Talking to God about Money

This is Damon Baxter and I serve as business development director for MIDI radio. The only reason were able to spread the gospel of Jesus Christ on the radio is because of financial support from listeners like you. We also have businesses support us to like United States mortgage faith and family is at their core, it's why they choose to be such a close partner with our station is why they specifically advertise on Christian radio stations across the country. It's wife, father and son, John and Ryan still lead the company to this day. Check out United faith mortgage and the direct lender advantage@unitedfaithmortgage.com thanks to you and to United faith mortgage for supporting beauty radio United faith mortgage is a DBA of United mortgage Corp. 25 Belleville Park Rd., Melville, NY license mortgage banker for licensing information, go to an MLS consumer access.org corporate MLS number 1330. Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah listener that stands out the network with recently.

Was this older couple that was interested in refinancing the credit wasn't the best.

Not everybody has the 780 credit scores and never had any hardships in their life. I'll walk you through what you have to do. How can you end up being able to do this refinance. Whether it's 236 months from now. We work with them for months and months to improve their credit and we were able to get the loan done we were receiving them hundreds each month thousands of dollars a year and they could start saving money each month, saving for retirement, which just put a huge smile on my face. We United faith mortgage is a DBA of United mortgage Corp. 25 Belleville Park Rd., Melville, NY license mortgage banker for licensing information, go to an MLS consumer access.org corporate MLS number 1330. Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah and six is an open invitation to talk to God. It reads do not be anxious about anything but in everything by prayer and supplication with thanksgiving let your requests be made known to God or of West. Of course there are conditions we must pray as the Bible teaches, especially about money. God is an ATM machine talk about that first today that it's all your calls at 800-525-7000 800-525-7000. This is moneywise live wisdom for your financial some people might do okay to ask God for financial help. Pray for money. So first off let's dispel the notion that God doesn't care about money or that it's wrong to pray about your finances. Nothing in the Bible says that if it's important to you.

It's important to God.

He wants to be a part of your life.

Your whole life. And besides that, you might as well talk to them about your finances.

He already knows them down to the last penny. First John 514 reads this is the confidence we have in approaching God that if we ask anything according to his will he hears us. Now let's unpack that there are two key points in that verse. First, you can ask God for anything. Second, he will hear your prayer if it's according to his will and that's where things get a bit trickier.

How do we know what God's will is for us so that we can ask for things within it. It's critical to understand that throughout the Bible God promises to meet your needs not necessarily your wants and desires. If you file prayer has gone unanswered. You could be mistaking a need for a want. Also God may answer your prayer in ways you could never dream of. So let's look at a need versus want a home and roof over your head is the need a want could be a four bedroom house with 3 1/2 baths. The downstairs rec room three car garage and a Jacuzzi.

Now there is nothing intrinsically wrong with any of those things if it's God's plan for you and your family every circumstances different in God's plan for every family is different.

The key is to find his will for your life and to learn to be content with what he provides. Even when you see others in the neighborhood with more first Timothy six tells us. Now there is great gain in godliness with contentment, for we brought nothing into the world and we cannot take anything out of the world, but if we have food and clothing with these we will be content you see there the apostle Paul isn't even asking for a house.

Just food and clothing so he can continue to bring the gospel to the Gentiles.

I'm not saying you should take a vow of poverty and head into the mission fields necessarily. I'm just trying to give you perspective, contentment and gratitude are important because God owns everything and he is our ultimate provider. John 327 says a person cannot receive even one thing unless it is given him from heaven. You see, we are simply his stewards and as such, we are expected to manage his resources. According to his principles. If you're not doing that. It's a good place to start.

Otherwise, how can you expect God to provide more first Corinthians 4 to reads. Moreover it is required of stewards that they be found trustworthy something else to keep in mind God's plan for you may only be for a season. He may someday give you a big race make you the head of the company you work for send you to the mission field. You must practice patience and wait on the Lord. You see, God is always faithful to meet our needs.

He's not some rigid divine Scrooge who delights in our struggles. Paul says in Romans 832. He did not spare his own son, but delivered him up for us all, how will he not also with him freely give us all things. Okay now that you're making sure that you're praying for help within God's will is there anything else to consider. Well yes there is.

If you're really struggling to keep a roof over your head and food on the table. It could be that God plans to meet your needs. Through the abundance of a fellow believer. He gives abundance to sell them so they can share with people in need and by doing that his love and glory are demonstrated to an unbelieving world. Paul writes about this in second Corinthians 814.

At the present time your plenty will supply what they need so that in turn their plenty will supply what you need. That means if you struggle with an unmet need. Let your church family know about.

You'll have to set aside your pride, but God will be glorified as your needs are met through the church family present yourself in humility are church leaders and grateful for whatever course they decide God is not abandoned you, or overlooked your needs. His plan is to provide for you in a way that maturing according to his will and are in your calls and state hundred 525-7000 on Rob Weston. This is moneywise live biblical wisdom for your thank you for joining us for moneywise live on the oblast goes with us today. Just a moment.

Will be taking your calls and questions on anything financial I got some lines open for you though. If you have a question like to get in on the conversation today, we'd love to have you here is the number 800-525-7000.

That's 800-525-7000.

So why do we take an hour each day to talk about money is because we want more of it to her. We feel like we need bigger barns are something other than that, no, not that at all. It's because God's word dedicated so much time in the way of so many passages to this topic. You know my experiences that our financial journey is one of the key ways. God shapes our spiritual journey know the way we allocate God's money. And that's the starting point. It's all his, it reveals what we value, where we placed our trust and I think when we get this area of our lives right meeting. We put it under the Lordship of Christ along with everything else.

When we surrender our lives to him. It has a meaningful effect on every other area that will ultimately lead to a more intimate relationship with the father.

The key is we want to get it right. We want to know God's heart as it relates to our money and bring all of that in line with biblical truth which by the way is always right, always relevant and will never change. We certainly can't say that about the economy, the markets or the tax code so let's do that together today perhaps will dive into Scripture and see we can apply these principles to what's going on in your financial life. Here's the number 800-525-7000 will begin today in Phoenix, Arizona hi Jean, how can I help you radio every dated.

Oh, thank you. Am delighted to hear that and I'm in my later years and catching and life insurance, see because it will be increasing in value, and I know I'm going to kind on it. The second and I know I have to pay capital gains on the entire amount and I just would look for a safe place to put it yes yeah I'm glad you mentioned the capital gains because you would typically have gains in their and and on the earnings is what you would typically be taxed for on the capital gain. So just be aware of that and make sure you know what that amount is so you can set it aside, and perhaps even pay it in advance Jean what do you expect to receive in the way of proceeds after the taxes are paid. What you think you have left probably thinking they need 25 okay very good. And do you have separate from this some emergency savings that's liquid. I do okay you feel like you have enough.

Perhaps somewhere between six and 12 months worth of savings probably okay yeah yeah I think in this season of life.

I'd love for you to have more and you know a lot of that comes down to just what your income sources are you living exclusively on Social Security are you drawing another source of income. Alongside cure and very very part of my pension I sound okay yeah already and is that enough team to cover your expenses each month. I don't need that much had the older I get, the less I really okay I am just in that short simplicity is a good thing.

You know, I think having as much is 6 to 12 months worth of expenses in emergency savings is a good thing you mentioned where I put it that safe and I think that's really the key.

If you don't want to have this at the risk of any of the in and what we call risk assets so stocks there is risk. Obviously, we there's more conservative companies, and more aggressive companies that are more growth oriented, but they all have the ability to lose value. At the same with bonds right so there's a coupon and interest rate associated with them, but the underlying price of the bond while were collecting that coupon rate can lose value and so you could invested in the stock or bond and you could open your statement one month and see that your principal balance has declined below what you put in.

And if you don't want that possibility, then you really only have two options number one would be just to put it in a high-yield savings account number two would be to put it in some CDs, certificates of deposit, neither of those are paying a whole lot right now.

You might find it all with a high-yield online bank savings account which I would be comfortable with the carries FDIC insurance. Right now you're paying your you can receive about half a percent. So, with inflation, you're actually losing purchasing power every year. Although we expect to see interest rates rising, CDs aren't much better. And you have to lock up your money for a stated period of time.

Beyond that, you need to look to another insurance product probably an annuity where in exchange for you putting some money in maybe this 25,000, or some portion of it, they would tell you that they're going to guarantee that you don't lose value and then you need at least get some guaranteed return on it some interest rate. That's attached to that policy. Those tend to be a little expensive in terms of the fees and so forth. It's built into that and they're very complicated. They also make your money illiquid meaning as you're seeing here, you can't get it back. You know, without paying a surrender charge and and and other fees.

So if you want to hang on your principal Jean and you don't want any risk associated with it. I think the thing to do right now would just be to put it in a high-yield savings account. If you're comfortable with an online bank.

That's where you can get the best rate you can attach it to your checking account and then as the interest rate set up over the next 6 to 12 months. Perhaps we could move it into a CD.

At that point and get a little bit more, but this not to be very exciting in terms of the way of returns go, but at least you protect your principal, but give me your thoughts on that and tell me were you thinking something different than that. Can you give me sound name high-yield.

I cannot be happy to yeah are you comfortable your online would you be open to an online bank right now. I do have online that I did do it by phone. Okay now I have a little bit on my telephone. I say okay and you could do that as well.

The reason that the online banks pay more. Jean is just because they don't have to take the money that they're earning by loaning your money out and pay for all those brick-and-mortar mortar buildings and so they're able to pass that along. So there's one called Marcus MARC US you'll find it Marcus.com that's a division of Goldman Sachs they're paying about half a percent.

Right now, another is Ally Bank AOL why I like Ally lot great customer service and they offer high-yield savings as well and then the third would be capital one 360 capital one and you know any of those early paying about the same right now that .5 to .6%. But as I said it's going to give you yelled FDIC insurance backed by the full faith and credit of the United States government, and if you want to do most of your business over the phone. I would recommend probably Ally Bank to have tremendous customer service, and right there on their website to tell you at any second, how long you're gonna wait when you call the toll-free number to speak to somebody which is really nice so Ally Bank would probably be the way to go. That's gonna protect what you got. And then as the rate set up, you could look for some other options.

Perhaps a CD down the road. Okay, I doubt AOL why yes, ma'am, you'll find it online on your on your phone there and Ally.com and right there at the top of the page you will see the phone number and they need I would like an online savings account right now where you have access to your money at any time. CDs perhaps down the road. There's just not enough additional yield there in order to justify you time this money up for the next 12 or 24 months so I'd stick with the online savings account. If you have further questions along the way you give us a call back in May the Lord bless you Jean, thanks for your kind remarks and for listening today. We appreciate it very very much quickly to Omaha, Nebraska hi Jane, how can I help, I appreciate your question regarding my patient. I think I can retire at night to get my mortgage loan. It keeps growing in the termite property tax on insurance amount and to make Like to get there and I currently 65,000, And not finding pain currents to collect a member money.

My known company had Like $200. I ate can't get a loan.

Mike Kate make a tent Democrat all it could yes it could have a slight negative effect on your credit score. What is the interest rate attached to this mortgage doing claim all rights so you're not gonna save a whole lot you said you only owe 65,000, what, what's the remaining term on and how many years do you have left. 28 and right only dealt a painful tell I admit that killing extract from grandma and aunt that I have been tired of working in bad good question. Have like I will have to a tire on my arm yeah well I look at both options in the loan modification is some of them are a debt settlement and for people in a hardship situation which you may want to be asking about is essentially a re-amortization where they would take either because you have a lump sum or because you have more equity in the house and just recast the remaining payments recalculate them based on this new lower principal balance or the more equity that you have and you do that at a lower cost. But I'd also check to see if you could find a mortgage company that would do the refinance as well. As long as you can get that down under 2% is usually under 3% worth looking at. To compare what I call your mortgage company ask about re-amortization to see if that would get you the payment you're looking for. Today we want to pay this office.

Quick is right back. Stay with us that he went to somebody was glad today I was able to finish with James off here. They're going to stay where we lay she's so wanted to get that payment down but she does have the ability without touching her savings to add another 20 or $30,000 mortgage and she just needs that payment a little lower with her low interest rate of around 3 1/2%.

It's good be expensive for her to refinance and it's gonna take a long time for her to make those costs back up because the reduction in interest on a new 25 year mortgage is not get to be enough to cover those costs anytime soon so she's going to look at a re-amortization where after she puts down this 20 or 30,000 they'll recast the payments which would give her a little more breathing room and hopefully keep her on track to get this mortgage paid off as quick as you can without adding a lot of additional cost to refinance. But Jane. We appreciate your call today very much. Got a couple lines open 800-525-7000 four go back to the phones but let me remind you, we'd love for you to sign up for our new moneywise weekly wisdom email. It's goes out every Thursday night.

That's tonight and that we want to make sure one is delivered to your inbox.

It's our weekly wisdom. It's a digest of the best articles and podcasts for the week on biblical money management. There's an encouraging scripture passage in there.

I share a thought for the week with you and I think it'll be a great source of encouragement and education as you learn to handle money God's way that the easiest way to sign up is to either download the money why zapping your app store moneywise biblical finance wherever you get apps and just create a free account for your website moneywise live.org scroll to the bottom of the page and you can quickly create a user account.

There's no cost and then we will be sure to deliver our moneywise weekly wisdom to use this evening. Look forward to that. Charlotte said back to the phones, Bloomington, Illinois hi Brian, I can help hi Rob, thanks for taking my call.

Appreciate your show. I had a couple questions on annuities will want to vomit up a pension annuity. I guess that's where that say it, and neither one of them are that my me once 38,000 and the other ones 37,000 but I wondered if I should you not take the money and roll it over into an IRA or to take the monthly payments.

One of them like it said that one would be considered a pension is about $202 a month only and but the return is like 6.24%, which is bad and the other one is about 5% and more traditional annuity. I would say okay yeah you do have the ability as well as a qualified annuities, the pension certainly would be in if the other is then you could roll those annuities establish with pretax dollars into a traditional IRA and there are some advantages there. You of course get control over the investment decisions you can pass it to a beneficiary. The fees are lower in easier to understand.

Frankly, and you can also pick the IRA that will help your particular tax situation, but I think the key is you know why someone would want to annuitize as if perhaps they have a shortfall in their monthly income versus expenses in this guaranteed amount would solve that and they just have peace of mind knowing that that's gonna do the trick. If you don't need this, though, and you're willing to take some risk over the long haul. I think the question is, could you do better but depending on what season of life you're in, if you'd be in a very conservative posture, especially given probably what we can see with the market over the next several years it out.

There is something to be said about a 6% return guarantee so I could go either way I think it really just comes down to what gives you the most peace of mind. What fits into your plan and your budget. Do you want to take risk with it, and if so are you willing to trade that additional risk for potential higher self, you pray and think about that. If you have other questions, gives states, it will be back after this we got some great questions lined up here in moneywise live to cover a number of topics. The difference between positive insurance between banks and credit unions. What happens to your 401(k) after someone passes away. What about debt to her parents have outstanding after they pass and a whole host of issues were to be covered here today but I got room for one or two more between now and the top of the hour. Love to hear from you.

800-525-7000. Our team is standing by would love to hear from you. 800-525-7000.

Let's go to Tennessee W MPW hi Larry, how can help user yeah got a book out the next day to be a new release and the that companies that are selling the book.

You know, like Amazon, Barnes & Noble, such that got a price of what their prices, but if I buy the book myself and sell it. I can get it for reduced price. If I sell it for full price is that usury no no no. So it is Hebrews in the Old Testament were forbidden to charge interest from one another as a believer to believer which was called usury seven. In that sense, it meant charging any interest of another Hebrew. Today, the term has come to mean charging an exorbitant or illegal interest rate. Although it was redefined as truth in lending a number of years ago which basically just said there is no more usury as long as you disclose with the interest rate is you can charge whatever you want, which I have a problem with but there's no connection Larry between usury and what you charge for your book, you're entitled to ask whatever you want and to do you have the discounts wherever you wish, so long as you know your using your authors discount appropriately based on your contractual agreement with the publisher with you so published or not, but apart from you being prohibited from selling it and undercutting you know somebody else you can do whatever you want. I think the key is you, you're worthy of your higher you spent the time to write the book. People want to buy it think it really comes down to you. What is the value there and obviously cannot compare that against other titles and what the people are paying for books these days, but you frankly you can set that wherever you want. Let the market determine whether or not they're going to buy it but it really wouldn't be connected to user in any way. Okay that's all you need and I'll not go over the price that the publisher suggestion. I just didn't want anyone to be able to say hey that usury you know I just don't want to know how to know everybody and I want okay one thing what's in on Larry, if you don't mind me asking what you write on well that the probably second essay, the part of the circle. It upon the throne chambers of his imagery, and it deals with.

It deals with the nature of God, the nature of man.

The nature of Satan and the nature of Holy Spirit. Well, listen, congratulations on the coming out I'm sure it was a labor of love.

And yet, I'm glad it's I'm sure you're glad it's behind you and you can get it out so people can enjoy it while we appreciate you checking in with us today and all the best on your upcoming release to Murphreesboro, Tennessee hi Marvin, I can help user you are thought of all, while not Walmart would not recall or airbag anyway.I'm the only owner of the car and the warranty ran out and so I waited a little while. Upon reading it brought and I'm just wondering… Or hurt your site that there you will I well you extended warranties based on the research and obviously there's always exceptions to this 20 people listening to the program right now that would say no, it was great for me either transmission go out in the extended warranty covered it would've been a huge expense. But, on the average based on the consumer report studies in others you extended warranties are terrific for the companies that sell the but not so much for the consumer but one study that our team looked at recently showed that these companies only use about 12% of their revenue on claims, and overhead. The rest is profit which means you know there's so a lot of fun marching in there based on you know how people actually use these things so and I think for most folks it's better just to put that same amount of money in your emergency fund and ear market for needed repairs.

Then it's there, and once you've built that up. You know you don't have any more expense on an ongoing basis, and if you don't need it.

Obviously you could reclaim it down the road perhaps put it toward your next car, so you know ultimately it's a piece of mind thing would you feel more comfortable having it and do you have the funds available, but I would just say on the average doesn't tend to make a whole lot of sense of lease based on the data so hopefully that helps you Marvin. We appreciate you checking in with us at WGN are Indianapolis I Joe, go right ahead and got question basically were pretty good with our snowball and we haven't emergency fun and think about was that, but even through all that was a tough time using the budget correctly. Currently I use an online program that you can set the bucket in any contractor point to your bank and you can track how to expand and it turns out to be more of a tracking expense than it does about getting so it seemed like were were easy to get spanned and then go well with. We spent over Congress going to make the numbers look right what you like. You have on the actual how to set a budget and stick with it. Yeah, it's a great question, Joe, and it's why we built our new moneywise after it's been out for about a year now and I'd love for you to give it a try.

In fact, I'll give you a pro subscription for six months of you can get it connected all your institutions using plaid the largest financial aggregator in the business memo uses them in AMEX and all the big ones. But here's the difference in why we built what we did. It's for exactly what you're talking about.

There are different styles. Once you determine your budget of actually tracking and managing the flow of money in and out, you know, there's the tracking function which is just one of my spending and putting it in categories just for your own awareness and for some people that's the starting point because they have no idea. Frankly, where their money is going. They know the big rock, so to speak, especially those things that get a bill for, but not much else.

And then the second approach is what I call plan and track which is what a lot of the apps on the market do today you build a budget in the software or on paper and then you track against it. How my doing well. I didn't do so well in that it resets and you start over the next month and then there's what I call the envelope system you Larry Burket. The Legler Burket love the envelope system back in his day. They used in many people still do.

It's very effective physical envelopes.

Were you actually cash your paycheck or a portion of it for the discretionary spending and literally put the bills and envelopes. Some people use kind of a small accordion type file carry it with them wherever they go. And then you spend out of it when the money is gone, it's gone. It's really the most effective way because like I said when the envelopes empty you're done.

We just took that and built it in a digital format so in an app on your phone that you and your spouse can share your always in sync with your funding accounts in real time and you know exactly what's in each envelope in the Senate to fund automatically based on your pay schedule so I think you should check that out and then I'd love to hear how it's working for you, so stay on the line you can download moneywise biblical finance from your app store were going to be a six month pro subscription.

I want you to call me back let you hang on to take a quick break functionally back with much more moneywise back to moneywise live. So what have you are with us today am Rob Laster hosted got some great questions lined up here. Let's go right back to the phones will go next. Hi Kevin, how can I help you, like Rocky River run, don't start market 401(k), I know you think of her time so I should have been angry about not – don't fight back. Follow all that is very day Christian why what we can do yeah yeah well yeah the first step is to get to the bottom of what it is she's wanting to avoid is the risk of loss because she thinks the markets going to decline. Is it some other thing that she feels like she's misaligned with her values and in terms of the investments themselves where you feel like the issue is Kevin. I would yell at the product don't think the crash like I get that with her about icy good samples so you said she just cashed out of the investments, but the money still in the 401(k) or she actually took a distribution, all like actually took it out of the 401(k), not just not just moving – positionable okay yes I mean, obviously there's big enough. What is your ages.

She liked it okay so there's a penalty therein, and this is why the taxes do not. I think the key is just a can really focus on you know from a big picture and recognizing God owns it all and where Stewart's right and so she she wants to be found faithful in managing this money and she's going to do that, according to convictions, but I think the two of you need to really maybe take a step back before you do anything and come together as husband and wife and really pray through this and seek the Lord and say Lord we ultimately want to put our trust in you and I'm not saying she is in. That's obviously the goal and we recognize this is yours.

We don't live in fear.

We want to hold this loosely and we realize that we as a part of being good stewards need to know be wise with how we make decisions and seek a return, especially with the inflation going up and obviously this money is going to be eroded by taxes and penalties.

But then it's further to be eroded by inflation and I think you know the key is the Lord is in control of this. Obviously, the out there sin in the world, which is why we need a Savior and that permeates every facet of our lives, including the financial system so there's nothing it's perfect, but I think as she looks toward perhaps where you all go with these investments I might like to introduce this idea of what we call faith-based investing which is a really exciting and new aspect of the investing landscape where you could actually redeploy these funds in fund families meeting mutual fund families and exchange traded funds with the explicit purpose of glorifying God and having a kingdom and a social impact as a result of the investments while also seeking a tremendous return on investment and that there are some wonderful investment outs out there yesterday and be a part of the stock market and if she feels like everything's gonna crash while this is an answer to that but it also is.

I believe you know in dealing with the value side of it now with regard to the crash of me and I would just say listen. Ultimately, if everything crashes it doesn't matter whether it's in cash under the mattress or in the bank or anywhere because the financial system would be in ruin. Do I think that's what's can happen. No, I don't mean yeah, we've got some some challenges out there.

We always do. We always have. We live in a fallen world, but I think if we look at the United States and just the strength of this economy and be aware these companies which is that's what you're investing in.

When you invest in the stock market is a real companies with real sales and earnings where this is all headed. I don't think it's a house of cards by any stretch. And I think if you were to evaluate that.

You know opportunity to invest in companies, especially where there is in alignment with your values.

It's going to be the very best place for you to seek a return at least historically speaking better than anything else.

Over the last hundred years and yet others can be ups and downs but what we know is that if even if we were to get into a deep recession in this country will work our way through it.

You know when our backs are against the wall will make the right decisions and I believe we would eventually overtime moved to higher ground. We always have, and that versus any other asset class in terms of risk and potential reward I think is better than anything else, and at the end of the day as long as we been found faithful and following God's principles. I think we leave the results to him because only the only thing we can control is what passes through our hands, and he also I would start there. What I want to do is I want to send you a copy of the new sound mind investing handbook.

I'd like for you to ask her to read that it's a biblical approach to investing, and then I want you to check out some of the fund families that you'll see on our website moneywise live.org companies like praxis mutual funds in Eventide funds and inspire investments and begin to read about these incredible investments that seek a phenomenal return. That will line very closely you with your heart as a believer and see if between those two God's perspective on investing and these faith-based investment options. If that doesn't give her. Perhaps a little bit more confidence to move forward and potentially overtime back into the markets.

Does that make sense Kevin hello by checking account on like David, but I actually name but gave me a great app.A.

There's not a week goes by Kevin, the dissembling doesn't mention Larry Burket. It just I think is a testimony clearly to the impact he has and continues to have, to this day I will say though you can do exactly what you're doing with one account. If you were to use the moneywise out because you could set up envelopes digitally for each of those.

But hey, here's the key you gotta do what works for you. Listen, you stand the wind will send you that book you talk maybe pray before you talk to her that the Lord would just give her some insight into what his heart is for her and for you moving forward so you can be in unity on this and if you have any other thoughts give us a call back. Let's head to Florida hi Carl, how can I help user late and she had a 401(k) and I found that that would then go to my father, but I'm not sure out how that works. Yeah so the federal law the ERISA. ERISA governs most pension and retirement accounts and under risks of the owner of a retirement account is married.

Upon death, the spouse is automatically entitled to 50% of the money regardless of what the beneficiary designation says. Other than that the beneficiary designation determines who inherits the retirement assets and that designation trumps anything written in a will. Do you know if there was a beneficiary named on the 401(k). I'm almost sure yet what's in my net so that everything would go to him automatically and that passes outside of the will and probate. Just based on that beneficiary designation get a hold company that can then get it to to hide the death certificate and they'll tell you exactly what they need and they can take care of getting that that transferred over and said you know upon his death so that's that's your next step is to make that phone call, so sorry to hear about your mom's passing, but we appreciate you checking in with us today to Elgin, Illinois hi Lewis, how can I help user my call. I've looked at yourself for some time and I learned a lot. So thank you very much. Absolutely I've got more in the difference between FDI in the bank and credit union. I understand that there is something similar in insurance coverage. Can you explain that yeah I mean, they're basically identical, so the DNC USA the national credit Union administration is the one that the insurer's deposit accounts at Federal credit unions and the FDIC.

The federal deposit insurance Corporation is the government agency that insurance insures consists consumer deposits in banks and thrift institutions, but really it's all exactly the same. They're both backed by the full faith and credit of the United States government. They both offer insurance up to 250,000 per depositor per institution per account category and in our midst. Really you you can't tell any difference other than is just two different agencies in terms of how it's protected, which gives you, then the freedom to say okay what's the right fit for me to like you.

Which credit unions do I qualify for and which ones are in my hometown and what are the interest rates they're paying versus what I could get an online bank but in terms of the protection there's really no difference. Lewis, thank you very much for your after Africa all right yes sir, we appreciate your call today quickly to Florida hi Angela, just got about a minute left to help in your July and I think I first thanked me out that bank getting the car at a lower cost. Yeah, you know, it might be challenging right now because you know was it a new vehicle when you bought it eight 23,000 miles a little better because in the only reason I see those new vehicles can depreciate by as much as 20% the button used car values are sky right now so you may or may not be upside down. So that's the first step is to look whether at whether your upside down. Do you have a loan on this okay so you check on the value of this just to see whether you have enough to be able to sell it on private sale or through dealer get out from it cover the loan and then you could buy the next car still alive will talk a bit more of fear unfortunate were at a time, and Angela, thank you for your call. The folks thanks for joining us today. We covered a lot of ground moneywise live is a partnership between Moody radio and moneywise media as a thank you dad went to Haiti Jim Henry today for their assistance. Thank you for being here will come back and do it all again tomorrow. Hope you'll join us see the Lord blessed