More Inflation Fighters

It's more important than ever these days to stretch your budget further. But how do you get the most bang for your buck. I am Rob West saving a dollar here and there is great.

Don't get me wrong, but you may need lesion fighters. They get bigger quicker results and I got a bunch of them for you so we'll talk about that today limits on your calls at 800-525-7000 800-525-7000.

This is moneywise live like a wisdom for your financial journey. Everyone's budget so where are all in the same boat. In times like these. It's helpful to put things in perspective, we should always be looking for ways to save money and be faithful stewards of what God has given us the Bible doesn't tell us to do that. Only when times are tough.

Proverbs is often our go to book for wisdom on saving.

Proverbs 2120 reads precious treasure and Euler in a wise man's dwelling, but a foolish man devours it in Proverbs 10 foretells us a slack hand causes poverty, but the hand of the diligent makes rich, there are only so many hours in the day. So let's concentrate on a few money-saving ideas that will pay off the most number one is no surprise. And it's probably the biggest thing you can do to save money and that's to avoid debt and if you're in doubt, get out of it as quickly as you can stop using credit cards unless you pay off the balance each month pay down what you owe. Use the snowball method that we've talked about so much before start with the smallest debt when that's paid off move on to the next and so on.

If you're paying thousands of dollars a year in interest on credit cards.

Imagine how that could beef up your emergency fund or earn in a retirement account. Put your money to work for you rather than you working for it. Okay the next idea isn't new either. But a few of you haven't gotten around to it yet and you know who you are.

That is, automate your savings have part of every paycheck transferred automatically into savings do that first to build up your emergency fund and then when that's fully funded with 3 to 6 months living expenses start putting that money into a qualified retirement plan, like a 401(k) or IRA. If you rely on yourself to do it manually. It probably won't happen.

Now this next one is a terrific money-saving idea, but how many people actually do it. It's to put away something from any paycheck increases or tax refunds you get. Actually I'd say bank at least half of your raises and all of your tax refund and by the way, you really shouldn't be getting much of a refund at all.

That's just giving Uncle Sam interest-free use of your money when you could be putting it to better use yourself so adjust your withholdings to get as close to zero as possible. Here's another money-saving idea. That's not so obvious and a lot of folks may not even see the connection with money, but there is one. It simply take care of yourself, stay healthy eating a well-balanced diet, exercise, and get plenty of sleep. Watch your weight why because healthcare is expensive no matter what kind of plan you have, the less healthcare you use, the less you pay in deductibles and the more you say. Studies show that if you're overweight and out of shape. On average, you'll spend more on healthcare in your later years. The next one is a guaranteed way to be able to save more. It's make more take a side job or put in extra hours at work or think outside the box. Maybe you can drive for Uber or lift or rent out a room through air B&B if you just work 10 hours a week at $12 an hour. It adds up to more than $6000 a year more than wiping out the effects of inflation now for this next one. Let me ask you is your time worth 100 or maybe $200 an hour. Unless you're a brain surgeon.

Probably not, but that's what you can save by spending an hour or two on the phone every year with your monthly creditors like home, auto and health insurance companies and your smart phone, Internet and cable providers. Even your credit card companies go over your plans with the customer service rep to make sure you're paying as little as possible for the product or service you need to do this, especially if you have automatic renewal.

They may have added items you don't want or need. This last money-saving idea is for those who haven't completed the first one you get out of debt and it's a bit more difficult in times of rising interest rates, but an annual call to your credit card issuer to ask for a lower rate could result in saving hundreds of dollars a year.

All right, I hope you found that helpful your calls or next.

800-525-7000 am Rob Weston will be right back to help you apply God's wisdom to you with us today on moneywise live wisdom for your financial decisions. Am Rob West euros. We got some lines open.

Although the phones are lighting up in the lines are filling up so you have a question we'd love to hear from you. 800-525-7000.

Let's go to the phones rooster Ohio W CRF Joe, your first colored red hair out my call. I got yeah yeah thank you know I just recently got engaged my now fiancé and were kind of looking ahead planning to get married.

About this time next year and want to know what your advice is both my financial and client how to prepare financially but also how to prepare kind of for handling our finances together in Canada be as a team on that aftermath so slow delighted you're asking the joke is this is often a missed step as an engaged couple prepares for marriage and we go through the typical premarital counseling and that's critical. But is the financial side truly addressed and if this is going to be potentially the largest source of conflict.

It is for 70% of couples then it seems like it be worthwhile to really lean into it and obviously your question demonstrates that you have a desire to do that. I would say the first thing Joel is to really communicate with intentionality about this topic. Looking both back at the present and in the future. Here's what I mean by that.

Looking back, I'd be wanting to talk about things like how was money handled growing up. You know that's probably the largest driver of how we handle money today is watching our mom and dad do it.

What kind of financial situation were re-and re-in a situation we had an abundance or were just scraping by, what was modeled for you and how is that really affected who you are today in terms of handling God's money, and then I would also want to look back just to say how is God wired each of us and were more inclined to be spenders your savers and it's not the ones right or wrong, good or bad. It's really just how is God wired us and let's just acknowledge that as we think about bringing our finances together with regard to the present.

I'd be talking about things like what kind of lifestyle. Do we want to lead, you know, if God were to continue to bless us financially. Is there a limit to that. What is that, And we file God's calling us to form for a lifestyle standpoint but also in our giving, where does that fit the succumb first and how much do we want to do is really about starting with the time there is that the tithe plus more. Is that just the beginning point and then as you look to the future begin to think about you as a married couple as one flesh. Where is God taking us what are our values and priorities and how does that then inform the goals that will set about for you know about the future is really about accumulating more so we can save for specific things is there giving goals that you have your what are those goals being debt-free, potentially could be a goal especially if you have student loan debt. That type of thing.

So I think having that conversation.

Looking back, looking at the present looking into the future would be important there some mechanical parts to this as well. I think you know really sharing credit reports and having proper understanding of where you are at financially in terms of your balance sheet assets and liabilities beginning to take a stab at that spending plan that you will operate off of that accounts for all the income sources that you have and prioritizes your giving your saving in your debt repayment, and then that lifestyle that you're going to lead based on the income that you have but where it's all been put together and you're starting to work through that and then who is gonna be the bookkeeper you both need to be involved in all of the decisions.

But the question is, is there one who's perhaps more detail oriented. Who wants to come to be the one to manage the accounts and pay the bills. Whether that's electronic or otherwise in beginning to work on some of those more mechanical pieces I think are really important as well so I think if you were to do those things. Joel, you'd certainly be on a great trajectory if you wanted to take it to the next level. One thing that I've seen some couples do and I love this idea is to have a mentor couple specifically related to this area of finance and older perhaps more season couple from your church is willing to just gonna walk alongside you. Maybe just for the first year or maybe meet once 1/4 and just gonna talk about how you merge your financial life under the Lord.

But now in marriage and then the last thing I would say is do some reading on this. In fact, if you hold the line when were done here I'll send you just as our gift to you Howard Dean's book called money and marriage God's way. I think if you were to read that together maybe a chapter at a time talk about it. That'll give you some additional I think grounding in all of these ideas around money management but from a biblical worldview is that helpful at Lily, absolutely yes thank you very much.

I never thought of looking backward and thing out differences were growing up.

That that's very helpful. Thank you very much, well, you'll be surprised at how that conversation goes. Not that it will be positive. I think it will hopefully absolutely be positive. But a lot of people miss that and it really has so much to do with who we are today will be. I think just an interesting discussion as you think through that and evaluate how some of those experiences, you know, as children really inform how each of you handle money today and just being able to acknowledge that and then use that as a tool to perhaps drive toward even greater oneness as you think about handling money moving forward solicit all the best to you Joel congratulations on your upcoming marriage and hold the line will get your information get that book ran out to you.

Thanks for calling Chicago Hilda.

Thank you for calling the redhead for the next couple of day implication for me in the long term, and I can't know and you can purchase them for another individual, so you can actually buy them for yourself and then for your nephew and you want any tax issues.

The most you can purchase for yourself or another individual's 10,000 a year and that's well below the gift tax exemption of 16,000. Even if you went above it. You wouldn't have any taxes due.

You just have to report it if they're minors you have to set up was called a custodial account for them in treasury direct.gov that'll be linked to your account there, but it really is a custodial account so it's their asset. It just doesn't become under their control into the age of majority, which is typically 18. So once you establish your account you open, there is link them two years as the custodial accounts and you can purchase the electronic bonds there@thetreasurydirect.gov we get more money now know you can add to it over time. You just limited to 10,000 a year in electronic bonds per person per calendar year. Okay, I wanted to open an account help my 18 open account for his Roth IRA and what are those limits like I want to give him $6000 put in right away. Roth IRA Carolyn were complete, part-time, yes there is. You can only put in up to the limit, but only up to the amount that he has earned income so if he doesn't have earned income up to $6000 for the year then you would only be able to put in up to the amount of earned income he had.

Now he's got more than 6000 you would be capped at $6000 limit, but if he doesn't have earned income up to that amount you would be able to put in the full 6000 in that custodial Roth IRA in his name and check out. Not all custodians offer the custodial Roth IRA which by the way, I love that idea but I know Fidelity does and Charles Schwab does as well so you can look at either of those to open those accounts. But you're getting limited to the amount of earned income that he has as a young man working part-time hopefully get all the way to 6000 people to call me right back on men's lives there with us joining us this afternoon for moneywise line. This is where we gather together each afternoon to explore the Scriptures and apply God's wisdom to your financial decisions and choices.

My wisdom want to go back to God's word and try to pull out the big themes in the principles and then apply those to the practical decisions and choices you're making every day as you establish your lifestyle and your spending plan and try to get out of debt once and for all and save for the future for the short term of the long term, and even think about your giving where all that fits in.

By the way, hopefully it fits in first before we think about doing everything else.

Well, this is the program right where we help you do that, I've got a just a couple of lines open so perhaps one spot for you 800-525-7000. Let's it back to the phone's beautiful Bradenton, Florida Earl, thank you for calling the redhead all your hey I was so I got an inheritance a few months back and right now it's sitting in a part of my bank and not gaining any interest so I was wondering is there something that I can take a portion of that money put it insert against the mentor still be able to access and interpret emergency but really like dinner for a year. Years okay yeah but you did want that caveat.

Even though the goal would be 1 to 2 years you want to be able to have it liquid in potentially less than a year. If you really needed it correct yet so in that case you really probably just want to look at a high yield savings account and I would look at Marcus capital one 360 or Ally Bank, other paying about 1.5% right now.

That's not anything terribly exciting. Although it's love than what it was a year or two ago and it would be completely liquid. You could link it to your checking account you would earn a little bit interest on it.

Not a whole lot, but some and it would be safe be FDIC insured.

Anything else is can involve either some risk. Or, you know, probably locking the money for a year and know that violates this idea that you want complete liquidity or access to in the event of emergency drill over the events that I like would be Ally Bank. A LLI Marcus.

Marcus.com that's the retail operation of Goldman Sachs and capital one 360. They're all online banks which are just as safe as brick-and-mortar banks that have the same FDIC insurance but because they don't have the brick-and-mortar buildings and operations they're able to pass that on the form of no fees.

So you'd open an account fee free savings account and they would give you far better interest rate than you would get a brick-and-mortar bank worker as opposed to a fraction of 1% you'd get in a 1/2% and as rate set up in the Fed has all but said they are going higher over the balance of this year, those high yield savings rates will move up with the Fed funds rate right very helpful writer. All things are going to publish it to Millersburg, Ohio, Lori, thank you for going to redhead my call actually a great question in regards to this student loan relief know Lori will usually limited to two but I'm I might make an exception for you today so go ahead and actual or is it the owner of the note is that going to have to write it off checkout line question is this, people that take advantage of.

Will it affect their credit rating. Any questioning as the Bible say about the folks that could afford to pay back this then just choose to take advantage of this relief opportunity question yeah yeah very good. Well dear is news out today and I haven't had a chance to review it. You know they had been saying that today was the day that Pres. Biden would talk about the student loan forgiveness and what he was doing through executive order that news is out and I haven't been able to examine it. So there's a lot more information that you will be able to find on this. Essentially, I believe, just from what I skimmed is if you are making less than 125,000 year for an individual or less than 250,000 a year for a married couple.

They will forgive 10,000 in federal student loan debt so they'll just essentially eliminated and then they'll also cancel up to 20,000 for the Pell grant recipients. And that's tax-free forgiveness on up to $20,000 so you wouldn't have any taxes due on that so that would be you know what is available today in terms of you know whether you would take advantage of that and there's all kinds of folks on it on various sides of this issue that they talk about whether this is a good idea or bad. I'll stay out of that at the moment and just say you're from a biblical standpoint this is offered to you. I don't have any problem with you taking it even though I would. Perhaps you know it is a different issue question just the viability and wisdom in the direction that they're headed here but in terms of it being available and you taking it, whether it's loan forgiveness through you working and you know they public service sector or to or through a nonprofit that's been available for many years, or whether it's this executive action loan forgiveness I would say that there is no reason why you wouldn't want to take it.

There's lots of controversy about whether this is constitutional and that will ultimately be decided in the courts, but I don't think biblically speaking, there's a problem with you taking it down to set tackle your questions. Credit ratings know not to know you won't have any taxes due and I won't have any bearing on your credit rating. There are understand loan forgiveness for a company out there that he thinks the government was the federal government. These are federal loans is the federal government alone in essentially the federal government is going to reset off their liabilities and so US taxpayers are stuck with the bill is essentially what's happening. So it is canceled or forgiven as if it didn't exist, no, no, not for private student loan.

This is federal student loans were talking about here are a Lori, thanks for your call today. Looks like all the wiser. Great questions coming up, so don't go anywhere. This is money wise live on less than like that joining us today moneywise live biblical wisdom for your financial decisions will have more to say on this student loan forgiveness plan in the days ahead.

All this is just coming out, but apparently the Biden administration talking about their decision whether or not it's constitutional remains to be seen. Their decision to essentially forgive loans for up to 8 million borrowers to the tune of between well capping at $20,000 but for most folks $10,000 in federal student loans.

Of these are federal loans held by the education department that would be eligible, not private student loans up to 20,000 if it's a Pell grant typically 10,000, though in relief not taxable at a federal level and there would be an application to apply for it will talk more about the implications of this in a whole lot more in the days ahead. But you certainly could read more about it as this is just coming out today are back to the phones we go 800-525-7000 Hastings, Nebraska Dean, thank you for going to redhead your counsel for the elderly couple that will be selling their business and trying to avoid sending half of it into taxes. My counsel would be to call my friends at the National Christian foundation before you sell. And here's why. You know with the business just like you can with other appreciated assets like real estate or stocks and bonds are part for that matter with the business.

You can actually give away a portion of the business prior to the sale and that portion of the business within and upon liquidation avoid capital gains tax and go right into a donor advised fund that you could then give away so if you're looking to be generous. There is absolutely a way to do it where you can avoid a lot of taxes and get a lot more ministry lower a lot more money going right into ministry through a not-for-profit organization, and the reason I mention NCF the National Christian foundation is they are the biggest large is the oldest of the charity that does this type of thing founded by not only the late Larry Burket but also Ron blue and Terry Parker. They've given away. Well, they just crossed. I believe the 15 well died. I don't know that number there giving away billions a year, essentially, but it's money that's flowing through NCF, and here's where they really shine. Is there gift planning attorneys. The team there.

The National Christian foundation is the best anywhere in helping you understand the most effective and efficient strategy to effect a gift like this and do it in a way that meets your needs and desires, but to making sure that it all stands up to you. Of course the law and the IRS. So that's what I would do Dean but does that trigger any additional questions for you. Yes, do you believe that your kingdom advisors would have more information about that you absolutely yes you can reach out to certify kingdom advisor and mentioned that you'd like to think about. This is a part of the sale and mention the National Christian foundation and because of how closely we work with NCF Europe moneywise and also the kingdom advisors they would be very familiar. You could also just reach out directly Dean to NCF and then of course bring your advisor along to NCF giving.com. They have local offices around the country. Or you could work with the national office out of Atlanta. So either way going through CK and mentioning that this is something you'd like to do or going directly and then getting your advisor involved in that conversation would work. The key is that you put all this together prior to the sale to make sure that you can do it most effectively exploit] yeah Dean, thanks for going to bless my friend, let's head to Orlando Becky are next on the program going.

I am finally a point where I put money right and go for saving things like that market whatnot. I have an opportunity to my 401(k), giving her the rest of the year to Richmond and I didn't know that with the best place to put it right now. Considering the market for and I'm about 40 our retirement. Yes I love that idea.

Becky, the only thing I would ask is do you have any consumer dad like high interest credit card. Dad and secondly, do you also have an emergency fund emergency fund that helps you hear the guy with very little interest in the home so I would definitely would would increase this. Try to get it up to the max I would do it systematically, like monthly as a going up the percentage in your your HR department or finance director who you work for could tell you what that amount is, that would get you to the max and then I would absolutely do that now you know a lot of folks think well the markets volatile. It's down now is not taught not the time to do it. It's actually the opposite of that. This is the best time to do what you want to buy at the top you want to begin dollar cost averaging into the market would just means systematic contributions over time, which is what you're doing through salary deferral into a 401(k) you want to do that. You know when the markets down in the great thing is that you know we don't know where the markets going to be up your 2000 points between now and next month or could be down 2000.

We don't know.

Some he tells you they do know they're not being truthful so because we don't know where the markets going except that the long term trends, despite recessions in high inflation and you know oil embargoes is for long-term trend is up. It's the very best way to overcome inflation and build wealth over your 1020 3040 years. So for that reason I would say just bump up your monthly contributions and get that money going right into that 401(k). I think it's a great idea. One of their managed account they like moderate rent accounts and they cannot balance that out for me think that okay or should I dive down into the more that he tell you how much do you have in there currently 45 maybe okay yeah yeah you could do that. I mean they they probably have what are called either target date or lifecycle funds in there that basically you give them your target retirement date and they automatically decide through that.

What percentage should be in stocks versus bonds and he gets more conservative automatically over time. That's probably the easiest way to do it in terms of your making sure that you know it's being rebalanced with intentionality, but beyond that, you certainly could take a deeper dive either by doing the research yourself, or by getting an advisor to weigh in on this and take a look at it for you help. I yeah you're very welcome sure.

And thanks for calling and checking in with us today. We appreciate it and we got a lot more questions coming up here will get to them. Just after the break, but let me mention quickly before we take our next break the moneywise app could help give today's inflation fighters that we started the program with we talked about the effects of inflation and how that's really wreaking havoc on so many folks family budgets. While the moneywise app can help you create a plan to pay your bills, pay off your debt.

Automate your savings and set other money goals. The applet you choose. Actually from three different budgeting options, depending on your management style and it's available in both desktop or mobile all of this conveniently located in one place.

Plus, if you need biblical advice and who doesn't. It's right there in our community tab or you can post questions and get answers from other stewards on the journey and are moneywise coaches but also our learning tab we can find the best content in Christian finance podcasts, articles and videos. It's all there in the moneywise app you can get it where ever you get your apps to search for moneywise biblical finance downloaded today. Moneywise biblical finance. I think you glad you did. Folks were to take a quick break we come back were headed to Wisconsin in Oklahoma City and Lakeland Central Florida. Perhaps your questions well enough 525-7000 right back things for tuning in the moneywise live today and Rob Alaska take your calls and questions on anything financial back to the phones we go to Wisconsin Kevin, thanks for going red. I like and in my 401(k) and pay off the balance of our debt yes to give me a breakdown of what you got Kevin how much is in your 401(k). We have 187,000 in our 401(k) we owe 215,000 on how I have about 40,000 cash on hand and right now on our house where pain 3.25% interest on 10 year loan and that comes out currently at 20 bucks a day is the interest so it's roughly 7200 year and how far into the 10 year loan area were three years and seven years. Are you having anything to it.

Currently on a monthly basis you know okay and what is your age and proximity to retirement on 63.

I don't plan to retire anytime soon.

Mainly I like what I'm doing. I'm actually a pastor though cool and and we have other investments. We will all we won't need the 401(k) and retirement. You won't need in retirement. Okay alright well I got you a couple thoughts to me that's an interesting piece. Most folks who are calling asking this question could use that 401(k) and retirement. Just as another source, another asset that could generate income to supplement Social Security or whatever else. But if you don't needed. That obviously puts it on the table. You know what I would typically say in a situation like this is you got a low interest rate you're on your trajectory to at least have it paid off by retirement and by the way, just so I can acknowledge and I share your view on retirement. I don't think we should take our cues from the world on this that there is a kind of an expiration date that we have are we just moved to a life of leisure. I believe God's calling. Our life is throughout the whole of our lives and we are to be workers before the fallen were made in the image of a worker himself God who was a creator and were to take his creation and improve it.

And you know there's just incredible opportunity in that weather were in vocational ministry like you are or ministry in any other capacity in the marketplace or even at home is a stay-at-home mom or dad. So I think I love that idea, but what I would typically say is at a minimum let's line up the payoff with our home with our extended retirement where we might stop paperwork and redirect to something else or part-time work or something like that and that takes that biggest expense off the table at that point so that you can take advantage of the compound growth in that retirement plan to maximize that asset so that it can be available to generate income in retirement and that if we can do both grow the assets and you know ultimately be debt-free including her house by retirement then and I were in pretty good shape.

The caveat to that would be twofold.

Number one, you just have an absolute conviction from the Lord to be debt-free as soon as possible that if you have that I would say you need to follow the leading of the Lord and do that or two and that's your case, which is again very rare. You don't have need for this 401(k) based on the planning and the other savings that you done. If that's the case then the question is okay, what's the wise way to do this in terms of from a tax situation because if you're still working your over 59 have seen.

I got a pay penalty but it is can be taxable. So at the very least, you probably weren't want to work with a CPA or account to determine what's the withdrawal rate that you want to follow on this 401(k) to not trigger higher taxes where you push a portion of this up into a higher bracket so you may decide rather than to pull the whole thing out in one year and also near your taxable income swells dramatically in one year you made, spread it out over two or three years just to keep those tranches smaller because they are going to be taxable so that would be the counselor that I would give. Does that make sense yet. Thank you. I retirement. Again, we don't hire we revoke it. Yeah, I need some save from retirement to retirement. You know I think it's the right idea that we refocus our energies recognizing in that season of life we have the most wisdom and experience to serve the Lord with and my friend I met you. Anthony says we don't want to retire from something we want to retire to something. And so we need to always be thinking about what that next assignment is from the Lord, but Kevin grateful for your call today.

My friend got bless you, Lakeland, Florida Mike, you're next on the program going. Hi, thank you for taking my call so I was talking to a friend recently and he mentioned to me that he got involved, what a money making venture on Facebook and he said he put money in their but Danny asked when he wanted some money back and they told him that he would pay taxes on the entire amount not just a growth but the entire amount. He did have an email traffic because the person would only chat with him. That person would not talk to him on the phone only through a chat.

He said she had an accent. I was told him I think is probably a scam and I said if you could see can you get the money back if you have to pay taxes you pay taxes on it.

But again, I wanted to take get your advice on that as well.

I'd run for the hills on that. I did try to get. I suspect you will be able to.

I try to get his money back as soon as possible, regardless of what tax obligations there are you -100% tax on anything and the question is really not the return on his money. At this point given what you're describing. The other question is the return of his money.

It's likely a scam. If you don't understand it, you shouldn't do it and you know this cell financial scams on Facebook and social media are rampant. What you need to look for. Typically, in these situations is people asking you for money, who you don't know in person, you can't meet put eyeballs on people asking you for advance fees to receive a loan prize or other winnings of people asking you to move off move your conversation off Facebook for instance to a separate email address course of their claiming to be a friend or relative an emergency.

That's a red flag. A poor spelling and grammar errors because usually these folks are overseas trying to English is not their first language that becomes apparent so yeah this is likely a scam. I would say it most definitely is and he needs to try to get his money back as soon as he can. Okay will thank you very much and are now are very good. Thanks for your call Mike Dion today in Oklahoma City next on the program. Go ahead, call, and my wife recently went from working in the marketplace to pay all mom and she has very little in her 401(k) after taxes probably 13 to 14,000 and we have maybe a few thousand dollars and that is not like a credit card everything like that just want to figure out what you know what to do with it. We do want to kind of make money on it added saving nothing going on with it. You know what to do with yeah I would roll into an IRA. Dion today and you could either do that. It will slobber fidelity and just put it into you know like the broad market index ETF so essentially where you're capturing the whole market you could do you know hundred percent of it in in the stock index or you could do a you know, maybe 7030 stocks and bonds and just forget about it.

The other approach is to use one of the Robo advisors you can open an IRA with better mentor the Schwab intelligent portfolios and that would take a little bit more. It's still an automated solution, but it would build the portfolio with a little more intentionality based on the algorithm that's in there and that would be driven off of questions that you answer so her age risk tolerance goals and objectives and then it would build a low-cost ETF portfolio that has a mix of your large-cap small-cap and international and domestic. And you know and also some bonds there as well. So I think that would be a great solution for you. Given the amount you have here. It's very low cost and you're just trying to capture the broad moves in the market over time so that Schwab intelligent portfolios. The Schwab intelligent portfolios or betterment to be the other one. We appreciate your call today at the auntie Haley finish today with an email from Naomi. Naomi wrote to us over the weekend and said this I Naomi writes my boyfriend was let go from work last year's credit card debt in college that I am debt-free. I've been saving to buy a house, we may get married in the next year may should I use the money that I've been saving for a house to pay off his debt or should I just keep paying as we go in Naomi don't think authentic credit card debt. Sorry to be so they emphatic about that. But here's why you know if the Lord allows you all to marry great when that happens to become one, including your finances, but not before then, here's the thing.

It sounds like you're being very responsible in managing your money and saving for the future and I'm not saying he's being irresponsible because he had a job situation but what I'd like for him to do in preparation for potentially marrying you is do the hard work to get this paid off not you just coming in and wiping it out because I really want you all to come together in terms of how you're going to handle money as a married couple. If that's the way the Lord leads, and this would be a great way for him to develop the discipline of getting it paid off.

So I would direct him to Christian credit counselors.org. Let's let them get the interest rates down. Get him on one fixed monthly payment and start making progress on that. In the meantime you to come together and start talking about how you handle money as a married couple if the Lord leads that way. But again, he is your boyfriend he's not your husband you need to continue being a steward of your resources that God has entrusted to you until such time as you all are married and we appreciate your writing to us today. Questions moneywise that will establish folks asked to do it for us today. Let me say thanks to my amazing team today. I couldn't do it without them managing our telephones today. Clara Segar producing for us today with Gabby TN engineering Amy Rios providing me with great research today.

As always was Jim Henry moneywise labs a partnership between movie radio and moneywise was so thankful that you joined us today. My invitation would be that you come back and join us tomorrow same time same place will see that