Budget Tricks

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Plus it saves a lot of time all right. But let's say it's later in the weekend you have to pick up an item or two, maybe on the way home from work when you walk into the store don't get a cart or basket. I do this myself. If you have to carry the items to check out. Well, you won't be able to make impulse purchases.

It might be suited to simple, actually it works and you wanted to buy milk either. Speaking of stores. I don't go into places where you will be tempted to overspend. Hey, if you're on a diet you don't want to hang out in doughnut shop so the same holds true for living on a budget. If you're tempted to overspend and big box stores just don't go there.

But here's another simple trick. Keep your checking and savings accounts at different banks. If you can't see your savings account. You're less likely to tap into it. This is another reason to have your savings account in a higher interest online bank you can connect it with your checking account to transfer money but otherwise saving is out of sight. Are you struggling to pay off debt well do it first. Don't wait to see how much you have left over at the end of the month budget amount for debt repayment and transfer that money when it comes in that way you know it's done now. Our next trick is something financial teacher and author Howard Dayton always recommends, and that's having a weekly budget meeting with your spouse.

Only he calls them money dates to sit down and discuss how well you did the last week, staying on budget and how you're doing it meeting your goals and that leaves right up to our next tip which is having an accountability partner probably your spouse for large purchases agreed to consult the other person before spending saying more than $50 by talking about it. You may discover the item isn't really necessary and many times. Just the thought of having to clear it was someone makes a desire to spend go away.

Another neat little trick out one that you won't need. Once your emergency fund is sufficiently built up, but until then let's say some unexpected expense crops up and blows your budget for the month. Don't give up and say you'll try again next month. Instead, write up a temporary budget to get through the rest of the month, or until your next paycheck cut out all unnecessary spending and try to stay as close to budget as possible. Living on as little as you can but don't let it become an excuse to overspend. Just because you hit that bump in the road and for our next trick to make it just a bit more difficult to buy stuff online but you know these days, with just a few taps on your smart phone things automatically appear on your doorstep. It's so easy to overspend that way.

But if you delete your credit or debit card information from online stores. It slows things down if you have to get up and hunt for your wallet.

Maybe you'll think twice about making that purchase. Now let's say your cash only. Kudos to you year are automatically spending less.

That way, just from the psychological barrier of having to use real dollars, but did you know that it can save you money.

Another way to let's say you have to make a major purchase and you saved up cash for well asked for a discount because when you're paying cash. The stores automatically saving two or 3% by not having to pay that vendor fee and they may be willing to pass that savings on to you. Who knows every little bit helps and it doesn't cost anything to ask. And by the way, did you know you can often negotiate your medical bills. Many cases a doctor or hospital clinic will give you a break, especially if you're paying with cash. They don't have to go to the insurance company.

Well, those are some tricks to help you stretch your dollars in your budget goes next.

800-525-7000 Rob West. This is moneywise live for God's word is the last moneywise live on Rob last as today as we unpack God's word related to your financial questions. What's on your mind today is getting that trying to repay that as quick as you can.

Maybe it's the priority order of the use of God's resources.

How I save and give way pay down debt and give remember we have limited resources, unlimited options in terms of how we spend our money. So it really often comes down to our priorities and really we should say God's priorities. It's his money. The question is how does he want us to use it. What's most important to us what our values are deeply held beliefs. Where is God taking us in the future and how can money as a tool be aligned with God's heart as it relates to our lives. What lifestyle is. He called us to. What goals should we be setting for the future. How much should we be giving away now know as we go to our knees in prayer and ask the Lord and then search the Scriptures 2315 versus dealing with money. That's how we find God's heart and we align our spending decisions with his word and joy and contentment and ultimately freedom follow. At least that's my experience will help you find that joy and freedom today. Again, the number 800-525-7000. Let's start in Chicago Illinois today W MBI Gladys, so glad to have you on the program today. What's on your mind. How much are you all calling. I have the time and I have the option of having my retirement money to buy employee as the pension payout of every month but there is no chance that the beneficiary act… The other option is rolled over lump time and I wasn't sure which would be the best way to get a lifetime. During that month on a loan with over yes doing an hour what it become a very good question Gladys, if you put together your retirement budget yet. Do you know what it's gonna take for you to fund your lifestyle. All of your expenses in the season when you stop working yet actually have gone through an analysis of what the company that my employer or retirement fund okay very good at what they think or know it-okay and what you think of me when you look at your budget, you calculate all of your expenses, you know, if you're no longer saving for the future, or at least maybe as much as you were putting away for retirement and you look at your expenses in this season of life.

What you think it's good require you to have in the way of income each month, from whatever source, whether it's this pension under an income stream from the lump-sum rollover plus Social Security. How much do you think it's good take for you to fund your lifestyle each month about 1000 okay and yeah and what are you planning to receive from Social Security. Do you know 3000 okay and do you have any other income sources other than the pension. No okay so you're going to need to draw about a thousand a month, 12,000 a year either in the form of monthly check that comes to you for the rest of your life as you said without any kind of carryover or payout to beneficiaries at your death, or by taking a lump sum and then converting that to an income stream correct. Very good. But what is the monthly amount that they said they would send you for the rest of your life with my employer pension about 2000 about 2000 a month okay and then what would be the rollover amount.

Have they given you that figure more than 300,000.

Alright so let's say it's it's 300,000. If we were to convert that to an income stream, we would typically use about 4% so that would give you your thousand dollars a month roughly. You have take a little bit more than that to cover the taxes that would be due but let's say you could make it work by pulling out a monthly income stream that's going to get you what you need. Every month the difference is the ideal would be you take that 300,000 you turn it over to an investment professional and after a lengthy discovery process in exploring your goals and what God has for in this next season you will would together come up with an investment strategy that gives you peace of mind gives you a bit of a growth factor, probably a smaller percentage in stocks that would give some growth to the portfolio, but the bulk of it would be in fixed income type investments such that you could pull 4% a year and never see a decline in the principal and in those years. Let's say we had a recession a couple years down the road and say the markets down for 18 months to two years with the idea would be that if you had a decline in that portion and you would during that period of time in that portion of the portfolio that was in stocks you wouldn't pull any of that money out you wouldn't sell any of those investments you would hold them wait for them to recover which, historically speaking, that always has expected with the future and then that would again once the market started growing again provide some growth a growth engine if you will, for the portfolio. The difference though Gladys and what I'm describing here is the ideal would be. You'd never touch that 300,000 and at your death, you'd still have $300,000 if all this works out like I'm describing which could then be given way to ministry or charity could be passed on to your heirs as an inheritance, or both. But the idea would be you'd still have that principle. The other benefit of that is if you had a major expense down the road.

Let's say you needed some long-term care needed some in-home care, assisted living, something like that, you'd have the asset to then use for that purpose, as opposed to just the pension payout which is that monthly income stream.

So I'm thinking that might be the best approach. But you know there's a lot of the kind of finer points you need to explore so I'm gonna recommend you connect with one of our certified kingdom advisors there in Chicago do some planning. Look at all the numbers in the finer points of the details on exactly what you get in the lump-sum versus the pension talk through it all and they'll help you make that decision, but I'm just thinking, at least based on what I know today. I kinda like the idea of you getting the full payout and then having somebody convert that into a portfolio that will generate the income you need to cover your bills you still have access to the principal does all that make sense but one question that I would recommend it type part of it and when you talk about income not talking about an annuity part of it because the plan was moved off. It was to be in high and that could be managed in a growth but fail income. What was yeah well I'm talking about a classification of investments on talking about this fixed income type investments, but there still your marketable so the bonds let's a government or corporate bonds short-term long-term durations, but these can always be sold and you could pull your cash back out. It's just that they're gonna generate an income for you through that debt instrument that you buy. Perhaps in a mutual fund or something else we get good diversification but it's not is risky of an asset class is say stocks are when you buy stocks and growth or income type companies, but you're also not locking it up in an insurance product. Either you still have access to your money at any point because you could sell those bonds or sell the stock so I think that's the difference is do you want to put the risk on the insurance company and just take the check every month and you not to worry about with the markets doing or do you want to take that lump sum payout hire an investment professional and then actually you have access to your money, but take it and invested in such a way that you can produce an income for yourself while you're allowing that portfolio to continue to grow. Does it make sense that my light.

You're very welcome. So I connect with a certified kingdom advisor maybe two or three maybe you take your heart if you're married, of course, your husband if you're not friend or family member along with you. Just go to our website moneywise live.org and click find a CK you can get connected there in Chicago and we appreciate your call today, so excited for this next season of life and all that God has for you around the corner. Folks were so glad you're along with us today up Max were to be talking about how you build your savings perhaps where you should put it, will be talking about investments and holiness leave and not talk about. Perhaps where to put your stimulus check and point a good investment option all that's become right around the corner.

This is moneywise live back to moneywise live we apply God's word to your financial decisions.

Just before the break we were talking about connecting with a certified kingdom advisor. These are men and women who earned a professional designation certified kingdom advisor that really builds on an existing base of competency as evidenced by at least 10 years in the business of perhaps a CFP your CPA, CFA designation and then they go on to earn this specialized designation CK which has everything to do with their character of their references from pastors and clients and their integrity as well as a regulatory review, and finally a university-based 50 hour course on specializing in bringing God's word to bear in professional financial advice. So these are men and women who are committed to giving you godly counsel that's both competent and wise and they're all over the country more than 1500 professionals averting the CK designation of their at firms all across the country independent big wire houses and you can connect with one in your area by going to our website moneywise live.org just click find a CK. We got some lines open today for your questions and calls whatever's on your mind. Would love to talk to you today.

Here's the number 800-525-7000. That's 800-525-7000. We have some great questions coming up on a whole host of issues, including whether bitcoin is a good investment will get to that with Gloria, just a moment but first to Indiana G-man were so glad you're on the program today. How can we help taking my call and my team. I changed local to a different local bank to get all her right, like our 8% to the summary .9%. Looking at my mortgage. My principal having been paid, and for this year is $796. Interest is $655 I pay my own insurance so how could this be called 3.89 yes very good. Well it's a great question and I can understand your confusion. Here's what you're paying on it's called an amortized loan.

And that's a fancy word that just simply means it's a type of loan with scheduled periodic payments and so their fixed payments so just like you paid the same amount every month and the interest rate that 3.89% is applied to the loans principal balance.

So at the beginning of each.

They look at the balance they apply that interest rate to it and that determines how much interest is owed for that. That 30 day period and that interest is paid first. So whatever that interest is based on the balance of that mortgage at the beginning of the period that comes out of that fixed scheduled monthly payment and then what's left over goes to principal. Well, then the next month the next. They look at that balance which should be lower because there's a portion of it, even though it's a small portion that went to principal reduction to pay down the balance than they calculate the interest again that's again paid first, and the remaining portion goes to the balance. So what that does G-man is in the earlier years of the loan. The majority of that fixed scheduled monthly payment is going to interest in a lesser portions going to principal. But that reverses in the second half of the mortgage because of you. Just continue paying those scheduled payments you're going to end up with a lesser amount over time. Going to principal us gives me interest in a larger amount going to principal. So that's the way it works now when you pay extra.

So something over and above your scheduled monthly payment that's gonna go right to principal which is gonna reduce the amount of interest that's owed in the next. Because the balance is lower. You should've gotten and if you don't have it you could request that something called an amortization schedule, the just simply says and every period between the first month of the loan to the last month when it's paid off here's the portion if you just simply make those payments that are scheduled every month.

Here's the portion every month it's going to go to interest, here's what's going to principal and you're going to see a series of the periods over the life of the loan, whether to 15 or 20 or 30 year mortgage and it'll show you every month from beginning to end. Now the only way that would change is if you send extra if you send something to reduce the principal then they need to run you a new amortization schedule that says okay based on the balance today through the payoff whenever that is down the road. Here's exactly what's going on, or interest, here's what's going to principal based on your scheduled monthly payment does. I know that's that's a lot. Does that make sense to you. Thank you for your okay. I'm glad to do it. Hey, don't hesitate to call your mortgage company tell them that Rob West said you need an amortization schedule and that maybe will give you the information you're looking for.

We appreciate your call today. Hey, let's add to Gage Park, Illinois. Troy is up next.

Troy what's on your mind all your great-grandson, not like farm to go to college but I'm not going to be in the best thing account. You can have gone to college.

He's 12 years old now and I have about 2000, and components that I need a numismatic check is more than a motorcycle but that it would good slide due to things I go to the American numismatic Association and look for a searchable list of coin dealers or you could go to the professional numismatic tests guild and look for a directory there either of those could be search for online American numismatic Association and professional investment. Numismatic tests try to say that best guild find one in your area to give you a value, then use a 529 plan to invested the website you want to go to to find the best 529 for you and your grandson is saving for college.com. If you missed any of that. Hold on the line will give it to you. This is moneywise live right back to moneywise live lasted just a moment to talk to callers in Ohio, Illinois down to Florida but we want to hear from you. Here's the number 800-525-7000. That's 800-525-7000. We have lines open and we'd love to hear from you today. It was started the program talking about budget tricks, how you stay on budget and what are some tips that you can employ to do that more effectively.

In fact, that was her question of the day on Facebook and you share a trick you've learned for staying on budget and only mentioned one Janet responded, said my checkbook ledger.

Some people still use those. That's a good thing. Whatever works for you right as she uses her checkbook ledger to put every purchase.

Even her credit card purchases in it. When the bill comes. She checks off each item so she knows it's covered she's got a running balance of what's left in her funding account which would be her checking account. She also says at the beginning of the month I enter my budgeted utilities, insurance and house payment and then if she has any month sees many money left over the end of the month. Well it goes into savings, and so Janet, thanks for sharing your tip I love it. By the way, you can do the same thing in our moneywise app that's right if you downloaded for free in the app store. The Google play store or the Apple App Store to search for moneywise biblical finance when you download it you can connected to your institutions that would require Pro subscription but 11,000 institutions can be connected. You download your transactions automatically and they'll come in. You can put them in your envelopes and that way you're always reconcile between what's available in your checking and other funding accounts and what's been said move down in your envelopes as your transactions come and they go into the envelope so you can always see in real time. What's left what's in my restaurants category about my vacation category. And, oh yeah, what about the clothing category this month for me and little Johnny and little Susie it's all there in the moneywise apps I downloaded today and by the way while you're in the out jump into our community tap where you can post a question and get a response from one of our moneywise coaches and/or discover tab where you can see the best podcasting content and biblical finance.

It's all in the moneywise app to search for moneywise biblical finance start phone lines open today looking to hear from you. Whatever's on your mind or your heart giving debt, savings, investments we want to hear from you.

We have open lines 800-525-7000. That's 800-525-7000. Let's go to Port Charlotte, Florida, Angela, you're next on the program glad my call just about every day. I know wanted a thing that you say that we should do is always three months of peel and put on statement by that, but I have some credit card and account that I have enough money to pay out yet. I just cannot pay them off and go ahead and paid the money for three months of emergency on our pay them off and dance.building on yes so the bills you're asking about whether you should pay off from these dollars that you been saving for emergencies and by the way. Glad to hear that you have been listening, and that your your saving for that emergency fund that will come in really handy the next time you have an unexpected expense. Angela did you say those are credit cards is that right credit card and some student loan. Okay, how much do you owe on the credit cards in total across all the cards roughly probably total.

Although the car is about $9000. Okay, very good, and how much of you saved up for your emergency savings right now I have about how about 7000 okay very good you know what I would do if you have credit card debt. I'd be comfortable unless you can see something on the horizon that's coming that that you know you're going to need that emergency fund for and by definition, you know you shouldn't be able to see it coming because anything that's planned would typically come out your budget. This should be for the unexpected. But if you knew just as you're getting all of this working properly you you know the washer dryer was just hanging on by a thread or you know you're gonna need new tires on the car you don't have that saved up.

I'd back that amount out, but if there is none of those that you can see immediately that I'd be comfortable with you dropping that emergency savings down to $1500 and take the rest of it, which would be about 7500 and know you skews me you of 7000 saved so about 5500 and put it toward the balances that are the smallest start with the smallest balance pay that one off than the next most balance pay that one off and move right down the line until the 5500 is gone, then keep saving every month and you should be saving more.

At that point because you are no longer sending the minimums to those card you just paid off and that let's keep attacking the credit cards until all 9000 is gone, then take 100% of that money you were sending the credit cards and let's get that emergency savings up to 3 to 6 months expenses at that point, I think that's the best bet.

But here's the key to all of that, Angela. You've gotta be living on a budget because what I don't want is for you to take the savings put it on the credit cards and then the credit card debt comes right back because you living beyond your means. I don't think that's gonna happen because you told me you just not too long ago heard the program and started saving and now you have seven grand so it sounds like you're very disciplined, so I'd be comfortable with you. Following this approach of keep in 1500 for the rest on the cards staying with until it's all gone and then jump back to the savings you follow that and then found out I want to be like to buy what I want to owe no man but I love it I love it. Hey I wanted send you a gift so you you stay on the line today and there were gonna send you Ron blue's book generous living because you sound like a generous person who'd be encouraged by reading some of the Scriptures you know what actually will. Here's what I want to say listen to the stewardship Bible.

This is a beautiful Bible and every passage on money has been highlighted in green and it was done by her friends of the American Bible Society in partnership with compass and I think you'll really enjoy its work and send your copy of the stewardship Bible. Angela is our gift to you to say thank you for listening and calling and sharing with us today. We appreciate it very much.

You stay on the line will get your information. Let's head quickly to Port Charlotte, Florida and talk to Angela. You're on the program.

Karen hi Gloria hi your next on the program gritted one and partly name and you know what I believe that was my fault. Next up is Bellevue and that's you Gloria so we got left to go right ahead.

You know make money make money make money so wouldn't be a good investment to put it into date client, what would be for you know what I wouldn't you know bitcoin's value has been historically volatile.

We get this Gloria a three-month span from October 2017 to January 2018. The volatility was just off the charts. You know, the volatility is twice the volatility of your typical investments just for that 30 day period and so you know it's because news events scare bitcoin users and you know it's the perceived value versus fiat currency where there's a central bank and the fear that bitcoin can be hacked.

Not to mention that it's a lot of speculators in there so the volatility has just been really high and I think for that reason it's not the right investment for God's money. I think that coin and the crypto currencies here to stay, just not for your investment dollars.

So I'd stay with the tried-and-true approach diversified stock and bond portfolio and that's always been a win in mind this will be right back moneywise lives along with us today.

We have open lines for your questions. 800-525-7000 805 two 5000 give us a call.

Let's go to Cleveland, Ohio. Jim your next on the program go answer. I sure can. Yes or no doubt I would. Now Robert that all I want to be sure I'm doing it right lender might well take care that you won't balance on the loan or you know or like no you… Sure. Yeah I know I'm first of all, I appreciate your generous heart and not to the circumstances behind this desire, but I'm confident it comes from a place of real generosity were you just trying to help in what might be a difficult situation regardless of the circumstances. This is incredible and I appreciate to the gym that you want to do it wisely. Do you have concern about whether the money would get to the right place if you were to not pay it directly in all I know right right now you don't want to do that you will have all the documentation good news is because you're paying it off you just need just that you need to pay off the challenges this could be that the lender is not going to give you that information.

Juergen have to work with the account owner with the homeowner because there you know that's the person that the lender is going to speak to. Even though you're attempting to pay the debt in full there just knocking to be able to provide you that information. So here's what I would recommend.

I think you're going about this the right way you want to be wise. You also want to make sure that the gift that you're making because you intended to pay off the mortgage. You don't want to just make it to the individual and you know it may end up somewhere else.

And so as long as the homeowner is willing to work with you, the recipient of this gift basically which they're going to want to do is there to want to call the mortgage company tell them that they have the authorization to speak to you and provide you with the mortgage payoff balance and that you want the instructions on how to send that money directly to them with the specific dollar amount of the payoff and then you'll want to send that to them with it to their attention. With the proper loan number on it and documentation so that when they receive it, then bill a market paid in full and and send that cancel mortgage back to the homeowner and everything should be good there. But you're going to have to coordinate does mean you have to give the money to the homeowner, but you have to coordinate with the homeowner to allow the mortgage company to communicate with you so that you can get that payoff balance in the instructions to carry out your wishes here to set make sense to you and help you here and all yeah just call him and say listen, the Lord led me to do this I would desire to do this.

Whatever it is and say here's how want to handle this.

I'd like to pay off his home. I'd like for you to be free and clear and not have this expense any longer, but I may need your help to do it. Are you willing to take the gift and help me get this paid off and I assume they'll say, with tears in their eyes.

Yes, thank you. And at that point you want to then coordinate that conversation with the lender to get that balance in the instructions of the payoff can take place appropriately correct. You may not need to be there. You could do a three way call or they could call and add your name you know is somebody was an interested party and then you can call separately mean there's a number ways you could go. That's the bottom line of what has to happen hate Jim call us back. Would you and all this is done, and let us know how it turned out I really am just interested in excited about what you doing here my friend alright got bless you Jim appreciate your call today. Let's go quickly to Winter Haven Florida roster next on the program. What's on your mind's or Robert De Niro. I say thank you for what color and on the program and my question is I am 23 years old. I am married, my wife and I just bought a house that we are just now you are taking on payments and stuff like that. Have a couple home improvement project. But my question is I am kind of somewhat self-employed. I worked for my dad to our business and there is no retirement or anything set aside for me here anyway for me to do that to our business. So I'm wondering kind of what would be the best way for me to get something going as far as their retirement and nine cents yes are you paying Ross as an independent contractor or you pay the salary I am paid by the hour working for my dad but my dad is paid as a contractor. Okay so you getting a 1099. Are you getting a W-2 you know I believe I get it. W-2 okay so you you not considered self-employed. So you got a couple of options number one do you do you and your dad plan or does your dad plan to hire more people. Does he have other employees is looking to increase that over time the only employee and I think he is Damien later on in the future and if we decide to go okay well you know one of the things it would be a real blessing to you and would be something that would be desirable on the part of future employees would be a retirement plan. 401(k)s can be expensive and somewhat complicated to set up and maintain something though like a simple IRA you could Google that Fidelity would be a great place or Charles Schwab to open one of those could even use Vanguard fidelity makes it really easy to open a simple IRA. It would essentially be without all of the annual filing fees and complexity, and without a lot of cost just a real easy way to start a retirement plan for you and future employees for the company and that would be a real blessing to you to build a put money in there on a salary deferral basis so I would ask your dad about looking into starting a simple IRA and you I think you know that would allow you to put some good money away this year.

You can put in a believe it's 13,500 which would be a great start. Beyond that, I'd look with you being a young guy married deal regardless of what your dad does.

You can put away 6000 year in a Roth IRA, you would get a tax deduction but that money would grow tax-free for the next let's say 40+ years between now and retirement and if you just did nothing more than put that 6000 Year Way for those 40 years, you have a bundle when you're done, but I'd love for you to do both.

As long as you're giving as long as you are on a credit card that you got your emergency fund and I go ahead and start funding retirement. Even if you can only put in 5% your salary. I'd love for you to get that up to 10 to 15% over time.

So talk to your dad about a simple IRA and then open a Roth IRA for you and your wife and you guys can put in 12,000 between the two of you, even if she's not working because she can have a spousal IRA and we appreciate your call today before we take our final call today. Let me mention every now and then we stay after the program and take some additional calls and working to do that today. So if you got a question you have been able to get through the day we'd love to hear from you. We have a few spots left for some additional calls will be taking today off the air.

Here's the number 800-525-7000 800-525-7000. Kathy your to be our final color today. What's on your mind. My granddaughter, my daughter was asking me about getting a custodial IRA and we wanted to put $100 a month and she's every and were hoping to have money growth for her.

So when she's in her 20 she can use that money anyway.

She wants to hurt Holly get paid for that we don't have that concern that we just wondering how do we go about it. Which one should we get Ross traditional and non-in the hundred dollars a month. A good amount to put into that yet. The challenge Kathy is that you, the child, even with a custodial IRA where the custodian typically apparent is holding it for the minor and then it becomes their account at the age of majority in your state.

Even with the custodial account, the child has to have earned income and suspect your three-year-old is not quite yet have earned income correct picked okay so yeah, I mean we start them early these days, but probably not that early, so it's not going to be an option now.

I love the idea of starting an IRA early.

You know there's a great article on the website right now moneywise.org from Art Rayner exit. He did a whole podcast on a 16-year-old that Artie has a Roth IRA needs funding and every year man.

If you just do that between now and retirement. You have a lot of money and you can you build that up.

See the power of compounding work, but it does require that you have earned income now. Often times you know you might work for mom and dad's business as long as it's legitimate meets the IRS rules and rags you know and gets a paycheck for real work.

Once you get to the appropriate age, that's great, or she does part-time work down the road. That would be a great option.

You've Artie funded college so I think the next option is probably to just build an investment portfolio that separate that's in you and your husband's name, probably a joint account. It's taxable where you could just start making contributions systematically investing it probably use Schwab intelligent portfolios or betterment. One of the Robo advisors and you to your market so that all the growth stays in the account and then when the appropriate time comes, you can give it to your daughter then probably be the best bet for a way to save and invest for her to have something for the future so we appreciate your call that a great idea and I love that you're starting the folks that's gonna do it for us so glad that you're along with us today moneywise.

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