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The Scoop on Career Assessments

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
May 5, 2022 5:00 pm

The Scoop on Career Assessments

MoneyWise / Rob West and Steve Moore

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May 5, 2022 5:00 pm

Finding the right work makes life a lot easier. As the saying goes, “find a job you love and you’ll never work a day in your life.” But how do you find that job? On today's MoneyWise Live, host Rob West will talk about how career assessments can help you decide which field of work is right for you. Then he’ll answer some calls financial calls from a biblical perspective. 

See omnystudio.com/listener for privacy information.

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Moneywise my phone lines are not here about the guy finally got his dream job as a historian and then sadly realize there was no future in time, Rob West, all kidding aside, finding the right work makes life a lot easier. As the saying goes, find a job you love and you'll never work a day in your life.

But how do you find that job will talk about that today 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 list for your financial I suppose finding out what you love and what you're good at Romans 12. Six teaches that God is given each of us skills that enable us to do good works.

It reads having gifts that differ according to the grace given to us, let us use them. There are at least two times in life when finding the right job or career is especially important when you're dissatisfied with your present work and when you're deciding on what education to pursue as we talked about before, many times choosing the wrong college major can be a very expensive mistake.

So why not discover what you're passionate about going in. You can do that by taking a career assessment test. The woods are full of them online and in print. For example, the Strong interest inventory by Myers-Briggs. The career aptitude test by 123 test.com that one's actually free. Of course, there's Crown financial ministries career direct which is one of the few that are biblically based and designed to show your God-given skills and interests will put links to those tests. In today's show notes.

Now I say tests but these assessments really aren't tests where you're given a grade like a B or C.

Think of them more as multiple-choice exercises with no wrong answers. You don't have to study for a career assessment but answering each question as honestly as possible is extremely important to base your answers on how you feel now, not what you like to be in the future, the results you get will only be as good as the information you put in you also have to keep in mind that at best a career assessment will only make broad suggestions for what field or fields you might pursue. For example, it might say that you're well suited for something in the medical field. It won't say that you should become a cardiologist and for that matter even a doctor, and any results in assessment gives you are only a starting point for your career discovery process you will need to do further exploration to confirm those results and narrow down the possibilities. In other words, a career assessment will get you to the right side of town. Maybe even the right neighborhood, but you'll have to go up and down the street yourself.

You should also take the results seriously.

Even if you think they're off base. The whole point is to reveal things about yourself that you may not be aware of. For example, an assessment suggests a career in engineering and you're tempted to ignore it, but then you realize that you always did well in your high school math classes so you need to explore any suggestions. The assessment comes up with. It's also helpful to think broadly about your results and not focus too strongly on a particular field.

Let's say the assessment reveals that you're a good listener, you care about others and always want to help others with their problems. Does that make you a candidate for a career in psychotherapy, possibly, but it could also mean that you do well in ministry, perhaps even as a pastor. So think broadly about all the possibilities. You also need to take these tests with a grain of salt. There are dozens of assessments available and some are definitely better than others. Read reviews and testimonies of people who actually been helped by a given assessment. You can be a little skeptical, especially if you'll be paying $100-$500 for an assessment. Of course there are free assessments but then again, sometimes you get what you pay for. So let your career exploration begin by checking out the assessments themselves.

It's also helpful to take more than one assessment. That's a great way to corroborate any results that you might get if you take two assessments and the results are wildly different.

Well, taking 1/3 might be in order. Now, having said that, you also don't want to get bogged down, taking assessment after assessment, you might find that that's all you're doing and not getting around. The other important steps in your career. You should also be talking to people actually winning the job or jobs you are considering. Find out what's involved being good at something is essential for life well suited for a particular career doesn't guarantee. And don't forget you have direct access to the greatest career counselor God as you go about your search. Pray for wisdom and guidance. James 15 teaches, if any of you lacks wisdom, let him ask God gives generously to all without approach are coming up with some great questions lined up and hold your calls. This is money wise on dealing with this today and moneywise live here team is taking some time off. We're not in the studio.

This is prerecorded, so don't call but we got some great questions lined up so it said right back to the phones in Merrillville, Indiana is Lola Lola.

Thank you for your patience. I can help you might call pickup program. Thank you Mike If you can double-click I said jokingly to walk you dependent on track to build on the don't have any clue as to what to put together that in the last night that contract.

Things that concerned me.

Don't have any. I would appreciate thank you kind of give us some advice of what to do.

You know to it on that kind of no job very good.

Well, I'm delighted to hear that she's got this job. I'm sure she's grateful that she doesn't you're right to ask how to approach this, because as an independent contractor Lola.

There are few things she needs to be aware of the most important thing is that she should probably be setting aside about 30% of her salary into a separate savings account for taxes specifically so as an independent contractor. Her employer. Even though she's not an employee but the person who pays her bills or pays her won't withhold taxes for her so she'll need to file and pay what are called quarterly estimated taxes to the IRS on that which the form 1040 ES 1040 ES and it may behoove her to get a CPA or account if she's typically done her own taxes or she's not had to in the past, at least for this first year just to get everything set up and make sure she's filing appropriately, but she doesn't want to wait and just pay the taxes when she files or return the irises can expect an estimated tax payment every quarter and she automatically has that 30% just moved over every time she gets paid to the savings account money will be available when she makes her taxes and she may.

That may be more than she needs to put aside, you'll learn that in the first year she may get a refund and perhaps you could back that down a little bit in your to just beyond that amendment good, wise, money management would say she should save up an emergency fund of at least three months expenses once she's done that. I would encourage her at this young age to open a Roth or OTA to Roth IRA and start putting in the maximum annual contribution of 6000 a year since she doesn't have a retirement plan available to you her if she does that Roth every year and fully funds it for you as young as she is. She's can have a whole bunch of money saved up.

That will be tax-free in retirement and she could open that with one of the Robo advisors betterment to the Schwab intelligent portfolio something like that. And then, of course, and this shouldn't be the last thing you should ask to be the first thing even though I mentioned it last. I would encourage her to be generous to her church and start to learn what it means to give systematically to give. At a minimum the time I've 10th of what she earns or increase to the Lord as a better recognition, and a grateful heart for his provision and to recognize his authority and ultimately it's an act of worship and she she can give cheerfully, but if she does those things that shall put herself in a position not only to honor the Lord and to have the money to pay her taxes but to really have a strong financial foundation under her for her future does only make sense yes 1040 EZ is an Edward S as in San 1040 yes okay that's right yeah and that will be the estimated payments. The estimated tax one fourth of what she expects to be able to need to pay annually toward her taxes and then when she files she'll just list the amount she's Artie paid in as the quarterly estimated payments and that a no go against the total amount that she owes for the year that you get to walk. I would just to make sure that everything's been being done properly and that you know her taxes are filed and you know as an independent contractor. She's can have a bit more ability to deduct certain expenses that may be related to her work and that no advice could come from the CPA to make sure that every available opportunity to deduct anything is fully maximized to the full extent of the law. So Lola you tell her work cited for her and thank you for calling into the program. Today we appreciated.

Let's head for Maryville, Indiana to Georgia and welcome John, good afternoon. I got five more years. I hear more years here How's that probably got more money. I short-term Roth IRA Roth IRA thousand dollars great.

I got my grind all over it all. Over the last 25 years right say that but all they just got wiped out stolen taken away by me. I doubt I doubt dollars contributed that the last five years.

So why in the world do you they say you can only put $6000 a year. I finally landed a really good job so that one and only got five more years.

So why did they say you can only put $6000 Roth IRA. Yeah, yeah, well, they gathered you recognizing that you know for most folks they have access to another type of retirement accounts that allows them to put in more so for instance you know with the 401(k) and the contribution limit is up at an old 19,500 for this year it's gonna bump up to 20,500 next year if you're self-employed, you could be in open a separate IRA which will also have in a higher contribution limits with the setup you can put in your 25% of your compensation or $58,000 for 2021, whichever is less. So you've got plenty of ability to contribute on a tax-deferred basis and then unit with a traditional or Roth IRA. Usually that's supplemental because it's in addition to, and can absolutely be invested. Additionally, so I think the question is, what's the best opportunity for you.

I'm assuming you are considered self-employed as I write.

John okay and so that it may be a great opportunity for you to look at a sample IRA and you know which would allow you to put in quite a bit more than you have. You know, for this year and you could do a Roth on top of that, so I would go check with your tax preparer or connect with an investment professional.

But this is going to give you the ability to socks the money way. I think the key for you is to maximize these five years.

I'm delighted to hear that you will be completely debt-free. By the time you approach retirement trucks paid off. The house is paid off.

That's good to get your lifestyle expenses down as low as possible, then work up that retirement budget to see what income sources you have. Perhaps Social Security if you can work until full retirement age, and then figure out what your gap is which help because you paid off all your debt. It's good to be as low as possible and then figure out how much to save in order to make up that gap and then really maximizes good job software is much The end of the day. Trust the Lord and grateful to have you along with us today and moneywise live Rob Wester host care team is taking some time off today.

We are not in the studio. This is prerecorded, so don't: but we got some great questions lined up with Ted right back to the phones. Samuel is in Colorado Springs, Colorado.

Samuel can help you today. Call Joe, I will know full market with Vanguard Michael also wonky contributing about 50%. Okay because 23rd because I was going to school but look for market bonds. Defendant and on you.BL by investment half will talk on this point. 950 71 a.it's okay you on yeah a very good season. How much is in stocks is it that 70% of the portfolio 57 and so you have a good rest. 43% in bonds six 6767 okay and so 33% in cash and bonds.

Yeah okay and tell me how how are you doing in terms of the portfolio. Do you feel like you're on track to have what you need to be able to supplement your retirement income when you retire you a hand or do you think you're behind a little bit in your savings yeah because I hate you Bill.

There I don't know how much do you have in the portfolio roughly on three, 353,000's and do you think you're going to retire around 65 four. What are your plans probably will all all 67 okay see you got another 10 years or so before you retire.

Okay, very good. Yeah, I'm comfortable with this allocation actually mental unless your you know you have a particular concern about the market you're feeling like you need to be in a much more conservative.

I think you know being in a 2030 target portfolio with 67% in cash misusing 67% in stocks 10 years out from retirement is is about right because that's going to give you a good growth engine. You got time on your side and I think ill given that you're going to wait until full retirement age and you know, and unless again you felt like you just wanted to be extra conservative. I think this portfolio is is just fine. So I would be comfortable with you proceeding unless you had a concern otherwise is a make sense. Okay, now and in this will automatically get a rebalance each year and get more conservative over time. So I you I would just let this money continue to grow and you know I think it sounds like you're in a good place that the only other thing I would do is you know as you get closer and closer to retirement. You want to start to think about what your budget looks like in retirement. What do you need each month to cover your expenses but hopefully if you're not already debt-free. You will be by then and hopefully your expenses come down because you're no longer putting money into retirement savings and if you drop your life insurance you no longer need that. But once you settle into that retirement budget then we need to compare that to the Social Security income you have and then figure out how much you need to draw off of this account ill every year and let's say this grows to half $1 million, and I think if you could plan to not pull more than 20,000 a year out of this, then you should be in a good spot where you know you're not can impact the principal we could have somebody invested for you in such a way that it protects what you have but throws off, you know, a decent income in the need of a small growth component to it that would provide a little extra return over time, and if between that 20,000 roughly. And you know what you would bring in from other sources including Social Security.

Hopefully that would cover your lifestyle, so I'd love for you to do some planning. As soon as you're ready to begin to look at that and that will let you know what your ultimate target for this account is, but I think this this target date fund year-end in the allocation you referenced some likes sounds like it's a good fit.

We appreciate your call today Samuel before we take our next break. God let me check in and take an email here, we do hear from a lot of you who send us emails and you want your question right on the air and you can do so at questions@moneywise.org why this exit comes from Larry and Larry says my aunt has run up a ton of credit card debt. He wants to consolidated and or we want to consolidated and get it paid off. How can I help her without just giving her money to pay her bills and I think perhaps Larry the best way to go would be credit counseling. Essentially what would happen is it's enrolled in a credit counseling program.

The account would be closed via a single monthly payment that would be determined based on the amount of credit card debt that's owed particular, as it would be at a much lower interest rate, which would get a larger portion of that payment every month.

Going to principal reduction in the cool thing is that you could actually pay them directly for that amount.

So you will ensure not only that is getting paid what you doing doing it in such a way that you know that the money is going directly to getting this down so check in with our friends@christiancredit.org Christian credit.org they'll get it all set up for you. This is moneywise. I will be right. How should we as Christians think about investing. What if we could invest our money in a way that aligns with what we believe that Eventide we believe it is possible to love God and love our neighbor in the very practice of investing design investments for performance and a better world so you can invest for the future with a sense of wholeness and purpose. We call this investing that makes the world rejoice. More information is available@investeventide.com for 30 years.

Sound mind investing has been helping Christians reach their financial goals. Step-by-step guidance for investors at every stage from those just getting started, those getting ready for retirement through scriptural principles and practical suggestions.

SMI offers financial wisdom for living well. More information in a short via webinar on profit and peace of mind, no matter what's happening in the market is available@soundmindinvesting.org understand the Bible just got easier. You may already listen to open-minded me right now you can benefit my new book, the most important Bible questions can also glean helpful insights from the most theological terms as these books will give you assurance of salvation and a deeper knowledge of God and so much more.

Go to Moody publishers.com, the most important find publishers.com you feel stuck. I get tired of going through the motions of faith you want to make real progress in your life and not know where to start, how to grow is a book to help you grow spiritually and help others grow as well. We often see the gospel as a starting point of the Christian life rather than the main point of all how to grow book by Darrell available@moodypublishers.org that's Moody publishers.O RG buying a home is the largest most nerve-racking perches. Most of us ever make. It doesn't help that you're entering a maze of unfamiliar words and confusing options that can lead you intimidated frustrated and afraid. You can take an advantage of navigating the mortgage amazed by Dale Vermillion help you clear up the confusion on rack your nerves and make the best mortgage decisions possible with confidence navigating the mortgage maze available when you click the start button moneywise live.org sorry son John Scott, OPEC and Allied oil-producing countries are gradually increasing the amount of crude oil they send to the world when a decision comes even as Europe's proposed phaseout of Russian oil threatens to yank millions of barrels off the global market already thirsty for crude.

The Walgreens pharmacy chain reaching the $683 million settlement with the state of Florida in a lawsuit accusing the company of improperly dispensing millions of painkillers I contributed to the opioid crisis starts closing sharply lower on Wall Street's words were on markets of the high-risk's rights that the Federal Reserve is using in its fight against inflation will slow the economy. The Dow was down 1063 points today. The NASDAQ while 647 and the S&P dropped 153. This is that's our news grateful you joined us today for moneywise live biblical wisdom for your financial decisions on Rob Wester hosted our team is not here today were exit taking some time off this is pre-recorded snow: we've got some great questions that we lined up in advance like this one from Don not understand you're in Texas and next have a testimony to shares at right and guidance in how to make ends meet from paycheck to paycheck and I realized it had been trying to create healthy semi and this really helped clear thinker in a late fee. I'm spending my money if I wasn't spending it on sympathetic for saving my daughter get made in college and find a way to help her with that.

Very good. Well done appreciate you saying that you and this is a question we all should be asking ourselves in. You willing to make changes as the Lord leads you know we think about our money in terms of it being a reflection of what we value of what's most important to us the way we handle God's money says where our priorities are in the question we all have to ask is if this is telling a story about what's most important to me is it consistent with the story I want to tell and if not, what changes do I need to bake and that doesn't mean we can't enjoy God's money, in fact, in first Timothy, a part of the reason that God entrusted to us is for our enjoyment. But we should do that in the context of a plan that allows us to live within our means. We should be content. We should be giving generously, and I think that we need to think about our values. What's most important to us to make sure that our money is really aligned well with that in you know your check register whether that's online or physical. It tells really what your priorities are and I think we always need to be evaluating whether or not we like the story it's telling and if not then we need to make some changes so you're in good company.

Donna and I appreciate you sharing your thoughts today and encouraging her other listeners and will certainly pray that the Lord will give you wisdom as you make decisions moving forward next up is Pepsi and Pepsi actually called didn't want to be on the air but had a great question. So let me ask Pepsi's question, which was simply she says I want to start small with my investments. Am looking for a place to invest $25-$30.

The other are there any resources you can suggest and Pepsi.

It's a great question because here's the thing when it comes to investing.

Once we pay off her credit card debt once we have that emergency fund of three months expenses. We should be looking to set something away for the future. Recognizing we should consume all that God entrusted to us today. We should save portion of it.

In addition to paying her lifestyle expenses and giving we should be saving a portion for the future and we think about retirement. It's not just about the mindless accumulation of wealth, but it is a recognition that there will come a day where we perhaps can't work and we want to be able to support ourselves and spouse. In some cases and we do that by setting something aside on a systematic basis and we all have to start somewhere so if you have 20 or $35 that I would say let's get started. Here's what I would look at in the fin tech age that your stands for financial technology there some wonderful low cost investment solutions that allow you to start with no minimum and one of those is called betterment BET T ERM ENT betterment you'll find it@betterment.com or you can download the smart phone app by the same name that would allow you to set up an investment account contributor $25.

Perhaps you transfer right there from your checking account. You can set that up on a systematic basis or just start with that amount, and by answering a series of questions they're going to build a portfolio for you. It's called an indexed portfolio which is just this fancy way of saying you're going to mirror the broad moves of the market using a very low cost investment strategy. So I would check that out betterment.com and I think that could be exactly what you're looking for and we appreciate your call today.

Randy is in Palm Beach Gardens. Randy how can help user think this to my home. I am not and since 1999 I don't have any debt. I don't have a lot of good target city things because a game that I can pay off my mortgage rapidly in the next six years. I own 300 and and not put 15% of my income in an investment because I can't think that I can't type my mortgage on a regular mail. Surely ask a couple questions and I can certainly shape as somebody who sin is serving as a pastor, you know, not earning a ton of money with the family trying to honor God's principles of managing your money staying out of debt. It's challenging to do everything but kudos to you for doing what you've done and I love the idea that you're weighing these two options of saving for retirement and paying off your mortgage.

I heard you say you're 49 so would you expect that you'd be working for at least 15 years or more. Yes, I will probably at least okay sorry very good and on your current trajectory. When would you have the mortgage paid off if you didn't do anything different than what you doing right now each month literally in six, but that's with adding this extra correct word and prioritize the retirement contributions. Then when would you have it paid off all of you that I think about when she okay I think one other option because I like the idea that you would you know if since you haven't saved a lot.

You'd start to take full advantage of the tax-deferred retirement account get that money growing for you on a tax-deferred basis, which was a really powerful force in you even though your you consider yourself a little behind in your retirement savings you still got as you said couple of decades for this money to grow in so I wouldn't want you to miss these next six years. Perhaps go back to your mortgage company or you can do this yourself online and get an amortization schedule that tells you how much you need to add every month so that you can sync up your payoff with your anticipated retirement date and then put the rest into retirement so that the idea would be you can save as much as you can for the next 20 years. But when you hit that point, you know that the mortgage is paid off.

So now your expenses are as low as possible, that might be a middle ground to consider that would allow you to do both things take advantage of the compounding and the tax-deferred growth and make sure you still don't have that mortgage payment when you get into retirement. So that's at least my best advice I think you could go either way.

And certainly it would be a bad decision stand will I will talk a little bit more off the air before we had to this break. Let me remind you, our team is not here today so don't call then. But we do have some great questions coming up in the rest of the program before we take that break. Let me also remind you that moneywise is listener supported. That means that we do what we do every day on the air in our on the web and with our money wise coaches because of your generous support.

So if you consider a gift to the ministry. We'd certainly be grateful you can give online@moneywise.org just click donate you'll find ways to get through the mail over the phone or secure online form moneywise.org and click Tony thinks it's because people will be back with much more right after this moneywise live in oblast to host their teams away from the studio today so don't: that's great questions lined up in advance so that's it right back to Linda in Oklahoma right at your moneywise live my comp plan and a 401(k) plan and it's all combined in one time and they're telling me because now I'm 72. I will have to take a draw. What can I do about that.

I don't want to draw but I guess I harm to yes that's right so if you reached age 70 1/2 after December 31, 2019. Then you start taking required minimum distributions at age 72, so your first required minimum would be no later than April 1 of the year following the year in which you turned age 72. So, would that be next year for you and so then then you would take the next RMD no later than December 31 of the year following so you can wait until next year and then make to RMD's. If you want or going take one this year but yeah based on that IRS table.

Linda you will have to pull it out now. One way essentially to come to get around that. If you will, is through something called a qualified charitable distribution. So if you're doing some giving right now what city or church or other ministries out of cash just out your monthly budget if you wanted to not do that and make the distribution from your 457 or 401(k) to roll that to an IRA. Then it could go straight to the ministry or charity satisfy the required minimum and essentially accomplish the giving that you were wanting to do anyway.

Out of cash and then you just hold onto that money that would be one approach that would allow you to satisfy the required minimum and get more money to the charity or ministry because you're not having to add that to your your yoga AGI your adjusted gross income for the year. I realize that maybe a little complicated.

Does that make sense to you.

Is there a certain amount. There is there's an IRS table and if you use a CPA, they could tell you but essentially if you go to the IRS's website, IRS.gov and search for required minimum distribution. You can see, based on your age and based on the balance in your account. The schedule that's based on your life expectancy.

That would tell you exactly what you need to pull out of the account information.

Here we are welcome and what I would do is lend especially this first year.

If your used to filing your taxes yourself I would get a CPA to do it for you for this first year. This is not something you want to get wrong and you, because if you don't take out enough, there could be interest and penalties so I would make sure that you get some counsel to help you look at the accounts that you have and think about the most effective way to do it. Whether that's the requalify Journal distribution or just a straight distribution to make sure that you take enough out but also for the timing of when it needs to happen and the.

The other calculation of the amount based on the balance in the accounts so hopefully that's helpful to really appreciate you checking in with us today. God bless you Alice is in Raleigh, North Carolina Alice, you go right ahead and call college about trying to build some credit. I don't have bad credit, but I don't have it and I understand that that is important in terms of affecting your rate like car insurance and things like that. That's why am trying to build it. Not much to borrow money have been an advocate of not doing that, I just want to build it and I don't want to get taken on credit card scam.

What do you drive one way you could do about that analysis. If you don't have credit right now just from a lack of credit you could go get was called a secured credit card so I'd probably go down your bank just to listen.

I want to open a secured credit card.

This is essentially where you put a certain amount on deposit would say two or $300 they would issue you a credit card against it with a limit that match what you put on deposit. The reason they call security is now it secured by the balance that's that you deposited in the account. So, for some reason you didn't pay, they just take the money. But assuming you pay it back every month. That would just sit there until you close the account that takes all the risk from the bank so they don't have to worry about whether you have good credit or bad credit. Now what does that do for you.

Well what that does is you could take a budgeted recurring charge lessee you have a charge that you plan for your budget every month you might be a streaming service or magazine subscriptions of the like that that you Artie plan for have that hit that credit card every month paid off in full.

We know what you incur any debt or interest paid off in full.

But here's what's can happen every time. That charge occurs in every time you pay off your noggin to be reported to the Bureau as an on-time payer with that revolving account and that's going to allow you to establish some positive credit history that over time will increase that score. Does that make sense but might offer a secured credit card. I already tried that.

Okay so there's a lot of them out there and I would give you two different websites to look at that would you help you find the best secured card for you what is called nerd wallet, silly name, but in the ERD wallet.com and you could just search for secured credit cards. The other is bank rate.com either of those would allow you to see who has the best secured credit card you want to make sure you have one with no fees and you really don't care about the interest rate is paid off in full every month but that would give you a couple of options to consider.

And then you could go get that account open and start building some credit history.

Okay, that match our analysis. Thanks for calling. I bless you, Tampa, Florida. Victoria Goren had called years old and under, and I am planning to leak high or what until I'm 67 years old until I have already five good amount for my retirement. But right now I concern about because of the very unstable my cat. What can I do what I have already died. Yet, what have you put aside what you have in that retirement account you ask yet. I actually have close to it yet so I think the next step for you is to get some wise counsel Victoria because obviously you've been diligent in and saving you built up a quite a nest egg here in and I can understand, especially as you transition to this next season of life and by the way, congratulations on your upcoming retirement now is a time where you want to protect what you have but you also want to allow it to work for you, especially in light of what we started by talking about today with the inflation if you just take this money and put it in no CDs or videos high yield savings account even though those rates are climbing right now they're pretty low and so Juergen, it would be losing purchasing power every month. As the prices of goods and services rise. That doesn't mean you want to take unnecessary risks. So the idea here is that you want to find an appropriate level of risk that matches your risk tolerance, your needs and the assets that you've built is what that probably looks like it is a combination of some bank type products no CDs or high yield savings and especially as interest rates rise portion in bonds which have been selling off as of late, as interest rates rise, but those will stabilize and recover and then you'll get the coupon or the interest rate associated with them and then probably a smaller portion allocated to stocks, maybe 20 or 30%.

As an example and that would be what provides the growth element to the overall portfolio so you'd still stay on the fairly conservative end of the risk spectrum but you have the potential to have a better return than if you were to just take it all and you put it in bank type products like CDs and savings accounts that typically is not the best approach for you to generate.

Let's say about a 4% return a year and on 800,000 and we be talking about about 32,000 a year.

I don't know whether you are you planning on pulling anything out to supplement your income resistors can be free to grow now to go and working full time and I have no need to put anything out of it okay. And what I got here was I was able to consolidate all of my retirement account into just one company to money you okay so you have an investment advisor who's making the decisions for you and help me not down with him and he now propose that you not to protect your money-amount will be protected and this amount will manage it in my mind it could if you wanted to be in a barely know how we all are moderate. Then we also have a amulet departed that much, but in any repeat, and what was the annuity offering was it a fixed rate or a variable rate with investments inside it was a variable late okay and have you Artie done that. If Yorty purchase that annuity with that portion yet okay right and how did you feel about that plan that he proposed what the beginning very tolerated and it was a very good propose hello and so that you know that PS I think how the market likely know I was thinking going to be no or very conservative, well, you certainly could do that. I think you know I would perhaps take another look at that. The key is that you got a long time, even though you're 67 of the Lord Terry's your good health. This money these last several decades. So I take a longer-term view of this, even though it still makes sense to revisit this from time to time were out of time today you hold on the line and will talk off the air as light as a partnership between the radio moneywise media Thanksgiving along with the spokes look for you next. Another edition


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