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August 13, 2020 8:03 am
And how do you get major corporations to stop funding Planned Parenthood or convince hotel chains to remove pornography from the properties. It's all spelled out in the book of biblically possible vesting but more reading your life better today host Rob West chats with the author Robert Exley about a movement that's shaking up some of the world's largest companies. Your calls at 800-525-7000 800-525-7000 times more responsible investing. That's next on moneywise line spire investing and about a decade ago he was enjoying the finer things of life on California when he experienced something of a Damascus Road experience. That's right and it's an incredible story. I'm delighted that our listeners will hear today Robert, thanks for being with us on moneywise absolutely your book is Steve said biblically, responsible investing begins with the remarkable story of the day your life changed. Everything was going great for you and then you decided to do a Google search pick it up there and tells the story. I am really where I was working there at Argo are identical every morning story out to be. But as the Lord often does he should be out of that comfort John and will conduct a nuclear is possible that the accident missed one day online looking for Bible study and it was being practiced in looking at not only the moral at the financial aspect of the moral aspect of what you're and I never thought about that before, from the perspective and when I start looking into my investment. My client my heart to get here like the president of our local public defender and I discovered I own three Dr. company, the dramatic action abortion drugs and from that point on I couldn't invest the same memory while you are on the front end of what has become a pretty significant movement both in the states world with the face-to-face driven investing as well as on this secular front with what are called ESG funds, which together are receiving just incredible attention right now.
Incredible flows around these sustainable and environmentally and biblically sound investment options and we like to say this is a conviction matter whether you want to avoid certain companies like Roberts talking about today want to embrace certain companies for what they're doing to engage the world biblically or otherwise, or you want to engage as a shareholder, their great options today. The didn't exist years ago and Robert you really embarked on this with nothing.
Not a single client that talk to us about that step of faith. You took after my job really anymore.
I never met anybody doing what we do now and I think the Lord, the moral ground and she's like well you got to baby mortgage. So what's the plan that would limit and I was really click on seminary Indians and disorder vocational pastor, you know, the only other option I could think of was, I believe the bank should start an independent firm and only did biblical investing, but that was crazy because I didn't have any money or experience or network work in anything that you have two or something like that and much to my chagrin, and we prayed the Lord made it abundantly clear that exactly what is going to do in an unmistakable passion and much later meeting frightening vision to leave my job there at the bank. My client there with the team.
I did previously and start over from scratch is mean a laptop with me no idea what I was doing other than what God is calling you to do and 30 seconds for first break will continue the story but give us an example how you seen God at work. As you set out on this leap of faith.
Well, you provided all along the way from day one I want to start sharing the story of what the Lord of my eyes to open the eyes of thousands literally. .10 thousand investors an opportunity to glorify God in a new and very meaningful way and you work all over the globe working and work everyday Robert Nestl�'s investing yesterday. Money and life run on the same track. Unfortunately, sometimes it seems like your money is heading in a different direction from your goals and never enough three keys to financial contentment. Author Ron blue helps you to break down all your financial options to a basic floor and then shows you how to keep it all chugging along in the right direction on the same track never enough three keys to financial contentment available when you click the store button@moneywiselive.org comes to investing guidance you want advice, grounded in God's word.
That's the approach offered by sound mind investing. SMI has helped tens of thousands of Christians acquire investing wisdom and confidence. Regardless of your investing experience or how much you have to invest can learn to be a wise and faithful steward in the area of investing a short video webinar on profit and peace of mind is available now sound mind investing.org this is maximum. How can we share with others the blessings God has given to us. Listen to the Bible. First Peter three finally live in harmony with one another.
Be sympathetic brothers, be compassionate and humble enough to repay evil with evil insult with some messing because of this cold so that you may have a blessing for whoever would love life and see good must keep his tongue from evil and his lips from distinct foods we must turn from evil and do first Peter three Bible so able to hear the word of God every day more radio Bible.org radio Bible.org.
Do you feel like your hands are tied with dad preventing you from serving God. If you have credit card debt. Christian credit counselors can help through our debt management program we can get out of credit card debt. About 80% faster while in your debt. And so for more information on how Christian credit counselors can help visit Christian credit counselors.org Christian credit counselors.org or call 800-557-1985, 800-557-1985 with us today. It's moneywise live with Rob last time Steve Moore at our guest is Robert Nestl�. Robert is golden spire investing in were discussing the topic which happens to be the same title of this book biblically responsible investing and you'll find it available on Amazon if you want to check that out. So Robert tell you're working in the investment space through a large bank. You have this conviction really God just put your heart around the investments that your clients were making and often in companies that were either actively involved in her using corporate profits to support things that conflicted with your and perhaps their value so you set out without any clients and without a whole lot of funding to start an investment firm that approached things somewhat differently you call it, biblically responsible investing and give us an example of how you differ and inspire from other investment firms, Christian or secular, well we really pay one value what you eat or drink whatever you did all the glory of God are our heartbeat here is to got money all that money according to got values for God's glory and for our joy and legalistic burden. It's an invitation to invent for his glory and to really be intentional about electing companies for folios that are aligned with God's heart for his creation. Neither blessing that are really a blessing to the people use their products to the people that work for the company. People that live in the communities where the company did business as opposed to the companies we avoid no companies occurs. If you want that term would products or services that harm people use them or just operate unethically and is only way we can integrate whole worldview and you are and we really just trying to avoid the problematic companies out there so much more than that because were really looking for the most positive most inspiring companies like company because she is a three-pronged approach to your investing that seems to cover. Perhaps many of the ways Christian should approach investing where they can allow their values, their conscience, or you could say convictions to be reflected accurately in the investments their choosing. Using your approach to describe the three-pronged approach you take. We embrace companies that are again operating in line with similarly companies that are letting in a variety of ways. Secondly, to engage with companies that need to have a little work to do their overall company, but maybe there some areas where we would like to see some change in policy or maybe where they're donating corporate funds or product that they may be grouting or something like that. We do exclude the company drugs are selling property, any number of other things we certainly exclude those from folio and three-pronged approach embrace engage in exclude very good and what's interesting is as I mentioned, this is getting a lot of attention among investors and even in the financial media is worsening large inflows into these types of investments. On the secular side with what's called ESG, environmental, social and governance investment options as well as on the faith side through faith based investing with these solutions like you're describing today. How has the mainstream media responded to the success that's happening across the board. And then, in particular with what's happening in inspire well you were flattered and intermediate right here in the Valley number years ago got a lot of growth and enumerate their way toward $1 billion.
God willing this year under management and no New York Times, Wall Street Journal, financial times. Bloomberg all numerous stories on some of them quite tenable.
As you might imagine sort of oddity money managers that love Jesus and talk about him all the time and opportunity that I see to really get the word out about glorifying God.
Our purpose in life is to glorify God of everything we got and you know Journal interview with me.
I can talk about that I really care what about me, my Savior, the world will actually run the bell there Wall Street with some of your ETF's of Launceston. You've also got some attention with some of your ticker symbols. One of them happens to be ticker symbol WW JD which is a really cool approach to it and so I'm sure that's helped with some of the media attention you've gotten. Let's dive into some of the details. First of all, you know, there's a belief on the part of investors that if you want to invest this way is your describing and be selective, either opting into certain companies because of the good they're doing or avoiding other companies that you have to sacrifice return talk about that number and that idea is generally any sort of responsible investing regular otherwise older idea that if you limit so to speak, the universe that you're using by excluding certain companies are focusing on others that you return. However, all the research.coming out these days from the likes of Dr. University in Stanley McKenzie and Company and so many others file University from the Christian academic perspective is proving that there is no trade-off. You do not have to sacrifice performance to values and in fact, many studies are showing that when you invest in companies that operate with a higher degree of ethics and moral integrity.
They tend to do better than companies that don't and I cannot guarantee anything, but finding a broad basis and which fueled the fire whole movement of people, changing the waiting. And certainly the community is waking up to that opportunity for seeing massive adoption right now Christians are changing changing investments logically to the Lord you get this data. How are you able to extract information that allows you to do this screening so effectively.
Well we really rely on technology and you know, many years ago. It would be impossible. Level data that's available to us now and using our intelligence driven technology that describes the web for any public mentions of corporate actions, philanthropy databases everywhere these days in transparency, like it never happened before and so the challenge is really not whether the data is available, but really collecting it. And yet, and that's where technology comes in the place we built a program called inspire insight.com is free to use online inspire insight.com where anybody can go dear night and type the ticker symbol in stock which is under ETF and see all the good the bad the ugly like the companies that are doing the local perspective environmental or social work perspective on Robert so much more to cover, will have to have you back.
Thanks for being with us today or moneywise thank you for speaking proper Nestl� today. See you claim investing that is clean investing. Available this. Do you know if you have enough money house.
Do you know how much is enough. If not, one blue can help with this book. Master your money a step-by-step plan for experiencing financial contentment. Learn how to save, invest, and give wisely create a long-term financial plan and how to get out of debt. Find it all in master your money by Ron blue available when you click the start button moneywise to work here is to conspire all had a great meeting with God's care for your guide and for my expected, perhaps� Preparing for this life and certainly nothing more than once. 20 straining to him that if we would believe God is the enemy so many times this meeting, set for him continually everything for me get caught in him to be sorry mess with you but get caught every single time that this was meant to make you better hungry compulsion going on know Jesus Christ like always the financial wealth you leave behind could be the best thing that ever happened to your loved ones or the worst splitting hairs. Given your money and things to your children without ruining their lives. Ron blue explains why it's important to make these decisions now, instead of forcing your heirs to do it later. Splitting hairs will foster a real appreciation for the precious resources that God has entrusted to you, and it's available. Click the start button moneywise. I.org money from the Nigerian Prince publishers clearinghouse have been going up your door well life goes on and you will have bills to pay in the future to plan for and that's why were here today moneywise love to help you be the best manager of the money you do have his Rob last time Steve Moran were taking your calls the day on any financial topic at 800-525-7000 800-525-7000 Rob should we die Vince or anything. I think that's a great relish doing okay Noblesville, Indiana hi Charles, how can we help you about taking my life naming Eric out and get the same amount. That way I would get a higher rate index annuity and also make a minimum 15 years there she would make the tax payment for 10 years it to you, and I was just wondering that it sounded like a tax standpoint you can't rule over annuity buds. You can do in exchange for a comparable annuity under this section 1035 is that what you're thinking.
From a tax standpoint or would you be taking withdrawal and creating a taxable event. Well, I would check with your CPA or tax preparer mean.
Generally speaking, I'm not a CPA and you need to look at your specific situation in the annuity that you have but normally you would consider an annuity to be a pretext in vehicle which means that when you take a withdrawal you're going to create a taxable event. Now there is a provision that allows you to exchange and annuity one for another, and so you could look at that. Basically doing a transfer.
You could also get you do have the option in some cases to you roll it out. But in this case should probably do a transfer that would be my main concern.
In addition to taxes you want. Understand any surrender penalties that you have but I think before even that you need to look at what you trying to accomplish. What is the purpose of moving this one to another is it to improve the returns. Are you even best using an annuity moving forward or should you be investing outside of an annuity and another type of vehicle. I think those are all considerations to look at but I certainly wouldn't neglect looking at the tap tax obligations of whatever you're doing and so you want to start with your CPA or tax preparer, but I was aware of the transfer some type of way will will will you want to look at 1035 you normally hear about that in relation to real estate, but the same provision can be applied in an annuity situation.
So again, I'd check with your tax repair see what options are there and see if you can deferred that taxable event and improve your situation in terms of the overall investment results in the interest you're receiving more take it out in the rate that would be paying three times that much in also about that I had to take out a minimal year. Right now all of those things look at you also may benefit Charles from sitting with a certified kingdom advisor somebody who can really go through your entire situation. Look at your investment strategy. Look at your tax picture look at the plans you have to make the resources you have not only grow at a rate that's appropriate without taking too much risk, but that your preserving what you have so will last throughout the rest of your life. If you've not done that. I think you get some real value out of some conference of financial planning, you could find a certified kingdom advisor there in Indiana when you go to our website moneywise live.org just click on find a CK, but we appreciate your call days are.
Thank you, Charles.
Let's continue Chicago, Illinois. Darren what's on your mind today. I talked about that pension payout I could take and then possibly paying off a mortgage and a car and and have some extra money, but I also consider being on the debt-free I want a higher pension amount later on down here. I was there any retirement investments by the home get that free that I have this doctrine, the course after giving to the Lord's work. Like I really do. Anyway, I would seek to put this someplace.
Hopefully, tax exempt and is with the be penalties. I did get it all kind of vehicles throughout their once retired.
If you have some extremely likely sell the house or whatever options to look at them and generally what you want to be looking at in terms of an investment mix and I would encourage you to seek the counsel of a professional, but just generally speaking you want to take that income portion of your portfolio and probably paired together some higher yield bonds with municipal bonds which you have some favorable tax treatment and another option that folks will look at in this period were season would be what are called preferred securities. There are a type of kind of hybrid security with characteristics of both stocks and bonds. Again, the cold preferred securities and then has to do with you being paid extra for subordination because they have a lower claim on the company's assets in the event of a liquidation, but the benefit is you get a higher yield on them and you have favorable tax treatment. It's treated as a qualified dividend and so it's tax generally at a lower rate if you want to check with a certified kingdom advisor there in Chicago. Go to our website moneywise.
I.org find a CK I think you also could benefit from some counsel, but that gives you some ideas on where you can look to improve your yield but not take unnecessary risk. Darren great to hear from you. Thank you very much for calling in today. Here's our phone number if you'd like to chat with Rob last 800-525-7000.
How should we as Christians think about investing. What if we could invest our money in a way that aligns with what we believe that even time we believe it is possible to love God and love our neighbor in the very practice of investing we decide investments for performance and better world so you can invest for the future with a sense of wholeness and purpose.
We call this investing that makes the world rejoice. More information is available@investeventide.com Christian healthcare ministries enables believers to show love for one another by sharing each other's health costs through CHN's voluntary health cost-sharing programs members uplift each other spiritually and financially.
CHN was an eligible option under the affordable care act and a Better Business Bureau accredited charity interested. Learn more by calling 800-791-6225 or online at CH ministries.more hey this is Chris Brooks I'm so excited to share the movie radio verse of the week which is found in Philippians 212 if you have any encouragement from being united with Christ, if any comfort from his love any common sharing in the spirit of compassion, my joy complete by being like not having the same love, being one spirit, and of 19 that's Philippians 212 radio verse of the week.
Call one 800 many people adopt an attitude toward marriage and finances that it will all work out somehow. But sadly, it often doesn't financial woes can devastate a marriage but there is a better way. God's way, money and marriage God's way by Howard Tate will help you discover God's approach to growing your finances strengthening your relationship and cultivating godly joy, money, and marriage God's ways and moneywise I is really run Yahoo is calling it a hero in Israel's relations with the Arab world is full diplomatic ties will be established with the United Arab Emirates. Pres. Trump tweeted the announcement today. Secretary of State like Mumbai. It was in Slovenia to make the case for high-speed wireless networks that barred Chinese companies like one way signed a joint declaration to biology.
Claimant security network that aims to keep on trusted vendors out the FBI joining the Lebanese and other international investigators in the probe of the August 4 explosion at Beirut sport that killed more than 170 people and injured thousands of Wall Street stocks were mixed about dropped 80 points today. The NASDAQ game 30. The S&P was down seven this is SRN news every day wherever you are having a fun day. I've just been technical staff behind the scenes. Of course you are having loads of fun. What that's about, but we have our recent research team on that we don't have too much fun doing this is not about fun fun fun here. Yeah, so no problem I will have written Rich Russell to get some some hats and horns so we can direction Pemberton, New Jersey hello Carol, how can we help hello yes men getting high on heritage and not income per se yeah Carol.
I love that you're asking this question and obviously you want to honor the Lord. Or you wouldn't be calling on this issue. You know what we look at this area of giving. This is clearly on the heart of God. We should be givers we should hold what we have is resources that were managing we should hold the mostly and one of the ways we can really reflect God's character is by being generous to meet the needs of others around us and to the local church and help to spread the gospel to the ends of the earth, and we do all of that through our giving, and so I believe we should be looking for opportunities to give, not just the tide. But even beyond the tide sacrificially now. You asked specifically about the tide and really when we go to the principle of the time which we see clearly demonstrated in the Old Testament referred to in the new. Even though were no longer under the law, and some will say, well, that still doesn't apply. I think it's a great starting point. So if we look at that principal it was the idea of giving 1/10 of your increase. Now they are increase in the Bible times could have been on the crop today your increase could be any number of ways. Most notably, we typically have income but it goes beyond that.
And so whatever your increase is that the Lord brings your way. In my view from whatever means, and certainly an inheritance is an increase then you would give right off the top.
The first and the best back to the Lord and I would do that to the local church just as we see that modeled in Scripture. So if you wanted to out of the principal tide. Again, not out of compulsion or not because you want to check a box but just because you you want to give off the top. I would say yeah and increase would include an inheritance and then you could make a gift, but at the end of the day. I think that's between. Clearly you and the Lord so through that and then not follow his leading in whatever direction you think that is that some good Carol thank you for your thank you very much, Denton, Tennessee hello Tim, welcome to moneywise all shared. My question is about the right yield accounts that are offered by shady door.
Things using those yeah you know I like high yield savings so you're typically going to find them on the online banks now city obviously is a brick-and-mortar bank, but they're offering an accelerated savings option depending upon where you live, it's not available everywhere but certainly they do make it available some places and I think that's a great option. I would always be looking with your savings to be able to maximize the return, I would make sure you wear the bank where you can get FDIC insurance but beyond that, I think you should be looking for the best rate I don't know that city has the best rate out there right now.
It certainly higher than all the brick-and-mortar banks but you right now you can get about 1% of seen is high in the last week, 1.05 were no longer see one and 1/2 or 2% really on savings accounts, but that's pretty good in his low low interest rate environment. The thing I would be careful of, though, is where there's a fee and my understanding is that that city accelerated savings does have a monthly fee unless you keep a minimum account balance.
So I would just watch that because there are plenty of options out there where you can get a bit more than that and you don't have to pay a fee. So I be looking at Marcus said look at Ally Bank and look at capital one 360. There's also some great rates right now through discover as well as American Express.
They all have high yield savings options. A great place to him for you to compare these high yield savings options is a website called bank rate bank rate.com I go there. Click on savings and it'll show you after you get through Canada.
The sponsored ads. It'll show you a comparison of the very best rates out there and then you can go check them out. But as always you have FDIC insurance lawyers are not paying fees and you understand that there's any minimum balances that I'd be comfortable with you proceeding with any of those and rub. Typically there are three banks that you mention we have no professional relationship with them, but there are three banks that typically offer the best in the market. Even though the best of these days seems to pale in comparison to where we were even a month ago. What are the yeah just mention Ally capital one 360 Marcus will be great options city would certainly be up there. Discover the high yield from American Express. Any of those but bank rate.com is a great way to track who's offering the best rate today not keep in mind with the savings accounts. These rates are moving all the time so the bank that has the best rate today may not have it next week so just realize these are moving targets. But as long as you go with any of those three think you be in good shape right great and Tim, great question. Thank you very much again. Our phone number if you have a question today for Rob West. Anything financial I give us a call right now because we have several open lines so one of those must be just for you. 800-525-7000 800-525-7000 Apollo Beach, Florida.
Gail, thanks for calling in today. What's on your mind. My call went out and I inherited a small amount from my dad which I you the interest from each year as a supplement for my expensive hair. I matured and according to the interest rate drop down the tube and so I been looking at money market savings account high yield savings accounts and CDs everything. The one thing that I found that could be comparable was a fixed annuity.
I found one that for four years guaranteed at 3%.
You can draw the interest out actually little more than the interest but the interest would be all I wanted each year and that there were no see. My question is that I understand that the security behind any security behind a fixed annuity is based on the state rather than the government as the federal government as it is for CD so I have read through for the state of Florida that all the information I could find online supply and the bottom line to my question is can you tell me and 3 to 5 that how we could reach a point where I could lose my principal will if I invested in there and almost all so I wanted to find out what does this so in other words, what does this rift depend on. I don't have to deal with the strength of the entrance company because although they seem to be through company and they'll what I wanted to find out because I did.
I'm I have no intention of losing my principal but now it's getting no interest and unfortunately, everything else is gone very much, no, I certainly understand that Galen's.
It's one of the downsides to being in this low interest rate environment. It works in our favor.
When were borrowing that we want to get to a place where we don't have to part. We want to be debt free and where it hurts you is on the eighth of the interest in the investment side because you're not getting these rates that you would prefer to have when you're looking for a bit more money where that would hurt you is with an insurance company failure when an insurance company fails and goes into liquidation, the states insurance guarantee fund will try to transfer policies to another stable insurance company or it could be administered by the central guarantee fund. It's it's very low risk, though, why we'll talk some more and will be right back room. Indeed, this is moneywise live do you know if you have enough money of house. Do you know how much is enough. If not, one blue can help with this book. Master your money a step-by-step plan for experiencing financial contentment and how to save and invest and give wisely create a long-term financial plan and how to get out of debt. Find it all in master your money by Ron blue available when you click the start button moneywise to work hi I'm here I'm here to help you understand the urgency and how much fun it is to share your faith in the eyes of a layman, whether or not you're excited over the possibility that we've entered in the end times would tell you where your heart is and possibly your God is things in this world are a bigger attraction to that injury attorney see God face to face something's wrong gospel song. This world is not my all my just passing through should be our theme song for life because we were living our lives for eternity. Living on earth differently loosely getting as many of our friends and loved ones, and even strangers released during the course of everyday into heaven before the rapture occurs when you do that, God promised everything in your life with joy. There's nothing more exciting than knowing God is using you join us in a nightmare. Billy Graham talks about driving by. Read about a woman tried hard drive is test for the 38th time in fatal times, the license spiritually sit in the driver's seat of your own life will so spirit is searching for something you come to the cross of Christ. Christ, are you sure God will transformation that you never dreamed is discover how you can let God find peace with God. That's find peace with God, the Billy Graham Association agree with you more about our money than most of us imagine Jesus is more about our use of money and possessions and about anything else, including both heaven and hell in managing God's money on the radio and breaks it all down in simple, easy to follow format that makes it the perfect reference to what you're interested in gaining a solid biblical understanding of money, possessions and eternity managing God's money is available when you store moneywise live.org Gail calling from Apollo Beach, Florida. She's wondering about a fixed annuity or some other areas where she might be able to invest and maximize what she does have, which is not from her dad in the past route. Yeah, Gail thanks for holding through the break. There you know what I would say is whenever you're taking on an annuity you are in fact transferring the risk away from the stock market and the investment returns into an insurance company and to your question about what level of risk is involved in that. It really comes down to the solvency of the insurance company itself.
Although it's rare insurance companies do fail, I wouldn't be something I would be counting on. Especially if you go and looking at a company looking at its rating, making sure that strength is solid. It's a large, reputable company, but in the event went into liquidation. You're right, the states insurance guarantee fund would kick in. They try to transfer that policy, but if not, it would be administered by the state and when the state guarantee fund takes over an insurance or annuity policy. It is subject to the coverage limitation set by each state. So you have to look at your state. I would say though, again, that risk is low and so you certainly could look at an annuity product. You know they're not my favorite solution, yet they certainly do provide in some cases a higher rate of return and you you transfer that risk again away from yourself to the insurance company. They have limited inflation protection.
No, so that's something to be considered loss of flexibility would be another issue.
Just because you want to put it into the policy you have certain limitations on how you access that fund without a penalty. They can be expensive as well. In addition to the surrender charges. You have the mortality and expense, and administration fees.
You also have commissions often associated with annuities as well and there some cases, you'll find teaser rates with fixed annuities. That means no guarantee certain return for us short period of time, but then reduce it. After years and then you're stuck at that point with a low return unless you back out of the policy. So I think you just have to go in with your eyes wide open understand what you're getting. Make sure it fits your needs in terms of providing the returns you need so that you can get the income you need from those assets. Another option might be to connect with a investment professional who could build a portfolio where you gotta mix a small allocation to stocks for a little bit more growth potential, coupled with bonds and potentially even preferred securities where they could build a balanced portfolio of stocks and bonds and other fixed income type investments with a portion of cash so that you could whether storm at the stock market was down for a prolonged period. Even two or three years and that might give you the flexibility you want. Keeping access to your capital, but getting that return up just a bit so you not having to settle for those low yields that you might find the CDs so I think either an annuity. Given the considerations I said or visiting with an investment professional to look at how you might build a portfolio that meets your needs and keeping access to your capital will probably be the two best options.
But what's a Gail wants to do the latter recommendation which was visit with a professional, but she's not sure she wants to sign up, she just like an hour of someone's advice and then be able to mull that over make a choice or a decision. What could she expect to define when she does that. I mean you can you ask can I can I pay for an hour of your time is it that permissible well yeah sure. It just depends on the investment professional financial planner.
In many cases there are hourly planners there where you would go in and based on specific engagement to evaluate your financial situation.
Evaluate your investments. You pay a fixed dollar amount based on the amount of time it will take, or if you're considering hiring somebody as an investment professional and asking them to manage a certain amount of assets for you, you would expect to have an initial meeting at no cost. Just to get to know one another. See if it's a good fit that would be standard in the industry. Okay you can find those kinds of folks obviously in your phone book. I shouldn't say phonebook I don't think anyone alone still has a full well where you raise or Yellow Pages. You know what it yeah I'm sorry, I shouldn't have even gone in this direction. Well anyway but the easy way to do it would be to visit her website moneywise.org we have a list of certified kingdom advisors all of the country in various disciplines, including the ones were discussing here. Gail, thank you so much for calling a Traverse or Traverse City Michigan Abraham what you question for Rob all do it. My life will vary out and curious about those under like an RA oil broker someone who managed it Actively yeah I like that idea.
These old 401(k)s or do you have several IRAs. What are we talking about employers as well as some personal and all times and all in what you have in the way of assets, investable assets under okay this is a great idea. Abraham, here's what this is going to do for you. Number one, you know, often times you have duplication of investments across the investment strategy. When you have multiple accounts where when you put it together give a little more visibility as to my properly diversified without too much duplication in any one sector or area of the market asset class. The second thing is going to do is sometimes when you leave an old 401(k) separate from the company, the fees are little bit higher.
Number three is just to make it more simple.
Right now you've got going to manage and monitor all these accounts. Make sure they're all stay invested and rebalanced keeping track of them. You put them all in one place, or a couple of accounts that's just to make for the things a bit simpler and if you hire an investment professional that would go a long way to consolidate that in and reach a certain minimum level of assets under management.
So I like that approach I would do if you don't already have one. Look for certified kingdom advisor there in Michigan. You could do that on our website moneywise live.org just click find a CK, but this idea of combining everything that makes a lot of sense sure. Thanks. Abraham, we do appreciate that to Chatsworth Georgia not too far from where located hi Stephanie, thanks for holding and what you question for Rob West now outright winner born and then we were going to be able to take on it. Now that did not happen here that many people say like I'm just wondering if that like I would really help me but with Ali like we got Jared climbing. I know it is difficult but should be doing differently. Yeah, you know, I completely understand what you're saying Stephanie and first of all, I don't want to be discouraged. To me this is very typical because not only are you trying to address your meeting all of the current expenses that you have when you add a member of the family which is wonderful but there's obviously expenses associated with that and then you start as you said to think about. Well, do we have the proper insurance coverages may we need to expand that old.
Now we needs more space and maybe you do a little bit more traveling in whatever it is expenses just tenderize so it all comes back to that spending plan that really you need to dial dial into don't matter what the income sources are where they're coming from.
The question is can you afford to cover all of your expenses, your lifestyle and the other objectives and goals that you have and that's got to start with, that your spending plan your budget where you sit down and intake appear to time. If you haven't already done it track everything you're spending what your fixed expenses. What are your discretionary one of those nonrecurring expenses that come quarterly or semiannually, those things that you you know you don't get a bill for, but they roll around every year and if you haven't put money aside for them.
Now you know you're having to pull that out of reserves or that month you're going under. You've been budgeting for a long time so I you know you understand the mechanics of it but I don't think you're missing anything other than the fact that you don't unless you really dial into giving every Dollar name and planning for things that happen over a 12 month period based on true historical norms, especially given some of the increases you've had as of late, you're not going to have a plan that's ever going to work because it's just not factoring everything in and then once you have that plan that really dials into the accurate picture of what's going on, and you've gotta have a system to control the flow of money in and out. That works for you and your husband. Whether that's a smart phone app or a true envelope system where you're putting cash in for your discretionary items and then spending out of that are an Excel spreadsheet or whatever it might be but you gotta find this system that works for you and then what you have the budget and the system you've got a put in place a money date where once a month. You and your husband are sitting down analyzing what's happened over the last month what's coming up. Moving forward, what course corrections do we need to make me this is a living in an active process, but it all starts with having a true picture of what it really takes to fund your household not only over a 30 day period, but a six month and a 12 month period as well. I know I'm probably not telling a lot of things that are brand-new to you, but give me your thoughts of what I just said reassured me that we do tell every dollar where it blanked out.
We sit down one line 20 touch base to make sure were not going to fire over on you know were right on track with expenses like groceries and shop that having having a whole picture of Ellie right okay I'm in have to get Chuck is granted time. I want to know the once we can talk off there and I want to tell you how you can connect one of our coaches, but I appreciate your call. Stephanie will talk just a moment Stephanie again, thank you very much. You've been listening to moneywise with your host Rob West moneywise live is a partnership between Moody radio and moneywise media and of course you're in the mix as well.
Thanks so much for listening.
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