When to File an Insurance Claim

If you're like me watching little kids doing Easter egg hunt is a pretty beautiful thing, but I always feel bad for the littlest of the pack. It always seem so traumatizing to see that little one run for an egg. She has her eye on only to have a bigger cadence sweep in and steal it at the last second Heights, Doug Hastings, with Moody radio and unfortunately the same kind of situation has become a traumatizing reality for families all across the country. Families are out searching and finding their dream home only to have it pulled away by another hunter at the last second, which is why I'd really like you to meet my friends at United faith mortgage. Unfortunately, this faith focused mortgage team can't scare off the other hunters but they can very quickly get you preapproved and make it look as good as possible to sellers. They specifically made a commitment to this podcast in our listeners to do all they can to help you.

You can find the entire United faith mortgage story and especially reading how their direct lender advantage can often save your family monthly and lifelong money@unitedfaithmortgage.com United faith is a DBA of United mortgage Corp. 25 Millville Park Rd., Melville, NY license 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 insurance is a great way to protect yourself from unexpected losses. But knowing when to file a claim and when not to.

Well that can protect you from unintended consequences by Rob West, it's prudent to have life, health, auto and home insurance. It's also wise to keep the cost of your names will tell you the secret for doing that today minutes on your calls at 800-525-7000 800-525-7000. This is moneywise live God's financial principles guide our lease.

Insurance isn't specific in the Bible, but God's word does tell us that we should be prudent and wise. Proverbs 812 says I wisdom dwell with prudence and I find knowledge and discretion in Ecclesiastes 712 tells us for the protection of wisdom is like the protection of money and the advantage of knowledge is the wisdom preserves the life of him who has it that having insurance is wise, but knowing when to file a claim and when not to requires wisdom as well that sometimes the payout just isn't worth the cost down the road to you personally and to consumers as a whole. Let's look at roof damage from hail storms. As an example, have you noticed roofing companies showing up in your neighborhood after a storm. Now, for the most part roofers are honest people, but to a few bad apples can spoil the reputation of the bunch. Sometimes those bad apples will try to convince you that a hailstorm has damaged the roof when it has it that they'll tell you that your insurance company will pay for a brand-new roof and it won't cost you anything, except maybe your deductible. But the truth is an insurance claim will always cost somebody something, and it won't be the insurance company.

Those costs are always passed on to the consumer raising premium rates for everyone that you may also find that your premiums go up the next time you have to renew just because you made a claim. So when should you file a claim. Well, there's a good rule of thumb for home and auto insurance. Only file a claim if the damage comes to $500 or more on top of your deductible. So if you have $1000 deductible, file a claim only if the repair bill comes to more than 1500. Try to think of home and auto more like catastrophic health insurance but use it only for the big things not to nickel and dime the insurance company whenever you didn't defend or lose a shingle in a windstorm you're better off paying for those things out of pocket filing multiple claims with an insurance company is a sure way to get your premiums raised or worse. You could find that when your policy is up.

The company declined your renewal and if you think that you will just go to another insurance company that you're probably in for an unpleasant surprise. They talk to each other in a manner of speaking, no pun intended that you probably never heard of it but the insurance company has a secret weapon that it uses to weed out frequent filers. It's a shared database called the comprehensive loss underwriting exchange or clue. If ever there was an appropriate acronym. So here's how it works.

When you file a claim it's noted on an industry ledger of sorts, called your clue report on how many times and how frequently you file claims to many claims in your clue report and insurers may refuse to give you coverage and that. Could last up to three years. And even if another company does decide to ensure you, you probably find yourself paying higher premiums so you don't want to file a claim unless you're facing significant out-of-pocket losses.

But there's a way you can avoid even the temptation of filing the next time your policies up for renewal. Raise your deductible to the highest amount the insurance company allows. Let's say that amount is $2000.

Next you want to make sure you have that 2000 in your emergency fund, plus another 500 or thousand with that accomplished.

You're now insuring yourself against minor losses. This will not only avoid the temptation to file the high deductible will also help lower your premiums which will save you a lot of money over time.

So, to recap, file an insurance claim. Only when you are losses at least $500 more than your deductible when it's time to renew up your deductible to the highest amount the insurance company allows and finally keep that amount your deductible plus at least $500 in your emergency savings do all that and you'll save yourself a lot of money and grief down the road. Now when we say make sure you self-insure. Therefore, you have your deductible $2000, plus at least 500 more.

That's on top of your 3 to 6 months expenses. We need that there is your reserved for any unexpected expense but if you do this you will have the margin in the foundation under you to be a great steward of God's resources.

Your calls or next. 800-525-7000. This is my wise live for God's financial principles guide every step might have you with us in moneywise live on Rob West thinks of you here today as we apply God's truth ignore financial decisions. What's on your mind today talk about saving or investing. Perhaps it's giving more dealing with that debt. You've been struggling to pay off whatever it is we'd love to hear from you.

We have some lines open. Here's the number 800-525-7000 800-525-7000 unit we began today by talking about when to file an insurance claim, and often we talk about insurance. The question comes up is insurance really biblical. Shouldn't we trust the Lord and absolutely we should. I think the idea behind having insurance is to be sure that we recognize we want to do our part. Yes, our trust should be in the Lord. But what is our role in terms of providing an offsetting risk and I think ill as we think about our stewardship responsibility to care for our families to manage the resources that God has entrusted to us and to look out for our neighbor enough we were in an accident and we caused me of something medically or damaged a piece of property or an automobile. We want the ability to make that person whole and I believe that's where insurance really comes into play. It's not a lack of trust.

I believe it's just a stewardship responsibility. So when it comes to having the proper amount of insurance, whether it's for property and casualty, or even to provide for families through life insurance. It's important that we have sufficient coverage, it has to fit well within the budget but we need to make sure were properly insured. You know so often when it comes to this area of life insurance. In particular, the people that I've counseled over the years are underinsured.

They simply just don't have enough in the way of resources to adequately provide for their families if they were to be called home if the Lord were to take them home. They were to pass away their income goes away, especially during those working years. They wouldn't necessarily have the ability to continue to provide for their families after death. Well, that's where I believe having a proper amount of term insurance which is pure insurance, which means it's the least expensive approach that you can have allows you to have that proper amount of coverage so I would encourage you to really take a look at that perhaps get an independent agent that can come alongside you to make sure you have the proper coverage be up for property and casualty or life insurance or in the later season of life. Even considering long-term care insurance if that fits into the budget.

So think about that. Pray about it and then find somebody who can walk alongside you to give competent counsel. I will be taking your calls here in just a second to get out the number we do have some lines open today 800-525-7000.

That's 800-525-7000 were going to begin today in Port St. Lucie, Florida ~thank you for calling today. How can I help you thought a lot about like four years ago and we paid about $26,000 for it and now we have a potential buyer friend. We would probably be selling it for 80,002 we have to pay capital gains tax on that and Mike, that yes you will because it's not your primary residence, so you have an exclusion if it's a primary residence in the definition of that is you've lived in a two out of the last five years not going to be the case with a lot that you bought as an investment.

So with the property.

Like this that was bought for an investment. It's gone up in value. You're going to be looking to pay capital gains on the gain which is simply the amount of profit you have the proceeds from the sale minus the original purchase price, and then you'll subtract any transaction costs or any improvements that you made to the lot itself, and then the difference is really your game now for most folks there to pay long-term capital gain of 15%. If you make under around 450,000 a year in income that has nothing to do with the amount of gain. That's purely your income so that typically are to be looking at 15% you want to plan for that Hilda because you don't want to get caught off guard with that and not pay that in on a timely basis and then you have a tax bill that you're not ready to pay good news is you're going to keep the lion share of that that you can use to reinvest elsewhere whether that's another piece of property are paying down debt or maybe one invested Dell for the long-term and the stock market. Does that help them before time, and you are yeah I typically would think, as you realize that again it's a good idea that could be that the amount is just not enough to trigger any kind of you additional liability if you don't pay it sooner then your tax filing date so you could check with your tax preparer on that, but it's not a bad idea. Once you know what that tax liability is just to go ahead and make that estimated payment in advance.

That way the monies are you there based on a calculation that your tax preparer would provide and then you could recognize that the payment that's been made when you file your tax return so there's not anything additional owed and if you overpaid you get something back. At that point, but always a good idea to going get that in and not wait and that way you wouldn't have any, interest accrued as a make sense. I will have another a lot that we would like to build a home that we do have a home here that will probably have it finished paid off on the next year because what I'm sending with any extra money every month and also I think of a 15 year mortgage and going on the eighth year will probably have it done by next year and my husband and I am 65 and he seven and also to build a house like for our like my son. I like the Pope is from that one lot. That's what to do will be and I to say that free you know that the house that we have now that I was thinking of giving that to him and using the trophy as a down payment. Okay, how about some just to make sure I follow suit. Another piece of property you're looking to gift the property to him prior to the sale. Is that right will be the better we have to build homes so probably beyond our name for the mortgage. No yeah and so what is the question you're trying to answer related to this problem thinking the right thing.

I'm out of my like my 60s and my husband too, like I want to do this, should I do this, like him. Once we finish paying our home here. You know it the next like $2000 that happen every month every month for the market that will be paying anymore thousand dollars to help out pay that mortgage yes well I like the idea. What you pay off your mortgage. If you have surplus income you have some extra cash flows long as you're giving at the level you feel good about in all of your debt is paid off, you're on track and saving for the future. Continuing to reduce debt on this other property makes a lot of sense to me if you can be debt free and unencumbered.

You can get a lot of peace of mind. As a result of that, and then as you get into that retirement season Hilda, it'll keep your lifestyle and expenses as low as possible, so I appreciate your call today. Thank you for the questions you hadn't, will look forward to talking to you again real soon. We got some phone lines open today taking your calls and questions on anything financial. Applying the truth of God's word to whatever's going on in your life. We've talked about insurance today taxes due on a investment property what your questions say giving perhaps retirement how you approach that whatever's on your mind and tackle again.

Here's the number 800-525-7000 800-525-7000.

Thanks for joining us today and moneywise live applying God's work. Your financial questions just about what we talked to Scott Pennsylvania, Robert in Tampa. We got to lines open 805 two 5000. We'd love to hear from you and let's take an email question. We haven't done one in a few days. If you have a question. By the way, you'd rather send and then you can send that to questions@moneywise.org questions@moneywise.org and we try to read as many of them on the air as we can.

This comes from Lee and Heather in Albuquerque New Mexico and we and Heather want to know should we pay down credit card debt or build our emergency savings first and we and Heather. This is a great question. I'm to say do both. But here's my approach you if you don't have anything in your emergency savings and you got some credit card debt. Let's start with the emergency savings. Let's pay at least the minimum on those credit cards keep them paid in full every month, or at least the minimum so you're on time payer, let's establish that with any margin that you have and by the way to get that margin or surplus up as high as you can. Let's be sure using a spending plan dial into that spending plan while you have credit card debt.

We need to be looking for every opportunity to cut because everything you eliminate from that budget and by the way, you need to be tracking it.

That's more money you can apply to debt reduction, but let's pay the minimums on the credit cards.

Let's take every bit of surplus you have and let's sock that away in an online savings account until you get to $1500 asking to be my target for you. Once you reach $1500 in emergency savings, then let's pair that back to the credit cards and use the snowball method to pay the minimums. All of them but let's attack with every available dollar over and above your expenses that smallest balance until it's paid off, and then move right down the line. Once those credit cards are paid off. They were to go back to the emergency fund and try to get that to 3 to 6 months expenses. Why 1500.

Well, I want you to have something so we can break the cycle of using the credit cards to fund your lifestyle. The unexpected will come if we don't have anything you're going to rely on those credit cards that $1500 is going to give you the buffer until we can get the credit card debt paid off and get that emergency fund to its proper level. I hope that helps.

Again, questions@moneywise.org if you want to send a question to us. We'd love to hear from you back to the phones. Tampa, Florida Robert, thank you for your patience, or how can I help you last week. If you are married and your wife remarries she had not remarried. I thought maybe she could to let me yes no bearing on your Social Security Robert so that does not recruit or decrease your benefit whatsoever, any payments by Social Security to a family member including an ex spouse doesn't affect your retirement benefit, but they are eligible to collect spousal benefits as long as the marriage lasted 10 years. They haven't remarried there at least 62 and you are entitled to collect Social Security than they can collect as a spouse that's not going to affect your benefit whatsoever.

Does that make sense that what you got for you.

Yes sir, thank you for calling today to Pennsylvania. Scott, thanks for your call today. How can I help user I decided on where to buy out. I want to live in the country, but it got enough money I can afford a 15 year loan in the country. I could tell, I'm just wondering if it if it's better to postpone the link the country.cut money to telehealth and relocate or it would be good idea. Try to be conservative in my purchase but you do that for the 30 year loan now. Yes. So what is your age. Scott, 47, 47 are and so you're looking to move from from in town to more out into a rural area, you look into cumulate a little bit more land. Is that why it's more expensive, yet actually I'm moving from my yes I would like that little land right okay yeah very good and the rest of your financial life. Do you have an emergency fund. Do you have any credit card, then have you been saving for the longer term beyond the down payment for this property a little bit of an emergency fund because we just sold our house I wanted. I like to rent out that I have three clear other than mortgage okay very good and what would you have left over after the 10,000 is carved out for emergencies that you could use for this additional purchase around 75 or 80,000 okay and where are you living now that you sold the house of you closed on the sale tomorrow okay and what is your plan at that point or you will get a rent there in your current location. We have short term and they can latch pretty much as long as you want it, it's not ideal, but it'll work until we can find something that works for okay so let's say you're to make the move. How much would you be expecting to spend for the property you're looking for Pennsylvania, probably around 300 okay so you put 80,000 down on that you have about a $220,000 mortgage. I think the question is the awareness that payment fit into your overall budget in terms of the income that you're relying on. As a rule of thumb, I'd like to see that payment Scott be no more than 25% of your take-home pay, including principal, interest, taxes and insurance which would leave 75% for the rest of your lifestyle and expenses, beginning with your giving and then all of your fixed and discretionary expenses. It could be that you're going to need to go with a 30 year mortgage in order to get that down low enough, which I would certainly be comfortable with. Given that you're putting down that you well over 20% on this property.

So I think you just need to look at yelp you already committed to the sale.

It's happening tomorrow. You have the proceeds you know you want to make this move and so where you going from here and I think the idea that you would go and make that move once as opposed to buying something else locally and then making a move down the road is going to save you money that you don't want to get overextended. That's where using that 25% will and then actually flushing out your budget works I think is the right way to go if that needs to be a 25 or 30 year mortgage that I would do that. Sounds like a good plan and I think you're right on track.

Let us know how you pause for a brief break, much more to cover moneywise like.

Thanks for tuning in the moneywise live life question, decisions you're making, as you see, we found faithlessness God's resources coming up in just a little while Paul's deliberation. That's right, her good friend Bob Dall 40 year Wall Street veteran in Christ follower who joins us weekly on this program will be along to give us his weekly investment commentary which I always look forward to what's going on in the markets. How do we interpret the news of the day and that Bob will always bring an insightful and informed perspective that's coming up a little later in the broadcast. Have you checked out the new moneywise app.

If not, it's available and ready for download. You can use our digital envelope system. You can ask questions of the moneywise community and get answers from our moneywise coaches and others as well as our discomfort that we can get the best content in Christian finance from all the leading voices. It's all in one place and you'll find it in the moneywise after search for moneywise biblical finance. When you visit your app store today hurried back to the phones we have 501(c)(3) lines open 800-525-7000 at the Naples Florida Edison. Thank you for your call today sir, how can I help you think you're all we are questioned about our kids we want to be able to set amount for the future and we went from zero kids to four in a year and 1/2 and so you know. And yes, from going from Dell that being seven years old junket being you would do so. You know, we will all be the best way that we can see you are a blessed man, Edison Alex thinks I thought you we went. We had four in four years.

We did that because our boys the first two were 18 months apart, and then a couple years later we had twins and so we had four and four years for any year and 1/2 and I realize that involves adopting as well as natural birth but that's exciting. You're going to have a busy household. So when you say set up accounts for your kids. Tell me what you're thinking. Are you wanting to begin to fund a retirement time. Excuse me college accounts or did you have something else in mind what I'm thinking but I mean I don't know what the best option will be yelling out unknowns like paying or setting functional, for them that you whichever you whatever you think that it will become. I get the most beneficial to them and you know what else to be able to be something that we can actually do yeah yeah make sense. Well, I think the key here. Edison is your expenses are to go up as you have these four precious children in your home. So you're really focusing on that first to make sure you're doing what you need to do to take care of your family before you even set aside something for them for the longer term. You know, a fund you can give them to make a first car purchase or get into an apartment or pay for college. I want to be sure you guys are doing the giving. You want to do and that you don't have any consumer dad and that you have an emergency fund that's funded at 3 to 6 months expenses and that you're taking advantage of the power of compounding to save for retirement so putting in. You know, upwards of 10 to 15% of your pay and some sort of tax-deferred retirement plan, preferably a company-sponsored plan was to matching those are kind of the key building blocks if you will of your financial life. It's going to give you a solid foundation to get a navigate and journey. Whatever the Lord has for you in the days ahead that once those pieces are in place. Again, you're getting emergency fund living on a euro less than you earn in your spending plan in your saving for retirement, then I think you know the next step is to start think about thinking about some medium-term savings goals which could be in a down payment or your money toward a bigger home because you obviously have more people in your home now and so if that's something you're looking to do. You might want to be saving to put some money toward the that additional or larger home.

Another goal would be to begin to systematically fund and account for the kids. I like the idea of you about putting money aside in a college fund and my preferred choice would be a 529 college savings plan there in Florida. You have both the prepaid plan as well as the 529 education savings. I like the 529 education savings plan better not you can make systematic contributions of whatever amount you want so you want to build it into the budget and again make sure you taking care of those other things.

First, but then you'd have four accounts. Let's say one in each of the kids names that would money would grow on a tax-deferred basis in all the games you would have when you're ready to use it for college would be tax-free. As long as it's used for qualified educational expenses. If those children any one of them got scholarships or grants you could pull the money out on a pro rata basis with no tax impact. And if one didn't need it, you could transfer any portion of one account to another child and it could also be used up to a certain limitation 10,000 4K to 12 education as well so I think that would be perhaps the best approach and if you started it early.

You could really have a meaningful amount when they're ready to go off to college. So again it's a 529 education savings plan and I think that would be what you're looking for.

Does that help.

Thank you think that we do with the Fabians would go out and I do have 401(k) and a pension on my job so I you like that I get them from bolting I do, I do match I know not the Mac. Not that I can do so they can match.

Not much that we do hold us set up, company that we should go will you do that they yeah probably I would look at that would be to go to a website saving for college.com now because you're in the state of Florida and there's no state income tax you're not gonna receive any kind of benefit for using the Florida plan when it comes to the education savings so you can pretty much choose from any states plan and the reason you may want to go outside of Florida is they can rate these plans every year. They all use different fund families you know inside the plans, which means different investments and some have better historical performance than others.

So I go to saving for college.com and run some calculators based on the number of kids you have the ages that they are what your savings goals are and it'll actually recommend the best 529 plan for you and then now you can perhaps take the recommendation and an open the account online so hopefully that helps.

God bless you Edison that you and your wife in these exciting days.

As you bring four kids in your home. A year and 1/2, that's phenomenal. We appreciate your call.

Let's see, to Illinois and that we welcome Miriam Garrett I can help you program and learned a lot. So I read for property rental don't handling mortgage anymore by the rental property question is that I've been trying to but my own money. I just don't know. Five. Tax purposes, but it can't or just you know that the interest rate that's pretty low down you like to finish a person on each property. Well, you certainly could talk to your CPA about the Miriam to determine exactly what benefit you're receiving, by being able to do certain expenses because this is a business enterprise think this is a permissible use of debt because these are for appreciating properties that are income generating.

I think the only aside to that would be if you have a conviction about being out of debt.

We just want to be completely unencumbered. I actually think that outweighs the tax benefit you receive just a have these properties, free and clear, but I have no problem with you. Continuing with a low interest mortgage on these if you're realizing benefits financially.I checked with make a decision will be right back with much more money wisely lies not with us today will get back to your calls and questions in just a moment but first a chance to check in with her good friend Bob Dall.

Bob is a 40 year Wall Street veteran portfolio manager and chief investment officer.

He joins us each week to give us his deliberations on the market so we can interpret the news of the day and grow in our understanding of how we manage God's money as it relates to investing in Bob there's some exciting news with regard to where you call home from a work standpoint just in the last few days.

Tell our listeners about. Currently, I'm thrilled to have an officer at Croft Mark global headquartered in Houston, Texas, and that Rob and you know, a faith-based firm manages values-based products in that over the last few years I've had the opportunity to do that as part of my job and was just excited about it and that thrilled to be able to integrate in a more complete way the investment platform and not hopefully knowledge God given me over the years with what important to God. As we look at our investments so it's it's very exciting for me and that loving the people so far. Scrape this is so exciting for me as well because I think this just further underscores really the opportunity and growth in the space of faith-based investing. You know somebody of your experience and stature on Wall Street joining to lead and overtly and explicitly faith-based investment management firm and really bring your expertise to bear, but to be able to express your values so on the behalf of your clients through these funds is really exciting and can't wait to see what God is going to do with that. All right that's been an interesting week in the markets already.

I know you said in your deliberations this week that the bull market in global equities is entering the more difficult. Talk to us about that.

Not bearish. I don't see a big decline because of the excellent news in our economy and earnings to back that up. I just see a shop here.

It had today is a perfect example of the S&P 500 day clothes within one point of workload yesterday. It went nowhere. You got old loving strong economy and learning to live bear saying that you have a little more inflation low higher interest rate than that of war argue that phrase out with you in the last few weeks. From time to time.

That tug-of-war thinks going to continue to take time to resolve. So be days that we feel good when the market not so good. The next day when the markets read so we gotta be in the right stuff that's exactly right. Choppy as you said is the operative words of Pres. Biden is clearly grasping for an infrastructure deal. How important is that to where the markets get ahead in the near term, will you bring up a great point. Remember not that many weeks ago it was going to get next to multi trillion dollar plan kind of wanted time and now there's nothing that looks like it sure is going. Pres. Biden wants to get infrastructure done in the good news both sides of the aisle as well.

The question is, what infrastructure and how many dollars do we want to throw at it and you get many different opinions. So one.

It's not real smooth in DC right now and the president's agenda is more in question than it been that they wrap it up for us today. Obviously there's a lot of good news because of the strength of this economy and other economies around the world is a lot of good news priced in. But where do you see us at it from here to be boring flat and indecisive oscillating up, up and down, put it in my notes of the upside, because of the massive amount of money and liquidity.

We have out there. But it's not can be a straight line. Well, maybe valuations will actually matter on the stocks we pick for itching throwing up in the old days little more inflation and a little more interest rates meant a little lower PE will see how that works out. We will and will look forward to having you back next week. Congrats on joining cross more global investments as the new chief investment officer Bob grateful for you my friend and vice a versa bankrupt Republic that was Bob Dall 40 year industry veteran good friend of ours. He checks in weekly with his dull deliberations here on moneywise live hurry let's get back to the phones will take as many questions as we can over the next several minutes to Indiana Rob, thank you for your patience. How can I help you sir. Yeah, I have recently retired in May and that having finished up a life of building up our savings and obviously our charitable giving, typing, and so forth. Now were on the withdrawal side and I'm just looking for some guidance and some thoughts on how do we handle our charitable giving and things in a period of time now or we're going to have less in common were just really taking from our reserves in savings now yes yes well Rob I appreciate you thinking about this and you know as stewards of God's resources. Clearly we should be thinking about holding what we have.

Loosely, however much or however little, I realize cash flow is down in this season of life and you want to still found faithful in your getting and I believe God will honor that. You know, if we take the approach of starting with the tide. The principle of the tie that we see throughout Scripture giving 1/10 based on their increasing beginning with God's plan a the local church and then moving beyond that in giving sacrificially if we focus in on the tie they think you know it's interesting in this season of life. Because if you've been a tither and you been giving based on your gross income and you taken and put a put a portion of that aside and that's been growing guilt. Obviously there's a good bit of this money that you're now living on as you take withdrawals from let's say a 401(k) that's been rolled over to an IRA is good, better, that the Geordie typed on so I think you've got a couple of approaches. Your number one is you just say listen as I take income out.

I recognize a portion of this is again a portion is my original investment. I'm just gonna see it is my increase and I'm going to just tithe on what I received as if it's just income because it's all provision from the Lord of the other approaches to say no I actually want to calculate the gain each year. The increase the realized increase in the portfolio and that I want to give based on that amount. However, your approach that I think is certainly something that you need to take into account pray through and get comfortable with you in terms of other income sources, namely Social Security again. I think you could look at the same thing.

Clearly a portion of that although be very difficult to account for calculate how much is a return of what you paid into the Social Security system, but you know again it's all God's provision and so I would say just build your budget based on the increase the income that you have dinner whether or not you do it on the full amount or no on a portion of it, just recognizing the increase versus the original contribution and then give give with that with great joy and open handedly and then I think a look at your balance sheet for additional giving opportunities down the road because you may find that you know you've accumulated more than you need and so you might say you not Lord we want to give a portion of this to you know out of appreciated stock or you know just straight out of other assets. I think the other opportunity for you Rob and this season is when you get to the place we need to do a takeout required minimum distributions is to look at the qualified charitable distribution where you give directly from one of these accounts, like an IRA to a church or ministry and satisfy that RMD. But where no taxes paid, and therefore you get a better, bigger deduction in the charity or ministry gets a larger amount to put into God's service so that would be something to consider, and perhaps you could use that to offset money, you would have been giving just out of regular cash flow this and help, though it is a bring up any other questions in your mind yet. I think that that's helpful. I'm also thinking obviously we don't know how long were going to live God… But neither my wife or I know what our days fault were not currently healthy and expect to live a long and healthy life. But and so I'm looking towards that and we made arrangements for the end of our time. Would that whenever that a comet To children. Start got started in obviously provide some what. Whatever's left at whatever point time that it is to them, but we also look then I get kind were looking at it at three way you one for one child one third for another child and then one third got so how do we I guess I'm just asking the question, how do we know how much we should plant to give at the end yeah yes is it just whatever's left.

Yeah well it's a great question. I think it's one that you need to approach with obviously a lot of prayer in terms of thinking through where is each child that in their own spiritual walk. With this money be a hindrance to them based on the lifestyle they have in the decisions they're making or would it be something to be a blessing because they're managing money well making good decisions and secondly you know what you want to do is your last stewardship decision with regard to putting money into circulation in God's economy.

I think there's something real to that and do you want to do some giving now and perhaps get the kids involved.

Perhaps you puts money that you would give away a death in a donor advised fund and get them involved in giving it away now and you use that as a way to model some incredible generosity. I want to send your book that I'd like for you to read Rob that I think will help to unpack this.

It's a book by her friend Ron blue and it's called splitting hairs and not hearers, but splitting errors it's the best book on a biblical approach to inheritance and wealth transfer to unpack all the principles including one that a lot of people struggle with it. If you love your kids equally. You'll treat them uniquely. Mr. simply says we don't necessarily have to treat them all the same and he impacts that as well as a number of other principles of you stand one will get that book right out to you. It's called splitting hairs. Ron blue what you really call us back will talk about what you well that's good for us today want to say thank you to my team today.

Dan was a thank you, Rich Roswell as well and think for listening but he was not is a partnership between you and moneywise come back and join us tomorrow as we apply God's word, your financial decision and let