Connecting the Dots Between Faith & Finances

Both regions understand the spiritual concept of stewardship do we always do. That into practical matters that can actually handle the resources given us well that's what were going to attempt to do today to help the dots between finances. However, I host Rob West welcomes Sharon up something from advisors for her insights in applying God's financial principles to our lives.today's program is not for 40 had a great chance line up some great calls and questions to understand more. Thanks for listening. Let's get rubber for insured apps is not only the chief operating officer at kingdom advisors in charge of training 2700 financial professionals so they can help their clients follow God's financial finances, but she's also great coworker with you and it's a blessing to have will have her with us today and approved well it sure isn't. She is up to the task. Today Sharon were delighted to have you back on moneywise live Robin reported that today we sure are as well share. Perhaps the most foundational biblical financial principle we have to learn. As believers, is that God owns it all.

We talk about it often here on this program I think it's really one of the big ideas that separates us really from others who perhaps talk about this topic and it comes from Psalm 24 one. The earth is the Lords and everything in it. But here's the question, how does that actually connect with the decisions we have to make every day about money really great all I own all definition actually my role in life.

It makes it clear that I'm not anything like that would break down, but I'm a manager manager and the manager.

My job is to find out what the owner wants me to do with what he's given me a question I can act each day in implementing this got out that all is God. What do you want me to do with your money whether it have to buy or even just what to spend on a trip at target. I get the mistake here but care about a little thing now and you have to pray for hours about a minor purchase but I think it does mean that I intentionally be a good manager all the time. Well, it's a simple question to ask Lord what you want me to do with your money, but perhaps it's a big idea that really changes everything about how you approach your spending is that your experience I think dad and I think that's really the challenge that many people have heard. God owns it all. All the time. But what that really mean in my daily life in question can be a branch to help me understand Scarlett's impact this a bit further, you were telling me about a recent meeting you had with some pastors as you were teaching on this topic.

I love you for you to share that story.

Think it really illustrates this idea well start the question that Dan on a skeleton 110 with one being never made all the time how much your faith intersect or make you get that right now.

The pastor really really honest about it that you know full or not.

I really doubt think about faith and finances that much together and I'm certainly not here that downplayed the pastor show that so often ship I yeah in the church is really relegated to product finite and of course getting very important.

God called pastor to discipleship and we understand that under his Lordship is just as much discipleship as any other element of growing set one, and that faith walk with the Lord when a family or individual going there finances to the Lord bankrupt one for Christ and every financial decision is a spiritual decision that's been my experience as well as that's your money journey is one of the key areas that God uses to shape your faith journey and I think when we begin to see it that way when we run our decisions through that lens. We don't say what my giving is under God's authority. But everything else is just what I do. It's what I spend money on.

And there's a disconnect there but when we read frame.

Every financial decision and run it through that grid and say how does God want me to use my money including how he wants me to enjoy my money that I think perhaps will approach it quite differently. Well, there's a lot more to unpack on this topic. Steve Retzer sure is and we will do that right after this brief break you listening to moneywise live with Rob West and Steve Moore special guest today is Sharon Epps talking about faith and finances, your faith, your finances, stick around, stay with us will be back with more after this money and life run on the same track.

Unfortunately, sometimes it seems like your money is heading in a different direction from your goal 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 moneywise live.org are 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, yes my slogan is financial wisdom for living well. More information is available online. Sound mind investing the SMI website also includes articles and investing sound mind investing.org, you will Rogers once observed that the only time people dislike gossip, gossip about them. As Christians we are to avoid gossip at all times regardless most concise definition of gossip I've ever seen come straight from first Paul called say things with say about another place Paul says ours today is not say anything you want on 66 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 percent faster while honoring that that info to learn how Christian credit counselors can help you visit Christian credit counselors.org Christian credit counselors.org or call 800-557-1985 is always a real pleasure to have you joining us on moneywise was live, however, is not ported out of the office but we prepared some materials calls of information that we think you will enjoy find very applicable. Practically speaking, obviously very biblical as well. Joining us today for the first half hour is our good friend Sharon Epps.

She happens to be the COO, chief operating officer of kingdom advisors with types of operations do you do Sharon know yet because I had a pain in my left side and telling me probably appendix merit.

Instead Sharon is actually unpacking a profound principle and really the biggest idea when it comes to managing God's way and that is God owns it all but were getting down to the so what does that mean to me and how I manage my money on a daily basis and Sharon, I appreciate how you began to relay that to us, but I look for you to unpack that a bit more in the context of Scripture. One of the best-known passages on stewardship is of course the parable of the talents in Matthew 25, but I think today you're actually going to look at this from a bit of a different angle.

Right now you know when we can comparable the talent talent themselves in the distribution of the talent and those are all really great and one thing that helpful to David back and say you know what that owners well and we've been talking about God is actually not owner of everything. If we look at the parable of the talents with God's perspective, we begin to learn really new and exciting things about God's world, which then gets comfort in our role and I think one of the things that we learn is owner had not even able to distribute as he wished to every person that he wished to you and he did not run out and of course that's a real comfort to know that our God has enough 20 that's exactly right.

And it also reminds us that we need to approach our plans loosely and so let's talk about planning for a moment, it stands to reason that making a plan for our resources is just good management. We talk about that often here on moneywise live but what happens if he sometimes has a different plan for part of those resources happened in my life now and let God asking?

What would you have your money in one direction and he might direct us in other money for a new car and got put on your heart that someone else needs a car more than willing to answer this question what what we have. You had me day with your you may have a certain amount of money set aside for retirement, but he may call you to use that money to pay for your child's education without instead one really important thing to say here is that we listen to God about what he would have with his money.

Not always give it away and we can easily get to the place where we just assume that's always going to be the instruction, but again, if we go back to first Timothy. Remember, God said were to enjoy what he's given us and so there's nothing as Ron blue has taught for years nothing more spiritual about giving than taking your family on a vacation if it's done in light of his principles and according to his plan and I think there is, perhaps, maybe that concern that if I surrender my finances to Christ. He's going to take everything away from me, but that's really not biblical. Not if we got back to the parable.

Actually, at this tributary think Kayla promises that he will provide for all of our need and fairly. One carton type existent back and out of the budget counselor and I had many coupled that with me for the first time and I was so surprised at the ones that will walk in and say something like oh we just want to let you know we buy a new car and we had before appendices because we knew you would tell us and what well is likely right and so often I think that's where people are this is that they think well file line my life with God. It's going to just put me in this quarter and box me and I'm not going to be able to live freely and certainly that can apply to our money as well. And that's just not reality. That's why he gives his principles. He doesn't give us directives in this area that are so specific and that really takes us back to our needs Sharon and causes prayer to become a big part of this doesn't click personal worry that was a result prayer and Joel and I had an opportunity to get a small inheritance from his parents one night and we really were asked what he wanted today with your money and at that point we had three teenagers in the house of one of our legal reference to be in our home so we can impact them for Christ and we ended up believing that the Lord wanted also that our house will be a gathering place and it worked and we felt like that. They were the best dollars we can get.

We had the opportunity to teenager one little click caveat, we did learn that we also need to adjust our budget. Along with that purchase defeat. Well, this is the idea Sharon that I know you love to talk about and teach on the net is connecting meaning to our money because money is a tool and it's used to accomplish God's purposes in our lives and we see it that way.

But perhaps that's helpful as well.

It really is and I know that you talk about the four things that we can do with our money where Gabrielle and I grout Emily Corlett in investing and I think you question here is why would God have a feeling each of these areas. We often think of that in terms of the campaign, but how does it apply to other areas of our life as well. When you were doing a lot of your counseling.

Sharon was there a common denominator ran through most of the couples with well that's the whole matter to think that communication is such a big issue with couples we all come with a different history and communicate about many big topic. Well that is a big concern obviously it's hard to manage your money well in a family situation if the communication areas are strong and since that is so multifaceted Sharon and you are the expert on this publicly back real soon joining us again okay that would be my pleasure to read. And sure enough she's the COO, chief operating officer.

Think of advisors working alongside Rob West on a daily basis.

As I have you to do as well.

This is moneywise live Rob West times more more not live calls but 40 calls just for you today moneywise live right after this. Do you know if you have enough money house.

Do you know how much is enough if not Ron blue can help with this book. Master your money a step-by-step plan for experiencing financial contentment and how to save and invest and give wisely create a long-term financial plan and how to get out of debt. Find all master your money by Ron blue available when you click the start button moneywise live to work and everything to actually be Hebrew New Testament Greek term weight. I want to hear what you not read your second Corinthians 417 because he describes it in these kind of terms and momentary troubles are achieving for an eternal glory when we sufferings in this present lifetime on one scale and then God drops the glory that he's going to reveal costs.

On the other side of the scale.

I want you to picture my mind went back to the seesaw Arkansas primary school, many, many years ago that was forever scared to get on was a very scrawny kid I was always so scared that seesaw I want you to just picture it with me through some suffering here, we know Scripture, the financial wealth you leave behind could be the best thing that ever happened to your loved ones or the worst 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 would later splitting hairs 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 moneywise live in intersection between faith and finances blessed and honored the join us.

So please don't forget to tell a friend that would more than likely he helped them and we would certainly help us and we do appreciate you being there today Rob will take some phone calls would, let's jump in by going up to Minneapolis and the Judy, thanks so much for your patience. What's in your mind question for you Rob, thank you for taking the call.

Sure we we have an IRA account that has been losing money last quarter and my question is this. I'm thinking about taking a larger sum out of that account and paying down some expensive reason that we want to do that is to minimize our monthly debt. My husband called into the recovery ministry were trying to get our wages or art our monthly household debt down as far as we can so that he can afford to take a different job that pays much less so that he can do the work that the Lord called into yes well I love the idea that he wants to do God's work and it's God's calling you in that direction.

I believe God will provide. I think the question is, and what timing and where do we pull the resources from.

I certainly like the idea of pairing back your expenses in your lifestyle. Certainly debt will do that to keep expenses as low as possible so that you have is little need for income as possible so he has the freedom and flexibility to do this work. Let's talk go about pulling this from the IRA. That's certainly not my first choice. Tell me your age and then tell me about your retirement savings this account and anything else that you have my age is 62 1/2.

My husband age is 57 monthly earner. I have three retirement accounts itself. Oral 1K rollover that providing us with a minimal monthly stipend of about $700 and is the money that's being good coming out of there. You making enough to replenish that are reducing that balance decline know that's actually continuing to make money for the 401(k) okay and how much is in there all in total about 370,000 okay very good with other retirement accounts. The retirement account would be one that is a little more active. The IRA in the value of that as of today at 530 S. okay and that the one that I have access to that I would like to take the money out and pay down the debt to Congress that was in your name.

That IRA yes all the retirement accounts are in my name they were in position before my husband and I were married four years ago since. What's the value of the debt you're looking to pay down about 15,000 very good and so you're not currently accessing any income from this hundred 30,000 in the IRA. No okay don't you just stay there and does what it out okay and are you will both continuing to work. Yeah.

Okay, so you've got a plan that says as you will take Social Security as you work as you continue to draw from this 401(k), you got a plan in place where you can cover your expenses in the future at the point you decide to stop working if you looked at that not only now I think a couple thoughts here. One is I would go ahead and do that and if you want the help of a financial professional, or even one of her money was coaches. I think that would be useful.

Time spent just to be looking at with a finer point on what is actually going to take to fund our lifestyle in retirement. Let's assume this this debt is gone in the cars are paid off and you have no debt. What are your expenses going to be how much do you have coming in from Social Security. What can you reasonably expect from all of these retirement account so that they continue to grow and I think a good rule of thumb. There we use is the 4% rule. So for instance on that roughly 370,000 at 4% you could draw out about 15,000 a year, about $1250 a month, but one of the reasons this money is probably continuing to grow is first of all, it's been a good market but selectable your taking considerably less than that.

At 700 a month, but I'd love for you to have a real good feel for what all of that's going to look like now what about pulling the money from the IRA to pay off the cars.

I actually like that idea because you not to pay the penalty you're over 59 1/2 you will have to add it to your taxable income. So just don't let that catch you by surprise and perhaps talk to your tax preparer about what the implications are of that, but then you're going to pair your lifestyle back that additional monthly expense for those two loans is going to be gone, which means obviously you need blessed to be able to fund your lifestyle in a monthly basis.

So I have no problem you proceeding with that, but I would take this extra step of doing a little bit more planning.

Just so you all know what are your savings goals and do they match up with the current saving you're doing in your plans for when you plan to pull back on full-time work and God bless you for all the work that you're both doing in the new season of ministry that he's going to have in the days we hope it helps you and were glad that you called today Judy thanks very very much Rob I think we have time if you don't mind to take an email. This one is from Ben. He says dear Rob and Steve. We tied 10% monthly. I tend to wait until the end of the month because our paydays and incomes vary however is it biblical to give only once a month or might that not be giving the first and the best is referring obviously to the Old Testament adage. Were you supposed to give the first the best the unblemished to God when people were taking their offerings to the temples. Well first of all that I love that you're a giver and I love that you're applying the principle of the times we would certainly encourage you to do that as a starting point to get to the local church and then give as God has given to you out of your proportion out of your increase. Beyond that, even sacrificially. Remember, Jesus raises the bar in the New Testament, and we should have proportionate giving and give cheerfully of course. Here's the bottom line though I really don't think we should need to be legalistic about it. Feel we give because we give out of obedience.

We give is an act of worship in your waiting to see on a monthly basis how much or increase actually is in your writing that check. I don't think God's heart is that we give that day that week.

I think if you do that monthly.

God knows your heart and I think you're perfectly aligned with this principle, so I would say keep that love the fact that your giver and think so much for checking in with us. We appreciate you being thoughtful about it. Obviously want to please God on multiple levels and we appreciate that. Thanks much. If you'd like to send brief email questions to Rob. We love to have you do it. The address is questions moneywise.org questions@moneywise.org back with more investing is more than just return it's an expression of who you are and what you value. When you invest your money like your identity as a Christian that eventide we design investments for performance and a better world so you can invest with confidence to reach your financial goals while remaining truly are Christian values and commitments. We call this investing makes the world rejoice more is available eventide.com invest eventide.com Christian healthcare ministries enables believers to meet their healthcare costs affordably, biblically and compassionately.

It's not insurance but a voluntary cost-sharing ministry based on the biblical example of Christians sharing each other's needs and members are defined under the law for not having health Christian healthcare ministries might be your health cost solution call 800-791-6225 or visit CH ministries.org radio verse of the week for this Independence Day is found in John 834 through 36 Jesus answered them, truly, truly, I say to you everyone who practices is a slave to sin.

Sleep does not remain in the house forever son remains the son sets free, free. John 834 through 36 Moody radio verse of the week. We've all heard we've all heard others. That's why forgiveness is critical for our spiritual and emotional well-being, but how you forgive when it's hard. Forgive your way to freedom. Gilbert shares his inspiring story of forgiving is difficult, and distant father lays out a practical biblical process of forgiveness. Learn to forgive and be set free. Forgive your way to freedom more Moody publishers.com this month's moneywise legacy giving your family closer together closer to true financial practical advice to shrink the financial mutation in your marriage, budget friendly and a lot more free moneywise. The magazine subscriptions waiting for what was.org/site surging across parts of the US states in the midst of real bidding are hitting Paul some plans deliver prescriptions outbreaks in Florida, Arizona, Texas and California have already forced those states to take measures to limit crowds and shutdown gathering places where build a blah zero, says the city is delaying its resumption of indoor dining at restaurants, not because of any rising pieces in the city, but because of optics elsewhere was companies that are nearly 2.4 million jobs in June. The payroll company ADP so small businesses reported the largest game 937,000 jobs stocks punishing mixed on Wall Street, even as gains for technology stocks push the NASDAQ to another record close look down all 78 points, but the NASDAQ picked up 95 this is SRN use on moneywise live with us today. Hope always find something interesting that you can apply to your own personal finances. We find the Bible not only spiritual if you will, and content, but very practical as well. And that's what we try to do is marry up those two things as it applies to our personal finances. Let's continue on Houston, Texas. Elizabeth tell us your situation you want their company pulled through. After a couple years back when I found a number of job in the middle. I would either super over qualified our way under qualified and experienced education online now that you meet people. Everything online. It really got you know the connection that you replied you could even get to the first one you have that degree you have it. So upbeat now that I'm back and I'm wondering if I should take opportunity to take the money you just made a class or two at a time to get my baby step or go ahead and take that $6000 a year.

Quite $500 year input directly in retirement. Well, I think the key here and I certainly can appreciate what you're saying about being able to get in the door, and especially with the online application process.

Now a lot of times if you can't qualify with that initial set of requirements.

You may not even have the opportunity to convince them of your skills and how you can add value to the organization. At the same time.

Although college graduates make more money than high school graduates, on average, it is only on average. And so it in no way guarantees you'll make more money than you would without one.

I think Elizabeth the key here is to really have a plan that's fairly specific in terms of what industry do you want to head into is there going to be a requirement for this degree and then make sure that you do your homework. With regard to what is necessary to be able to get in the door and is the money that you are looking for going to be there. Clearly if this is a barrier to entry both for what you're passionate about doing your gifted and wired to do and the ability to secure the job in the first place, then it's pretty important that you have that but I would just make sure that's the case.

As you think through this and not spend all of this money to get a degree without a really clear plan of an understanding that that is in fact necessary.

Yet when you go to pay scale.com you search for the highest paying two-year degrees you might be surprised what you find in your there are plenty of opportunities in occupations that have a great starting salary that increase fairly rapidly and so if you haven't already done it, and you don't have real clarity about where you're headed. I would just consider perhaps taking a career assessment or strengths Finder, but at the end of the day as long as you're not borrowing a lot of money and going into debt to get this degree if in fact you have some clarity about where you're headed where God is leading with your occupation and the requirement to have the four year degree, then I think there certainly no problem with that. In fact, I would certainly say you're not too old to go back to school. I just want to make sure that you have a plan that requires you. I would hope and think that Elizabeth's background in the industry would compensate for her not having an Associates but because you're applying online these days sometimes. That's really the entry point is that's right, I think it's so important to recognize how important your network is and so whether it's a connecting through your local church using LinkedIn building some relationships of exploring who you know that can help you get in the doors always really signal to call up to Zeeland, Michigan. We welcome Jack quite frequently. Thank you Jack appreciate your kind words. That means a lot to Steve and I when we hear from listeners how can we help you today so I number and me to think about my my own mortality and I are pops roughly the same age of 65 in a couple weeks and so here's the conversation we had with with several friends and others who are in the know I'd really like your take on you when we start drawing Social Security mean I'm going to work for a few more years yet but here are the things well you don't take 10 years.

If you wait otherwise but you get straight 8% increase every year Dalton. I spoke with someone recently who said you know I just hit 79 start to quit social security.

That's the way to go, what we do. Well I think it's a question that we all need to wrestle with me that sees value Jack we like the idea of waiting. If you can, meaning perhaps if you're continuing to work or you have other income sources that you're relying on either guaranteed income sources like a pension or your living off of savings if you don't need this money and you're able to cover your lifestyle the ability to have a guaranteed 8% return is a good thing because you're certainly not gonna find that in the market and yet we recognize that once you reach age 65 your life expectancy will increase again, these are the averages, but it will increase to about 83 years old and in fact, one out of four will live well into their 90s and so I think that's the big idea here is that if we can wait and collect that higher check and if you're married, your spouse would have the ability then beyond your life to get the survivor's benefits based on that higher check amount as well. And so for those reasons, again assuming you can make it work. I like the idea of banking that guaranteed 8% return and that requires that you're in good health and none of us obviously knows the future. Only the Lord does, but just on paper. You know, we like the idea of waiting. If you can make it work all right check with thanks for calling.

God bless you and we appreciate takeoff very much. Thanks, Jack, and I think we can squeeze in one more. Let's try Hinsdale, Illinois, and Lisa, you have a credit card?

S credit card that mean that counted around on cashback on certain things throughout the year and I'm curious with credit card and there have you got done research on what you think it wrong to pay initially on opening line and the benefits are worth and pay it off each month and carry what credit card I can get the most rewards from well couple of thoughts everyone as long as you are paying it off every month.

I don't have a problem with you using a credit card, your money was lovely. Don't say never use a credit card. We just say credit cards are a tool and we need to make sure that were using them according to biblical principles in a way that furthers our financial life and so paying it off is certainly a way to do that you two websites that I give you two ideas on credit cards. The first one is card ratings.com card readings.com. The second one is nerd wallet.com nerd wallet.com they both of those sites regularly update the best cards and it's always changing, so I would check those out. Couple that I'm familiar with the fidelity rewards. They have a great credit card right now that offers 2% cashback unlimited on every eligible purchase and so you don't have to fit a certain category which can be problematic. What is the American Express blue cash reward card. I would prefer you have no annual fee, but I would also look for whether or not you can really maximize the benefit of certain categories and I'd rather you have a higher overall cashback visa information helps a great question. Thanks very much, Johnson, Portland, Oregon speak with him right after this many people are experiencing financial challenges such as credit card downsizing that in jobs, savings, more than half of all the courses are the result of financial pressures at home money counts biblical financial expert Howard shows that the Bible is a veritable managing your finances will discover the profound relationship, your money counts is available when you click the start button moneywise live where I'm here to help you understand the urgency and how fun it is to share your faith in every opportunity in case you haven't noticed the roads and chaos and almost everyone is living in fear of people living in fear. They tend to run to God and for every Christian knows God. That's opportunity knocking Mrs. incredible opportunity to let your light shine in the darkness yesterday seeking peace and happiness in God's given you to give away at every opportunity allowed to see God's love through you and what what you have. I promise you wiser be changing to see God's love flowing through you to them. You will be amazed how fast he will tell you their deepest needs. Since you really know God, and that your love for them is real. Those are divine encounters and you can have them every day if you want them. God wants them. There is nothing more exciting than knowing God is using you to lead people to him join us@igniteamerica.com. This is listen to the Bible from Psalm one Blessed is the man who does not walk in the counsel of the week post on the way of sinners or sit in the seat of mockers. But his delight is to take nine is like a tree planted by streams of water which yields its season with whatever he prospers when blows away. Therefore the wicked will not stand in judgment and assembly of the righteous for the Lord watches over the way of the righteous, but the way of the wicked will from Psalm one hear more radial Bible.org many people adopt an attitude toward marriage and finances that it'll all work out somehow. But sadly, it often doesn't financial woes can devastate a marriage but there is a better way. God's way, money and marriage God's way by Howard date will help you discover God's approach to growing your finances strengthening your relationship with your mate and cultivating godly joy, money, and marriage God's way and moneywise live. Thanks so much for being with us today was always joy ourselves when we hear the lies I talk with people all around the country coast-to-coast and speaking of credit card you will you we will talk to my critic comes with the West: yeah, I have another I'm just tossing it out there. It works for me. You know another recommendation for credit cards. If your CD gets caught in your CD player in your car you put a credit card right in there underneath it. Then it kicks it right out. Do people have CD players in their cars a one person does Portland, Oregon hello John, thanks for holding buddy what's on your mind today will you know what I am so glad by your program. To me it's like having to Christian financial pros at my disposal every Monday through Friday at at at 3 o'clock so thank you guys are doing all the talking about our prayer and actually I do have a CD in my car, I got I got a 2000 Toyota Yaris actually and I money you that because sometimes sometimes those CDs do get stuck in there.

I know we must to three we should drag race.

Some can be a lot of fun, some of the road. I would say not only dragracing I got some really good twist and turn here in Portland we can really have a good time you realize the police are listening in all of this is illegal activities can't prove it.

Okay well let's call you Frank. Instead, I think your question, I really quick so I am 45 years old and married.

We don't have any kids but I would say that we live a comfortable life right we don't know were not living check to check. You know were not were not well off in any way we tie to our church and we have we have enough to know by whatever maybe take a trip here and there.

My question is with how we live our lives right now. What should we expect when we do reach retirement.

I mean II hear all these different stories. Like all you to start saving right now don't you have nothing to live on how much of that is true from your your opinion and what and what can we do now to help that yeah well I think the key is you mentioned, you know you're you're not well lost, but you're in a decent shape financially, yet we always go back to the basics and just say let's make sure were taking these things in priority order because there's competing priorities. There is limited resources with unlimited possibilities on where you're going to allocate these resources and so we want to have that emergency fund in place 3 to 6 months expenses. We want to have credit card debt paid off consumer debt eventually paid off.

Ultimately, the house which being completely debt-free including the home. Heading into retirement is obviously going to be a major step toward keeping your lifestyle in check during that season then for retirement with time on our side. We want to be putting way. 10 to 15% of our income into some sort of company-sponsored retirement account or an IRA. Starting with the matching money and then perhaps pivoting to a Roth IRA. Now let me just pause there.

Are you on track with most of those pieces that I just mentioned. No, not really any. We are trying to say we have some in the bank right we don't think that extreme right now… Good point to me like we do have at our jobs you're putting into a I believe it to her 401(k) tonight and they did they do match it with certain extent.

So we got that. But I guess my my main question is if if we would roll on like you're doing right now you know how much of a wake-up call is going to be when we retire. Well, it's always going to be a function of how much income do you need available to fund your lifestyle, and I think that's the question you need to have now, both in terms of how much your saving as well as what kind of expenses you have, what kind of lifestyle you living today. Remember the principle is the longer-term the perspective the better the financial decision today and so if you know that you need, whatever that amount is saved, the rule of thumb would be 8 to 10 times your income, your pre-retirement income in the bank that could then be invested to supplement guaranteed income sources like Social Security, then how are you doing toward that end and that 10 to 15% of income into retirement accounts is just a rule of thumb that can help you get there. Now if you're a bit behind, you may need to accelerate that it each €45 a rule of thumb would say you should probably have about four times your annual salary already put away and retirement accounts to USA 190 were close. Let's okay but we just need to get started and do what you can and that's always good to be a function of starting with that spending plan to say where do I need to cut back so I can free up more margin that I can use to accelerate my long-term savings and not forsake the other needs that I have including my giving that I'm doing starting with the local church and you know any other lifestyle expenses and other savings goals that you have that are a little bit more near-term so I think it's gotta start John with that budget to say what we need to do today so that we can get to where we want to go and it may be this would just be my last thought it may be that you need to hire a financial professional. So retirement planner who can help you look at how much do we actually need based on the lifestyle we have in the sources of income.

We expect and what is it going to take on a monthly and annual basis between now and retirement to get there and then you at least know what you're shooting for. It's not just this kind of dart against the wall and that'll give you a little bit more peace of mind to know that you have a plan that you're working toward Kelly send John book. Perhaps it would help you.

He and his wife is not sure you master your money from Ron blue would be a great resource that would help them think. Love and John used in the line will get your contact info will send out a copy of master your money. Thanks so much for calling. We enjoyed speaking with you wear your seatbelt drive safely. Atlanta, Georgia Danielle what's in your heart today. How can we help you).

I have 20 probably collectively $45,000 or so in debt and probably with your camera looking to expand our living quarters so you recommend getting an apartment that we rental payments are like a mortgage payment or looking into the house will what your hot yeah well I love that you're asking this question before you discuss plow into making what will likely be one of the largest purchases you ever make it so I think the key is that we get married and were in our 20s. We immediately think of my house. That's the next step in yet what we say is we like homeownership but we also don't want you to stretch and put this extra burden of the major debt hanging over your head. Even though it may feel like you're throwing money away on rent, going to soon into a purchase like a home purchase.

Just create some unnecessary stress in your marriage so they run through those numbers again for me in terms of what savings do you have and then how much debt you have about college and about 45,000 okay and are you actively saving right now. How much do you have extra on a monthly basis.

Everything thousand dollars and okay like that sounds good and are you living on the spending plan. We have a budget okay very good and are you actively contributing toward retirement before you get to that thousand left over without three and do you know whether it's upwards of 10% of your pay less than good question.

I myself not. I know I put in probably about five also matched okay great well all is like for you all to have 10 to 15% of your total pay going into retirement. It's a little bit less and that that's fine, but you can include the match in that but that's what I'd like for you to have going into retirement.

So I like the direction you're headed.

I like the you kept your lifestyle low and you got a thousand a month extra. As you think about the house that you can afford. That would give you a payment of no more than 25% your take-home pay. Do you know how much you be looking to spend on this home purchase or just brainstorming well that's fine just give you some some ideas here in terms of as you begin to process this number one. Let's try to get the overall retirement contributions, including matches up to 10%. Next, I would look at.

First of all, what kind of home. Can you afford to buy so that after your down payment of 20% and that's good to be our savings goal that your resulting payment on the mortgage would be no more than 25% of your take-home pay, including principal, interest, taxes and insurance. And that's good to give you a number that says here's what we can afford after the down payment. That's also going to tell you how much your savings goal is because it that's $100,000 home, you need 20,000 of its hundred $50,000 home, you need 30,000 and you're not quite there yet. So I would say your next step is to, in fact, look toward renting set a goal of having saved that 20% down payment after you get to three months in your emergency fund and then you know exactly what you're looking for. And once you're there now we can go out and start looking for the house and even if you still have some of the college loans in place. I'm okay with you going ahead with the home purchase. As long as you follow those rules. 20% down payment of no more than 25% of your take on the rub it for a young couple or a couple like Daniel and her husband are just sort of getting started.

I'd really does pay to have some patience to put a lot of prayer into this and not to not move too quickly, you can really get in over your head, especially with student loan debt that we have this belief that houses just always appreciate but when you look at 2008 2009. If you were to buy a home with no money down now so you're upside down and you have the weight of that bearing down on you. That's what I want you well.

The weight bearing down on us right now is the clock we unfortunately are out of time. We had a ball today.

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