Taking an Interest in Compound Interest

Interest is a double-edged sword. Albert Einstein reportedly called the wonder of the world, saying he understands and earns doesn't paint Einstein compound interest is a force to be reckoned with a financial planner and teacher Rob West explains how you can make it work and it's your call sign anything till 800-5800 55 7000 times more interest in compound interest snacks right here moneywise case were a little knowledge can save you or make you a lot of money.

I mean, I'm thinking it is.

Would you agree, I certainly would. Steve, the recent financial literacy survey found that individuals who fail to grasp the concept of interest that compounds have higher transaction fees run up more debt and less of this pay higher interest rates on credit cards and other loans. Compound means that two things are added together. Well, in this case, its principal and interest and it works the same for both savings and debt in very simple terms. Compound interest means that your savings or your debt will grow incredibly fast.

Maybe it would help to explain that the two different types of interest were talking about here so I can we compare them yeah that's a good idea. So were talking about simple interest versus compound interest has simple interest is what you pay on the original amount you borrowed or what you have in the bank only at this is called your principal. Simple interest applies to a fixed rate and it means that the dollar amount you pay in terms of interest remains the same for the life of the loan or the account now. Compound interest is very different. It's calculated on your principal amount plus your accumulated interest, so the amount you pay or receive an interest will change you will grow over time.compound interest pays interest on top of interest and that's how it grows so fast that Steve Wyatt's double-edged sword. Compound interest works for you.

If you're saving money but it works very much against you if you're borrowing okay.

Can you give us some examples of that.

I sure let's first look at how compound interest works against you with a credit card so let's see if a $6000 balance pretty typical for most Americans, and will use a compound interest rate of 17%, which unfortunately is about average.

According to the Federal Reserve. Now, assuming you're paying only the minimum amount owed each month. After five years or $6000 balance.

Well it's now $9000 because he accumulated almost 3000, and interest after 10 years. Your balance is now 15,500 because you've added an additional 6500, and interest at that point you actually owe more in interest alone than you did with your original principal and by the way, good luck on remembering what you actually bought all the go thing I needed. I'm sure yeah I'm sure it gets even scarier than Steve.

After 15 years. Your balance is a whopping $26,000. Unfortunately that's the way compound interest works against you can't got it all right that is scary but let's look at the bright side.

How does compound interest work and that's a savings account. You sure you often hear the line you work hard for your money. Make your money work hard for you.

Well, that's exactly what compounding interest doesn't a savings account interest rates are very low these days but the concept still applies.

Let's use the same amount. We started with our credit card. Example $6000 you put that in your savings account earning about 1.2% interest which is fairly typical these days, although it's come down the last few weeks, probably .8% but will stay with that 1.2 and you make no additional deposits or withdrawals. Now, after five years. Even at that very small rate you earned almost $400 because of compound interest each month. Your principal grows in your paid interest on that higher amount that's how it's different and it grows so much faster than simple interest. After 10 years you've accumulated nearly $1000 in interest. After 15 years, nearly 1500 K cannot got it all right.

So how do we take advantage of that of compound interest. Yeah, it's fairly simple. Pun intended.

Do not carry a balance on your credit card pay off any consumer loans as quickly as possible, making additional payments on the principal if you can get your emergency fund into a high interest online savings account. I realize that's a relative term these days is nothing terribly hi out there, but some are better than others, and they'll give you a better rate that with the online than the brick-and-mortar banks that we see this often the ones I really like right now her ally Marcus and capital one 360 either safely carry FDIC insurance up to 1/4 million dollars. You can link checking okay were discussing interest in anything you want to talk about today anything at all open lines available right now at 805 five 7000. He's Rob West times 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 heirs 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 you have money in a retirement account for just a general investing.

You know, the stock market sometimes be possible to enjoy both profit and peace of mind and investing no matter what's happening. You can see a short video webinar on that topic. Sound mind investing.org since 1990 sound mind investing his thoughts offer financial wisdom for living well sound mind investing.O RG in the days of Noah, the people rejected God so God decided to end the life that he had created by bringing a flood upon the earth. Remembering no because his family had remained faithful so God is the people thought Noah building about their water so the right to get into the boat and believed in the saving work of God's gift of salvation is given to all who choose to receive today.

Don't be left outside heaven. Do you feel like your hands are tied with debt in God. If you have credit card debt. Christian credit counselors can help through our debt management program we can get you out of credit card debt. About 80%. While honoring your debt info.

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If we can help you with anything financial that's what were all about love to chat. We have open lines that will allow you to do that. Just give us a call right now toll-free 800-525-7000 800-525-7000 you know, Rob. We started off the program today talking about simple interest. Compound interest with a quote from Einstein, of all people in Albert Einstein and who would've thunk it that when when he wasn't working on E equals MC squared in the speed of light and all that that he be talking he be looking interest simple and compound interest craziness.

It really is very interesting. Guess it was just a math guy you know it is beginning. There is, what kind of mess when we get him on the program is Jim we still looking against CAP yes yes I'm if anybody can do it. Jim can. I hope he does. I hope he is listening. Okay, let's write to our phones.

Boy if Albert calls I would be knocked out 800-525-7000 Florence, South Carolina hello Debbie, how can we help your concern that we bring our claims and current that we are actually being gay understand that you control the one currently and they'll be like, typically Revelation it speaks on those types of things. My question to you currently are: just not looking yeah well I hear you Debbie. Let me just try to bring some context to this.

You know that the coin shortage is really about the pandemic, there's not any kind of other strategy going on behind the scenes. It's a function of really primarily two things. Number one is we are transacting business more and more online, especially now that a lot of people are home you know working in and purchasing things over the Internet because they're just not out as much as they used to be number one number two there is obviously a rise in a lot of the thin tech financial technology driven by smart phones that were using to buy things and chips and things like that.

Where were not actually using physical currency as much any longer and then the other factor here is just the covert, 19 in terms of the men in the production that they've had as folks have been working from home. Obviously they been on reduced hours and so therefore they're just not turning out as much. You put all that together and it's just resulted in a shortage which is why the government is even said the Federal Reserve said if you have coins go ahead and tournament get back into circulation. Now, you raise a good point and that is a lot of stores are not wanting the physical either paper money or currency. And that's again related to the virus. Just because people are handling them. So whether it's your scanning QR code in getting a menu on your phone so you don't have to hold the menu in your hand and they don't have to clean them or paying electronically. Whether you're to drive through work in a restaurant, hopefully socially distanced with a mask on. It's just a function of trying to keep everybody safe and sanitary.

Now, how then do you get your coins back into circulation. Well, what I would say is the best way to do that is just deposit your coins in your bank account because that effectively puts them back into circulation. They're not trying to get them out as soon as you put it back in the bank than they can make them available to their vendors, which are the stores that too many cases are looking for them because there are so many of the just can't get the access that they need the other ways you could take him to your grocery store and most of them have a coin converting kiosk. Unfortunately, many of them will take up to 10% as a fee for converting the coins to paper currency so that's why think the bank is a better option, but I hear what you're saying. I know you want to be faithful in terms of understanding what's going on in the bigger context and honoring the Lord. I wouldn't be there for me terribly concerned about that right now. I think the key is just recognize that yes we are moving more and more toward a global and digital economy, and the result of that is going to be less in the way of physical currency more in the way of digital and you add to that the covert 19 pandemic and that just has put us in the situation.

So I think if you take those of the local bank will be doing your part and hopefully this will be a thing of the past are pretty soon yeah great observation.

Debbie will glad you called in with that.

Thank you very much Chicago Chicago Illinois W MBIA and Sheldon, what's on your mind's or on the radio so you love the most elderly if you had lunch with one of us, which was would you prefer what you would have half a sandwich as you have, you can have the court we say it. It's not like you work against gold per se wanted to know why you were so adamant about goal commercial grouping yes well it's a great question Sheldon's word against gold. I'm just against over concentrating your position in gold. You'll find periods will of time when gold outperforms the stock market, but more often than not the broad stock market outperforms precious metals inferences over the past 30 years the price of gold is increased by about 350% over the same. The Dow Jones industrial average 30 of the biggest companies in the United States is done about 12,000% and so I just think for a lot of folks they need to see gold as a peaceable well diversified strategy but not a core holding just because of the volatility and overall performance. Think of it like an insurance policy more than an investment. Gold usually increases in value in the markets down and it's also a hedge against a falling dollar, so we would recommend for a well diversified portfolio. For most folks think about it in terms of a 5% allocation. Yes, you'll see a lot of ads on the TV for gold.

These are gold dealers that are often advertising and they typically do that when we see a big run up in gold. That doesn't mean that it's the best thing for you in terms of risk reward and volatility.

I think for most folks they try to get to highly concentrated and especially if you're taking physical possession which has a whole host of other issues in terms of security, receiving it out making sure that when you sell it, you know, the dealer is not taking too much of the transaction, the other just a number of issues they are related to storage and safety. So again were not against it, but I would just be cautious about overweighting in the precious metals Sheldon. Great question. Thank you very much and the next time were in Chicago will see we can touch base and we will buy your sandwich for you get the entire sandwich to know nothing cutting in half and chips and chips is how generous you think this is moneywise live Rob West picking up the phone line today when you call him at 800 557 was a call would love to hear from you more moneywise live money and life run on the same track. Unfortunately, sometimes it seems like your money is heading in a different direction from your goal, and never enough three keys to financial contentment. Author Ron blue helps you to break down all your financial options to a basic floor and then shows you how to keep it all chugging along in the right direction on the same track never enough three keys to financial contentment available when you click the store button at moneywise live out of work since everything here is we got what we have not gone to. I want you here is commentary. The New Testament is not clearly a starting arguing.bringing people in patriarchs and rejecting action. We can really not his brother. The point being that there is not one to understand how that works, we can hope to confuse you on this mail.temporal okay. What scares me to got this thing I experience do you know if you have enough money house. Do you know how much is enough.

If not, one blue can help with this book. Master your money a step-by-step plan for experiencing financial contentment. Learn how to save and invest and give wisely 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 store button moneywise live to work to minimize the place where we do best to remember that owns it all. Richest managers of this stuff round rock, Texas paying Nancy to question my question to part my question on the homeowner and current mortgage amount not owe 38,000 common or zero interest homeowner home mortgage because my home is a habitat home but I'm tired and I'm running into some some repairs and upgrades and don't have the ready cash to do those. I don't want to go into my emergency fund, suggested that I get on loan with a content equity loan within the process and praying about it. I really felt like I shouldn't go through with it. So I pulled back on the equity loan because I didn't have enough counsel to do it confidently so I want to ask that question like that was the way to think about paying for any upgrades or repairs for the home where it is now the number one question in part two, but the maintenance landscape. Probably too much for me to do on my anymore. I need to have help with that. And so I was thinking what if I sold the home where I live. I have four children and it fell are doing really well in the area where I am. So my home so that it can sell for 210,001 yeah, I think we may have Nancy, are you still there okay so what was the letter. Give me the question related to the second part. What is it you're trying to solve for their so I would sell my home rather than wait and do a will and at that time try to figure out how I will die my assets or children sell the home 200,000 hundred thousand would be my gifting money I or into that for children. Out of the 100,000 for my fellow paper 38,000 due on the home and then possibly live intermittently with my children. I see okay let me try to weigh in on these. I appreciate all the explanation. First of all, going back to the repairs. If you're planning on selling the home Nancy I would be just real cautious about what repairs and improvements.

You do the first thing I would do is visit with a realtor or a professional who hopefully specializes in your part of town, maybe even your neighborhood. If you don't know someone you could check your church or you could just drive around and see who signed you see most often in your neighborhood and often times that particular individual will specialize in that part of town. Maybe you interviewed a couple of them but I think one of the questions you want to ask is, which repairs and improvements. Makes sense given that you're planning to sell the home because certain things you'll get the money out of it may even help you sell quicker. Other things you won't see just want to be careful with that if you decide to do some improvements and you don't have the money to do it and you and the realtor decide this is really essential for you to maximize this, the asset that you have there.

The home then a home equity loan I think is a way to do that. Probably the best way to do it now. I like the fact you step back because anytime you're taking on debt. We want to go into that with her eyes wide open.

Make sure were doing that the right way and that's gotta start with. Can you afford that in your budget it and secondly is there any other way. Well, if you don't have the cash and I wouldn't want you to plead entirely your emergency savings then doesn't sound like there's another way. And so then if you're married, you'd want to make sure you and your spouse are on the same page about it beyond that you want to make sure you have a guaranteed way to repay and is by selling the home you would because the loan will be collateralized to the to the home and then you need to make sure that it fits in your budget. Your cash flow so you want it you don't have a budget do a detailed budget. Make sure you could afford the payment but a home equity loan is probably going to be the way to go, not a line of credit but a loan with a fixed low interest rate where you can get the money you need for the improvements, not anything else you do the improvements and then that's gotta position you to sell the home. But again, only those improvements that you and a professional real estate agent agree on in terms of how to approach your kids. You need a will and some glad to hear you had that you don't necessarily need a trust.

I know you told her producer you were curious about a trust that perhaps is something you need but in most cases, probably not. That's good to keep your estate out of probate. It's going to make it private. It's also can go into effect prior to death, but I think the key here is to make sure that you have what you need and if you're planning to give some money to the kids had that 15,000 per person annual gift exclusion, but I would make sure that's the right thing. I don't want you to complete all of your assets to early you can always give money to the kids at that. If that's what you want to do and you can start getting some money to them now but I just wouldn't deplete so much of your assets becomes a hardship Nancy. We hope that helps you. Thank you very very much for your phone call today will be taking more calls this afternoon.

Obviously 800-525-7000 800-525-7000 will become back that see Kaylee has a question about she's graduating with dad wants to know how to approach that Marie is in West Palm wants to know about her, her son's checking account.

Her name is on that account.

What what does that mean what does that involve Kelly in Nashville.

Getting a dual income in September wants to know how to pay off the house money in a retirement 50s will will address all of those things. And of course we'd love to hear from you. 805 7000 have visited our website yet.

You might want to do that one line. You'll find links to free resources personal finance budget templates. Archives of our past radio programs and much much more should we as Christians think about investing. What if we could invest our money in a way that aligns with what we believe that Eventide we believe it is possible to love God and love our neighbor in the very practice of investing redesign investments for performance and a better world so you can invest for the future with a sense of wholeness and purpose. We call this investing that makes the world rejoice. More information is available@investeventide.com Christian healthcare ministries enables believers to show love for one another by sharing each other's health costs through CHN's voluntary health cost-sharing programs members uplift each other spiritually and financially. CHN 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 my name is Lyle worship media radio verse of the week is found in Psalm 127 versus 1 to 2, unless the Lord builds the house, those who build it labor in vain unless the Lord watches over the city. Watchman stays awake in vain that you rise up early and go late to rest for he gives his beloved and that is Psalm 127 verse one through to the radio verse of the week is call one 800 years, 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 L 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 in the store moneywise live.org John Scott Delta Air Lines is following the example set by United saying it will drop an unpopular $200 fee on customers who change a ticket for travel within the US move comes as airlines are desperately trying to more people back to flying Oregon State police will patrol Portland's monthly protest withheld from officers from neighboring communities. That's part of the plan announced late Sunday by Gov. Kate Brown said he is approaching 100 consecutive nights of black lives matter demonstrations a Federal Appeals Ct. in Washington has declined to order the dismissal of the Michael Flynn prosecution permitting a judge to scrutinize the Justice Department's requester dismiss its case against Pres. Trump's former national security advisor starts punishing mix that I'll drop 223 points.

The NASDAQ gained 79.

This is SRM use today was a favorite one friend this week that you listen to us and why Cleveland, Ohio hello Kaylee, thanks for holding for us and we understand your about to graduate with debts and congrats on the graduation.

How can we help you with the part program that I think spell out what you next year, go to graduate all I'm graduating for Bartlett to get or get very very thing, but cannot find any graduate in December and I'll start working next year on a couple of pieces that bite on whether or not you as well or altered plan for retirement that we both have a tirade for a 3D plan from when I was a nurse before I went back to grad school and I got mine all of your debt work will originally went with an 18 month book may be able to critically get into it with any year, which would be very stretch yet, but I think we could you on but we would not be able to pay anything towards retirement. Gather your retirement extra thick pack all of our loan gather.

Fight/flight pay 10 to 15%, or at least match what my employer is going to pay for repeat beat and then maybe minimally putting my question.

It is a matter not pain into my retirement or are Roth IRAs in the first year in the long run quicker within six months. Yeah well it's a great question Kaylee and I went to Christie's, congratulations.

You're moving into a really exciting season of life.

You know I would align more with the third piece of advice that you, God, I would take full advantage of any matching that they are going to make available to you or your husband because that's free money and if there matching your $0.50 on the dollar United to get a 50% return anywhere if there matching a dollar for dollar. It's 100% return. I just don't like you given that up so I would take full advantage of that.

But then anything beyond that, that you have in the way of margin. I would go right after that debt, and I'm thrilled to hear that you could do that in anywhere between one and two years that's phenomenal. Will it make a difference in 30 years that you started 18 months later maybe even on paper. You will see a slight difference but I think you having the peace of mind just to know you can get out of debt you focus on that. I think knowing that you're not contributing to your retirement plan will give you even perhaps some additional incentive to kinda keep your lifestyle at a minimum, so you can send as much to debt reduction as possible and I think since you're taking advantage of that matching you haven't left any money on the table so that would be the way I would approach it. If you had a conviction together as husband and wife that you wanted to do it a different way. I certainly wouldn't argue with that but if it were me, that's kind of the way I go, I'd take the match and then focus like a laser on getting that debt paid off as quick as you can and then you can get right back to long-term savings, and I would set your goal at 10 to 15% of your take-home pay is your retirement savings goal. This epidemic sense okay hail the best you guys.

Thanks for listening: about. Thanks all right.

Marie is in West Palm Beach Florida and what's your situation with your checking account.

Marie open Carol, the primary owner and done anything like that account at all years, not work here are two car payment. My credit at all because my checking account. Yeah, it's a good question Marie checking accounts are not a part of your credit history and they don't impact your credit score at least for the big three credit bureaus that are generally used to generate your score echo facts, experience, and Trans Union. They don't report overdrafts unless they go to a collection agency. Now there are some smaller bureaus that do monitor your checking activity checks systems.

The HEX ChexSystems and Serta G check services would be two of them and so if he's constantly over drawing his account. You know, if you went to open a bank account somewhere and they checked that ChexSystems or Serta G and saw that that was frequently going on.

It could affect your ability as co-owner of that account to open a new checking account at another bank. But again it shouldn't affect your overall credit score unless it were to go into a default status and then be turned over to a collection agency. Does it make sense here very welcome.

Thanks for going publishing and remove you thinking Marie will move now to see how about Nashville Tennessee and Kelly what your question for Rob my call and I'll echo the last caller so much appreciate your my my question is, my wife and I are going into the first time in our married life. 30 years dual income now starting this coming month. September okay and I'm just trying to prioritize what you got about 10 years left before I retire.

About 13 before she retires and I don't blow it.

So like, okay, we don't want to change any of our spending habits in Boulder and that to keep going like that going on the budget.

We've been budgeting so we got this extra money tied would do some really good things with it to bless people but with the leftover money is it best to really shoot to try to refinance the house. We refinanced it this summer but the orders it best to really bulk up on retirement or what's the best way that you would suggest to use that extra income while we have approximately 10 yeah well first of all Kelly, congrats on where you're at in terms of having this additional income and I love the fact you're not going to change anything which means you can have even more margin that you can put toward your goals and that would really be my starting point as union wife sit down, talk about where God is taking you pray through this.

Do you one or both of you have a real conviction about this one where the other. We had really thought about how talk, but I was last week I cover what was but don't spend a lot of time only 2.75% when you could be getting retirement for 6% really caught my ear when you said that we talked about focusing all on the house but then I thought maybe not the wisest thing so I thought that's what the hell is real conviction. We are going to need one more vehicle. So I got a signal. Okay, I'm thinking maybe it was because I don't know I don't typically say that here's the thing, especially since you said you have a conviction rubbing up the house. I actually love you. Being debt free and I'd like for you to sync up your payoff of the home to your retirement. So on the current track that your own apart from you really going after it.

Would the home be paid off by retirement on the current trajectory yeah well we refinance for 15 years and so forth.

By the time I retire. We have paid off in 10 years.

Extra down. So here's what I would say if you can sync it up to retirement that that be fine but if you will have a conviction being debt free. I'd go for it. Don't think twice about what you're missing out on you. Enjoy that my son say one of the two would be my preferred option. Kelly hope that helps you calling 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 hi. I'm very required. I'm here to help you understand the urgency and how much fun it is to share your faith in the eyes of a layman, why is it that most Christians know they don't know how or don't do it. Perhaps a fear of the unknown or the Scripture was or those who are persecuted for my sake. No one wants to be persecutory, but unlike tertiary but being afraid of man more than God is not what you want to be here. The Lord is the beginning of wisdom.

And guess what would you tell a God loves them most shocking believe is the opposite of being confrontational is telling people what they want to hear what they've got. God loves them for getting to have another what they've done for God what God is done for them is the best news ever. There's nothing more exciting than knowing God is using you to move people closer to their something that most people only really tune into seriously. When the chips are down.

You and I can be sure that there are a lot more people praying to the wound before the coronavirus break and get this whole crazy thing was meant to be merely last resort. Hi, I'm Betty Donath from Christianity works.com.

The startling thing is that when you happen goals would you discover that the only sort of. The Bible teaches about is the salt that has powerful results. I want to encourage you and gain with these truths. Listen carefully.

The only sort of prayer that the Bible teaches about is the sort that has powerful results. In fact, we told to come boldly boldly before the throne of Christ to receive mercy and find grace to help time of need. Second, I encourage you to die. Pray boldly and let go on space rule in your heart. Most couples can't talk about most money books expect.

How can you create a budget or pay down debt. If you can even talk about spending or saving with if you get tense about your just plain avoid many 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 listening to moneywise West some wisdom from the lake. The only way a Christian can avoid the traps of pride and that know that God is in total control of all circumstances and wants our best kill Falls, Washington hey Jack, what's on your mind. How can we help you my friend will I appreciate you negative appreciate your showing your good strong Christian man is a short comment I heard a couple segments ago talking about. We mentioned one of the America only to get a handle on what your mindset is what your formulas for drawing the line. I know Bank of America is very applicable Planned Parenthood abortion. There were very heavy in the black-white matter I can think of zero pro Christian think that they're promoting or backing. So my question is where do we as Christians draw the line between saving a percent 1/2 a percent taking the stand help an anti-Christian institution need to be before we go, you know, guys save a dollar here, but I'm a tell you what they stand for is totally unscriptural, totally against what we believe in as Christians in America with your formula. Yeah, it's a great question Jack, just in all fairness, I don't recall mentioning Bank of America. We did mention three banks that I usually look at for online savings ally capital one 360 and Marcus and when it comes to refinancing.

I would encourage you to go to bank rate.com to find the most attractive rates. But here's the thing, I think for any believer. This becomes a conviction or a conscience issue of your Romans 14. Let each one. Be fully convinced in his own mind and I think how we approach engaging in the world how we approach doing business. Whether it's buying a particular product or service from a company that uses their corporate profits for things that perhaps you would disagree with as a believer because of your deeply held values and convictions or buying the publicly traded stock of a company that either their primary activity is something that conflicts with your values or they use their corporate profits is a decision that each person needs to make and I think you got a couple of options on that in fact we talk about three options when it comes to your investment. You can avoid companies based on conviction or conscience you can engage other companies in terms of engaging them as a shareholder to vote proxies and show up at the annual meeting and send emails as an owner of that particular company to shareholder relations and you can in fact influence their decisions. As you engage with them and you can embrace other companies which would be intentionally selecting an investment in a company that's either making a positive impact on the world human flourishing bits has a social impact agreement kingdom impact and so by avoiding and embracing and engaging. Think each person needs to pray through that are each couple is to pray through their approach to that across the whole spectrum of decisions, whether it comes to the shampoo you buy the coffee you drink or the investments you make. And so that's really I think what each person needs to decide not, here's the great news Jack is that it's it's much easier than ever before released on the investment side to really see what's going on with these companies in one of this of free services. We talked about recently on the program, something called inspire insight that I'd encourage you to check it out. Inspire insight.com. You can literally put in a company name or a ticker symbol and you'll get a score or ranking based on all the information out there that there are servers are gathering based on what kinds of things they're doing specifically looking at them related to faith-based issues and values. They look at environmental, social and government scores. They look at faith-based issues and generate a score with all the detail behind it so that you have the information and then you can decide how you want to approach that so I would just say number one. Pray through it. Develop your convictions and then take advantage of all of the information that's out there so you can decide how you and your family are going approach this with regard to the services and products you buy, or the investments that you hold as well. I will put one final look at the when you look at the motivation and coordination of the other side. Picture Clay how well orchestrated is now Satan is so crafty how you 65 and how incremental of incrementalism is work over the years were looking at now accepting as well.

What I don't really want to go there but you know what everybody else is 34 years ago, they were popular run out of business because the school now so again I appreciate your explanation will put II was just that only individually, but as the body of Christ especially got a microphone.

I think it's so important to say folks you might not know how you know the intent of every organization, every, but I think it's so blatant what's going on out there. They'll attack us on every thought we take a step back your aggressive work half the winning right now. Well, we certainly appreciate you weighing in Jack and think your point is well taken, and the good news is we can get the information in the decide how we want to approach it in each one needs to make a conscience effort to do Jack, thank you very much we appreciate that and we appreciate your the spirit in which you placed a call thank you very much. Let's see how about Akron Ohio when we welcomed Nancy Nancy were so glad you called today how can we help I and early and money in the bank to take care of that something happened concerning that one. That money can be eaten up by medical care and so we would like you to get that money and put in that we don't need, but of course it be wonderful to our home and we really? And yet many kids sitting there and I would like to know 10 years ago we went into full-time because of my well we had to stop full time ministry and what my house we had no air money. Your writing unit on not happening you can sit there and yet well first of all, I'm delighted to hear how you and your husband have serve the Lord so faithfully over so many years and obviously he's entrusted you with these resources and I think the first question is you have you prayed about it and I assume you have been asked the Lord for wisdom. You know you're right. If there is one thing that potentially could erode your assets in this season of life. It's probably long-term care and skin to be either skilled care nursing home or in-home care, something like that, which is very expensive and your past the age where it's gonna make sense for you to get a long-term care insurance policy so you got a joint couple choices. One, you can sit on those assets or you could put it to work in the form of an addition on the home where you get all of that back maybe not but you know if you needed the money down the road.

You certainly could sell the home and recoup at least a portion of it, if not the majority of what you put into it. So I think there's not a right or wrong answer there. I think perhaps one exercise would be to sit with a financial advisor who could really help you estimate based on the average length of stay, you know, most people need that type of care for 18 months to three years and depending upon whether you can do that in the home or you're looking for assisted living or nursing home.

They can give you an idea of what that's going to cost so at least you have all the information that you could compare against the value of your stock and bond portfolio now and if you were to take 1/3.

Out of that, of course, again, even if you decide to put that addition on you can always sell the home at the end of the day. We just need to trust the Lord make the best decisions we can and try to be a wise and faithful steward of what he's given us. It sounds like you've done just that.

So I don't have any problem with you doing this but perhaps you visit with an advisor there in Akron you go to our website moneywise live.org just click on find a CK and I perhaps think about spending some time with one or more of those individuals. Nancy nice to hear from you and we hope that information helps you got bless you. Thanks so much mandal line Illinois Ellie we have a little sliver of time here quickly. Can you give us your question will the 401(k) two years from retirement and we are wondering what that low side to move the money into yeah are you going to be living off of this money in a couple years when he retires or will this money continue to grow because you got other income sources to fund your monthly expenses so you will start to draw an income from this as soon as he retires a little while there yeah well if you look at the target date funds. Ellie couple years from retirement. The vast majority is going to be in the bond category fixed income options with maybe a small allocation to stocks. I would probably keep a small allocation to stocks you know it. At 65 years old, you know, we would typically look at somewhere between 35 and 45% in stocks depending upon your risk level because that remember this money has to last you if the Lord tarries and you have good health, potentially for decades even once you retire and so that gives you kind of a growth component even maybe just 1/3 of the portfolio, but the majority of the portfolio somewhere between 50 and 60% should be in bonds and fixed income generating the income that's more steady, less volatile and will churn out the income that you need to supplement your retirement. So that's what I would be looking for and don't hesitate to get some counsel on this from a certified kingdom advisor in your area that bless you Ellie thank you very much and we hope that information helps you and your husband got bless you and with that we have to pull the plug on it because that's what that music means in the background you you been listening to moneywise live moneywise live is a partnership between Moody radio and moneywise media thanks to Amy Erin, Dan and Jim for their production help join us again