Rethinking College

Loan debt long ago surpassed the amount owed on credit cards and envelope now second only to the total Americans older houses within five years is expected to reach trillion dollars, many experts believe student loan that will be the next financial bubble burst doesn't have to be a part of it. Today, our host Rob West.economist Jerry Bowyer rethinking the entire idea that college is essential in today's edition of the program is loaded so please don't try to call in, but we trust you will stick around have some interesting calls and questions all lined up in advance.

This is money wisely by de jure economist advised financial but at night he likes to think of ways to get us in trouble with controversial topics like the one we have today. I guess that is the case, on occasion, he is still our favorite economist Jerry welcome back to moneywise to be with you guys get you in trouble, but you never do you. We actually talked recently about the idea that not everyone needs to go to college to be successful order to dive into this a bit more today, but what got you thinking about this topic. While my own kids, mom, it's a choice that we had to face his parents when my oldest son Christopher was 16, 17 years old when it's time to do SAT prep and all the rest of it what to do with our lives and Chris is really really bright kid but he's really not into test taking.

Amazing to self learning and all the rest of it and you know he really didn't like prepping for the SAT, he already built websites when was 13, 14 years old sold them to put in his portfolio to put the cash into his 401(k) immersing okay get away from all that stop coding and learn trigonometry so that caused me to think really hard about it and research it deeply sent them to a friend was a very successful entrepreneur to ask his advice, and now we concluded that hey wait a minute. This is just a lemminglike movement where everybody who wants to be middle class automatically thinks that they automatically have to send their kids to college and that's just that the data does not bear that out. You want to be clear here were not talking about just skipping college and trying to enter the workforce. This is about other choices for education in your mind right well we might be by me if I think some people should just graduate from high school and going to the workforce that might not know what they want to do for living. They might have to have a time of exploration so I don't see anything wrong with that, I'm not. I don't think that's a long-term plan unless somebody is at a level where really hire a joke any kind of higher education is just not plausible for them, but the vast majority of people can get some kind of education. It suspended for so many of them should be college for some of them should be graduate school, but for a lot of it should be trade school or how about no school lab apprenticing rather than school. There are so many options out there, and yet we just get locked into where is your kid going to go and going to the ghetto get into the quote best college account which means the most expensive college you can and don't ask any questions and I think Christians above all should be asking questions about anything that involves a herd mentality. Jerry we can of course cite statistics that show college grads earn more money on average than folks with only a high school diploma. Does that mean that college is for most, the better alternative.

I don't know about most certainly doesn't mean all yes college grads make more money.

College grads are smarter, on average, from yet get into college, and you gotta pass the tests college grads on average are harder working because they didn't drop me. They didn't drop out so late college grads making more money when we screening for all we screening for the actual effect of the education or we screening for the kind of characteristics that help people get into college and finish. Also, those are average statistics. So in there are finance majors, computer science majors, but also in the more art history majors and the outcome on art history majors and starting salaries is not nearly as good as the outcomes say on the computer science major, but clearly it's about your students personality. It's about the potential job they're seeking and what type of degree your schooling or education is necessary and it's really about being prayerful and thoughtful on how you approach this jury were just a few seconds left before we wrap up today. Steve mentioned the student loan crisis. Is it a bubble that's going to burst at some point in your view, I'd buy that. I definitely think it's a bubble, but so did Sir John Templeton. He said we got two bottles of our generation. The housing bubble and the college bubble. The housing bubble burst. The college bubble has not burst, but it has all the similar characteristics. Everybody has to have a house everybody has to go to college. Don't worry about the price tag you will just ascend in value. That's bubble talk and everybody needs a resident economist we have ours. His name is Jerry Bowyer.

You can read more about him. You can read his articles and opinions@townhall.com or moneywise live with Rob West. Would you like your life to be infused with joy.

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It only took a couple pounds and for the first time it hit me with this Christ was to love the places so healthily in the heart of God that he sent his son Jesus to die for me, it's about Jesus's lifeblood he so strongly in human that he sold out the riches found the lost touch delete this heal the blind nine Jesus shattered my stained-glass window stereotype of code I discovered some amazing grace when it was for me that is robbing you of freedom and peace of mind. Christian credit counselors can help. We are 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 counselors.org Christian credit counselors not call 800-557-1985 with us today.

Moneywise, live said earlier, we are not recorded. We have a number of sessions all wind up in advance so we hope run with us today.

Perhaps your question will be asked.

Let's begin by going to New Port Richey, Florida, and Barbara, what's on your mind taking my call. I will repeat scholarship. I started in 1994 for my son. He graduated in 2012 and still have not attended college. So my covenant set 10 years, two more years left and then have to cancel it and I think about how to make selling so that it I can make a profit. Small profit on. Yeah, you know, Barbara.

I must say have not heard of anybody selling them before but I do know that specifically related to the Florida prepaid. They allow you to transfer it.

So the funds in it can be transferred from the 529 plan to another anomaly member of the family, but to any individual 18 years of age or older and a US citizen for you legal US resident, but I've not seen that. I think they're really silent on this issue of can you sell it, perhaps at a discount more than you would get by pulling it out and paying the penalty and you know transferred to somebody else. I know you do have that ability to transfer it.

I would probably before you go through this. Just pick up the phone call the Florida prepaid plan and just asked that question specifically about whether something in the fine print that prevents you from selling it at a discount, but as you probably know, other than transferring it to an individual 18 years of age or older. You can of course transferred to another family member you can use it yourself and for any continuing education or you can withdraw it. Of course, that would be subject to the federal and state and therefore there are no state income taxes, but subject to the federal taxes and then that 10% federal tax penalty. Of course, because it wasn't used for qualified education expenses does it make sense to you know about the 10% thank you for sharing that information. You are very welcome and I would give them a call and just asked that question specifically but hope it turns out well for you. When you find that out and you end up if you go through selling it, let us know. That would be really interesting information for sure would be Barbara were glad that you called today and yes you feel so inclined to feel free to give us a call back and maybe we can pass this information on to others that would be help to blessed by okay about that.

Becoming cool if Barbara calls us back.

In fact if any of our list is Rob know more than we in.

I'm sure that most of the we love to have you put us in our place and inform us so that we can inform this, but don't call today because were not here today. We were taking the day off, but we could give out your email address to so they could get those suggestions writing to you directly. Sure yeah here's my email address it's Mr. big shot, six, seven, eight, at yahoo.com see where Aurora, Illinois hello Alice, what you question today for Rob West and I and I owed you from my formatting employment. My question is can it be rolled over into life insurance yeah what are you trying to accomplish.

Ellis are you looking to keep the tax deferral so you don't recognize the taxable income and grow the money or you actually looking for life insurance, meaning you need a death benefit that required minimum to my taxes and I am having to pay even more and more tax not enough money was taken out the income that I felt that it balances out.

I am a widow so that puts me in a different tax bracket. Well okay so with the recent secure if you're over the age of 72.

You would have to take that required minimum distribution or RMD, however, that doesn't apply this year since under the cares act are MDs are suspended for 2020, but normally going forward. If you are that age. The only way around the RMD would be if you want to do some giving.

With that money you could do something called a qualified charitable contribution where you could satisfy the required minimum distribution and direct that money from your 403B, or IRA directly to a charity or ministry. So for instance if you were giving to your church, you could keep that money and live on it and then use the IRA for three be converted to an IRA to do the giving and you wouldn't have to recognize that income so that would be one way to go but you would no longer get the deduction on your charitable contributions.

Although if you're not itemizing you would lose anything there throwing a lot at years. I don't want to confuse you, but the bottom line is you either have to take the required minimum distribution and recognize it as income and therefore it's taxable. Or you could do the qualified charitable distribution give the money to a charity or ministry or church and then perhaps the money you are already giving you could live on that and that the goal of that would be that you wouldn't have to recognize any additional income in that calendar year from a tax standpoint.

Does that make sense now go only one all probably know it does not have to know you could set up a qualified charitable distribution to multiple ministries and it would come right out of your account, you would likely need to roll the 43 be to an IRA first. But that's not a chair to other skews me that's not a taxable event that would be just moving the money from the 43B to the IRA and then you could set up the qualified Journal distribution to his many charities as you'd like. Ellis we have to move along to a break now, but I hope that helps you and if you need further help down the line. Feel free to let us know. And I'm sure that we we have some people in the Aurora Illinois area that could help you a certified kingdom, advisors, people who could help you along these lines were glad that you called today thank you very much. You're listening to moneywise live with Rob West. Today's broadcast is recorded so we won't be taking any calls but we have some calls lined up in some great information coming your way, but I think you will find usable at the very very least, this is moneywise live a more 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 on the radio and breaks it all down in a simple, easy to follow format that makes it the perfect reference to if you're interested in gaining a solid biblical understanding of money, possessions and eternity managing God's money is available when you store moneywise live.org separation and we were met at the time of the wedding. We planned this little kiss brought me the wonderful music we start to do on that screen just the cutest thing.

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How was the cutest thing ever seem to think that we have a red card. When we we were having a ball from his father, yourself, no rice Scripture, is 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 maze 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 moneywise live.org you can always visit us on Facebook were doing there like this feel led to do so is information there about past grams also a space for you to type in what topic you'd like to see us discuss at the beginning of each broadcast and our question of the day. Is there anymore. Occasionally some photographs as well.

Don't let that scare you away. You'll find us on Facebook at moneywise media moneywise media. Also, don't forget that today's program is prerecorded. Please don't try to call Carrie Illinois Kyle what your questions are like my call, we had a friend who passed away and his wife was unable to access a lot of his account information because she didn't have password so I have basically an Excel spreadsheet printed out All of that information on it.

Just wondering if there is a more official resource to keep all of that information in case anything were to happen in my life or next of kin needed to get you well, I'm glad you're thinking about this and it really is an issue, it's becoming more and more prevalent especially in our digital age when so much information is stored online in our financial accounts and loved ones don't have access to, and it really is a part of your estate plan not only for your spouse.

But even those that you would leave behind. I actually prefer Kyle to use a password manager software that's encrypted on your computer. Some folks like last passes one it's very popular actually use one called one password.

It's the number one and then password they have for both PC and Mac versions of other smartphone versions as well. One of the great things about that is, not only is it encrypted with very high security but they will generate passwords for you that are long, difficult strings that you would never want to memorize because you probably couldn't. I know at least I couldn't and so it makes it very secure, but it's also easy to fill in those password which makes it very user-friendly, because you can automatically generate those once you authenticate one time when you log into the computer now each of those programs has a as you might imagine, master password to get into the password manager and so that would be if you choose to use one of these programs that would be the information that you would need to store in a hardcopy fashion in a fireproof safe so that you and a spouse, or those who would be a beneficiary, perhaps even an estate planning attorney that you've worked with have access to that master password to open this encrypted program to be able to access all of your passwords and by the way, it's really important that we document where accounts are, who are the investment professionals or other financial professionals that were working with how we access insurance and banking and checking in all that needs to be on paper and get ready access for loved ones, but specifically related the password.

I preferred that approach because it's more secure, but at the end of the day in terms of just getting the information to someone who needs it. If you were to pass away.

Certainly a hard copy in a protected fireproof proof place would do the job. Yeah that was my next question. What do those programs offer the ability to I get further information such as what it needed to do with being dealt with the account manager yes is often that they absolutely do.

Yes I mention I use one password and you can in addition, I have just the login information. You can absolutely store all kinds of sensitive information. Individuals names and contact information as well as licenses and license numbers and course Social Security and we just all the kinds of things you would want in a very secure environment. So I would check that out either. Last pass, or one password but do make sure you have the master password in that fireproof safe in a printed fashion.

Great information or great question, Kyle and your wife and family members will be greatly blessed if you pull together all information and make it available just in case something happens. What if one had a small black book labeled passwords that they kept in their upper right-hand desk drawer yeah that individual may have made every password password so it's probably not necessary, but your opinion is your opinion of course. Or 12345 I would opt for more secure way to handle that. If I were that person Lake's fist, Illinois Laura, you're on with Rob West law hi Laura was going to call. How can we help you make money and I was able about 40 job anyway. I'm not really making a great amount of money anymore and I get about $35 light bank account account not earning it really wondering what would you do something like that. You well, Laura, is this 35,000 literally all you have. Or is there some emergency savings that you have separate from us while I married my honey. You know how you might find my all together and I don't think we really do have a great Mozart money out.

Yeah well I guess the first thing I would say is I would really love for the two of you to make sure that you're seeing everything you have is not mine and yours, but ours and really recognizing that to become one in this financial areas well and I'm not saying you don't believe that because you may very well but not really what I'm driving at is I want you to have jointly set goals. I really want you both to know what it is you have today what your goals are for the future.

What are we saving for what kind of lifestyles. God called us to do in the area of giving what is our goal for retirement starting with that emergency fund and really view all of this as one source of funds. Once we get to that point. Then we said okay we need 3 to 6 months expenses in a savings account. Do we have that no right then let's work on that and once we check that box that we need is there. We saving 10 to 15% for retirement if were not how do we dial back or spending to get there and so when we do that we have a lot of clarity about exactly what we have and what were saving for and that's what I would love for you guys so the wide popularity money and marriage God's way. Start reading through that a chapter at a time and let's see what rated vice investing is more than just returns. It's an expression of who you are and what you value. When you invest your money reflect your identity as a Christian at eventide. We 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 eventide.com invest eventide.com. Thank you from the bottom of my heart I could've had the procedure I needed without CHF's help in sharing the bills that letter from a member displays Christian healthcare ministries purpose to glorify God and serve his people. CHF is the original noninsurance voluntary health filesharing ministry, enabling its members to share the cost of each other's medical bills, call 800-791-6225 or visit CH ministries more. My name is Aaron production assistant at Moody radio radio first week is found in Mark 1124 25 therefore I tell you whatever you ask for in prayer, believe that you have received yours and when you stand praying, if you hold anything against anyone 1120 radio first week one more reason why the radio. This may be the only opportunity. Somebody might have to change lives and so that's why to change lives change lives that will follow. Call one 800.money and life run on the same track.

Unfortunately, sometimes it seems like your money is heading in a different direction from your goals 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 moneywise live to work. Appeals court has overturned the death sentence of Zocor 2013 Boston Marathon bombing three-judge panel of the US First Circuit Court of Appeals in Boston issued that decision and I have lawyers had argued that intense media coverage had made it impossible to have a fair trial in Boston April 15, 2013 attack killed three people and injured more than 269 I was convicted on three charges including conspiracy and the use of a weapon of mass destruction president from taking out Friday swing through Florida. This visit comes as the state is preparing for hurricane, Eisai, Isis, the president holding a campaign event with Porter sheriffs in Tampa on Wall Street that I picked up 114 points today.

The NASDAQ gained 157. This is SRN use as long as you can come Friday if you like to find out what that says about the financial conundrum principal problem you're dealing with love to chat about it. That's why God's brought us here. However, today we're recorded. Rerun tape if you will.

So don't try to call Charleston, South Carolina Bill were glad that you called in thank you very much for your faithfulness in that regard.

How can we help-year-old military are you living modestly, but I have a job lined up critical position with a local county government small salary, but I believe that I like to save an that all or nearly all of the net income job 9% right-of-way will go into the tax-deferred South Carolina retirement. My question is where to put the rest contributes an optional supplemental retirement plan.

The County offers would I be better off maxing out my contribution to my existing IRA and putting the remainder into a regular investment account, I don't think the optional supplement plan is matched, and I don't think it's tax-deferred. Either okay yeah that would be my first question Bill is just a bit more information on the optional supplemental plan, you know that the only challenge you're going to have with the IRA is just that you can only put 7000 in there. Are you married. I am single and so you know that would be where I would go for my first 7000 I'd probably put that in a Roth IRA. Primary reason is that you don't have to take that money out when you reach age 72, and so you'd allow that money to continue to grow. Assuming you didn't need it as a part of your retirement income because you have the pension and Social Security are living modestly in debt free and sick you'd likely accumulate some money over these next few years of working that you don't need to live on and so you'd be able to allow that money to continue to grow and that ultimately you could during your life or at death, give it away to ministry you could pass it on as an inheritance. However, the Lord leads, so that would be the first place that I would go, given that there is no matching there, but I would love to know a little bit more about that supplemental plan. It could be that before saving in a taxable account.

Once you fully max out the Roth IRA that it would make sense to add some to the supplemental plan assuming you have the ability to do that so I probably investigate that a little bit further but I really do like the idea of you putting 7000 way for the next several years. Each year okay thank you very much okay Bill got bless you and thanks for calling today. Thank you Bill, thank you. Sorry.

Let's continue by going up to Cleveland Ohio and Lana. Thanks for holding. How can we help you this anger by single mom.

I have no, I'm right there with you Lana so I can fully appreciate that I have a 17-year-old son and daughter 17-year-old driving insurance went up like he's covering that part of it that that was a stipulation I can afford it anyway. I am working and after the divorce. I went back to school like it. I cannot have to think about in my life right I didn't have to take onto the lawn for tonight. I left some lights but that was the only way I could do it and I'm going to have that to deal with the complaint ready to graduate in December I'll be done but my general question, I guess I do have a 401(k) that because only because that job pays 6% match on the first 30% and it's really the only way I can take her time management that bites and that and I'm really struggling just kind of a day-to-day living. So I guess my question as like is there something else that I could do to make it a little bit easier in not just kind of a day-to-day struggle to be paycheck to paycheck. Well, this is a tough one.

I've counseled enough single parents over the years to know how challenging it is literally just to keep food on the table.

Keep the bills paid, you know you got teens to eat a lot of food. I know they do in my house and you know now that there driving and they need close and that's getting less expensive. I took we have twin 10-year-old girls in addition to our two boys that are in the teenage years and we my wife and I took each of the girls. One of them and went and just spent some time with one of them and she took one to dinner and I took the other one. Then we walked to the mall and in about 10 minutes she saw 15 pairs of shoes that she wanted and she's 10 was looking at the price tag thinking.

How do you do this and I can only imagine what she 16 so I just I know how challenging it is and you're doing incredible me just in the last 30 seconds to hear you describe what you've done going back to school and you're about to graduate you got a job in your saving for your retirement. That's amazing. And you know what I would say is that God will honor that.

And I think if you're faithful you can only do what you can do to manage his money well River, you're the steward and he entrusted to you, and we know you're on his heart. We read that all through Scripture and so what I would say is just try to be faithful at keeping your spending plan in place really being diligent about areas you can keep at a minimum, I suspect your lifestyle is modest at best.

Just because you're trying to take care of all these competing priorities try to be systematic in your saving your certainly doing that with your 401(k), could you build in a 25 or $50 a month. He gets automatically debited to a savings account to try to bolster your emergency savings if you're not there. Is there an opportunity for your church to be made aware of your situation could they help with car repairs along the way are certain needs that you might have. I realize it's not probably fun to talk about. And yet when you make your needs known. That's how the body of Christ can participate in blessing you along the way but I don't think there's anything you're missing other than just making sure you really dialed into that spending plan and you have a controlled process for handling the flow of money in and out and I think getting the kids to contribute along the way by working is obviously key as well. That'll teach them some valuable life skills and help to take some of the pressure off the family budget so is really nothing that I'm seeing that you're missing other than just really making this a matter of prayer I would stay away from the use of credit cards and let's really dial into that spending plan monetary what we like to do give you little hand here were going to send you a complimentary copy of Howard Dayton's put your money counts and if you'll stand alone.

I will get that mailing information. I will get it right out to you when we wish you the very best and thanks again for your phone call. We do appreciate that Rob here's an email from Tom he says dear Steve and Rob, I'm 71. I have no intentions to retire great. Glad to hear that. Should I move my 401(k) into a Roth IRA John, thanks for your question today. You know when it comes to rolling a 401(k) into a traditional IRA and then on to a Roth IRA, especially when you're in retirement with you being age 71.

I'm typically not a big fan of that in this season of life you would be adding significant taxable income. As you rolled that into the Roth IRA because the full amount that you move into the Roth is good to be taxable, which may actually push a portion of that up into a higher bracket. So what we find is probably just want to leave that money right there and allow it to continue to grow.

When you reach age 72 will have to satisfy acquired minimum distribution. But if you want to take advantage of that look at a qualified charitable distribution as an option. Okay, send your email moneywise and do you know if you have enough money house.

Do you know how much is enough.

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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 live to work 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 as a nation and intensely moving away from God for 50 years read in the Bible and prayer from her classroom. Almost half of all Americans are grown up with no understanding of God's role in birthing America's love for them as gift of eternal life, and as a result, the louder cells become a post-Christian nation, almost 80% of Americans rarely if ever attend church. Today less than 10% of her churches are still preaching a salvation message. That's the real problem. Good people fall victim to confusion, fear, anger and rage because they don't understand. God loves them as a set of rules to guide them and has the gift of eternal life waiting for them only hope we have for solving America's problems is igniting Christians. Nine. America revival joiners that ignite America.com always walked in gym class.

I remember talking to a fine beat cheerleader one time. She's really cool. Remember when the conversation went very cheerleader contact you. What impact you had on my crazy what high school gym.

I am to never to 14 explain all believe that in triumphal procession even while walking laps in a gym class and spreads the fragrance of the knowledge of him everywhere. Amazing thing that he uses eyes and brain drain others about his love being fragrant today more and that's real radio.org 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 live.org can tell you this today and moneywise live today's broadcast, however, is out of the office and some interesting calls all lined up Vance and I think you'll be able to sit back and enjoy those and become informed as well and we so let's go to Virginia and Cheryl. How can we help make sure where my mother is in charge now and volunteer required to cater to report all household items and personal how to determine the value you well when you assemble Cheryl and estate inventory, which is what would be submitted to the probate court of the inventory will typically list categories of personal property.

So, for example, you might include general categories of clothing, furniture, personal electronics and for the purposes of the inventory is usually acceptable to include these general categories and then assign an estimated value so you might put 2000 for furniture and that type of thing.

If you're going to dispose of the tangible personal property through an estate sale you would keep a list of each item and then include how much the items sold for, and that would of course give you much better accounting of the estate value you would also be able to use this information to distribute funds to creditors or beneficiaries, that type of thing so that's typically what happens is that helpful though I wonder different situation where well that how long will an article children that marriage, and their range after dying and no, she is required at 398 house and the children and my heart wont happen until my mother have or should I live home was never in her name just a my thoughts, my other sure okay so your question specifically is how you value these various pieces of the estate and treatment time per axle will come. Sure so if there's not an actual selling price like an estate sale or where the transaction of the sale. The home is Artie occurred than you do have to estimate that and that's where you would begin to take each of these categories so you can start with the real estate you can enlist real estate agent to provide you with an estimate of the property's value. Usually that's called a broker's price opinion, there is something that would come from a professional and they would use comps in the area, and so forth.

There could also be an appraisal done you know if the vehicle has an intrinsic value, such as an antique you would need to get an expert appraisal otherwise in the car you could just check the Kelly blue book@kbb.com with securities or life insurance or annuities.

You pull statements you might need to get a business valuation with personal property in unless there's something that's really specialized like artwork or antiques you where you need an expert valuation you could go out there on the open market, eBay, various places like that and get some assistance. There are professionals that can come in as well and provide values on certain things because that's what they do and so you could do a bit of research on that. So I think it would just be a matter of you wouldn't have actual amounts and so you would need to just kinda work through the process of each category, each line item. Once you have a detailed account of what's actually in the estate than just going through this. One of the time determining can we get the price ourselves for each of these categories or do we need to bring in a professional who could give us an a documented opinion on this so we can back it up and justify the valuation. So I think that's really the next step that you need to take work for this.

This executor does okay Cheryl, thanks for going about you and Cheryl S, you, we appreciate that Rabbi was the executor when my parents passed away and we actually called in a professional who walk through the home with us charges. I think maybe $200 and that she walked through the home with us to look to things like everything from lindens to a pool table to furniture, personal electronics, and then she gave us a value and this is what she did for a living. The advantage to that was not that we didn't have thoughts or opinions ourselves, but with my with my sister and my brother.

They didn't necessarily agree on a lot of things. So we just wanted to get an objective opinion so that no one could blame one of the other children for skewing how your skewing low just to keep peace in the family. It was worth a couple hundred dollars.

Well it's exactly right and and so having this person come in to provide a professional valuation could be a real blessing. Just as you said, make sure there's not any anything between family members of an already difficult time to provide a third-party accounting was somebody who does this, and they may need to bring in other professionals for certain pieces of the estate depending on what's there but they could quarterback them for you exactly by listing of the phone call Cleveland, Ohio. Julianna, you have a question today for Rob and Gail. I agree on how we should use our credit card on currently in marriage. We then using our credit card at the debit card paying them off monthly rent check that an effort to build our credit but radiantly he decided he wanted to quit entirely to our debit card no longer using the credit card for anything we did car loans that were paying on regularly, that would continue building our credit by eliminating use of the credit card so I'm just curious as to count on whether or not that be a good idea and why you Julianna help me Julianna help me understand why he wants to do this is there is a just a personal conviction and was it something he read this if you like the potential to get into dad is just too great.

By having this money accessible. What you think is driving that decision. Marriage counseling our count had finances because we hadn't talked about it a lot with them yet and the little bit of an impulsive vendor usually not anything too bad he realized that that it then call and I think he's trying to curb that because we don't have a exact budget place which I've been asking him if I can create nice buddy Dave Ramsey financial my current come, but not in place yet though things are probably affecting his opinion. Yeah a very good well.

Julianna based on what I just heard you say I actually like this idea you know if your husband is is saying listen I recognize I have the propensity to disband and perhaps even on a whim and I don't want to get us into that situation. That's just him exercising good discipline, recognizing his tendencies to do that and putting something in place that's going to prevent you all from finding yourselves in debt, and that's good thing. I would be grateful that the Lord is leading him in that way, and the last thing I would be worried about would be you know the credit impact of that on your credit score now could you build your credit score quicker and to a higher score by having even just one automated charge a month on a credit card that's being reported to the Bureau answer that is yes, but at the end of the day. If that is too much of a tent.

If that is too much of a something that's going to really cause him to stumble. Perhaps that is not worth it and I would say that's a blessing. So I would probably just lean into this and say for this season when I can have a credit card now to your other points of we need a budget and we need a plan and we need to have regular communication about money and that needs to be documented in his way to control the flow of money and out. Absolutely all of that is true and so I would revisit that and say you know it's not that I want to control this and make the decisions, but I want us to be working together with good communication to set our goals and manage the money that God has entrusted to us and really we can't do that without a spending plan that would be something that I would revisit so let's do this we want to send you a copy of Howard Dean's book money marriage God's way is getting really if you guys work through that together give you the ability to see God's best, and plan for money inside your marriage. I would start there. I would see if the two of you could begin working on that budget and ask him if you could do that and then decide on one bookkeeper, somebody who really is more detail oriented person, but I would love for you guys together, come together weekly or at least every couple weeks to evaluate your progress, but as to the credit card. Given what you described. I probably let that go for now and just up for the debit card Julianna were glad that you called today and we will pray for both of you.

Obviously money is something that's vital and important in the marriage but it's not something to let the marriage break up over were glad that you're seeing a marriage counselor if you guys can just pray together about this on a regular basis. Knowing that it may take a while to get there and to find a way to balance things out not using money as a as it is a power kind of move, but as a way to meet all of your mutual goals. Goals. That's the very best approach were glad that you called for in the line will get that book right out to you.

It's called money in marriage. God's way it's written by a good friend, Howard Dayton and it's available for anyone to purchase when you visit our website moneywise live.org moneywise live is a partnership between Moody radio and moneywise media thanks to our production staff today Amy Judy cavity and Richard Russell for Rob less times more hoping you'll come back for more next time right here moneywise