Stewardship: Your Time, Talent, and Treasure

If Christians were asked to name the things the Bible tells him to practice in this life. Well, needless things like worship love and obedience. Now all those things are important. What about stewardship.

It's one of the most overlooked themes in God's word. Stewardship is where we find joy by aligning our gods today host Rob West talks with Campbell about using God's resources effectively.

Miniature calls at 800-525-7000 800-525-7000 five Richard Russell stewardship your time, talent and treasure. That's next on moneywise live Rob our guest today can boa is a much sought after the Karen author and the founder of reflections ministries, and we been looking forward to this for some time now. Well, we sure Abby is also a great friend can welcome to moneywise. Glenda be with you. Thank you. Well were delighted to have you in reflections ministries is all about helping God's people know Christ more intimately but stewardship can as you know is seldom cited as an effective way to do that and that's what were going to be talking about today. Let's start with why you think perhaps that needs to change. Stewardship is a fundamental motif, a theme that goes throughout the entirety of the biblical narrative from the Old Testament to the New Testament because it tells us in Scripture that God owns everything, and thus, as a consequence, we are responsible managers of his resources so that we are allowing ourselves than to be under his dominion, to realize that he owns all things, including my time controls all things, and therefore he is the one who is the blessed sovereign in my past and is to know that I'm an accountable person before God. So in all areas of my life that I'm called to be accountable to the glory of God, because that's what this life visits and stewardship but also see it as the shepherding dynamic as well as a servant because we talk about leadership for scholarly stewards at her perspective. When were called to be our leaders were also shepherd's names of the people that God entrusts in our lives and were recalled to be leaders were called to be servants Netzer practice and so I think stewardship really entails so many components well I love that I can and you're exactly right, you know. So often we hear the word stewardship and we immediately go to a giving campaign or the fact that there were to be regular givers and that's of course true, we see that throughout the old and New Testament that were to be generous in reflection of the ultimate giver God himself at this idea that you just articulated about stewardship being so central to the Christian life and really looking at it completely differently than perhaps the way we have come to is really a big idea. I'd love for you to just give us that fuller context of the typical view of stewardship yes because generally when we speak about stewardship.

We hear the 3T's time, talent and treasure. And that's the end of it, but it's more robust than that in Scripture. Yes, God is the one who gives us our time. Everything is at his disposal. He is the one who give us we are the ones who receive so our time is in his hands as well as our talent. How do we use the abilities he's entrusted us with and then our treasure. He also determines our wealth at the end of the day. He gives us the power to make wealth so we recognize these things.

That's very inclusive but not quite enough, it's even more robust because the biblical vision includes as well.

Truth. That truth is there stewardship and to whom much is been given, much will be required and then fifth their whole realm of relationships.

People I know have I had a lot of people try to give me five TDs in front us shoehorn teamwork teamwork or something just because a relationship. Here's the point that the fundamental task in this life is the wisdom of transmuting the lead of the temporal into the gold of the eternal.

How do we do that, here's how we do it because the two things in this world and endure forever are God's word and people that's truth in relationships and so that is a fundamental motif of stewardship and if we are wise, then we will then take that which we been given and we will take the time to take the talent them with Hector treasure. We've been given. And those are all passing away and will leverage them into that which is going to endure forever. So were going to use our our time are talent are treasure to build God's word God's truth and into God's people.

I love that we want to trade the land of the temporal for the gold of the eternal camera and unpack this much more right around the corner. That's right, author and speaker can boa is with us today is also the founder of reflections ministries and coming up later in the program.

We will be taking your calls 800-525-7000 back with more conversation with Ken boa right 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 goals and never enough three keys to financial contentment. Author Ron blue helps you to break down all your financial options to a basic floor and then shows you how to keep it all chugging along in the right direction on the same track never enough three keys to financial contentment available when you click the store button at moneywise live out of work when it comes to investing guidance you want advice, grounded in God's word. That's the approach offered by sound mind investing.

SMI has helped tens of thousands of Christians acquire investing wisdom and confidence. Regardless of your investing experience or how much you have to invest can learn to be a wise and faithful steward in the area of investing a short video webinar on profit and peace of mind is available now sound mind investing.org, you probably have a junkyard, a junkyard is in scrap engines and transmissions and tires like you might think it's really potential. Waiting for the right opportunity. It's a headlight or carburetor that could replace the broken one. You know it's the same with people, problems, stresses and situations break us down, add extra mileage and wear us out. God is there. However, to sell recycling give us God's repair manual says we need to believe Jesus died on the cross, he crushed take away the penalty of our sin. Give us new life with Jesus is fresh and positive because the broken is been replaced by God is in the salvage business. 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 that info to learn how Christian credit counselors can help you visit Christian credit counselors.org Christian credit counselors not call 800-557-1985 yesterday on moneywise live on Rick Trostle sitting in for Steve Moore wild West is our host. Of course, in our special guest today, Dr. Ken, boa, and that's good that he's here because we are looking for someone who can help us unpack stewardship.

What is stewardship and how do we go about being good stewards of our time are talent and resources while it's exactly right. And Dr. Bella is the man to do that for us today. In fact, we like to call him Dr. Dr. boa because he's got a doctorate from University of Oxford as well as New York University, not to mention that Masters of theology from DTS that Dr. Bella you are just explaining really a biblical viewpoint of stewardship before the break, and some may be surprised by what the biblical responsibility is of the steward explained that for us. Yes, I believe that we are told in Scripture that we are prudent managers of God's resources. We understand and treat the temporal as such in the eternal. As such, the wisest thing we can do is to treat things according to their true value and if most people I fear are living as if the temporal is going to go on forever, and this is if the eternal was just something that pie-in-the-sky fantasy. The reality is we are called to treat the temple each day as if it's the only day I got left so that we for wise will live this day.

In light of that, they only have two days our calendar today and that day and this is why the concept that came up earlier in our discussion about leveraging the temporal and the lead of the temporal that which is passing away and transmuting that into the gold of that which is going to endure forever and that is called wisdom, and this reminds me as well of Jesus story has you know the the in Luke chapter 16 the famous parable of the unrighteous steward which is, I fear so often over looked or understood misunderstood because Jesus summarizes this, and he praises him because he is an illustration of how he lives consistently according to his worldview and he says if you're prudent, then you will also do the same thing that because the concept is.

He says make friends for yourselves by means of the wealth of unrighteousness so that when it fails and we know it's going to fill our time are talent are treasure all these will be gone, but they will receive you into the eternal dwelling ceased telling us than that is going to be eternal. People and eternal truth that will meld together if you are wise, then you're going to take that which is passing away this little bit of time that you been the light of this planet and the soul forming world. This amount of talent that you been given in this treasure fits all mine. I getting the power to make that wealth and if you are wise you to transmute those things that are dying that giveaway don't define yourself by that which is passing away, but rather have an aspiration for that which is going to endure the gold of eternity. And if you're prudent and wise than you will leverage those things that are passing away, you can invest your time, your talent, your treasure and your going to invest that into people and by building God's truth into people. The two things in this planet that are going to go on forever: wisely so they will receive you into the eternal dwellings. I love that Dr. Bill you talked about how we get so fixated on the temporal and yet the eternal is the far better reward and aspiration. Talk about your rhythms personally.

How do you really guard your own life and heart against becoming too fixated on the things of this world you search for good good good question because you really relating to the whole idea of spiritual formation and the end of the day. I said this phrase a soul forming world. You and I are eternal beings who have a temporary sojourn in the soul forming world art spirits are already with Christ in heavenly places in Christ Jesus. Colossians 3 for example.

But our souls and our bodies are immersed in this transitory arena and it's so that we can be shaped even by sufferings. One of the books that I've written on this topic, shaped by suffering, temporary hardships or preparing us for eternal citizenship in heaven and another batch of that book as a whole idea of practicing his presence and training ourselves and habituating ourselves to realize that everything matters that every act, every conversation, every bit of beauty and goodness and truth. Everything works exposed to and encountered by that whatever you do in word or deed, do all in the name of the Lord Jesus, giving thanks through him to God the father that we are to abide in the spirit and in Christ were to walk by the Spirit were to set our minds and the things about where to rejoice always were to pray without ceasing, in everything give thanks. These are all clear calls, ongoing practice, you don't just love God in the morning maybe a little bit before you go to bed tonight you just love your neighbor in the afternoon.

This is an ongoing reality of practicing his presence, which I fear is been largely overlooked in the church. Yes I would agree with the doctor. But when it comes to this idea of stewardship. One of the things you've taught me over the years that I've never forgotten.

Is this big idea that it's about faithfulness to opportunity talk about that word faithfulness and how it connects to this idea of stewardship. Yes, it is required of a steward that he be counted faithful.

We must all give an account for ourselves that the judgment seat of Christ, and this is a powerful image that Paul really used to motivate him.

He says at the end of the day. Then each of us is going to be building either using gold, silver, and precious things are also would Jesus stumble were strong so that at the end of the day, then it's all going to be burned up at the judgment seat of Christ and Paul lived in light of that day's is therefore knowing the fear of the Lord persuade men because his fear is the other side of love what you love to find what you fear because if you love him most than you fear the divine displeasure and get your fear and not hearing well done good and faithful servant, enter into the joy of your master. So were called, I believe, than to have this holy aspiration to transmute everything to turn everything that we have every conversation we have every act have into the glory of God and to practice his presence by serving other people and embedding our lives in the lives of other people by living the life of Christ before them by allowing him to live his life in us and through us and in the eye and that way we begin to become agents of change and transformation.

It's beautiful.

We've got to have you back to continue to unpack the start about we just have about a minute remaining. I want you to finish by addressing what you say is one of the great obstacles to obedience stewardship and that is the fear that God won't live up to his end of the bargain address that force.

Yes, I believe this is an insightful question because there are two things we must in fact embrace and believe in order to obey God in order to trust him enough to obey him number one that he's in control, and were not in number two that he has our best interests at heart. And we don't even know what they look like we suppose we know what our best interest look like. But actually, we can only judge according to appearances. God sees the consequences. So he says, trust me and have you ever regretted an active obedience in your life and you know the answer and have you ever come to regret acts of disobedience every time it's a no-brainer. And yet this day we suppose we have a better idea than God with our best interest look like love it. Dr. Ball you just scratch the surface but you fundamentally change the way we should look at stewardship so thankful for you my friend appreciate you being alone with us today. It was during a privilege to be with you this day and you can find out more about Ken boa and his work with reflections ministries@cambola.org" is spelled okay Ken Bullard.Margie will be back with your questions at 800-525-7000 800-525-7000 or worse. You can email questions and moneywise.org and this is moneywise on do you know if you have 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. 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 start button moneywise live.org/story here is here it's coming from our chosen very important to form used in Romans 910 is used here in the bar born this way are called to use the learning Romans chapter 9 in its translation call you in the parable of the wedding banquet is a very interesting part is not wearing an excuse for one thing, just right minds cannot around the content. This is now online edition the financial wealth you leave behind could be the best thing that ever happened to your loved ones or the worst in splitting hairs, giving your money and things to your children without ruining their lives. Ron blue explains why it's important to make these decisions now, instead of forcing your heirs to do it later. Splitting hairs will foster a real appreciation for the precious resources that God has entrusted to you, and it's available. Click the start button moneywise live.org so grateful for our guests in Buffalo who joined us for the first two segments on today's program. It is our goal here on moneywise live, not only to help you be a godly steward and godly manager of your money as well as your time and talents also use your resources and give of yourself with the right attitude.

Proverbs 16 to reminds us all the ways of a man are clean in his own site, but the Lord weighs his motives so we want you to be good stewards and cheerful grateful stewards but again it's the cheerful grateful. That's gotta be a part of the mix to if we can help you do that please give us a call today 800-525-7000 and Rob I guess will begin at all. The top of the list here will go to Crownpoint, Indiana Irene walking the moneywise live. I understand you ran into a potential Amazon scam.

I'm pretty sure I have your program for very long time and taken on your talking about why the red flag went along one I made a couple Amazon and the return date has expired and no I thought just wondering if someone can put me on return my IM telecom I googled a number and that representative that he confirmed that information all the information there like a pretty thick how much purchases were the ending number of my credit card so I think anything on. Then I thought how often I would not expecting a refund. I wanted to know if I could still return them, which he implied that only on date night because of coded return. However, they can refund you might put my cricket inside you can day though on the phone with me for half-hour at least. He told me a couple of my phone which I I I against my better judgment I click on that that he needed to verify can think and then he told me that I need to go to a local boy such as blocking or closer and get a gift card and there went the red flag but not my line. Why do I need that and then on he explained I went okay.

I need to purchase a gift card of $200 and I'm like oh no no no I heard about this on the radio and I don't know maybe I'm thinking because of coded.

I wasn't sure until I got scammed right well you know there's so many pieces to this story and several of them don't make sense, including the gift card you if you go to Amazon.com/gift card scams, you read right there on their website about the gift card scams that are the most common and basically they'll tell you right there no legitimate sale or transaction will require you to pay specifically with gift cards and they don't want you to provide gift card details to anyone you don't know or trust. I think the other piece is that the fact that you googled customer service as opposed to getting the contact number direct from the Amazon website so I would always go direct to Amazon.com and then click on the help button or click on the customer service button and get the phone number there that's always going to be the best option. If you Google it, you may be getting a fraudulent website that's pushing you to call a number that is in fact someone other than Amazon, but the fact that a gift card was even referenced as a part of what you're trying to do causes me to believe that this was in fact fraudulent. So I think the key for you right now is recognize number one.

Amazon will make accommodations from time to time, and so even if you're beyond your window. It's worth asking, but always make sure that you're getting the phone number directly from their website. If you hear somebody asking for personal financial information, account numbers and credit card numbers, things like that over the phone that should be an immediate red flag if there's a gift card involved that should be as well and and I would do at this point. Monitor your credit reports I would monitor your financial accounts moving forward. You may want to put a Frederick credit freeze with the three bureaus and I would go ahead and call Amazon but again using the number that you find directly on their website. So no way to tell exactly what went on there Irene, but there's enough that resembles and has connections back to known scams resolved room revolving around Amazon that I would be suspicious for sure, Irene. I'm curious about one thing you didn't let this piece of information out in your description. Did you actually end up buying the gift card and providing that word or the numbers on it to this scammer. Okay give me all the information that get there and fell on Harry time I got actually want to because the cook was another story that did not have an account go credit logging how you can tell I was like doing that, and I heard about this on the radio and you and now you think I'm like not right and while if you if you feel I think I come and make my car well you did the right thing and that the word is a scammer trying to scam you but you didn't fall for it. So that's the great news. We so appreciate your calling and listening and letting us know about this as well. We talked about this on the program yesterday. It's happening more and more often listing the moneywise live, your host is Rob Westheimer Trostle and for Steve Moore and we've got phone lines open for your calls and questions at 800-525-7000 800-525-7000 or send us an email to questions moneywise.large, how 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 we design 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 William, a communications major Bible Institute radio verse of the leak is found in Proverbs 10 45/10.

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The radio verse you may know that you are loved by family and friends, by God, but do you really Dr. Gary Chapman to whites known love five truths about God and your lovely how God uses it to communicate with person and how God is intimately involved in unexpected purchase gifts God cares 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 when you store moneywise live.org drugs. These are pleading for, in Louisville, Kentucky a new round of demonstrations in US cities was set off by outrage over grand jury's failure to bring homicide charges against the officers announced themselves and then enter Breanna Taylor's apartment six months ago. The state Atty. Gen.'s of the investigation showed officers were acting in self-defense when they responded to gunfire from Taylor's boyfriend public support for protest against police brutality has fallen among Americans, according to a new poll from the Associated Press and ORC Center for Public affairs research, 44% disapprove of the protest, while 39% approve in June, 54% approved of the protest stocks closing slightly higher L game 52 points today.

The NASDAQ ahead 39 in the S&P 500 up nine. This is SRN use the moneywise live.

So glad to have you with us today.

I'm Trostle sitting in Steve Moore's chair chair warm water the plants and whatever else I need to do here.

Meanwhile our hose. The guy who actually knows stuff Rob West here taking your calls at 800-525-7000 so if you got a question we got some open phone lines in Robert and head to Buffalo, New York. Now Sue is calling and I believe has some questions about getting getting some debt paid off soon welcome.

The program well nice to have you what's going on situation you all that unemployment and money on. I started off my debt paid off my little stop credit card that is delinquent methane collection about $4200 and I received a letter I called what kind of a settlement with you except on nights that I have about $2000 to put toward the gladly sad about let us check with your lender and a dad and they came back and they said that the lender would only accept $900 as a settlement because I'm not showing her check. They have no other data at that point and on and that will accept that $2900. So my question is do I do it cannot think you have the money right now and it's not I mean I would have enough October 4 and not or do I wait and they'll come down you know I would actually not. If you have the ability to pay it I would do that, you know. Proverbs 327 tells us, don't withhold good from those to whom it is do what is in your power to do it and I think the big idea there. The spirit of what were reading.

There is that if you're able to pay the settlement amount offered and you believe you have a legitimate hardship which resulted in them being willing to take a lower pay off that I think you should pay and you know doesn't mean we we can't negotiate in certain situations, but I think in this situation because you made a commitment to pay you charged it. Now you find yourself in a situation where you're out of work you've offered to pay a lump sum they've agreed to it and I think you proceed, but I think the extent to which we try to push that number down even lower when you have the ability to pay it. I just wouldn't have some concern or caution about that as you move forward and I think the big idea here is that, as were able to work.

Certainly, it's great to claim unemployment. If you're in a need situation there, but I think moving forward I would be really out pursuing what God has for you next recognizing that to the extent you have the ability God calls us to be workers to be productive and to take the skills and gifts and abilities. We haven't put those to work so we can generate an income to provide for ourselves and our families to be able to be generous and really take care of the needs that we have, but related to the settlement again.

I think if you have the ability to do it, I would proceed. You also need to recognize those so that any kind of settlement will generate a taxable event. If the debt is canceled forgiven her discharge, the IRS will allow that amount to be added to your gross income will be taxable, set a watch and to get caught offguard on that unless there's some exclusion or exception there so appreciate your call today. I think I would proceed if I were you, and let us know when you find work and will celebrate with you on Sue.

We really appreciate your call today and wish you well with that. Thank you so much. 1-800-525-7000 is our phone number. Fred is on the line with is now joining us from Florida and Fred welcome the moneywise live what's going on. I'm wondering if I refinance and like current date and current conditions of the market. Tell me about you sure you talking about your home mortgage to tell me about the home. What is it worth what is your mortgage value today also love to know the interest rate and the remaining years on the term home and so I had a 30 year mortgage at 5%. What it 10 years 2009 till about 11 years and principal of the 72,000.

And yet mortgage is 2000 homes worth currently in the area have been over 202 coordinated to maybe 260 range they got it right in dead center in the middle of that if closer to 250 excellences is got quite a bit of equity that your credit score is a pretty good excellent. Great yeah so I think this is really a great situation for you to save a lot of money. Assuming you're going to stay in this home.

I would say for a minimum of five years and here's why others honestly going to be a cost to the refi, typically 1% so it could be $702,000 could be as much is $1500 if it was 2%. But I think obviously there's gotta be a cost hear the good news is I would look at a 20 year mortgage because we don't want to extend the term at the most. You certainly could even look at a 15 year which would be even better. And you're really talking about a rate at this point you have good credit, probably around 2.7% which would essentially almost cut that rate in half from what you have been paying so as long as you have some the time to recoup that interest savings and offset the cost of the refinance meaning you're not can be moving anytime soon.

As far as you know then. Now this is a classic example of where you can really put yourself in a strong position as long as you don't go back to another 30 year mortgage, you will want to factor that 20 or 15 year mortgage and your budget. Make sure it fits well, but I assume it will because of the reduction in the interest rate in terms of the lender.

If you have somebody there local you've worked with in the past, or local bank certainly check with them but also look at the online lenders that starting with bank rate.com just to see what's out there and make sure you count the cost. You want to compare those good faith estimates in terms of whether there's origination or any discount points one to another, to make sure you are in fact getting the best deal. But this is a great example where refi in this low low historically low interest rate environment can really work. Manage and rob II didn't catch what you said this or not. I think one other factor is how long do you think you'll stay in the house right with a five dollars minimum. Yeah yeah right right very good friend. We appreciate that. I hope you took notes does Rob give you a whole lot of information here. I will mention you or anyone if you'd like to relisten to one of our programs. We we post them all on our website moneywise live.org so if you need to go back and check out everything that Rob just said, you can certainly get it that way. By the way, Rob. We open the program today talking with our guest, Ken bola about biblical stewardship, not only of our of our money, but our our our time and our are other resources or talents and skills are Facebook question of the day today is what does stewardship mean to you.

We've gotten a few answers there. Brenda writes being responsible with all God has provided.

Not just financially but my time, my body help that something we often forget about us staying healthy. Because your body is God's anything God has given for my use, home, car, etc. so, sounds like she may have been listening. She got the she got the attitude thing right and is recognizing that everything is God's. And we certainly hope that you all will recognize that as well. Listening to moneywise live will be back with more calls in just a moment, and incidentally, if you'd like to join the Facebook community. You can do so. Go to Facebook and I look for us. We are at moneywise after this 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 lead you intimidated frustrated and afraid. You can take advantage of navigating the mortgage mates by Dale Vermillion help you clear up the confusion on rack your nerves and make the best mortgage decisions possible with confidence navigating the mortgage maze available when you click the start button@moneywiselive.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, most of as though God's promise in Romans 822 make everything in your life work for good just like his promise of eternal life has requirements like confessing your sin. Romans 828 require that you live your life for God's purpose. Did you get that some about living for your purpose. It's about living for God's purpose to seek and save the lost, to move everyone every day closer to Jesus. When you live your life for God's purpose.

God promises you that you make everything your life for good. After John 316 is hard to find another Scripture that can radically change your life worrying the spirit to no more worries. Knowing he will turn even the bad stuff really gets up, all because you made the sharing of your faith, your highest priority.

There is nothing more exciting than knowing God is using you to move people closer to join is not America.com. Do you remember that old ad from the 1970s, the Clintons, it's the drink you have not having a drink on Benny Donna claims is become part of the language Clayton's drink looks as though it's alcoholic, but really it isn't Clayton's anything is something that looks real but isn't question. Is it possible to have a Clayton's person person is not really a person biting his mother's womb is that a chitinous person might be the straight people. We walk around on the footpath. Always smelly Clayton's people's work is in the factories across Asia who make the toys and kids play with the clients we we offer a few cents now I chitinous people.

Jesus said I've come to bring good news to the poor and to set the captives free. I wonder when he looks around with. He sees any chitinous people on this earth. Most couples can't talk about yet. Most money books expected. How can you create a budget pay down debt. If you can even talk about spending or saving with you 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 to moneywise live on the radio with Rosalyn Steve. More good news is Steve is planning on being back tomorrow unless he decides vacationing is a lot more fun never shows up again, but that's a whole separate issue.

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Lewis is calling from Chicago Lewis welcome to moneywise live your role that Scott Malone had using just now. It's a great question. Lewis how many do you have that you would be in a position to cancel. You know how you well. I like the idea of you doing this systematically, over time the benefit of canceling these cards you don't intend to use is a it's one less account that could be compromised and because of that as long as it's open, you're going to going to need to continue to monitor that account. Just make sure there's not a transaction, showing up you don't recognize which would be obviously a telltale sign that somebody has compromised your account, so by closing it. You remove that the possibility secondly it's obviously more credit that's available to you, which will be impacting you on future credit decisions because even though it's unused when it's available to you, could be used at any time and the lender will take that into consideration. I think the key is for my credit scoring standpoint, we would want to close all of these at once. You'd want to spread this out over a period of time. So I would say probably close two of them every six months. Maybe due to now and then come back after the first of the year and enclose a couple of others, and that's going to minimize the impact to your score, but it will simplify your financial life, which I think is a good thing. So congratulations on getting those paid off and I think keep moving forward is just to make sure that anytime you use the credit cards always use them for budgeted items with a focus on paying them in full at the end of every month. That'll make sure you don't get into trouble. Once we hope that information helps. Thanks for your call today and I we move on to Akron Ohio next and let me see if I can pronounce this correctly, Rhonda Rica is that correct welcome to moneywise help me help me say your name properly rendered Erica okay thank you very much.

I when it's typed up.

Sometimes my brain just can't process the syllables with tape. Thank you for being on the program today what your question on the question is, so I have long notes like a little bit over 30,001 I start paying like you know payments back but I'm working like part-time. How can I go by making light get in some type of payment going on because I do believe in daylight good and want to paint my day packing away though. I certainly appreciate that and I think having a strategy to do that is really clear and key as you move forward, you know there's some key building blocks that I'd like to make sure you have in place here as you move forward, beginning with the spending plan and so it's really critical that you have a proper accounting of exactly what's coming in and going out on a monthly basis and you need to make sure that you do enough of the hard-working building that budget that you're capturing not only those things you get a bill for, but the discretionary spending as well.

The things that perhaps you are just a part of your lifestyle and daily routine that you doesn't come in the mail or by email things you spend money on eating out. And if you stop by a favorite coffee shop every now and then and gifts for family member and friends in those types of things you want to make sure all those are in there. You also want to look at the nonrecurring expenses those things that come quarterly or every year like a homeowners association or an insurance payment something like that. Once you get all that in there. The key then will be to put the minimum payments for the credit cards and the student loan. Assuming it's not in deferment and build that right into the budget. The idea though is to generate some margin to dial back your spending such that you have a surplus on a monthly basis that you can apply to your goals and objectives. Now how do you prioritize those well I'd start by praying through those really asking the Lord for wisdom. Good news is God's Word gives us some direction on that I would begin by really looking to establish an emergency fund and the other thing I would focus on is paying off the credit cards. So with any margin, I would probably split that in half beyond the minimum payment.

I put half toward debt reduction on the credit card so we can get those paid to zero. The other half I put toward an emergency fund because if we don't have any liquid savings and when the unexpected comes, you have to run a more credit card debt as soon as you get to $1500 saved, I'd probably put 100% toward the credit cards. Once those are paid off. I would then pivot back to the emergency fund get that up to three months expenses now. Once your credit cards are gone.

You've got that emergency fund fully funded, then it's time to turn your attention to two things. One would be to accelerate the payoff on the student loans. The other would be to take full advantage of any matching that you have once you get a full-time job with a 401(k) or 43B probably don't have that right now and that's okay because you're just getting started. So I would then focus 100% of my effort on reducing the student loan payments. I know it's a big number. It sounds like it's going to take a long, long time and it's going to take some time, but the key is you have a plan you know what your priorities are you praying about it, you committed your work to the Lord. I would be giving systematically right up front and I trust that the Lord will really give you some wisdom as you waited this moving forward Rob Arford Ron blue say this in the late Larry Burket say it as well. Sometimes it takes us a while to get into debt so we shouldn't expect it not to take a while to get out in the patient's is the key.

And a lot of these Ron Derek and we thank you so much for your call today. Appreciate your listening to moneywise law onto Joe calling from Chicago understand you've got a question about your son and his banking and credit what's going on. Thank you. Taking me like when he opened up a checking account. The bank kinda did him a favor because I would in the bank and he did well for a while and then he kind of got he got he got caught up in check-cashing work somebody with spending the money doing them a favor by depositing and spending money back. Anyway, he so yet bounced check that bottom line we paid the amount in the fall and waited for the bank eat what they would say, and they they negated. They returned the remainder of the hundred dollars that was the new account and the bank itself closed the account. We didn't do it and now he's senior in high school and I'm worried about him getting loan. I'm not sure the bank closure goes on his record or minor well I'm sorry to hear that he got so wrapped up in that. That is again one of those scams, it's becoming more and more common and so we need to all be on our guard and I appreciate Joe you relaying that story for the benefit of the rest of our listening audience. You know, generally speaking, an overdraft or situation like you're describing that's really limited to a banking relationship is not going to be reported to the big three credit bureaus which are going to be the primary focus for most lending decisions unless something goes to collection or there's a judgment resulting from it. It's typically going to be relegated just to the smaller credit bureaus that focus on those types of things not on train you Trans Union echo facts or experience. There are some very specific bureaus. Though the track that kind of banking information and that's what banks use to determine whether or not to extend a checking account to you when you go to open one of those. So I would say that if he's going to have any trouble moving forward. It's probably going to be opening another bank account but given that he was young. It may be that that's not even a challenge, but I think anything beyond that, you're likely not going to see on the main credit bureau reports but with that I would go ahead and pull those for him or have him do it and you be there with them to help him read through those just to see what's out there you can go to annual credit report.com that's the place to access a free credit report from each of the three experienced Trans Union echo facts I go and give those a once over just to see what's on there but I think you'll be pleasantly surprised to know we appreciate your call today. Thanks so much for being a part of the program Rob just a moment or two left.

We got a quick email here Alice writes I want to set money aside each month for my grandkids.

I don't know what type of account to use, though. Can you help yeah I can Allison appreciate that question. You know I love the fact you want to be systematic and setting money aside for the grandkids. The first thing you need to decide Alice is what is the purpose of this money isn't specifically earmarked for K to 12 education, or higher education meeting college and beyond.

If so, I love the 529 plan. I go to saving for college.com and figure out which is the best pin on what state you're in, as to whether or not you get a state deduction versus the investment performance that varies by plan.

If not, if you want it available.

More generally, I would keep it in an account in your name either individually titled or jointly titled with right of survivorship so that you control it. If you use a custodial account.

It will become their asset at the age of majority and they can use it whatever they wanted for that may or may not be a good thing depending on where they're at in their spiritual and maturity journey. At that point in their lives. I think one of those to give the best options and Rob you recall, because I don't what the annual giving limit is at somewhere around I think $15,000 or something is not so if you want to give a gift to your children and you want to give a really large gift. You may want to spread that out over two years. That's exactly right that for this year 2020, $15,000. That's per person. Though if you're a married couple, you could each give 15,000 to 30,000 Rob, thanks so much of enjoy our time together this week.

Steve will be back. Well, let me also think her top-notch team.

Deb Debbie T. Amy and Jim are hosted fourth Rob Westheimer Trostle reminding you moneywise is a presentation of movie radio and moneywise media