401k vs. Roth 401k

Good retirement plans get any more complicated.

You got your typical 401(k) or 403B.

If you work in the nonprofit sector that you've got your IRAs, traditional or Roth but few realize there's another alternative, the Roth 401(k), so should you put your money in a conventional 401(k) and or a Roth 401(k). If your employer offers a first today financial planner and teacher Rob West breaks it down for us how today's broadcast is recorded were not really here in studio.

Take your calls but we do have some very interesting calls already logged on to find them interesting, perhaps even entertaining and helpful. Stay with us I'm Steve Moore. This is moneywise live in Rob my head was swimming already with the various retirement plan options here.

Now we have to grapple with another K this is a Roth 401(k).

Well, I think we can clear up the confusion Steve. Let's start with a little background because I'm sure a lot of folks are even aware that their employer may offer a Roth 401(k).

According to the plan sponsors, Council of America, 710 companies offer a Roth 401(k) option, but only 18% of workers with 401(k)s using a lot of financial advisors will tell you they're missing an opportunity to stretch their retirement savings and gain tax flexibility okay and how would that work well.

Just like if you're considering a Roth IRA.

The main things to think about for a Roth 401(k) are your income and age rocks are better for people in lower income brackets. Now, like at the beginning of their careers. That's because with any Roth you invest after-tax money, which then grows tax-free, but with a traditional 401(k) or IRA your contributing money before you pay taxes on it, but you have to pay those taxes. Later, when you take disbursements in retirement. So with any Roth your quote unquote locking in your current tax rate you're counting on it being lower than your retirement rate will that means you make a withdrawal down the line you won't pay taxes on the money. Whereas with the traditional 401(k) well okay when I'm with you. So far, but you have to make a decision. So how do you choose between a regular old 401(k) and this other option. The Roth 401(k). That's a good question. First, understand that for tax purposes. Both are beneficial in different ways, but for younger folks. Again, the Roth 401(k) is the better option. In most cases, when you're in a lower tax bracket. The tax deduction today is an is valuable to you today is not having to pay taxes will be to you later, so go for the tax-free growth. Another factor in favor of the Roth 401(k) is the tax rates are currently among the lowest they've ever been. They'll likely go up from here so it makes more sense to pay at today's tax rate than gamble with a higher one. Making a Roth a better option. The trade-off is that you won't get the tax break now understood and it sounds like the Roth 401(k) is really the better choice.

Most of the time. So why would we go with a pretax 401(k).

If we have the option of the Roth well that's a good question to the younger you are now the more likely your retirement income will actually be greater than your working income. Now that's not the case.

If you're an older worker you're more likely to be toward the top of your income potential and since most of us will have less income in retirement.

It can be better for older workers to take the tax break now and fund their retirement plan with pretax money will that would mean the regular 401(k) okay. Is that what it's called the regular 401(k) yellow just a traditional 401(k). Okay I will that make sense. Anything else we need to yeah we always advise people to diversify their portfolios.

We would reference Ecclesiastes 11 to give a portion to seven or even to a free do not know what disaster may happen on the earth.

Well, that doesn't just pertain to how much you have in stocks and bonds. You can also have tax diversification with some of your holdings in pretax accounts and some in after-tax, especially if you're over 50 you want to put something in both baskets so you have the flexibility to withdraw from both taxable and tax-free pools when you retire.

That will happen automatically to some extent with a Roth.

Remember, your contributions are after-tax, but any matching contributions from your employer are treated as pretax income will that's good to know if you're having trouble projecting your tax implications now versus in the future because you'd essentially be contributing to both at the same time.

By the way, a trusted financial advisor can help with all of this.

If you're struggling to keep up here.

I know it's complex and there's a lot to it.

So if you need help moneywise live.org and look for a certified kingdom advisor okay and if you have a benefits person at your place of employment is unlikely that he or she can walk you through most of what we just talked about.

Yes, but they probably won't want to do with the tax implications, listening to moneywise live with Rob West, I'm Steve Moore and will be back with us today. I moneywise live where we do her best to help you understand and establish God's plan for your life and your pocket book. I let's go quickly to our phone so we don't lose any calls today. Rob Henderson, Kentucky, Kathy, thanks for your patience. How can we help you find your money and it's a good question Kathy. You know accounts at both are insured by the federal government so there's no difference there. And that would be my first concern however you can typically find higher interest rates on deposits and credit unions over the brick-and-mortar banks. Now, that's not always the case when you go to online banks because often you will find even higher interest rates are at least competitive interest rates to credit unions at the online banks. Also, credit unions, I find tend to emphasize customer service and so that's certainly a good thing on the downside, Kathy. I credit unions usually have fewer branches than banks and off then and there are a number of exceptions, but I'm just saying. Generally, they'll be what I'll call lower tech. What I mean by that is, banks will typically spend more on apps and online banking, and so if you're somewhat tech savvy, you may find a few more bells and whistles at banks but I think all in all it comes down to, are you having to pay a fee monthly maintenance fee charging you any other fees that you need to be aware of.

Typically, credit unions are a little cheaper. That's not always the case, though specially again with the online bank so I think you need to look at each one individually, but at the end of the day. I don't have any preference over a credit union versus a bank.

I think you just need to compare them both. Make sure you look at the features that you look at the technology. Make sure you look at the interest rates and then of course make sure you look at any fees associated with maintaining an account at that institution. Kathy because a credit union is generally owned locally by its members. They just tend to be more familiar with who you are there more compelled to work for your benefit, so we do like credit unions. In fact the last time I was in mind they were giving out Frisbees.

Now, when's the last time bank handed out Frisbees, that's what I was the last time you were in your bank. It seems like nobody even walks in the door anymore. Well I'm the last guy who writes checks and continues to walk in his bank and gets a free lollipop, but the frisbee was was at the credit union.

What about ATMs rug to credit unions have ATMs as well.

They do, and they're usually part of a member network and often times they will reimburse you if you use an ATM. That's a part of the network, but not you. Note directly assigned to that credit union so again, you just got a compare and look at other ATMs in my area. What about when I travel.

What network am I going to have access to, and one of the fees associated with and if you never walk into your bank.

That means you don't have a safe deposit box.

Is that correct that his current well or I just don't visit very often.

I guess so you're still keeping your gold bullion under the mattress that know it's going these days. No gold bullion in my house Kathy were glad to call. Thanks very much. Mike's in Keene, New Hampshire micro so glad you called today how can we help I thank you for my call. I appreciate it. Sure, my question revolved around annuity at the age of 55. I took out a 10 year annuity that had now matured that annuity paid like a 5% bonus and also had no downside if the market went negative. There was the lowest I could go with zero.

I have the opportunity now to either take this out our turn it into another annuity that would pay a 22% bonus again with no downside and also there is any any any interest made I would be paid 50% more of the interest. Basically if it what if I gained 4% it would pay me 6% so I'm wondering at the age of 66. Whether it's wise to take out another new 10 year annuity.

Tell me about your situation currently. Are you still working do you plan to continue working for me about your work life know why I have I have retired biochemical small business just to keep keep me active okay very good and tell me about your income sources. Apart from that small business.

What are you living off of just Social Security or something else.

I will be taking security at the age of 66 that should be in around 2500 and the amount that I make off of my little handyman bit is going to take care of me okay what you living off of. Now that you not claiming Social Security quite yet.

I am living off of my pond for my business.

That's right, I have no mortgages or anything of that nature. Okay see you have a very modest lifestyle and you're able to cover those expenses from your small business correct okay so when you had to Social Security to that you'll even have a little bit of margin. The sea really this money that's maturing in the annuity. You don't really have a need for it and you don't foresee one in the next five years or so that okay very good. Well, you know, I think I'm not one of those people that say never invest in the annuity. I want to understand what type of annuity I want to make sure that I'm paying as little in the way of fees as possible and so I like to look at annuities that are even called no-load annuities whether not paying big commissions out of them.

I want to know what is my return pegged to is it pegged to a market index is pegged to a guaranteed interest rate you don't want to know about downside protection. What you said was there. I want to know how much I'm how long I'm walking the money up for those kinds of things. But what I would say to you, Mike, is because your expenses and less on something unforeseen happens. Yet a major medical event or you had to go you know into assisted living facility or something like that but obviously you we don't see anything on the horizon. Now with the Lord knows whether that would be a reality. You have flexibility and if you like the idea of not having any downside risk and you like the idea that you're willing to perhaps give up a little bit in the way of a potential return for a product that has worked for you and you like you can transfer risk to the insurance company in the next 10 years in the same way you did in the previous 10 years, then I'd say there's no problem with that I might just before you do it get the advice of a financial professional who could you could just pay for their time just to look at the product.

See if there's anything you're missing.

Read the fine print with you.

Think about how you would access the funds. If you needed them for something unforeseen and what the penalty would be and just go into it with your eyes wide open.

If you need somebody to give you that counsel you could find a certified kingdom advisor@ourwebsitemoneywiselive.org okay.

I went right you are right.

I appreciate that you have confirmed a lot of my thoughts good will thank you for your call. Lord bless you and what is what should be an exciting season of life. You don't have a lot of debt. Any frankly and you've got to really an opportunity to say Lord what you have for me in the season. I'm excited for you as you think about pray about that Mike.

We wish you the best on cut your finger off in your handyman business okay and I was projecting my own lack the skills into Mike is probably the consummate pro I'm the guy's office for member measure twice my case 10 or 12 months listening to moneywise live please Rob last time Steve Moore today. We're not lives so if you hear that phone number. Please don't call but to stick around. Lots of good information listening right now.

Don't try to call today's program is broadcast previously recorded.

Thanks so much for being with us today and we hope to stick around and enjoy the rest of the program. Let's go to Statesboro, Georgia Helen, what's on your mind and looking to my daughter hundred thousand dollars and I'm trying to decide whether I should hopefully be an mutual fund not just really don't know what to do with the money lock called I'm so glad that you did tell me about this big move. How exciting. So you're moving to Ireland. My daughter lived there with her family and two young children that are eight I'm going to go there and be their nanny will travel yeah sounds fabulous.

What a beautiful country. Well let me ask you this, I suspect you're not going to have a lot of the way of expenses over there. Is that right apart from your travel right right right now won't have really any travel okay very good and so how long do you anticipate being there.

I realize things can change what your expectations well planning to live there as long as there and along with my health is where I can. One of the things I had thought as I might've need to get a long-term care policy, but that was just an idea. Hansen issues with Wikipedia problems that back surgery, that okay very good and are they there on a temporary assignment or are they there for the long hose will know she married an Irishman who very good. Well here's the thing. I mean, I think, given that you have these assets. The 43B, and now this inheritance that's coming that you're moving and you're not really have much of the way of expenses. You obviously just want to manage this well and so I think it's a good opportunity for you to find an investment professional who can manage this money for you on a away in a way that reflects your risk tolerance your goals and objectives.

The other assets that you have.

Perhaps it's time to roll that 403B to an IRA and you know you have that money plus this hundred thousand and invested in such a way that there's enough cash or cash equivalents in there that you can access it as needed. If you decide to take a trip but that the money is working for you and so the money that you're pulling out is being replenished over time through your investments. You don't necessarily have to take a lot of risk with that but I think the key is to find the right investment mix that's going to give you the return you need to hopefully offset any withdrawals that you take, but also see it grow over time so that through inflation you're not losing your earning potential. You also want to consider tax implications of you living overseas and so you'd want somebody who understands that I think beyond that, Helen. I like the idea of considering a long-term care policy. You're just going to want to understand the implications of you being overseas before you consider any policy to make sure that it would provide the coverage you need.

Given that your outside the United States. But that is probably the largest risk that you have that you would need some long-term care.

The averages three years and it can cost you several hundred thousand dollars pending on what type of care that you need and so I think being able to look at a policy like that and then you're buying one that you can afford that fits the needs that you have. You would be a wise decision and I think you right now, it's your age you are right you know to where it still cost-effective but once you get beyond 65. It is going to become cost prohibitive.

Now your medical issues are going to factor into that and so you have to understand what the cost is based on the medical underwriting and just keep in mind the different companies look at different medical conditions differently so one company may not rate you based on your medical conditions, whereas another bite and so you're going to need to not only understand how the money could be used if it pays out for long-term care overseas, but you're also going to have to understand how the medical underwriting will be affected as well so I think those are your next two steps to explore the long-term care insurance and to get a of an investment professional who can assist you. We would recommend a certified kingdom advisor and you can find one right there in the Georgia that would be able to assist you when you go to moneywise live.org and just click on find a professional that somehow I so excited for you in this new adventure that you're on with your kids and with the Lord and all the best to you. Thank you. Well thanks Allen Nablus except unless she goes online. She will be able to hear moneywise when she's there but me as the World Wide Web reaches everywhere fantastic as the testing is an email from Erica, as you suggested Rob we have saved up $1000 for emergencies. We live on one ear, regular income, we received an inheritance and we aren't sure if we should pay down our death or build up our savings to cover six months worth the worth of expenses. What do you think yes and so I would start by saying when you say Erica pay down your debt. If you have credit cards. I'd put another $500 with that thousand and I'd focus on paying off those credit cards, but don't do it until you have a spending plan that you're confident you can live by is what I don't want to see as you take this inheritance take care of the credit cards, but then you're still living beyond your means.

If in fact you are and you did the credit card that comes right back over the next 12 months. So I get the spending plan in place at $500 to your emergency fund and then pay off the credit cards. If you don't have credit cards or talk about a house payment or car payment, then I would go ahead and boost that emergency savings all the way up to the six months and then take the balance and look at where you might want to put it for the long-term saving saving for college. Maybe retirement savings and other investments. Those types of things. Most likely, that inheritance will only happen once in your life so you want to use it carefully and prayerfully. We appreciate that email us. Send us an email if you'd like more questions@moneywise.org questions@moneywise.org will be back with more moneywise right after this blessed that you're joining us today.

Thank you very much for that, Rob. With your permission, service curricular phones. Cindy is in Illinois and you have what kind of call request no file for me. I'm a coworker with me about buyout care by card paying higher interest rate is a good idea to do that.

As far as paying credit cards that have a higher interest yeah you can borrow from a TSP thrift savings plan while you're employed by the federal government or a member of the uniformed services but you have to consider the impact that I'm not a big fan of me.

Basically the way it works is you can take out a minimum of thousand dollars up to a maximum of I believe it's around 50,000. And you can't go over the contributions that you've put it. So when you're borrowing from it. It would be from your own contributions and earnings you would not be able to borrow from anything that was put in under the retirement system. The agency contributions or earnings, but you could take it out. Typically you have a repayment term of between one and 15 years you will pay interest to yourself and you would repay it through a payroll deduction so it is an option but the reason we don't like taking loans from retirement plans is if you happen to separate from your employer. It would all become due or be taxable with penalties. Secondly, the money was put in there so it can be growing and obviously money that has been taken out through loans is not available to be growing for you, for your future and see your giving up all of that growth during the prime of your earning years while you're still working. You can be more aggressive with your investments and and so by taking it out. That money is not in there working for you building for your future.

So even though you may be paying a little bit higher interest rate on your car you can still get relatively low rates. If you have good credit and keep your retirement account working for you and not add this additional risk of something happening where you're separated from the employer. In this case, the government and having to generate some tax implications there so just end of the day here, Cindy.

I'd stay away from it and use more traditional means to borrow if you need to buy a car or something like that. Okay, you're welcome.

Thanks for going. Thanks, Cindy up to Cleveland, Ohio. Rob is shown is trying to help her mom was Sharon. Welcome to moneywise love how can we help on my mind. I'm trying to help currently expected are greater that her income by about $500 a month looking at trying to figure out living refinancing her home in joint name are in my name only, and using the money to pay her exact.

That would leave about hundred thousand dollars and equity in the home either cohabitating or she could sell her home and buy a new home. After dinner the king of the home that proceed to my new home. I didn't really like her to because merely cohabitating told their options and other files may be factor to consider, to let credit to get a little bit. Sharon will I appreciate the fact that you're there walking alongside her during the season clearly were called to do that in Scripture and so this is a great use of your time and I think the key is whatever we do moving forward we need to try to right size the spending plan. Recognizing that we don't want to take more out of an IRA then is realistic to be able to allow this money to last throughout the rest of her life where when that amount in an appropriate return is is pulled out and added to Social Security that we can make the budget balance at that point. So you've named a number of the options here. We can either offset some of her overhead by bringing in a roommate perhaps or somebody at her church or some other place where perhaps a friend could come in and shoulder some of that expense she could move in, perhaps with a family member or you know by a small place or build a very small place on the family members property so there there to provide for her, but it in terms of getting costs down, but also to provide assistance. Over time, if that's needed in a greater fashion in the future a little hesitant to pay down nonsecure data or unsecured debt with a loan from your home or her home just because now were potentially putting her home at risk.

But as long as we have a clear plan that says here's how were going. You know fund the debt service plus all of her other expenses. I think what I would first look at is either bringing in a roommate.

Secondly, you could look at dinner selling the property in downsizing. Assuming that would solve the problem. You even after all the expenses of moving and selling and so forth. And then the third option would be if she has enough equity, which it sounds like she does.

She could do a reverse mortgage, but I think you just need to recognize that's not my first choice because it can be expensive. The fees the imputed interest rate and that it complicates things.

If she ever wants to sell it and move out or pass the property on two errors and so that's what I'd like to keep it a little cleaner in terms of selling a downsizing or bringing in somebody to help pick up some of those costs. But what are your thoughts on that about $100,000 after telling him how all family and I'm to caring about medical costs or Medicaid down should she ever there anything I know, I don't think so. I think you're thinking about the right things. I think it just really goes back to the budget and looking at exactly what are her finances, making sure you have a clear accounting of what's coming and going out and then just work the numbers you know if you if you sell the property and and then you know what would you replace her living with in situation and what would the cost be and you know just making sure that the members balance but all of those considerations are right in terms of the spend down and where she's going to go in the future.

And so you just need to have a plan and perhaps getting the assistance of a financial planner to come in and look at some of those things do some planning with regard to Medicare and you know and assisted living.

If that's needed down the road so that you know what the options are when those things come then will catch you by surprise. Sharon, thank you very much for calling in today. We wish you and your mom the very best as you work through this. Thanks again Rob a quick email if we might this from Elizabeth. She says dear Rob, my young son says is $750 savings is losing money by sitting in a savings account you want to invested in the stock market is this why I love that that her sons already thinking about this while the first thing we have to do is define what's the purpose of the money. So if this money is short-term savings, meaning he wants to be able to use it in less than 10 years, then he's probably got it in the right place. Perhaps we could look for a little better interest rate by moving it to an online savings account. If he's in a traditional savings account.

The other option is to say, perhaps working to keep a portion of it in savings and take a portion of it that is more long-term. Were looking at buying a car with it.

Someday were looking at using it for college related expenses moving out on his own someday and then we can absolutely look at getting it invested in it would be a great opportunity for mom and dad to come alongside him and teach him about putting your money to work the value of investing and having a diversified portfolio and all of those things that are meant to be a great solution for him to get started betterment.com okay great information. Rob, thanks very much and if you'd like to send Rob a brief email, you heard me read it a brief email just a few lines.

The address is questions@moneywise.org sessions@moneywise.org and more moneywise coming your way right at this is our final segment of the broadcast. We previously recorded. Thanks so much for being with us today and we hope you'll stick around and enjoy the rest of the program. This is moneywise live for God's direction for your money your life your marriage and your career all meet together with your phone calls and we have plenty up on the screen. So let's go to Chattanooga, Tennessee and Peter what's on your heart.

Today's high mark all three to Chattanooga okay how about 13 years ago, 30 year mortgage. We owe about hundred 20 on the hundred 80 say that again Peter we lost you there.

You will how much about hundred and 20 and that the value of the home is how much one 8180 okay and it's a 30 year mortgage we refinance now on maybe 1% on the right. Would that be worthwhile. You know, typically I like to see at least one and 1/2%. Peter, do you plan to be in this home for a long time car yeah well I like the fact you're going to a 15 year mortgage. Of course you can do that yourself by just getting a re-amortization and understand how much you need to send on a monthly basis to basically accomplish the same thing so I wouldn't refinance for 15 years just to get to 15 years.

The key is how long is it going to take you to breakeven. So what I would do is I would look at the cost of the refinance. What is it can actually cost you and expenses to put this new loan in place and then look at the savings over the life of the loan. Comparing the 15 year. The new 15 year mortgage with the interest rate of 1% lower comparing that to the current 30 year mortgage but paying it like it's a 15 year mortgage. So adding enough on a monthly basis to be able to pay it off in 15 years and then compare the total interest spent as well as what year you get to breakeven so that you understand how long it's going to take you and then just make sure you're comfortable that you're going to have to live in the property that long.

In order to realize that but at the end of the day if you can save some interest, then it's a good thing. I think the key is with a 1% savings it's gonna take you a while to get there after you factor in the cost of putting this new mortgage in place. You just want to look at all of those things compare apples to apples.

Make sure you're not paying any ghetto inordinate fees to put the new loan in place and then ultimately I think the math will tell the story on what the best option is about were paid a lot of interest. Now the principal starting to get paid on the 1530 so I think it probably best just to gladden and bump the payments nothing to get it down the top in 15 years yeah Peter, I'm suspecting the same thing and that's why want you to run the amortization schedule on both and just look at between now and the end of the 30 year if you pay it like a 15 given that you are sending more to principal. Right now, and a new 15 with a 1% lower interest rate. At what point do you actually start saving money and it could be that you're just not gonna save enough to go through the hassle of this and so therefore just start adding some extra on a monthly basis, equivalent to the mortgage payment of your new mortgage you are considering and then just let it go from there and you'll probably come out just about even then you won't have the hassle of replacing the loan procedure so much depth, what I was thinking.

I appreciate you guys have between each other on the assembly where you can tell you love each other very good friend of the amazing program appreciated Peter and hopefully Steve feels the same way these most days yeah yeah yeah I have to hey Peter your blessing.

We appreciate your call.

Thank you very much. It's nice when people sense there is a simpatico of a sense of liking one another least on the air. I've never been your house, but that's that's conversation for another day. Columbus, Ohio, Columbus, Ohio hey Carol, you look at lighter looks like you have a multifaceted question here.

So let's dive right in. All right, I figure out how I have everything on tax-free. They are corporate tax rate and there are several it's a lot I need to find out how to donating management more efficiently.

I have been to the kingdom advisor conference center against because of have a relative who is saying financial and gym license at another place that I went cute recently and he spoke so I defined it.

I needed to figure out how to allocate the lid that I have that I'm making might give a damn.

I living on the diffidence from that tax-free. I want my hand interest for leaving my money, it's already set up and I trust basically I have a second to die policy that's going to five children.

The rest of the money that is in the tax-free. I want to figure out how to do that because life is not right and I don't think I want to equally leave the tax-free money either. I want I want a separate data to different people that are going to be good stewards and believing the way I believe and are going to manage it so that the kingdom people coming of the Lord's house wondering if you have any thoughts about how to go forward. At this point because I have eyes inherited children and I had I might biological children and they are walking with the Lord's and the other site I don't get them hating each hand. Yes ma'am well there's obviously a lot of moving pieces. Here Carol submerges can scratch the surface today but I will offer some thoughts.

First of all, you sound like a wonderful person who loves the Lord. You want to pass not only a financial legacy but a spiritual legacy and a social legacy to these children and that's the way that we should be thinking about you know, we realize that God gives us resources were to be managers of those but at some point where you have to decide who's the next steward are they chosen and prepared and that that's a big part of this and so with any of these children or grandchildren.

I would be thinking about both what you want to do today during your life now and what you want to do at death and how do you balance that with whatever giving you might want to be doing and then what can you do to encourage them to understand not only come to know the Lord. But then in terms of their stewardship responsibility themselves that they might be growing in their own understanding of how they manage money. God's way and perhaps encouraging them. Maybe you walk them through the book together like your money.

Counselor Ron blue's book, master your money or a small group study that you all could do online together like navigating your finances God's way from Howard Deighton that would begin to invest in them so that not only are they chosen as heirs but you are helping to prepare them. Of course you'd want to bring their parents into that with regard to the asset management if you're managing that yourself and you're happy with it. That's fine if you want to consider other options and having a professional assist you if you don't already. I think you mentioned particular certified kingdom advisor, but having a certified kingdom advisor come alongside you and perhaps either give you some counsel or take over the management of these assets I think is never a bad idea and you could find somebody on our website in terms of the wealth transfer side and there's a number of decisions you need to make and if you haven't read Ron blue's book splitting errors. I would recommend it wholeheartedly.

It's probably the best book on this topic, but Ron will walk you through the six TDs that he calls of effective wealth transfer from a biblical perspective of the transfer decision who's going to get it. The treatment decision. Are you going to treat each child equally or are you going to treat them uniquely, which he says is still appropriate. According to a biblical perspective and then what about the timing decision is again to be during your life or after death, or both. And then the title decision. How are you going to title each of these assets and then what tools and techniques will you use wills and trusts and all of the instrument, you need to put in place and then finally the last two years. The talk decision which is really communicating to the next generation what your plans are so that there isn't that fighting that there is clear and open communication that they know there was a well thought out plan behind what you're doing and again that preparation to be a steward of these resources is there because the last thing you'd want is for skews me this money to in any way come between them and their relationship with the Lord or their spouse.

And so there's just on the number of factors there and I think that's were a godly advisor can help you navigate all of this but hope that's helpful and I were just scratching the surface just invite you to share any any follow-up thoughts or questions on that side. If I can find her in on the highway yet there's a number of them, Carol, and you'll just go to our website go to moneywise live.org and click on find a professional when you put in your ZIP Code every name that comes up will be a certified kingdom advisor and you can find somebody I'd interview at least three if you have a family member who helped you with these kinds of things take them with you and find the one this could be the best fit for you. This is gonna be some easement significant character and competency requirements but who is also somebody who is a specialist in understanding the application of the biblical worldview to financial decision-making. Carol, these are wonderful questions that you're asking and it sounds like you're really doing your homework on this and if there's anything further we can help you with.

Feel free to get back to us, but it sounds like you, you've talked to a lot of great believers that know the subject well and check out the other resources available on the kingdom advisor's website moneywise live.org moneywise live.org that said were out of time for today's program moneywise live is a partnership between Moody radio and moneywise medium. I think Judy Nelly Rich and Maria for their assistance. Thanks you for listening. Join us again next