Steps to Saving Money

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 all 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 when you think about it shouldn't. Saving money is, after all, isn't that just the practice of not doing something vaguely spending. Well, if it were only simple route was the real challenge to saving of courses overcoming the temptation to spend money, but there are steps you can take to make it easier. I'll talk about those first today that it's on your calls and questions at 800-525-7000 800-525-7000.

This is moneywise live for God's principles and former financial so recent that only 40% of Americans had enough cash in their bank accounts to cover an unexpected expense of $1000. Considering the range of financial calamities that can strike when we least expected.

It's no wonder so many people go into debt using credit cards to cover money emergencies.

It's also no wonder that the Bible tells us that saving is wise. In Proverbs 10 we find lazy hands make for poverty but diligent hands bring wealth. He who gathers crops in summer is a prudent son. And while it's wise to save. We also have to be careful not to put too much trust in our bank accounts because it can never replace our ultimate trust in God is our source in our provider and there is good reason to trust the Lord. Luke 1224 reads consider the ravens. They neither sow nor reap. They have neither storehouse nor barn, and yet God feeds them of how much more value are you then the birds God has his part in our provision and we have ours were to save because his word tells us to.

And if you think you can't save because the temptation to spend is too great to take comfort in first Corinthians 1013 it says no temptation has overtaken you that is not common to man.

God is faithful and he will not let you be tempted beyond your ability, but with the temptation he will also provide the way of escape, that you may be able to endure it.

Why then is it so hard for some people to save money while for some it can't be avoided.

There people whose income is far lower than their outgo.

Basically those below the poverty level. And while that's a real concern and not one to be taken lightly.

Most people we hear from make enough money to save in their case. Self-discipline is the main issue, it comes down to living within your means. You see, God wants our lives to be in balance. He wants us to enjoy his bounty and provision. But Christians are also supposed to take care of their families and come to the aid of others in the church from time to time who may have needs. That's difficult to do. If you have no savings. Remember everything you have belongs to God and not just what you put in the offering plate.

All that we have comes from him and belongs to him. We're supposed to be qualified managers to handle it.

So here are some steps you can take to start in that process. First, of course, you need a plan without one.

You're just spinning your wheels with no idea where you're headed or when you get there. Your plan should reflect your values and priorities. Be specific and make sure you connect meaning to the money you save. You see the sacrifice.

It requires will be difficult unless the goal is something that's meaningful to you all saving should begin with your emergency fund, I'd start with a goal of $1500, then one month living expenses to building on that until you have 3 to 6 months saved up after that your savings goals can change to things like buying your first home, taking a trip to build family memories work giving to your favorite ministry.

The next step is realizing that you can't go it alone. If you're married, you'll never be able to save your spouse isn't on board. It has to be a team effort. So the goals we talked about make sure their common goals and celebrate milestones of progress along the way. Always within your budget.

Of course, initially you have to cut spending in some areas you won't be able to save if you maintain your current lifestyle.

So look for things you can cut from the budget at the same time. Don't try to do it all at once, establishing savings doesn't mean you have to live on beams of water for every meal. If it hurts too much, you'll never stick with it. So be realistic as you cut your spending.

Next, make a resolution that you will save something from every paycheck in the beginning, establishing that habit is more important than reaching the ultimate goal you want to develop the discipline of saving as time goes on in your successfully putting something away each payday, you can begin to increase your savings. The last step and lots of pray earnestly that God will give you self-control in a contented heart developing the habit of saving radically improve your life, your relationships and your ability to write your calls or text 800-525-7000 on Rob West you listening to moneywise live where God's financial principles and every decision. Thanks for being with us today. I moneywise live on Rob last will be taking your calls and questions on anything financial just a moment.

Here's the number we do have lines open 800-525-7000 800-525-7000 unit we started today by talking about saving. How do we break through. Perhaps what's been holding us back from setting aside a portion of God's provision today for the future. For tomorrow looking down the road, recognizing that Proverbs is replete with encouragement that says well there's precious oil in the house of the wise with the foolish man swallows it up.

God gives us more today than we are to live on today. In most cases. Now you may be in a desperate financial situation.

You're just trying to keep food on the table and if there's utilities keep them on and and I get that. But for most of the people in the listening audience.

Right now we all find ourselves in different seasons, we have the ability to save, but what we need to do to actually dial back our spending so we can live within our means and I think this idea of connecting meaning to our money to God's money is really key because you see when we start with our values. What's most important to us as an individual or as a married couple and then allow those values to informer goals that then leads to short-term sacrifice so we can save in a way that actually has some meaning to it. You see, what our goals actually flow from our values. That which is most important to us, where God is leading us in the future than short-term sacrifices much easier because we have a Y and when we do this as husband and wife, then money can actually become an instrument of peace in the marriage, not discord, and perhaps you will finally be on the same page working toward a common goal and money then is the tool to accomplish. So what's most important to you is it to be able to to give to those in need around you. Well filing back your spending. Now sacrificing the short term will allow you to build up resources to do that. Is it providing for your families in ways you haven't been able to work creating memories together by traveling or doing things that are enjoyable. Maybe it's providing an education.

Whatever it is.

Think about the values that then lead to goals so that when we begin to sacrifice and cut expenses. We know why were doing it at that point, it does become a lot easier. Give it a try and let us know how it goes. Along the way.

RI we want to get to your calls today were to ask you what God is doing in your life financially look at to those issues and questions in light of Scripture and see if we can move forward together.

Here's the number 800-525-7000.

That's 800-525-7000 were to start in the beautiful state of Montana Mark, thank you for your call today.

How can help us or Rob want to thank you for your faithfulness and following God's call on your life and a lot of people in your blessing kingdom. So thank you well. Thank you Marcus for soul start right off my mom went home to be with the Lord in April and will very sad but also like hell breaks. I know she's out and I know that I will see her again so so with that the financial end of things will work my way to that, but she gave me a wonderful gift. She left me 20 acres with a small house on it, just outside of the popular ski resort town here in Montana so I understand that this is a gift from God and for my mom and want to manage it properly. I wanted I want to use it for his kingdom want to do the wisest thing I can with it.

I just, you know, the huge responsibility for me and I have a few concerns.

I'm concerned that possibly were in some sort of real estate bubble, no insulation, everything in and I'm wondering, I'm considering selling it to reinvest it elsewhere or whether I should start plans to to develop a plan to generate income on the property or exactly what I should do that. It is a substantial amount. Well, I can imagine this doesn't happen to be near big sky was a different ski resort, yet different ski resort okay. More okay very good with some good friends and I use to make an annual trip out to big sky. We haven't done in several years but it is beautiful country so I can only imagine how special this is. And I'm so sorry to hear of your mom's passing, but I share your celebration in the hope of heaven and rejoicing that she's with Jesus.

Even though I know she is sorely missed and I appreciate the responsibility mark with which you're approaching this gift because you are now the steward of these resources. It's always belong to the Lord, it still belongs to the Lord, but the stewardship responsibility has passed from your mom to you and you want to be found faithful and that you made it clear you want to do the wise thing with regard to the financial side, but you also want to honor the Lord and build the kingdom and those are all the right goals and so I think your you're certainly approaching this in the right way. Getting wise counsel, but also making sure that your real prayerful about this, but you know I always like to start by just saying you know this is an asset. So let's not focus on what type of asset, it is at the moment but let's say as an asset that you're now charged to manage. How does this fit into your overall financial plan. Do you see this is a key piece of what will ultimately allow you to retire someday when you can no longer work and be a funding source of lifestyle. Is it something that you want to do some giving out of or combination of the two is it to generate an income as you said now to supplement other income sources. Give me a sense of how it fits financially into your overall picture. So I run my own small business. I have about 10 years and I am debt free except for my personal residence, but II really don't have any retirement speak up. I put everything in my business and not working a lot of work 70 hours a week is standard week for me so I I'm looking at this as in that what I make. I make about 70,000 a year. If I had this amount of money the value of the home and in the land is work in the bank would I go in by trophy piece of property in a resort town and you all the answers know that I'm I'm not in a position to do that so I'm kind of looking at this and saying okay, how how can I make this grow for my my children, my children's children and and maybe I can back off my work a little bit and get down to 50 hours a week in the process to certainly encourage especially give children but just for your own health.

Working 70 hours that's lost a lot of hours your login every week and so being able to back off and take a breath and ask of the Lord what he has for you. Just gets more rest in your life and in some other disciplines I think is always a good thing and I'm talking to myself at the same time, you know, I think, as you approach this mark really and we need to determine is this something we want to be in income generating now or in the future, or both. Do we want to try to retire dad and what kind of giving.

Do we want to do out of it. Obviously, the first question you know that really a lot of this hinges on his do you want to sell this property that you've acquired and I'm not compelled to give you an answer to that. You need to get some wise counsel on that with regard to yes. Nationally, the real estate market is yelp sky high and you know this is probably and not just a typical piece of property as I'm hearing you describing it.

It's 20 acres small piece of small improvement in the home near real ski resort.

So it's a little unique and so you're gonna need to get somebody who really understands this market who can help you understand that you probably have a good sense of this already. How is this market done for this particular type of of land and its specific location. What are the prospects for the future, but just generally speaking you know home values nationally are about 5 1/2% overvalued right now, indicating were not really in a bubble and that the reason for that is the actual demand for housing is very high. Inventory is very low so it's a supply and demand issue millennial's are trying to move out of urban areas into suburbia and beyond. And so you what most folks expect is not any kind of housing bubble like we saw in 0809 that was real.

Systemic in nature.

In terms of its problem more of the cooling off the tapering off because these growth rates are not sustainable and we may see especially in certain pockets of the country. Adept but probably not any kind of major collapse. What about land values well slightly different asset that would need to be considered and again I think that's were getting some wise counsel makes sense so that be as to whether or not to sell it.

The second thing is diversification. Your Ecclesiastes talks a lot about diversification.

You are obviously highly concentrated in this particular parcel of land which is one asset class, but it's also in one specific location, whereas if you were to liquidated and invested in marketable securities some combination of stocks and bonds and maybe some real estate investment trust. Things like that you could be very, highly diversified and said I think that's something to consider you not putting all your eggs in one basket in terms of the performance of real estate in a very specific location in Montana. Thirdly, I think is just your looking at this in terms of the of the income that it can generate and what it's going to take in terms of effort on your part to generate that. So you could be very passive in terms of the income it generates, or the growth that you experience through a stock and bond portfolio versus active participation where you're actually as you said you constructing new residences on this parcel that you then gonna rent out when Nelson you've gone from a small business owner working 70 hours a week to I don't know what it is you get to really hands-on in and yelled running real estate business with rentals so I think you gotta think through prey, through all of that, I'd start with that real estate professional who really knows the area and can counsel with, and I suspect, given the goals that I'm hearing from you. Going ahead and selling it enjoying the fact that real estate prices are very high and then redeploying that into a stock and bond portfolio makes sense because for a brief break though much more money wisely.

So glad you joined us today and moneywise lie would get some phone lines open taking your calls and questions on anything financial. Looking at your issues and questions were a biblical perspective. Here's the number 800-525-7000 just before the break we were talking to Mark and Montana is mom passed away in April and left him a piece of property near ski resort in Montana, 20 acres plus a small home on it and he's just wanting to know through the biblical lands and really in light of his goals and objectives. What's the best path forward as he sell it as a keep.

It does improve it on before the break, Mark.

I was sharing my thoughts on that. In terms of getting some counsel just this issue of diversification because right now all of your eggs so to speak, or in one basket. Give me your thoughts on just what I was sharing and let's see if we can come up with a game plan where you go from here.

Absolutely. Thank you. I I really like the idea of diversifying you know because as I said this is my retirement everything else in my business which I business is just me. So it's really not work a lot this is that I want to want to grow this for the kingdom and, of course, I'm a tither so laptop and percentage everything I make in Skinner go right back to the Lord his kingdom. After that, I do have two children that are special needs that you need my help rest of your life. So I'd like to take care of them and I just feel like diversification in creating a portfolio that is to grow and maybe maybe I can take a little bit income to offset the amount hours of them working in the meantime but continue to grow the portfolio on the yeah I think that's the right approach and in the only reason I say let's make sure you talk to a professional.

There is I just wouldn't want you to overlook something that you and I am, I might not be aware of is there a major development coming in. That's good to be a game changer in that specific locale in the in a very short period of time or something on the horizon that alters whether or not this is the right time, but apart from something just glaring. I think that's wise counsel wise thinking in terms of you that going ahead and selling it moving toward a portfolio that makes sense. Perhaps you pay off your home first yellow and then begin to invested in a way this can generate some income or at least have some appreciation while you're continuing to work and then have yelp resources there for your future. You may even want to consider a special needs trust where these assets go in there and can be available for lifelong dependence where you can give certain stipulations as to how the money is used even know beyond your life or if you were incapacitated for the benefit of the kids and so looking at that from an estate planning standpoint with an attorney I think would be really important and then the last thing I would say Mark is perhaps talking to our friends at the National Christian foundation in CF giving.com. You may want to consider giving a portion is to even a small portion of this land away to you a donor advised fund prior to the sale. Yelp forgiving purposes.

Now, because of the stepped up basis. It may not make sense or be necessary because there shouldn't be much of the way of tax year, if any, the but at least just thinking about what's the best way to do your giving given that you can have a major transition here and a sale of a pretty significant asset if it's worth a conversation so I think you're on the right track. My friend seek out some wise counsel. Perhaps a certified kingdom advisor to navigate this with you and we appreciate your call today very much and wish you the very very best this is moneywise live taking your calls and questions. We got a few lines open 800-525-7000 were going ahead to Greenwood, Indiana Valerie, thank you for your patience can help you today. I car I just retired in January car payment picture taken my call. I can believe that my first time I got let's do this. I want to make sure we give you plenty of time to voice your question Valerie apologize again just a moment, left him and ask you to hold the line and we come back in this break will dive into your question. This is moneywise live for God's word and sex your financial decision.

Stay with us much more to come.

Thanks for joining us today and moneywise live where God's word intersects with your financial life. Just before the break we heard from Valerie and Valerie understand you've been paying off some cars great work at that. I'm sure that means you've been really limiting your lifestyle and trying to save as much as you can to pay off debt that you said you had 13,000 in your emergency fund and what is your question about your next move. Lord, all my credit so I'm working really cute just like 17 introspective blown out for like here to have to mortgage pay for it anyway, wondering issue. I find money from the emergency account and pay off the car or should I just keep paying sure how much is left on the car about $7000 but 7000 emergency to see 1313 okay all right and what are your total expenses and in a 30 day. Over one month roughly about $3000. Okay, so if you were to pay off the car, you'd have 6000 left. You have two months worth of expenses still in the bank how much margin would you have every month over and above your expenses. Once the cars paid off for you right up to the edge and so you'd only have the equivalent of that car payment or do you have a little bit extra every month. Now there's not much extra. I retired in January and I'm thinking I'm kind of bored anyway I might go back and work part time now looking at many and well I would probably not pay it off right yet just because what I'm hearing is that you've got two months expenses, but there's not a whole lot left over if you can fit the car payment in the budget.

I'd prefer you. You you maybe accelerate this car payment, but I want you to hang on to at least three months expenses so that's can be. Let's say 9000 so perhaps you take 4000 of it and pay against the car, leaving three and then add a little bit more, you know, to every payment and let's try to shorten that payback. But I don't want to get you in a situation where you live in right up to the edge every month and you've only got two months expenses and then something major comes out of left field. So I think if you were to do either hang out all of your money and then let's just add something every month and that's gonna require that you go back to that spending plan and either increase income as you said by going back to work or decrease expenses by really getting focused on what can you cut back on and then when you do that your goal would be to free up margin to add to that monthly payment every month. I think that's gonna be a better option than you just gonna wiping that out and being left with not enough in the way of reserves does it make sense that you, Valerie. Okay you are so welcome. Listen, congratulations on the hard work you've been doing and that we appreciate your call today very much to Indianapolis, Indiana Renée, thank you for your patience can help.

I have more retirement accounts. I would like to have. I had a job. Currently quite each one pension and so I can hold that old but I gather account. Not a huge amount of money in any and that I can contribute any longer. I have a new job, you are like and I'll have a lot and that on what I need to enter in determining golden okay so give me a rundown quickly of the account types that you have 143B and it probably had 80 dead from the other job at the faculty tradition and I I'm not entirely sure but I J the marriage high. They were running through the company that okay no problem.

So with them for three B's and 401(k)s.

Yet once you separate from service you can roll those out. I would absolutely consolidate those into one IRA, one traditional IRA that's going to just create some simplicity it's less accounts for you to keep up with can be a little easier for it to be managed either by you or someone else because you're not having to do that across multiple accounts and once you separate from service. The fees can increase in those retirement accounts.

If you have other IRAs is always in the same type they can be combined as well. But, for instance, you can't put a Roth into a traditional so you probably end up with the annuity which you have to leave for the pension and then the traditional IRA which is going to be the recipient of all of those company-sponsored plans and that if you have a Roth you'd still have a Roth. At that point you have to decide how to manage it. Renée, who's gonna make the buy and sell decisions. You can either do that yourself through mutual funds or exchange traded funds with the help of perhaps sound mind investing@soundmindinvesting.org, or you could hire an investment professional to actually make those buy and sell decisions for you.

You could look for a certified kingdom advisor. There is many of them more than 30 I believe in Indianapolis you could visit with two or three and find the one that's the best fit with the idea of combining them makes a lot of sense to me and that will really just simplify things okay my new job and you still think a traditional IRA were yeah that would certainly be an option you want to check with your plan administrator to make sure. But usually you can and so you would roll the not the IRA but the 401(k) and the 43B into your new 401(k) or whatever that is. And that's going to again put everything in one place, so you've got a better better control over it and then as you select the investments inside the plan which you would probably do yourself you what I usually just do it for all of the assets inside of the the account so I would call your plan administrator asked that question if they're allowing you to do that then I think there's no nothing wrong with that.

You could certainly take that approach or roll it to an IRA either one would work just fine for me. We appreciate your call today to stay in Indianapolis and head nurse thank you for your patience. I hope you yet you very good yes my my question is because I just got married and then I am a firm believer in Christ and my wife also is what the issue is because before we got married.

She used to go out with her family every Sunday after church. But now that we married and we try not stay below bit money and I'm trying to convince her that we don't have to go to go out to eat every Sunday, but she believes she because she used to fellowship with him every Sunday that we should continue yes well I certainly can appreciate that Abner you know I think there's a couple of things here. Number one is we have to recognize that the way we handle money is largely influenced by our upbringing watching our parents and how money was handled and what money was used for, and in the case of her family.

It was used for celebration and to make memories and to build family relationships at the same time as husband and wife. You are now stewards of what God has entrusted to you as one flesh. You've got a make a plan based on the resources that you have so I encourage you to start with the budget and if that's something that's really important to her. See if you can fit that into the budget because of its unplanned expense that it fits with everything else. If it doesn't, perhaps there's an opportunity for compromise. Maybe it's not every Sunday. Maybe it's every other viewing of the lie. Let's talk about it a bit more of the order to pause much more just around that you're with us today and moneywise live just before the break we were talking with Abner about.

He's a new husband there a new a married couple, just trying to navigate finances realizing we all bring different money backgrounds and personalities to the table. We value different things and as the leader of the home. He's trying to navigate the finances, but they need to do that together right sitting down saying what is God doing in our lives financially and how can money be used to accomplish his purposes in our lives together and what is our shared vision now is one flesh for that well. His wife values every week, going to lunch with her family, but at nursing. I don't see the resources we got credit card debt.

We got us all for it, will we integrate the conversation off the air about the next conversation they're going to have about perhaps meeting in the middle, and understanding that they can't do everything and so clearly they need to get out of debt. They want to be able to give. They want to be able to meet their needs and provide for their family but they also value and certainly she values he does as well. Time with family and perhaps around a great meal and so perhaps they going to do that not every week, but maybe once a month to celebrate what they been able to pay off on those credit cards. I think that's really the idea let's come to the table as husband and wife with an open mind and open heart and don't really see God's best for us as a family and then make decisions accordingly and will certainly be praying that that conversation goes really well alright let's head to Fort Lauderdale, Florida Lana, thanks for your patience. I can help you. As you can. Question for you last year and I find that I surgery it insurance when he retired everything that I have felt like my three months plus a little better for emergency take my entire emergency fund. If I used it to do that. I found out that I have not much is $35,000 gained about 10,000 stock. Now the question is should I think that company should look for another option. Well it's a great question line and I understand the predicament I'm glad to hear that you got an emergency fund, you got some margin there.

And this annuities been performing for you. Certainly ideally, we would want to take out from it because he wanted to be there to have down the road. I don't like the idea of borrowing from it and we could get into that, if you'd like. But the idea that you would perhaps pay for this out of cash flow would be the best case scenario. I realize oral surgery is not cheap. I would encourage you to at least contact the medical provider to see if they be willing to take payments for the procedure. Perhaps give you your cash discount if you're gonna be paying for this out of pocket. Yeah that would be the best case scenario.

What other options have you considered Lana do you have a home with some equity in it be a what else have you been looking and I really don't have a lot of a lot of extra at the end of each month. Either this surgery and if you approach that the provider to see if your cash pay or whether that could be reduced substantially, and if so, could it be paid overtime type I see okay all right well you know I think that's the best case scenario. I mean there are no various options like healthcare lending solutions United Medical credit prosper healthcare lending would just be a couple of them so you could look at an option like that. I yell because this is a medical procedure if it's necessary.

We obviously need to get it done and so that would be option one. I don't like the idea that you take a 40% haircut on a $10,000 coming out of an annuity that just you know is is going to come up with that as a last case scenario.

I think you know the best option would be other than borrowing just see if you can get your provider to work with you and pay-as-you-go yellow out-of-pocket really dial back your spending and let's pray that the Lord just provides in the situation and that that through those payments to that surgeon that you perhaps as long as it doesn't cause any further problems that it could be done in stages where you can actually find it out of cash flow. Perhaps you look for some additional work on the side to bring in some additional income but I think your fallback is clearly that annuity and I'm sorry to hear you're having to wrestle through these hard decisions Lana but to bless the Lord to give you some wisdom there. We appreciate your call today.

Let's head next to Cleveland, Ohio Karen, you've been incredibly patient.

How can I help you all talk and getting an annuity. I didn't know anything about them really and I've heard nothing but bad news.

Since then, but I was just wondering if I could withdraw that all at once or do they require you to do it monthly are.

I don't even know how they work exactly yeah so basically in annuities and insurance products that allows you to put money in the end, it's a combination of insurance and savings and you know there are certain guarantees depending on what type of annuity you have either.

It's a and give you a portion of the underlying index, meaning some investments like the stock market where you get a portion of the upside, usually with some downside protection meeting. It can't go below a certain level. Or that's a variable annuity with a a guaranteed annuity there would be a stated rate of return attached to it. The reason we don't typically like them is because they are expensive there complicated. There's a lot of fees and a lot of times you're giving up potential upside from the euro as compared to just investing directly. Let's say in the stock and bond market. You can annuitize which means you convert that asset to an income stream for the rest of your life for you or you and in a spouse and they would be able to tell you if you're able to annuitize what that amount is that you would be able to they would be able to pay out to you or there may be a surrender value that you could just take out a lump sum it would be some number less than Canada.

The face value of it and so I would probably make that my next call is just to understand what are your options now that you've got this annuity know if you converted it to a monthly payout. What would that be then compare that to your overall goals and objectives and then secondly, what would it look like for you just did to surrender it altogether and then compare those two numbers perhaps get some counsel from a certified kingdom advisor there in Cleveland to help you make that final decision, but it's a blessing that you have it. Now let's find out what the wise thing is to do moving forward and I think what you make that phone call get that information. It will become clear. We appreciate your call today. Karen I let's head next to Joliet, Illinois, Phil, how can we help you take my call to letter life insurance, retirement plan, I currently I have a lot maxed out every year in a union.

I have a pension plan and meeting with my financial advisor talking over goals about age of retirement on the projection based upon the monthly amount. I gave her my that I would need it came up that I would end up running out of money in the long run. She had suggested a lure option is another way to fund retirement. This to your opinion on it. I been doing a little bit more research on it and I'm still confused that that at the right way to go. Try to be a good steward of and do the right thing. Well, I think the key here.

Phil is just the need to catch up and contribute more than what you have the ability to put in other vehicles. The lure up as you said is a life insurance retirement plan where you use the cash value from your whole life policy to fund your retirement. You know the benefits of them are due to her point there is no limitation on income that can be contributed, and no limitation on contribution so you have really an unlimited amount you can put in and the growth is tax-deferred and then ultimately can be tax-free when you're withdrawing because you take it out in the form of loans, but there are high premiums for the insurance portion and the interest rates on those tax-free loans if you would withdraw more than your cash value you know can either way. Some of this and then failing to pay back the loans will reduce your death benefit in the end, so it you know you need to make sure it's accomplishing the purpose for which you took it out so you there complicated. They're not for everyone, but in certain situations they can make some sense. Especially where you're trying to put away in a more than you'd be able to outside of an insurance product for retirement and I think that's where you know that's what she's getting at their there's enough complexity here that I wouldn't want to give you a definitive and just a couple minutes we have together on one where the other as to whether or not this is right or wrong, but I would say it's not an automatic no, for me, by any means and I think what I'm hearing makes sense, but I'd probably get a second or third opinion so I perhaps know what you need to do next is go see a certified kingdom advisor or two there in Joliet is to run this by them. Show them your complete financial picture show them the product being recommended and then find out if they concurred that this is the right move for you. Appreciate your call today. Let us know how it turns out and were grateful that you want to seek God's heart and managing folks asking to do it for us today moneywise live is a partnership between Moody radio moneywise media want to say thank you to Deb Sullivan, Henry and Gabby to today want to say thank you for being here listening help you come back and join us tomorrow will do it all over again. This is moneywise live will see