A Debit Card Scam Wrapped in a Hoax

Napoleon was assured, Einstein failed in Lincoln wrote the Gettysburg address on the back of an envelope in mind all those claims on the Internet, but that doesn't mean their true Internet abounds and sent to Rob West shares in Internet cards with fixed program more cards and more apt in the hopes that right here Rob were going to talk about the skin of the first we sing about Napoleon Einstein in Lincoln were just making the boys the but you have to take things you see on the Internet with a grain of salt.

It turns out that Napoleon was actually 5 foot six, a little taller than the average Frenchman of the day. Einstein may have failed an entrance exam to a school as a child, but certainly never math and Lincoln actually used official White House stationery to write the Gettysburg address, there are still five original copies of it today. While we are rewriting history and ladies and gentlemen right here moneywise. However, he did use a bit ballpoint pen and also really yeah I read it on the Internet okay source. So what we know about this debit card scam. Well, this is a story you'll see circulating over the Internet. Steve with many variations, but the gist of it goes like this. A woman is home when the phone rings she answers a person from an apparently legitimate delivery company asked if she'll be there for the next hour because they have a package she has to sign for. She said she will okay it seems plausible enough. No red flags yet one well little while later.

Sure enough, a uniform deliveryman appears at the door with a basket of flowers. There's no card and the woman is curious, so she asked who the basket is from the delivery man says he doesn't know. He just delivers things who's getting a little mysterious now Brian well so the delivery guy then explains there's a $3.50 verification charge of the transaction will provide proof that he delivered the package to an adult and then leave it on the doorstep where it could be picked up by a minor okay so asking for money might be a red flag. But that's not a lot of money $3.50 verification thing sounds logical to me what what happens next while. Then the lady offers to pay cash with the delivery guy says he can't take cash only a credit or debit card so there's a record of the transaction.

He also explains the delivery people never carry cash to avoid robbery and like you said Steve. It all sounds logical.

So by this time the woman's husband is shown up at the door with a debit card. The delivery guy asked him to swipe it in his mobile cart machine an interest in number which the husband does in the transaction goes through the couple was then handed a receipt with everything in order, the delivery guy says goodbye and drives off.

But that's certainly not the end of the story okay so now I'm a little suspicious because they had to use a debit card exactly right. And that's where the scam is revealed. As you might suspect, it turns out the device used to swipe the card wasn't really a mobile card machine. It was actually a gadget called the skimmer and it recorded the debit card number and pin.

Now you can imagine what happened next. Over the next three days or so. The couple discovers that a total of $4000 has been siphoned out of their bank account from ATMs all over town.

Of course they reported the theft to their bank and the police, but by then the bogus delivery guy was long gone. So it's another classic scam that we have to be on the lookout for a light maybe on the bright side, she did end up with the flowers. Well yes and no. So here's the rest of the story turns out that almost every version of this cautionary tale on the Internet is completely fake, like a typical urban method gets passed around the Internet, modified and embellished over time right so we don't have to worry about this particular scam. Not quite. I said almost every version turns out this scam actually did happen but just once in Australia in 2008. In that case, the delivery guy was quickly apprehended.

When you think about it it's not really that clever scam because the perpetrator was seen by the victims and ATM cameras also captured his image and he was caught right away, but the moral of the story is. While this is largely another Internet hoaxers to big takeaways first. Don't ever accept anything you didn't order or when the center is not clearly identified in second when a stranger asked to use your credit or debit card, whether in person or on the phone or in an email. Never give it out unless you initiated wise words to live by banks.

Here's Rob West times more back with more 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 if you need investing. You probably want help that's grounded in God's were taken by sound mind investing since 1990. SMI is helped tens of thousands of Christians acquire wisdom and confidence in their investment. Regardless of your investing experience how much you handling that you can learn to be in will still carry out investing more information about SMI and financial wisdom for living well is available online.

Sound mind investing.going for ministry trip was my Sunday afternoon family special, but my older son always started his barrage of questions until I finally looked over the back seat and just said two words trust me latte this covert virus thing feels like a massive ministry trip and we have questions. What were to be when it's over, there's a lot of fear and uncertainty and loneliness and grieving for 2000 years people found one person they could trust with their fears and their past and their future and their life. That's Jesus. He proved it can be trusted when he died an awful death penalty to pay for our sins and when he conquered death with his resurrection. The Bible says we know what real love is because Jesus gave up his life for us. Look, if you're ready to trust your life your soul to this man who looks like no one else were ready to help contact us at 888 need him or chat about Jesus.com you can finally be forgiven and you finally be safe.

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Thanks for tuning in and for listening today to moneywise live with Rob West and if I may.

If you've never visited our website, you might want to check that out to find a number of free resources there including archives of all of our past radio program. Some budget templates to get you started. In that regard. Also how to find a certified kingdom advisor in your area and how to connect with a budget coach and for that there's no charge if you decide you want to move down that road. You can also make a donation. If you've never given to this ministry, we would be blessed we would be honored and humbled. If you would consider a gift of any size. Just click the donate tab at the top of the page in your gift obviously is tax-deductible and goes a long way to help us help others experience true financial freedom that's good in North Platte Nebraska. I've been there.

Nice place, great people, and Mary, how can we help you for taking my call. My dad was trying to get into the insurance business and purchased for me thousand dollars whole life insurance policy. I've never made any payments toward this and now I'm 10 to be 61. There is a surrender value of $1605 and that 742 would be against her taxable income. I'm wondering if I should just leave this that not like I need the money or if I could take it out and invested elsewhere. Well it's a great question and obviously demonstrates the power of the money over time. You cannot touch that you've amassed some value there. But I think you could in fact do better outside of this policy. You're right, it will be taxable but once you pull it out. You could drop it into a Roth IRA. As long as you have earned income and put it to work for you. It would grow on a tax free basis.

At that point and you would not have any required minimum distribution so you could just let that grow theoretically if the Lord tarries in your health is good, you could let that go for another 20 years. You can even add some money to it. Along the way so I that would probably be my preference, just in terms of allowing this to have the chance to appreciate even more by pulling it out.

The other option perhaps would be if you wanted to do some giving. With this money you could do that in the tax-advantaged way perhaps miss the game on that in terms of it being a taxable event, but I think either way I had love to see you get this money working for you a bit more effectively than inside that whole life policy that I'm retired I don't have earned income that is self-employed there any other place beside the Roth IRA. I could invest well he could put it into his Roth if he has earned income now that he has earned income you can have a spousal IRA without having earned income you would just need to check with your tax preparer and that shouldn't be a problem. Otherwise, you could put it into just a taxable account and allow that to work for you or again you could find some other purpose for it perhaps is he contributing to a retirement account. Still, at this point yearly IRA yeah so he could take and contribute even more and then you could use this to subsidize income that he would've normally received. Instead, he's just increasing his elective contribution to a retirement account at some kind.

The bottom line is I think you can get creative about where to put it. I think you can do better outside of a policy like this moving forward chimeric program every day. Thanks very much. Thanks Mary Douglas 1-800-525-7000 Chicago, Illinois.

Sharon what's on your mind today I yesterday. I have IRA my previous employer.

About $39,000 right now and I have a mortgage that is 41,000 at 3.75% and I wanted to know if I can take my Ira and pay off my mortgage.

I don't know if that would be a good move or not.

You said you're 60 years old. Tell me about your long-term savings right now. Sharon, by the way happy birthday to you. Very exciting.

Tell me about the retirement savings you've put aside other than this 401(k) from previous employer well right now and my current addition, I am contributing to retirement plan that we have here. I really can't say how much it is that I don't check it you know I put in a percentage end and a match that.

So I will still have something for retirement what my current employee had not been hit 11 years now.

Okay, it's not what the thing I would want to balance is we want to make sure that you are well planned with regard to saving for the future. You know we talked about this. Often we approach retirement. Just the notion of retirement a bit differently than you might hear generally talked about in the culture. We don't think that you should just build up as much wealth as you can see, you can just retire to a life of leisure percent is nothing wrong with enjoying what you have and perhaps slowing down or redirecting your energy, or even going into full-time service.

What we just want to acknowledge is that your calling doesn't have an expiration date, and God created us to be workers and during that season were you have the most wisdom and experience to give in service to the Lord and others, then we should do that throughout a lifetime. That's going to change over time, and you may reach a point where you don't have the ability to work and generate an income in so because of that and because of this biblical principle we see around provision providing for ourselves and for those who depend upon us, our families, we should be sabers and so a part of that is having long-term goals and plans so I think you taking the time to sit with somebody of professional and do some retirement planning would be very beneficial for you if you don't have somebody you could do that for you. I go to moneywise live.org and connect with one of our certified kingdom advisors in your city and that this would be somebody who could really help you look at what have you accumulated to this point.

Based on the amount of income, you'll have available from Social Security or pension any other sources in retirement.

What will that shortfall be and how much wealth will you need to accumulate between now and then to be able to meet the gap there. The income requirement that you have and are you on track ahead or behind, and I think that will be some helpful information for you just to know where you stand and based on the outcome of that. I would like for you.

Perhaps if your behind to invest this money, roll it out to an IRA and invested in. If you need some help with that either that certified kingdom advisor or our friends and sound mind investing.org could both be a resource to you. I like the idea of ultimately being debt-free including your home. I would want to have to make sure that happens at least by retirement and I suspect, given the balance you're on track to do that.

The question is, should you just go ahead and put all of that 401(k) money into paying it off.

If you're not on track, though with retirement.

I don't think I would recommend that just because you have to pay tax on it and then you can have less available to actually put toward the mortgage. So if you're a bit behind on retirement. I think I'd rather keep that in the IRA invested add that to what else are contributing to in your current employer, and then let's just continue paying the mortgage, perhaps adding out of current cash flow, an extra payment or two a year to accelerate the payoff so that we get to the point of retirement where you have enough assets to depend on in your completely debt-free. There's a lot of information there. Sharon is not helpful to you. I okay very good will. Thanks for your call that we present you Sharon. We appreciate that and again happy birthday wish we would've known because I fetch of wrath there was cake I could be wrong, but more than likely that was taken to pretty much anywhere for cake birthrights.

This is moneywise live he's rough less times more both of us gaining weight and cholesterol that we shouldn't be moneywise live where we remember that God owns it all. Money and life run on the same track.

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Should you wish to contact Rob without calling.

You may be sending him a brief email. The address is questions@moneywise.org such as this one from Angela dear Rob, should I set up my emergency fund in a separate account from my regular checking account. Angela, I like the way you're thinking.

Yes, absolutely. And here's why. Number one, you're less likely to spend it that way when you put your emergency savings in a separate savings account versus perhaps leaving it in your checking account. It requires one more step to access the funds.

I like that now. That said, you want to be able to easily transfer the money from savings to checking, but the free ACH transfer from savings to checking that is typically provided takes generally three days. I don't think that's a bad thing.

That's probably just the right amount of time for you not to tap it that every turn, and yet be able to get to when you need it. Thirdly, I would say when you do that you can earn some interest, especially now that interest rates have moved up, you can earn anywhere between 1.75 and 1.85% from the online banks and you get FDIC insurance. Along with that a couple that are worth looking at was chiropractor here just for second because there are no fees, no minimums and they have an easy electronic transfer to and from your checking might want to look into these Ally Bank, Marcus from Goldman Sachs and capital one 360. I like all three take a look see which one is the best for you know what were those again they went by currently Ally Bank, a LOI Marcus, which is the new online bank from Goldman Sachs and capital one 360 check it out today. Freddie is in the flower city. The home of the Rochester Red Wings. We admire moments with that's right. Hey Fred, thanks so much for your patience. How can we help you buddy walking in the morning and on for credit card no overwhelming that but you know I came into decay and put somewhere other than my daughter's and walk on under the mattress.

Fred always just don't give a sundress you will be at 1st#obviously goals right back filling our deal with the 40 5K but don't work order. Well obviously Fred, this is a blessing and it does come directly from the Lord, and I'm delighted to hear that you want to honor the Lord right off the top with that. That's great with the rest I'd be real strategic about it. If you want to see a visual representation of what I'm about to tell you to do and then I just navigate your browser moneywise live.org our brand-new website, scroll down about three quarters of the way to the bottom where it says practicing financial freedom and you'll see a visual depiction of the four areas we allocate money money for living, giving, owing and growing. And other than having a spending plan and giving generously which you've mentioned both of those. I think the key is to really look at level I, two and three of O and grow level I of oh is repaid.

Credit card debt while at the same time level, one for grow is save for emergencies. So if you have any credit card debt or you haven't saved 3 to 6 months of expenses in emergency fund.

I would absolutely say after you give that's where I'm going next. Because anything you payoff on credit card debt. That's a guaranteed return of 10, 12, 15, 22% interest.

Whatever it is and you're not gonna get out of the stock market. No matter how good you are and their emergency fund is what's going to prevent you from having to go back to the credit cards.

The next thing, something unexpected happens.

So those are really important and if you take care the credit card debt and shore up the emergency fund. If you still have money left that's where I'm looking at making sure than the rest of your nonmortgage debt is paid off. So that's where we start looking at cars and other things and then we also want to be saving for retirement and that really should be done systematically with the goal of 10 to 15% of your pay each month going into some sort of retirement account yeah yeah yeah that okay great so if you paid off your credit card that you shored up your emergency fund. Would you have anything left I would probably have 25 locked 25,000 left okay and you are putting away for retirement.

So then I think the next question is are you putting away enough for retirement. How much have you been putting away and if you've not been putting way that 10 to 15% then I might consider starting a Roth IRA in fully funding that this year. Beyond that, I'm looking at other consumer debt or saving for goals so you know, if I don't know if you still have kids at home, but it college. Okay, you know, if you're saving for you know anything else. If you have a loan on a recreational vehicle. Let's wipe that out those of the kinds of things I would be looking at what that's going to do for you.

Fred is take that monthly debt service expense out of the budget which allows you then on a monthly basis to get that going toward something that really is right in line with your goals either additional giving or additional long-term savings and investments ready. Thanks for: thank you, Fred public the is in Grand Rapids, Michigan. Heidi think you are. Yes ma'am I am crying about life insurance.

I am 63 years old and what a single mom and my kids are now 23 and 26 and on their own acre. That means today were 20 line that Kingsbury so tight. Growing up I had nothing for retirement. I just recently gave it nonnumeric tension, yet trying Roth IRA and 20 parking and not their account that Carrington and check that I can well actually I currently term insurance.

I pulled it out and actually act again, you know I'm talking back to nap and get member and sharing my credit union get me to Gary great tree and then I pay extra credit. Additional 25 S. Larry that can't make it down there on I could use a couple times and aerated if you know you're no longer supporting and you really think that you really don't need it yeah it's okay what I think the key here is that yeah I mean great job providing for yourself taking care of your kids all the way up to there adults I realize money spent time. I think the key right now is to look at what you need to do and being able to let this policy lapse if they're no longer dependent on you put that back in your budgets can allow you to save more for your future that really should be your focus right Kd that helps bring question. Thanks very much. How should we as Christians think about investing.

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 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 by this is more of moneywise live in this verse week three.

Therefore, rid yourselves of all malice and all deceit and slander of every kind great spiritual milk by your salvation. You have tasted that the Lord is this first Peter 213, the Moody radial verse of the week is call one 800 you know not to do with your money and like to note ways to trim the budget admit the coming when you get those answers much more subsequent to the moneywise expert articles for your subscription free moneywise the magazine moneywise. My door/Minneapolis police officer charged with second-degree murder and George Ford's death will remain in custody on $1 million bond their job and said almost nothing during an 11 minute hearing in which he appeared on closed-circuit TV hundreds of orders lining up outside a church and George Ford's native Houston for a final public viewing. Lloyd's funeral will be Tuesday, followed by burial at the Houston Memorial Gardens Cemetery in suburban Pearland.

Tropical storm crystal ball consumer do it straight by merging with another storm system to form a large cyclone after drenching much of the South forecasters now expect the storm during fierce winds and heavy rain much of the Midwest stocks closing higher on Wall Street that will gain 461 points today.

The NASDAQ 110. The S&P picked up 38 this is SR news moneywise live and talked about our telephone number off usually because we're live today. Please don't call us. You can find us online@moneywiselive.org, always great to have you with us our money wisely. I let's go directly back to calls because I see lots of blinking lights Glen Ellen, Illinois. Judy yeah Kari situation going on here and in your driveway what's happening. Heart I like it came about 30-year-old car that I write.

Car she bought a new car to Find Colella driveway cell looking to cart corral that can be hurt like hell again hold.

Her problem 205 Carla Belk Carol I have to transfer the title starting. I don't know what else could be held Judy so I appreciate the description of what you have going on here. Let me ask you, you mention your living on Social Security. Imagine the budget is tight you will have some savings set aside. But 30,000 okay and are you able to make ends meet each month right now with the Social Security income you have hello are very, but you're not tapping into that 30,000 on a monthly basis that you and you really need some transportation.

I mean, you know you're looking to have the at least one reliable car out of this or do you not need me transportation right now you're just looking for what to do with these things we're borrowing right after work. You okay well Steve's the car guy on the team so Steve 88 Corolla 05 Corolla one we know is about to release.

We think it's about $300 for the 8805 is a bit more unknown then we have to toe either of them. So where we go from here. What I would think off the top of my head that the 05 Corolla is certainly the one to look at first. You know how many miles are on that motor that engine hello I like it okay for the sake of conversation… Unless you find another piece of paper there that said has 200,000 miles on it and all it really needs is to have the electrical system looked at, or the distributor whatever was you. You mentioned there. That's certainly worth a couple of hundred dollars that the other questions are how much rust because I know you live in the rust belt up there in Illinois.

Assuming that the the car is not rusting away and the offenders aren't falling off and things like that you want to look at the motor and seal many miles are on that and begin putting two, three, $400 into that car into the motor is not a particularly bad thing. The other things you want to be concerned about would be the brakes and the cooling system which is primarily the radiator and the transmission. But when they told him to look at the motor they should be able to tell you all that and that would really be I wouldn't have any problem at all putting $500 into that car. If the car is in good shape other than just eating a new distributor and whatever spark plugs wiring that kind of thing. The 2005, 2005 Corolla is a much better car than your 88. At this point time yeah now the years is what I would rather you do look around in your church and find a car guy you ask your pastor, he'll know of a guy in the church who's honest and know something about cars and can probably give you an informed opinion as to whether it's worth fixing this motor, but based on the little information you have. I would suggest it probably is. But if you can find someone you trust in your church who could take a peek at it. That's where I'd start all right. Thank you for your call Judy, call us back and let us know how it turns out okay and Judy Judy. This may help you sleep. According to Kelly blue book 2005. Corollas today are priced between 40 $506,000, so it's still a worthwhile car if it's not been abused even with the new motor putting it right and God bless Angie and call us back. Give me a call at home will talk about it over dinner okay if we meet Judy Judy I'm seeing blue… A blue car gray is as long as we been doing this Judy I'm not sure he's ever gotten the color right KJV, let us know how it works out okay. Thanks very much.

Now I'm off today. Haven't had my coffee when I had had my coffee, then the the color the colorway. The when I see sometimes hockey. I'm seeing the blue says yeah well you know I'm not in charge of colors. That was a God thing back in the book of Genesis in the sky, rainbows, things like Anderson, Indiana Renée, how can we help child can I reread eating family and everything like I think that that point were kind of wondering. We think that savings account and IRA holder. You know you know where long, long thing.

Here I think that they like appropriate path and which you think I'm doing 90 able to pick get that money for a car or something of that, let us jump in here were almost out of time.

Yeah, here's what I would say Renée.

First of all, congrats on that not only your 17-month-old son but being well-planned like to do. Let's hold you over until after the breaker we got a hit a break, but I want to talk about this. It's a great question will see if we can be of help to all right.

We will definitely do that and you're listening to moneywise with Rob West were talking cars were talking colors, IRAs, 401(k)s, attention moneywise. Listeners if you don't like free stuff, please change the station now.

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God hold you responsible for perpetuating life with your words and not your job is ignite revival outside the walls and injured by moving everyone every day closer to Jesus. If you need help doing that. Go to RTW.com Doug and his family were driving from Amarillo Texas to New Mexico with torrential rain and turning skies with. I was thinking of turning back when he had his brother check the weather who said keep: man 20 more miles and you'll be in bright sunshine that might be God's message to you and the severe pandemic storm.

He knows how are hurting, and stressing even grieving. So I keep going to give up will comics is wonderful promise to those who belong to him.

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Thanks so much for being with us today and hope to stick around and enjoy the rest of the program back to moneywise like with Rob West.

We were chatting with Renée was calling in from Anderson Indiana Rob about how to prepare a 17-month-old for well of the presidency and are buying their first car I help as I hear what your best advice yeah well as I said Renée, congrats for being very well-planned and credible your you have 2005 29 with a 17-month-old here's the thing about the IRA is not going to be an option.

You have to have earned income and unless your 17-month-old's a little bit more advanced than any 17-month-old I know is probably not working yet, so okay so IRAs have to be in an individual's name in their Social Security number and it has to be.

There has to be earned income so that what we do well as you continue to get money.

I would encourage you to do some planning for college, so begin to think about and there some online calculators. Or you could get a financial planning professional who has some expertise in college planning and go ahead and look at what your goal is first a decision to make is, do we want to try to find 100% of college do you want to try to fund 60 or 50% and asked the child to perhaps maybe work during the summers and you know those types of things. Maybe plan on hopefully some scholarship money whether there be any financial aid involved.

Let's try to make those decisions then do some projections to say okay what is the average in-state college tuition today with room and board. The total cost of attendance what's out-of-state. Which one would be like to have private school public school and then run that out with college tuition inflation in there and see what your goal is so you know what you're trying to shoot for.

And that's going to tell you how much you will need to be putting in on a monthly basis. Whether that comes from your own savings or gifts and Christmas and things that come along the way and so that's the first choice.

If there's money outside of what you're already planning to save for college that you want to be working for your child. So you have it down the road. Then you have to determine okay what vehicle were going to put it that you could put it in a custodial account. The challenge with those is although there are some benefits for like for instance of financial aid.

I don't like the custodial account because at the age of majority in your state becomes the child's asset so the child would have complete discretion over how to use the funds at the age of majority in some states. That's a team I'd rather you have a little bit more control over the money just to understand what is his or her spiritual condition. What's their maturity level, including financial maturity so that would leave you then in saving in an account that's titled in your name or joint.

You and your husband and at that point then you could just begin investing it now, there wouldn't be any tax benefit you wouldn't be growing tax-deferred, but you could get it to work in some very high quality, perhaps index mutual funds you could go somewhere like Vanguard or better mentor Schwab through their intelligent portfolios you could visit her friends at sound mind investing and just get this money to work for you again very well diversified, very low cost and just let it grow with the market over time, and then you'd have a nice asset there to use to bless your son when he starting off as a down payment on a car or home or you as a gift for wedding you know any number of choices, but how does that sound great day return anything where everything I think I'm not really certain point on track money without penalty at any point. Yes it's just a savings account in your name even if it's earmarked for the child you would have complete discretion over it.

So if it's if it's truly a savings account like an FCIC insured high-yield savings were your you can earn somewhere between 1.8 maybe 2% at the most per year with like a capital one 360 or an Ally Bank or something like that. Yeah, you would have thought complete access to the funds at any time if you wanted to invest that you still have access but you just have to understand that we were investing it. We probably don't want to be planning to use it in the next five years.

We want this to be longer-term money so we can ride out the ebbs and flows of the market over the years, right here. Welcome Renée.

We appreciate you listening and thanks for your call today. Rob will we talk about investing these days. Right now, obviously, things are a little less spooky on the markets are at the on the markets.

With the markets. What would be your recommendation for someone who has yet to put money in. Should they wait for something special. Should they get in right now. What about timing. In that regard. I don't like timing the market. I'd rather you go with the God's word, which says the steady plodding is the way to go for me. That's what you call dollar cost averaging, so we should be investing with money that's appropriately being allocated toward the long term we should be investing on a systematic basis, despite with the markets doing when you try to pick the top or the bottom you're going to lose, so I would just be diligent in investing over time with the ebbs and flows of the market and just make sure you have an investment strategy that matches your goals. Great Evanston Illinois Andrew what your question today for Rob hello, first of all thank you so much you come on your program comes on right of my kids every day from school so you're helping to redeem the carpool weight line and thanks and yeah I want to call because my wife and I are currently living in Evanston doing the ministry at Northwestern University. We work with international students and other college students and wherever is a great location. We live about a mile from The students in our home probably 2 to 3 times a week and the problem with our rank is getting ready to go up. We are leaders out in the end of July and are ready to go up to be over 50% of our take-home pay the rent alone, not considering utilities anything else. So I'll be going to look at different options we could move further away from It would obviously administrative possibility. We also look into the possibility of maybe potentially buying a place and ideally I'd like to get like a two or three flat where we could rent out proportionately and then rent out a portion to some other students and be a blessing to them just so I can get your insight on what we should, yes, well, first of I love the work that you're doing. Thrilled to hear your campus ministry I think is one of the most powerful leveraged kingdom building activities anywhere because this is such a critical age and we all know the statistics about people that come to Christ after the age of 18 and so it's just such ripe and fertile ground for sharing the gospel and so way to go for the work that you're doing. Here's the thing I hear what you're saying about the rent going up. I just don't want you to get in the situation where you are getting overextended. So even if you had to be a little bit further away from campus. You gotta drive a little ways. Even though I understand doing campus ministry won't be able to have students over and things like that.

I don't want you all to end up in a situation where your ministry is hindered or you have extra stress relationally or in your marriage because you're overextended even though I love the idea of you having a couple extra places and running those out. We just need to make sure you have the right margin of the right to savings underneath you because what we know. We don't want to get a situation where the housing market takes a downturn you've got all this debt. Perhaps you lose a couple renters or you have to do you know some maintenance you don't have the reserves and now were in a real difficult spot in college towns.

I realized that experiment can be hi remember the goal here is 25% of take-home for the housing category. So if you were to try to to land on that 25%. What would you need to do in terms of buying or renting. Would you have to change what you're looking at. Would you have to move further away from town. What would be your options and then secondly, what kind of savings do you have so we recently sold the house that we were renting another state, 43, you got to pay down our debt but we don't have much you think you have a small emergency fund, maybe 2000 8.8.4. Our taxes because of and have some capital gain had to take it out so that money saved up as well, but to get down about 25% threshold really.

I mean we could rent maybe a one bedroom or studio you know in Evanston something super cheap but that you know if we are looking at a two or 352 there some places that I just done some initial cursory research and found that we could maybe get into a place that with mortgage and Cochran everything our rent would be around 2000 to 2500 which isn't about working now and then if you we had a renter you know it could help lower that down.

I just don't know what place would be willing to lend us money, at the higher thresholding only been paying it for years. You know it's it's tight, but we think we been able to make it got its don't know if we could find a place that would well it's it it's a tough situation here. Andrew and I certainly appreciate what you're trying to accomplish. I think what it's giving me pause as we don't have really much of the way emergency savings, let alone anything for a down payment so we just have to take on too much debt so I'm going to encourage you to continue to rent. Perhaps we need to start looking at places a little further away from campus. Try to get the overall allocation to rent down but well below that 50% you're paying now and let's try to save save save so you got some money for a down payment down the road. I'm confident God will give you the resources according to what you believe. He's leading you to do and I'm sure you're making a huge impact, but I just don't want to see you guys get overextended here without any margin. Andrew I know we don't have much time here left but I like to recommend to you a publication 517 from the IRS.

It's called Social Security and other information for members of the clergy and religious workers is actually a lot of great housing information there a Google IRS.gov. Then look for publication 517 wish you the best. Will keep you guys in our prayers have listened.

Thanks so much and with that were out of time for Rob West, I'm Steve Moore.

Thanks so much for tuning in for listening and calling the wise live is ship radio and moneywise media. My thanks to our entire staff for helping us out today. Join us again