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COVID-19 Impact on Church Giving

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
May 26, 2020 8:03 am

COVID-19 Impact on Church Giving

MoneyWise / Rob West and Steve Moore

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May 26, 2020 8:03 am

With millions of Americans unemployed and in-person services canceled, many churches have seen a decline in income. The act of giving is an integral part of church services but online giving has helped to offset the decline in financial contributions. On the next MoneyWise Live, hosts Rob West and Steve Moore welcome Brian Kluth who offers a battle plan for churches to help weather their financial challenges. COVID and church giving on MoneyWise Live at 4pm Eastern/3pm Central on Moody Radio.

Rob West and Steve Moore
Rob West and Steve Moore
Rob West and Steve Moore
Rob West and Steve Moore
Running to Win
Erwin Lutzer
Rob West and Steve Moore

Well the numbers are starting to come in and they're not particularly the COBIT nine crisis has caused a significant downturn in church giving that much was expected but no, what of Americans out of work and cancel weeks churches are struggling.

Rob West running the national Association jungles battle plan for the coming financial challenge calls at 800-525-7000 800-5257 more COBIT 19 impact on church giving us right here moneywise Rob Pastor Brian closes a noted speaker and author on church giving it currently serves as director of the NAEP's multiyear initiative to address the economic needs of pastors, which is always a challenge D, but never greater than right now with the coronavirus pandemic. Brian is a great friend and Brian a real treat to have you with us today to greet your listeners.

We really want to share some things with them that are insightful and helpful, and challenging, but we can be encouraged to do the right thing in these times well were looking forward to that before we get into your battle plan for meeting this giving crisis give us the numbers Brian that you and others have been able to compile thus far, we were able to survey over thousand churches in 50 states and what we discovered is 65% of churches have seen giving decline since the COBIT 19 shutdowns. That's a pretty serious drop never in our lifetime is the subindex serious. The closest that you we had a big drop in the past about 10 years ago with recession 38% of churches are given go down but in this case it was 65% so much, much worse, much deeper, much broader and the other thing and we pulled up in the inner status is 30% of the people participating in the research. Their household income has gone down so you do they summon your family lost her job furloughed, no loss of income. Maybe the business sales were down so we you know, we saw that it's affecting quite a few people at this point.

I do think it's gonna affect more people in the future, more families are the good news we saw is that because of online broadcasting of services and music in podcast and interviews and things are churches are doing in the online space of 48% of churches have seen the people there reaching every week go to five times or more greater than they ever reached in a worship service and so it's really amazing that God is using this difficult time.

To really let his word go out in ways that about unprecedented in our lifetime.

Millions and millions, hundreds of millions and millions are hearing God's word taught online and I were excited for that boy that is so exciting to hear God reaching more people through the midst of this uncertainty in the pandemic. Obviously, as a relates to church, giving Brian part of this is the. The families that are struggling because of the loss of jobs. Perhaps they been furloughed hours of been cut. That's a big piece of it whenever there's a recession but you add to it the fact that churches are not able to gather people physically do you think that's having an impact and is it that some churches are just unequipped to take gifts electronically or how does that make this more challenging. Yeah, this is one of the factors in all of this. So if you were adamantly serving older congregation and even have technology in place for digital giving online giving EFT giving and some of your people are in the building and there's no plate to pass are no people to pass the plate to you suddenly were in a difficult situation.

So some churches are kind of catching up as their people are saying okay want to give to my church, and so their mailing and checks other sometimes are dropping them off more.

More churches are moved online and so that's a good thing for the future that more churches are doing online giving, and so but a lot of people had a kinda ramp up very very quickly with online giving, technology, and certainly with online services. Whether it's Facebook live or recordings I could play later, all kinds of things I part of a church of about 400 when mainly a younger church a lot of millennial's and were reaching like three or four more times. People online, then we would get the three or 400 and our service, so churches and really had to step up a lot of churches have done an amazing job really embracing this online egg to Betty both in their services but also in the giving platform. So that's that's been a positive thing, absolutely.

It's happened in my house not only services but my kids meeting with small groups online and were meeting with our small group. It's amazing what God is doing well a lot more in this writer. In the course is right writing this today helping us understand how the Corona crisis is impacting the local church that's nice right here moneywise line. Romans 1513 for all joint trust microbrews and financial hands-on study shows the voyages of financial wisdom help my power of God's word is right now. Financial support moneywise. Not a gift of $25 or more moneywise. My dental work are friends of sound mind investing have been helping Christians reach their financial goals since 1990 with step-by-step guidance for investors. Just getting started making choices in a 401(k) or getting ready for retirement all grounded in God's word, the SMI slogan is financial wisdom for living well. More information is available online.

Sound mind investing that will the SMI website also includes articles, and money manager is investing sound mind the world is spinning out of control.

Maybe you feel like your own little world is doing the same that no one cares about what happens but when you read the Bible, God knows exactly what is going on globally and in your life.

In Matthew 10 2830 not be afraid of those. Rather, be afraid of the one who can destroy both soul and body in hell are not two sparrows sold for yet one of fall to the ground outside her father's care and even the very hairs of your head on the frame with more than sparrows. To me that sounds like God knows exactly what was going on and my life. My concern about what's happening in the world's I'm learning my trust.

And if that is robbing you of freedom and peace of mind.

Christian credit counselors can help Wear nationwide nonprofit counseling organization has helped over 3000 individuals in the last 27 years get out of credit card debt 80% faster while honoring that that info to learn how Christian credit counselors can help you visit Christian credit Christian credit counselors not call 800-557-1985 comes to giving and generosity in the local church.

No one knows more about this subject in today's guest Brian close. He works with the national Association of Evangelicals. He travels around the globe, rather he used to travel around the globe at teaching God's people all about the subject and I understand your travel has been curtailed a bit in the last few months). I got sure has room to be gone three out of four months and we are home for the four months sheltering in place. God has a plan God has not as bright or just a moment. We'll talk about a 10 step battle plan that you've developed for pastors and church leaders to meet this financial crisis. It's practical. I know it will be helpful but died just before we get to that that you note that many folks may be out there saying I plan to give to my church. But I'm gonna wait until I get back. The challenges the church needs those resources now to pay the overhead and pay the staff and you know that's not a good plan is you want to be faithful in your giving to the Lord as you have it release it. Trust God for your needs and you honor the Lord with what is given. You went when he gives it to you, and I think that's always a good plan.

Brian what about personal giving as you have done studies since coded 19 the pandemic, what are you seeing in terms of those numbers.

Now what were seeing is some people that have surplus are stepping up and being more helpful to their church in the ministries they care about.

So that's really a good thing. Obviously some people had to slow down there giving her curtail at the other thing that's interesting in our research is 30% reported that they needed to help family and friends during this time, like in my family I have three adult children. They all lost their jobs so we weave as a family had to step up and help her family, but also in our church we come alongside some families that we know are hurting and struggling we got gift cards were given the groceries. We've done some things are for people that we know needed it, so a lot of people reporting kinda more personal activity and generosity, which is always a good thing. I know it when you give to the needy in the Bible says in Proverbs and to give to the needy. You lend to the Lord and he will repay to give to the needy are not even giving your lending to God and God will somehow someway I replace that what you've given such a great word for us. Brian to consider during this time in our opportunity to be the hands and feet of Jesus with her getting hard. Let's turn and talk about the 10 step battle plan you've developed for pastors and church leaders to meet this financial crisis where you want to startů Gonna go through this together how there's a handout that everybody can get on your website so that that'll be really helpful to have people access that but the first is the American Bible Society, and the national Association of Evangelicals put together some really valuable resources on culvert 19 and ministering in these times so we we list that link on the handout but the second thing is reopened under government guidelines and not being social distancing rules that are to be in place in your state or your county or city, but I also believe you need to get you reopened.

You need to stay online so you need to do on-site services and online because a lot of people still are not to be comfortable or talk would be wise for them to come to church service so churches are to continue to need to do both things and also encourage online giving also be reaching out to your people by phone, by email or do not lose touch with your people stay in contact with them so important absolutely. I also think it's really critical. So many churches are really serving in meeting needs in their local community and you want to make sure that your church knows what you're doing.

So you can connect the vision and the activity of the church in Jesus name to the giving that's taking place that's allowing the church to do that right yeah exactly how you need in order to get into. That's one of the points here is need to either start or expand a benevolence program you is to be people in your church that are going to be hurting financially, needing assistance, and so we give you some links and some resources to do that.

See need to care your church families, but you also need to proactively look at what even to do to serve your community. These are critical times, people are going to be out of work.

They are going to have practical needs, especially as we get past the government subsidies this summer, a lot of people are going to be really hurting and I think you are more businesses are going to be struggling. Some of the closing so those are just really important things to kinda get a handle on and can get ahead of the curve.

Yes and prepare for that that we said take advantage of church resources and you can find those up reopened under government guidelines perhaps start or expand a benevolence program. What else in your 10 step battle plan you want to do is whatever you receiving and offering are encouraging offer you want to use Scripture you know God's word is rich with scriptures on generosity and finances and we developed a handout with 100 free verses that encourage generosity and Ethan God when it comes to finances. So what you want to do is you want to say the verse and pray the verse and in the list of hundred verses you have two years of Scripture verses to really encourage people from God's word to trust him and also to be openhanded in these times are not fearful or tightfisted. Yes, another thing the church is a connect to Dubai this summer when they're back in session is thereafter totally reassess their church budget. Their payroll there giving their facilities, their programs, everything is good have to be looked at based on new trendlines because there there are trendlines that are going to be happening and churches need to properly adjust as a going to the fall so that's that's pretty important yet perhaps it's a time to reevaluate as well. We heard from somebody recently broadcast of said just before coded. We had voted to buy a new church band and we haven't done it.

Should we reevaluate this is a time to be looking at all special expenditures is an certainly as he everything has to be reevaluated in light of the new realities of people where were churches are to be at this summer. Very good. What about a few more Brian yeah after the recession in 2008 we found 3000 churches distributed the 30 or 40 day devotional. I had and it just gets people in God's word gets people families at reading the word every day and so using a generosity or financial devotionals very, very helpful, especially this fall were also encouraging churches to look at doing a Saturday financial event. My personally going to be helping churches across America and communities putting on a financial shalom day but it's just the idea of pulling people together from multiple churches and really helping them get a handle on what's going on financially but doing it from a biblical perspective. Number eight is administered as a financially hurting and the financially healthy. Every church has people was surplus the people that are strong financially, some struggling, some sinking and the churches need to realize, you need to put all those people together and just because some people are hurting, doesn't mean everybody's hurting and those who are not hurting the needs need to have a plan to help those who are hurting so churches need to think through the full spectrum of the people they have in their congregation absolutely, and I know you have a bless your pastor national movement that folks could hook into right now and pastors need that more than ever note the yeah they will we have a list of 50 ways to bless your pastor there. All they have nothing to do with the budget in this year. Every church that participates in the bless your pastor movement. We will send their pastor at $250 gift card just because they participated so we hope. Many churches about a bless your get the free resources and participate very good and Brian were about at a time here today where can folks download this resource with the 10 step battle plan and access all the wonderful tools you mention the hundred verses the bless your pastor, movement work and they go to the state of the state of the will have all that material available. Brian we covered a lot of ground today so thankful for you will have you back real soon some good thanks because blessings on you and your listeners.

Thanks very much that's Brian Clute from the national Association of Evangelicals and the always great to have Brian with us and provides lots of great biblical practical information about giving and generosity and will be right back attention moneywise.

I listeners. If you don't like free stuff, please change the station now.

Still with us great. You can get free access today to the new moneywise magazine packed with valuable expert articles, practical tips and biblical wisdom will even find exclusive podcast episodes. You won't hear anywhere else your moneywise and he magazine subscription is waiting for you and moneywise process is quick and powerful, and sharper than any two-edged doing. Here is a quick way from legalistic righteousness and talking about the spirit working through too late for my relationship, not regulations. Number two is contradicts Scripture not ever Holy Spirit's promptings will never contradicts Scripture crazily is where we just get really a people who want to really a lot of knowledge about scriptural things to say that we don't want rock 'n' roll out with God and live the great inventor you talk that way to get drunk extreme where everything is Holy Spirit that we are to continue the spirit because it's about the walk but one is contrary to Scripture, not the general will general will is been listening to Lori.

Many people are experiencing financial challenges credit card debt downsizing that in jobs saving more than half of all divorces are the result of financial pressures at home, but there's hope in your money count biblical financial expert Howard big shows that the Bible is a veritable managing your finances will discover the profound relationship with God, your money count is available when you click the start button today it's moneywise live less more am going to switch gears a little bit now from Brian flu to anything that you want to talk about any financial it could be about giving it might be about creditor saving or investing where your faith, eternity, what does all that have to do with money and finances will quite a bit as it turns out. And if we can help you today. Would love to do that 800-525-7000 toll-free 800-525-7000 Rob what about what you seem to do something a little different, but generally we take our emails toward the end of the program but then sometimes we miss them for two days or weeks as the case maybe want to do a couple today right here at the top that says great when Charlie released one okay I let's go the say hi to Mark that she would if he's listening will. Say hi to him. His email came in recently and he says I hey guys, my wife recently passed away looking for a financial advisor who can give me honest advice and whose priority is helping me as opposed to pushing his or her product. I simply want guidance on the best way to achieve the most benefit in my current situation you have any advice for me. Yeah sure did remarkably disperse them. So sorry to hear about your wife's passing you know finding a financial advisor that you align with very well both in terms of experience and competency that matches your needs as well as really somebody who I would add shares your values really understands God's word as it relates to money and money management.

It can bring to bear advice that's consistent with biblical truth in the heart of God in the context of competent financial advice is really key, but you're raising another point around products. And one of the good news.

That's a benefit to consumer consumers.

Is this transition from what I'll call the product era to the advice era doesn't mean there aren't products that are still very necessary products and solutions that are used every day very appropriately in the context of financial advice. But there's been a move in the last decade or so. Toward an advice model where financial professionals lead with advice bringing true wisdom to the table around all of your financial affairs and then the products or solutions or strategies are used to support that. But in the event that an advisor is leading with a product you should buy this product works. It starts off in the engagement and again around financial planning and investments in the time it where you have a single need around insurance or something like that.

But if the if it's starting out around a product.

I think that is the wrong approach. I think it really should be about getting to know you and asking a lot of questions and really looking at your overall financial plan and figuring out where your investments fit and then if there's a product that's necessary.

Again, it's not sold necessarily it's just a part of the overall strategy that utilized and at that point, it may be perfectly appropriate. So in the event that's really what the advisor is leading with in the planning and investment space.

I would be a little cautious there and really try to find somebody who's going to lead with an advice model again where the products are support.

I really like that advice Rob, thanks very much and we do have an email from Aaron. However, we also have a caller who's been holding all the way from Honolulu. So let's say hi to Jill next and what's on your mind today.

Joe hello gentlemen, I thank you for taking my call and I really appreciate your show in you help me out more than you can imagine the part of my my question is for the catch-up contributions for a 401(k).

I understand the limit is 26,020 20 and my question is if I did not contribute like I contributed about 13 over the year tonight my catch-up contribution to the remainder of that or is it limited to $6500 yes are you talking about the timing of the contribution or the amounts are you talking about could catch up with in the context of the 401(k) usually has to do with when you reach age 50 or older.

It is that what you're referring to specifically Joe I think we may have lost you just go ahead and weigh in on that. Here's the thing ill in 2020. If you're 50 or older.

You'll be able to have the $6500 in a catch-up provision that's going to allow you to put in a bit more. I think we may have you back either Joe yes I'm here okay. And wasn't related to the timing on that or the amount or something different yet the amount because I will probably contribute about 13,000 so if I have an extra 13,000 left. Can I make that in a one time catch-up or I'm reading I'm reading just says six, 500 I guess with me your you know that that's what takes it up the 26,000, that's correct. Yes, 6500 for workplace plans, like a 401(k), up from 66,000 in the amount you can contribute to an individual retirement account for 2026 stays the same as 6000 with a $1000 catch-up.

If you're over age 50 okay great. The second part of the question that sure to serve the redhead.

Okay, I'll be coming up on my east diversification. Here at the end of next year. So my question relates to the catch-up contribution should I should I diversify just enough shares equal to the up to 26,000 my company stock. Okay I think I heard the question you broke up there a little bit but do you do have a diversification that has to occur within 90 days after the last day of the annual election. For these employee benefit plans to give you ownership in the company and you know if you have the ability to diversify inside that plan that that's a great option so you're not so highly concentrated. You just need to make sure that it falls within that window so they appreciate you calling today appreciate your kind comments and we encourage you to call back anytime. Thank you very much Joe. We do appreciate that and if you have a comment or question for Rob lesson today knows a good time to call.

We do have few open lines left to be sure we get 805 five 7000. If you haven't visited our website and might want to check it out, find a set moneywise live.I investing is more than just returns. It's an expression of who you are and what you value is when you invest your money reflect your identity as a Christian, and even tightly design investments for performance and a better world so you can invest with the confidence to reach your financial goals while remaining true to your Christian values and commitments. We call this investing that makes the world rejoice more is invest Thank you from the bottom of my heart I could've had the procedure I needed without CHF's help in sharing the bills that letter from a member displays Christian healthcare ministries purpose to glorify God and serve his people. CHF is the original noninsurance voluntary health filesharing ministry, enabling its members to share the cost of each other's medical bills, call 800-791-6225 or visit CH ministries boring the Moody Bible Institute verse of the week during this memorial is found in John 1512 this is my commandment that you love one another as I have left plaintiff's my friends, that's John stating the messianic prophecies in the Old Testament is a great way to study the Scriptures can be confusing the biblical authors came from different cultures and different time and they use different styles on Michael.

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This is SRA news for your finances, your host is less than more and let's continue on that. I called Chattanooga, Tennessee hi Diane how are you today and how to help hi getting out security breaches offering any actual data. Is it okay for now and how can we maximize security of our banking account is not compromised.

It's a great question, Diane. Just ask you a question. First, though, do you use credit cards as a part of your monthly rhythm for paying for bills you do okay and what option is given to you by your church is that ACH type transaction for you that you put in your routing number and your bank account information or you have the ability to pay by credit card as well or what options are there always. No problem, that's fine.

Well, you're one of the ways you can protect against it is by using a credit card.

If that option is available.

Again, if this is you making the payment and then you're paying it off.

It's a budgeted expense. I believe that's a appropriate use of credit cards. If you can manage that on a monthly basis. The upside is you're putting in your information electronically. Yes you're doing business online so we'll talk about some of those safeguards that you need to make sure you're following the second but the real benefit. There is, as you're watching that credit card statement every month, whether it's on paper or electronically, you're able to really monitor that account and the credit card companies have really gotten proficient at spotting fraud. Often they will see it before you do, but obviously you need to provide the check and balance in monitoring each of the transactions are there to make sure nothing appears.

That's not yours or that was put there fraudulently. The good news is with a credit card. You're not responsible for that's as long as you reported on a timely basis that will not be your responsibility and you're not giving somebody access to to your checking account where they're pulling money out of your checking account you're initiating that transaction on the credit card and at any point you could shut that down you could dispute an inaccurate or fraudulent transaction, and that you have a lot of safeguards and control their that's gonna be the most safe.

The only downside to that is just that it's gonna be a little higher charge to the church then if you were to use electronic transfer direct from your checking account. Often times they'll pay a little bit less so obviously we want to get as much money going to the charity or in this case your church as possible, but from a safety standpoint I think there is a benefit to using the credit card for the reasons that I mentioned. Beyond that, Diane. I think just in this digital age now that were all conducting more and more business online, especially given the coronavirus and some of the social distancing that we've had to put in place.

We just need to be really careful in monitoring our accounts to spot unusual transactions. We need to be monitoring our credit reports, which you can access those now weekly at no charge from annual credit and I feel very secure. You pulling those great reports. In fact it's can it help you to stay on top of it. You don't need to do it weekly. I would say monthly at the most. Beyond that, just practicing some of the. The other best practices like don't ever click on the link in an email. Make sure you're always initiating the you the contact online. Never give out personal information when somebody calls you unit they claim to be from the government or from one of your financial institutions you initiate those conversations don't ever conduct business on a public Wi-Fi do it in the sinking of the privacy of your home, you are not in a coffee shop or something like that. These are the kinds of things. I think that really will allow you not to be 100% out of the woods because none of us are anybody can be breached, but it's at least gonna put you in a better position you know that you are not to be compromised as easily, and the good news is, if something does happen.

There are all kinds of safeguards in real because this is become so commonplace that it shouldn't be terribly detrimental to you in terms of true identity theft. It just doesn't happen as often as you might think that. Does that make sense though so much. You're welcome, Diana. Thank you for your call today and I think that I may appreciate that very much.

And remember, if you ever get a phone call from anyone at Social Security or the IRS hang up.

Neither of those two institutions ever ever ever call you on the phone nor did they email you they only send send you a letter through the US mail, so if you receive anything other than a letter from in the mail just want to hang up in the nor any other ways they may try to contact you. It's going a lot these days, DeKalb Hill, Illinois hello Julie what you question regarding alimony and security. I like Mary for over 30 years on the 35 to aim out in the cookie jar and I basically am all owed somewhere between five and year of alimony every ruling in my favor. Never thought a month now I cannot turn to two months ago and that Social Security one man that I went on to found Veronica I now again told me that if I get AGI right garnishment that I will begin to read the Social Security because he's not yet you and he received ability anyway for that amount. Can you please answer me and also I empty pocket inside out one after that. And I really need help financially. Sure well what I would say first and foremost is. This is ultimately a legal question and you could certainly seek legal counsel here, but I can tell you. Generally, the Social Security Administration, Julie can withhold benefits to enforce someone's legal obligation to pay not only alimony but restitution or child support. State laws determine a valid garnishment order, but once it's issued by law. The SSA does garnish current and continuing monthly benefits for that purpose. They don't make retroactive adjustments, but in this case. As you said it would just be starting anyway and they can in fact you take those self funds and enforce that order from the state. Now the person having the wages garnished can't appeal to Social Security they have to go through an attorney or representative of the court that issued the order, but at the end of the day it can absolutely happen and I think what you're hearing is that it did very well could based on the fact that Social Security is going to be starting here soon there but anything related to your particular state or your particular situation, you have to direct to an attorney who could revise you legally but I'm just telling you in principle what you're describing absolutely can happen. It does fairly often. Does that help a little bit. Julie prayer let their 90.1. I maintain my belief and entered an heart to the Lord while other turned away from the entire family and grandchildren doubt the prayers are appreciated. Thanks, Julie.

We have to hit a hard drinking that we here you will ask your listeners to pray for you interest in coming ministry all your needs. Thank you very much. This is moneywise line. Many people adopt an attitude toward marriage and finances that it will all work out somehow. Sadly, it often doesn't financial woes can devastate a marriage but there is a better way. God's way, money, and marriage counseling by Howard Deaton will help you discover God's approach to growing your finances strengthening your relationship with your mate and cultivating godly joy, money, and marriage God's way is available and moneywise I am a car guy here to help you understand God's purpose for your life to the eyes of a layman, you know almost everyone is being overwhelmed today, but the busyness of our lives.

All the schedules and demand the responsibilities and family needs.

It's hard to stay on top of everything, even important things.

That's what you're out of control it so we did a major on minors focusing on the noise.

Rather, the significance of what you're doing trying to quell the fear around.

You are ignoring the fear within you. As long as you stay focused on the things I have no internal significant second only to your acceptance of Jesus as Lord. The only thing in your life that has eternal significance is the number of people who were on their way to heaven because of your influence. Your job is to guide revival outside the walls.

By moving everyone you're with today closer to Jesus you want to know how easy that is go tomorrow. look at any time. It this morning I did something crazy. I was up at 430 again. Actually I do almost every morning that kinda guy, but I'm people asked me what you do with that have what can possibly be better than paid for question will not only start my day with a cup of tea and a long chat with a friend what you mean someone else's but that our if I was asleep but goes away. So we talk. I tell them what's on my heart and he tells me what's on.

He's this morning. I knew I couldn't fit everything in my day, so I told him about 730. Just by coincidence, mind you an email arrived.

One of my appointments and canceled something if the scenes with started a couple together every morning my lustful coincidences but then again bum bum bum bum bum. Do you know if you have enough enough money at of house do you know how much is enough.

If not, one blue can help with this book. Master your money a step-by-step plan for experiencing financial contentment. Learn how to save and invest and give wisely create a long-term financial plan and how to get out of debt. Find it all in master your money by Ron blue available when you click the start button having a great primarily because we kind of hard to do a call-in radio program. If some of you don't call Lynn's do appreciate it when you make the Beverly Hills, Florida hello Jan, what's on your mind today card and debit card and debit card. That is the enclosed is your economic impact payment card. The prepaid debit card is being sent to you on behalf of the US Department of treasury in place of a paper check.

So I really have a little question about this because I thought that it was only supposed to be money deposited into your account, or a check, I called one bank and they said oh yeah this is okay and I called it my other bank who referred me to you gave me the 50 May 20 program you dealt with it that I didn't really hear anything and debit card so close. I thought 11 times in the last three years. I'm a little leery about doing anything with it. Well, I can completely understand that you and what you would be a little leery and I'm delighted to hear that your bank, refer to the moneywise love that's a first. And I'm delighted to hear that visit that was it issued by chance by meta-bank might like. No problem was the card issued by meta-bank and ETA were cardholder service and then it had a question, because it says that yes, yeah that is legitimate so the Treasury Department said that it would send debit cards loaded with stimulus payments to millions of Americans exit this week.

The cards are issued by meta-bank and there sent to people specifically who didn't provide over the IRS doesn't have the banking information and whose tax return was processed by a particular IRS center in Texas or Massachusetts but the good news is you can use the card to withdraw cash from an ATM, you can transfer to a bank account issue a check or even make a purchase wherever visa is accepted and the government is saying they're not tracking the purchases you make on the card but that perfectly aligns with everything were hearing about who will issue the cards and when they'll be arriving and of the fact that it's coming by. By way of debit card is is directly in line with what the communication is been from the Treasury Department so it sounds like what you have there is something that's very legitimate and you can proceed somewhat surprising because lots of people didn't hear about it in the beginning but yet were. Robert you get frequent flyer miles. When the music no reason to clarify light only, no toasters, not even a lollipop that help and I know that you are my sister and having open heart surgery tomorrow so all prayer and prayer, I would appreciate it. Well let's just pray for right now. What is her name, Bonnie. Okay, let's pray for Bonnie and Steve you want to voice and prayer, happy to do it.

Lord we don't know Bonnie, but you know her inside and out.

You know your DNA. You design your totally and completely and you are the great physician. So on behalf of Bonnie and her physicians and her sister Jan and other relatives who love her and are praying for. We lift her up to now, and we pray that you would administer to her spirit. I give her your piece and your healing. We asked these things in Christ name, amen.

Thank you Jan Gubler Bubba it's nice I didn't know banks were giving out iron from them either. But I like it. That's all I can say it's fantastic. I say hi to Beth. She's calling from somewhere, right here in the state of Georgia that were so glad you called today, did your bank refer you to us or were you just listening to local long, long, Crystal Carlton, okay go back to the Larry Burket days, I'm delighted to hear that. That's great.

How can we help you to know Robert told Chris that I question is not my only on my insurance.

The high deductible insurance between not count is not only contributed to this year. I was wondering if I can make the full contribution for whole year. It has to be probated on the architectural not hired. I'm not sure what to do after that. That's generally too expensive that we got Obama care and also they help sharing current with help sharing would not be able to contribute to not help. I see the first of I'm sorry to hear that you were laid off you the good news about the HSA is it's portable. It's really one of the benefits there so the money in your HSA of course remains yours after you separate from the company.

You don't need to rush to the eye doctor or dentist to drain the account before your job is terminated and you can usually keep that money in your former employers HSA or you can roll it to another HSA administrator. There are many of them HSA bank and many others, and that would be a nontaxable event is similar to an IRA rollover.

Beth now in order to put new contributions into the account.

Beyond this window of time you have to have a high deductible health insurance policy in place whether you continue your former employers plan through COBRA or you purchase your own high deductible health plan HD HP after you leave your job which you can certainly do but without that high deductible health plan in place, you will not be eligible to make a new contributions, assuming it is in place though, you'd be able to put in the full amount for this calendar year. And of course any additional money that sort money that's already accrued would just remain in that HSA, whether it's with your current plan administrator, or if it's in another account that you open the, the amount of the maximum permissible HSA contribution in the year. An individual attains age 65 is prorated though based on the number of months the individuals eligible and whether the you have a self only or some other type of coverage. So, in particular, the maximum permissible contributions based on the number of months you're not enrolled in Medicare so that would be the only kind of issue there, but it didn't sound like that applies to you and your situation. So I think the key for you is just whether you not have whether or not you have that high deductible health plan in place and so long as you do, then you could make new contributions up to the maximum allowable for the year. Okay Beth got a lot of people think you and God bless you and thanks for listening for so long. We appreciate thank you Beth and I think we have time for Pam. She's calling from Mississippi and what you situation Pam.O Roughly $8000 or Internet. What are like. I like thatů It's probably a 403B p.m. in the best thing to do is roll into an IRA so that's not going to be a taxable event. So you go open an IRA somewhere and it can be one of the discount brokerages like Charles Schwab you can open it at Vanguard which is a mutual fund company.

You could open and at your local bank. It's really up to you.

It's a lot of that is going to be dependent upon the investment strategy. Whether you're going to manage it. You have somebody else to manage it for you. Given that there's no less than 50,000 and there you probably are going to need to do it yourself with some high-quality mutual funds. I can give you some ideas on that but the idea is you want to roll it out to that IRA nontaxable and then it could be reinvested and grow and as you said you don't need the money so you can just let it continue to work for you and then when you need it.

Down the road for any reason you'd be able to take it out and you realize it as income.

As you pull it out down the road.I find that credit got everything paid on my home mortgage paid out what God can tell me about it by what they are no more games that will be that like very good well is obviously a number of questions there, but first of all, that simple that you said you did learn about dumping debt using credit wisely has served you well and delighted to hear you're about to be debt-free. You know I think as you roll this to an IRA. If it's an which it probably is. If it's a traditional 43B, then you'll roll into a traditional IRA. If it was a 403B Roth then you'd roll it to the Roth IRA seal just want to clarify that it's probably traditional and so you go to the traditional IRA, which just means taxes were not paid upfront when the money when you actually got a deduction from your income taxes.

As you made contributions to the 43B or you and your employer made contributions and now that it's rolled over.

It's a nontaxable event and as you pull the money out your gonna pay tax on it. If you were to take a traditional 43B and go to a Roth. Then you would have to realize all of it as taxable income now and of course you don't want to do that in terms of finding a financial advisor and this is a great time to do that I would go to moneywise and do a search. There in Mississippi for a CK who can give you whatever advice you need financial planning or investments and they can also advise you on the use of those excess funds you have, glad that you called today Pam, she thinks of much moneywise live is a partnership between Moody radio and moneywise media.

Thanks so much for listening and a great day. Join us again tomorrow

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