Hi, everyone. My name is Emma, and I serve as a producer here at Moody Radio. I want to take a quick second to tell you about our newest podcast, 52 Weeks in the Word. This podcast hosted by Trillia Newbell will walk you through the Bible cover to cover in 52 weeks. Each week, Trillia sits down with a guest for a 10-minute conversation about the weekly reading, Bible reading habits, and spiritual disciplines.
Some of these guests include our very own Chris Brooks, Jen Wilkin, Nancy Guthrie, and many more. If you've ever wanted to read the Bible in a year, now's your chance. Listen to the trailer, follow and subscribe on the Moody Radio app or anywhere you listen to podcasts.
Episode one drops on January 1st. Proverbs 16, 16 tells us how much better to get wisdom than gold, to get understanding is to be chosen rather than silver. Hi, I'm Rob West. It's easy to think that having more money will solve your problems, but God's Word says that wisdom is far more valuable than even gold. I'll talk about that with Jim Neuheiser today, and then it's on to your calls at 800-525-7000.
That's 800-525-7000. This is MoneyWise Live, biblical wisdom for your financial journey. Well, Jim Neuheiser joins us again today.
He's a former financial consultant and a gifted author of several books on biblical finance. Jim, great to have you with us. Thank you so much.
I'm delighted to be with you. Jim, once again, we're diving into your latest book. It's a 31-day devotional titled Money Seeking God's Wisdom. And well, this time our topic is wisdom. I want to mention again that until the end of December, we're offering this devotion for a gift of any amount at MoneyWise.org.
Just click the donate button at the top of the page and we'll be sure to get it out to you. All right, Jim, on day 30 of your devotional, you write about how priceless wisdom is far more valuable than money, of course. Tell us what prompted you to write about that particular principle. Well, how we spend our time and how we spend our money really reflects what we value in our hearts. And yet many people invest their time and their money in what does not really satisfy. In Isaiah 55, verse 2, the Lord declares, Why do you spend money for what is not bread and your wages for what does not satisfy? Listen carefully to me and eat what is good and delight yourself in abundance. And so the Lord is saying that the things that we pursue in the world that we think are going to make us really happy don't ever really satisfy our souls, and that the ultimate satisfaction comes in our relationship with Him and all that He gives us.
Yeah, there's no doubt about that. So then how should that motivate us as believers? Well, one would be just to pursue knowing God through His Word and to invest time in spending the Word. Part of the principle even of rest in the Bible is that God has made us productive enough in six days so that we can invest a day in seeking the Lord in worship with His people. And during the day, some people are so busy making money, pursuing their career, they'll say, Well, I don't have time to read the Bible, I don't have time to pray with my family, and to recognize that the time invested in our relationship with God is more lucrative in the spiritual sense than spending every waking moment trying to earn more money that's just going to be burned up in the end anyway. Yeah, there's no doubt about that. Jim, as we take even a deeper dive into this topic of wisdom, what else do you see in the Proverbs that jumps out at you?
It's interesting. Proverbs gives all these analogies and these pictures where you have lady wisdom as if she's the soul's true bride, and then there's Madame Folly, both the literal but also a figurative adulterous. And in Proverbs 4, he even uses language where wisdom will be for you like a crown. The same language that he uses elsewhere of a wife is that the joy and the satisfaction of pursuing the knowledge of God through His Word is going to be precious and delightful in every sense. And the world is tantalizing us with its false wisdom, including money is all that matters, pleasure that money provides will make you happy.
And that is spiritual adultery, which will lead to misery. Hmm. Wow. Yeah, that's powerful. So, Jim, in our final moments here in this broadcast, what would you share with our listeners who really want to apply this understanding of the value of wisdom to their lives?
Well, actually, I would plug the book you're giving away, my little book, where for some people who aren't regularly in the Word, it's just two pages a day. It can be a great thing for a husband, a wife, or a family that speaks from the Scripture to people. So I think building into your life a habit of seeking God in His Word. And for some people, it might be starting with little bite-sized chunks or, you know, reading a chapter of Proverbs a day and really asking God to speak to you. And He promises that He will give us something better than financial wealth as we taste and see the goodness of God. No doubt about it. And, you know, my experience, Jim, is that this financial journey that we're on is one of the key ways God shapes our spiritual journey. There's just such a huge connection between our hearts and our money.
And obviously, God is all about our hearts. Well, Jim, it's great advice for us today. Thanks for stopping by, my friend. Thank you. My pleasure. May the Lord bless you. Thank you, Jim.
That's Jim Neuheiser. He's been our guest today. You can get his devotional money seeking God's wisdom all through December for any gift at MoneyWise.org. That's MoneyWise.org. Your calls are next, 800-525-7000.
Stay with us. We tell you with us today on MoneyWise Live as we apply the wisdom from God's Word to your financial decisions and choices. I'm Rob West, your host. We're taking your calls and questions today as we turn the corner to any financial topic. We'd love to hear from you. The number to call is 800-525-7000.
That's right, lines are open today, and the number to call is 800-525-7000. Before we head to the phones, let me remind you as we head toward year end, now that we're officially in December, the final month of the year, it's a great time to remind you of our reliance on your support here as a ministry at MoneyWise Media. We only do what we do because of our listener donations. Those of you who support this ministry either one time or as a monthly patron, it goes a long way to helping us shore up our ministry budget for the year as we close out this year, but also as we plan for 2023. So if you would consider a gift, we'd certainly be grateful, especially this time of year before December 31st. It is a tax-deductible gift because we are a not-for-profit ministry and you can give quickly and securely on our website at MoneyWise.org.
Just click the Give button. You'll see there, just recently posted our goal between now and the end of the year. We're headed toward $250,000. $80,000 already raised so far, so we're in this final quarter of the year, I think doing pretty well, but we still have quite a ways to go. So if you'd consider being a part of that, we'd certainly be grateful.
Again, MoneyWise.org at the top of the page, just click Give Now and Thanks in Advance. All right, let's head to your phone calls today. We've got several lines open at 800-525-7000. We're going to begin with Kerry in Montana.
Kerry, go right ahead. Yes, thank you very much for your program. I greatly appreciate it. And I've learned a lot of things from listening to you.
Okay, my question is, I would like to know if you could explain this to me. I've been told and people say that after full retirement age, you can earn as much as you want. So if you're drawing Social Security, is there a limit to what you can draw?
Or is it a state or federal law that mandates that? I've been told that what you earn will still be taxed. And there's a limit to when your Social Security would be taxed also. Is that true?
Well, a couple of things here. So there's the reduction that occurs if you earn over a certain amount prior to your full retirement age. And that's separate from the portion of your Social Security benefits that are taxable.
So let's deal with that first part. Once you reach full retirement age, and this is probably what you've heard referenced, there's no limit on what you can earn as in income before your monthly benefit is reduced. Prior to that, prior to full retirement age, let's say you began taking benefits at 62 and your retirement age was 67. Prior to age 67, your benefit, the check that you received from Social Security based on your work record, would be reduced by a dollar for every $2 you earn above $19,560. So let's say you continue to work and you're making more than $19,560. Well, they're going to reduce your monthly benefit by a dollar for every $2 you earn above that. Now, that's not a permanent reduction.
And here's why. Once you reach full retirement age, they will begin to pay you back for that amount they withheld in the form of a higher check over a number of months until it's fully restored to you the amount that they reduced it by. So that's what folks are referring to when they say there's no limit as to what you can earn if you continue to work and you're taking benefits prior to full retirement age. Once you reach that full retirement age, you can earn as much as you'd like.
Now, with regard to the taxes on Social Security benefits, you'll pay up to 85% of your Social Security, pay taxes on up to 85% of your Social Security benefits if with an individual return, your income exceeds $25,000 for this year and with a joint return more than $32,000, you'll have up to 85% of those benefits taxable, which just means you would be paying federal income taxes on that. So those are two separate things. One has to do with your ability to continue to work and earn income and the other has to do with what portion of your benefits are taxable.
Does that make sense? Yes. So if I'm not retiring and I haven't drawn any Social Security until I'm 70, then all that really applies is not earning more than $25,000 a year, correct? That's correct. Only as to the taxes, though, you're welcome to earn far more than that when you begin taking it because you can earn as much as you want. It's just that it will begin to be taxable once you exceed that $25,000 threshold for your combined income.
So that's your adjusted gross income plus your interest income and then your Social Security benefits. Okay. Thank you so much.
I was trying to understand that and it's like confusing. Thank you so very much. That answers my question. All right. Very good. Thank you so much for calling, Kerry. God bless you.
800-525-7000 is the number to call. We'd love to hear from you today with whatever's on your mind financially speaking. Let's head to Florida. John, you're next on the program. Go ahead, sir. Yes, sir.
Thank you. I have a question about annuities. I guess these are non-qualified because I've already paid tax on the money that I put in the annuity and I wanted to know if there's any negative ramifications to combine some of them.
I've had them for quite a few years and some of them are pre-TEFRA, although I don't think that will affect me anymore because I'm now 70. Yes. Okay.
Very good. So you're not looking to put qualified money in. You're just looking to combine annuities that are both non-qualified? Right. Right. And I make sure I'm understanding non-qualified. I get them confused.
I've already paid tax on the money that I put into them. Yes. Yeah. That's exactly right. That's the definition. So you have both qualified and non-qualified annuities and the non-qualified annuity is essentially a retirement savings product you fund with after-tax dollars. So the money in the account grows without being taxed and then you pay the tax on it when you take the distribution from the account.
And as to the ability to combine those, yes, you absolutely can combine your annuities as long as they have the same status with regard to tax treatment. Are you there, John? All right. It looks like we lost you. Hopefully that helps you, sir. We appreciate you checking in with us today. If we can help you further along the way, just let us know. Well, folks, we've got some lines open today.
In just a moment, we're going to take a quick break but when we come back, we'd love to tackle what's on your mind. Kathleen and Clint will be heading your way but we've got some lines open at 800-525-7000. That's the number to call.
Again, 800-525-7000. We'll also be taking a few of your emails today. We receive questions all the time at questionsatmoneywise.org. Again, that's questionsatmoneywise.org. We'll tackle one on co-signing.
That's right. Julie wrote to us. She's co-signed on a loan for her son and he's no longer making the payments. In fact, they have a strained relationship.
She's wanting to know what can she do. Fortunately, that is a really tough situation and it underscores why the Bible is so clear on not co-signing but I'll weigh in on that just around the corner. Stay with us on MoneyWise Live. We'll be right back. Great to have you with us today on MoneyWise Live.
I'm Rob West, your host. As we think about managing our money, we want to look to God's Word for instruction on how we can be found faithful as stewards, managers of God's resources. Recognizing money or more of it shouldn't be our aim because money is a tool to accomplish God's purposes. It's a means to an end.
Well, what is that end? Well, to bless other people and be generous, to provide for our families. Yes, to enjoy it but when we look to Scripture, we see principles, big ideas and themes about how we should approach this topic of money which so often can be a competitor to lordship in our lives.
We don't want to allow it to do that despite what the world would tell us. Our self-worth does not equal our net worth. We find our value and our worth in Jesus and we use money as a tool to accomplish his purposes.
Well, together each day we gather on this program to mind the Scriptures and apply God's wisdom to the financial decisions and choices you're making. The lines are full, so let's head right back to the phones. We'll head to Illinois next. Kathleen, you're next up on the program. Go ahead.
Hi. We pretty much can buy the things we need and so we do and I have gotten to the point where I end up buying things and then it doesn't quite work so I buy something else and then I've got the other things that I spent the money on but I'm not sure it's like and then it's like I kind of don't know how to balance when I get something and it doesn't quite work right and then I'm misplacing everything because I'm trying something new and it is very it's in more than one area. There's the physical, there's the cooking, there's the crafts for my you know that I'm trying to do to to be able to do things for people and there's a cleaning supply. I'm buried and I don't know how to balance the cost and how to how to justify what's okay and what's not okay and I'm kind of stuck there. Yeah, well I so appreciate that. I can certainly understand and I appreciate your transparency on that. It's a great question.
I suspect there's a lot of listeners right now that are resonating with what you're saying, Kathleen. What you're describing is called the paradox of prosperity and here's what that means. It means the more we have, the more choices we have and the more complex life is because the less real freedom we have because all of this stuff that we have requires time and attention and we've got to change the oil and we've got to maintain it and we've got to find a place to store it and you know we can allow our lives to get very complex and complicated and rob us of the things that really bring true joy. You know as you said, you're making crafts to bless people and that's a great thing unless just the process of that creates a lot of complexity and confusion and so I think the big idea here, Kathleen, is how do you simplify your life in a way that allows you to declutter and not have so much stuff and maybe slow down on kind of the intake of things. One of the best governors for that if you will is the family budget and you know you allocating a certain dollar amount to a particular category and when you've depleted that, it's gone and you're done spending for that month which means if you want to buy something else, well you've got to return the thing that you bought before you can go buy something else and you got to agree to yourself that even though maybe you have some financial margin, you could buy both of them, you're going to limit yourself to a certain dollar amount and that's where the tried and true envelope system can be very effective. If you were to say, listen, I'm going to put X dollars a month in the craft envelope and once that's depleted, I'm done spending for the month, it might make you a little bit more intentional about what purchases you make and don't make. The second thing is to look for the 30-day rule. You know when you see something you want to buy, write it down on a piece of paper, post it on the fridge and wait 30 days to see if you still want or need it. Most of the time you'll find maybe you really didn't need it and no longer want it. If something doesn't prove to be useful or it doesn't meet your expectations, well don't buy things that can't be returned if they're not going to meet the intended purpose for which you bought them. So I think it's going to require a little more effort but I think to your point, it will give you greater joy because you'll have less clutter, you'll have less things and you'll have more margin because if you limit your spending in each of these categories that have a tendency to get away from you and there's probably only a few of them at the end of the day, then it will kind of put a restraint in place on some of the spending you may be doing frivolously because you really don't have an end. There's not a cap on what you're spending in a given month in any one of these areas. Does that make sense to you?
It does. Part of my problem is finding the right things physically that I need that aren't working out and then I'm stuck with like too many pairs of stocks so I should just get rid of them even though I spent good money on them, you know? Yes. Well, and I think the other key is just understand what is the reason you're spending. Is it to try to satisfy some need that that physical item is not ultimately intended to meet?
You know, are you looking to try to meet some emotional need that you have or some other need that a purchase may only meet temporarily but ultimately is going to leave you feeling empty? And you know, there is, I think many of us have a compulsion to spend and we need to be honest with ourselves about, you know, why am I spending? And you know, if I'm continuing to spend and buy things I don't actually need, why is that and what do I need to do through accountability and through a budget, as I said earlier, to kind of reign that in.
So maybe take this month and make that a matter of prayer. Just ask the Lord to reveal to you, is there anything you need to see in your heart or in your motivation with regard to your spending to maybe step back a bit? And that's not something I'm directing at you.
I'm directing that at myself and all of us. I think we can stand to benefit from an understanding that every spending decision is ultimately a spiritual decision. Doesn't mean we can't enjoy things and buy things for fun, especially when we're using it to bless other people. But it does mean that we every now and then need to take a step back and say, Lord, what do I need to see here? And are these purchases actually to try to meet a need that ultimately only you can fulfill? And these purchases will never actually do that. So maybe you think and pray about that this month, Kathleen.
And at the same time, very practically, let's go ahead and set up that budget using the envelope system and see if that might help to reign in your spending in a few of these categories that have a tendency to get away. Thanks for your call today. It was great to speak with you. Clint, Sharon, Sarah, Gene, we're coming your way just around the corner. We'll be right back on MoneyWise Live. Stay with us.
Thanks for joining us today on MoneyWise Live. I'm Rob West, your host. We've got a ton of questions lined up here.
So let's head right back to the phones, to Wisconsin we go. Clint, you're next on the program, sir. Go ahead.
Hey, good afternoon. I have kind of a unique question, I guess. I just recently sold my primary residence that had a mother-in-law suite in the back that I rented out the whole time that I lived there. And from everything that I have researched, I wouldn't pay capital gains on that. But when I sold the house, they had me check the box of a 1099 form, because it was like I had a business, because I made profit off of that rent, obviously. So I was just trying to bounce it off of you to see if you think I'll pay capital gains on that or not, because it was my primary residence and it was under $500,000, which is the cap for a married family selling a house, from my understanding.
Yeah, that's exactly right. So normally, if that would be your primary residence, you can exclude as a married couple up to $250,000 or $500,000 for a married couple. The question would be whether this portion of the property, because it would be seen as an investment, could that be excluded from this exclusion, so to speak?
That's a good question. I would talk to a CPA or accountant about that. So you did collect rent on that, is that right? That is correct, yes. Yeah. And so I suspect that portion of it may be excluded, but I'm not exactly certain on that, Clint. Have you consulted with a CPA or accountant on this? No, I have not yet. I just sold a week and a half proposal. Okay, yeah.
So I would definitely check that one out. I mean, clearly the portion that was your domicile and considered your primary residence, that would apply here. The question is whether there would be a carve-out for the portion of this sale that was an income-generating property that happened to be on the same parcel of land. Was it detached from your parcel, your home? It is detached, but it's the same tax key.
So that's kind of why I'm... It's kind of convoluted because I don't know how they'll be able to separate that being on a separate tax key. Yeah, interesting. Yeah, so that's a good one. I don't have a clear answer for you on that, but it's one I'm glad you're checking into because the last thing you'd want would be for that to be a surprise later if you try to roll all of that in and then you were audited on that and found out that that was excluded.
So I would make this a year where if you normally do your taxes, you're getting some professional guidance on this just to be clear as to whether that mother-in-law suite as an income-generating property is not subject to that exclusion. Let us know what you find out, Clint. I'd be curious to know kind of where that one settles out. Thanks for checking with us today. I'm sorry I don't have a definitive answer for you.
To Cleveland, Ohio, WCRF. Sharon, go right ahead. Oh, yes.
Hi. Thanks for taking my call. I have a life insurance worth $10,000 and I've had it for years. I just changed it over to a permanent life and I'm finding out that it doesn't have any value and I want to stop payment because it's not doing me any good and just continuing to pay into it and I know I've invested more than $10,000 all these years. So is there anything that you can suggest that I could do other than stop paying it? There really isn't.
I would probably just drop it. Do you need a death benefit at this point? Is there somebody counting on you for your income that you're providing that at your death would create a hardship for them? No. Okay.
So this, who was the beneficiary of this policy? My son was. Okay. And so obviously this is not something he's counting on and you're not looking at this for burial expenses or anything like that? No, not at all.
Okay. Yeah. So unfortunately if there's not, I mean, if there's a cash value, you'd want to take that out and just recognize there may be a portion of that that's taxable, but if they're saying there is no cash value, then essentially you're just paying to fund the death benefit. And at that nominal amount of death benefit, you know, it's going to get more and more costly over time. So as much as you'd hate to walk away from all the money you've put into that, I think the only thing worse than that is just continuing to pay on it, given that there's not really a need for it. And you can reclaim that monthly premium or semi-annual premium back in your budget and redirect that to other purposes. Yes.
Yes. That was what I was thinking that I should do. Now I have one other question about transferring my home for my son.
What's the best way to do that? I mean, I have it in my will, but then if I want to transfer it to him before then, what's the best way to do that? What would be the purpose for that in your mind, Sharon? Why would you try to transfer it prior to your death?
Well, he'll probably live in it, I'm sure. And I'm just kind of done with dealing with the property. I see.
Yeah. The only downside to that is, I mean, you could quit claim deed that to him, so it would be essentially a gift to him. Then you'd have to let the IRS know that you made that gift to him, which is not a problem because you have a lifetime gift exclusion of up to $12 million that you can give away as a gift before there's any kind of gift tax.
So that's fine. The downside though is that there's not what's called a stepped up basis for a tap tax purposes for capital gains. So if he receives it as a part of an inheritance because you pass away and your will says that he inherits the house, then the cost basis for the house for calculating the capital gain is stepped up to the date of your death. So whatever the value of the home is at the date of your death, that's now the new cost basis. And then if he turns around and sells it, the gain would be calculated from that point forward. If you quit claim deed it to him, then he gets your cost basis, the amount that you purchased it for. And then when he goes to sell it down the road, all of that gain from what you paid for it to what he sells it for minus any improvements that have been made to it is going to be taxable as a capital gain. So from a tax standpoint, it's not really very favorable at all. In fact, there's a lot of reasons not to do that unless there was some other reason that you just absolutely want him to have the home in his name prior to your death. Does that make sense? Yes, it does. So it's better not to quit claim.
It is. It's better for you to hang on to it. If you want to let him live there rent free and even if he wants to pay the taxes and the insurance for you, you do that.
But in terms of him actually taking title to the property and being on the deed, I would let that happen as an inheritance so we get the benefit of the stepped up basis. Thanks for your call today. Quickly to Illinois before our next break, Sarah, how can I help you?
Hi, good afternoon. I'm calling because I'm on, I received disability payments and I receive a certain amount every month. And now I'm returning, I've returned to work part time and I don't make a lot, I don't make over the amount they said I can make. And I was wondering, now that I'm working part time and they're taking out taxes or whatever, will this eventually allow, would this cause my social security payments to go up? In other words, can I earn new social security points or what have you?
You can. There's two ways for your social security payment to increase. One is a cost of living adjustment every year pegged to inflation once you begin collecting benefits. The second is if you continue working or return to work as you've done and you earn more in a year than you earned in any of your previous high 35 years, which is how they calculate your benefit, the highest 35 years of earnings. If any of these new years replace one of those, well, that will increase your benefit and this happens regardless of your age.
So you absolutely will benefit if you're earning more. Thanks for calling, Sarah. We'll be right back on MoneyWise Live. Stay with us. Hey, great to have you with us today on MoneyWise Live. I'm Rob West, your host. Let's take a quick email. This one comes to us from Julie.
This is a tough one. She says, I co-signed a $30,000 loan for my son. He's not making the payments. In fact, he no longer talks to me. He's changed his name. How can I get my name off the loan and not be a co-signer anymore?
And Julie, I wish I had good news for you. Number one, you know, this is really why the Bible is so clear. We shouldn't co-sign and I realize, you know, that's easier said than done and we can't go back and change that. But unfortunately, there is no simple way to have your name removed from the loan. He would have to either re-qualify for a new loan depending on what type of loan it is without you, which obviously if there's a strained relationship, he's not talking to you. It sounds like he's probably not going to be willing to do that. Or if there's an asset that has collateralized this loan because he's no longer paying, if you could somehow get him to turn the asset over to you. So for example, if it was for an automobile or some other tangible property and he signed it over to you, then you could either keep it and use it or sell it and then use the sale to satisfy the loan and you may have to come out of pocket for the difference between the value of the asset and the balance on the loan. But unfortunately, given this relationship and the relationships already strained, but there's going to be a negative impact on your credit report if you don't continue to pay it. So again, this happens in 50% of the cases when we co-sign for someone according to the Federal Trade Commission and it's why we should just stay away. So let's pray that Julie, you can get that relationship restored, get back on good terms, not for the financial reasons, but just relationally first. But then secondly, once that's done, Lord willing, you can either get him to take ownership of this and resume payments or turn the asset over to you if there is one. I know this is a tough one, so you hang in there and we'll pray the Lord gives you some wisdom on navigating this. Thanks for writing to us. If you have a question for us, send it along to questions at MoneyWise.org. All right, back to the phones.
We go to Wisconsin. Elvia, how can I help? Hi. Yes.
Thank you for taking my call. So I have two different 401k companies right now working and I have the more recent ones, but the other one, I don't know if I should consolidate them or what should I do with them? Okay. So you have two 401ks, one from a previous employer and one with your current employer. Is that right? Correct.
Yeah. So just to simplify things, Elvia, what I would probably do is contact your current plan administrator where you work today and ask if they will accept a 401k to be rolled in from a previous employer. In most cases they will and that will just simplify things because that balance will be added to your new 401k and then however it's invested, you can choose the same investments for the previous account and now you're not getting two statements. You don't have two different accounts to keep up with and monitor the investments.
You've got everything in one place and then going forward, I would try to target a goal of 10 to 15% going into the 401k as new contributions, assuming you don't have any credit card debt and you have an emergency fund. Does that make sense? That makes sense. Thank you very much. You're welcome. Thank you. Oh, thank you. I appreciate that.
To Miami Beach, Florida. Hey, Louis, go right ahead. Yes. Thank you for taking my call, sir.
Yes, sir. I'm calling because I have a question concerning jewelry. I used to have a jewelry business. I'm a designer but I have brain aneurysm so I'm disabled now and I've been trying to market it through eBay but my wife and I were not very good on the computer so I haven't been able to do much about that. So the question is if I call a kingdom advisor in the area, do you think that they could help me to see if I can get somebody if I give a commission because it's a substantial amount of jewelry that I have, probably a couple hundred thousand dollars or more and for a commission, a good commission that I will give, there will be anybody interested to help me to market it through eBay.
I see. You know, a kingdom advisor probably would not be the place to go and this is going to be challenging, Louis, because you've got to find somebody that really wants to go into business with you in a sense and put in their time to work alongside you essentially as a partner to, you know, learn the ins and outs of marketing this jewelry. You obviously have the know-how with regard to being a jeweler and evaluating and appraising these particular pieces and so forth.
You understand what you have. What you need is somebody who's technologically savvy that can help you, as you said, market and essentially create a business online with jewelry which is very challenging because without a really solid reputation online, people are very leery of buying jewelry over the internet just because they don't know who they're buying it from and what kind of quality pieces are they going to receive. And so unfortunately, I think this may be a bit more challenging than you think both to locate somebody who wants to go into business with you but also to really have the staying power and the time and the money to put into building a solid online reputation and e-commerce business which is what you're looking for. Have you considered perhaps, you know, going to work for a jeweler and as a part of that maybe selling the pieces that you have to, you know, convert those to cash? You could invest that and then take these skills that God has given you as a jeweler and the interest in that area and, you know, go work for somebody who will pay you a salary. Have you considered that? Well, this is the situation. I became disabled through any reason so I cannot work as a jeweler anymore. You know, my life has been affected because of the surgeries that I have. So, I lost all of that. But in any case, I was wondering whether a kingdom advisor would be, you know, probably further advised.
I don't think so. Let me throw one other that would not really be in the typical skill set of an advisor. They're really to advise on financial matters. I'd love for you to check out an organization called SCORE. It's the Service Corps of Retired Executives and that would allow you to perhaps be connected to a business mentor.
You'll find them on the web, Louis, at SCORE.org. Perhaps a business mentor could be someone who could help you in this situation. Again, it's not going to be easy just for the reasons that I mentioned, but let's just pray that the Lord brings the right person along to either help you get this up and running and help you manage it as a partner or just to help you liquidate all of these assets and convert that to cash so that it can be invested and perhaps generate a passive income stream for you.
And once you sell them, if you have a couple of hundred thousand dollars now in cash, well, that's where a certified kingdom advisor could be very helpful in helping you invest that. Louis, all the best to you. Thanks for calling today, sir. God bless you. To Nebraska. Hi, Sherry. How can I help you?
Yes. My dad just passed away a few days ago and he left no will. And he doesn't own a whole bunch of houses or anything like that. There's a very small amount, maybe a vehicle and a few thousand dollars. Since there's no, I googled and it says something, there's no will, you've got to go through probate court. Is that true? Even if it's a small amount?
Yeah. I would check with an estate planning attorney on that. I mean, the probate laws vary by state. It's possible there's a threshold for probate under which it wouldn't be necessary. I would check with an attorney, a state attorney in your area, just to find out, given the size of the estate, what they recommend you do. Obviously, you could initiate the probate process by petitioning the court. And that would be the typical process for an intestate estate, which is one that does not have a will associated with it.
But to your point, it could be that just doesn't reach that threshold of being necessary. I might contact your church and see if there's a godly estate planning attorney that you could connect with, that could advise you on that share. I think that might be the next best thing because you want to make sure you do this properly. And so I think getting some good counsel as to whether or not petitioning the court for a probate court is necessary or not.
If you don't know of a godly estate planning attorney, you could contact a certified kingdom advisor in your area by going to our website MoneyWise.org, and then just ask for a referral. Thanks for your call today. William, you'll be our final caller today in Tennessee. Go ahead, sir. How are you doing today, sir? I'm well, thank you. I just have about a minute left.
How can I help? Yes, sir. Actually, I heard you talking to one gentleman. It was about Social Security. And you mentioned to him that if he had already was old enough, they will return some money that he was trying to get. He mentioned something on that line. Yes.
Yeah. Let me explain what I was talking about there, William. Essentially, prior to full retirement age, if you start taking your Social Security benefits and you can do that at 62 instead of 66 or 67, and you'll have about a 30% reduction. But if you start taking Social Security benefits prior to reaching full retirement age, then they will reduce your benefits $1 for every $2 you earn above $19,560. So if you continue to work and earn above that, they'll reduce your benefit $1 for every $2 you earn above that. And they will continue to do so until you reach full retirement age, and then you'll get your full benefit. But in addition to that, they will add something on top of your full benefit to begin to repay you for the amount that it was reduced by until it's fully paid back, but it could take years. So eventually, you'll get all that money back.
It's just going to take a little bit of time for them to pay that back to you in the form of a higher check. So hopefully that helps you, William. Thanks for listening and calling today, sir.
MoneyWise Live is a partnership between Moody Radio and MoneyWise Media. That's going to do it for us today. Thank you to Luke Castaldo, Gabby T., Amy Rios, and Jim Henry. Thank you for being here as well. Hope you have a great rest of your day, and we'll see you tomorrow. Bye-bye.
Whisper: medium.en / 2022-12-01 18:38:18 / 2022-12-01 18:55:03 / 17