quickly to Pleasant Plains, Arkansas Jerry, just a couple of minutes left HER church and 81 years old and I have a house got a lot of equity in.

I wonder if they'd be better all and you know not have that deal because I probably will retire not from preaching, but from our schoolwork.

Not sometime in the future that do right now. What is the home worth you think Jerry 175 to 200,000 will you will will 38,000 and where would you pull those funds from if you forget to pay it off for 3B get takeout, but if I did it would drop it pretty low and you can cover the mortgage payment every month of your income. Well I can. As always, I'm still pastoring but not sure. Yeah okay well I think this needs to be done in the context of a plan to make sure we look at the implications of both and how long you want to plan to continue to work a lot of this is to be a function of what income sources you have in retirement and holding the preached still alive will talk more off the air to do it for us today. Moneywise, lives a partnership between money wise media as we finished 2021. Happy new year and by the way, if you'd like to visit our website and make a gift in these few hours that were made this year.

Moneywise, just click the donate button would go a long way toward helping us lead say thank you to my team today. Amy dad Jim and Eric happy new year and will see you next

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