Rules for Financial Success

Once upon a time there was a rebellious robber who insisted on breaking all the rules and as you might expect, things didn't turn out well for him.

In fact there were some serious repercussions. Okay unintended but I take it up but usually there are some consequences when you break the rules, especially those involving money today can revise its president, Rob West has a list of financial guidelines. You should stay within minutes your calls at 800-525-7000 calls on anything 805 five 7000. I'm Steve Moore rules for financial success right here on moneywise line Rob now that we've offended drummers and percussionists everywhere. I guess we should just dive right into our list of things to get control of our finances right Steve, we don't want to get snared people for bad.

I shouldn't have done that I is today's propaganda I see again tomorrow.

Here we go number one we talked about it a lot, but there's no getting away from it and it is simply live on less than you earn. If you don't there's no way to saving you'll almost always run up debt are quickly on to rule number two by term life insurance to protect your loved one should something happen to you.

Avoid mixing insurance with investments that always do with whole life policies. I take the difference between term insurance which is pure insurance and the whole life insurance premiums and invest that separately. Okay, so I will why is that before we move on to the next. Well, I just don't like mixing the two. It's expensive, it's a liquid. I'd rather you save in tax-deferred vehicles outside of insurance products and just by the amount of insurance that you need that fits into your budget okay all right what's next well make it a point at least once a year to request rate reductions. If you're carrying debt. We talked about this yesterday that you can sometimes have your credit card interest rate lowered by making a simple phone call that student loans can be consolidated allowing you to more easily make extra payments by the way, with federal loans.

The rate won't come down but it will make it simpler and you can now or you may be able to lower your mortgage interest rate by refinancing, especially now with historic low rates.

And here's another one.

Ignore investing experts quote" on TV, especially if they sing the praises of an individual stock, but at the same time keep most of your investments in stocks until your within 10 years of retirement, but not individual stocks invest instead in mutual or index funds that cover the market as a whole, assessing the profitability of a single company is often to too complicated for an average investor in which is almost all of us. All right what's next well this next rule is one you could have written Stephen, that is, by cars for the right reason, reliability and fuel efficiency not to show off to the neighbors and speaking of neighbors. That's our next role there's more than just being social when it comes to having relationships with those living around you neighbor can be a source of tools you will need to buy as long as it's a two street and you always return them in working order. Neighbors can also have a wealth of information about your area like the best places to shop and what deals are out there. Just be sure to give out as much as you receive all right develop a caring relationship with your neighbor and a ministry of borrowing stuff from him. Okay, that's an interesting one rep speaking of that, you have a hedge trimmer brain not for you. Last time I didn't give it back soon and I Have left before we run out in our next one, don't touch your retirement savings throughout your working years still be countless items where it seems like it's a good idea that In your 401(k) or IRA.

It almost never is.

Instead, work is hard as you can to build an emergency fund of 3 to 6 months living expenses. And here's another role for financial success. Turn off the TV. Now I don't mean cutting cable to trim your expenses although that's a great idea to I'm talking specifically Steve about advertising the more you can avoid it, the less likely you'll be to make impulse purchases. Most of is designed to make you buy things you don't need with money you don't have, you know, the whole purpose of advertising is to make you discontent. Yeah, maybe you distract yourself on purpose, take up a hobby or something.

Well funny you should mention that because there's a rule for that as well.

I look for hobbies that have little or no ongoing costs. An example might be teaching yourself out of take play a musical instrument, or perhaps taking a class on building a website or cooking something that's not going to go on and on and another good one. Don't worry about what other people have, or how they spend their money and any cases there using credit cards to live beyond their means.

And that's something you never want to do. I would refer you back to rule number one.

Okay some great rules, suggestions, principles, however you want to phrase it.

Things that will ultimately ultimately save you some money. Taking your calls today 800-525-7000. Do you know if you have enough money of house.

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Learn how to save and invest and give wisely, how to 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 for 30 years.

Sound mind investing has been helping Christians reach their financial goals. Step-by-step guidance for investors at every stage from those just getting started, those getting ready for retirement through scriptural principles and practical suggestions. SMI offers financial wisdom for living well. More information short via webinar on profit and peace of mind, no matter what's happening in the market is available at sound mind investing.the 18th century English statesman is arresting observation.

Nothing is so fatal to religion as indifference, which is at least half infidelity work was saying that there is no neutrality when it comes to you are not being faithful to God, you are being faithful to someone or something else Jesus made the same point when he said he was not with many people today who don't themselves as Jesus. But there is no middle ground before Jesus is against this is David Jeremiah encouraging you to get on the road. Discover how God driving the word onto route 66 life.com your journey home today. And if that is robbing you of freedom and peace of mind.

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Here's her phone number again to your calls and we have open lines at 800-525-7000 805 five 7000. Here's a great verse that you can log into your principles or rules that will help you ultimately become successful financially, all things are lawful to me but not all things are profitable as first Corinthians 612 when I think of something like that Rob not to dump on anyone but you. I'm thinking of stuff like lottery tickets slothful if you want to buy one. I don't think it's the unpardonable sin, but most of the time that very profitable well and I would just say, as believers Steve as stewards of God's money, I wouldn't do it. You know I would stay far away from the lottery. Any form of gambling.

Not to mention there said just is not financially sensible.

Your better odds of being hit by lightning twice than having your picture taken with a big check but you know the big reason is is just not good stewardship doesn't glorify God and how you use his money already good enough. Let's go to Baltimore, Maryland hey Laura nice to have you with us today in the program and what's on your mind, call oh my file again, and contacted window single one better.

Yeah, you know Lauren, I would first of all, I'm really sorry to hear about your husband's passing. I would make sure that you have a tax preparer this year just because obviously some things are changing, I'd probably seek out a financial advisor is well on the rest of your finances and you could find someone there in Baltimore. A certified kingdom advisor shares your values and understands God ways God's way of handling money@moneywiselive.org just click on find the CK, but generally speaking, you have to have a dependent child living with you in order to use the qualifying widow or widower with dependent child filing status which then you can use for two years following the death of a spouse and basically that entitles you to use the tax tables and other benefits of the married filing jointly status about whether you can claim widow status or not. I would encourage you to complete a new W-4 form. If you're still working to determine your withholdings.

The irises revised that for 2020. It doesn't use allowances any longer.

Only has a few steps. It's pretty easy to do but you know if you qualify for the widow status that would be helpful because you get again the benefits of the married filing jointly is just going to depend on whether or not you do so, I'd seek out some some counsel on that don't make any big changes right away here but go ahead and get some folks to walk alongside you as you make some of these decisions. Lauren, thank you very much. We wish you the best summer.

Sorry to hear about the passing of your husband a while who Hawaii hello Joe what your question for Rob West got more of a praise for you guys in the ministry that you have hello yes is yes I have a praise for you guys in your ministry that yesterday I met with my financial advisor and he had noticed over the past meeting what that my attitude had changed about my money and our investments in our handling debt and all that and I was able to talk to him about your program and how you know we we view it more and more as God's provision that everything is his and that he can take and give as he pleases and and I think this is it's it's kind of a witnessing opportunity for delicacies, not a Christian. He's a very smart individual.

So I think this is an opportunity to witness to him about Christ and and everything so I just wanted to thank you guys for that. You really have changed my attitude about Holland handling our finances and preparing and being better stewards of God's provision. While Joe, thank you for calling today and for that testimony.

What encouragement and you're exactly right. You know this really can be a witnessing tool money is the most tangible expression of where her heart is because it really shows what we value in the way we handle money shows where we placed our trust, you know, it's often seen as just something we used to transact business and yet it's so much more than that because when we know it's God's money and we see it as a tool to accomplish his purposes and that our financial journey is one of the ways that God shapes our spiritual journey. It really changes everything and you obviously embrace that in terms of how you're applying it in your own finances, but you're also using that to share the love of Jesus in this idea that God owns everything, it is our provider and creator with someone else who doesn't know him and I love that thought.

Would you mind describing maybe one of some of the changes you've made in your finances. I just love to know some of what you been doing well. I've been able to fine-tune my budget monthly before it was almost. I hated to even look in a checkbook because I knew that all the checks I had put in their Logan of have a big fat negative and there, but now I'm able to know what's coming and what we got going out how to parse out the extra before hand to pay off extra debt instead of waiting till the end of the month to see what we had left over. The kinda designate that now you leave a little buffer. Yeah, but not something that is totally unknown and you know, so that part of my budget I learned from you guys.

Also, the, the emergency fund. He made a remark about that that you know he said on the last meeting you are want to get this in the asked how how it worked out an email to God's provision. We were able to to save up more than we wanted in a shorter amount of time so he sees all the things just in a couple years that I've been going to him. He seen all these improvements in our financial situation and I attribute it all to God and II really think it's getting through to him. At first he could not even understand why we would give money to the church or donate money to charities, but I think he being the light. Actually it's great what Joe, thank you again for calling and Stephen about you but I'm thinking that because of Joe's testimony. You and I may need to head out to Oahu just to buy him a cup of coffee. It's nice to minister face-to-face and I was off-line or less, either Alaska or Oahu so that blessings thanks very much already love that I love that you know sometimes when you're sitting behind a microphone in the studio that semi-dark because one of us forgot to pay the electric bill. You wonder if anybody's out there, but we know Joe's out there with his family and that there you know it's just great to hear that they're doing better and mean and frankly that's what makes this kind of that kind of a pop ministry and we couldn't do without her listeners who not only pray for us but help us financially and that's not a vital aspect here. It really is and I Joe's using money as a testimony to the world and that's what I hope you're doing and that's what we encourage each other to do here on this program. Yeah if you would prayerfully consider supporting a syrup moneywise.

I would be grateful. The only way we can bring this program is through your partnership. It's quick and easy and secure. When you do it online moneywise live.org just click donate. But thank you also for sharing your stories and I would encourage any of those of you out there who have a story about God's use these principles from his word in your life would love to hear from amen to that. Take one more before the break, Fort Lauderdale, Sharon L, what's on your mind, you shall thank you so much at all while, and that you have applied a lot of your ideas though I'm not a debt, and I ministry and I want to know how can I rebuild my retirement, my retirement so some transitions but now I'm pretty much able on in full-time ministry so I wanted options on investment. I heard you speaking earlier about mutual index back so try not get a little understanding.

Very good sure know what would you expect that you're going to be working in the future before you order perhaps retired you have any ideas or targets.

I guess I love what I ministry so I'm not looking to go anywhere really, that's great.

Well, you know, as believers, we would say that to this modern idea of retirement that we work till this magic age where we come to cash it in and live the life of leisure is not God's design.

We were created for a purpose in our calling doesn't have an expiration date.

Now there may be a time where we either have to redirect her energy to something else, or we just are afforded that opportunity, but were always in service to the Lord and so I love what you're describing there. You said you're out of debt, you have an emergency fund. You said you are rebuilding your retirement. Had you taken some of that money out previously and are you now systematically contributing to some sort retirement plan right now I I'm getting to the index universal life policy over funding that unfortunately got My doubt that I had previously had all the transitions you know which job situation so so right now, I starting all over again. That way makes sense and Journal. Do you have a 43 be available to you through the ministry work for. I do okay right and are you currently contributing to that.

No, I haven't started yet I do I just it's just been a year back to bed with that ministry. So now I can start investing okay very good slot.

I would absolutely do that you that's good to be one of the best ways for you to save you can put in for this year, 19,500 and that may be well beyond what you're able to do.

In fact, over the age of 50. You can add 6502 that so you can put in 26,000 so obviously that would give you plenty of ability to put money away, probably beyond even now at this point in the year, which are able to do, but that's good to get it to going in on a pretax basis.

It's going to grow tax-deferred and inside that for three be you probably have a number of investment options available you could choose your talk a target date fund, which basically just says the date you expected to retire and so if you're looking to work for another 11 years, you'd be looking at like 2031 fund or something around there may be 2030 and what would happen. Is it would get more and more conservative as you approach retirement. Having a greater mix of bonds over stocks so that when you hit retirement you're not too highly concentrated investments that are to be volatile.

If you do that on a systematic basis, you will dollar cost averaging, which means you buying the markets highs and lows so I get that started just as soon as you know that you called today. We wish you the best. Thank you very much. This is moneywise live 800-525-7000.

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 tool 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 click here to see you.when Don is called a jealous God. We got a jealous God because we are going to start immediately in human time came in passing on.we are creating is not created in our very hard to determine stinking on God when thinking in terms where we almost don't belong just turn it right now.

1426 perfect example very map that cries Christ anyone comes to his father and mother and children. It cannot be my disciple. A lot a lot a lot may not support this program. The financial wealth you leave behind could be the best thing that ever happened to your loved ones or the worst in it 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 Maria is calling from Orlando Florida Maria. We appreciate your patience and what your question all I called them no longer will I buy. I have a small amount in my plan and I want to know what to do with about 800 okay very good Maria, do you have an IRA with anyone currently no okay so you got a couple of options here are number one is if you have reason to have an IRA and individual retirement account which you can open anywhere you can open new Charles Schwab or TD Ameritrade or Vanguard, or any number of high quality discount brokerages you can open that you could roll the 403B proceeds into that at $800.

It wouldn't be a taxable event and then as long as you have earned income you could continue to fund that if you're below the age we have to start taking the required minimum distribution and you could put some money away on a tax-deferred basis and add to it. If you don't have reason to have an IRA or you can't fund one because you no longer working or your above that age, then you could either just leave that in there by itself, and perhaps put it into a high quality investment and let it grow. Or you could just take that money out now that would add $800 to your taxable income for this year, but that would allow you to go and close that account out and you'd have the 800 minus the taxes due on it. So which of those sounds like it would be the best option for you have given a 30 day something wet like take it out.

My high but I'm given myself about 594. I look for part-time job. Okay. All right. And so you do you do plan to continue working at some point.

Would you like to contribute to an IRA since you may not have access to a company-sponsored plan with a part-time job yet but would like okay will that I think this is a great opportunity to do that so I would open in an individual retirement account he could do it at your bank, but I would probably go to Charles Schwab or Vanguard. One of those two and just open an IRA. A traditional IRA.

Once you do that you'd ask for the surrender paperwork from your 43B plan provider and you'd on that form either electronically or printed out and then you'd fill it out with a pen and ink.

You would then put in the information of the account that you open and they would send the check directly to that custodian for deposit in that account. That would not be a taxable event and then the 43B would be closed and the money would be in the IRA and then you could contribute to that at some point in the future. Now all I can now open that account.

I know a lot of these accounts have no minimum you know. Often times minimums as low as $500, perhaps a thousand, but you certainly would be able to find one that would not have a minimum or at least one not below 800 does it make sense Maria all right, Laura. Glad you called today thank you very much for your kind comments and you give us a call back anytime you want to write thank you thank you to God bless about a guy just another Sunday as I did. I just like talking with listeners.

We we always like to them obviously but some days are just a vibe that seems to be working today seems to be one of those things that have absolutely no so encouraging. We hear from folks we hear how God is using these principles in their lives and we get to celebrate with him and his love hey amen Maribeth the Lord Jesus come quickly. This is moneywise live 800-5257. Investing is more than just returns. 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 that eventide 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@investeventide.com invest eventide.com.

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Proverbs 4527 the Moody radio first of the week along. 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 at moneywise live out of work from John Scott get out while you still can.

The words of leaders in Texas and Louisiana directed the Gulf Coast residents that are in the path of category four hurricane Laura storms powers raising figures of the 20 foot storm surge forecaster say that would be on the survivable incapable of sinking entire communities on the taxes and Louisiana coast hurricane is on track to make landfall late tonight or early Thursday.

17-year-old has been arrested after the killing of two people during 1/3 not a protest in Kenosha, Wisconsin with a police shooting of a black man. Jacob like very suspect of Antioch, Illinois, was taken into custody on suspicion of first-degree intentional homicide almost restocks were higher that allocated 83 points today. The NASDAQ up 100.he ate the S&P I had 35.

This is SRA news online at a homepage which is moneywise live.org, you'll find lots of great information. Lots of free resources, free downloads of things like budget templates things to help you with your personal finances. All of our radio archives are located there and also how to easily find a certified kingdom advisor in multiple disciplines in your area.

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All that and more pictures up there yet. Romping to some regular guys there. If you dare look for a picture somewhere moneywise live ORG Berwyn, Illinois hello Mark, how can we help user.

Thank you very much right now my car all right for all had great job go there. So, where he met the date 59 years old three drug and alcohol no light and going quite well up here I go, but what about holiday Florida which is very clear Springhill or Clearwater okay I hundred dollars.

My name I probably my credit three years ago. All was good and 53, along with the copy that 49 where you go okay so I want to go down the holiday Florida I want to get a very menial how all what got I have no retirement.

I have nothing but like you like. I'm 59 no retirement benefit and I don't feel I have to work to I you you don't want help and hope you have hope was that was that you?

Yeah, what I how to get on the holiday Florida with a great community that there yet all the property valid follow. I don't need, full person not know. Don't mock them landmark.

I really appreciate the background here and personal esteem said absolutely you have hope in God as your provider he's on the throne and he has a plan and a purpose for your life. And so the first thing I would be thinking about is how I committed my life to Jesus invited him to be the Lord and Savior of my life. Beyond that, everything is stewardship right, it's a being found faithful with what he's entrusted to you. However, little or however much of the apostle Paul said, I've learned to be content.

No matter what the circumstance I've learned in times of plenty have learned in times of want and I'm going to trust the Lord and I think that's the place we all need to find ourselves.

The sink got him to trust you for my provision, not anyone else. And I want to be found faithful with what you've given to me now that you're headed to Florida am delighted to hear you have been able to improve your credit score. That means you been in on time payer with whatever payments you've been making you got $10,000. I hear that you don't have any retirement so were to need to keep working. Obviously, at some point you'll have some Social Security.

I don't think this is the time to be buying something Mark I would be looking at trying to rent something very small and inexpensive, especially if you're out on the road regularly so you can build up some additional savings.

So you get to the place where you have consistent income, which by the way, you may have Artie had this been a mortgage lender typically is going to want to verify your employment and income for the last two years so you should have had steady consecutive income for those 24 months before you buy something.

There are some exceptions, but that's generally what they're going to be looking for but I think beyond that just being able to build up some emergency savings beyond the 10,000 and the down payment of preferably 20%. So I think right now, your focus needs to be keeping your lifestyle and check living within your means and that at a minimum, and really continuing to find what God has for you in terms of work, and then save but let's rent as opposed to buying and taking on a big obligation right now so I will be praying that the Lord will open your eyes to what he has for you as you make this big transition and I keep us posted. Would love to hear how that's going.

I'll tell you what Mark because you mention the word hope you got my attention.

We have a resource written by her friend Michael blue. It's called financial hope find freedom in your finances through God's word, and obviously that's where we always look first. It's the cornerstone of everything we do here you stand in line. Let's get your contact information and we will send you a complimentary coffee copy.

Let us know how things work out for you. Once you get down to Florida and we wish you the very best Bless you sir, thank you very much.

Pittsburgh, Pennsylvania.

Jamie just a couple of minutes. How can we help last week and I heard a crack and think about my aunt and my grandmamma and see how well and at that point everything is in a money In the bank at the new lady like not think the house so we don't have to worry… You Mark and her brother had told her multiple times fetching it a try on and I've asked the lawyer about in the car and the lawyer have kinda made it seem like the well, it cannot.

I'm back on the call last week I was reminded that when it goes to probate and everything become public record.

My grandma would not want that to happen.

So my question they precut that on a track thinking person cannot. The lawyer have Mark again when I will go through probate. Probate birth is a try and then my last question would be correctly set up, though the inheritance taxes are paid out of the truck. I thought a quick something about that last week well couple of thoughts I number one is the re-attorney would really have more to gain by suggesting a trust right now because that would be a billable hours to be able to create the trust for you so I don't think there's a conflict of interest here.

There are some advantages of a trust over will. Although it's not necessary in every situation so you just have to really understand why you're using it and whether it's a tool that applies in her situation certainly to avoid probate that would be a big one provide some additional legal protection against someone contesting the will. That's probably not an issue here. It allows for more flexible distribution of funds so you can spread out the district disbursement to the errors instead of all at once.

To your point, they are private. Where is the will will go through probate court and is a part of the public record. But they are more expensive to set up. It could be anywhere from $1000 could be upwards of 7000 or more in a complex situation so I don't think again there's anything that the attorney is recommending here for selfish purposes because he or she would have something to gain by putting this trust and placing the question is really determining why are you using it. Do you want something that goes into effect prior to death, which obviously for Will it doesn't go into effect until death.

So do you want some control over the assets on the part of the trustee you know if she's incapacitated and unable to make decisions for you just want to keep it private and that would certainly be another reason if any of those apply that a trust would certainly be something worth considering.

So I talked her that further explain your rationale and then see if that something that you guys think Jamie thank you very much for your call Randy were heading your way next don't know, 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 to been taken advantage of navigating the mortgage mates 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 hi, I'm Jerry Maguire. I'm here to help you understand the urgency and how much fun it is to share your faith in the eyes of the layman. There's a thought for you, leading people to Jesus, the most patriotic thing you could do if you're in shock over the direction of our country and the dollars as of our leaders their mirror image of those who elected them godless people like godless leaders is a simple fact with profound circumstances by almost completely ignoring the great commission over the last 50 years, most Americans know unchurched have no concept of God's love for them or his desire for the world. The moral absolutes of the 10 Commandments, or that it was God who made America the most prosperous and generous nation in the world know and serve God as our Lord if each one of us. This leads one person the Lord before the next election will make America Christian.

There's nothing more exciting than knowing God is using you to move people closer to join us in a nightmare.com. This becomes the question that we all have in this whole coronavirus thingies. How will it impact me hi Anthony Don from Christianity works.com obviously he's going to cause some serious suffering already. Many have died. Many of the state jobs elite businesses and let's be honest there is more to come, which can strike fear 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. Now in fear for their lives and Jesus came walking out on the water, scaring them even more pain for crying out loud. If it's you can mount me to come out onto the water. Jesus constantly teased me, right they had in the middle of the storm paid to step out of the bug while the 11 Steinback cowering in fear.

So in the middle of the storm what you plan stick that in fact will hang back in fear. Most couples can't talk about yet.

Most money books expect.

How can you create a budget or pay down debt. If you can even talk about spending or saving with you if you get tense about your just playing avoid money conversations altogether thriving in love and money like Chante and Jeff felt hot is for you and it's your screen when you donate $25 or more to moneywise live.org thriving in love and money for a better relationship not just a better budget. They are listening to moneywise live in the only reason you're able to hear us today is because we have a crack technical crew behind the scenes pushing the buttons turning the knob and doing it all at the correct time, that would be Deb and Amy and Gabby Cheney is with us today. Also, none other than Jim Henry. When you think those folks for their human type work. Indianapolis, Indiana hello Randy, what's on your mind Randy, are you with help. I think Rex going to Grayson.

Okay, let's try Grayson in Cleveland, Ohio hey Grayson how you doing were doing great. Thank you.

Call and I'm glad to hear you… This program very informed. Thank you all.

My question is currently been married a year know my wife should be, which is now about four or year. The question is she should not put her on how all $15,000. Yet from her prior yeah that's a good question. You know that the in terms of the dead did your wife sign anything that would make her lease legally responsible for her late husband's death. Yeah. She cosigned okay alright well if you own the home before the marriage, it would not be marital property and there may be some legal benefit to keeping her name off the deed, at least while you're dealing with the debt that may be in arrears if the debt is legitimate and your wife owes. It is as you said she cosigned it then. Are you all focusing right now and try to get it paid off. Know not going to pay it all, though, that because she cosigned and gave the car back, she felt as though the about her doing that she's not obligated to it in October.

You are updated to stop a piece of paper that could hold up in court. Yeah, yeah obvious it whenever you cosigned for something you have legal responsibility and even if you turn in the asset. There's often going to be a significant amount of that debt.

Still, that's outstanding and that's probably what's going on here and so I think at this point she just needs to recognize that something she owes. There are going to be repercussions to that. So I would just encourage you to encourage her to prayerfully consider you really focusing on repaying this so she can get it to paid off in full sense that perhaps you may see it as a mistake, but nevertheless she did commit to yellow equal responsibility for the debt.

Now she's obviously did the sole person responsible with her ex-husband passing so it but to your question.

Certainly, if you own the home before the marriage it they would not be marital will marital property and you have to decide whether or not you want to add her but I think at the end of the day.

She does owe the money and so that something you want to prayerfully consider how to proceed on Grayson were sorry to hear this. Unfortunately read this kind of a a semi-weird, a combination of things here doesn't do anything to help the.

The relationship that ultimately would like to have were husband and wife are one and that includes the property was exactly right.

And that really is God's design for marriage, Steve oneness, which includes her finances and so I would say we want to try to bring everything together under the Lordship of Christ recognizing it's all is not ours. And so then we need to be asking him, Lord, what would you have me to do. How do you want us to live and manage your money a tool to accomplish your purposes.

What are our values were convictions and how can we move together as husband and wife live that out using the financial resources we been entrusted as a means always good to be easy, but that's really God's design rations.

Grayson thanks for calling. We wish you and your wife the very best in regard to this let's try Indianapolis again. Hey Randy with us now hello yes, great.

But you question I was wondering if you can contribute to raw 401(k) and a Roth IRA within the same year. You certainly can. You know you can contribute to a 401(k) and an IRA. You have the ability to do both. So for this year. If you're under age 50 and 19,500 into an IRA.

Excuse me 401(k), 6000 into an IRA. If you're over 50. Add an additional 6500 on the 401(k) and an additional thousand on the IRA doesn't matter whether you're talking about traditional or a Roth 401(k) and it doesn't matter whether you're talking about a traditional or Roth IRA, you have the ability to contribute to both and max out those contribution limits. Doesn't work for actually what was the max on both of those are you under 50 or over 50 over okay so be 26,000 for the 401(k) and 7000 for the IRA or just thank you already.

Thanks, Randy fabless next it's Maslin, Ohio hello Chris, what you question for Rob hi thank you for your ministry.

Thank you educators we got into it late were not going to see the full retirement but she is about four years out. I am five years out. The only debt we have is our home and we have a surplus of about $700 a month that we have just been putting into our emergency fund, which is in the 20,000 right now so I'm wondering what we could be doing with that money that would be more beneficial for the law yeah Chris what is your age.

I am 60.

My wife is 61 right in your plan to continue working for the foreseeable future. Do lower both going to go out at 65 so four and five years then you will have some retirement available to you at that point through the school board. Yes, we will okay very good.

I probably take that money if your IRA is fully funded and you don't have any consumer debt. I take that money and systematically put it into a Roth IRA.

You could each have one over the age of 50.

You could each put in 7000 a year so that should be plenty of room there because I give you 14,000 between the two of you and that would just give you some additional savings that you could start putting away for the long term that would build up over the next six years to dollar cost average it in every month make an automatic transfer so you don't have to think about it, it just happens automatically build in your budget and I do that, probably with the Charles Schwab with the Schwab intelligent portfolios would be a very low cost approach you could use their ETF strategy where they build a highly diversified ETF portfolio based on the answers you give to the questions they ask is a great website. Great smart phone app to manage it all and you would just automatically find that every month I think you be glad you did. When she reached retirement.

Chris, thank you very much we appreciate that Grand Rapids next Linda what's your question today for Rob West Marine put new windows in my condo and I have a choice of taking and a lot of savings or taking my Out and getting a home equity loan for the other half and I'm just wondering which makes more sense.

I tell a couple things I Linda appreciate the background. What is the home worth and what you owe my own old 41,000 anything work without one.

According to the people that I checked with the equity loan on its work about 155,000 okay what were the windows cost 6500 it what you have in your savings. I have about 12,000 in savings and what you spend roughly on a monthly basis with the total of your expenses. Oh, and expect that question 3000 4000 a month. What you think.

Probably 3500. I would guess okay so at three months expenses would be around 11,500 so your you're right there with that 12,000 so if you have reliable income you're not concerned about a disruption in I'd say you'd be okay to go down to one month's expenses which should be you could fund the whole thing.

I think to be safe.

You probably have two months expenses so I think you is always you have some extra on a monthly basis. Would you be able to replenish this savings account. Over time out of your monthly income or hardware. Okay, so if you were to pay for the whole thing.

You'd cut that savings in half and you'd you probably still have close to two months expenses in the bank and then you could take what you were sending toward the home equity loan and put that back into your savings every month and you avoid the cost of the home equity loan not only the interest but the transaction costs. I'd probably do that if you'd be feel more comfortable, though keeping your more like three months expenses which is what you have. You certainly could go get that home equity loan, you have plenty of income to do it. You have plenty of equity in the house but it just really comes down to what would you like to avoid the expense and are you comfortable getting down to just one month's or two months reserves and if you are then I think I just go and pay for it outright and be done with it, and on that note, Linda, were going to have to say goodbye because were almost out of time but were glad that you got through today. Hope that helps you went again, thank you very much for contacting us and Rob with that I'm going to have to bid you a do as well. Time has flown you listening to moneywise live. Someone asked me the other day Rob if given the uniqueness of the situation that our country is in right now. If any of God's financial principles no longer apply because this is such a unique situation. I know what answer I gave them what answer would you forgive but I love what that Ron blue.

One of my mentors has always said he said biblical principles are always right there always relevant. And they're never going to change and I think that is certainly true even in the year 2020. You want to know what my answer was I set out in the you need to contact Rob last don't know for sure high-rise live is a partnership between Moody radio and moneywise media Rob West is a smart guy the other guy.

Thanks so much for listening. Enjoy the remainder of your day. Join us again tomorrow