Money Tips for Young Adults

What do millennial's all have in common besides being young adults trying to carve out careers and start families that the vast majority graduated from high school, no formal training in personal finance. Most high schools don't teach financial literacy so young people working off the college knowing very little about managing money financial planning teacher Rob West has a crash course today. Your calls on anything at 800-525-7000 800-525-7000 times more tips for young adults.

That's not right here moneywise live.

I should say we are both light warm, but still alive today are we sure absolutely. Okay Rob, what evidence do we have really that the millennial generation is having a difficult time managing money plenty. Unfortunately, a study by the Federal Reserve shows the millennial's of racked up 1 trillion in debt. That's an increase of 22% in just five years and the most of any generation in its history, so there is no question that financial literacy should be a priority in K-12 curriculum. In my view, it will let's jump into it here. What's the first thing millennial and all of us. In reality, need to know about managing money that would be Steve more learning to just say no when you're young and just starting out on your own. There's a temptation to overspend as you begin to take control of your life.

Everyone needs to learn a key skill called delayed gratification, but especially young adults will start getting credit card offers, which at first seem like a source of easy money charge now pay later you avoid that by developing a spending plan that allows you to live on less than you earn. Learning to live below your means is the difference between financial freedom and disaster as I think back when I was a young man. It's not that I really had my act together. It's that credit cards had not been invented yet. So frankly I just didn't have the opportunity to spend not in that way so but now it's a whole new deal, that's for sure. Okay. So just say no to overspending, including especially credit cards have a plan. What's next what your spending plan won't do you much good if you're not watching where your money goes there plenty of free apps available to track your spending, but download one and put it to work. By the way, a preview of coming attractions are new moneywise Appleby out in the next couple months. Can't wait to tell you more about that. But if you do that pretty soon you'll see that daily three dollar cup of coffee cost you nearly $100 a month. Sorry Steve tracking your spending. I will start to get a picture of unnecessary expenses. You can trim to stay within your spending plan. Okay I will. Let's say our millennial has done all those things and now has some money left over at the end of the month.

Hopefully after reading all the expenses then what will now that person has to ask, how do I feel about moving in with mom and dad. What's that got to do it. Well that's probably what will happen if you don't plan for the unexpected, like a temporary job loss or transmission going out of the car.

If you can't pay the rent. You'll need a place to stay and hopefully the folks haven't turned your bedroom into a home theater. The solution is to start plowing your surplus money into an emergency fund. I start with a goal of $1500 what you have that saved up keep going for one months living expenses and don't stop until you have at least three months expenses saved up that way you'll be ready for unplanned expenses and you won't have to make that uncomfortable call home. That's right always plan for unplanned expenses. Okay what's next well once you have your emergency fund in place you can turn to longer-range savings goals that would include things like a car down payment on a house. And of course longer-term than that retirement if you're making a car payment. Once it's paid off, keep putting the same amount into savings for your next car, so when you're the one you're driving now dies, you can make a substantial down payment on a new one. Ideally get to the point where you can pay cash entirely without taking out a car loan in the first place. Now lenders are happy to give you a mortgage with less than 20% down because you'll have to pay PMI private mortgage insurance, which by the way only protects them avoid that temptation and save up 20% instead.

Also, you want to have saved 10 to 15% of your income for retirement. It's difficult for young people to think that far ahead, but the earlier you start the better I think about this if you were to invest just $100 a month at age 30, with an annual yield of 8%, which the S&P is easily done over the last 100 years by the time you reaching 67 you have nearly $300,000 501.3 million. That's the power of compound savings over a long period of time.

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The program is called moneywise live and it's important to be moneywise at the earliest possible age.

If we can help you with that today. Give us a call 800-525-7000 800-525-7000. Even if the schools, high schools, colleges are teaching personal finance. That doesn't mean that parents can't and it really is vital. In fact, their Facebook question of the day. Rob is how did you learn about managing your personal finances. We've had quite a number of responses only read a couple here. Daisy says I learned to buy only within my budget and when I didn't have enough.

I learned to lean on God and I always had just enough God is good and that Annette says my first husband took care of everything financial when he passed away. Then I had to learn that's right, we've heard some from other folks. Shawna said I growing up or taught me to appreciate and be wise stewards of everything we been blessed with the Sally said my father taught me and then reading Christian financial books and we appreciate this listening to moneywise said trial and error.

Kathy give a shout out to Larry Burket and her dad love that and then Steve Hoskins may have been says personal management merit badge from the Boy Scouts, got Linda, you gotta love it and I wasn't aware that they had one when I was a Boy Scout.

I don't remember that one.

But maybe it was newly added and as we said before, nothing more important than a hearing about managing money.

It's one of the one of the things that the men and women will have to use for their entire lives. Again, our phone number if you'd like to join our conversation about any financial topic is 800-525-7000, and we have three or four open lines right now so this would be a great time to get in line.

Let's begin by going to Lancaster, Pennsylvania, Rebecca, how can we help you really aren't that many my mind investing my money in a godly way and I are with Wells Fargo and Lee and quickly, and we had a very early that morning I found them. They directly support Planned Parenthood I can't get my got a whole list of company directly conflict plan can sell my inkling that at that car and now MasterCard and what I want to know how I go about getting a hard that American Express also directly Planned Parenthood I got up finding out a car that I can get that it doesn't do that and the other question was about time I have Wheatley does have her retirement funds. We have money in Vanguard and is either air for a small fee for us, but he lies and fell on a mixture of stocks and bonds and I did not now. My money is going to any of the company. Many of them that actually give support to things I know that it would not of God. And yet I didn't and I don't now very confusing for me to doubt no where my money was sure and I appreciate those questions. Rebecca, let me help you understand where you can go from here because there's a growing number of Christians who want to be able to do business with organizations where they don't use the corporate profits or their primary business activity is not directed in such a way that is conflicting with their values and priorities as believers and that could be the products and services you use. The people you do business with a could also be as you said in your investments and the good news is is a growing number of investment solutions out there that are world-class that allow you based on your own convictions to either screen out certain companies that conflict with your values screen in certain companies because of the difference that they're making in the world, perhaps even a kingdom impact and then even understand what it looks like to be engaged in the companies you own, through shareholder engagement. You can vote proxies you can attend even virtually shareholder meetings you can talk to investor relations or write letters to the company. All of these things as an owner or even a very small owner make a difference because you're making your wishes known, and if enough people do that you can actually influence the company. Let's talk specifically about these two things. First thing you mentioned was a credit card other than going to a Christian credit union which would probably be the first place I would go to thrive and set has a credit union that set for believers. There's a number of them ECC you out in California would be another one you could just Google Christian credit union and that would be one way for you to get a credit card put out by an organization that serves Christians and obviously will be sure that nothing that you're doing in terms of any merchant fees they receive anything they received from you is being used for something that would conflict with your values, so that would be the first place that I would go again thriving Christian credit union or ECC you or any number of other ones. In fact, you may have one local to you I would just check it out. The second thing is with regard to the investment solutions. If you want an advisor who's actually going to manage this money for you what you want to do is when you contact her interviewing advisor you want to say do you offer faith-based investment solutions and you'll have a conversation at that point about your convictions, what you're looking for what you want to avoid and most of the certified kingdom advisors that you come across. I will either be able to offer that work and get you to somebody who can so there in Lancaster. There are some wonderful CK's that I know specialize in what we call faith-based or faith driven investing and you can find those individuals interviewed them, and find the one that's the right fit for you to go to moneywise live.org and then just click on find a C KA type in your ZIP Code.

I would interview two or three and find the one that's the best fit Rebecca. We hope that helps you and again for a Christian credit union thrive.

Vince is a great one that we know about and then ECC which stands for the evangelical Christian credit union they been around for a long long time to find all that information online. Harrisburg, Pennsylvania hi Titus, what's the yes situation in your life. Older been part of my wife for 20 years, kind of spiritual mother to her and presently that woman dying from cancer and she doesn't have unmarried doesn't have any children of her own some kind of the closest family. She had the power of attorney and making all the decisions on her care and her finances and felt we were going on hospice coming in her desires to die in her home with her garden and her dog around her and we had company and we were using the common and check in on her and care for about four weeks ago. She took a turn and thought it was too much to ask a friend or not way so we hired a service and aid service to come in and be there 24 hours a day to keep an eye on her and care for her and at that point she had about six weeks worth of finances set aside to cover that aid service and decline. We thought that would be more than enough on the decline so much now for about 4 1/2 weeks later decline has slowed and were bursting going to be her money is going to be pleaded and we will honor her wishes. Keep her in her home with her dogs and her and her guardians and keep her getting the care she needs some people that will reverse mortgage personal owner home equity line of credit to try to figure out how we can honor her and she wants to be now. I certainly appreciate guidance as long as she's not mentally competent to make that decision then obviously that would be where the power of attorney comes then I would consult with an estate professional or attorney before using that power of attorney just to make sure you do that properly, and if you don't have one, you could find a godly estate planning attorney by contacting a certified kingdom advisor there in the Pennsylvania asking for referral or you can check with your local church feel as to the option of the reverse mortgage. Obviously you know the main impact that would have would be on any errors that would receive that they would have to satisfy whatever the balances before they received any proceeds. The reason we don't recommend it as kind of a first option for most folks is just it tends to be quite costly when you had up the imputed interest rate plus all the fees that are upfront and ongoing tends to be an expensive source of funds. Plus, I don't ever like funding lifestyle.

With that, but I I also would say that there are certain situations as long as you shop around and make sure you work with a reputable reverse mortgage provider that offers reasonable costing that it can be very effective, especially in a situation like this, as long as you feel like there's the resources there to maintain the home. In terms of the property taxes and that the insurance and cover her other expenses. This can provide a great source of income where you basically monetize her ability to cover her expenses were you on her behalf by tapping into the home as an asset and so yeah, that certainly can be away given that you would like to honor her wish to stay there that can be a way for you to do that so I'm not against that as a strategy I think that certainly could accomplish what you're looking for. I would just make sure you check in with an attorney first, and I would do your homework as to which reverse mortgage provider you go with Titus. We hope this information helps you and I will pray that God will bless you and your wife as you work through this difficult time.

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If you'd like to make a donation we be blessed and honored if you consider that, just click the donate tab at the top of the page Selma, Alabama hello Tony, what's on your mind today. My current employer and get ready to retire at 67 years old and I three options I get $215,000 lump sum, our dictate 1300 bucks a month for the option to but about halfway my wife would get nothing. Images and the third option is thousand dollars a month for me and then about pass away. Then my wife will get $1000 a month for her and return us which would be the best option you yeah Tony obviously you're asking the right question here. You need to think long and hard about this.

Let me ask you this if something were to happen to you and you lost that thousand dollars a month.

Would that create hardship for your wife in terms of her ability to meet her obligations and cover her living expenses. Now, not really. Got up with the railroad now. She was still in good shape. She was a retired teacher and she too young to retire. So with Social Security so should be in good shape. I just can't find the best option for her. But I think clearly you want to make sure the key here is to allow this to pay out over the longest period of time possible. You know, I generally like the lump sum option just because it does a couple of things number one. Yes, you're assuming the risk and the responsibility of managing it. But you have the money to have the principal and so you're kind of in the driver seat. If you or your wife had a major long-term care expense for a year or two or more you that could erode your assets in a hurry is probably your largest risk during that season of life for the good news about heaven at 250 $15,000 lump sum is that you could tap into if you needed it now if you convert that to an income. A lot of times in retirement. We use just as a rule of thumb 4% a year.

So let's say you were to take that 215,000 and and earn 4% a year before tax.

Of course unless it's an IRA, but then you have to do is you take it out pay income taxes on it. You throw off about $8600 a year so not quite $1000 a month to me were in the 700s that you're getting 700 a month and you're hanging on. Ideally to that 215,000 so you you have the amount there that you or your wife could need or you could pass it on to errors or give it away and your supplementing your income. I like that option the best.

Just because I feel like it gives you both both the supplement to your income and access to the capital.

If you need it. The only time. Perhaps it makes more sense at least in my view, to take the monthly payout is where there is a gap between what you are expecting to come in to meet your expenses in other income sources in retirement and what's needed and by taking the lump sum or excuse me by taking the monthly payout you're able to cover that gap and therefore you have peace of mind knowing that let's say you took the thousand dollars a month you peace of mind knowing that the rest of your life in your wife's life you have that gap covered in you sleep well at night knowing you don't have to take any risk.

The rents risk is been transferred to the company and you know you have that monthly income for life.

But if you feel like you've got other sources to take care of that and this is really just over and above that I prefer the lump sum because you've got that available. If you need it and you're still throwing off some income. We got just about 15 seconds left for your thoughts as it makes sense yeah hey if you want some deeper analysis there and some of us go to moneywise live.org and click on find CK connect with one of your thanks Tony, thanks very much and will be right back. Investing is more than just return it's an expression of who you are and what you value is the way you invest your money reflect your identity as a Christian, and even tightly design investments for performance and a better world so you can invest with the 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@besteventide.com invest Eventide.com Christian healthcare ministries enables believers to show love for one another by sharing each other's health costs through CHN's voluntary health cost-sharing programs members uplift each other spiritually and financially. CHN was an eligible option under the affordable care act and a Better Business Bureau accredited charity interested. Learn more by calling 800-791-6225 or online at CH ministries.more hi this is John Hemmer from Moody radio radio verse is found in Genesis 512 God created mankind name them in the likeness of God created them male and female, and blessed them, and he named them mankind that's Genesis 5 verses one radio verse one radio to focus on Christ, starting with word that also carries over father also be there for somebody that might seek call one 800 DL Moody is radio. Oh, would you like your life to be infused with joy.

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Let's go to. Let's see how. But Norwalk, Ohio hi Mary, thanks so much for your patience and what you question for Rob about 50, which is currently 5.9 thousand to play with basically we don't have any other credit cards just budgeted things and what were thinking about me.

Need we tried to kick back it's never been done in this house was built during World War II so little house we want 40,021. Like a good idea is capable okay so I make sure I understand you owe 56,000 on the house you received 100 and you're looking at putting 40 against the 56 which would mean that you have 16 remaining.

Is that right that we so quickly can only just paid 6000 or keep some back in the kitchen and carrot at 20 27,000 order to bring interest rates occasionally godly interest rate like 6.75% below it's really hot. Yes, the challenge you're going to have Mary is a lot of times when you get below a certain threshold. You're going to have a hard time getting a mortgage.

In some cases that's 30,000. It may be 25,000 but that's to be one of the challenges that you can have if you don't pay it off so you you're going to need to look around just to see what's the minimum mortgage you're going to need to carry now is soon as you refinance it, you could pay it down. Manager to have some fees associated with that of the amount that you refinance. And so you gotta do the cost-benefit analysis there, but given the interest rate you're talking about. I think it'll still make sense. Especially because you're planning on staying in this house for a while. How much will you have in savings. After you pay the things you have to pay. You mentioned taxes and a few other things and in the home improvement, how much will you have in savings.

After this is all done based on the scenario you described. Okay so you have 35,000 in savings you think you have a mortgage of about 25,000 you will be debt-free otherwise. But you won't have anything in retirement is that right right okay and do you have a right are you or your husband working on cancer, by the grace of God I still is walking with me and were doing good considering doing okay. All right. Are you taking Social Security at this point are not yet.

Yes, we both are. I actually work that I got because I told Margaret my back surgery problem. I'm still here and still take and got him well when that disability goes away, you feel like you be able to cover your expenses on Social Security alone absolutely you do specially when this mortgage is paid off right absolutely recently used tracks that we paid cash for that and I don't believe credit cards and going over budget. That's great.

So make sure I understand if you were to pay the whole mortgage off. You would be able to do that and take care of the kitchen and pay the taxes and everything else you just be left with about 15 or 16,000 in savings versus 30,000 right.dog 20 years. I didn't even know about its origin in the hospital five times where just trying to get all of that home that we got okay well that's the only thing I'm wondering is just you do, you going pay the whole thing off and then you take that mortgage payment every month and start replenishing your savings rather than paying the cost of the refinance. You know there's got to be some expense associated with that you may spend $500,000 just in the cost of the transaction and obviously that could've gone toward some of these renovations. Another thing so I would either go with your plan. But again, start looking first about where you can refinance you know with that small of a mortgage gazettes, limit your options or think about paying the whole thing off, but you got to do a pretty detailed budget before you do that to make sure that you can cover everything you need to do, including the allergies in the kitchen and everything else and not deplete your savings as I certainly wouldn't want you to get below 3 to 6 months expenses and that savings account but I think one of those two options will put you on a good track.

I'm glad to hear you living frugally. The Lord is clearly provided for you and that we certainly appreciate your call today. Mary God bless you, thank you so much for that. Try to squeeze in Denison Michigan and you're wondering about leasing versus buying a car Honda I go ahead with the information will help pay for having some troubles you know of you work only she, Dennis, were not fans of leases or new cars. But I'd be happier with the new car that you're going to drive for a long long time before even the lease in our typical approach to this is by good quality, highly rated to three or four-year-old car with low mileage where you can get a reliable and trustworthy mechanic to look it over and give you his or her seal of approval before you make that purchase and then drive it till the wheels fall off. That's good to be the most cost-effective. If you can afford it. You have the resources there's nothing wrong with buying new.

I would advocate for buying one year to keep a long long time. We turned in our last Honda Odyssey with 236,000 miles on it and we got a use out of that car. Here's what I don't like leasing, though Dennis number one it's really expensive in the long run you.

Here's the idea. When you lease your basically paying for the use of the vehicle. The first two or three years of its life and that's when it depreciates for them the most. And when it's over.

You got either lease another one by one and so you're caught in this trap of funding. These highly depreciating first couple years, over and over again and then you have to add to that limited mileage high insurance costs because they may want to you to have a higher level of insurance coverage than you might their confusing their hard to get out of. There's lots of fees.

Did I mention that year funding the depreciates kitchen so you put all that together and it's just not my favorite way to go so my recommendation, sir would be go find a good quality to three or four-year-old car as much down as you can drive it as long as and if you can't find one. Rob might have one window to 300,000 miles, thanks so much. Here's a great deal more about our money than most of us imagine Jesus is more about our use of money and possessions and about anything else, including both heaven and hell in managing God's money, author Randy Elmore and breaks it all down in a simple, easy to follow format that makes it the perfect reference to look you are interested in gaining a solid biblical understanding of money, possessions and eternity managing God's money is available when you store money wisely.org where I'm a car guy here to help you understand the urgency and how fun it is to share your faith in every opportunity. Today's chaos loudly suggest the urgency share your faith. No man knows the day or the hour but we will know the signs of the times and the signs are like blinking red lights right now it doesn't matter never shared your faith don't want to share your faith. These are not normal day with time running out, share your faith is not an option. If you have friends yet to accept the Lord, you can't just hope someone else reaches them is equal 317 says he wants you to reset it back what you reach everyone who falls in your influence.

It's your job to tell that the enemy is coming in by the way, look around, he is coming.

There's nothing more exciting than knowing God just use you. At least somebody join us in the night America.com is the question that we all have in this whole coronavirus thingies impact me how I got it from.

Christianity works.com obviously he's going to cause some serious suffering already. Many have died. Many of the stage. Obsolete businesses and let's be honest there is more to come, which construct fee even in the hearts of those who believe in Jesus, remember those 12 disciples in a small boat on the Sea of Galilee.

The storm heat in the middle of the night fee if they live and Jesus came walking out on the water, scaring them even more. Crying out loud that you can come out onto the water. Jesus is me, in the middle of the storm. Peter stepped out of the bug while the 11 Steinback cowering in fear.

So in the middle of the storm what you plan stick out in fact will hang back in fee buying a home is the largest most nerve-racking purchase. Most of us ever make.

It doesn't help that you're entering a maze of unfamiliar words and confusing options that can leave you intimidated frustrated and afraid.

You can take advantage of navigating the mortgage made by Dale Vermillion help you clear up the confusion on rack your nerves and make the best mortgage decisions possible with confidence navigating the mortgage maze available when you click the start button that money wisely.org back to moneywise live during times like these. It's important to remember without faith it is impossible to please him. He comes to God must believe that he is that he is a real order of those who seek him and having faith not just faith and faith, not just face our faith in know what you think or what you believe or what the church says or what your neighbor says, but having faith in the promises of God himself. That's what we get it through these difficult times, and I trust that that's going to happen.

So hang in there, your mask, Indianapolis, Indiana hello Ray, what's on your mind compatible with hearing share alike made away. You know Ray, unfortunately not a big fan of the health cost-sharing ministries can save you a lot of money. I love the concept of Christians bearing one another's burdens sites I think is just especially given the incredibly rising cost of healthcare what's going on with traditional insurance putting you in the driver seat is a cash pay or being able to take control of your own healthcare and have the backing of a reputable national organization makes a lot of sense. Also like Beatrice actually use one myself. Unfortunately, HSA's only work with high deductible health insurance plans and Christian sharing ministries are not insurance so members of these health sharing ministries can't take advantage of them. So you could obviously as long as you have an HD HP and an HSA, you can have your one of these ministries. On top of that you have a little redundancy there obviously so you know I am not aware of a way to accomplish what you're describing is much as I would like to see that happen yeah yeah well hold a great way to do yeah exactly.

That's exactly right in and obviously it does qualify under Obama care so you're not penalized for having it but there is no way unfortunate this time to make it to account for the HD HP which is required for the HSA but it's a good idea.

Hopefully somebody will take that on and that we appreciate your coldness or thanks Ray good thoughts, good suggestions, or we do appreciate that Villa Park, Illinois.

Dolores was going on in your life. How can we help you today I'm calling my mouth on me from her job.

She wants to file for unemployment. But she can't get on employment file because such a backup seek out a little bit of pay her back are trying to get their house right now and actually move out of state. How does she get to claim two can't get unemployment and will she Lewis that if she moved out of state have I children right now and money is a big issue for them. Yeah, well, yeah. Couple of things here.

Number one is just avoiding these long lines that many people are experiencing. There's a website that allows you to actually avoid standing in line altogether and filing online and its career one stop.org career one stop.org this is a site that sponsored by the Department of Labor and you can see state-by-state instructions for applying online lines are long. That's a problem problem across the country right now. If you can't apply online. Unfortunately there's nothing else to do but get in line and in just tough it out but I would check career one stop first, just to see whether there's a possibility that you could, she could avoid that altogether. If you relocate while you're collecting unemployment. The state where you move does not take over paying your unemployment insurance claim.

However, the state where you filed your claim will you got continue to pay you as long as you fill out the necessary paperwork and you remain eligible to collect, so hopefully that will give her some peace of mind on this move and we talked about long lines at the unemployment office these days. Rob no, it's not like the old days where we met we had to stand in line for an hour these days, many states, if not most states find lines of 4 to 8 hours someone was spending the night, the night there in the lounge chair so when you throw encoded and the temperatures in some parts of the country standing in a 456 overlying is just untenable, but the Dolores we appreciate how you trying to help your friend.

We wish you will well with dad and again that website career one stop.org, let's go to was Schererville, Indiana hi John, what you question appreciate your long time. Urge you, urge you, after you hear and looking to potentially get some type of second or third revenue stream to get a little bit more income not looking for a get rich quick like that.

But you know a lot of different things on passive income or finger close to passive income trying to read some of my financial goals I have money for $5000 that I could maybe potentially invest in the something I'm just wondering what you guys make you recommend to yeah yeah you know it's a challenge we just for the sake of our listeners basically talk about passive income you're talking about income.

That's derived from let's say rental property. It could be from a dividend paying stocks. It could be really income any income source just allows you to go out and collect check just by owning that particular asset and you know we sometimes call it mailbox money.

You know I I think the challenges with the amount of money you're talking about your to be limited him in real estate would be obviously one way a lot of folks will take on income.

Now obviously there is some maintenance there so many times were talking about passive income people looking for things that require little or no effort to maintain. But beyond that it would be no business activities where you're not materially participating in the business. It could even be dividend paying stocks or MLPs master limited partnership. So I think given the amount that you're talking about here you you're probably going to be limited to dividend paying stocks feel things like that they could throw off some income for you that would be in a obviously taxable but would just add some nominal amount that you could build up over time and I think if you got to the place at some point down the road where you could buy a piece of real estate and rented out turn that into an income generating proposition, then that would be great. Apart from getting into a business and just being passive in that business but there's just. Obviously a lot of factors in there. Not to mention, yeah, make sure going into something with the staying power and the knowledge and the expertise so that you're not one of the 80% of new businesses that end up failing and that's why some of these other more tried-and-true approaches you would be better for you, but with five or $6000. It's really gonna limit your job to what you can take advantage of deal with the with stock investing only other one that I would say that I've seen a lot of people do. Although many cases you got. It was called an accredited investor meeting you have to have at least $1 million in net worth to get into them is royalties on oil and gas so you by end of the fractional interest in the field. You know that's already has wells on it. It's already producing, and as a fractional owner you get a royalty challenge with that isn't.

Here's the risk yes it's mailbox money check comes every month but it's all based on the underlying price of the commodity in the ground which we know what's happened to you know oil prices as of late. So anyway, those are some suggestions, but I think given the amount were talking about. You probably can be limited to income producing stocks, John.

We appreciate your phone call today wish you the best as you think about this and pray about this. We know you will. Thanks so much, I can recommend like in room recommend one thing not to do. I happen to know a person very very well very hard-working person that put all well. 90% of their retirement savings into the vending machine business and they lost it all over the screen. They lost it all, and that it was pretty much a scam. In reality, so be careful of those kinds of things relevant yeah I see Miriam's question here. Unfortunately Miriam, we don't have time to take it. But let me just give you an answer. Miriam modified her mortgage six years ago which modification of terms she's asking if she can refinance without losing the benefits and just to quickly refinancing Miriam will replace that mortgage and so you will replace one with another, so that mortgage will go away, along with all of the modification that you have in place. He would either need to stay with what you have now or refinance and make sure you get the terms you're looking for that meet your income and all of your requirements.

Yell if you were stay with the same company.

Obviously you wouldn't lose that benefit but if you go out and replace it. Of course all that goes away.

Miriam, we hope that helps. Thank you very much sorry we couldn't actually get you on the air but we are sorely out of time today. But thanks so much for listening. If you're a regular listener to the program and you find some information here helpful. Perhaps you to prayerfully consider telling a friend that's the only way that we grow and expand were here each day. It's a ministry were not here just help you make more money were here to help you use the money. God's given you in a productive way. As a steward as a manager of what God's provided moneywise as a partnership between the radio and moneywise media for Rob West and Steve more things for listening BSafe join us again