Best Debt Reduction Tools

Ask anyone who's done it and they'll tell you that digging their way out of debt was one of the hardest things they ever did and unfortunately there are some tools out there to make the job just abilities.

And if you're struggling with credit card and loan first thing you need is more money plan for taking visors president from last several online deductions to help you make that plan. Your calls on any financial topic at 800-525-7000 love to hear from you. 800-525-7000. Steve Moore welcome to another edition of moneywise line surround. Do you really need some fancy pants software to help you pay half your dad is an adjuster, a matter of paying a chunk off every month until it's finally done. Well, it certainly is that. But there are several other factors involved. For example, how do you have multiple credit cards or loans you're trying to pay off, how much extra beyond the minimum payments. Can you apply to those debts and where should you apply it first. Ideally, debt reduction applications or apps help you answer those questions, and most will give you an option of using either what we call the snowball method or the avalanche method.

I knew you'd get the apps. Hence the fancy pants represents her okay start explaining that explain the methods you just mentioned.

Right.

Most people are familiar with the snowball method that's when you make your minimum payments on all your debts but then you take whatever surplus funds you have and apply that to the lowest balance moving right down the line when that first one is paid off, you apply your available funds to the next lowest balance, and so on that really gives you as an emotional win. Along the way keeps you motivated.

The avalanche method is basically the same except the surplus is applied to the debt with the highest interest rate instead of the lowest balance that psychological boost. I mentioned the comes with the snowball method is why that's our preferred approach that is paying off the smallest debts right from the beginning. Again, that's good to keep you in the game so to speak in studies of shown there's usually not a great deal of difference between the two methods in terms of the total interest you'll eventually pay so I'd stick with that approach.

Okay so let's talk about debt reduction tools or planners. I guess we could call them already have first for the first one will look at.

Steve has a very descriptive name it's in. This is a website on Barry.me so unmarried.me is the URL it's also the name of the app it's free and offers you the choice of the snowball versus the avalanche method. Obviously, you have to enter your dad said what you do for all of these by the way you want to put in your outstanding balances, interest rates, minimum payments, and how much extra you can put toward your debt each month on Barry.me will then generate a month-to-month plan for paying off your debts of all it will also display that plan on a graph so you can visualize your future progress and again that's another way to stay motivated. How can one more time that's on Barry.me and E and will have a link to that tool and others in our show notes for today are it would. What's next well. Next is another free no-frills debt reduction calculator Steve this ones from CNN money. In fact, it's so no-frills that it doesn't even have a nameless is called the debt calculator after you put in your debt information, it'll show you out when you'll be debt free and also has another nice feature you can enter a debt-free deadline and based on that it'll show you how much you have to pay on various debts each month to make your deadline again. Just Google CNNMoney debt reduction calculator. It sounds like just playing around with a couple of these calculators might be kind of fun yeah if you're into that kind of thing. I certainly am. Hopefully her listeners are as well.

I will see what else you well and next is one called on debt.yet again that's the web address on debt.IT and it's also free on debt.it is a debt tracking app with similar features as the others. It will show you how much your dad is costing you each month and that could be the motivator you been looking for to get your debts paid off.

Let Stransky squeeze in one more as well. Steve this was called the debt payoff assistant and it's strictly a mobile app for iPhones and iPads. It's free, you'll find it in the app store again debt pay off assistant and it works the same as the others.

It allows you to design multiple payoff strategies with built-in calculators to stay motivated on your debt journey. It also has some nice graphic displays and pie charts to provide more information if you feel if you're an older person like me and you feel that you'd really like to speak to somebody face-to-face. Maybe I need someone to hold my hand to answer some questions along the way is you officer something that could help us in that regard. Two options are moneywise coaches of moneywise line.org or Christian credit counselors.org I can't read them enough. That's 80% faster I like it. Money and life run on the same track. Unfortunately, sometimes it seems like your money is heading in a different direction from your goal, and never enough three keys to financial contentment. Author Ron blue helps you to break down all your financial options to a basic floor and then shows you how to keep it all chugging along in the right direction on the same track never enough three keys to financial contentment available when you click the store button at moneywise live out of work. Our friends and 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 the SMI website also includes articles, and money and investing sound mind investing.org and help you yes hello passing out literature about God and your neighbor were sharing this information with the whole world.

Sound familiar.

Many Christians shamed by the bull's.

The next time someone knocks on your door. Take the time to talk kind and compassionate way to share Christ. Some ways you can do that if your guest quotes in verse or even a portion of take the time to make sure each verse is understood in its full context. Looking up share with them what Christ has done. Tell them shortening share how we tell them Christ can do the same.

Philippians 116 says we should share Christ spirit of love's burden if that is robbing you of freedom and peace of mind. Christian credit counselors can help where a 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 counselors.org Christian credit counselors not call 800-557-1985. Today it's moneywise live, your host is Rob blessings more than talking about some tools available to you that can help you as you try to put together a debt reduction plan. Some of those tools had some interesting names to say the least on Barry me and on debt.IT on debt yet and that there was another one at least will have all of these available for you to check into links for those when you visit moneywise live.org and then click on today's program and you see all the show notes along with a link to our program today. Just give us an hour after the program.

Make sure that we can get all those things up and Rob as we are moving toward the break I was suggesting that it would be nice if there was a actual human being out there that could maybe hold her hands a bit as we try to work through budgeting and setting up a debt repayment plan and you mentioned our good friends at Christian credit counselors that's true Steve on Barry.me.

Can't hold your hand. So yeah, having somebody to walk alongside you will help you make some great progress in your Christian credit counselors would be a great option. They can help you set up a debt management plan where your interest rates are lowered and you make a single monthly payment each month.

Reach out to them again Christian credit counselors.org will pray with you and encourage you help you set up a plan to tell you exactly what debt management can do for you and obtain your calls coming up now again the phone number 800-525-7000. Things seem to be letting up on the board today, but there are still some open line so call right now. If you have a thought or a question or comment 800-525-7000 out to Billings, Montana where I had one of the best bagels of my life in Billings Montana.

Who would've thunk it, but that's for another day. Hi Bob how you doing today sir. Thanks.

Good news on that front. Bob, if you're talking about the $1200 payment to adults 500 for dependent children that money is not taxable and won't affect you in that way. And so that is one of the perks of this particular program that was made available as a result of the stimulus I yes or I will be a little sore.

I retires at age 62, 65 this year, so we got a carrier bill Medicare and how to navigate all my news.

There are great options out there to just about any budget in medical need that exists but you whether it's a Medicare supplement Medicare advantage plan, you know, these are wise investments Bob to protect you against catastrophic medical spending so because there are so many options out there. I think you be able to find one that will work for you how this can go anywhere from 70 a month to 300 a month. The of course the higher monthly premiums will have the lower deductibles and this is going to pay most of your out-of-pocket expenses with Medigap so when you go to the doctor, you don't have to pay necessarily the 20% coinsurance that's required by Medicare so I would definitely look into it.

I think I going without. It is, is not wise but and I would do some shopping. Just make sure you find some fits with your budget Bob were glad that you called today. We wish you well.

Unfortunately you will be getting those mailings every year for the rest of your life. Even though you've chosen the company company this year or next year, all those other companies want to get in line for the following year, so it's good to acquaint yourself and your wife with all that's available all the various options that are available and it's just just one of those things that getting old presents you. But it's better than the option so I will glad you called today thanks up to Central Pennsylvania Ernestine what you question for Rob West and right checkbook check computer. He wants to make out another lantern for credit score, and when I talk with each other about their lot until a small one to get it all and that you well Ernestine. First of all, I'm sorry to hear about the situation you're describing. I want to know your you're not alone in the sense that this is is very common, but it doesn't mean it's God's plan or God's best for you. God desires unity and oneness in the marriage relationship, and that includes your finances. I would also tell you he wants to be a part of your financial picture is, well, we don't turn our lives over to the Lord and give him Lordship of everything except her finances. We want to invite him into that in prayer and so I think there's really two things that we need to tackle here. One is the financial side.

What is the best path forward for you and your husband to come together around a clear plan that allows you to live within God's provision and use money as a tool to accomplish God's purposes, meaning paying your bills, ultimately getting out of debt, but doing the giving.

You want to do saving for whatever you believe God has for you in the future and in allowing money to be used in a way that aligns with his word which means part of that is praying through what lifestyle you believe the Lord is leading you to and to the extent you've made mistakes are there some of things that need to be cleaned up from the past again don't point fingers you work together and you say how do we develop a plan moving forward. That makes sense where there's appropriate accountability and certainly transparency and then begin to operate against that as a team making decisions to really tackle those goals. I think the other side can, given some of the breakdown in communication and perhaps trust that you're describing is not financial, we realize that financial issues are often reveal her's of heart level or spiritual issues. It's the most tangible way or expression of what's important to us what we value.

It's also a way to identify perhaps areas where we have opportunities for growth and money reveals that and so I think the issues you're talking about their perhaps really could involve or should involve in somebody to help you will work through that.

Perhaps you reach out to your local church and see if you can get start doing some marriage counseling just where you have a venue to be able to talk through that you and him and then together with the counsel of a godly individual who can speak in that that be able to allow you all to make some progress in that area because that will have a ripple effect over into the financial side, you're not going to be able to make any financial progress until we deal with that side of it as well. But let's go back to the financial for a minute. I think what needs to happen is you probably need 1/3 party in that area as well. Our money wise coaches could be a great resource there but what they will do is start by saying okay, let's get everything out of the table.

Where are we today and that's probably going to need or require you to pull a credit report. Just so you can get a proper accounting of all your assets and liabilities do a deep dive into your spending plan. What income sources do you have what are your expenses what is it take at a minimum to cover all of the obligations, including the debts and then what can be done to generate more surplus so that you can actually make some progress on your goals. Starting with an emergency fund and then really hitting the debt reduction not taking out new loans, but actually making progress on the existing ones.

So I would take those perhaps three next steps. One is pray asked asked the Lord to come into the situation and give you wisdom and soften your husband's heart and perhaps see the opportunity to work together to contact nobody at your church. If he's willing and I'll start some marriage counseling on some of those nonfinancial issues and then reach out to our money wise coaches to see if they can help you put a plan together to make some financial progress. No Ernestine, it sounds like a good thing that your husband is at least acquainted with the snowball method of paying off debts.

The fact that he's not really doing the stuff that he knows about will that's another thing that sometimes men can give little possessive about money and their role in the household so you may be a good approach is to just approach them gently and ask him what can I help you with. You don't want to take it all over you just want to know how you can take some stress off his shoulders. Maybe some of the detail stuff and then hopefully he will let you work into it, as opposed to building a wall there and again I Rob's advice was great. Prayer is really key in the situation and we will pray with you and were glad that you called us today. Thank you very very much right before your next break and she sent us an email. She says dear Rob, should we tithe often insurance settlements. Yeah, I appreciate that question. Andy Angie obviously you want to honor the Lord with what he's provided here not to the extent this insurance settlement is offsetting the loss, it would not be an increase River. The principle of the tithers we give off the first and the best of our increase, whatever that might be. In this context, the increases what's coming into your hands that the challenge with an insurance settlement is to the extent you had a loss either a piece of your property that was damaged or destroyed. Something was stolen. Whatever it might be that losses than offset by this settlement, which is why you have the insurance in the first place and therefore is not your increase.

So, according to the principle the tie that would necessarily tithe on it but let me just finish by saying you can't out give God. So if you decide, hey this is a blessing from the Lord that we had this in place, we got this money coming. We want to use it as an opportunity to once again say Lord you own everything and out of obedience were going to do this great you can't go wrong there but I would just say from a financial standpoint, it's not really an increase thanks for your calls after this break 800-525-7000 stick around this is minimized.

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I got a I went on what you come up with that I terminology my fellow man. You must hear me okay this are most part my innermost man on sanctuary with me is the spirit man is where the Holy Spirit dwells in me now.

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You are in a position where you kept your lifestyle very modest. You don't have any dad you've obviously got some surplus that you're wanting to be a wise steward with your bills are covered so that's all a really good thing and I think you know as you think about what God has for you in the days ahead. What you want to do in the way of giving how much you need and reserves to cover any long-term care needs you might have if if that were to come down the road and the high cost of healthcare. What we know could if something was going around your assets that would probably be it. There's a lot to consider there so here's what I'd like to do now that I have all the information were heading into a break, so I'd love to be able to come back and just run through some of these things you mention. What about the CD is that a good rate and should you be thinking about putting a portion of this in the stock market we can cover all of that just right around the corner you just take thanks Nancy and John and Rudy were heading in your direction, so please stay on the line for us this investing is more than just returns.

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The Dow dropped 147 point NASDAQ was off 43 in the S&P fell 6 this is SRN use patient plans are frustrated as they succeed is Proverbs 1522, talking to Nancy break Rob she's I wondering what to do with her investment. She's looking at some CD rates let you take it from there. Very good. Nancy, thanks for holding senior 71 years old don't owe anything working part time as a home healthcare nurse I give 175,000 saved you found a CD for 48 months to 1/4%, you're wondering how much you should perhaps put in there. Whether that's a good option, and whether you should look at other types of investments involving perhaps stocks and bonds. What I would say is you as you think about the money you need to always look at it in light of your overall financial picture goals and objectives and so given the fact that you've kept your lifestyle modest you don't have any debt, you're in a really good spot. So the question is how you protect the capital you have and yet still earn a decent rate of return one of the things it makes that challenging right now is just weren't such a low interest rate environment.

There's just not a lot of good options where you can protect the principal but also earn a decent yield and so I think perhaps the way to think about this is is first of all say if I were to keep a years worth of expenses. Liquid where what I put that you would take your monthly obligations times 12 and that is just a kind of a good rule of thumb in your season of life and then say well the way to keep that FDIC insured and at least earn something on it would probably be at this point a high-yield savings you can get 1.3% right now at an online bank like a Marcus capital one 360 or an outlier American Express high-yield savings. Any one of those would be yielding around 1.31.35 and that would give you ultimate flexibility in liquidity but the principal would be protected in FDIC insured. Then, with the balance.

The question is what much risk are you willing to take versus the return you want to get the 2.25 your hearing about on the 48 month CD is certainly higher than what you find out there just about across the board about the best you'll find 44. Your CD is around 1.9.

Promoted widely now this may be because your local credit union is kinda doing a bonus, so to speak because they're trying to attract business. The thing you want to be careful of is there are some quoted quote fake CDs out there were companies are offering promissory notes, not backed by the FTC, FCIC and that I would not not go anywhere near that's probably not what were talking about here. Given that you said it's a credit union so it's probably just there offering a bonus. The question is, in this low rate environment. Do you really want to lock your money up for four years.

If you want ultimate safety and you just want to lock in the highest yield you can today. You certainly could do that if there's FDIC insurance but if you are willing to be a little bit patient perhaps wait till rates take back up over the next year or two that I would say perhaps you put all of it in the high-yield savings that the consideration for stocks and bonds would be if you want to take a little more risk and build a conservative portfolio where the goal is three or 4%, you'd probably take about 30% of the remainder inputted in some high-quality stocks, dividend paying, you put the rest in. Probably some high quality bonds or government treasuries, things like that and you want to use an investment professional to do that.

There in Pittsburgh and you could find a certified kingdom advisor website to help you with that. There is a risk of a principal loss in that scenario, but you also have the potential to earn a little bit more return even though you're still in a conservative position through a lot out you there though Nancy does that make sense valid why a great opportunity. Looking at 48 month 30 take my part if I were going to any of the actually contrary yeah I would stay on the shorter end of that. Probably 18 months or less as long as you'd still enough yield above the 1.3 because review could get 1.3 in high-yield savings and have access to your money any day of the week without any penalties. So the question is how much more you can earn over two years by locking it up for 24 months and is that additional money worth it not to have access to hundred have to pay a penalty to get to the money. If you're going to need decides to go to the but I'm sorry you had Nancy answer hundred point yes, we appreciate that Nancy and and we hope that helps you and again right you mention if she decides to get it into the market a little bit would be great if she had some professional help alongside to work through that right absolutely you can find a Seagate moneywise live.org Nancy, thank you very much for your call. Let's see. Good. Let's go to Carol Stream, Illinois, John, go ahead. You're on the what what I'm looking for our 80 and we have that we had a short time but now, and we don't want to keep it or we could and I know that you capital one possibility you have any other would become sure to mention a couple Ally Bank and LI.com. It's an online bank with great customer service there offering 1 1/4. Right now, you could look at Marcus. Marcus.com, which is the retail arm of Goldman Sachs. Any of those online banks.

John are going offer the highest yield on their CR skews me not CDs but on their savings accounts with FDIC insurance where you can connect it right up to your checking account move money back and forth electronically, you have the backing of the FDIC insurance of the US government is behind it in terms of the safety even though it's not a high rate of return. The key is the return of your capital at this point about the return on it so you're still getting a little bit yield but do you have access to it. If you need it. Okay LI alae a LL a LLY.com for Marcus.com either of those would be great options. John, thank you very much. Let's try to squeeze and Rudy to give it to us in less than two minutes.

If you can really okay well we got a settlement for my daughter for seven years old. We wanted to put it all towards education and we looked at Florida prepaid college and a max of 26,000 and and what were just trying to find something that we can just put me towards her education. Yeah, very good, Rudy. This is a great opportunity for you to save for the future. The 529 college savings as opposed to the prepaid which is an option in Florida, not in every state but certainly have one in Florida, but the college savings side of that is can allow you to put in more money and give you potentially better growth over time as you look at the various investment options and there you don't have to stay with the state of Florida. 529 college savings. In fact, I'd recommend you go to my favorite website to evaluate 529's is saving for college.com saving for college.com you be able to take a look at the state you're in and compare that plan in Florida to all the other plans and look at the investment performance of them and decide which one you want to go with because you don't have a state income tax there in Florida. You pretty much have your pick. And I know that they just came out with the first quarter evaluations you be able to see all the rankings of all the 529 plans. I believe over five years. The Ohio plan was the best but you can you can take a look at that for yourself. So saving for college.com and pick a good 529 it's can fit your needs shall be able to use the money for any accredited college in the country and I think that'll be a great option for. Thank you Rudy and we trust that'll work well for you. We appreciate your phone call today.

Janell and Charlotte were coming in your direction. Please stay with us. This is moneywise live with Rob last and back with some more calls. 13 for all joint trust microbrews financial help his hands on stay show 4 inches of financial wisdom to help my power of God's word right now.

Financial support lies not $25 or more moneywise. My.org. This is very. I am a car guy here to help you understand God's purpose for you like the eyes of a layman driver to the airport this morning Mitch how he once had. George bears the most famous of all car guys is a passenger.

So I asked him if he was a Christian. He said I used to be loss interested all that religious stuff. I said that's the way George bears was until the end of his life when he learned it's not about what we do what Jesus did on the cross he gives us eternal life is a gift from God that George accepted. Now he's in heaven. Then my driver said guess you're telling me I did get back in church that I said actually it's God tell you that he put me in your 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. It was a nine alarm fire lives were saved with two of Boston's best firefighters were lost at night.

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Being a firefighter is the willingness to sacrifice yourself. Look, there's no rescue without someone risking it all or for Jesus, giving because good Friday rescue mission to rescue you and me from the awful death penalty for hijacking our life from our Creator as the Bible says he gave himself for our sins to rescue us on that cross the holy son of God was absorbing all the punishment of all our sin, taking my health, so I could go to his heaven, now the Bible says whoever believes in the son has eternal life. God will never forget what you do with his son. If you've never trusted him to be your savior from your ship go to our website today need him.org to meet the one who loved you enough to die for you 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 is not live and love chat with you. 805 five 7000 earlier today, we asked the question on her Facebook page. Have you had excess and paying down your debt. Brenda says totally four years ago I started on the journey to be obedient to God. With regard to my finances two years ago I was successfully out of debt.

Even my house today. I have an emergency fund worth six months salary very grateful. I was finally obedient to God I never should have waited.

And thanks Brenda, then Jeff says I started 30 or 30 years ago with Larry Burket 15 years debt free, to God be the glory. And yeah, that's why Larry Burket keeps intervening on a radio program helped a lot of people. You and Larry both man that is that is for sure. Working alongside Larry Burket was certainly one of the high points of my life before we take a while to it. Let's go to Chanel because she's been very patient. She's calling from Charlotte and what your car situation.

Janell hi all worried about how he I was wondering how can I safely and legally you sure Chanel.

It sounds like a pretty good disparity. I'm just curious as to why that is you so you 08. You owe 18 and it's worth eight or if you actually owe even more than that. 26 and it's worth a one of the vehicle and possibly a lemon. I said no previous vehicle loan $17,000 and I went into the dealership you are vehicle and that down and rolled over into the new account now. I'm currently in possibly a lemon looking at it like get out of it by now. We pay 19,000 30,000 word by depreciated now been three years, currently worth 8000 but we still all 18,000 negative sure.

I'm so sorry to hear about that Chanel did these did you get into this car realize you rolled some debt in.

But when you purchased it wasn't new at the time line and the manufacturer attempted to repair at the number of times and did these problems happen in the first year or two of you owning been repaired three times and replacement is plainly chance Chanel is behind a lot. 20 C manufacturer David has seriously been having a lot of engine issues. I'm sorry to hear that.

I'm so I did mean there were no it's fine. I mean I would look into that side of it just to see him. And there are lemon laws designed to prevent options for people who bought cars and other products.

Frankly, they don't need quality and performance standards. Each state has their own so you have to review your states lemon laws there in North Carolina and the Better Business Bureau has an overview of each states lemon laws. You could check that out at the Better Business Bureau website that might be a good starting place just to see if there's something that you need to be aware of regarding your particular car and whether the problems you're experiencing apply to those particular laws that may be able to provide you some protection. Beyond that, I think the key is your always better off trying to unload a car by selling it rather than trading it and selling it privately. The challenges you got such a disparity between what it's worth, based on what you're hearing, and I'd verify that in go ahead and check the Kelly blue book or any number of other websites where you can provide. Find the true true value the difference between that and what you owe is so much you're going to invariably have to come out of pocket, in order to satisfy this so I think it's really at this point just trying to decide do you try to drive until the wheels fall off. If you can get it running and you're not continuing to pour money into it or in the event you can and there is not some remedy that you could find, based on the North Carolina lemon law, then you know you would have to obviously have the ability to come out of pocket or have to cover that with an additional perhaps personal loan.

I would try to get out of this game of continuing to roll it into new cars because last thing you need right now is a new car you want to drive a car. Hopefully this one if you know it's in decent enough condition in your beyond some of these problems, it was long as you can and just continue to pay on it in chalk this up to a learning experience or you know if you're able to get out of bed and figure out a way to cover that deficiency that I think ultimately you want to buy is inexpensive a car as you can. Reliable good quality were perhaps a mechanic that you know are recommended from your church can look it over and attested that where you get out of this trap of having to buy new cars all the time so Steve any anything you want one and I think we lost Steve but yes. Anyway, thanks for your call today so much and we appreciate we do and that's her situation is through no fault of her own. As far as the actual car is concerned hundred a and IKEA have had a number of class-action suits filed against them. Over the now I last few years and the companies both companies have capitulated to a certain extent and are replacing lots of motors and engines and it's just a difficult situation fairly rare. To this extent, but nonetheless not a fun thing to have to deal with. We wish you well on that and Rob. We had a email from someone here, but I've lusted on my screen use. I got it right here yes from Jan we appreciate so much by the way, if you have an email question. Would love to hear from you. You can send those to questions@moneywise.org we try to answer at least three or four a week on the program. We get more if we can, but we'd love to hear from you. If you have one.

Just keep it short and will answer that as quick as we can get it on the broadcast gymnasts. I got my stimulus check and I'm wondering if I should pay down debt or save. She goes on to say what is the higher priority in Jan this is a great question yo it is all about priorities and we have limited resources and we have an unlimited number of choices, but we also realize there's a trade-off right if we allocate money somewhere. It's not available for you somewhere else and so it's all about saying okay what are my God-given goals and objectives and the reason I start there is because it's all God's right key.

It all belongs to him were his manager and so the extent to which we thought and prayed through that Lord, what would you have me to do with your money, which I see as a tool to accomplish your purposes. Is it to provide for my family that is pay my bills. Is it to save for the future. Is it to eradicate that. Is it forgiving and as you wrestle through that I think you want to find the decision that reflects your goals and also your values just if we were to put these two things side-by-side paying down debt or saving. We realize there both biblical ideas we want to ultimately be debt free. Owe no man anything that is not a sin, but there are clear warnings and it's gonna limit your flexibility in the future and saving is clearly a biblical priority as well. What I would just say simply apart from you, praying through it and really coming your own conclusion as I would start with making sure your emergency fund is fully funded. If you have credit card debt I'd fund that emergency fund up to $1500 stop there and then pivoted to the credit cards try to eradicate that credit card debt that high interest consumer debt next. Once that's gone then come back and continue funding your emergency fund up to three all the way up to six months worth of expenses. Once you have that then go back to the debt side of the ledger and start attacking other consumer debt like student loans, back taxes, things like that that you you still have out there. Car loans that you want to get rid of and those would be my priorities okay and do another question that were getting a lot of these days when it comes to the stimulus check affect earlier today may have been her first color you wanted to know if he was going to have to pay taxes, income taxes on the stimulus check. The answer is no.

Others want to know, Rob, should I tie on my stimulus check. What are your thoughts on that. Well you know whenever we get into the tithing question. I think it doesn't need to be out of an obligation or legalism. I think the key is to say how do I honor God in all that he's given to me and clearly giving should be a priority. In fact, I think we see throughout the old and New Testament that we give because God gave to us first. It's an act of worship we should give generously and proportionately and I love the idea of the tide. As a beginning point that is 1/10 off the top from my increase back to the storehouse, but then getting beyond that by increasing my percentage over time, and even giving sacrificially not just out of cash but out of assets. You know your stock portfolio giving out of other assets that are on your balance sheet. Now what about the stimulus.

Well, if you're applying the principle of the tide. I would say absolutely that's part of your increase so as it comes.

Then pray through it and then give accordingly right off the top and I think certainly God will honor that. Okay, one last question. If you don't mind Rabbi realize you're not an economist, per se, but lots of people are wondering where are we headed in our economy when things finally do turn around six months a year year and 1/2 from now or ever will things ever get back to normal, whatever that is evenly thinking on that.

Well, yeah, I would just simply say Steve, the situation we find yourself in is one where we had an incredibly strong economy and as Jerry Bowyer said earlier this week.

Bull markets and strong economies don't die of old age. Even though we do see historical cycles don't just automatically Peter out because we hit a certain number of months or years and the bottom line is we have the lowest unemployment we've ever had. We had a very strong economy in terms of the consumer and businesses in all of the factors we look at but we were hit by a pandemic that put us into a very sharp and quick recession I think will come out of that quickly.

We've Artie seen a lot of that recovery was certainly seated in the stock market will get beyond this. Steve and will move back to higher ground. We just need to be patient. One of the thing and I'd appreciate complete transparency have you done the check delay thing.

During this time we have been to Chick-fil-A more than once. I will send money to live is a partnership between Moody radio and moneywise media for Rob last time Steve Moore, my thanks, Judy, Rich, Courtney and Chris join us again to