Debt Collection Rule Changes

If you are behind on your bills. The last thing you want is to see a collection notice in the mail or get a call from a collector, but now they have even more ways ruin your day. That's right. Regional changes now allow collection agencies to tax rates right.

So while financial planner and future. Rob West is the details of calls and questions on anything financial at 800-525-7000 800-525-7000 times more collection changes next right here moneywise. Not Rob. Let's start out with the disclaimer. We're not saying you shouldn't have to pay your bills bills that you rightfully owed correct no were definitely not. See Proverbs 327 says plainly do not withhold good from those to whom it is due.

What is in your power to do it. So as believers we have to always pay our debts if not immediately as soon as we possibly can't but at the same time. Debt collectors have a long history of harassing people for payment but with constant phone calls and bogus threats about legal and even criminal action.

If they don't pay so rules were put in place to prevent that type of harassment. An example would be calling you at work or even late at night okay and for the most part, those protections have been effective right they have been. But those restrictions were put in place in 1977 which email and texting were only science fiction then so for over a year. The consumer financial protection Bureau has been grappling with how to incorporate modern communication into the rags that govern collection agencies.

Well, the grappling is over and the CFPB has simply decided to allow collectors to use not just emailing, texting, but also social media and voice messaging even though a recent survey showed that 70% of Americans are against it while and as you might expect. This is caused a great deal of controversy, no doubt.

Yes, it has the CFPB's position is that by providing collectors with these new means to contact people. It will reduce the number of phone calls and snail mail messages they receive so they won't feel like they're being harassed as much okay, but these changes just provide some new ways to haunt people in addition to the old well that's what consumer groups are saying and not only that, they contend the changes will open up people to fraud and identity theft. Why would that be well collection agencies by definition are third parties. That means your creditor has sold your debt to an outside entity and that agency now has the right to contact you for payment, but you probably never heard of them, and scammers already take advantage of that situation by conning people into thinking they may have forgotten about some long lost debt well with these rule changes. Steve, a person could get emails with links from unknown third parties that might be legitimate, and might not be unfamiliar emails with links are often phishing attempts. We talk about that often.

This could simply download malware to your computer and on top of that the FCC is now warning people about get this submission. These are harmful links in text messages so there's a lot to be concerned about these new rules and I think if I'm not mistaken we had fishing and scamming and smashing in this admin.

Now it's missing. Okay I'll try to keep the straight hair. Anything you can do if you're constantly getting emails and text from collectors when the startup well I will say there's one bright spot in the new rags. The language specifically gives you the right to opt out of receiving those types of messages but you have to make your request in writing by snail mail, which is somewhat ironic and a collection agency must provide you with simple instructions for opting out of receiving any more emails or text messages.

I know that's good but how can you tell if a message you received is legitimate or asking right well fortunately those rules haven't changed. Collectors are legally required to give you their name. The name of the original creditor, the amount owed and provide verification. If you dispute the claim they can't pressure you to pay using the wire transfer prepaid credit card like a lots Scammers do and they can't do me a demand that you make immediate payment and they can't ask you to provide your banking information or Social Security number. Legitimate collectors don't need that information. Finally, they can't threaten to inform other parties, like your employer family or friends about your debt and if you're contacted by anyone breaking those rules. It's either a con artist or a collection agency operating outside of the law. In either case, you should report it to the FTC, the federaltradecommission@ftc.gov and file me and Steve if they tell you to use a gift card run.

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This is moneywise live he's Rob West, I'm Steve or we love to hear from you today is place the call anytime you'd like at 800-525-7000 I here's our Facebook question of the day. How do you feel about debt collectors calling and emailing.

Danielle says, working in debt collection pay for college, but it was a horrible calling it was horrible calling people daily. When we both knew their situation hadn't changed since yesterday and they knew that they were losing their house and didn't need us reminding them and must've been tough indeed. Bob says they have a job to do, but this is one industry where it's not unusual to see abuse I feel for those going through it. It's hard to climb out.

Sometimes that's that's certainly a situation were seeing these days from what that's exactly right.

You know, Janet gets frustrated when folks are misinformed about a debt and they say she says that these collectors can be abusive in their tactics. That's certainly true and that Kim has talked about receiving harassing calls for other people's debt problems in, she's frustrated, well-built, sometimes even call friends and family trying to get anyone to pay by the way, I will say under the fair debt collection practices act.

To Kim's note, it is in fact illegal to call or talk to family and friends about someone else's debt. So if someone is doing that. Make sure you let them know that you're aware of the fact that they are operating outside of the law and then report them FTC.gov. They take this very seriously and her own and interestingly, our own Jim Henry responded to our question today.

Jim says I love it when they call. I get lonely sometimes and you guys never call me anymore so I I wish you would've just come directly to us and ask is he is shaking his head as we speak. I think when I got a good Christmas card charrette or not.

At least the 800-525-7000. Speaking of Jim, well here's another one. But this Jim is in Grand Rapids, Michigan hey Jim nice to have you there my friend.

How can we help you while I been receiving from our debt collection letters actually didn't get to that point I had phone service with an job. Long story short, I cancel my service several months ago and then started on started receiving. I actually paid up, make sure all that and then restart receiving a letter to a specific amount, and was really hot. It was like a month it gone by cancellation had Artie taken place and I was on my new company and and I would state to months even. And then I got a letter that I owed something and it was a surprise to me but anyway, every time I call about the latter to try to figure it out. They tell me that they don't have any record of, and no matter who I get passed from one department to the next and you know always just start. Nobody seems to. You don't know what's going on or be able to tell me or unwilling to lend and I just don't know what to do. They tell me that I don't have any outstanding bill, but he perceived no letters like Jim on this communication you're receiving in the mail. Is there an account number on there or something official yet. There is an account number and that's the weird thing about it ever since I was coming like I was with the company for 20 some years actually and then you know her better service.

in my opinion, and god. so anyway, back account number is associated with with this amount. they always have a picnic and never information. i was always like pulling teeth never had to speak with them about my account but at the same time. it's still my account number and never not been that same account number for that sir yeah very good okay why do a couple of things.

number one is i would go directly to the institution's website and pull their customer service number toll-free number off their websites and call them directly as opposed to using anything you get in the snail mail. let's assume for a second. it's a scam of some sort that might not be, but let's assume it is so go directly to their website, get the customer service number call when i give them the account number and asked that they send you a statement showing the current balance which hopefully zero.

the second thing i would do is i'd pull a copy of your credit report from each of the three bureaus echo facts experian and trans union. you can do that. jim at no cost@thiswebsiteannualcreditreport.com annual credit report.com and then let's look for this particular account on that in any others while you're at it, and just verify that there is a zero balance if it showing zero balance paid in full on the credit report. I'd probably just disregard it altogether but if there's an amount outstanding showing on the credit report and, or, if you get a statement directly from the company showing there's a balance that obviously you're going to have to take this further. Try to move it up the chain of command and see if you can get some answers so I think those would be my next steps here and if you have further questions, after you do that give us a call back now.

Really sorry to hear about that.

Jim hope that works out for you. Thanks very much. Des Plaines, Illinois hello Debbie, what's your debt collectors situation here.

Debbie will hearing you and I think what I'm think back so I'm shouting right now. Sorry thank you I might have the debt and hence debt collecting company called me to try and get me to help them to and I think me and I will where you from and they told me the name of the place and I strung them along, talking, and while they are talking.

I'm looking up the place that he said and it turned out to be a debt collector and people for him ringing my doorbell saying they've got court papers, and in that and I don't know this is legal but it's outlandish yes yes well I would I would report it because this is not legal what's happening here.

You know, as we said before, the fair debt collection practices act says that collectors can't harass so press abuse anyone, they contact and they can't call folks that are not directly connected to the account that is owed so you can contact FTC.gov or you can go to consumer finance.gov. In either case, you can report this information and unfortunately you are describing one of the tactics we hear about that at the end of the day is abuse and illegal and so I would certainly let somebody know what's going on here.

We appreciate your reporting in the Debbie. It's unfortunate and yet it does happen. Debbie again that's FTC.gov. That's the Federal Trade Commission and we hope that you're feeling better.

Thanks very much time for one more Lake Worth, Florida Marie, how can we help you heard something about that.

It buying first time all money out of the 41 a like a one time event for the down payment of the home is correct and can you give me more details under sure.

So what you're talking about. There is a first time home purchase and it does allow for removal from a 401(k) in order to do that in terms of being able to miss the one time penalty or the 10% early withdrawal penalty that can be happening there. It's only $10,000, though, that you can take out for that purpose. But if it is for the first time home purchase or that's also defined as within the home that you haven't had as a primary residence in the last two years you still would owe the tax on that withdrawal but you can be exempt from the penalty that would normally take place if somebody is less than 59 1/2 so you have heard correctly. I don't advise it though, it still Marie expensive money that you would be accessing in the sense that a you would still owe the tax audit. So let's say that's 20% right off the top and then be. That's money that's no longer available for your future retirement and the like which you had put it there for in the first place. It's also not can be growing on a tax-deferred basis, but it is an option. Up to that $10,000 amount per person under the age of 59 1/2 if in fact it is for a first time home purchase Marie we wish you the best with thank you very much and we appreciate you trying to get through. I know we've missed you a couple of times in the last week or so. So again, thank you very much and Merry Christmas to you only come back. Wayne has some questions about some stock. The company now seems to be out of business. Alex wants to know about considering the gig economy will come back in a chat some about that and take your calls to 800-525-7000 welcome to moneywise. You probably have a strategy for your career. Even your strategy for your getting to know Christian foundation and your family and to learn how to moneywise.org many people adopt an attitude toward marriage and finances that it'll all work out somehow. But sadly, it often doesn't financial woes can devastate a marriage but there is a better way. God's way, money and marriage God's way by Howard Dayton will help you discover God's approach to growing your finances and strengthening your relationship with your mate and cultivating godly joy, money, and marriage God's way is available and moneywise live.org, everything to hear special unit. This is God's people into their own empire and they destroyed Jerusalem interesting contacts at Babylonia. Traditionally, the Tower of Babel was right here in Babylon in the city state that were talking at 50 miles south of Baghdad.

That is what is believed today when the Tower of Babel wise you can obviously say it's all coming from the same root word Babel and Babylon being the place where if you're familiar with the story. Genesis chapter 11, where the people said we get together together after they didn't tell Jesus gather across the earth. Multiply network together together with you to see if we can build a town name for our completely undermine everything I can to make a name for the port Bible study 9:30 PM central. No problem more dawdling that spent more time for moneywise. Picking your calls and questions on anything financial at 805 five 7000. Let's continue.

We mentioned Wayne so let's say hi to Wayne and what your scenario there today sir, how can we help hi Ron, I have a stock 1999 called alert state medical device company do the diabetes solution and it hasn't gone anywhere.

I didn't buy very many short stocks I work for a small company 401(k) and now I'm retired and I kept this doctor all these years and since I have an IRA, not a pure pension like some people do. I like to write off the loss which is probably about $700. I think I bought it about $707 actually had the last few months that I value 766 or seven right now 1000 shares. I went back to the money manager that I picked for the company I work for 30 employees and they were nice enough to try to help should be no problem at all and we went to Charles Schwab and they said it didn't greet reach the threshold to be able to sell it for me so I'm like I have eight can I send it back to the company.

I have the right that they are still in business and your steep state that there not business they are in business nurse both trading but it's right it's the work very little seven cents. Yes yeah well it's going to be challenging here waiting for you to liquidate this. Unfortunately, what you need to try to find is a custodian that will take a penny stock or what's often called an over-the-counter stock and they don't actually sound. There do not actually as they sound, where they have to cost a penny but the ideas that anything trading for less than five dollars a share is generally considered a penny stock in the trades outside of the major indexes.

Of course, so I would check with a number of the brokerages to see if you can find someone that would allow you to open an account in the same title as the stock is owned then deposit the shares and then you could sell the position. Assuming there's a market.

Therefore, it do you know what the volume is on any given day of of this particular stock find that out but not I do not know right now that would be one question I might look at Robin Hood Gillett so they got a lot of press lately is a thin tech startup they made a lot of press around free trades, but they may be a know they work with the with penny stocks and that would be one option you could look at interactive brokers you could look at Zack's trade some of those that might be willing to take penny stocks. I know nerd wallet to the website nerd wallet.com has an article on the best brokers for penny stock trading so you may want to start there just to see if you can find a brokerage firm that began with a light open an account to deposit the shares and then liquidate them.

I think the other option would be, as you said, contact the investor relations department which every publicly traded company has to have an investor's investor relations department contact investor relations at the company and ask for any recommendations on how you might liquidate this position but I think between those two options.

Finding a broker that will take it or contacting the company for a recommendation might be your best next step. And then if you are able to unload this position, then certainly, if you work with the CPA make here she aware of the sale so that you can in fact take advantage of it on your tax return. Wayne, thank you very much hope that gives you a place to pursue this only wish you the best with that. Thank you very much Rob a quick email before the break.

It's from Patty.

She says I want to do a home renovation.

I have enough of my emergency savings to pay for it but but it would pull my balance down to two months expenses so should I borrow and preserve my savings, that's a good question.

You know I would just simply say if you feel confident in the stability of your income course, none of us know right what to the future holds but if there's nothing on the horizon that would cause you to believe there be a major disruption in your income and you are able to preserve after the renovation. Two months expenses and then you could with intentionality build that back up to 3 to 6 months expenses. I'd love for you to fund this out of savings and miss the cost of borrowing altogether.

Not only that the cost of the interest but the closing costs and the other charges that would be related to it. So I'd say yeah if you have stable income in your living on a spending plan and you got good margin. You're only pulling it down to two months expenses. Go for it. But then be really diligent about building that back okay and were glad that you contacted us Patty. If you have a brief email question for Rob. You can send it along to questions@moneywise.org questions@moneywise.o much more coming up right around the corner 800-5257 you have money in a retirement account for just a general investing. You know, the stock market sometimes possible to enjoy both profit and peace of mind and investing no matter what's happening. You can see a short video webinar on sound mind investing.org since 1990 sound mind investing the funds offer financial wisdom for living well sound mind investing.O RG 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.

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We need the word of God should get out of into the Scripture is word 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 drums, British regulators are more the people who have a history of serious allergic reactions shouldn't receive the new Pfizer by Amtech vaccine investigate two adverse reactions that occurred on the first day of the company's mass vaccination program was held, regulators or posted a positive review of Pfizer's covered 19 vaccine there during a decision on whether to allow the use of the shot decision to authorize the vaccine expected very quickly commercialize with Boeing 737 Max Jeff Waters resume for the first time since they were grounded worldwide following two deadly accidents nearly 2 years ago. Sales goal airlines became the first of the world returned the planes to its active fleet stocks closing probably lower on Wall Street that I'll drop 105 points for NASDAQ was off 243 in the Piazza paydown 29.

This is SRN news, check this out if you get a chance you'll find a set moneywise live.org that's our primary website. Lots of great information there. Much of it free for the taking. If you will. Also some resources that you're able to purchase. If you want to go just a little bit deeper and of course archives to pass radio programs and quick and easy ways to find a kingdom advisor in your area and also ways to connect with a budget coach so check it all out. When you visit moneywise live.org. Alex is in Indiana. Rob and Alex you want to make some extra money to finance a home that's a good thing and you're considering something like instant cart tell us what that's all about. Thank you for answer my call to Mike Everett shows on the radio. My wife in the process of financing are and we realize that it's going to be difficult for a little bit you were going to church because his family and where some kind of opening that will provide work out there are jobs are currently an hour away.

Though we know it's a bit of a struggle for the first little bit and was wanting to know if there is no way to earning money on income sure what you think and Alex so what ideas you come up with so far at the car very brief stuff like that. Yeah yeah certainly be an option.

I can understand why you want to move closer to your church home, and certainly make this a matter of prayer and asked the Lord to provide something that secondly closer because I realize the wear and tear on the car and you, not to mention time away from from your wife and and family and friends is not fun in terms of the long commute on a daily basis and there are some great options out there to supplement your income. I think the key I would want for you is before you make a decision to buy something beyond what you can afford not want you to prove out this additional income for a period of time and even build up a little bit about that additional reserve so that you have some history and you really can see that this additional income is going to materialize. You mention Insta card to send you know it's it's like so many of these shopping services. Now they can be really good. In fact, Jim Henry is doing a research today was just saying that Insta card generally gets positive reviews. According to indeed which is one of the largest jobsites in the world yeah you can make on average about $14.50 an hour, including tips, so you would do the grocery shopping for someone else and in our gig economy. This is one of the new ways on the side assuming you have the time to dedicate to it that you could add some income but that would require the you have some flexibility with your other job and if you're doing all this commuting that may limit the time you have available so you have to really crunch the numbers and make sure you understand that you have the added cost of the fuel to get back and forth to your current day job. The additional wear and tear on the car, but then also the time you might have available to do something else on the side but I can understand why you would want to do this and I would say make it an exercise of faith that asked the Lord to provide something let's see what he does because I like the idea behind why you would want to make this move, so we appreciate your encouragement today and thanks for listening very much. Yeah, thanks, Alec and Alex. You know we love people that are willing to go the extra mile and work. If you're in your 20s or 30s. In particular, I mean you've got lots of energy you may think you do. But when you're my age you realize that you did so you know we left guys that are working extra hard to make it happen.

Just make sure that you and your wife are on the same wavelength here is that she understands how much energy and time it will take, but if it's God's will for you.

We trust that that'll happen and that you be able to pull that housing situation together and God bless you. Thanks so much. Let's see, Akron, Ohio hello well what you question for Rob West about like that. Thank you guys for service you do it really had a tremendous impact on her life by going back to Larry Burket in board very good place and I like my wife and I are in the process of redoing our class and are well and we We have about seven children and one of them is very much a strange family has done a lot of hurtful things towards the family and were struggling with, you know whether we include in our daughter that basically is walked away from the family and even yeah well well I know this is a really difficult situation. Talk to and counsel in the families to know how really challenging this can be in terms of just navigating this relationally and obviously dealing with estate planning issues like you're describing here couple of thoughts. Number one is I'd like to send you a book that I think is really the best resource out there in terms of navigating all of these issues from a godly perspective. Some were done here today what you hold on the line to send you a copy of it. It's called splitting errors can kind of a funny name not splitting hairs, but splitting errors in its buyer good friend Ron blue.

It's been out for some time. It really is kind of the read in this area. I think it will help you to really establish some principles and some guidelines around how you make this decision. Iran will encourage you to ask the question what's the worst thing that can happen because remember we got a couple of the jet objectives here primarily. We want to make sure that we put you in a position where you can have a witness for Christ in all that you do remember it's not about the money at the end of the day. We want this a strange child to come back to the Lord. So the question is, what's the worst thing that can happen in either case. Well, one thing that could happen if you write this child out of the will as it could damage. Further, the relationship which then creates a barrier and prevents you from being able to share Christ doesn't mean the Lord and the Holy Spirit couldn't get a hold of this child's heart some other way, Lord can do anything he wants. All I'm saying is that we want to think about the implications of that and really pray through that asked the Lord for wisdom. James 15 right if we lack wisdom, we should ask Lord will give it to us and say is that a possible outcome that if we write this child out of the will that it's really going to harm the ability to eventually reconcile the relationship and hopefully when this child back to Christ. That would be one consideration. Another consideration of not doing it would be. Could these funds based on the lifestyle that this child is living actually cause harm in the sense that if you know a significant amount of money or some amount of money is given to a child that has a lifestyle that is damaging participating in things not only their ungodly but harmful to this said this child then obviously that would be a real consideration because last thing you want to do is add money to a volatile situation that could actually make matters worse so you know therein, I think, lies. You know the real crux of this that you just can have to ask the Lord for wisdom on so I think as you think through that. What's the worst thing that could happen if we write this child out of the will. If we keep the child in the will, both with regard to your witness for Christ and adding money to the lifestyle of this child. Perhaps the answer will become clear at that point. So I working testimony was like community to be praying for you as you make this decision.

You and your wife as you navigate this and you hold on the line will get your information get this program to bless you well and your other children in your wife as you work through this, especially at the Christmas season, she said.

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Do you know if you have enough money of house. Do you know how much is enough if not Ron 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 create a long-term financial plan and how to get out of debt. Find it all in master your money by Ron blue available when you click the start button moneywise live to work very hard here to help me understand God's purpose for your life to the eyes of a layman almost 2 60 million of the three and 25 million people who live in the United States. Seldom if ever go to church. You know that means. It means that you are the church.

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My Moody radio.org my movie radio.org feeling that it's time to make a change in the possibility of a position looking to fill a number of publishers and you'll find positions in management and clerical, national, and unskilled labor. Maybe worth your time and position openings available now. You'll find jobs online jobs..org here's the good news we have a couple of lines so if you're thinking about a question or topic you like to have Rob address might be able to squeeze you in today 800-525-7000 toll-free obviously 800-525-7000 mics in Oklahoma and like you got a Camry ENU kinda wondering what to do that how what's the scenario story.

I got out of prison over a year ago I spent 32 years in their 90 credit got a really good job driving over the road and not bullying anywhere from 600 to 1200 a week. I'm paying on the Camry 390 Amat for 70 months, but because I had zero credit bad credit. I just didn't have any credit credit card or get anything on credit so there get me for 19 1/2% interest on it and my question is what I was think about doing is driving three year year and 1/2 and one in and train it in a crowded renegotiate my credit up over that year year and 1/2 or just go ahead and pay it off sooner understand the basic monthly payment.

Right now I can actually pay more on it, which I think I'm going to start doing my question is how would be the best way to get that 19 1/2% down request to Mike and you're exactly right.

Having a lack of credit can be just as bad as having bad credit because it's going to pull your score way down which is going to push your interest rates way up so a couple of things. Number one is if you have, assuming you have an emergency fund already set up.

You have some savings that you been able to build up in this short period of time in my truck so I don't have any rent or anything like that so I'm trying to build a site 3030 500 okay right now yeah well I would typically say you know is even 1500 would be good. And then you know if we had credit card debt which let's treat this like a credit card because it 19% interest. This is higher than some credit cards folks have you.

We want to try to get this paid off as quick as we can so you might even want to consider nopal and $1000 out of that savings account to add to it because while you're rebuilding your credit. Clearly any amount you can pay down on this to try to get this paid off as quick as possible either by paying it in full or refinancing it is going to be key because that's an astronomical interest rate so I like the idea while were waiting of you adding to the payment or even sending a lump sum of $500,000. You know what's on the horizon. And so, you may feel better hang on to that three grand. But I'm glad to hear you have something in terms of how you go about reestablishing credit as a couple thoughts number one is you can open this what's called a secured credit card. If though you can find a bank that will do it.

Essentially where you put an amount on deposit with a $200 bill issue you a credit card against that you can charge up to $200. They won't pull the any money away from the balance, but the balance that you have on deposit as security for what you're borrowing.

So assuming you pay, you charge it up and pay it off and charge it up and pay it off. You know they're never going to touch the amount on deposit. The key would be if you could establish a recurring charge for for a budgeted item and the objective there with the secured card is that that would be reported to your credit report every month is an on-time payment which is going to be key to you really establishing a good working credit score. So between you being an on-time pair with your your your Camry plus the secured credit card. I think you know in a matter of time, you'll start to see that score rise as you develop some history here and then there will be a point at which you could go in and try to refinance that Camry at a much better rate. So that's that's probably the direction I've had here Mike, I'm delighted to hear you're rebuilding your life and I would just say get into a Bible believing church. Make sure you've surrendered your life to Christ because that's the most important thing. All of us need to do and get connected to a local fellowship. Even though you're on the road.

I'd love for you to find a home base. Were you got a Bible believing church that your attached Mike.

In addition to that, you probably don't have a pencil and I know you're currently living and sleeping in your truck, but there are three truckstop ministries that I'm aware of truckstop ministries.org Road Angel truckers.com and the truckers report.com they're all outreach Christian ministries out there in the road.

We've heard from lots of the members in the past.

I'm sure if you Google a trucker ministries you can find them and perhaps that'll help you as you're out there put in one of the call that Robbie put 90 the metal down know I am a little my doing a truck pedal to the metal might count me here buddy that a little to the metal. Is that right there you go like to let you go is a Camry white or red black black. I went out you know that every six weeks so it got low miles on it to keep low miles. Well, the blacklist of the fast ones you be careful out there my friend and God bless you a nice day. I was glad to hear that you've turned your life around. Thanks very much. Tampa, Florida hello Alex, what you question for Rob yes or thought would be great company you think my platform the same time my why war for one of the hungry soul when we start buying we know that you know because you will not company employees on right now I'm trying to put my money then we could do it, so one time I will my wife got a warning.

I didn't want anyway.

I can bite my boat dock now and unfortunately Alex, that is the reality, and it comes from syndrome, which is the financial regulatory authorities in the United States. They do put restrictions on investment accounts for folks who work out for various financial institutions so you just have to get permission to even open an account at another institution and then you're going to need to get clarity as to the rules around when you can buy and sell and what disclosures are necessary. I would have your wife check with the chief compliance officer at the institution where she works to determine what is the process that they want you to follow with regard to trades and it could be that you just have to get permission anytime you want to buy or sell. But the key is you do don't want to put her in a spot where it's going to cause her problem because the last thing you want to do is you know for hurting you inadvertently you not follow the regulations because you're married and you that impact her job, she could lose her job over you all not to. Following this properly so the key is disclosure and open communication. Make sure you understand how she needs to go about this and you and that's gonna come from the compliance department at the firm, but this is a reality. There's no way around it. So I would lean into it. Make sure you understand what needs to be done so you I don't get her in trouble. Alex, thank you very much, Tyler, Texas Jamie, our last caller today. What you are a question for Rob today still working to start drawing Social Security plans on retiring like a deer in their flight to draw so that it will make more money when he does start girl and he retires what you think. What is the reason Janie that he's wanting to go ahead and start taking it now, even though he still working for Stan, well, you know, here's the dam is just a math equation at the end of the day. So every year he waits beyond full retirement age up to age 70. It's going to add 8% to the check for the rest of his life and that's a real benefit it in the sense that if he doesn't need the money, and he's in good health. He might as well see that check increase from my standpoint because he's continuing to work. I suspect that's money that the urologist can be able to park in your not to get an 8% guaranteed return.

Now if the Lord comes back. Think you know that next week or next year, you know that you didn't get the benefit but were far better off. At that point right or if something a hell happens to him. None of us knows when the Lord said to call us home.

So that's the scenario you're in.

Keep in mind when you reach age 65 life expectancy.

This is just an average of the life expectancy for 65-year-olds increases to 82 and 83 years old respectively for men and women so time is to be on his side and if you do need the money I'd wait just because I would rather you will have that higher check for the rest of your life, but ultimately now he may say I don't have any confidences, monies gonna be there down the road or in I don't know what might happen and so I just rather go ahead and start collecting and that's a decision you are going to have to make prayerfully but if it were me, I did need the money, I would wait Janie, thank you very much.

We wish you the best as you discuss this with your husband. We like waiting for as long as possible if possible. Thanks again for your call Rob. Joanne called us we don't have time to spare week with her but she's wanting your opinion and charitable gift annuities. Can you give us a quickie. Here we you know it's an arrangement between a donor and a nonprofit where the donor receives a regular payment for life, based on the value of assets transferred to the institution there some tax benefits you get this income stream.

That's may miss part of the taxes and it can be a role benefit to a charity but I would look at other options first to contact her friends in the National Christian foundation in CF giving.com before you make this decision and we just mentioned quickly for those who love this radio program and listen daily, we appreciate you we want you to know that a generous donor is matching every dollar given between now and the end of the year be a real blessing to us. If you consider a gift. Just go to moneywise live.org and click donate moneywise live.org and moneywise live is a partnership between movie radio and moneywise media. Thanks so much for joining us today. Have a good remainder of your day will see you again