3 Ways to Invest

This is Doug Hastings, VP of Moody radio and were thankful for support from our listeners, and businesses like United faith mortgage. My grandma loves Ice-T.

It's her thing. So I go to hang the grandma for a bit and I see she's holding her big plastic cup with her T the cup is literally sitting inside one of grandpa's sports socks.

I'm not making this up.

No one can make this up grandma you okay of course dear the socks soaks up the sweat and keeps the tea colder. Hey, it's Ryan from United faith mortgage and as I thought about it later.

I thought that's the kind of mortgage team. I want us to be the kind that's willing to take any step needed to get the job done on your new home purchase, refinance, or cash out refinance and can we help everyone know, obviously we can't know were willing to use grandpa sought to keep a drink called you know were willing to do whatever it takes to make sure you're taking care of.

We are United faith mortgage not a faith mortgage is a DBA of United mortgage Corp. 25 Millville Park Rd., Melville, NY license mortgage banker for all licensing information, go to NML as consumer access.org corporate MLS number 1330.

Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah and know well the condition of your flocks and pay attention to your herds or riches are not forever. Nor does a crown endure to all generations wise words from Proverbs 27, and especially when we invest. However, where Steve Moore is off today. These days we have several ways to invest our money requires a certain amount of oversight on our part.

Today we walked through your option and of course it's on your calls and questions on any financial topic that 800-525-7000 800-525-7000. This is moneywise live with. The Bible informs all of our financial decision. So unless you happen to raise geese or goats these days were pretty much talking about investing in stocks and bonds there. The modern-day equivalent of flocks and herds if you will, and we certainly do need to pay attention to them. No matter which method of investing we choose go over three of them today for you in the first right off the bat would be the do-it-yourself approach is sometimes called self-directed investing now, but why would you choose this method of investing, most likely because you don't like paying fees for someone else to do it for you. And of course if you do choose to go it alone. You really have to stay on top of things. Now that doesn't mean you watch the market every day and decide to buy or sell at the drop of a hat were not trying to encourage daytrading here by any means.

Here's the key to a successful DIY approach that you have to keep your emotions in check. No matter what the market is doing these days. Technology allows you to make a trade with the push of a button, but you still have to stay disciplined and stick to a long-range plan and even though you're taking active control of your investments that you can still put your money into mutual index or target date funds that lower your risk and reduce the need for frequent trading now in the greatest danger in self directing your investments is that you'll fall victim to market swings selling out of fear when the market takes a tumble or buying out of greed when the market is hot. You have to keep your emotions in check and stay the course.

Now let's move on to investing method number two and it's the newest frankly it's using what's known as a Robo advisor and sorry you sci-fi fans out there. It has nothing to do with robots Robo advisor is so sophisticated computer software algorithms and Robo advisors are now offered by most of the big online brokerage houses so were talking Fidelity and Vanguard among many others. Now they work well you input some basic information were talking your age or perhaps a retirement goal, then the Robo advisor or the computer algorithm recommends a diversified portfolio tailored to your needs, but with an emphasis on low cost exchange traded funds and bonds. The benefit is you get a prepackaged investment portfolio tailored to your needs, but at a much lower cost.

Were talking about an annual fee of maybe one 12:45 percent. Now the Robo advisor will automatically rebalance and diversify your portfolio. However, for financial and estate planning your essentially on your own that Robo advisors don't do that, at least not yet. That might be coming so Robo advisor is an expensive way to automate your long-range investing and as you might guess, the last investing method involves an actual human being, of course were talking about hiring a real live financial advisor. This would certainly be for folks who want more than just investing advice as the name implies a financial advisor can insist you in all areas of your finances from investing to tax strategies.

Of course, even estate planning financial professionals, various specialties, but for the widest range of assistance you probably want to go with a certified financial planner, they would have a fiduciary responsibility to give you advice that's best for you, even if it doesn't make them the most money and of course no matter what type of financial advisor you need. You can find ones that share your values or Christian worldview by choosing a certified kingdom advisor.

It's easy to do, just go to our website moneywise live.org and click find a CK now that going with a financial advisor will cost more than the other methods but there's two main benefits. With this approach can actually be the most cost-effective because the more you pay upfront allows you to receive advice that will pay for itself. With increased gains and reduce taxes. Second, going it alone or hiring a Robo advisor that will get you, not the personalized advice that you get from a real professional that you will finish this up right after the break we remind you of our phone number it's open and ready for your calls 800-525-7000 back to moneywise live underground where Steve has the day off today.

This is where God's word meets your financial decisions and choices were glad you decided to spend some time with us today.

Phone lines are open were taking your calls and questions on anything natural. Here's the number 800-525-7000 800-525-7000 that we were talking, just before the break, about the options you have when it comes to investing God's money.

Clearly we should be seeking a return on our investments.

We see that plainly demonstrated in the parable of the talents we should put God's money to work. We recognize a portion of what he entrusts to us beyond what were using to provide for our families. After careful consideration and prayer should be saved for the future. Whether that's a short-term, medium-term or long-term goals that we might have God-given goals that align appropriately. What are with our values and priorities and to the extent were saving for, let's say retirement that season of life work. God redirects us to another assignment, perhaps beyond our ability to work for pay, then we need to be able to support that lifestyle that we believe God has ordained for us and so we need to set something aside for the future. Well, how do you go about that you want to invest in yourself.

Do you want to use more of a more of a technology driven solution were talking about that Robo advisors and these are growing dramatically as a part of the fin tech movement to with not only some upstarts have thin tech companies like betterments and wealth front, but also with the traditional brokerages like good Fidelity and Vanguard getting into the game and then there's that third cart category which is using a financial professional, and I think for most folks this is where you ought to be when it comes to being a steward of what God has entrusted to you, especially as you begin to build some wealth. I think having that objective third-party is really critical. And by the way, this was the question we asked on her Facebook page today that you can find us when you search for moneywise live at Facebook we said why do you think it's helpful give me to have a financial advisor and Bob said well objectivity for the same reasons lawyers shouldn't represent themselves. That's great thoughts Bob. Richard said because the current to the US system is convoluted and complicated, and Matt said it's better to have someone else seeing where your money is going.

Matt also made a great point. He said that even leading financial experts have financial advisors think about that run blues or just the other day and Ron was sharing that even he has a financial advisor.

So you're talking about somebody has written 20 books on personal finance that also has a financial advisor and he makes a key observation and that is I can't hold myself accountable and so having that third party that can engage my wife and me in this area of money management and accountability asking the hard questions is really a key role for a financial professional.

I'll finish again, though with something we said before the break, and that is it's really important, in my view, that you have somebody who shares your values is not only a competent time tested advisor but also somebody who's really been specially trained in the application of a biblical worldview to financial decision-making for us. That means they've attained the certified kingdom advisor designation you could find one of those professionals@ourwebsitemoneywiselive.org are just a couple of additional lines open 800-525-7000. Let's go to our first color of the day and welcome Barry North Carolina barrier on moneywise live a joy he got. Sharon, thank you.

I'm married and 64 years old I was. I was self-employed until 2008 when I was in a real bad trucking accident. My I got hit by a tractor-trailer but I'm still here in the Lord has sought to it that I should not go home yet as I can and I can still work some. I became disabled course in moment I'm on disability.

I managed to say close to 20,001 part of it sooner CD this coming mature this next month.

The other part is and I I am kidnapped.

I thought it was a Roth IRA. Back when I was working for in Mike and I included my company name and so it's on the only information sheet about the company, he says, was IRA and so I don't. I'm not sure what that means but anyway I was I was arguing. Rob talking about or see about a high yield interest rate savings accounts. Did you get bit like Allied Americans, various there's no intolerance they they all point by vote percent interest so I have. I don't have a big mistake. I don't have a 401(k) so I don't have very much money and commit my page where now I don't have another 30 years so I was wondering what the best thing to do or which route should I again went what money I got.

It's even worth it. Well, it absolutely is because whatever God is entrusted to you, whatever you been able to save for your hard work that limiting your lifestyle. Being able to put something aside for the future now and in the days to come. As you continue to save up for that next season we want to be careful stewards of that and I think that means that that money needs to be working force in a way that's appropriate you not taking too much risk your properly diversified, which comes right out of God's word with a long time horizon in the right investment mix.

We need to put these set this money that you been describing in different buckets.

So let's talk about bucket number one.

And this is money that you will not want access to. We typically call that your emergency fund, I'd like for you to have 3 to 6 months expenses is that the money that's been in the CD or do you have savings that you could access in the event of the unexpected separate from the CD that's maturing yeah I do have some savings, money market that I have put my mind credit union and so what would when you look at this CD that's maturing is that money you plan to to use in the next 10 years. Hopefully not okay, and I almost looking at. Well, that's that was it.

I was looking. It is not going make very much interest I eat it. It started out pretty decent amount of interest when when I did this year to a Gary but now it's the interest now is really really low in the credit union.

This knowledge on the see if I can move that money or how to move that money may be correct into a high yield savings account that will got it yes or no that that makes sense. And so I think with that money market.

If that's not yielding a decent rate that's your emergency savings or a portion of this CD. I would think in terms of getting that up to perhaps six months expenses and I would look at a high yield savings accounts better than this misnomer. In this low interest rate environment. Although rates are moving up.

We haven't seen the high yield savings rates move up quite yet with them. The banks are enjoying that keeping a bit more that spread is that the Fed is going to be looking to raise rates of high interest savings are still around .5% and you're right. I like Allied Bank. I like marcus@marcus.com which is a retail operation of Goldman Sachs. I like capital one 360 anyone of those you will get no fees you build open as many counts as you want for different savings buckets you get that half a point to maybe .6%, and as short-term interest rates move up the high-yield savings will move up with it. Once that six months is funded Barry and were looking at money if you don't have any you know 2 to 3 year, maybe five year or less.

Goals for that money that I think you can put it to work. Whether that's that separate IRA, which by the way, stands were simplified employee employee pension that's for. It's a retirement account for folks who are small business owners don't have access to a 401(k) that or your Roth or any other longer-term money.

I would look to deploy. If you have assets of less than let's say 75 200,000. You're probably going to be needing to do that yourself.

I'll give you two options. One would be a Robo advisor like Fidelity or Schwab the Schwab intelligent portfolios which I mentioned earlier, you would answer a series of questions. They build a low-cost portfolio for you using exchange traded funds again low-cost meeting around 1/4 quarter of a point management fee and your to capture the overall moves of the market, not individual companies but the broad market moves in both the stock and bond portfolio that's appropriate for your age if you wanted to be a little more hands-on, but with some professional guidance you could visit with our friends@soundmindinvesting.org they would be a great resource for you, but I appreciate so much your thinking about this. It's the right question to be asking is you are a careful stewards of what God has entrusted to you. It's time for us to pause will be back with many more of your questions as we continue to look at God's word related to what you're dealing with every day this year, a steward of what God has entrusted to you.

All the lines are full but we may have room a little later in the broadcast and will be back with much more money wise life. This is moneywise live for God's word intersects with your financial life taking your calls today and can have right to Nashville, Tennessee. Welcome Alex to the broadcast. Alex Karen had reported Michael appreciate your great service. Thank you. My caution is the 100 now 57 and turned to. On August but unfortunately I don't doubt any photo along. But I have learned oak RA in Primerica is not a little money) $5000 sold 401(k) in the company. When I woke that autonomy full of the lung pay much in our own to state I'm gonna sign.

So, this was the 104 in which I have in Primerica to follow along to no sir and fortunately can add to this different tax treatment going on with the Roth IRA, then even a traditional IRA and even then typically they wouldn't accept those funds. Once it gets to an IRA. If you have let's say an old 401(k) and you're moving to a new employer who also has a 401(k) in many cases that let you move that in. You have to verify that with the plan administrator but in this case because it's already are on an IRA and in addition to that, it's a Roth which you didn't get the tax deduction but that money is growing tax-free.

You would not be able to transfer it into the traditional 401(k) so what I would recommend Alex with that matching I think you're making the right move here in that you beginning to contribute systematically to this 401(k) take advantage of those matching dollars, which is free money makes a lot of sense. Make sure you pick the right mix of investments inside the 401(k) that's appropriate for your agent objectives.

If you need some help with that. You could seek that out and then with the Roth IRA.

I would probably suggest if there's not a whole lot of money in their you do one of the two options I mentioned to the previous caller either visit with our friends@soundmindinvesting.org to consider some mutual fund options that could be used for investing these dollars or look at the transferring that to one of the firms that offer more of an automated Robo advisor type solution like Schwab or betterments or wealth front and hopefully that'll help you today. We appreciate your call very, very much. But let's stay in the state of Tennessee and welcome Teresa to the broadcast read it like your eye care for a family member retirement find a rock and a breaker and beneficiary. My main question is just I want to do it responsibly. If I contact Panther that notification is there a way that I'm left to carry taxes and penalties can be avoided. At that particular right way and a wrong way to go about doing that to eat out and try not to carry taxes or expenses not yeah that's a great question Teresa and I appreciate you wanted to be a faithful steward of your dad's estate, especially as you been named executor, your taxes really shouldn't be an issue. The taxes typically would be paid by the estate, but given that the exemptions are so high. The other would probably not be any estate tax year. In the past away in 2020. It's $11.5 million of that, you have to get to above in terms of the total value of the estate before estate taxes kick in. In 2021. It's $11.7 million. So were talking a significant estate here beyond that deal with the will that would Deb pass according to the probate court and they would direct you as to the process of distributing any funds and when that transfer can't occur with the beneficiary named accounts like an IRA where there are beneficiaries listed on the account you would just provide the death certificate in information of the brokerage firms in the of those would pass directly to those that are inheriting those and then the IRS provides the guidelines at that point as to how that money is distributed, so it will be taken out according to those schedules and often depending on whether it's a spousal IRA or it's an inherited IRA nonspouse will be different methods by which you can take it out over expected life for over 10 year period and then taxes are paid as that that money is distributed. So I think you're doing the right things. I don't think you have thought to be terribly concerned about doing something wrong because there really is arcing to be any tax implications here for most people just given how high that bar is for estate tax and again that once it gets to the beneficiaries. They will handle that. In terms of their own taxes. Moving forward with their CPA and we appreciate your call, but let me remind you before we had to our next break that of the moneywise app is available if you've not downloaded it yet. We would encourage you to do that, you'll find it in your app store. Either the Apple or Google play store and it's the best digital envelope system I've ever used.

Plus, our community is there, you can ask questions and receive encouragement as a steward of God's money, and all of our content in the discover tab from the leading voices in Christian finance go downloaded today were to pause for a brief break will be right back moneywise live. This is moneywise live are so glad you're along with us today am Rob Wes Moore has the day off today.

Let's take an email question we take your emails and read as many of them as we can on the air periodically and if you have one you want to send along would certainly love to receive it. questions@moneywise.org or you can go to our website moneywise live.org and click ask a question and you get a personal response from one of our moneywise coaches at today's email comes from Sally and she's calling from Eugene Oregon and Sally Wright should all of us have our accounts frozen with our credit bureaus and what Sally is talking about is a credit freeze.

Each of the bureaus. Six. Aqua facts and Trans Union, all by law have to offer you the ability to freeze your credit report at no cost. You will have to make that request either through their website or by calling them or through the mail but essentially my recommendation. There is typically in a you can always choose to do it.

Typically I would say if you know your information is been compromised which seems to happen often these days. Or, you know that you've been the victim of identity theft you would absolutely want to freeze your credit. That's essentially going to place a pin number on your credit report so that if anyone tries to open an account in your name and this would be someone fraudulently trying to do that they wouldn't be able to do God to do so because there would be a pin number that would need to be provided in order to allow the lender to access the credit report and, if they didn't have the pin number because that something you only know then that would stop them in their tracks so you could do it. It's going to add that extra layer protection but also an extra hassle factor if you will, when you're trying to open a new account or seeking some credit.

So I typically say if you know your accountant or identity has been compromised. Go for it. Otherwise it's really up to you. We appreciate you all sending those questions and again the email address questions that moneywise.org let's go back to the phones to Indianapolis, Indiana.

Bill your next up on moneywise let go answer my call and got a quick question for you. I had an uncle. He was a financial planner is back in a day where people would give him their paycheck and he would give Graham an allowance and he would pay their electric bill department store bills and electronic out in all unheard of today he believed it so much he gave his check. Bought it thinking for him a piece of advice they gave my dad and I think my dad follow through with it because I remember I was a teenager not paying attention that my dad we had a mortgage burning party or something that we all went out to eat. When I was like 17 and they had bought a 30 year mortgage house two or three years before my uncle told Mike that it is straight. Take half of your payment for your house payment and send it down to we currently if you payment is $600 and it's due on the first. If you simply hundred the 15th that the buyer and then 300 on the first not pay the electric penny but you're just paying that out you'll pay your mortgage like 12 years later. Therefore, the 17 year my know we had this burning party and all that and understand there is not enough.

I think what paying an extra payment of 13 payments to market something you can come up with that money to do that but in this scenario you're paying you know early and you don't have to pay anything extra.

And Jack if I'm wrong I want to know. Okay Bill first.

I love the idea of the burning that mortgage once you pay it off and by the way I do encourage folks to really press into paying off your mortgage and be some financial professional was financial professionals that would say no. Hang on to that court include tax deduction and put that money to work in a higher interest store return environment and continue to keep your mortgage. I'd say no. If you have the ability beyond emergency fund, beyond the giving that the Lord lead you to do beyond providing for your family and short-term savings goals give the ability to pay down that mortgage early you go for it you won't look back now, this idea of the 13th payment it's you probably have it slightly wrong Bill because if you just pay the same amount, but you do it on the first and the 15th instead of doing it all in one payment.

It's probably going to be received by the mortgage company the mortgage servicer and applied as one payment even though it was to have payments on two different days of the month which, if you don't get any additional money going to principal isn't really not going to help you and typically they know it's going to go to the scheduled monthly payment anyway.

Which means you're going to stay right on that same amortization schedule than you were given when you started where folks typically when they talk about 13 payments are going is what's called a biweekly mortgage payment, which don't pay anybody to do this you can to this yourself. And it's this idea that you would send 1/2 payment every two weeks which means you're going to end up sending 20 6/2 payments or 13 full payments. So in doing that payment every two weeks.

Not first and 15th but every two weeks you can end up sending those 26 have payments or 13 full payments which means of course one extra payment a year that wears that one extra payment going well.

Every time you get to a place where you're making an extra half payment beyond the scheduled monthly payment that's going directly to principal. If you're paying that improperly in the mortgage servicer is applying it properly and that 13 payments a year is going to take a 30 year mortgage and cut it down on average to about 25 years.

So that's knocking five years off that 30 year mortgage by just you sending that one extra payment a year and doing that every two weeks. 1/2 a payment does for many folks, smooth that out and make it very palatable from a budget standpoint that doesn't make sense though Bill sure does not carry good luck thank thank you sir. I hope that clears it up and we appreciate your call very much.

Let's go south to Florida.

Rose your next up on moneywise live go ahead. Thank you for taking my question.

Yes, I'm eligible to retire from my job and my options are to take a lower annual pension along with a lump or take a higher annual pension with no lump-sum and is proving to be a really difficult decision in part because it sorta get into guessing that your life expectancy to see what is going to get enough money of the longest time and I was just wondering if there is a biblical perspective that might help me discern the better way to go, which would be most biblical and are there any scriptures that touch on any aspect of this deficient slide appreciate the question arose because clearly you want to honor the Lord with your decision, which is why you want to make sure Scripture aligns with this decision and I would say specifically for my vantage point related to the nuance of do I want to take the lesser payment with the lump or do I want to take the full lump sum with the DRC is made full lump sum a lesser payment or per parcel with the larger you won't find anything specifically in God's word.

To that end, I think the idea here is to recognize everything you have. That is from the Lord. He is your provider. He will never abdicate that to anyone else, and it's all is right. Everything we receive is this, we want to be a careful steward of that.

I think at the end of the day of this really is a financial computation equation 1st and then secondly it's and it's an issue around you. What gives me the most peace of mind and really frees me up to do what God has called me to do. I would want you to visit with a financial professional rose to make this decision. They're going to look at the internal rate of return, to determine which is more convenient for you. There also to look at your needs from a lifestyle standpoint to make sure whatever you do shores up your income so you know that your obligations are met. And then finally with the lump sum make sure that you still have some money left over for things that come down. We appreciate your call today to pause for a brief break.

This is moneywise live Matthew 621 says for where your treasure is, there your heart will be also.

In other words your heart follows your money as we deal with your questions and comments today here in moneywise live. We recognize that money issues are ultimately about your heart. What matters most to you and we want to make sure that our money is a reflection of what of what God is doing in our lives that are goals are based on really honoring and glorifying him with what he's entrusted to us. That's our aim at objective. Here each day as we tackle your financial issues from a biblical perspective you need help with your spending plan.

Getting out of debt, developing a giving plan we have moneywise coaches that would be delighted to come alongside you at no cost the beach with you virtually properly, socially distanced because you're just gathering between two computers, and others love to walk alongside you and encourage you help you set up a spending plan and teach you some of these principles we talk about here on the radio each day. You can connect with the coach when you visit our website moneywise live just click the button that indicates that moneywise live.org and it will get one of those coaches connected with you all right.

Our phone lines are open 800 525 set 7800 525-7000. Let's go to Escondido, California and Sonia, your next up on moneywise live go ahead and take my call and thank you for your ministry that can 76-year-old single woman fairly newly single owner house. Very low health payment. I minute situation right now. Why able to put between three and $4000 a month in saving but kinda disturbed me put it there and just sit sitting. I don't need to pamper my health early because I'll never get it paid off anyway. I have three kids and they are financially exceedingly comfortable. I just don't know what to do with that money. I mean II know I need to hold onto it, but there's something that I can do other than leaving it in saving I did just buy some silver but not much. You have suggestions as just a couple of questions if you don't mind what you have currently in that savings account that you been adding to all these months at 33,000 and it hasn't been very long. I've been adding because I bought a very nice car used car and had to buy my ex-husband out of my home. So I've just been now start about the last year that are able to save yes and you have other assets like investments available. Sonia, I had to turn those over to my ex-husband in order to keep the house I see I okay have Social Security retirement from my work and alimony.

I see okay very good well and less question what would be the total of your monthly expenses roughly went out as I'm out my associate in my retirement yet for set the income side for second when you total up all the bills and the obligations that you have both fixed and discretionary all the spending that happens in a typical month, what would you say that number is roughly around 3000 I just replied to my health payment is low, very good thinking about 3000 yeah well you know I like in your position where you've got your income covered. You kept your lifestyle at a minimum it is.

You said you living modestly, you don't have a lot in the way of of assets to tap into your down the road if you were to need them. I like the idea that you would have five years worth of expenses you know in a liquid account that's safe and accessible.

I'd probably put that in a high-yield savings account and then beyond that which one month from now, if you're saving 3000 a month you'll be there 36,000 then if you want. Beyond that, to put this to work. Are you comfortable taking a little bit of risk with this money meeting that you looking for a higher return, but it could lose value or are you more concerned with it being protected. I'm pretty conservative.

Ashley very conservative. Okay so then you probably don't want it in the stock market you one of the challenges that you have right now is that you could you put this into longer-term bonds or a diversified bond portfolio, but you have to recognize even then, as interest rate set up prices of the bonds would move down so you want to be investing on a dollar cost average basis, which is 3000 a month is available, you know that's going to be something that you be doing so as you buy in your buying the bonds or the bond mutual fund it at different prices based on where interest rates are but you're locking in that return that's can be better than you might find in a CD or savings account can be more stable than stock portfolio, especially if we were to get into a recession in the stock market were to head down and it's good to give you a little bit more return seed see some growth on that I would visit with our friends Sonia at sound mind investing it sound mind investing.org they would have some wonderful recommendations for you on how you could begin systematically investing in some bond mutual funds that would be high quality bonds that would again give you some of that stability, but also a little bit better return than you're seeing right now and I would really focus on keeping that 36,000 that one year's worth of expenses, stable liquid secure, but also in a right now earning the prevailing high-yield rates which, if you could again go to Marcus or capital one or ally you can get about 1/2 of 1% a year, and as interest rates move up over time will see that number increased. So think I you're in a great spot.

I think the key right now is for you to continue to build up what you have each month so that if you need it. Down the road for long-term care or some major expense then that would be available. Also, don't neglect any giving opportunities. The Lord made bring your way.

As you have some access to contribute to those in need, so hopefully that's helpful to you. We appreciate your call very much today, but let's head to Chicago Illinois and welcome Kathy to the broadcast to read it here and I went back to continue into retirement their part of the nomination and their retirements in the proper place had shed, it gets recently inherited some money to pay off our mortgage in which case we would live parsonage allowance we had about $50,000 that we owner house mortgage isolates alright so the parsonage allowances only until the home is paid off and then at that point could be used for other expenses related to maintaining the home are no I don't know Gabbard weight yeah okay very good.

The other question I guess I would have this and it would don't want to not pay it off simply to just continue to receive that that offset given that that's for the home, but at the same time you can forgive very good case Kathy that there could be a better use for that money. So tell me about the rest of your financial life in terms of your investments.

Do you feel like you're on track with retirement savings.

Do you have a fully funded emergency fund. What other considerations might you have for this inheritance that we are trying to get retirement right now about 28, 29 years edit character and where in our early 60s. Yet we could not have inherent tort I retirement or we could pack our help, and then used that money every month every month our mortgage tort I retirement the big right now. Yeah, I could really make a strong case that you're already on track to me. Let's set the parsonage payment aside for second just look at this from a financial planning standpoint, I would want you to have that home paid off by the time you reach retirement and arguably you're already on track to do that with that whole being paid often in four years. In your 60 roughly. So I think taking this money that the Lord has provided through this inheritance and putting it to work and seeing that is money that you know is is to be used at least 10 years down the road, yelling and having a properly diversified yet conservative portfolio. Given the proximity to retirement would make a lot of sense as opposed to just dropping that on the house right now even though you'd free up that monthly payment you would have the ability to go and invest the full amount today so I think that's the direction I go, but I think you all could benefit Kathy from some time spent with an investment or financial planning professional just to look at the kennel where your aunt are you on track ahead or behind what you need to consider and begin to think about that the retirement season of life to make sure you do have a plan that syncs with your lifestyle and the financial needs that you're going to have and what will be available to you down the road so that's my best advice and I would encourage you to prayerfully consider seeking out a financial professional. We appreciate your call today. Let's go quickly to Lavonda in Illinois, go right ahead. I question I have received an offer.

I spent $500 on a new credit card will give me 200. I only have three credit cards. I already I paid them off monthly. If there catch and share should I do not do it just because that might catch some of the problems you know, I don't see a problem necessarily, that sounds a bit rich in terms of the benefit that they're describing here. Clearly, if you pay five. If you spend five dollars. Even if you pay it off there to get the merchant rebate and clearly they're hoping that you continue to use the card at some point run a balance in there to start earning fees off of the interest. In addition to the merchant rebate and if you were to get behind. Then all the other things that come with that. It sounds like you're responsible.

So if you've read the fine print and that's what you in fact would get there may be a slight dip to your credit score temporarily because you have an inquiry on there so I would just go back and read the fine print.

But there's nothing inherently wrong. Other than that slight dip temporarily in your credit score with you opening this account. Assuming you managed your credit wisely and you're knocking to get into debt over this so hopefully that's not helpful to you, Lavonda. We appreciate your call very, very much.

Well folks, so we are about out of time today, but we appreciate so much all of your call zero. Here's what we want to do each day on this broadcast. We want to understand God's heart as it relates to our money because we know there's 2300 verses in God's word. The deal with money and possessions, and the reason for that is because there's so much to say about our money in our hearts and ultimately our walk with the Lord. Let me say thank you to my amazing team today Deb Solomon producing Jim Henry on research Amy Rios engineering and Gabby T answering our phones today moneywise live is a partnership between Moody radio and moneywise media would you come back and join us tomorrow will be here for another edition of moneywise life.

God bless you