Who Needs Life Insurance?

First Timothy 518 says if anyone does not provide for his relatives and especially for members of his household, he has denied the faith and is worse than an unbeliever is perhaps more than any other speaks to the wisdom of having life insurance but does by Pres. Rob West has some answers for us calls questions on anything financial 800-525-7000 Saray 800-5257 times insurance. That's not right here moneywise question at least once a week.

The life insurance and today you can answer once and for all, right and wrong time.

That's it.

It's over. I'm thinking probably not one has a different circumstances. But I think will be able to shed a lot of light on the subject, not just whether you need it. But what kind of life insurance that might be best for you okay and usually that's term life insurance usually but not always, there are few narrow circumstances where I believe a whole life policy perhaps would be a better choice. Says will see I keep in mind the term insurance is what I call pure insurance.

There's nothing else attached to it whole life, or what's otherwise known as permanent insurance is really an investment vehicle with a death benefit attached and like you said Steve term is usually the best option. In my view, because it's less expensive than whole life and you can get the amount of coverage you really need.

Okay, fair enough. So let's continue on who needs life insurance. While the first person that needs it is probably the most obvious the breadwinner if your spouse and family depend on your income.

You need to provide for them.

Should you lose your income you want to term policy that covers your working years, usually with a death benefit rule of thumb would be 10 to 12 times your salary.

The term of the policy should cover the years when the children are still at home or away at school. After that you may need a smaller policy that provides for your spouse until your retirement age. Okay, that makes sense of who else. Well, the next person is less obvious but still very important to stay at home parent needs life insurance. Maintaining a home and caring for children are expensive services that they stay at home parent. Of course does for free so that person needs insurance to cover the cost of paying someone else to do those things during the years when children need care at home and again that would be in my view term insurance and this is in addition to the breadwinner's policy. Okay, makes sense anyone else. Well also not so obvious as a divorced parent if that person is making child support payments of the loss of that income would be devastating to your children and parents need to have a policy in place to provide for them.

So I would just say you want to cover the years of a child support payment and that should make the ex-spouse, the beneficiary okay. I know these examples are getting a little less obvious as we go along. Yeah. And this next one may be the least obvious of all, Steve, you need life insurance.

If you cosign the loan for someone, and more importantly if someone cosigned a loan for you. I would say the benefit should cover the cost of that dad and again the term policy is best time to end when the debt is paid off another's one more example often given for needing a term life insurance policy. And that's someone with a mortgage share the death benefit would pay off the mortgage so your family won't have to move if something were to happen to you, however, that expense can be covered in the policy for the breadwinner that we described earlier if the death benefit is high enough so a separate term policy to cover the mortgage shouldn't be necessary. Okay so far.

These are all people who need term insurance of who needs us or for whom would you recommend a whole life policy must be the reason these examples become less and less obvious is because were moving to smaller and smaller groups of people and that's certainly the case for those who would need whole life insurance of the first example is someone who's made the maximum contributions to all of their qualified retirement plans. This would include a 401(k) traditional and Roth IRAs, but they still have money left to invest in that case, a whole life policy can actually make sense because it builds value over the years and has certain tax advantages that you're no longer able to take advantage of in your retirement savings because you max them out. Another less obvious group would be individuals who haven't saved for funeral expenses, a small whole life policy could cover that in the last example of someone who can benefit from whole life insurance is a parent of a special needs child. You know your child will need financial support. After you die in that case in a whole life policy can provide for those needs without you having to worry about term. Great information. Thanks for your calls next on insurance or any financial topic of all 800-557-7000 90 and 805 5000. The financial wealth you leave behind could be the best thing that ever happened to your loved ones or the worst in it 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 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, you 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 how do you reach people who call themselves Christian but don't know Jesus find out by reading the unsaved Christian Dean, and Sarah was a cultural Christian today. He pastors a thriving church that he wrote this book to offer starting points that lead to deeper conversations you'll be equipped to confront cultural Christianity and lovingly share the gospel to the cultural questions in your life.

Cultural Christianity is a huge mission field in desperate need of missionaries get your copy of the unsaved christian@moodypublishers.com feeling that it's time to make a change in where you work, the possibility of a position. The Bible is looking to fill a number of publishers and radio. You'll find positions in management and clerical, professional, and nonskilled.

Maybe worth your time.

More than 40 position openings available now. You'll find jobs online jobs.org.org. 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. Learn how to save and invest and give wisely, how 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 for your money in your finances.

This is moneywise more.

Looking forward to speaking with you today.

We have some lines at 800-525-7000 out to Phoenix Arizona William Europe first. How can we help you save the bank. It I don't know the truth of poverty .02, but I are not monitored on your phone, your program the other evening that there is a savings that is .6 from a bank, and I hope of the I heard that correctly. And also there's a question. Note, security on the amount.

About 150,000 and thanks for yes sir okay great question there. William and a couple of things.

Number one is if you move from a brick-and-mortar bank to an online bank which would still carry the same FDIC insurance will talk about that in a moment. Then you can increase the yield on the savings accounts are still fully liquid still FDIC insured backdated by the full faith and credit of the United States government.

It's just that in exchange for paying for the brick-and-mortar buildings. These online banks are able to pass that savings on the form of higher interest rates. Now it could have been that when we were talking however many days ago you heard the program they were offering .6 the rates as they come down mortgage rates have come down a few texts in the last few days so have savings rates right now. The online banks, at least the ones I review our offering .5%, so one half of 1% but still probably a lot better than you're getting in a brick-and-mortar bank I like, I'll give you three now why bank.

I like Marcus switches the retail arm of Goldman Sachs Marcus.com ally.com and then capital one 360 would be another anyone of those so I would be comfortable with their again FDIC insured. They have great website smart phone apps you can link them right up to your checking account at your brick-and-mortar bank to move money back and forth and you would get half a point in terms of protection money in a savings account at a bank is insured up to 250,000 by the Federal Deposit Insurance Corporation, and so I would consider moving that money to an online bank which is different though than a brokerage account in terms of protection. The set makes sense that William okay you have any follow-up questions.

Did that answer everything you well.

I have about 32,000 and Ira and I would think you may be taken. Net income binding it into a secure savings with the bank and I I am an old man and I just don't have much knowledge when it comes to financial advice and doing various different things and knowing you guys. I listen to you every night in the yet is it informative, yes, very good. Why appreciate that you can look at the various options for IRAs know they can be put into bank products and so I think the first thing you have to do William is to find what your objective is. So with this IRA account of use.

You said it's about 30,000. Are you okay are only earning about 1/2 a point or would you be willing to take a little bit of risk in exchange for earning a little bit more money in terms of the potential upside maybe five so I don't get out too risky. You know, yeah, sure. Okay.

Was long as you're comfortable with the rates that are being paid right now. You can absolutely go and put that into an IRA CD or another bank product that would have FDIC insurance so I would begin to take a look at the various options.

If you're comfortable doing business online and if you do I would just make sure you follow the proper safeguards to make sure that you have a strong password with the in verification to factor authentication, meaning that whatever you log into something there to make it confirm that with another device. Make sure that you're not clicking on links in emails. Make sure you're not using public Wi-Fi out at a restaurant or coffee shop. Do it all the safety of your home. Those types of things are going to be important. If you're going to do business online, but you can certainly benefit by these higher yields and still say stay completely safe staying out of the risk type assets that would come with stocks and bonds you could improve your yield slightly by moving in to a slightly higher risk category with the corporate bonds or you could even look at treasury bonds so these are all options that you might consider but at the end of the day.

If you're just looking to improve your yield. I think these online banks could do the trick for user William. We appreciate your phone call today.

Thank you for your kind comments and for listening and regularly and we hope we will we help you. Thanks so much. I have to point wraps, hard to get excited over half of time should I am 001 is what you're comparing it to. It seems like a lot of money .00 yeah right. Plus you always have a positive spin, Robin.

I appreciate that you aren't 100 525-7000 Madison, Wisconsin, Melissa, how can we help wondering thank you for May, I'm wondering aren't really on, we've been married five years and never have been on page financially speaking, and I recently quit my evening make that cold and everything and I'm the one who take care of the belt and dark dark streaming and he'll tell you in order how you know order. You know I'm eaten things like that and I'm looking at him that we don't have money like marriage question, but it's really like how can I eat my bank you know inadvertently show him that he can then take his rightful place right in like leading could I feel stuck and I feel like I have to try to show him the path of the financial peace University and things like that. He loved a grantee, but have to be more than just had not know when I need a leader to lead and I don't know what to do as a wife and mom well Melissa, first of all I just want you to know that you're not alone in the situation.

This is very common in obviously doesn't reflect the heart of God in terms of his desire and plan for your marriage.

Good marriage is designed as to becoming one flesh, and that includes every area of our lives under the Lordship of Christ, and that includes this area of finances. And God also goes on to deceive define the roles of both husband and wife and we can see clearly what he has intended in the Scriptures and yet as sinful people we all are were all in need of a Savior to save us from our sins we have to submit to his Lordship and be willing to carry out our roles in the marriage relationship in every other area of our life. And you know this is obviously one of those situations where the money is just symptomatic of really what's a heart level issue at the end of the day. Your money is the clearest indicator into what's going on in our life spiritually what we value what our priorities are.

It's the way we express what's important to us and so I think perhaps apart from praying and asking the Lord to intervene, perhaps making him aware of the need that exists in being willing to live within God's provision and in coming to that understanding that contentment looks like in willing to accept God's provision lived well within it and follow biblical principles, meaning we give systematically and we moderate our lifestyle to have margin so that we can save and we can make sure that we are out of debt over time and do all the things that reflect what's important to us is really where we need to be in the extent to which he is not willing to kinda lean into that. Obviously, there is an opportunity for growth. So where do we go from here.

What I would say pray and ask the Lord to soften his heart think the second thing would be perhaps to involve 1/3 party. Perhaps somebody at your church should be willing to step in. Perhaps you suggest whether it's a course like financial peace University which would be great or a money wise coach should be willing to come alongside you at no cost to help you all set up your spending plan.

The key is to find the way forward that fits and that he's willing to really buy into your I think the other thing that really can be helpful to a situation like this is just starting at a bigger picture because it's not about the money.

I think it's really about what is important to you all as a family. What are your values where you feel like God is taking you in terms of the lifestyle you want to leave the goals you have for the future. Being able to save for a kids college education or ultimately retirement or the giving desires you have and maybe starting at that level with your husband to say let's talk about where were going and what is it we want to be able to accomplish five years from now intend and 20 and what would we like to be able to do with God's money. And once you've established your values and the goals that flow from those values then the way you handle money day today.

The sacrifices you make in the short term, the decisions you make to allocate God's resources. That's just a reflection of where you think God is taking you long-term. And so it's you.

You tend to be a little bit more willing to make sacrifices easy if you realize that were doing that in the short term for the benefit of the long term, but that's going to require him to be willing to go through that exercise and have these open and honest conversation so where do we go from here only suggest two things. Number one I want you to hold the line. I want to send you a copy and in fact will send you two copies of Harding's book money and marriage God's way. What you did perhaps invite him to go through that with you. Maybe a chapter a week and after you guys read it. You talk about it. Let's not point a lot of fingers. Let's try to be constructive and paint a vision for what your finances could look like if you apply these principles and then when you're done with that, let's see if he'd be willing to either enroll in that class you talked about FPU or connect with one of our money wise coaches and I think between the book and either the class or the coach. Maybe that will give him the incentive to move forward from here in a way that's gone on Melissa. Glad that you called praying for you and your husband. This may take a little time. Sometimes husbands are unmovable, but keep praying with pray as well and that you guys have a wonderful, buying a home is the largest most nerve-racking purchase. Most of us ever make. It doesn't help that you're entering a maze of unfamiliar words and confusing options that can leave you intimidated frustrated and afraid. You can take advantage of navigating the mortgage maze by Dale Vermillion help you clear up the confusion on rack your nerves and make the best mortgage decisions possible with confidence navigating the mortgage maze available when you click the start button moneywise live.org and if that is robbing you of freedom and peace of mind.

Christian credit counselors can help. We are a nationwide nonprofit counseling organization has helped over 3000 individuals in the last 27 years get out of credit card debt 80% faster while honoring that that info to learn how Christian credit counselors can help you visit Christian credit counselors.org Christian credit counselors not call 800-557-1985 yelp bondage yelp bondage line is the yoke of bondage okay with me here for second because this is what this is where we can relate here for us because what God is telling us that content is this what he wants more than anything we come to know Jesus Christ as our personal savior.

Blind longer to the truth of Christ the Savior, then we have seen, we have received and there's nothing you can do and he cannot take that from we are covered by the blood of the Lamb.

What he hopes he will do talk with little. This is now available online experience. We talk a lot on this program about budgeting and saving getting that was one thing talk about things it's another to actually make those changes in Institute's things into your own life in your own financial planning. If you need some help with that, let me recommend that you connect with one of our coaches. We have coaches all across the country and their well trained and loved talking with people and helping with people are helping people with these kinds of biblical principles, budgeting, giving, saving, getting out of debt and much more. So, visit our website moneywise live.org and then click on the button toward the bottom of the page that says connect with the coach moneywise live.ORG Moline, Illinois hello neck, how can we help you today sir.

I appreciate your call. My wife and I are both expecting the year, and we're wondering to injected into retirement savings or to pay off a chunk of our house should be about eight or $9000 like the way you're thinking here really trying to be strategic about how to apply this bonus and I'm glad one of the options was, you know, big screen TV or vacation something like that your your thinking longer term which is always a good thing. How would you go about putting this into retirement where you talk about an IRA contribution and set up.

We've been getting that created last year and building are defined so just about ready to start investing 15% a month, but haven't really started doing that and it kinda corresponds the same time you were getting this bonus room looking to start ramping. So are you currently contributing to a company-sponsored plan.

Both of you.

Just not quite at the 50% level yet I like about 7% match but I don't have any of that saving up for nine so. I like the idea neck of you guys going ahead and seeding if you will, your retirement accounts using this bonus money if you need the tax deduction and you could talk to your CPA about this.

You could go and put it in traditional IRAs so you could split down the middle 4500 piece or something. If you are out there.

You're still kinda early in your working years. You don't have a lot of your tax issues and so forth still at a fairly low bracket.

You may want to go ahead and pay the tax on it, put it in a Roth. You guys are young 22 you have a long time to go here and this could turn into something really significant down the road, especially if it's growing in her off tax-free and then after you get your budget situated where your next year you're starting to kick in to company-sponsored plans. 15% I think it's great that you guys are completely debt-free, except for the house you got a fully funded emergency fund, you're getting systematically living within your means, then you might want to start thinking about you. Just adding a little bit extra each month to the mortgage out of cash flow. We had a summary on the program a call or just the other day neck. He just wanted to encourage her listeners. He said I want you to know I added $100 a month to my mortgage. My wife and I and we took a 30 year mortgage and paid it off in 23 years just by adding an extra hundred dollars a month to cut seven years off the mortgage. So that's the kind of thing you can do once you're ready for it. But in the meantime, since you're just starting out and you really haven't funded retirement. I'd probably go ahead and then there get that started. And then now we can start saving our season-ending money. 20 principle in the house phone call today. Wish wish you guys the very best as you dress your money and your finances and say hi to Julia in Cleveland. Don is also in will be right back. 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.

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 during a pandemic spiritual or midlife crisis. You may be asking what now contradict close to Moody publishers reading for change podcast's new book, what now, Moody Bible Institute president Mark Jobe will help your next season. Learn how to break free of sting. We envision your life story. Don't let fear get your copy of what publishers.com publishers.com okay raisins one cracker in a single common sometimes Christians themselves spiritually wanted to give something of the word of Scripture and application. The first topic is briefly podcast all the words on the 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 and 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 to if you're interested in gaining a solid biblical understanding of money, possessions and eternity managing God's money is available in the store moneywise live.org John Scott what else Chief of Staff Mark Meadows is rest food and drug administration chief statement on the ground and emergency youth authorization for visors coronavirus faxing Bobby into today or face possible dismissal vaccine, one that endorsement on Thursday and FAA panel of outside advisors and agency signoff is the next step needed to get the shots to the public.

Gov. Cuomo reinstated indoor dining restrictions indefinitely in New York City. California's health officials urging the state's residents to stay home as much as possible because of a coronavirus surge taxing the state's hospitals stocks ending lower on Wall Street as prospects for another aid package from Washington fainted. The Dow gained 47 points today, but the NASDAQ was down 28. The S&P 500 off for this is SRN use. I hear bells mean one thing. It's all no Christmas. No, I have no idea where you're going to write a bill, the right of music suddenly spiritual gift safely Cleveland, Ohio hello Julia, pardon my singing, but how can we help you to enable you know I plan last instrument knows is a drummer by the way, did you know that Julia and see I'm original Little drummer boy breaks we get to him. Jerome on the table. It's really sad.

I am sorry Joe you that he interrupted you ask the question again help to manage your faith, eating, checking account, having a yes ma'am, you might consider a durable power of attorney agreement drawn up with someone you trust what's called a POA. It would remain in effect after someone becomes incapacitated, the person with the power of attorney would then be able to pay the bills and make financial decisions for the principal but not healthcare decisions. There's a separate durable account a power of attorney called healthcare surrogate that's drawn up for healthcare specific decisions that would typically run a Julia between 250 and $500 maybe for a POA. But what I would do is connect with a godly estate planning attorney there in Cleveland. If you don't know one you could go to our website and contact a certified kingdom advisor. We have some wonderful CK's in Cleveland just got a moneywise live.org click find the CK in any one of those CKs could refer you to a godly estate planning attorney and this would be an attorney who specializes in these types of documents and could draft whatever is necessary, but I'm thinking specifically a power of attorney for financial affairs and then a healthcare surrogate for healthcare related decisions would be what you're looking for. Okay, continuing and staying in the city of Cleveland and the radio station W CRF a great one.what your question for Rob. Quick overview my calculation, I'll warrant and get back mortgage credit great. I know I'll most likely get turned down. I want you to have an 11-year-old-year-old I worked your part-time job on Cartwright tell what do you think I should prioritize yeah I appreciate this and I'm so sorry to hear about your husband's passing, Don. Have you put together a budget just to try to get in one place all the sources of income you have and then all of the expenses the fixed expenses you get a bill for the discretionary sending that would be to level okay I now write and tell me about the budget you put together doesn't balance you in a short every month.

A certain amount. What word you can now actually underground charity they want Mary okay. I also make a little nest egg from life insurance because Ali had 10,000 I want my part in it yet or correctly spent between both of the girls where listed as the beneficiary shall okay yeah will the good news is that the budget balances since it weeps now it's a matter of really tweaking the monthly income and expenses so you can free up as much margin as possible. Now let's talk about those priorities. When you ask about the priorities. Are you talking about on a monthly basis.

Are you talking about, you know other savings goals that you have down the road and how to think about them in current okay I yeah and we now yes okay well couple thoughts on that one would be now that the spending plan is in place. I'd really just be prayerful asking the Lord to give you some wisdom here as you think about what's important in your future. Clearly your ability to save for that period of time when you're no longer working is going to be a priority. And so you I would take as much as you can and put it toward retirement in a tax deferred environment so that money is growing and working for you. Do you have a company-sponsored retirement plan available to you.still with us, you do have a retirement plan okay great yeah.

So that would be the first objective because we want to get money growing for the long term and I would target you 10% if you can that would be a starting point. You may have to dial that back now. The other objectives you unless there's other short-term needs like replacing an automobile or home repairs. Another major one. Probably the largest wanted to, you get to a retirement season we are starting to think about health related issues is to be college now.

I think at this point you know you're realizing with the 11-year-old and 15-year-old that's gonna be upon you, sooner rather than later. College is expensive and so I think trying to decide how you're going to pay for college is really key my wife. I grew up in a single-parent home. Her mom made it clear from the very beginning, listen, there's not money for college, so she went into that knowing work.

I need scholarships of the girls worked really hard. She and her sisters. They applied for literally over 100 scholarships and grants. They ended up going through college completely on scholarships, but they had to turn their living room into a factory for several months in order to do that but those are the types of things you need to decide now in terms of what's going to be available then.

So you can make plans accordingly.

So I think other than your cunning day-to-day month-to-month expenses getting that budget right and making sure your living as modestly as you can see, you have margin probably getting money working for the long term in retirement is gonna be paramount and then any other goals along the way, you might want to consider those as well.

College car things like that as they come up. Don if you visit or if you attend a local church visit or attend a local church. I I hope that you will let them know at some point when you're when you're when you feel good about it. I let them know what your financial needs are particularly at this time of year and we pray that they'll be a receptive church might be able to help you out there thank you very very much for your phone call today wrapup an email of this one comes from Tim he says hey Rob, I often hear you talk about a goal of pulling 4% per year from your retirement assets. I'm curious as to where this number. 4% comes from, and any other insights you might have. You know Steve is funny you say that we actually just recorded an episode, therefore syndicated show on this topic recently.

As you might remember a 4% comes from a man last name is Bingen where he did quite a bit of research looking at what is the worst possible time to start saving for retirement. With the market at its peak with high inflation and how could you sustain a nest egg throughout the rest of your life became up with the 4%. He's recently read that it is now recommending 5% of the bottom line is it's a good rule of that basically says you want your money the last you knee and turn it into an income stream, we not depleted the principal over time.

Got the proper investment strategy for more than 4% a year should make it feel that my you probably find your career even your team for your getting a Christian foundation in your family maximize your resources to learn how to minimize network need some advice questions about planning for retirement. Long-term care insurance.

I don't know where to start. It sounds like you need the money might help you find answers and you can ask your questions and access helpful articles and minimize podcasts. Sounds great okay searching for moneywise, this is Mary Maguire I am a car guy here to help me understand God's purpose for your life to the eyes of the Lehman decades we've lived in this paradigm, believing that the sharing of your faith is an option, in spite of all the Scriptures to the contrary, it is in fact your first and most important responsibility before God and the one that opens the floodgates for God to make everything in your life work for good faith sharing is the least understood and most underappreciated path or opening up God's blessing for real life, as is its simplicity without any training or Bible memorization.

You start loving everyone everything Jesus right now and experience the euphoria knowing that God is making everything in your life work for good if you're still standing outside of that promise.

What are you waiting for your job is revival outside the walls.

Everyone and everything else doing that go tomorrow. TW.com hospitality Dustin Willis and Brandon Clement say it's the simplest way to change the world gospel centered hospitality makes a powerful witnessing statement as we open our lives and homes to the simplest way to change the world will show you how you can be hospitable even if you don't have the space for most people are more likely to step into a living room sanctuary.

So why not read the simplest way to change the world more Moody publishers.com feeling that it's time to make a change in the possibility of a position Bible Bible is looking to fill a number of management national and not worth your time. More than 40 position openings available now. You'll find jobs online jobs.jobs.org listening to moneywise live so wonderful Friday afternoon.

Is this today. Continue on Sorrento, Florida Ruben appreciate your patience and what your question my call about my wife and I purchased about a year and 1/2 ago back in June 2019 and we have an opportunity to reduce our income interest rate from 475 to 2.99. So my question was like nothing to do. I like the reduction in the interest rate would you say is the term what would you originally take out as the term of the mortgage. We took out a 30 year note so we paid on so many more points 5 to 2.99.

What is your credit score minus a little lower than my life but my income is a lot higher than so we try to go conventional but Dave wouldn't be able to because of to go would conventional it would be our credit score, but her income.

One supported felt so we still have to go with FHA I see but you can still get 2.99 you're being quoted okay yeah you know, given the truly year and 1/2, then I assume you be looking at another 30 year mortgage. I don't like extending the term not talking about a long period of time and you were talking about 1 3/4 point savings which is quite a bit so that'll save you a bunch of money over the life of the loan. I think the key at this point though is just do you plan to stay in the home. Are you gonna be there for at least 5 to 7 years or longer. As long as you are and I think it could make some sense I just make sure you understand what the fees and expenses are that your getting into. Clearly you could do better than 299 right now on a 30 year loan. If you had good credit and you could go conventional but I understand why you can't. So even at 299 failure saving quite a bit there an interest, just at least get a couple of estimates to make sure you check the closing costs. You wouldn't want to pay more than 1 to 2% on that and then now beyond that, make sure you really have a good feeling that you're going to stay in this home for quite a while so you can recoup the closing costs and get into a period of time where you're saving money on on interest. Moving forward, but other than that I like this plan. Ruben I think you guys are in good shape. Ruben thanks so much for calling me appreciate the call today quickly to Savannah, Georgia Maggie, what's the situation in your life. All I appreciate it. Thank you Sharon in front of me but I have a pretty good amount that even though my daughter Sherry said I got my four grandchildren and my question would be, I have purchased insurance for my grandchildren send their mom is carried out in the line quality yeah let's talk about the putting the money in the trust. First, you know, a trust can be a great way for you to pass wealth on two errors in particular grandchildren because they tend to be younger and so you can set guidelines for how the money is used, it could be released at key milestones like graduating college, getting married, turning a certain age it can protect against a lack of financial literacy where the money is not used properly it can even help them meet specific goals like buying a home, things like that so that makes some sense.

I think the key is really thinking through what are your objectives and who do you want the next steward to be because you may decide you want to pass this on you just to your children and let them know turn around and at the appropriate time you think about providing an inheritance to the grandchildren or if you want to go ahead and do that in advance, then that's where the think the trust would come in with regard to the insurance policy. I would just question whether that's necessary. So these are insurance policies on the kids. Meaning if the kids were to die, then there's a payout. Is that right or my grandchildren, and share it back to my grandchildren. I should make their mom. Well, what is this for burial expenses. If something were to happen to the kids yet yeah I just know it's it's one of those policies or maybe some people out the listeners. They will that's perfectly appropriate.

I mean there's just such a small chance that that's going to happen that this is even necessary, and usually there's enough in the way of assets that you know if that were necessary. It would be able to be covered now if there's just not money there and you just want that piece of mind to know that if something were to happen to these small children and there would need to be funeral covered expenses covered and there's just not the resources to do that then yeah you could go I wouldn't have thought your daughter be the beneficiary on that in and take care of that most people don't carry life insurance on small children. Just because it's so rarely used and again. Often there are other resources that in the in the small chance that that happens that that there are resources to cover those expenses. But if you have more peace of mind knowing that it's in place. I would say your daughter is probably the one that to be the beneficiary on that baggie.

We appreciate that you sound like a very thoughtful and loving mom and grandma moment and we hope that works out for you quickly. Columbus, Ohio. Charles what your LU going back to school half tell us about that well. I currently work as an electrician and I've been doing that I went to a career technical training program and recently I was crying a lot on God's will for my life and I think.com and become a professor of geology, so I'm going back excellent. I love that will what's how can we help today what you question well make about 50 to 60,000 year right now and I will pay most of it up and I've heard a lot about how I should be paying about 529 plan a lot and I was just wondering how I should start preparing yeah how far off business terms. I am planning on starting applying to different school sometime in the next month and I want to start the fall of 2021 okay all right yeah you know I think at this point and if you were saving for several years you the benefit of the 529 is you get the tax-free growth you don't get the deduction when it goes into there's no immediate benefit, but as the monies invested in them grows you don't pay any tax on the growth so long as you use it for qualified educational expenses in the in this case it's not money you're going want to put at the risk of the market because we just don't have the time horizon. So I think just getting to suck this away as you can in an online savings account where it's protected, you can earn a little bit interesting. You can see that account balance build so that you can start paying this out-of-pocket to come next fall is probably the thing to do. I think the time and complexity of setting up a 529 even though it's not a lot. It's just not you really be beneficial for you because it's probably just sitting on the cash account. Or at least that's what I would recommend and therefore not really getting any tax benefit by using it. So I think at this point is just a traditional savings account and I like this plan if you prayed about it, give talk to other godly folks around you that can confirm God's direction and plan for your life and really feel confident that this is where he's leading I'm confident he'll provide the resources Charles any anything else before we wrap it up today very much Charles, I need some electrical advice okay can you do that for me as an ally. I'm up on a ladder. I'm replacing a fan in my wife's well in our bedroom and I got most of it done but I can't remember whether the electricity is on it. Want to come all the way down the ladder go over across the room into the switch.

How can I determine if the electricity is on her now what do I touch to what you ask black wire, white wire bare wire and Howard on it will spark and it should either the breaker or are it won't do anything. I was thinking I could just touch one of those lawyers with my tongue. When you think about that. I think maybe you should hire an actual electrician like that calls for advice and we give them the best advice possible, I ask for a little bit of advice, and Charles the best advice possible. Please don't touch or go near the black or the white wire bedroom.

Charles God bless you buddy.

Hey Rob, really almost out of time here, but you know this is the giving time of year and one of our caring supporters has done something to spur others onto help us in that regard. Right.

Well that's exactly right were so thankful for somebody is come alongside us to say we want to help. Moneywise, finish strong this year in order to do that by doubling every dollar that's given between now and 1231 so we would love for you to think about if this program means something to you whether you could partner with us at any amount, five dollars, $50, $500. Whatever the Lord lays on your heart what you can know for sure is that it will be used wisely and it will be doubled. The moment you make the gift. Here's how you do it just got our website moneywise live.org moneywise live.org and click the donate button and I like it.

And again, should we get to do any email questions today, but we do our very best to do that. If you have a brief question you'd like Rob to answer and you want to send it by email. The address is questions@moneywise.org I just keep it brief and will do our best to be upgraded on an upcoming program questions@moneywise.orgi, thanks to our technical crew today that would be Amy Tabb and Aaron and of course our own Jim Henry, who has come in from the beach just to help us out broadcast moneywise live is a partnership between Moody radio and moneywise media have a wonderful weekend church on Sunday doing this