Financial Challenges

13 reads the Lord your God is. I say to you, I will help. Good to know, especially for managing money by Rob West. When we pray and act in God's will. He'll give us our hearts desire slowly ask is your heart up to a financial challenge that first today limits on your calls at 800-525-7000 24, seven, 800-525-7000.

This is moneywise live biblical wisdom for your financial decisions. Let's say you've done every your finances on track. You draw up a spending plan started saving paying down debt. Maybe you're even taking steps to cut down on impulse buying, that's a great start, and if you haven't done those things I can't urge you enough to start today. Download the free moneywise app to set up a spending plan.

Get it wherever you download your apps to search for moneywise biblical finance then start saving sent a preliminary goal of $1500 when you reach that mark. Keep going. This savings account becomes fully funded when you have at least three months living expenses in it. If you need help with that contact one of our volunteer coaches@moneywiselive.org they can help you learn to live on less than you make. Which is a critical step for achieving financial security but circling back. If you've done all those things. I have a new challenge for you. Actually, a list of challenges.

Start with just one of them and when you've achieved that you will be encouraged to go on to the next. So let's start with one you've probably never thought of a complete moratorium on shopping for groceries or close the kids need talking about retail therapy as some call it a decide on the period of time. Let's say a week or two and commit to not spend a dime on anything but the absolute essentials. I believe you will gain insight on your spending habits and probably realize you're spending too much on things you really don't need that you will free up money that you could put to better use elsewhere. Sorry, here's the next challenge sell some things set a goal of two or $300 then sell no longer needed or wanted items that are clogging up your closets in basement. If you can park in the garage because it's jammed with stuff well selling enough to meet your goal should be pretty easy.

They say one man's junk is another man's treasure and having a garage sale is one way to convert your junk into treasure. But then, remember the spending ban.

Don't take your newfound cash and buy more stuff that'll end up back in the garage someday sorry the next financial challenge also gets rid of stuff, but specifically clothing you probably have more than you need, and some of it you never wear anymore so set a goal to unload 25% of your clothing. You can decide that by the number of pieces or the amount of space it's taking up but either way it should be difficult once you know the items you want to part with. You can go online to sell them. Check out posh Mark thread up and of course eBay will have links to those in today show notes: by the way it's always helpful to set a goal when you decide to sell things that will keep you motivated. They say if you aim at nothing, you'll hit it every time.

Sorry, here's your next financial challenge and try to make at least one extra mortgage payment each year. If you do that with a 30 year $200,000 mortgage at 3% interest you'll save more than $13,000 in interest and shorten your payments by 3 1/2 years. Well, like everything so far. This requires delayed gratification. But it's worth it. Making one extra mortgage payment is really paying a bit more now to save a whole lot later hard for our next financial challenge. We need to address giving and tithing.

If you haven't made a commitment to be a regular percentage giver to your church that now's the time to take that step. If you're having trouble trusting God to provide. Malachi 310 should help. Here's what it reads bring the whole tithe into the storehouse, that there may be food in my house.

Test me in this, says the Lord Almighty and see if I will not throw open the floodgates of heaven and pour out so much blessing there will not be room enough to store it, just remember that God's blessing isn't necessarily financial he can bless your life in more ways than you can imagine one more financial challenge start investing for retirement. If you haven't already. The day will come when age or health prevents you from working, and you can't rely on Social Security for all of your retirement income.

Start putting as much as you can into a qualified retirement account.

That's like a 401(k) or an IRA. The sooner you start the more time you give those assets to make compounding gains and that's the real power of the best so those are your financial challenges keep us posted on your progress are your calls or next.

800-525-7000 800-525-7000 nine Rob West.

This is moneywise live biblical wisdom for your financial decisions joining us at moneywise live on Rob West euros check out moneywise live.new website by the way you archive of today's casting all of our broadcast archives. If you want to go back and listen to a topic of choice. There's a wonderful search feature that allows you to search not only our broadcast episodes, but are articles and podcasts and videos.

The search even covers are moneywise communities of somebody's asked a question that you also have that's been answered by one of our coaches. You'll find that as well. It's their moneywise live.org. We got some great featured articles right now including one will cover later this week on how to panic.

Proof your investing we talk with Mark Miller as well as our trainers new article. The five biggest financial mistakes couples make and how to avoid them. That plus much more is there for you to learn and study and take it and it's there@moneywiselive.org would love for you to check it out by working ahead to the phones here just a moment. We got some lines open. We'd love to hear from you. Whatever's on your mind today will tackle it together as you invite us into your financial journey and we try to shed some light on biblical principles that apply to your situation. Here's the number 800-525-7000 lines are open right now 800-525-7000 were to begin today in Philadelphia PA hi John, how can I help you I Rob how you doing very well thank I have two properties one is paid for and I have a mortgage on my first home. I'm going to be selling all the plot property.

I have no mortgage on the note, should I take the money from Latin cream. I mortgage off my original yeah well that would certainly be yeah.

That would certainly be the safest thing to do is I'm assuming you've decided you don't want to redeploy that in another investment property is a right well I did note that was a good idea not want ensure yeah okay so this money is a part of what you would consider to be long-term retirement savings or something else here.

I would think you know I and are you also saving in qualified accounts through your work or some other type of retirement vehicle was stocks and bonds am self-employed and I absent. I have stocks okay on I'm an investment broker okay and are you trying to get as much of that into a tax-deferred environment like through a sap IRA or something like that. Not sure I know you about 200,000 all my house now and I was thinking about taking cellular helpful for about to take, and they cannot pay.

Not mild to moderate some of the out I would be debt free. Yeah, but I really like that approach can there be some folks John that would say you can do better. Other places, and I would say well perhaps but not necessarily the only way to get a guaranteed return would be to pay off your mortgage and you at least be guaranteed a return equal to the interest rate on the mortgage but there's the nonfinancial side as well. That gives you the peace of mind. The security and the reduction in your lifestyle spending, namely, that no longer having a mortgage payment that would just think give you a lot of flexibility moving forward clearly in Scripture, we should see that I think over time we should be moving toward being debt-free just based on the boy. The Bible talks about dad's not a sin to borrow but I think we are more apt to be in a position to follow the leading of the Lord without being encumbered up so I don't think you can ever go wrong with that approach. Nephew said to me Rob uncomfortable egging on to the debt. I have a plan to get it paid off in a reasonable time.

At least by the time I retire and I rather redeploy this money and invested try to do better than I could. I don't think there's anything wrong with that either. What I would say is let's make sure you have at least that 3 to 6 months in your emergency fund and then you read if you redeploy it I would try to get as much of that going into a qualified account as possible. You as a self-employed individual. I'd talk to your investment advisor, broker about having a sap IRA whether you funded from the proceeds of the sale or just out of your ill income and profits moving forward on your small business. But you're able to put away up to 25% of your compensation or $58,000 for 2021 and you would get a deduction on what goes in and then you would have the opportunity for that to grow on a tax-deferred basis but with regard to the proceeds of this property.

I really like personally, the idea of you just wiping out that mortgage being completely debt-free and then moving forward gives you the opportunity to either save more because you no longer have this mortgage payment or even increase your giving but in either case, you'd enjoy the flexibility and freedom that comes with being unencumbered and I can tell you have never in all the years I've been doing this had somebody call and say they wish they hadn't do that. Does that make sense makes a lot of sense. I was feeling out of my water just wasn't sure. I feel like that conviction probably is from the Lord.

So I go with that and I think you well. You won't look back.

John so we appreciate your call today.

Thanks for checking in with is my friend.

800-525-7000 is the number to call to Wildwood Florida I drive through there my way south to see family hi Jim, how can I help you. I'm doing alright I got a question about Roth already does it matter when you go into it. I know it really does is kind of low, yeah.

Oh, so you mean to move into the market or when you make the contribution contribution already have it open. I got seven and it now and often put seven and a right not alter nicely. Both my wife and I will be 70 okay yeah no mud terms in the contribution matter when you go in and let Mike a difference when the more the market is down since his two events that occurred. John there is the contribution to the account which comes in the form of typically cash and so as that contribution comes in is cash.

Then you could theoretically leave that right there in the money market and not deploy it. But you go ahead and get the contribution made that can be done at any time up until you file that year's tax return so you could even make a 2021 contribution in 2022. Prior to filing the 2021 return but then there's a second step after the contribution is made into either of those Roth accounts for you to deploy those assets in the stock market and I would say you know based on the fact that you're talking about $7000. I'd probably go ahead and and put that in your one way to think about it would be to set this up as a systematic contribution. You know over each month and then you'd invested on a monthly basis and that we are going to dollar cost average into the market.

But if you have the ability to kind of frontloaded meaning.

The cash is available and you could put that money in, you know, theoretically, and in January for the full year. I go ahead and start deploying that money in the market right away because then you have more time for it to compound now. You could argue that, well, what if the market head south.

Well, it could but keep in mind you were talking $7000 a year and you know you're going to buy in at different levels year after year and the key is you know if you got a long time horizon.

I want that money working for me as long as I can get it so I would say if if right now you're contributed for 2021 Gwen put that money in and then you know perhaps you'd you know begin deploying that money right away and I wouldn't wait over a long period of try time and try to time your entry, I would either do it all on the front end or I do it on a systematic basis if you're going to make those contributions monthly.

Does that make sense to you yeah and not and and I'm in a position walking frontloaded Maxwells. I've been going to do it just ain't doing it yet and no water in the attic about, like I might fall down like things are going here a few months ago. Yes, I just thought maybe I might wait till it comes down right and they could to keep in mind, you know you're only just a few months away from being able to fund 2022 and if you have the ability to frontload next year you could go and make this contribution get this money working for you.

Perhaps the markets higher in January, but maybe not. Maybe it's lower and then you have the opportunity to go and make your 2022 contributions in redeploy those assets, and perhaps you're buying more shares with the same dollars because the markets down but in either case, trying to predict the moves of the market and not investing systematically I think is a mistake because generally, that doesn't work out sides in this case Quentin make the contribution deploy the funds and then do that again as soon as you can in 2022. We appreciate your call today. As we think about our investing that we want to do it in a way that honors the Lord, but we also want to take full advantage of the compounding your compounding is a powerful force that works for us most effectively when it's done over the long time horizons.

We want to invest as early as we can. And I think investing systematically through what I called dollar cost averaging is very effective way to go key is to start early and consistent, money was not just around the legend joined us today and moneywise live figure thousand questions on anything financial, here's the number 800-525-7000 four lines open 800-525-7000 in just a moment will talk to Dave about universal life insurance and Kim is a question about a traditional IRA.

Michael has a balance transfer question related to a credit card but next up is Lisa and Boynton Beach hi Lisa, how can I help my every day on my way home I wanted that I you know you been a good back and a rental like short-term property at night air being beat out.

She works.

Have you done this before Lisa read this be a first for you guys are okay and tell me about your financial situation. Do you have a mortgage on your primary residence have probably a point like that, at the pandemic federal I need to leave home and 28 outright three now and I like both you are yeah hi Katie, okay, and many down or it that's great. And what are you planning to put down how much do you have available okay excellent and have you done some due diligence to look at similar properties in that area on air B&B just to see what their renting for in different seasons because I know South Florida if that's where you're buying is very seasonal because you got a factor that in.

And then secondly, have you done any due diligence with others who have done this on air B&B Justin can you find out what their experiences been talk to me about how you prepared for this well area well. I like it but I'm quite happy beat like a completely furnished and a lot of that they come with like a rank roll where there but I already nine month out in which it Ballard family and we would get paint that sure okay yes of the properties you be looking at have been already been used in the same way. Silly, you'd be relying on some of that history, which is helpful to have at least 20% down.

I'd love for that to be a bit more mean I would say that's typically the minimum for a primary residence.

I love to see closer to 50% with a rental property just because you know, the debt service has a way of County eating away at our profits and you know if we go through. Where you know it's difficult to get renters unexpectedly or there's unforeseen damage that comes, you're not able to recoup that you know having that the low debt service is key.

But now, if you feel like you will have the financial health underneath you. This is a gonna rob you of your emergency fund. You're contributing beyond this savings you done to a retirement account so you can on track. There and you had enough margin to then build up separately. This down payment and you've done your due diligence that I'm I like this idea of you having another asset class working for you and kinda building this set-aside business if you will, clearly it's a sellers market. So property is going to be expensive, especially in Florida.

There's no doubt about that.

You can be paying top dollar. And that's a potential negative to this, but on the plus side air B&B bookings are way up.

Despite the Delta surge.

So here we see strength there that were in a really strong economy. So one of the questions lease I think would just be. Let's say 18 months two years from now were in a recession and the other bookings are down.

What is your staying power in terms of being able to carry that mortgage. If you know what they had been seeing on these properties the last 12 to 24 months is all the sudden a completely different scenario may let's say Lord willing, the pandemic's gone but let's say economically. You know things are headed down for a period of time and let's say that lasted a couple years could you all whether that would you put yourself in a position where you could lose the property you and/or damage to the rest of your financial life. So I think we need to play out some of those scenarios, especially when you're taken on a big mortgage so talk to me just as my last question as to your readiness for a recession with this property in place and you guys not getting the bookings you would hope for you have job where I might not including the down payment every month.

About $2500 every month. Though you don't rely on your monthly expenses. Not at all okay good yes I think that would be there to carry the mortgage and for some reason something happened in the meantime you're building equity so sounds like you got all the pieces in place.

I'd say prayer prayerfully consider this and I think it sounds like a great option for too long. Who knows, you may have been calling back until his house were all the best to you in the days ahead. Lisa and I like your plan anymore to Kevin moneywise live just around the corner to open 85 survived Abby along with us today and moneywise live lines open for your calls today will take as many as we can. Here's the number 800-525-7000 were just three weeks into our new moneywise weekly wisdom, that's right, it's a weekly email delivered to your inbox with a short thought for me about managing money.

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I know it will be an encouragement to you, so sign up today if I were to head back to the phone. Dave is in Dover, Ohio hello Dave, how can help user. I have a $50,000 universal life policy which we purchased a long time ago now is death benefit. We were young and even before we had kids. I'm now 72. My wife is 69. I just noticed on the last statement that we got the surrender value of each of the plant is about $10,000 each problem is, I've also noticed that on them where it shows the contribution of monthly statements and interest being received. Even though that was five and half percent X number years ago, the surrender value is going down because the monthly cost of that insurance keeps going up and and course is greater than the interest being paid it make any sense for me to like pay an additional amount on that so I could keep each one of the scouts going or just cash or mountain and go.

Whatever the pipe cash amount but a minute savings account.

I really can earn that much. The surrender value is going down each month. Now he will continue to mortality expense portion of this is going to continue to rise as you age because there's more cost involved in them being able to continue to provide the death benefit which it sounds like you don't really need at this point because you have other assets, and no dependents that would be relying on this death benefit if something were to happen to you or your wife is at right. I really really don't need this death benefit for each reach out or something should happen to us. So I think there's an opportunity here for you to go ahead and surrender this you can one understand exactly what the tax implications aren't any penalties but you've obviously are seeing there on the policy. The surrender value. And that's going to be key you want to know how much of that is earnings which could be subject to federal and possibly state income taxes, but apart from that, I think you know that's going to continue to erode as the mortality expense increases and as you said you really don't have a need for this death benefits are then getting that out, perhaps using it to shore up you know your emergency fund, even though it's not earning a whole lot or redeploying it.

You know into a good balance to your mutual fund with stocks and bonds of the Lord Terry's and your good health that you could need this money. A couple of decades down the road and so you might as well have an earning for you without kind of this drag of the insurance expenses on it so I think that's probably the direction I'd had Dave okay thank you very very much already got bless you my friend. We appreciate your call. I Kim is in Farmville, South Carolina hi Kim, how can I help about a traditional aid at some abundant in regional and accident until Mary and I live in this area Farmville so I look for a company that matches that the contribution and so they there's an inward guilt here in my hometown. On thinking about transferring that one to the two of this Edward Jones in my hometown of the traditional that I have and my question is should I should I keep start a new traditional IRA and have it run through my pain checking my company, my paycheck or just Trent does have this tradition are a funded the company traditional IRA with the Edward Jones the money that Arctic cat that pretty pretty much and you know that the question I have is what retirement plans you have available to you through work and individual retirement account is not something you do on yelp salary deferral you make direct contributions personally. So what investment or care what to retirement accounts. Do you have available to you through work. Other than this IRA the traditional IRA. The jury have well need it. What yellow is affiliated with this company that dad would guilt here in my hometown is affiliated with the company and they told me that I would have to open a traditional IRA to be funded through the company and so I was just trying to I was trying to take this traditional and instead of just open in a new traditional IRA with this new Edward Jones that I'm thinking about transferring everything over to Beth affiliated with the company.

Should I use this traditional that I've been funding my bank with yeah well I'm a little confused and then I wondered if perhaps it's traditional 401(k) that you have available to them in the bottom line is you can have multiple but I think I'd put them all together and so if you're planning on moving to a new local office in your hometown with Edward Jones I visit without advisor.

You don't have to open a new one. They can just reassign the account to the local office into the advisor that you plan to work with and then it's just a matter of determining what you're going to be funding. Moving forward I would start with the 401(k) retirement plan at work that has any kind of matching if you don't have that available. At the very least let's systematically fund this traditional IRA is not a need to open a new one. If you've Artie got one luscious movement to the local office. The key is just keep consistently contributing to it moving forward and I think having somebody that you can walk in and sit down with their locally makes a lot of sense Kim so I does a lot of moving pieces there, but I think you're on the right track certain appreciate your call today very much.

This is moneywise live wisdom financial decision to pause for a brief break a lot more to come just around back to moneywise live around last year opposed to just a moment, will head back to the phone but first it's Monday were rejoined in this segment by our good friend Bob Dole chief investment officer of crossbar global investments where values and investments intersect. You can find out more cross workbook global.com Bob last week, the US equities finished lower.

Wait a minute I thought the stock market always went up in your journey, apparently not tell us what was the headline so you make make a good point beat people expected the Mardi Gras could've basically had almost nonstop for 18 months to root review stock to double in the last 18 months up 100%. That's not normal so setback a bit of one last week. More one today is is very normal. Were just not used to it, and therefore, should we look if the collection of things economic growth is slowing there for earnings growth is slowing and we talked about on this call. Not all inflation is transitory. The Fed at some point will cease to be the best friend of the markets uncertainty about the fiscal circus, Colton, Washington DC. Then we had a real estate problem in China over the weekend and that's the excuse for the selloff today.

You know it's in my view it's in some sense surprising and had some pullback both for this round clearly the bull market is not over or just in a positive, very normal.

I hope it's a pause that refreshes Bob were there any of those data points that you just reference the gives you any kind of concern.

Longer-term, are you still encouraged. What I'm concerned about is inflation. One believes that influence all transitory, and therefore going to disappear as we talked about another Monday calls, I think is a little naïve to be careful let's will critical the fence a lot smarter than I am, but I just don't see it that way. Go shopping. Look at wage rates, inflation, no question about it. But you know this really presents for those systematic dollar cost investing type of investor a great opportunity right because you know markets don't always go straight up and when we see these dips and were buying more shares with the same amount of money that's a good thing for long-term investing right absolutely. If your dollar cost average. Do once 1/4 and the end of the quarter's coming.

Don't hold back greater nervous the market been selling off day with your systematic program. It works over the long term, and the volatility helps the dollar cost average or two final questions. Bob fully let you go without jobs employment.

What were your takeaways from the latest data. There so we know that the jobs report earlier this month was a disappointment when we don't know how much of that disappointment is quoted/Delta related. My guess is a bunch of it. We know there a lot of help wanted ad all all levels, low levels, medium levels, high levels, and so there are lots of jobs out there getting people to apply and go to work is been difficult in part because in many states you been paid to lower end of wages to stay home and you know watch television is supposed to go to go to work. Many of those programs are rolling off Rob as you know, and so I think that's going to create that some renewed jets. Lastly, Bob. What about those who had portfolios predominantly concentrated here in the US when opportunities exist elsewhere. So my personal my hats off to those people who have either consciously or unconsciously at all the money in the US congrats left decade. You've done well.

My guess is not that I'm negative on the US but I think there's some ketchup coming here in the next couple of hours so diversifying geographically. Europe for example. Eventually the emerging markets I think will pay off as global growth improves and we probably have the results witnessed since some selloff in the dollar that will allow non-US markets to do well, okay, very good. Bob always appreciate your insights, my friend.

We will talk to you next week.

However, it went by.

I bless you Bob Dole chief investment officer of cross mark global investments again. You can learn more cross market. Global.com back to the phones today. Katie is in Tampa Florida holding patiently Kitty how can I help actually here.

That question how that we find that were holding and bank account and we are suckling played and remake were able to do this 17 five each, because are over 50 car IRA away doing that. We had another smaller portfolio that week March, when our CPA financial and fighter to pass out at our bank account and and kill half of that state fund, which can then experience not get Growth not present when it come any other many people are content Charles Schwab make everything there in the back of his mind he came and crashed in Canton. It requires I'm listening and it sounds like it now kind of toilet just like gentlemen performing originally.

But he is not on my question my faith I'm pushing to play at least 50 grandma R and QI market because it literally sitting there doing nothing makes sense. Katie salute me ask you this hundred thousand would it be in addition to money you would call your emergency savings.

Yeah, we have that okay and what are you doing to save for the long term apart from building up this cash account are you and then you mentioned some IRAs that are currently invested.

Is that really the extent of it, and if so, what you have in those retirement accounts all in the 401(k) that we can do our fellow and a couple out commercial property that they both may not have Mortgage at the value added, probably nine times greater than what we know and we are able to pack gray market in markets on house now okay very out the dollar.

Excellent and will your ages, and it okay and you plan on slowing down anytime soon. Now you okay I'm your good work.

Now I many will keep in mind to that once you will reach retirement age. Even if you were to slow down you know, it sounds like you have a lot of things going on, you guys probably have a lot energy may even enjoy some of this and that you're probably not just to cease working in less you have to. And even then, if the Lord Terry's new good health. You know you're gonna need this money for decades beyond that point.

So I think putting it to work for you makes sense I think you know number one pursuing getting out of debt over time is it is a great goal for all of your properties and I think that will give you peace of mind and flexibility with money that is just sitting there. I like the idea of it become you know being moved into the market but I think I do it on more of a systematic basis. I don't think were in for any kind of crash and the economists and market analysts like Bob Dole who we talked to mom to go is literally managed tens of billions of dollars and is been on Wall Street for decades and is a committed Christ follower. He would tell you you he doesn't see that happening. Note anytime soon. In fact, there's a lot of case to be made for the resiliency and the strength of the US economy right now, but the markets don't go straight up and we are clearly well into a bull market cycle and these are cycles so they do tend to roll over so we could hit a recession, you know, a year or two or three down the road and that could last a couple years but typically the amount that you give up in a recession is you know maybe 20 to 30% at the most, whereas most bull markets you're going to see 100% plus over the bull market run which could be 10 years or more, like this one has and so I think as long as your systematic investor recognizing you can't try to time the market on the upside, or the downside and so even if you were to start moving into the market systematically not dropping all hundred thousand and on one day, but let's say you know you take the total amount you want to move into the market. And let's say you move in over three quarters so you know over the next in 089 months or so. I think that would be a prudent approach because we did hit some speed bumps along the way. Bill to buy the discount if the markets can keep going from here.

At least your entry points on the early end of that range would be lower than they are down the road but I think you and your husband need to have kind of you know one mind about that and you need to come together and you know whether or not you should use this insurance product with the floor. On the downside, you can give up. You know a good bit of the upside, and because of the fees and because of the other asset you have. I don't think you need to be that risk-averse, so I'd rather you say okay of this hundred thousand. Here's what were comfortable moving into the market were just gonna focus on that and then work on the timing of deploying those assets in terms of five dollar cost averaging in not buying all today's levels that make sense getting, let's do this and force them out of time. But you stay on the line and will talk a bit more of the air and finish up and I appreciate your call today very much folks so glad to have you along with us today moneywise. Life is a partnership between Moody radio and moneywise we want to say thank you, Dan Jim. Also, thank you for being here were grateful for you tomorrow. And another edition moneywise I come back and join us