Time to Ask for a Raise?

Listener told me a funny story the other day.

He had bought one of those fancy new exercise bikes and for him. It was without a doubt a very special tool to help them get healthier. The problem was three days went by and then for and he'd yet to use the bike and then on night five. He sitting at the kitchen table and he looks down at himself, and he couldn't help but just laughed because there he was wearing the exercise T-shirt that came with the bike and he was eating to corndogs.

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Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah as the economy continues to recover employers and many sectors are scrambling to find workers and to hang on to the ones they have is that mean it's time to ask for a raise my route west. Several factors indicate employers should be more receptive to increasing wages, but how you ask for a raise can really improve your chances of getting what about that first today that it's all your calls at 800-525-7000. That's 800-525-7000. This is moneywise lively biblical truth guides our financial decisions. Okay, so too often are prepared to ask for a raise, and they end up saying things that convince the boss not to give them what here are a few examples of things never to say never say I've been here five years and I've never once asked for a raise before never say I show up on time or I didn't quite achieve the goals you set for me but I really worked hard. I'm underpaid.

I want to hundred more a week. Bob's been here a year and he got a raise or never say I'm buying a house and need the money.

Notice that all of those statements are about you, not the company and how it benefits from your work.

So before you bring up the subject of money you need to prepare a foundation work up a list of goals that will help your employer the first, obviously, is to do great work in your current position have an informal conversation with your boss mentioned that you have goals and that you'd like to advance in the company get suggestions on how you can do your job better to prepare for a larger role without talking about money next and let it be known that you're willing to take on more responsibility and by all means follow through with its given to you. Think about what the company is trying to achieve. Then what's needed to do that identify obstacles and start trying to solve them on your own if possible. If you're not in a position to do that at least offers suggestions all the while doing above par in your current job, but you're still not ready to talk about money you still have some homework to do to make a list of your accomplishments with the company so you have something to talk about what problems have you sold that streamline the operation. Have you done something to get or retain customers, reduced overhead, or increase the bottom line. Some of these things.

Your boss may not even be aware of soap start making a list. Also note any new responsibilities you've taken on, especially if they weren't a part of your original job description, those items will be especially useful when you have the money conversation. Your next bit of homework is research.

Find out what others in your geographic area with similar job titles and duties are earning, you can do that online that pay scale glass door and salary.com.

Those sites can give you the data you need to ask for a precise number which makes you look informed now armed with all of that information you're ready to do a dry run with your spouse or a friend acting as your boss asked the person to be a bit skeptical so you're challenged to anticipate questions, make note of those questions and then prepare answers again citing information you've already gathered about your performance in the pay scale of others doing similar work outside the company, armed with the facts and some practice under your belt you'll have confidence for the real conversation, so now you're ready to meet with the boss in a more formal setting.

When you me use the data you've collected to show why you deserve a raise but it's important that you do so with humility. You don't want to sound arrogant, to state the facts never talk about why you need more money. That's really not the bosses problem the more you make it about the company and its goals, the more likely you are to succeed, but does all this mean that you get a raise no, it means that you're more likely to get a boost in your paycheck. But of course there are no guarantees. So you have to be prepared for a no. If that happens it doesn't have to be the end of it, ask for an interim evaluation.

During which you have defined goals asked that the rays be conditional upon meeting those goals that will show your boss that you're serious worse case scenario, you just can't convince your boss that you're worth more and you don't get the race, but there's still a silver lining. With all the preparation you've done a data you've collected up to that point, you're now in an excellent position to land a new job somewhere else. And in today's economic climate, you may find that easier than you think.

So there you have it.

Everything you need to know about asking for a raise your calls and questions on any financial topic or next.

Here's the number 800-525-7000. That's 800-525-7000. You're listening to moneywise lively biblical truth guides today's financial decisions will look forward to hearing from you whether it's savings that talking about you getting whatever's on your mind. Give us a call will look forward to hearing from you next.

And thanks for joining us today. Moneywise, lively apply God's truth to your financial decisions.

2300 verses in Scripture dealing with money and possessions. So what's on God's heart as it relates to your money.

Well, there are principles and passages that we can pull out of God's word, and here's the thing. God's word is always relevant. It's always right. It's never going to change. So no matter the tax code, no matter if the economy or the interest rates.

These principles are God's wisdom, and they always work, and so when we go to Scripture and apply that to every facet of our lives, including our money. I believe we put ourselves in a position to experience God's best. Now that doesn't mean were always good to have more than we need or we won't struggle, we will and we hear from folks who have an abundance. We also hear from folks on this program every week who are really in a desperate financial situation and where ever were at.

We need to recognize what it means to live with contentment. Recognizing the abundance that we have that has nothing to do with money and begins with the fact that we have a Lord that will says that says I will never leave you or forsake you. We start there and it puts everything in perspective but with the resources that pass through our hands.

We want to be good stewards.

Good managers, well, let's try to do that today where your questions, here's the number lines are open 800-525-7000. That's 800-525-7000 would love to hear from you today were going to talk in just a moment about financing a car should you borrow or should you pay in cash.

But first, let's head to Georgia Peggy, I understand you had your identity stolen. Is that right and within 30 minute we some of the damage done, but it years ago and I'm an being the repercussions and the bank like you need anything for a while which is really hard but I'm going that God had let AAA salary yet and I want to thank you yeah will Peggy I'm so sorry to hear that. Unfortunately it's all too common these days. Did they use your credit cards to make fraudulent purchases was limited to that or did they actually open new accounts in your name, credit card, are my light letter ID card account and they bought a car and prescription programming greatly that so apart from disk and the cleaning up the damage that's been done. Are there any ongoing issues as to whether or not somebody still asking you to pay for something that they purchased fraudulently in your name or his all that been taking care even that police report that it might not day and like you know what they feel dealing with them, but it impacted my credit so badly and I don't know how to fix that. Okay well you sound like you've Artie done a few things clearly but you have the steps arming the first thing you want to do obviously is notify the affected creditors and banks that tell your information has been compromised so they can close accounts change account numbers things like that you immediately want to put a fraud alert on your credit report and freeze your credit. Have you done both of those things.

The fraud alert and the freeze I did not bring fraud alert body by the letter. Yes no problem and were losing you just a bit, but I think I heard your response that clearly you want to freeze your credit. That's something you could do it no cost based on legislation that was passed about a year and 1/2 ago, so you will contact each of the three bureaus Peggy Trans Union Echo facts and experience. Tell them you want to freeze your credit. That's basically going to implement a pin number of four digit pin number that is going to prevent any new accounts from being open because simply a lender is not going to be able to access your credit file. Without that pin number so somebody impersonate you and tries to open an account in your name in order to do that the lender that is looking to extend credit in your name to somebody that they think is you will not be able to access your credit report because that person that doing this fraudulently won't have the pin number. So that's really a key part you can want to continue to check your credit reports at least monthly just to monitor them.

Glad you filed a police report that's critical.

You also want to report the identity theft to the FTC, the Federal Trade Commission and then I think the next step is really to try to work with these lenders that extended credit, in particular the other car, and in any other ones to make sure that they have a copy of the credit report. This gives me the police report so that they know that this was not you, and that that can be cleared up so that they can pursue whatever means they have to make themselves whole, but they're not holding you liable for this. Once that's been done you can then begin to remove the fraudulent information by from your credit report. By working with the credit bureaus so that they know these were not your accounts, providing that police report when they can verify that it's yours or when they get proof that it's not yours they need to a delete that information. Of course, you need to change all your passwords regularly replace stolen IDs including your Social Security card. It's not a fun process by any means. You may also want to look at one of the services like LifeLock or one of the others. I don't tend to recommend those unless you've been through something like you have because a lot of this, you know, until something like this happens is just an unnecessary added expense, but in your case you want somebody who's some no monitoring this actively for you and providing some insurance to make you whole.

In the event something like this happened again.

So I think those are really your next steps just stay on this diligently until all the lenders acknowledge they're not yours until the credit reports, clean them up place that freeze on their immediately and then just use good deal practices when you are doing business online and as you said, you may want to take a break from that for a while so love for you to check in with us. Peggy, along the way as you let us know how this turns out I'm so so sorry to hear what you're doing with.

We appreciate your today very much before we head to Idaho. I talked to Lauren, let me remind you we do have some lines open today we'd love to hear from you. Whatever's on your mind financially, but we'd love to chat about it. Here's the number 800-525-7000. That's 800-525-7000 got about what more than five lines open right now to Meridian, Idaho. Lauren, thank you for your patience. How can we help you write a car or pay cash for yeah you know it is always a better Lauren to pay cash rather than finance. Now I realize that may strap you financially and I certainly don't want you to be in that position. I don't want you to use your emergency fund. And so if you need to borrow as long as you fit into the budget because you don't have the funds available then you know that would be the only reason to do it but if you have the ability to pay a clearly you know that's gonna be the best option if you finance a $20,000 car. He put 4000 down you have an interest rate of 4 1/2% loans for 36 months you have a roughly a $500 payment at the end of that 36 month term, you've paid more than $1000 in interest so I mean there's a real costs there that I'd love for you to avoid again as long as you don't put yourself in a difficult spot in terms of eating up all of the liquid savings that you have. Ideally, the goal would be if you have to borrow for this next car you out then once it's paid off. I would continue making that payment to yourself, perhaps in a separate savings account that's earmarked for car purchases so that you have the ability to pay cash for the next one is all that make sense though Carlisle and that great 3 to 6. I might well take cash in. Yes, I think in that case a bit. As long as nobody knows the future except the Lord so that we don't know what's coming.

But if you have pretty predictable income and some stability there. You not in one of the sectors of the economy that's been impacted you know by the pandemic that I would say I'd be comfortable with you going down to the three month mark. If that meant that you could pay cash for the car or put a significant down payment such that you can then build that back up, especially if you have money each month that you would've been sending to the car payment that you can use to build your savings. I just probably wouldn't go much lower than three months. We appreciate your call. I hope that's helpful to phone lines are open 800-525-7000.

This is money wise lives there with decided to into money wise lives today were God's truth is applied to your financial estrogens and decisions. Lines are open 800-525-7000. We started today by talking about how to ask for a raise were in a really interesting environment right now from a work standpoint as the economy opens up. It just seems like folks are really struggling to hire and you know this is an opportunity to if you're adding value to the company in a position to do so to ask for a raise you but that always brings us back to the purpose of work and keep in mind your work was ordained before the fall we were created to be productive to be workers Adam and Eve had a job to tend to the garden and to name the animals and you as we think about that. We realize God is the creator and then we take his creation and improve it and where to be productive throughout the whole of our lives in you as we think about the idea behind working working for an audience of one. The Lord himself. We need to impart that to our kids also yield instilling this idea of hard work is so critical and I really believe children need to experience the benefits of working early in life. In other words, they experience that the intrinsic value of working and feeling good about a job well done, and that provides the motivation to work, which is a self-perpetuating process, but they also need to experience the satisfaction of obedience and so they shouldn't be paid for every job they do around the house but work has a benefit in and of itself, and that's above and beyond the economic benefit of working, although I do think we should pay them for certain chores that go beyond perhaps what they're expected to do is a part of the family so they can experience the economic benefit that comes of working this benefit comes from learning that money will provide something they really desire and we also need to recognize that that you know kids can be motivated to work beyond the intrinsic value in the satisfaction of obedience and the economic rewards because perhaps they get to do some of those things alongside mom and dad, which is fun in and of itself. So think about how you can instill that principle of hard work, which is so critical and very biblical into your kids in a very practical ways. You have conversations in your model that but also you think about practical experiences you can create where perhaps they can work and do jobs beyond the expected where they can see themselves do a job well done and then be rewarded for it economically. Let us know how that turns out all right back to the phones today to West Palm Beach, Florida. Cecilia, thank you for your patience. I can help you in your credit for all. Should I haven't had to bother them broaden my credit. I yeah that's a great question and you absolutely can, Cecilia. It's really up to you. Here's the thing of the only downside if you will to that because there's no cause that it's just providing added safety and security for you is that it perhaps will be a slight hassle for you. If you're out seeking credits if you went to buy a car needed to borrow to do that or you wanted to open a new credit card it's going to add an added layer of you know you providing that pin number to quote unfreeze your credit temporarily for the lender to pull your credit report.

I think that's a pretty good trade-off for the opportunity for you to have the accounts locked so that in the event somebody compromised your information without your knowledge. They would be unable to, or it would be at least much more difficult to open an account fraudulently in your name. So as long as you're willing to go through that extra step of providing that pin number and by the way, if you're not out seeking credit. It's doesn't really matter, then I would say absolutely go for it. Contact each of the three bureaus let them know you want to freeze your credit report and you can get that done quickly and free. So does that make sense okay.

You're welcome. God bless you.

Thanks for your call today to Ohio W CRF Sammy, thanks for your patience. I can help you. I was calling because I lunch with a young lady that I am thinking about hoping to but she is very concerned about money lives.

I just finished school and I was wondering how much should I put aside all once I start my new job that I have lined up to buy a house to put money toward the goal of the plan together and to pay for letting yes well you know I think it's great Sammy that you're thinking about this and it's a really wise thing for you if you get to that point where you will become engaged as a part of your premarital process and I'd really encourage you to get some biblical premarital counseling that you begin to talk about money, how it was handled. Growing up how you want to handle it as a married couple what your vision is for how you can use money as a tool to accomplish God's purposes that's critical for you all getting on the same page but really you do the same thing you do for anything else. Whether you're getting married or not, want to make sure you have 3 to 6 months in an emergency fund, you're planning to pay for a wedding. You need to develop a budget and figure out how you can get there without borrowing and then just live well within your means. I want to send you a book that will help with all of this got money in marriage.

God's way. So you stay on the line and will get that right out to you all the best in your endeavors. May the Lord bless this potential upcoming will be right back in moneywise likes to moneywise live on Rob last, so glad to have you along with us today. Phone lines are open 800-525-7000 know we get to lots of calls from folks that are considering marriage or perhaps there aged wanting to know how do we have a God honoring marriage in this area, finances, what should we do what we need to know and what I think is so critical is that, as I've said previously, you know, as you're going through that premarital counseling process, which you absolutely should.

It's really critical that you have a lot of discussion that's open and honest about finances, especially if your little bit older. How do you handle money being real transparent about where each of you are at financially what debt you're bringing into the marriage kill what savings. How have you handled money previously has it been an area of challenge for you you're really getting down on the table but also talking about what lifestyle you feel like God has called you to do and how money was handled.

Growing up, what about giving goals in your view on giving. Who's going to be the bookkeeper because even though your combining finances and to have to become one. I would say even with your single account.

Not having separate accounts.

You need to have the person that's most ill aligned with the details to be the bookkeeper and you know that conversation is really critical, then you need to have a plan that says okay based on combining our finances where we going from here in terms of what we want to try to accomplish of money is a tool to accomplish God's purposes.

What is our vision for what he's doing in our new marriage. Moving forward, and how can money support that. I also think it's critical that you have a mentor couple a couple that's perhaps older, maybe from your church that can walk alongside you specifically in this area of financial assistance perhaps for the first year, you know, I'm more concerned about the talk in the plan and the mentor couple, then I am that you're ready financially because if you wait until your financially quoting quote security get married, you might never get her heat so the plan and the talk and having somebody walk along with you is far more important to me than you having all the boxes checked financially before you proceed. So hopefully that's an encouragement to you today and I really would recommend Howard Dean's book money in marriage. God's way as you think about a God honoring marriage financially are, let's go back to the funds. John's been very patient, calling from Chicago, Illinois. John how can help you question about.

We will be hard inquiries all affect sixth 2017 martini had been stolen three times and company one hard inquiries. Now, let me know. Thank God I lost any money concerning the 2017 but upon affect removal both heart and inquired I was victim. Please support follow the Lord that affect act. I even went to the old government aid to see the consumer financial Brillo FPC Atty. Gen. and St. to get back to removal both heart inquired. Now trade union day we will not one hard inquiry on my part right now my identity was stolen last year and I'm going to Small Claims Court that can get people to help me out. How can I get a perfect remove those fake hard inquiries off of my credit report. Yeah, my proceed to question John. I know this must be frustrating.

Here's the good news is that hard inquiry and for the benefit of our listening audience that you simply means an inquiry that was performed on your credit report by a lender for the purpose of determining whether or not to extend you credit or in the in John's case extend credit to someone who was impersonating him as opposed to a software inquiry where you pull your own credit or try to look at your own credit file, or get your credit score where you're the one initiating it. It's not for the purpose of determining whether or not to extend you credit the good news is John that hard inquiry is very minor in terms of the impact on your overall credit score especially as time passes. It can have the most impact right when it occurs. But then as time goes by its can have very little impact on your credit score, number one, number two, you can dispute errors with any new information you can provide the Bureau.

If you make repeated claims of the same info they'll dismiss it, but you know the problem might be with the creditor or debt collector, providing the information to the Bureau where the hard inquiry was made so I take the dispute to the creditor that submitted the information and if that company provides information clearing your record then share that with the credit bureau. If you haven't already.

If they won't provide you with what you need. I'd start writing emails to the company officials, perhaps even all the way up to the CEO may be using LinkedIn that can be a very effective tool.

Here's the thing, under the fair credit reporting act if they can't verify something is accurate, which, if you can get proof that it isn't based on this.

This identity theft under the FCA RNA they have to remove it by law. Now, your remedy is to sue the Bureau or the creditor for failing to resolve the fraudulent issue. I don't think this is doing enough net damage to you by any means for you to take it to that level. If you wanted to do something, you can have an attorney write a letter to the offending party sometimes that can get the job done, but the bottom line is John.

I think this is it the end of the day having very little impact on you and I know it's frustrating and so I'd stay at it. But even if you can't get it removed. I don't think it's really good to prevent you from getting the best terms and rates because I don't think you're seeing much of the decline in your credit score. We appreciate your call today. Let's head to Indiana Ricoh. We appreciate your patience today. How can I help you great things like requesting my money in a credit unit. I'm just a little bit. But one that's played in our regular bank or CD are credit union yeah and so you're talking about your savings account or what type of money is this. Yes okay very good you your emergency fund. Yeah I would actually prefer me. There's nothing wrong with the credit union that's great you just going to get a little better rate perhaps not always credit unions typically have very good rates but you may have the ability to get a better rate by going with one of the online banks, so I often recommend Marcus's capital one 360 Ally Bank right now they're paying about 1/2 a percent on their high yield savings accounts.

No fees. You can have as many counts as you want. You can link them up electronically to your checking account.

If you have that at the credit union so you can move money back and forth.

They have great websites great smart phone apps and so that's just become my preferred choice. Another option you could be you could go to bank rate.com and just look around to see you know what other institutions you may want to consider based on again no fees in the highest interest being paid on the balance, but apart from you getting a little bit more interest in assuming you're not paying any maintenance fees on that savings account. I'm completely fine with you leaving it there at the credit union. Unless you are looking for a little better situations that make sense okay very good Ricoh. We appreciate it and I understand you listen in the app, which is great. I'm delighted to hear that you're listening to a moneywise live through the moneywise at if you haven't downloaded the app yet you can do that to set your App Store and Google play store the Apple App Store search for moneywise biblical financing you can listen to broadcast archives. You can participate in our moneywise community ask a question, get answers from a coach. You can check out or discover tab with all the podcasts and articles and videos and you can manage your spending plan using our digital envelope system down the moneywise out today to search for moneywise little finance they let us write that much more glad you're with us today for moneywise live reapply got your financial life back to the phones, Chattanooga, Tennessee very helpless or wanted to buy a car with tax new have saved up the money and I'm funny yet mixes the duck they their mode. A lot of dealers may want to actually steer people into a deal that involved a load and that gives them understand that your money that check to make money over and above the cost of sale. Yes, I'd like draft find out if there are some techniques about buying that car would be cash not paying exorbitant fees and inductees that yes yes very good. Are you looking to buy a brand-new Carberry or a used car used used okay very good. It does seem counterintuitive does it to the dealer will want to give you a better deal if you pay with cash and the fact is just what you said dealers make money on each loan they arrange so they'd much rather help you finance the car now. Smart dealers know that you know there's a benefit to them if their customers, their cash customers are treated right. It means a quick sale and a better review on yelp or another crowd sourced review site so I might check around for dealers in your area that are good with cash, a great website for that would be dealer rater.com dealer are a TER.com and there's any number of other sources. The way I typically buy a car and I love buying cars. Just because I make it up the project or game if you will to buy it suffer the least expensive car is biz I can possibly afford. You know by looking at them finding the make and model. I want that I go to work on the research research using the Internet as my friend last card you and I bought I ended up jumping on an airplane and flying for states away to buy the car and drive it home because we found a phenomenal deal from a dealership that sells the most cars in that particular state, and you know you can do that if you're willing to put in the time, so once you know what you want and what the right price is that I just start work in the Internet and I would talk to the Internet salesperson those folks are typically you doing higher volume and you let them know right up front. Listen on pan with cash and yellow is much as they may not love that because again, they're giving up some money.

I think there still that you find the right dealer who's motivated to move cars and they all are, especially at the end of the month you're going to do better at the end of the month and you will give any other time then you just keep doing your homework and you'll find somebody that will give you a good deal but I applaud you. Barry don't let that discourage you from paying cash for this car. You've done the hard work to save it up that you continue to do your leg work until you find the right vehicle purchase for you.

Unfortunately used cars are at a premium. Right now they are quite quite expensive but as long as you spend the time you'll find the one that works for you and I appreciate your call today. I down south to Florida. Olga, thank you for holding. How can I help you in 19 I went to a part-time job and I feel yeah as long as you're eligible Olga so basically you're eligible to collect spousal benefits on your former husband's earnings as long as you Artie mentioned the first one. Your marriage lasted at least 10 years. You said it did.

You've not remarried your at least 62 years of age, and your ex-spouse is entitled to collect Social Security retirement or disability benefits as long as you meet those requirements, then you are absolutely eligible.

Also keep in mind your ex doesn't have to be collecting his retirement benefits yet for you to claim X spousal benefits he may have chosen to wait. You can go ahead and begin collecting if this is the case, though, the divorce does need to be at least two years old.

There is no such requirement for the two-year waiting period if your ex is Artie receiving benefits only if he is not so. Sounds like you need to set up a call a virtual visit with the Social Security Administration. Just go to SSA.gov to do that. We appreciate your call today at the Grand Rapids, Michigan Jim, thank you for your call today.

How can help user I knew how to run away from where I'm living now all I just sold my dear and bought $120 in equity to put that I will but hundred 28 on the new house might be a credit card. Dropping the car off put like maybe 70,000 on the new house that down. Work is willing to give me like a three day week in my retirement pay that new house off if I just took a new job up north and just kind of retired so that's kind of my question is why do we do a early-retirement work three days commute to hundred miles once a week or retire and pay the house often just get a new job and put a little in saving so if I understand correctly, you do you Artie have a mortgage on the hundred and €28,000 in the new home yet so by paying down 70 of it that wouldn't help your mortgage payment, you'd still have the same mortgage payment until it's paid off. Tell me about so you you really it's going to come down to do you take a job locally or do you take a job out of town and in a local you may work five days at a tenure work. Three.

Is that right right what new mortgage you can do about annuity are enamored nation like six months where you can put in all the equity down and actually change your mortgage loan cures, even re-amortize the loan. You know I I don't have a problem with any of these plans mean clearly you're not living beyond your means you thought about what it takes to fund your lifestyle you you're working toward becoming completely debt-free. The fact he have credit cards. Makes me wonder.

You know, are you going to have the discipline to live within your means, but I love the fact that in either of these cases you're trying to get out of debt, including your home as quickly as you can, which is good to get your lifestyle need your monthly expenses down as low as possible. Those are all good things.

I think you know how you decide to slice and dice that you with your visa be a job local job out of town that's really a quality of life issue Jim in terms of the work that you're doing and whether or not you want to spend that much time in the car, but you are taking this money.

I think at the end of the day. I'd love for you to have 3 to 6 months expenses in a savings account. I'd love for you to have all your consumer debt paid off and then paid out as much as you can on the house with what's left re-amortize the loan and then you at that point you'll know exactly what it takes to fund your lifestyle every month and you just need to solve for that with whatever job you take and ultimately that's can be a decision. I would just pray through and think through very carefully so I hope that helps you my friend. All the best in this exciting new chapter in season of life. We appreciate your call.

Our final call today is good to be in Pennsylvania, Sally. You've been very patient, thank you for that. How can I help you I Sally, go ahead Sally in Pennsylvania are you with us. All right, it looks like we don't have Sally let me read what I believe is her question for my producer. I have a 401(k) and a Roth IRA. I want to retire in four years. Are there other investments I should have. Am I on track for retirement. I can't tell you if you're on track or not because I don't know the amount.

But here's what I can say you can figure that out yourself so as to whether or not you're on track.

I would just look at. First of all, what is your retirement budget going to look like when you get to that point in four years, Sally had and do a budget as if you were there today and anything that's coming out of that budget deal, because let's say you're not saving for retirement anymore. You're already in it and are there. Is there insurance you were caring that you no longer need a mean just look at all your expenses and and determine what that retirement budget is and what the bottom line is you need each month to fund it, then beyond that I would look at okay what guaranteed income sources do you have if you're going to be collecting Social Security how much is that and then figure out what the gap is between any known income sources and what it's going to take for you to fund your lifestyle on a monthly basis. Ideally, you'd have enough in that 401(k) and Roth IRA such that at a 4% withdrawal rate which ideally if it's managed right you would never touch the principle that 4% a year would fill the gap between your known income sources and what your monthly need is and if you have that. That's great. If not, then you may need to work a little bit longer or reduce your lifestyle and perhaps sell a home, downsize, find other ways to cut back as to the investment strategy for years out from retirement. You should be getting more conservative you know if we use the old 100 minus your age.

Let's say you're 65, you know hundred -65, you would have 35% in stocks maybe 65% in bonds these days folks are using a little bit more aggressive strategies perhaps as much is 45% in stocks 55 in bonds. That's up to you, but clearly you should be getting more conservative, but I don't want you to get out of stocks altogether because we need that growth component that's the engine. This can keep this growing over the next let's say 20 years of the Lord Terry's and your good health.

This money needs to last a long time. Lastly, the think my getting a certified kingdom advised advisor to weigh in on all of this you can do that moneywise live.org just click find a CK call Sally. That's good for us today moneywise live as a partnership between Moody radio and moneywise immediately say thank you. My team producing today Deb Solomon engineering Amy Rios providing research. Mr. Jim Henry our call screener. Today was the fabulous cavity Samuel Bowen sitting in today as well. Thanks to you for being here come back and join us tomorrow you will look for you.

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