Tax Return Tips

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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, but you 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 the IRS says about three out of four Americans will get a tax refund back from Uncle Sam this year. If you're one of them.

The question is do Rob West that anxiously awaited is the largest single check.

Many Americans will receive this year averaging a whopping $3000 will have some thoughts on that.

Then take your calls at 800-525-7000 800-525-7000.

This is moneywise live where biblical wisdom meets today's financial decisions so you're getting a refund this year want to use it wisely and obviously spending it like its mad money is not wise. If you have debt. The smartest thing you can do with your refund is using it to pay back what you owe to avoid interest that includes credit cards auto and student loans and even your mortgage make an extra payment against the principal. Now if you don't have debt consider opening a Roth IRA. You'll be able to withdraw your earnings tax free when you retire now, having said that you should know that getting a big fat refund each year is not a wise use of your money.

It amounts to giving the government an interest free loan all year with the money that you could put to better use. That's a hidden cost to you. But let's see if we can shine some light on it. Let's say you receive the average refund of $3000 but you also have credit card debt. That means you probably cheated yourself out of $350 because of the interest that accrued on your credit cards throughout the year, but there's an easy way to avoid this, simply divide the amount of your refund by 12 then fill out a new W-4 form with your employer that reduces your withholdings by that amount each month. Then apply that amount to your credit card debt and if you have no debt. Apply the amount to savings.

The goal is to come as close to zero as possible for future refunds and by the way, there is a huge hidden benefits and not getting a tax refund.

It protects you from one of the biggest scams going around these days thieves stealing your identity to get fraudulent refunds if that happens to you and your do a refund the money could be held up for months or longer.

While the IRS sorts it out.

Obviously that's not a problem if you're not do anything that we talked about not treating your refund is mad money, but unfortunately many Americans are so anxious to get their hands on that money that they're willing to pay a fee to their tax preparer to get it early. That certainly is not a wise use of your money paying extra just to get your hands on it, were some of the big tax preparers both the online and brick-and-mortar types have come up with a way to get your refund early that cost you even more.

They're offering to put your refund on gift cards or prepaid debit cards. For example, H&R Block will now for a fee, but your refund on an Amazon gift card that comes with a 3 1/2% bonus which sounds like a great deal, but consumer expert Clark Howard is warning that these prepaid debit and gift cards are actually loaded with all kinds of fees that are hidden in the fine print of these include per transaction fees and even monthly charges just for holding the card. There are other downsides to getting your refund with the gift card at first. If you lose it or have to replace it for any reason, you could run into snags and delays. If someone steals it out of your mailbox. You'll have to contact the issuer to find out the procedure for getting another one and possibly pay an extra fee for that.

So much for getting your refund early second getting a refund with a gift or a debit card just set you up to spend the money. That's especially true with gift cards that only allow you to use the card with a certain vendor like Amazon.

It makes it much harder to pay down debt or boost your savings with refund money. The IRS says the best way to receive your refund is by direct deposit into your bank account.

You'll get the refund earlier than you would with a paper check and there are certainly no fees involved. But you can sign up for direct deposit with your tax software or through your preparer, or even if you still file a paper return so bottom line practice patience and don't get stuck with extra fees for a quick refund money just quickly remind you. Proverbs 21 five tells us steady plodding brings prosperity. Hasty speculation brings poverty. We want to be steady plotters, slow and steady with God's money, not trying to rush things, and certainly not paying extra fee so there are some tax refund tips that will put more money in your pocket.

We hope you'll take it vantage of them. This tax season.

Your calls her next years. The number 800-525-7000. That's 800-525-7000 Rob Weston. This is moneywise live where biblical wisdom meets today's financial decisions. Your calls or next day with us to moneywise live on Rob last along with us today. Phone lines are open. We got a number of them today.

Looking forward to taking your calls and questions as we apply the truth of God's word to your financial situation. What's on your mind today.

Is it giving, investing, perhaps it's lifestyle. How much is enough. Maybe it's applying your tax refund as we started talking about today, what's the priority use of that money should we build our emergency fund or pay down that debt. Well, we'd love to explore that with you. Here's the number 800-525-7000. That's 800-525-7000. Our Facebook question of the day was, in fact, how will you use your tax refund and what number of responses so Scott says I don't lend money to the IRS for free so it's God's not getting a refund.

Good for you. Tom's get a pay some bills and said she's already used it to pay down some credit card bills working to pay them off completely. Will keep it up Anna you can do it.

Glad you assured that with this Janet again said we never get a refund so obviously that's the goal.

Charlotte's adding it to a down payment for a house. They're planning to buy and do Brenda's going to put it toward some renovations on the house.

She is out of debt with an emergency fund.

And I know Brenda comments frequently on our Facebook posts and she is a regular listen listener to moneywise live so we appreciate that very much, but we do have a question of the day and share some helpful thoughts on our social media platforms. You can find moneywise media or moneywise live on Facebook you can find us on Instagram and Twitter as well. Would love to have you check us out again lines open today were to head to the phones here, just about. Here's the number 800-525-7000. Let's start in Indiana.

Jamie your first on the broadcast today. How can we help make sure train 18 in a couple of weeks getting ready to graduate from high school graduation present that it just hanging her $500. I once went back to her.

Not only just as a gift, but it show her how to start dating early and came and I reached out to a couple of different investment firms, and they told me that I had had $5000 minimum to open her income at that retirement account and time just looking for some direction excellence. Well first of all I love this idea that you're wanting to bless her with a gift, but do it in a way that's really going to show her the value of investing in herself. In terms of long-term investments that can compound over time. I know that will be an encouragement to her and hopefully get her started on the right foot. I do have some suggestions you mentioned, though a retirement account. Does she have earned income she earned income okay great so she can only contribute sin obviously is good have to be in her name and her Social Security number, but she can only contribute up to the amount of earned income she has for the year and then obviously there's going to be a cap of 6000, so if you open a Roth IRA or she does in her name, and you make a contribution to it than just make sure she has at least that amount of earned income equivalent to the contribution you want to make. I think I she's just getting started out in a rather than picking try to pick a winner, you know, a company or a couple companies and then you're just not properly diversified and you have too much at risk.

Based on the performance of that particular company. I'd rather see you reinforce this idea of her taking a long-term view of the real broad investment cross-section so that would typically come through mutual funds or exchange traded funds that are indexes where she can have a broad cross-section of the markets of international some domestic large-cap small-cap probably of almost all stocks as opposed to bonds because again, time is on her side. She's got a long time for this money to grow but she does want it really properly diversified and you want to keep costs as low as possible so that doesn't put a drag on the investment.

So I think from that standpoint. Your best option. Jamie is going to be one of the Robo advisors. Now there's a number of them out there that basically through question and answer process will build a portfolio for you very low cost. Using these index ETF's that I described in the rebalanced over time and reinvested as you make subsequent or she does subsequent deposits, many of them do have a minimum so Schwab intelligent portfolios. I like a lot but is a $5000 minimum Vanguard has a new Robo advisor offering their minimum is 3000 but there are two at least that I like a lot, but don't have a minimum or very low minimum betterment is one of them better mints in ENT has zero minimum so you could open a Roth IRA for her. She could make a deposit and go get you started with basically nothing a wealth of front is another one in their minimum is $500 so I think either of those would be great solutions.

You can read about them nerd. While it is a great solution if you just put in betterment review nerd wallet.

Check out nerd while it's review you find they get five out of five stars and then you'll compare that to wealth fraud, which also gets a very high rating and I think either of those options would give you exactly what you're looking for you have any questions on that though well and I just am so grateful.

Thank you so much for direction.

I appreciate your very welcome.

We do this I want you to stay on the line and I will get you a copy of Howard Dean's book your money counts to pass on to her so she can start learning biblical principles of handling money.

God's way and understand God's heart as it relates to starting out and being a steward of his resources so down the line will get that book right out to you. Thank you for your call today. Let's head to Homer, Alaska Shelley, your next up, how can we help you account account that were having him work might have been waiting to hear back beat me A problem, not anything company I returned my spell transparently. We share that we can file Frank read Derek's wedding.

Yeah, well, a couple of options. Obviously you want to go ahead and file an extension which you absolutely can do yourself. It's a form 4868 and you can download it@irs.gov 4868 and you could get that in and get your extension file but keep in mind that's only an extension for filing. It's not an extension for paying taxes you owe and so if you believe you have reason to believe you're gonna owe some money. It probably be a good idea if you have the ability to do so to go and make a payment at this time so you avoid a penalty and obviously if you find out in the end you don't know it, you'll get that back is a refund but that would be the most conservative, most prudent way to go. So I would do both of those things.

In the meantime, perhaps you could go look for another tax preparer may not realize you may be far enough down the road that it's worth waiting but given what you've got going on or what he does. You've got things you need to take care of and it may be that you need to go ahead and pivot at this point, but regardless I would get that extension filed. Do your best counter back of the envelope math.

Or maybe he could for you just give you in on a few minutes of his time to do a very cursory analysis and recommend a payment that you could send just to buy yourself some time, so that you can circle back filed a the full tax return and at that point the tax liability would be obvious and hopefully at that point, you would get a small refund this at all make sense though somewhat.

We will certainly do that.

I know life has its way of bringing these unexpected events and I appreciate your graciousness and giving him time to work through them. So thanks for calling and listening Shelley.

We appreciate it very very much. Working ahead to a quick break here but let me just remind you we do have some lines open today would love to hear from you. Here's the number 800 609 six gives me hit 800-525-7000. I was getting out the sheer number all the sudden 800-525-7000 we come back we're going to head to Ohio and talk about whether or not it's time to get into a more defensive mode with investing and then we'll talk about credit score is a lending institution pulling your credit. What impact does that have that in your questions. Again, here's a number 800 557 back to moneywise live on the oblast of letterhead along with us today as we mind the Scriptures why God's truth. Your financial life. Looking for a financial professional and provide counsel that aligns with values and priorities as a Christian. Well, we recommend the certified kingdom advisor designation. These are men and women who admit high standards with regard to experience character and competency, but they've also been especially trained to bring a biblical worldview of money to their professional financial advice is more than 1500 CK A's across the country and we would love for you to connect with one in your area. In fact, if you're interviewing a new advisor.

I'd recommend you interview two or three. Find the one this the best fit.

You can find a certified kingdom advisor in your area by going to our website moneywise live.org just click find ACK let's go back to the phone's role was in Chicago Illinois in row. How can we assist you today.

I I am willing very well, thank you, don't bother hiding on till I want to thank you and I like sign near the lamplight now on going down that planet that will affect Planets yeah think I got most of your question here.

You're exactly right. You know, when you authorize a lender to pull your score for the purposes of determining whether or not they're going to extend credit to you that's considered a hard inquiry as opposed to a soft inquiry where you pull yourself or you get it from your credit card company just for your personal use which does not affect your credit score, but that hard inquiry does because is a part of the algorithm, it is seeing you as out there looking for additional credit, which can abide default by default or design.

They then take that to believe that you know they should bring your credit score down slightly. Here's the thing though any inquiries that you authorize for lenders within a 14 day period for the same type of credit are seen as one of severe shopping for a car and you authorize three different dealerships within a 14 day window to pull that credit again. That's only to be seen as one inquiry now yelled.

Some lenders will pull your credit twice, once at the beginning of the application process and then again just before the end of that process to make sure nothing has changed significantly and that in and of itself. Deal could end up if it was outside of that 14 day window, which it typically is not, could end up being seen as more than one but at the end of the day, multiple inquiries typically don't affect most credit scores according to what we rated equity facts and certainly not within that 14 day window so I think she's safe now. What I would encourage her to do and all of our listeners to do is going pull a copy of your score before you go out and shop for a loan you get it from your credit card company. You can get it from credit karma you can get from a number of places. Now, at no cost, and as you are considering various options. Let them know here's my score as I've pulled it.

I realize that if I authorize you to pull it because I want to do business with you. You're going to need to pull your own and that's okay but for the purposes of our initial conversation and negotiation.

You could begin to talk in terms of the score you've pulled yourself and try to limit the number of people pulling that score, but that 14 day window does help and so I would just remind her of that. Hopefully that gives you the information. I appreciate you checking in with us on her behalf.

I listened to Cleveland, Ohio Mike, your next of the program.

How can we help user domestic and I personally get going.

So, two-part question to comment on that. And it also more defensive investment strategy.

What does that mean what how can we do that yeah that's a good question and you know Mike I think as we look out we have to first making sure make sure that we are invested properly. So we look at biblical principles we should have a long time horizon we should be steady plotters not investing in speculative investments, but really taking a properly diversified approach with a large number of investments not highly concentrated and not trying to jump in and jump out in time the market. Now I'm not hearing that from you.

You're just recognizing that we may be due for a cyclical tenant rollover given that we been in a bull market here for 12+ years in that very well could be the case but keep in mind, even though you know there are some warning signs ahead. Right now the economy is essentially reopening from a self-induced recession because of the pandemic were expecting growth in GDP higher than it's been 20 years that's all good.

We still have low interest rates, unemployment is staying in check, but inflation is probably the biggest concern out there is a result of all the stimulus that we had and that's really what's driving the market today. Now down 700 points here at the close, because there was some hot inflation readings that spooked investors and that's something to keep an eye on. Even though the Federal Reserve says it probably gonna be a temporary spike they write well will see over time, but I think the key is if you are invested properly meeting a long time horizon of according to biblical principles that you stay the course you do check yourself to make sure you have the right out and take a break will be right back. Thanks for joining us today moneywise live for God's word intersects with your financial life. Just before the break we were talking with Mike who asked whether it's time to get more defensive with his investments in just to finish my thought there we had to hit a break. You know, as I was sharing just before the break, you know were in it. Right now, are we been in the midst of an incredibly strong market. Even with the self-induced recession brought on by the pandemic coming. Nobody would've expected.

We would've recovered at least in the market as quickly as we did it mean basically was a 45 day event.

Obviously, the economy has taken longer to recover and we expected that the market is a leading indicator and was pointing to the fact that once we work through the pandemic and address that from a health standpoint in the economy both here in the United States and around the world. They were able to reopen that the consumer was in a pretty good position and that in addition to the stimulus. Incredible monetary stimulus and fiscal policy that supported that was gonna really lead to a strong rebound and it has a but most economists will tell you that the market probably is a bit ahead of itself now. Good news is that employment remains and unemployment remains in check corporate earnings have been very strong of the question.

The big question right now is inflation. And that's what's really spooked investors today, but that's all fairly short term even if we think about the impact of that of the next one to two years if were invested for the right reasons, meeting in a we've got 20 years for these investments because keep in mind, even if your 10 years out of retirement.

You need that money the last of the Lord Terry's and you have good health for perhaps a couple of decades or more.

Even beyond retirement so when were invested with that type of time horizon then it's all about.

Do I have the right allocation because you don't want to find yourself in a position where you're trying to time the market in terms of when should I get out and then when should I get back in and now you're trying to do something that the data just says is impossible to do effectively, which is why we stay invested in as long as we have the right money, meaning it can wait for any market that is turning down to recover that with time on our side that still the very best place to be invested for the long haul.

You look over the last hundred years. The very best place to build wealth. It has been the stock market stock and bond portfolio that properly allocated. So that's where I would say even though we have some kind of warning signs ahead namely inflation in the amount of debt we have in this country and some other things I would still stay invested. Recognizing that even if we got into a recession, it would recover and move to higher ground, at least historically speaking, so I think the last thing I would offer Mike is just.

Perhaps this is the time to think about having a professional advisor that come alongside you to give you counsel because we can be emotional when it comes to how we make our decisions about our investments and having 1/3 party, especially one that can bring a godly perspective of money walking alongside us can really make all the difference. So I hope that helps my friend. Let's head to Delray Beach, Florida Heather, you're next on the program. How can I assist you call this man and my mother she should go and she asked about that she could for her grandchildren, but she is no longer working (so she wanted an example or example that she could only make one kind hot yes and Heather, do you think she would prefer to have this in an account. The specifically earmarked for college or something more general than that is looking for something like general okay all right well couple of options there are benefits for college.

I would encourage you to seek out a 529 and saving for college.com can help you determine the best states plan for your kids for her to set up if she wants it outside of the specifically used for college. I just opening a regular brokerage account in her or your name where the money is earmarked for the kids but not necessarily in a custodial account where it becomes their assets at the age of majority is probably the best and as I was sharing with the caller earlier in the broadcast.

A Robo advisor like betterment. The ETT ERM ENT is very low cost, very simple to set up. They have a great website and a nap and they have no minimums so you can get started with a very small even one time deposit and that would be invested in index funds that are broadly diversified again with very low cost which would allow that money just to capture the broad moves of the market over a long period of time which of its four young children would be a hook for a long period of time, but the money would be available to access for whatever purpose let's say 10 years from now when they're ready to you she's ready to make a gift to them to get started on their own, get their first apartment by a car, perhaps even use for college, so I would check that out. Perhaps it's exactly what she's looking for.

Again, it's called betterment and you could learn more about it in the nerd wallet review.

If you search in her wallet for betterment. You can read more about the details from 1/3 party. We appreciate your call today. Let's head to Ottawa, Canada Melissa, you're next on the programmatically assist. Thank you so much for taking my call. Question about wells and prenuptial agreements. I met my husband in Florida.

That's where I used to live and he is not Canadian, so I have immigrated and got married up here to Ottawa and part of the requirement part of the deal was that it where we were married I need to sign a prenuptial agreement.

So then I was more than willing to do that. I fell in love. God blessed us with three beautiful children so a lot has happened since then were still married, but my husband's father passed away. So my husband is taking over the family along with this other brother and my husband works 70 hours a week. We barely see him, but he's you saying he's doing it further confirmed my kitchen maturing and so you know it's basically a sacrifice so we accept that but he did make out well. He didn't go with a lawyer or anything like he did with the prenup he he made his own well because they have his family has a history of heart disease, saying he has couple of other health issues. So it's a hard thing to talk about wells and things like that, especially the marriage by my concern is not well well and prenup somehow contradict each other that if something ever happens because I am completely financially dependent on him when he always wanted me to stay home to children. So my question Melissa.

I appreciate your call and I know these are challenging things to navigate. I think the first and most important thing is just your in his walk with the Lord and your marriage and so I would encourage you to pray that the Lord would open a door to perhaps suggest some godly counseling, some Christian counseling either through your local church or another Christian counselor in your area that could perhaps help you will address some of the issues that you are describing here with regard to your marriage and your relationship with one another and as a family, you know, without regard to the question about the will you prenup agreements and will certainly can conflict with each other and when that happens, a probate court is likely to find terms of the prenuptial agreement take precedence over the terms of the last will and testament and obviously if it was considered invalid or have a sunset clause. Any of those things would cause that change.

But generally speaking, the probate court would look at both documents. Of course, depending upon the wording they may rule in terms of the prenup take again that's all subject to change. So I get some godly legal counsel is moneywise life back to moneywise lives ledger along with us today would you like to connect with one of our moneywise coaches. We've got trained volunteer coaches that are ready to serve you that walk alongside you over a number of weeks to teach you biblical principles of managing money up you set up a debt repayment plan giving plan and the spending plan also will help you get to acquainted with the moneywise app which is available as a free download in your app store.

Just search for moneywise biblical finance to connect with the coach to our website moneywise live.org, click the button that says, in fact connect with the coach and will get you connected where you can begin to engage virtually was somebody who can really be an encouragement but also practical help to you along your financial journey get moneywise live.org, let's go back to the phones William, you're next on the program to redheads or question about capital gains will be making a profit on and I was told that there is an exemption get out of capital gains if you're getting married on trail and then the issue at that and I'm getting married in the same fiscal year selling okay so this was your primary residence, is that right okay so as your primary residence.

The others that basically a home sale exclusion from capital gains as long as you live in the home for two out of the last five years, then you would be excluded from capital gains on that sale of the home as a single taxpayer for $250,000 worth of gain and for a married taxpayer $500,000 so you can have more than $250,000 and gain their hope for over a year old you have it.

Okay so yet you had to be a two out of the last five years. I will ask my team believe that I I'm not aware of any other exclusion that would allow you to miss that game.

If you've only been there a year and you're planning to move, but certainly we can take a look at that and see if there's something else there that you I would always encourage you when you have a change in your financial life and getting married is certainly one of those major changes for you to seek out a tax professional who can walk alongside you as you will begin to now file jointly and put your financial lives together. I just making sure everything is being done properly are taking every deduction available to you, but you're also filing on a timely basis. So if you need a certified kingdom advisor and the tax and accounting area there in Ohio. Williams, etc. website moneywise live.org to connect with the CK.

I think that would be great next step four and we appreciate your call. WGN B is next up calling for Michigan at go right ahead. When people pay online, like using PayPal. I've heard about a called strike the right word for it.

Yes, you heard of that I have absolutely. Is that any good. What do you have to say on that debit credit card right yes it say just a process of payments so both PayPal which is a very well known name and very easy to use and striper very very popular appeal. Both of them charge a percentage plus a certain fixed amount for an online transaction and no stripe has become massive immune they power. Some of the biggest brands out there in the marketplace like Lifton.

Under Armour and Pinterest and so it's becoming very very popular. You know, you don't need a stripe account only a debit or credit card, and it's a really simple process so you would find that they have all of the latest security features and they are certified by the payment card industry is a PCI service provider level I which is the highest level of security in the payments industry. PCI has become kind of the gold standard. As of late, and is, is the requirement for those that accept online payments related to security in their the highest level so I wouldn't have any issue with you using a stripe to conduct business online and again it's it's one of the biggest players out there so hopefully that's helpful to you that we appreciate your call today. Let's go to ESA in Indiana you're next on moneywise life. Go ahead is what situation working really hard on my credit almost up to 700 and then one of the creditors which I thought was the right thing to do and what my credit close my account due to inactivity and then my credit score acclimated on hundred and nine point told mom that I was wondering if there is anything that I could do about that. Well, are you carrying a balance ESA on the other accounts that are still active. Yeah okay now.

So what happened there likely was that when that account was closed based on inactivity and they would have you know that would've been in the fine print when you opened it that you know says basically with a certain number of months of inactivity. The account can be closed because they want to go and extend that credit to somebody who's going to use it because that's how they make money that mean you should have been using it is just that's how the industry works. As soon as that account was closed and that credit limit was removed from the total credit that's available to you which meant that the balances you were carrying were a higher percentage of your overall limit, and as that percentage moved up what's called your credit utilization ratio.

Your credit utilization went probably above the 30% threshold which causes your score to come down so the only real way to reverse this would be number one overtime number two would be to get that credit utilization down and I would encourage you rather than opening up new accounts. I would encourage you to just really focus on paying down your debt and getting on a plan that can allow you to pay that off as quickly as you can, whether that's through credit counseling program or just limiting your lifestyle and trying to pay as much as you can toward the balance each month, but that's what's going on here you know. The key here though ESA is I'm much more interested in your financial health and you being on a solid financial footing that I am your credit score. That's only going to come into play when you're out there seeking new credit because you want to be able to qualify for the best rates and terms. But if you're not out there looking for credit and you know from hope you're not out there seeking a lot of new credit, then it really doesn't matter that you you saw that decline and you can reverse that by continuing to be an on-time payer and continuing to focus on gripping those balances down over time.

If you want to connect with our friends at Christian credit counselors for a credit counseling program that could be a great way to accelerate your debt reduction. You'll find them in Christian credit counselors.org. We appreciate your call today. Let's head to Florida next Paul you're on moneywise live go ahead, look like eight 1986. Part of my life.

Glad here's my question is in regard to 70 years old €50,000 income between Social Security and pension. I have no doubt, and I want I have about 200,000 vested and mutual funds in five different mutual funds earning between five and 7% over last 10 years and I'm content there, but I'm just wondering if half of them are the higher level of risk and half are at a lower level you see any reason why I should be All on lower level where I'm not sure it's a great question, Paul is run back to those numbers again quickly. Would you say that the total of the investment portfolio is today $200 250,000 and you said you been earning between five and 7% annualized teacher yeah okay sure of what's the breakdown between stocks and bonds in the portfolio.

I know bonds. I have some in the beginning, so it's 100% in stocks and are you pulling in income off of that knowledge is okay and so your covering your expenses right now with Social Security year and other sources.

Yeah, I will spend well about 40% of my income is what it takes for me to live for some to my church. So you're obviously living well within your means living modestly.

I love that, and this money is able just to continue to grow it. You know could be there down the road if you needed, you know, assisted living or some sort of long-term care which could get to know quite expensive. So I like the idea that you would have this money growing, having no hundred percent of your investable assets in this season of life. At the risk of the stock market does seem too aggressive to me. I would tend to ask you to have something more like 30% in stocks and maybe 70% in bonds. You probably done quite well over the last you know decade or so. But as we head into the prospect of a you know a market that could hit a bump in the road with a recession in a year or two down the road.

Once we work through all this stimulus and fiscal policy and the economy reopens fully in all this. This economy has been gone quite a tear on the upside, so I could see us having a downturn here in the next couple years and I wouldn't want 100% of your assets at least investable portion at the risk of the stock market. So I encourage you to seek out an investment professional Paul that can help you know the portfolio that takes the risk level way down so that it's there if you need to begin to draw on it but if you saw a decline in the market of let's say 35% find ack@ourwebsitemoneywiselive.co book sexually along with us today that's going to do it for us. I want to say thank you to my amazing team, Deb Solomon, Amy Rios, Jim Henry and the rest moneywise live is a partnership between Moody radio and moneywise media will be back tomorrow to do it all over again. Hope you can join us