The Experts on Wasting Money

Humorist Will Rogers often wrote about wasting money once and too many people spend money to buy things they don't want to impress people they don't like the course that one-liner would be even funnier if it weren't so true today financial planner and teacher Rob West talks about that and other ways that we spend money literature calls and questions at 800-525-7000 800-525-7000, I'm rich Rosalyn for Steve Moore today and what the experts say about wasting money will talk about that next year moneywise live well Rob, it's nice to be with you on the side of the microphone again worries is off today were pretty sure he's not out wasting money, but the jury still out as we yeah well again. The jury still out on that when II didn't think of another piece of financial humor, though, and in looking at this program and that is you don't need an expert to waste money, but it sure helps and that is a good one, but to be fair, it's just sometimes the experts do get it right.

Like child trust you on that one. But II guess for fairness.

Who are these so-called experts and why should we listen to them and this stems from a recent article in the Wall Street Journal, the paper or paper noted for expert coverage of all things financial.

The Journal recently polled the group of personal finance experts, authors, and even a Nobel prize-winning economist about the things people waste money on in their view and since we started out talking about impressing others. One of the biggest money wasters is something they call compensatory purchase… That's a fancy name for keeping up with the Joneses and it's anything. Frankly, you spend money on to make other people think you're successful, but in reality you're doing it because you don't feel successful compensatory purchases would include luxury goods, high-end clothing with perhaps visible logos not pointing any fingers to indicate that you have money and status, but the experts point out that these can include small ticket items to like designer coffee while I am going to argue with you there. I would say the coffee is not compensatory. I think that's where gets it. Its life support. But I digress you okay what else of you going back to big ticket items and this is one of the biggest buying too much house. One of the experts explained that people's thinking hasn't caught up with technology that enables us to live comfortably with less space. Okay, I I've heard about that, but how how is it the case.

How does that work well take big elaborate kitchens. For example, readily available prepared foods have made them somewhat obsolete. But what the experts didn't say is that prepackaged food items can also be a money wasters, but you know another example rich as they rarely used room an extra bedroom that sits empty most of the time or the workshop in the basement gathering dust or perhaps even the space for bookshelves when we have e-books that take upat all the joy of curling up with a good candle and that's Not really the same.

Okay what's next well for what expert a big money wasters buying a new car lease for many people, and especially if you're just trying to impress someone.

You'll have to work 2 to 3 months just to make the payments and insurance. A better option for many people is a dependable late-model vehicle with low mileage but we always point out that buying a new car spine. If you can afford it and plan to keep it for many years.

It's especially fine if you can buy with cash as you say if no one bought new cars but we wouldn't have any cars at all. Eventually that is true. We also would not have that the famous new-car smell that we so love that is true. But did you know you can actually buy that sent in a bottle now and make up.

I don't know 94 Jeep renegade smell just like new. I did not know that I should order some. Oh that would be a money wasters for next money ways. There is a touchy one for many parents, though it spending money on adult children for things things they should be paying for themselves like you keeping them on your car insurance or even a mobile phone plan also mentioned Rich was over scheduling younger children with too many expensive activities. I've been caught up in this in the past myself.

Better to have the kids focus on one or maybe two things they really enjoy because of the cost of extracurricular activities just continues to be on the rise. I can't tell you how many families we know that have kids with the private coaches. In addition to all the travel leagues it adds up fast yeah and that is great advice. Especially again for for larger families.

I got five kids. I think you got for so okay we got just a little bit of time, maybe one or two more things he experts think her money wasters.

Yeah, gym memberships there described as quote the failure to recognize future laziness. There's also unplanned trip to the grocery store you going to buy one item and end up spending $100 and then prepackaged sugary snack should be on there is there, you haven't some expert things that they say wasting money on. We got some free for you and that's financial advice give us a call next money and life run on the same track.

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More information short via webinar on profit and peace of mind, no matter what's happening in market is available at sound mind investing.yellow survey parents with children under the age of 12 he found 95% lean that sounds good at first, until you stop and think about why hasn't had a bigger impact on our culture just to believe something isn't the final step. It's the first and if you believe a fire extinguisher put out a fire doesn't do any good to stand there while the fire burns. You need to act on your belief put out the fire so do you believe in the God of the Bible act on your belief.

God has a plan and it's written down in the Bible so you can read God's son, Jesus Christ, is the plan. He came to earth and made a way for you to act under belief.

Jesus is the way the truth and the life.

And if that is robbing you of freedom and peace of mind. Christian credit counselors can help where a nationwide nonprofit counseling organization has helped over 3000 individuals in the last 27 years get out of credit card debt 80% faster while honoring that that info to learn how Christian credit counselors can help you visit Christian credit counselors.org Christian credit counselors.org or call 800-5571 985-2345 tells us to not wear yourself out to get rich not trust her own cleverness asked but a glance at Rich's and they are gone, for they will surely sprout wings and while this guy like an eagle, and Rob you and I were talking about some of the purchases that we make. I think quite often we are guilty of getting our priorities all out of order and of course our goal here moneywise I have is to help you be a good steward of the resources that God so freely provides and at the same time follow Paul's advice to to live in contentment. Whether you have a lot or a little but that's what were trying to do and and by the way, we were talking about what was your word compensatory purchases or keeping up with the Joneses. Our Facebook question of the day today. Ask has the temptation to keep up with the Joneses ever caused you to waste money on something you later regretted buying and Lauren responded. She said not yet and I don't think most of us considered not yet I must savor it's hard to tempt me into buying. I think we could all stand to have a little Lauren with us. That's exactly right. The phone number and I love the comment on what you just said a moment ago we culture from you today Rich Rosalyn for Steve Moore but where here taking your questions. 800-525-7000 800-525-7000. We do have some lines open and perhaps one just for you and Richie were talking about that tension between contentment and enjoying God's provision. And therein lies one of the opportunities we have to be really in conversation with the Lord to say Lord what lifestyle you called me to how much is enough.

How do I enjoy what you've entrusted to me and yet live with contentment and I think it's all about the heart attitude and when we recognize that money the way we allocate God's resources is one of the clearest indicators into what we value and what's important to us. Perhaps it's a way to evaluate our spending in light of that and say Lord have I gotten this out of the way it should be and perhaps I need to reign in my spending. Or perhaps I need to loosen up. Maybe I can be more generous.

Whatever it might be that's the question you need to answer between you and the Lord. We can't tell you how to answer that, but we do know that God has a lot to say in his word and that's what we have the privilege of exploring each day. On this program. That's true once again. 800-525-7000 is our number Rob I'm also reminded and that of our good friend Howard Dayton of the former host of this program.

Howard always talks about how we pass on these ideas to our kids to and he talks about being an MVP parent and and part of that is the first part is modeling so you know not only do we have to have these conversations between herself and God.

But we also then in turn need to live out whatever that conversation reveals to us in front of our kids so that they can learn some good lessons to what exactly right Richard, as you well know modeling is one of the most important ways we can pass on the practices of a faithful steward. You know it's not about when your kids ass or something. Say no we can't afford that and moving on to take the time to say you know what resources are limited, and so we live on a spending plan. We have a budget. Let me talk to you about what that is and we have to take God's money and allocated among food in our housing and by the way we want to buy you new shoes every now and then we only have so much to go around.

And that means that we have to be careful as to how we allocate God's money will your teaching this whole principle of limited resources. Delayed gratification and living according to a plan. What takes a little more time but you're passing on an invaluable lesson. Oh, and that is great that is great by the way, we get Nancy on the line calling from Westmont, Illinois, and that she actually I believe has a response to our question for the day.

Nancy Walker moneywise. I what's on your mind today during pressure you while you think we've all found ourselves in that position Nancy where you get caught up in the moment, whether that's in person, or even online.

You know, we see more and more often people just browsing the Internet, perhaps out of boredom. Maybe it's late at night, you can't sleep and you know buying things that the next day you're like why did I do that we can all be victim to that. So I think we just have to always be asking ourselves is this the right thing for me and perhaps exercising some delayed gratification is so you know I'm in a wait a week or for a large purchase. Even 30 days and see if I still want this or needed at the end of that.

It can go a long way and by the way I Nancy are talking about the pressure. My guess is that you know in reality, the pressure was more self-imposed was the guilt you felt because of how much time the you know the sales consultant had had sent with you and that's that. Something that were often guilty of because were were nice. We don't want to know abuse. The fact that somebody's been all this time of this but you know that's their job. So I'm glad that you got out of it that's that's important. I believe we got time to maybe squeeze in one another called her before the break, David is calling from Akron Ohio. David hi welcome moneywise. I how can we help and about 70,000 a year) preparer recommended to take that amount heart of my deferred IRA every year and roll it into a raw because it's all a writer and that way I would get a mental low tax bracket so I might as well I'm never going to get any lower than I am now so that sunlight yeah so I guess the only thing I'm confused about is perhaps the use using the raw fear you are allowed a distribution from an IRA to pay for unreimbursed medical expenses that exceed 7 1/2% of your adjusted gross income and so that's probably what's perhaps what he's talking about there it is going to be taxable though. But as you said, with low income. You know it's probably as long as you account for it.

You're not surprised by the taxes that will be due. If you don't have means to take care of this out of other assets, I would make the IRA somewhat of a last resort, but that's why this money is there to be able to use in situations like this. I guess the question would just be why go ahead and move that over to the Roth why not just pull that out as you need it and pay for those expenses and putting it in the Roth is really just can accelerate the payment of those taxes as opposed to leaving it in the traditional IRA for as long as you can, but I would go back just try to understand a little bit more about what he is recommending there related to moving it to the Roth first as opposed to the straight withdrawal but the bottom line is, obviously, these are necessary expenses and it was just asked the Lord to provide in the situation and will ask for him to intervene medically as well in your wife's life. If you have other questions, don't hesitate to reach out David, but I would just as for a bit more information before you proceed. We appreciate your call and I thank you so much for listening to the program and for trusting us with your question. It's always nice to hear and if you'd like to be on the program were to take a quick break here but will be back in a moment, and where open for your calls at 800-525-7000 800-525-7000 a reminder. You can also email us questions at moneywise.questions@moneywise.org and I will be back with just my son Rich Ross conjures 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 Elmer 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.

I.org to match the time from trade produced by trade come from trade trade on trade and trade is going to be in balance.something else I think is a safeguard the whole counsel of God's glory instead of one doctoring theme people make an entire calling warfare will get you into trouble will continue to perceive the whole counsel of God to be with you like that in the name of Christ. 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.

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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.org moneywise radio I'm traveling for Steve Moore today by our own X were talking about expert advice of the program are an expert.

Rob West is here to pontificate. I guess this is what you will do what experts do right they pontificate. I guess sure their arms broadly as they like dad used to say about expert CC would whenever he heard that term.

He would say, you know, Rob, and exes that has been in the spurt as a drip under pressure. Not sure totally what he meant by that, other than maybe take it with a grain of salt. Your humble man.

We appreciate and we appreciate hearing from you. Our phone lines are open at 800-525-7000 words I mentioned earlier if you'd like to shoot us an email. The addresses questions@moneywise.org and back to our phones are going to head to Fort Lauderdale, Florida.

Welcome to the program. I understand you have a question about secured credit cards to my credit I was told that the secured credit card bill will one were available that over a period of time. Once you proven your credit will that could be I get more into an unsecured card that's right, but also I called Mike back to see about their secured credit card and they told me that in order for it to build your credit, you had to carry a balance over from month to month. Yeah, I wouldn't want to get into a car that required you to carry a balance that's obviously in their best interest, because then you're paying interest on it. That's not in your best interest. There are plenty of them out there, let me just to find a couple of terms for the benefit of our audience dog. Basically when we talk about a secured credit card. This just means that the amount you're charging is secured by an amount on deposit with that particular institution so that you let say make a $300 deposit.

They then in turn give you a credit card with a $300 limit. As you charge up to the $300 limit, then you have the opportunity to pay that back at which point it becomes available to you again.

But if it any point you don't pay it back. Obviously they have the collateral on deposit that they can recapture to pay the balance. These are often for folks that have a lack of credit.

Maybe they're just getting started out or their rebuilding their credit. Maybe they've had a bankruptcy or for payment history something that's preventing them from getting an unsecured card which basically means they're extending credit to you. There's no amount on deposit and they're going to just trust that you're going to pay it back if you don't bill hit you with late fees and potentially over limit fees, and eventually it will go to collections and it could result in a judgment if you didn't pay it back. Now you asked about a secured card that becomes unsecured and that absolutely is the case, a secured card can graduate if you will do an unsecured card where your credit line no longer needs to be secured with collateral you often we get to keep Doug the same physical credit card or you may be converted over to another one. Either way you can keep the good credit history you've earned with your secured card because that's been reported to your credit report.

Along the way. In the same way that unsecured card would be as well. There's a number of them out there are no Discover and Citi and BankAmerica First National and many others offer these types of card you want to inquire about that which ones can be migrated over and I would be sure, as opposed what you learned from your bank.

It's one that does not require you to carry a balance month-to-month that I'd prefer it not have a monthly fee as well.

Bank rate.com is a great place to go to explore credit card offers. Also, credit cards.com or nerd wallet.com all could work in your favor as you learn more about these, but you're on the right track sir. Just make sure no matter what kind of card it is. You paid off in full every month and if you don't, or you don't use it for budgeted items I'd cut it up and move on. And by the way, Doug and and Rob. I've talked to some bank employees that say the same thing that Doug's banker was saying about how you have to carry credit line. I don't know that that's necessarily the bank's official policy and everything that we've looked at from FICA when the other credit scoring agencies as indicated. No you don't, you can use the card and pay it off, but you don't have to carry a bank balance of that may have been some misinformation.

I hope you will and in fact with a secured card. Typically, the institution will not allow you to carry a balance, so I would definitely look further into that right. Anyway Doug, thank you very much for your call. We we certainly appreciate that a quick email for your Rob if we can mark rights and says my wife and I have four children. We been overly blessed financially and have a generous retirement account were considering opening a charitable foundation or trust what you think. And is that overly complicated, yeah Mark. I love this question because obviously if you been blessed with more than you need.

I think a natural question is how can we get this into circulation into God's economy and that's perhaps the reason you've been overly blessed to use your term. I wouldn't start with a charitable foundation. They are expensive to set up and maintain they are fairly complicated. I would start with something called the donor advised fund.

It can act in a very similar way, where you would make contributions either in cash or assets think a real estate investment shares could even be a business or a portion of the business that goes into the donor advised fund that you received the deduction at the time, very simple to maintain notes, almost like a charitable checking account if you will. And then you or your kids at your discretion can grant the funds out to nonprofits, charities, ministries your church and and it's very simple to maintain our friends at the National Christian foundation would be delighted to explain the differences between the two. Just contact them in the CF giving.com and they got 30 local offices.

In addition to their national office.

Once again it's an CF giving.com that's the National Christian foundation moneywise euros Rob Westheimer to Roslyn for Steve Moore back with more calls right after this investing is more than just return. It's an expression of who you are and what you value is the way you invest your money reflect your identity as a Christian, and even tightly design investments for performance and a better world so you can invest with the confidence to reach your financial goals while remaining true to your Christian values and commitments. We call this investing that makes the world rejoice more is available@investeventime.com investing eventide.com Christian healthcare ministries enables believers to show love for one another by sharing each other's health costs through CHN's voluntary health cost-sharing programs members uplift each other spiritually and financially. CHN is an eligible option under the affordable care act and a Better Business Bureau accredited charity interested. Learn more by calling 800-791-6225 or online at CH ministries.more time my name is Ryan, a communications major at the Moody Bible Institute Moody radio verse of the week is found in second Chronicles 714 if my people who are called by my name will humble themselves and pray and seek my face and turn from their wicked ways, then I will hear from heaven and I will forgive their sin and heal them that a second Chronicles 714, the Moody radio verse of the you probably don't often consider your interactions with others is an invitation to adventure with God I'm true to coast of Moody publishers reading for change podcast in their new book sent Heather Holloman and her husband share how you can live out your true identity being sent to share Jesus with others. Learn practical strategies to teach those in your community conversations. It can lead to gospel transformation growing missing with Christ and with others by reading sent now available@moodypublishers.com 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. I will send John Scott protesters in Portland and Belize have clashed near City Hall. The protesters blocking traffic early Wednesday morning after they started demonstrating Tuesday night we set a move-in to disperse the protesters after they refused to do so on their own. There were 11 arrests Marriott international plans to lay off 17% of its corporate workforce layoffs come next month as they coronavirus continues to take a heavy toll on the hotel industry. The company has confirmed it will lay off 673 workers late next month Wall Street stepping back from its recent tumblers.

The bloodletting for big technology stocks came to at least eight temporary halt, but out-of-date. Gained 439 points. The NASDAQ was up 293 in the S&P I had 67. This is SRN use listing the moneywise live as we often say our purpose here is to help you best manager of all the many blessings God has given you in our particular case where focusing primarily on finances, but probably got a call today from Don in Muncie, Indiana, and I believe Don is talking about an even broader stewardship questions having to do this church.

Don, welcome to the program. What's on your mind my call.

I have been going to the little country church for about 15 years now and basically I am now the trader maintenance everything because everybody has died quick, me, and lady that is about 95 years old. We lost one member last week and so now we've got a nice little building our forefathers put back the money so were not scrapped.

But what should we do were standalone church and what what should I start getting in line for when we all go yeah. Well done. Obviously this is an interesting season were in with the pandemic and I suspect well let me ask, are you all streaming online, do you have some online viewers or is this, are you not able to do that yet. After online. He had anywhere from old 3040 up hundred and 20 or so viewers. None of them come none of them spend any money that were basically dipping into the tail every week yeah yeah okay and you know it. These folks that are watching online that previously had attended in person and perhaps for health reasons. They just elected to remain online or do you think you're reaching an entirely different audience or do you know well and I would maybe want her to basically know we we don't know who they are a couple I may be that moved out of the area but there were not getting any financial help.

Okay shirts talk to what the pastor saying obviously is the under shepherd of the church. Where does he feel like you will need to go from here. Well I am doing Sunday about well I don't know what were going to do and he said well 501 the year. Whatever it is and I got the inkling he wants everything turned over to him.

Not sure exactly. I think I know what 501(c) covers, but I'm not really that here and that I just need to get all legal down so that you know we yeah that's the key. And obviously this church is. I would imagine is a 501(c)(3) end and of itself. And so you have a responsibility to maintain the integrity of the organization.

Even if you get to the place where you say we need to for Princeton sell the physical property, you would need to do it in a way that make sure you receive the true market value of this particular piece of property. The parcel and the church itself, even if there is somebody an interested party, the pastor or somebody else that wants to buy it you would not be able to be sold in good faith is a nonprofit at a discount.

For instance, so I think yeah you're right in that you're wanting to get the affairs in order. I think first of all, step one in my view is pray you, as the remaining parishioners, church members stood just as the Lord give you some wisdom here make it really clear. Soon the pastors doing the same thing. I think number two I have him express the vision of the church where he believes the Lord is leading in the days ahead. And if you got 5220 people online watching. Hopefully there in the local area. Perhaps just not visiting in person because of the pandemic.make sure they're aware of the needs of the church and where he feels like the church is going and who knows how the Lord might lead them to respond with some financial gifts if they are aware of the true financial position of the church, but at the end of the day the if the Lord doesn't provide them US. The treasurer and a responsible party here at the church need to do what's in the best interest and that money is eventually going to run out so I think at that point, you would need to not only get the affairs in order make sure that you understand the bylaws and have an attorney that cannot oversee this but also understand by getting an objective evaluation on the property so that you know from a professional who's a third-party arm's-length in this transaction. What is this piece of property worth including the building and no matter who the buyer is whether it's an interested party, the pastor or somebody that just comes, you know another church down the street or or some other party that it's being sold for the right amount of money so that nobody is is getting this at a discount. So I think those are really the steps here.

I'd love to hear more along the way, how's this how this turns out. It will certainly ask our community moneywise listeners to be praying for you as you navigate this time. Thanks so much for that question Nanette: Rob, it's always nice when a building that belong to a church is to be sold for to be able to pass on to other ministry. So we will certainly pray that that the church will continue on in its legacy of observing honoring the Lord. I think we got time for one more call Arley in Spokane Washington you're next on moneywise live. How can we help you get started first grade education. The 12th grade how to accomplish that something that he neither can have for his Christian education.

I have that I can copy here for the next 12 years is very good. Arley well I think is a couple of considerations. Your number one is what's the right type of account to give him access to.

Have you considered what the total amount is you would like to make available to your grandson for the purposes of education dollars that every year after. I think the third grade I know exactly how much I'll need. What is your intent to cover 100% of that between now and 12th grade. Okay well I think you could inquire from the school what the various or your son or daughter could what the various annual tuition prices are between now and 12th grade and then total that obviously there might be a little bit of inflation along the way were the prices increase, but you would get close and then you're going to determine, based on that. What the number is were talking about here. You know for talking about the next six years that an average of $7500 well, you'd be talking about $45,000.

Whatever it is that's the amount that you want to be setting aside one option is something called a Coverdell education savings account. It's think of it like an IRA specifically for qualified educational expenses. Coverdell can be used for K to 12 expenses tax-free, which means you could look at transferring whatever this sum is from your account to the Coverdell and make your grandson the beneficiary of that and that way the money could be invested.

It could continue to grow and then as it's needed, you could pull it out specifically for the benefit of his education do that, tax-free. And then you could set up for the distribution of these assets at your death to go to him or your child his mom or dad to be able to use it for that purpose of that time. So I check with your financial advisor if you don't have one, you could connect with a certified kingdom advisor and ask about a Coverdell education savings still time for your calls on moneywise live 800-525-7000 back after this you like your life to be infused with joy. Would you like to interject an internal dimension into even the most ordinary day. Mother, Randy Alcorn says you can when you discover the treasure principle and a concise powerpack style is newly revised and updated book offers a six step plan. Finding the pleasure and eternal rewards of the treasure principle what you discover.

Life will never look the same treasure principle is available when you click the start button moneywise live.hi, I'm here to help you understand how urgent it is a sugar for every opportunity to the eyes of a layman. If you haven't followed Bible prophecy now is a good time to start because what's happening today with the prophets, all coming thousands of years ago like mirror images in time is supposed to happen to someone else's life. But here we are experts exactly what the prophets told powerful people are calling for a global reset.

The New World order which sounds like a one world government led by the antichrist and the penny requiring every person the plan to move from our mass to the tattoo of a covert vaccine before we can buy or sell. Sounds like a precursor to the antichrist Mark of the beast comparing current events. The Bible prophecy guaranteed balance in your step and urgency to reach her unsaved friend externally. There is nothing more exciting than knowing God is using you to move people closer to join his night America.com. This becomes the question that we all have in this whole coronavirus thingies. How will it impact me how many done it from Christianity works.com obviously he's going to cause some serious suffering already.

Many have died. Many of the state jobs will be businesses. And let's be honest, these 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. Crying out loud, if that. You cannot me to come out onto the water. Jesus is me, 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. Here's a great deal more about our money than most of us imagine Jesus says more about our use of money and possessions and about anything else, including both heaven and hell and managing God's money, author Randy Alcorn 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. I.org. This is moneywise the rich Rosalind for Steve Moore today.

Steve probably out enjoying that, Rob talk so harshly about that earlier spending his money frivolous that is a designer coffee is not just a coffee guy myself, but I tend to brew it at home.

I do as well that I I'm I'm sorry for saying mean things about Mr. Moran is spending we do know that he likes a good cup of coffee and frankly he's just off today.

We don't know if he spending his time in coffee shops or not limit of our phone number. Once again we do have a couple of open lines 1-800-525-7000 and time permitting, we get some emails that will try to get to as well. But back to the phones Winston is calling us from Florida, and Winston.

How can we be of help to you for your program and I thought I would call in and give you my little feedback. You may call it that, in regard to managing money. I think it had to be done in the process of training the children not to be thought to very good work ethic and also dad to be taught how to manage your money because they have gotten a salary and I remember the boys growing up my dad was a bit and we never got pocket money. Unless we went to the militants on the weekend and pick up the loose nails pick up the loose boards for them in order and then on Friday evening we would get what is called a pocket money I member my son came to me one out one morning anything that I need a new.

Thinkers and that's that's fine. The problem will go down to the mall and it appears Nick is so we got down there to set them on. He picked out a snake and that was over $100 was well known that I don't care more than $400 for. Snake is appointed, but as we made our journey back home. I drove by some homes that I knew that day long always go a little bit over so I said to Donald what did you think if you ring the bell. You know that maybe that would allow you to let me know what your high school and you know you're trying to make some extra money, you know, you think you could do that. Not very exciting course so went home I got a nonlaw.

He pushed her down and window you on that same evening, he earned enough money to buy in top of the fund out of them by that. Snake is remind you always remind me of that now is 52 years old and he always remind me of the work ethics that I've been building them out. Three son, and the value and when they used to get their money and I told him don't touch it to the roundtable and we got to show you what to do. It. And I would say okay this is what you want to give to the Lord and they would say okay and I said no you give a little bit more than that and then is it anything that you need and he would say yes. That's okay when you think that it would take that out anything out. I didn't know us okay.

Monday morning we going out to the bank and even open a savings account and that has been the process that today left my home love you have taught some valuable lessons here Surya taunts the value of hard work you taught the lesson of delayed gratification. You taught the lesson of giving generously starting with your local church and you talked about having a plan and that one scenario you taught some edible lessons that I'm confident state with your son throughout the rest of his life. I appreciate you sharing that today would great story that's awesome Winston, thanks so much for calling it being a part of moneywise.

That is the type of message. We all need to be passing on directorates. Let's even get another: Linda is calling from Shalonda Washington and Linda. We are glad to have you with us today. What's on your mind.

Call Dell home and I currently have one pending after morning walk hundred and $50,000.

I had property plaque and it was purchased like crazy thousand and eight game out of the line of credit okay and I'm wondering if I can take hundred thousand dollars refinance the house. Traditional mortgage and the like will be able to buy myself a little clack fee. When can we have winter here where I live and I like to go somewhere on Sunday. Yeah, let me make sure I understand fully. So interest in the pending sale with the proceeds of about 150,000 was that your primary residence that you will be vacating okay so you don't worry about any capital gains there. Now this duplex. The second property you have a line of credit on it what you think it's worth all in both sides between 400 and what it what you owe on it. What's the outstanding balance on the line of credit right now okay and then how much are you looking to spend when you relocate to some warmer weather while trying to figure out okay. All right. Are you generating investment or rental income on the duplex I okay enough to service the mortgage and cover maintenance and upkeep. Okay. Great.

Well, I like the idea you Linda of you being completely debt-free in your primary residence and really treating the the duplex as an investment or rental property, which of course it is. And looking at that as a business and so I think you know as long as you are servicing the debt you've got enough for coming in that you're able to build up some reserves to take care of the maintenance and upkeep of the property renovations over time course. Pray that pay the taxes and insurance. Keep it marketed and rented.

I would let that be yeah refinancing that to a new first mortgage where you got good equity you've got probably 50% loan to value and converting that to a low fixed rate mortgage. I think makes a lot of sense in this very low interest rate environment and then taking that 150 and putting that into this next property to make sure that your primary residence is always owned free and clear to the best of your ability makes a lot of sense to me so that be the direction I would head as you make these changes does it make sense absolutely will. All the best to you, very exciting time. Send as you head into winter.

I suspect you will be excited to get to some warmer weather because we know the gold is right around the corner. Okay Linda, thanks for calling. Appreciate having you on the program today.

Hope you have a good rest of your day and will will something here and move on.

Sorry 800-525-7000 is the number if you'd like to write that down are about out of time on this program but we do have time for one more call. Terry is in Chicago. Terry, welcome to moneywise would be of help.

Okay okay sorry my mistake. I'm just tired all I owe. I dollars on the going value in the neighborhood and anywhere from 983 to 210,008 like property surrounding out so far have hundred 34 approximately in my quote cabinet and I have about 40,000, and Matt for wine and for the compromise and live off of my line and forward three supplementing accept the security Manning that's coming so I don't know if I should call my credit card and go from there. Or if I should be doing this continued pain that marketed that anything at that get it all. We service students that you modeled inside the proceeds that benefit I like the direction you're headed Terry so you are looking to sell eventually but you do feel like you need to do some renovations.

First is that right yes okay. Have you talked to a realtor about the renovations you're doing because anytime we know that were going to sell it changes the way we will improve or renovate a property you know if it's something that's our primary residence.

We plan to stay in it for a while, we wouldn't always necessarily do the improvements that are going to receive the most value in return because it's where we live, we might want to enjoy certain things and so we make decisions to spend money that we have budgeted and allocated for those purposes, but to the extent you're planning to sell in the near future.

You would only want to do those things that would allow you to maximize the value of the property so that's number one is I would get with a real estate professional who specializes in your area of town and if you don't know who that is. Just drive around when you can look to see who has the most signs in the front yard. Perhaps interview that individual and ask their opinion. Perhaps interview a couple of people on what you should actually do in the way of renovations. Before you do it. I wouldn't pull money out of your IRA for paying down the mortgage. Right now I would just continue on the track that you're on, but I would try to move toward selling this just as quick as you can since you were doing that anyway. And then if you decide to rent to move in with family.

Obviously you would have the proceeds after the mortgage is paid plus your retirement assets plus your Social Security to help you put a budget together moving forward that's going to allow you to maximize what God has given you, and make it last as long as you can. We just are. One other idea how Terry be sure to connect with her moneywise coaches they be happy to help you navigate this and not by the way our new moneywise app is out and that would help you to manage God's money. Well, I putting in your spending plan and using our envelope system.

Just go to your app store. If you use a smart phone and download the new moneywise app but hopefully that's helpful to Terry, thanks so much for your call today and Rob, thank you, sir. It's been a joy to be with you, and I learned far more than I ever think I will. Every time we do this so thanks for let you part of the program you're very kind, rich, always great to be with you as well.

Appreciate you sitting and the good news is Steve Moore will be back tomorrow.

We know our goal here moneywise live to equip you to manage whatever God entrusted you in a way that's can honor him knowing that he will provide moneywise live as a partnership between Moody radio and moneywise me.

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