Why We Don’t Give More

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 and Christians gave a larger percentage of their income to their churches during the Great Depression than they do now that was true for the coated pandemic fibroblasts. There's no question that church giving is it where it should will talk about that first today and what's stopping us from giving more that it's on to your calls at 800-525-7000.

That's 800-525-7000.

This is moneywise live for God's word is the foundation for all our financial decisions so there's no question the church giving the pandemic.

While some churches actually experienced in increasing giving more than 1/3 saw their weekly giving drop, on average, Christians today are giving only about 2 1/2% of their income to the church while during the darkest days of the Great Depression, they gave 3.3% about every Christian you ask will tell you they'd like to do more, but something more things prevent them from doing it. So let's take a look at what those might be the reason people cite most often is financial bondage. They'd like to give more. They'd like to tie by the way, only about 5% of Christians do to live. Some say they'd like to even give sacrificially about the tithe but they can't. They have too much debt or they have some other financial limitation or obligation of financial bondage can show itself in many ways a debt is the most obvious, but there's also hoarding and just spending foolishly. The more debt you have, the more you hoard, the more you spend, the less you're able to give to God's kingdom now. Sometimes debt or the lack of income or just excuses the people used to explain why they don't give more when the real reason is they just don't want to.

Other times, people do have real financial problems that limit their ability to give. I do want to point fingers or make anyone feel guilty.

That's between the believer and the Holy Spirit is so that's financial bondage. And it's usually the reason people give for not being more generous to their church in God's kingdom. In general, but there are two more major obstacles to giving spiritual bondage is next. Our desires are will is not in tune with God's will. As a result we make life decisions that prevent us from giving more in spiritual bondage.

We simply want other things more than we want to give and that doesn't have to mean buying a lot of stuff it could mean having more money than you need in your savings account at first Timothy 610 warns us about spiritual bondage. It reads for the love of money is a root of all sorts of evil and some by longing for it, have wandered from the faith and pierced themselves with many griefs in Galatians 517 for the desires of the flesh are against the spirit and the desires of the Spirit are against the flesh, for these are opposed to each other to keep you from doing the things you want to do.

The solution is to pray that the Holy Spirit helps align your will, with God's will, we should do this all the time but especially when we feel convicted about getting when your will is aligned with God's you'll find a way to give more now. The last obstacle is emotional bondage or we might call it a lack of emotion you just don't feel passionate about giving in physics that's known as the first law of motion, a body at rest tends to stay at rest. It takes energy to overcome that our natural state is to not give. So for example if you're in emotional bondage.

You might shy away from learning about giving opportunities because they make you uncomfortable. You might skip your Wednesday night fellowship if you know a visiting missionary will speak instead you should feel excited or emotional about giving. It's a very tangible form of worship which we were designed to do so.

Here's how to overcome that lack of emotion just start getting more. I know that sounds too simple, but it really works. Giving breaks the chains of emotional bondage to our money that Jesus couldn't have said this any plainer that in Matthew 610 for where your treasure is, there your heart will be also. Put simply, the more you give the more you will delight in getting any or all of these obstacles, financial, spiritual and emotional bondage can limit how much you give but you don't have to allow you can get on your knees and ask God to make your will conform to his to give you. Clear direction on how much you should give and where you can ask him how to show your gratitude for everything he's given you in particular your eternal salvation through his son Jesus Christ.

James 15 tells us if any of you lacks wisdom, let him ask God, who gives generously to all without reproach, and it will be given to him.

Jesus said it is more blessed to give than to receive exerciser giving muscle today and watch the joy that will follow your calls or texting hundred 525-7000. This is moneywise live for God's word is the foundation for all financial decision. Delighted that you joined us today on moneywise live biblical wisdom for your financial journey. So glad you're here today taking your calls and questions in just a moment on any financial we do have some lines open and we'd love to hear from you. Here's the number 800-525-7000. That's 800-525-7000. I'm Rob Weston. Each day we set aside this hour. On this program to look at God's heart vis-à-vis the Scriptures as it relates to your money more than 2300 verses deal with this topic of money and possessions. The question is, how should we orient our hearts toward our money. If it's all God's and were charged with being his money manager and we recognize based on Jesus words where your treasure is, there your heart will be also that our heart follows our money. The question we all have to answer is what is our spending say about what we value most, and does it tell the story that accurately reflects what God is doing in our life of the late Larry Burket used to say that the way we handle money is the clearest indicator into what's going on in our lives spiritually. Show me your checkbook, you would say and I'll tell you what's important to you.

Well, that can be somewhat challenging when we begin the process that what is our spending say about what matters most to us, and perhaps a changes in order. We've all been there and the good news is we can leave it all at the foot of the cross we want to help you navigate that where you whether you find yourself in a season of want. Maybe you're really struggling financially. This pandemic is taken a toll. Your hours of been cut your income has been reduced.

You've lost a job, you have medical bills you've not been able to pay whatever it might be want to help you find God's path forward from here. Trusting him as our provider. Maybe you have an abundance and we want to know how to navigate that as well member. The apostle Paul said in both seasons of want and of plenty. We need to find contentment. That's a learned behavior. And yet I believe it's one of God's big ideas for his children. Let's live with joy and contentment because that's where we find the greatest intimacy with the father will help you do that today. Here's the number again 800-525-7000. We have some lines open.

Looking forward to hearing from you were to begin today in Fort Payne, Alabama Mike, thank you for your call today.

How can I help you sir a good day with you have been working since I was 16 full-time already played 21 years at one job. 21 and August that another job they might do a gnarly by if they dated, I might think so. Is there a advantage or disadvantage. Assuming I control my 401(k) into my wasp landed with Edward Jones is an advantage or disadvantage to do that or should I guess it would be an end to Seattle 401(k) at Edward Jones.

She dies and were down to the manager Everett blanket.

She exit shirts that you're not gonna be able to combine those those retirement accounts have to stay in each of your respective names. So if you had. Let's say a 401(k) and another place of employment. Your active employer and you had an old 401(k) assuming that plan administrator, louder than most do, you could roll that old 401(k) into your new one but not your wife's. The same would be true with an IRA. If you had an IRA or you open a new IRA, which is perhaps what I'm gonna recommend here, you can roll your 401(k) to your IRA but we can't take in account the retirement account. It's titled in your name and merge it to a roll it into an account in her name, be it a 401(k) or an IRA.

Now why would you want to roll it out to an Ira. Instead of leaving it there. Well the benefits are mainly these number one you just get more control over it, both in terms of how the fee structures put together because you would choose do you want to manage yourself to want to hire an advisor to do that you have complete discretion over that, as opposed inside the 401(k). The fees and expenses are built-in. You don't have a choice.

You also more control over the investment options Mike inside that current 401(k) with your previous employer. You got a menu of investments to choose from but that's it. You can only choose from what's on the menu when you get it into an IRA, you can essentially invest in any stock, bond or mutual fund or through self-directed IRA. You could even invest in real estate. Although I wouldn't recommend that in less it's beyond cutting your core retirement investment assets so those are really the primary reasons you want to move it out and roll it into an IRA.

What you plan to do workwise moving forward, landscaping business takes a gadget work for the man 45 hours away, but I do that is that I'm going to work just might not be permanent. Yeah, and you may not have a company-sponsored retirement plan available to you where you land.

Is that right it possible to end up important, but you know, with the exception of our vehicles were debt-free. A very good and when I have about a year and emergency funds in the bank so that's great and we hello other investments that bring in money. So where financially right now are in pretty good shape that glowed like your you do a lot of things right here Mike, your following biblical principles you've obviously live within your means you been saving for the future. You paid off all your debt. You've got to plenty emergency funds. In fact, a bit more than I would even say this is necessary, but that's not a bad thing. I think it's really all about, where where you most comfortable in terms of your licorice liquid reserves and so what I would say is if you land somewhere where you do have a 401(k) you could look at merging that in the meantime, I pray roll that out to an IRA that you can open it Charles Schwab or know one of the other discount brokerage houses or Vanguard something like that. Roll it out and then you would choose from the investments. If you been happy though with how it's performing. You could leave it there until you get settled in your new place of business, and then make a decision at that point what you want to roll it into a new 401(k).

If you have one or out to an IRA does that all make sense though appreciate all right. God bless you Mike.

We appreciate you checking and I thanks for listening. Well good. Great to start out with somebody who understands these principles and is applying them in. Here's the fruit of that you get the freedom that comes with knowing that you got the financial stability under you now that doesn't replace where trust is because that's in the Lord not enter things. Those can evaporate in a hurry, but Mike's putting himself and his family in a position, and his wife where they can experience God's best, because there following these timeless principles, moneywise lives. Thanks for joining us of moneywise live taking your calls and questions today eight 525-7000 got a few lines open 800-525-7000. Let's take a quick email. This one came into our email box questions@moneywise.org. This came from Abby and Jack and they said how do I know how do we know when it's the right time to begin saving for retirement. This is a great question because we don't want to just jump right out of the gate saving for retirement. If we haven't taken care of some other, perhaps more important priorities first and this would often occur just as were getting started.

I would want to make sure Abby injected first of all you're getting. Systematically I would put that priority number one. Second, I would want to make sure that your living on a budget to that you got some margin and you've got a spending plan controlling the flow of money in and out.

If you have credit card debt.

I would save an emergency fund of $1500 and then I'd focus on paying off the credit cards again going back to that balanced-budget making sure you're only using the cards for budgeted items he can pay it down to zero. Once the credit cards are at zero.

I get that emergency fund up to 3 to 6 months expenses and online savings account linked to your checking then it's time to begin thinking about saving for retirement. I would just start with at least the matching portion of your 401(k) or 43B. If your company offers that and then look to go up to 10 to 15% of your take-home pay. Now that's just kind of the general guidelines I would provide. There may be some other priorities you want to mix in there if you're saving for a down payment on a house or something like that.

But that would be at least the pecking order for me before I would begin thinking about saving for the long term. We appreciate your call. If you are sees me email and by the way, if you want to send an email would love to hear from you. We try to read as many of them as we can on the air just send it over to questions@moneywise.org all right were taking your calls and questions today.

800-525-7000 as a number to call, but let's go to Chicago, Illinois. Christine, thank you for your call today.

How can I help you call Mike Haley Halter heard that somebody divorced Mary Hilger 20 years.

Your eligible prayer out Social Security but what my question is four years old. Her ex-husband I'm hearing retirement age and I was wondering do I wait for my retirement age that I'm eligible to take Her bare Social Security or air became each yes if you are divorced, you may still be able to collect or claim benefits based on your ex-spouse's work record as long as the marriage lasted 10 years and you said it was 27 and you are currently married, even if your ex is remarried, you're still eligible based on his or her record so as would be the case with the current spouse you have to be at least 62 years old to file for divorce benefits and your maximum benefit would also be 50% of your ex-spouse's full benefit amount. If the files in his full retirement age, but unlike a current spouse, your ex-spouse does not need to have already applied for Social Security benefits for you to receive the benefits based on his record and then finally claiming your claiming those X spousal benefits has no effect on your ex-spouse or their current spouse's benefits and that at some point if you want to switch to your own benefits because that's hiring you would be entitled to the higher of the two which means you could let yours continue to grow, then you would leave that behind and then based on your own work record. You could switch over to your retirement benefits. At that point.

So if you have further questions or you want to know how to handle all of this. I would perhaps schedule an appointment with the Social Security Administration of their doing virtual visits and you can go to SSA.gov.

Christine and I think that will help you perhaps look at your record in his and actually get real numbers and talk about the best strategy, but generally speaking that's open work. We appreciate your call today very much. 800-525-7000 taking your questions today.

Lombard, Illinois, and thank you for calling today. How can help you. I am going to be getting a bit of inheritance and I have a mortgage that has about 100,000 on it at 2.5% and my broker wants me to take the money and invest it because he thinking he can make more in the market rather than me paying off my house so I think I know the answer but I thought I just run it by you. Okay, very good talk to me and about your conviction in this. Let's set the financial side aside for a moment, tell me what you feel like the Lord's leading you to do. I think pay off my house and get out of debt you yeah well I think that's a good choice. And as I've said before, to other callers. I've been doing this a long time and never had anybody call back and say you know I paid off my house and I couldn't sleep after I did that, I regretted that effect just don't get that call on the reason is, yes, there is the financial side of the equation, which is could I take the money that I'm paying 2 1/2% interest on put it to work in your after-tax do better in terms of the reward that I'm doing over some period of time on the mortgage and if I'm one of the 18% of people that itemize my deductions you know take the benefit of the deduction on the mortgage interest soap you if you do the math there.

82% of people don't even use that they take the standard deduction, especially after it was doubled. Couple years ago so there's that side which is the financial equation and then there's the nonfinancial side which is you a have a conviction to be debt-free. Understand the Council scripture and how it changes the relationship be you just want greater peace of mind knowing that you own your home or you want the flexibility being unencumbered and mean all of those I think potentially outweigh the financial now, does that mean it's wrong to hang on to the mortgage and invest the difference. No, I think you just gotta wrestle through it for yourself between you and the Lord and establish your convictions and make a good decision, but I wouldn't let anybody talk me into investing the money if I really had a desire to be debt free and I would fully support that. And so if it were me hearing what you're saying I'd say I'd pay it off the debt free. Don't look back and you just enjoy all that comes from that if you had said something different and said you know what I'm comfortable with this mortgage because you know I could debt paid off at any time and I really want to try to get a better return on the money I'd say that's completely fine too. But I think just based on what I'm hearing from you from you. I go and pay off your mortgage. I think you be glad you did that make sense hundred percent because then I heard someone say you know you you on what you all and end who knows what they couldn't do it your 401(k)s or whatever in the future you know. So yes, I mean there's some of that swirling around me. I would just say to that, I think you know 401(k)s in terms of how they're treated and classified, it would be very difficult to get legislation through, that would threaten anybody's 401K's just because of how important those are two Americans, but I understand what you're saying just about being able to own real property outright. There is certainly something to be said about that. So I would proceed accordingly and I think that's a good decision and by the way, if you want to consider an advisor who shares your values were perhaps not that there better or worse just understands the Council scripture and perhaps would see your side if it a bit more effectively.

You could look into having a certified kingdom advisor work with you I think you're going to get a more favorable approach to this type of thinking just because it winds up so well with Scripture that you could go on a website moneywise live.org click find a CK and find some. We appreciate your call today and came once you pay off that mortgage call us back and let us know.

That's always what schools well folks I think survey along with us today half our lives are full which means we got. Still few open so we'd love to hear from 800-525-7000. By the way, if you haven't downloaded the moneywise app or you can take this program with you on the go do that in your app store today. Just search for moneywise biblical to find it. Much more to come in moneywise live around the corner.

Stay with us.

Glad you're with us today for moneywise live on Rob plastic ear calls and questions on anything financial. This is the program we apply God's word to today's financial decisions and choices. Whatever that might be for you. Here's the number 800-525-7000 in just a moment will be heading to Holland Michigan and Joey's in Georgia, but first Bob is been waiting patiently in Florida with a question about a 401(k) Bob. How can help you. I am not too much, but I have some in a Vanguard 401(k) when I get signed up for it.

At that time save no risk nothing and it hasn't made a panic what's what would be a level that would be relatively safe that I can or cannot do that in their yeah are you still not go with the company that you were with when you establish that 401(k). I am yes okay and that roughly how much do you have in their maybe 10,000. Okay, so that the simplest option which I know Vanguard has these funds is what they call target date funds which just simply says you tell them your expected retirement date and will pick a target date fund with the date that matches that and then the idea is this. Based on that target date. The investment allocations will automatically adjust so that as you get closer and closer to that day. The investments automatically get more and more conservative. So you might get to retirement with 70% in fixed income type mutual funds. Probably a lot of short-term duration bonds in this environment and maybe 30% in stocks, whereas you know 20 years before retirement.

You might be the opposite or even more in stocks and so that's how these target date funds work so they take a lot of the guesswork out of it and make sure that you're not, you know, to highly concentrated or too aggressive in terms of how your invested so that as you get know within 10 years of retirement you not cannot open your statement with the market down 30% and see your portfolio down 30%. You might be down 10 or 15. But, or perhaps a little bit less as you get within five years of retirement.

But that's the idea.

So that would be one approach.

The other would be to perhaps get your somebody from Vanguard to advise you if you want to be even more conservative on some Vanguard mutual funds in the fixed income space where you don't have any portion in stocks that would be the most conservative, although in this environment, with interest rates heading higher. There's that little bit a challenge there, you're gonna want to stay was short-term duration bond funds as opposed to longer term because even those can lose value in this kind of environment where rates are rising, so I would say the target date fund is probably the simplest but give me your thoughts on that.

Sounds like the best thing okay yeah if you just call Vanguard and whoever answers a customer service line.

Tell them that's what you're looking for a target date fund will help you navigate that we appreciate your call today on to Georgia Joey thank you for your call.

How can help you for your particular call and thank you for listening to God for many years how I think I am assuming 47 and we're in a situation of a good live in my house is paid for.

I have a good bit more 401(k), wife doesn't work with so strongly about that when a situation Site for college.

At that three children going to private high school so I have a daughter will not in her senior year Otis got to start his freshman year in college but did you and on profit school and without therefore spending so much money on education that unfortunately had to be like this, but from what were we don't have the time, but I'm just being honest. I don't know yet. I don't want to need that for college but just don't know what you well.

I can certainly appreciate where you're coming from. I know raising kids these days is expensive and if you have a conviction around keeping them in Christian school, which I was blessed to be able to go to Christian high school growing up in just had an incredible experience Lord will use that in my own spiritual journey. That's a real blessing.

If you have the opportunity to do that, you know, I think that's certainly something you need to pray through and each family needs to establish their conviction around schooling choices, not the ones right or wrong. I think that's between you and your spouse in the Lord. But at the end of the day I Joey I think you know we've got to look at the giving opportunity is just that it's an opportunity to take a portion of what God has entrusted to us recognizing it's all his and decide how much not we want to give much do we want to keep, and I think it does come down to perhaps flipping the equation to say we want to give systematically right off the top. Now, does that mean you started 10%, maybe not. Maybe you start somewhere that 2% or 5% me nuts again between you and your wife in the Lord and say working to give systematically because we're going to take God at his word, we realize that this is a recognition of his ownership. It's an act of worship. And clearly God says there's blessing that comes with that. This is not prosperity gospel. He's not a cosmic vending machine that you are we given we automatically get back financially. It may work that way. I've counseled enough people to see that when you crank it through your calculator giving faithfully, even when you don't know where it's gonna come from somehow tends to work out. It's just in God's economy that's in my experience how it's worked, but I think you know at the end of the day it's a lifestyle issue and you've got a say working to give right off the top. At some level because were going to just trust the Lord, and he says he'll open up the windows of heaven and working to do our part to live within our means on the rest after we start giving and perhaps use make this is an exercise of faith for six months and say Lord this is working to do and then working to reevaluate at that point and I think Joey just my thoughts here that it's only a matter of time before you all say you know what we want to reorder our finances to do even more. And that's just been my experience, but I think that's perhaps the approach you need to take is to start somewhere with systematic giving and you're gonna have to dial back lifestyle in some area to allow yourself to do that and then see what God does and I would say make a goal to take it for an interval of time and then see if you don't increase it when you get to the end that give your thoughts on that. While I appreciate that and that that makes my experience again.

I hate they were in this place.

But you're right. The last I we can always do list so I really appreciate that.

If I love that well you might and I did not know you got don't teach prosperity gospel that yes, well, you're welcome.

Here's what I like to do you stay on the line, give you the six month Pro subscription of the money was Abbott look for you to take a test run in there to see if you can't rebuild that budget with giving first and and then you know the other priorities that you have from a savings standpoint and then figure out how to live on the rest and really control the flow of money in and out where you're tracking it every month. I think that's really the key to being able to live well within your means and make sure that what's most important and I would say giving to the Lord, returning a portion of what he's entrusted to you, which is 100% back to him is the priority and then some savings goals. You've said you want to save retirement. Excuse me college that's important. You want to say for the long term that's important than the key to living within your means for the rest the discretionary and the lifestyle portion is all about controlling the flow of money and not letting money slip through your hands in the places that are in is important. Don't reflect your values and priorities. Gotta have a system is down the line will get you set up with a Pro subscription and goes back let us know how this turned morning, moneywise live. This is where God's word intersects with your financial thanks for joining us for moneywise live biblical wisdom for your financial journey. It's Monday, which means it's time for a moneywise market commentary with her good friend Bob Dall. Bob is chief investment officer of crossbar global investments were investments and values intersect. You can learn more across Mark global.com Bob, good afternoon, how their are you well they give us an update what you see in the markets this week.

Well, we got lacrosse current so often the case that the big news in the last few days as you know what's going on in Washington DC about more legislation. The bipartisan agreement on an infrastructure bill connected or not connected, depending which day of the week you listen to a reconciliation built by the Democratic Party only.

All of this is that swirling and I think it's about why the market cannot can't make up its mind and in the meantime, we continue to have the backdrop of the amazing economic growth and that will going to get second-quarter earnings soon will be cut off the charts. Rob that that's the good news. The bad news is going to get a peek, there's going be the strongest earnings comparison.

After that, the growth rate is is going to flow in market like it when growth is accelerating.

Not one of decelerating and I'm not to be negative but I think more earning going on. Yeah Bob given what you just said about where we find ourselves in this market and economic cycle.

What is that mean for investors who are looking out 20 years plus and what is that mean for investors who are facing retirement the next five years. So a 20 year time horizon for that education pointed not going to be like the last 20 years, almost definitively. 20 years ago.

Inflation and interest rates were high. Make down bond prices went up stock valuations went up and left 20 years of been phenomenal returns.

Start with high valuation. Low interest rates, high PE so I could beat half to get great returns over the next 20 years, you know, start with thinking about half of what you got left 20 and maybe device back to again lead the way, but bond returns again to be difficult given the expenses start though thinking about retirement, you know, you just have to realize your portfolio is not going to grow like it has because of being brought out, you know, put everything under the mattress. It still means equities are likely over any reasonable timeframe could be even better performer over fixed income in cash, but it's just not be double digit yeah that's a good word because you've seen it all and you're saying equities are still the place to be.

Meaning stocks over the long haul in any time. Compared to frankly any other asset class that in a novice investor would look at. So that's the place to be. We just need to temper expectations is what I'm hearing from you when your own equity… What you get the price you pay to get the high return and hold more volatility. That's always been the case, always will be worth it. Leisure time horizon. You know from here to the end.

Your notes are very good slow next Monday were going to look at this celebrating 4 July. At least the day after, but will talk to you. I believe next Tuesday so I am precisely in order that Bob God bless you my friend, that's Bob Dall, chief investment officer of cross across Mark global investment you can learn more across Mark global.com back to the phones today, Holland, Michigan hello Norma, how can I help you tonight, I would like your opinion on Scripture thinking long-term care insurance yet you help me out there I can. You know it's an expensive product but the data says that around 70% of people reaching age 65 will need long-term care, but only about 25% of those who needed receiving for more than two years. So the idea that you would have something to offset the tremendous expense associated with long-term care which can run upwards of an 08 $8500 a month or more for nursing home care is you know the fact that you would offset what could erode your assets and help you to go have something to pay out toward that you can receive the care you need and in the way you want it at age 70 and you know you can get a long-term care insurance policy.

If your health is good and you have a good family record but it's good to be expensive and you know I typically would recommend somebody be looking at this between 55 and 65 so yeah I think it's it's definitely going to be. It's an expensive product.

It's good to be even more expensive because of your age and so for that reason, it may be that you just want to try to find any need that you would have in this area out of existing assets because it does you no good for you to take on a policy that's you beyond what you can afford.

Or perhaps there's some increases down the road that push it beyond your budget and then you have to drop it and it's it's of no value to you. So I think I've depending on your health status and you know what your budget looks like. If it's something you have the ability to fund. I would perhaps connect with a long-term care insurance specialist. This would be an agent who has particular competency in this area to look across the field. Companies that are in this space. Look for the ones that are the highest rated and based on your health condition might give you the most favorable rate and just see you what something that would provide some modest daily benefit with perhaps an inflation rider would cost you look at that piece of your budget and make a decision, but the data says that you know again 70% of those he reaching age 65 will need it for probably a couple years on average. So I would do. I would look into it. I'm a fan. If you can afford it, of using this to offset what is probably your biggest risk toward eroding your assets in this season of life.

We appreciate your call today on to Florida. Andy, thank you for your patience can help you on your most valuable program think today is about the credit card and we find that old.

About a month ago I started looking into refinancing our house and I was told that my credit was low and I have a credit card at that time debit card and paid everything as well. And so the broker told me to go ahead and get a credit card minimum balance in use it and pay for it each month, therefore not carrying over and Reiko Friday and I've done that and try to law write that arena again and I got broker that telling me you know your credit low white other credit card in January and you can, but he also suggested that I get two or three other credit card and not at all, and even stop you the one that I that I got in January and like God bewildered me because of how it might go the I did get credit card and not you to make you doubt about well II don't concur with that advice and I think the idea is if you look at the credit scoring formulas. The largest portion of your credit scoring formula. The algorithm is based on, which is 35% your repayment history and so you want to stab you establish yourself as an on-time payer and then the next piece is your credit utilization, which means that you just simply want to make sure your balances are under 30% of the limit and even better than that would be under 10% in the fact that your panties off every month means that that's in fact the case, and then beyond that it would be your credit mix. The other types of credit that you have which may be hurting you a little bit because of you. You just have the revolving account you don't have other types of credit like a mortgage or something else that would your benefit you from a broader mix of credit and then credit history. The lend longevity length of time is probably impacting you as well.

But the fact that you have this open account. There's no reason to be opening multiple accounts, especially if you're not can use them. The fact you have one account with a zero balance or charging up and then paying it off which is the way I recommend you do it every month.

That's establishing you as an on-time payer know that's going to do. I think just about all you'd want to do in terms of building your credit until you can either other types of accounts. If that fits into your financial goals. Like for instance this mortgage are looking at, but just opening multiple accounts and letting them sit there. I don't agree with that advice that that would benefit you in any way yeah my wife about all the program on Monday you know about their opinion on what I didn't agree with that either, but I'm glad I'm here like you are. We appreciate your call, Andy.

All the best to you my friend and God bless you. Well folks that's good about do it for us today.

Mary is holding there you stand. The line will get your call of the year. I know you been holding while in for the rest of the folks he called in the day that didn't get through. We'd love to have you check back with us tomorrow will be here taking your calls and questions but I am to stay after and deal with a few of these just to try to answer as many questions as we can today but we appreciate you stopping by. We covered a lot of ground. Today we talked about saving for retirement. We talked about how you have for it to your giving into all the lifestyle expenses that you had a we said you gotta start with giving first and then we gonna dial back or spending. We got have a way to control the flow of money in and out. We talked about long-term care insurance. We talked about the markets here's the key folks we want to hold everything we have with an open hand in that posture of an open hand, I think, is representative of the understanding that God owns it all that he's the one who puts it in he can certainly take it out. Our trust needs to remain in him at the end of the day.

He is our provider and sustainer. He will never abdicate that responsibility to anyone or anything else. And by the way our abundance comes not in our material possessions. But in the abundance we have in the promises of God, starting with the fact that if we place of trust in his son Jesus. He will say to say thank you to my team today Deb Solomon Amy Rios Jim Henry and I want to say thank you to you as well for being here. It's my privilege to be invited into your stories each day during this hour and give you what I believe is God's wisdom for your financial decisions will be back to do it all over again tomorrow. I hope you hear