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A God’s Eye View of Money

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
May 18, 2022 5:00 pm

A God’s Eye View of Money

MoneyWise / Rob West and Steve Moore

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May 18, 2022 5:00 pm

The Bible clearly states that our ways and thoughts are not like God’s. But we can know more of what God thinks by studying his Word. And a lot of the principles found there deal with money. On today's MoneyWise Live, host Rob West welcomes Howard Dayton to talk about having a “God’s Eye View” of money. Then Rob will take some calls on various financial topics. 

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How do you forgive particularly when he's your grandfather. My name is Brian don't post of a brand-new podcast called the grandfather in effect, this podcast is five years in the making. It contains interviews, ponderings, and restless with my family, faith in what forgiveness really looks like in the face of generational sin if you listen carefully you'll hear more than a story about my family, you hear a story about yours streaming out on the Moody radio app and anywhere you listen to podcasts.

Today's version of moneywise. Life is pretty recording so our phone lines are not my thoughts are not your thoughts, neither are your ways my ways, declares the Lord, Isaiah 55 eight. I am Rob West. That's a profound statement that certainly puts us in our place but don't think it lets us off the hook. We can know more of what God thinks. By studying his word, especially about money talk about that with Howard Deighton today we have some great calls lined up but we will be taking your live calls today because we are pre-recorded.

This is moneywise live biblical wisdom for your financial journey of compass, finances, God's way. The former host of this program a great friend and mentor of mine and an author of several books on biblical finances.

Howard welcome back great to be with you Rob. Always a joy to have you, my friend Howard today were peeking inside your book free and clear. God's roadmap to debt free living, and we want to gain God's eye view of money if you will you call it that, in the book and you point out that there are several reasons that Jesus said so much about money. So let's begin there.

That's right Rob, we just can't manage money wisely unless we understand God's perspective of it and I'm convinced that Jesus said so much about money for two reasons. First, how we handle our money impacts our fellowship with him and secondly he simply wants to help us to handle money wisely and it's interesting that Jesus revealed a direct relationship between how we handle our money and the quality of our spiritual lives. In Luke 1611. He asked this really penetrating question so if you have not been faithful in handling worldly wealth, who will trust you with the true riches. What are the true riches it's a more intimate relationship with Christ now and you can't get any clearer than I can now are you really can't in Rob. I personally have discovered that every time I applied want to God's financial principles. I found myself drawing closer to Christ and on the other hand, the flipside is also true. If I was unfaithful. Then my fellowship with him suffered. But there's another reason why Jesus taught so much about handling money.

He realized that money plays a huge part in our lives.

We spent so much time working for deciding on how to spend it grappling with debt thinking about where to save and invest praying about our giving the Lord knew that money would be such a challenge, and even source of conflict were so very many of us, and he wanted to give us the tools the principles to handle money wisely and that's why he's given us these clear practical crews in the Bible that really work there his roadmap to guide us on our financial journeys that's exactly right. And how are you point out that there is a division of responsibilities when it comes to managing money to describe that force is simply put, Rob God has certain responsibilities and he's given other responsibilities to us and most frustration in handling money simply comes because we don't realize which responsibilities are ours in which belong to the Lord and God's responsibility is that of owner me think about this. He created all things. He owns everything.

Psalms 24 one tells us the earth is the Lords and everything in it.

And then there's even specific things in the Bible that God says he owns that Leviticus 2523. He's the owner of the land. Haggai 28. He owns all the gold and silver. Psalm 50 he owns all the animals.

I mean there's no question that God is the owner that's exactly right.

And how does our perspective than on money and possessions change Howard when we acknowledge this ownership. Yet, this is big Rob every spending decision becomes a spiritual decision. No longer do we ask Lord what you want me to do with my money. The question becomes Lord what you want me to do with your money and when we have this perspective, handling money, according to his wishes spending decisions are just as spiritual as giving decisions, that's powerful Howard and then our responsibility regarding money. He can be summed up in one word Stewart stewards manage someone else's possessions or money in our responsibility is to be faithful. First Corinthians 14 it's required in stewards that one be found faithful to and then we go to the owners manual the Bible to see how it's done. The good news Howard. As you know, you counted them 2300+ purchases teach us about money and possessions.

Howard always a joy to have you my friend. Thanks for stopping by. Thanks for inviting me. Rob that's our day and you can find out a lot more about this topic and many more of God's financial principles in his book, free and clear. God's roadmap to debt-free. It's going to have you with us on moneywise live today but unfortunately today were not live prerecorded and therefore won't be taking your calls. However, we've lined up some calls in advance and we think you will find help.

So stay tuned and enjoy the rest of thanks for joining us today on moneywise live biblical wisdom for your financial decisions care team is away from this list today so don't call in lined up some great questions to get right back to the phone. Would you like to find a financial advisor and investment advisor, tax and accounting professional that shares your values and is met high standards when it comes to character and integrity but also experience that you can do so when you search for a certified kingdom advisor. You can find one in your area on our website just click find CK piloted back to the phones, Kissimmee, Florida hey Leon, thank you for your patience.

I can help you jerk all out on the market value. I know from it. I was wondering if any way are any advice you can give me How can I make a grand that I have on that house.

Well, so would you be thinking about Leon. Perhaps taking refinancing pulling some of that equity out and then investing it. Is that what you're considering that yeah you know I'm not a big fan of that approach. I think when it comes to your primary residence. The goal should be to pay it off.

Now there would be some that say will there's an opportunity costs there that you could take this money and put it to work in stock and bond portfolio or another piece of real estate or small business and you will get to a better rate of return than you might get on the mortgage and you can offset that mortgage and build more in the way of assets and that might be true. I guess that the way I look at my primary residence is not necessarily as an investment now. Yes, you, we should expect to buy a piece of real estate that's can increase in value over time were certainly seeing that significantly play out right now, especially given some of the inventory search shortage we shortages we have throughout the housing markets around the country and so as a result that prices are elevated, you're referencing that yourself, but again it's not an investments drape in the sense that he typically with an investment when it accomplishes its purpose. You sell it, so if something were to begin to head down in value might liquidate an investment when you don't do that with your home because it's where you live in the idea that you own your home free and clear I think is a good worthy goal because it gives you more flexibility and peace of mind and it reduces your overall lifestyle. Now that doesn't mean that we can't be saving for buying other investments you perhaps out of surplus cash flow to put money down on a rental property door to build. You know investment portfolios with stocks and bonds either in a retirement account or outside of it. I think that makes sense as well, but not to the extent that were borrowing against our home to do it because you know if something were to happen with those investments we get into a recession recession and you see the stock market take a tumble or we get into a difficult housing market or you have a piece of property that you know just doesn't appreciate is as much as you like, or you have trouble renting it out.

Now the sudden we put our home at risk in an effort to do that. So, from my standpoint, Leon, and this is just me again some would disagree, I'd say let's focused on focus on getting that hundred and 30,000 paid off just as quick as you can so that you own your home free and clear and then let's take that mortgage payment and let's use that to start building assets that can then be deployed in a way that's get a seeker return and that would be know in whatever area you're comfortable with. But that's just my take.

Give me your thoughts and then comparing it with straight you're getting more money more money.

I cannot orient pay 800,000 just below monthly. Well I have all I can put them on my income in my 401(k) or anything but the 401(k) which it might whatever you see I die I would just feel better about that right now you can get a mortgage over 4%.

You can spend a lot of money to do it. Probably 3% of that new mortgage. Let's say it's 1/2 million dollar loan. You can spend $15,000 just in the refinance. I'd rather see you just stay this course.

Let's get this home paid off on it, free and clear, and take that to surplus you have. Look for additional giving opportunities you've Artie increased your 401(k) contributions perhaps start saving for a down payment on a rental property and once you build up enough to buy a piece of rental property you do that, but it's not attached to your primary residence that you're on track to get it paid off.

That's just my perspective.

I feel a lot better about that direction. When you pray about it and to see where the Lord leads you.

Leon thanks for your call today to Tennessee sander. Thank you for calling the redhead yet I have been paying due to hundred thousand dollars. Okay now I'm sending appropriately my country which is get back click profit of $75,000.

Okay so what I wanted it to the best of them account given elemental numbers. Everything in the house right need some money for you because of the patient. Right now, the timing and generate yes yeah how much do you have in savings.

Not counting the 75000 Is Coming Your Way. I get like to think out in 10,000 in savings and how much do you spend each month and expenses roughly 2000 3000 more around about 2000 a month by let's say it's 2500. I'd love for you to have six months expenses in savings sander so that would be $15,000 and you said you have about how much you have in savings right now. 10,000. Okay, so I'd love for you to take at least 5000 to shore up your savings account. Out of the 75 and then the question is how does it make sense for you to put this all against the house. If you could pay it off. I'd say go for it because it would free up your mortgage payment, but you're not going to change your mortgage payment. If you don't. If you can't pay it off. Are you living paycheck to paycheck or do you have some surplus each month after the expenses are paid electric to protect that right yeah very close okay so I'd say from that standpoint, I'd probably just stay on track with paying your mortgage the way you are. Don't take all of this money and put it against the house, I'd probably take 5000 and shore up your savings. I look at the rest of it out to perhaps not only pay the taxes on the sale of this property. If you have any but I probably look at hanging onto a portion of it, maybe use it to find you accelerate your retirement savings if you're behind on that. I think a bigger question for you. Sander is probably what is your plan so I'd also schedule a time to visit with her financial planner to talk through all of this is down the line. We'll talk a little bit more off the air and folks will pause for a break, but will be back with much more on moneywise. My biblical wisdom for your financial decisions you are listening to moneywise live with Bob West. Today's broadcast is prerecorded and that means we're not taking any calls but we got some calls lined up great information coming your way that we think you'll find help. So stick around for more moneywise live this brief.

Thanks for joining us today. Moneywise biblical wisdom for you.

This is Rob last team is away from the studio today so don't call in some great questions and replicable emails that we lined up in advance Alyssa back to the phones.

West Palm Beach Florida is where Heather's located Heather Karen sure in regards to maternity leave and how I can best for their current cannot maternity leave and went back to work and I used up most of my saving being out for five months. I usually say for about 4 to 5 months of being out for work and also take out short-term disability to help me. I would like to know how I can.

If there other options to help me better save or take care are spent time when I'm not working on and I'm on maternity leave.

Yes. Okay. So you're just coming off of maternity leave is a right correct okay so you've already depleted those funds, but now you're going back to work and you're just looking for how you can replenish your emergency savings plan SPK my heart and I would like to have more children but I don't want to end up on maternity leave again and used up all of my saving time looking for on their options are additional option of how to best prepare for when I go on maternity leave again. Yeah, yeah.

Well short-term disability insurance note is a great tool to cover the time you're on unpaid maternity leave policies do vary, but most cover between two weeks before and six weeks after.

So that's a help but you obviously it's not going to give you five months if you know depending on how much you're looking for. I think the key here is just to take a hard look at your budget Heather for you guys to really go back to the spending plan and just say what can we trim to free up more margin so that we can save so that you know as we Lord allows us to have more children. We got enough in our emergency fund so that we can cover these work interruptions and perhaps lost hours depending upon you how your compensated with a new baby, recognizing his can be a lot of new expenses you're bringing into the equation here but also you know it could result in disruptions in your pay and that will extend likely beyond what your disability coverage will provide.

So I think this is really up just a budget function that you guys need to take a hard look at to see what you can do to trim so that you'll have that margin to set aside, I'm delighted to hear you had the funds to cover this, because that's really what this is for now, keep in mind in an emergency fund is typically for unplanned expenses.

Obviously, if you know this is coming. I would kinda put this in a separate savings category if you will, but the bottom line is you just need to try to have the proper insurance to the best you can to be able to cover as much as you can and then secondly, save for what's not covered so that you can find that out of your own savings. Easier said than done. I recognize but if you guys have some time to plan for this and you can really make some hard choices on what to do to free up margin that will go a long way to getting you ready for the next one to some extent.

Okay well listen congratulations and how is the little one doing well are doing well. I've been there and I know how exciting it is. We we had for in four years, so we had our son and then 18 months later another son, and then twins have on the heels of that, so it was a busy time, but lots of blessing. So I understand full well what you guys are experiencing, but stay focused on that spending plan, especially in this season is your adding new expenses that you haven't had before so you guys don't get a situation where you taken on any credit card debt or anything like that other.

We appreciate your call today. God bless you 800-525-7000 is typically the number to call. But as I said were not here today so let's do this and we did get some great emails from time to time from those of you who listen to the program and we don't often get ample time to take as many as I would like.

So let's get a couple done today but this one comes from Larry and Larry just writes my aunt has run up a ton of credit card debt. We want to consolidate it, get it paid off. How can I help her without just giving her money to pay her bills and I'm not a big fan Larry of consolidation loans were we replace that with new debt. I love the fact that you want to help your aunt get this taken care of and recommend a credit counseling program are friends of Christian credit would be a great resource for a couple reasons. Number one is this is my preferred way to pay down debt simply because it ensures that you do it with lower interest rates, which is can allow you to pay through one fixed monthly payment, pay the debt back 80% faster, but here's the other piece is there to spend some time with her and go over exactly what she's got.

Pray with her encourager help her develop the spending plans. Another some third-party accountability which if you're gonna turn over some money to help her get out of debt. I think that should give you some peace of mind to know that she's accountable to somebody and or somebody helping or working through her spending plan and then once they determine that she's able to do this out of her budget to get the interest rates down to get one fixed monthly payment, perhaps you agree to take half of that monthly payment you could send it direct to Christian credit counselors so you match every dollar she puts into this and so maybe between the two of you. You cover that monthly payment to get that credit card debt coming down and ultimately paid off. So that would be my best advice for you today is to check out Christian credit and get her started, and then just let her know when she gets enrolled in the program. You guys will cover half the payment. We appreciate your let me quickly take one more, this was just as were trying to find a financial coach. Where should we start well would be a great resource for you. We have financial coaches here, there will be delighted to help you spending plan giving plan. Perhaps a debt reduction plan.

Whatever you need. Coaches can help to set over the moneywise.G while you're there, I create a free moneywise account that will ensure that you get our money wisely. Wisdom email and you can check out all content areas. Well the aggregate content for 14 content partners. The best Christian finance. It's all there is for Brinkley come back much more on the program along with us today and moneywise live my blastocyst only apply God's truth to your financial decisions visually recognize in this program.

God owns it all. Money is a tool to accomplish God's purposes because your steward and so am I where money managers for the King of Kings.

Here's the other reality is that money issues are hard issues in my experiences that our financial journey is one of the key ways.

God shapes our spiritual journey and really money issues the way we handle money. It's a training ground of the heart. It's one of the most tangible, visible expressions of what we value and where we placed our trust. The question is, is there a misalignment between what's really important to us and what money says is important to us and if it is, perhaps we need to change the way were allocating God's resources. Well, we can all get better at that and so let's do that together. Our phone lines are not open at the moment because we are away from the studio but we have some great questions that we wind up in advance so go right back to the phone's Michael, thank you for your patience Sir.

How can I help you while you are making an administrator during our corridor where your amazing child who you are incredibly kind thinking for those remarks?

Or, and I want to be better prepared for retirement I'm hearing the mumbling yelled. If that meant not being flooded with out the number of seniors living longer and more challenging to support all of the individual to make a change where they moved early retirement from 52 seven how I'd better prepare an elaborate 67 Islamorada hundred and $20,000 on my mortgage, but that your property is somewhere around 405. I feel like I could try to get pay down our paid off in seven years or your mortgage. I'm struggling after what the best match for me. I'll plan kids are entering into, not college, so I want to be available help support that really deep understanding of apical student loan option. What loan option for me at the adult "art yeah very good will couple thoughts on this AMI number one.

I think in terms of her Social Security and we all know that to the latest estimates are that it's 2035 that the Social Security trust fund will be out of money.

Does that mean there won't be any benefits at that point know if they were to we were to stay on the current schedule to be able to fund just by the current flow of money into the system through Social Security taxes they be able to find. I think it's about 70% of the current benefits will will see some changes right now it's still far enough off that they're just kicking that can down the road with regularity. There are some proposals out there about moving full retirement age you hire.

We been talking about that for a long time you know there's some pretty controversial proposals out there right now as well but it doesn't appear like Congress is really ready to do anything around any of these decisions right now.

I think the bottom line is you don't recognize even in its current form.

Social Security was only intended to cover at the most 40% of your preretirement income.

So that's what you need to be saving with diligence and we'd say you know all things being equal, try to put 10 to 15% of your compensation away for retirement so that you have assets to supplement Social Security regardless of what full retirement age is when you get to that point. Limit your lifestyle living within your means is obviously your most powerful tool to build wealth because your income is what can help you build wealth, so long as you're not using it all up on your lifestyle. So having that margin to save for the future and to be able to use for things like college education is obviously really key so doing that living within your means living modestly and saving regularly and doing that for a long long time is really the very best way to go about this in terms of your mortgage. I think you're on a great path you know if you can find yourself in a position where you're completely debt-free to be able to help reduce your expenses in retirement because you're taken. What is your biggest expense off the table at that point. That's a great plan. I think for most folks. If they can just try to be.

You're completely out of debt, including their house. By the time they reach retirement your to put yourself in a really strong position. So I think you just need to keep doing what you're doing. Michael save as much as you can. Don't hesitate to get those kids involved in paying for college.

Don't just automatically assume you know that you've gotta pay for hundred percent of it. I just got word a few minutes ago that a good family friend and their daughter just got a $5000 scholarship from a local utility here because she found it and applied for it when into dented interview last night and today is getting a $5000 cash scholarship. So between scholarships and grants and working in the summer and maybe a an on-campus job of some kind.

You don't just assume that there's not money to offset that and if you have to go get a student loan and you're willing to do that. I would say prioritize your retirement first and if you need to borrow then you know be willing to do that but make sure that there's a plan to pay it back so I wouldn't borrow anymore. Then, based on the job that you believe your child is going to seek postcollege that the income would be there to support paying this back within 10 years, and I would say for any portion that Juergen obligate yourself to make sure you can pay back in a reasonable time and it doesn't put your own ability to save for the future in jeopardy but Michael clearly want to honor the Lord with what's he's entrusted to you and so that's coming through loud and clear, but I think you make a lot of great decisions.

We appreciate your call today to Jackie in Chicago W NBI Jackie to read. Thank you for calling Enterobacter's time. I'm working on a budget plan at this time and one of the things I was looking at is that I have whole life and I have turned my insurance around the same amount that I'm paying every month. But what I want to look into it. It is been a good idea to have one bowl or the one that had been that there or is sure so I'm a fan of term life insurance so I wouldn't cancel any of them until you have what you need fully in place before you cancel it. So let's say I'm just gonna make a numbers let's either each $200,000 policies so you got a total of 400,000 on your life and you decide to go with just term insurance, I'd make sure you have that new policy of an additional 200,000 replace the whole life or one new policy of 400,000 in place before you cancel anything because in the event you die suddenly and you don't have that insurance now somebody's got a hardship that they're facing. But in terms of which type I would rather see you go term. The least expensive insurance possible, which is term insurance because you're just paying for the death benefit and do your savings outside of an insurance policy through a retirement plan at work or a Roth IRA or something like that.

So let's figure out how much you need probably at least 10 to 12 times your income plus maybe paying off a mortgage or college education. Let's get that in force with term insurance for as longer-term as you can. 20 or 30 years.

Make sure it fits in the budget and then pull the money out of the whole life policy redeploy that in the make sure you're saving separately and I think that'll get you going in the right direction. Thanks for your call today. Jackie well, one more call before you go to our next break. Claudia is in Cleveland. I know your time. I found I really like bonds. These are backed by the full faith and credit of the United States government's they are guaranteed for that reason, they have tax-deferred inflation-adjusted interest in got a hold them for a year. But here's the exciting thing because of what's happening with inflation right now. Specifically, in these bonds are tied to CPI, the consumer price index, you can get a phenomenal return in excess of 8% likely to be adjusted to 9% annualized here in the next few weeks if there adjusted each six months, but with inflation being elevated. I see them as a great investment. Thanks for your question will be right thanks for joining us today and moneywise live Rob last year because our team is away from the studio today so don't call in here to take the call, but we lined up some great questions that I know you Pompano Beach, Florida. I know it will Francis thank you for going to read it every day. Thank you so much. I read all and you make under a certain amount and anchor, capital gains, yeah, yeah right in 2022 Francis individual filers will pay the capital gains if their total taxable income is less than $41,675. So it's a pretty low bar, but anything under that in terms of taxable income. You're correct now. The rate jumps to 15%.

If you go over 41 675 all the way up to $459,000.

So that's where most people fall, but if you happen to have taxable income lesson that 41 675 this year. That's where the capital gains rate is zero point Yet that your taxable reportable income that you would report to the IRS. I want my help I was 53,000 yeah there is a you to the table there and I'm not quite sure you know exactly what it is but you could look that up if you just search for capital gains tax rates you would find that many judges looking real quick.

You're exactly right. Yes.

So head of household goes up to 54,100, and married filing jointly.

For instance, is 80,800 so there's in a table there that the IRS puts out but you are correct 54,000 if your head of household. Thank you. Thank you Francis, you're very sweet. We appreciate your call today to Minnesota Virginia thank you for calling a redhead, I had polite or healthy turn a while that I am wondering if point to cash that the lack of value and Danny would be you break it up just love it, but I think I've got it so year, 55, you had a whole life policy for quite a while. You said didn't have a whole lot of cash value.

Do you know roughly what that is About borrowing it okay right and what is the death benefit 50,000 okay yeah I think that makes sense.

You know I'm not a big fan of whole life except for a few reasons. For estate tax purposes which these days doesn't really apply to most folks, least in the current tax structure enough you had a lifelong dependent.

There is a real need for it, but I just think you can do better with a straight term policy and doing your savings in your IRAs and retirement accounts and other means where you can do better over the long haul and you win doing that you're buying pure insurance. Are you keeping the cost as low as possible which allows you to buy the proper coverage because for most folks there often underinsured when they have these whole life policies because you're the starting point.

If you're trying to replace. Let's say income you you would need 10 to 12 times the income you're replacing and that's just kind of the starting point we want to think about paying off the house out of that are funding a college education.

Things like that you know if it's for a nonworking spouse on his or her life.

You would want to make sure that if there small kids at home that that's enough to cover childcare, which can be costly.

So I'd like to really think about the amount of coverage that's needed and for what period of time and then go out and find the least expensive policy to provide that death benefit for the time. That's needed, and you make sure that that risk is then truly offset and then with any additional funds that are available. You know, save in in vehicles that are and allow you to really maximize the growth over time, some accents got married and had their only family I don't have dependent care that I think that sure so I guess it that question.

You know if the whole reason for it is just for inheritance. I would wonder if it might be better, especially if you know they're doing well and you might need this money down the road for your own long-term care. You might go down this were talking way down the road, Lord willing.

But you might need some long, you know, some nursing home care or assisted living or something like that mean I can be very costly.

So I think I'd rather see you take what God has entrusted to you and save it diligently get it working for you and then that money if it's not needed for you. You know, obviously, could be passed on at that point as to as opposed to continuing to fund life insurance. This can get more expensive over time and no funds and inheritance. You know, is funded by money that you actually might need. At some points. I guess that would be my preference. But obviously if if you're looking just a you know have a policy like that for their benefit that I think the term policy could be a way to go there and hang her husband are currently in the event of a mania venue on Colbeck earlier and you about that. It would be more beneficial for them to have to turn my house at the given letter live initially in Miami. Karen and MHC kind 18 and $25,000 a month and came back became polite, although I have been well let it be better here think that pilot fee and help them sap a term like how it fell, I think so because is not providing a whole lot a death benefit, and you know I think if you want to provide assistance to them listed in a way that can provide some meaningful insurance in a lot of times people take out the small policies you know on children you know in the obviously, you know, in the event that child were to die prematurely and cover burial expenses something like that and you know they justify by saying was just a few dollars a month, but especially at this point where she's out on her own now she's married you continuing to fund the small policy. I'd rather you just recoup that money in your budget that if you find want to find a way to bless them, whether it's funding a 529 if the Lord gives them kids for college or just helping them pay for a term life policy that actually gives them the coverage they need.

I think that be a better use of those dollars. Okay I yes that would be if they have kids and want you want to help them save for those kids college 529 college savings. Think of it like a Roth IRA, but for college related expenses so the money grows tax-free and that if it's used for qualified educational expenses because it's been invested all the gains from those investments are not taxed and the kids can pull it out and use that to pay for tuition rumor border books things like that that would just be another way you could bless them again of what the Lord gives them kids you want to help out. It would be a great way for you to get all help them put some money aside and invested for college education may not want to do that, you may want to do something else that was just an idea right. We appreciate your call today.

The Virginia thanks for checking in with us all the best to you. Let said to Ohio Matthews been holding patiently go right answer. Thanks for taking my call show my quick like is on 58 and we recently downsized and we went to a smaller house and we have now a mortgage of 88,000 and I want to know if I should. When I turned 59 1/2. Take money out of my 401(k) and pay off the mortgage or or just continue paying on the mortgage.

So we do have a bout 26 years left on the mortgage at 4 1/2%. Okay I you know I love the idea of you will be in debt-free I don't love the idea of you taking what is your probably biggest you know retirement savings engine if you will, and pulling it out of the market unless you just have a real conviction from the Lord to be debt-free, but apart from that you are taking this money out paying a bunch of tax on it and getting it out of an environment where it can be growing on a tax-deferred basis and compounding. You know, for the rest of your working life. I don't think is my first choice. If you get to retirement and you know you not, you know now that $88,000 loans do know down to 60 or 50 and over a couple years you want to pull that money out and over two or three tax years to come and spread it out just gonna knock that off and get to a place where your expenses are as low as possible. I think that could make some sense but pulling it all out in one year at age 59.

When you're gonna put it all in one taxable year, and perhaps bump that up in a higher tax bracket and remove that amount of money as you know part of what's growing for your future on a tax-deferred compounding basis.

That would probably not be my first choice.

Matthew okay so limited and and go so long as invested yeah and then you know perhaps you sink this paying it off up with retirement down the road and you can decide. You know how you do that is you get a little closer. If you want to send an extra couple of payments year.

If you have the ability to do so. I think that would be a good thing but feel in terms of just pulling it all out of 59 African apart from a real conviction. The Lord leading you to be completely out of debt and said probably stick with that mortgage. Keep paying on it.

Let's try to get paid off in the time tire not right at age 50. Appreciate your call. Folks asking to do it for us today. We appreciate tuning in to say thank you to my team today Clara Segar answer your post today Amy Rios producing Mr. Dan Anderson was our engineer today, providing research for me today Jim Henry to say moneywise. Life is a partnership between you and moneywise media. Thank you for being along with a 70 kind remarks about how much you enjoy the back and join us next time you see

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