I -- we are back like that you. Opponents we have. Breaking update for you. Just rolling in from Wikipedia or something along those lines -- urban dictionaries we know at a patty -- is well at least there's a little discussion and debate in the studio. But which definition we were referring to mark right anyway will paddy -- is actually -- ligament in any cheap snack. -- -- -- She sorry cal same thing some OK it's -- ligament it is often has given tea tree snapped a tendon on it as he -- to a dog. Which is why we say nick knack paddy whack give a dog a bone -- a now there's other people had to say has -- and a sentinels that was the urban dictionary and say I don't know Craig do after read that to keep cued up on your iPhone at all times urban -- they're ready to act -- the -- and nine injured or fatally hit by drug currency patty's day. If Sosa -- okay -- that's what the state had a whack we were referring that's weird. That's a saint paddies lack there is that -- where they get that so we're. I was referencing I think out of her rep saying you just went other another yet definitely eagle -- already adopted because I just stop right there we're we sufficiently covered that we -- doing its attendant. Or ligament in a -- a lamb or. Residents could be at goats. After I don't know if it's ago doesn't expect them treated him playing the -- he's playing in the office. Brett heading our rights. Thought OK so -- the other -- the growth of marksman model of energy a little bit here drag it. OK so way you've just retired or maybe you'd like to be retired too much month at the end of your money. You rate -- rate jump and these tips. You're right I think -- -- say here's five ways you can make up that shortfall number one numero uno is now obvious. Postpone retirement. He's thinking human retire you you've got to you've you've got to. Money do you forget certain amount of money in your 401K. And you do the math. And you identify uh oh I need 3700. Dollars a month to support. Me in my family. An -- and get to. 2400. Dollars well unfortunately folks you can do the math first -- -- little bit longer postpone retirement number two Craig what is it. Work part time I'm -- -- under repair work will part time there are more more Americans doing this regaining. Regular paycheck in their terriers through a part time job so you don't have to -- to go nine to five -- long commute training like that hopefully can find some type of supplemental income maybe to turn a hobby. In new business or part time job he can't steal your poll said this before we talk threatening but -- get there any you've learned a lot of things are things you need help others and to those skills to work not a big reader. It is my greatest skills I have done he had hey Harry you paid thanks for Kevin and that's probably right off that is. Dermot thank our next they are our number three is how obvious would save more in your retirement plan. Put more money away if you done the math in the use the financial calculators do you know how much money gonna need. And did you have a target -- -- if I want to retire in ten years and how many -- how much going need to put away each month in the my retirement plan. For Craig the number four. -- your home's equity now this is happening also very frequently specially with the reverse mortgage products available that. He doing your home we can move into less expensive home and add your retirement savings with the equity that you could put aside. Or to stay put. The reverse mortgage could be a way to go. We recommend that you really think through anything and there has to do with. Tapping in home equity liquidating a property giving a reverse mortgage is not a simple CNET TV commercial seems appealing. We're talking to -- that auction this on your house visit with financial advisors visit with people you can trust who care about your long term well being it's got to be part of alien. For just jump in the Sunday may regret. All right number five -- what is it. Reduce your expenses of course this is a simple no brainer when folks that some people have a hard time doing it most people that most of their lives without a strict budget so when you get to retirement you find yourself in a tough spot. You don't have an option. Major that you have sat down and factored in all of -- and not absolute necessities and then take a look at a budget put it together reducing the expenses he possibly can. The junior retired people and -- having two cars or other types of things that aren't is necessary if you're only in and watch Matlock for example he has some of the cable TV channel. -- while there. Yeah a lot area whatever People's Court I mean you know there's like three channels -- most retired people watch -- executing. They -- you get back and I don't know reason calls from the tired people set yesterday and that's what you -- recently we aren't cut out ninety channels there's probably a little more. Diversity I don't know and people are talking all right. It is if you -- right. -- all right we have Bosco in Reno Nevada called the 800 -- with the following question hanging out and give a shout out to -- again thank you and I'm flattered that you indicated he would once you have a relationship with. It's FS I am happily married woman and a half years narrator rights and yes the dour he had to pay on my of my wife was that all I can afford still in dowry -- that. I'm okay. She is quite the nice -- just -- some lucky and Blake he has this year white candidate ahead right IO 397000. Dollars. Well I -- it all right man gonna make the short sweet I love your show that's. The sweet part -- in Oscar's gotta get that popular sweet sweet man all right I was for or 97000 on my house worth about 4101000 I have a thirty year fixed. F five and a quarter and would love a lower rate wouldn't we -- Bosco. I have to come up with 55000. Or so to refi from what I'm told. The new rate would be -- a quarter percent. Is it worth sinking over 50000 into my house to drop a point I have no plans to do so stay or go for Bosco that's in this is an interesting one. It depends on what your net rate of return on the money. That you're going to be taking out of wherever it is to pay down on the house what it's doing. You look at what the actual effective rate is on your current mortgage here five and a quarter you're probably thinking deduction on the Sunni -- itemized what that big of a mortgage. You're effective rates probably closer to three half percent or something like that. If you're earning more than 3% on your money it may not be a great move if you have to pilots and cash and put -- in -- liquid assets in order to get lower -- but then again. A point of interest on that much money can definitely say B zero vacillating it depends on what you're doing with your money Bosco. Again as we usually say get talks if financial people that can help you this all right back and if you -- -- -- We're back live did you floating -- before it took -- break. Craig was. Stumble and in stammer and on with some advice for -- can you recap for us yeah Alex are you more confused than before we gave the -- -- not a common did not it isn't there right. Bosco the bottom line really is is that you're trying to save -- a point interest 1% return over what your current expenses are on 350000 dollars basically so you get a deterrent whether that money. You sitting in the bank is potentially able to earn more money. What you're gonna save. By reducing and interest rates or take a look at what your 401 k.s during your diary your. Mutual funds these documents listening like that if you got a well diversified financial plan chances are your outperforming. The interest expense on your mortgage and you may be better served investing that 50000 words to seven or 8% return there where it's gonna get three and a half percent return. To take a hard look at that determine if it makes and to put your money there it always feels -- at a lower rate. Those deals get a little -- feels good it feels guess -- was right you know like -- but it may not be the best use of your money -- you may be actually cheating yourself out of some so. You -- financial advisory guess -- now Selena knows what they're talking about India demands with the analyze it not told -- to -- your mortgage minute someone who is interest in your best interest. Not right all right. Morris home Conrad hotel and break it down for us what is all that but it. Home equity is the difference between the actual market value of your home the current market -- home -- what you're indebtedness -- -- -- home is what your mortgage balance would be. Or first and second were just combined or what have -- so. You may have very little equity in your home some of you may have zero equity your home -- maybe you're underwater and a lot of people have a whole bunch equity. But we -- share is what are the things that makes sense to use home equity on with the two -- and then what -- it. And what are they mark -- -- -- OK let's begin with an obvious one would be can take home equity in you can invest it. This is they can be risky proposition folks and it's something that you should not endeavor without speaking with me. Financial advisor but. Leaders -- a very strong case for and we make it keeps most weekends on the show. On making sure that you have a diversified investment portfolio and that means if you only have equity in your home. -- you're fully invested in real estate. We recommend the you have any plethora investments and in a plethora. But you are diversified that would mean -- in stocks and bonds you are potentially realistic and make sense -- own a home. But you have any financial plan and it financial advisor that guide you on this so. Potentially a use of if you got significant home equity while the actual cost as Craig mentioned. On after the deductibility got a mortgage interest. Can mean that you can really gates alone on a -- to effectively costing you may be two and a half. 3%. Can get a higher rate of return by using that equity investing adequately. In the market and another investment vehicle and this is a safe. Corporate and investment the accomplice that's one in you wanna expand on their Craig did get it note to make sense spoke another way is you can use home equity to renovate its often do the math -- and when we tell you if you're gonna consider. Buying a home that better meet your needs can you take the home your hand and more cost effectively. Converted to meet your needs so you can use home equity to. Make improvements here how big consideration here on this from folks -- take a look at the area that your current home is located. If it takes you downgrading school districts are downgrading certain it and minute teaser features are your points of interest of the particular town you have to move to to get the quote unquote home of your dreams are on the better suited for you. It really make sense to do as a renovation sometimes when you're -- an area where there's a lot of appreciation in the as a very desirable area. You're creating a more desirable home within that desirable area -- them you have to get a better return on your investment -- potential location location of -- a big win on this. You don't -- renovate a home with a bunch of money that's in a bad location just -- you don't wanna move. You'd be better to go agreed to a better location so it's always you know locations a big one in this people kind of forget about that. You know one of the reasons that I started early in my career -- -- originating loans started to become more passion about making sure people had a some form of financial plan was I started after a year to -- calls from clients I'd I'd done mortgages for. And like yeah I need to borrow some money to pay for my kids' college again a second mortgage. Or should I refinance and and get the money there. And it it -- start to get more and more of those calls and -- -- suddenly I'm like gosh I should be asking these people. Before they need those funds what are they doing it. And an early age so they don't have to tap and home equity strictly for the purposes of paying for college but. As I bring it up equity can be a cost effective way if you didn't do that could invest in the pipeline plan. To pay for your kids college education to make sure you exhaust all other options that might be more affordable. Student loans sometimes the rates on those presently the rate of those can be lower than even that after tax deductibility effective rate of your mortgage interest so consider. Consider that first also Craig got -- you can use his retirement income as we mentioned earlier on in the form of potentially reverse mortgage. Or in the form of in in that the the form of cashing out to -- to use those funds to. Potentially invest elsewhere diversify or just to live off of I'm in this late -- of where we have folks that don't wanna move by I talked to people all the time that are retiring or and there are retired they like where they live there close to -- only are they like their Gardiner of the likes them about their neighbors including their neighbors. And then they say well passionate public and -- we really can't afford a retirement to stay in this home for too long. But we wanna try to ride it out as long as we can before we have to move -- we take folks that's a bad strategy pull the band laid off now exactly. Because if you your futures and unknown you don't know what their home's gonna go up and I go down indictment it's going to be that much harder the longer you wait the older you get. The harder it's going to be it's better to start strategizing now when it comes to making that move and if he can pull off the next year you're better off. All right -- using -- home equity to up half credit cards that you will potentially continue to use or the change the anomaly charges credit cards back up again. Not a good strategy -- that's not a strategy that's a that's. That's mandate that's a that's a failure to have a strategy -- can you do it yes we recommend you do it now. I'm also using -- home equity your emergency funds know you have your emergency manager -- and found that can use home equity here to pinch. Most definitely you can't that's the beauty of happening. Our folks and we come back we're going to win final segment. We're gonna wrap this -- up. Stay tuned life as you own it.