5 Divisions of Income

Hey you know where your animals are not going to the Bible soon as you should know will hurt no sheep or cattle about your what the Bible is getting out is to be a wise and responsible manager of your possession here with some thoughts on how to do that is by the president and our very own animal Wrangler just a few minutes will be taking your comments and questions at 800-525-7000 800-525-7000 five Rich Rosalind for the vacationing Steve Moore and its use moneywise live or buying all these different agricultural references are meant to show us how best to manage her money, but I'm guessing they may have made a little more since back in ancient Israel. When the culture and the economy works primarily agrarian or farming related right exactly rich and of the Bible were being written today.

I'm sure the Lord would give us direction in a way that's relevant to our culture may be referring to bank accounts and credit cards perhaps retirement plans or even the stock market, but let's look at five areas of spending today that are just as critical to us now as they were 2000 years ago. Number one is that the first part of our income is to be given to God.

Proverbs 3 reads honor the Lord from your wealth and from the first of all your produce that unless you're a farmer today.

Your produce is probably your paycheck, but the principle of giving and tithing. The first part of our increase still holds today and of course in the Old Testament there were actually several different times for the Jews totaling more than 10% okay will.

God comes first.

So what is our next area of spending for the next. The Bible says is Uncle Sam I didn't say Jesus did in Matthew 22 he says plainly render unto Caesar the things that are Caesar's and to God the things that are gods and by the way, I think we should do this with the right spirit or attitude I don't pay more than I have to. But I also try not to do so grudgingly. I'm happy. God's given me enough to pay my taxes and I then pray that our elected leaders will use the money wisely. It might even help to think about paying your taxes is symptomatic of God's provision. You wouldn't have to be any tax. If you didn't have any provisions of their family with a thankful heart, and I think I've still got a better work to do on my attitude. I'm afraid anyway what what is our next division of yeah. Next, God tells us it's our family. Let's go to first Timothy five.

It reads if anyone does not provide for his own, and especially for those in his household is denied the faith and is worse than an unbeliever.

So here's where the admonition to know well the condition of your flocks and herds comes in providing for your family obviously includes food, clothing, housing, perhaps a savings account.

If you have a bit extra, and even preparations for your children's education if possible. Now there are a lot of fine points we could get into as to how to do that but husband-and-wife together. Of course, if you're married, as one flesh should have this as a priority with each using their spiritual gifts and talents and that's going to be different with each man and woman, but they should decide together without the his money, her money approach that often leads to even mistrust or even bad communication sure does so family is third then what is our fourth division of income. Let's pay your debts there many verses that encourage this. But here's what's on 37 says it's pretty plain of the wicked borrows and does not pay back with the righteous is gracious and gives. So paying your debts has to be a priority.

Not if you can afford it. Being in debt can affect your career, your marriage, your credit score. Even your emotional well-being or your witness for Christ that you know a lot of things can lead to dad and some of them may or may not be your fault so to speak, but the best into the best of your ability don't live on credit. I think we need to learn to say no exercise self-discipline as God what his plan is for our lives and save save save for big ticket items.

We don't just go with the flow buying cars and other things with loans if we can possibly avoid it, and always try to avoid getting swept up in the comparison trap right so I guess the bottom line there don't finance your flocks and herds. If you can possibly avoid it, got time in a brief time for one more major area of China Quonset. Well, this is another critical one of its creating a surplus. There are three reasons you have to do it first to meet the needs of others. Second Corinthians 8 to the apostle Paul writes at the present time your plenty will supply what they need so that in turn their plenty will supply what you need second to provide flexibility for emergencies. Proverbs six look to the and she prepares her food in the summer gathers her provision in the harvest and third for a surplus to invest and multiply your assets. Matthew 25, the parable of the talents teaches it's good and faithful as a steward to manage your money well to get a return with interest and there you have it, five divisions of income and how you should use back with more after this 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 money wise live, how to work if you're investing for retirement or any other goal you may be wondering if it's possible to enjoy both profit and peace of mind, no matter what's happening in the market. Sound mind investing is a short video webinar on that topic. Sound mind investing.org SMI has helped tens of thousands of Christians learn to be wise and faithful stewards in the area of investing profit and peace of mind matter what's happening in the market. Sound mind investing.org and on UNIX and Tana kid on the shores of the Chesapeake Bay. When I had to pluck those ill tempered critters out of the net. They were nasty on memory from my childhood, but it came to mind recently some 25 where it says my effort toward the Lord for he shall pluck out of the net smile. I can easily see myself as ill tempered crab, my sinful nature doesn't want God to touch me when I'm stuck in some sin when I get myself in trouble like being ensnared and so everyone is come to my rescue. God forgive me some friend you have gotten yourself into a do not let pride keep you from your feet that nasty net.

And if that is robbing you of freedom and peace of mind.

Christian credit counselors can help where 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 data and phone to learn how Christian credit counselors can help you visit Christian credit counselors.org Christian credit counselors.org or call 800-557-1985 money wise live on the radio I'm vacationing more today. Our host is always is Rob West and I neglected to get the phone number we hit the brakes to let me do that now 800-525-7000. Once again, 800-525-7000 course you can also connect with us by email. questions@moneywise.org or on Facebook or any of our other social media platforms will find us at money wise media and by the way our Facebook question of the day today is how do you determine where to spend your money, so if you'd like to get in on the conversation that way. That's another way to do it again moneywise media when you go on to Facebook Rob we do by the way have an email question. This was from Johnny says if I'm shopping for a mortgage with multiple lenders. My credit score be hurt if I allow multiple lenders to pull my credit record report as I'm shopping around because now you we really do it it's a great one. John short answer is no. There's a 14 day window there where if you're pulling or if credit reports are being pulled with your authorization for the same type of credit so your shopping a mortgage.

For instance, with multiple lenders in the same 14 day period, or that you're applying for a car loan with multiple lenders in the same 14 day. As always, it's for the same purpose. Those are to be treated as one. But the key is be ready to go when you start because you want to get those lined up with whoever you want to shop what does that 14 days will go quick and by the way John, this is a great idea. We talked yesterday in the broadcast about a recent study by the government, saying, 47% of those I get a mortgage.

Don't shop around. It's the largest transaction or purchase you will make. You might as well get a second or third or fourth opinion. We love bank rate.com as a way to check that out but hopefully that's good news.

And again, if you got a question that you'd like to ask by email. We get to those as we are able and again are email address is questions@moneywise.org to our phone line so again 800-525-7000 is the number and we got several lines open will start off in Allentown, Pennsylvania. Joe your first on moneywise live today.

How can we help a I.

So honestly I hear a lot more about crypto currency developing more more over the past 10 years or so, even to the point right is much larger companies getting involved on companies and things like that so I'm about 36 now and I'm wondering what role might play in my portfolio class or an investment.

The men maybe how that might impact my retirement in over the next 30 years of savings like what should we be paying attention to in terms of making wise decisions about the yeah was a great question Joe. And clearly these types of virtual or crypto currencies are here to stay in one of the challenges is which is also why they're being used in many cases is there unregulated. In traditional terms. So you buy a virtual coin and use it as a means of exchange and has no intrinsic value.

There are a number of them out there. You might be surprised to know that I'm aware of that, there's more than 1800 of them out there. Bitcoin would be the best known, but there's so many of them and I think in our digital instantaneous economy working to see more and more. You certainly Co. vid I think the pandemic has helped us take a leap forward. Whether you like it or not, toward a paperless the transaction and economy, just as out of health concerns. We transact business more and more online or even in person doing that using a smart phone or some other form of digital currency so I think this is here to stay and I were going to see more and more of it as an asset class in terms of including it in your portfolio. I would put it in the ultra high risk category just way too much volatility it grossly exceeds any other investment class and so I just don't like it. For that reason I would rather be with the more sure and steady approach Bible talks about steady plodding and I wouldn't put bitcoin or any of the other crypto currencies as an investment in that category. There are some challenges as well. I mentioned their unregulated.

We've also had reports that terror groups are using it coin and other crypto currencies, which fuels the volatility because people fear they could be outlawed, or in some cases eliminated.

They can be hacked. It actually happened in South Korea where users lost money and with no regulation. There was no way to get it back so I would just watch it. I think again you're going to see more and more of it and you're probably going to be a part of it.

As we move more heavily toward this cashless society but as an investment.

I would leave it out of the portfolio around Mona jumping with a question about this. Sorry for interrupting Joe, but it to me. Crypto count currency would be like quote investing in another currency and another form of money as opposed to investing in a company. So how is it that investing in something like crypto currency would even be a potential benefit for somebody well Rob yeah exactly well. Essentially what happens is you are buying in on most cases you're buying the currency of another country, and that you they rise and fall just based on the economic activities we might have a stronger dollar, weaker dollar, depending on what's going on in the same would be true in other parts of the world. Depending upon how their economy is performing, which makes them.

In some cases more speculative or not. And so people will use them like any other underlying asset, whether it's precious metals or publicly traded companies to buy and with the hope of appreciation and then the opportunity to move out.

The problem is when were buying some of these that we expect higher appreciation. The volatility and the risk goes up with it. We see a lot of people. For instance, buying into currencies in the Middle East, especially during the war that we saw in the earlier part of the last decade, so you know I think we just have to be careful. I think we leave that in my view, to the professional traders and that we should be a more sure and steady, less volatile approach of investing for the average person. So Joe for you as you have looked at crypto currencies have you found something that's particularly appealing to you that makes you want to get into this, or is it just because it's a hot topic and has been for a decade. It will make the ball.

The hot topic it, like you introduced earlier that day.

It is starting to get more attention. Is it working through you know going to regulation and becoming regulated in our people are speculating about what type of economy, market going to end up producing, if any, so it kind of in the stretcher had territory in my opinion right now could wrap my head around it. For the most part, but it does you did bring up Scripture one when it does kind of had a two-part question. There is no Indian.

I think use the phrase cashless. So I think in Revelation 13 it talks about there there being some kind of cashless society, reference, and even this week. I think there was a major investment obligation that that the front covers that life after cash in on 1/2 of a dollar in a museum casing and I just I just wondered you know there were times that I was going out that the barcode was seen as possibly being the mark of the beast or credit cards were going to be, you know, the cashless thing that is something we should concern us a look at the word like my take on it exactly like it designed to be another type of currencies is not really know this hearing.

In that sense then and in terms of buying and selling, but just wondering your thoughts on that, from a revelation of the relations, I think you mean obviously we need to be shrewd and wise in our dealings as we handle God's money and we need to keep our eyes wide open. We need to know what's going on but I don't really see any concern necessarily with the move that we have underway right now towards more of the cashless society.

I think it's a means of exchange. Whether it's a physical paper currency or not. Now there will be folks, it will get into how much is traceable and who knows what you have and therefore can exert some sort of control over that, and so forth.

But at the end of the day. I think we need to realize that what passes through our hands, is what we are responsible to manage his stewards and whether that's done in a virtual sense or in a physical sense.

I think the key is to be applying God's principles as we manage his money and you I wouldn't be overly concerned about the trends that were seeing unfolding right now, much of which is being accelerated by the current pandemic that we find ourselves in. Could that change down the road. Could there be new elements of this that come into play that we need to be on our guard against sure and I think that's why we always need to keep her eyes open. But it's a great question Joe. I think it's not going anywhere anytime soon but as for the portfolio. I'd leave it behind Joe. We appreciate your call today. Thanks so much grace and quite great questions force 1-800-525-7000 is our number again 800-525-7000 and Rob, as you just mentioned being wise with your money means giving up ownership of it. Remembering that God owns it all and all we have to do, put quotes around that his manager also means trusting that God will provide for our needs. This is money wise lively love to have you on our program again. 800-525-7000 will have more evidence do you know if you have enough money of house.

Do you know how much is enough.

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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 so glad to have you with us today on moneywise live with Roslyn for Steve Moore course firehose Rob West and we're taking your calls at 800-525-7000 and Rob. Let's go back to the phone lines Duke is calling us today from Indianapolis, Indiana hi Duke, what your question well to 401(k).

I retired years ago and I have a 401(k). I set up with the company I retired from and my wife recently lost her job. She had a 401(k) with her job and so we put two separate 401(k) accounts and should we combine no part 100 question mark she would be generally add money to either one or both of the great questions jokes you're not able to combine them. So those are individually held retirement accounts and they would need to stay that way each in your own name what you can do those roll them out to either a new 401(k). If you have a new retirement account with a new employer that allows you to transfer one in or, more commonly there rolled out to an IRA and individual retirement account, which again based on the first letter of IRA individual says it's gotta be in one individual's name. There is no joint IRA and so you would roll your 401(k) to an IRA in your name. She would do the same into an IRA with her name now where you can combine them as if you had multiple 401(k)s out there or an existing IRA again all in your name. Perhaps you had a couple of previous employers, were you just left them after you moved on those could all be consolidated into one IRA in your name but again not jointly help. I think it is advantageous never wanted just takes a little bit of the pressure off the bookkeeping and upkeep of them.

If you will. It's one less account that you just have to follow and stay on top of which you should be doing and so when we can combine them.

There's an added benefit there. There may be more advantaged pricing in terms of how it's managed. Often times, the higher the asset value, the less you will pay in fees depending on again how you choose to have that managed and then thirdly it's often easier from an investment standpoint to make sure that you have the right overall investment strategy and there's not unnecessary duplication or you're not taking on unnecessary risk, because you don't realize that these portfolios are being managed differently or your overly concentrated in one particular asset class and so when it's all in one place little easier to manage it. If you're doing it on your own, especially, and to ensure that you have the right investment mix based on your age, risk tolerance, goals and objectives so I would be looking to open those IRAs you need to decide where you want to do that and I to help you think through some of these considerations, Duke, I'd love to send you a copy of Austin Pryor's book of the soundbite investing handbook. I think it will give you a great overview of the investment world. Some of the things you need to know as you move forward and will do it all from a biblical perspective.

So if you hold on the line Deb bar producer today will get your information will get that right out Duke.

We appreciate your call very much and by the way, if anybody else is interested in getting a copy of the soundbite investing handbook you will find out on our website which is moneywise live.O RG that by the way, is where you can also listen to past programs and connect with one of our moneywise coaches which is a free service that we office that we offer. Should you need any help with getting your finances set up back to the phones to Phoenix, Illinois skews me.

I'm going the wrong place runner, Franklin, Tennessee first Terry glad to have you with us.

I understand you're considering buying a lake house and a boat.

I just want you to know I own a grill and Rob West has some skis. How can we help it says like a match made in heaven. Go ahead now. Yes yes ma'am will like you well.

I think you've got a look at that in light of your overall goals and objectives and the resources that God has entrusted to you, and we could talk just quickly around what is currently going on in your financial life.

I would ask whether you have an emergency fund. Whether you have any other debt. Apart from this mortgage, whether you're on track with your retirement.

We don't have a whole lot of time left before this next break but just give me a quick overview of that car you have an emergency savings and are you on track with okay so what I would do is just pray through this. Number one is I want to make sure however you are using God's money is in line with what you feel like your your values and priorities. Nothing wrong with a lake house if it fits in to how you feel like God is leading and making sure that you have your other financial priorities in place giving and saving those types of things and so if you feel like as husband and wife. This does align with where you're going and you can fit it into the budget. Certainly we don't like taking on additional debt.

If we don't have to, but I don't think there's anything wrong with that, given what I've heard today's and will be back with more moneywise live this 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 true to your Christian values and commitments. We call this investing makes the world rejoice more is available@investingeventide.com invest even to.com Christian healthcare ministries enables believers to meet their healthcare costs affordably, biblically and compassionately. It's not insurance but a voluntary cost-sharing ministry based on the biblical example of Christians sharing each other's needs and members are defined under the law for not having health Christian healthcare ministries might be your health cost solution call 800-791-6225 or visit CH ministries.org hi my name is William, a communications major Bible Institute radio verse of the week is found in Proverbs 10 45 Slack hand causes the hand of the diligent makes rich, he who gathers in summer is a prince, but he who sleeps in harvest is a son who brings that's Proverbs 10 425.

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Now there's even more to discover each month. Subscribe today to my movie radio.org my movie radio. Do you know if you have enough enough money of 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.

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Find it all in master your money by Ron blue available when you click the start button moneywise live to work a Kentucky grand jury has brought no charges against local police for the killing of Breanna Taylor during a drug raid gone wrong prosecutor say that two officers who fired their weapons were justified in using force to protect themselves instead officer Brett Hankinson was charged with three counts of wanton endangerment firing into the apartments of Taylor's neighbors, federal investigators looking into whether a huge wall partner Los Angeles was sparked by Southern California Edison utility equipment, Senate Republicans moving ahead with plans to confirm president prospect to fill the seat of Justice Ruth Bader Ginsburg on the Supreme Court president set to announce his nominee on Saturday.

Stocks closing sharply lower the down drop 525 points. The NASDAQ was off 330 and the S&P 500 fell 78 this is SRN use joining us today listing to moneywise live the radio I'm trouncing their homes from West. Ecclesiastes 510 says whoever loves money never has enough whoever loves wealth is never satisfied with their income. This too is meaningless.

And that's one of the reasons that we want to remind ourselves and remind you that God is the owner of it all. It's not ours. So our job is to be the proper manager of it and to become moneywise from a scriptural standpoint, Rob right before the break we were talking about talking to Terry rather called and she and her husband were trying to decide about whether they should buy a lake house in a boat and I apologize. We didn't have a lot of time for that before the break. Did you have some some final thoughts on that what you know this is where the rubber meets the road and where we all as stewards of God's money have to make a decision for ourselves as to what lifestyles we want to live, how much is enough and that doesn't mean we automatically just need to eliminate everything that would fit into the want category. I think we need to pray through it. I think as husband and wife. If you're married, you need to talk through your values. What's important to you. Where is God leading clearly in the book of first Timothy, we see the part of the role of God's money is that we should enjoy it right sort of providing were to live with contentment, but were also to enjoy what God has given us so in the context of a well thought out plan were giving first in an unencumbered and able to respond to the leading of the Lord and the Holy Spirit to meet the needs around us, and perhaps even to lean into our passions from a giving standpoint and were able to save for the needs of our family now and in the future and were able to note provide for the expenses that are the that the needed things transportation and housing and putting food on the table. Then if we have a surplus. The question is Lord, what would you have me to do and does that mean it's automatically eliminated the idea that we would buy a boat or a second home. That's for each person to decide prayerfully and I wouldn't say that it is an automatic no. Again, I think we need to think through how are we using it and is it something that's becoming you know is it is it taking the place of the Lord in terms of the object of my affection is it for a status symbol, or is it just purely for enjoyment and I feel like that God has allowed me to go in that direction. I think that's what we have to wrestle through we got to spend the time to pray through it.

Talk through it and don't really think about how much is enough for each of us and that's part of the journey of the Christian steward.

I think as we manage God's money.

I I know for a lot of people. Whether it's a new car or new boat or or whatever the thing is there there looking at it for me anyway.

A lot of times things are little shinier and sparkly, or to my eyes than they are in real life, and I may be wanting to buy the latest whatever and I'm thinking that's gonna satisfy some need and then I get it and I find it really doesn't. So praise God. Over the years. The sparkle is less alluring. That's right better, but I also think there's an opportunity use things like that for God's glory. We have some friends that have dutifully callous and they are constantly doing retreats there there doing Bible study getaways.

They're taking the youth group up there. I mean, they're using it an incredible way that's furthering relationship and deepening walks with Christ and does it mean this I mean that's for everyone. No, but it's being used. I think very well for them. So again, there's not a right or wrong answer here. I think each of us needs to wrestle through you, but again as you as you pointed out, that's the heart attitude.

Their heart is in the right place in bio that is supposed to.

I wanted to know whatever reason. Anyway, let's head back to the phones 800-525-7000 is our number if you don't get in today.

Just write it down and have it ready for next time you want to call it will go to Phoenix, Illinois now and Tyrone graduated that you're next on moneywise live. How can we help.

Thank you for taking my call.

You may have answered it on the call before the last one I have return tax return that wife and I want to reinvest. And I was looking at which vehicle would be better to put it into a a a a Rall put into PD to earn you'll be part of our part of our emergency expenses but not all of it I see in the last part is what's most critical for me Tyrone. We got to decide the purpose of the money first and it may be that it's enough that it has multiple purposes, but to the extent it is part of your emergency fund. I would like for you to keep that, at least from my perspective in a liquid savings account.

I would lock it up in the CD, especially in this very low interest rate environment you right now a 12 month CD is probably in some cases lower than you can get in the high-yield savings account with daily liquidity. So I just don't think there's enough reason for that, there, and I wouldn't put it in a Roth even though you can get the money back the original contributions on a Roth without any penalties logical. Take out the gain, the profits of the dividends. I understand you get back without penalty. But again, if it's invested.

It really needs to have a 10 year plus time horizon and I would expect money in a Roth would be invested so that portion that is your emergency fund that you've set aside and we recommend as a guideline 3 to 6 months worth of expenses. I put that in a savings account.

Probably a high yield account like outlier capital one 360 or Marcus and then I'd link it to your checking account so it's not readily available in your daily spending account but with 2448 hrs. You can electronically move that money over.

If you needed it for hardship. Now if you had additional money beyond that that you said I want to put this away for retirement than a Roth is a great option to do that work could be invested you're not worrying about the daily moves of the market like we had today with I understand. Down 500 points that you're not concerned about that you're looking at the long-term trends and that's where you win with the stock and bond portfolio that does all that make sense though Tyrone are very good.

We appreciate your call today – about things.

Tyrone and I think we may have time to squeeze in a quick one here Brian in Chicago, Illinois. Just a couple minutes so what your question for Rob 65 I can work on seven, you're probably wondering about the Social Security strategy room read one site 2035. Maybe God that puts me at 80, I'm thinking about my wife probably outlive me. So wiser to wait till 70 and get that person here gain or should I start taking it earlier. You may run out. Yeah well it's a great question, Brian.

And what you're referring to. There is an in this 15 year period is that the based on the current trends.

The estimates say that the Social Security trust fund will run out by 2035 and what that means is that the more is is going out than coming in largely due to the baby boomers retiring the end of 2019. I believe or something like 3 trillion in the trust fund, but again that's I headed down now that doesn't mean Social Security benefits will end then what it means is there won't be enough reserve. Excuse me. Have revenue coming in to meet the program's obligations or something's gonna have to be changed. So far, Congress is kick the can meeting they just said will deal with that down the road.

They're very good at that.

Unfortunately of course the longer lawmakers wait to take action. The more severe the changes will have to be those generally in terms of the resolution for that.

They generally fall into two categories, either tinkering with taxes to steer more money into the program, perhaps, meaning an increase in the FICA taxes or tinkering with the benefits to bring more bring the outgoing line with the income that could be freezing benefits and the cost-of-living adjustments for a time politicians obvious. I don't want to do any of those because they're not popular but they'll have to in my experiences when our backs are against the wall.

We do what we have to do to make the accommodations we need to make. So bottom line is if you don't need the money. I like the idea of you delaying and getting that higher check and I think the changes will be made as needed to adjust for future revenues Brian excellent question. Thanks so much for calling today and being a part of moneywise.

Live your host is Rob Westheimer Trostle and for Steve Moore will be back with more calls right after this gun, 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 in the store moneywise live.org hi I'm very glad I'm here to help you understand how urgent it is a sugar for every opportunity to the eyes of a layman is even more important if your patron almost 80% of Americans living outside the influence of the church and are blinded, we need more God loving citizens to elect God loving politician who restores into being one nation under God. The essence of Americans are free of this found in faith are founders borders the Republic will only last as long as remain a religious and virtuous people they saw was then more clearly than we see ourselves today as we turned our back on God and lost her suffering the consequences. God helps if you're Christian and a patron the most patriotic thing you can do is delete as many people as possible to diseases and by using the Bible as our voters guide.

We can make America Christian. There is nothing more exciting than knowing God is using you to move people closer to join us at night. America.com grapes. Cripes to my favorite fruit. This sweet man. Just the right size to pumping any dominant, but you leave a great fun to its own devices and it shoots at lone leafy branches from a distance you think, wow, what a beautiful healthy von but you get close and you'll find precious little fruit seed to grow the gripes those branches had to be pruned back hard. You can either have a flashy looking von we can have fruit but you cannot have bus sometimes we go through a rough patch and often we think, well, what's all that about Jesus.

It every branch that bears fruit will be pruned in the tough times only ask where is God time is very carefully snipping away at a brunch. You see, he's not so much concerned about how we look from a distance he wants fruit lots and lots of sweet, plump, tasty fruit you like your life to be infused with joy.

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This is moneywise live hundred Trostle, Rob West as well, and program. Of course, a quick reminder that moneywise media is a nonprofit organization. We do our best to minister to God's teach them how to be good stewards of God's money, and one of the ways you can help with that. And I will be helping you with the same time is by contributing you can go online to moneywise live.org and out with your gift of $25 or more to moneywise media we'd like to send you a special thank you gift and that is the book thriving in love and money by Chante and Jeff felt hot.

It's a great money book that they say is not actually about money you can uncover the issues that cause money conflicts, and you can learn truth that our relationship game changers and again you can request your very own copy of the gift of $25 or more to moneywise media just go to our website moneywise live.org back to our phones at 800-525-7000 Elysée from New Mexico your next how can we help like your eye right now where one to refinance idea, I know I've been encouraged to wait two years to refinance. So when the best time to refinance my next question and how can I do my own research to find that option for sure. It's a great idea Alecia, have you seen an improvement in your credit score over these last couple years now about anything it did go down because I didn't put myself in debt, I didn't refinance anything. I had a credit card that I like paying on my believe that with the only thing that really My credit score term well you at least maintain the mean rates are very low right now.

This summer, the average APR in a new auto loan any length was around just over 4%. That was down from an average 6%.

The borrowers were getting in June 2019.

Now obviously there are incentives than the dealers will provide on new cars from time to time that you know we can get all the way down to 0% if you're in the right credit range. But the bottom line is the right time to refinance is either when you're credit health has improved your score is going up since you bought the car you made on time payments or rates have declined significantly. In this case, you know, we seen a drop in some cases of up to 2%, then that better rate that you potentially could qualify for could save you money over the life of the loan and so would be worth looking at the other situation where we would encourage folks to refinance is where when you're not underwater in your current loader. Generally speaking it's easier to find a lender who will work with you and your car is worth more than the remaining loan balance. Because RBC that protects them on against default. That's where you go from here. Well, I would probably head over to one of our favorite sites when you're looking and shopping for credit, which is bank rate.com will put you in touch with lenders that specialize in auto loans, many of them will be online banks, which I don't have any problem with so you can compare one versus another. I'd probably pick two or three and see how you qualify. Make sure the cost of the refinance can be justified in the form of lower interest over the life of the loan.

So count the cost and look at what the savings really is going to be and if it looks like it makes sense then I would go for it again bank rate.com is that website and Rob. I know with mortgage refinancing. We always encourage people not to extend the length of the loan so you know sure if you're in a situation you're halfway through would be good to get a shorter loans figure not extending your payments at IMAP. I assume that applies for cars to write it sure does have the key. There is see you all that savings in interest could be met by a longer-term so you the same term or less. Very good, Alecia. Thank you so much for calling.

We appreciate that on to Chicago, Illinois.

Denise glad to have you with us on moneywise. How can we help you know what yeah what you can. Anyone can have an IRA you can contribute up to $6000 if you're under the age of 50 for the year 2020. If you're over 50, you can put in the next 2000 or 7000 up to the amount of earned income you have for that years as long as you have 6000 and earned income. You could put in the full 6000 for this year any time before you file your 2020 tax return even into next year so absolutely you can and I would encourage you to do that as to how much you should put in. We generally recommend as long as your emergency fund is in place and you've got your credit card debt paid off.

If you were to have any. The goal on long-term retirement savings is 10 to 15% of your compensation of your pay going into some retirement account starting with usually a 401(k) or 43B where there's matching, but in your case so because you're self-employed, you wouldn't have that. So the IRA is a great starting point if you found any sober time that you wanted to be able to put away a little bit more than 6000 which you as you earn more money.

You probably bump up against that limit. You may want to look if you continue to be self-employed and other options like what's called a separate SEP IRA which would allow you to put in quite a bit more, or an individual 401(k) which are exactly what they sound like their 401(k)s for individuals where you are not a part of a company that's probably offering a company-sponsored retirement plan, but short answer yes you can do an IRA and I would never sound mind investing.org to learn a little bit more in terms of where you open that Vanguard Charles Schwab betterment any of those would be great options next to Indianapolis, Indiana. Monica glad to have you with us on moneywise live what's going on with you all will short-term and long-term training at that with all my 9 o'clock and have pretty dry financially and I tried it I would hope that I would get better just getting my credit card in order to keep going them all now know that my my back against the law. I don't know what will. 20. I don't want to file bankruptcy. I can prevent you Monica, I'm so sorry to hear about the challenges that you had is your health, such that you're able to work full-time now. I now like that down okay well this is is a challenging situation. Yet this didn't catch the Lord by surprise.

We need to ask him to intervene here.

First of all the physical touch. He is the great physician and will ask him to intervene medically on your behalf to bring healing to your body according to his perfect will is also your provider.

Monica done so we need to look to him for wisdom and guidance, perhaps even to the body of Christ to step in and a very difficult situation. Are you plugged in and connected to a local church right now I a lot online go back hurt and are they aware of the situation medically and financially will I want to find out now be like a credit score down to an very unsettling to me and me. Well, I can understand that you want to be a good steward. You also want to honor your obligations and to the extent you're unable to do that because you're simply out of work and you have nowhere to turn to build a Paley's back that's challenging and so I know that's gotta be hard for you on so many levels. I would let your church know Monica what the situation is.

This is where the body of Christ can rally around you from an encouragement standpoint to prayer support, even potentially of financial assistance. I'd love for you to reach out to our friends@christiancreditcounselors.org. Let them look through the current state of six of the situation advise you on how to communicate with your creditors. Bottom line is you won't find the word bankruptcy in the Bob Bible. It's a modern legal term we created and you may be forced into bankruptcy regardless of whether your ultimate goal is to honor these debts as you're able. The bottom line is you can only do what you can do with what passes through your hand. And so we need to pray the Lord will bring healing to your body so you have the ability to work and that we need to get a handle on what to the current state of your finances is, and we also need to make sure that you're communicating very clearly with your lenders because if you are in a unable to pay due to the situation you're in. That's just the reality they're not unfamiliar with these situations. They happen and they will work with you.

So reach out to our friends again Christian credit counselors.org, let them walk through this with you develop a budget get a detailed listing of your assets and liabilities and let them advise you on what the next steps are. And we appreciate your call today very much will ask her moneywise live community be praying for you and by the way, Rob. I greatly appreciate your mentioning let your local church know because I think were all such private people we don't like to letter the people know or we forget to let other people know and I guess this should be a reminder to churches to and are disconnected days these days it's very important for you to check on your fellow church members check on your friends and see how they're holding up and how they're doing. Rob, our time is about up for today. Thanks so much and from my schedule, it looks like I'll be forcing myself back on you tomorrow as well. Glad you're coming back red side appreciate you sitting in today.

I look forward to okay thank you sir are top-notch team today is comprised of Deb Gabby T. Amy and Jim are a host of courses Rob Westheimer trust for Steve Moore.

Thanks for joining us on moneywise live