Setting Savings Goals

Precious treasure and Euler in the wise man's dwelling with a foolish man devours it. Proverbs 2120 teaches that God's people are to say, but there's more to it than that. And there's more to it than that. The just money in the bank having a plan for saving makes it far more likely you'll actually put money aside and the right of a financial planner and Futurama West tells us what goes into a successful savings that will take your calls and questions on anything financial 805 five 7800 525-7000 times more settings. That's not right here on moneywise line around the Bible makes it clear that Christians should say, but it's not just about saving for saving's own sake right. But that's exactly right. Steve obviously is wise to save a portion of what God provides for us. We don't always know what the future holds. And we need to prepare for it.

But it's also important to know what were saving for, and it certainly not just to accumulate wealth before we get into the nuts and bolts of a savings plan, what exactly are we saving for well any number of things. First, you need to have an emergency fund.

We talk about that often. And certainly we've seen the wisdom of that in the uncertain times were in we would typically save 3 to 6 months living expenses that would cover a job loss, maybe a medical condition that prevents you from earning income or a pandemic. You should also be saving this purchase your next car at some point you want to be able to buy that car with cash, and that would of course avoid paying any interest on the loan.

He also wanted perhaps save for a down payment on a home your child's education.

And of course that longer-term goal of retirement.

Even though we might approach that a little differently as believers other things to say for me include a remodeling project or even a vacation and then I think it's nice to also set something aside for unplanned giving as well.

Okay so those are some great things that we want to save for. How do we go about setting goals to get there while achieving a goal requires two things of course action in time.

So, for each savings goal you need to determine the amount you want to save, and then set a deadline for achieving that goal. That keeps you motivated the length of time, of course, will vary for different savings goals. Your emergency fund might take a couple of years to complete a new car down payment on a house, probably a few more than that a child's education and retirement much longer timeline.

But the important thing is to set a specific amount and date by which you want to have that much say that's just a good practice whenever you're setting a goal so that example might be you want to have 50,000 save for education. By the time your newborn heads off to college and by the way of 529 education savings plan is the way to do that.

Yeah that makes sense. But that is probably a bit more to it than just that. Indeed there is now that you have your long-range plan for each of your savings goals. You probably want to break it down into what I call bite sized bits that mean setting a monthly savings goal for each. You simply take the total amount you want, save for each item and divided by the number of months until the deadline that gives you the amount you have to save each month to achieve each goal. No plan is perfect, and you'll probably encounter financial setbacks along the way. So you have to prioritize your goals and allocate your available funds. Accordingly, if you fall behind in one area you may be able to catch up in another later yes one month may be a little short and you have to decide which items get preferential treatment then that's right but at the same time it's important to always be on the lookout for extra money you might have sloshing around in your budget. Maybe you've allocated too much for gasoline. Gas prices are really low right now and a lot of people are getting their rebates on a portion of their homeowners insurance or car insurance right now so you could reallocate some of those funds in your savings goals. Yeah, great write anything else well and I you want to put all this into action. So the best way to do that is to set up automatic savings money for shorter term goals should be automatically transferred into your savings account money for longer-term goals might go into specific account like a 529 plan or a qualified retirement account for when you can no longer work you want to set those contributions up so they happen automatically and you don't have to think about them each month okay and and that's I mean that.

That's a lot we'll just talk through the course were talking about most of your lifetime. To accomplish these things. But still, you need to keep track of things and some details right. What you most certainly do.

Steve, this is very biblical and you want to set up a system for tracking your savings. A simple ledger. You could also use any number of free apps to automate your savings and keep track of your progress. Were seeing a lot more of these lately. Some folks even set up individual savings accounts for each category to better work in the beginning but then it makes it very easy to monitor your progress toward those goals okay and we have some resources that can help you with these kinds of things. Check us out online moneywise live.com large attention moneywise.

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Even in this difficult circumstance, but it's just so hard. Peter and John lived out their faith and their users so how were they able to share Jesus so powerfully they spent time in the presence of Jesus. Are you actively sharing the good news of Jesus with those around you spend time with Jesus knows you might just astonish those around. I'm here in Pollan's communications director for life action ministry for one try.com.

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If you have credit card debt. Christian credit counselors can help through our debt management program we can get you out of credit card debt. About 80% faster while honoring your debt info. For more information on how Christian credit counselors can help visit Christian credit counselors.org Christian credit counselors.org or call 800-557-1985, 800-557-1985 really great to have you on today I moneywise live by setting some savings goals are all about how you do that you know in the past we would tell people you should really ideally have 3 to 6 months of living expenses set aside, and most people we totally understand.

Most people would say all that's crazy, however, set aside three distant six months and do I really need that much.

But as you pointed out during this cycle the situation. Lots of people who were able to do that are finding that living is just a little bit less tense because of what it's exactly right, and that you were hearing from focusing just that we got a great email from listener and Cliff the other day. Steve and he said that I do my work for two months because of COBIT. 19 but because I listen to the program every day during my one hour commute on the way home I was ready for it. And obviously, a key part of that was having those reserves in place to be able to weather a storm like this you know you have six months runway to be able to weather a storm and get on the other side of a temporary disruption in income for that goes a long way to being able to maintain your expenses and unnecessary challenges during that time, but at the same time Rob were well aware that this really has blindsided thousands of people and many people have lost their jobs that never would've considered that being a situation we were talking about of the Hertz rental car company of filing for bankruptcy, not thinking of the tens of thousands of employees who may have been doing wonderful work, but still it all lose their jobs and how to deal with that kind of thing.

Yeah well Steve is no doubt. I mean it's just a real challenging situation. Certain sectors of just been decimated and we realize there's real people and real jobs. On the other end of that it it's just heartbreaking to see but I think the opportunity here is to recognize that God is on the throne. He is your provider. That's why we follow his principles. We don't know what's coming our way. And yet we can trust him and yell were certainly asking her moneywise listeners be praying for all those affected by this, as they're out there looking for new jobs. The good news is that the economy seems to be in a very strong position certainly was going into this work in a very resilient spot and I think it'll bounce back quickly and hopefully the be plenty of jobs for people that are in that position. Yeah.

And if God has allowed you to be in a fairly comfortable and secure position. Look around, ask God why would you want me to help where can I help where can I step in whether it's your church or just your neighbors, and maybe actually ask is there anything I I can do for you.

Is there any help that you need and here's a wonderful opportunity to perhaps share Christ, that we never may have never had before. So take advantage of this. Don't waste this this once-in-a-lifetime chance and let's hope it's once-in-a-lifetime. So with that said, let's take some calls.

800-525-7000.

Anything financial that you're wondering about let's talk about it.

800-525-7000.

We have open lines, Miami, Florida Miguel, thanks for calling him Sir what's on your mind. Hi. So, long story short X housing here are insane.

I just got called about three to pretty big two-car garage at the pool or just a square foot, with one like half $1 million that I could but anyway so basically I'm 20 years old about to turn 29 on the first-time buyer you know I like to play safe. So for my first home I will want to go to portables comparable you wanted to stay under 200 if I wanted to get back at 2232 would have to be a condo on the apartment something along those line but then I noticed that manufactured homes with the land I could get like 3 to 4 even cheaper or cheaper about the same price.

So my question is what you know. Would you recommend better option that I sent to Dr. Holmes, with the land in Oconto don't, but obviously you know, generally speaking, condo department go up in value more than that of Dr. Holmes. You know my doctor might I even go up, so shirts and that's what I would key off of you buying a manufactured home that Miguel may seem like a more affordable option, but there are some drawbacks to be. Certainly, your equity would often grow slower with a manufactured home and really could be wiped out entirely if the home if homes depreciate in value because it's more likely to happen with the manufactured home also you run into challenges on with mortgage lenders. Perhaps many avoidant financing manufactured homes and so as a result of the loans that are made for manufactured homes often are at higher interest rates than you'd find unconventional home so there's an additional cost there. So I think I would just be cautious about jumping at that factor in the total implications of that matches the original purchase price, and you may find it just based on the trends and and how these homes will tend to appreciate your probably going to be better off buying a condo down there in South Florida. I realize what you're saying is very real that housing prices are up significantly, especially in that part of the country that so that's where I think I condo may be your best option to do your homework. I wouldn't automatically rule out a manufactured home. I would just consider these other options that were claimant one thing if I can squeeze it in her regarding HOA fees. I've noticed that the manufactured homes that come with the land that HOA fees are under $100. Now HOA fees with the condo made it out, crazy, but you get up between three or 400 not been told that insurance decoding that none of that's true or not but you know that's just an additional cost that will unite you into consideration. Well, you bring up a great point here and you gotta factor this in. Again, as you looking at all the different options was to take for me to finance it. What are the HOA fees.

What about appreciation and you can go back and look at trends.

How have these manufactured homes appreciated versus the condos in the similar area that you're looking at in a real realtor can help you analyze all of that just to see when you look at all of these factors, which is going to be most cost-effective. But you're exactly right.

It's a lot of it's going to depend upon the amenities and that the size of the property that you're getting into the condo but two to $300 a month is not atypical when it comes to the average HOA fee and so I think you know you gotta factor that in Miguel Gray questions that we wish you well as you work through this. Thanks very much. Indianapolis hello Don what your situation. Here yeah that's a good question Donyell. As we approach the principle of the tide. We have to go back and say what was the original intent obvious that there was multiple times but we talk about a tithe were talking about a word that literally means 1/10 and so we start there.

We recognize that was on the increase and so that you know as we think about an agricultural society and often that tide was on produce. Or, you know, what was the yield of the other farmer in that particular time. In this case we would say what is our increase in essentially the equivalent of that would be that which is coming into us our provision. So for me when we look at the increase. It was always given on the first and the best and so I would approach that based on the gross amount. What is the the provision that's coming into me.

I give first right off the top out of a recognition of God's ownership. It's a recognition of his provision.

It's an act of worship. And in doing so you're getting right off the top back to the Lord and so that would be my approach. Ultimately, this is not about checking a box or taking a legalistic approach.

So I think you need to pray through that and come to your own conviction on it till the late Larry Burket, Steve, you know, used to say. Well comes down to whether you not you want to be blessed, gross or net and that was cut his tongue in cheek way of saying we can't out give God. But I think at the end of the day. My approach would be right off the top dog question here. Thank you that I do bless arrive.

We we have with a caller who couldn't stay with us but they had a question about cosigning for her daughter. I just ahead here okay.

The daughter needs a cosigner for a rental agreement.

I presume it's for an apartment.

As she says how I go about doing that in a way that will protect myself if something goes wrong. She has bad credit.

I have good credit, which obviously is why the daughter needs to cosigner. I we know that God's word doesn't say much good about cosigning, but how can a parent help in a situation like this and still protect themselves. While the bottom line is you're right that God's word doesn't speak favorably about cosigning it's it's actually pretty strong language about why you shouldn't do that, and the data backs it up one into people who cosigned for another will end up needing to step in and provide assistance and the reason is because if you're in a situation where you need a cosigner it's often if not in the vast majority of cases for good reason because they're either not demonstrated their ability to manage their finances. Well, they don't have the financial means there under pressure with other debts or encumbrances, and so you know, ultimately the only way to approach this is a not to do it, which I realize could put your daughter in a difficult spot having to pay more or perhaps delay a move or purchase because she needs to save more or be make sure that you are ready, willing and able to step in and you make that decision on the front end. In the event that something happens to protect your own credit but also and I would say even more important than that to protect the relationship because the collateral damage that often happens in these situations is not financial it's relational, where there is an expectation that somebody's going to do something they're unable to do it. Perhaps you believe it's because they haven't made wise choices. Nevertheless you're having to step in and then there's hard feeling.

So I would say either avoided altogether or on the front end. Be ready, willing and able to step in the event your daughter. Great answer. Thank you very much Rob if you have a question today from Rob last house good time to call open lines and 800-525-7000. See danger and take refuge but to simply keep going and suffer suffer forever.

Proverbs 27 this is moneywise not right back. God cares a great deal more about our money than most of us imagine Jesus is more about our use of money and possessions and about anything else, including both heaven and hell in managing God's money, author Randy Alcorn breaks it all down in a simple, easy to follow format that makes it the perfect reference tool if you're interested in gaining a solid biblical understanding of money, possessions and eternity managing God's money is available when you click the store moneywise live.org separation to which the instrument is not part of the physical body percent but it's not my actual ability gets capabilities team three says that Jesus came to the ground, dying a detachment of soldiers and officials from the chief priests and Pharisees. They were carrying torches lantern translating instruments in Romans chapter 6 commentators side parallel to that whatsoever in some of the ones I like to study the most. I disagree with and say that there is a very very intentional and military. Don't let your body for evil purposes. You know know Jesus Christ Scripture my weight today is you like your life to be infused with joy. Would you like to interject a little dimension in the most ordinary day. Mother, Randy Alcorn says you can you discover the treasure principle and a concise powerpack style is newly revised and updated book offers a six step plan to finding the pleasure and eternal rewards of the treasure principle and what you discover. Life will never look the same treasure principle is available when you click the store button moneywise live.org moneywise live with your host Rob last 10 kind of excited about something, moneywise magazine into new orderly publication. We have designed to really help you practically and spiritually on your journey to financial freedom. This magazine contains special podcasts, articles and stories that'll inspire and challenge you and the first issue and I miss you who came up with this theme. Rob certainly wasn't me but the first issues theme is embracing financial hope and interestingly it really dovetails into were experiencing right now wasn't predestined well it sure does Steve and then God's providence as we were thinking and praying about this verse edition late last year, having no idea what would be going on in the world. That was the direction we decided to go and that's really at the heart of the gospel related to how we should think about money what's on God's heart related to money. Well it is financial hope, because it's all his right, and he entrusts however much or however little to us and our job is to be found faithful.

Ultimately, we trust in our creator and provider and sustainer for everything and we know everything is a gift and feel that we have the opportunity just to to be a part of what God's doing by joining him in that and not in that is a lot of hope.

Steve yeah, and while God is where we put our hope. At the same time God does provide us with prints practical principles that he expects us to follow to the best of our ability, which is kind of a, it's hard to know where to just hope and where to be obedient and start doing practical things like having a savings account and not being involved in a cosigning loans things like that. But if we follow both of these and ask God to give us his grace, mercy and direction.

I think things will go well for us economically throughout our lives with a few ups and downs. In the way pilots continue Coral Springs, Florida.

Veronica thank you for hanging. What's your question today for Rob my great power 4% market share in our all shocked and not on the table at the printer for both payment by thinking a more now you want. Bless you face first because I was making payments on all you long or high. Now 13 pounds and before going to her months and I'm putting everything I put sure that you know I think you asked a great question here Veronica there really are two schools of thought. You can approach this from the smallest to largest balance, which is called the debt snowball is also the debt avalanche which is highest to lowest interest rate I go with the debt snowball here, especially since you're going to compress the time of the payback down to five years or less, you're going to find that it's not a whole lot different than the actual interest paid in that psychological boost of knocking out that first one, 33,000 quicker is going to give you the momentum to keep going right to the next one. So I start with the smallest balance. Be right back should we as Christians think about what if we could invest our money in a way that aligns with what we believe that Eventide we believe it is possible to love God and love our neighbor in the very practice of investing we design investments for performance and a better world so you can invest for the future with a sense of wholeness and purpose. We call this investing that makes the world rejoice.

More information is available@investeventide.com Christian healthcare ministries enables believers to show love for one another by sharing each other's health costs through CHN's voluntary health cost-sharing programs members uplift each other spiritually and financially. CHN was an eligible option under the affordable care act and a Better Business Bureau accredited charity interested. Learn more by calling 800-791-6225 or online at CH ministries.more Moody Bible Institute verse of the week during this memorial is found in John 15 1214 this is my commandment that you love one another as I have loved plaintiff's that's John. We've all been hurt.

We've all heard others. That's why forgiveness is critical for our spiritual and emotional well-being. But how do you forgive when it's hard in your way to freedom. Gilmer shares his inspiring story of forgiving is difficult, and distant father, and lays out a practical process of forgiveness. Learn to forgive and be set free. Forgive your way to freedom more Moody publishers.com.

Do you know if you have enough enough money house.

Do you know how much is enough.

If not, one blue can help with his book, master your money a step-by-step plan for experiencing financial contentment. Learn how to save and invest and give wisely to 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 store button moneywise live.org son John Scott met with her is postponed. The first launch of NASA astronauts from Florida in nine years. Two astronauts were sent to blastoff at 433 Eastern but that launch of the space X rocket has been scrubbed the next attempt will be Saturday afternoon tropical storm Bertha made landfall on South Carolina's Co. shortly after it formed earlier today, becoming the second main storm before the official start of this year's Atlantic hurricane season, several streets in Charleston were fluttered as a result, the US is on the cusp of marking at least 100,000 deaths from a coronavirus.

Meanwhile, a new poll shows that only half of Americans they be willing to get vaccinated. Insiders are successful in developing a vaccine starts when a fire that outgained 553 points to date.

The NASDAQ was ahead 72. This is SRA news moneywise live in.

Speaking of exciting things that are happening live infection may be people driving in the car right now, rather than wondering how did that launch go you guys in the space that year. If there is an upright now right exactly. Unfortunately didn't happen. Mission was scrubbed and fortunately the weather new launch day and time Saturday this coming Saturday 322 Eastern time.

Yet, this was big. Obviously, this is the first time we would be initiating a space launch from US soil with astronauts since 2011. If successful, this would be space X's first ever crude mission and its 18 year history. Of course, and yearly start of the program today talking about goals, talk, think about the team at space X 18 years ago.

Everything is been working toward this day, which is now good to be Saturday to return American astronauts to space launch from US soil. Pretty exciting day and will certainly be watching on Saturday will yeah and this would be you would've been the first commercial flight of man in space with the founder of Tesla being behind all that know you said this would be the first crude flight wises crew that we using, but what charcoal and in LP gas. What makes this a crude flight has a crew on board or crew on board. Okay I thought maybe we were taking a step back or something to save money a better gas mileage or something like that that yeah well this is it, said Nelson. We should we should be taking calls but you were born and raised in Florida. How many flights have you seen take off, you know, I've seen a bunch of never actually been there to watch it in person but even in South Florida. You could walk outside and still see it on a clear day and so I've seen several of them over the years and never never gets old. It's always exciting to watch. Right right will assess becomes more commonplace maybe we could and I know that you are a man with many contacts. Perhaps we could do a broadcast Sunday from one of the flights as it wings at weight winds its way to Mars or Saturn will see about that because he had to think in advance ready to be about forward.

Thank you Dale Moses Lake, Washington Therese, thank you so much for your patience and how can we help you yes and go right ahead call. I have a question about credit card debt. I have an IRA and when the account was first opened, I was offered a 0% interest on a credit card her 18 month the promotion and in June and so I I am looking at options. I called my credit union and they can offer me a 24 month loan at 2.7 corporate sent that is additional equity on my vehicle that I have with that is actually almost made or I could take the inherited IRA and put it toward that and I'm not sure which would be the best route to take Therese what did you say was the balance on these credit cards are trying to pay off line and about 8000 okay and what you have in the way of surplus you if you were to go back to your budget in your to really evaluate every line item and try to look for ways to cut back to free up more margin that you could send over and above your minimum payments.

What you think you could send on a monthly basis toward debt reduction well my vehicle that they want to put I've actually been paying extra on that I've been paying about the amount and that I was scheduled to get paid off and get so I would have not many month right right okay you know I I would rather you not do the promotional offer with the 0% transfer just because there's gonna be a fee associated with that and we tend to get in that balance transfer game unless you're really discipline you may be, and if so, certainly factor that Dan but Glenn actually I've already done it 18 months in the month, so I isolate nothing on that card I transferred and I ate quite a bit about one third of that. And so now I want to get that out of that particular situation so that I don't have the 14.9% interest for much sure, and so essentially what's being offered by your credit union is to do a cash out three loan against the car that scheduled to be paid off, essentially, is that what they're doing yet okay yeah that's certainly an option. I mean you have to factor in that the term on it so I would just stay really focused on continuing to send that 650 a month. Obviously, I prefer 27 5/14 99 any day you have to realize you're putting your vehicle at risk you're taking unsecured debt, you're securing it to your vehicle, you gotta make sure you're really discipline, which is why would typically not encourage that. But you've Artie been doing this in terms of putting that extra money so it seems like you're pretty diligent in your living within your means not letting things get out of control. I think the other thing is you just need to consider. Are there any costs or charges associated with you taking out this new loan against your car and factoring that into perhaps what you are trying to make up in the way of a lower interest rate because some of those charges obviously is going to eat into the difference. The third option that you have here and I by the way, I wouldn't use the IRA.

Let's leave that alone let it grow.

It's not create a taxable event early if you don't have to. And let's let the market do what it's going to do and and hopefully that's a lot more money down the road. The other option to consider is credit counseling where this account would be closed. You get a lower interest rate than you're probably going to be at once. This is introductory promotional period ends and they could set you up on a payment plan to actually pay it off in the same period of time, but with a lower interest rate and you wouldn't have to take out a new loan.

It would just involve closing this account and so I like that option a lot and you could explore that a Christian credit counselors.org so I think that's your homework, visit Christian credit counselors.org see what they could do for you in terms of interest in the program itself and then get all of the costs associated with refinancing that car loan and cashing out but if you do it. Just make sure you're really diligent to get it paid off as quick as you can, Therese. We appreciate your phone call today and we wish you the best as you work through all that sounds like you're on the right road. God bless you about a quick email.

We have one here from Aaron he says dear Rob I'm 21 with about $7000 in savings. I work full time, but I'm not sure about my career path where should I start that's only info we have on yeah I like that a lot and I think you have the key here is I'm glad you been able to save up some money which is just phenomenal and you can use that as your kind of financial foundation. I love the fact that you're working so I think right now you need to start setting some goals and really thinking about what God has for you, and I think part of that Steve is really looking at what where God may be leaving bleeding in terms of your skill set. Look at how he's gifted you. What are some of the very specific ways that he has equipped you what gifts and talents you have perhaps asked those around you that are there godly that can offer trusted counsel what they see in you around areas that you should perhaps lean into and I'd love to give you a tool if you stay on the line here will give you a copy of career direct which is a great assessment tool that I think will really help you okay and if you like to uncertain times. You can place and Michael blue's new book financial help is unsteady to help just a short assessment will show you where you are now online for ages financial wisdom and action plan in writing to transform right now.

Qwest financial support. My lifeline for the gift of $25 more money lifeline.org. I'm a car guy here to help you understand God's purpose for you like the eyes of a layman were told in acts chapter 1, but you will receive power when the Holy Spirit comes upon you, and you will be my witnesses as they might be.

He said will be my witnesses and in first Timothy six tells us to fight the good fight of the faith to take hold of the eternal life to which human call which you have confessed so well before so many witnesses so how is that done, just like the court instructs you to tell your own words what you saw and heard the blind mentor said I was blind to see God's given you a story to tell that allows the power of God to be seen through you. So just tell your story. Your job is to guide revival outside the walls of your church by moving everyone you're with today closer to Jesus. If you want to know how easy that is go to our OT W your new sweater grade in my actually cranberry Liz excuse me for interrupting that sweaters definitely carry you're all wrong. I have a split of the same color and it's just one minute sweater. Mary cranberry maroon monetary people tend to see things differently. We could go back to the manufacturer and discover the true color actually and everything we can have an opinion can only be one true. People seem to think we can all have our own opinion.

All roads lead to the same destination roads going in different directions don't end up in the same place where we came to have to go back to the manufacturer. The Bible teaches that we were all created by God and that the only way to God is through Jesus Christ. Jesus said I am the way and the truth and the life. No one comes to the father except through me.

The financial wealth you leave behind could be the best thing that ever happened to your loved ones or the worst, and it splitting hairs, giving your money and things to your children without ruining their lives. Ron blue explains why it's important to make these decisions now, instead of forcing your heirs to do it later.

Splitting heirs will foster a real appreciation for the precious resources that God has entrusted to you, and it's available. Click the start button moneywise live.org and minimize anything financial you may be wondering about God's word says the guy doing it for you today obviously is your host Rob last time Steve Moore Olive Connie stay with us were heading in your direction. But first, it's Kami from Fremont, Nebraska. How can we help going in regards to package may be very information. I so security disability and it comes to my debit card and I had Wayne enter nine filers on that IRS website and added my codependent and I get it before the date had been inchoate. April 27.

If it had to be due by and I sent it off and when I checked on it. Daniel successful are your favorite on its way and then it had the last digits were of my debit card so I was expecting disconnect package for myself and the adult $1200 and two dependent I had on there that live with me and that would and $500 each and I looked on the website.

I don't know if this is something that's not happening there and I can receive it. I don't know maybe you guys would have any information I've tried to call the IRS and tried to email and I haven't heard mainly can hold anyone on it sir well yeah very good.

Well, honestly, these checks are going out in earnest last check I saw no over 100 million people had already received them. So there's a lot of checks and been sent out clearly.

You follow the right steps you as somebody on Social Security and non-filer that was the reason for the portal that was set up which obviously expired April 22, but if you got in there before that to input your dependence you should have then qualified yourself for that $500 per child benefit for dependents.

In the event somebody didn't get that information in the portal.

You have to file a 2020 return because that would be the only way to get that information to the government, but given that you've Artie done that I would just check back on the website to see if anything is changed. I noted this could have pretty fluid situation, but I suspect Kami that you are going to yet to receive that there are still many folks who have not gotten their information, especially when the debit card was involved. Many of those are just now coming out so is as long as you filed the follow the right steps, which it sounds like you have. I think it's just a waiting game. At this point became I did you file a tax return for 2020. Kami no I did not need care because I receive it. If, and only payment okay alright alright I just wanting a thing that could be a wrinkle in there.

But listen, if you don't hear anything back or you don't receive anything in the mail in a few weeks. Feel free to call spackle will check into it further. If we can write. I think you guys and I'd like you. Things for which we appreciate that down to Fort Myers: thank you so much for your patience and what your situation should okay.

So I money anyway. I did thousand dollars $5000 in investment and $7000 in savings know my daughter will to Texas and got to jump back with it. If you want to buy a house and I would like to put a needle to get a place that I can leave to. I just didn't know if that would be a good idea. I don't want to pay rent without if you anticipate the market but I don't have enough to buy a house set up without ill.

I just wanted you know what you think about me getting in with her with the house and I have some way to live and when I get to see if you need to have me also have long-term care insurance which would take care of my have to go to an assisted-living lighting like that. I do have not worried about that I get like $1600 a month out fellowship so I just wondered if it would be a good idea yes you know I like this option as long as we think through all of the different pieces of it, all of which you will be buying the house together or would you buy it and then she pays you some renter what are you thinking you know I thought by three years old and want me to have an obligation to login into any problems he has made a lot of mistakes affect all of us have should have with granite state and I just feel like I would like to cosign with her and let her be. They old and I can't cosign and she didn't want to put any of my money in, but I wouldn't mind doing that to make them all lead so she's looking and looking and looking and get old. Getting information from UST if she can get a little help.

He thought that invaded patient if she would like to wait. I just wanted I would have asked him I to spend, but I don't really need anything except I do like the trapper that you cannot make up for the traveler paid it all went before at least one stoplight. But I felt like I use only by say that last part again. I have already said I wanted it by myself because I didn't want any children but happening in this crummy apartment here because they wanted to get a hassle.

Mild. Then one day I got the apartment without seeing it and I really need to leave the egg is not conducive to my habits are. You know I would.

Let me ask you this could buy a townhouse but I don't want to know you said she would ask to be the one buying it, you would help her by cosigning, would you be paying her to live there or is she essentially just going to let you (not that it would not did not need to have it trying to pay me back by helping me know what I would like to have her also. Yeah, I like this a lot all of you know, in the sense that you yes your cosigning, but I think the difference here is that you're not just helping her get into her place without the ability or the understanding that you may need to step in the differences she's trying to bless you, bringing you into live with her. You're not going to be expected to contribute toward the mortgage she's gonna qualify for that. Assuming you know she's got a budget and this all works within her budget. The only consideration would be you know if something goes awry, she would have a loss of income, making sure that she has the proper reserves and so forth. But I think you helping her get into it recognizing that you are taking and assuming that responsibility with her.

Her best intentions are that she's going to carry that.

Obviously if something happened, you may need to step in, but it's a place your living as well and so I think from that standpoint as well as you not to helping her by too much house that she really can't afford.

I think you know this plan is good to get you there with your family.

She can perhaps help and you'll enjoy you not being in your apartment not being by yourself. And so I think this is a great plan. We just offer. In conclusion, though, are moneywise coaches may be able to help just run through the numbers with you and your daughter to make sure she's not getting overextended and you can connect with one of those folks at moneywise live.work@moneywiselive.org and all of we were glad that you called today and hope that that works for you and your daughter.

Thanks Indianapolis Connie. We just have a little bit of time what your situation make you crash out. I am having for we just lost 45% of our financial investment and now I went there. What I should be doing, Connie, I'm so sorry to hear that. Tell me more about that. I'm a little perplexed as to why your message. We down so significantly. Having the market is down after the significant recovery we've had.

It was down about 35% plus.

But you know the Dow Jones only down 12% on the year.

The S&P 500 is down less than 9%.

The why why you think you've lost so much I can financial advisor really looking at my Nikon care after the crash in 45 okay well I suspect couple of things.

Number one is I suspect you're not down anywhere close to that now. Assuming you didn't sell out after the this sharp declines that we saw in the month of March. Assuming you didn't go to cash or some like that the market has recovered significantly minutes up a thousand voices in the last two days and again we're back above 25,000 on the Dow and the market is recovered in a significant way and so I suspect the losses are not anywhere near that number two is given your age, I would just as this market recovers and as you recoup some of these paper losses and by the way, that's what those are there not actual losses unless you sell and so as these accounts recover.

I would be visiting with that advisor. Not only now to confirm how much are we down and making sure it's commensurate with you what the overall markets doing in your strategy, but then to are you invested in the proper things giving your age goals and objectives because normally it at age 70. You know, we would see not more than probably in a 30% in stocks which would mean it could be as much is 70% in fixed income bond CDs that should be relatively stable and so that would whether kind of these ups and downs that you would see when you're growing your capital, but not when you're trying to preserve your capital or generate income from it so it could be that not now. But once this market recovers. It's it makes sense for you all to reposition your assets and you may want to get a second opinion if you do that you could visit with any number of certified kingdom advisors there in Indianapolis.

Just to give you a second or third opinion on your situation and to connect with one of those folks just go to moneywise live.org and click on find the CK but I get some more information about where you stand and then perhaps as a recovers look at repositioning and look at perhaps. Whether or not it fits in order to make a change but this is an unfair question but were separated by 40 or 50 miles so I'll ask it anyway and their ages 73 to 74 and 77. I think she said. Where should their money be if there in the stock market or where should it not be well I think it's all about the allocation you know how much is in stocks versus how much is in fixed income and its 70 you wouldn't have more than 30%.

Typically in stocks take great information from Rob West, and so great to have you with us today in the program moneywise live is a partnership between Moody radio and moneywise media. Thanks, Jodi Jim, Claire and Courtney for their technical assistance today. Join us again tomorrow for another edition of moneywise