The Biggest Wealth Killers

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Today's version of moneywise my old phone lines are not of the biggest single Bible verse to explain the financial condition of many American households today might be. Proverbs 2021 precious treasure and oil are in a wise man's dwelling, but a foolish man hours.

I am Rob West.

Of course these days we define precious treasure and oil simply as money or wealth is something keeping you from storing it up today will look at some of the biggest reasons that might have been.

We have some great calls lined up but please don't call him today because we're pretty this is moneywise live where biblical wisdom. Today's financial so the twitter spear is been buzzing days about the top five.

Well in America. Obviously, not everyone agrees on what those might be. But there's general consensus, and will go over the list so you can avoid them that these are in any particular order, but a good place to start is probably credit card debt. You might've guessed were always hearing about low interest rates these days, but that certainly doesn't apply to credit cards according to the credit bureau experience in the average balance for folks carrying one is roughly $6800 with an average interest rate of 16% and looking at the nation as a whole, Americans have nearly $900 billion in credit card debt. So if you're carrying a credit card balance, it's imperative that you get on a budget and make a plan to pay it off quickly. It's no wonder financial advisors say that credit card debt is hazardous to your wealth. It's also no wonder that student loan debt makes the list of greatest wealth killers, but there's actually something worse than just racking up a lot of college debt. It's doing that, but then not earning a degree, it's arguable that borrowing for education is an investment that in most cases will pay for itself with a higher future salary but not if you don't stick with that and get the proverbial sheepskin if you drop out of school. You're still stuck with the dead but likely in a lower paying job at the average debt for students to borrow is now almost $33,000 but 40% of students who borrow failed to get their degree. If you're considering college make a commitment to graduate before borrowing a penny. Otherwise, it's money down the drain. I next on the list of wealth killers is buying a home or car that's more than you can afford. Again, there's an argument to be made that a house will usually appreciate in value, giving something like a return on the investment, but that certainly can't be said for buying a car that you can't afford. It's estimated that a vehicle depreciates up to 20% by just driving it off particular lot financial authority to run blue because this driving to the poor house. If you're buying a house or car. Don't let your pride and ego enter into the decision-making process. Make sure the payments fit comfortably in your budget. Ideally you want to pay cash for a car purchase. So when your current car is paid off, keep making those payments into your savings account so you can make as big a down payment as possible for your next car. Eventually you won't have to borrow it all alright. Next on the list of big wealth killers is no doubt the most controversy will divorce there's no question that God hates divorce. In Matthew 19, six Jesus says spouses are no longer two but one flesh. What therefore God has joined together, let no man separate.

And while it spiritually devastating. We also can't ignore the financial destruction caused by divorce. It splits assets increases expenses and reduces net income of the national retirement risk index shows that most people would need a 30% increase in income to maintain the same lifestyle after divorce. And of course one of the biggest reasons often cited for divorces couples arguing about money. It's important you and your spouse share the same financial goals that make saving and spending decisions much easier to determine these goals. It's helpful to seek outside assistance from an advisor who shares your Christian values and you can do that, of course, by finding a certified kingdom advisor near you just go to moneywise live.org and click find a CK now our last big wealth killers, something the twitter spear is calling personal lifestyle creep. It simply means that you spend more than you can afford. Given your other goals and priorities. If your income increases, so does your spending and you never get ahead. It's estimated that companies will spend nearly $250 billion this year to convince you that you're not satisfied with your home or car close you where the food you eat. You deserve more. But if you spend more than you make you go into debt and rob yourself with the ability to save and invest. Whether you have them. The wealth killers stay far away they were to pause for a brief break will be back with much more.

Stay with today's program is prerecorded, so keep that in mind when you hear phone numbers. Rob West will be back in a moment with more moneywise live back to moneywise live on Rob West. This is the program were God's word intersects with your financial life. Thanks for being along with us today just ahead will get to your calls and questions. Here's the number lines available 800-525-7000 800-525-7000 just before the break we were talking about the wealth killers and now here's the big idea. Why are we talking about wealth killers is that so that we can build bigger barns so we can have a bigger stock portfolio or more resources in our savings account known that's not it at all. You see, we are stewards of God's resources. It all belongs to him.

That makes us the money manager of the creator of the universe. This resources that's a high calling and then money becomes a tool to accomplish God's purposes. The question is what are those purposes. Well, that's where we go to our knees and say, Lord, what would you have us to do what lifestyle have you called us to water deeply held values and convictions. How can we align your resources with where you're taking us in the future and can we manage money in such a way that it actually draws us into a more intimate relationship with you beginning with our giving, sharing with others, and that's why we want to be careful stewards of God's resources. Yeah, we should set aside a portion of what we received today for the future, but we should also be willing to live very simply, we should be listening all the time to the father and we should be givers we should give systematically. We should even give sacrificially that perhaps that's savings account you've been accumulating the Lord will direct you to give it away. That's great as long as you are asking him what he would have you to do.

That's the big idea here and so we want to be faithful and careful managers of God's money, but we want to do it in a way that honors him, not just to accumulate more stuff that doesn't satisfy well today were to apply these principles. 2350 verses in God's word on money and possessions to what's going on in your life to start today in New Orleans so we welcome mat to the broadcast Matt, what's on your mind. Call so that I place it really caught my attention because were actually looking at going home.

So like the building industry blackballed my wife and I will build a small house), and the commitment from 8200 80,000 within a few months, constantly abandon that idea because of the cost of how that was and at present were actually not home, and every body but those costs are soaring to know over 500,000 303,000 ft.² health on the property that would be billed drive me crazy" room to get the 30 days the building is also going up. Sound like every week so no big pay increases for anybody last year.

So my question is twofold is speculation already here and number two could afford to build a home right now is a smart, just a quick definition. I mean essentially stagflation is where we have high inflation combined with high unemployment and a stagnant demand in the country's economy. That's not what were experiencing right now. I mean clearly as we open back up. We have some supply constraints in this country because many of the manufacturers have the resources and goods in this country were operating at minimal capacity just because of the covert shutdowns workers not being available that's led to a tight constraint in various resources, including for the homebuilders, the biggest of which is lumber that is combined with the fact that we are seeing a tick up in inflation but were not were certainly not in a situation where we have stagflation. The economy is going to grow largely because we had a self-induced recession and shut down its gonna grow the fastest pace we see in 20 years. This year, and certainly as we open back up as a country. A lot of the supply constraints will work their way through the system but you're exactly right Matt, the skyrocketing cost of lumber and other materials have estimated, I just read the other day about $35,000 as an additional amount and the cost of the average new home and depending on the size of the home. It goes up from there.

You know that that obviously is a you know going to create a situation where to spend a bit more than you would have previously. Most experts say the price of building materials will go down because they always do. As I said supply chain issues will eventually recover out.

We just don't know how quickly that's gonna work its way through the system a year from now things could look quite different than if you can wait that long. You may well be money ahead, but I think the issue is, you know, when we talk about our living situation. It's more than just the financial equation, there's the nonfinancial side to and that's what we talk often about the fact that our home isn't an investment per se yes it should have great increase in value over time.

If we buy right and we stay there for a long period of time, but the definition of an investment is we will sell it when it accomplishes purpose and that's typically not how we approach our home.

We don't value it regularly and we see it go up, we might you move out of it and move on to some else because it's where we live.

So I think you've got a look at the current situation in light of Kenna what your needs are, in terms of your own housing situation. Yes, waiting could involve you getting a better deal. But the idea is you. How does that fit with what's going on in your family in terms of your needs and where you ultimately want to be so if I were to say yeah a lot of this perhaps could work its way through the system. The next 12 months. Does that give you any pause yeah absolutely right okay yeah and obviously don't know what we don't know, so there's no way to take that to the bank so to speak, but I think we could see and easing in some of this as again. Some of these comport supply constraints work their way out and I think you just gotta make this a matter of prayer.

We gotta continue to crunch the numbers make sure you don't get ahead of yourself but realize this is a unique time right now where we know that housing prices are about 5 1/2% overvalued right now. I don't expect to see any kind of major decline, we don't have any systemic problems like we had in 2008, but I think we'll see a cooling of the housing market for sure. As interest rates, take up, and as you we deal with some of the other issues going on.

I think we'll see the same thing with lumber so I would probably consider waiting since you are in a pretty good spot to do that but continue to ask the Lord what he would have you to do and and give you wisdom there, and I'm confident you make the right decision. We appreciate your call today. Let's head south to Orlando, Florida. Randy listening on WK SL to help user critic Michael a question a lot of long and I want you to have your time, but I have a few people are listening and you have to put out people were new Q2.platform right yet.

Erica you have on their yet Robin Hood got things like a fool in your is so many things that are your Q fate your twitter your algorithms that you think up my question and are not eligible to every platform. But what would be a good start for person who says okay you know what I like best.

I like to make a portfolio, where something long-term, something maybe will be more aggressive. Maybe it company under and that the kingdom advisors also family would be connected to one of them would they be also baby a person who would be able to walk people through the steps of early investment to her house that work.

Yeah, that's a great question Randy. I mean, it's a real dilemma in terms of how you get started recognizing that many professional money managers are investment professionals will have many times asset minimums where they can actually take over and begin making decisions where you delegate the management responsibilities.

Of course with your goals and objectives in mind a lot of times that would started 100,000 or more depending upon the advisor.

So what you do about that.

Will the good news is you know these days within tech exploding some wonderful new online solutions online banks as well as a lot of these new Robo advisor type investing solutions both from some of the traditional brokerages like Charles Schwab and Vanguard as well as some of the new fin tech upstarts like, well, front and betterment. There are a number of great solutions. You're also in an environment where the costs are coming down so were seeing fee compression across the board of infidelity made news last year with free ETF's and so were seeing you where you can get into the market on a properly diversified basis with just a very small percentage being charged for you know that the insights through the algorithms of the Robo advisors so I think in terms of how you approach this.

You always want to back up and say okay, look at my my total financial life and make sure that I'm in.

This is capital that should be invested so I would start by saying drive an emergency fund in my you have I paid off my credit card debt.

If I had any young my on track to pay off consumer debt like cars and student loans, then I should be starting and prioritizing investing in a retirement account where I'm getting some matching but then beyond that. If you have a surplus in your getting regularly and systematically and you want to do more. Yeah, you can invest outside of that, either through an IRA or a Roth or traditional or even a taxable account in terms of that money want to make sure you have at least a 10 year time horizon and I don't think you want to be too speculative with God's money would not try to jump in and out of highflying stocks that are getting a lot of press lately. Want to make sure were going into companies and investing in a way that again is for the long haul.

Where were properly diversified.

Ecclesiastes talk plainly about that. I think betterment and wealth front or the Schwab intelligent portfolios would be great options there, or check out sound mind investing.org and hope that helps.

You are listening to moneywise live with Rob West. Today's broadcast is prerecorded and that means were not taking any calls but we got some calls lined up and great information coming your way that we think you'll find helpful. So stick around for more moneywise live after this brief break back to moneywise live intersection of faith and finance glasses is with us today. We got some great questions lined up lined up ahead really talking about crypto currency credit scores refinancing student loans that in your questions. We got some lines open 800-525-7000 800-525-7000 just before the break we were talking about getting started with investing and we had a question asking about Robin Hood versus TD Ameritrade. You know great website that rates all of these sites whether you looking to start investing or looking for a great savings account that you can look@bankrate.com but nerd wallet.com has got of a silly name, but they do a great job that providing the pros and cons for each of these again nerd wallet.com you should check it out.

We also talked about using a professional advisor and if you'd like to connect with an advisor in your area. This is a man or woman who has significant experience as a financial professional has met significant character and training requirements is gone through an extensive course on biblical financial advice. Applying God's wisdom to professional financial counsel and they've attained the certified kingdom advisor designation. You can find one in your area by going to our website moneywise live.org just click find the CK you could connect with an advisor who can bring biblical values to their professional financial advice, and we certainly encourage you to do that is go to Morton Grove, Illinois, Pam, you're next on the program. How can we assist you all. I'm trying to think about my name on my house. I think a really good deal. And right now might market for another company. I wonder, is it a good idea to ask a mortgage for your bank when all of your content are, and for me I had an account I share with the family member we don't share residents to just share a couple of accounts at the bank undercapitalized think you did execute your mortgage. Your actual personal bank well using your normal banking institution is good in the sense that they know you and so they got your information hopefully you have a personal relationship with someone there, although that's not as common today.

I can't remember the last time I walked into my bank even though they do have brick-and-mortar banks in my community. I just don't go in there. I do everything online. I would say though, Pam.

You know, this is the largest transaction. Most folks will have in their lifetime, their home and what we find is in the data says that most often when they're looking to refinance this transaction.

They only get one bed they get one quote and I think you need at least three so I would certainly start with your local bank, especially if you have a relationship there.

They certainly know you but I get at least two others and for those additional ones I would look for online banks you know your local bank is always the best source for your mortgage and so I go to bank rate.com. They compare mortgages on a daily basis and there's no reason to stay local. A lot of times these lenders are going to sell your loan anyway so your servicer may change after you refinance. And that's just who you write your check to us at the end of the day that doesn't really matter and today lenders are dealing with clients all over the country so by going to bank rate.com and similar website you can find out who has the most available today is that changes over time and their lending standards in terms and rates change based on you know the programs they're offering at any given time, so I'd had their look for a couple of options that look good.

The key will be want to make sure your to save at least a point, say appointment half to be appointed quarter would be okay as well on your refinance rate want to make sure you decrease the term or at the very least match.

The remaining term of your mortgage that it's a 30 year mortgage or in 10 years let's get a 20 year mortgage picture to stay put in that home for 5 to 7 years and let's not spend more than 1 to 2% of the mortgage value. In closing, so hundred thousand dollars loan one to $2000 is try to keep it under that.

So get some quotes. As always, you can check those boxes I just mentioned, you should be headed in the right direction because we come back a lot more moneywise live God's word guys are financial decisions stay with us but imagine moneywise live in God's wisdom in today's financial decisions covered a lot of ground today. We started by talking about wealth killers not bigger bar freed up to serve the Lord more fully with his resources that we talked about that refinancing mortgages we talked about how we can start investing next to talk about credit scores. Let's head to St. Louis, Missouri Johnny, I can we assist you. Thank you for taking the call I wanted to know okay well my goal score now is that may credit report that they look at my goal score was like 812 and he dropped 20 point and I didn't do anything out of the ordinary. My I use my credit card but in looking for large kerchief. I hated and also one derogatory mark on my credit report next month 2000 and but Macy's department store. Now I am information showing why it was late because I was in the hospital and I sent them that information and they will not take it off so I know that affects my credit for, and layout. That's what I don't get my credit score back up to why what yeah well it sounds like Jenny first of the year. On top of this mean you're watching your responding your challenging things you don't disagree with. Although I will have to say that even though there was a reason for it, and I probably would've been sympathetic to you. Keep in mind the credit score is an accurate word. The credit report, which is what the provides information for your credit score is an accurate reflection of your credit history. So unless there's something this just plainly wrong or inaccurate.

It's not going to be removed and anybody who tells you they can remove it is not telling you the truth, because really the only way to get something off gentlemanly is to challenge it because it's inaccurate. If it can be verified. It's going to stay there. Now here's the good thing about that medical situation skews me the Macy's situation while you were in the hospital is as that gets older. It's less significant. That's why you still have a score in the 800s, even though you had a negative entry on your credit report. It's because it was so long ago that was in well over a decade ago so that's good because that's can become less and less significant.

As you move forward. But you know there's any read number of reasons that your credit score will change 20 points here. Are there any inquiries that tell you a proof as a hard pull when you're seeking credit or you're looking somebody's looking to give you an increase in your credit limit were you requested. You open a new account that's going to bring your score down as your balances move around and there they change the percentage of the credit utilization ratio, which is that the amount you owe across all of your accounts versus the total available credit. That's going to change your score and the various algorithms that are being pulled you mentioned fight go and all of that the bureaus do use a fight go Trans Union echo facts and experience each of those uses the FICA score algorithm, but you depending on where you're going and who's pulling your report or your score you whether you're getting that free online uniform on your credit cards or something like that. They may not be using the FICA score to generate your score.

And that's gonna make it change periodically. The bottom line is I wouldn't worry about it as long as you're doing the right things you moving toward becoming debt free. Keeping your balances, preferably at zero, but certainly less than 30% of their limits paying on time is obviously critical. You got a range of of credit types and you've got longevity which you clearly do, then you can have a great score and bottom line here Johnny is anything over 740 is really going to qualify you for the top tier credit option so you're not going to be penalized in terms of accessing you anything you want in getting the best terms and rates.

So if you're going to move around between 780 and 820 that wouldn't cause me any concern whatsoever because even at your 760 750 you're still qualifying for the very best terms and rates.

So at the end of the day it it doesn't really matter other than maybe it just feels good to have that score that begins with an eight. Does that make sense.

It makes a lot of really appreciate you taking the time out to explain that coming. You all have a great day. I got bless you have received your goal today. A lot said to Davenport, Florida met Matthew, you're next on the program. Go ahead hi Rob, appreciate your counsel for Marriott trying to walk through it that student loan refinance loan is actually my wife's name. Parents cosigned on student want and I'm thinking we can shop around and get a better rate on that and refinance it to put it into our name, so it would be a new credit utilization for me as I understand and I'm also growing family were looking at buying a new car within the next six months and so I'm just wondering you know if I should be concerned about missing out on the best terms and rates it file all the stunning take on the large loan. My credit utilization goes up and then how will that interact with financing a car is this Mathew parent plus loan is it a federal loan it a private well, it's a private little case and it's in her parents names plus hers that right yes that's correct okay yeah so any typically a lender is not going to remove a cosigner unless the primary borrower can prove the capability to take over the payments and you have the ability to do that based on income and credit rating and all of the factors that we use in determining that is so, I think you know in order to get it out of her parents names which I can understand why you would want to do that. It's likely going to be that you're gonna have to add yourself to it. Especially if you're the primary wage earner, you may be you may not be.

But regardless it's going to help because there's no more for them to consider in terms of income earners. It said, typically concerning to me if it was a federal loan were going private because you know that's going to cause you to give up the flexible repayment options. Income-based repayment options and loan forgiveness options. That's not a factor here because you're already private so I think the key is yeah you just need to recognize that, depending upon the overall credit that's been extended to you what your score is the other various it what what you're looking at in terms of the ratios for the debt that's outstanding whether that's going to be an issue and there's no way to know other than perhaps to go ahead and start looking at what you might want to borrow for the car and check you know what the the ratios that the banks are looking at to compare your current situation versus what it will be when you add this additional debt in the form of a student loan to your credit file and see if that's gonna make a difference.

At the very least, you probably if possible.

Want to you know spread out the transactions.

Meaning if you refinance a student loan. Now if you possibly can wait. I'd love for you to have six months between now and when you actually are out shopping for that car.

So bottom line is, it could affect it just based on you what your income is what debt you have now, and whether adding this debt is gonna put you in a more challenging spot in terms of the ratios working and then there's the impact on the credit score but as long as you give that to at least six months. I don't think that'll be so I think you're free to proceed, but I probably do a little homework before you make the final decision, folks a lot more to come on moneywise live for God's word guides our financial decisions. Listening to a best broadcast of moneywise live. This program is prerecorded, so were not available to take your calls today you can email us at plastron@moneywise.org moneywise live around West through the heavy along with us today would you like somebody to walk alongside you as you set up your spending plan. Get your finances in order and oh by the way, learn some of these biblical principles that we talk about her on moneywise live every day will I got the thing for you we have moneywise coaches that would be delighted to come alongside you.

Bill help you in two ways. One, they answer your questions. If you go to moneywise live.org and click ask a question you can submit a question you'll get a personal email response from our trained moneywise coaches who would be happy to assist you with your specific situation. If you want them to walk with you for 6 to 8 weeks. As you through virtual technology that connect to set up your budget and the moneywise Alpine deal with setting up your your spending plan. Your debt repayment plan your giving plan. They'll do that as well just ask for a small charge.

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There is no wait so just had to moneywise live.org click connect with the coach and it's just one of the ministry offerings we make available here at moneywise meeting would be delighted to help. Let's go back to the phones table rock Lake Missouri and Joshua. How can we assist you how you doing Rob right, you're my hero. Man I wish I had your brain you your are looking all the time but I just want you. I'm a single dad of a five-year-old little girl and so you know that I rent.

I don't have a lot to spare but II do my tithing and I I love the Lord and I just I do have a few hundred dollars left, usually at the end the month and I want to do a long-term investment, but my mom's been trying to get me to do this Robin Hood crypto currency thing with the dose going so popular I guess. And so I did that I put $300 in and it's turned into a little over 500 and I'm just curious, is that a wise long-term investment. Or that just kind of us that thing right now yeah Joshua, I would not say it's a great place to be invested. In fact, I'd stay away now. I think crypto currency is here to stay, in the sense that the technology behind it in our global digital age transactions.

We want them instantaneous. We want them worldwide and crypto currencies are to be a big part of that moving forward but as an investment.

I think there's just too many barriers there and to stay safe. I would not use my investment dollars.

In fact, this is God's money that were stewarding. I would put this in the highly speculative category and there's a number of reasons for that, you know, there's just incredible volatility with these yes they've gotten a lot of press, but that doesn't mean that over the long haul. That's so what you're going to see you think you know, to the extent your highly concentrated. I don't like that idea either. They're not regulated, so they're not under the supervision of any US Federal Reserve or any central central bank for that matter, the I mention the volatility that comes to the lack of inherent value because these are not directly tied to anything tangible or even an intangible asset so that just leads to their volatility, their cybersecurity issues and also scalability deal with a number of digital coins and adoption increasing rapidly.

It still dwarfed by the number of transactions that your payment giant visa processes each day. For instance, and so you know we've gotta have scalability and and that's an issue for these crypto currencies, and so I think because of that, it's just not the place for your investment dollars as your stewarding God's money, so I'd rather see you take a more tried-and-true, long-term approach that's properly diversified as opposed to trying to speculate in something highly concentrated giving a quick when I just don't think that's really the prudent approach to investing this it makes sense though.

Okay absolutely I just I need to look into some more prudent long-term investing on the scale that I can do right now and I think I just need to I'll probably call you guys and talking on your advisors think that would be good to me.

You could connect with a certified kingdom advisor.

If you're just getting started.

You know I talk a lot about the growth in the thin tech space that were seeing in. There's just a lot of really great solutions work through some of these Robo advisors like the Schwab intelligent portfolios through better mentor wealth front Vanguard recently introduced one by answering a series of questions they got some phenomenal algorithms that are developed to basically build a portfolio that meets your goals and objectives were you're really highly diversified across index ETF's that is or exchange traded funds that are based on indexes reviewed have the right mix of stocks and bonds, it's appropriate for your goals and you know you just systematically invest dollar cost average, you and I can be investing in the high flyers, but you're going to capture the broad moves of the market over a long period of time and I just think that tried-and-true steady plodding approaches get a win in the long run. So I checked those out. You can also visit with our friends@soundmindinvesting.org to learn more, but said to Flintstone, Georgia Paul Euronext on the program. How can we help user call a question, yes sir. My wife and I are in the process of building a house for our daughter and her family dwelling from our own real analysis of the street and my question concerns whether or not we should add our daughter's name to the deed or the title and the goal is to eventually hurt take over payments.

You have a house be their name. Yes you know I appreciate what you're trying to do there but co-owning real estate investments.

Paul with your children that can create more problems than it solves. The first of all, you know it's can get to be considered a gift so that's can have to be recognized and although the lifetime gift exclusion is sky high. At 11 and a half-million dollars.

You're probably not going to have an issue, although that could be decreased with future policy changes could be driven decreased dramatically. It still has to be recognized as a gift. I think it's also you know an issue that they become a legal co-owner of the house which means they have the consent to the sale of the homework you take out a mortgage or in equity line. The other issue that folks don't think about and although there's a remote chance of this, we have to think through it is that let's say you she were to predecease you that something we want to think about. And yet it could be a reality if that happens then her portion that she was legally entitled to entitled to is going to be passed to whoever would be the recipients of thumb ill her assets and that may or may not be you, depending upon the situation what's going on in her life. So I think that the better option would just be to handle this on from an estate planning standpoint, you can actually place the home and the trust you can handle it through your will give others other legal ways to handle this so that you remain the owner of this property are you and your wife but you specifically address your desire to make sure that she eventually is the owner of the home. Once you and your wife pass away, and there could even be triggering events related to a trust specifically where that happens even prior to your death if you're incapacitated or something like that. So I would prefer that you handle it that way. As always when it comes to these types of things you want to get plenty of legal advice to make sure you're doing everything exactly the way you should so I'd connect with a godly real estate or estate planning attorney in in your area you could do connect with a certified kingdom advisor asked for a referral or check with your local church. So appreciate your generous heart Paul and just want to make sure you go about this the right way and thanks for calling today a quickly to Canton, Ohio, Rosalynn, how can we assist you. Like all I care broadcast almost every every and that had noticed one that you often make suggestions OR or referred to by Charles Schwab or some other company but I don't really hear anything about Edward Gallant and I just wondered if that was something we should know about that company or another and we do have we do have investments with that company that climates a little curious and try looking for and I didn't Rosalynn do you have an advisor that you work with the Jones yes we do very good well and there is nothing inherently you should read into in that I puts folks that I talked to their looking for investments in really one of two categories, those that are just starting out and really haven't built up enough in the way of investable assets where they could use a professional advisor. They need a solution that's really right for them as they're just getting going and that's where some of these Robo advisors that I mention like Schwab intelligent portfolios betterment wealth front of sound mind investing can be a great solution as they just get started. But once you're ready for an advisor you have enough in the way of investable assets or you need a conference of financial plan, or both, then I recommend using an advisor and those advisors could use any number of custodians and I don't typically mention those custodians because there's so many of them it could be fidelity. It could be Edward Jones could be America prize. It could be an old TD Ameritrade. It could be any number of them so that's why you don't hear me mention Edward Jones because that would specifically be related to working with an advisor that uses Edward Jones as their custodian and not really anything more than that to some extent. Okay, thank you for your call today. We appreciated quickly to Kellogg, Idaho, and I just got about 45 seconds give your question quickly to help my daughter establish credit. Then I think graduating next morning to establish some type of credit before she moved out on her current thinking a couple of things start teaching are God's principles of managing money. In fact told the Leno get your book to help you do that and then with regard to her credit, you could add her as an authorized user on your account for have her set up a secured credit card where you put through. She puts a certain amount on deposit and begins building credit for budgeted transactions will talk more off-line.

Hey, thanks to my team today was a thank you to Dan Rich and Eric as light as a partnership between the radio and moneywise media come back and join us tomorrow. William