Paying for Convenience

This is Doug Hastings, VP of Moody radio and were thankful for support from our listeners, and businesses like United faith mortgage. Let's call it the couch cushion – this is the moment when you need a tip for the pizza man a few bucks for your kids lunch or you can't say no to the sweet eight-year-old and her thin mints you've got no cash and no other options but to tear apart the house searching for hidden money. It's Ryan from United faith mortgage and it's funny how we can usually find a way to scrounge together a few bucks, hidden around our house.

Shame on you if it's from your kids piggybacks for many listeners know there's enough money sitting inside your home to buy a swimming pool full of thin mints, home values have gone up across the country.

The last few years, leaving many of us with a good chunk of equity tucked inside our homes that we could cash out to use for life. If you'd like us to help. We are United faith mortgage United faith mortgage is a DBA of United mortgage Corp. 25 Millville Park Rd., Melville, NY.

Licensed mortgage banker for licensing information, go to an MLS consumer access.org corporate MLS number 1330. Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah and these days people focus on two things with buying goods and services help us get I get it, and how much does it cost Rob Westwood folks don't often consider is that the first one has a big impact on the second. Put more simply, is how much they'll have to pay for convenience, because it certainly is a free will talk about that today that'll take your calls at 800-525-7000. That's 800-525-7000. This is my lifeline for God's word is the last word on our finances okay so the worked its way into our lexicon for buying stuff, thing, convenience foods and convenience stores, convenience foods are easy to fix. Usually you just have to heat them up or get them from a fast food restaurant that convenience stores sell all kinds of things that we usually want in a hurry without having to go into a bigger grocery store everything from soft drinks to diapers, but all of these have one thing in common, they cost a bit more for the convenience and often at the expense of taste and nutrition as well. Now obviously we want to be good stewards of the resources God interest to us.

But if you have the money in your budget for a convenience purchase. Is it wrong to buy it but not necessarily. We have to budget our time as well as our money. There are only 24 hours a day and sometimes getting fast food for the family makes sense as long as it fits within your spending plan, but here are some ways that you can get caught paying for convenience, you can't afford.

Now you may be in a hurry while you're out doing errands so you grab a burger on the way. You know it's not in the budget. You can't afford the convenience of eating out, but you do it anyway.

Maybe you don't have time to cook at home so you opt for pizza delivery.

Again, not in the budget or instead of waiting for an item to go on sale at a local store, you simply go online and by now you're paying for shipping to and if you really needed in a hurry you're paying extra for expedited shipping you ignore the fact that convenience cost money in your budget is blown again. By the way, don't get caught up in the myth that Amazon prime shipping is free. You pay an annual fee for that service and the true cost is probably still factored into the price. If it were really free, they wouldn't do it. The only way to make your Amazon prime membership paper itself is to be a frequent shopper that only buy things that you know are cheaper there than somewhere else. There's no question that Amazon and other online vendors are in fact a great convenience, but not at the expense of your budget. Now where are some other ways we might sacrifice stewardship for convenience. Well, maybe the worst example of all is the dreaded payday loan. These are the crack cocaine of financial services payday loan outlets offer you some or all of the money in your next paycheck. But at extremely high interest rates. In many cases, the interest rate is so high that after you pay off the loan. You don't have enough money left to get to the next payday. And so you have to take out another loan, and of course the vicious cycle continues. It becomes impossible to break the habit. So never take out a payday loan card.

Here's another example of an unlimited data plan on your cell phone may be a convenience, and sales people will always try to sell you one but do you really need it.

Maybe not if you're mainly on Wi-Fi at home and don't use that much phone company data on the other hand, if your job keeps you on the road a lot. It may make sense to pay more for unlimited data. Here's another one that's becoming more common. Valet parking is a convenience offered at high-end restaurants and hotels and even some malls now let me ask you, does it make sense to pay for a gym membership and valet parking paying to walk on the treadmill and not to walk from the far end of the parking lot. Of course not. But some people do it without thinking. We should always be thinking what else could God's money be used for. So here's the bottom line, the less discretionary money you have, the fewer conveniences you can actually afford. You see, God wants us to enjoy his abundance. There's nothing wrong with that, within reason, even if you have the money to pay for convenience. It doesn't mean you always should, especially if it results in you saving or giving less. Keep in mind we want to be clear about the goals that God has given us in the way we accomplish our God-given goals.

In the long term is to make sacrifices in the short term, your spending plan is going to be the driver. The key to being able to have the margin to accomplish everything God wants you to accomplish, including increasing over time are your calls annexed on any financial topic, here's the number 800-525-7000. That's 800-525-7000 on Rob Weston.

This is moneywise live for God's word, the last word on our finances stay with us will be back just around the back moneywise live on Rob last. Today started out today talking about convenience. The cost how we control expenses as we manage God's money because recognize that's the starting point that God owns it all and we're stewards. So when it comes to managing God's money. We should take great care being found faithful in how we manage God's money, and that means we should have a careful watch over what's coming in and going out. How do we do that well. It starts with that spending plan. Having that budget.

And here's the thing. When we have the long view in mind.

Remember, we can make better decisions today. The longer term our perspective so we know where were headed and when where were headed is informed by not just goals but are values. What's most important to us. What is God doing in our lives and in our families and how can money is a tool be used.

To accomplish those purposes. When we have clarity around that it makes sacrificing in the short run. Much, much easier we can say no to things knowing that it's a a note to a bigger yes the bigger yes, keeping us right in line with what God has for us in using money as a tool to accomplish that. That's I think the big idea we think about why we would want to have a spending plan. Why is that important you know to help you manage your money on a daily basis. We developed an app that can help you set up your spending plan use that in the digital envelope system. Download your transactions categorize them and as husband and wife. If you're married, stay on top of that, throughout the month. It's simple to download. You can go to our website moneywise.org or just your app store and search for moneywise biblical finance.

You can download our our app today and in there you can get your spending plan set up.

I think that once you track and get your spending plan in place and then develop a system to control the flow of money you'll have a lot more peace of mind as you steward God's resources in a please let us know how it goes. Along the way they were to take your calls and questions just ahead. Here's the number 800-525-7000 800-525-7000 in just a moment were going to talk to Jeff in Canton, Ohio, but first Timothy's in Nashville, Tennessee, and Timothy. What's on your mind today. Thank you for the call looking you get like the current, recently married… Married in January. My wife and I do not have any that whatsoever.

We are currently living with her parents, and are in part caregivers or them that we don't have any right or mortgage right now but we don't have a home and I'm in an entry-level physician and currently taking school laugh about two more years of school graduate just looking to determine how much life insurance I need as well as what term I should be looking for you very good Timothy's well yeah I'm glad that you thinking about this now so often folks especially were young newly married in old Kenneth. This is often one of those things that gets overlooked along with the having a will in place which what you start having kids. It's it's always important to have a will is critical when you have kids because that's where you can name a guardian should the Lord take both of you home at the same time so I think it's really important we begin thinking about your life insurance coverage and the good thing is that if you use term insurance which is were you just buying pure insurance and your paying as little cost as possible just for the mortality expense, not the know adding that to a savings plan, then I think you can yell get it very inexpensively and make sure you have the proper coverage which your need for that will change over time, but at a minimum you want to start with 10 to 12 times your income is just good rule of thumb and keep in mind what were trying to do here is replace the hardship that would create be created for your wife if the Lord were to take you and does so she's got a bill to replace your income to maintain lifestyle and realize you're just starting out, but this is a good starting point out once you have kids you want to bump that up in most cases folks recommend. In addition to that 10 to 12 times your income you want to add roughly 100,000 per child for college expenses and then you often times you'll add to that any other debts that you have including your mortgage to be able to pay that off because here's the idea. If we had 10 to 12 times your income in a lump sum and then enough to pay off the house enough to cover major planned expenses, namely college and anything else and pay off the debt. Any other consumer debt so that your completely debt-free. Then your wife in this case would be able to convert that lump sum to an income stream. That's pretty modest again with all of those things already taken care of to maintain her lifestyle while she still saving until retirement age at which point the insurance would no longer be needed and then ill on your life meaning a death benefit payable to her as the beneficiary on excuse me something on her life payable to you if she's working would follow kind of the same rules of thumb, primarily to replace income because the other things will be covered go perhaps in in your policy and then yelled for her if she's a nonworking spouse, you would typically look at okay what would be additional expenses that you would take on if the Lord were to call her home and that usually comes about when you start to have kids because now you would need to have full-time daycare if you're going to continue to work and that's not in the budget, probably at that point.

So those are kind of the starting points in terms of the length of that term policy. I'd look at either a 20 or 30 year level term. Keep in mind you'll typically replace it yield prior to that term expiring with the new 20 or 30 year policy. Assuming your healthy you would be able to, read up on that and extend the length of that term to so that makes sense. Ultimately, it does make perfect currently entry-level on looking at about 30,000 annually I want.

I graduate I could actually be somewhere between 50 and $70,000 down and I and looking at 40 in the next couple year and my wife have a college age daughter of her own.

So I'm just trying to get a big picture I should be looking at 400 500,000 and there if I should be looking at more or less well I would probably maybe split the difference. Keep in mind you can layer these policies on top of each other and so you could go and get 1/2 million dollars with the coverage now and then come back and add another quarter million on top of that you have to disclose it because of the insurance company is going one another's multiple policies in force but doesn't mean you have to stick with it. Or you could replace it keep in mind once you get qualified for a new policy of a larger amount to replace the whole thing starting that timeline over again and you you you been approved for it in the policies in force in your signatures on it and you can let that other policy lapse, and I just carry on with the new one so you don't have to decide on something that's going to last for the next 20 or 30 years.

Again, you know it can grow with you and with your lifestyle and needs. So I think probably half million dollar policy, which is to be very inexpensive, very manageable at your age would get you started and then you want to reevaluate over time, but we appreciate your call today. Timothy and thanks for checking in with us but said quickly to Canton, Ohio, Jeff, you're next on the program. How can we help user I wanted to so much for your daily program that's really interrupting and what were impressed with all the range of what student that you can answer may victim find?

How was related to our daughter like you have to click on the 11, though money out of our fire they giving it to our daughter lifting up to her the put in a loft while this usually within the money early because you want to thought the great war opportunity earlier in the year that she is a teacher in care of all all on one the negative and but you also just after and she is expecting a child.

So I was wondering if you had any ideas on how how we should go about doing it to her this year. Yes, she has earned income but you are giving that to her as a gift because she's living on her income and therefore this is what she's using the fund that Roth IRAs that right yet to measure outcomes. The event on her own and so I we don't have that option were taken out of all one. And she does have a right not a dimension teacher through the end of why they should have them out.

To put it in all one, but I'm not quite sure about the right thing to do at this moment. Okay, yeah, probably. Well first of all, for the Roth IRA.

You know that I think what you're doing here is your paying the tax on it for her, then you're doing the gift which you can do 15,000 a year. You and your wife could each to 15,000 is the annual gift exclusion and that she's just taking that money up to the Which happens to be PO $6000 set prior to the age of 50 and putting that into her Roth IRA which is going to grow for her. She probably has. In addition to that 401(k) plan which is basically an employer-sponsored money purchase retirement plan that allows you to put in the contributions into the plan and both the employer and the employee can contribute that usually government and nonprofit organizations, and the employer has a larger share of control over how the plan is invested and then she can withdraw it to through a rollover to endure different qualified plan. So I would just encourage her, as you will get that money.

And that's very generous of you. If there's no matching to start with that were often fully funded and then switch over to the 401(k) through salary deferral and the goal there is to get the 10 to 15% will be right back to back to moneywise lives of letterheads along with us today just before the regular talking with Jeff and Canton Ohio. He and his wife pulling money out of the 401(k) systematically gifting it to their daughter.

She's turning around and putting it into a Roth IRA. In addition to that, Jeff speculating that she has a 401(k) plan. If you said it's not a 401(k) but in neither case, it's a basically defined benefit to retirement plan. Where is usually defined contribution retirement savings plan where she has the ability to put money in. I think the goal is over time and this will certainly be aided by the fact you are assisting is to get 10 to 15% of her pay into the plan. Over the long haul and if she does that, year after year with the compounding effect. You shall be doing quite well and obviously you all are giving her a great boost to get there as you do this annual gifting. I just want to make sure that you will have the ability to do that and you've got thought through your long-term plan in terms of what you're going to need to be able to maintain your lifestyle in retirement.

She's got a lot of time. Had you all don't have as much in terms of the ability to continue to save so just make sure that you really work through that. You mentioned you have a second question I understand it relates to real estate is that right related to your rental yesterday ensemble and the war, though little market rent: the hell out of hand and have a lot of people what IPO money and they greatly have that in each other. I'm real at about 88 on our house where what is it that can plus lot less land and were helping our daughter and not advising her is going to look everything that you go to an outright purchase that they did on outrageously over .5% easily over the list price. So if you have any advice yeah you know it's a really challenging market. This nationwide, but especially in certain pockets of the country in California and Florida would certainly be them. Among those Florida I think is has a longer-term upside potential from this point even just because the number of people moving into the state of Florida trying to escape the higher taxes. California has all the location in the sun and the great weather, but the taxes are sky high and so you still got a lot of people leaving the area. Which means you know if she's just trying to enter the housing market. Now it's not that she's selling something that she's gonna benefit from on the sale selling it sky high to turn around and buy something. This is probably good time especially with somebody was just starting out that if she be thinking about being a renter you while we give this some time for the housing market likely to cool off.

It's clearly overvalued 40% higher than where was in 2016. Excuse me, 2006, just prior to the 2008 collapse and you were also seeing nationally today based on the euro demand and in the real value. It's probably nationally, about five and half percent overvalued, but it would be more than that in places like what you're describing. So I think you know the key whenever you're buying is save save save see want to buy with at least 20% down. I realize that's difficult to do special people are praying over market values. Make sure you don't overpay so you know, don't get into those bidding wars and react emotionally to make sure that you're not spending more than 25% of your pay principal, interest, taxes and insurance and if you can't check those boxes, plus with an understanding going to try to stay in this home for at least a 5 to 10 years that I think it's time just to wait and let's let this housing market cool off, perhaps even dip and let her continue to save and we look at this year or two down the road so I think that's can be my best advice.

We appreciate you listening calling today back with your questions and comments are just around the corner. Here's the number 800-525-7000. This is moneywise lives were God's word intersect your back to moneywise live unravel as this is where your financial life intersects with the 2350 versus God's word dealing with money and possessions you want to know God's heart to your money. Let's ask her that together based on what's going on in your financial life will go back to the funds in just a moment. This is a great opportunity though for me to remind you that moneywise is listener supported entirely. It's your support that allows us to share God's financial wisdom every day through our moneywise coaches through certified kingdom advisors through our website and the moneywise app.

Of course this radio broadcast in everything we do to come alongside you and provide this community of stewards really wanting to journey together and understand biblical financial principles. Would you consider a gift would certainly appreciate it with you.

Make a gift one time or you become a monthly partner or even a pro subscriber to the moneywise app. All of that helps us do what we do on a daily basis and we sure appreciate your assistance. Here's how you can give online just head over to our website moneywise live.org, click the donate button. Whether you want to give cash or perhaps an appreciated stock like we had a listener give just yesterday or however you would like to give, we would be grateful again moneywise live.org just click donate. Let's head back to the phones Chattanooga Tennessee Gary understand you had a CD mature recently is that right correct following your advice for diversity. This is Canada the secure end of our saving and you know that you strike your terrible wondering if you could recommend another option with similar security may be at the sea put that money can at the date yeah I wish I had a good answer for you. Gary unfortunately I don't I wouldn't lock it up into another CD rates are just too low. You're not going to get rewarded enough for the illiquidity of the CD in today's environment. You can get 1/2 a percent deal with a liquid FDIC insured high-yield savings account from an online bank and you might get no .65 or .70 another 15 to 20 basis points in your to tie up the money for a full year. So I just put it back into a high-yield savings account and weight recognizing that the goal for at least that portion of your your net worth is to be stable and secure. You don't want to take risk within I'm understanding and unfortunately in this environment, there are some benefits to having low interest rates. One of the downsides is exactly what were talking about here.

I mean, any other option you would require a bit of risk a dividend paying stocks. You got the risk of the underlying security moving up and down even though there's the income from the dividends certainly peer to peer lending is getting more popular, but the other, obviously, is risk there even bond mutual funds, even short-term bond funds that certainly an alternative to CDs but as rates had higher the bond prices are going to fall you can get a good yield but you can see some decline in the value of the underlying investments of those funds or ETF's.

You know that the only kind, and a foolproof way if you will to to get a great return on your money. That's guaranteed, is paying down high cost debt because obviously that's gonna be guaranteed returns equivalent to the interest rate that's going away as you pay that off, but otherwise Gary think in this environment. We just can have to you'll be happy with the a high-yield savings account. You could go to bank rate.com and compare but you know that .5 .55 is about the best you can do.

Does it make sense of what about treasuries yeah you know you're still not gonna do a whole lot better. Their menu can you can look at treasuries in your buying direct or through your funds, you basket of treasuries through ETF's are mutual funds, you may do a little better there but again you know you're going to have the price of the treasury, moving around with interest rates and that the direction as rate set up is that the treasuries will fall in value so I think you've got. I just have these baskets of money and for that that's you know your liquid reserves of six months or more depending on what season of life urine. I'd probably just stick with the high-yield savings and wait out this interest rates these interest rates moving higher. Once they normalize probably in the next year I think will be some other options there but unfortunately is not a whole lot you can do right now but we appreciate your call today sir. By the way, check out sound mind investing.org they got some great articles so that they've done recently on some investment options. Specifically, as inflation begins to tip tick up not only tips treasury inflation protected securities, but a few other ideas and that may be an option for some of this is that we see inflation begin to creep up. You can be rewarded with some of these investments that are pegged to rising inflation sound mind investing.org just do a search on their website you'll see some great articles. We appreciate your call today. Let's head to Wisconsin Catherine what's on your mind will gathering the religion. Okay, I think we had the distant, maybe I lost her out. No problem doing this is that every man and tighten it hiring pretty much everything except fair treatment stating MMA can find that everything we can into the private land that currently on hold while we are thinking want to get paid footwear about the delay from getting your thinking that government lines are still on hold no plain mean putting any money we can keep building. I actually like day the remake sliding around about the type that already have the government for getting weights made today will make it a well thought way, thinking it would be better to put that money into leaving rather than to put it toward the loan. He knew it to check and make sure if you… Thank you Eric. You had any yes well I would agree with me given the deferments that are in place here and what's going on with coated absolutely the place to be looking is it toward the private loans first. That's gonna be where I would be focused on what you want to pay down, not to mention ill. In addition to the fact that they're in deferment, they're going to give you the most flexibility even once you start repaying with income-based repayment options and the like. Obviously if if loans are forgiven across the board, there's gonna be What Is Going to Be Able to Be Forgiven That Likely. And so Again I Think If You Focus on Paying on Those Private Loans First. Now, If You Feel like You Haven't, so Short up Your Emergency Fund Fully That I Probably Go There Next Just to Make Sure That You Even before Putting Extra Money toward the Student Loans. Make Sure You Got That 3 to 6 Months in Spencers, but after That I Would Continue Paying toward Those Private Loans.

I Realize There Is Uncertainty about the Legislation but You Can Never Go Wrong Reducing Debt to the Best of Your Ability and I Think You're Doing in the Right Order, so I'd Say Keep It up and Glad to Hear Your Lifestyles and Check Because You Have 20 a Margin Which Means You're Able to Shore up Your Financial Foundation That Is We Appreciate the Executive along with Assistance Moneywise Live on Rob West Pause for a Brief Break We Come Back More of Your Questions Lines Open to Moneywise Live Sex Your Financial Life Just Edward and a Talk about Getting a Large Seven Scott What to Do with the Money and Also an Inherited IRA That's Been Invested for 10 Years. Terry Wants to Know Where to Go with That.

But Roses in Antioch, Illinois, Rose, How Can We Assist You Today. I Have a Question for You.

I Need Some Extensive Dental Work Between 35 and $55,000 and 955 or 59 1/2 and I Was Thinking about Taking Out Of My 401(k), but Needed to Understand a Little Bit More about What the Rules Are There for the Smart Thing to Do. If You Have Other Suggestions on How to Finance Best. Yeah, You Know.

Unfortunately, There Is You Pulling Money Out Of Your 401(k) Is an Option. It's Not the Best Option Because It's Taxable Money and Obviously We Prefer to Let That Money Continue to Grow, so It's There for You down the Road and You Can Obviously Have To Take Whatever You Pull out and Set a Portion Aside to Cover the Tax on It but I'd Rather You Do That Than You're Taking on Some Debt so As Long As He's 59 1/2 If He's the If It's His. I Read the Been No Penalty in Pulling the Money out.

You'll Just Pay Income Tax on the Amount You Would Draw in the Year That You Take It out so It Will Be Added to Whatever Income You Have, during That Calendar Year. That Obviously You Take Care Of It Out Of That Other Options Would Be Could Borrow against a 401(k), Assuming He Hasn't Separated from the Company. I'm Not a Big Fan of That.

I Think the Euro.

Other Options Would Be You Know to Look at Pulling from an Emergency Fund Is Always You Have Margin and You Can Replenish That Looking at Other Assets That Could Be Liquidated and Then I Think You Know That the Last Option Would Be to Know How Could You Finance It in Such a in Some Way Feel Perhaps Working with the Provider on a Payment Plan of Some Kind to See If They Can Stretch It out over Time.

So Those Are to Be the Other Best Options. If You Were to Pull This out Rose of the 401(k).

How Are You All Doing in Terms of What You Been Able to Set Aside Be Able to Cover Your Expenses in Retirement Have about 100 and 401(k) and about 100 Grand and Pension How We Plan on Working and Help Us Another 10 Years. Okay Alright and How Much Do You Think You'll Need to Take out. I'm Depending on.

I Said the Dental Expenses between 35 and 55 and Were Still Praying and and Taking a Look at at Options There. We Could Probably We Have about Eight Months of Expenses Saved in Our and Our Savings Account Will Probably Pull about 10 Grand Out Of There and Then Finance the Rest Okay Yeah so I Think That's Something.

Obviously It Sounds like This Is Major Dental Work That Has To Be Done. And so That's What the Emergency Fund Is, Therefore, We Don't Want to Depleted Entirely, but I Wouldn't Hesitate to, You Know, Especially If Your Cash Payer to Go in There and Try to Negotiate with Them around the Cost of This Thing.

Let Them Know That You Are Paying Cash.

It's Not Coming from Insurance That You Know You Can Show Them Your Finances and Let Them Know That You Know This Is a Bit of a Hardship. Although You Plan to Pay It in Full. And If They Can Work with You Both and the Total Cost and the Timing of How It's Paid and When That Would Be a Real Blessing to You, but Apart from That, It Sounds like You're on the Right Track Here in Terms of How You Go about It.

I Just Think It What's Key Is You Try to Keep Debt As Low As Possible in This Season and Really Keep Lifestyle in Check. Which Means You Gotta Control the Flow of Money Going in and out Your Spending Plan Is Going Be the Real Key Driver There, but I Think You Certainly Are Getting Creative. You're Asking the Right Questions, and I Think You're on the Right Track.

So All the Best in That Dental Work That He Has To Have Done Rose. We Appreciate Your Call Today. Let's Head to Ohio Terry, How Can We Assist You IRA Me It Goes from 20 20,039 Is the Other Part to Buy a New Car, so I'd like to Know Only Goes from 20,000 to 2120 Can't Just Keep Having Heard Many Anything for 10 Years Now. I Know How Much Should I Doing That Summer. Now I'm Afraid to Take Sure What Is That Invested and You Have a Sense of That. I Got Really down and It Was All Emotional. So I Will Wait to See the Case with the Sum of Money You're Talking about Interior to Be Better Served to Get Broader Diversification through Either Exchange Traded Funds or Mutual Funds Were You Can Own a Basket of Investments. That's Not Tied to a Small Group of Individual Stocks Companies, Whether Banks or Some Other Industry Because You're Really Relying on One Sector to Do Well As Opposed to Getting a Broad Cross-Section of the Market Here Which Is Done Quite Well over the Last Decade, so I Think You Need to Reevaluate This. Given the Sum of Money It's It's Not Enough for a Financial Advisor to Come in and Manage It for You. So I Think You Should Be Looking at One of the Fund Families like Vanguard, You Could Use Their Robo Advisor Solution Where You Go through a Question-And-Answer Process and They Build a Very Low Cost, Diversified Portfolio for You. You Could Use the SWAT Schwab Intelligent Portfolios. You Can Also Check with Her friends@soundmindinvesting.org and give these are the believers that could give you an investment strategy there as well. So I think it's time to perhaps re-deploy these funds, but I'd be careful in terms of understanding what's the purpose of this money how quickly might you need it and make sure that your investment strategy reflects that because of this is money you think you might need within 10 years. You don't want to put all this in a stock investment strategy, even if it's diversified through mutual funds because we got into a recession. A couple years down the road. It wouldn't be out of the question for this to be down 35% and so if all of a sudden you know you got to the statement in the mail in your €20,000 was your 13,000, you'd probably be pretty frustrated and upset about that. Now keep in mind if you got a long time horizon you would go into it knowing what even if that happened.

I'm in a wait for it to come back and it's good to move to higher ground, like it always does.

But you know it may not be in a position to be able to take that level of risk and so if that's the case, you're going to have to have a more conservative posture which it would lower risk means lower return. So I think that's where you know working through one of these Robo advisors again like Shaw Schwab intelligent portfolios are Vanguard or Fidelity will uncover that through the questions and answers and then come back to you with a really well diversified low-cost portfolio. So I would check those out.

If you have any other questions along the way, don't hesitate to give us a call.

We appreciate you checking with us but said to Chesterton, Indiana Danny what's on your mind today for a lot of years. I've been on a structured settlement except for the ability a bit on the 20 or 21 years now and they they have changed how they wanted daily and their tied it to Don that Messerli and Kyte may, but there what I need to put it into a place to where I'll take an annuity for it put in place of light by regular payments that I get when I get I'm supposed to get them regardless. But if I died tomorrow at all. In the money that there there there also offer me the option of taking the money, that of buying the annuity and that money north of 900,000 so I'm trying to I'm trying to get some decent invite out even look at them. I never even considered it until you know 55 years old now and I have a 14-year-old daughter and I don't want to leave them with nothing at that map yes so are you looking. Danny specifically for just how you want to take it, or whether you should take it in the first place whether I should take it in the first book that I needed. It's a complete, it would basically cut my income in half but it would fight… It would give me a rather large amount of money and I'm not very good at that like that is not my bag about, but it not my thing so yeah listen that we all have gifting's and that's where the Bible encourages us to seek wise counsel, which is part of the reason you're calling today, but I'm going to ask you to perhaps add to that circle of counsel because this is really a critical decision to me this is a significant a sum of money and there needs to be some analysis done on what's best for you in terms of what's the lump sum which you said your understanding is around 900,000 versus you. What's the present value of future income stream based on the annuity payout they're going to give you and how does that compare to the lump sum they're offering a financial professional can help you calculate that and then deal beyond that, what is the what happens beyond your life to that annuity.

Is there some survivors benefits were that continues or does it stop that's good to be a key part of the factor here and then beyond that, if you decide to take the lump sum who's going to manage it.

What's the investment strategy and what needs do you have as you head in to the season of life based on whether or not you have the ability to work for this is going to be your primary source of income and what could that look like to preserve these funds for the rest of your life which is can be critical for you to be able to do that. So to recommend that you connect with a certified kingdom advisor there in Indiana. I'd probably sit with at least two or three. Find one that's a real good fit for you know that you feel comfortable with. It has the track record look you're looking for where you know you all can begin to work together and here she will work with you again on some planning first to help you make the decision as to how you should take that and then perhaps that person or certainly another professional could then come alongside you to do the management of the money. Once you receive it, assuming you decide to take some silk head or website moneywise. Why.org just click find a CK again I'd interviewed 231 that the best fit (what God gives you and the advisor. Summer was the to say thank you my team today, producing his Rios tries sell providing research of Eric Tidwell's Arcos greater today moneywise. Love is a partnership between radio moneywise. Join us tomorrow died in God's word and apply to your finances to see that