Financial Fantasies

.com no daydreaming can be lots of fun thinking about the what if's and you boldly but what about wishful thinking when it comes to replacing wives money management.

Those daydreaming is that because some nightmares. That's right, the hard truth is all that happy thoughts in the moral health bill today advises president from what you read illusions about money so you can avoid taking calls and questions on anything financial that 800-525-7000 800-525-7000 four were slain financial disease. Next, I saw Rob Linda's date about having tons of money or other things will, we never have, but what does that become harmful well Steve you could argue that it's never a good thing because it's a waste of time and mental resources that could be put to good use elsewhere. So, in the broadest sense.

It's harmful all the time, but there's no doubt that it's harmful when you act or I guess I should say failed to act based on that thinking began what would that look like well.

One example would be that you run up debt because you think there's money coming later. That's presuming on the future of course, which the Bible warns about Saul to get a Proverbs 27 one it reads do not boast about tomorrow, for you do not know what a day may bring forth that could also mean that you do nothing, not doing up a budget and sticking to it. Which leads to not saving the Bible warns us about that too. In Proverbs 2120 you'll know it well precious treasure in oil or in a wise man's dwelling, but a foolish man devours okay I will.

I think we've laid a scriptural groundwork for avoiding financial fantasies so let's identify some of them so that we can get to you so that we don't do that, and you've got three. I think that you want to talk about I do in this one of the first one I guess is thinking that you might someday inherit a big pile of cash in that it will solve all of your financial problems, but how often are heirs unpleasantly surprised by the provisions of her relatives will.

It happens all the time and think about this. If you're wishing for an inheritance. Well, you're looking forward to someone die.

That's normally morbid.

It's in direct conflict with the 10th commandment you shall not covet your neighbor's house. You shall not cover your neighbors neighbors wife or his male or female servant, his ox or donkey, or anything that belongs to your neighbor. I think the point is clear and includes his retirement plan. I guess yes it's okay. I'm going out on a limb here and say that that may apply not only to well family members but other people you might know.

Maybe. Maybe some people that you work with things like that. Anything, anytime you thinking about something that more than likely won't come true and doesn't bear any real resemblance to reality that's exactly right right right. What else they have for us.

What would well that would annex the next one is dreaming that you're going to win the lottery that your retirement plan be nice to your boss because you be working for a very long time.

Statistically, Steve.

You're much more likely to die in a car crash on your way to buy a lottery ticket then you are actually winning. And if you decide to walk to the store to buy a ticket while you have a better chance of getting hit by lightning twice, then winning the lottery. Here's what God's word says about that.

Proverbs 2820 a faithful person will be richly blessed but one eager to get rich will not go unpunished. Now that doesn't mean you're going to be hit by lightning for wanting to get rich quake. It means you will naturally miss out on God's blessings. If you failed to follow his principles for managing money.

Those blessings are always financial, though sometimes there are things like peace of mind that comes from knowing that you're being a steward good steward if you will of his resources okay. I'm betting that a fair amount of folks might not fall for those first two financial fantasies, but I'm peeking ahead here.

If you don't mind, and seeing that lots more people might have a problem with the last one on your list. Well, that's right, it's probably a lot more common in its thinking that the government will provide for you. You know it's no secret that entitlement programs are in big trouble.

Steve, the latest projection shows that Social Security benefits will start to exceed the programs revenue. Next year it will then have to start dipping into its $2.9 trillion reserve which by the way, will be used up entirely by 2035, Medicare is on an even faster downward trajectory.

It's expected to run out of money in 2026. Now that's not to say those programs won't be available they will be but will likely have induced benefits and higher taxes to support the point is we all have to plan and save for the day when we can no longer work and back to chat some more about financial fantasies pertaining any call 805 five 7000 W. this many people adopt an attitude toward marriage and finances that it will 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 strengthening your relationship with your main and cultivating godly joy, money, and marriage God's way is available and moneywise live.org. How should we as Christians think about investing.

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Don't want to leave people depressed by all this, any positive word of encouragement for folks who are not daydreaming, but you know they did, they tend to be people who were or are overly optimistic. Let's say well yeah Steve you know it's a great question and I would just say at the end of the day.

Why not put your hope in a sure thing, despite the other things we were talking about just before the break and that would of course be God's promise to provide for all our needs and of course we have to do our part. Steve by following his financial principles, including living on less than you make. Staying out of debt, saving for the future by doing those things, though you can improve your financial situation without any help from the lottery or rich uncle as we were talking about earlier. It's not a get-rich-quick scheme. It takes time.

Take steady plotting, but we know it works. And that's precisely what Proverbs 21 is talking about verse five.

Steady plodding brings prosperity. Hasty speculation brings poverty okay. Speaking of a rich uncle in somebody must have a rich uncle. I don't have one, but I may have you ever met a rich uncle and me.

Where is this guy what you do for living. You give us a call. The elusive rich uncle it's out there somewhere right 800-525-7000 Akron, Ohio, Alan, are you serve the proverbial rich uncle red but I helpful uncle that what we have music front of mind. I'm hoping that they rebuilding the credit and were able to get a credit card for $300 after question that I charge $50. Should I go ahead and immediately pay the 50 back off course they wait for the bill. The commandos that reflect differently on the credit report, you know, it really doesn't Alan. There's no benefit as long as you pay it by the due date. It really doesn't make a difference as far as your credit report is concerned, I think the key there is making sure that you're on time payer every month. But in terms of how that information is reported to be reported after the billing cycle closes based on the fact that you were either on time or late. And it's gonna be reported systematically that way by paying an early that information doesn't actually make it onto the credit report so there's really no benefit. I think the key is getting into a rhythm of making sure that that payment is made on time and every month in full so that you bring that balance down to zero and then obviously you can charge up to the secured amount again. By the way, I would recommend you do this because you're going to get hit with probably a late fee if you do. Information is not reported as late to a credit bureau until he gets 60 days late so you with a credit card. If you happen to miss one yeah get it with that late payment but you gotta actually miss the second one before it gets reported as a black mark to the credit report but bottom line to your question, no paying an early is not to make any difference on the credit report Alan were glad you called today thank you very much. Let's quickly go to Pikeville, Kentucky, and Lee. I think we tried to get you on Monday and then things kind of fell apart from a phone standpoint is that you with us today great. I'm glad we finally were able to do it.

Let's do it quickly, so we don't leave ourselves up to the to the frustration of the phone line one more time what you question, how market hundred and $30,000 payments are 4913 years yeah interest rate of 3.99% okay okay for the interest rate of 2.7% for 10 years, which would be my original that's what I originally for this would be going back to start at 2920 Gaylen 920 $4000 charge, no, I'm not sure it yeah well number one should you refinance a guess the first question other than can you save on the interest rate at least a point which basically you're telling me that you are is are you going to stay in the home. Do you expect to stay here until it's paid off, and beyond that. Okay. And then beyond that, we want to look at making sure that you don't extend the term as you said you be resetting that mortgage at 15 years you're already a year and 1/2 in that doesn't trouble me too much.

But let me ask that 925 roughly that you can have as a new mortgage payment is lower than the one that you have currently.

Okay. And is that the current payment fit into your budget pretty well okay so one thing you could do here. Leave if we get you the right mortgage with the right closing costs and you get that 2.75% interest rate. In fact, you have good credit at 15 years. I'd like for you to do even a little better than that. Maybe 2.6, but regardless 2.75 or less what I would do is continue to pay that thousand 4595 every month even though the payment minimum is that 925 and what that's going to do is add a little more than $100 a month the principal which is probably going to allow you to pay it off at this lower interest rate and even less than 13 1/2 years, which is what you had let it left on your current mortgage. So the benefit of that extra hundred a month plus the lower interest rate is really going to allow you to accelerate this and perhaps even pay that off in 12 years which would be great.

Now the only other thing though, we have to look at is the closing because typically I'd love for you to only spend about 2% in the form of a closing in the form of closing costs which would be only around 2600 Europe at 4500 or 4700, which is a bit steep, so I'd like for you to get a couple more estimates. This can be a good faith estimate for the loan and where you shopping this is it your current bank. Okay. All right. And they can be fine. There may be some discount points thrown in there. I see that quite a bit with that particular lender, which you don't necessarily have to pay. In fact you with where interest rates are today in order to get 275 on a 15 year note, you shouldn't have any discount point so that would be one thing you'd want to check so I go to bank rate.com and look for the online lenders that have the most competitive 15 year mortgage refi rates. It does vary from time to time just based on how much money they have available to lend and so certain companies will have different programs, especially now that were into a new month and a new year.

It's got to be a great opportunity for you to look around and see who's got the most attractive rates. A lot of folks are going with the lender, you just describe because they're doing so much marketing right now, but I'd like for you to have at least three quotes. So bottom line is I like the direction you're headed. I'd like for you to get the closing costs down to closer to $3000, not five and I'd continue to pay that existing mortgage payment even though your new payment will be considerably less.

We were really glad that we get through to you or you were able to get through to West today. I hope that information helps you sound like you moving in the right direction. Thanks for listening to moneywise live in a place where we do our very best to remember that God is all just managers is the Bible. The first was to be right back with more phone calls 805 five 7000 you for your fine your career. Even your energy for your getting a Christian foundation and your family maximize your resource to learn how to moneywise.org the financial wealth you leave behind could be the best thing that ever happened to your loved ones or the worst in splitting hairs. Given 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 and sent everything to here is six in verse one verses one through three saw the Lord seen exalted train with six wings with two wings they covered their faces covered their feet, and they were calling to one another. Only the Lord's word holy, holy, holy is his glory in the temple priest temple to temple coming to gather what we government the temple priesthood is depicted perfectly for chapter 6 will be no separation of church and state in the kingdom will be thrown listening to now, after all, it's the first week of a brand-new you know everything about maybe doing your best to change the oil more than once a year and then there is that budget thing. Well, you know, one of the best ways.

One of the most favorable ways to to budget and to do it the way that most people understand is the old-fashioned envelope, issue or budget that says something that your parents did, and probably your grandparents did the envelope budget still works and it works really well. It's easy to understand, easy to apply, but these days well were in the digital world, and if only Rob if only someone to come up with something digital, high-tech, something computer really like well stated. I have good news for you will actually did it really so we took a couple of days off and while my back was right right yeah actually it's been years in the making.

The team actually specifically dedicated eight months to building the moneywise digital envelope system.

If you haven't checked it out. I really encourage you to do it. I use it for my finances and I will just tell you because I had a hand in the speaking to the features I wanted to see, although I didn't do any of the coding we left that to the professionals. It's the best digital envelope system out there anywhere, and here's why it's really based on that tried-and-true system. Steve making sure that your money comes in your funding accounts. You then fund your envelopes based on your budget. You have all those categories, whichever ones you want to set up and then as you spend out of those envelopes you know exactly what's left each one. So when you're a to go eat out. You look in your app in there in your eating out envelope. It tells you how much you have left in every other category.

The great thing is when it's digital all the transactions download from your bank or your savings account or you're in CF giving account automatically, and it gets smart as you go, so it learns your behavior and knows that yet. When you go to Chick-fil-A that goes into the eating out envelope automatically and so it's all there. All the bells and whistles, not to mention our community where you can ask questions and even all the moneywise broadcast archive. So go download it today.

Where will you find this wonderful thing. Well it's in your app store waiting for you. So head over to the Google play store or the Apple App Store and just type in the search field moneywise biblical finance. Download the app check it out today and let us know what you think. So the app knows if I go to Chick-fil-A is that what you said it's a little scary. How does it know if I order ice cream doesn't know know I just knows the amount that you spend and by the way, it's all secure latest security features so it's only you that has that information, but it'll go right into your you might even need a Chick-fil-A envelope. Stephen thinking rather than just think so eating out.

Yeah, I think enemies are large enough envelope I could take I can throw in a couple of those extra honey mustard's like the honey must have known that I like a geriatric sauce solenoid digital sauces 800-5256 eight.

Wait a minute, what was the number 800-525-7000, Wichita, Kansas hey Dave, how can we help you today today. That's a great question in there so many answers to that question. So let me start with kind of a high level thought on it. First of all I want to make sure that when we talk about retirement. We don't automatically by end of the world's definition of retirement that there's this date by which you have to cease all productive activity and live a life of leisure and we don't really see this concept of retirement. At least the modern view of it in the Bible anywhere we recognize as workers says God's creation. We were created to be used by him to glorify him and that we have a calling that doesn't expire until he calls us home or he comes to collect us when he returns, and so I think until that point, we need to always be asking Lord what you have for me in this season, and by the way in those retirement years. I would argue we have the most in the way of experience and wisdom to bring in God service. Now that doesn't mean know that we shouldn't be steady plotters saving for a day where perhaps we can work to earn a paycheck and so we need to have means by which we can continue to provide for ourselves and anyone depending upon us in that season of life. And so that's why we talk on the show often about saving for retirement and we just look at it in more of a biblical sense. I also think there's a point where we need to set a financial finish line.

We don't just accumulate for accumulation's sake we say how much do we need to fund our lifestyle.

Whatever. Prayerfully we decide that's going to be how much do we need in the bank when we get to that point if were able to save that amount so that we can fund the lifestyle we believe God is called us to. But at that point we don't continue to say once we reach it. We have the ability to give even more away now what is that number well I think it's gotta be considered prayerfully. I think each person or couple. If you're married has to sit down and say Lord what lifestyle you call the student when we get out of debt. How much do we really need to fund our expenses and that's going to be the ultimate driver of what you need to have in the bank when you reach that point. Certainly there are rules of thumb out there all mention them here in a second in terms of what that amount might be, but at the end of the day that's between you and the Lord and once you know what that lifestyle is it's just a mathematical equation. If you're going to live on $80,000 a year just pick that number, then you have to look at okay what am I gonna have in the way of Social Security. I don't know for sure. Obviously, it's that system has some question marks but still be some version of it available, and so we put a number down for that and then if the rest is going to come from an income stream generated off of your savings. Then, in order to come up with that amount of money we know how much you need to put away in terms of the rules of thumb. It's usually 10 to 12 times your income that most people will say or another way to look at it is if you take the amount you want to have in retirement as income and multiply that by 25 that will give you the number by which had a 4% rate of return. You generate that exact so think about that. Pray about that.

If you have any other questions along the way. Give us a call back to Cindy and Chad about possibly my 30 years sound mind investing has been helping Christians reach their financial goals. Step-by-step guidance for investors at every stage from those just getting started, those getting ready for retirement through scriptural principles and practical suggestions.

SMI offers financial wisdom information short video webinar on profit and peace of mind, no matter what's happening is available at sound mind investing.Christian healthcare ministries enables believers to meet their healthcare costs affordably, biblically and compassionately is 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 authors Robert and Nancy will move her life story all point same God's hand we see everything so we can trust him right it's encouragement you need to control our lives to be written or for his glory. You can trust God to write your story by Robert and Nancy will your copy today, American scene, wealth, loneliness and depression are on the rise and wealth is doing nothing to make us feel whole in their newest book becoming whole authors Brian figured in Kelly M Argue that we Christianize the American dream and it's tearing this captivating book, becoming whole demonstrates what it means to be with you how we project our own goodness onto the people trying to help get your copy of becoming whole. Do you know if you have enough enough money house. Do you know how much is enough. If not, one blue can help with this book. Master your money 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 the US Capitol police have long down the capital building and evacuated multiple congressional buildings amid violent protest outside what had been peaceful protest of the electoral College vote turned confrontational subgroups dressed in disguises and painted faces reach the capital building midafternoon areas close to construction photos of protesters occupying the Senate chamber and statuary Hall. It appeared online now no one has claimed responsibility for the incursions and one person has been shot at the capital.

The exact circumstances surrounding the shooting were unclear. The victim has been taken to a hospital. The condition was not known resident from his calling for calm, on Wall Street today.

The Dow gained 437 points. The NASDAQ was down 78, the S&P 500 up 21.

This is SRN use saving vesting by him or maybe turning those golf pants that your aunt.

But you generally do the same orange and red colored that she bought you last year and you're wondering how to do without offending her is that a financial problem. I don't know looking to get around 802 five 7800 525-7000. That's for. I mean you wont hurt one's feelings something because they love you a Christmas in his right.

What is it, it just doesn't suit you. It's not your color you're in autumn, but the punch was more of a summer you want to do that in a way that is an offensive that's Excel voice yeah tried to preserve the relationship and if that if you lead with that approach. I think you come up with the right decision just before the break we were chatting with Dave who was wondering just how much do I have to have before I can retire.

How do I know if I have enough any additional thoughts on that. Well we talked a lot it is.

We talked about a couple things we talked about the biblical perspective on it, which is our calling doesn't expire ever. We talked about the fact that we should set a financial finish line, meaning we don't just continue to accumulate into perpetuity. We should know where were headed and have a plan to get there and then when we do reach that point we can give even more away but then the third piece is that the financial computation side once you decide your lifestyle then you have to recognize a couple of things. The first once you reach that retirement season where you are no longer working and you're asking the Lord what he has next for you. You have to determine what are your expenses going to be the typical person will live on 70 to 80% of their pre-retirement income. Why does it go down well. Lord willing, you're out of debt. At that point, you're no longer saving for retirement. Hopefully the kids are off the payroll and so all of those things mean your expenses drop right so if you're living on 70 to 80%. You need less than you did during your working years. So how much is that, well, that's where that said 10 to 12 times your income number comes in. If you take save 10 to 12 times your pre-retirement income.

Then, when you factor in Social Security and the reduction in expenses during that season. You should have enough to make up what Social Security isn't providing and be able to maintain relatively speaking, the lifestyle you had pre-retirement. I also mentioned the multiply by 25 rule me just explain that when quickly if you know that there's a certain amount you're trying to generate income during a period of time and you're going to use that 4% number that we talk about when you have a nest egg that's invested .4% a year out. You should be able to live on the income it never impact the principal the way you find out how much you need to save to be able to pull out 4% a year in equal. That amount is you multiply by 25 and when you do that, whatever that number is times 25 then at a 4% rate of return you're going to get that same number, such as the little little math trick there that you can apply in that situation does the trick actually have a name I'm being serious: multiply by 25 real scientists now and I'm sorry I mentioned the golf now. It just doesn't seem to be worthwhile here something that's probably worthwhile. It's our phone number because we have four open lines at 800-525-7000.

If you'd like to chat today still plenty of time open lines 800-525-7000 that rule 25 rule thing this something to remember as well. Chattanooga, Tennessee, WNV. W hey Cindy, how can we help you are giving away all all apply what you think. Keychain four years ago we were out Alpine I don't work and help and I told my heart. Why not you know what they generally know what they're talking about and I think we need to apply what they had been preaching all along that we know our dream. How, and that helps alleviate 90% of our gas.

We moved into an apartment and I fell in love with the apartment living with the rank you gave cool. You get all the inanity I yell something great. We have a washer and dryer. We don't have to worry about though my now we been here for years. We're half my now chatting has really housing market has only where Barry and saying you know the high high on TV years ago. The how many mediums like that out now. 340 know my kind of look like an apartment.

Again, you get all yet you don't have a garage yet you don't really know your neighbors how we know what like to maintain your heart. We've always had an eight and a lot of now are hearing poor people.

I can't hour where the line may include wellness kind of guy hi right and they're having to maintain the yard more gently. I'm afraid that's going to be going to be up and down my what do you mean I just would like to know your thought ranking technically known how yes well Cindy. First of all thank you that explanation and your encouragement. I hope after the advice we gave that you took your husband is still speaking to us is that true okay okay okay so Steve and I invited him to a cup of coffee he would accept you think good news will provide the theory needs to provide the stones cannot personal scope and surround anybody thing you know I love the fact that you paid off all your dad. I suspect that in addition to the part apartment living that you been enjoying and the amenities and less overhead. You've enjoyed the peace of mind that comes with being unencumbered and having the flexibility there, so I'm hesitant for you to rush back into a bunch of dead even if it's mortgage debt that's collateralized by a home, but let's talk about, where you're out here quickly because were to get short on time.

You said you are completely debt-free at this point correction here, and I apologize all okay don't work. I have credit card you can help with how not including medical, including the car. The car, it can we plan on keeping back forever in your income sources your husband's income is a right and what you have said emergency savings. We got about 45,000 okay what you have seen them for retirement. My IRA. I don't know well okay frankly come back I'll give you my thoughts and will see we make some decisions we Cindy, do you feel like your hands are tied with debt, preventing you from serving God.

If you have credit card debt. Christian credit counselors can help through our debt management program we can get out of credit card debt. About 80% faster while doing your debt info. For more information on how Christian credit counselors can help visit Christian credit counselors.org Christian credit counselors.org or call 800-557-1985, 800-557-1985. Many people are experiencing financial challenges such as credit card downsizing that in jobs, savings, more than half of all divorces are the result of financial pressures at home in your money counts typical financial expert Howard shows that the Bible is a veritable managing your finances will discover the profound relationship God, your money counts is available when you click the start button moneywise live here to help me understand God's purpose for your life to the eyes of a layman.

Maybe this year you plan to retire you're looking for something to take up your time of ministry like I talked to many Christians who recently retired and I asked myself why do people wait until the influence of the professional life to look for a minute. No matter where you are right now you're in full-time ministry is not just an add-on to your life is your every moment of every day retired or not of great influence every person knowingly will soon stand before God to give an account of their lives and that makes your hugely maybe the only Christian standard you have and help them orchestrated by God himself. This is your purpose and your mission. Your job is revival outside the will moving everyone and everything will go tomorrow. TW.com 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 will be equipped to confront cultural Christianity and lovingly share the gospel to the cultural Christians in your life. Cultural Christianity is a huge mission field in desperate need of missionaries get your copy of the unsaved christian@moodypublishers.com you feel stuck. I get tired of going to the motions of faith you want to make real progress in your life and not know where to start is a book to help you grow spiritually grows well to the gospel as a starting point of the Christian life rather than the main point of all how to grow book by Darrell – available publishers.org that movie publishers.O RG husband. Around 61 Rob the specifics on the layout force yesterday. I'm delighted to hear that you apply biblical principles really, except for just medical and some other minor that you were able to pay off everything by moving from a home that you sold to an apartment. You've enjoyed some of that flexibility and now you're itching to get back into a home that you own, even though you've enjoyed enjoyed the orders he is your husband is even though you're enjoying the apartment living.

It sounds like you all are doing pretty well in terms of managing your ex, your expenses, you've got a bit of an emergency fund. It sounds like your well-funded intent on track with retirement assets. I guess the question I would have is all things being equal, you know, if you could get into a home, and you're comfortable with the lifestyle that comes with that meaning the additional expenses. The upkeep of the property. You and your husband really thought through that and you been homeowners before so you know what that means, you will need to kind of sort through that and make sure that's in fact the direction you want to go, but beyond that, to the financial side, Cindy.

I think at the end of the day it's about do we have the money to put into a down payment because I'd typically like for you to have 20% so you know if you're buying $100,000 home, it's 20,000 as you said homes. The median home prices in Chattanooga.

You're saying around 300 or even north of that. So were talking 60, $65,000 in the form of down payment. I don't hear you saying that you have that kind of money to put toward a home and so what that would mean is that you'd have to get a mortgage of 90% loan to equity or even higher, which means you can have private mortgage insurance and if the real estate market, which is been hot in Chattanooga like it has in other parts of the country were to take a downturn in the next five years, you could be upside down in that home, and even though you may just ride it out. I never like for you to be in that position so I'm not hearing that you have the money to make me totally comfortable with this season of life for you to take on another large mortgage without having a sizable down payment. Have I missed anything or do you have any thoughts on that. I completely agree that we care about our mind has been equity and other things that I really doubt that he found the hound that our lifestyle we would be fine not only painted bright things are always something happening like not getting up with RA.

I just don't like the idea of having any doctor did something happen to my battle. I know that in the past, ranking with strictly forgoing flight from one place to another college can that I think drinking has become a different lifestyle and that's what I was going there is anything inherently wrong with renting by any means.

I think you know if you're going to buy say love for you to be building an equity equity and something I'd love for you to benefit from the appreciation. That's has happened and will happen in the future you know there is additional expense and and burdens that come with that and you have to count the cost. So there's nothing wrong with renting necessarily if that's the best thing for you financially. It sounds to me though Cindy that you would really benefit from a financial planner that could come alongside you and your husband be a neutral third party.

A godly person who understands biblical principles of finance to help you get a handle on what do you have for retirement and will that cover your lifestyle and that season and where would a home fit into this and where would the down payment come from, and you are you on track ahead or behind and what about your spending plan just kind of giving you really an objective perspective on where you're at, so I recommend you take that next step. Before you do anything as I think that'll answer a lot of these questions and the way you find a CK there in Chattanooga and there's some wonderful ones just go to moneywise live.org and click the button that says find a CK. Hope that helps. Cindy God bless thank you very much quickly to Euclid, Ohio W CRF and Tammy thanks so much for bearing with us what your question might, I got on I love but I'm thinking about it and I money box but I don't get you on.

Should I money it might be yes it to me when you do your budget.

All the bills are paid and get you pay your mortgage and food and you know all the expenses you have fixed and discretionary. What I'm hearing is you have an additional 500 a month available. Is that right yet okay and you have an emergency fund telling all I like. I put my money I see. Okay, well, I'd love for you to have at least three months expenses in the liquid savings account. I religion I can earn a lot of that probably 1/2 a point with an online savings account. But that's money that's available that the market was down and I realize it's been going on for a while here, with the exception of last March, you know it we got into a bear market. I wouldn't want you to have to sell out of stocks that were down in value just for you to cover an unexpected expense but once you get your savings up to three months, then I think you've got a look at whether you're on track for retirement. If you're not meaning if you're not on pace to save what you feel like you need to fund your lifestyle, your expenses in retirement that I would prioritize that first because that long term savings compounding in the tax-deferred environment is really going to be an important piece of your long-term savings if you feel like you're on track with that and if you need some help with a certified kingdom advisor there in Ohio can help you make that determination.

Then, I love the idea of you accelerating the mortgage payoff.

But if you're not, I would prioritize retirement over the mortgage acceleration you're just all things being equal, tell me we often recommend our good friends of sound mind investing.

If you're looking for premier when it comes to doing some investing on Wall Street, stocks, bonds, things like that long term. They have a number of wonderful resources.

You can check them out at sound mind investing.org might want to look into that sound mind investing.org and thank you very much, Morris, Illinois hey Mike what you question today for Rob West.

Great, thanks Mike father-in-law now here here when I retire I will now like other like is when you make a Roth contribution. It's after-tax dollars it's going again so you're earning the money you're paying tax on the income that you are now, which arguably is potentially higher than what your income is good to be in retirement and then your funding your retirement account with after-tax dollars that then grow tax free and you pull out the money you put in.

Plus all the gains without any taxes on any of it in retirement so as long as time is on your side even though you might be in a higher bracket today. If you got a considerable amount of money the time for that money inside the Roth 401(k) or Roth IRA to grow the tax-free basis you're still going to do very well in retirement. Being able to take out all those gains without paying any income tax on the withdrawals because you paid it on the contribution going in but there is something to be said about having both buckets available, and so I like the idea of you either funding a traditional 401(k) and a Roth IRA or splitting. If you have this option. Your contributions in your company-sponsored plan between the traditional 401(k) and the Roth 401(k) because when you get to that season of life in retirement. Who knows what the tax rates will be right that's good to be a couple of the presidential administrations are now in Congress is going to turn over our tax rates can be considerably higher than they are today, possibly so you know you're earning less you still may be paying more in taxes because we don't know what the tax structures gonna look like.

So I'd like the idea of you being able to pick and choose and that season of life, which account is going to be the most tax advantaged for you, whether that's pulling from the tax-free growth in the Roth or pulling on the pretax traditional IRA and then paying on it is income paying tax on it is income at withdrawal. This does that make sense so will our so because it didn't matter. You could do both, but I like the Roth especially time is on your side of Inca Sen. Roth had it right when he came up with that. So we appreciate your call today.

We do indeed thank you very much Mike you're listening to moneywise live but we're going to have to put a bow on it for today. We are almost out of time. So our thanks to you for being there and for joining us will be back tomorrow. Hope you will as well give us a call then. If we can help you 800-525-7000 moneywise live is a partnership between Moody radio and moneywise media by thanks to our technical crew today. Chris P Gabby T. And of course none other than Jim Henry in charge of doing all the research and in charge of taking down all the Christmas decorations have a great major join us again next