Year-End Tax Tips

You know the difference between the taxes doesn't get worse every time Congress meets Rob West it's going to joke about this, but it's even better to minimize what we legally have to pay some great year-end tips to help you do that, that it's all your calls at 800-525-7000 number 2470 800-525-7000 is moneywise live biblical wisdom for your financial goals. Okay are is an obvious one if you haven't maxed out your contributions to your retirement accounts. Do it now, even though you actually have until you file to do it this year. Individuals can make up to $19,500 in tax deductible, 401(k) contributions, or $26,000 if you're 50 or older. You can also contribute up to $6000 to a traditional or Roth IRA 7000 if you're 50 or older don't have a Roth IRA. While this may be the time to make a Roth conversion you will be converting pretax dollars into post-tax monies so you low taxes on it, but there is a method to the madness.

When you withdraw those funds later in retirement.

You can do it tax-free. This is an especially good strategy. If your income was low in 2021 coverts done that to a lot of people, but if you expect your income to increase next year. It's better to pay the taxes now when you're possibly in the lower bracket you can also deduct contributions of up to $3600 into a health savings account. If you have access to one.

Also, while there is no federal deduction for contributions 285 29 education savings plan. Many states do offer them so consider opening a 529 plan. Sorry, here's our next tip give to charity.

It's more difficult to get a deduction that way. Since the standard deduction for an individual was raised to $12,550 or 25,100 for married couples filing jointly, but there is a temporary provision still in place that allows you to take a $300 deduction for making an eligible gift to charity like your church.

It says $600 deduction for joint filers. Make sure you take it on your 1040.

Just keep in mind that it has to be a cash contribution. Sorry.

Next, don't forget to take your required minimum distributions. The IRS requires you to take a certain amount of money out of your pretax retirement accounts each year.

Once your 72 or older.

Failure to do so is costly you'll pay 50% in taxes on every dollar you fall short of your RMD and if you have to take an RMD. Consider making a qualified charitable distribution or QC D was some or all of that money that way. Your favorite ministry is blasting your RMD is satisfied without owing anything in taxes.

Check with your retirement plan manager for specific details on how to make a Q CD. Okay, here's an important one that won't actually lower your taxes but it will make sure you take full advantage of a deduction.

You've already taken and that's making sure you use all of the money in your flexible spending account at work. If you have one contributions to your FSA were made with pretax dollars.

So they've already lowered your adjusted gross income, but in most cases the money in your FSA is use it or lose it. So spend it on qualified items before the expiration date.

Check with your HR department for more details.

Now if you haven't gotten gifts for everyone on your Christmas list, consider giving money to family and friends.

The rules that you can give up to $15,000 per year per individual without having to file an IRS gift tax form it's 30,000 for couples filing jointly, you can go over that amount without paying taxes, but any gift money above the limit is counted against your lifetime exclusion which right now is 11.7 million so that's not likely to be a problem but you will have to file the gift tax form.

However, 20, 21 is been a great year for the markets but if you happen to own stocks that didn't do well maybe even lost value now is the time to consider what's called tax loss harvesting. With this strategy you sell stocks that have declined in price to realize loss. You can then use that loss to offset capital gains made on other investments this year. If you were extremely unfortunate with your portfolio this year and actually sustained more losses than games you can take an additional deduction of up to $3000 against your taxable income in 2021.

If you lost more than that, you can roll these losses into future years up to $3000 limit. We hope you can take advantage of some of these tax tips we have to pay under Caesar, but only what the law requires your calls or next. 800-525-7000 on Rob West and this is moneywise live will be right back joining us on moneywise live on Rob West your hose delighted to have you along with us today. We got some phone lines open will be taking your calls and questions in just a moment.

Here's the number 800-525-7000 call with anything financial will apply biblical principles and see if we can give you some advice and help you make the next step again. 800-525-7000 eight we would love to invite you to be a supporter of this ministry. Moneywise media is listener supported. We also are a not-for-profit ministry which means your contributions are tax-deductible, but we rely on your support to do everything we do. Especially here at the end of the year we would invite you to consider prayerfully supporting this ministry if you count yourself among our moneywise community. Perhaps you listen to this program with some regularity and you benefited from some of our advice or resources. We'd love to have you help us plan for next year through your contributions before December 31 you can give quickly and easily online@moneywiselive.org you can just click the donate button. You'll also find a physical mailing address or phone number if you'd rather give that way again moneywise live.org just click the donate button and thanks in advance. Again, a few lines open today 800-525-7000 in just a moment will be in Kingsville in Texas. But first, Amelia is up today in Naperville, Illinois hi Amelia, okay, help about protection act in their limited $300 deduction. How much you can. Here yes well I just really depends upon whether or not you're taking the standard deductions so the $300 deduction that you're referencing is for qualifying charities in 2021 or $600 for a married couple that would be, right off the top and so that allows you to get that deduction.

Whether you take the standard deduction or not. But beyond that, if you take the standard deduction that you wouldn't be able to claim any other deductions. If you itemize however that would be your opportunity to claim additional deductions against your charitable contributions do you follow that Amelia you are very welcome. We appreciate you listening and calling and thanks for your generous heart. 800-525-7000 two lines remaining open raisin tingling Kingsville in Texas.

How can I help you Ray.

Thank you Rob McCollum.

We walk lately emergency fund.

I know you talked about it multiple times and usually suggest 3 to 6 month holding their so my wife and I delayed our Social Security and so we're living off of that, plus a supplement of $500 sources so is that emergency fund. The total of the Social Security cost of 500 or just the 500 and the follow-up question how liquid does do these emergency funds need to basically sit in the bank somewhere or if it's an account where I can reach it and say in less than a week to get it to me. I needed it. How to back down at that. That's a great question Ryan and what were looking to do with emergency funds is be able to not only offset unexpected expenses.

Things that come out of left field, but also replace lost income if you were to lose a job now when you're on Social Security that risk is lower because you're not relying on an employer that could terminate your employment, therefore you lose your income so it to your point, your Social Security is fixed and you can count on that. But that number is also used in terms of total monthly expenses to get to a rule of thumb that's going to give you an amount that's adequate for the other unexpected expenses that can come and most certainly could come and will come in that retirement season of life. So although the risk of the loss of income is low, you still have the risk of the major unexpected home repair or know something that just comes out of left field that cost several thousand dollars that you don't have to want to.

You don't have to give seller liquidate some investments are your certainly not relying on a credit card that kind of thing.

So I think for that reason.

I'd love for you to take your total expenses for the month, regardless of the fact that you got Social Security coming and offset part of those and multiply that by in a 3 to 6 months depending depending on your comfort level and that would give you really an amount that set aside that is adequate to cover most unexpected expenses that might come out of left field in terms of where to keep those funds. I really like keeping them in a separate savings account Ray. I like taking advantage of the higher level of interest, even though that's relative today.

That means about in a .55% interest but that's better than .001 and in order to do that you need to put that in an online savings account that will also allow you to open an account doesn't charge any fees and I would have that linked to my checking account which may be at another institution entirely and through the HC ACH system, you should be able to have those funds within 1 to 2 days with the click of a button. I like that because you can still get to it fairly quickly. But it's not sitting there co-mingled with your other of funds that you using for everyday expenses, which just makes it one step removed, and perhaps a little more likely that it won't be used for unintended purposes, but tell me what questions you have on old very well at. That's what I was looking for. Not really appreciate it. Thanks are excellent. Ray will thank you for your listening sermon that Merry Christmas to you. God bless.

Let's head to Wichita, Kansas, where Antonio is today.

Antonio can help doing great, thank you for going well. Michael Young made earlier.

I have a rental that that I read someone mentioned to me that I should turn it into an LLC protect. So what would you say about that.

You know that generally Ms. can give you some tax flexibility and I would talk to your tax preparer about that to determine whether it makes sense.

A lot of times folks will use an LLC for personal liability protection they do involve in a less compliance paperwork there fairly easy to start can give you some other flexibilities you know around management and your distribution of the assets.

If you need to even privacy. So I think there are some advantages. Certainly Antonio for you to conduct your real estate activities within an LLC, but from a tax standpoint I would consult a professional tax preparer just to understand exactly what the difference would be based on your current structure versus the LLC.

The disadvantage really is just that they cost a bit more to form and maintain that a sole proprietor or general partnership and the transferable ownership ownership and analyses often harder to transfer with corporations just want to make sure there's enough benefit.

Therefore, you, so I'd start with the tax side and the rest of the think protocol sermon right back to Leander but he was alive today was your financial decisions around West shows we got a number of questions lined up here in advance, but the election got two lines open.

Perhaps one of those two remaining lines is 800-525-7000 before we head back to the phone calls today just remind you, I'd love for you to create a free moneywise account moneywise live.org that will allow you to post to our moneywise community where coaches are answering your questions. It will automatically sign you up to receive our moneywise weekly wisdom email and then if you become a pro user which right now it moneywise.org/Pro is available at a discounted price for a limited time, you'll also be able to take full advantage of the moneywise app and schedule a time to meet with one of our coaches when ever you need to be there to encourage you answer your questions and help you get pointed in the right direction soap check all of that out when you visit our website moneywise live.org and head to Arkansas next where Linda is Linda how can I assist you today, taking my call and I listen to your program nearly every day and at one point you are talking about going on months of parity disability and unable to paint my ties and still have between hundred and eight at $200. Generally, 200 left over and I was wondering know nothing about net calling, but I think you said that our someone said that when Europe recovers won't be worth anything… Well, maybe that's something I should look yeah I die, I can assure you that wasn't me. I appreciate you listening regularly so here's what I would say about that. The US dollar mean we have our challenges here in this country in terms of the amount of debt we've taken on in the last several years and and then the decades before that and through our monetary policy interest.

A whole host of issues.

Inflation is obviously picked up as of late, but we also have a very strong economy as well with very strong consumer we have for all intents and purposes, the strongest economy in the world and I think that applies to the US dollar as well, which is why even in 2008. In 2009, when we had a real financial crisis with systemic problems in the system. The dollar rallied because there really is no alternative. When you look across the rest of the world and so I still have a lot of faith in the US economy, which is why if you with my money and what I would encourage you to do is to be a diversified investor following biblical principles, but with long-term money as an owner of stocks and bonds with the risk level that's commensurate to your age and objectives, and I would not put bitcoin in any category for investments. It's just too speculative. When I think the technology behind bitcoin is here to stay.

The other still a lot of unanswered questions. The regulators are trying to figure out how to handle it to just even this week Congress was talking about some new rules on digital assets and the adapters, spooked the market a bit. Visas made some major moves into the cryptand I think were seeing it become more and more mainstream but that doesn't change the fact that it's very speculative and highly volatile, and for that reason I would stay away with my investment dollars and if you just take what happened last weekend. It's an example euro between Friday night and early Saturday morning.

Bitcoin's price fell more than 20% and that was just in a series of hours now it had recovered a lot of that by Tuesday afternoon, but that kind of volatility.

I think just puts it out of bounds for prudent investors trying to be steady plotters plotting local wisdom to their investment. So if it were me I would set that aside as an investment, and for that reason I would be looking to invest on more of a sure and steady approach. It's not going to give you the time of the wild swings and I don't think at the end of the day that's what you're looking for those that doesn't make sense that back to what you said.

I know nothing about.

Sure and I don't do this amend binder yeah yeah well let me help you with that.

You said you have $200 a month to invest in the first question I would ask is you have an emergency fund.

You have funds set aside totaling I would say at least three months worth of your expenses what it takes for you to fund your lifestyle for 30 day. You have three months worth of expenses. The liquid emergency fund will know that having been said, now I only caught on my truck on a Karlan on and I have about a year and 1/2 okay but I like all of those things.

So I think the next order of business is to build what I call an emergency fund and I'd love for you have 3 to 6 months expenses. So if it cost to $1500 a month to your cover all your bills or let's say 2000 love for you have between three and 6000 in retirement. Some people want to have as much as a years worth of expenses and a liquid savings account not invested at the risk of the market, but available if you need it because the unexpected does come, so I would take that 200 a month and for the next good many months I've used that to fund that emergency fund and a liquid savings account that's linked to your checking once that's in place.

If you truly have a margin of $200 a month. Then you could be an investor and basically by systematically putting that in the market, you would be what's called dollar cost averaging where you're buying whether the markets up for the markets down in the markets down you buy more shares of the investment you're buying for the same price and when the markets up your buying less shares but over time you're taking a concerted position in the market and you will capture the broad moves of the market that how would I go about investing $200 month well again, I'd make sure that you have the right time horizon, which is at least five, preferably 10 years on this money. And secondly, I'd probably use in your case if you're just getting started and you try to drop $200 a month.

Then I use what I call a Robo advisor which is essentially where you'd own ETF exchange traded funds, so you'd capture the broad moves of the market through indexes that that may all be foreign terminology and if it is I understand that. So I would do a couple things number one were done here are likely to hold the line and I'm a send you a copy of the sound mind investing handbook so you can read up and be an educated investor according to biblical principles, but then secondly I'd check out a few of the Robo advisor just to see what I'm describing. I'd look at betterment or the Schwab intelligent portfolios or the Vanguard advisor anyone of those three would give you a very low cost very well diversified investment solution that you could set up an automatic transfer into every month so that every month you're taking a position win those dollars are invested, you would incur any cost and then over time you can build up quite a mistake. So I think the first order of business is to get that emergency fund funded start reading this book I'm going to send you and then if you have other questions that hesitate to give us a call. You hold the line Linda to pause for a couple lines of my life sliders number 805 five 7000 thanks for tuning in moneywise live around Western coastline everyone with us today taking your calls and questions on anything financial except right back to the phone. Esther is in Chicago and Esther can help you make my questionnaire out where we're wanting to buy a house and everything we want to do it now.

It had were concerned about inflation a great time to buy.

Now I know the prices are high that want to go higher with inflation.

Well let's start with this for seconds as this is going to be a primary residence or the property, it would be a primary resident in that you been renting up to this point, or would you somehow telling a home but were purchased weekend. I got home that where mining could buy now for cash, felt it would be a cash deal. I see and that's even prior to selling the home in your home. You're in today.

Yeah that we have a place to land.

Right now we're living I'm caring for my mother tell where a sickly, loving, and at her place okay very good health so I need how yeah well you know if you have time and you know you could wait and there's an argument to be made that the housing market is a little overpriced right now. Nationally, the latest estimates are about 5 to 6% overvalued but were not in a bubble situation by any means. We have seen an incredible rise in the housing market in the last several years. In particular, but it's due to real demand. The other is just a lack of inventory out there.

That was certainly the case this past summer. It's gotten a little better but were still short on the number of homes that are needed. You've got a number of factors including the pandemic which is caused a lot of folks who were living downtown and apartments to move out to the suburbs because they're working remotely, and more. More companies are offering that option you got a lot of folks relocating because of high tax states. You've got millennial's that are now coming-of-age.

Whether having kids and wanting a little more space and so all of that put together has resulted in somewhat of a housing shortage and it's just economics 101 when you have more demand than supply prices are going up, and for that reason, you know, I don't think working to see housing prices come down dramatically by any means.

We may see a cooling of the rise in housing prices. But that's probably about it for the next couple years. So for that reason I think if you know where you want to go and you know the location you know you've done your research. You obviously know you're paying cash, which is a good sign that you've got to have the financial wherewithal to do it.

I'd say go ahead and proceed now if you're not going occupy that home because you're living with family and taking care of your mom then you could certainly wait and look over the next year or two to see if we were to hit a recession or something like that. But apart from that, I would say you know as you sell your current home. You're going to benefit from the fact that it's a sellers market you're going to get top dollar on it and therefore you know even though you're paying top dollar for this next home notes being offset by what you're making on the home that you're selling. So I think for those reasons I don't see any real compelling argument for you waiting on the sideline unless you're just not ready to occupy it and you'd like to see what happens economically in the next year or two that'll make sense.

We waste told her how effective Brickhouse collective Bricker I and a couple how it had everything in it. The basement actually sold by Eric telling and now the money that we have practically always going into a frame how that actually it's not even a full how I could pack the house and can even serve our purposes would have to build it dry and get there the second floor that after downside that I'm just thinking now is that all of why I'm struggling with email giving up more than what I'm going to be getting any maniacs to the way there I don't know, this still comes down to what is the right home for you. In my opinion has nothing really to do with where the markets because you know if you look for a home that perhaps has all the features to your describing on the home you're selling and it's gonna cost you a little bit more.

Well you again. You're making up for that in a sense by the home that you sold because you know you're getting all the appreciation that you experienced in that home, so I think the key for you right now is is less about timing and more about what is good to meet your needs in terms of the location, the type of home you want the size home you want you want multi-Florida you want ranch what kind of construction materials how new or old and whether requires renovations you want to go in and put your kind of fingerprints on it, or you want to buy something that you can just move into and enjoy those are the decisions I think you need to make first and then you gotta determine your budget. What are we willing to spend and can we find the home that meets our needs within that budget. Not we were going to get into situation and stretching by too much house. But you know based on your budget. Buying the very best home you can. The camisoles for as many of these criteria that are important to you as possible, so I think that's perhaps the next step for you all is irrespective of the economy and the housing market. What is the right home for you. What are the nonnegotiable's one of the things you'd like to have and then you know get a realtor that can help you really chase that down in the area that you're looking for to see how many of those things you can find. You know within your price range and if you can find it. That's a proceed, but to what you're describing at the home you, but you're looking at in terms of what you're giving up doesn't sound like the ideal solution for use of get that some more thought and prayer. Make sure you're using a professional to help you make those decisions and keep us posted on love to know how it turns out. Thank you for your call today to Houston, Texas hi Petra, how can I help you.

Hello, I think it was that I have some money. St. and I really don't know what to needed to make it grow into this not have it sitting on the nominee went on barely trying to figure this out when you say you have some money saved.

Would this be in addition to what I call an emergency fund of 3 to 6 months expenses. No I mean I have an income of think I have an additional income that since many say no I don't have much okay how much do you spend roughly total on a monthly basis with all my bills. About 2000. Okay, so I'd love for you to have at least $6000 in a savings account, preferably 12,000.

Do you have any credit card debt and other consumer debt like car loans or anything like that.

Yes I do. I okay right now much fuel in the car about 20 okay and what else total that you got say that you're looking to invest 100,000. Okay, tell me about your income. You are you on Social Security are you working what are your intentions income almost very good. Let's do this unless you hold the line.

Take a quick break and we come back to my thoughts on how you should approach this hundred thousand dollars.

So this is what he was moneywise live amount Lester hose. This is biblical wisdom for your financial decisions. Just before the regular talking Houston Petra understand you have 5000 a month coming in in retirement income got a $20,000 car note to your expenses are about 2000 a month and you've saved up about $100,000 that you wondering what you should do with.

I'm curious at the end of the month after all your bills are paid. What you usually have leftover out of the 5000. Well, pretty much have 90 which is about how much about to say at least 2000 or more 2000 month okay very good so you know I think what you could do right now. It will last question, do you have a mortgage or are you renting your audio you own your own home. Great. Okay so I think with the 2000 a month.

What I would do is start going after the car note let's try to get that paid off as quickly as you can. If you just now added the 2000 a month plus the monthly payment. Your currently paying.

Let's say you pay that off in eight months and that's good. Increase what you have extra on a monthly basis, so that'll take care of the car and then I would set aside at least six months expenses which would be 12,000 in a savings account that's linked to your checking account and you because you got so much margin. I don't think you need any more than that. Then the balance of what's left which would essentially be you know about euro is $75,000, maybe 80,000 you could invest.

The only other thing those you mentioned some renovations of 25,000. How quickly do you think you need to do those wanting to take care of. Okay you know the beginning of next year. Okay are then I go and set that aside as well. So if we take the 25,000 for the renovations, plus the 12,000 of the emergency fund that's 37,000.

Let's call that 40,000 that you need to set aside in savings that gives you 60,000 to begin investing. At that point, I would probably connect with the certified kingdom advisor there in Houston who could help you get set up with an investing program that makes sense for you fairly conservative were you get a little more return than you would get you know just by sticking this in a savings account it is going to add a little rest to it because anytime we are investing any money. We have the risk of principal loss but the idea is with the emergency fund that you have. And with that surplus of at least a couple thousand a month and that's good to be even higher. Once the cars paid off. You know you shouldn't have to touch that money and the goal would be that you probably averaging a 5% a year or so, which would allow that money to grow and you'll be adding to it. Once the car is paid off, so that would be my next steps for you. Let's set aside 40,000 for the renovations in the car and excuse me on the emergency fund. Let's at all your surplus to get the car paid off and then let's looking at investing the 60,000 and what you add to it.

Once the cars paid off down the road set make sense to you but I don't I go about finding the right to advisor sure it's a couple of options for you. One would be a go to our website moneywise live.org moneywise live.org and click find ACK stands for certified kingdom advisor.

I put in your ZIP Code find somebody probably two or three in your area and contact them and tell them you're looking to invest about 60,000, and that you be adding in a couple thousand two and over time. The other option is you could connect with our friends@soundmindinvesting.org sound mind investing.org they could assist you as well and I think between those two options you get some good godly counsel that can guide you in these decisions that you're in really great shape in the sense that you have a fully funded emergency fund you be completely debt-free including the car, you have the renovations covered and you'll still be adding to your investment accounts every month. Once all of this is done so I hope that's helpful to you Petra thank you for listening: we appreciate it very much to Wheeling, Illinois hi Caleb, how can I help you. Hi, thank you so much for taking my call really appreciate it.

I'm 18 years old I had my first part-time job for about eight or nine months and right now all the money I get is going into a savings account 10% goes to tithing and then a little bit of it helps pay for my car insurance and I does a really general but wondering is there anything else I should be doing with my money.

Should I be investing it really just looking for a little bit of guidance, advice. I guess what I should do with it though that's great I'm glad you're thinking about this now and you're obviously establishing some rhythms and disciplines Caleb that will serve you really well into the future so you said that you're bringing in about how much a month approximately $800 a month. I would say probably okay and tell me how that's the currently being allocated, what you doing with 800 a month every day out of every paycheck I get is 10% goes straight to tithing. Since every paycheck about $400 I get 75 and echoes the car insurance and the rest goes straight to savings for like 20 bucks if I need to get gas or something perfect love and are you living at home. I am yes okay so yeah you do your expenses are very very low.

But what if you say that so far. Caleb so so far in my bank account got about $6000 in savings approximately so deftly the lowest tax bracket. Yeah, absolutely. And as you think doubts kind of the next couple years of what point do you feel like you want to be ready to move out. You know mom and dad's place and get your own apartment in your thinking about buying a car made. What are those major expenses you're looking at in the next couple years. Yeah. So right now, a lot of it is just saving up for college and in my last year of high school right now. It's a lot of it is just saving up for that. I haven't quite looked at getting a car yet. A lot of it. I just know to come with whatever. If I get Mabel to get a scholarship for college loans and have to take out over the next four years so I'm not even at an apartment yet it is basically all about college for me right now. Got it okay in colleges is not paid for the units need to cover that yourself either through what you say or through student loans or scholarships right more than this probably going to be a good chunk of it, yes or yeah okay very good so I think at this point, I wouldn't be looking to invest a means that you know I think when you've got a surplus and you're in college and college is paid for and you know you've got good saving set aside I be looking at starting a Roth IRA. Just as soon as you can, but not right now because that's money that we need to have a 10 year time horizon on and right now you need to save as much as you can to cover the cost of college, and you know when you need to buy a car, and other expenses that will come.

You need as much saved up as possible so I would just say let's keep that money going into a high-yield savings account. I know it's not terribly exciting. The return that you're going to get on it, but that's not what's important right now because that money doesn't need to be at the risk of any kind of markets towards whoever where you could lose money if you need to build access it to you know pay for things in the next 612 in 1824 months. So for that reason, I just stay on this current track work as much as you can. Your expenses are low.

Make sure you give first what you have been in that's tremendous and everything else you just suck it away in a savings account so you're ready to cover those expenses as they come, and then down the road we can look at you getting you started with a systematic investment of even 25 or $50 a month going into a Roth IRA which will serve you really well but were a little premature for that. You stand alignable to send your copy of our Dean's book master skews me master money is Ron blues book and that would be a great one for you and I think the yard that will begin to teach you some of these biblical principles but through all of the areas of financial planning. So steno I will send you master your money.

It's our gift to you and I appreciate your call today. Don't hesitate to check back with us in the future quickly to Topeka, Kansas AHA are to be our last color today, go right ahead. All okay Rob I think what way did you know that man at different car. I got like a lump sum about 80,000 more bullets out checking account and I just don't know what to do without my mama pay some bills off me and I got like a like 6000 on the vehicle. I got a part-time job of bringing about 1100 every two weeks and then I got 25,000 home and all but I just don't.

Mom account from bill but I don't know what to clears this money coming from retirement papers are stated to okay and how much you can receives €80,000.

There okay and I heard you rattle off bills and I hear renovations as well in the house, not about 25 left on the mortgage is no point but in a car about 6000.

And I got a part-time job like that every two weeks okay and do you have any other expenses other than the 25,000 and the 6000 that you that you need some money for my Inner critic, you know, we do have a credit card is better. That's what I want one block out the hot credit card and a low credit card yeah yeah was there's a lot of moving pieces here Ajay that I think you would benefit from some help on looking at all that I mean my priority order would be number one. What is your budget going to look like moving forward. If there's any changes coming as a result of your job situation and really dial indicate dialing into that spending plan what is it take to fund your household on a monthly basis and then match that with the income sources you have. If you have a change in income you're moving from full-time to part-time work. That's fine, but what are those income sources and do you have enough and then what is your system to control the flow of money in and out. Apart from that, I'd be looking to pay off the high interest credit cards wouldn't do that with retirement accounts to do that was surplus using debt management program Christian credit counselors.org is the way to go. I'd wake shut.

Make sure you have your emergency fund funded as well. But apart from that, I'd really be looking for you to get a full-blown financial plan so you stay on the line and I'll get you connected with one of our money wise coaches. We appreciate your call today for us folks moneywise is a partnership between radio and moneywise Dan, thank you for being here is welcome back and join us tomorrow