Raising Money-Smart Kids

Young people are entering adulthood these days with little training in basic money management of schools seldom teach financial literacy that leaves teaching those vital skills to parents.

The gospel itself no greater gift to give our children than the knowledge and training to use money wisely today host Rob West welcomes financial expert and author Ron blue tells how it's done that's your calls next on anything at 805 five 7805 five 7004 raising money smart kids.

That's not right here on advisors and author of multiple books on personal financing and his wife Judy learned a thing or two or three about importing God's financial principles to their own children and these with us today to share some of that were really looking forward to it.

I can't think of a more critical topic as we prepare the next generation of stewards as parents and Ron, always a delight to have you back on the program. Well I know you're spending a lot of your time today thinking about preparing the next generation.

May we can touch on that before time is out because you're doing some great work in this area in high schools and universities around the country. But let's start with kind of the basic building blocks if you will. What's the first thing parent should know about teaching children to be wise stewards of God's resources well you I was giving out talk to a group of fathers some time ago and I had our father or children manage money and almost spontaneously I said well I know this that more caught this. They're going to do what you do because you're the role model is interesting because he was at the same church that I go to when I was volunteering reception came up to me that Sunday following Sunday and he said you know a lot after you told me that I realized my kids never ever seen me time because we do it all online character role models and that's the most important thing to remember there gonna do what you do now in almost every case, so modeling is key and you gotta be proactive. There's Ron. I so appreciate that a hallmark of your teaching. Over the years has been really coming up with the principles rooted in God's word that we can apply in money management in just about every situation. What are some of the key principles we need to be teaching to our kids got the principle of life of Jesus and how he trained his disciples know he sent them out on commission trips at least really before they were totally prepared and they came back and they had done some things well, but it also makes them mistakes and I am always amazed that Jesus said greater works for you to and he left before I think these people were totally prepared in the point being that your children are going to learn by experience, so make sure that they get the experience of managing some money if they make mistakes and that's probably the best trainer that there is but you you learn to manage money by managing money and it's difficult today because were in the credit card society, but parents are smart. They can figure that one out. But just remember the principal got to experience it.

In order to learn it just about a minute before the first break hear us talk about that that that's not always easy. What does that look like to allow them to make mistakes. For instance, as a teenager. Well we gave our children]. For example, we know how much my we would spend on close and so we we gave that money if you will, in 12 equal increments to them over the year that they had to say. For the time when they bought their school close and when they spent in the envelope was empty that they were done spending and assess parents on the same side of the fence is child because they may work their personality out as they spent their money well that's okay because we don't want to be limiting. But we want to teach the limited resources personality to come out of the context of land that's critical have more in this writer. Today the importance of raising money smart in our culture. Your hostess from last money and life run on the same track. Unfortunately, sometimes it seems like your money is heading in a different direction from your goal, and never enough three keys to financial contentment.

Author Ron blue helps you to break down all your financial options to a basic floor and then shows you how to keep it all chugging along in the right direction on the same track never enough three keys to financial contentment available when you click the store button at moneywise live out of work if you need investing. You probably want help that's grounded in God's were taken by sound mind investing since 1990.

Semi's health. Tens of thousands of Christian supplier wisdom and confident in their investing investing experience how much you have doing that you can learn will still carry out investing more information about SMI financial wisdom for living well is available online. Sound mind investing.this is a engram lots of daily life for daily living. Philippians chapter 4 verse six says do not be anxious about anything medical studies have proven that worry attacks the central nervous system. The circulatory system and the digestive system of our bodies.

Noah literally could have worried himself to death. After all, he survived the equivalent of a nuclear holocaust Sunday school stories conjure up the picture of Noah as a quaint folksy old zookeeper with a plump rosy cheeked wife. He was in fact very strong courageous man of character and faith. Who could have been tremendously traumatized by the most violent worldwide catastrophe in history. Listen to Noah surely knew the paralysis of fear and the total paranoia worry but he also knew that the God of this was the God who had promised to save. He kept his faith in God and his focus on God. This is a engram lots 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 doing 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 30 future longtime financial speaker Ron blue this today. He's also a man who, along with his wife, who did most of the work is raised just a few children and now lots of grandchildren so he knows all about this important topic of teaching and training children to manage their money well. In today's society.

Ron, you reminded us in the last segment that really more is caught than taught, which means modeling is key. You also told us that one of the key principles is we need to let them work it out and even make some mistakes along the way and also their personalities can come through when we allow them to manage money and figure out how God has wired them and perhaps where that's going to create struggles where there's opportunities, but their learning. While there still under your roof and that's one of the keys. What are some of those other principles that you thought were essential to teach your kids well principle that we wanted to teach our children that all and so that was a part of our conversation part of our experience, we manage the money with the kids and they put money in the offering plate every week as we began to teach them that it was all God, and we believe it and we attempted to teach it to our children and another one was that there's always a trade-off between time and effort and money and rewards. The reason that that's important to Thursday, police related permeates our society today that it doesn't cost you anything and that there's a sense of entitlement. So how do you teach your children that it's not a free lunch, and that may be chores that they do and we had to try to traverse chores that they did just because I remember the time I such as and help with the dishes but then there were other chores that they can earn money.

Maybe it was washed the car.

Perhaps it was kept along or do something around the house and there they learn that it took a little bit of effort entered a little bit of time, but there was a reward at the end we were fortunate when we raise our children spend a number of years ago that we were still money society rather than credit card so that we were able to teach that I'm using the old cookie jar method, which became the envelope method manual labor Popped out and I learned from Larry and each of our children have envelopes with money and little money and what they learned was that when the envelope was empty. They were done spending and that's really important to know this is that there's a limited amount of money and it's more difficult to credit cards and the other. Another thing that delayed gratification is real key to financial maturity and by that I mean they had to say for something so maybe monetize regular bicycle or something major and we had a savings envelope and they added to it and they worked and they put money on it. They did not just get it right away. Learning delayed gratification is really significant. And then today again were going against its countercultural, but if raise responsible children were going to be countercultural. A few of the principles that we wondered.

Teach your children and we were pretty flexible around as we talk.

We learned ourselves a lot taught them. Judy and I would take to planning weekends a year to talk about each of our children on the planning weekend rhetorical strengths, weaknesses, what we wanted to do became very much. We were in that together.

It was not her responsibility is not my responsibility.

Our responsibility to teach our children about money management wanted them to note that it wasn't about the money but it was about what the money would do so it would fly closer course, but it could be given. And so, just to accumulate money was not the objective was to use money, analyze manner, so the principles see you one of those that you mention you mentioned some of the things there.

One is learning to buy wisely and even how to make a financial decision. I know that's been a hallmark of your teaching. Over the years. How did you teach your kids in making a wise decision. Well on the age you know, one of the ways we never forget the example of for Christmas I would give our kids a list of things that they could do with me and it most typically time and money related somehow. So one of because I knew what they'd like to do some one of my daughters list was go to the mall spend four hours and have $25 in the never forget it. We walked in the mall and there was the store there that sold trinkets.

I would be the best way to and she wanted to stop there and she spent $25 on trinkets and would been in the mall about 30 minutes to an hour to learn an incredible lesson about delaying gratification and not just by the first thing now that you see a little bit of shopping. Forget that she is our biggest challenge. She also asked me one time when I return to teaching compounding. She said that how much is no front compounded over your children are adults and have children of their own. Are you able to look back and see that you, your children actually did learn things about money, even though you were sure about it at the time, really. Steve and I can have all of our children. We have five adult children and all manage their finances very well.

We do not. When we help families help them in a time of need. We never help them just so they have some extra money and they've all turned out pretty well.

They all say they maintained a moderate lifestyle. They all give and many couple of them usually envelope system training their chips so I can say after 55 years of marriage and our mother most adult child of 53.

They did okay and have a good mama got just about a minute left to finish today by you sharing with her listeners. The great work you're doing at the Ron blue Institute to help transform students into financial stewards really important to Rob for young people to get the principles before they make too many mistakes and what were trying to teach them is that God's word is relevant when it comes to money and they can count on, and therefore it may be relevant for the rest of her life and the second thing is that God didn't make it really difficult. He made it pretty simple when it comes to managing money. What he says is where your treasure is, there your heart will be also.

And that's true and that'll change your life if you believe that scrapes Ron blue Institute.com is where you can learn more about the great work they're doing in colleges, universities, high schools and even churches. Ron, thanks for being with us today. Thanks for having for more on today's topic.

Our June magazine features exclusive articles on financial parenting can sign up for free@moneywiselive.org/sign calls next at 800-535-7000. Do you know if you have enough money of 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. Learn how to save and invest and give wisely create a long-term financial plan and how to get out of debt. Find it all in master your money by Ron blue available when you click the start button moneywise to work with the retail when you're me that when God finally got threatening. Don't ever think about again & thank you.the natural situation when you start learning some my back porch more time than you can.

What is true the person to contact my body that they cannot touch my inner man and man is what makes me think you know and love Jesus my way. The financial wealth you leave behind could be the best thing that ever happened to your loved ones or the worst in 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 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 love I.org today it's moneywise last time taking your calls, and anything financial that might concern you might be wondering about call right now, open lines at 800-525-7000 800-525-7000 and Rob know that Ron is in the studio any longer you've worked with them for a number of years.

What really like Mr. well Steve you know there's those people where you work with them in there one person you know them and then there it's not that at all. He's the real deal. The same guy whether you're out to lunch or in the office and he's been a personal mentor of mine for a long time in terms of people that have made a profound impact in my journey both spiritually and professionally. Ron blue is near the top of the list. He indeed is a great guy and that's an honor and a pleasure to have him join us typically run once a month. Hope you enjoyed our conversation today. In fact, our conversation was also our Facebook question of the day, which was share with us ways you used to teach your children to use money wisely. Michael says I taught my sons how to properly manage a checking account. If there is a zero balance. You have zero funds and that's pretty that pretty much sums it up, as opposed to the other concept that sometimes young people come up with. There must be money in my checking account because I still have checks that that sounds good but typically that that doesn't really work out all that well either. So if you have any ways you'd like to share that you've petite that you taught your children how to manage money well and it's worked. Give us a call. We love to hear about it. We left the benefit from it as well. 800-525-7000. And I think maybe we'll have a chance to get some emails today, but first want to go to Miami Rob.

We begin by saying hi to Ian. I welcome the moneywise live.

How can we help Sir.

I wanted to know if your job paid gave an annual time and on with that be for you on yeah you talking about paid time off for something else. Just saying and see you hello are you basically that whatever the shut down for certain like for this virus may be shut down. You would have vacation time and sick time available this you would be continually be paid back nicely with that be a substitute for your expense fund. Yeah, it's a great question.

He and I appreciate that very much. I think certainly you could not do that in a little. Keep in mind when we say to have an emergency fund of 3 to 6 months expenses.

What were looking out is the unexpected.

Certainly one of those major disruptions could be a temporary or permanent loss of a job and certainly if you have the ability you know to earn some paid time off or take advantage of that.

That's going to just give you a bit more time to go out and find some income to replace that. But realize that there's any number of scenarios where that could either go away just because of the dire situation of the organization you work for. There could be a real interruption there. Or that major unexpected expense could be something entirely different than the loss of a job, but absolutely that's going to help you weather that storm. If you have the ability to provide any kind of your assistance financially while you're out there looking for another job but I think that the 3 to 6 months still holds true. You as you think about preparing for the unexpected, but I like how you getting creative and I think you could certainly factor that Ian would let you call today. We wish you the best with that. Thank you so much.

800-525-7000 Chicago Moran day. Thank you for contacting us today. What's in your mind mom and now I need. I want to know when you call. Not good credit.

Even if you don't have a job yet, what what what what are you such a great idea and really, you know there's some of those key lessons. We want to truly teach kids you know as were raising them financially speaking of course starting with God owns it all.

Starting with the importance of holding what we have loosely and being generous. We want to certainly teach the them the value of hard work, but I think this idea of the difference Miranda between needs and wants needing something to need being something that you have to have to survive for this essential wears a one is something that you desire and you may or may not be able to obtain it. Given the resources that you have in your ultimately what your values, goals and objectives are, but really establishing that idea is a critical principle in economics, but it's also a critical principle in personal finance especially as we think about ourselves as managers of God's resources so you point out a really important principle in lesson here.

We appreciate you winging today that we appreciate that very much needs, wants and desires. How would you separate those out again robbing me of my need is a car I guess anything with four wheels that runs will suffice. Yeah I think that's right. And I think we've got a that's a great example Steven and clearly.

If you need the ability to get to work and you gotta have some transportation but then all of a sudden as we navigate what that solution is there's all varieties of solutions from a bicycle. If that's an option. The way to an automobile to one that said perhaps more than we need, but if we have the resources that's okay as long as it's in light of a plan as long as we weigh our decisions against our God-given values, priorities and objectives okay so yeah if you have a transportation need a bicycle might work needs, wants, I guess one would be a car was American fishing and desire. Maybe it's that Ferrari that's always major heartbeat just a little bit weaker. This is moneywise. He's Rob last name Steve Morgan to pause for a brief break that will come back and take your call perhaps in anything financial saving giving generosity, you name it, that's chat about it. 800-525-7000. 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 simple 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 is 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 macho than we found in Psalm 119 16 through 18 I will delight in your stacks. I will not forget your word and keep your word. I verse that we 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 in your way to freedom. Gilmer shares his inspiring story of forgiving is difficult, and distant father, and lays out a practical biblical process of forgiveness. Learn to forgive and be set free. Forgive your way to freedom more Moody publishers.com family this month's moneywise magazine giving your family to send closer together closer to true financial freedom, practical advice to shrink the financial mutation in your marriage is more budget friendly family activity since you will moneywise magazine subscription is waiting for you to work/site from the Supreme Court has ruled in favor of the religious rights of employers into cases. The court ruling 72, and one of the two cases involving the Obama healthcare overhaul, the justices greenlighted changes the trumpet ministration it saw the administration announcing an 2017 that it would allow more employers to opt out of providing low-cost birth control required under the law, but more courts had blocked the changes president Robert Mexico's president Lopez over door had been holding a rose garden press conference during the day. The two presidents had meant to celebrate economic ties which compromise the new US-Mexico Canada trade agreement which they signed together following their comments on Wall Street that I picked up 177 points today. The NASDAQ was ahead 148 Mrs. SRN use this today I moneywise live placement.

We always try to remember that God owns it all. We are merely managers of the stuff we have, and you can't take it with you. 800-525-7000 Lakeland, Florida hi Cynthia, how can we help you in your show second blessing I listen every day and I really really take to heart what you say about investment. I've got a 99 signed at that old method drink right now and I need an SUV because of my back hello to the ground. Click probably close to 15 $1600 in it in about a year and wondering during coded and this diary can everybody stand home our car prices and better or are they stable. I have about five grand to put down online, probably either donate the Honda or sell it outright for parts okay yeah obviously when the expenses start getting up there. One rule of thumb would be where it's more than half of what you would be spending certainly if it's equal to what you'd be spending in the form of an annual amount that would be going toward payment of monthly payment times 12 then it's a good time to start thinking about unloading it in private sales always gonna be your best option, but if it's really in that dire situation, you may not be able to sell it outright, but I would certainly explore that option first. In terms of the time to look for a new car me know if you can hit it in a good season, that would be great.

Normally a car decision you not see enough fluctuation year to year that you're going to make a decision.

It's really good to be driven by a need.

So if your car is in at the end of its useful life.

Cynthia, it's time to start thinking about what is the wise purchase for you moving forward.

So you have reliable transportation and no where the economy is as can be pretty low on that list in terms of the timing now. Yeah, we're 11 years into a bull market that we all of a sudden came to a screeching halt because the pandemic and we entered a recession quicker than we ever have said is that mean prices perhaps could be slightly better now yeah I would say that's probably true, but again I think that the real question for you as if you need an automobile in even though you put this money and you have reason to believe that you could put in a quite a bit more just because of the condition of the car. Then I think you should be grateful that you had the diligence to say this money up and let's go look for that next car we would recommend probably buying something that's between two and four years old, like the idea of you have and 5000 a put down.

I would yell, perhaps by one either from dealership or someone that offers a warranty at the very least that have a reliable mechanic look it over as 1/3 party.

Just to give you an honest opinion on the condition of the car, but other than that I think you know you've saved if the car you have now is is reaching that point where it's becoming just too costly.

I wouldn't think twice about proceeding with making this purchase car with brand-new and 99 and it I can get a chiropractor and get in and everything that she worked on is going down because it low to the ground that a violation for SUV gentlemen, thank you so much you given me so much knowledge.

I love that car. She's my scooter that she needs to go. Especially if I'm spending so much money on her right that much money year and it's only time to having that's a signal that it's time to say goodbye to her know you might want to give it to charity units. Frankly, it's not worth a lot at this point, you might want to find a highschooler or college kid in your church that really just needs basic transportation as long as you really upfront with them about all the repairs and what have you but you your first question had to do with prices now and if you're going to look at another new car around March manufacturers were cutting back. They were a little concerned a little confused but as things have picked up manufacturers have started picking up and opening back up some plants here in the US and so prices are not superlow.

So as Rob said find something you can afford something you can put a decent down payment on and something that fits your budget and Cynthia were glad you call. We wish you the best. Thank you very very much and probably a question here from listener. They didn't want to begin the year they said they're saying what's more advisable taking funds from a 401(k) or taking out a new loan. I'm in need of money for normal expenses. Yeah and I appreciate that question very much. I'm I'm not a big fan of either option.

Unfortunately, I don't advocate pulling money out of the 401(k). Now keep in mind that money is there for the longer-term services we borrow against it. It's not there, growing as it was intended. Secondly, if for some reason you separated from the company if some of the most expensive money around because it would immediately be taxable and there be a penalty associated with taking that is now a distribution taking out a new loan. The only thing that's tripping me up there is your saying what I'm reading here on the screen as it's for normal expenses so that tells me that perhaps the need for money is more symptomatic of a root underlying issue which would be living beyond your means.

Now that may be because you been placed in a real hardship situation. So, not implying you've done something wrong but I think we gotta go back to the spending plan of Sandy and say what is my budget look like, what can I count on in the way of income and how can I reorder my expenses to live on what I have because the last thing I want to do is for you to go out and borrow for quote unquote normal expenses only needing to turn around and borrow more. Two or three months from now. So once you reach out to one of our money wise coaches, Sandy just got a moneywise live.org.

Click on connect with the coach of these are wonderful folks that are believers that have been trained to come alongside you, teach you valuable principles of managing God's money, but also they'll help you with the very practical steps of setting up a spending plan getting on a control system using a smart phone app setting this up in Excel, perhaps using the envelope system.

All of those very practical things that I think will be a longer-term solution to this, but in terms of either or I'd try to opt for neither and let's just buckle down and and see if you can cut some expenses to get by okay Sandy were glad you contacted us today. Thanks very much know if you'd like to contact us and actually be on the air to speak directly to Rob. That's what were all about. That's why we have 10 incoming phone lines and they're available to you right now 800-525-7000 three chairs.

No waiting 800-525-7000 give us a call Robin a quick email.

Brenda says dear Rob, how I get started in the stock market and civil well that's right.

And you know I like the way you're thinking here Brenda. Hopefully there's some key pieces in place already. Brenda, meaning you are living on a spending plan. Number two, that you've got some margin beyond your expenses number three that you got that emergency fund of 3 to 6 months expenses you're giving systematically but then I like the idea of becoming an investor. As long as it's money that's for 10 years plus.

And here's where I'd start a Brenda, I'd start with a retirement plan either a company-sponsored plan, like a 401(k) or 43B that's available to you, hopefully with some matching and you can begin taking some of those are making some of those systematic contributions that we call dollar cost averaging in the beautiful part of that is in a market like this, which is quite volatile. Moving up and down regularly you're buying it at different levels, some higher, some lower when it's lower you're buying more shares of the same amount of money and there's some very simple and obvious investment solutions through that 401(k) or 43B. If you don't have that. Let's look at a Roth IRA and I recommend Charles Schwab intelligent portfolios or betterment. You can also visit with our friends and sound mind investing novel you listening to moneywise live with Rob last thing Steve Moore please us.

Many people are experiencing financial challenges such as credit card debt downsizing debt in jobs, savings, more than half of all divorces are the result of financial pressures at home, but there's hope in your money counts biblical financial expert Howard shows that the Bible is a veritable managing your finances will discover the profound relationship with God, your money count is available when you click the start button moneywise will I buy I'm very tired. I'm a car guy here to help you understand the urgency and how fun it is that share your faith in every opportunity I know. Share your faith, the sudden we been commanded to do know we should do don't want to do and probably failed visibly trying to do but when you don't do it you're missing out all the fun of doing it. You know that in Isaiah 4310. God says he appointed us to be his witnesses so that you will.

This is where the fun happens, we see God move through you in miraculous ways to bring those close to you. Plus we got orchestrates people in your life. The Holy Spirit speaks through your words you have been prepared and you see the person you connecting with God. I can't tell you there's no other human experience like it that your faith in God skyrockets. There's nothing more exciting than knowing God just use you and America Gallup survey. Parents with children under the age of 12. 95% lean gone. Sounds good at first, until you stop and think about why hasn't had a bigger impact on our culture just to believe something isn't the final step. It's the first.

If you believe a fire extinguisher without a fire doesn't do any good to stand on the Firebird act on your belief put out the fire so do you believe in the God of the Bible on your believe God has a plan and it's written down in the Bible so you can read God's son, Jesus Christ, is the plan. He came to earth and made a way for you to act under believe Jesus is the way the truth and the life. 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 Deaton 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 is available and moneywise.org to moneywise are subject on a daily basis is tested money. If we can help you would love to love the triumph at the that right now by going to the Grand Rapids, Michigan, and Sandy question of the day on Facebook was how are you teaching your children how to manage money. How is that working for you and you get a comment in that regard.

Right great son called love your program so we have three children, one of which the middle child is always had incredibly frugal very very good at not spending a penny without a really good reason.

You now the other queue maybe not so much.

They were all older now. Once they were all working part-time job and they were used to you know got the money in the basket by and used just saving but now I think with the purpose never stayed long term 80. We started asking them to consider before they purchase that search or that whatever they were looking at to consider how many hours of their part-time job after taxes and time where they going to be spending in order to purchase that item and then to way is it really worth it to me now think of next week. You know, maybe I shouldn't bother spending that money made the difference in the world are youngest or 31-year-old doll is conquered by every down Cindy I love you two big ideas here.

Number one is God wears her kids differently and we don't have to be parents long to see that how different the personalities can be and you know it's amazing. I got one that really cares about what she wears and she just likes to put her outfits together and she will will go shopping any time anyone will take her and got another daughter who she just like to be in a T-shirt be reading a book. She doesn't really care and her sister actually has some fun with that.

What's amazing is that you know as long as we learn to live within a spending plan.

We can allow those different ideas and different bands if you will, to be reflected in such a way that reflects who we are but still lives within God's provision and I think that's the key. Some of us will have interest in one thing and others another. And yet, as long as it's in the context of the plan. That's a big idea, but the second idea that you point out is really key and I think it's in particular for kids that we want to try to equate especially when they're working in hourly job. It is fairly easy equate the number of hours they have to work to buy an item you mean mom that's gonna take me eight hours of work to have that item.

I'm just not sure it's worth it. And so now they begin to understand you know the difference and I think it's a it's a great idea. We've got a look for these practical ways that say you're pointing out her Sandy to teach our kids these really important principles, but thanks for weighing in a great idea that we do appreciate that.

Thank you, Lafayette, Indiana hi Braxton, thanks for your patience. What's on your mind. Thanks for the call Wife are in transitional stage and I am planning on having to move to Miami later this week that were going into teaching ministry were already working for the school. She's not have a job yet and we have plenty of money set aside by were really renting an apartment through the school of Warnock to be have the pay that much at all. Designed for one income that said though, as we are. We are renting an apartment in our eventual future is going to be able to buy a home or work to look at some ways right now that we can be able to set money aside through investing or something just to eventually have enough money for good down payment for house, got it yet. Braxton was the time horizon on all this, when do you expect you would be looking to buy that home 5 to 10 years.

Okay, you know that that put you right in that window where you could think about investing.

So is this a lump sum you be looking to put to work or is it money you be investing systematically over time. Unsure to be honestly answer that we could possibly put a lump sum of we needed to save the money you have set aside, is it specifically earmarked ultimately for the purchase of this home or is it kind of just your general emergency savings that you have a surplus general emergency got it right. So here's what I would do number one.

I go back because you know anytime we set goals financial goals. We want to make sure they line up with their values. What's important to us. What's God doing in your life and you've Artie articulated a lot of that he's got you on a journey moving to a new city for a new ministry opportunity and you've got a financial plan that supports all that. That's great, then we want to be able to write down those goals that line up with that. One of those is you ultimately like to be able to buy a house in one of the goals you have giving goals. Other savings goals that may be a little shorter term.

So as you get that down on paper. You and your wife pray through that.

I think then the next step is to say okay with the savings that you have today.

How much needs to be earmarked for emergency savings and we would generally say 3 to 6 months expenses is really the rule of thumb there. That's what you want to start with and those 3 to 6 months expenses you don't want to invest that would go into probably an online savings account like Ally Bank or Marcus or one of those link it to your checking account and you just leave it there are little bit interest but it's there for emergencies beyond what you're saving in the short term and for emergencies. Then if you have some left over. And if you have a surplus each month that you can begin systematically investing for that down payment that I would do that and as always you got that 5 to 10 year time horizon, I'd be completely comfortable with you beginning to invest that I probably use a Schwab intelligent portfolios or betterments or wealth front which will give you very low cost exchange traded funds that are indexes you have a mix of stocks and bonds and will be invested in the broad market, so you'll just capture the overall moves of the market over the next 5 to 10 years and if you do that systematically and get more conservative as you get in that fifth year heading up.

Certainly why the time you get to the 10th year, then you know you should have some appreciation and you'll have that money available when the time is right to be gotten to put toward that down payment so I think you got a great plan here. All the best to you guys as you make this move and start this new chapter Braxton on table would like to do because you're heading down there. It is expensive you're moving into something that's ministry oriented. Let us send you a complimentary copy of the sound mind investing handbook does. This will give you a lot of great material to read and bone up on before you make some of those larger financial choices and decisions stand alone I will get your contact information.

Got bless you. Thanks, West Palm Beach hi John, what you question today for Rob West, longtime caller Dr. $5000.

I'm not sure whether they'll wait it out a commodity on. I have some ideas on what it might be John, but it's in the company. Let me ask you this how does this particular investment oven of a single stock it's done really well during this pandemic and the others a number of them out there. How does this relate to your overall investment strategies.

This is kind of some investment money you have on the side but then you got your more serious in a well diversified retirement accounts and other accounts or is this pretty core to your total investable assets and market.

An economy where no so I have about $40,000 in? You have all that I know Rich would be my would you mind me asking, the value of that portfolio that's in that one concentrated position. So I got up I felt $30 invested on the company about 40,000 you know I've taken out into complex okay what you have in the way of the total investable assets. Today that's currently in the market, you might not bear quite a bit lonely 01 College Porter prepared 47 years old looking and so the total you have in stocks are now last question John is it is it 50,000. The 40,000+ the 10,000, and that one positioners are more than I am losing you. I think you said it is 50s so here's my concern is you don't great you made an incredible return in a short period of time, but it's 20% of your overall investable assets and that is to highly concentrated Ecclesiastes is very clear that we should be well diversified, have your things and seven or even eight for you do not know the misfortune that can occur in you. I think that principle is certainly well-founded. We see it play out very well. Historically a stock that runs up quickly can run down quickly, so perhaps this is the time to take that money off the table and move it back into a more diversified investment strategy. If this was 5% of your portfolio or or something like that may be less. I'd say sure, let's keep writing it, but I think we are taking somewhat of a risk here by having 20% of your portfolio so highly concentrated in one position ultimately it's your call, I just would think twice about keeping it there and I'd rather be more diversified John.

We appreciate that phone call today happy to hear that you're doing well. We wish you the best. Thanks so much for calling and thank you for tuning in, and listening today.

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