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Jerry Bowyer is our resident economist and author of The Maker versus the Takers: What Jesus Really Said About Social Justice and Economics

Today, we’re continuing our series on just what a Christian economic worldview should look like and how we can return to God’s plan for a healthy economy.

Last time, Jerry told us that we have to see and think clearly and understand that an economic system fits together coherently with cause and effect. We need to see that the God who made man and the God who made the earth is one God with one mind and we are compatible with one another.

As we start out today, sum up where we’ve been.

• The series begins by examining how things were supposed to be, often referring back to the original creational intent and biblical principles.
• It is emphasized that the economy of Genesis 1 and 2 represents the ideal state of affairs as designed by God.
• However, humanity abandoned this ideal, leading to the economy of Genesis 3 and 4, marked by curses, worsening conditions, and the replacement of God with idols.
• The way out involves returning to biblical principles and organizing nations according to God's original intentions.
• The current state is described as the church era, with nations varying in their adherence to biblical principles and Providence shaping events since the fall of the Tower of Babel.
• The dispersion of nations allows people to vote with their feet and capital, and adherence to God's principles tends to enrich while violation leads to degradation.
• This natural order serves as a protective limit on the evil in the world, even though the original Edenic intention cannot be fully restored.

So how would you then describe where we find ourselves today?

• The present era is characterized as the "church era" where God's influence operates through the church in various nations.
• Different nations exhibit varying degrees of adherence to biblical principles, with some following, some abandoning, and others moving toward them.
• Since the fall of the Tower of Babel, Providence has shaped the world to limit the power of the powerful and protect the vulnerable.
• God's statement about "nothing these people can't do" implies the potential for harm to - one another in a world.
• The dispersion of nations enables people to vote with their feet and capital, influencing the dynamics of global economics.
• Capital movement, exemplified by money flowing in or out of nations like the United States and Europe, demonstrates how adherence or violation of God's principles can impact economies.
• Following God's principles tends to enrich, while violating them tends to degrade and impoverish, serving as a protective limit on the extent of evil in the world.

We can see on full display the evidence of that when we just look at the U.S. taking off like a rocket ship because of our adherence to those principles, right?

• The evidence of adherence to biblical principles is seen in the rapid growth of the US, surpassing much older nations.
• The US outpaced older nations, including old Europe, despite potential flaws in Christian economics in the latter.
• However, there's a recognition that the US is slowing down due to violations of these principles.
• The world operates in a way where there are inherent consequences for both violating and following these principles, creating a system of punishment and reward.

Where do we go from here as the body of Christ and the church?

• The church is where the desired transformation should take place, following Adam's failure and Israel's shortcomings.
• The dispersion of nations at the Tower of Babel limited the power of individual states to act as gods.
• The ultimate solution is seen in Jesus, the new Adam, who succeeded in the garden where Adam failed, and in Pentecost, where language barriers were overcome.
• The church is described as a nation, a holy nation, and a priestly nation, and it has the capacity to do the right thing independently of the nations.
• There is a contrast between Babel, which moved east and caused language confusion, and Pentecost, where nations moved west and understood each other's languages.
• The church embodies God's ideal economy by prioritizing God, productivity, and generosity, avoiding extremes like the health and wealth gospel.
• The church's productivity is crucial because, without it, there is nothing to share, aligning with God's original intent for His people.

We can often be frustrated because we know we have limited impact on the national economy. And yet what we have direct control over is our own personal economy, right?

• Frustration often arises from the limited impact on the national economy, while individuals have direct control over their personal economies.
• Having agency in one's household and local church can counteract frustration, as it allows for meaningful actions on a small scale.
• The choice is between fretting about national issues with limited impact or acting in the right way on a small scale, creating a model for potential imitation by nations.
• The focus should be on doing what is right, regardless of the scale, as God is responsible for the rise and fall of nations.
• God's command is for the church to be the kind of nation it's meant to be, embodying a holy and priestly identity.

What is it going to take for us to get back in line with God's design?

• To get back in line with God's design, there are a couple of key factors.
• First, the church should serve as a model for handling money better than the world does.
• Secondly, the church should adopt a prophetic role, not only doing the right thing but also speaking truth to the nation.
• Inflation, for example, should be seen as more than just an economic or math problem but as an abomination, echoing God's perspective on unjust weights and measures.
• While voting is part of the process, the real power lies in setting a positive example, preaching the truth, and relying on God's intervention.
• The hope is for America to be restored, not just to its former glory but to a higher moral standard.
• Historical examples, such as Sodom and Gomorrah, show that a nation can be salvageable if there is a prophetic voice, even if it's as small as a group of ten speaking the truth.
• Concern arises when there's no prophetic voice, as that could lead to the nation's downfall, but there is still hope if the church raises its voice more clearly.

You can read Jerry Bowyer’s insightful columns for World News Group at WNG.org.

On today’s program, Rob also answers listener questions:

• How do you determine whether to keep funds in an IRA or move those funds elsewhere?
• What should you consider in deciding whether to take money out of an IRA to build a house?

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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Brad Guffey is Chief Medical Director at Family Legacy Missions International where he specializes in treating infectious diseases. Family Legacy is the ministry changing the lives of around 13,000 orphans in Zambia.

They do that through a 4-part program: helping children grow academically, physically, emotionally, and spiritually.

The physical and healthcare services that Family Legacy provides to Zambian children have grown tremendously in the last 10 years.

• Emphasis on pragmatism and efficiency in their approach.
• Belief in being faithful in small tasks.
• Acknowledgment of God's significant impact on their work and the lives of many children.
• Transformation from starting in a tent in a shipping container 10 years ago to a high-quality healthcare facility.
• Active service to several thousand families at any given time.

What does medical care look like in Zambia?

• Zambia presents unique challenges with a population of 20 million, two-thirds of whom are under 25 years old.
• The challenges of healthcare in Zambia include efforts to prevent children from being left uncared for.
• Differences in healthcare include fewer prior authorizations but still dealing with paperwork.
• Seasonal rainy flooding affects access to homes, necessitating home visits.
• Various medical issues are highlighted, including opportunistic infections, cancers from advanced HIV/AIDS, tuberculosis, rheumatic fever, heart valve disease, liver cancer due to environmental toxins, and uncommon conditions like lymphatic worms and blood flukes.
• Routine medical problems are also common, often complicated by resource limitations, with severe malnutrition being a frequent issue, often stemming from poverty.

Healthcare is absolutely essential before these amazing children can take on any other challenges.

• Emphasis on the essential role of healthcare for the 13,000 children in their program.
• A comprehensive approach to helping and caring for vulnerable and orphaned children in Zambia is highlighted.
• The mission is to glorify God by empowering these children to realize their God-given potential.
• Acknowledgment of the importance of good health for the children to thrive.
• Positive outcomes are observed, with children accessing modern medicine and receiving care from a dedicated team.
• Despite improvements and modernization, there are still cases where children arrive at the clinic in dire conditions.
• Brad shares an example about a child named Lydia, who overcame severe malnutrition, tuberculosis, seizures, and HIV, now living a healthier and happier life.

To learn more and find out how you can help, visit HopeForZambia.com/faithfi.

On today’s program, Rob also answers listener questions:

• Does taking a loan from an insurance policy affect your credit?
• Should you put the name of an adult child on a property deed for estate planning purposes to help it pass more easily to them upon the death of the parent?
• Upon the death of a parent, does it make sense to sell the parent’s home and split the proceeds with a sibling?
• What is the best way to start saving money for grandkids?
• Is a home equity line of credit a good way to pay for home improvements?

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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“Put on the whole armor of God, that you may be able to stand against the schemes of the devil.” Ephesians 6:11

Chris Meyer is Manager of Stewardship Investing Advocacy and Research at Praxis Mutual Funds, an underwriter of this program.

What exactly is shareholder advocacy and how does Praxis do it?

• Many people begin by screening or avoiding certain industries or companies based on their values.
• Screening is a valid approach but has limited power to create real change.
• Praxis uses seven different impact strategies for investments.
• Shareholder advocacy is one of these strategies, leveraging ownership rights to drive change.
• Shareholder advocacy includes activities like writing letters, filing proposals, and engaging in dialogues with company management.
• The goal of shareholder advocacy is not to chastise or embarrass companies but to encourage profitability while also promoting positive impact.
• Praxis collaborates with other investors, primarily from the faith community, in their advocacy efforts.

How does Praxis work with many other investors, especially the faith community, to advocate for Christian values?

• Collaboration with others significantly enhances the impact of their work.
• Coalition efforts with various faith-based institutional investors broaden and deepen their reach.
• Companies are more receptive when approached collectively by a coalition.
• Collaborations focus on common interests and shared capacities.
• Example: Praxis collaborates on human rights and child labor issues, while others may focus on pharmaceutical companies and medication affordability.
• Praxis takes leadership roles in some engagements and partners actively in others.
• Prioritization of issues and companies is essential due to limited resources.

What kind of preparation goes into this type of engagement?

• Engagement preparation involves issue prioritization and collaboration with investor partners.
• Teams are formed, leadership structures are established, and goals are set.
• Education and strategy sessions, both in-person and virtual, are organized to become well-informed about relevant topics.
• External expertise is often brought in to enhance understanding.
• Example: Engagement with Target and Walmart on human rights and child labor issues.
• Focus is on encouraging robust human rights policies and supply chain enforcement.
• Pre-engagement research includes reviewing company publications, reports, and industry news.
• Input from human rights experts and NGOs is sought to understand global supply chain issues.
• Thorough preparation is crucial for gaining understanding and credibility in engagement with companies.

If company dialogues are central to real change, what do these engagements look like, and what makes an effective conversation or dialogue with a company?

• Meaningful dialogue with company management is the pinnacle of shareholder advocacy for impactful change.
• Engagement usually starts with an investor letter outlining concerns and requesting dialogue.
• Initial communication may be with investor relations and corporate counsel.
• The goal is to engage with decision-makers overseeing the relevant issue, often vice presidents.
• Dialogues are typically in-person or via video conference, lasting one to two hours or longer.
• Building strong, trusting relationships is crucial.
• Success comes when companies see a vested interest in their future success and the relevance of the concerns raised.

So what is the end game? How do you know you've been successful in making meaningful change in supportive kingdom values in these engagements?

• Setting clear goals and ways to measure success is crucial in advocacy.
• Having a vision of the desired outcome of the dialogue is important.
• Long-lasting engagements can lose meaning without a clear endpoint.
• Avoid being seen as a nuisance by the company or becoming their free consultants.
• Common scenarios for ending dialogues include a company refusing to engage or dismissing concerns.
• In the best case, all goals are met or exceeded, and the engagement transitions to a monitoring phase to ensure commitment follow-through.

Learn more about Praxis at PraxisMutualFunds.com.

On today’s program, Rob also answers listener questions:

• Is there a more affordable way to handle the Medicaid paperwork and power of attorney, given limited financial resources?
• What’s the best way to invest for a child’s future?

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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The past few years haven’t been easy for small businesses in the U.S. The pandemic threw the supply chain, the workforce, and the economy into chaos, forcing many small companies to close their doors, and sending workers home by the millions.

But small business owners are nothing if not resourceful, and many of you have pivoted into the new realities with determination and creativity. Of course, as Christians in business, we are called to a higher standard. Colossians 3:23 – 24 says, “Whatever you do, work heartily, as for the Lord and not for men, knowing that from the Lord you will receive the inheritance as your reward. You are serving the Lord Christ.”

The benefit of tying your business standards to eternal values is that those values don’t change with the whims of culture or economic trends. The end result for Christian employers is a faithful witness to everyone. As Jesus told his disciples in John 15:8, “By this my Father is glorified, that you bear much fruit and so prove to be my disciples.”

Here are a few basic biblical principles that should guide your professional actions and attitudes.

GUIDING BIBLICAL PRINCIPLES

This first principle is fundamental, and once you truly get it, the rest makes much more sense. We’re talking about stewardship. In a nutshell, stewardship is what happens when you understand that “The earth is the Lord’s and everything in it,” as it says in Psalm 24.

So, as business owners and managers, we submit our work, our resources, and our profits to the Lord, because He is really the boss. We can have a kingdom perspective on everything, from hiring, to inventory, to profits and losses.

As managers, we turn to Christ, seeking first his kingdom and his righteousness, trusting that he will provide what we need to take care of all the business details. That includes taking care of our families.

Ultimately, success or failure in the business becomes God’s problem, while we do our best, letting him take care of the rest.

In the post-pandemic business environment, workplace norms have really shifted.

Many workers who left the office to work at home have stayed there. Lots of small businesses are dealing with hybrid workforces that have different sets of expectations.

This is where eternal biblical principles can keep you moving in the right direction.

Because, once you have God’s authority over your business figured out, you can focus on the horizontal relationships — how you interact with your employees, customers, suppliers, contractors, and competitors.

Most importantly, treat everyone with integrity. Deuteronomy 16:19 says, “You shall not distort justice, you shall not be partial, and you shall not take a bribe.” What does that look like in a business context? Well, pay fair wages, show concern for your employees’ well-being, and treat your customers, contractors, and even your competitors, fairly.

According to smallbiztrends.com, workplace expectations have changed in recent years, especially along generational lines. In general, Millennials want a positive workplace culture and flexible schedules, and Gen Z workers value fun even more than money! Maintaining biblical values in your company can help meet the felt needs of every employee.

One way to maintain a healthy company culture is to set an example. As a business owner who belongs to Christ, you have an opportunity to demonstrate godly character to those around you. You can do that by pursuing righteous business practices. Here’s how:

Be honest. Communicate clearly. Keep your promises, and pursue excellence. As Larry Burkett once said, “There’s nothing more honoring to God than quality service or a quality product from a professing Christian.” Proverbs 22:29 confirms this: “Do you see a man skilled in his work? He will stand before kings.”

As a business owner or manager, you’re in a unique position to have an impact on your community through your generosity and compassion. We pray that you will use your professional resources and influence to further Christ’s kingdom right where you live.

On today’s program, Rob also answers listener questions:

• Should you add your children as authorized users on our credit card to help them build their credit?
• Is it a good idea to give your kids a debit card tied to their first bank account?
• If one spouse enters a debt management program, does that affect the credit score of the other spouse?
• Does care maintenance insurance make sense?
• What can you do if you’re trying to get a mortgage but your debt-to-income ratio is too high due solely to student loans?

RESOURCES MENTIONED:

• Capital One teen checking
• Christian Credit Counselors

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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Family financial expert Crystal Paine is the creator of the amazing website MoneySavingMom.com.

SAVING MONEY WHEN PLANNING A WEDDING
The biggest thing is you need a budget. How much money can you realistically devote to paying for this wedding? Really think about your priorities when it comes to that budget.

CREATE A BUDGET

Create a budget by category and then decide what categories you want to prioritize and put a little bit more money in. And in which areas could you live with spending a little less? For example, perhaps you decide that spending a lot of money on professional photography isn’t all that important to you, but you would really like to have nice flowers.

Decide ahead of time how to prioritize your resources. And we highly recommend that you do not go into debt! It’s not worth it. You can simplify your wedding and still have a great marriage. We promise!

WHEN TO WED?

According to knot.com, about 43% of weddings now take place between September and November. So how does that affect the cost of a wedding?

Just remember the laws of supply and demand. If you’re holding your wedding at a really popular time of the year, your costs may increase. Venues, photographers, cake decorators, etc. … all may charge more because demand is higher at that time of year.

So if possible, consider holding your wedding outside of those peak months. Perhaps you could consider a December through February wedding date. If you go in the offseason, it's also going to be easier to find service providers as they’re less likely to be booked up.

OTHER MONEY-SAVING TIPS

Crystal shares that she wore her mom's wedding gown during her wedding. But there are a lot of places online that offer great deals. For instance, David's Bridal offers sales a few times a year with significant discounts. Crystal says she’s seen wedding dresses for as little as $99. So planning ahead can really save you a lot of money there.

Also, ask around to see if there’s anyone you know who can actually decorate cakes. There may be someone in your circle of friends, or a friend of a friend, who could help you save a lot of money on your cake.

And if you’re willing to hold your wedding at your church, rather than an expensive outside venue, you may be able to save a bundle there as well.

Unless you’re planning a super simple wedding, one investment that may be well worth your while is a wedding planner. Crystal shares that hiring a planner was the best investment she made for her wedding. A good planner can take a ton of stress off your plate. But they can also negotiate prices, help you stay within your budget, and may even save you money in the end.

On today’s program, Rob also answers listener questions:

• What are the tax implications of giving an adult child a large cash gift?
• Does it make sense to enter into a rent-to-own agreement for a home if your credit isn’t great?

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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Ron Blue is co-founder of Kingdom Advisors and the author of several books on personal finances from a biblical perspective, including Never Enough?: 3 Keys to Financial Contentment.

Ron published a video series a while back for Kingdom Advisors that revealed 3 questions everyone needs to answer.

3 KEY QUESTIONS:

1. WHO OWNS IT? This question is so foundational because until you answer that question, you don't know the difference between the steward and the owner. And when I say I own it, then I can do whatever I want with money. But if I say God owns it, now my actions change because I know that I’m managing someone else’s resources. Answering that question will not only change your behavior; it will change your life.

2. HOW MUCH IS ENOUGH? Those of us in the United States live in the wealthiest nation in the history of the world. Even those of us who don’t consider ourselves “wealthy” by American standards enjoy a higher standard of living than most everyone else in the world.

A recent golf tournament awarded the winner $3.6 million dollars. There’s nothing inherently wrong with the winner receiving that money. But the question is: How much is enough? Is there an amount that when you reach it, you’re done? Or do you keep pushing for more because there’s always someone ahead of you? In other words, unless you have a finish line, you’ll never truly have contentment.

3. IS THE NEXT STEWARD CHOSEN AND PREPARED? Again, we live in a wealthy culture. Let's just take the average person, if you will, who owns a home. If they died of old age, then they've had a retirement plan, perhaps, and they own a home and they're debt free. Then somebody's going to need to manage the money and assets left behind after your death. It's a really good idea to know who that is, and make sure that they're prepared.

And the reason that's so important is because you're really transferring God's possessions and God's money. So you want to make sure you’re transferring it to someone who considers themselves to be a steward and accepts that responsibility.

On today’s program, Rob also answers listener questions:

• Is there a legitimate way to have student debt forgiven or lower the interest rates on your student loans?
• If you receive a notice that your home’s escrow account is insufficient, should you pay a lump sum or just accept a larger mortgage payment?
• Does investing in an annuity ever make sense?
• Can you switch a whole life insurance policy to term life at age 74?
• Is it a good time to buy bonds?

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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Well, first of all, we can all agree that God’s Word has power. Isaiah 55:11 tells us, “So shall my word be that goes out from my mouth; it shall not return to me empty, but it shall accomplish that which I purpose, and shall succeed in the thing for which I sent it.”

The Holy Spirit is the author of God’s Word and He gives it the power to accomplish “any and all things that God shall purpose.”

So, that brings us back to Matthew 6:21, “Where your treasure is, there your heart will be also.”

WHERE YOUR TREASURE IS …

This verse reveals a truth that has both a positive and negative connotation. The negative connotation is that if you spend the resources God gives you on ungodly things, your heart will follow after those things. In the positive sense, though, the verse tells us that if we use God’s resources in righteous and godly ways, our hearts will naturally follow after those things.

You can also look at the verse in two other ways. Is Jesus saying that the emotion comes before the act, or after? Does the heart follow the treasure, or does the treasure follow the heart? And why is that important?

It’s important because all of this is leading up to something we talk about a lot here on the program, the power of money. Money has power, and that’s what Jesus is really saying, and probably why there are over 2300 verses in the Bible dealing with money and possessions.

You may not want to put your treasure (and it’s not really yours, by the way) on godly things, such as giving to your church. Maybe that’s very difficult for you to do. If so, Matthew 6:21 should give you hope and encouragement. It says you can change your attitude by changing your actions.

THE POWER OF GIVING

Now, how exactly does that work, especially if money has so much power over our lives? Money has power, but so does God’s Word, and so does giving. In fact, giving has a very specific power— it has the power to break money’s control over us.

That seems counterintuitive, but it’s true. The late pastor Charles Stanley liked to say that we need to hold money with an open hand because if we close our fist around it, it takes control of our thinking and behavior.

Financial teacher and author Ron Blue says, “It’s not that my heart is where I put my treasure. It’s where I put my treasure … there is where my heart will go. The heart follows treasure, not the other way around. Jesus wants me to treasure Him and a relationship with Him and I can’t if money or mammon is my god.”

Jesus says a lot about money in the Gospels, most of it warning us about its power. A little further in Matthew 6, in verse 24, He says we must make a choice: “No one can serve two masters, for either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve God and money.”

Note that Jesus doesn’t say that it’s difficult to serve God and money. He says it’s impossible to serve God and money. He’s saying you have to make a choice— God or money.

In 1 Timothy 6:10, Paul tells us what happens when we make the wrong choice. He writes, “For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.”

If you doubt that’s the case, consider that loving money more than God is really idolatry.

It’s no different than the Israelites worshiping a golden calf.

Now, to be clear, there’s nothing wrong with acquiring wealth, and acquiring more than you need. If the Lord didn’t allow that, we wouldn’t have anything to give. Money is not the root of evil. The LOVE OF MONEY is.

That’s what Jesus is saying in Matthew 19:23 & 24, “Truly I tell you, it is hard for someone who is rich to enter the kingdom of heaven. Again I tell you, it is easier for a camel to go through the eye of a needle than for someone who is rich to enter the kingdom of God.”

A bit of hyperbole there, perhaps, to make a point. If you love riches, it will be difficult to enter heaven because you’re choosing money over God. The only way to break the power that money has over you is to give generously to God’s Kingdom.

We hope this encourages you to be a generous giver, starting with your local church and then expanding to other ministries as you’re able.

On today’s program, Rob also answers listener questions:

• What is an escrow account and how does it work?
• How do you determine when to move assets into lower-risk investments?
• Would it be wise to take money out of savings and purchase Treasury bills?

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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The first thing we have to do is put to rest the misconception that work is punishment for the Fall. The very first verse of the Bible— Genesis 1:1, reads, “In the beginning God created the heavens and the earth.”

So we see that God was at work even before man existed. And of course, He labored six days to create the heavens and earth, everything within them. Finally, He created Man in His own image and commanded him to rule over every living thing on earth.

Later, we see in Genesis 2:15 that God gave Adam specific instructions about his labor in the Garden. It says, “Then the Lord God took the man and put him into the garden of Eden to cultivate it and keep it.”

And just a few verses later, God creates Eve from Adam’s rib, so that she could be his helper and labor with him in the Garden. All of this was before the Fall, so it’s correct to say that work itself is not a punishment, and we can assume that working in the Garden was quite pleasant.

Of course, that was not to last. Adam and Eve disobeyed God and ate the forbidden fruit from the Tree of Life and were cast out of the Garden. That’s where some might get the idea that work became punishment.

But we still would not describe work performed after the Fall as punishment. It’s important to note that many translations of the Bible distinguish between “work” and “toil.”

In Genesis 3:17, God tells Adam, “Cursed is the ground because of you; through painful toil you will eat food from it all the days of your life.” So after the Fall, work becomes less pleasant.

But that doesn’t mean that work itself is cursed. It may not always be pleasant, but God continues to bless those who work diligently and honor Him. An example of this is in Ruth 2:19. It reads, “And her mother-in-law said to her, ‘Where did you glean today?

And where have you worked? Blessed be the man who took notice of you.’ So she told her mother-in-law with whom she had worked and said, ‘The man's name with whom I worked today is Boaz.’” Of course, Ruth would marry Boaz, and bear him a son named Obed, who would become the grandfather of David. We believe we can safely say God blessed her work.

And later in Proverbs 22:29, God again says diligence in performing our work well will be rewarded. It says, “Do you see a man skilled in his work? He will stand before kings; He will not stand before obscure men.”

And in Ecclesiastes 2:24 we find, “There is nothing better for a person than that he should eat and drink and find enjoyment in his toil. This also, I saw, is from the hand of God.”

Work is also mentioned frequently in the New Testament. The Apostle Paul often incorporates work into the proper behavior of believers. An important theme in his teachings about work is that God is our true Master and that we should work diligently with a positive attitude because doing that will point others to Christ.

Colossians 3:23-24 reads, “Whatever you do, work heartily, as for the Lord and not for men, knowing that from the Lord you will receive the inheritance as your reward. You are serving the Lord Christ.”

This doesn’t mean you can’t look for another job if you feel God leading you somewhere else. It just means that wherever you work, you should exemplify Christ, whom you represent. In Ephesians 6:7 Paul says, “With good will render service, as to the Lord, and not to men.”

And Paul expands on this in 1 Thessalonians 4:11-12, “…make it your ambition to lead a quiet life and attend to your own business and work with your hands… so that you will behave properly toward outsiders and not be in any need.”

But it seems not everyone in the Thessalonian church was following Paul’s direction. Some believers apparently didn’t want to work. He admonishes them in 2 Thessalonians 3:10-12, writing, “ If anyone is not willing to work, let him not eat. Now such persons we command and encourage in the Lord Jesus Christ to do their work quietly and to earn their own living.”

Okay, one final thought. It’s also important to be grateful that you can work to earn a living, because that, too, is a gift from God. Deuteronomy 8:18 reads, “ You shall remember the Lord your God, for it is he who gives you power to get wealth.”

Everything we have is a gift from God— and that includes work.

On today’s program, Rob also answers listener questions:

• What’s the best way to get started investing using tools like 401ks or IRAs?
• What are the tax implications of selling a house?
• How do you determine the best way to use a lump sum of money?
• What are the rules surrounding claiming medical expenses on your taxes?

RESOURCES MENTIONED:

• Master Your Money by Ron Blue

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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As you know, we’re big fans of planning. That’s because having a plan is the best way to meet your financial goals — or any goals for that matter. The question is how to make sure your plans line up with God’s will for your life. That’s important because if you’re a Christian, and Jesus is your Lord, you know his plans are the best.

In fact, it says in Proverbs 19:21 that “Many are the plans in the mind of a man, but it is the purpose of the Lord that will succeed.”

The purpose of the Lord will succeed, so it’s worth finding out what He wants. How do you do that?

Well, his Word tells us. Micah 6:8 says, “And what does the Lord require of you? To act justly and to love mercy and to walk humbly with your God.”

Proverbs 3:5-7 is another passage that gives us a clue about God’s will for his people:

“Trust in the Lord with all your heart and lean not on your own understanding; in all your ways submit to him, and he will make your paths straight. Do not be wise in your own eyes; fear the Lord and shun evil.”

So, can submitting your ways to God help you plan for retirement, or save up for a car, or plan a vacation? Well, you might not receive a note from the Almighty telling you which car to buy, but if you’re committed to living by biblical standards, you will certainly experience greater peace and confidence about your choices.

Here’s the bottom line: We focus on whatever has eternal value. In other words, “Seek first the Kingdom of God.” When you’re “trusting in the Lord with all your heart,” as you pray, read his Word, and submit your financial plans to him, God will direct you into His will. That doesn’t mean things will always be easy, but they will be godly.

Sometimes, when you’re praying for God’s will to be done, and trusting the Lord for guidance, you might still need a bit of practical advice from someone you trust. After all, seeking wise counsel is a biblical idea. Proverbs 15:22 says, “Without counsel plans fail, but with many advisers they succeed.”

That said, we have some biblical counsel for your plans in the areas of saving, debt, and employment.

BIBLICAL TIPS RELATED TO SAVING, DEBT, AND EMPLOYMENT

First, saving. Paying for college, retirement, or a home purchase can mean many years of diligent saving. This takes patience and commitment. Our advice is to set a target amount and figure out how much you’ll need to put away each month. Put that money where it will earn the most interest, and ask God to give you the discipline to stay on track.

For retirement, be sure to max out any savings options offered by your employer. Or get going on your own with a traditional or Roth I-R-A. For college saving, we like 529 plans.

What if you’re getting a late start with your saving? You might be afraid you won’t meet your goals because your timeline is shorter. Our first suggestion is: Don’t worry. The Bible assures us that we do not need to worry about having our needs met. Our God is “Jehovah Jireh”, our provider, who cares for the sparrows of the field, and even more for you and me.

Besides saving, another big goal you might have is Eliminating Debt. This is another area where you need a plan. Figure out exactly what you owe, and make a plan to pay it off. Pay off one debt at a time, then apply the payment amount to the next debt. If you need more help, we recommend you visit ChristianCreditCounselors.org. We do not recommend debt consolidation or debt settlement.

Share your goals with trusted friends or family, so they can encourage you, and celebrate your successes along the way!

Remember the Bible says, “The borrower is servant to the lender”, and keep your debt-free goal in sight. Above all, don’t be discouraged. Ask the Lord to help you break any bad habits, and get the advice and support you need.

The third area where you might need financial advice is Employment. Are you unemployed or under-employed? To improve your earning power, you’ll need a new job, or possibly a promotion in your current job. One way to reach these goals is to get training and improve your skills.

Be sure to network – and talk to your job contacts often. Your persistence and enthusiasm will earn you employment brownie points! You’ll also need to update your resume, of course, and practice your interview skills.

Ultimately, as we said at the start, when you focus first on the things that have eternal value, the purpose of the Lord will prevail in your financial life.

On today’s program, Rob also answers listener questions:

• When is an umbrella insurance policy a wise purchase?
• If you receive an email about debt relief for having worked during the pandemic, is that legitimate or a scam?
• What type of life insurance is best for a single man with no dependents?

RESOURCES MENTIONED:

• Christian Credit Counselors

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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“Without counsel plans fail, but with many advisers, they succeed.”Proverbs 15:22

Well, as you know, we always recommend you look for a financial advisor with the Certified Kingdom Advisor Designation, and you can do that by going to FaithFi.com and clicking on Find a CKA.

When you do, you’ll also find a long list of questions you can ask potential advisors. We’re going to give you some of them today, though, because “folks have been asking.”

The first thing you should understand is that the type of advisor you’re interviewing will determine what you ask. And that only makes sense, because you’ll need different information from a financial planner than from an investment professional or a tax attorney. So let’s go over some of these questions by category:

First, a Christian financial planner. They equip people to use God-given resources to accomplish God-given goals. The Christian financial planner can: (1) Help clients identify their God-given goals and quantify how much is necessary to accomplish them. Some of the questions you’ll want to ask include:

QUESTIONS FOR A CHRISTIAN FINANCIAL PLANNER

• How do you integrate Christian values into your advice?
• How long have you been a financial planner, and what licenses do you hold?
• And, describe the financial planning process.

Next we have investment professionals, and this could be a fee-only investment advisor or investment consultant. This person provides professional expertise to managing investment assets held in retirement accounts, trusts, individual, and joint accounts. A fee-only investment advisor is compensated by fees directly from the client.

An investment consultant is compensated from commissions derived from the purchase or sale of a stock or mutual fund.

QUESTIONS FOR AN INVESTMENT CONSULTANT

• How do you integrate Christian values into your advice?
• How do you determine whether or not a client should be investing?
• What is your investing experience and philosophy?
• How do you select the most appropriate investment options?
• Where are your clients’ investments held? A brokerage firm? A mutual fund? Which one?
• If a brokerage firm or mutual fund holds your clients’ investments, does the brokerage firm or fund charge separate fees for this?
• What type of investments do you use? Load or no-load mutual funds? Stocks? Bonds? Annuities?
• How do you monitor and how often do you report investment performance to your clients?
• How do you consider the impact of income taxes on investment choices?
• What other financial services beyond investments do you offer?

That’s a lot of questions for an investing professional, but asking them should give you the information you need to make a wise decision.

Now what if you need a tax or estate planning attorney? What should you ask those candidates?

TAX OR ESTATE PLANNING ATTORNEY QUESTIONS

• Can you tell me about your practice and ways you integrate a biblical worldview into your advice?
• What are your areas of specialty?
• Can you share examples of complex cases you have handled?
• Have you handled many cases in my area of need (whether that’s estate planning, business succession, tax planning, or something else?)

Okay, maybe you need someone to help you with tax preparation. That would usually be a certified public accountant.

QUESTIONS FOR A CPA

• Can you tell me about your practice and ways you integrate a biblical worldview into your advice?
• How long have you been a CPA? What other licenses do you hold?
• Have you helped clients in a similar situation?
• What is your approach or perspective in interpreting tax laws and regulations and accounting and auditing standards?
• How about an insurance professional?

QUESTIONS FOR AN INSURANCE PROFESSIONAL

• What’s your biblical worldview regarding insurance needs?
• Are you required to recommend specific insurance products?
• How many companies do you represent? What’s the rating of those companies? (Rating agencies include AM Best, Standard & Poors, and Weiss.)
• Do you receive higher compensation for recommending proprietary products?
• What percentage of your business comes from insurance commissions?

And finally, a few additional questions you should ask all CKA professionals you interview:

• How long have you been in practice? (experience)
• How long will it take for you to do my work? (services)
• Do you have clients with situations similar to mine who might be willing to speak with me about your services? (referrals)
• Have you ever had any complaints filed against you with any organizations that regulate you? (reputation)

Well, there’s a partial list of questions to ask prospective financial advisors. We’ll put a link to the whole list in today’s show notes.

On today’s program, Rob also answers listener questions:

• Is now a good time to refinance your mortgage?
• What should you do if you have a house on the market that isn't selling?
• Would it make sense to convert a large amount of cash savings to a foreign currency?
• What should you do if your spouse is refusing to be transparent about their finances prior to the marriage?

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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Mark Biller is executive editor at Sound Mind Investing, an underwriter of this program.

The latest issue of Sound Mind Investing’s newsletter featured a deep dive on gold, an article titled, “Checking Up On Gold.”

A lot of gold watchers expected gold prices to be halfway to the moon by now, but that hasn’t happened.

THE RECENT PERFORMANCE OF GOLD

Well, when investors think about gold and what drives its price, there are a handful of things that stand out: inflation, government spending, wars, and other “fear events,” and so on.

When you think back over the last three years, what have we had, we had a global pandemic and all the fear that went along with that. Then we had massive monetary and fiscal stimulus, which led to the most significant inflation spike in 40 years. Then we had a major war break out in Europe! Since then we’ve had continued huge government deficit spending and tons of market uncertainty.

Add it all up, and it would seem like this would have been the perfect storm to drive gold’s price massively higher. But that really hasn’t happened. Gold peaked in August of 2020 at around two-thousand-seventy dollars per ounce, then fell over 20% to nearly sixteen-hundred by last November. We’ve seen a nice bounce back toward the two-thousand level since then, but the point is gold is actually cheaper today than it was in the summer of 2020, despite all that has happened since then.

WHY HASN’T GOLD PERFORMED BETTER IN RECENT YEARS?

Mark Biller notes that gold isn’t just one thing. Gold IS an inflation hedge, but it’s not just an inflation hedge. It IS a hedge against war and other “fearful periods,” but it isn’t just that either. Gold responds to a lot of different factors, so expecting it to trade perfectly relative to any one single factor often leads to confusion and disappointment.

Ironically, the one factor that probably correlates the best to gold’s performance is one most people don’t think about at all, and that’s interest rates. When you think about that, the past couple of years make more sense. In the summer of 2020, interest rates were at rock bottom levels and have climbed significantly since then. The Fed Funds rate, for example, was less than one-quarter of one percent then, and today is nearly five-and-a-half percent. That big move higher in interest rates has played a significant role in keeping the price of gold from soaring like many people expected.

In fact, there’s a strong case to be made that based on what interest rates have done lately, we would normally expect gold to be significantly lower than it is today.

Rather than be disappointed that it isn’t higher, Biller says he’s impressed it’s held up as well as it has.

THE IMPACT OF INTEREST RATES ON GOLD

The simplest way to think about that is to recognize that gold doesn’t pay any type of yield, whereas most other “safety assets” do. Any type of savings account, bond, or traditionally safe place to park money has been offering higher and higher yields as interest rates have risen over the past two years. That makes those assets more attractive relative to gold, which doesn’t pay a yield. So we typically see gold rise in price as interest rates fall, and vice versa when rates rise.

WHAT’S THE RIGHT APPROACH TO INVESTING IN GOLD

There’s a difference between physical gold and “trading” gold in ETFs, and both have pros and cons. Owning physical metal obviously has a lot of advantages — you have it right there in your hands if things ever get really bad, there’s no “counterparty” risk where you’re relying on a bank or company to make good on the gold you own through a fund or ETF. So there’s a lot to like about owning physical gold directly.

However, owning physical metals also has downsides. Buying and selling is typically quite expensive, so most people can’t reasonably dollar-cost-average or make frequent purchases of physical gold. And beyond a pretty minimal dollar amount of physical gold, people need to start thinking carefully about the safety of storing it at home, and if not at home, then you’re looking at storage costs and the downsides of not having it physically present where you can get to it easily.

So SMI typically breaks it down this way. They think having a small allocation of physical gold is a great idea. But they encourage people to think of that as a “forever allocation” — ideally you’ll never need to sell this, you’ll likely leave it to family members or heirs. Of course, you could sell it in a pinch, but the point is to put this mostly off limits in a person’s mind, so the high transaction costs aren’t an issue. For most people, thinking about it this way probably means their allocation to physical gold is going to be 5% or less of their total portfolio allocation.

Then, on top of that physical “forever” gold allocation, they use the gold ETFs to supplement that allocation as conditions warrant. These ETFs trade just like any other stock or mutual fund, which makes them very easy to buy and sell, unlike physical gold. They have a particular SMI strategy that provides signals as to when it’s a particularly good time or bad time to have a higher allocation to gold.

Putting those two ideas together, most SMI members have a small constant allocation to physical gold, and then they also have a variable allocation to gold ETFs that goes up and down as gold moves in and out of favor.

OTHER WAYS TO INVEST IN PRECIOUS METALS

For most people, SMI suggests they think about precious metals as two groups: actual gold in one group, and everything else in the other group.

So what’s in the other group? For starters, there are other metals, like silver and platinum. These can be great at certain times in the economic cycle, but they lack the foundational “gold is money” stability. So they’re generally a lot more volatile and speculative than gold.

Another more speculative play on gold is buying gold mining stocks, either directly or through mining stock ETFs. Similar cautions apply there — when markets get wild, these are ultimately stocks, not gold. So sometimes you’ll see the gold price stay flat or even rise while the mining stocks are getting beat up. But of course, the reason people buy them is when you get the timing right, they can offer considerable leverage to the gold price, meaning a 10% increase in the price of gold might cause gold stocks to go up 50%. That sounds great, but owning precious metals stocks is about as wild a ride as there is in markets, so tread carefully!

WHAT’S THE FUTURE OUTLOOK FOR GOLD PRICES?

SMI believes the long-term outlook for gold is strong. That’s largely based, unfortunately, on the observation that government spending has really taken off since the COVID crisis and there is no indication of that changing, regardless of who is in power. On top of that, SMI still believes a recession is likely sometime within the next year, and government spending always soars during recessions. So all that government spending probably means we’ll be fighting inflation off and on for a number of years.

That’s a good long-term backdrop for a higher gold price. As more people realize this government spending wasn’t just a one-time COVID thing and the government is going to keep debasing their purchasing power, the interest in gold and precious metals is likely to climb.

But while the long-term outlook is pretty bright for gold, SMI offers one significant warning, which is simply that if we do slip into a recession, history indicates there’s a decent chance there will be some sort of market panic associated with that. And normally when investors panic, liquid investments — like gold — get sold off along with everything else.

If you look back at 2008 and 2020, the gold price fell hard as those panics unfolded.

Gold went on to rally significantly from there in both cases, but the initial move was down. So for those thinking about loading up on gold now, it might not be a terrible idea to keep some powder dry with the intention to buy into a panic selloff if we get one, rather than loading the boat today.

Get more sound investing advice online at SoundMindInvesting.org.

On today’s program, Rob also answers listener questions:

• How soon would it be advisable to cash out of I-bonds?
• How can a single working mom begin to get ahead financially?

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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In Matthew Chapter 7, Jesus tells the parable of two builders – a foolish one, and a wise one. The wise builder builds his house on a rock, and the storm can’t destroy it, but the foolish builder builds his house on the sand, and when a storm comes, it all gets blown away. Jesus tells his disciples that “everyone who hears these words of mine and puts them into practice” is like the wise builder.

As with all of Jesus’s parables, there’s an underlying message for us here about God’s kingdom and how we should live. This parable about the wise and foolish builders can also apply to our financial choices.

3 THINGS WE CAN LEARN

1. It’s better to be wise than foolish. Depending on God is the wise thing to do. If we follow God’s principles in our finances, listening to the words of our Savior and doing what he says, we will be like that wise builder, and our efforts will have eternal value.

The foolish man who ignores and disobeys God’s word … will end up with nothing to show for all his hard work.

2. A firm foundation can protect you from the storms of life. The key is to choose a firm foundation instead of a weak one. Worldly promises and desires are made from human weakness and have no power to protect or save us. Jesus, the son of God himself, is a solid rock. Place your trust and obedience in him, and the storms of life won’t destroy you.

3. Storms happen, to everyone. Both the wise and the foolish builder had to live through the bad weather. But in the end, the wise man was the only one left standing.

So, let’s inspect your financial foundation for a moment. Are you really depending on God for everything?

It's tempting to think you can go it alone financially, but the “Do-it-Yourself” philosophy of life is a blueprint for financial — and spiritual — disaster. Only the Lord is strong enough to provide, protect, and rescue you. In Christ, he provides salvation and the forgiveness of our sins. We desperately need Jesus, “for all have sinned and fallen short of the glory of God.” (Romans 3:23)

Ephesians 5:15 admonishes us, as believers, to “Be very careful, then, how you live—not as unwise but as wise, making the most of every opportunity, because the days are evil.” Wisdom like this isn’t something we can muster by ourselves, because it comes from God. No matter how smart, or successful, or hardworking you are, you still need God.

Depending on God for everything takes practice. It’s also a matter of daily discipline.

HOW TO STAND FIRM IN CHRIST IN YOUR FINANCES

1. Study God’s word, and follow biblical principles. God cares about the details of your life, because he loves you. That’s why there’s so much in the Bible about how to be wise with money and possessions.

2. Stick to your faith when temptation and opposition come. And they will come. Satan does not want you to depend on God. That’s why Paul warns his readers in 1 Corinthians 16:13 to “Be on your guard; stand firm in the faith; be courageous; be strong. Do everything in love.”

3. Practice discernment. We love the truth in Romans 12:2. “Do not conform to the pattern of this world, but be transformed by the renewing of your mind. Then you will be able to test and approve what God’s will is—his good, pleasing and perfect will.” The wise person chooses a foundation of truth instead of the shifting sands of worldliness.

4. Keep praying. Test every financial opportunity with prayer, seek godly advice, and ask the Lord for the wisdom you need.

If we can help you address some of your financial concerns, visit us at faithfi.com and click on the Community tab. You’re not alone, and we have many wise financial contributors available to answer your questions.

On today’s program, Rob also answers listener questions:

• Is there an app that can help you with budgeting, tracking money, etc?
• How do you dig out of credit card debt on a fixed income?
• How do you determine the best way to invest a monthly surplus?

RESOURCES MENTIONED:

• FaithFi App
• Christian Credit Counselors

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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THE TROUBLING NUMBERS

For the first time, credit card debt has surpassed $1 trillion, and is now at 1.03 trillion. In the second quarter alone, it shot up $45 billion or 4.6%.

Now compare these numbers to the overall household debt which spiked by $2.9 trillion since the end of 2019 before the pandemic.

“Household debt” includes credit card debt, mortgages, student loans, and car notes. And credit card debt is now almost 1/3 of the average household debt. That is very concerning when you think about how expensive a car or a home is. People are really drowning in debt because of these higher interest rates and increased cost of living.

In a recent study, 35% of Americans said they were carrying their highest level of debt ever, or coming close to it. Lending Tree statistics revealed that in the second quarter of 2023, the average APR on new credit card offers was about 24.24%. The average for all current credit card accounts is 20.68%. And the average for all accounts that accrue interest is 22.16%.

IMPACT OF FED RATE HIKES

In the last year, interest rates have gone up 4.5 - 5.25 percentage points and continue to grow. The average credit card interest rates are now over 20%. So to put that in perspective, if you're making just minimum payments on an account that has a $6,000 balance, it would take you 17 years to pay off that debt.

Credit card companies are actually now required to state on the first page of their monthly statements a minimum payment warning that shows you how long it will take to pay off your debt with no new charges and only making minimum payments.

WHAT CAN YOU DO ABOUT IT?

If you’re only making minimum payments, what can you do to start digging out of debt?

• Stop using credit cards.
• Get on a budget.
• Live on less than you earn to have a margin.
• Use the “snowball” method to pay off credit cards, paying off debts in order of balance owed (smallest to largest) and applying the newly freed-up monthly cash to pay down the next-biggest debt.

STILL NEED HELP?

If it seems like taking those steps would be difficult or impossible for you right now, Christian Credit Counselors can help.

CCC offers a free consultation that consists of a comparison estimate wherein they outline all the benefits & fees of the program. There is no commitment. Their goal is to educate people about how they can help … and provide information so you can make an informed decision. They can also help you set up or adjust a budget.

Christian Credit Counselors offers debt management services that help clients get out of debt 80% faster, doing it the right way.

They have pre-negotiated interest rates, terms, and conditions with the credit card companies. They can help lower your monthly payments to a manageable amount, with new interest rates ranging from 1-12% APR, depending on the creditor.

This program is different from debt settlement or a consolidation loan. The goal is to pay off your debt in full in adherence to Proverbs 3:27: “Do not withhold good from those to whom it is due, when it is in your power to do it.”

Learn more at ChristianCreditCounselors.org

On today’s program, Rob also answers listener questions:

• Should you contribute to a 401k through an employer if the employer doesn’t match any of your contributions?
• Does receiving a large inheritance make you more likely to be audited by the IRS?
• How can you determine what taxes will be due on the sale of a property that belonged to a now-deceased parent?
• Should you always try to get out of debt as quickly as possible, or does it sometimes make sense to simply continue making monthly payments and use the money you would have used to pay off the debt in other ways?
• Do you have to pay taxes on inherited money?

RESOURCES MENTIONED:

• Find a Certified Kingdom Advisor

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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INTEREST RATES

Mortgage interest rates are still elevated, around 7%. But Dale says what's unusual here is that typically when inflation drops, rates drop along with it because the bond market, which drives interest rates on mortgages, generally responds favorably. That has not been the case for the last couple of months. And that’s due to some other factors. For one, the Fitch downgrade of the U.S. government’s credit rating was a big deal that really held back rates.

But Dale adds that a number of signs point to 2024 being a much better year in terms of interest rates.

Doug Duncan, the chief economist for Fannie Mae and Freddie Mac, really believes — and so to the other experts — that we're going to be in the mid-fives to probably low sixes and 2024 in terms of interest rate percentages. It could even hit the low fives.

HOME VALUES

Dale notes that in the first half of this year, we actually saw a 10% increase from January through the end of May. But listing prices are starting to drop on properties, and that is always the leading indicator for values. In June, we saw the lowest increase in 11 years, it was only 1.6% annualized. So we're probably going to be looking at a 6% total appreciation by the end of this year. Some markets may even see decreases in property value, but we very likely won’t see significant declines anywhere.

IS NOW THE TIME TO BUY?

Believe it or not, this may be a great time to buy.

Dale explains that most people think there's no way this is a good time to buy, but that has helped to lessen the buyer competition in the housing market. If you wait until rates go down, what's going to happen is that many buyers will come back into the market, and it's going to be hard to find a house amid another round of bidding wars.

And that has helped to moderate home values somewhat, which puts buyers in a stronger bargaining position. One of the things that we've seen this year is over 40% of sales have included seller concessions. So you can get that now, which certainly wasn’t the case not all that long ago.

And there are huge tax advantages right now because of the rates, which actually offset some of your payments. When you look at the tax benefits on the backside, add all of those things up, and you might be better off buying now and perhaps refinancing when rates drop.

Learn more about Dale Vermillion at DaleVermillion.com.

On today’s program, Rob also answers listener questions:

• Are you required at a certain point to transfer a CD into another IRA CD?
• Are there good, safe alternatives to banks for where to keep your money?
• How do you begin to secure your financial future after a divorce?
• Do you need a living trust in order to avoid probate?
• How should you think and pray through the process of deciding how to divide your inheritance in your will?

RESOURCES MENTIONED:

• Splitting Heirs

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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Your first step before making any financial decisions should always be prayer! You should invite God to be a part of all your financial affairs and decisions, especially now as you begin the process of settling your loved one’s estate.

It is enough simply to pray for wisdom in this challenging time. James 1:5 teaches, “If any of you lacks wisdom, let him ask God, who gives generously to all without reproach, and it will be given him.”

Romans 8:28 reveals just how much the Lord wants to guide and strengthen you. It reads, “The Spirit helps us in our weakness. For we do not know what to pray for as we ought, but the Spirit himself intercedes for us with groanings too deep for words.”

After a time of prayer, you’ll feel more confident and ready to take on the challenge of settling your loved one’s estate.

HERE ARE THE 6 STEPS YOU NEED TO TAKE:

1. Get a copy of the death certificate. This is the legal record of your loved one’s death. It’s usually prepared by a medical examiner and provided to you by the funeral home you’re using for the burial. You may also obtain a copy at your county vital records office.

It may take a few weeks to obtain the death certificate. If you haven’t received one in that time, contact the funeral home or records office to check on it. You really need a copy of the death certificate to begin the other steps in this process, and it’s especially important if you’re the executor of the estate because most of the actions you’ll take require a copy of the death certificate.

2. Start the probate process. Take the death certificate and a copy of the will down to your county probate office and file a petition to begin the probate process. If you’re the executor, you can then begin carrying out the deceased’s last wishes as specified in the will.

Ah, but what if there is no will? Well, then things get a bit more complicated. You’ll still take the death certificate to probate court and petition the court to begin the probate process. You can also request to be named administrator of the estate, but there’s no guarantee the court will honor that request.

The probate court will then decide, according to state law, how the deceased estate will be divided up among the heirs. Things may get complicated at that point, and you may want to have an estate attorney help you through the process of distributing the assets.

We recommend getting someone with the CKA designation. Just go to FaithFi.com and click Find a CKA..

3. Notifications. Next, you begin notifying the deceased’s financial institutions and advisors, if any. If your loved one had a financial advisor, that person can be a huge help in determining what assets are involved. You can also check the current balances when you notify financial institutions of your loved one’s death.

Here’s where you may discover that some assets can pass directly to beneficiaries without going through probate. Check with administrators of retirement and standard brokerage accounts for transfer on death or TOD instructions. For banks, check for payable on death or POD instructions. You’ll probably have to provide a copy of the death certificate to get the funds released.

At this point, you should also notify the three credit reporting agencies, Equifax, Transunion, and Experian of your loved one’s passing. Again, you’ll need the death certificate. They will close those accounts. Get copies of the reports and check to make sure everything is in order and that there are no fraudulent accounts or transactions.

4. Contact life insurance. Step four is to contact the deceased’s life insurance company or companies. You’ll need the death certificate here, too. Also, cancel other types of insurance, such as auto or disability that are no longer needed.

5. Notify government agencies. Step five is to notify any affected government agencies. Interestingly, the funeral director often notifies Social Security of a decedent’s death. Check to confirm that and also notify Medicare and the VA if necessary.

6. Prepare final taxes. Finally, step six is getting started on the deceased final taxes. Here is where you really should bring in a professional, such as a CPA to help you with this. This process is likely to be far more complicated than your regular, annual tax filings. Again, we recommend getting someone with the CKA designation.

Remember to pray for guidance and know that you are never alone. Romans 13:5 assures you, “Never will I leave you; never will I forsake you.”

On today’s program, Rob also answers listener questions:

• When does it make sense to switch financial advisors?
• Are proceeds from an inheritance taxable?

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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As we often say, there are only four things you can do with money: Live, Give, Owe, Grow. Dessert lovers can picture this as a pie.

Do you remember when you were a kid and your sibling took a bigger piece of a pie? The same thing happens with money. When one area of money allocation takes a bigger slice, another area must shrink.

Now, most often the world makes money decisions or “cuts up their pie” in this order: Live, owe, grow, give.

God’s order is different. Have you noticed that His ways tend to be the opposite of the world’s ways in every area of our lives? His Word even tells us this. Isaiah 55:8 reads, “For my thoughts are not your thoughts, neither are your ways my ways, declares the Lord.”

God’s order for money decisions is: give, grow, owe, live.

HOW IS GIVING DIFFERENT FROM THE OTHER THREE MONEY DECISIONS?

Even though when we talk about finances, giving is expressed as an amount, giving is actually an indicator of the heart. Giving breaks the power of money in our lives. But it can become legalistic if the focus is on the amount and not on the attitude.

So let’s talk about the heart.

The purpose of wealth is giving. 2 Corinthians 9:8 tells us that God is able to bless you abundantly SO THAT you can be generous and share with others. The whole purpose of our wealth is to be generous and share.

Next, we need to understand the purpose of the tithe. There are four things that the tithe does.

Deuteronomy 14:23 tells us, Eat the tithe of your grain, new wine and olive oil, and the firstborn of your herds and flocks in the presence of the LORD your God at the place he will choose as a dwelling for his Name, so that you may learn to revere the LORD your God always.

Tithing also helps us to discipline ourselves to put God first and give Him our best.

Thirdly, tithing can be a meaningful guideline to help us as we make decisions on our giving.

And then finally, tithing gives a roadmap or a pathway on how to give so that you may learn to revere the LORD your God always.

HOW DOES GIVING RELATE TO OTHER USES OF MONEY?

Let’s talk about those four things you can do with money. We’ll start with “Live.”

LIVE: First of all, lifestyle decisions can actually hinder your giving when you have a lack of margin, time, and money. Those are your two greatest barriers to giving.

And here’s a practical tip: Take the big three assessment at FaithFi.com/live to determine whether your living expenses might be limiting your giving opportunities.

OWE: We know that the Bible tells us the borrower is slave to the lender. Proverbs 22:7 tells us that when you’re over-committed to debt, your hands are tied in giving decisions. So your money has to go to the lender instead of the option of giving to others.

GROW: You might wonder how your saving can hinder your giving. Well, first of all, saving is important. It's Biblical, but … are you relying on your savings more than God? Are there times when He might call you to actually give from your savings?

So the bottom line is, the order matters.

Give first, whatever is left until the last is going to receive the leftovers. And if you leave giving to last, it gets leftovers and we certainly don't want to do that.

On today’s program, Rob also answers listener questions:

• How should you balance investing with paying down your mortgage?
• What is the best way to save and invest for a child’s future?
• When does it make sense to take a pension in a lump sum?
• How can you choose the right financial advisor for you?
• When does it make sense to cash out a life insurance policy to cover expenses?

RESOURCES MENTIONED:

• Sound Mind Investing

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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“Give justice to the weak and the fatherless; maintain the right of the afflicted and the destitute. Rescue the weak and the needy; deliver them from the hand of the wicked.”

Chikondi Phiri is Country Director of Family Legacy Missions Zambia, empowered by Family Legacy Missions International, a ministry that is literally changing the lives of thousands of kids in Zambia today.

Most Americans don’t understand how desperate many of Zambia’s children are for basic things like food, shelter, and education. In a country with about six and a half million children, more than a million are orphaned due to AIDS and other factors.

Family Legacy implements a unique blend of holistic care. They equip children with literacy and numeracy skills necessary for life. They also help students come to know Jesus Christ and live out the Gospel through a well-structured curriculum, discipleship, and Bible studies. Students also have the opportunity to eat one hot and nutritious meal every day at school. And for some students, this is the only meaningful meal they have in a day. They also provide medical care and have a highly effective emotional care program underpinned by a biblical ethos.

For most children in Zambia, graduating from high school is a far-fetched dream, but through Family Legacy’s sponsorship program, more than 500 students graduated last year.

They are working to help ensure that every child who goes through their program is guided and empowered to live out their God-given potential, whatever that is.

Learn more about their ministry at HopeForZambia.com/Faith.

On today’s program, Rob also answers listener questions:

• What are the TSP rules surrounding withdrawals at age 55 or later?
• Is it wise to invest a large sum of money in cryptocurrency?
• What financial tips should you give to a young couple preparing for marriage?
• If you have whole life insurance policies, would it be better to chase those in to pay for a home renovation rather than borrowing for the costs?

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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When you think about it, the amount of interest you pay over the life of a 30-year mortgage should be plenty of incentive to pay off the loan as fast as possible.

Let’s say you take out a $250,000 30-year mortgage at 7%. At the end of that term, you’ll have paid almost $350,000 in interest alone, making the true cost of the home closer to $600,000.

But let’s say with 25 years to go, you decide to put an extra $250 a month against the principal. That will actually shave off six years and 10 months' worth of payments and save you just over $83,000 in interest.

So, the potential payoff for getting rid of your mortgage early is huge, and it really needs to be a priority in your financial decision-making. There are four steps to getting there.

First, you need a spending plan. That’s not just because it’s a good idea and everyone should have one, which is true. You need a budget because you can’t start the process of accelerating your mortgage payments without one.

And setting up your spending plan is now easier than ever with the FaithFi app. It uses a digital envelope system to make budgeting easy. It will also track your spending and reveal things you can cut out to free up more cash.

Here are a few budget-cutting ideas:

Dump your cable or satellite service and go with a streaming package. You can probably save $50 or $100 a month just doing that.

Take a break from eating out. Try to go a month making all your meals at home. You’ll probably save a few hundred dollars.

Finally, see how long you can go without buying new clothes. That would probably save you many hundreds of dollars, as well.

You can probably come up with some great ideas yourself to save money that you can then apply to your mortgage.

Once you know how much extra cash you have to put on your mortgage, you can make it a budget category all by itself. Remember— even $100 a month extra applied to the principal on your mortgage will shave off a few years of payments. So you’ll want to put as much as possible into that mortgage payoff category.

You may start to feel deprived because you’ve cut out a lot of your “fun” spending. It helps to celebrate milestones along the way. A special dinner out, maybe, whenever you’ve paid off another $1,000 in mortgage principal. Just keep celebrating within the budget.

Now, the next step is something anyone can do, even if you’ve been thinking up to this point that you have no surplus cash to put on the mortgage. It’s using money that comes your way outside of your normal paycheck. Some call it “found” money or “mad” money. Make a commitment to put that unexpected cash on your mortgage principal, as well as the surplus money from your budget.

Where does this extra money come from? It could be just about anywhere: overtime pay or a work bonus, money from work you do on the side, a tax refund, gift money, or cash you get from selling stuff.

The trick is to apply that money to your mortgage principal as soon as you get it. Don’t think of it as mad money that you can spend any way you like. Don’t let it sit around tempting you.

Most lender websites now make it easy to apply extra payments to the principal.

And while you’re logged in, you’ll be able to see the running balance of your principal.

Keep track of it. Watch it go down faster as you make extra payments. That’ll help you stay motivated.

This isn’t something you want to delay. The sooner you start, the more money you’ll save, and that’s money you can put to better uses. Be patient— you’re in this for the long run. Proverbs 21:5 says, “Slow and steady plodding brings prosperity … “

Okay, we hope that helps you get started today on your early mortgage payoff plan. Let us know how it’s going. We’d love to hear from you.

On today’s program, Rob also answers listener questions:

• What is the best retirement investing approach for a couple in their 30s?
• If you have a small business, are you required to pay taxes quarterly?
• When parting ways with an employer, should you roll the funds out of your current 401k?
• What’s the wisest investment approach for a 29-year-old?

RESOURCES MENTIONED:

• madeitknown.com
• Schwab Intelligent Portfolios

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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Okay, it’s time for some true confessions about your giving. Has your electronic donation at church every Sunday become a bit automatic? Or, perhaps you’re struggling financially right now, so you’ve reduced your giving and you’re feeling a bit guilty. Then again, perhaps decisions about how much and where to give are causing tension in your marriage, so you end up dreading those conversations.

There are so many ways our generosity can become stale and un-joyful. If that’s the case for you, it’s time for a renewed perspective, and we’re going to help you with that.

BIBLICAL GENEROSITY

Let’s begin by remembering that Christian generosity is different from the world’s idea of generosity. Giving that honors God is not about showing off, or improving our self-esteem, or even getting buildings named after us. Ultimately, Christian generosity is different because we serve a different master.

As it says in Ephesians 5:1, “…be imitators of God, as beloved children. And walk in love, as Christ loved us and gave himself up for us, a fragrant offering and sacrifice to God.” Because of love, Jesus gave his life on the cross for us, and we imitate him when we are radically, sacrificially, and joyfully generous.

Another thing to remember about giving is that sometimes the action needs to precede the feeling. In other words, even if you don’t feel joyful about giving sometimes, keep doing it anyway because generosity pleases the Lord. Ask Jesus to guide you as you give in faith, and the joy will come.

Here’s another way to renew your perspective on generosity: Cultivate a biblical attitude about your giving. God’s word says our giving should be secret, open-handed, cheerful, loving, and sacrificial. Let’s look at those attitudes more closely.

First, giving should be secret, not showy. That way, the glory goes to the Lord, not to the giver. Jesus admonishes his followers in Matthew 6 to “Be careful not to do your ‘acts of righteousness’ before men, to be seen by them. But when you give to the needy, do not let your right hand know what your left is doing, so that your giving may be done in secret.”

Second, giving should be open-handed, not stingy. 2 Corinthians 9:6-7 says, “Whoever sows sparingly will also reap sparingly, and whoever sows generously will also reap generously.” Remember, what we have is not our own. It all belongs to God, whether it’s time, talent, or treasure. So, we can always afford to be generous, because God is our provider.

Third, giving should be cheerful, not reluctant. The passage in Second Corinthians goes on to say “Each man should give what he has decided in his heart to give, not reluctantly or under compulsion, for God loves a cheerful giver.” Having a cheerful attitude about giving might be a challenge. You may have to ask God to change your heart in this area. Believe me, he will do that, because a cheerful attitude towards giving is his desire for you.

Fourth, giving should come from love, not obligation. Giving that glorifies God springs from love for God and our neighbor. That love isn’t something you can produce…it’s a work of the Holy Spirit in you.

Finally, giving should be sacrificial, not necessarily convenient. Sacrificial giving makes us more like Christ. Second Corinthians chapter 8 verse 9 says, “For you know the grace of our Lord Jesus Christ, that though he was rich, yet for your sakes he became poor so that you through his poverty might become rich.” Sacrificial giving is a testimony that we trust God to meet our needs while we meet the needs of others.

To recap here, giving that honors God and fills us with joy from the Holy Spirit will be secret, open-handed, cheerful, loving, and sacrificial. And believe me, there are spiritual benefits to cultivating these attitudes and actions. Most importantly, God gets the glory. John 3:21 says, “Whoever lives by the truth comes into the light, so that it may be seen plainly that what he has done has been done through God.

As Christ-followers, we long to be more and more like our Lord Jesus as we walk with him each day. But sometimes you may still find yourself giving with a reluctant spirit, or because you feel guilty, or out of a desire to earn the admiration of others. If that’s the case for you today, ask Jesus to change your heart. Pray for the Holy Spirit to guide you as you practice Christian generosity, knowing that God will provide for your needs and the needs of others through you.

On today’s program, Rob also answers listener questions:

• Will canceling credit cards adversely affect your credit?
• How should you go about combining IRAs?
• How do you best manage what happens with your finances upon your death?
• What is the best way to buy gold as an investment?
• What’s the best life insurance policy for a 72-year-old married person?

RESOURCES MENTIONED:

• Sound Mind Investing
• National Christian Foundation
• Find a Certified Kingdom Advisor

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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Aaron Caid is our go-to guy for what’s happening in the banking industry. He’s the Chief Marketing Officer at Christian Community Credit Union, an underwriter of this program.

Aaron says we are starting to see what could be the next big exodus for Christians in the marketplace today, and that is Christians choosing to bank with their values.

CCCU has been hearing from new members who have joined the credit union after becoming fed up with their secular bank. So they decided to go out and find out if this feedback was more than just anecdotal.

They surveyed over 1300 professed Christians across the country. Here’s what they found:

• Over 30% had considered switching their bank in the last 12 months. And Christian values were one of the top three reasons why they wanted to do that.
• Over 60% cared deeply about managing their finances biblically, they want to honor God with their finances, not just the rest of their life.
• And over 50% said, it's now more important than ever, that their bank reflects and supports their Christian values.

Many CCCU members saw the politically motivated decisions that their former banks were making that were at odds with their Christian beliefs.

CCCU also learned that many people switched from their banks over dissatisfaction with rates, fees, and poor customer service. But these were a statistical tie with the conflict with their personal beliefs. That means that alignment with Christian faith and values carries the same weight among Christians as bread and butter rates and fees.

Christian Community Credit Union offers customers a way to address both of those concerns. They are unapologetically Christian and have been following Christ followers for more than 65 years. We are unapologetically Christian.

Learn more at JoinChristianCommunity.com.

On today’s program, Rob also answers listener questions:

• Is there a good way to get rid of a timeshare?
• What is the best way to go about giving?
• Does a whole life insurance policy make sense as a way to ensure a death benefit if you have a child with special needs?
• What is the best way to go about meeting the financial needs associated with caring for a foster child?

RESOURCES MENTIONED:

• TUG2.com
• Christian Credit Counselors

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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James 4:13 and 14: “Come now, you who say, ‘We will go into such and such a town and trade and make a profit’— yet you do not know what tomorrow will bring.”

A lot of folks are feeling uneasy about the future. How many more interest rate hikes can the economy take before sliding into recession? And what about the rollercoaster stock market?

Well, if you don’t know what the future holds, it just means you should prepare and set certain priorities for managing your money. We’ll share some of them now. Not all will apply to you, but there’s probably something here for everyone.

MONEY MANAGEMENT PRIORITIES

1. Tackle that debt. First, if you’ve been procrastinating about getting out of debt, now’s the time to buckle down and do something about it. Interest rates on credit cards and variable rate loans like HELOCS have risen dramatically, so make paying down consumer debt an absolute priority.

You can avoid the sting of rising credit card interest by contacting Christian Credit Counselors. They have pre-negotiated agreements in place with credit card issuers to lower your interest rates, and you can take advantage of them when you sign up for a debt management plan. They’ll help you get rid of credit card debt 80% faster than trying to do it by yourself. You can get more information at ChristianCreditCounselors.org.

2. Re-adjust your budget. We say “re-adjust” because you’ve probably already tweaked your spending plan to allow for last year’s breathtaking inflation. But even though we’re told inflation has fallen to below 4%, food prices have increased close to 7% over last year. So check to see where you’re overspending and make adjustments.

By the way, if you haven’t downloaded the FaithFi app yet, this is a great time to do it. It offers three different ways to budget your money and provides the best biblically-based financial content on the web. So download it today.

You might also have to add money to your housing category. Lenders are raising monthly mortgage payments to accommodate higher property taxes. Those tax hikes are the downside of rising property values, which are only on paper. Property tax increases are quite real, however, so you have to account for them.

Now, you’ll probably need to make up for these higher costs, and you can do that by shopping more carefully. Take advantage of weekly sales and coupons at the grocery store. For online purchases, use an app like Honey or Capital One Shopping to find the best deals and coupon codes.

Now, if you’ve done all that and find you now have a few extra dollars, don’t throw a party. Use the extra cash to …

3. Beef up your emergency fund. If you don’t have an emergency fund, that’s your number one priority now. You’ve got to start putting money away for unplanned expenses, or you’ll always be forced to borrow and go into debt when they occur.

Open a savings account at an online bank to get the best interest rate, and start tucking away something from every paycheck. Set a goal of $1500. Then one month’s living expenses. Eventually, you want to have 3 to 6 months’ worth of living expenses. That way you’ll be able to ride out a job loss or medical condition that prevents you from working for a time.

4. Don’t let interest rates keep you from buying a home - IF - you’re ready. If you’re a prospective homebuyer, especially if you’re looking to purchase your first home, don’t let current interest rates scare you away. But again, that’s IF — and ONLY if — you’re in a good financial position to buy a home.

What does that mean? You should have 20% saved for a downpayment to avoid private mortgage insurance. You also need to work up a budget that reflects your total housing costs, including your mortgage. It should not exceed 25% of your take-home pay.

That will show you how much house you can afford within that budget. Stick to that number. Many lenders will be willing to loan you more than that number, but don’t get carried away. Keep your payments within your budget, not the bank’s.

5. If you’re considering switching jobs, NOW may be the time to do it. Employment remains relatively strong, but monthly job creation numbers are starting to come in below expectations.

That tells us two things: First, if you’ve been planning to look for a new job, do it now while the economy is still creating jobs. And second, if you plan on staying where you are, do what you can to increase your skill set to make yourself more productive and valuable to your company.

It’s always a good time to do that — but now especially. Ask the boss for an opportunity to do more and be willing to take on new assignments.

So those are your priorities for the uncertain times we live in. We hope you’ll find them useful.

On today’s program, Rob also answers listener questions:

• When does it make sense to take money out of savings to pay down your mortgage?
• How do you determine the best way to position assets as you prepare for retirement?
• When is it a good idea to convert a garage into an efficiency apartment?

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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The National Association of Realtors reports that in the first quarter of 2023, home prices actually rose in 7 out of 10 metro markets around the country. That happened even as the Federal Reserve continued to raise interest rates, pushing the average mortgage rate to nearly 7%.

This isn’t how things typically work. When mortgage rates increase, prospective buyers typically bow out, resulting in fewer sales, which then causes prices to fall. That’s Economics 101. When demand falls, so do prices. But that’s not happening, partly because demand is not falling.

Prospective home buyers have apparently gotten used to the higher rates and are staying in the hunt. Meanwhile, prospective sellers are shying away from listing their properties because they don’t want to pay those higher rates when financing their next home. The net result is that inventory or supply remains low, and with demand steady, prices will stay up.

SO WHAT CAN YOU DO ABOUT IT?

How do you buy a home in this market without breaking your budget?

Start by not “going it alone.” Interview at least three real estate agents and pick the sharpest one. You want someone with a track record of helping folks buy homes in the neighborhood of your choice and who’ll stay on top of new listings.

You or your agent may want to make a list of the other real estate agencies in your area and make frequent calls to them, checking to see if they’re working on potential houses that haven’t been entered into the Multiple Listing Service yet. You might be able to make an offer before a house hits the market. But be ready to make a quick decision.

You also want to get pre-approved for a mortgage before you set foot in the first house on your list. That’ll give you a leg up over the competition that hasn’t bothered to look into financing.

But understand that the lender will likely approve you for a bigger mortgage than you’ll be comfortable with. Work up an estimated budget that allows 25% or less of your take-home pay for housing expenses.

Also, you have to realize that in this market, buyers can’t be choosers. The goal is to find an affordable home that meets your needs, not your dream house. Be flexible with your “must haves” and be willing to make changes. Location is probably the most important thing to hold out for. Other things, like a finished basement, you can do later.

Here’s one that should go without saying: Don’t bother trying to lowball a seller. With most homes selling near the asking price these days, making an offer well below that won’t get you anywhere.

To be competitive, you’ll have to come in very close to the asking price, if not a little above. Here again, your agent can help you come up with a realistic opening offer.

It’s happening less and less these days, but you could find yourself in a bidding war where emotions can run high. You’ll need to keep your wits about you or you’ll find yourself with a fat mortgage payment and eating a lot of Spam. Know the absolute upper limit of what you can spend and have the discipline to stop there.

And don’t try to put a lot of conditions on your offer. Sellers aren’t in the mood to throw in a major appliance or give you a new roof allowance if you feel the house might need one. You have to keep the seller’s interests in mind. For example, agree to a closing date of the seller’s choice, not yours.

And one final thought: You might consider doing nothing. That means waiting until the market moderates even further. Don’t expect home prices to fall significantly in the future, but eventually, inventory should catch up with demand and you’ll have less competition.

You definitely should wait if you haven’t saved up 20% for a downpayment yet. There’s no sense in adding the cost of private mortgage insurance to your mortgage payment, which is likely to be high to begin with.

PMI is required if you can’t put 20% down, and it could run as high as $70 a month for every $100,000 you borrow. It only protects the lender in case you default. It has no value for you at all.

So those are some tips for surviving a seller’s market. We hope you find them useful.

On today’s program, Rob also answers listener questions:

• Is a balance transfer to a credit card offering 0% interest for a period of time a good way to pay off debt?
• When do you have to start taking a minimum required distribution and what’s the best way to go about that?
• Are annuities a wise investment?
• What is the best way to tap into home equity?

RESOURCES MENTIONED:

• ChristianCreditCounselors.org
• Schwab Intelligent Portfolios
• Fidelity
• Capital One 360 Checking
• Marcus

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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The financial group Thrivent actually does an annual Boomerang Kids Survey. The latest one, just conducted in May, found that 41% of parents have an adult child currently living with them.

The three most common reasons given for this were:

• Increasing rent and home prices, 35%
• Needing additional financial support after completing high school or college, 20%
• And job loss, 13%.

No doubt the disruptions caused by COVID have also contributed to the boomerang kid boom, even though employers were desperate for workers in the later stages of the pandemic and employment remains relatively strong.

Now, an adult child living at home in and of itself may not be a big drag on parents’ finances, if you’re only providing what’s called “three hots and a cot.” It’s when you start picking up the tab for their smartphone, student loans, and car payments that things can get out of hand in a hurry.

Many parents are willing to help their kids even to the point of their own detriment, even when it jeopardizes their retirement. In a brand new Bankrate survey, around half of parents said they’ve sacrificed emergency savings and debt payoff efforts to help their adult children. And 43% said they’d tapped into retirement savings to help their kids.

This inability to cut the financial umbilical cord can have a detrimental impact on both parents and children. The kids may begin to expect regular financial handouts and become dependent on them.

So, what to do about it? Well, first is realizing that you should do something about it.

You don’t want to have an adult child living at home unless there are mitigating circumstances, such as caring for you if you’re disabled.

Proverbs 10:4 reads, “A slack hand causes poverty, but the hand of the diligent makes rich.”

As parents, we always want to help our children. But at the same time, we don’t want to encourage our children to have “a slack hand.”

Finding the dividing line between helping and hurting can be difficult, and that often leads to tension when spouses disagree on where one ends and the other begins. But it doesn’t have to be a question of throwing your kid out on the street or breaking your budget. You can take on this challenge gradually.

First of all, you need to set a non-negotiable requirement. Your boomerang child must have a job and be earning income. The type of job isn’t important. Set a deadline. For example, “Moving out day is 2 months from now if you’re not working yet.” There are plenty of jobs available, so this shouldn’t be a problem.

Once your boomerang kid is earning money, you can sit down with him or her and set up a budget and a financial plan. First and foremost in that plan will be saving to get their own place.

You need to impress upon the child the need to live below one’s means so that you can save. It’s the key to all future financial success. You can offer to match your child’s savings— temporarily— to accelerate the process.

You want your child to save for an apartment, but also to save for emergencies. Their budget must allow for that once they’re on their own. Otherwise, something will come up like a job loss or major car repair, and they’ll be borrowing from you or moving back in.

Of course, all of this is much easier if you are a financial role model. There’s no better way to teach your children about wise money management than by showing them how you do it.

Proverbs 22:6 tells us, “Train up a child in the way he should go; even when he is old he will not depart from it.”

It’s never too late to start teaching your children financial responsibility.

And when you do, your boomerang child can once again leave your hand, this time, successfully.

On today’s program, Rob also answers listener questions:

• What do you do after you can no longer claim a minor as a dependent on your taxes?
• What is the best way to borrow to take care of repairs on your home?
• Would it be wise to move that money out of a TSP into something else?
• What can you do to get your credit score into ‘excellent’ range?
• How do you determine which debt to pay off first?

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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Some folks question whether it’s okay to ask God for financial help. So first off, let’s dispel the notion that God doesn’t care about your money or that it’s wrong to pray about your finances. Nothing in the Bible says that.

If it’s important to you, it’s important to God. He wants to be a part of your life — your whole life.

I John 5:14 says, “This is the confidence we have in approaching God: that if we ask anything according to his will, he hears us.”

Now, there are two key points in that verse. First, you can ask God for anything.

Second, He will hear your prayer … if it’s according to His will. That’s where things get a bit trickier. How do we know what God’s will is for us, so that we can ask for things within it?

It’s critical to understand that throughout the Bible, God promises to meet your needs, not necessarily your wants and desires. If you feel a prayer has gone unanswered, you might be mistaking a need for a want.

So let’s make sure we understand the difference. A home and roof over your head is a need. A want could be a four-bedroom house with 3 ½ baths, a downstairs rec room, a three-car garage, and a jacuzzi.

Now, there’s nothing intrinsically wrong with any of those things if it’s God’s plan for you and your family. Every circumstance is different and God’s plan for every family is different. The key is to find His will for your life and to learn to be content with what He provides, even when you see others in the neighborhood with more.

1 Timothy 6 tells us, “Now there is great gain in godliness with contentment, for we brought nothing into the world, and we cannot take anything out of the world. But if we have food and clothing, with these we will be content.”

Notice the Apostle Paul isn’t even asking for a house, just food and clothing so he can continue to bring the Gospel to the Gentiles. We’re not saying you should take a vow of poverty and head into the mission fields, we're just trying to give you perspective.

Contentment and gratitude are important because God owns everything and He is our ultimate provider. John 3:27 says, “A person cannot receive even one thing unless it is given him from heaven.”

We are simply His stewards, and as such, we’re expected to manage His resources according to His principles. If you’re not doing that, it’s a good place to start improving your financial picture. Otherwise, how can you expect God to provide more? 1 Corinthians 4:2 reads, “Moreover, it is required of stewards that they be found trustworthy.”

Something else to keep in mind, God’s plan for you may only be for a season. He may someday give you a big raise or make you the head of the company you work for or send you to the mission field. You must practice patience and wait on the Lord.

God is always faithful to meet our needs. He doesn’t delight in your struggles. Paul says in Romans 8:32, He who did not spare his own son, but delivered him up for us all, how will he not also with Him freely give us all things?

Okay, now you know the importance of praying within God’s will, is there anything else to consider? Yes, there is.

If you’re really struggling to keep a roof over your head and food on the table, it could be that God plans to meet your needs through the abundance of a fellow Christian. He gives abundance to some, so they can share with people in need, and by doing that, His love and glory are demonstrated to an unbelieving world.

Paul writes about this in 2 Corinthians 8:14: “... At the present time your plenty will supply what they need, so that in turn their plenty will supply what you need.”

That means that if you struggle with an unmet need, let your church family know about it. You’ll have to set aside your pride, but God will be glorified as your needs are met through the church family.

Present yourself and your needs with humility to your church leaders and be grateful for whatever course they decide.

God has not abandoned you or overlooked your needs. His plan is to provide for you in a way that meets your needs — all according to His will.

On today’s program, Rob also answers listener questions:

• Are we moving toward a completely digital currency?
• When does it make sense to take money from savings to pay off a mortgage early?
• How can you determine roughly what you might owe in capital gains on a rental property?
• After receiving a piece of property that was in a trust, do you sell that as a beneficiary or as an owner?

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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Okay, it’s time for some true confessions about your giving. Has your electronic donation at church every Sunday become a bit automatic? Or, perhaps you’re struggling financially right now, so you’ve reduced your giving and you’re feeling a bit guilty. Then again, perhaps decisions about how much and where to give are causing tension in your marriage, so you end up dreading those conversations.

There are so many ways our generosity can become stale and un-joyful. If that’s the case for you, it’s time for a renewed perspective, and we’re going to help you with that.

BIBLICAL GENEROSITY

Let’s begin by remembering that Christian generosity is different from the world’s idea of generosity. Giving that honors God is not about showing off, or improving our self-esteem, or even getting buildings named after us. Ultimately, Christian generosity is different because we serve a different master.

As it says in Ephesians 5:1, “…be imitators of God, as beloved children. And walk in love, as Christ loved us and gave himself up for us, a fragrant offering and sacrifice to God.” Because of love, Jesus gave his life on the cross for us, and we imitate him when we are radically, sacrificially, and joyfully generous.

Another thing to remember about giving is that sometimes the action needs to precede the feeling. In other words, even if you don’t feel joyful about giving sometimes, keep doing it anyway because generosity pleases the Lord. Ask Jesus to guide you as you give in faith, and the joy will come.

Here’s another way to renew your perspective on generosity: Cultivate a biblical attitude about your giving. God’s word says our giving should be secret, open-handed, cheerful, loving, and sacrificial. Let’s look at those attitudes more closely.

First, giving should be secret, not showy. That way, the glory goes to the Lord, not to the giver. Jesus admonishes his followers in Matthew 6 to “Be careful not to do your ‘acts of righteousness’ before men, to be seen by them. But when you give to the needy, do not let your right hand know what your left is doing, so that your giving may be done in secret.”

Second, giving should be open-handed, not stingy. 2 Corinthians 9:6-7 says, “Whoever sows sparingly will also reap sparingly, and whoever sows generously will also reap generously.” Remember, what we have is not our own. It all belongs to God, whether it’s time, talent, or treasure. So, we can always afford to be generous, because God is our provider.

Third, giving should be cheerful, not reluctant. The passage in Second Corinthians goes on to say “Each man should give what he has decided in his heart to give, not reluctantly or under compulsion, for God loves a cheerful giver.” Having a cheerful attitude about giving might be a challenge. You may have to ask God to change your heart in this area. Believe me, he will do that, because a cheerful attitude towards giving is his desire for you.

Fourth, giving should come from love, not obligation. Giving that glorifies God springs from love for God and our neighbor. That love isn’t something you can produce…it’s a work of the Holy Spirit in you.

Finally, giving should be sacrificial, not necessarily convenient. Sacrificial giving makes us more like Christ. Second Corinthians chapter 8 verse 9 says, “For you know the grace of our Lord Jesus Christ, that though he was rich, yet for your sakes he became poor so that you through his poverty might become rich.” Sacrificial giving is a testimony that we trust God to meet our needs while we meet the needs of others.

To recap here, giving that honors God and fills us with joy from the Holy Spirit will be secret, open-handed, cheerful, loving, and sacrificial. And believe me, there are spiritual benefits to cultivating these attitudes and actions. Most importantly, God gets the glory. John 3:21 says, “Whoever lives by the truth comes into the light, so that it may be seen plainly that what he has done has been done through God.

As Christ-followers, we long to be more and more like our Lord Jesus as we walk with him each day. But sometimes you may still find yourself giving with a reluctant spirit, or because you feel guilty, or out of a desire to earn the admiration of others. If that’s the case for you today, ask Jesus to change your heart. Pray for the Holy Spirit to guide you as you practice Christian generosity, knowing that God will provide for your needs and the needs of others through you.

On today’s program, Rob also answers listener questions:

• Will canceling credit cards adversely affect your credit?
• How should you go about combining IRAs?
• How do you best manage what happens with your finances upon your death?
• What is the best way to buy gold as an investment?
• What’s the best life insurance policy for a 72-year-old married person?

RESOURCES MENTIONED:

• Sound Mind Investing
• National Christian Foundation
• Find a Certified Kingdom Advisor

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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Going to college is a huge financial decision. A verse to keep in mind is Proverbs 22:7, which tells us, "The rich rule over the poor, and the borrower is the slave of the lender.”

That should guide your decision process because it’s so easy to borrow and run up tens of thousands of dollars in debt that will take you decades to pay back.

In his book, Art Rainer lists four ways to minimize debt.

4 WAYS TO MINIMIZE DEBT

• Start saving now
• Take college level of AP courses now
• Explore scholarships and grants
• Be willing to work while in school

We’re not saying those things will be easy, only that they’re easier than paying back $30k or $40k in student loan debt.

But Art has another list that can make this whole process a lot easier.

MISCONCEPTIONS THAT COULD COST YOU A FORTUNE

Knowing and avoiding these misconceptions could SAVE you a fortune.

MISCONCEPTION 1: Attending a costly school will get you a better job. Higher tuition does not always equate to higher salaries. Employers don't look at the amount you paid to get a college degree. They just look at your degree.

MISCONCEPTION 2: You need the whole “college experience.” They’re choosing to work to help offset tuition costs so they won’t still be paying on student loans 10 years after graduation.

MISCONCEPTION 3: It’s ok to stretch out college. Certainly, there is some leniency here, but be very careful when choosing to stretch your degree program. You may end up paying more, and you run a greater risk of not completing your degree. And don’t take throwaway classes. Make your investment worth it.

MISCONCEPTION 4: You don’t need to know what you’re signing. Educate yourself on student loans. Before you sign any papers, understand the commitment involved, what it’ll take to pay off the loan, and what alternatives are available.

MISCONCEPTION 5: Everything will take care of itself. Student loans are stubborn things. They even survive bankruptcy. We’re less concerned with the student who feels burdened by their loans than the one who feels no burden from their debt. Unless you manage to get through the obstacle course of a debt forgiveness program, which is not easy, your loans will have to be repaid … no matter what.

MISCONCEPTION 6: There’s no other option. Without question, the cost of higher education is a formidable challenge for many current and future college students. But this doesn’t mean there aren’t other options. Diligently pursue scholarships and grants.

We like to say it’s better to put in the hard work now, saving, applying for scholarships, and working while you’re in school than to have to pay back student debt later at interest.

On today’s program, Rob also answers listener questions:

• When might an index fund be a wise investment?
• How do you determine the right diversification for your portfolio?
• Why might progress in paying down the principle on a mortgage seem to move so slowly?
• What’s the best way to set up college funds for grandchildren?

RESOURCES MENTIONED:

• Find a Certified Kingdom Advisor

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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Today, we’re picking up where we left off in our last conversation with Jerry in our series on a Christian Economic Worldview. And this time we’re talking about what he calls “Principled Reasoning.” But we might add the subtitle, “A Way Out of this Mess.”

We’ll start with a few key questions:

First, is there a way out of the confusion and the futility of boom and bust cycles?

And is there a way out of the confusion of a fragmented worldview that leaves out cause and effect and leaves us unable to understand the relationship between different parts of the economic process, wealth creation, and of course the investment decisions that we have to make?

Is there a way to properly value stocks and bonds and other investments relative to risk in a world where confusion reigns?

The answer is yes, there is a way out. We call that way out principle-centered reasoning.

PRINCIPLE-CENTERED REASONING

Where does this principle-centered reasoning come from?

It doesn’t come from the smartest person in the room because the smartest person in the room is who got us here. And the idea Is not to surrender to the idea that It's a random universe, fragmented and confused, in which there's no coherence or systematic understanding, but to acknowledge that there are certain foundational principles that have caused the United States and much of the Western world to perform well economically and given rise to some of the great economic and political minds of the modern world. And that if we go back to those foundational principles we can again make sense of the world. And that starts with the idea that God is in the center of reality.

As the creator of reality, he's created a rational universe because he's a rational God, our minds being made in his image are able to see clearly as well. Not perfectly clear.

We see through a glass darkly, Paul says. But just because you see through a glass darkly doesn't mean that you can't see at all. And so we bring man back together with God. We bring God back to his position, not relegated to some irrelevant otherworldly status, but engaged in his world.

HOW DO WE BRING MAN BACK TOGETHER WITH GOD, ECONOMICALLY SPEAKING?

We look at the demographics of man and woman and generations and we see that another principle is that people are economically productive by nature because they're created to be. They are creative like God, which means a new person who comes into the world, yes, that new boy or that new girl is a mouth, but they're also a mind and two hands. And when they're allowed to be free and be like their Heavenly Father and productive, they lead to economic growth, they lead to prosperity and they lead to abundance. So you pull man back into the picture in man's relationship with the earth and we see that we're actually designed to work on the earth.

We see that the God who made man and the God who made the earth is one God with one mind and we are compatible with one another. We run on the same software. That software is the divine mind. We are made in God's image and are able to think about the world in terms that make sense because the God who made our minds is also the God who made the world. And so abundance is possible and productivity gets placed back in the position of its centrality in the economic process that more people yielding more people yielding more productivity can cause the entire economic pie to grow.

HOW DOES THAT HAPPEN? WHAT MAKES THE ECONOMY GROW?

To bring economic growth back in, we bring investments back in, we bring consumption back into the picture and we get back to that trade-off where greater investment means greater economic growth and our production possibilities frontier begins to expand again.

And we see the relationship between those things and we see that that is the basis that this economic growth leading to greater investment is the basis of our capital markets.

That we have to save in order to invest and that we have to invest in order to grow. And so the capital markets move back into a position of coherence with the rest of the system. We're no longer left completely unable to measure the amount of risk. We're not left completely unable to say what is the proper level of risk.

We are taken out of a world of confusion. We're human, double-minded in nature, and therefore unstable and given to excessive optimism, excessively low-risk evaluation and then given to excessive pessimism, excessively high-risk evaluation. When we set things right, however, we're not trapped in that because we can see what the valuations should be. Given economic conditions and given the actions of the state, we put the state back into the system and see the relationship between policy, tax policy, spending policy, borrowing policy, and monetary policy and see how that affects the economy. See how that affects productivity, the economy, the availability of capital, and the proper valuation of assets.

So the first thing we have to do to get out of this mess is to see and think clearly— see the system as a system that fits together coherently with cause and effect.

WHAT COMES NEXT?

Let's zoom in and take a closer look at the investment markets. Now that we've used principle-centered reasoning to understand that a high-risk environment is an environment in which the principles are not being honored. Let's take a look at how different Investments perform in these different environments.

Remember, this is very important. The riskier the environment, the more yield you want to compensate you for that risk. So what are the various risk factors? There's one risk factor that we're likely all aware of. Which has to do with economic growth. Now, this is going to be a little bit more finance, maybe than you're used to, but if you follow along carefully, we think you’ll understand this.

Bonds pay a yield. It's a percentage of what you invest in the company or in the government. Say a hundred thousand dollars spent on a bond and they give you five thousand dollars a year. That's a five percent yield. Most people are not used to thinking of stocks that way, because usually stocks are either described in terms of their price or in terms of a PE ratio, which is the price of the stock compared to the earnings. In other words, the number of years you have to wait in order to get your money back. But if we just switch that around and make it earning/price, then stocks can be evaluated the same way as bonds.

Stocks in that way, like bonds, are promises to be paid something in the future and that's why stock yields tend to be higher than bond yields.

That seems easy enough to understand, so …

WHY ARE THINGS MORE COMPLICATED IN REAL LIFE?

Because other risk factors enter the picture, and an extremely important one is inflation.

Because every kind of paper that you can invest in involves a future cash flow expectation. You expect to get your money paid back to you plus a certain amount.

They're all an IOU of some form or another.

So, what's the risk? The risk is when you get the money back, it's not worth anything or it's worth a lot less than it is. Now that's inflation. Academic theories of portfolio management almost always leave that risk out, but that risk is pervasive in environments where the principles are not being honored.

Now, why doesn't that happen right away? It doesn't happen right away because there are a number of people who don't understand the principle. So they don't see the connection between these things. It doesn't happen right away because monetary policy tends to create confusion. Human nature tends to go from excessive optimism to despair and pessimism. A double-minded man is unstable in all his ways and without principles.

You and I and everybody else tend to misjudge the amount of risk because here we think we can do no wrong. I'm a day trader and it will always go up. And here we say, I'm never going to invest again; this market is so terrible. So using principle-centered reasoning, you identify the proper amount of growth risk and you identify the proper amount of inflation risk.

HOW DO WE DEFINE INFLATION RISK?

It’s whether the entire set of financial investments is not properly compensating you, for the level of inflation, and to the degree that the crowd of people driven by emotion and confusing government policies are pushing these yields higher or lower than the proper valuation.

To that degree, that creates opportunities to buy and sell. And of course, there's also investing off this curve entirely, which is the commodities market, which tends to do very well in times of inflation because you can print dollars, you can print Yen, you can print Euros. You can print any of the currencies that are out there in the world, but you can't print copper and you can't print oil and you can't print gold. So in environments like this, where risk yields, inflation risk yields are driving the entire stock market into risk territory, one of the ways to deal with that is commodity investing.

Jerry Bowyer is our resident economist here at Faith and Finance. He’s also the author of The Maker versus the Takers: What Jesus Really Said About Social Justice and Economics.

On today’s program, Rob also answers listener questions:

• Is it wise to take money out of an IRA to pay off a vacation home mortgage?
• Should you pay tithes on money received from an insurance claim?
• What are the rules surrounding the funding of a Roth IRA?

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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The Bible is filled with directions for living the Christian life, but not all of them made it into the Ten Commandments. Exodus 20:16 reads, “You shall not give false testimony against your neighbor.”

That’s a very broad commandment. It doesn’t apply only to legal proceedings or even finances, for that matter. It means we are never to be dishonest anywhere at any time.

Now, I know what you’re thinking. “What about Exodus 1, where the Israelite midwives deceive Pharaoh to protect infants … and Joshua 2, where Rahab lies to save the Israelite spies? Why are those cases seemingly acceptable to God?

Well, those were times when two conflicting moral imperatives collided head-on, telling the truth and saving lives. Because we are made in the image of God, saving human life obviously wins out and that’s what the midwives and Rahab did.

But it’s very unlikely any of us will ever be in a similar situation, so let’s get back to why honesty is so important for the rest of us.

GOD IS TRUTH

And that’s simply because it’s so fundamentally important to God. He’s completely and utterly holy and cannot abide sin of any kind, including dishonesty. God is truth.

Jesus says in John 14:6, “I am the way, and the truth, and the life. No one comes to the Father except through me.” Compare that to Satan— whom Jesus describes in John 8:44 as, “a liar and the father of lies.”

The world is watching to see which side we’re on. We’re image bearers of God— so we must always be scrupulously honest.

Now, as we turn to financial honesty specifically, you might wonder why we’re not focusing on another commandment, “Thou shalt not steal,” which comes right before “thou shalt not lie.”

We don’t think that’s a coincidence. Those two commandments are linked and expand on each other. It’s difficult to do one without doing the other. When it comes to finances, they’re two sides of the same coin. How can you steal without first being dishonest?

How can you be dishonest with money and not be stealing from someone?

Now, one of the things we say a lot on this program is that money in itself isn’t important to God. It’s only a tool. If that’s true, you may wonder why not stealing was important enough to make it into the 10 commandments.

Well, God already owns everything, so no, money isn’t important to him, but honesty is because God is truth.

In Luke 16, the Parable of the Dishonest Manager, Jesus says, “One who is faithful in a very little is also faithful in much, and one who is dishonest in a very little is also dishonest in much."

Jesus is talking about money there, and more specifically, He’s teaching that how we manage it is a measure of our character.

We’ve talked a lot about honesty, but what about dishonesty and the consequences of it? Obviously knowing that we’ll have to stand before the Judgment Seat someday to answer for every lie we tell should be a strong disincentive.

But there could be other, more immediate consequences. We take a risk when we’re dishonest with money. We could lose God’s blessing in our affairs and that doesn’t have to involve money.

Consider Romans 12:2— Most of us are familiar with the first part of that verse, “Do not be conformed to this world, but be transformed by the renewal of your mind …”

But we often miss the second part, “ … that by testing you may discern what is the will of God, what is good and acceptable and perfect.”

The whole verse implies that there’s a blessing in doing God’s will, a key part of which is to be honest in all of our dealings, financial and otherwise. That’s not necessarily a financial blessing. Often, it’s something even better.

For example, one blessing you receive by handling money honestly is that you reduce your stress level. Even if it costs you money, you have peace of mind in knowing that you’re pleasing God, the One who gives you everything.

So there you have it, the case for biblical honesty at all times, in all places, including your finances.

On today’s program, Rob also answers listener questions:

• How do you determine the best thing to do with a lump sum of cash?
• What’s the difference between a ‘transfer upon death’ of a home vs just leaving it to a person in a will?
• Is now a good time to invest in a rental property?
• Do you have to pay taxes on an inherited home?

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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Years ago when online banks were first appearing, we got a lot of calls from folks wondering if they were safe. Now it seems we're getting that call volume again with folks wondering if putting their money in an online bank is a prudent thing to do, possibly as a result of a few bank failures this past spring.

Banking is perhaps the most heavily regulated industry in the U.S., but it isn’t foolproof.

Managers are human and humans make mistakes. There will always be bank failures, but the system we have in place makes bank closures rare and isolated.

Now, if you’re concerned about putting your money in a bank that has no branches— no actual buildings that you can physically walk into— you should know that there’s actually very little difference between a so-called brick and mortar bank, with branches, and an online bank that exists only in cyberspace.

In fact, to most customers of brick-and-mortar banks, there’s no difference at all, because they never go into a bank branch these days. That was a trend already well underway when COVID hit, forcing many banks to close branches to walk in traffic.

Since you can deposit a check with a smartphone now, many people have little need to actually go to a bank.

Banks, of course, have noticed this, and they’ve been closing branches right and left over the past few years. In 2020, there were around 90,000 brick-and-mortar bank branches in the U.S. By 2022, that number had fallen to just over 70,000. Banks need fewer branches these days because they’re now offering all or most of their services online, as well.

Now, there’s no doubt that some people want in-person banking and the ability to sit down with a loan officer face-to-face. But it seems a lot more people are content to do their banking completely online, often with just a smartphone.

But if folks can have that same “cyber” experience with a brick-and-mortar bank, why are so many people flocking to online banks and leaving brick-and-mortar behind? It’s simply a matter of interest. Online banks have significantly higher yielding rates and lower fees than traditional banks. That’s because they don’t have the overhead costs of maintaining dozens or hundreds of brick-and-mortar branches.

Still, to some people, the idea of not being able to physically go to a bank branch and take out their money is worrisome. Just how safe are online banks?

The answer is: They’re every bit as safe as brick-and-mortar banks and credit unions, as long as they’re federally insured. That means they’re backed by the full faith and credit of the U.S. government in the unlikely event that it fails.

The Federal Deposit Insurance Corporation (FDIC) insures deposits at federally insured banks. The National Credit Union Administration insures deposits at federally insured credit unions. In both cases, that coverage is a maximum of $250,000 per person, per institution.

So, an online bank has the same insurance coverage as a brick-and-mortar bank, as long as it’s FDIC insured. And you can check on that. Go to FDIC.gov and use their “BankFind” feature or visit NCUA.gov and use their “Research a Credit Union” tool to verify if an institution is federally insured. But you’ll probably have a difficult time finding one that isn’t.

Now, what about cyber-security, you ask? If everything is done online, doesn’t that make your account more vulnerable to hackers and thieves? Well, all banks, as well as online vendors, have a vested interest in preventing that.

They use data-encryption technologies such as two-factor or biometric authentication, electronic signature verification, and continuous account monitoring.

But customers have to do their part to maintain cyber security, too, and that’s whether they use an online or brick-and-mortar bank. That starts with having a secure internet connection and a strong password.

Never use public wifi to access any of your accounts, either financing or shopping.

You should also sign up for banking alerts for suspicious transactions and two-step identification. It’s also a good idea to use a password manager that enables you to use random, complicated passwords and to change them easily. Also, never repeat a password for different accounts.

So, to recap, the question was, “Are online banks safe?” And the answer is, “As long as they’re federally insured, they’re every bit as safe as brick and mortar banks.”

We hope that eases your concerns, so you can take advantage of the higher interest at many online banks.

On today’s program, Rob also answers listener questions:

• Is it wise to invest in a livestock contract?
• How should you structure your will regarding a house when you want to leave an inheritance to multiple people?
• What are the rules surrounding the purchase of I-bonds?
• When is it wise to buy a home as opposed to renting?

RESOURCES MENTIONED:

• Find a Certified Kingdom Advisor

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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RENT OR BUY?

It used to be almost universally true that, at least in the short term, it was cheaper to rent a home than to buy one. But that’s not necessarily the case today. Aimee says some markets are seeing a staggering increase in rent.

Limited supply is one of the factors that has driven up both rental and purchase prices in recent years. She says, “Part of it is the fact that there's a continually rising number of what they call new home creations, which are new people needing to buy homes. And the pace of building is not keeping up with that.”

Also, after COVID, many people learned that they could work remotely from home, so during and after the pandemic, we saw a surge in people buying second homes. Those are two of the factors that have impacted the inventory shortage.

RECOMMENDED STEPS

So what steps should you take if you’re considering buying a home?

First of all, check into first-time homebuyer programs, and downpayment assistance programs to see if you qualify.

Also, talk to a loan officer who can run your credit, talk about your credit profile, and discuss your long-term goals and strategies. They can provide you with next steps on what you need to do to position yourself to be able to buy a home.

While rates are higher now than they were not long ago, historically speaking, they’re still relatively low. So there is an opportunity to get in now if you’re financially prepared to buy. And there probably isn’t a point in waiting around for home prices to fall, because experts largely seem to consider that to be unlikely to happen anytime soon, given that demand continues to outstrip supply in the housing market.

WHY ARE THEY DIFFERENT?

One thing that sets Movement Mortgage apart from other lenders is its Christian mission-driven outlook. Movement Mortgage gives away nearly 50% of its profits to worthy causes.

Since 2012, Movement has given more than $300 million to the Movement Foundation to uplift people and communities across the globe.

You can visit Movement.com/faith to find a loan officer in your local area.

On today’s program, Rob also answers listener questions:

• Is it okay to give your tithe directly to a pastor?
• What is an appropriate fee for a financial adviser to charge?
• Does it ever make sense to use prepaid credit cards versus traditional credit card accounts?
• When is it appropriate to give the last four digits of your social security when transacting business?
• How does it affect you if you allow someone to become an authorized user on your credit card?

RESOURCES MENTIONED:

• Experian Boost

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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BACK-TO-SCHOOL TAX HOLIDAYS

Now, obviously, you want to make the most of your back-to-school money, and that starts with knowing everything you can about sales tax holidays in your state. Deadlines really matter, and it seems like every state has set up different tax holiday periods.

In many cases, these are set up as weekend events, but not always. Some may start on Friday and end on Saturday, so you’ve got to know exactly when your tax holiday starts and stops. In states with a sales tax, this could mean saving anywhere from 2-7% right off the bat.

Okay, so now you know when to shop, but it’s also important to understand just what will be tax-free in your state. Nerdwallet has a handy guide for dates and tax-free items by state.

Some states allow cities and other taxing districts to opt out of these tax-free holidays, so you have to check to make sure stores in your city or town are actually participating. If they’re not, you can always drive down the road to shop somewhere else.

But do you need to do any driving at all? You may be able to do all of your shopping online. Most states with sales tax holidays allow for tax-free online purchases, as long as the items are ordered and paid for during the holiday, even if they’re delivered later.

So if you don’t feel like fighting your way through thousands of other shoppers, check your local stores’ websites for tax-free items.

Of course, major online retailers like Amazon and Walmart also participate in state tax holidays, and they’ll automatically deduct sales taxes on eligible purchases, so you may want to check them out, too.

And if you haven’t bought a membership in one of those big warehouse stores yet, now might be the time to do it. A membership might pay for itself in the savings you can get with back-to-school sales, and of course, they’re all participating in sales tax holidays.

OTHER SAVINGS

Okay, now for some tips that apply even if you’re not shopping during a tax holiday.

First, you’ve got to determine how much you have to spend. That means, how much do you have to spend without using a credit card?

Then make a list of everything you have to buy, and your kids’ schools have probably given you lists of everything they’ll need for the entire year. If you can’t make all of those purchases with cash, divide the quantities in half or quarters and purchase only what you can afford now.

But what about the tax holiday, you say? “I’ll have to pay sales tax on the other items I buy later.” Well, that’s true, but does it make sense to save maybe 5% in sales tax now and then pay 20% or more in credit card interest on those items later? Of course not.

So purchase only what you can with cash during the holiday period and then start saving so you can make the rest of your school purchases with cash in the months ahead.

Okay, so you know how much you have to spend, and you’ve pared down your list of what you need to purchase. Now you just have to stick to that list. That won’t always be easy, but stay with the plan and don’t be an impulse shopper!

On today’s program, Rob also answers listener questions:

• How should you reallocate investment assets as you near retirement?
• Can paying off credit cards actually hurt your credit score?
• How do you determine the right time to draw Social Security benefits?
• Would it make sense to sell your home now to cover certain expenses and buy once again when interest rates drop?

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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THE PARADOX OF PROSPERITY

This is one concept in a video series he released a few years back on what he calls Transferable Concepts, things that he can share in a 30, 45, or 60-minute speech.

And he shares these things over and over and over again because they're transferable and they're concepts that can change the way people view stewardship or money and money management.

And one of the most compelling illustrations he shares is his own personal story.

Ron says, “When Judy and I got married, we lived in a trailer on campus at Indiana University. It was 225 sq ft. It was 8ft wide, 6ft tall and 28 ft long. You could cook dinner and do the ironing without moving. When Judy did the ironing, I had to get out of the trailer or move to the back bedroom because there wasn't room for me and the ironing board in the front room. Well, as life went on, we had five children, 13 grandchildren, and began to manage college education, cars, all kinds of complexity retirement.”

As the years went by and his wealth grew, he found that “more” equals more choices, which equals more confusion. When he lived in the trailer, he didn't have to make a lot of decisions.

The point, he says, is not that everyone should live in a trailer. The point is: Don't fall into the trap that more will provide peace of heart and mind, because more provides more choices, which equals more confusion. And you'll never ever have peace of heart and mind just by having more. That's a spiritual perspective, it’s not a financial perspective.

HOW DO CHRISTIANS FIND CONTENTMENT?

Contentment, above any other trait, should really be the hallmark of a mature believer's financial life.

Hebrews 13:5 says, "Make sure that your character is free from the love of money, being content with what you have; for He Himself has said, 'I will never desert you, nor will I ever forsake you.'"

The starting point for "enough" is defined in this verse—it’s what I already have. For years I taught and wrote about the importance of the "How much is enough?" question. One day I realized that God had quantified "enough" in this verse.

Enough is what I have. I can be content where I am, with what I have, because contentment is a choice— a decision. Contentment can be learned by becoming more rooted in the reality of God's nearness and provision and by living in the spiritual reality of His promise that "I will never desert you, nor will I ever forsake you."

Even the apostle Paul learned contentment along the way, and he shares his insight in Philippians 4: “I have learned to be content in whatever circumstances I am. I know both how to have a little, and I know how to have a lot … I have learned the secret of being content whether well fed or hungry … I am able to do all things through Him who strengthens me.”

WHERE TO DRAW THE LINE?

There’s nothing whatsoever wrong with financial prosperity. But it can become a problem if we’re not careful. So where should you draw the line and ensure you’re keeping your money in check and that it’s not interfering with your relationship with God?

Ron Blue says money, “becomes a problem when you pursue prosperity for its own sake, in the mistaken belief that more is always better; that more will make you happier; that more will solve all of your problems. It becomes a problem when we look to our bank accounts and not God as our Provider.”

In reality, the more you have, the more choices you have to make, and the less real freedom you have. At some point, all of those choices and options become a burden.

You may find yourself working more than when you had fewer choices just to maintain what you’ve acquired.

If you’re able to find contentment with what you already have, you’re far less likely to be taken in by the Paradox of Prosperity.

On today’s program, Rob also answers listener questions:

• Can kids working on a farm for their parents open a 401k account?
• How do you balance retirement investing and paying down your mortgage sooner?
• Is paying down debt using a whole life policy a good approach?
• What are some good options for opening a Roth IRA?

RESOURCES MENTIONED:

• Sound Mind Investing
• Fidelity

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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IN-NETWORK?

We’ll start with “in-network” versus “out-of-network” medical costs, which is something consumers really need to be aware of.

Healthcare Plans generally cover out-of-network emergency room care as if it were in-network, but not visits to out-of-network doctors and other treatment.

That could cost you 4 or 5 times more than in-network care.

NO NETWORK

While Christian Healthcare Ministries helps its members cover their healthcare costs, it is not an insurance company. Members are not bound to a particular network of providers. As long as their treatment is eligible for sharing under the terms of the membership, CHM will “share” the cost. That means, if you’re a member, you can go to whatever doctor or hospital you choose and keep your preferred doctor. It provides a lot more options than a traditional healthcare plan.

VERY DIFFERENT

CHM is also very different in that it is a Christian ministry, which helps to provide support that is not only financial but also emotional and spiritual. They care about their members and pray for them. And members lift one another up in prayer.

OVERVIEW

Here’s how it works. If you are a CHM member and share your medical bills, you will send your bills to Christian Healthcare Ministries. CHM will then work with your healthcare providers to see if they can get discounts on those bills, and then they will “share” those bills in accordance with the membership terms and send a check to you, the patient, to cover those bills.

Over more than 40 years, CHM has shared nearly $10 billion dollars in medical costs.

Learn more about Christian Healthcare Ministries at CHMinistries.org.

On today’s program, Rob also answers listener questions:

• What happens if a spouse passes away without a will?
• If you put money into a trust, is there a way to get it back out if a financial need arises?
• If you have the option of a traditional 401k or a Roth 401k, which one should you choose?
• What is the best kind of educational account to open on behalf of grandchildren?
• What’s the best way to close a credit account you’re not using?

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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MONEY ISN’T THE PROBLEM

Ask any couple what causes the most stress in their marriage, and they’ll probably say “money”. However, the problem isn’t usually money itself – or even lack of money. No, financial tension in a marriage more often springs from bad attitudes, unrealistic expectations, and wrong assumptions about how to handle money.

Part of the problem is that everything has a money angle. Most of our plans, desires, hopes, and dreams involve some kind of financial activity. That means you’re constantly facing emotional questions about how to spend, save, borrow, earn and give your money. And chances are, you and your spouse don’t always agree about those things.

On top of that, you have personality differences. Maybe he’s a saver, she’s a spender, or she loves yard sales, he prefers buying new, or he wants to borrow to buy a car now, while she wants to wait to pay cash.

All this disagreement can stem from childhood experiences, long-standing expectations, or even misunderstandings about how finances really work. Put it all together, and it's a recipe for conflict.

If you’re married, you surely know what we’re talking about!

There’s another factor at work here, in the matter of money and marriage. As we’ve said so often, our attitudes and actions relating to money are an indication of what’s in our hearts. Sinful attitudes like greed, selfishness, anger, and resentment can affect how you feel about money, and how you relate to your spouse about the family finances.

Let us offer four recommendations that we hope will change the way you relate to your spouse about money.

First, remember why God brought you together. Christian marriage is a testimony to the world of the love of Christ for his church. It’s meant to be a picture of peace and godly unity. Christian marriage is also an opportunity for spiritual growth. Proverbs 27:17 puts it this way: As iron sharpens iron, so one person sharpens another.

Being sharpened by your spouse in the area of finances can be uncomfortable, but it’s worth the effort to work things out. That brings up our second recommendation.

Communicate. If you’re out of sync about money matters in your household, it’s time for a heart-to-heart talk about money.

In Ephesians 4:2-3, Paul writes, “Be completely humble and gentle; be patient, bearing with one another in love. Make every effort to keep the unity of the Spirit through the bond of peace.”

HOW TO COME TOGETHER ON MONEY

Here’s how you do that: Set aside some uninterrupted time together. Confess your fear, selfishness, and resentment about money to the Lord and to each other. Ask Jesus to be Lord of your financial life. Ask him to help you work towards unity in the area of money management. Commit to love each other in this area, the way you promised to do on your wedding day.

Above all, be patient with each other. These are very personal issues, but your relationship is more important. Make it a point to look for compromises and middle ground. If you’re a spender and your spouse would rather save every penny, create a plan that allows for a bit of both.

That brings us to our third recommendation for financial peace in marriage. Make a budget together. Your spending plan can allow each personality a little leeway – and a plan made now will take the pressure off both of you later when you’re making financial decisions.

If you’ve been keeping your finances separate, now is the time to bring them together. Separate finances are a dangerous step towards dis-unity in your marriage.

Many couples think separate finances will help them avoid fighting about their differences. But the fact is, this isn’t “his money” and “her money”. It’s not even your money together. It’s God’s money.

We’ll close today with a passage on love that’s so familiar, from 1 Corinthians. It’s the ultimate answer to financial conflict in marriage.

“Love is patient, love is kind. It does not envy, it does not boast, it is not proud. It does not dishonor others, it is not self-seeking, it is not easily angered, it keeps no record of wrongs.”

On today’s program, Rob also answers listener questions:

• Is whole life insurance a wise investment for a couple around 30 years of age?
• If you have a small business, should you be tithing on your business revenue or just your personal income?
• What is the best approach for someone nearing retirement age without having enough in savings and investment accounts to fund retirement?
• How do you choose the right 401k option for your needs?
• What is the likelihood of a recession this year?

RESOURCES MENTIONED:

• Policy Genius

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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What’s Your Relationship Status With God?

Most people would say their most important relationship is with their spouse, or children, or perhaps a friend. And they’d be wrong. Those relationships are important— we need them— but they don’t carry eternal significance like your relationship with God. Today we’ll give you some practical ways to strengthen that relationship.

This is a program about money, and you may be wondering what money has to do with our relationship with God. That’s a fair question and the answer is … a lot!

And the Bible gives us three dots to make that connection.

FIRST: God created everything and therefore He owns everything. Colossians 1:16 says, “For by him all things were created, in heaven and on earth, visible and invisible, whether thrones or dominions or rulers or authorities—all things were created through him and for him.”

SECOND: God gave us everything we possess. Deuteronomy 10:14 reads, “Behold, to the Lord your God belong heaven and the heaven of heavens, the earth with all that is in it.” So God owns everything, but He’s given us resources to use temporarily as his stewards.

THIRD: God is not distant and detached. He wants a close relationship with you. James 4:8 tells us, “Draw near to God, and he will draw near to you.”

We draw near to God by being obedient and following His law. With over 2,300 verses in Scripture about money and possessions, God has made his desire quite clear. He wants us to manage money according to His principles.

Our friend Howard Dayton points out that wisely managing money and the other resources God blesses us with deepens our fellowship with Christ. Having a close relationship with Jesus is another way to describe what the Bible calls “true riches.”

In Luke 16:11, Jesus indicates that God uses money as a test. He says, “If then you have not been faithful in the unrighteous wealth, who will entrust to you the true riches?”

Jesus is saying that how you handle money affects your spiritual life. If you manage it well according to biblical principles, you’ll naturally grow closer to Him. If not, your fellowship with Him suffers.

So biblical money management is a very practical way to improve your spiritual life, but sometimes things get in the way of that. There are two kinds of disobedience that keep us from handling money God’s way and growing closer to Him.

The first is passive. It’s just laziness. Some people don’t want to take the time to organize their finances, make a budget, and track their spending. Doing those things might only take a few hours a month. Still, it’s just too much to bother with. As a result, intimacy with God suffers.

If you don’t have a spending plan, we urge you to download the FaithFi app. It provides three options for setting up a budget quickly and easily and then tracking your spending.

So that’s the first form of disobedience: passive. Another person has a different obstacle to growing closer to God. It’s an active or willful disobedience. For that person, money and possessions compete with Christ.

Jesus tells us in no uncertain terms how that will turn out. In Matthew 6:24 He says, “No one can serve two masters, for either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve God and money.”

Often that person thinks he can surrender every part of his life to Christ except money.

He might be good at making money, paying bills on time, saving and investing, but he refuses to give Christ lordship over his finances.

Maybe he stumbles over tithing or other giving to God’s Kingdom. He has the resources, but just doesn’t want to give. Again, his intimacy with Christ suffers.

Finally, there’s another person who’s not following biblical financial principles but thinks her relationship with the Lord is just fine. To her we might say, “What you don’t know will hurt you. What are you missing out on? You might think finances aren’t interfering with your relationship with God, but how would you know?

If any of these people sound like you, commit your finances to the Lord in earnest prayer and then follow through managing your money and possessions His way!

On today’s program, Rob also answers listener questions:

• What is the wisest way for a business owner to use recently received Employee Retention Credit funds?
• If you’re married but the home mortgage is only in one spouse’s name, is it a good idea to add the other spouse to the note?
• How do you determine whether it’s best to hire someone to help you manage your retirement funds?

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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How Big Are Your Barns?

In Luke chapter 12, Jesus shared the Parable of the Rich Fool. Jesus' message in that parable is every bit as important for us today as the day it was first told. We’ll talk about it today on Faith and Finance.

Let’s start with the first part of the parable, Luke 12:16-19. That’s where Jesus says, “The land of a rich man produced plentifully, and he thought to himself, ‘What shall I do, for I have nowhere to store my crops?’

And he said, ‘I will do this: I will tear down my barns and build larger ones, and there I will store all my grain and my goods. And I will say to my soul, “Soul, you have ample goods laid up for many years; relax, eat, drink, be merry.”

Now, a lot of people might read that and think, “Hey, that sounds like a solid, practical solution. You’ve got too much stuff coming in. If your barns aren’t big enough, you need bigger barns! What’s wrong with that?”

Well, the rich man finds out what’s wrong in the next two verses. They read, “But God said to him, ‘Fool! This night your soul is required of you, and the things you have prepared, whose will they be?’ So is the one who lays up treasure for himself and is not rich toward God.”

If that theme sounds familiar to you, there’s a good reason. Charles Dickens no doubt borrowed it when he wrote A Christmas Carol. Of course there, Ebeneezer Scrooge takes on the role of the rich fool, obsessed with money and possessions. But unlike the Rich Fool, Ol’ Ebeneezer gets a second chance. And so do we.

Our second chance starts with understanding what “rich toward God” means. It’s an unusual phrase and God’s Word doesn’t elaborate on it, but we can get an idea of its meaning by contrast. It’s the opposite of building bigger barns or laying up earthly treasure for yourself.

Being rich toward God is acknowledging that we’re made for Him, not for our own pleasure or possessions. Our abundance is in Him, not our bank accounts.

“Rich toward God” means counting Him as greater riches than anything on the earth.

And it means using earthly riches to show how much we value God. How do we do that? By giving generously to His Kingdom. Had the Rich Fool done that, he might have heard these words from Matthew 25:

“Come, you who are blessed by my Father, inherit the kingdom prepared for you from the foundation of the world. For I was hungry and you gave me food, I was thirsty and you gave me drink, I was a stranger and you welcomed me … I was naked and you clothed me, I was sick and you visited me, I was in prison and you came to me … as you did it to one of the least of these my brothers … you did it to me.”

But the Rich Fool did none of that. He thought only of himself and when he died, he left his earthly treasure behind.

Now, Jesus is not saying that our works save us, but He is saying that not doing the good works we were designed for will hurt our relationship with God. Jesus is teaching that money and possessions are dangerous because they can lure us out of love for God and keep us from treasuring Him.

Because of that, some might think that money is bad, but it’s not. It’s really a powerful tool that can be used for good or bad. While the proper use of money can store up treasure in heaven for you, the improper use of money can be hazardous to your spiritual health as it was in the case of the Rich Fool.

The problem wasn’t that he became rich, the rich are no less godly than the poor. The problem was that the Rich Fool ceased to view God as his supreme treasure. If God had been his treasure, he might have said:

“God, this is all yours. You have made my fields prosper. Show me how to express with my riches that You are my treasure and that riches are not. I already have enough. I don’t need more luxury and leisure.

Had he said that, the Rich Man wouldn’t have been a fool at all. He would have been a very wise man who was rich toward God. He would have discovered that— as Jesus is quoted in Acts 20:35— “It is more blessed to give than to receive.”

The Rich Fool learned that the hard way, but we don’t have to. We can learn from his mistake and strive to be rich toward God.

On today’s program, Rob also answers listener questions:

• If someone else is paying a home mortgage, but the house is in your name, what’s the best way to remove yourself from the equation and put the home in their name?
• When is it appropriate to move away from conservative investments like bonds and invest a little more aggressively?
• Is it wise to open several new accounts in the name of a trust?
• What financing options should you consider when buying a business franchise?
• How do you determine what to do with a 401k established with a company you no longer work for?

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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What You’ll Need To Retire

Folks always ask us, “How much will I need to retire?” And the answer is, “It depends.” One important piece of the retirement puzzle is, “How much are you willing and able to cut from your budget?” We’ll talk about that today on Faith and Finance.

Many of the expenses associated with work go away when you retire. Because of this, many experts say you’ll generally only need 75-80% of your working income when you retire.

The problem is, many studies show the average retirement budget is only about 60% of working income. So if you’re working and making, let’s say $75,000 a year, you’ll need at least 75% of that, or a little over $56,000, in retirement.

But if you’re on track to generate only 60% of your working budget from Social Security benefits and income from your investments, you’ll be short $11,250 a year — or about $940 a month.

That means you’ll have to work longer to build more savings that generate more retirement income, or continue to work part-time to make up that $940 monthly shortfall. That is unless you’re able to cut your retirement expenses enough to close that $940 gap or at least make it smaller. Now, how do you do that?

Let’s start with the one that’s probably the most obvious. It’s the big house you raised your family in, but which is now largely empty. Do you really need all that room?

Now might be a great time to downsize into something smaller. Besides lowering your maintenance costs, utility bills, and taxes, downsizing should leave you with cash left over that you can convert into an income stream, getting you closer to your retirement needs.

As long as you’ve lived in the home for two out of the last five years, you can exempt the first $250,000 in capital gains on the sale of your home — or $500,000 for married couples.

Now, the next biggest way to cut your retirement budget is with transportation. If neither you or your spouse is working, do you really need two vehicles? Could you sell one of those cards and pocket more cash? You would also save on vehicle-related costs.

Now, let’s look at insurance next, and specifically, disability and life. First off, disability insurance is designed to replace lost income when you’re recovering from an injury and illness and not able to work.

Obviously, if you’re retired and not working, you have no working income to replace and therefore you have no need for disability insurance. Yet some people still carry it. Drop it the day you retire.

Now, what about life insurance in retirement? If your children are now grown up and out of the house, they’re no longer dependent on your income. So you can cut back on life insurance.

Also, look at interest on a credit card balance or other consumer debt. It’s never good, but it’s downright terrible when you’re retired and trying to adjust to a smaller income.

Take some of the cash you’ve freed up with the previous suggestions and pay off your credit cards as quickly as you can.

On today’s program, Rob also answers listener questions:

• How do you determine if you should continue making payments on your vehicle or try to somehow get out from under the loan?
• Is title lock insurance a wise purchase?
• How do you figure out the right time to retire in light of your household expenses?

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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“Bible Verses” that Aren’t Actually in the Bible

When you want pithy quotes, check out social media. When you want words of truth, look to the Bible. But be careful not to get those two mixed up. Some familiar sayings may sound like Bible verses, but they’re really not. Today, we’ll discuss a few fake Bible verses you’ve probably heard many times over.

Of all the supposed Bible verses that aren’t actually in the Bible, here’s the most familiar one: “God won’t give you more than you can handle.” Now, this sounds great, especially if you’re struggling with financial hardship. Unfortunately, it’s not true. The fact is, life is always more than we can handle without God. After all, we need His help just to take our next breath!

NO MORE THAN YOU CAN HANDLE?

The idea that “God won’t give you more than you can handle” is a misreading of 1 Corinthians 10:13, which actually says, “God is faithful, and he will not let you be tempted beyond your ability, but with the temptation, he will also provide the way of escape, that you may be able to endure it.” The good news is God’s faithfulness, providing a way so we can endure temptation. That doesn’t necessarily mean we get to avoid it altogether.

GOD HELPS THOSE …

Here’s another popular quote. Maybe you heard your grandma say this when you refused to do your chores, "God helps those who help themselves.” Again, it might seem like something from the Bible, but it’s not. In fact, it’s the opposite of what God’s word says, which is that our help comes from one place. Psalm 121:2 tells us, "My help comes from the LORD, the Maker of heaven and earth.” It’s not “God plus me getting the job done.”

God’s help is never contingent on what you or I do. In fact, there’s nothing we can do even to earn God’s help. But, again, the good news from the Bible is that “…God shows his love for us in that while we were still sinners, Christ died for us.” God’s help is always available, not because we do our chores, but because He loves us in spite of our brokenness.

OPEN A WINDOW

Have you ever had a disappointment, and someone told you, “If God closes a door, He’ll open a window”? Besides letting the bugs in, one way or another, what is that really saying? That God always resolves your problems immediately? In fact, that’s not always the case, is it? Sometimes, God closes a door and we have to wait, with the doors and the windows firmly shut.

The Bible does promise that God will keep us headed in the right direction when we’re following him with all our hearts. Psalm 32:8 says: “I will instruct you and teach you in the way you should go; I will counsel you and watch over you.” But the “way you should go” doesn’t necessarily mean God will make an escape hatch when you don’t seem to be making progress. You’ll find that God often does some of His best work as you wait, teaching you to trust Him even more. Psalm 37:7 says, “Be still before the LORD and wait patiently for him; do not fret when men succeed in their ways when they carry out their wicked schemes.”

TO THINE OWN SELF …

Our next quote is, “To thine own self be true.” That might sound like scripture, but it’s really from Shakespeare’s play, Hamlet, and as a piece of advice, it’s completely unbiblical. “To thine own self be true,” suggests that all you need for success is to follow your own instincts and desires. Unfortunately, it’s our own instincts and desires that cause us to sin. Self-reliance is no substitute for reliance on Jesus. He is the source of truth and the only one we can really rely on.

FOLLOW YOUR HEART?

That brings us to the next common saying: “Follow your heart”. First of all, here’s what Jeremiah 17:9 has to say about our hearts: “The heart is deceitful above all things, and desperately sick; who can understand it?” In light of that truth, following your heart seems like a really bad idea.

Biblestudytools.com puts it this way: ‘God gives us passions and desires and uses our lives to prepare us for His purposes—just as He prepared David during his time as a shepherd, soldier, and court musician. But that only works if we completely surrender our lives to His leading.

IF GOD BRINGS YOU TO IT …

The next “not-in-the-Bible” quote is, “If God brings you to it, he’ll lead you through it.”

What’s true about this is that God never abandons us. Jesus said: “And surely I am with you always, to the very end of the age.” That’s Matthew 28:20. But does that mean God will always pull us out of difficult situations? Not necessarily. He certainly can rescue us from pain, but sometimes he doesn’t.

Sometimes he uses trouble to help us rely on him more and ourselves less. bottom line: You can always trust his provision and rest in his peace, even in the middle of hard circumstances.

On today’s program, Rob also answers listener questions:

• How do you determine the wisest way to use a cash gift?
• How do you find out what your money in investment accounts is being spent on?
• What can you do when a medical bill is billed incorrectly?
• What’s the best way to open an investment account without going online?

RESOURCES MENTIONED:

• Capital One 360 Checking
• Marcus

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Whole Life Stewardship

Genesis 1:28 says, “And God said to them, ‘Be fruitful and multiply and fill the earth and subdue it, and have dominion over the fish of the sea and over the birds of the heavens and over every living thing that moves on the earth.’” That verse presents what’s often called the creation or cultural mandate … which, in turn, is the foundation of “whole life stewardship.” We’ll talk about those ideas today on Faith and Finance.

THE CULTURAL MANDATE

So what exactly is the cultural mandate? It’s the very first set of orders given to man in the Garden of Eden, before the Fall. “Be fruitful, multiply, fill the earth and subdue it.”

Ironically, the “cultural mandate” found in the Bible is about 180 degrees opposite of what the culture of the world is teaching and preaching today. Some view man as a blight upon the world. They would like man’s presence reduced, population limited, and the “carbon footprint” shrunk.

To some, this presents a conundrum. What are we to believe? God’s Word? Or “experts” who’ve been warning us about imminent starvation for over 200 years now? Englishman Thomas Malthus first predicted it in 1798.

GOD’S OWNERSHIP

I think we should consult the Owner on this— and it’s not us. The Bible makes clear that as the Creator, God owns everything.

1 Corinthians 10:26 teaches, “For the earth is the Lord’s, and all it contains.” Hagai 2:8— “‘The silver is Mine and the gold is Mine,’ declares the Lord of hosts.”

Psalm 50:10 says, “For every beast of the forest is Mine, The cattle on a thousand hills.”

And yes, God even owns us. 1 Corinthians 6:19 reads, “Or do you not know that your body is a temple of the Holy Spirit within you, whom you have from God? You are not your own.”

Now, even though God owns the world and everything in it, He has given it all to man to act as His stewards, to “fill the earth and subdue it.” We also find in Psalm 115:16, “The heavens are the heavens of the Lord, But the earth He has given to the sons of men.”

And in a somewhat narrower context we have Joshua 1:30, “Every place on which the sole of your foot treads, I have given it to you, just as I spoke to Moses.” There God was giving all of Canaan to the Israelites.

So, God created everything, including us. He owns everything, including us, and He’s told us to subdue and have dominion over the earth, to be His stewards. Now, what exactly does that mean?

WHAT IS STEWARDSHIP?

This is where the concept of “whole life stewardship” comes in. God didn’t tell us to be stewards on weekends only. Our stewardship “hours of operation” are not listed in the cultural mandate. We’re to be stewards 24/7.

We are to use ALL of the resources He entrusts to us wisely and in a way that glorifies God. As Larry Burkett liked to say, “Every spending decision is a spiritual decision.

Finally, God did not tell us to be stewards only with our time and money, but also with our skills, talents, and interests.

God created us in His image and he wired each of us in a unique way.

Whatever your skills or talents, pray about ways you can begin using those more fully for Kingdom work.

God has been incredibly generous with us, and He wants us to share in the joy that comes with being generous. He wants us to be “whole life stewards.”

On today’s program, Rob also answers listener questions:

• What are gift annuities and when do they make sense?
• Are there credit card accounts that accrue rewards that go to charities?
• Is it wise to use money from your 401K to pay off your mortgage?
• What is a qualified charitable distribution and how can you make use of it?
• What is the wisest way to use or invest proceeds from the sale of a home?

RESOURCES MENTIONED:

• Christian community credit union
• Christian credit counselors

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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PRINCIPLES OF STEWARDSHIP

OWNERSHIP: The first principle we must understand about stewardship is ownership. God owns everything.

And Scripture is very clear about this. Psalm 24:1 and 2 reads, “The earth is the Lord's and the fullness thereof, the world and those who dwell therein, for he has founded it upon the seas and established it upon the rivers.”

And in Deuteronomy 10:14, “Behold, to the Lord your God belong heaven and the heaven of heavens, the earth with all that is in it.”

And finally, Psalm 50:10, “For every beast of the forest is mine, the cattle on a thousand hills.”

Now that we’ve established God’s ownership, let’s look at this from another angle. If God owns everything, that means we own nothing. That’s a difficult concept to grasp because we possess a lot of stuff: a house, a car, a bank account, etc.

We hold those things, but we don’t own them. God owns it all. And we are to use those resources wisely in obedience to the Lord.

If we become arrogant about who’s done what, it’s good to remember that even the skills and abilities we have to acquire wealth belong to God. They’re only “on loan,” if you will, and we’re to use them to glorify Him, first and foremost, not to enrich ourselves.

Deuteronomy 8:17-18 makes this clear. It reads, “Beware lest you say in your heart, ‘My power and the might of my hand have gotten me this wealth.’

“You shall remember the Lord your God, for it is he who gives you power to get wealth, that he may confirm His covenant that he swore to your fathers, as it is this day.”

So God owns everything. That’s the first principle of stewardship.

RESPONSIBILITY: The second principle is responsibility. As stewards, we have no rights over what we temporarily possess by the Lord’s provision. But we do have a responsibility to use those resources wisely for His purposes.

There’s nothing wrong with enjoying God’s provision, but we must seek the balance between that and using His resources for His purposes.

This is defined in 1 Timothy 6:17, which says, “As for the rich in this present age, charge them not to be haughty, nor to set their hopes on the uncertainty of riches, but on God, who richly provides us with everything to enjoy. They are to do good, to be rich in good works, to be generous and ready to share.”

One day, each of us will stand before the Lord to give an account of how we used His resources, just like the servants in the Parable of the Talents.

The difference is, we’ll be accountable for everything, not just money, but our time and abilities, too. Those are all resources God has given us, so we must use them wisely.

How do we know where to draw the line? How to enjoy God’s provision without clinging to it and claiming it for our own? That’s something each of us must determine in quiet prayer with the Holy Spirit.

Romans 8:26 reads, “Likewise the Spirit helps us in our weakness. For we do not know what to pray for as we ought, but the Spirit himself intercedes for us with groanings too deep for words.” Trust Him to tell you if you’re enjoying … or squandering … what the Lord has given you.

REWARD: The third principle of stewardship is reward. We have reason enough to be good stewards because of what God’s already given us, the priceless gift of His Son for our salvation, but He promises even more blessings when we’re faithful stewards.

Colossians 3 reads, “Whatever you do, work at it with all your heart, as working for the Lord, not for men, since you know that you will receive an inheritance from the Lord as a reward. It is the Lord Christ you are serving.”

And of course, Jesus Himself tells us in Matthew 25, the Parable of the Talents, “Well done, good and faithful servant. You have been faithful over a little; I will set you over much. Enter into the joy of your master.”

How we manage God’s provision will determine whether we hear those words someday. We all want to be declared, “good and faithful stewards.”

On today’s program, Rob also answers listener questions:

• What can a young couple do to turn around their finances and credit after making poor borrowing decisions?
• Would it be wise to shift money from a savings account into a CD?
• How do you balance paying off your mortgage with investing for retirement?

RESOURCES MENTIONED:

• Christian Credit Counselors
• Bankrate.com

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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Year after year, the annual survey taken for the T-I-A-A Institute Personal Finance Index shows low financial literacy for the 18-to-25 age group. A majority of these young adults consistently fail to demonstrate a working knowledge of financial concepts like budgeting, saving, insurance, and investing.

Think about what this means. Tens of thousands of young adults are going off to college or joining the workforce today without knowing how to manage their money, how to avoid overspending, or even how to build a solid financial future for themselves.

These days, we have online banking and instant digital transactions. It’s so easy to use credit and transfer money that many young people just live day to day without a plan … until they need a bailout from Mom or Dad!

The fact that young adults rarely handle cash also means they no longer have a physical connection to their money. When you don’t actually see and feel your money coming and going, you might not realize when it’s gone. This disconnect can lead to unintentional overspending and a lifetime of debt, not to mention a lack of motivation to save for the future.

So, if you’re a parent of teenagers or a “Gen Z” just starting out, here are a few must-have financial skills and how to get them:

MUST-HAVE FINANCIAL SKILLS

The first “skill” is actually an attitude. The Bible says God is the owner of everything, as in Psalm 24:1, “The earth is the Lord’s, and everything in it, the world, and all who live in it”. Understand that nothing really belongs to you, even you. You are a manager of God’s resources, which should change your perspective on money and material things.

The number two financial skill you’ll need is planning. “A dream without a plan is just a wish,” as they say. And wishes won’t buy you a house. The fundamental planning tool we recommend is a budget, otherwise known as a “spending plan”. A budget keeps track of your income, giving, and spending, and gives you a picture of your progress towards meeting your financial goals. Download the free FaithFi app to get one started.

The next fundamental financial skill everyone needs is: work! Maybe your dad always told you that “Money Doesn’t Grow on trees!” Annoying as that was, it’s the truth. So, start at the bottom if you have to, work hard, and develop your resume!

In Colossians 3: 23 and 24, we see the key to successful work: “Whatever you do, work at it with all your heart, as working for the Lord, not for men, since you know that you will receive an inheritance from the Lord as a reward. It is the Lord Christ you are serving.”

The next skill is to open and manage a bank account. Then, make sure you develop habits of giving and saving from every paycheck. Watching your balance increase will encourage you to stick to your plan. Keeping track of your bank balance will also help you understand your limits. You can’t spend what isn’t there.

The next skill will also help you understand your limits. Learn about credit. Don’t fall into the trap of believing that a credit card equals permission to spend all you want. Instead, keep track of your balances, pay your balances in full every month, and watch your credit score.

Another basic financial skill you’ll need is to understand investing, including types of investments, risk, and return. Check out the great information at SoundMindinvesting.org.

Finally, admit you don’t know it all and learn where to go for solid financial advice. As it says in Proverbs 15:22: Without counsel plans fail, but with many advisers, they succeed. Visit faithfi.com and click on the “Community” tab to chat online about your money questions.

Or, ask someone you trust, who knows about finances, to help you.

Now more than ever, young adults need financial skills to succeed in the “real world”.

Our challenge to our bright and hopeful “Gen Z” generation is to pursue a firm faith and financial literacy.

On today’s program, Rob also answers listener questions:

• Is an annuity a good option for retirement saving
• How should someone determine whether to sell the family home after a divorce?
• How does one go about buying a parent’s home that is currently in an irrevocable trust?
• Is it wise to borrow against your existing home to purchase a vacation home?
• Is there a way to seek loan forgiveness for a “Parent Plus” loan?

RESOURCES MENTIONED:

• Zillow.com

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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We often receive questions like this one: “I’ve cosigned on a car loan for my nephew and he’s not making the payments. What can I do?”

It’s sad because the only reason someone would cosign a loan is to help someone else. And far too often, it doesn’t end well. At least one survey shows that if you cosign, you have a 40% chance of having to pay the loan yourself because the primary signer either can’t or won’t make the payments.

And if that’s not bad enough, it’s usually a family member or friend who’ll leave you holding the bag, damaging your relationship as well your finances.

Now, the best way to keep that from happening is to simply not do it. Remember the Ben Franklin quote, “An ounce of prevention is worth a pound of cure?” He was actually talking about fire safety at the time, but the concept certainly applies to co-signing today, which could “burn down” your finances. The best way to get out of it is to never get into it.

By the way, it seems Mr. Franklin actually borrowed that “ounce of prevention” idea from Proverbs 22:30 which reads, “The prudent see danger and take refuge, but the simple keep going and pay the penalty.”

The Bible actually has a lot to say specifically about cosigning — and for good reason. Christians are often confused about cosigning. The Bible tells us to care for our family and neighbors and to help those who can’t help themselves. Wouldn’t that include helping someone get a loan?

The Bible says no, and it leaves no room for misinterpretation. It warns us over and over not to do it.

Proverbs 11:15 says not to pledge “surety” for another, meaning don’t co-sign a loan for another who doesn’t qualify on his own.

And Proverbs 17:18 reads, “One who lacks sense gives a pledge and puts up security in the presence of his neighbor.”

Then in Proverbs 22:26-27 we find, “Be not one of those who give pledges, who puts up security for debts. If you have nothing with which to pay, why should your bed be taken from under you?”

We mentioned that four in 10 people who cosign get stuck paying off the loan. But studies also show that nearly a third suffer damage to their credit, and a quarter say the experience damaged their relationship with the primary signer. Proverbs isn’t one of the “Wisdom Books” for nothing.

Okay, by now you’re convinced never to cosign. But what if you’ve already done it? What can you do about it?

The thing you have to remember is that as a co-signer, you’re just as responsible for the loan as the primary signer. If that person can’t or won’t make the payments, there’s no way you can walk away from it without severely damaging your credit. The loan must be satisfied.

First, try refinancing. Your legal responsibility to repay the loan goes away if the other person refinances without you. If you or the other person has been making payments for some time, the outstanding balance should now be lower than the original amount. That could allow the primary signer to qualify without you.

Next, you can try speeding up the loan payments by offering an incentive to the primary signer. Offer to match any payments he or she makes. You might still end up paying half the loan, but that’s better than the whole thing and it will keep the account in good standing.

Now, if the loan was for an automobile, you can ask the primary signer to sign the title over to you and you take possession. Then you’ll at least have use of the vehicle while you’re paying it off. You can also then sell it at some point and recoup part of your loss.

Finally, you can try doing a credit “makeover” on the primary signer. Help them get on a budget, teach them the importance of paying bills on time, saving, and being responsible. Eventually, they’ll be able to refinance to get you out of the loan. It’s an approach that will have long-lasting, beneficial results.

Okay, those are some things you can do if you’ve cosigned a loan and you’re stuck making payments. We hope you find them useful.

On today’s program, Rob also answers listener questions:

• How long should you wait between opening credit card accounts if you’re opening multiple accounts?
• If you take a loan from your 401k but change your mind, can you return the money without penalty?
• How do you determine when to begin drawing Social Security benefits?
• How can someone go about determining the value of collected coins and then reselling those coins?
• What are the tax implications of the sale of real estate that belonged to a now-deceased parent?
• Is it unwise to use a credit card under any circumstances whatsoever?

RESOURCES MENTIONED:

• NGCcoin.com
• PCGS.com

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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Mark Biller is executive editor at Sound Mind Investing, where he and his team take complicated investing concepts and simplify

TWO EASY QUESTIONS:

Those two easy key questions are: “How often should I invest?,” and “How much should I invest?”

A simple way to make those decisions is to use a “formula” approach that eliminates inconsistency and guesswork.

The best-known formula for answering the how much and how often questions is called “dollar-cost averaging” — or “DCA” for short. The key to dollar cost averaging is simply (1) invest the same amount of money (2) at regular time intervals.

That simple framework is easy to follow and it’s essentially what millions of people do every month via their 401k or other workplace retirement plans. For example, you might choose to invest “$800 a month” or “$400 per pay period.” The important thing is to pick an amount you can stick with faithfully.

And sticking with it faithfully means you have to do this for a long period of time— five years at the very least— so you have time to ride out an extended bear market.

The beauty of DCA is that it frees you from worrying about whether you’re buying stocks at the “wrong” time. Because your dollar amount remains constant, you’ll get more shares for your money when stock prices fall and fewer shares when prices rise. In effect, you’ll buy more shares at “bargain prices” and fewer at what might be considered high prices. Of course, you won’t know that at the time. It’s only obvious when stocks are “on sale” or overpriced when you look back in hindsight.

TIME TO GET OUT?

With uncertainty surrounding the markets these days, folks often ask us if now is a good time to get out of the market and go to cash or precious metals instead of market-based investing.

Sound Mind Investing is one of the increasingly rare firms that still takes defensive measures and shifts money to cash when they think the risk of a particularly severe bear market is high enough. They did that early in 2022 and it helped them last year, although now they’ve been lagging in 2023 as the market has bounced back.

Obviously, they wouldn’t do that if they didn’t think it was worthwhile over the long term.

BUT … if you’re trying to do this on your own, you absolutely shouldn’t be moving in and out of the market!

And that’s doubly true if you’re doing this on your own and have a long time horizon of 10 years or more. It’s just way too hard to get those signals correct.

Experts at SMI have studied this for years and watched it like a hawk all day, every day, and even they don’t always get it right.

There’s a reason there are millions of retirees and near-retirees with large 401k balances, despite not knowing much of anything about investing. It’s because they invested regularly, every pay period, and let those 401k balances compound year after year, through good markets and bad.

EMOTIONAL INVESTMENT DECISIONS ARE DANGEROUS

Without a mechanical system like this, most investors only work up the courage to invest after stock prices have risen sharply. Then, when prices plunge, they become fearful and sell after they’re already down. In other words, investor emotions cause them to “buy high and sell low,” which is the exact opposite of what you want to do.

Dollar-cost averaging steers you around those pitfalls, as long as you stick with it and keep following the discipline regardless of what the market is doing at the time.

IS THERE A DOWNSIDE TO DOLLAR-COST-AVERAGING?

DCA is not without its imperfections, and the biggest one is that it doesn’t protect you against losses. You will still suffer temporary setbacks from a bear market.

And that’s largely why this is a LONG-TERM investment strategy. Again, you want a minimum of a 5-year investing time horizon, but preferably, a decade or longer.

When you’re investing for the long-term, this kind of “set it and forget it” system to accumulate a nest egg is pretty hard to beat. But that calculus changes a bit as a person gets older and has more to lose. And that’s why SMI does some other things in terms of bear market protection.

INVESTING A LUMP SUM

A second criticism of DCA relates specifically to a person who has a lump sum of money to invest. In that case, the math usually shows that investing it all at once is the best approach, rather than dollar cost averaging it into the market over time.

But there are two things to understand about that situation:

First, most people don’t have a lump sum, they’re investing bit by bit. So this criticism doesn’t even apply to the typical 401k investor.

Second, even though the math says put all of the money in the market right away, emotionally, it’s way easier for people to divide up a lump sum and invest it in pieces over time. If it comes down to dividing a lump sum into pieces and investing one-sixth of that each month over six months vs. being paralyzed by fear and not investing any of it for six months, the dollar cost averaging approach is the hands-down winner!

In the real world, investing smaller amounts over time makes it easier for investors to overcome their fears and continue to put their money at risk even at times of market weakness. That said, it’s good to know that the research shows it’s better to get the money invested sooner, so you can work toward doing it as quickly as possible.

IN SUMMARY

DCA is simply systematically investing a fixed amount of money regularly, and because of that, it has these benefits:

It eliminates the “Is this a good time to buy?” question. If you’re dollar-cost averaging, every month is a good time to invest!

It imposes a discipline — a “forced saving” structure that you can think of as making “installment payments” on your future financial security.

Dollar-cost-averaging helps you to buy more fund shares when prices are low and fewer when prices are high, so your average price over time is likely to be lower than other methods of buying.

Finally, it “automates” your investing, which helps eliminate the chance that you’ll forget to invest, or worse, be scared out of investing by current events and news.

DCA is tailor-made for 401ks, 403bs or IRAs. In all three cases, you can automate your contributions and really should do that to make this work most effectively.

Bottom line, it’s a great illustration of Proverbs 21:5, “Steady plodding brings prosperity”.

If you’d like to read more on this topic, read the article, “Taking the Guesswork Out of When and How Much to Invest” at SoundMindInvesting.org.

On today’s program, Rob also answers listener questions:

• Is it wise to take advantage of “bonus” rewards offered by credit cards for spending more within a certain period of time?
• How do you choose the best bank with which to open a savings account?
• Does it make sense to pay a medical bill off now in cash to take advantage of a discount, even if that puts a strain on your finances overall in the short term?

RESOURCES MENTIONED:

• BankRate.com

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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Before we get into the specific money wasters, there’s a general principle you should be aware of: If you’re buying things that provide only a temporary sense of satisfaction, you’re probably wasting money. If it’s not a necessity and you grow bored with it, it was a waste of money. Check your closets for examples.

Now, we’re not saying you should take a “vow of poverty.” The Lord wants us to enjoy the resources He’s given us. But that must be tempered by the principle that we’re merely stewards and we need to use His resources wisely.

But, of course, we live in a culture that promotes spending. It’s a big problem. One survey showed that the average adult spends around $1,500 a month on non-essentials. No wonder so many Americans are living paycheck to paycheck.

Imagine what that kind of money would do if it were put into savings or invested for retirement.

6 MONEY WASTERS

1. Not preparing your own meals. The first money waster is one of the biggest, but it’s also one of the easiest to fix.. It’s okay to eat out occasionally, but too often it’s just for convenience. By some estimates, a restaurant-prepared meal will cost you three times what you would pay for the same meal cooked at home.

2. Upgrading your smartphone as soon as a new one comes out. For example, the iPhone 14 could cost you as much as $1,600 or lock you into a long contract if your carrier provides it.

Eventually, a smartphone will have to be replaced, but the longer you delay the upgrade, the more money you keep in your pocket. This year’s red hot phone is next year’s discount model.

3. Overspending on clothing. Wearing the latest fashion is expensive. By some estimates, the average American spends nearly $2,000 a year on clothing.

Clothes do wear out and need to be replaced, so you must include that in your budget, but those spending decisions should be practical.

4. Buying lottery tickets. The ads say “You can’t win if you don’t play,” but that’s nonsense. You definitely will win if you don’t play. You’ll get to keep your money. You have better odds of being hit by lightning twice than winning the lottery.

Plus, you don’t want to participate in something that disproportionately hurts the poor. A Bankrate report found that low-income households spend as much as 13% of their income on lottery tickets. That’s far more than higher-income earners.

5. Extended warranties. Extended warranties are now a $40 billion-a-year industry, and it’s really just an expensive form of insurance that you probably won’t need.

Instead of buying an extended warranty, do your homework to make sure you’re buying a quality item to begin with. Most will have an adequate manufacturer’s warranty anyway. And then make sure you have enough money in your emergency fund to cover any repairs you might need to make.

6. Cable and streaming packages. If you’re still paying for cable, it could be as much as $200 a month for Internet and TV. Do you really need 568 channels?

More and more folks are dropping cable and satellite TV and using only streaming apps, but even there, you can waste a lot of money.

A new survey by FinanceBuzz showed that a quarter of households have at least 3 more streaming apps than they had a year ago, and 1 in 10 reported they have no idea how much they’re spending on streaming.

So keep track of what you’re watching and if you’re not getting your money’s worth from an app, drop it. That’s one great thing about streaming apps — no service contract. You can drop it any time you like.

Those are your 6 big-time money wasters. We hope you find this helpful.

On today’s program, Rob also answers listener questions:

• Are capital gains taxed differently from regular income?
• Is title theft insurance a wise thing to buy?
• Should you ask a wise parent for financial advice or turn to a completely impartial source?
• If family members stay in the home of a parent with dementia, could that have ramifications for Medicare?

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

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Shaunti Feldhahn is a relationship expert and the author of several very helpful books about marriage, including Thriving in Love and Money.

There’s a saying about marriage: “When money troubles come in the door, love goes out the window.” But Shaunti has 3 steps for couples to keep that from happening.

3 STEPS TO ERASE TO AVOID FINANCIAL TENSION IN YOUR MARRIAGE

1. ENSURE MARGIN: Make sure you have a cushion — some margin in your budget and finances.

The Feldhahns conducted a three-year study involving a couple-thousand people. They found that no matter the income level, it wasn’t the topline income number that mattered. The key to avoiding tension was to spend less than they took in. This was true across all demographics. You’ve got to have a cushion to be able to make that car repair or whatever life throws your way. It’s great stewardship and helps keep you out of debt and bondage. But as it turns out, it’s not just protective of your finances, but of your relationship as well.

2. COMMUNICATE: You have to be able to talk to your spouse about money. It can't just be a one-person thing. It must be BOTH of you, and you have to be able to openly and honestly communicate about money.

Communication really is the secret weapon. Most couples have trouble communicating about money. It’s a very common problem. But the Feldhahns found in their research that communication even trumps having a financial cushion or having the perfect budget. If you can talk about money, even if the technical stuff isn't perfect, you are far more likely to avoid tension and resentment. So start opening those lines of communication! It’s vital!

3. BUILD AWARENESS: You have to understand what's going on underneath the surface and how you and how your spouse respond to money. Shaunti explains that if there is tension around money in your marriage, it’s not really about the money. It’s about how money makes you feel, and how it makes your spouse feel. It’s about all of the insecurities and worries and beliefs about how money should work that are running under the surface. And we have two different sets of those.

On today’s program, Rob also answers listener questions:

• What are a couple of good options for online banking?
• How do you determine whether you should roll over an IRA?

RESOURCES MENTIONED:

• Ally Bank
• Capital One 360 Checking
• Marcus

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Brandon Sieben is President and CEO of Compass—Finances God’s Way.

According to the Federal Reserve Bank, over the past 20 years, debt levels for those in their 60s have risen by over 400%. And for those in their 70s, that debt grew by over 500%. It's a big problem.

The top forms of debt among these age groups are credit cards, car loans, and home equity loans.

WHAT’S THE CAUSE?

The cause is not any single thing. Rather, it’s a combination of factors.

First, many times there's a spending problem, meaning retirees are spending like they were before retirement, but now without the income to cover that spending. So they borrow the difference.

Second, a lot of folks just aren't aware of the cost of debt and how the math works. For example, these days a credit card could be charging 20% interest, or a home equity loan could be as high as 10 to 12%. And people just really aren't aware of the cost there.

And third, a lot of people are conditioned to think that's okay to borrow — no big deal. Many retirees would tell you they've always had a car payment. They’re just been conditioned to turn to lenders whenever there’s a want or need beyond their current capacity to pay for it. And the next thing you know, they're on the ropes.

ADVICE FOR THOSE NEARING OR IN RETIREMENT

Remember, God's pretty clear in His Word that we should avoid debt. You can see that in Romans 13 and Proverbs 22. Even Jesus tells us in Matthew six, we can't serve God and money and we’ve got to choose.

But if you find yourself buried under a mountain of debt, the first step is to get on your knees and ask God for help. There’s no changing the past, but you can start managing money Biblically today!

And when you become debt free, it glorifies God. Practically speaking, we find there's usually $500 to $700 a month that a retiree spends that can be cut pretty quickly.

It’s not always easy. The cutbacks may include scaling back travel, going out to eat less or not at all, canceling some or all of the home tech like cable, or even cutting out some of those day-to-day creature comforts, like getting manicures, pedicures are the trips to Starbucks.

If you’re overwhelmed and feel you need help digging out of debt, talk to our friends at Christian Credit Counselors.

And then lastly, we encourage you to work to better understand money and how God would have you handle it. You’ll find all kinds of free resources at FaithFi.com.

Learn more about Compass— Finances God’s Way at Compass1.org.

On today’s program, Rob also answers listener questions:

• Are there any benefits to a reverse mortgage?
• How can you make sure you’re not overpaying your taxes?
• How do you determine the best way to invest or use a lump sum of cash?
• What is the best way for a college student to invest for the future?
• What can you do to dig out from under credit card debt when it seems like you’re just spinning your wheels trying to pay it off?

RESOURCES MENTIONED:

• Schwab Intelligent Portfolios
• Christian Credit Counselors

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Jerry Bowyer is a columnist for World News Group and our resident economist and “go-to guy” for all things economic.

This is actually part 3 of a 6 part series on a Christian Economic Worldview. We’ve already talked about “The Ideal Economy” and “What Goes Wrong,” and today we’ll take a look at “Why It Goes Wrong.”

MADE IN HIS IMAGE

This idea of God creating the world and man in his image is the basis on which to understand how the world of economics works. And therefore the alienation between God and man works its way through the entire system, leading to a shrinkage in production, a shrinkage in the amount of wealth created, a lack of investment, and valuations that express a large amount of risk in the stock and bond market. And we make it worse by turning to the state as a new God and this so clearly works itself out in history.

WHY?

Why don’t the people in charge of things see the problem and do something about it?

The reason they don't see it is because they don't want to see it. And the reason they don't want to see it is that these factors that determine economic growth, the relationship of God to man, man to the earth, man to production, economics, finance and politics are based on the idea of being held together by God.

God is the lynchpin of this system. He is the one in whom it coheres and since in virtually every elite center of economic life, financial life, political life, and academia has based its worldview on either taking God and pushing him out of the picture entirely or relegating him, at the very least to someplace far away from relevance to human affairs, to this world where He is a blind watchmaker perhaps or a grandfather who is looking from a distance, not intimately involved with the life of his creation. When the lynchpin is removed, everything falls apart and life doesn't make sense anymore.

THE IMPACT

This has a profound effect on society.

Man is no longer seen as being related to the earth. He is no longer seen as someone who is supposed to work the earth, he is seen as someone who harms the earth. And when mankind engages in the creation and tries to make it something more productive, that is seen as harmful, as a despoilization. As a violation of the pristine nature of the creation. And man is separated from production. We don't see human beings as a source of production. We don't see the emergence of new generations as a source of prosperity. We see high abortion rates or the lack of family creation as the source of prosperity.

So we separate the human race from the production process. And we separate the production process therefore from economics. There's a severing, a disintegration of those cause-and-effect relationships. And we even sever consumption from investment.

THE FOLLY OF KEYNESIAN ECONOMICS

The foundation of modern economics under John Maynard Keynes, the Cambridge apostle, the professor of university professor, who set his life to destroying this classical model, started with the rejection of God as foundational to his thinking and his circle of friends. And ended up denying all cause-and-effect relationships and all basic economic and fundamental principles. And came to believe what his elders had taught him. The superiority of thrift and investment was, to him, a bad thing. That money that's invested is loss to the economy and is bad for the economy. He contended that this creates economic stagnation and he called this the paradox of thrift.

We shouldn't save, saving is bad, Keynes said. So consumption and investment are severed from one another. And we don't see the relationship therefore between investment and the economy. The yield curve, we don't see the relationship between investment and the credit markets. We don't see that the basis of the credit markets is that somebody says, I'm going to work and not eat what I grew today or not eat what I built today. I'm going to defer my gratification in the future. That's the basis of economic growth and that's the basis of capital markets.

And Kane said, no, no, no, we don't need savings to do it. The government can print money. We can have a credit market with no risk and abundant capital without anybody actually saving. And so you have a severing of the relationship between investment and the evaluation of stocks and bonds.

WHAT HAPPENS NEXT?

Then along comes academic portfolio theory, the modern approach to portfolio management. And it says, in the beginning, at the very start of the emergence of this school of thought, which now dominates all of academia and most of the financial sector, the very beginning during the Nobel Prize acceptance speech given by the founder of this school is he says, I'm going to ignore production and I'm going to ignore consumption.

And so how do you value assets? How do you value stock investments or bond investments in a situation like that? If you sever the cause-and-effect relationship, how are you able to say whether stocks are properly valued or improperly valued? And what happens is technical analysis and academic portfolio theory start to look at this market, the stock, and the bond market as being driven entirely by our emotions, by the emotions of the crowd, and by my emotions, your emotions in relation to the crowd.

No objective reality, no cause and effect. And what this does is ignores not only the economic fundamentals, which should determine valuation. Growth is good for stocks and bonds. Inflation is bad for stocks and bonds because investments are promises to give you cash in the future. And if that cash isn't worth anything, then that's a risk to you.

And so what we do is we sever the relationship between government action and investment. And so Wall Street tends to focus on stock and bond markets as being a world under themselves completely insulated from political actions or from economics.

And that is the very basis of the academic dogma of modern portfolio theory. And so what do we have? When we remove God entirely from the picture or relegate Him, we end up with a fragmented worldview.

When cause-and-effect relationships are erased from human consciousness and we're left with chaos, isolated, disintegrated chaos.

Jerry Bowyer is the author of The Maker and the Takers: What Jesus Really Said About Social Justice and Economics.

On today’s program, Rob also answers listener questions:

• When does it make sense to sell a rental property and use that cash toward paying for your primary residence?
• How do you determine the right kind of car to buy for needs that will hold its value reasonably well over time?

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Someone who’s frugal saves their money, spends less than they earn, and is economical in their financial choices. Maybe that’s you. Or maybe you’re married to someone who’s a conscientious penny-pincher.

Being frugal can demonstrate virtues like self-control and patience. And of course, we’ve all heard Benjamin Franklin’s quote, “A penny saved is a penny earned.” Here at Faith and Finance, we do recommend saving for the future, paying down your debts, and avoiding overspending.

But there is a difference between just being frugal, and the financial stewardship we talk about on this program.

MORE THAN FRUGALITY

Frugality on its own is not the answer to financial peace. From a biblical perspective, we aren’t the owners of our money and possessions; God is. “For the earth is the Lord’s and everything in it”, as it says in Psalm 24. Acknowledging the Lordship of Christ over our finances puts the emphasis on the heart, not the balance sheet.

Here's what Jesus said about this in Matthew 6: “Do not lay up for yourselves treasures upon earth, where moth and rust destroy, and where thieves break in and steal. But lay up for yourselves treasures in heaven…for where your treasure is, there will your heart be also.”

But the eternal benefits Jesus talks about are different. They come when you surrender all your needs and desires to God, accepting your role as a steward, or caretaker of his blessings. It’s really a matter of perspective: Frugality can be a part of stewardship or, by itself, can become a source of selfishness, greed, and pride.

HOW CAN YOU TELL?

How can you tell if you’ve gone from solid stewardship to frugal foolishness? Here are some of the signs:

Do you spend hours being frugal every week? Maybe you’re into clipping coupons, driving around to get the best gas prices, or searching the Internet for deals on necessities. In other words, has frugality become an obsession?

Do you go without things you need just to save money? Maybe you’re like the person who sleeps on the floor just to avoid spending money on a bed.

Another warning sign is hoarding. You buy items when the price is low, ending up with closets full of toothpaste or toilet paper. Or you refuse to throw things away, thinking you might use them later. This can be a warning sign for lack of trust in God’s provision.

If you think about frugality as a competition or feel pressured to do it, you may have the wrong attitude. And if spending any money at all stresses you out, that’s an indication that you’re missing out on God’s peace.

A final sign that you might be taking frugality too far, is if you resent having to give or share anything, even if it’s just a potluck supper or a church fundraiser. The fact is, God calls us to be generous. If penny-pinching kills your generosity, you’re missing out on God’s blessings. Hebrews 13:16 reminds us, “Do not neglect to do good and to share what you have, for such sacrifices are pleasing to God.”

As with every kind of behavior, there’s always an underlying mindset that triggers our actions. We’ve found that, in most cases, overdoing it on frugality springs from a lack of balance. It’s okay to clip coupons, for example, just don’t spend ten hours a week doing it. Your time is valuable, too.

Paying attention to the basic health and well-being of yourself and your family is more important than shaving a few dollars off the power bill or grocery costs. And, while there’s nothing inherently wrong with spending money, there are more important things in life than money. Generosity towards others, for example, can bring joy that far outweighs a few extra dollars in the bank.

So, if you find that your frugality is looking more like foolishness, it’s time to restore the balance. Jesus has the answer for you. “…Seek first God’s kingdom and His righteousness; and all these things [things you really need] will be added to you.”

Biblically speaking, stewardship has a larger purpose than frugality. It is to further God’s Kingdom work here on Earth until Jesus comes back. Stewardship also has a spiritual purpose in our own lives: the way we handle our material possessions is a response to what God has done for us.

It’s an outward expression of our gratitude for His love and goodness and provision.

Ultimately, stewardship allows us to turn around and give back to others, spreading the blessings we’ve been given, and the Good News of Jesus Christ.

On today’s program, Rob also answers listener questions:

• What are a few good online saving account options to earn better interest rates than in most brick-and-mortar banks?
• How much should you invest for retirement alongside an employer’s retirement matching funds?
• Would taking a lump sum pension payment affect Social Security benefits?
• What’s the best way to liquidate gold and silver?
• What can you do to take care of the financial assets of a parent who is no longer capable of managing their own affairs?

RESOURCES MENTIONED:

• Ally Bank

• Capital One 360 Checking

• Marcus

• Find a Certified Kingdom Advisor

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Mario Zandstra is the ​​President and CEO of Family Legacy Missions International, which is a ministry focused entirely on helping Zambia’s orphans.

Family Legacy Missions helps to feed and educate many orphans each year, but right now they have a special summer program going on.

This summer, FLM will have over 2,400 children come to Camp Life on the Hilltop in Lusaka Zambia. The children come from the compounds and communities in Lusaka and their caregivers make about $1.25 per day. The children's caregivers cannot afford to send their kids to school. In Lusaka alone, there are over 125,000 children who are not in school.

For every child that attends, they work to impact them physically, emotionally, intellectually, and of course, spiritually, sharing the gospel with them. FLM has 22 schools and 14,000 students throughout Lusaka, Zambia.

HOW CAN LISTENERS GET INVOLVED?

One of the ways listeners can make a difference is by helping kids that lost their sponsors during the COVID crisis. FLM is raising funds to keep them in school. You can help, feed, clothe, educate, and minister to these children with a monthly gift. Learn more at FamilyLegacy.com.

On today’s program, Rob also answers listener questions:

• What are the rules surrounding qualifying for a 1031 exchange?

• How do you determine when it’s a good time to sell your home?

• Is it better to do your banking with a bank or a credit union?

• Is gold a stable investment in an increasingly digital economy?

• Is it a wise idea to put money in a 401k account when you’re retired?

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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You’ve probably heard it said that “anything worth doing is worth doing well.” Today we’ll find out why working hard at something can pay big dividends, spiritually and financially.

Former U-S Secretary of State, General Colin Powell said, “There is no secret to success. It is the result of preparation, hard work, and learning from failure.”

In other words, when you want to succeed in your finances, at your job, at school, or in relationships, you can’t just sit around thinking about it. You have to take action. Success in any area requires discipline.

THE IMPORTANCE OF DISCIPLINE

Athletes know this: The more reps you do in the gym, or the more miles you put in, the better you do on competition day.

It’s the same with your finances. Practice discipline with your saving, spending, and giving, and you’re more likely to reach your financial goals! Here’s what Hebrews 12:11 says about discipline:

No discipline seems pleasant at the time, but painful. Later on, however, it produces a harvest of righteousness and peace for those who have been trained by it.

So, the Bible confirms that discipline is an important part of a Christian’s life. And while discipline is hard, it can also be a source of joy.

Let’s look at a few examples of financial disciplines, and the benefits of staying the course.

Perhaps you’re determined to save a little money from your paycheck every week. That certainly requires discipline, but the benefit of consistent saving is that you feel a lot less stressed about future financial needs.

Another example of a financial discipline is giving faithfully to the Lord. When you do, you have the satisfaction of participating in His Kingdom work, and the joy of helping others.

Or how about this one: It takes discipline to pay down your debts, but the benefit is, you’re making progress towards financial freedom. Think of the joy you’ll experience when you’re finally debt-free!

Finally, it takes discipline to stick to a financial plan, but when you do, you’ll reap the rewards of financial peace and confidence.Knowing where each dollar is coming from and where it’s going is a key to financial stability and success. By the way, if you’re not exercising the discipline of a spending plan, we can help with that. Download the FaithFi app, or visit us on line at faithfi.com, and we’ll show you how to start your own personalized spending plan.

The verse from Hebrews that we quoted earlier tells us something we already know – discipline hurts. But discipline can also be a source of joy. Here’s why:

JOY IN DISCIPLINE

First, the results of discipline are positive.In the realm of finances, we can rejoice when our nest egg grows, when we see progress in paying off our loans, and when we see the fruits of our planning and generosity. These happy outcomes make the hard work of saving, paying down debt, planning, and giving worthwhile.

Also, when we follow God’s blueprint for stewardship and integrity in money matters, we experience peace in our financial life.

One more thought about financial discipline.As hard as we try, none of us will make the right financial choices every time. So, whether you blew your budget or missed a loan payment, it’s not the end of the world. Acknowledge your mistakes. Get help if you need it, submit your plans to the Lord, and get back on track. God has set before you certain resources to manage. And when you exercise discipline with your money and your spiritual life, you’ll experience a harvest of righteousness and peace, which is success in anyone’s book!

On today’s program, Rob also answers listener questions:

• Do you have to make regular transactions in an online savings account to keep it open
• How long should you keep financial records before discarding them?
• Is a reverse mortgage a good option for an elderly adult?
• How do you determine the best way to use the proceeds from the sale of a home?
• How do you remain patient and trust God to provide for your financial needs?

RESOURCES MENTIONED:

• Christian Credit Counselors

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Is it more important to give consistently — or in a way that pleases God? And can you do both? We’ll have answers to those questions today on Faith and Finance.

2 Corinthians 9:7: “Each one must give as he has decided in his heart, not reluctantly or under compulsion, for God loves a cheerful giver.”

We’d like to thank our friends at Christian Stewardship Network for a terrific article on this topic titled “Giving that God Accepts.”

As Christians, we should be committed to doing things the right way. But our fallen, sinful nature often leads us astray. Not in trying to be righteous, but more often in the reason why we try to act in a righteous way. If we’re doing it to prove ourselves to God, we go astray.

And it’s in giving that our attempts at righteousness perhaps most often miss their mark.

Giving is tangible. It provides proof, to us at least,that we’re doing the right thing. Other righteous acts, like prayer and worship, are less concrete.

WHAT SORT OF GIVING DOES GOD ACCEPT?

We can look to King David for an example of a generous giver. David likely gave billions of dollars worth of treasure to build the temple in Jerusalem. But it wasn’t the size of the construction budget that pleased God. It was the way that David gave to complete the massive project.

No amount of giving can sway God one way or the other. He already owns 100% of anything we give back to His kingdom. He doesn’t need the money. What do you give to Someone who has everything? To quote David in Psalm 24:1, “The earth is the Lord's and the fullness thereof, the world and those who dwell therein.”

God owns everything because He created everything. But He does want to have a relationship with us. God requires us to give a portion of what He gives us back to His Kingdom because He wants us to be a part of it.

God made us in His image and He desires relationships, so He made us that way too. And that’s how we need to understand giving. David understood this and we’ll see in Psalm 51 how he acts properly.

Let’s set the stage. The prophet Nathan had called out David for his adultery with Bathsheba and sending her husband Uriah off to die in battle to cover his sin. That takes place in 2 Samuel 11.

Now, obviously, David sinned against Bathsheba and Uriah, but he understood that his sin was ultimately against God.

Now to Psalm 51 and verse 16 where David reveals something about God that should direct us in how we give. He writes, “You do not desire a sacrifice, or I would offer one. You do not want a burnt offering.”

If money could buy God’s forgiveness, David probably would have given everything, but he knew God wanted nothing material from him.

David goes on to write, “The sacrifice you desire is a broken spirit. You will not reject a broken and repentant heart, O God.” That’s what God desires from us, a broken, repentant heart. And that’s what David gave Him. We must let that be the basis of all we do, including giving.

On today’s program, Rob also answers listener questions:

• When you start withdrawing money from retirement accounts, which accounts should you withdraw from first?

-How can you find out if a relative who passed away had a life insurance policy?

-How do you determine how best to help a parent with their finances?

-What factors should you weigh in determining the best way to leave your assets behind for your adult children?

RESOURCES MENTIONED:

• IRS.gov

• Find a Certified Kingdom Advisor

• National Association of Insurance Commissioners

• MissingMoney.com

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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The Bible tells us that it’s good to leave an inheritance to our children. How we do that is still a matter of some discussion. While it’s critically important to have a will, there’s a bit more to putting your estate in order. We’ll talk about that today with financial teacher and author Ron Blue.

Ron Blue is cofounder of Kingdom Advisors and the author of many books on biblical finance, including Splitting Heirs: Giving Your Money and Things to Your Children Without Ruining Their Lives.

Ron compares estate planning to cooking and following a recipe.

THE ESTATE PLANNING RECIPE

If you bake a pie, you don't just take all the ingredients and throw 'em into a pan and assume that the pie is gonna come out.

You have to take each step in order, from preparation to adding layers, to baking, and topping. With estate planning, you also need to follow a process.

And Ron has identified several steps to the estate planning recipe that need to be followed in sequence:

1. Who? The first step is to figure out who's going to get it. You have to figure out who's going to get it before you make decisions as to how much. It could be to your heirs, to charity, or anyone else, but you must decide the “who” first.

2. How much? Next, you’ll decide how much to leave to each of these individuals or organizations.

3. When? The third step is to figure out the timing. In other words, if you have an estate, you could choose to begin transferring some of that now and avoid the tax consequences later, as opposed to waiting until later. When do you want to transfer this estate? Do you want to do your giving now or later?

4. Strings or no strings? Then the fourth step is, when you transfer your wealth to someone or something, are you transferring it with no strings attached?

5. How? (Tools and techniques) The next step is to use what Ron Blue calls “tools and techniques” to determine the best way to transfer your wealth from a tax efficiency standpoint.

6. Talk! The last step (and really, an ongoing step) is to communicate with family and/or other beneficiaries about the why, the who, the how much, the when, and the what.

EVERYONE should go through these steps in their estate planning, regardless of how much you have to give or leave behind!

On today’s program, Rob also answers listener questions:

-How long should you hold onto tax documents and other records?

-What happens to your insurance policy if the insurance company goes out of business?

RESOURCES MENTIONED:

• IHIGA.org

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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It’s the 4th of July—the day we celebrate our nation’s independence. It’s also a great day to take stock of your financial independence. Either you control your money or your money controls you. We’ll talk about that today on Faith and Finance.

INDEPENDENCE FROM FINANCIAL BONDAGE, NOT FROM GOD

When we talk about financial freedom or independence, we are definitely not talking about independence from God. He owns everything and provides everything we need to live and serve His kingdom.

James 1:17 reads, “Every good gift and every perfect gift is from above, coming down from the Father of lights, with whom there is no variation or shadow due to change.”

Even our ability to earn money comes from God. Deuteronomy 8:18 tells us, “You shall remember the Lord your God, for it is he who gives you power to get wealth, that he may confirm His covenant that he swore to your fathers, as it is this day.”

Now, to be sure, God wants you to be financially free, because that allows you to be more generous and to serve Him more fully. Sadly, folks often say they’d love to give more to God’s kingdom, but they just can’t afford to.

WARNING SIGNS

How do you know if you’ve made a wrong turn somewhere? Look for a signpost that says, “debt.” The greater your debt, the less freedom you have. Proverbs 22:7 puts it rather bluntly, “The rich rule over the poor, and the borrower is the slave of the lender.”

That’s because when you’re in debt, you’re really working for someone else, not yourself, and certainly not for God. The more you have to pay out each month to service your debt, the less freedom you have to use that money in other ways, like serving God more fully.

Now, there’s more to being financially free than just avoiding debt. Unfortunately, debt is just one form of financial bondage. There’s another that’s more difficult to recognize.

With this form of financial bondage, you may have no debt at all. That’s because you can be rolling in money and still be a slave to it.

FREEING YOUR MIND

This bondage is the mindset that material things will make you happy. When you think that way, you strive to acquire more and more. But the truth is, after a certain point, you no longer own things—they own you. And while wealth itself is not evil, the Bible has clear warnings about your attitude toward it. It comes down to a heart issue.

1 Timothy 6:10 tells us, “For the love of money is a root of all kinds of evils. It is through this craving that some have wandered away from the faith and pierced themselves with many pangs.”

Here are the danger signs for this type of financial bondage: First, you think so much about money that you have no peace with God. Your focus is “day to day” rather than eternal.

You can’t give as generously as you would like or think you should. An opportunity comes along to be more generous— you have the money— but you just can’t make yourself do it. You think …. “I might need that money for something else.” So you don’t act when you feel God leading you. If that happens repeatedly, you’re in financial

Bondage.

Then there’s the lack of contentment. You always want bigger, better, faster. You’re not content with God’s provision—you crave more. When you think that way, it doesn’t matter how much money you have, it’ll never be enough.

Ecclesiastes 5:10 reads, “He who loves money will not be satisfied with money, nor he who loves wealth with his income; this also is vanity.”

So how do you get back on the road to financial freedom? Obviously, if you’re in debt you have to stop borrowing, get on a budget, and start paying down your debt. The FaithFi app can help you set up your budget quickly and easily.

If you have the other form of financial bondage with plenty of money and possessions but no peace, try giving more. Giving breaks the power that money has to enslave us.

Our founders looked to the Bible for inspiration, so it’s no wonder that God’s Word is found on one of our greatest symbols of freedom, the Liberty Bell. It’s inscribed with Leviticus 25:10, “Proclaim liberty throughout the land … to all its inhabitants.”

And if you follow God’s principles for managing money: avoid debt, save diligently, and give generously, you can experience true financial freedom.

On today’s program, Rob also answers listener questions:

-How can you find out the value of your bonds? And how can you change the beneficiary?

-When does it make sense to use retirement funds to pay off your mortgage?

-How do you determine when it’s time to sell your home and downsize?

-What factors should you consider when deciding how to take separation benefits from an employer?

RESOURCES MENTIONED:

• treasurydirect.gov

• Find a Certified Kingdom Advisor

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Matthew 6:34 is a good reminder not to worry needlessly about the future. But the Bible DOES tell us to prepare for it. We’ll talk with David Spika about that today on MoneyWise.

Matthew 6:34: “Therefore do not be anxious about tomorrow, for tomorrow will be anxious for itself. Sufficient for the day is its own trouble.

David Spika the Chief Investment Officer at Guidestone, a financial services firm helping those in ministry as well as the broader Christian population, and an underwriter of this program.

The recent debt ceiling impasse brought uncertainty to the markets, even though a default on U.S. debts was highly unlikely. So now that the dust has settled on that agreement, what’s currently driving the economy?

WHAT NOW?

Spika says it’s the same thing that’s been driving the economy for the last year and a half: interest rates and inflation. We still have core inflation as high as it’s been in more than two decades.

The Fed is committed to bringing inflation down to 2%. So they've got the Fed funds rate over 5%, and the rate hikes could continue for as long as two years in an effort to get spiraling costs under control.

Ultimately, he says, we cannot reduce inflation to a realistic and sustainable level unless we have a recession. And to do that you have to reduce consumer spending by reducing employment. So those are going to be the key factors in the near future.

MARKET DIP APPROACHING?

Spika adds that stocks are still very expensive today at 20 times future earnings, and they do not reflect higher interest rates or higher inflation. Nor do they reflect the potential for a recession and much lower earnings growth. So odds are strong that we’ll see the market come down soon. Ultimately, though, that's good for long-term investors, particularly those who have cash on the sidelines and are looking for a better entry point.

FIXED INCOME SECURITIES

Fixed-income securities have taken a hit over the last year or so quite a bit. What should we expect in the near future?

Spika says he believes a brief pause in rake hikes, likely followed by rike hikes that are smaller than previous increases, could create much lower interest rate volatility. That would be positive for bonds, as near its peak, interest rates should be relatively stable and ultimately will go lower. So there’s a good chance bonds will produce the best total return we've seen since 2007.

GUIDESTONE OPTIONS

Guidestone offers multiple options for people who really are concerned about their savings and looking for peace of mind.

The first is their Defensive Market Strategies Fund. This is a low-volatility strategy that tends to incur only half of the volatility on the downside of the s&p 500. So that's a great place to have equity exposure on the bond side, or low and medium-duration bond funds, both with yields nearing 5%.

They also offer an Impact Bond Fund. This is a relatively new fund, which provides for impact investing in areas such as the sanctity of life and the spreading of the Gospel. It’s a true core bond portfolio that does have a good place in most investors' portfolios.

You can learn more about Guidestone at Guidestonefunds.com.

On today’s program, Rob also answers listener questions:

-How do you decide whether to self-manage your money and investments or hire a professional?

-What’s the best way to shop around for term life insurance?

-How do you determine what to do with retirement funds after moving them out of a company-directed 401k?

-What’s the best way to research life insurance policies that would pay off your mortgage when you go home to be with the Lord?

RESOURCES MENTIONED:

• Find a Certified Kingdom Advisor

• Betterment

• Schwab Intelligent Portfolios

• Fidelity

• Sound Mind Investing

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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There are plenty of Christian retirement plans out there, but is retirement itself actually biblical? The answer depends on your definition of retirement. We’ll talk about that on this Faith and Finance.

• The world’s idea of retirement is saving as much as you can so that someday, you can simply stop working. The world sees work as a negative thing, toiling for years under a mean boss so that one day you have enough cash to kiss work goodbye.
• But that is absolutely not a biblical view of work or retirement. God is our true boss.
• WORK IS A BLESSING
• Colossians 3 tells us, “Whatever you do, work heartily, as for the Lord and not for men, knowing that from the Lord you will receive the inheritance as your reward. You are serving the Lord Christ.”
• Work predated the Fall. The Lord put Adam to work in the Garden of Eden, and nowhere does the Bible say we can quit our service to Him when we have enough money saved up to live a life of leisure.
• Further, God Himself is a worker. In John 5:17 Jesus says, “My Father is always at his work to this very day, and I too am working.”
• Interestingly, the Bible actually does address retirement one time, but only in a very narrow circumstance. Regarding the Levitical priests, Numbers 8:24-25 reads, “From twenty-five years old and upward they shall enter to perform service in the work of the tent of meeting. But at the age of fifty years, they shall retire and not work anymore.
• God’s Word doesn’t tell us why they were to stop their labors, but one thing we can be pretty sure of is that passage doesn’t apply to us.
• SO HOW SHOULD CHRISTIANS TODAY THINK ABOUT RETIREMENT?
• It’s helpful to realize that the world’s view of retirement (ceasing all work) is a modern concept.
• Before the 20th century, people generally worked as long as they could. Then along came Social Security and pensions and retiring at 65 came to be seen as an entitlement.
• But as Christians, our service to the Lord never ends.The Apostle John was still writing and preaching in his 90s. Second-century pastor Polycarp testified that he’d served the Lord “eighty and six years” as he was being martyred. Those are two excellent role models for how we should view retirement.
• By now you’re probably thinking, “Why are we saving all this money then if we’re not supposed to retire? The simple answer is that it’s a prudent and wise use of God’s resources.
• People are living longer now than in previous generations. Many of us will reach a point where we are physically unable to work or work as many hours as we can now. We have to prepare for that. Proverbs 21:20 says— “Precious treasure and oil are in a wise man's dwelling, but a foolish man devours it.
• As Christians, ideally, we want to save for the day when we can increase our service to God. Think of it as retiring TO something, not just FROM something.
• A good example might be a business person who “retires” and then goes into the mission field or finds another calling to serve God.
• Or it could be that your lifelong investing gives you resources later in life to give more generously. The more you have saved from the resources God has entrusted to you, the more time and treasure you can give back to further His Kingdom.
• So here at Faith and Finance, when we use the word “retirement,” we’re definitely not talking about ceasing all work. Our goal is to help people be faithful stewards of God’s money so that one day they serve Him more fully.
• So start saving for so-called retirement as early as you can to achieve the benefit of compound earnings.

On this program, Rob also answers listener questions:

• How can you begin to be a better steward of the money God has entrusted to you?
• Should you consider a company that offers to buy your home and then rents it out to you?
• Would it be wise to sell precious metal assets to pay off debt?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Studies show that Christians are generous people, willing to help when we see a need. But do we hide our needs from others when we could use a hand? We’ll talk about that on this Faith and Finance.

• Many churches have benevolence funds to help people (primarily members) get through a financial rough patch.
• But many folks who readily support their church having a benevolence fund would find it difficult to ask for help from it. Why is that?
• WHY IS IT SO HARD TO ASK FOR HELP?
• One reason is that we see asking for help as being a burden on others. We would gladly go without some necessity rather than burden someone else. And yet Galatians 6:2 says, “Bear one another's burdens, and so fulfill the law of Christ.”
• So you see that God never intended for us to be rugged individualists. He meant for us to live in a Christian community, centered around the local church and extending outward. God wants us to share each other's burdens, but that’s not possible if we don’t make ours known.
• Maybe we don’t want to appear vulnerable or weak, so we keep our needs secret, telling no one that we need help. Or we might tell ourselves that others can’t help us, or don’t want to.
• Here we must be careful because some of these reasons could be rooted in sin — the sin of pride. Proverbs 11:2 tells us, “When pride comes, then comes disgrace, but with the humble is wisdom.”
• Well, no doubt, asking someone for help is a humbling experience.
• GROWING IN CHRIST
• We don’t like to ask for help. But God can use the experience to shape your character more like Christ; to help you let go of pride and surrender yourself more fully to the Lord.
• So if you need short-term financial help, ask for it. If you need financial advice, ask for it.
• God has no doubt put people in your life who can help. James 1:5 teaches, “If any of you lacks wisdom, let him ask God, who gives generously to all without reproach, and it will be given him.”
• Start with your church and let your needs be known. If no one in your church can help, the odds are decent that someone knows somebody outside the church who may want to help. The Body of Christ is a vast network of people and resources.
• GLORIFY THE LORD
• Okay, we’ve gone over several reasons why you may not want to ask for help, but here’s the main reason why you SHOULD do it: It glorifies God!
• How, you might ask?
• First, because in our weakness His strength is revealed. In 2 Corinthians 12:20, Paul writes, “For the sake of Christ, then, I am content with weaknesses, insults, hardships, persecutions, and calamities. For when I am weak, then I am strong.”
• When we are weak and admit it, we give others the opportunity to help. Conversely, if you keep quiet about your need, you deny others the chance to help. Ultimately, you deny God the opportunity to provide for you through others.
• When you find yourself in a difficult situation, you’re more likely to go to God in prayer, asking Him for help. The Bible encourages this. 1 John 5:14 teaches, “ … if we ask anything according to his will, He hears us.
• When you pray for God’s help according to His will, He will help. Not with bags of money falling from heaven, but through other people and circumstances. Maybe He provides a new opportunity for you to earn more.
• The point is, to get help you have to ask for it, and that includes and begins with asking the Lord. It’s good to do because it not only glorifies the Father, it allows others to be generous, as they are called to do.

On this program, Rob also answers listener questions:

• What is the best way to begin decluttering your home of mail and financial paperwork?
• With talk of a digital currency potentially on the horizon, should you invest heavily in precious metals to guard against the devaluation of the dollar?
• Can you sell your life insurance policy? And if so, how does that work and is it wise?
• Are solar panels a good investment?
• Should you tithe on an inheritance?

RESOURCES MENTIONED:

• Find a Certified Kingdom Advisor

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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There are really only four things you can do with money and tracking them is a great way to assess your financial health. We’ll talk about that with Sharon Epps on this Faith and Finance.

Sharon Epps is President of Kingdom Advisors.

• THE 4 THINGS YOU CAN DO WITH MONEY
• There are only four things you can do with money: Live, Give, Owe, and Grow.
• We like to illustrate this as a pie. What happened when your brother cut a big ole piece of the pie at grandma’s house? You got less, right? The same is true with our finances when you cut a bigger piece of the Live slice, the remaining Give, Owe, Grow pieces must be smaller. If we spend more on lifestyle (or the “Live” piece of the pie), it reduces the amount available for giving, paying debt or saving.
• The live, give, owe, grow pie principle works whether you have $10,000, $100,000 or $1M in income. Your pie may be larger or smaller than someone else's but the pieces should never exceed 100% if you are going to achieve financial health.
• PRIORITIES
• Let’s remind ourselves of the biblical principles here.
• Psalm 24:1 The earth is the Lord’s and everything in it. Or as we like to say “God owns it all”.
• Our role is to be wise stewards of the entire live, give, owe, grow pie. The question we ask encourage you to ask frequently is: “What would God have me do with His money?”
• Each of us need to determine our personal convictions on this issue. A personal conviction is well-thought-out and prayerfully determined between you (and your spouse if applicable) and the Lord.
• God does not tell us a specific amount of money that we should spend on living expenses or lifestyle, but we do have guidance from biblical principles.
• HEALTHY EXPENSES?
• It can sometimes be quite challenging to keep your living expenses in a healthy range, especially with high inflation. There’s always one more thing we need or want to buy for the house, one more club soccer payment, more new clothes for the kids, etc.
• However, we’ve found that there are three key categories that are indicators of financial health in this Live slice of our pie. Those three categories are housing, car, and food.
• THE BIG 3
• We call these categories “the big 3”. After counseling thousands of families, we’ve found that if the Big 3 are out of control, then it’s very difficult to follow the biblical principle of spending less than you earn so that you can build margin.
• So how do you determine if your Big 3 are out of control?
• It’s very difficult to have balance in your Live/Give/Owe/Grow pie chart if the Big 3 (your house, car and food expenses) exceed 65% of your take-home pay. In fact, we would say you’re in the red zone if you are over 65%.
• DETERMINING YOUR BIG 3 PERCENTAGE
• So, how do you determine what percentage of your income is being spent on your Big 3?
• Start adding.
• You’ll want to include all of the expenses related to your house, such as your electric bill, your water bill, plus your mortgage payment in the housing category. And the same goes for your car. Include gas and insurance expenses as well. Then add your total housing, your total transportation, and your total food expense.
• Once you know the sum of your Big 3 expenses divide that number by your monthly household net income.
• If you’re a FaithFi app user, you can take the sum of your housing, transportation, and food envelopes and you’ve got your number.
• RED, YELLOW, OR GREEN?
• If your Big 3 are greater than 65% of your take-home pay, then you are in the red zone. If they are between 55 and 65%, then you are in the yellow zone, and if you are less than 55%, then you are in the green zone. Green is where you want to be!
• What should you do if you find yourself in the red zone?
• The red zone is just like a stop light. It says, stop and ask yourself some questions:
• Do I own more house than I can afford?
• Have I purchased cars that are more expensive than I really need?
• What am I doing to control food expenses?
• We have a free assessment to help you better understand your Big 3 Live, go to faithfi.com/live. You’ll find a simple assessment as well as content to help you take your next step.

On this program, Rob also answers listener questions:

• Should you put your adult child’s name on a property deed if you want him or her to inherit it, or is it best to simply include the property in your will?
• What should you do when the IRS appears to have inaccurate information about your taxes or personal financial picture?
• If you’re going to borrow for a car, is it better to borrow money from your 401k to pay for it or just take out an auto loan?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Christians are called to help the poor and studies consistently show that we’re generous people, compared to the whole. But does that generosity always mean we’re helping? We’ll talk with Brian Fikkert about that on this Faith and Finance.

• Brian Fikkert is Professor of Economics and Community Development and the Founder and President of the Chalmers Center for Economic Development at Covenant College.
• He’s also coauthor of the best-selling book When Helping Hurts: How to Alleviate Poverty Without Hurting the Poor
• It’s obvious that money alone doesn’t solve the problem of poverty. It’s more complex than that. We need to change our thinking about poverty.
• A NEW PARADIGM
• Many of us think of the human being as fundamentally a physical creature. And so we think if we pour in more resources, the person will be better off, and then many of us as Christians think of a person as a kind of a body that contains a soul.
• But what the Bible actually teaches is that the human being is a highly integrated Body, Soul relational creature. We are hard-wired for relationships with God, with ourselves, with others, and with the rest of creation. Once we think of people in that way, we realize that we're going to have to work with people in highly relational ways, because that's how they're wired.
• DIFFERENT KINDS OF POVERTY
• One chapter in Brian’s book says that not all poverty is created equal. There are actually different kinds of poverty. On today’s program, he explains the different types of poverty and the importance of distinguishing between situations where relief is appropriate, and when it's more appropriate to help people use their own God-given talents and steward their own gifts and resources.
• OVERSEAS GIFTS
• Brian also discusses the best ways to help people through missions and other organizations that reach people far from home with the Gospel and material assistance.
• He notes that the best form of assistance is usually a form that helps people become more self-sufficient, if you will (though we are all dependent on God). Things like goats and chickens that can help people to gather their own food and/or earn income can be wonderful ways to help.
• The Chalmer’s Center’s website is loaded with resources to help you steward your financial resources both at home and abroad. Learn more at chalmers.org.

On this program, Rob also answers listener questions:

• How do you determine if a refund offered by the IRS for overpayment is legitimate and not a scam?
• What’s the best way to address a large IRS debt? Should you set up a payment arrangement with the IRS or try to get a loan elsewhere to pay off the tax debt?
• How do you figure out if you should keep a house and rent it out or just sell it outright?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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If you have a child heading off to college in the fall, time is running out to apply for financial assistance. We’ll talk about the Free Application for Federal Student Aid form known as FAFSA on this Faith and Finance.

• The deadline for submitting your FAFSA is this Friday, June 30. Fortunately, you can fill one out and file it online at FAFSA.gov.
• Submitting a FAFSA is the necessary first step in receiving either grant or loan money from the Department of Education. It’s easy to get loan money, but obviously, you want to borrow as little as possible.
• Now, let’s go over the types of aid that you might receive by filling out a FAFSA.
• First, there’s the Federal Pell Grant. This is an income-based grant program for full or part-time undergrad students, but exceptions are made for students seeking a post-grad teacher certification. The less your family income, the more likely you are to receive a Pell Grant, which could be as much as $7,400 for 2023.
• Next is the Federal Supplemental Educational Opportunity Grant. This one’s administered by individual schools, but not all participate, so you may want to check with your school’s financial aid office. It’s also income based with a maximum grant of $4,000 a year.
• Teacher Education Assistance for College and Higher Education grant: If you plan on being a teacher, you’ll want to look into this grant with the convenient acronym “TEACH.”
• Qualifying for a TEACH grant could get you up to $4,000 a year, but you’ll be required to complete a teaching service obligation. Failure to fulfill that obligation will get the grant converted to a loan and you’ll have to pay it back with interest. So make sure you’re committed to teaching before accepting the money.
• Next is the Iraq and Afghanistan Service Grant. If you’ve lost a parent or guardian due to military service in those countries, and you were under the age of 24 or attending college at the time, you could be eligible for up to $7,400 for 2023.
• Now, since you’ll be filing at this late date for the 23/24 academic year, a lot of the available grant money has probably been disbursed, so you’re much more likely to receive assistance in the form of Federal work-study programs.
• These are funded by the feds, but administered by schools. As the name implies, they provide undergrad and graduate students with the chance to work and earn money for their education expenses. The work could be related to your major and may not necessarily be located on campus.
• With these work-study jobs, you’d earn at least the federal minimum wage, and possibly more depending on the job. Again, check with your school’s financial aid office for details and availability.
• Now we get into the dangerous area of federal financial assistance …
• STUDENT LOANS
• We say student loans are “dangerous” because the system makes it incredibly easy to borrow, both for students and their parents.
• College students graduating in 2023 who took out loans owe an average of nearly $30,000. The average length of time to pay that off will be around 10 years with a monthly payment of just under $300.
• Worse, many students who borrow fail to get a degree that could lead to a higher salary, meaning it will be even more difficult and take longer for them to repay their loans. The lesson here is, of course, to borrow as little as possible and if you do borrow, make sure you graduate.
• Then make sure you graduate with a degree that gives you marketable skills that employers are willing to pay you for. It’s great to pursue dreams, but attending college is as much a financial decision as anything else.
• Remember Proverbs 22:7, “The borrower is slave to the lender.”
• That said, here are the types of loans that could be offered after filling out the FAFSA:
• First, the federal direct subsidized loan. This is needs-based and allows you to skip interest payments while you’re in school.
• Next is a federal direct unsubsidized loan. This one isn’t needs-based, so basically anyone can get it
• Next is the federal Parent PLUS loan. No mystery there, parents take out these loans to put their children through school, but it’s a bad idea and we recommend you not do it.
• Your child will have many more years to pay back the money than you will.
• Again, the deadline for submitting a FAFSA application is this Friday.

On this program, Rob also answers listener questions:

• Are credit card rewards taxable?
• How do you determine the wisest place to put your retirement money as you near retirement age?
• What is the best way to start an emergency fund?
• What is the Windfall Elimination Provision and when does it apply to pensions?

RESOURCES MENTIONED:

• Find a Certified Kingdom Advisor
• Capital One 360 Checking
• Marcus
• Christian Community Credit Union

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Jesus told His disciples not to boast about their giving, but does that mean all of our giving should be done in secret? Put another way, are there times when talking about our giving is actually a good thing? John Rinehart joins us to talk about this intriguing topic.

John Rinehart, founder of Gospel Patrons, an organization with a unique mission for spreading the Gospel around the world.

• SHOULD CHRISTIANS ALWAYS GIVE IN SECRET?
• Most would answer, “Yes, of course, because Jesus tells us in the book of Matthew.”
• But let’s take a closer look.
• The context is Jesus's Sermon on the Mount. And so it's three chapters, Matthew 5-7. And what's amazing about that is in that whole section, when Jesus says, don't let your left hand know what your right hand is given, he also talks about we should pray in secret, and we should fast in secret.
• Well, churches do corporate fasts and pray in public, and people have prayer meetings where they actually pray out loud.
• And so what we might glean from the context is that Jesus wasn't saying we should never share about our giving, we should never share about our praying and praying in public, and we should never talk about our fasting.
• What is your motivation? Are you talking about it in order to be seen and glorified by others? Or is there a chance that we could talk about it in a way that's really helpful in building up?
• So that's the first thing we see from the context. The second is in the very same sermon, Jesus says to His disciples, “Let your light so shine before men that they may see your good works and glorify your Father in heaven.”
• And so there is a time to not have your light under a basket but to let it shine before others not so that we get glorified but so that they see our good works and glorify him.
• And third, Jesus publicly highlighted and celebrated generous people, so he didn't always keep it a secret Himself.
• To learn more about John and his ministry visit GospelPatrons.org.

On this program, Rob also answers listener questions:

• Can you move a 403B into a standard IRA without a tax penalty?
• How do you determine the best way to use a lump sum of cash; pay off debt or build up your emergency fund?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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The Bible has dozens of verses about stewardship. But have you ever wondered where stewardship begins? What is it based on? We’ll explore that with Chad Clark on Faith and Finance.

Chad Clark is Executive Director here at FaithFi.

• WHERE DOES STEWARDSHIP BEGIN?
• Start by envisioning a target with three rings. When we think about stewardship we need to start in the inner circle, the bullseye, which is our heart.
• At the heart of a good and faithful steward you will find a love and devotion to Christ. Really, it’s our identity that is found in Christ as Galatians 2:20 points out “It is no longer I who live but Christ who lives in me”.
• This is contrary to the world, which is focused on self. When we think of what it means to be a good and faithful steward we must start with Christ and resist the temptation to put ourselves at the center.
• DOERS OF THE WORD
• The outermost ring of this target is APPLICATION.
• We are in the world but not of the world. We still have bills to pay, and financial decisions to make, but when we make decisions from the inside out, we recognize that God is the owner of everything and our role as stewards is simply to glorify Him with what he has entrusted to us.
• We built the FaithFi app with this application layer in mind. It’s a great tool to help you better understand how you are stewarding God’s resources. You can connect your bank accounts, manage your income and expenses, and better understand the financial decisions you need to make.

On this program, Rob also answers listener questions:

• What kind of tax liability might apply to an inheritance?
• How can you begin building business credit for a relatively young company?
• What is the wisest way to begin saving and investing for a grandchild?
• If you use money from a 401k for a downpayment on a home, is that money taxable?

RESOURCES MENTIONED:

• Betterment
• Schwab Intelligent Portfolios

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Man’s purpose is to glorify God and one of the ways we do that is by trying to make the world a better place in all we do, including in our investments. We’ll talk with Stella Tai about investing that has a positive impact on the world.

Stella Tai is Manager of Stewardship Investing Impact and Analysis for Praxis Mutual Funds. Praxis is one of the nation’s oldest faith-based mutual funds and a leader in impact investing and an underwriter of this program.

• Praxis continually asks the question, “How can we use the funds that we have to really make an impact in the world” That led them to launch their Impact X Strategies. This is a set of seven impact strategies across their five funds.
• One of those is their Corporate Engagement Strategy, wherein Praxis has 15 to 20 engagements every year with the companies they invest in. They talk about how to make the companies better and better swerve their investors.
• One example is Delta Airlines dealing with child sexual exploitation and human trafficking. Praxis has seen Delta make a lot of commitments to training staff in being able to identify people that be being trafficked or situations that warrant a closer look.
• Another is Community Development, wherein they develop strategies to better serve communities. Praxis has committed to invest about 1% of their funds in community development.
• Stell Tai shares her excitement and passion for helping Christians to bring their investments in line with their faith and eternal priorities.
• Learn more about Praxis and faith-based investing at PraxisMutualFunds.com.

On this program, Rob also answers listener questions:

• How can you give to ministries through the sale of a property and minimize the capital gains tax liability?
• What can you do to qualify for a mortgage if you’re in a career transition and are not currently employed?

RESOURCES MENTIONED:

• National Christian Foundation
• Movement Mortgage

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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We all need outside advice from time to time, especially when it comes to managing money. Did you know that even financial advisors have financial advisors? So how do you know if you need one? We’ll talk about that on this Faith and Finance.

• While we all may need financial advice from time to time, not everyone needs to hire a financial professional. But more folks do than you’d think. So how do you know if you’re one of them?
• STEPS TO DETERMINE IF YOU NEED A FINANCIAL ADVISOR
• To determine if you need an advisor, you need to evaluate your financial picture. You’ll want to look at several things.
• 1. Figure out your net worth. This isn’t how much you make, but how much you have in all of your financial accounts and real property, minus what you owe, like credit card debt, auto loans, and your mortgage. What’s left over is your net worth, and ideally, you want that to be in positive territory.
• 2. Look at your monthly cash flow. How much do you have coming in and going out? If you’re living on a budget, this is easy to do. You already have those numbers. If you’re not living on a budget, download the FaithFi app and use it to set up a budget today.
• 3. Decide on your financial goals. Some will be short-term, others long. Are you saving for a new car? To buy a house? Or to retire at a particular age? Put your goals down on paper and consider whether you’re on track to achieve them.
• 4. Decide how much of a risk you’re willing to take with your investments. Much of this is based on how long you have until you think you’ll need this money. If it’s more than 10 years, you can afford to put most of it in stocks, mutual funds, and index funds, if you’re willing to take the risk. But the longer your investment horizon, the safer it is to invest in the market.
• Okay, so now you have an idea of your net worth, your cash flow, your goals, and your risk tolerance. But you still don’t know if you need to hire a financial advisor. So here are some reasons you might want to find one:
• You’re experiencing some big changes in your life. Maybe you’re just tying the knot and now you have to marry your finances together, as well. Or you’re a little further along and expecting a baby soon. Or you realize that retirement is closer than you think. Any one of those major changes might call for bringing in an expert to go over your finances to make sure you’re on track.
• Or maybe you know you’re not on track. You’ve established your goals, and you realize you’re not getting any closer to achieving them. Taking on a financial advisor could make all the difference, holding you accountable and getting you back on track.
• Of course, one of the most common reasons to retain a financial advisor is if you have doubts about how to invest your money. How much risk can you afford to take on? Which risks are worth taking, and which are not?
• We believe that hiring a financial advisor will pay for itself in most cases, whether it’s for taxes, estate planning, and especially investing.
• Let’s say you receive a major windfall. This could be a lump sum from a pension buyout, an insurance benefit, or an inheritance. It’s a lot more money than you’re used to dealing with, and you don’t want to make any mistakes. You might want to connect with a financial advisor on the best way to deploy that money. For example, pay off the mortgage or invest it? That’s just one question you might want help to answer.
• Now, there’s one more situation where you might want to hire a financial advisor, and it’s when you need someone to hold you accountable.
• When you know you have to report to someone, even someone who works for you, you’re much more likely to stick with your financial plan.
• Those are some ways you can tell if you need a financial advisor. We hope you find them helpful.

On this program, Rob also answers listener questions:

• How do you determine the right age for you to begin drawing Social Security benefits?
• Is it a good idea to transfer credit card balances and consolidate all of the debt on one card?
• How does debt management work, and is that the best way to get out of debt?
• How do you determine when bankruptcy might be necessary?

RESOURCES MENTIONED:

• Christian Credit Counselors

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Credit cards are a powerful convenience that can make your life easier OR a lot more difficult. It all depends on how you use them. We’ll talk about that on Faith and Finance.

• First, we want to give a shout-out to Faith and Finance contributor Art Rainer for a great article on this topic: “6 Essential Practices for Having a Credit Card.”
• One of the questions a lot of people ask is, “How do I get a credit card?” It could be for themselves, or maybe their teenager, or even a friend. How do I get a credit card?
• But we’re almost never asked, “How do I use a credit card? So what are the essential practices for using that slip of plastic in your wallet?
• ESSENTIAL TIPS FOR USING CREDIT CARDS
• 1.Limit the number of credit cards in your wallet or purse. You can get into a lot of financial trouble with just one credit card. Imagine the damage you can cause with four or five of them.
• If you must have two, make sure it’s for a good reason. For example, perhaps one is personal and the other for business. Also, do not get a store credit card for any reason. They have ridiculously high interest rates. Bottom line, if you have a fistful of credit cards, you probably have a spending problem.
• 2. Never carry a balance. Credit card interest rates are always high, but in the past year they’ve gone up considerably due to the Federal Reserve raising rates to curb inflation.
• Art uses the example of purchasing a furniture suite for $5,000 with a card that charges 20%. Making only the minimum monthly payments of $200, it will take 12 years to pay off the balance, and the real cost with interest will be nearly $8,500! So the first time you can’t pay off your balance, consider chopping up your card. You won’t regret it.
• 3. If you’re not on a budget, don’t use a credit card at all. That makes a lot of sense. If you don’t know how much you have to spend, even for essentials like gas, groceries and clothing, how do you know when to stop buying things? Your credit card certainly won’t tell you.
• At least if you’re not on a budget but you’re using cash only, you have to stop when the money runs out. With a credit card, you don’t have to stop. You can keep spending your way right into debt. So, no budget, no credit card.
• 4. Don’t play games with credit cards. That means don’t hop from one card to another as you transfer balances to get a low introductory rate.
• Remember, you’re not supposed to carry a balance at all, but if you do, the last thing you want is to keep opening up new card accounts. For one thing, there’s usually a transfer fee of 3% or more, so you’re actually adding to your balance. Plus, if you don’t cancel the first card (which a lot of people don’t) you might keep using it and end up doubling your debt.
• So instead of transferring balances, use the snowball method to pay down your debt quickly, putting extra money on the smallest balance first. If you have $4,000 or more in credit card debt, contact our friends at ChristianCreditCounselors.org to get on a debt management plan. They’ll get your interest rates lowered so you can pay off your debt 80% faster.
• 5. Never get cash advances from your credit card. It’s probably the most expensive money you’ll ever borrow. The average APR on these loans is now just under 25% and on top of that, the average fee is almost 4%.
• You need to learn to live on less than you make so you can save up an emergency fund. If you have money in savings, you’ll never need to get a cash advance on your credit card.
• 6. Always pay on time. For one thing, you’ll get a negative mark on your credit report if you’re 30 days late making a payment.
• But it will also cost you money. You’ll get hit with a late fee and the card issuer can raise your interest rate just for making a late payment. So put your card’s due date on your calendar, or better yet, make your payment IN FULL the same day your bill comes in the mail. That way you don’t have to worry about forgetting to pay.
• So those are your 6 essential practices for having a credit card. If you follow them carefully, a credit card can be a convenient, useful tool. If you don’t, a credit card can quickly become a financial nightmare.

On this program, Rob also answers listener questions:

• How do you determine which is better for you, a traditional IRA or a Roth IRA?
• What effect would opening a new credit card have on your credit score?
• How should you tithe on business revenue?
• When does it make sense to take out a loan for home improvements?
• After selling a home, should you use all of the proceeds toward the purchase of your next home or use part of it to increase your emergency fund?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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“Keep your lives free from the love of money and be content with what you have, for God has said: ‘Never will I leave you, never will I forsake you.’” That passage from Hebrews 13:5 reminds us that there are more important things than, well, things. Today we’ll talk about the benefits of choosing contentment.

• Let’s start by defining contentment. “Contentment is an attitude that says, I will be satisfied with what God has given me.”
• THE PULL OF MATERIALISM
• Unfortunately, the godly contentment we’re talking about isn’t a popular virtue in our materialistic culture. There’s constant pressure from peers and the media to desire more things, better cars, cooler friends. The attitude that says, “I deserve this” is so prevalent, that we’ve given it a name, “entitlement”.
• So, if an entitlement attitude is creeping in at your house, what do you do? Here’s some wisdom from Moody Church theologian Harry Ironside: “We would worry less if we praised more. Thanksgiving is the enemy of discontent and dissatisfaction.” Cultivate that “attitude of gratitude”, and you’ll find it easier to be content. If someone – including you – starts complaining, stop a moment and think about what you’re thankful for instead.
• THE BENEFITS OF BEING CONTENT
• Y’know, the Bible tells us about the benefits of being content. For the Apostle Paul, being content meant having the ability to weather all of life’s storms without fear or worry. In Philippians 4:11, Paul writes,
• “I have learned to be content whatever the circumstances. I know what it is to be in need, and I know what it is to have plenty. I have learned the secret of being content in any and every situation, whether well fed or hungry, whether living in plenty or in want.”
• Well, what’s Paul’s secret for being content in all circumstances? How does he do that? He finishes the passage in Philippians by saying, “I can do all things through Christ who strengthens me.” Ultimately, it’s Jesus who provides the strength to be at peace in all circumstances.
• Like Paul, we can choose to be content because, as Christ-followers, our position in Christ never changes. Circumstances ebb and flow like the stock market, but who we are in Christ never budges one bit. We are saved by grace, and our eternal future is secure. This can and should change our perspective on everyday life.
• Proverbs 19:23 puts it another way: The fear of the Lord leads to life; then one rests content, untouched by trouble.
• Fear in this case means trust, honor, awe. We trust, obey and respect the Lord because He is our Master, our Holy Lord. This trust leads to life, or flourishing.It’s like spiritual confidence! Then, as a result of fearing the Lord, the verse says, “one rests content, untouched by trouble.” That doesn’t mean we won’t face trouble, but trouble can’t destroy us, spiritually. So, we can choose to be content.
• Another way to understand the choice to be content or not is to understand what the opposite looks like. The opposite of contentment is to be dissatisfied, disappointed, and unhappy. It’s actually worse than that. Proverbs 27: 20 says, “Death and Destruction are never satisfied “… so being discontented is right down there with death and destruction. Not something you want in your life.
• In Ecclesiastes 5:10, we see another problem with discontent – a lack of meaning.
• Whoever loves money never has enough; whoever loves wealth is never satisfied with their income. This too is meaningless.
• If what you make or what you have is all that matters, then you can never really be content, and you’re courting “death and destruction” in your heart. The Bible confirms that in God’s economy, material things are meaningless by themselves. You can be grateful for what God has provided now, knowing that he has a good plan for you, both now and in the future. So, as Philippians 4:19 teaches, you can let your heart be filled with gratitude because the Lord “will supply every need of yours according to his riches in glory in Christ Jesus.”
• What God has for us is so much better than what we can imagine for ourselves. When we realize this, buying and keeping things doesn’t seem so appealing anymore. We can choose, like the Apostle Paul, “to be content in all circumstances”. This doesn’t happen overnight, especially when you’re in the habit of accumulation. Ask the Lord to change your heart about this, and He will!

On this program, Rob also answers listener questions:

• What are the rules surrounding penalties for withdrawing money from a Roth IRA?
• How do you determine the best way to use a limited amount of money with several pressing needs?
• What’s happening with plans for a national digital currency?
• Does it make sense to reduce 401k contributions to pay off credit card debt and build up an emergency fund?

RESOURCES MENTIONED:

• Christian Credit Counselors

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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“Love is patient, love is kind. It does not envy, it does not boast… ” We’ve all heard the famous “love passage” from I Corinthians 13 at weddings, but can love inform the way we invest? We’ll explore this concept with Rachel McDonough.

Rachel McDonough is a Certified Financial Planner and a Certified Kingdom Advisor. She’s a leader in the field of helping investors integrate their Christian values with their investment decisions.

• On this program, Rachel shares how love can influence our investing.
• She says that when the Israelites were waiting for Messiah to come, they expected him to come as a strong military and political leader that would bring about deliverance from Rome. But in Luke 17:1, Jesus reveals this radical concept that the kingdom of God is within us.
• And she shares a fresh perspective on a couple of verses:
• I Cor 13: 13 “And now these three remain: faith, hope and love. But the greatest of these is love.”
• And I Cor 16:14, which reminds us that everything we do should be done in love.
• As God’s agents in the world, as his stewards, we must be careful to invest the resources He entrusts to us in a manner worthy of our calling. And his standard of excellence, in all things, is love.
• HOW CAN WE DISPLAY LOVE IN OUR INVESTING?
• We can start with the simple framework of avoid, embrace, and engage. Avoid the companies that are not blessing humanity, embrace those that do, and utilize asset managers who will actively engage with the companies they select for investment on our behalf.
• There is, of course, a lot of nuance to this, but in general, we can avoid companies that kill, steal, and destroy, for those are the works of the enemy, described in John 10. At a minimum, we don’t want to take money that God has entrusted to us and give it to the enemy for his purposes. That would not be loving.
• For example, MGM Resorts Int’l is a company in the S&P 500 that owns and operates gambling facilities as well as manufactures gambling systems.
• OPTIONS FOR A LOVE-BASED APPROACH
• There are currently over 150 faith-oriented investment products being managed by 19 different asset management firms.
• There has been a tremendous amount of growth and innovation. There are far more strategies to choose from and the creative ways in which asset managers are integrating biblical, loving principles has also matured.
• Learn more about faith-based investing at www.wealthsq.com.

On this program, Rob also answers listener questions:

• How can you ensure the credibility and stability of a financial institution with which you’re investing?
• What are the tax implications related to inherited property?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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On this Faith & Finance, we’ll offer you a few common-sense strategies for saving money on three of the basics – clothing, utilities, and home maintenance.

• CLOTHING
• Let’s start with clothing. In this category, the temptation is to buy whenever there’s a sale or to chase after the latest styles. When you have kids, you have the added problem of sizes changing all the time.
• Here’s how to keep your family’s wardrobe looking sharp for less:
• First, you don’t have to buy new. Instead, visit local thrift stores where you’ll find deals on current styles as well as wardrobe basics. If you have kids, this is where you’ll save. Teenagers might push back on this, but give them a budget and challenge them to find something they like. They’ll enjoy having a bit of freedom in the matter, and seeing how far their money can go. If you do shop retail, use coupons and loyalty programs to get discounts.
• Consider consignment stores, too. You’ll find stylish clothing there, and when you’re done with your gently-used items, you can trade them in for cash or a discount.
• Focus your spending on that core wardrobe, and then let your accessories and thrift store add-ons provide color and variety.
• UTILITIES
• What about saving cash on utilities? The first strategy is to buy energy-efficient appliances. We’re not saying you should replace all your existing appliances at once, but when it’s time to put in a new washing machine, choose one that costs less to run.
• While you’re at it, you may be able to find a deal on a “scratch and dent” appliance.
• Another way to save on energy costs is by using LED lighting. When you need to replace a bulb, it’s worth the extra cost upfront to buy LEDs. They’ll pay for themselves over time with longer life and more energy efficiency.
• Next, check with your utility company about rebates for installing energy-efficient systems in your home. You might get money back for installing an electric hybrid water heater, for instance, or putting in a smart thermostat. Your power company will have details about rebates on their website.
• A simple way to reduce your energy bill is by unplugging appliances, turning off electronics, and adjusting your thermostat, especially when you’re not at home.
• MAINTENANCE
• Our last money-saving category is home maintenance.If you own a home, you can’t just assume all is well. Like a car, your home needs regular attention, just to keep it functioning smoothly. Ignoring this might not cause a breakdown on the highway, but it can result in very expensive repair or replacement costs. For instance, dirty filters can make your heating and air conditioning system work much harder, which makes it wear out sooner. For plumbing, be aware of possible pipe leaks, or dripping faucets. Avoid overflow problems by having your septic tank pumped out regularly, if you have one.
• You get the idea.
• Heating and Air conditioning is one of your home’s most important systems, so don’t ignore that, either. Have your HVAC system checked at least once a year, to make sure it’s operating at maximum efficiency when you need it most – in summer and winter.
• Second, do an annual check of the caulking around your windows, doors, and light fixtures. Install new weather stripping around doors and windows, if necessary.
• When was the last time you checked under your roof? If you have an unused attic space, make sure it’s not becoming a home for critters, like flying squirrels, mice, or bats. It’s not unusual to find rodent nests in attic insulation if the soffits and air vents aren’t sealed properly.If you’ve got wildlife guests in the attic, it’ll take a professional to get them out and seal the space, but don’t put that off. Aside from the sanitation issues, rodents can chew on electrical wiring, which makes them a fire hazard!

On this program, Rob also answers listener questions:

• Is there a way to reduce the interest rate on your credit card debt?
• What is the best way to save or invest on behalf of minors who may or may not eventually attend college?
• Will the U.S. eventually transition to a cashless society, and what might that mean for us and our money?
• Should you tithe on withdrawals from a 401k account?
• Is it ever wise to pull money out of investment accounts to pay off a mortgage, and if so, when?

RESOURCES MENTIONED:

• Christian Credit Counselors

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Proverbs 19:21 tell us, “Many are the plans in the mind of a man, but it is the purpose of the Lord that will stand.” That verse reminds us that we should always seek God’s counsel in our affairs. On this Faith & Finance, we’ll talk with economist Jerry Bowyer about what happens when a nation ignores God’s plan.

Jerry Bowyer is a WORLD Opinions contributor and FaithFi’s resident economist.

• A BIBLICAL ECONOMY
• The most important idea in this worldview of economics is that God creates the earth and man and woman in his image and that they work together in productive activity in order to create wealth, and that expanding wealth is reinvested in that productive activity which leads to even greater expansions in wealth. That’s the thumbnail sketch. That’s how things are supposed to work.
• But an alienation in the relationship between God and man creates an alienation in the relationship between people, between generations, and between man and the Earth. Cursed is the Earth with reference to you or with regards to you. For your sake, it will not yield its fruit to you. A cursed Earth. Alienated from God.
• And when that happens, when the ground is cursed, when people are alienated from one another, male and female, old and young productive activity shrinks. The Earth brings forth thorns and thistles rather than fruit. And work is toilsome. And people live by the sweat of their brow. Work has a toilsomeness to it. And when production decreases the range of possibilities for the use of wealth shrinks. It contracts. There's just less wealth.
• And when there's less wealth. There's less money available for investment and so as the Possibility Production frontier closes and there's contraction in the economy you find an interruption between investment and capital markets between wealth and investment and therefore less wealth goes into the productive activity, which causes a further shrinking.
• MAKING MATTERS WORSE
• All of this causes a lot of stress that makes things even worse. In an environment of anxiety and alienation, of living by the sweat of your brow, people have a desire for something to replace that relationship. And so not only is there less investment because there's just less wealth there's also less investment because people move from the point on the investment curve where there's a high level of investment and a low level of consumption. They gravitate towards a situation where there's a low proportion of investment and a high proportion of consumption. You feed your anxieties. People live for the moment when they don't have relationships that anchor them with eternity, and that causes an even greater shrinking in the amount of investment.
• SHRINKING INVESTMENT
• So investment shrinks because there's less wealth and then investment shrinks again because people spend more on themselves, a higher proportion of what they create through the fruit of their hands, and therefore invest less of it.
• WHAT DOES THAT DO IN CAPITAL MARKETS?
• Remember, this is a trade-off between yield and risk and in this situation, risk is rising. This is riskier to invest in for a stock investor or for a bond investor. A piece of paper that says I'm going to give you a share of my future profits is worth less if I'm less confident of your future profits. A piece of paper that says, I'm going to give you a fixed amount every year, an interest payment, I'm going to pay back what you lend to me is worth less because the productive activity, the shrinkage of it, makes it less likely that that money will be repaid. And so what you have are higher interest rates, higher yields.
• People need to be compensated for that. And in addition, with less money going in, less available capital, that makes capital scarcer, which makes interest rates even higher. So what do we get? We get a situation where the riskiness of investing shows in this curve, pointing more upwards. That's the risk of being a partner with somebody, and the risk of the entire thing goes up, the risk of all investment goes up. The yields go up even more because of the scarcity of capital.
• Unlike the virtuous cycle we saw how the economy works, when it works the way it's supposed to, this is what they call a vicious cycle. It feeds on itself. Higher interest rates, more scarce capital creates even lower levels of production, even more shrinkage in economics, even lower levels of investment.
• HOW DO PEOPLE TYPICALLY TRY TO SOLVE THIS PROBLEM?
• They could go back and restore this original relationship or accept the restoration of it. But they tend to create a new entity, the state or an entity that already existed and now is expanded, and there is a new god in town. And what they try to do is deny this God. They try to erase him from the picture.
• They can't because he’s “unerasable.” But they can fog the view to him. And the new god says, I will do what the old God did. But even better, I'll give you prosperity, I'll give you abundance. I'll solve this problem.
• If there's a scarcity of capital, I'll create new dollars, new drachma, new yen, new dinars, whatever the currency is throughout the history of the world, I'll create new ones and I'll put money in. See, when this yield curve goes up, showing higher levels of risk and lower levels of investment, it tells the truth.
• It tells us the truth about ourselves. If we're not savers, then that shows up. If we're promise breakers, then that shows up. If we don't work hard, then that shows up in a scarcity of capital. High levels of risk, exorbitantly high yields.
• NOT HEARING THE TRUTH
• Well, one of the things we can do is clap our hands over our ears. And the state helps us do that by printing enormous amounts of new money.
• And that pushes interest rates down. It looks like a risk-free environment. It looks like an environment with lots of capital. But it's not capital, it's not wealth, it's just money, which is not the same thing.
• You can print money infinitely. You can't print wealth infinitely. And so what happens is these yields start to tell a lie. They say there's no risk and capital is abundant and risky startups can get funded — or we can build far more houses than there are actually people to live in them.
• It’s telling us a lie.
• So the state grows, gets bigger and money that used to go into production now goes there in the form of higher taxes. Money that used to even go into consumption now goes there in the form of higher taxes.
• REALITY ALWAYS SETS IN
• Eventually, reality will not be denied. As much as we try to fog the name of God, that name comes back with a vengeance.
• The bubble bursts and the lie is exposed. And now interest rates begin to rise again because people understand that it wasn't a low-risk environment, it was a high-risk environment pretending to be a low-risk environment.
• And then they figure out that this happened because money was printed with no regard to the amount of wealth. Money was printed to create a false boom, to create a sense of well-being and abundance where there wasn't one.
• It was created to tell a lie. Coinage was debased to manipulate us into doing something that we would not otherwise have done. And when that happens, interest rates get extremely high because now we have to be compensated for the inflation, the risk of inflation for our investments.
• Not only will they maybe not have the growth to pay us dividends, not only may they default on the interest that they owe us when we invest in businesses. But even if they pay us the money back, the money won't be worth nearly as much as when we lent it to them.
• Eventually, we get sky-high interest rates. Remember the early 1980s? The false boom of inflation in the 70s led to the sky-high interest rates of the 80s, where people couldn't afford to own a home or couldn't afford to buy a car because capital was so scarce. And if you could get some, it was incredibly expensive.
• WHAT’S THE ANSWER?
• (JB) We could go back, re-acknowledge that relationship, be less alienated from one another, go back to productive activity and grow the pie again.
• That's what we could do. But instead, we almost always repeat the process. The government tries to solve problems by printing money, taxing, spending, and expanding. The end.
• The whole cycle starts over and over again.
• You can read Jerry Bowyer’s insightful columns for World News Group at WNG.org.

On this program, Rob also answers listener questions:

• Is it ever wise to take out a line of credit to help expand a business?
• When does it make sense to sell an investment property?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Do you like helping people get their finances in order? Maybe you have a gift for numbers? A while back we broke the news about a whole new career field that’s opening up— the Christian Financial Planner. Kurt Cornfield is here today to give us an update.

Kurt Cornfield is Associate Professor of Financial Planning at Liberty University. He’s also a Certified Financial Planner and a Certified Kingdom Advisor.

• WHAT IS THE CHRISTIAN FINANCIAL PLANNER PROGRAM?
• Seven Christian universities that have offered certified financial planner (CFP) programs are adding certified kingdom adviser content. So students are learning what the Bible says about money and finances.
• Prior to the last 13 years, there were zero universities offering this kind of education. It’s exciting to see students learn that they can take their faith with them into the financial planning field.
• Since 2015, 100% of Liberty’s Christian CFP planners found jobs out of school.
• Cornfield says students are also moving into financial coaching and counseling, including new peer coaching programs, and this is having a tremendous impact on college campuses.
• Cornfield urges parents to help Christian students investigate this field if they show an interest in the financial services industry position.
• To learn more, visit the Kingdom Advisors website.

On this program, Rob also answers listener questions:

• When does it make sense to take control of your own annuity instead of leaving it under management with a labor union?
• Is Christian debt management a good option for paying down debt?

RESOURCES MENTIONED:

• Find a Certified Kingdom Advisor
• Christian Credit Counselors

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Christians are called to be generous. We’re also called to be faithful stewards. So what happens when those two virtues intersect? We’ll talk about generous stewardship on this Faith and Finance.

• When we combine generosity and stewardship, something very special happens.
• Think of the women who supported Jesus' ministry. We read about them in Luke 8:1-3, “Jesus traveled about from one town and village to another, proclaiming the good news of the kingdom of God. The Twelve were with him, and also some women who had been cured of evil spirits and diseases: Mary (called Magdalene) from whom seven demons had come out; Joanna the wife of Chuza, the manager of Herod’s household; Susanna; and many others. These women were helping to support them out of their own means.”
• Now, we can only assume that it took a great deal of stewardship and generosity for those women to provide at least partial support for themselves and 13 men as they traveled around Israel. They probably had to watch every shekel, but look at what they were part of— the earthly ministry of Jesus.
• Another example might be the widow’s mite that we find in Mark 12:41-44: “Jesus sat down opposite the place where the offerings were put and watched the crowd putting their money into the temple treasury.
• Many rich people threw in large amounts. But a poor widow came and put in two very small copper coins, worth only a few cents. Calling his disciples to him, Jesus said, “Truly I tell you, this poor widow has put more into the treasury than all the others. They all gave out of their wealth; but she, out of her poverty, put in everything—all she had to live on.”
• Of course, that passage is most often associated with sacrificial giving, but we can also see the stewardship that was required for the widow’s generosity. She no doubt scrimped and saved even to have those two copper coins. And consider what came from her one small action. Her story has served as an inspiration for millions of Christians over two thousand years.
• But we want to make clear that being poor doesn’t make one more spiritual, and being wealthy doesn’t make one less spiritual.
• In Luke 18:25 where Jesus says, “It is easier for a camel to go through the eye of a needle than for a rich person to enter the kingdom of God,” He simply means that anyone who thinks their earthly wealth or works can get them into heaven is sadly mistaken.
• There have been many wealthy individuals who practiced great stewardship and generosity toward God’s Kingdom.
• The more you practice wise stewardship of what God entrusts to you, the more you can give back to His kingdom. And the result will always be blessings far beyond any amount of money. “Good measure, pressed down, shaken together, running over, will be put into your lap.”

On this program, Rob also answers listener questions:

• Does the Bible give us specific direction in terms of how we should allocate the inheritance we leave behind for future generations?
• Does it make sense to give property to adult children now or simply leave it behind in a will?
• Would a balance transfer make sense to help pay down debt, and would that affect your credit score?
• How do you determine whether it’s wise to purchase a particular piece of property?

RESOURCES MENTIONED:

• Christian Credit Counselors

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Scripture repeatedly warns us about the dangers of borrowing. Proverbs 22:7 gets right to the point, telling us that “...the borrower is slave to the lender.” On this Faith&Finance, we’ll look at a situation where you might be tempted to borrow but shouldn’t.

• As the U.S. economy teeters on the edge of recession, small businesses are beginning to feel the pinch. A couple of years ago, when the economy was booming, they may have sought to expand, plowing more revenue back into the business.
• But now, money is getting tighter. So if you’re a small business owner, what’s the solution?
• Well, this is where temptation enters the picture — specifically the temptation to tap into your home’s equity.
• And while it might seem like the equity in your home would be a good source of quick cash to get you through a tough time, is it really?
• We’re going to consider a question that’s front and center for many families who own a business. Here’s Sherri’s story:
• Sherri’s husband is self-employed in the trucking industry. A few years ago, they sold one of their trucks and used the profit to make a down payment on a home. Now, they’re facing serious cash flow problems because of fuel costs, lingering supply-chain issues, and the increasing time it’s taking clients to pay them.
• The business still owes money on much of the equipment, and Sherri says even if they sold it all they wouldn’t break even. Sherri wants to know if now would be a good time to use the equity in their home to keep the business going.
• Well, Sherri, the short answer to your question is “no.” Don’t use your home as collateral to cover business debt. You’d put yourself at risk of losing your business and your home if you can’t make the payments.
• Of course, dealing with a struggling business is never easy. If you’re in that position, here are a few things to consider:
• If you’re married, are you and your spouse in agreement about how to proceed with your struggling business? In any case, it’s so important to pray together about this, asking God to reveal a path that you both can agree on.
• Then you can look at the economic conditions.Right now, the economy is slowing. Fuel prices remain high, and you can reasonably expect that payments from your customers will only get slower.
• Consider the long-term future for your business.What are your goals?
• Ask yourself: Is it time to call it quits before you get yourself deeper in debt?
• It’s always smart to seek wise advice from a financial planner, or you can talk to other business owners who’ve “been there”.
• One thing you’ll likely hear from them is that it’s not a good idea to mix personal and business finances— and that using your home equity to keep your business afloat only puts your family’s future in jeopardy, so avoid that.
• Another thing to consider when discussing the future of your small business is your emotional attachment to it. Business decisions should never be based on emotions. It’s difficult for an entrepreneur to give up a business, but most successful ones will tell you that they failed at one before achieving success with another. So giving up on a failing business isn’t the end of the world.
• Finally, ask yourself, what is God trying to tell you through this financial challenge? Whatever that is, you can trust God to lead you to a better place.
• And a final thought: We’re called to practice absolute honesty and integrity at all times, for Christ in the marketplace. People are watching you, and how you act in troubled times can help point others to Christ.
• Proverbs 11:1 tells us, “A false balance is an abomination to the Lord, but a just weight is his delight.”
• And 2 Corinthians 8:21 says, “For we aim at what is honorable not only in the Lord's sight but also in the sight of man.”

On today’s program, Rob also answers listener questions:

• How do you get an amortization schedule to understand how soon you can pay off your mortgage?
• What is an “Able” account for people with disabilities, and how does that differ from a 529 savings plan?
• What’s the difference between a bank and a credit union, and are credit union accounts federally insured in the same way as they are with most banks?
• Where should you park the proceeds from the sale of a home if you plan to buy another home again soon?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Jesus told His disciples not to boast about their giving, but does that mean all of our giving should be done in secret? Put another way, are there times when talking about our giving is actually a good thing? John Rinehart joins us to talk about this intriguing topic.

John Rinehart, founder of Gospel Patrons, an organization with a unique mission for spreading the Gospel around the world.

• SHOULD CHRISTIANS ALWAYS GIVE IN SECRET?
• Most would answer, “Yes, of course, because Jesus tells us in the book of Matthew.”
• But let’s take a closer look.
• The context is Jesus's Sermon on the Mount. And so it's three chapters, Matthew 5-7. And what's amazing about that is in that whole section, when Jesus says, don't let your left hand know what your right hand is given, he also talks about we should pray in secret, and we should fast in secret.
• Well, churches do corporate fasts and pray in public, and people have prayer meetings where they actually pray out loud.
• And so what we might glean from the context is that Jesus wasn't saying we should never share about our giving, we should never share about our praying and praying in public, and we should never talk about our fasting.
• What is your motivation? Are you talking about it in order to be seen and glorified by others? Or is there a chance that we could talk about it in a way that's really helpful in building up?
• So that's the first thing we see from the context. The second is in the very same sermon, Jesus says to His disciples, “Let your light so shine before men that they may see your good works and glorify your Father in heaven.”
• And so there is a time to not have your light under a basket but to let it shine before others not so that we get glorified but so that they see our good works and glorify him.
• And third, Jesus publicly highlighted and celebrated generous people, so he didn't always keep it a secret Himself.
• To learn more about John and his ministry visit GospelPatrons.org.

On this program, Rob also answers listener questions:

• Can you move a 403B into a standard IRA without a tax penalty?
• How do you determine the best way to use a lump sum of cash; pay off debt or build up your emergency fund?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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When it comes to the stock market these days, many investors are asking a question reminiscent of an old song lyric: “Should I stay or should I go?” With a possible recession looming, is it time to bail out of the market? We’ll talk about that with Cole Pearson on this Faith and Finance.

• Cole Pearson is President of Investment Solutions at OneAscent, which is a family of companies in the faith-based investing space, and an underwriter of this program.
• SHOULD I GET OUT OF THE MARKET?
• The problem with this particular question is that you then have to answer another question, which is … ”When do I get back in?”
• In times like these it’s important to remember that ”Investing is about time IN the market, not TIMING the market.”
• One of the most powerful tools that can help combat fear and emotional decision-making with our investments is to have a philosophy or guiding principles that we determine ahead of time.
• At OneAscent, they employ 3 overarching principles – Values-Based, Globally Diversified, and Long-Term.
• VALUES BASED: God created us to be thoughtful stewards. And as stewards, we should consider aligning His assets with His principles and companies that bless people instead of causing harm.
• GLOBALLY DIVERSIFIED: Did you know diversification predates the stock market and modern portfolio theory? Ecclesiastes 11:2 says “Divide your portion to 7 or 8 for you know not what calamity may come”
• LONG TERM:Given time, maintaining a long-term perspective is key. And investors who talk with their advisor, choose the right allocation, and can stay the course in the long run, find the most success.
• According to a JP Morgan study from a few years ago, the average investor underperforms a moderate portfolio by about 3% annualized over 20 years. In other words, if you started with $100,000, over 20 years, the average investor misses out on $125,000 in growth, a difference of 78%. This is largely because the average investor makes below-average decisions when the going gets tough.
• Most investors don’t have a better than 50/50 chance at being right on any particular decision; when to get out and when to get back in are two different market-timing decisions
• Two decisions that are both the flip of the coin only give you a 25% chance of being right
• SHOULD INVESTORS WORRY ABOUT A RECESSION?
• Can anything be done to recession-proof one’s portfolio?
• No portfolio is recession-proof, but there are things you can do to make your portfolio recession-friendly.
• Remember Ecclesiastes. Diversification is key. Some timely questions you might consider or ask your advisor about if you have one are:
• Do I have sufficient international exposure, in both developed and emerging markets? The past decade saw US stocks outperform International by an average of 6% per year but the long-term trend is more balanced. Valuation is one of the primary determinants of long-term returns; today international stocks are far less expensive than US stocks. US stocks trade at a P/E ratio of around 18x, but international stocks are around 13x earnings.
• Another would be whether I am investing in alternatives or non-traditional assets like gold, commodities, or hedging strategies to minimize volatility. Many times WE can be the biggest risk that our portfolios face – so minimizing volatility (or smoothing out the ride) can help us stay invested.
• BEAR MARKETS
• Bear markets are a fact of life, so what is important is how an investor responds to them:
• You should not invest money that you need for next month’s groceries.
• Mike Tyson famously said ‘everyone has a plan until they get punched in the face’, and that’s what a bear market can feel like.Here’s what you can do:
• Take the opportunity to sell something at a loss if it would benefit your taxes
• Rebalance your portfolio to align with your long-term plan.
• Evaluate your plan – make sure that you are still on track.
• Most importantly, don’t make an emotional decision.
• Preparation and planning will allow investors to weather the storm and come out the other side.
• FAITH-BASED INVESTING
• OneAscent approaches faith-based investing using the following steps:
• 1. ELIMINATE from our universe those companies whose products or practices are causing harm.
• 1. EVALUATE companies to make sure they meet the client’s investment objectives.
• 1. ELEVATE companies who are making the world a better place.
• Thankfully faith-based investing is a maturing but also rapidly growing space within this industry. There are several great funds and options that have strong 10+ year track records. Even more exciting than that is that more and more great managers and funds are coming out each month giving investors who desire to align their faith and wealth options.
• For more information, visit OneAscent.com.

On this program, Rob also answers listener questions:

• If you have a traditional IRA with a company like Vanguard and find that your money is supporting things you don’t believe in, what are your alternative investment options?
• Can balance transfers be an effective way to pay down debt and avoid interest?
• What are the key differences between life insurance policies and annuities and which might be right for you?

RESOURCES MENTIONED:

• SoundMindIvesting.org

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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God’s World promises blessings when we put our faith in God, but what exactly does that look like when it comes to investing? Luke Bolton joins us to explore the heart of Christian investing.

• Luke Bolton, Executive for Strategic Relationships at Kingdom Advisors, and he’s really our go-to guy for understanding faith-based investing.
• On this program, Bolton shares his round-about path to becoming involved in biblically-based investing. He began by studying theology and imagined a career teaching the Bible. But after seminary, he took a job with a wealth management firm.
• Every day he worked with financial advisors and investment accounts and found himself asking, “What does this have to do with theology?”
• Over time, the Lord showed him that his training could apply to this line of work. Now after working in this industry for about 10 years, part of his mission is to help believers see their financial investing through the lens of God’s Word.
• HOW DOES LOOKING THROUGH A BIBLICAL LENS CHANGE THE WAY WE SEE INVESTING?
• God has revealed himself through the Bible. Because Scripture is about God calling people to a new life in the Gospel, the first impact of biblical faith on investing is to consider how we, as investors, relate to God. And then to consider how our financial investments also relate to God.
• Step #1 is to turn from seeing investing as a mere numerical or economic decision and begin to see it as part of our walk with God, an extension of our heart to worship Christ.
• To anyone who wants to be a faith-based investor, we encourage them to start with a prayer, “Lord, what are you calling me to do with these resources entrusted to me? I want to do your will, whatever that may be.”
• The most important issue is not strategy, but worship. Are we investing with a heart that worships God (not money) and honors Christ as our ultimate financial authority? If we start with this posture, there are so many ways we can honor God with our investing.
• THE GENESIS OF BIBLICAL INVESTING
• It begins with Genesis 1-2 and God calling us to participate in the fruitfulness, growth, and ongoing development of his world. The Lord creates people in his image and then instructs them to multiply, to manage the created world, and cultivate and enlarge all the potential that God embedded into his creation.
• There are many ways people can cultivate and enlarge the potential in God’s creation, including productive work, trade and business, building relationships, etc. But one way we can contribute to the development of God’s world is through investing.
• At a very high level, investing allows us to contribute into a financial system that gathers large amounts of money for use by others. Investing is this fascinating activity that moves money from one person with excess capital to where it can be used by others – like companies, cities, etc. So investing is fundamentally a good thing – good for society, business, often for investors and their families.
• Investing, in general, expresses certain aspects of God’s will, such as making our excess resources available for others to use productively, as well as planning ahead for our future financial needs.
• BIBLICAL INVESTING TOOLS
• One way we can honor God through our investing is to abstain from investing in certain funds or companies that violate God’s principles. But avoiding those investments isn’t the only tool in the investing toolbox.
• We must also admit that there are many gray areas where Christians will draw their lines in different places about what they might want to avoid.
• And avoidance isn’t always necessarily the most effective for seeking change in our world.
• REDEEMING INVESTING
• This leads us to a third aspect, not just the basic goodness and pervasive brokenness of investing, but also ways investing can be redeemed.
• This term “redeemed” reminds us that God has purposes at work in this world far greater than just restraining evil or judging sin. In redemption, God demonstrates his love for this broken world by rescuing sinners and restoring what was lost. Christ came to seek and save the lost.
• A redemptive approach to investing will focus on how it can achieve something restorative and good by our investing in this world. It will focus on investing in ways that show we care about the long-term wellbeing of our neighbors and that we want businesses to succeed that serve the needs of society.
• We see this as purpose-driven investing, supporting specific kinds of good endeavors.
• Faith-based investment funds offer a terrific opportunity to accomplish this.
• It is a common misconception that faith-based investing must necessarily be less profitable than other strategies. Studies have been done on values-based investing, and the facts simply don’t support an assumption of them being less profitable.
• "For you were called to freedom, brothers," not as an opportunity to serve ourselves, "but through love [to] serve one another." (Gal 5:13)
• So, for our greater joy and delight in Christ, we invite every believer to consider talking with a professional about how faith-based investing might fit into their long-term savings plan.

On today’s program, Rob also answers listener questions:

• Are 539 plans a good option to save for your children’s future?
• Can you take distributions for an IRA and use them as qualified charitable distributions?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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The Bible teaches that we should help the poor beyond simply providing the next meal or a place to sleep. We must also seek ways to lift the destitute out of poverty. We’ll talk with Mario Zandstra about that on this Faith and Finance.

• Mario Zandstra is the ​​President and CEO of Family Legacy Missions International, a ministry focused entirely on helping Zambia’s orphans.
• On this program, Zandstra shares how the strategic approach of his ministry has changed through the years.
• FROM RELIEF TO DEVELOPMENT
• He said he came to realize that if you’re always in the relief business, you don't help people own their future. Over time, relief work can lead to dependence on third parties. That led FLMI to transition from a relief organization to more of a development organization, helping to set people up for a more prosperous future.
• FLMI now works to develop children, to provide them with an education, to disciple them with Christian discipleship, to teach them nutrition, provide medical care, help them and unpack their trauma.
• Rescue and relief are still part of the organization’s mission, but the goal is for that relief to be temporary.
• ZAMBIA’S DEPENDENCY
• Zambia is one of the poorest countries in the world. They only achieved their independence in 1964, just like South Korea did. They became independent. South Korea said we're going to take no government funding from other governments, we are going to make this happen on our own. But Zambia took money from the beginning.
• South Korea today has the fifth largest economy in the world and Zambia is still struggling on the bottom end of the spectrum. It’s a perpetuating problem.
• FMLI works to help children escape that cycle and become part of the solution; to learn how to be independent.
• To learn how you can help support the mission of this ministry, visit FamilyLegacy.com

On this program, Rob also answers listener questions:

• What is the best way to save and invest for the long term on behalf of a disabled adult child?
• When does it make sense to pull money out of retirement savings to pay off a mortgage?
• What is the purpose of an umbrella insurance policy and when might it make sense for you?
• Is it normal for a credit score to fluctuate for no apparent reason?

RESOURCES MENTIONED:

• Find a Certified Kingdom Advisor

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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John Putnam joins us today on Faith and Finance. He is a Certified Financial Planner and Kingdom Advisor. You can dig deeper at SmarterStewardship.com.

The concept of taking a vacation is Biblical, and anchored at Mark 6, Jesus tells the disciples to come away and rest for a while. They went away to rejuvenate with friends, Jesus and God, the Father.

Vacations often fall short of expectations…why?

• Aren’t well planned
• Expectations aren’t shared
• Distractions keep us from being present

Simple steps for vacation maximization:

• Set and share expectations (financial, personal, physical, relational)
• Get prepared at the office…for returning after vacation
• Set budget in advance
• Family
  • Set a phone free zone
  • Invite kids into the financial conversation to understand limits and have some ownership
• Be present with daily prayer
• Be flexible when plans don’t work out
• Stay engaged, stay true to money plans

Worksheet called…Vacation maximation guide located here:

Vacation Maximization Guide.This guide is free.

Catch the 4-part podcast here. These are about 15 min each with over 25 tips to help you have a better vacation.

On today’s program, Rob also answers listener questions:

• How do you go about budgeting and recalibrating your finances after the death of a spouse?
• What is the benefit of paying for the services of a financial adviser and how do you determine if that’s the right choice for you?
• How should you approach your investment strategy as you near retirement?
• Who needs long-term care insurance and when is the right time of life to look into that?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Credit cards can be a great tool, but they also carry some hidden costs that you should know about. We’ll talk about that on this Faith and Finance.

• Proverbs 22:7 warns us, “The rich rule over the poor, and the borrower is the slave of the lender.” Is that anywhere more obvious than with credit cards?
• And recent surveysshow that nearly half of credit card holders in the U.S. carry a balance from month to month. With the average interest rate now at just over 24%, it’s easy to see the cost of not paying off a credit card in full every month.
• But let’s say you use a credit card for much of your monthly spending, racking up rewards points, but paying off the balance faithfully each month. Are there still costs that may not be as obvious? Well, it turns out the answer is, yes. That’s due mainly to psychology.
• THE SPENDING RISKS OF PLASTIC
• Studies have shown that folks using credit cards tend to spend 10-30% more on purchases than people using cash. The psychology there is that it’s more difficult to part with actual dollars than it is to swipe a credit card.
• On the other hand, using a credit card makes it easier to not only spend more, but to leave larger tips for services, and to buy things on impulse, which you’re a lot less likely to do if using cash.
• Now, keep in mind that the tendency to spend more with a credit card applies even if you pay off the balance each month and stay on budget. That means you’re having to pull money from other categories in your budget, and more likely than not, it’s the savings category that will suffer. So you’re not carrying a balance, but you’re not getting ahead, either.
• Here’s a bit more psychology. The Journal of Consumer Researchreports that you’re more likely to increase your connection to something you’ve purchased if you use cash instead of a credit card. That seems to make sense— the more difficult something is to acquire, the more you value it.
• So the lesson here is that the more susceptible you are to making off-budget, impulse purchases, the more you’ll benefit by not using a credit card and paying with cash instead.
• Now, we talked about how using a credit card may increase your spending even if you manage to stay on budget, but that will be more difficult to do if you use plastic instead of cash.
• Use of a credit card can make it more difficult to know whether you’re staying on budget for the month.
• Of course, if you use the FaithFi app to set up your budget and track your expenses, you’ll know in real time if you’re staying on budget or not. It actually has a digital form of the tried and true envelope system to stay on top of your spending.
• BAILOUT TRAP
• There’s another potential hidden cost to using a credit card.It’s the tendency to use it as a crutch— a “bailout” when things go bad. That can turn a one-time, isolated problem into a long-term, recurring debt..
• If you have the mindset that your credit card will save you if you lose your job, or you have a major medical issue, or a car wreck, then you’re not going to save for those unfortunate events ahead of time. And those things always happen, sooner or later.
• EMERGENCY FUNDS
• If you have an emergency fund with 3 to 6 months of living expenses in liquid savings, you’re prepared for the worst. You’ll have the cash you need to weather whatever financial storm comes up.
• Without it, you have to rely on a credit card or some other type of borrowing, which means you’re automatically in the hole and now you have to dig your way out, paying interest all along the way.
• So if you don’t have an emergency fund in place, start saving today. Set a goal of $1,500, then 1 month’s expenses, then two, and so on until you have at least 3 months' worth.
• So, those are the hidden costs of using a credit card. We’re not saying you should never own a credit card. Just be aware of the impact it can have on your budget, even if you pay it off in full each month.

On this program, Rob also answers listener questions:

• How do you determine whether to sell the home of a deceased parent?
• How can you help a close friend who doesn’t handle money well?
• Do you have to pay tax on any debt forgiven by a debtor for past medical bills?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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There’s a cost to following Jesus. Our affluent Western lifestyle can make us complacent and unwilling to accept that cost. We’ll talk with Michael Blue about surrendering to follow Christ more fully, on this Faith and Finance.

Michael Blue is the President and General Counsel for the Ron Blue Institute for Financial Planning. He’s also the author of the groundbreaking book, Free To Follow: Discover the Riches of a Surrendered Life.

• Complacency is a real problem for us as Christians living in the most affluent nation in history. And today, Ron Blue shares how he came to realize life wasn’t quite complete.
• When we talk about living a life of surrender, it all begins with knowing God. And knowing that God is actually better than everything else.
• Psalm 37 tells us, “Delight yourself in the LORD and he will give you the desires of your heart.”
• So the point of following God is to find the light in him, and as you do that, your desire to know Him more grows.
• Trust in God ultimately leads you into deeper dependence upon God. You gain a deeper understanding that through him is the only way things happen in your life and in the lives of other people.
• While the Bible tells us to plan, save, and prepare responsibly, we can easily fall into the trap of trusting in our portfolios rather than God.
• It’s important to continually ask yourself certain questions:
• Is the way you’re spending money drawing you into a relationship with God?
• Is it demonstrating that He is worth everything in your life?
• And then how is it actually drawing you either towards Him or towards the world?
• As yo spend money, how is it moving your heart? Is it drawing you to desire more, covet more, and want more of what the world says will make you happy?
• Or is it drawing you to value eternal priorities?
• And so your daily money decisions truly are spiritual decisions.

On this program, Rob also answers listener questions:

• How do you determine the right balance for your portfolio in the current investment climate?
• What considerations should you take into account when estate planning for your loved ones?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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One of the simplest ways to stay out of credit card debt is to save for major purchases. By planning ahead and saving for things you know you’re going to need or want in the future, you avoid having to borrow. And taking certain steps can make this a lot easier. We’ll talk about that on this Faith and Finance.

• Okay, you might be thinking, “Save for things I’ll need in the future? Isn’t that my emergency fund?” Actually, no, it isn’t. This is sometimes called a “sinking fund,” a term borrowed from the business world.
• It’s a pool of money you regularly contribute to so you’ll eventually have the cash you need for an upcoming big-ticket expense, like a vacation, a new car or home repairs.
• First, you need a goal. Let’s say you want to put a new roof on the house and you estimate it’ll cost $7,500, which is pretty typical these days. That’s your goal.
• Next, you have to look at your budget and determine how much you can pull each month from other categories to go toward your new roof. Let’s say that’s $500. Divide 7,500 by 500 and you get 15. That’s how many months it will take to save up enough cash to replace your roof.
• It’s okay to start small. If you can’t put away $500 a month, start with $100. But begin looking for ways you can increase that amount by cutting your expenses. Be flexible. It’s okay to adjust your savings as needed, just keep in mind that you want to reach your goal as soon as possible.
• WHERE TO PUT YOUR SAVINGS
• So now you’re ready to start saving, but where should you put that money? It should definitely go into a separate account apart from your usual checking and savings, and even your emergency fund. You want to reduce the temptation to tap into this money for something else.
• So put these special savings into an online bank to get the best rate. Like with your emergency fund, you can have a certain amount automatically transferred into this account from every paycheck, once a week, or once a month. Then pretend it’s not there.
• Now, if this special purchase is something you know is several years down the road, like a car or even a house, you can put some of this money in a CD or money market account to get a better rate. You should ladder CDs, so that one is coming due every 6 months or so. As you near the target date for your big purchase, begin cashing the mature CDs and putting that money back into savings.
• SMART GOALS
• Okay, you may remember a while back we talked about setting up SMART financial goals. That’s S.M.A.R.T. and it stands for Specific, Measurable, Attainable, Relevant and Timely.
• So first, Specific. Make sure you know exactly what you’re saving for and how much you’ll need, like with our example of the replacement roof. The more specific the goal, the more likely you are to get there.
• Next, it should be Measurable. Set your monthly savings goal and track how well you’re doing. Make adjustments as needed.
• Then there’s Attainable. That means setting a goal that you can realistically attain. If you set it too high, you’ll get discouraged along the way.
• Next is Relevant. Make sure this big-ticket item you’re saving for is important, something you know you’ll need or really want. That way you’ll stay motivated.
• Finally, there’s Timely. Set a deadline for reaching your savings goal. That will also hello keep you motivated. It’s okay if you don’t get there by the deadline, just keep plugging away until you do.
• So, those are some tips to help you save for a major purchase. We hope you find them useful and when you reach a savings goal, let us know. We’d love to hear how you did it.

On this program, Rob also answers listener questions:

• What happens to the amortization schedule of your original mortgage when you take out a second mortgage?
• Should we be concerned about the future security of the US dollar currency?
• Is a cash-out refinance a wise thing to pursue?
• When does it make sense to invest in a fixed annuity?

RESOURCES MENTIONED:

• Find a CKA

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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You’ve heard the expression, “Pennywise and pound foolish?” Well, it’s especially true with how some folks treat their mortgage. Many are more concerned with the interest they’re getting on their savings account than the interest they’re paying on their mortgage. We’ll talk about that today on Faith and Finance.

• It’s a good thing to shop around for the best interest rates on savings. But our point is, it’s a whole lot more important to pay attention to how much you’re paying in interest on your mortgage, because efforts to reduce that will pay off so much more.
• Just take a hard look at the amount of interest you’ll pay over the life of a 30-year fixed rate mortgage— and it should be all the incentive you need to pay it off as fast as possible.
• Let’s say you take out a $300,000, 30-year fixed-rate mortgage at 6.5%. At the end of that term, you’ll have paid almost $383,000 in interest, making the true cost of the home closer to $700,000. With today’s higher interest rates, it’s more important than ever to get your mortgage paid off as quickly as possible.
• So, let’s say you take out that 30-year mortgage but you decide to pay an extra $250 a month on the principal. You might have to make some sacrifices to do that, but again, it’ll pay off “big.” How big?
• If you pay that extra $250 each month, you’ll pay off the 30-year loan 8 years and 2 months faster, saving you $120,000 in interest!
• So you see, the potential payoff for getting rid of your mortgage early is huge, and it really needs to be a priority in your financial decision-making. There are several steps to getting there.
• STEPS TO PAY OFF YOUR MORTGAGE EARLY
• 1. SPENDING PLAN: You need a spending plan! You can’t start the process of accelerating your mortgage payments without one.
• And setting up your spending plan is now easier than ever with the FaithFi app. It uses the envelope system to make budgeting easy, and it’ll track your spending and reveal things you can cut to free up more cash.
• For example, cut back on your streaming services, limit eating out, and put a moratorium on new clothes purchases, even if it’s just for a month or two. If you need more incentive to tighten the belt, consider that saving just $25 a month and putting it on your mortgage will net you $17,000 in reduced interest payments in the example we gave before.
• 2. ADDITIONAL PAYMENTS: The next step is to determine just how much of that extra cash you can apply to your mortgage. You can even make it a budget category all by itself. The point is, anything extra you put on your mortgage now will be worth a lot more down the road, so make that number as big as you can.
• 3. EXTRA CASH: Now, the next step is to use money that comes your way outside of your budget. Some call it “found” money or “mad” money. Make a commitment to put that unexpected cash on your mortgage principal, as well as the surplus money you’ve identified in your budget. This could be money from overtime pay or a work bonus, a tax refund, gift money, a yard sale, etc.
• The trick is to apply that money to your mortgage principal as soon as you get it. Don’t let it sit around tempting you. If you haven’t set up an online account with your lender, do that now. Most lender websites now make it easy to apply extra payments to the principal just by clicking a button or two.

On this program, Rob also answers listener questions:

• What should you consider when determining the right time to buy a car?
• What is the benefit of a revocable trust?
• How should a younger couple go about budgeting to save for a house?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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We are all fearfully and wonderfully made, but we’re not all alike. And those differences dictate how we do a lot of things. Matt Bell joins us again to talk about how those differences can affect the way our kids manage money.

Matt Bell is the managing editor at Sound Mind Investing and the author of several books on personal finance, including his latest, Trusted: Preparing Your Kids for a Lifetime of God-Honoring Money Management.

This is a continuation of a conversation we began in our April 10, 2023 program.

• Previously, we talked about teaching kids to earn, give, and save wisely.
• On this episode, we’ll talk about temperaments and how they affect the way we (and our kids) manage money
• Temperament is probably the most underappreciated factor that influences how we manage money, and then how our kids will end up managing money as well. In essence, temperament is our nature, our bent. It’s the way we naturally approach life.
• Some people have a hard time saving, while others don’t. Some are very conservative and risk-averse with their money. Others are a bit more daring.
• So it’s important to identify our temperaments and manage our inherent strengths and weaknesses.
• Matt writes about four of these temperaments in his book.
• FOUR MONEY MANAGEMENT TEMPERAMENTS
• 1. Sanguine: The sanguine temperament is that sort of likable, outgoing, charming life of the party sort of person. Financially, they tend to be naturally very generous, but they don't tend to like to use a budget. They would rather be out, doing things with friends than then crunching some numbers. You will probably never meet a Sanguine accountant!
• 2. Choleric: The Choleric temperament tends to be the person that's kind of the hard-charging type of person. Financially, they tend to be really good at setting and accomplishing tough goals. But they can also put too much trust in money. And they can also they're kind of task-oriented, and not so people-oriented. So they may have a tendency to kind of run people over in the pursuit of their financial goals.
• 3. Melancholy: Melancholy sounds sort of dour, but that's, that's the term for it. The melancholy temperament tends to be very detail-oriented, even perfectionistic. They're meticulous planners and are really good at using budgets. They can also succumb to fear of making a bad decision, which can make them slow to make decisions.
• 4. Phlegmatic: Phlegmatic are those even-keeled steady plotters in the world. They tend to be savers of money — and stuff. If you have a closet full of stuff and a bank account full of a lot of savings, you might be phlegmatic. They're very reliable, steady workers. However, their saver mentality can make it hard for them to give.
• A person’s temperament will usually start to emerge in kids at around 12 or 13 years of age. That is when Matt recommends taking an assessment, which is included in his book.
• From there, it’s good to become acquainted with the strengths and weaknesses of your temperament and those of your children, so you can better bring your financial management habits in line with God’s Word.
• Matt also explains the importance of cultivating an eternal perspective of money and how to accomplish that.
• Learn more about Sound Mind Investing at SoundMindInvesting.org.

On this program, Rob also answers a listener question:

• How can you begin rebuilding retirement savings after having used up savings before retirement?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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If you’re carrying a balance on a credit card, do you know how much you’re paying in interest? Here’s a hint: It’s a lot more than last year. The Federal Reserve’s effort to curb inflation by raising interest rates is hitting credit card holders in a big way. We’ll talk with Neile Simon about that on this Faith and Finance.

Neile Simon is a Certified Credit Counselor with Christian Credit Counselors, an underwriter of this program.

• The average APR for all credit card accounts in the first quarter of 2023 was just over 20%. That’s a 4-point increase in the last 6 months. That’s the biggest increase since the Fed began tracking credit card interest rates nearly 30 years ago.
• So, given the current economic outlook and interest rate environment, it’s more important than ever to save money by paying down high-interest debt.
• HOW CAN PEOPLE NOW CARRYING A BALANCE GET STARTED?
• Get informed. Look at your monthly statements and find out what your current interest rates are. Many people are not aware of the increases if they have their accounts on autopay.
• Then you need to make a budget to determine how much disposable income your family has. You have to spend less than you make and be intentional with your spending. The more extras you cut out, the more you have to pay down your credit card balance.
• You have a better chance of doing that if you get everyone in the family on board by opening up lines of communication, setting family goals, and working together to achieve them.
• WHAT ARE THE SIGNS THE CREDIT CARDS ARE OUT OF CONTROL?
• • Trouble making minimum payments
• • More than $4,000 in cc debt
• • Can’t seem to resist using the card
• HOW CCC CAN HELP
• When you contact Christian Credit Counselors, they help you to:
• • Help set up a budget
• • Create a God-honoring and ethical debt management plan
• • Lower your interest rates
• • Pay off your debt up to 80% faster
• To learn more visit ChrstianCreditCounselors.org.

On this program, Rob also answers listener questions:

• How can a 9-year-old go about investing her first $100?
• Are universal life insurance policies a wise investment?
• What are the rules about withdrawing the assets of an elderly parent on Medicaid?
• What is the best way to build a positive credit history?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Philippians 2:14-15 tells us, “Do all things without grumbling or disputing, that you may be blameless and innocent, children of God without blemish. Is that a passage where you look for a little wiggle room— to rationalize that it can’t mean exactly what it says? After all, what’s the harm in a little grumbling? We’ll talk about that on this Faith and Finance.

• THE BIBLE’S TAKE ON GRUMBLING
• First of all, there’s no wiggle room here. In Philippians 2, Paul says do all things without grumbling or disputing, not just some things. That means when the boss piles on extra work or you get a flat tire, you’re supposed to accept it without complaint. Pretty hard to do though, right? And Paul lumps “disputing” in with grumbling, seeing both of these sins as serious flaws that could destroy unity in the church.
• It’s much more natural to complain about our spouses, children, friends, our bosses, and elected leaders. We grumble because we can’t find anything to wear in a closet stuffed with clothes or anything to eat in a ‘fridge’ that’s full of food.
• One of our favorite complaints is that we don’t have enough money.
• THE TRUE WAGES OF COMPLAINING
• But it’s important to understand that grumbling is actually rebellion against God.
• Whenever you find fault with your boss, your bank account, or your spouse— you’re really finding fault with God. He is the One Who’s given you those gifts, and your grumbling is discontent with His provision.
• It’s also important to know that God does not view grumbling lightly. He even imposed the death penalty on Israelites who complained about being in the desert. In Numbers 21, the Lord sends a plague of serpents on the grumblers and many died. Ultimately, a whole generation of them wasn’t allowed to enter the Promised Land.
• If we looked at our carping and complaining from God’s perspective, we would probably better understand the wrath He unleashed on the Israelites. He brought them out of slavery and provided for their every need in the desert. But showing an amazing lack of gratitude, they were soon complaining that life was better when they were slaves of the Egyptians.
• God has given us everything we have, and of course, the greatest gift is that of His Son on the cross for our salvation. Because of Christ’s sacrifice, our sins are forgiven, and our sin debt is canceled. We’re clothed in the righteousness of Christ.
• HOW DO WE LIVE OUT THE APPLICATION OF THAT RELATIONSHIP?
• As Paul says in Philippians 2, “Do all things without grumbling or disputing, that you may be blameless and innocent, children of God without blemish.”
• We should be content because we know that anything we experience on earth is temporary … but that our life with Christ in heaven will be eternal. That contentment, when everyone else is grumbling, is a powerful witness for Christ. To find that contentment, we must focus on Christ and not ourselves.
• That’s exactly what Paul did. He was shipwrecked, beaten, and ultimately martyred for proclaiming the Gospel. In Philippians 4:12-13 he says, “I know what it is to be in need, and I know what it is to have plenty. I have learned the secret of being content in any and every situation, whether well fed or hungry, whether living in plenty or in want. I can do all this through him who gives me strength.”
• BARRIERS TO CONTENTMENT
• There are several barriers to finding the kind of contentment in Christ that Paul describes. One of the greatest is spiritual. We lack the understanding that God owns everything, including us, and that it’s His decision what, when, and how He provides for us. It takes spiritual growth and discernment from the Holy Spirit to get that.
• Another barrier to contentment is cultural. We’re constantly bombarded with messages of scarcity and materialism. Commercials tell us “You can have it all.” Bumper stickers proclaim, “He who dies with the most toys wins.” But wins what, exactly? Certainly not contentment. Often the more stuff you have, the less content you are.
• Finally, there’s also a personal barrier to contentment. We allow worldly influences to dictate whether we’re satisfied with God’s provision, rather than Scripture, which repeatedly instructs us about the blessings of humility and contentment.
• So when you’re tempted to grumble, pray for a spirit of gratitude about what God has already given you. Be thankful that God has kept His promise to provide for your needs!

On this program, Rob also answers listener questions:

• How do you determine whether it’s time for a career change later in life?
• What is the best legal path, tax-wise, to pass your property to your adult children?
• How is interest accrued on an I-bond?
• RESOURCES MENTIONED:
• Career Direct

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Putting God’s Word into practice may present a few challenges for families, but also some wonderful opportunities. We’ll talk about that with Brandon Sieben.

Brandon Sieben is the President and CEO of Compass— Finances God’s Way.

• On this program, Brandon shares what motivated him and his wife, Deb, to become doers, and not just hearers of the Word … as well as lessons learned as the father of three daughters.
• He describes what he found most important to share with his kids with regard to Bible-based finances.
• Brandon shares that he’s sought to be very transparent about money with his kids. He found that every question or challenge they give to him and his wife is an opportunity to point them to the word and then ultimately to the Lord for the answer.
• He also stressed:
• • God owns it all.
• • Generosity
• • Avoiding debt
• • Learning to prioritize certain things over others
• Brandon shares that learning is 10% training, 20%, mentoring, and 70% experience. And the best plan is to follow the numbers and teach accordingly.
• Learn more about Compass - Finances God’s Way at Compass1.org.

On this program, Rob also answers listener questions:

• How should you handle a money order rent payment that has been lost in the mail?
• Does enrolling in Medicare affect your ability to use a health savings account?
• What is the best way to cash in collectible coins?
• How might a Federal Reserve digital currency affect national paper currency and the finances of Americans?
• Should you transfer ownership of property to adult children now or simply will it to them upon your passing?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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A lot of economists are scratching their heads these days over why the economy hasn’t already slipped into recession. So it seems we’re overdue. We’ll talk with Lauren Gajdek about a way you can be better prepared to cover healthcare costs.

Lauren Gajdek is Vice President of Communications and Media at Christian Healthcare Ministries, an underwriter of this program.

• The economy is continuing to grow at a modest rate, but how long will that continue? The Conference Board, which is a nonprofit business research group, is now predicting a 99% probability of a recession in the next 12 months.
• If a recession hits, unemployment will go up and a lot of folks will lose employer-sponsored health insurance.
• WHAT ARE THE ALTERNATIVES IF YOU LOSE YOUR HEALTH INSURANCE?
• One option is called Cobra, and that is an extension of the health coverage that you would have with your employer. The downside of Cobra is that it can be very expensive, because your employer is no longer subsidizing the cost of your health care. So you are paying 100% of that. And then sometimes there's also an administrative fee.
• Another thing that folks can do is they can go to the healthcare marketplace at healthcare.gov. But again, you're going to find that unless you get a government-subsidized plan, those can also be quite expensive.
• But there is a third alternative, which is not insurance, but has the same end result in that your medical bills get taken care of:
• CHRISTIAN COST-SHARING
• Christian Healthcare Ministries is not insurance. It’s a cost-sharing service built on the
• wisdom found in Galatians 6:2, “Bear one another's burdens, and so fulfill the law of Christ.”
• But it is an effective way to take care of your medical expenses, while you're sticking to your Christian beliefs, and also to your budget.
• CHM offers several different tiered programs:
• Their Silver and Bronze programs are essentially hospitalization and surgery only.
• Then there is their Gold program, which is a little bit more flexible. Here’s an example:
• Suppose your 10-year-old son was climbing a tree and fell out of the tree and broke his arm. Everything related to that incident under the Gold program would be eligible for sharing.
• That would cover the ER visit, as well as any medication that he might be prescribed, follow-up doctor visits, and removal of the cast.
• WHAT IS THE COST?
• You can expect to pay between $90 and $235 per month. They also have an extra program called Brother's Keeper, which for an additional $22 a month, shares any catastrophic health events that you might experience.
• CHM has been serving the Body of Christ since 1981 with more than $9 billion in shared medical bills shared.
• To learn more about Christian Healthcare Ministries, visit CHMinistries.org.

On this program, Rob also answers listener questions:

• Is there a way to show the uncashed money orders belong to you if you’ve lost the proof of ownership?
• When does it make sense to take money out of the market to make home improvements?
• Will the Yen overtake the U.S. Dollar globally?
• How should a person in his 20s go about creating a sound financial plan?
• What are the rules and guidelines surrounding the purchase of bonds?

RESOURCES MENTIONED:

• Monster.com
• Indeed.com

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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As His stewards, God gives us resources to manage according to His principles and purposes. But God has entrusted to us much more than money and possessions. We’ll talk about that today with Jason Myhre.

Jason Myhre, is Executive Director of the Eventide Center for Faith & Investing— an educational initiative of Eventide Asset Management and an underwriter of this program.

• Stewardship is the idea that nothing in our possession is actually ours. Instead, God is the rightful owner of all things. Psalms 24:1 says this very clearly, “The earth is the LORD’s, AND EVERYTHING IN IT…” And in Hebrew there everything means everything haha. And this makes sense because God is the creator of all things.
• So stewardship is a way of seeing the things in our possession as actually belonging to God. The things we have in our possession are really God’s things that he has entrusted to us. We are managers of God’s things, or “stewards” of God’s things.
• The reason this is important is that it can really free us the selfishness and acquisitiveness that is so endemic to life after the fall. All of us are prone to grasp after things and to hold them tightly. Stewardship can help us to be more content with the things in our lives and to open our hands in generosity to those in need.
• Stewardship can liberate us from the power that money can exert in our lives. And when we live in that freedom, it can be a powerful witness to the reality of God and his kingdom.
• IS YOUR VIEW OF STEWARDSHIP BIG ENOUGH?
• But many times, our vision of stewardship is too small. In practice, we tend to see stewardship in the following way:
• We ask ourselves, “What has God entrusted to us?” And then we take stock of our money and possessions. “Oh, I have this much in the bank, I have a house, I have two cars, I have my investments, etc.”
• We understand stewardship in terms of these things that God has placed in our immediate possession. And all of that is valid.
• But let’s call this stewardship with a lowercase “s” – stewardship of the things in our immediate possession.
• Biblically, there is a much bigger sense of stewardship that we must come to see and understand: Stewardship with a capital “S”.
• THE BIGGER PICTURE OF STEWARDSHIP
• We must remember that God has entrusted us with stewardship of his ENTIRE CREATION.
• In Genesis chapter one, when God creates humanity in his image, he commissions them to be royal stewards over everything he made. In verse 26 it says, “Let them rule…” “Let them reign…” “Let them have dominion…” and (verse 28) “…subdue the earth.” This is stewardship language.
• And so to go back to the stewardship question, “What has God entrusted to me?” In addition to the things in our immediate possession, we also have under our stewardship, in the language of Genesis one: The fish in the sea and the birds in the sky, livestock, animals … all of it.
• God made all things and then made us to be royal stewards over all those things! That’s Stewardship with a capital “S”.
• HOW CAN WE APPLY THIS TO INVESTING DECISIONS?
• Just as there are two levels of stewardship, there are also two levels of investing.
• On one level, investing is about seeking a good return. That’s the part of investing we’re used to thinking about. And on another level, investing involves our supply of capital that supports a business. Our capital enlarges the work of the businesses we invest in. We amplify their activities and what they’re doing in the world.
• With the smaller sense of stewardship, we understand that God has put these specific dollars in our care and we have to be wise. We have to seek to generate a good return on investing through prudent risk-taking.
• With the larger sense of stewardship, we understand that God has put the entire creation in our care and we have to be wise. We have to seek to enlarge the beauty and goodness and provision and flourishing of the creation with every decision we make. We have to see to generate a good return on God’s creation such that the world is made even more the place of delight he created it to be. And so we have to be attentive to the kinds of companies we’re investing in, and the impact of those companies in creation through their products and practices.
• The good news is that there is an entire industry of Christian faith-based investments that are seeking to pay attention to both sides of stewardship.
• For more information on faith-based investing, Jason Myhre put together a list of faith-based funds that listeners can download. To get that, go to FaithandInvesting.com/FaithFi.
• (RW) Great, Jason, and thanks for being with us today …

On this program, Rob also answers listener questions:

• What are the rules for receiving spousal Social Security benefits?
• What is the asset limit for someone receiving Medicaid benefits?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Zambia has an estimated 1.2 million children without parents. Little wonder it’s been called the “Land of Orphans.” Today we’ll talk with Mario Zandstra about efforts to help these children and an amazing experience you can share.

Mario Zandstra is the ​​President and CEO of Family Legacy Missions International, a ministry dedicated to helping Zambia’s orphans.

• Mario shares that AIDS might be the chief reason there are so many orphans in Zambia, but there are other reasons. Men in Zambia often are not necessarily committed to their homes, they have alcohol problems, or they have abandonment issues. It's a culture where men are basically absent.
• He shares inspiration from verses like James 1:27: Religion that God our Father accepts as pure and faultless is this: to look after orphans and widows in their distress and to keep oneself from being polluted by the world.
• Zandstra shares several specific things that Family Legacy Missions International does to help orphans in Zambia:
• • Impact the kids and their families spiritually. Show them who Jesus is, explain the Gospel, and help them grow in their faith.
• • They also feed the children every day. They go to school and get a meal.
• • They also have trained medical workers to help them with health issues.
• • They also provide Biblical social and emotional learning, helping them unpack and heal from their trauma.
• • They have educated thousands of kids in 22 schools.
• You can find out more and sponsor one of these children at HopeForZambia.com.

On this program, Rob also answers listener questions:

• What would be a wise way to invest $5,000 at age 57?
• When does it make sense to go back to school later in life to try and increase your income?
• Is there a way to invest on behalf of a child in Biblically-based investments?
• How do you determine if a Roth IRA makes sense for you?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Those are wise words, especially when it comes to investing. These days, we have several ways to invest our money, but each requires a certain amount of oversight. We’ll talk through your options today on Faith and Finance.

• “Know well the condition of your flocks … and pay attention to your herds. For riches are not forever … nor does a crown endure to all generations.” (Proverbs 27:23-24)
• Today our flocks and herds are likely to be stocks and bonds. And you certainly do need to pay attention to them no matter which method of investing you choose, and we’ll go over three of them.
• THREE METHODS FOR WATCHING YOUR INVESTMENTS
• 1. Do it yourself: This approach is sometimes called “self-directed” investing. Why would you choose this method? Most likely because you don’t like the idea of paying fees to someone else to manage your investments.
• And of course, if you choose to go it alone, you really have to stay on top of things. That doesn’t mean you watch the market every day and decide to buy or sell at the drop of a hat. No matter which style of investing you choose— it must be for the long run.
• So, here’s the key to a successful D-I-Y approach: You have to keep your emotions in check no matter what the market is doing. These days, technology allows you to make a trade with the push of a button, but you still have to stay disciplined and stick to a long-range investment plan.
• And even though you’re taking active control of your investments, you can still put your money into mutual, index, or target date funds that lower your risk and reduce or eliminate the need for frequent trading.
• The greatest danger in self-directing your investments is that you’ll fall victim to market swings, selling out of fear when the market takes a tumble, or buying out of greed when the market is hot. You have to keep your emotions in check and stay the course.
• Let’s move on to investing method number two.
• 2. Robo-advisors: A robo-advisor is sophisticated software, and they’re now offered by most of the big online brokerage houses, like Fidelity and Vanguard.
• So, how do robo-advisors work? You input some basic information, such as your age and retirement goals. The robo-advisor then recommends a diversified portfolio tailored to your needs — with an emphasis on low-cost exchange-traded funds and bonds.
• The benefit is that you get pre-packaged investing advice tailored to your needs but at a much lower cost than from a human. For an annual fee of around 0.25%, the robo-advisor will automatically rebalance and diversify your portfolio as needed.
• We’ve talked about managing your investments yourself or getting a robo-advisor. Here’s your third option:
• 3. Hire a financial advisor: This would be for folks who want more than just investing advice. As the name implies, a financial advisor can assist you in all areas of your finances, from investing to tax strategies and estate planning.
• Financial advisors come with various specialties, but for the widest range of assistance, you probably want to go with a Certified Financial Planner. They have a fiduciary responsibility to give you advice that’s best for you, even if it doesn’t make them the most money.
• And of course, no matter what type of financial advisor you need, you can find one that shares your Christian worldview and values by choosing a Certified Kingdom Advisor.
• Now, going with a financial advisor will cost more than the other methods we’ve talked about, but there are two major benefits with this approach.
• First, it might actually be the most cost-effective method. How can that be if it’s more expensive? Because the advice you receive will likely more than pay for itself in increased gains and reduced taxes. So it’s not really accurate to say hiring a financial advisor will “cost you more,” because it probably won’t.
• Second, going it alone or hiring a robo-advisor won’t get you the personalized service you receive from a financial advisor, especially from one with the Certified Kingdom Advisor designation.
• That person will take your specific circumstances and needs into account, and very often become a trusted friend to help you through all of your financial decision-making. We think that’s “worth its weight in gold” … pun intended.

On this program, Rob also answers listener questions:

• Is there a way to reduce the interest rates on your student loans to pay them off faster?
• When does it make sense to buy an investment property?
• When is it a good time to start a business financially?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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The world is full of useless information. Some of it’s fun to learn, but it won’t help you reach your goals, especially your investing goals. So we’ll talk with Mark Biller about some things that ARE worth knowing, today on Faith and Finance.

Mark Biller is executive editor at Sound Mind Investing.

• On this episode, we dig into a recent article in the SMI newsletter called “Things Worth Knowing.”
• We’ll start with a question: What is the #1 financial mistake many Christians make?
• In our opinion, the answer is: They ignore biblical wisdom when managing their money and follow secular advice instead. And a lot of that secular advice— the things you hear on financial shows, for example, is relatively useless information. And sometimes it’s even worse than useless because it can cause you to make mistakes with your investing.
• SMI has long taught that when you use God’s protective biblical principles as a guide, you’ll manage your money more wisely and glorify God at the same time.
• SMI’s founder, Austin Pryor, came by this knowledge the hard way. He tells about how from the early 1970s through the mid-80s, he relied primarily on his own skills and intellect for making financial and investing decisions. He had a lot of success but also a lot of failures relying on himself and his own wisdom.
• By the late 80s, Austin faced up to his limitations and turned to the teachings of his longtime friend Larry Burkett, who many of your listeners were very familiar with, as he’d become a leading voice on the importance of Christians applying Biblical wisdom to managing their finances.
• Long story short, getting in sync with God’s ways instead of his own laid a foundation for Austin’s future financial success, and that experience more than 30 years ago still influences the content that SMI publishes to this day.
• SMI views its teaching as a discipleship tool with a specialized focus that comes out of Ephesians 4: to “prepare God’s people for works of service, so that the body of Christ may be built up…and become mature” (Ephesians 4:12-13).
• Within the personal finance arena, that means learning to set financial priorities that honor God and point toward the attainment of God-given goals. And given THAT, the things really worth knowing are, first and foremost, rooted in God’s Word.
• KEY SCRIPTURES
• Here are some key verses that help SMI decide what information is important and worth knowing:
• 2 Timothy 3:16, tells us that “All Scripture is God-breathed and is useful for teaching, rebuking, correcting and training in righteousness.” So the starting point is looking primarily to God’s wisdom, found in His word, rather than the world’s conventional wisdom, for principles to guide our financial decision-making.
• 1 Corinthians 4:2 tells us “Now it is required that those who have been given a trust must prove faithful”. It’s worth knowing that we each have to take personal responsibility for making knowledgeable, biblically consistent financial decisions. If we don’t know how to do that, we need to get help - whether that’s from a service like SMI or finding an advisor who can assist us. But even then, we’re still ultimately responsible for our financial decisions.
• The next group in the article touches on core tenets of biblical financial stewardship.
• CORE TENETS OF BIBLICAL STEWARDSHIP
• “The rich rule over the poor, and the borrower is a servant to the lender” (Proverbs 22:7). It’s worth knowing that debt can be enslaving and that we should avoid it as much as possible.
• “In the house of the wise are stores of choice food and oil, but a foolish man devours all he has” (Proverbs 21:20). It’s worth knowing that maintaining a proper balance between current spending and long-term saving is a sign of wisdom.
• “The plans of the diligent lead to profit as surely as haste leads to poverty” (Proverbs 21:5). It’s worth knowing we should consistently invest from a carefully considered strategy rather than making decisions impulsively on a case-by-case basis.
• “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth” (Ecclesiastes 11:2). It’s worth knowing that we should rely on diversification — rather than a preoccupation with market cycles — as a means of controlling risk and protecting our capital.
• “Do not wear yourself out to get rich; have the wisdom to show restraint” (Proverbs 23:4). It’s worth knowing that we must be on guard against greed and spending all our energies in a futile attempt to constantly get more, whether that’s always striving for more in our careers and work, or being overly focused on the highest possible returns.
• What can someone expect to experience when they follow these principles?
• As you “renew your mind” with these guiding precepts, you can apply them to help you make the day-to-day financial decisions that everyone faces. If you follow them consistently, you can have confidence that, whatever the short-term sacrifices may be, you’re making wise spending, saving, and investing choices. That frees you to leave the results with God, knowing that as First Timothy 6 says, “Godliness with contentment is great gain”.

On this program, Rob also answers listener questions:

• When should you keep money in a CD?
• What's the right budget percentage for spending on groceries and household item

RESOURCES MENTIONED:

• Marcus

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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God owns everything and we’re merely stewards of the resources he gives us. But that doesn’t mean our role is passive. The role of a successful steward is active and requires a lot of smart decisions. How do we do that? We’ll talk with Sharon Epps about the DNA of wise financial decision-making.

Sharon Epps is the President of Kingdom Advisors.

• THE “DNA” OF FINANCIAL DECISION-MAKING
• DNA are instructions God has given cells to use to build the body, like the code to a video game or blueprints for a house. Like DNA, sound financial decisions consist of building blocks. In fact, there are three key building blocks that need to align to result in wise biblical financial actions.
• Think about a triangle. Let’s start at the base — the foundation.
• THE FOUNDATION
• We’ll call the base “motivation” for making good decisions with money. Motivation is the fuel that gives us the energy to carry through with wise financial decisions even when they seem hard. And actually, there are three motivations:
• 1. POSITION:Our position - we are managers, He is the owner (Psalm 24:1, I Cor 4:2) God owns it all!
• Psalm 24:1 The earth is the Lord’s, and everything in it, the world, and all who live in it; I Cor. 4: 2 Moreover, it is required of stewards that a man be found faithful
• 2. PURPOSE: Our purpose - to be generous (2 Cor 9:11)
• You will be enriched in every way so that you can be generous on every occasion, and through us your generosity will result in thanksgiving to God
• 3. PERSPECTIVE: Our perspective - eternity (Matt 6:19-21)
• Do not store up for yourselves treasures on earth, where moths and vermin destroy, and where thieves break in and steal. But store up for yourselves treasures in heaven, where moths and vermin do not destroy, and where thieves do not break in and steal. For where your treasure is, there your heart will be also.
• To deny earthly pleasures now, we need to believe that the eternal treasures at God’s right hand are more satisfying than anything else.
• That gives us the foundation of the triangle. So what’s next?
• WIRING
• The 2nd side of the triangle is our wiring. God made each of us with a unique temperament that impacts how we behave with money. Temperament is part of our personality but personality is also shaped by family of origin, life experiences, and other factors.
• Most often we marry someone with a different temperament from us. Larry Burkett used to say that if both of you were the same, one of you would be unnecessary!Some of us make decisions quickly.Others take more time and need to do a lot of research.
• Some of us tend to over save; while others would give away everything we have. Some of us make analytical decisions and others rely on instinct or “gut”. You get the picture. When we understand our wiring in light of the other two sides of the triangle, we are more equipped to make and implement wise financial decisions.
• The 3rd side of the triangle is the skills that we bring to the decision-making process.
• SKILLS
• We might understand the motivation or the why; we might know how our wiring impacts our decisions, but if we haven’t been trained in financial transactions, we will not be able to implement wise financial decisions.

On this program, Rob also answers listener questions:

• Are there any signs that point to a potential decline of the U.S. economy long term?
• Should you combine 401k accounts?

RESOURCES MENTIONED:

• Schwab Intelligent Portfolios
• Fidelity
• Find a Certified Kingdom Advisor

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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The Federal Reserve Bank recently announced a new instant payment platform called “FedNow,” and it will allow businesses and even individuals of participating banks to send and receive instant payments, 24/7. But is it the “camel’s nose in the tent” for a digital dollar? We’ll talk about it on this Faith and Finance.

• Before we get into this discussion of digital currency, it’s important to remember Proverbs 15:14. It reads, “The heart of him who has understanding seeks knowledge, but the mouths of fools feed on folly.”
• The point is, let’s not panic about a digital currency that isn’t here yet and would have to meet with approval by what is now an often hopelessly divided Congress. The Constitution gives Congress sole power over the currency of the United States. The Federal Reserve has no authority to create currency, digital or otherwise, on its own.
• WHAT WOULD A DIGITAL DOLLAR LOOK LIKE?
• Obviously, a digital dollar would be an electronic form of the U.S. dollar. It would be fiat money, as is the current dollar, meaning it’s not backed by gold or silver. It would be similar to cryptocurrencies, but with one big difference— it would be regulated and backed by the Federal Reserve.
• And that’s the major concern of many opponents of a digital currency. It would potentially give the Fed unprecedented power over our financial system. Theoretically, all transactions could be monitored unless strict limits are placed on the Fed’s ability to snoop and share that information with other agencies.
• Also, again, in theory, the Fed could use this power to actually shape society, by allowing or restricting certain transactions. So fears of a digital currency are not without some foundation.
• However, since other countries are moving ahead with digital currencies, some at a rapid pace, it’s likely that the U.S. will have a digital dollar— someday. When that might happen is anyone’s guess, and it could be years away.
• You can expect a lot of debate in the House and the Senate before a digital currency is ever approved by those bodies. And you’ll have a say in it, too, by contacting your elected representatives, and ultimately, in the voting booth. So again, let’s not panic.
• Now, it’s true that last year, the Biden administration charged executive agencies to explore the process of implementing a digital currency, and the Fed is cooperating in that effort.
• DIGITAL DOLLAR RISKS
• But the Central Bank is also warning that there are risks with a digital dollar that could leave customers vulnerable to theft and fraud.
• Specifically, policymakers and the Fed have listed several requirements for a digital dollar that won’t be easy to meet. It must provide benefits to U.S. households, businesses, and the overall economy that exceed its costs and risks.
• It must also yield those benefits more effectively than our current currency. It should complement— not replace— other forms of money, and it must protect consumer privacy and prevent criminal activity. So at least at this point, the Fed is not exactly a cheerleader for a digital dollar.
• That should be welcoming news to people who fear the Fed is conspiring to take away their privacy and freedom, but it hasn’t stopped opponents of digital currency from calling the FedNow platform “the camel’s nose in the tent,” which means once the nose is in, the whole camel’s going to be in there soon.
• Concerns about FedNow— set to launch in July— have spread like wildfire on social media. One example is a tweet by Robert F. Kennedy, Jr, who is a presidential candidate for 2024. He claimed that FedNow itself is a central bank digital currency that will allow the Fed to monitor and restrict people's financial transactions.
• Kennedy wrote, “The Fed just announced it will introduce its 'FedNow' Central Bank Digital Currency in July. CBDCs grease the slippery slope to financial slavery and political tyranny.”
• Another Instagram poster wrote, "Better get your money out of banks. CBDC has started, meaning you will wake up one morning and all your US paper dollars will be converted into US digital dollars."
• Of course, the Fed flatly denies this.
• Testifying before Congress this month, Fed Chairman Jerome Powell said, “We’ll have real-time payments in this country very, very soon.” But he also told lawmakers the Fed is nowhere close to having a digital dollar.
• So those are the facts about FedNow and a future digital dollar, as we have them today. We hope they clear up some of your questions.

On this program, Rob also answers listener questions:

• Are annuities a wise investment?
• Would it be wise to take some money out of savings and put it into CDs?
• Do you have to pay taxes on money from a settlement?
• Should you take money out of a 401k to pay off debt?

RESOURCES MENTIONED:

• Find a Certified Kingdom Advisor
• Marcus
• Bankrate.com
• Christian Credit Counselors

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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We always want what’s best for our children, but sometimes what’s best for them— and us— isn’t always clear. How often have you heard someone say they want their kids to have things they didn’t have? It’s part of the American Dream. We’ll talk with Art Rainer about how that can lead parents into debt, on this Faith and Finance.

Art Rainer is the author of The Marriage Challenge: A Finance Guide for Married Couples and a regular Faith and Finance contributor.

• A lot of folks struggle with wanting to give their kids the best chance in life, and yet not break the bank doing it. Art has an article on FaithFi.com titled, “6 Things That Can Lead Loving Parents Into Debt.” Art discusses those six things with Rob West.
• 6 THINGS THAT CAN LEAD PARENTS INTO DEBT
• 1. Keeping up with the Joneses. Your neighbor or coworker dresses their children in high-end children’s clothing so you want to do the same. Or your neighbor sends their children to private school, so you decide to follow suit, even though you really can’t afford the cost.
• The Joneses are a frustrating crew to chase because they’re always shifting the standard. As soon as you feel that you’ve arrived, they move it slightly out of reach again. So we need to be careful. There will always be other parents who spend more on their children, but they may be using debt to finance it. You could be chasing a façade.
• 2. Too much time on social media. The images you see on Facebook, Instagram, and Twitter are simply the filtered versions of those you follow.
• The constant barrage of great vacations, child accolades, and perfect family moments can make you feel like a bad parent. You can easily create unrealistic expectations, and try to buy your way to feeling better about yourself.
• 3. Thinking your kids won’t succeed in life if they don’t have it all. Extracurricular activities have entered a whole new realm. Travel leagues, academic and athletic camps, and private tutoring and athletic training have become commonplace.
• Unfortunately, there is a cost to all these activities and experiences, eating up time and money. Are extracurriculars good? Absolutely. But are they worth going into debt? Absolutely not.
• 4. Caring more about your child’s future career than their future character. Often, the focus of our parenting is centered on getting our children into a good school or setting them up to have a good career. Those are important, but they’re not the most important. The most important part of parenting, shepherding our children’s hearts, is difficult and time-consuming. But it’s also less costly.
• 5. Wanting to give your kids what you didn’t have growing up. You can probably remember a time when, as a child, you didn’t get something you wanted. Maybe it was a new bike. Maybe, as a teenager, it was a certain car. You or your parents couldn’t afford it. And you remember how you felt.
• Now as a parent, you don’t want your child to experience those feelings. So when they ask, they get. Even if the purchase requires a credit card.
• 6. Not considering how lacking something actually helped you as a kid. You remember lacking something as a kid, but do you also remember what resulted from not being able to get that item? You may have resorted to more creative play. If you were a teenager, you may have gotten a job. Those moments in your childhood helped you in your growth as an individual. Don’t you want your children to have the same opportunity?

On this program, Rob also answers listener questions:

• Is it wise to convert investments into precious metals?
• How do you determine if a so-called “stimulus package” for older citizens is legitimate or a scam?
• What are the financial and tax ramifications of renting out a room of your house?
• Will you have to pay capital gains tax on money you take out of a Roth IRA?

Should you consider a service that offers to buy your life insurance policy?
Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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When you buy something, it’s an exchange. You expect to get something for your money. But what about when you give?Christians are called to be generous towards God’s Kingdom— there’s no question about that. But should we expect something in return? We’ll talk about that on this Faith and Finance.

• Should we expect something in return for our generosity? The answer is a definite but qualified yes.
• 2 Corinthians 9:6-8 tells us, “Whoever sows sparingly will also reap sparingly, and whoever sows bountifully will also reap bountifully. Each one must give as he has decided in his heart, not reluctantly or under compulsion, for God loves a cheerful giver.
• And God is able to make all grace abound to you, so that having all sufficiency in all things at all times, you may abound in every good work.
• Now, “reaping bountifully” does not mean that God must reward you monetarily for your generosity. You cannot make God a debtor. He already owns everything. But it does mean that God will bless you for your generosity, but that blessing can come in any form that God chooses.
• You have a problem with your heart attitude when you expect— or demand— material blessing from God for your generosity. This takes the form of sins like greed and covetousness— not to mention arrogance— but also a gaping lack of gratitude for what God has already given you.
• BEWARE OF “NAME IT AND CLAIM IT”
• This is far more prevalent than you might think. Consider the so-called Prosperity Gospel, with its doctrine of “name it and claim it.” Its teachers quote the Bible freely, but twist the meaning of certain verses to support their claims.
• An example of this is James 4:2, which reads, “You do not have because you do not ask God.” The Prosperity Gospel would have you believe that all you have to do is ask God for something— anything— and He’ll give it to you. But it ignores the very next verse that says, “You ask and do not receive, because you ask wrongly, to spend it on your passions.”
• 1 John 5:14 tells us the right way to bring our supplications to God. It says, “This is the confidence which we have before Him, that, if we ask anything according to His will, He hears us.” When your heart aligns with God’s, you can never ask for anything He doesn’t already want to give you.
• Matthew 19:29 is also twisted around to mean that God must reward your giving with greater financial reward. It reads, “And everyone who has left houses or brothers or sisters or father or mother or children or lands, for my name's sake, will receive a hundredfold and will inherit eternal life.”
• But the hundredfold increase that this verse promises is not material wealth, but fellowship with thousands of other believers, here and in eternity. Yes, there is a return, and far greater than anything we could ever give, but it’s not money.
• In fact, the Bible, and Jesus in particular, promised something quite different— that there is a cost for being His disciple. In John 15:20, Jesus warns, “Remember the word that I said to you: ‘A servant is not greater than his master.’ If they persecuted me, they will also persecute you.” Jesus promises tribulation, not prosperity.
• Make no mistake, by any name, the Prosperity Gospel is an aberration of orthodox Christian theology. It claims that God will reward you with material wealth according to your faith. So as your faith increases, so will your wealth. Of course, Scripture promises no such thing.
• The Prosperity Gospel is a modern heresy. It crept into a few local congregations and tent revivals after World War II, but eventually found its way to radio and television, leading untold numbers astray by the 1980s and giving the word “televangelism” a negative connotation.
• And while it started in the U.S., it’s now found around the world. Not surprisingly, it has spread faster in areas with great poverty, such as Africa, South America, and anywhere people struggle to make a living.
• As with any false doctrine, we must be vigilant to keep the Prosperity Gospel out of our churches. Theologian John Piper has identified several common traits to watch out for— here are two:
• The absence of doctrine related to suffering. Remember Jesus’ warnings about the cost of discipleship.
• The absence of detailed exposition of Scripture. In other words, “cherry picking” verses without giving their context
• To sum up, you should expect something in return for your generosity— God’s blessing that enables you to do good works that glorify Him— not material wealth for your own pleasure.

On this program, Rob also answers listener questions:

• What are the best conservative investment options for a couple in their 70s?
• How do you determine whether to retire now or wait a little longer?
• When does it make sense to pay off a home mortgage early?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Does your desk or office look like a paper recycling facility? Stacks of paper here, piles there? That disorder may prevent you from managing money wisely. We’ll tell you how to do some financial spring cleaning on this Faith and Finance.

John Wesley is credited with the idea, “Earn all you can, save all you can, and give all you can.” It’s harder to do that if your financial papers are disorganized.

• START ORGANIZING
• You can start getting things organized by taking all of your stacks and piles of paper and putting them into three categories: Those you don’t need to keep, those you want to keep for seven years, and those you need to keep forever.
• Category 1: Papers you don’t need to keep, go into the shredder. If you don’t have one, buy one that makes crosscuts. It’s worth the small expense to prevent identity thieves from sifting through your garbage.
• Category 2: Papers you want to keep for seven years, will usually be anything related to taxes. Make folders for those and keep them in a file cabinet, another worthwhile expense if you don’t have one.
• Category 3: Papers you need to keep forever, would include marriage and birth certificates, passports, deeds and other documents related to property ownership. Keep those in a fireproof safe or safe deposit box.
• Now that your papers are in order, you can tackle some of the other items on your financial spring cleaning list.
• Do you have 3 to 6 months of living expenses in your emergency fund to cover an unexpected job loss, medical condition, or some other financial calamity? If not, spring is a great time to start or increase your emergency savings.
• You want to keep those funds in an online bank to get the best interest rate, and you can automate the process by having a certain amount taken from each paycheck and put directly into savings. Check your bank’s website for details about automating your savings. That money won’t show up in your checking account balance, and you know what they say— out of sight, out of mind.
• TAXES
• Now, tax season just ended, so it’s a great time to think about your withholdings. If you have too little withheld, you could get hit with a penalty. On the other hand, a big refund means you’re just giving Uncle Sam an interest-free loan with money you can put to better use throughout the year.
• So, how close did the amount you had withheld for taxes match what you owed? If you owed more than around $500, or you’re expecting a refund of that much or more, you need to fill out a new W-4 form to adjust your withholdings.
• This is especially important if you had any major life changes, such as more income or maybe a new addition to the family. You can get a new W-4 from your employer or download one from IRS.gov.
• ESTATE PLANNING
• And speaking of family members, you should also take a few minutes to look over the beneficiary designations for retirement and other financial accounts. If you haven’t made any, now is the time to do it. A beneficiary designation will allow those assets to go directly to the person or persons you name, without having to go through probate.
• INSURANCE
• Your next financial spring cleaning task is to pull out all of your insurance policies, for life, health, home, auto, and anything else. Are they meeting your needs? You’ll have to wait until open season to change health insurance, but others can be changed or replaced at any time.
• For example, are you driving less this year because you’re working from home more?
• Alert your auto insurance agent of that change, because it could well lower your premiums.
• If you made major purchases or changes to your home, you’ll want to make sure your homeowners policy covers them. It’s a good idea to take pictures from different angles in every room of your house. That way you can show an insurance adjuster exactly what you lost in case of theft or fire.
• For life insurance, check to see if your policy provides a death benefit of at least 10 to 12 times your annual salary. If not, increase it accordingly. And by the way, you want the least expensive term insurance policy. Whole life policies mix insurance with investing, and you’ll always be better off by doing your investing separately.
• SUBSCRIPTIONS
• Okay, one more item on your list— check your subscriptions and streaming services to see what you might be able to cancel.
• You can actually download apps that will review all of your automatic bank debits for apps and show you ones you no longer need. For streaming apps, if you’re not watching them, cancel ‘em. It can save you a ton of money.
• Well, that’s your financial spring cleaning list. We hope you’ll get started ticking off items today.

On this program, Rob also answers listener questions:

• Will you owe capital gains tax on the sale of a property?
• When does an annuity make sense in retirement?
• Do identity theft security subscriptions like “Lifelock” make sense?
• Would it make sense to take a loan against your retirement funds to buy a tractor?

RESOURCES MENTIONED:

• FTC.gov
• IdentityTheft.gov
• Experian
• TransUnion
• Equifax

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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It’s a simple question we get from time to time: “When should I start teaching my kids about money?” The answer, however, isn’t always as simple as the question. It all depends on what you’re trying to teach your children. We’ll share some “age-appropriate” money lessons for kids, on Faith and Finance.

• Christian parents are well-acquainted with Proverbs 22:6, “Train up a child in the way he should go; even when he is old he will not depart from it.” That training, of course, includes managing money wisely, according to God’s financial principles.
• Teaching the practical application of those principles isn’t a one-time thing— it’s a process— and it requires teaching certain things at certain times as your child grows and matures. So let’s look at some money lessons for kids at various ages.
• GETTING STARTED
• Maybe as early as age three, and certainly, by age five, you can introduce the idea that buying things requires money. That’s a simple concept, and it’s followed by the idea that you have to earn money, and that means work.
• Then teach that once you have money, you can spend it on things, or you can save it, or you can give it. You might even give a very young child a small amount to put in the collection plate on Sunday.
• At this early stage, you can also introduce the concept of needs and wants. Explain that you need to have a place to live, a way to get around, and food to eat, but that many other things are wants. You don’t “have to have” them, but they’re nice. Just about anything a small child begs for in the grocery store will fall into the “wants” column, and that’s a teachable moment.
• You can also introduce the basic concept of budgeting at this early stage, using the “three jars” approach. As children receive money, perhaps from birthday or Christmas gifts, they can divide it among jars for spending, saving, and giving.
• NEXT STEPS
• When children reach 9 or 10, they’re ready to learn more about earning money and managing it. You can give them opportunities to do that around the house. You could also elect to give them an allowance each week, for which they’re expected to perform certain chores without being asked. If a chore isn’t done, the allowance is withheld until it is.
• PRE-TEEN AND EARLY TEEN YEARS
• From ages 10 to 15, you can expand on the idea of working to earn by giving your kids the chance to earn greater amounts for doing more difficult chores, such as babysitting or mowing the lawn. You can also help them set savings goals. You can even set up a custodial account for them at the bank, or use a money app for kids.
• You can build on the budget concept by setting aside a little from the family’s grocery budget. At the store, let children decide which of their favorites to spend it on. That’s a quick way to drive home the idea that money is always limited— that you always have more choices than money— as Ron Blue likes to say.
• In this “10 to 15” stage, you can also have children decide on a ministry they’d like to give to. Teach them to tithe to your local church, but let them choose where they’d like to give beyond that. Raising faithful tithers and generous givers— what more could you want?
• LATE TEENS
• Now we come to ages 16 to 18. At this stage, children are able to work outside the home to a great extent, and in some states, even younger than that. (14 in Georgia, 16 in Wisconsin, for example.)
• This will give them the opportunity to earn a great deal more than they can around the house. Whether that income is constant or varies, help them set up a budget with necessary categories. Emphasize the importance of sticking to that budget so they can meet their goals, which by this time could be things like a car, or saving a certain amount for college.
• You can also offer to match what they save. Instead of just buying your teenager a car, encourage him or her to save for it by matching what they put in the bank, much like an employer might match contributions to a 401k.
• This is also a good time to teach the value of investing, again with a custodial account or an app. Let teenagers decide which stock or stocks they’d like to buy (probably in fractional shares). Impress on your children that you don’t automatically sell a stock if it loses value, that the market goes up and down, and that investing is for the long haul.
• You can also set up Roth IRA accounts for your kids if they have earned income, or a 529 education savings plan, and again, let them choose a stock to invest in within those accounts.
• You want to teach these money lessons to your kids at the appropriate times— so they’re ready to take on the responsibility of managing money on their own— and doing it wisely.

On this program, Rob also answers listener questions:

• What is a wise way to invest $5,000 at age 57?
• How do you determine if it’s wise to go back to school in your 40s?
• How can you engage in faith-based investing on behalf of a child?
• When is a Roth IRA the best investment vehicle for you and how do you determine that?

RESOURCES MENTIONED:

• Career Direct
• FaithAndInvesting.com

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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As Christians, we tend to think of giving as a personal thing— we’re called to do it. But what about a business? What happens when a business gives back to God’s Kingdom? We’ll talk about that with Aimee Dodson on Faith and Finance.

• Aimee Dodson is the National Director of Affiliate Relationships at Movement Mortgage, an underwriter of this program.
• When Movement Mortgage started the company in 2007, its goal was to change the way financial services companies face the community; to treat every single borrower like a sister or brother.
• Movement Mortgage also gives back from its revenues, not just in the U.S., but around the globe. Much of that is done through investments in sustainable projects that serve marginalized communities, and through match-giving.
• The organization also works to keep employees at the core of the mission to give back, as well as borrowers, referral partners, and every single person involved in the transaction.
• On this program, Aimee shares stories about the impact of the movement and the organization is working to change lives for Christ.
• Learn more at Movement.com.

On this program, Rob also answers listener questions:

• Does it make sense to change a traditional IRA to a self-managed precious metals account?
• How do you go about selling a home that is serving as collateral for a commercial mortgage?
• How do you determine the best way to manage funds from a cash settlement?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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It’s a question more and more listeners are asking these days— how do I align my investments with my Christian values?The faith-based investment movement is turning heads in the financial industry as a growing number of believers get involved. We’ll talk with Cassie and Rick Laymon about the early days of the movement, on Faith and Finance.

Cassie and Rick Layman with Lifepoint Portfolios were pioneers in the faith-based investing movement. They recently celebrated 25 years of helping believers invest in God's kingdom.

• On this program, Rick shares the origins of his faith-based investing journey. Someone once asked him, “Rick, do you know what you're investing your client's money in?”
• As a newly recommitted Christian, he had no idea what the Bible had to say about money in those early years. Nor did he really understand the implications of stock ownership. Eventually, faith-based investing became the focus of his practice.
• Cassie shares that learning about faith-based investing played a pivotal role in her recommitment to Christ and in her eventual marriage to Rick.
• Rick and Cassie share that when they started in the faith-based investing sphere, there were fewer than a half dozen funds to choose from. Today, there are several dozen fund companies offering many quality investing options.
• They also share key advice for faith-based investing:
• Know what you own inside of your portfolio. Ask your advisor if they have the tools to screen those current portfolio holdings so you will know exactly what you own. If not, you can contact Lifepoint Portfolios for help screening and auditing your investments through several database providers.
• Sometimes investors are surprised that they may be investing in things like abortion, pornography, adult entertainment, or addictions like alcohol, tobacco, and gambling; things that are harmful to people.
• If you have not had this conversation with your financial advisor, sometimes they don't even know that it's important to you as an investor. So please do ask him or her about this.
• Does investing in a way that aligns with your faith mean you have to sacrifice returns? Absolutely not in the long term.
• Many studies show that there is no long-term appreciable difference in performance between a faith-based portfolio and an unscreened portfolio.
• Learn more about faith-based investing at Lifepoint Portfolios.

On this program, Rob also answers listener questions:

• How can you determine if it’s wise to purchase the home of a deceased relative?
• What is the best way to help a parent choose wise investment options?
• When does a living trust make sense?

RESOURCES MENTIONED:

• certified Kingdom advisor
• SoundMindInvesting.org

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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So you’d like to give more, but you don’t know how? Good news! If money’s scarce, it doesn’t mean your giving has to be. We’ll give you some ways you can give without money, on Faith and Finance.

• Hebrews 13:16 reads, “Do not neglect to do good and to share what you have, for such sacrifices are pleasing to God.” It doesn’t say, “unless you’re broke.”
• One of God’s financial— and spiritual— principles that isn’t talked about enough is that God gives an extra measure of blessing for sacrificial giving.
• Listen to Luke 21:1-5: “Jesus looked up and saw the rich putting their gifts into the offering box, and he saw a poor widow put in two small copper coins. And he said, “Truly, I tell you, this poor widow has put in more than all of them. For they all contributed out of their abundance, but she out of her poverty put in all she had to live on.”
• This reveals an opportunity to be even more generous even if you don’t have another dime to spare. You can give sacrificially in any number of ways without money … and here are several suggestions that barely scratch the surface:
• GIVING OF YOUR TIME AND TALENTS
• Obviously, the first is to give time to your local church. There are any number of ways to serve. Is there a missions committee that you might serve on? Maybe you can teach a Sunday School class. If you don’t feel confident teaching adults, how about a children’s class? Or you could weed flower beds outside the church or rake leaves. One sure way to find something to do at your church is to ask a deacon what they need help with. You’ll probably get a long list!
• Another way to serve your church is to visit members when they’re in the hospital. An hour of your time could be the highlight of someone’s day. Another idea is volunteering to babysit for parents in your church who need a break from the kids.
• You can also do volunteer work in your neighborhood and community. Are there elderly shut-ins in your area that would enjoy a visit? While you’re at it, ask if they need any work done. You could help out around the yard, shovel snow, or maybe pick up groceries for them. Use the opportunity to advance God’s Kingdom and offer to take them to church, if that’s possible.
• You can also have a positive impact on the lives of people without even leaving your home. Set up your own ministry of sending cards or handwritten letters to folks who need a few words of encouragement. Include a Scripture verse that shows the love of Christ.
• Do you have a van, truck or trailer? Use those resources God gave you to help others by doing some volunteer hauling. Maybe someone you know or hear about is moving. Show up and offer to help. To say they’ll be surprised is an understatement!
• God has given each of us special skills. Are you good with computers? Maybe you’re a graphic designer, an electrician, or a dentist. Donate your skills and talents, first within your church to folks who need help, then in your community— and again, use the opportunities this prevents to share the Gospel.
• Do you keep a garden? If so, you may have extra fruits and vegetables to give away. Make care packages of your extra homegrown foods to share with folks in your church, friends and neighbors. Never let anything go to waste.
• HOUSEHOLD GOODS
• Take a look in your closets, garage or basement. Do you have items that you haven’t used in quite awhile? If you don’t need them, donate them— preferably to a Christian charity like the Salvation Army.
• And by the way, you may be throwing away things that some ministry can use. A food bank or a thrift store can recycle your plastic shopping bags, saving them money.
• You can also donate unused Bibles and other Christian books. There are several international ministries that accept and distribute these materials in places where believers are starving to read and learn God’s Word.
• Love Packages and Christian Resources International are two ministries that will take and distribute your unused Bibles and Christian materials globally. We’ll put links to them in today's show notes. But also check with local homeless shelters, many of which accept Bibles and other Christian material.
• OTHER GIVING
• Now here’s one way you can give to God’s Kingdom that you never thought of— give blood. How does that help the Kingdom? They say that every pint of blood donated saves three lives.
• Those are three more people who’ll live another day for the Holy Spirit to touch their hearts with the truth of the Gospel— saving them for eternity. Visit RedCrossBlood.org for details on where and when you can donate blood.
• PRAY!
• Now, perhaps the most important way you can give to the Kingdom is to pray. If your church has a prayer group, show up and participate. But also, pray individually for your church, your family, friends, and neighbors. Pray for our elected leaders, that they would govern in a godly way.
• Okay, those are ways you can be generous, even if you’re broke. We hope you’ll take advantage of them!

On this program, Rob also answers listener questions:

• How do you go about diversifying your investments at a young age?
• When should you pull out of the market when stocks are down or wait for investments to rebound?
• How does a qualified charitable distribution affect your taxes?
• Are you able to rent out a timeshare to help cover ongoing fees?

RESOURCES MENTIONED:

• Schwab Intelligent Portfolios
• Betterment
• Sound Mind Investing

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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The average credit card late fee is now as high as $35. And that’s just one of many fees you could be paying if you’re not careful.Credit card companies make billions each year in interest charges and other fees, but almost all of them can be avoided. We’ll tell you how to stop paying unnecessary credit card fees on Faith and Finance.

• Proverbs 21:20 tells us, “Precious treasure and oil are in a wise man's dwelling, but a foolish man devours it.” With a little planning and oversight, you can prevent credit card fees from devouring your treasure. And some of them you may not even be aware of.
• INTEREST
• Obviously, the biggest fee you’ll ever pay on a card card is interest, which now averages around 24% of your remaining balance. That means if you carry a balance of $1,000, you’ll pay $240 a year in interest alone.
• This is why it’s so important to pay your balance off in full each month. If you have to adjust your budget to pay extra each month, you should do it as soon as possible. And remember, the interest you pay on a balance will more than wipe out any rewards you receive for using a credit card, so don’t be fooled.
• ANNUAL FEES
• Now, some credit cards have annual fees. It’s a surcharge that you have to pay just for the privilege of using the card. While some cards with annual fees might charge as little as $35, others may ding you for as much as $500.
• Either way, you don’t want to pay an annual fee, and you don’t have to. Cancel that card and look around for one with no annual fees. And while those cards may give more rewards, remember, it won’t matter if you carry a balance.
• LATE FEES
• Late fees are something else you don’t want to pay. They could run as high as $30 for a first-time offense, and go up to $40 the second time you’re late making a payment. You can avoid late fees in a number of ways.
• Sign up for text alerts when a credit card bill is due. You can also set a reminder to alert you each month before the due date. You can even make a payment each time you use the card for an amount equal to the charge. That way you’ll never have a minimum amount due. And you can set an automatic payment from your checking account if you carry a balance, which again, you want to pay off as quickly as possible.
• CASH ADVANCE FEES
• Here’s something else to avoid— cash advance fees. Check your credit card agreement. You might find there’s a fee for taking a cash advance and an even higher interest rate on the amount you take out in cash.
• And the transaction doesn’t even have to result in you actually getting cash. This fee could also be charged for getting money orders, exchanging foreign currency, wire transfers, sending money to a friend using an app, and making an auto loan payment.
• You avoid cash advance fees by simply having cash on hand to meet any of those needs. Again, adjust your budget so that you have margin— that’s money left over after paying all of your bills, so you’ll never need a cash advance.
• RETURNED PAYMENT FEES
• Okay, another one you never want to pay is a returned payment fee. Your bank will charge you a fee if you bounce a check. Everybody knows that. But if that check is going to a card card company for a monthly payment— and it bounces— the card issuer may also charge you a fee for a returned payment, which could be as high as $40. And if that mess results in a late payment, well, we’ve already told you about that one!
• There’s really only one way to avoid returned payment fees, and that’s by always having enough money in your checking account to make necessary payments. The only way to make sure that happens is by living on a budget. If you’re not, download the FaithFi app and it will help you set one up in no time. Then stick to it.
• OVER THE LIMIT
• Another charge you’re likely to incur if you’re not living on a budget is an “over the limit” fee. That’s when you’ve maxed out a card and you keep using it. In many cases, the transaction will be declined, but there may also be a fee attached, and it could run from $25 to $35.
• Now, you may be able to sign up for “over the limit” protection with your card issuer, but that’s really just treating the symptom. You never want to carry any balance on your card, let alone the maximum balance. So the best way to avoid over-the-limit fees is to pay off your balance.
• By the way, carrying a balance in excess of 30% of your available credit will negatively affect your credit score— another reason to avoid carrying a balance.
• Okay, we’ve gone over a whole batch of credit card fees you want to avoid, but it’s not a complete list. Your card issuer may be able to charge you for other things like replacing your card, opting for paper statements or increasing your credit limit. Again, check your agreement to see what possible fees are in the fine print.

On this program, Rob also answers listener questions:

• What is the best strategy to pay off your mortgage early?
• How do you deal with difficulties surrounding a stolen credit card?
• When does it make sense to keep money in a CD or move the money elsewhere?
• How do you determine whether it makes sense to get a lump sum from an annuity or a monthly payout?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Our guest today is Aaron Caid, Chief Marketing Officer at Christian Community Credit Union, an underwriter of this program.

Christian Community Credit Union is a faith-based, not-for-profit credit union that’s served the Christian community nationwide for over 65 years. We’re driven by the purpose of serving Christ followers to live and give more abundantly. Christian Community Credit Union has just launched a new “Cash Rewards Visa card.” It has many of the perks you’d expect with a typical rewards card. 1.5% cash back on every purchase, plus, at $200 bonus when you spend $750 in the first 3 months, which is pretty easy to do.

As a non-profit, revenue generated by using the card goes to building and expanding churches, spreading the Good News of Jesus to remote areas, providing disaster relief, giving hope to vulnerable children, ending modern slavery and human trafficking and much more. So far, our members have given over $6 million through their use of CCCU’s credit and debit cards.

Christian Community Credit Union was recently were able to help a Mission Aviation Fellowship pilot who was flying supplies to an orphanage in northern Mozambique. He’d been arrested and wrongly imprisoned and we were able to secure his release by paying for his legal assistance. He’s now been reunited with his wife and two young sons.

We also partnered with a Christian organization named Olive Crest who is dedicated to protecting vulnerable children. Through their work, they’ve transformed the lives of 200,000 children and families by preventing child abuse, equipping and educating children in crisis, and preserving the family. 

Our cardholders have made it possible for CCCU to come alongside them through donations and to support their work including the purchase of a property for survivors of human trafficking.

To learn more about Christian Community Credit Union go to JoinChristianCommunity.com

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Teaching kids to handle money wisely is a valuable gift. Teaching them to honor God with their money is priceless. We’ll talk with Matt Bell about training up your children to handle in a way that honors the Lord today on Faith and Finance.

Matt Bell is the managing editor at Sound Mind Investing and the author of several books on personal finance. His latest is just out and it’s titled, Trusted: Preparing Your Kids for a Lifetime of God-Honoring Money Management.

• The title of the book “Trusted” comes from Luke 16:10, which says whoever can be trusted with very little can also be trusted with much. Matt explains that as our children grow and mature and prove themselves more trustworthy, we should entrust them with more responsibility.
• Why is it important for parents to teach their kids about money? Because if we don’t teach our kids biblical financial values, they’ll learn their values from our consumer culture. And that’s not the best teacher!
• When a child develops a healthy relationship with God and money, that will flow into his or her relationship with their future spouse, and it will free your child to fully serve God’s purpose in his or her life! And Matt adds that you don’t have to have it all “together” yourself financially to begin teaching your kids biblical principles.
• Matt encourages parents to start with small, simple lessons for their kids when they’re very young, in giving, for example. John Rockefeller once said he could never have tithed on his fortune if he didn’t first tithe on his first salary, which was $1.50 a week. Start young and start small!
• He also talks about “growing up in a target market.” Help kids to understand the marketing tactics of companies and not to fall into a massive consumer mindset where happiness is always one purchase away.
• Between social media and all of the forms of influence that our kids are exposed to, it’s vital to instill God’s principles in them from an early age. Don’t allow the world to fill a vacuum!

On this program, Rob also answers listener questions:

• Is there a way to unload a car payment without damaging your credit?
• How do you find out about the pension offered by your employer?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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You’ve heard the ads on the radio — identity thieves can take your house unless you buy "TITLE FRAUD INSURANCE". You’ve also heard that home title fraud is a growing type of identity theft. But is the answer really ANOTHER insurance policy, or can you protect yourself? Rob talks about all that on this episode of Faith&Finance.

• Here’s it's is supposed to work - a lender notifies you that they’re about to foreclose on your home. That’s news to you because you haven’t taken out a new mortgage or other loans on the property. The type of fraud that kicks off that scenario can take several forms but all of them start with identity theft. There’s even a very sophisticated version involving wire fraud that has the FBI’s attention, but it’s pretty rare.
• We're talking about a much simpler and more common variety that we’ll just call title fraud, and it works like this. The thief walks into your county deeds office and fakes your signature on what becomes a fraudulent deed transfer in your name, giving the property to someone else. The thief then takes out a home equity loan or refinances with cash out and skips town. After a few months of nonpayment the lender then begins foreclosure proceedings. All of this is happening without the real homeowner knowing anything about it until it’s too late. Many companies today are advertising that they can protect you from this type of fraud. But what exactly are you buying with title fraud insurance that may cost $15 a month or more?
• First you need to understand that this is NOT what’s typically known as title insurance which you should always get when you purchase a property.
• Title fraud insurance really isn’t insurance at all and it doesn’t lock your title, as some of the names imply. Real title insurance protects you against any claim involving the validity of your ownership of the property. And it’s a one time purchase usually several hundred dollars. Title fraud insurance is a completely different product and it WON’T protect you in the very unlikely event that a scammer forges your signature and transfers your title.
• Title fraud insurance products will usually just monitor whether your deed has been transferred out of your name at the county records office and that might be helpful, if you’re able to react in time and challenge the deed transfer at the county records office before the scammer takes out a new loan. But that’s a big “if.”
• Also, there’s no way to actually “lock” a title in any state. There’s nothing to stop a scammer from forging your signature and transferring a deed out of your name. But you can monitor YOURSELF whether a fraudulent transfer has occurred. Most counties allow you to view the status of your deed online and some counties even allow you to sign up for automated alerts involving deed changes.
• So by now you’re asking, “If I don’t monitor the status of my deed all the time, how do I protect myself from home title fraud?” In theory, you don’t really need protection against it, because no matter how the scam plays out, it’s STILL FRAUD. If someone forges your signature, transfers your deed, and then takes out a loan on the property, you’re NOT responsible. The con artist didn’t legally own your property, so the lender doesn’t have a legal claim to it. If they tried to foreclose on you, it would be “wrongful foreclosure” and wouldn’t hold up in court.
• There’s another reason that the bank or mortgage company wouldn’t come after you - they would, as a matter of course, require the scammer to pay for “lender’s” title insurance at closing protecting them against any loss. There would be no reason for them to come after you even though they’d have no case against you.
• But you can take further precautions. Get out your title insurance documents from when you purchased the property. Look to see what it covers and doesn’t. It’ll always protect you from legal claims against your ownership and possibly but not necessarily against fraud. If it doesn’t you can purchase a title insurance policy that protects against fraud even if you bought the property years ago.
• If you didn’t buy title insurance when you first bought the property, you can still get it. It will not only protect you from a loss, but will also cover any legal fees involved with defending your ownership. In most cases, the title company will actually provide an attorney to represent you.
• The bottom line is that title insurance is always a good idea; title fraud insurance probably not worth the money. As Matthew 10:16 teaches, be innocent as doves, but wise as serpents.

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:

• If our economy crashes soon as the rumors you've heard tell, what will that look like; will everything we own be worthless and to hedge against this, should you pay down your mortgage thinking it's a better place to have your money invested?
• If you're 63, probably about 3 years from retirement, have a retirement account with around $500,000, a $61,000 mortgage for a recent home renovation and no other debt than that, are you on track?

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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“Well done, good and faithful servant. You have been faithful over a little; I will set you over much. Enter into the joy of your master." Christians are called to be faithful stewards of God’s resources. When we do that, we leave a LEGACY for generations. Rob talks with Tom Conway about what that means and how you do it.

Tom Conway is a CPA by training, a Certified Kingdom Advisor, and founder of Legacy By Design. Tom and Rob cover these topics and questions on this episode of Faith&Finance.

• Rob - I think we all leave a legacy to our children and grandchildren, whether we know it or not, but there are actually three kinds of legacies. What are those and can you flesh out the details?
• Tom -
• The one you received
• The one you will leave
• The one you are leaving every day
• Rob - You help families plan their legacy and this isn’t a “one size fits all” process, is it?
• Tom -
• Every family is unique
• Their situation is unique
• The family members are unique
• Rob - How exactly do you help families prepare a legacy?
• Tom -
• It starts with a conversation. involving 5 areas of their legacy:
• Personal Legacy
• Family Legacy
• Financial Legacy
• Business Legacy if you are a Business Owner
• Kingdom or Charitable Legacy
• Rob - Perhaps people aren't thinking of their legacy quite this way or with the intentionality you've brought to the process, right?
• Tom - The most important legacy you leave does not involve money.
• Rob - What goals should guide us as we think about the legacy we want to leave?
• Tom -
• Two Biblical Goals for families:
• 1 - Hear ‘Well Done’ at end of life – Matthew 25:21
• 2 - Present every man complete in Christ – Col. 1:28-29 defines this: “Him we proclaim, warning everyone and teaching everyone with all wisdom, that we may present everyone mature in Christ. For this I toil, struggling with all his energy that he powerfully works within me.”
• Rob - How have you been successful once a family realizes the importance of the faith legacy they're leaving?
• Rob - What about when a family realizes their kids are not "there" spiritually?
• Rob - How do you counsel parents who just feel like it's their responsibly to leave money to their kids?
• Rob - Should you struggle with treating each child uniquely?
• Tom -
• Statistically, 70 to 90% of wealth transfer plans fails
• In 60% of the cases, its due to lack of communication and Trust in the Family
• 25% is due to Unprepared Heirs
• Communication is a must
• I tell people, “There will be a family meeting. It's just a matter of whether you will be there or not!”
• Rob - What's the benefit of all this?

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:

• If you're 32, have a 401(k) for which your employers matches up to 10% but you're currently contributing 8%, what is the best way to maximize plan?
• You're a senior and you'd like to open some sort of account that will earn as much interest as possible, where should you look?Ally, Marcus and Capital One 360

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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We knew it was coming … the latest job numbers show the unemployment rate is increasing. As the Federal Reserve raises interest rates, the economy is slowing down and a weakening labor market has to follow. It’s time to sharpen your job hunting skills.  Rob tells you how to do that.

• By some measurements, the job market is still strong, but the trend is definitely heading in the wrong direction. If you haven’t been job hunting lately, you’ll want to pay attention because some things have changed.
• Proverbs 27:12 warns, “The prudent sees danger and hides himself, but the simple go on and suffer for it.” You definitely don’t want that.
• There was a time when you just updated your resume, sent it out, and then waited for a phone call or email from a hiring manager. That could still happen, but I wouldn’t count on it. Fortunately, there are a number of things you can do to improve your chances of landing a job.
• Let’s start with some of the rules that HAVEN’T changed.
• The first is networking. I know a lot of folks hate the idea of networking, but it’s really important. By some estimates, up to 85% of jobs are filled without being advertised, and networking has a lot to do with it. You need to make a plan to contact at least one person you know every day and let them know that you’re looking for work and what kind of work you’d like. Keep a list of people you’ve talked to and notes about the conversation.
• To take the anxiety out of networking, always ask the other person if they’re also looking. Offer to be on the lookout for opportunities for them, as well. If you make it as much about the other person, you won’t feel like you’re being a burden.
• You also need to improve your job skills, whether you’re seeking new employment or not. It’s easier than ever these days to find online classes for additional training. Concentrate on skills that transfer to other types of businesses or industries, things like customer service, HR, and bookkeeping. Then update your resume and LinkedIn profile to show those skills or certifications, and specify how they increased revenue or cut expenses in your current or previous jobs.
• We’ve talked before about how important it is to never badmouth a previous employer in an interview, or on social media, no matter how tempting or deserved. No good can come from it. We’ve also talked about not posting any kind of objectionable material on social media. The rule is, if you don’t want your grandmother to see it, don’t post it. A CareerBuilder survey revealed that more than half of employers found content on social media that caused them to eliminate an otherwise promising candidate.
• Here’s what’s changed.
• These days, you HAVE to use social media in a positive way. It’s not just about avoiding bad content. You want to use those platforms to highlight your favorable attributes. That same CareerBuilder survey found that 70% of employers use social media to check up on candidates and almost half said that an applicant’s social media content contributed to their decision to EXTEND a job offer. That’s how important social media has become.
• Since COVID, many jobs are now being done remotely. That can be a real blessing, but it also presents new challenges. You may not even go into the company office for an interview. That means you have to be ready to make a good first impression IN A VIDEO INTERVIEW. Employers now know that they can save a lot of time and trouble by doing interviews on Zoom or some other video platform.
• If you’ve never used them before, set up a practice session with a friend or family member so get comfortable with the process. Position your computer so there’s a professional looking background, or at least nothing that appears untidy. Adjust your camera so you’re eye-to-eye with the interviewer. You also want to dress much like you would for an “in person” interview. Don’t think that’s only from the waist up. If you suddenly have to stand up for some reason, you don’t want folks to see your “jammy” bottoms. Also, alert others in the house not to disturb you during the interview. Close the door to keep out noise from the rest of the house.
• Everything else is much like you’d prepare for an in-house interview. Have a copy of your resume and other related paperwork handy in case the interviewer refers to it. And finally, follow up the online interview with an email expressing thanks no later than the next day.
• So those are ways you can sharpen your job hunting skills and be ready for whatever the economy brings. We hope you’ll take advantage of them.

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:

• Should you tithe on a tax refund?
• Is there a company one could use to track problems that might pop up from identity theft?
• If you have a 401(k) at your employer you'd like to participate in but someone at your church said they don't like them, are there any things you should know about 401(k)s for which one should be concerned?
• If you work jobs that short-term in nature but they're automatically enrolled 401(k) is set to 5 year vesting, how should you handle this?
• If you're 63, have been  divorced for 9 years, you were married for 27 and you've heard that you can draw off your ex-husband's Social Security, is this so?  And if you do this before drawing on your own, does it affect that?

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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So you think you know everything about your IRA? Well, get ready for a pop quiz. Whether you already have an IRA, or you’re thinking about opening one, there are several things you should know. And what better way to measure the depth of your knowledge with a little test.

• First a little inspiration from Proverbs 18:15 - “An intelligent heart acquires knowledge, and the ear of the wise seeks knowledge” so let’s SEEK SOME KNOWLEDGE about IRAs!
• Here’s our little quiz... just to make it easy, these will all be true or false questions.
• 1 - You can’t open an Individual Retirement Account if you already have a qualified retirement plan with your employer. True or false?
• FALSE - An IRA can be a great way to supplement your retirement savings, even if you have a 401k or 403b with your employer. In 2023, you can contribute up to $6,500 to a traditional or Roth IRA, or $7,500 if you’re 50 or older. You can even have a traditional and a Roth IRA, but the combined contributions must not exceed those limits.
• 2- You can invest in anything in an IRA. True or false?
• FALSE - Your IRA isn’t an investment in itself; it’s more like a bucket that holds your investments, which are managed by the account’s custodian. That custodian will offer you a WIDE VARIETY of investing options, like bonds, money market funds, stocks, and mutual funds.
• But THERE ARE LIMITS. You can’t invest in things like whole life insurance policies, antiques, or physical precious metals. That last one requires a different thing - a self-directed IRA, which is a topic for another time.
• 3 - If you should die, your IRA must go through probate and be distributed to your heirs according to your will. True or false?
• FALSE - Like many financial accounts, your IRA allows you to name one or more beneficiaries to receive those funds in the event of your untimely death. The beneficiary designation supersedes anything specified in a will and prevents the IRA from going through the sometimes lengthy probate process.
• You do, however, have to keep the beneficiary designation up to date if you go through a major life change, like the death of a spouse. The custodian can’t read your mind, so making your intentions known with a new beneficiary designation is vital.
• 4 - At some point, you have to take money out of your IRA. True or False?
• TRUE - Traditional IRAs come with Required Minimum Distributions or RMDs. When you retire, you may not need the income generated by your IRA, and you’d be perfectly content to just let those assets accumulate but Uncle Sam sees it differently, wanting his cut and only willing to wait so long.  You’ll have to start taking money out of your traditional IRA by April 1st of the year after the year you turn 73 and a half. In 2033, the age for RMDs will be extended to 75.
• If you’re worried that you’ll need a calculator and calendar to figure all that out, don’t worry. IRA custodians are required to send you an RMD notice by January 31 each year.
• PAY ATTENTION TO THOSE NOTICES because if you fail to take an RMD on time, the penalty is a whopping 25% of every dollar you failed to withdraw. Here’s where a Roth IRA is a better alternative, since it’s funded with after-tax dollars and has NO REQUIRED MINIMUM DISTRIBUTIONS.
• 5 - You can’t borrow from your traditional IRA. True or False?
• TRUE - While you may be allowed to borrow from a 401k or 403b, (not advisable, by the way) you can’t borrow from an IRA even for a good cause like buying a house or sending your kid to college. If you withdraw funds from your traditional IRA, the money will be added to your adjusted gross income and taxed at your income tax rate … and it’s possible that the withdrawal could push some of your income into an even higher tax rate. So you don’t want to do that.
• Those are some of the things you may not have known about an IRA. We hope you did well on our pop quiz.

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:

• If you have some cash that you've been holding onto, is it idea to put it into a Money Market right now?
• If you're 63 and retired and your husband is 12 years old and not in good health, will taking your benefits first affect the survivor's benefits from his Social Security later?
• If you and your husband have very few deductions which left you, this year with a much higher tax payment, instead of raising your W4 withholding, would it be better to put more into contributing to an IRA?
• If you're considering turning your garage into a AirBnb room for rent, how should you finance this?

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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“And he said to them, “Take care, and be on your guard against all covetousness, for one's life does not consist in the abundance of his possessions.” Covetousness doesn’t get enough pulpit time these days. Pastors would do well to preach more about this sin that infects today’s society. Rob talks about how you combat covetousness with God’s wisdom.

• First a definition - Covetousness is a sinful desire for things. It’s often confused with envy, which is actually directed toward another person and leads to covetousness when you want what they have.
• We make this distinction because the Bible makes it — by giving covetousness a SPECIAL place — forbidding it in the 10th Commandment.
• Envy is bad; it’s a sin, but covetousness is even more dangerous to your soul.
• Paul answers why in Colossians 3:5 - “Put to death therefore what is earthly in you: sexual immorality, impurity, passion, evil desire, and covetousness, which is idolatry.
• When you covet something, you make it an idol, putting it BEFORE God. This points back to the first two commandments. “I am the Lord your God, who brought you out of the land of Egypt, out of the house of slavery. You shall have no other gods before me."
• Followed by, “You shall not bow down to them or serve them; for I the Lord your God am a jealous God, visiting the iniquity of the fathers on the children to the third and fourth generation.”
• Now you see the danger. Covetousness is an emotion that drives idolatry and it’s nothing short of a plague in today’s society. Through the media and advertising, we’re bombarded daily with images of things, many of which we can’t afford — a bigger house, a newer car, or a skiing vacation in Vail.
• Covetousness is sometimes called “the mother of sin” because it leads to so many others, like greed, envy, hate and even murder. And there are special warnings when money itself becomes an idol.
• Jesus says in Matthew 6:24, “No one can serve two masters, for either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve God and money.”
• In 1 Timothy 6:10, Paul writes, “For the love of money is a root of all kinds of evils. It is through this craving that some have wandered away from the faith and pierced themselves with many pangs.”
• God gave the sin of covetousness a special place in the 10 Commandments because He had to. As Paul relates in Romans 7 that without the law, he wouldn’t have known that he was covetous. That’s because our sin nature prevents us from seeing our greed, lust and materialism.
• How do you know if you’ve fallen victim to covetousness?
• First, by praying that God would reveal this sin in your heart. James 1:5 tells us, “If any of you lacks wisdom, let him ask God, who gives generously to all without reproach, and it will be given him.”
• Second, by searching God’s Word for the truth about covetousness and how it may be affecting your life. 2 Timothy 3:16-17 reads, “All Scripture is breathed out by God and profitable for teaching, for reproof, for correction, and for training in righteousness, that the man of God may be complete, equipped for every good work.”
• Third, by asking yourself some difficult questions and answering them HONESTLY. Does God hold preeminence in your life? Have you placed other gods before him? You would never worship a golden calf, but what about your favorite sports team, or your TV, or even your spouse or children? Have you placed those things before God?
• Have you sought after earthly things instead of the Kingdom of Heaven? Jesus says in Matthew 6:10, “Lay up for yourselves treasures in heaven, where neither moth nor rust destroys and where thieves do not break in and steal.” In Luke 12:15, “Take care, and be on your guard against all covetousness, for one's life does not consist in the abundance of his possessions.”
• So, pray for wisdom, study God’s Word, and guard your heart— that’s how you combat covetousness. But as you do those things, keep in mind that money and possessions themselves are not evil. It’s not a sin to have wealth, nor is it more holy to be poor. It’s only when we put possessions above the God that gives them to us …  that we fall into the trap of covetousness.

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:

• Since it's often recommended to have 3-6 months living expenses as a personal emergency fund, what is recommended for an organization like a church?
• If you're a 2nd-career-minister, you don't have children so you're not looking to leave an inheritance for anyone, how should you essentially efficiently distribute your assets to yourself?
• Is it still a good time to buy I Bonds?
• Can you use a self-directed IRA to invest in real estate?
• If you're 30 years old, don't have much savings yet, have an emergency fund in place, just started a retirement plan with matching, how do you get started in saving for your future?

External Links:

• ECFA, Evangelical Council for Financial Accountability
• Open an I-Bond

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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The wedding season is nearly upon us, and if you’re planning one, you’re probably knee-deep in details. But experience shows that one of the most important things is often overlooked. That is, how will you and your spouse handle money? We’ll talk about that today with Howard Dayton.

Howard Dayton is the former host of this program, and he literally wrote the book on this topic. It’s called Money and Marriage God’s Way.

• BE COMPLETELY HONEST AND TRANSPARENT
• The very first thing he advises couples planning a wedding to do is to give complete disclosure with their finances. You should be fully transparent with your financial situation. Make this commitment to each other— no secrets about money!
• Swap your financial statements that disclose all your assets and debts. Trade credit reports and credit scores and openly talk over any financial struggles you’ve experienced.
• When you’re honest— even if there’s bad news to deal with— it builds trust with your future spouse. Your fiancé will respect and appreciate your integrity. Ignorance about your financial circumstances is definitely not bliss.
• TALK IT THROUGH
• The next item is talking through your financial goals, values, and expectations.
• You want to get to know each other. Learn each other's financial personalities, values, and attitudes. What is it that you want to accomplish in your economic lives as an individual and as a couple? What things are most important to you? You need to have that conversation.
• FOUNDATIONAL QUESTIONS
• Here are some important questions to ask one another:
• ● Who’s going to be the breadwinner, one or both?
• ● If both are breadwinners, what happens when we have children – does the wife stay home to raise the children?
• ● What percentage of our income do you want to give? Who do you prefer to give to-church, ministries, the poor and needy, etc.?
• ● How much of our income do you want to save?
• ● What’s your attitude toward debt? When should we use it? Is paying off debt a very high priority for you?
• ● Who will handle the bookkeeping and paying the bills?
• ● And how often should we meet to review our finances?
• REGULAR REVIEWS
• It’s important to regularly review your finances together. Howard likes to call this a weekly “money date.” That’s when you get together to go over the week's income and spending, and how well you’ve kept to the budget, and whether you need to make adjustments. It’s an important tool for staying on track because it makes the spouses accountable to each other.
• UNITY QUESTIONS
• Here are some other critical questions that can help create unity in your marriage:
• ● How do you see us becoming one with our finances? How should we combine our finances? Is there any sense of “my money“ and “your money“? If so, how can we overcome this challenge?
• When you marry, the Lord wants the two of you to become one in every area, including your finances. So, I highly recommend you combine your resources and work together to save and pay off any debt as quickly as possible.
• ● What are your expectations concerning our lifestyle – what do you want for a home, furniture, cars, clothes, vacations, and gifts?
• ● And what do you think we should spend on our wedding?
• A couple more key tips:
• You need to develop a spending plan together. It’s very helpful to develop an estimated spending plan together. You’ll learn a lot about each other.
• And you need to learn God‘s way of handling money. One of the most important steps an engaged couple can take together is to learn what the Lord says about handling finances.

On this program, Rob also answers listener questions:

• How do you determine the proper way to estate plan for your family?
• When does it make sense to take funds to pay off a mortgage after the death of a spouse?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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You’d like to be financially free, but you just don’t know how to make it happen? We’ll tell you how to be financially free on Faith and Finance.

• First, we have to say that you never want to be financially independent from God. He owns everything and He’s your provider. But you do want to be financially free to serve God more fully.
• Now, those who’ve achieved that know there’s one absolute requirement for financial freedom, and that’s learning how to live— not just within your means— but actually below your means. And to do it for a long time.
• Certainly, that will require doing certain things, which we’ll get into in a bit, but achieving financial freedom actually begins with a mental exercise. You need to change your thinking.
• One of the reasons most diets fail is that they’re often based on deprivation. As you restrict your calories, you feel deprived. And you can only tolerate that for so long before you plow into a box of donuts. Living on a budget works the same way. If you feel you’re financially deprived, you’ll eventually start to overspend again. It’s the opposite of contentment.
• Why might someone feel financially deprived? The Bible gives us several reasons: greed, envy or covetousness, a lack of faith in God to provide, or any combination of those. But no matter the reason, it makes living on a budget difficult when it should be easy.
• THE SOLUTION
• The solution begins with developing a sense of gratitude for what God has already provided. 1 Thessalonians 5:16-18 says, “Rejoice always, pray without ceasing, give thanks in all circumstances; for this is the will of God in Christ Jesus for you.”
• Next, you must believe that you can learn to live below your means. It might be a challenge, and you’ll probably have setbacks, but keep at it, cutting expenses as necessary.
• Okay, so much for the thinking part, now it’s time to get your hands involved.
• TIPS FOR STAYING ON A BUDGET
• First, you must have “margin.” That’s money left over at the end of the month. You no doubt have several fixed bills that come in every month and you pay them without thinking, but start thinking about them.
• Is there a way to lower your mortgage payment? Maybe by getting rid of PMI? Can you reduce your heating or cooling bill? Maybe get rid of streaming apps you don’t use much? Don’t take those bills for granted.
• Sometimes all you have to do is ask. Did you know that you can actually negotiate things like medical bills and household repairs? You might say, “Is that the best you can do?” You might get a discount. It doesn’t cost anything to ask.
• By the way, it’s easier to stay on budget if you actually watch what you spend. instead of having a lot of stuff on autopilot. Download the FaithFi app to set up your budget. It will then track all of your spending and likely reveal things you can easily cut, like those streaming apps I mentioned. That alone could save you a few hundred dollars a year.
• REWARD PROGRESS!
• Now, there’s another tried and true way you can avoid feeling deprived by your budget, and that’s by rewarding yourself. You want to celebrate small victories along the way to financial freedom.
• At the end of a successful week staying on budget, treat the family to ice cream. After you have $1,000 in your emergency fund, maybe go out to dinner. The idea is that it’s okay to splurge now and then, just not all the time.
• The same way, try to spread out your spending for things like having your nails done. Instead of every four weeks, can you do it every six weeks? At $25 a pop, you’ll save around $100 a year.
• If you’re paying to keep stuff in one of those you-store-it places, get rid of it. You can cut that cost and bring in more money by selling it. For most things, if you haven’t used it in a year, you probably don’t need it. Every little bit helps.
• Okay, if you do all of those things, you’ve trimmed your budget as much as possible and you’re still having trouble living below your means, you’ll need to increase those means.
• Look for ways to add to your income. Employers are still desperate to find and retain good workers, so maybe it’s time to ask for a raise, or for more hours, or maybe you can take on a side job.

On this program, Rob also answers listener questions:
How do you determine if it makes sense to pay off your home now?

• Does it make sense to move money into high-yield savings or into a CD?
• Should you tap into home equity to pay off credit cards?

RESOURCES MENTIONED:
Christian Credit Counselors
Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Tithing is fairly simple in your working years. Your only decision is whether to tithe on your net or gross income. But tithing becomes a bit more complicated when you retire. So we’re bringing in an expert to help simplify things today on Faith and Finance.

• Anthony Saffer is a Certified Financial Planner with One Degree Advisors where they’ve put together a handy resource to help you decide how to tithe in retirement.
• WHY TITHE?
• Let’s start by laying the biblical foundation for tithing because some folks will argue that Christians today are no longer under that law.
• Tthing is an act of worship that demonstrates trust and obedience to God. Key biblical verses to study include, Genesis 14:20, Hebrews 7:4-10, Leviticus 27:30-32, Luke 11:42, and Malachi 3:8-10.
• The practice of tithing, as introduced in Genesis 14 precedes God’s law given to Moses to guide Israel. Hebrews 7 of the New Testament refers to the event of Abraham tithing to the Priest and King, Melchizedek.
• Jesus refers to tithing in Luke 11:42, admonishing the religious leaders who are meticulously calculating their tithe while neglecting love, mercy, and compassion.
• WHY IS TITHING EASIER DURING YOUR WORKING YEARS?
• Tithing, which literally means a “tenth,” is often simple to calculate from working income. If someone earns $10,000, a tenth would be $1,000.
• You may question whether you should calculate the tithe from gross (before-tax) or net (after-tax) income. You’ll need to make this personal decision; although, the “first fruits” principle (Leviticus 23:10, 2 Chronicles 31:5), would seem to support tithing prior to paying the government.
• In either case, this is an easy calculation by applying 10% to an income amount.
• Many retirees choose to tithe similarly to how they did in their working years. They simply tithe on whatever income they receive. This can be a simple solution.
• WHEN TITHING IN RETIREMENT SEEMS MORE COMPLICATED
• Questions often arise among retirees about how to tithe in retirement. This is usually because income sources can vary in timing and composition.
• Specifically, many retirement income sources feature some return of principal (contributions) combined with growth or earnings. This feature is not common during working years.
• And while we probably have only one income source while working, that’s often not the case in retirement. There are five common income sources for those who tithe in retirement. Let’s look at common retirement income sources that feature a return of principal and how this can cause confusion when you tithe in retirement:
• 1. Social Security. During your working years, you pay payroll taxes into Social Security to receive an income stream in retirement. A benefits statement obtained from the Social Security Administration website lists how much you have paid into Social Security during your working years.
• Now you have to decide whether to tithe (again) on the return of principal with each payment.
• 2. A pension. If your employer’s pension plan pays you a retirement income stream, similar considerations to Social Security apply. In this case, you would need to see how much, if any, you contributed to your benefit.
• 3. Retirement accounts. Here’s an example: Let’s assume a retiree owns an IRA valued at $1,000,000. ($250,000 of principal and $750,000 of growth)
• Many years of working income contributed to the $250,000 of principal. Should that reitree tithe (again) on this principal amount when withdrawals are made?
• 4. Brokerage investment accounts. The government taxes most dividends, interest, and capital gains as yearly income. Some retirees may choose to tithe on this taxable income since it shows up on their tax return.
• However, the dividends, interest, and capital gains that investment accounts earn usually stay inside the account until later distribution. So you must decide if you’ll tithe on the earnings not yet distributed, and possibly tax-free income that doesn’t show up on the tax return. You could also treat this type of account like an IRA, considering it has both a principal component (what you contribute) and earnings growth.
• 5. Rental properties. Expenses are generally ongoing with real estate even while earning rental income. So, should you tithe from the gross rents received or from the net rents received after paying expenses?
• Then, of course, how to tithe on the eventual sale of that property is another decision, likely calculated on the gain above the purchase price.
• SIMPLIFYING THE PROCESS
• Fortunately, there’s a way to make this simpler.
• You have two options for calculating an appropriate tithe in retirement, one simple, the other more complicated. But before personally deciding how to tithe in retirement, it can be helpful to note your priorities.
• Are you aiming to keep things simple? Are you willing to apply more detailed calculations to minimize tithing on the principal? In that case, you want the simple option, tithing on the total income you receive.
• In that case, you tithe off the income that’s deposited into your bank account and any tax-withheld money. (Or, only what hits your bank account if you choose to tithe off the “net.”) That’s the simple method and here’s an example:
• Mary is retired and wants to continue tithing to her local church. Every month she receives $2,500 from Social Security and $3,500 from her IRA directly into her bank account. She has $1,000 withheld from her IRA income for Federal and State taxes each month.
• She chooses to tithe off her gross income. Her monthly tithe is $700. ([$2,500 + $3,500 + $1,000] * 10%). That results in a larger tithe than subtracting any return of principal as it does not delineate principal from earnings.
• You want that option if you aim to tithe faithfully from a generous and cheerful heart without the hassle of math.
• You may be “re-tithing” on principal, but perhaps it does not matter if you believe you are making an impact with your giving and you prioritize simplicity.
• IF THAT’S NOT POSSIBLE …
• For some folks, that may not be possible if they’re struggling to make ends meet. In that case, you would tithe on growth but not principle, because you’ve already tithed on the principal. Because each income source, such as an IRA, Social Security, or pension, differs in composition, you must calculate each source separately, and at One Degree Advisors, they have a great, free resource to help you do that.
• And here’s an example of tithing only on earnings, not principal:
• Let’s go back to our hypothetical friend Mary. She wants to continue tithing, but she only wants to tithe off her growth. She determines that calculating the principal in her Social Security income is too cumbersome but calculating the principal in her IRA income is easy enough.
• Mary discovers that of her $1,000,000 IRA account, $250,000 is principal and $750,000 is growth. So, 25% of her account is principal and 75% is growth. From each IRA withdrawal of $4,500 (Mary chooses to tithe off her gross income), she tithes off $3,375 or 75% of that income. That makes her tithe $587.50 per month. ([$2,500 * 10%] + [$3,375 * 10%])
• For lifetime fixed income sources such as Social Security or a Pension, the calculation may be more challenging. While you may know how much you have contributed, you don’t know how much you will receive over your lifetime. How long you live plus cost-of-living adjustments will vary the total income amount.
• With fixed income sources, some will simply tithe the gross income amount. Others will apply their best estimate of a percentage.

On this program, Rob also answers listener questions:

• How can both spouses be sufficiently involved in planning the household finances?
• What is the income limit for Social Security benefits and how should you weigh that against an income opportunity?

RESOURCES MENTIONED:

• FaithFi App

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Just when you think Congress can’t do anything right, they go ahead and pass the SECURE Act 2.0. There are actually a lot of “right things” in the latest version of this legislation, which was signed into law a few months ago. One this Faith and Finance, we’ll talk about how it affects your retirement, whether you’re in it, or still saving for it.

• Okay, a little background first. Congress loves acronyms, so understand that SECURE stands for Setting Every Community Up for Retirement Enhancement. The first SECURE Act was passed in 2019 and made several improvements to make retirement saving easier.
• SECURE ACT 2.0
• The latest version, the SECURE Act 2.0 as it’s come to be known, builds on that, starting with changes to Required Minimum Distributions that you’ll have to take in retirement.
• The age for taking your RMD has been increased from 73 to 75 if you turn 72 after January first of 2023 and that takes effect this year. That means you’ll have an extra two years to build your retirement savings before making a mandatory withdrawal and paying taxes on that money. That’s a definite improvement.
• A few more RMD improvements. Starting in 2024, If you have a Roth account with your 401(k) or 403(b) plan, you’ll no longer have to take RMDs from that account during your lifetime.
• Also, if you’re late taking an RMD or you miss one, the penalty has been reduced from 50% of the RMD to 25% starting this year. And if you correct the mistake within what’s called a “timely manner,” the penalty is further reduced to 10%.
• The new legislation also makes things easier if you’re struggling to pay off student loans and save for retirement. Employers with 401(k) plans, 403(b) plans, governmental 457(b) plans, and SIMPLE IRAs now have the option to match contributions on qualified student loan payments to your retirement account. That means your loan payments will be treated as elective deferrals just like your retirement contributions.
• Now, you know how we’re always telling you to have an emergency fund in place with 3 to 6 months living expenses? The SECURE Act 2.0 will now give you a place to store those funds where they can make greater gains than in a savings account.
• Employers now have the option of adding a Roth “emergency fund” to their plans for most employees. Participants will be able to make limited contributions to those special Roth accounts and have penalty-free access to those funds when needed. And bonus— those contributions will be eligible for employer matches. That, as they say, is a game-changer.
• If you’ve been late making contributions to your retirement plan, there’s also an increase in catch-up contributions. Starting in January of next year, if you’re between ages 60 and 63, you’ll be able to make larger contributions to your employer plan.
• The new limit will be $10,000 or 50% of the regular catch-up amount, whichever is greater, and that will be indexed to inflation. The IRA catch-up amount stays at $1,000, but that will also be indexed to inflation.
• Starting on January 1, 2025, individuals aged 60 to 63 will be able to make larger catch-up contributions to employer-based retirement plans. The limit for people in that age range will be the greater of $10,000 or 50% more than the regular catch-up amount, indexed to inflation. Also, the current IRA catch-up contribution amount of $1,000 will be indexed for inflation starting in 2024.
• Now, if you’re starting to think that Congress did all this out of the goodness of their hearts, keep in mind that many of these new provisions are aimed at increasing Roth contributions. Since those contributions are made with “after-tax” money, it means that Uncle Sam gets his cut now, instead of having to wait.
• An example in the new legislation is that Roth accounts in company 401k and 403b plans are now eligible for matching employer contributions. But to be fair, increasing Roth contributions also works to the benefit of younger investors who are likely to be in a lower tax bracket now, rather than later in life.
• Proverbs 21:20 tells us, “Precious treasure and oil are in a wise man's dwelling, but a foolish man devours it.” and it would certainly be wise to take advantage of all these changes in the rules for retirement savings.

On this program, Rob also answers listener questions:

• When does it make sense to take money out of retirement savings to pay off your home?
• What is the best way to save for retirement when you're getting a late start on investing?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Career experts like to say there’s no such thing as job security, but there is employment security. Having employment security means always sharpening your skills, and part of that is preparing for your next job interview so you can be relaxed, confident, and ready for anything. We’ll talk about that on this Faith and Finance.

• Despite fears of a coming recession, employers are still hiring and there are still more jobs than workers. There’s no better time to try for that dream job you’ve always wanted. But just because the labor market’s in your favor doesn’t mean you can go into an interview unprepared.
• A GOOD FIRST IMPRESSION
• If it’s an “in-person” interview, of course, you want to dress well and have a neat appearance. If it’s a video interview— as more and more are these days— that still applies, but there’s more to getting a remote interview off to a good start.
• Choose a setting in your home that’s quiet so you won’t be disturbed. Make sure the background is well-organized and uncluttered. Keep your pets out of the room— you don’t want your cat climbing up into your lap during the interview.
• Now, it’s when the interview begins that preparation will really pay off because you’ll probably be asked some tough questions. But these are often standard and you should be ready for them.
• ANSWERING TOUGH QUESTIONS
• Keep in mind, interviewers don’t want to trip you up. They ask tough, thoughtful questions hoping you’ll give a good answer.
• One of the most common questions is, “Where do you see yourself in 5 years?” Don’t try to be clever by saying, “I’d like to have your job.” That’s a good way to eliminate yourself from the running.
• Instead, use the “five-year” question as an opportunity to show that you’re motivated to do good work and succeed. It’s okay to say you’d like to be in a different position than the one you’re applying for, maybe one that gives you more responsibility and a chance to grow professionally.
• For example, maybe your field has different levels of proficiency that require more certifications. You can talk about how you’d like to obtain them and how that extra training will help the company.
• WHY YOU’RE LOOKING FOR ANOTHER JOB
• Here’s another tricky question you may be asked, "Why do you want to leave your current job?” Here’s where a lot of applicants get tripped up. Always speak well of your current employer. It’ll let the recruiter know you’re loyal and grateful for the opportunities you’ve been given.
• Never say something like you’re looking for a shorter commute or a better health plan.
• The recruiter will think you’ll probably leave this job for a similar reason. Instead, keep it positive.
• Give a few reasons why your current company is a great place to work, but your employer isn’t able to give you the opportunity to be a more valuable employee. You can then talk about your career goals and how you want to contribute more.
• If you’re asked, “What’s your greatest weakness?” be honest, but try to turn the conversation in a positive direction, even if it’s about a weakness.
• For example, you might say, “I sometimes tend to say “yes” when I’m already maxed out, work-wise.” You can turn that positive by showing how you’re learning to set priorities and then give an example. That way you make it about your strengths.
• Whatever weakness you choose to answer with, show how you’re working to overcome it.
• Another question you need to prepare for is, “Why should I hire you?” Don’t say, “Because I’m “a hard worker” or “I have people skills.” Those things are far too general and they’re assumed. You need to be a lot more specific.
• Talk about how hiring you would be good for the company in precise ways. Go over your resume in advance and highlight three things you’ve done to make an operation more efficient, increase revenue, or reduce overhead for your current company. Do some research ahead of time so you’re able to point out how those skills will help the new company.
• Finally, the most important preparation you can do is pray. Ask the Holy Spirit for the right words to say. Meditate on Jeremiah 29:11, “'For I know the plans I have for you,' declares the Lord, 'plans to prosper you and not to harm you, plans to give you a hope and a future.”
• Proverbs 3:5-6 is another helpful passage. It reads, “Trust in the Lord with all your heart, and do not lean on your own understanding. In all your ways acknowledge him, and he will make straight your paths.”

On this program, Rob also answers listener questions:

• How do you determine when a fixed index annuity makes sense for you?
• What is the best way to plan ahead for a large inheritance?
• How do you determine your Social Security earnings limit?
• What factors determine the best time for you to retire?
• Can you pull money out of an IRA to purchase a home without penalty?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Getting a college degree can increase your lifetime earnings substantially— but even better is getting someone else to pay for it. We’re talking, of course, about scholarships. We’ll discuss strategies to find college scholarships on this Faith and Finance.

• College is expensive. The College Board reports that in 2023, in-state students at a public four-year school will spend close to $11,000 on tuition and fees. That’s for just one year, and doesn’t include room and board. Students at a private, four-year college will spend almost $40,000 on tuition and fees alone.
• With those expenses, it’s not surprising that the average student owes close to $30,000 when leaving school. But you don’t have to be the average student.
• Many organizations are willing to help you pay for college through scholarships … if you meet their qualifications.
• Rob West’s wife Julie had her own “application assembly line” going, and she was able to land $170,000 in scholarship money.
• Of course, that took a lot of work, but look at it this way, you can either put in the time and effort now applying for scholarships … or you can borrow and work very hard later to pay back the money.
• We’re hoping that you’d rather do the work now, so we’ll give you the names of online sources for scholarship money.
• SCHOLARSHIP SOURCES
• Our first source for scholarship money is Fastweb. They host more than 1.5 million scholarships totaling nearly $3.5 billion. To get started, you create a profile at FastWeb.com. A search feature helps match you to scholarships that meet your individual needs. It also keeps track of where you’ve applied— a handy feature.
• Now, the College Board is best known for testing materials, things like the SATs and other exams, but they also want to help you pay for college once you get there. On their site you can apply for scholarships and internships. They have leads to about 2,200 programs offering nearly $6 billion in college aid every year.
• Another great site is Niche.com. Like the name implies, they help you find not only money, but also colleges that cater to your specific major and interests.
• And of course there’s Scholarships.com. They have a huge database with more than 3.5 million scholarship and grant opportunities totaling almost $20 billion. You can browse by category or set up a profile to help you find scholarships specific to your interests.
• Cappex is another great source. They have leads on $11 billion in scholarship opportunities. Their site also has a tool to help you calculate the odds of getting into a school of your choice before you even apply.
  Chegg is another good one. They’re best known as an online textbook store, but they can also point you to about 25,000 different scholarships. And they have a “top picks of the week” feature to help improve your odds of landing one.
• Now, keep in mind that a lot of these scholarship opportunities are merit-based, meaning the higher your grades, the better your chances of landing that kind of scholarship.
• But what if you’re more athletically inclined? There’s a site to help with that. Unigo lets you search for athletic scholarships as well as a wide variety of funding opportunities offered by specific schools and companies.
• And let’s not forget about Peterson’s, which is best known as a clearinghouse for information about colleges and universities. They also host about $10 billion in scholarship opportunities.
• Now, this one’s interesting, because we usually associate federal aid with borrowing, but the Labor Department sponsors a website called CareerOneStop, which allows you to search more than 8,000 scholarships, fellowships, and grants. And that’s money you won’t have to pay back.
• One final idea: Check with the financial aid office at whichever schools you apply to. Sometimes they have scholarship money available, too.
• A final note— if you get discouraged at any point, just remember Proverbs 22:7, “The rich rules over the poor, and the borrower is the slave of the lender.” It’s a good incentive to find those scholarships and borrow as little as possible.

On this program, Rob also answers listener questions:

• How should you transfer funds from one retirement account to another?
• How do you determine if real estate is a wise investment for you?
• When is it wise to invest in I-bonds?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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“Beware lest you say in your heart, ‘My power and the might of my hand have gotten me this wealth.’ That passage in Deuteronomy 8 goes on to read, “You shall remember the Lord your God, for it is he who gives you power to get wealth.” We’ll talk about why we should always thank God for our ability to earn a living today on Faith and Finance.

• Surveys show that a majority of Americans are consistently unhappy with their jobs.
• Last year we talked a lot about the Great Resignation and how more workers were leaving their jobs than ever before, hoping to find something better.
• There’s nothing wrong with that. We should always try to improve our job skills and take on new challenges. That will be especially important if— or when— we go into a recession. And there’s nothing wrong with wanting to earn more, as long as the goal isn’t just to have more money.
• REMAINING GRATEFUL
• But along the way, you have to remain grateful for the job you have. We often forget that God gave us our jobs in the first place. Grasping that is the key to changing your whole attitude about the workplace.
• The Bible clearly shows that God ordained work, even before the Fall. In the very first chapter of Genesis, He commands Adam and Eve, “Be fruitful and increase in number; fill the earth and subdue it. Rule over the fish in the sea and the birds in the sky and over every living creature that moves on the ground.”
• And even after the Fall, God gives us instructions about work. In Exodus 20, God says, “Six days you shall labor and do all your work, but the seventh day is a sabbath to the Lord your God.”
• When you feel yourself wanting to grumble about work, remember that God isn’t some hard taskmaster ordering us to work. Rather, He’s our great Provider.
• You might think your resume or work experience got you hired, but ultimately, God provided your job. Everything in the universe happens according to His sovereign will. So we never want to be ungrateful for what the Lord has provided.
• And by the way, being grateful on the job provides an excellent opportunity to point others toward Christ. When everyone else is grumbling and you’re going about your duties faithfully and cheerfully, without gossiping about the boss or grousing about the workload, you’re providing an excellent witness for Christ.
• HOW TO TRANSFORM YOUR THINKING
• So, what if you’re not happy in your job? How do you begin to transform the way you think about your job?
• First, it’s helpful to stop and think about what exactly you do on your job. Look for the meaning in it, even if you think it’s mundane. All honest work is honorable in God’s eyes.
• It’s easy to miss this, but the things you do on the job almost certainly make someone else’s life better by providing a product or service. You’re helping to solve someone else’s problem and making their life better.
• That’s certainly one reason why God ordained work, to make the world a better place. So take some satisfaction in that — just not the credit. Psalm 29 says, “Ascribe to the Lord the glory due to His name.”
• You’ll sometimes hear the expression, “managing expectations.” It’s something we should practice on the job. It means not promising others what you can’t deliver. But it applies to our own thinking, as well.
• Business, by nature, is competitive. Companies have to keep costs down so the final product or service is marketable. Don’t expect your company to provide a Cadillac health plan, free daycare, and foosball in the break room. If you don’t expect too much, you won’t be disappointed.
• Keep this in mind, too. If you’re grumbling about problems all the time, you become one of them. So instead of complaining, look for solutions instead.
• Look at every problem as an opportunity to improve things. Trying to come up with a solution gives you a chance to learn something and possibly become a more productive worker. Suggest alternative ways to do things. Management might not act on your ideas, but at least the boss knows you’re trying to help.
• IS IT TIME TO MOVE ON?
• Now, what if you’re already doing those things and you know and act as though God is your true Boss and you still feel dissatisfied with your job?
• The Bible doesn’t say you have to stay in the same job forever. It could well be that God is leading you to something else.
• Just remember that changing jobs or careers can be stressful. You’ll have a new boss, new co-workers, and usually, new duties. And make no mistake, finding a new job won’t help if you carry the same negative thinking into it.
• So first put into practice the things we’ve been talking about, and then, with much thoughtful prayer and consideration, ask the Lord for guidance. He may have a new opportunity for you, another place where you can be a grateful worker.

On this program, Rob also answers listener questions:

• Are “catch-up” retirement contributions a good idea?
• What is the best way to determine how to invest money that is currently in a savings account?
• Can you claim an 18-year-old child as a dependent?
• How should you list beneficiaries for an IRA?
• How do you purchase I-bonds?

RESOURCES MENTIONED:

• Savingforcollege.com
• Find a Certified Kingdom Advisor

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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“In the beginning, God created the heavens and the earth.” Genesis 1:1 Those are familiar words that lay the foundation for everything that comes after in the Bible, but you probably didn’t know that forms the basis for the ideal economy. We’ll talk about it with Jerry Bowyer.

Jerry Bowyer is our resident economist and a WORLD Opinions contributor.

• Today we start a 6-part series of discussions titled “Economic Worldview.”
• We start with the question, “How did God create the world and man to be productive?”
• The most important, fundamental aspect of economics is an understanding that in the beginning, God created the Heavens and the Earth.
• He created a world that continues to grow after he made it. That means, there is always the possibility of growth. Growth is built into God’s creation. That’s why we can have economic growth - because creation itself grows.
• Growth starts with a seed. We can consume the seed or delay gratification and watch it grow. That’s the virtuous cycle. In a healthy economy, there is a focus on reinvestment rather than overconsumption.
• Whenever we have reinvestment, there’s some risk involved, which means you need to have good, firm institutions — a house built on stone rather than sand. We often don’t know which houses are built on rock and which are built on sand right away. From a distance, they look similar. But when the storms come, it becomes clear. We have seen this play out recently with multiple US bank failures. Banks that were built on sand, rather than God’s principles, came tumbling down.
• You can read more of his godly insights on economics at WNG.org.

On today’s program, Rob also answers listener questions:

• Should you reduce retirement contributions to save for the down payment on a house?
• How do you cash out an I-bond?

RESOURCES MENTIONED:

• Find a Certified Kingdom Advisor
• SSA.gov
• Treasury.gov

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Too often we hang on to credit cards we no longer use, providing an unnecessary invitation to identity thieves to run up charges in your name. Canceling them is a good idea if done properly. We’ll talk about that on this Faith and Finance.

• Christians should always take Proverbs 10:4 seriously. It reads, “A slack hand causes poverty, but the hand of the diligent makes rich.” We certainly don’t want to have a “slack hand” when managing credit cards.
• WILL CLOSING A CREDIT CARD ACCOUNT HURT YOUR CREDIT?
• This is a common question we hear all the time. Your credit score will drop a little after closing an account. Most people are surprised by that because it seems like you’re being punished for doing the right thing, but it really just comes down to mathematics and complicated computer algorithms.
• To find out why your score drops, we’ll have to simplify things. So first, a definition. An algorithm is just a set of rules that solve a problem in a limited number of steps.
• Algorithms live in computer models that give you more credit score points for having three things: long-standing accounts, more available credit, and more kinds of accounts like a credit card, an auto loan, or a mortgage. If closing an account falls under one or more of those factors, your score goes down.
• So just remember that the longer you have an account open, the more credit you don’t use, and the more types of accounts you have, the higher your score. In fact, those three factors make up 55% of your FICO score.
• Now, why is that? It’s simply because having old accounts, unused credit, and more kinds of accounts, tells lenders that you’re more likely to pay them back.
• SHOULD A SLIGHT CREDIT HIT STOP YOU FROM CLOSING THAT ACCOUNT?
• Usually not, but there’s one occasion when it could be important.
• If you’re shopping for a mortgage or some other kind of loan, you want the highest score possible. Lowering your score by even a few points could put you in a lower range of scores, and that could affect the interest rate you get on the loan. A higher interest rate means money out of your pocket every month.
• But in most cases, when you’re not seeking a loan, a slight drop in your credit score means very little. You’ll quickly make that up if you keep the outstanding balances below 30% on remaining accounts and you make your payments on time.
• So, you may be asking, “Why bother closing an account after you’ve paid it off? Especially if it’s going to cost you points on your credit score?”
• There are at least two good reasons:
• First, it eliminates the temptation to use it if you run into an unexpected financial problem. That’s what your emergency fund is for, and you should use that money if the car breaks down or the water heater starts giving you cold showers.
• We've already mentioned the second reason to close an unused account. It’s the constant threat of identity theft. If your account is hacked, it’ll cause you a lot of headaches, especially if it’s unused and you’re not paying attention to it.
• Now, even though we said go ahead and close an unused account and don’t worry about your credit score, you don’t want to close several of them at once. Closing a bunch of accounts at once will multiply the negative effect on your score.
• The best way to close unused accounts is gradually — no more than one or two every six months. That way you spread out the negative impact. And at the same time, you minimize the impact by keeping low balances and making on-time payments with your other accounts.
• HOW TO CLOSE YOUR ACCOUNTS
• Here are the steps to closing an account and making sure it’s closed. First, pay off any remaining balance. Then check for any recurring charges on the account and cancel or transfer them.
• After that, call your card issuer and tell them to cancel the account. You may want to follow up by writing an email or letter to your credit card issuer to confirm your card’s been canceled.
• Finally, double-check your credit reports at all three credit bureaus— Experian, TransUnion and Equifax— to make sure the account’s been closed. You can get them for free at AnnualCreditReport.com.

On this program, Rob also answers listener questions:

• How should you determine the wisest way to use an inheritance?
• Is it wise to consolidate retirement accounts?
• What are the tax implications of receiving an insurance settlement?
• When does it make sense to pay off your mortgage early?

RESOURCES MENTIONED:

• Find a Certified Kingdom Advisor

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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MORE TO COME, soon!

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Many investors look at bonds as a passive way to store money they’d rather not risk. But bonds are actually the means for getting things done. We’ll talk with Benjamin Bailey about impact bonds today on Faith and Finance.

Benjamin Bailey is Vice President of Investments and Senior Fixed Income Manager at Praxis Mutual Funds, an underwriter of this program.

• Rob West speaks with Benjamin Bailey about recent bank failures and what it means for the banking system. Bailey explains the multiple factors that lead to the problems.
• Cryptocurrency was a major factor in two of those collapses. And Silicon Valley Bank had a crisis of confidence with its uninsured deposit holders, and they had a lot of large uninsured deposit holders. Another factor is that interest rates have moved much higher in a very short period and these moves cause shocks. If banks bought very long-term investments, then those investments have large unrealized losses for now.
• But most banks manage their risks (on both sides) in a more prudent manner.
• WHY WAS 2022 SUCH A CHALLENGING YEAR FOR INVESTORS?
• Most investors have a mix of stocks and bonds in their portfolios and last year was very difficult for them. A 60/40 portfolio of stocks and bonds had its most difficult 12-month period since 1974. The issue was there wasn’t really a place to hide. Normally, bond returns are positive when stock returns are negative. But in 2022, interest rates started off low and then moved higher very quickly, and so stock values actually moved lower. So adjustments have to be made.
• HOW SHOULD INVESTORS ADJUST IN 2023?
• Rather than riding the emotional roller coaster, pulling out of the market and trying to find the right time to jump back in, stick to the long-term plan. If you work with a financial advisor, have a conversation with him or her to make sure they’re up to date on your true risk tolerance.
• POSITIVE IMPACT BONDS
• Over the past decade the market for positive impact bonds has really taken off. In these cases, the issuer will tell you what areas the money will be going into and if it is to be used for a positive impact.
• This generally means bonds that have a positive impact on creation, the environment, or on communities.
• Investing for Kingdom values through impact bonds can be a core part of your retirement investments.
• Learn more about impact bonds here.

On this program, Rob also answers listener questions:

• What is the best way to start a savings account for a young child and to estate plan as a parent?

RESOURCES MENTIONED:

• Betterment
• Wealthfront
• Schwab Intelligent Portfolios
• Vanguard digital adviser

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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If you sold your home in the past year or two, you probably made a killing. Yet first-time home sellers aren’t happy with their results. You’ve heard of “buyer’s remorse.” Now it seems, first-time home sellers have remorse about how their transaction went down. We’ll talk about it on this Faith and Finance.

• Here are some interesting results from a new survey by Zillow. If you can believe it, 84% of first-time home sellers said they would like a “do-over” on the timing, pricing, or marketing of their sales.
• A full 90%of the 2,000 first-time home sellers surveyed think they could have sold for more money if they’d done things differently. The top four regrets were not pricing the home competitively, not paying attention to curb appeal, trying to time the market, and not doing needed repairs.
• Let’s go over these, in case you’re planning to put your home on the market this spring, whether you’re a first-time home seller or not.
• FIRST-TIME HOME SELLER REGRETS
• 1. Not pricing competitively. You’d think that most sellers would regret pricing their house too low, but pricing too high always causes problems. According to Zillow, a house that’s listed at a competitive price will usually sell within 31 days.
• If your list price is too high, the house will linger on the market for a median of 73 days. That’ll cost you money if you then have to buy a new house that’s increased in value.
• You could also lose out on getting your dream house if you’ve already picked one out.
• To avoid this, you have to check out what comparable homes have sold for in the last six months in your neighborhood, and your selling agent will usually do that for you.
• It’s a good idea to listen to your agent’s advice on pricing your home, even if you think it’s worth more.
• 2. Not paying attention to curb appeal. They say you rarely get a second chance to make a first impression. You’re likely to get a positive return on money spent to spruce up the front of the house.
• Invest in things like landscaping, including new flowers and shrubs, or trimming shrubs below the bottom of windows. You want your house to be seen, not hidden behind overgrown greenery. A fresh coat of paint, at least to the front of the house, will probably cost more, but again, it’ll make a great first impression.
• And with so many buyers now looking at homes online, curb appeal extends inside the house, as well. If your agent is taking pictures for an online listing, and most do now, you want the house to look clean, tidy, and uncluttered.
• Zillow says that listings on their site get more saves and views if they have virtual, three-dimensional home tours with interactive floor plans. Some sellers are now investing in professional and even drone photography to show off their homes.
• That means that staging is more important than ever, and less is more when it comes to staging furniture. Rooms should only have appropriate items. For example, a bedroom would have a bed, a dresser, small end tables, and maybe a trunk or seat at the foot of the bed. The less furniture, the larger the rooms appear.
• 3. Trying to time the market. It doesn’t work with stocks, and apparently not with houses either. About a quarter of those surveyed said they mistimed the market. Many sold their home and then rented for six months or a year, waiting for home prices to come down before buying their second home.
• That has happened in some areas, but certainly not all, and in the meantime, mortgage interest rates went up significantly. So those folks were not only out the rent money, they’re now paying more in interest with a new mortgage.
• Another note about timing: You certainly don’t want to sell your primary residence if you haven’t lived there for at least two years. Otherwise, you’ll be subject to capital gains taxes.
• 4. Not making necessary repairs. And these weren’t major projects like a new kitchen or roof, which usually don’t pay off at the closing table.
• According to Zillow, smaller ticket items like interior painting, carpet cleaning, and landscaping will usually pay for themselves.
• Now, we want to mention something about real estate agents. It’s true that you can eliminate a 6 or 7% commission by selling your home yourself. That’s if you list the house at the appropriate price and successfully navigate through all the potential snags that can happen when you sell a house.
• But you very often get your money’s worth— and possibly more— by having a knowledgeable agent who knows your market. Proverbs 16:16 reads, “How much better to get wisdom than gold! To get understanding is to be chosen rather than silver.”

On this program, Rob also answers listener questions:

• What are the implications of taking Social Security benefits prior to full retirement age?
• What are your options when an employer announces a pay decrease?
• How do you roll over an IRA without tax penalties?
• How secure is Social Security? Can you be confident that your money will be there at retirement?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Is there unclaimed money out there with your name on it? These are usually things like insurance benefits or inheritances and some of it might be yours. And finding it might be easier than you think. We’ll talk about it on this Faith and Finance.

• We want to be clear that we’re not encouraging you to have a “get rich quick” attitude about this.
• Proverbs 13:11 warns, “Wealth gained hastily will dwindle, but whoever gathers little by little will increase it.”If you do find unclaimed money in your name, we hope you’ll manage it wisely.
• Let’s start with life insurance policies. They’re lost more often than you think. Sometimes survivors aren’t aware that a policy exists. Paperwork gets lost. Important insurance papers might accidentally get tossed.
• The National Association of Insurance Commissioners — or NAIC — says that each year, millions of dollars in insurance benefits go unclaimed. So how do you find out if you’re the beneficiary of a lost insurance policy?
• The NAIC has an online tool called the Life Insurance Policy Locator Service. It lets you search nationwide for policies and annuities left behind by deceased family members and friends.
• You’ll need a death certificate to get started. Then you type in some basic information, the deceased’s Social Security number, full legal name, date of birth, and date of death.
• If there’s a match, the insurance company holding the policy will contact you within 90 days— that is, if you’re a designated beneficiary or legal representative of the deceased.
• Since 2016, the Policy Locator Service has matched over a billion dollars in benefits to the folks who should get them.
• Now, since all insurance is regulated at the state level, several states have their own lost policy locator services. You can check directly with the State Insurance Commissioner in the state where the deceased lived to see what additional search options are available.
• Get contact information for state insurance commissioners.
• You might be wondering how insurance benefits go unclaimed. Life insurance companies have access to databases that alert them when a policyholder dies, but that doesn’t mean they always find the beneficiaries. If you’re a designated beneficiary on a policy and the company can’t locate you, they’re required to turn those funds over to the unclaimed property office in the state where the deceased lived.
• That office is generally located in the state’s treasury department, so that’s another place to check for unclaimed benefits and other assets. Many states have online tools to help you identify unclaimed property in your name.
• Now, if you’re a policyholder, you can save your loved ones a lot of grief by taking some preventive steps. Keep your beneficiary designations up to date and make sure the insurer has their latest contact information.
• Let the beneficiaries know they’re named in your policy and give them contact information for your insurer and agent.
• And always keep the latest copy of your policy with your estate papers, and a great place to store those documents is in a fireproof safe.
• Okay, now let’s say there actually is unclaimed money out there with your name on it, insurance benefits or otherwise. You may not even know about it.
• This could be almost any type of unclaimed funds, like pension plans, 401k’s, bank accounts, IRS refunds, and savings bonds. There might be un-cashed checks, CDs, trust funds, utility deposits, stocks and bonds, wages, and even the contents of safe deposit boxes.
• There’s another great resource for tracking down those assets. People move around a lot, and it’s possible to have assets in several states. So a good place to start is at MissingMoney.com. It’s sponsored by the National Association of Unclaimed Property Administrators and allows you to search more than one state at a time.
• When there’s a match in any state, MissingMoney.com gives you information and links to official websites where you can file a claim.
• And finally, the federal government also has a tool for tracking down unclaimed money that Uncle Sam, or anyone else might owe you. You can access it here. This includes tax refunds, benefits from VA life insurance policies, court settlements, bankruptcies, and more.
• So now if there’s money out there in your name, you know how to find it.

On this program, Rob also answers listener questions:

• When does it make sense to reallocate money from a 529 account?
• How do you determine the best way to balance retirement savings with paying off a mortgage?
• Do you have to pay tax on inherited money?
• How do you determine if it’s wise to buy a home right now?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Some people have to learn things the hard way. But you don’t have to be one of them! We’ll talk to Ron Blue about some of the biggest financial mistakes you want to avoid, on this Faith and Finance.

Ron Blue the author of Master Your Money: A Step-By-Step Plan For Experiencing Financial Contentment, among many other great books.

• We’ll talk about a few financial mistakes Ron warns about in Master Your Money:
• 1. Not having goals. They say if you aim at nothing, you’ll hit it every time. Without goals, it’s difficult to even recognize success or failure. Goals help put boundaries around your spending.
• 2. Having a “consumptive lifestyle.” A consumptive lifestyle is a way of life that significantly exceeds your needs. This isn’t to say that you can never spend money on things you merely want rather than need. But ask the Lord to show you where to draw that line. Don’t allow the desire for more material possessions to drive your financial decisions.
• 3. Not having a budget. If you don’t decide ahead of time where your money is going to go, it’s certain that it won’t end up there. People tend to think of a budget as something that constrains them. But really, it’s liberating. It allows you to better control the money God has entrusted to you. A budget is really just pre-planned spending.
• 4. Not giving and tithing. We’re not talking about a legalistic 10%, but rather giving to God off the top of your income in recognition of His ownership. People tend to think of giving as giving out of surplus, rather than giving out of income. And if you don’t tithe, you’re not experiencing financial freedom. God wants us to tithe not because He needs the money, but because He wants your heart.

On this program, Rob also answers listener questions:

• What are a few good options for opening an online savings account?
• How much should you have in a savings fund and in an emergency fund?
• How do you determine how much giving you should do?
• When does it make sense and create a trust for your heirs?
• When does it make sense for a senior individual to stop paying for a cash value life insurance?

RESOURCES MENTIONED:

• Ally Bank
• Capital One 360 Checking
• Marcus
• BankRate.com

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Are you worried about a recession? Many economists say we’re likely to have one in 2023. The Federal Reserve’s raising of interest rates to fight inflation is a recipe for slowing the economy. In other words — recession. Are you prepared for it? We’ll talk about it on Faith and Finance.

• So far, the GDP is still in positive territory, although not by much, and the unemployment rate remains low. That’s a blessing. But higher interest rates will inevitably slow the economy, so it’s time to “recession proof” your finances.
• The Mayday Budget helps you prioritize your spending during a financial hardship.
• Here’s how you can build one:
• Step 1: check your credit score and get your credit reports. This will give you a base point and will allow you to accurately judge the effect of any late payments— if you’re forced to make any in the future. You can get a free credit report from each of the three bureaus, Experian, TransUnion and Equifax at AnnualCreditReport.com.
• With those reports in hand, you’ll be able to show creditors that you’ve made timely payments on your various accounts in the past. That could help you negotiate better terms if you find yourself temporarily out of work.
• Step 2: Familiarize yourself with the MayDay budget. It has only four categories. The first is food. You have to eat. But keep it simple and no eating out.
• The next Mayday budget category is housing. Make your mortgage or rent payment. Then comes utilities, and finally, transportation. So food, housing, utilities and transportation come first in the Mayday budget. With anything left over, you can pay other bills.
• Step 3: Look for other sources of help. Your unemployment benefits may run out … but other resources will probably be available.
• Check out non-profit organizations and local government agencies that may have assistance programs. You can call 2-1-1 to learn about services in your area or go online to 211.org.
• Step 4: Make a list of all your creditors and their contact information. Be ready to call them and explain in detail whatever financial situation you may be facing, and then pray you don’t have to use it. But if you do, it’s ready. If you can’t pay a bill, call your creditor before it comes due. Run toward your creditors, not away from them.
• When you call and speak to a representative, have your latest paystubs handy so you can show how your income has been reduced. Tell that person how much you have available to pay on the debt for the time being.
• Ask if you can temporarily stop payments or make partial ones. Let them know how long you expect to be in your current situation. You may not know for sure, but try to give a reasonable estimate of how long it will take for you to begin making full payments on time again.
• Make sure you get the person’s name and keep a record of what you talked about and any agreement you may have reached. Also, ask to have a copy of the agreement sent to you in writing. Creditors will usually do this anyway, but ask for it just to be sure, and hang on to that email or letter when it arrives.
• By the way, scam artists will use tough times like a recession to victimize folks who are already in dire financial circumstances, so don’t respond to emails or give out information to anyone who calls you claiming to represent one of your creditors.
• Step 5: Get professional non-profit help for managing credit card debt. Contact our friends at Christian Credit Counselors if you’re starting to fall behind in payments or expect you’re about to. They have arrangements with many creditors to lower your interest rates.
• You’ll make one payment that covers several creditors, making things much simpler. It’s not debt consolidation, it’s debt management that can help you pay off your creditors 80-percent faster. You can make arrangements to speak with a counselor at ChristianCreditCounselors.org.
• If you’re laid off and lose your health insurance, check out Christian Healthcare Ministries. They offer a medical cost sharing alternative to health insurance - almost always at a much lower cost. You can find out how they do it at CHMinistries.org.
• Step 6: Save as much as possible. It’s for times like a recession that we always tell you to have 3 to 6 months living expenses in your emergency fund. There’s no better way to recession proof your finances, so start saving today.
• Step 7: Pray. Pray that God will provide wisdom for managing your finances in difficult times. James 1:5 assures us, “If any of you lacks wisdom, let him ask God, who gives generously to all without reproach, and it will be given him.”
• So those are your steps to recession-proof your finances. Get all three of your credit reports free at AnnualCreditReport.com.

On this program, Rob also answers listener questions:

• Should you use a debt consolidation firm?
• Does it make sense for elderly farm owners to put their farm into an LLC?
• Is it wise to invest $5,000 in I-bonds?
• What steps should you take to improve your credit?

RESOURCES MENTIONED:

• Christian Credit Counselors
• Treasurydirect.gov

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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If you’re tired of living paycheck-to-paycheck, you can make a decision today that will change your life. All you have to do is put God’s financial principles into practice and then wait to see what happens. You’ll be amazed at the results!

• Like most things, the first step in making financial changes is admitting you have a problem and then identifying what you’re doing wrong. So what’s not right with the way you’re handling money?
• Maybe you worry about bouncing a check. Or you fear the phone ringing because it might be a bill collector. Or you’re dealing with the gas or electricity being turned off for non-payment.
• Maybe you argue with your spouse about money. Or you’ve stopped giving to your church because you’re afraid you won’t have enough.
• Those are all signs that something needs to change. And you shouldn’t fear that change. It might be a little scary at first, but nowhere near as scary as living paycheck to paycheck. Following God’s principles will give you welcome relief from worrying about money.
• Isaiah 43 tells us, “Remember not the former things, nor consider the things of old. I am doing a new thing … I will make a way in the wilderness and rivers in the desert.”
• So how do you begin to bring about this change? First, by dispelling the notion that God’s Word doesn’t contain everything you need to transform the way you handle money.
• Hebrews 4:12 reads “For the word of God is living and active, sharper than any two-edged sword, piercing to the division of soul and of spirit, of joints and of marrow, and discerning the thoughts and intentions of the heart.”
• Understanding and believing in biblical truth is essential, and the first principle you need to grasp is that God owns it all.
• In Psalm 24:1 we find, “The earth is the Lord’s, and all it contains, the world, and those who live in it.” When you fully embrace that principle, everything else can fall into place.
• You won’t be consumed with thoughts about the way you’re handling your money because it’s not yours. Instead, you’ll begin to think about managing God’s money because you’re simply His steward (or manager) of the resources He’s temporarily entrusted to you.
• And as His steward, God will never abandon you to fend for yourself. He’s always with you and He’s promised to provide. Luke 12:24 reads, “Consider the ravens: they neither sow nor reap … they have neither storehouse nor barn … yet God feeds them. Of how much more value are you than the birds!”
• Once you believe that God will provide, Scripture becomes your guide for changing the way you think and act about money. Instead of running away from God’s financial principles, you’ll run to them. The Bible says a lot about spending, saving, investing and getting out of debt, along with contentment and generosity— everything you need to know for wise money management.
• Take just one principle to start. Pray earnestly about it. Ask God for strength, discipline, and the desire to carry it out. Maybe that’s setting aside a few dollars out of your paycheck. Or paying more than the minimum on your credit card. Or putting a little more in the collection plate. Pick one and stick with it. Then when it’s part of your life, you can go on to the next and the next.
• This is putting principle into practice. You do that with tools and structure, a budget, a will, a long-range financial plan, and so on.
• If you’re not living on a budget, you need to develop a spending plan now. Proverbs 27:23 teaches, “Know well the condition of your flocks, and give attention to your herds.” These days our “herds and flocks” are our bank accounts.
• And there’s no better tool for developing a spending plan than the FaithFi app. It uses the tried and true envelope budgeting system to plan and track all of your spending. Download it at your app store.
• Now, many people find it difficult to change by themselves. They need someone to encourage them and to hold them accountable. As our friend Howard Dayton likes to say, “to hold their fuzzy feet to the fire.”
• You may need someone to keep you on track. It could be a spouse, another family member or a friend— but someone to hold you accountable for staying on budget.
• So, those are the tools you need to start putting God’s financial principles into practice.
• When you do, you’ll see big changes in your life— not right away but be patient— it’ll happen. And then you can stop worrying about money. We hope you’ll get started.

On this program, Rob also answers listener questions:

• What is the wisest way to use cash recently pulled out of a 401(k) account?
• Can you take out a home equity loan on a home that you’re buying via owner financing?
• What is the best way to file taxes for teens?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Margin is one of those important things in life that we often take for granted, and that can lead to trouble. Margin basically means “something extra.” A little extra time, or even distance from the car in front of you. It’s critical, especially with your finances. We’ll talk about that on Faith and Finance.

• You may not always connect the word “margin” with personal finances, but you’re probably familiar with its use in the business world where the term is usually “profit margin.”
• When we buy an item at the store, we don’t consider how it got there. But someone had to make it — usually many people working for a company. They all need to be paid wages.
• Then, salespeople had to get retailers to buy the product or service, and they need to be paid a salary and often a commission on top of that. Transportation people have to get the product to retailers, and they need to be paid. Then retailers have to mark up the product because they have bills to pay and need to make a living, too.
• So you’ve got several business entities involved in getting that product to where you can purchase it. And at each step along the way, the manufacturer, trucker, and retailer all need to have sufficient margin (profit) to make it worthwhile for them or the product never gets to you.
• Now, how much is sufficient? It varies widely depending on the product and how much it costs to bring it to market. Other factors play a role: competition, market size, and volume.
• The more units you sell, the smaller your margin needs to be. A new automobile has thousands of dollars of margin, but a lot fewer of them are sold than, say, hamburgers at fast food joints. You know, so many billions served? If you sell a billion of something, even with only a few pennies margin, you’ll probably do all right.
• HAVING ENOUGH MARGIN IN YOUR LIFE
• So how do we apply this lesson to our lives? The same principle holds true when it comes to our margin, and not just for money, but for our time and energy as well. How much do we have left over after all of our obligations are met?
• You have your job, family commitments, chores around the house, and obligations to your church. You must also prepare for unexpected or irregular expenses, a broken water pipe or car repairs. All of these involve time, money, and effort on your part.
• Do you have time and energy left over to recharge your batteries and spend time with God? That’s another form of margin that we all need.
• Now, I’m not equating time with God to your other obligations. That’s not just something to check off your “to-do” list.
• Time with God isn’t something we have to do, it’s something we GET to do, and it’s critical for living a balanced life with our time, families, service to the Lord, and, of course, our money.
• MARGIN IN YOUR FINANCES
• Now, what does having margin with our personal finances look like? It simply means having extra for the so-called rainy days: family emergencies, medical expenses above your deductible, or helping a visiting missionary or college student if God speaks to your heart.
• The key to acquiring that margin is to plan your spending in advance and live on a budget to help you decide where your money will go.
• Did you know there are only four things you can do with money? You can live on it, give it away, owe it to someone, or grow it. Every dollar you’ve ever made or ever will make goes into one of those four buckets. A budget is just a way of deciding ahead of time what goes where.
• By the way, this isn’t the same as balancing your checkbook, for example. That’s just seeing where your money went, not deciding in advance where it should go.
• If you haven’t downloaded the FaithFi app at your app store yet, we encourage you to do so. It uses the envelope system and gives you three different ways to set up your budget— making the process easy. If you’re not making spending decisions ahead of time and giving yourself financial margin, your income won’t be able to keep up with your outgo.
• As you set up your spending plan, you may see that you have more month left over when the money runs out. If that happens, you’ve got to make some changes. Find a way to increase your income or reduce your expenses.
• The key is learning to live on less than you make, having margin or money left over at the end of the month. Without it, you’ll slide into debt and never be able to save for the future.
• And here’s a bonus: when you finally get financial margin, you may find that you also have more physical and emotional margin. You’ll sleep better, feel more relaxed and be better able to use your spiritual gifts to serve God and help others.
• So that’s the importance of margin— financial and otherwise.

On this program, Rob also answers listener questions:

• Are CDs or stocks wise investments for a young investor in their 20s?
• How do you develop the right strategy to pay down your mortgage before retirement?
• Is it wise to use liquid cash to pay off debt when approaching retirement?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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April is just 72 hours away and it’s one of our favorite months of the year. That’s because April is Financial Literacy Month. This event began some two decades ago to raise awareness about the critical need for financial literacy. It’s just as important as learning to read and write. We’ll talk about that on Faith and Finance.

• It’s not quite April yet, but we want to give you a head start on gaining financial literacy. It’s important, because if you don’t know how to set up a budget, handle credit cards responsibly, or figure out how much car or house you can afford— you’ll run into all sorts of trouble.
• And guess what? Financial literacy is just another way of knowing and following God’s financial principles for earning and saving money.
• Now, a recent article in the Wall Street Journal laid out six practical things you need to know to be financially literate, so let’s go over them one by one.
• 6 THINGS YOU MUST KNOW
• 1. The power of compound interest and how it works and that it can work for you, or against you. When you save, your interest is “compounded.” That means at some point, it’s added to your principal, making it larger. You’re then paid more interest on your larger balance, and so on. The earlier you start saving, the more time your balance has to grow at an ever-accelerating rate.
• Here’s an example: Let’s say you’re 20 and you invest $5,000 a year for 10 years, and then stop. Over the next 30 years, at an annual return of 7%, your balance will be $600,000.
• But if you wait until age 30 to start, and invest the same $5,000 a year for the next 30 years, do you think you’ll have more? Nope. Your balance will only be $540,000. So the earlier you start, the better off you’ll be.
• By the way, we said compound interest can work against you, too. If you use a credit card and don’t pay it off each month, the interest is added to your balance, meaning you’ll owe even more.
• 1. So-called “good debt.” This is debt you take on with a reasonable expectation that the return you’ll get will be more than what you have to pay in principal and interest.
• Some examples would be borrowing to start a business, if you expect that your revenues for the business will be enough to cover the loan and give you enough to live on.
• Buying a house would fall into the category of good debt, because in most years, homes appreciate in value. A student loan, also, because if you finish with a degree that gives you marketable skills, you can reasonably expect to earn more than the loan will cost you, but be careful to borrow as little as possible for education. Far better to save for it ahead of time, again using compound interest in your favor, like with a 529 education savings plan.
• On the “outside edge” of good debt could be a car loan, if you need it for transportation to a job. But make as big a downpayment as possible and continue to save when the loan is paid off so you can eventually buy a car with “all cash.”
• 1. Credit utilization rate. That’s how much credit you have versus what you owe, as spelled out in your credit report, which affects your credit score. You should never owe more than 30% of your available credit because it will lower your score, resulting in having to pay a higher interest rate if you need another loan.
• 1. “Pay yourself first.” This simply means that you should put something into savings each pay period before you spend any money. Set up an automatic transfer from your checking account into savings, and let the bank do the work for you.
• 1. Diversification. This is another of God’s financial principles. Ecclesiastes 11:2 says, “Give a portion to seven, or even to eight, for you know not what disaster may happen on earth.” It means to divide your investments among different stocks, mutual funds, bonds and other securities. Don’t put all of your eggs in one basket.
• You can also diversify your assets for tax purposes. For example, contribute to your employer’s 401k or 403b with pre-tax money, but also open a Roth IRA and invest after-tax money in it. It’s great to have something in each bucket if you can do it.
• 1. Liquidity. All that means is that you can get to your money when you need it. If that sounds like an emergency fund, you’re exactly right. Your retirement accounts and even CDs and money markets are not the place to keep funds that you may need at a moment’s notice.
• Keep at least 3 to 6 months of living expenses in a savings account at an online bank to get the best interest possible on your liquid funds. If you have an unforeseen medical condition, lose your job, or total the car, you can get to that money in a hurry.

On this program, Rob also answers listener questions:

• Is it wise to use an accelerated mortgage payoff system?
• How do you determine when it is wise to sell multiple properties that you own?
• Will receiving pension payments affect your Social Security income?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Often when parents make out a will, they simply divide their assets equally among their children, including property. But maybe that’s asking for trouble. We’ll talk about that on Faith and Finance.

• One of the most common sentences included in a will is this: “My estate will be divided equally among my children.”
• That’s fairly easy to do when the estate consists entirely of financial accounts that can quickly be converted to cash for distribution to heirs.
• It’s quite another thing when the estate contains property, as most do. It immediately forces your heirs— usually your children— to make a difficult decision. Do they continue to hold the property in joint ownership? Or do they sell it and divide the proceeds? A third option exists if one or more heirs are willing to “buy out” the others.
• Ideally, the heirs will all agree on a fair and equitable settlement. That usually means selling the home and splitting the proceeds. Or, the heirs could decide to divide up other assets so that one or more heirs are able to hold onto the property. But far too often, heirs have trouble reaching that kind of agreement.
• Deciding as a group what to do with property becomes a complicated business. There are serious financial and emotional considerations.
• Financially, what you think is a blessing may actually become a burden when you factor in maintenance costs, taxes, insurance, homeowners association fees, and other expenses. Who makes decisions about maintenance and hires contractors to perform needed work? Will the heirs divide those expenses equally? What happens if one heir doesn’t pay his or her share?
• Sometimes, depending on location, the property becomes something like a “timeshare” for the various heirs and their families. But then who determines the schedule for using the place?
• Emotionally, inheriting real estate may cause heirs to make unwise decisions based on feelings, rather than wise money management.
• In many cases, the family home becomes a money pit that fosters arguments among surviving children who can’t even agree on minor things like what color to paint the living room.
• Children often have different ideas about what to do with inherited property, based on their experiences growing up. Resentments that were hidden for years may boil up to the surface when Mom and Dad aren’t around anymore.
• This is often made worse when one sibling is made executor of the estate. That person is then in a position to “lord it over” the others. Or the opposite can happen, with the executor heir taking grief from siblings who all demand different things. Handling the estate becomes a nightmare for them as siblings squabble. So as a side note, consider appointing an outside executor or personal representative for your estate.
• To avoid these potential problems with leaving a house in joint ownership to your heirs, many experts suggest you handle it like any other asset in your will. Simply stipulate in your will that upon your death, all property will be sold and that the proceeds then are to be divided among your heirs.
• When you do that, some heirs may decide to take the proceeds of that sale as part of their share in the estate. Others may want to “buy out” the others if they want to take on full ownership of the home or vacation property.
• You don’t always have to divide the proceeds equally among your heirs. In his book "Splitting Heirs,” financial teacher and author Ron Blue says that “if you love your children equally, you’ll treat them uniquely” in your will.
• Some may have greater needs than others. Some may not be able to handle money as well as others. In those cases, dividing things equally may not be best for your heirs.
• But the key to making any of this work is transparency. You should discuss your wishes with your family so that no one is surprised after you go home to the Lord. Everyone needs to understand not only your decisions, but why you made them.
• By having serious discussions about your estate ahead of time, you can eliminate the potential for infighting and resentment later, especially if you make it known that all real property is to be sold upon your death. That’s one less thing your heirs can squabble about.
• If you need help drawing up a will —or changing one— it’s important to work with an estate attorney who shares your Christian worldview. You can do that by finding a Certified Kingdom Advisor. Just go to FaithFi.com/find.

On this program, Rob also answers listener questions:

• How do you determine whether to leave funds in a 403(b)?
• How should you go about selecting a financial advisor?

RESOURCES MENTIONED:

• FaithFi.com/find

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Beauty matters to painters, musicians, and photographers, but what does it have to do with investing? The creation account suggests that beauty lies at the core of faithful stewardship, and investing as well. We’ll talk about “investing in beautiful” with Jason Myhre.

Jason Myhre, Executive Director of the Eventide Center for Faith & Investing. The Eventide Center is an educational initiative of Eventide Asset Management and an underwriter of this program. Learn more about Jason Myhre and the Eventide Center for Faith & Investing at faithandinvesting.com.

• Investing is a word we tend to associate with money, retirement, risk, and return. But rarely – if ever – do we link the words “investing” and “beauty.” So why should we connect beauty with our approach to investing?
• Beauty is found when we attend an orchestral performance. When we hike the mountains or stroll along the beach. When we splurge on a bouquet of flowers to adorn our home. But rarely do we connect it with work, let alone with our finances or investing.
• BEAUTY IN WORK AND INVESTING
• However, beauty matters for our work and our investing. Beauty is an essential characteristic of creation, which makes it central to our work as stewards of God’s creation.
• We see beauty in the Genesis account of creation. God is portrayed there as a worker. He creates “the heavens and the earth.” Everything he makes is “good.”
• Seven times in Genesis 1. Of the whole of creation God sees that it is “very good.” And in the Hebrew derivation, the word for “good” used in Genesis 1 means not only moral perfection and functional excellence but surpassing beauty.
• A better translation would be a compound word, “beauty-good.”
• God is portrayed as a wise artisan, artfully crafting the world. This is also indicated by the word “Eden,” which means “delight.” So beauty is an essential aspect of God’s work.
• As we reflect on the beauty and goodness of God’s creation, we might think, who could add anything to the splendor and majesty of creation? And the bible here is very surprising. It tells us that we are to add to the beauty and goodness of the world through our work.
• THE BIBLE ON GOODNESS AND BEAUTY IN WORK
• We see this in Genesis 2:15. God places humanity right there in that garden of delight and gives them the gift of work.
• Genesis 2:15, “Then the Lord God took the man and put him in the Garden of Eden to cultivate it and tend it.” Essentially, God placed humanity in his “very good” creation and told them to make it “even better” through the things that we make.
• If God’s creation was already “very good” – if it was “perfect” – how can we improve on it? The answer is that God made the world full of potential.
• We know that God made the world beautiful and good. Part of that beauty is manifest in the things God made in creation – we can see it. And part of the beauty and goodness is hidden within creation, as a potential for us to uncover through our work.
• Easy examples are bread and wine. The grain that God creates has always had the potential to become bread. God placed that potential there so that we would discover it and make it manifest through our work. Or grapes that God makes have always had the potential to become wine through our work.
• Imagine that you are a sculptor. And imagine that one day you receive a phone call from Michelangelo the great sculptor. And Michelangelo says to you, “Look, I’ve just started work on this new sculpture, this major, major sculpture, but I want you to come and finish it for me. I want you to come and complete the sculpture and develop the potentials I've built into it so far so that when it is done the sculpture will enhance my reputation in the art world.”
• According to Genesis 1 and 2, that’s what our work should be like.
• APPLYING IT TO THE MODERN WORLD
• Let’s translate this biblical picture of work to the modern world of business and investing.
• We need to see the world of business and investing today in light of this biblical vision of work. The Genesis instructions to develop the beauty and goodness of creation are the same for humanity today. This is still God’s design and desire for our work in business and investing.
• And so we must ask ourselves, how can the specific work of business and investing contribute the beauty and goodness of creation?
• Business is called to create products that are good. You know, we have this language for the products of business, we call them “goods” and “services.” And this is no accident. The products of business, in God’s design, are intended to be genuinely “good.” And the products of business, in God’s design, are intended to be a genuine “service” of humankind. Humanity through business is to create goods that are truly good and services that truly serve.
• BEAUTY IN INVESTING
• Investors are called to supply the capital that enables the work of good businesses. Investors are to supply the capital to enable and enlarge the work of business to create those goods and services.
• When we are contemplating our investing, we need to be asking, are the businesses that I will be investing in through this investment, are they businesses making products that are good? Are they providing a service that is truly a service? Are they making things that enhance the world? These are things we should embrace.
• And, understanding that we live in a fallen world, where this is now a marbled mix of good and evil and a marbled mix of beauty and ugliness, we must ask, are any of these companies that I would own through this investment destroying the beauty and goodness of the world? Are they diminishing and desecrating God’s world? These are things we should avoid.
• That’s a lot of responsibility. But the good news is that the faith-based investing movement continues to grow.
• There is a whole industry of Christian faith-based investments that’s been raised up to make it easier for us to seek a biblical vision of work in business and investing today.
• These investments are mutual funds and ETFs just like common investments, but with specific Christian ethical criteria used for the selection of companies in the investments.
• For example, some are seeking to avoid companies whose products run counter to this biblical vision. Other investors are seeking to avoid the bad while also targeting the good— looking for companies whose products meet human needs and enhance the world.
• Eventide has put together two resources for Faith and Finance listeners. The first is an article on beauty and investing as discussed. The second is a list of the faith-based investments that are out there. Find those at faithandinvesting.com/fi.

On this program, Rob also answers listener questions:

• Is it best to use a lump sum of cash to pay off student loans or simply make double payments over time?
• What can you do if you're having a hard time getting receipts for your gifts to a nonprofit organization?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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Asked if he’d like dinner, a budget airline passenger asked, “What are my choices?” The attendant responded, “Yes or no.” When you’re on a budget, you may forget that you still have choices and flexibility. Today John Putnam joins Rob West to talk about the “3-D Budget” and how it can help you get your priorities straight. This is Faith and Finance - biblical wisdom for your financial decisions.

John Putnam is a Certified Financial Planner, a Certified Kingdom Advisor, and founder of Smarter Stewardship, a marketplace ministry.

• I recently came across the 3-D budget you offer as a free resource at SmarterStewardship.com and I really want to share this with listeners as a fresh, new way to look at their spending plans. Why is that important?
  • Over time, your budget categories can begin to look “the same” and you can overlook the simple options you have for control, efficiency and impact to reach your respective financial goals. So often, we look at our budget and forget an important fact: All expenses are not created equally.
• How does your 3-D budget help someone get better control of their money?
  • It’s designed to remind you of the expenses you have each month and categorize them in a way that creates a fresh perspective that can highlight related opportunities. This can refresh your goals, decrease flexible outflows, increase cash flow and provide a written record that can be shared with your spouse, friends or advisor.
• What are the nuts and bolts of a 3-D budget?
  • Imagine a grid with 3 columns: Budget, Need to pay, have to pay and want to pay.
  • Column 1 is what I NEED to pay - needed, but flexible (ex. Internet, cable, dry cleaning, maybe ‘rent’).
  • Column 2 is what I HAVE to pay – payment that is contractual or required (ex: credit card).
  • The third column is what I WANT to pay – 100% optional (ex. Eating out, coffee shops, movies).
  • The third column is what you can take to zero, for example, during recessions.
  • The NEED TO and HAVE TO columns also hold opportunities for flexibility, they’re just more difficult to affect.
• How does this help you prioritize your actions — what you can do now, or in the next few months, and even longer range planning?
  • It helps provide a fresh perspective of flexibilities and efficiencies in budgeting for listeners and gives them additional options.
• You can get your own copy of the 3-D budget on the resources page at SmarterStewardship.com.

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:

• What should you do with an annuity IRA you inherited from your husband who passed away last year, and you are the primary beneficiary but his brother is the contingent beneficiary and you want to the funds to benefit your children? (Rob referred the caller to a CKA professional, by going to faithfi.com and clicking the Find a CKA at the top of the page.).
• Should you pay for a company to guard your credit or just freeze your credit report, if you don't want to get scammed?
• Is it true that you don't have to worry about capital gains tax if you purchased 60 acres of raw land 20 years ago for about $1000 an acre and could sell it now for up to six times as much?
• What should you do if you are attempting to roll over a 401k from a company that closed in 2021, and the plan administrator is saying you need to contact the employer but they no longer exist?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and even download the free FaithFi app.

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Are annuities the best product since sliced bread … or a house of mirrors? Or could they be both? We’ll talk about it today with Mike Miller on Faith and Finance.

Mike Miller is a Partner and Senior Private Wealth Advisor at the South Carolina office of Ronald Blue Trust. He’s also a certified financial planner and a Certified Kingdom Advisor. Mark Miller is a Certified Kingdom Advisor. If you want to learn even more about annuities, you can listen to his two-part podcast on the topic at TalkingMoneyRadio.com.

• At Faith and Finance, we’re generally not fans of annuities. But let’s take a closer look. First, what is the main problem with any investment that guarantees returns, such as annuities?
• Miller says they’re always a tradeoff. Guarantees come with a cost. Typically, the lower the risk, the lower the return.
• WHAT DOES THE BIBLE SAY?
• You won’t find the word “annuities'' in the Bible, but there is a biblical principle to guide us on this topic.
• Miller talks about the Parable of the Talents found in Matthew 25. One of the servants buried his talent in the ground. The master asked why he did that. The servant said he was afraid, and the master was displeased.
• Miller says all too often, annuities are marketed and purchased based on fear.
• WHAT TO LOOK OUT FOR
• If a salesperson is ONLY selling annuities, rather than a full suite of investment options, that’s a potential problem. If he or she only has a square peg to sell, they’ll always try to sell a square peg, regardless of whether the hole is a square, a circle, or a triangle.
• Also, if an annuity salesperson is trying to get you to put a large percentage of your money into an annuity? If so, watch out! It’s always a good idea to diversify.
• And do you feel like someone is trying to sell it because it's in your best interest? … or because they’re trying to win a contest? Listen to those spirit checks if you feel like they’re not acting in your best interest.
• There are three different types of annuities: Fixed, indexed, and variable.
• Fixed annuities do have some advantages in an era of elevated interest rates. You usually get a higher guarantee than in other types of annuities, at least for a period of time.
• Variable annuities have a higher potential upside, but a higher potential downside as well.
• Whatever the annuity, it always makes your money less liquid and available. And if you’re going to leave that money alone for a long period of time, why not invest in the things the insurance companies are investing in (the market)? Just take a long-term approach and diversify properly.
• There are some limited situations in which an annuity makes sense. That could be a situation in which you’ve exhausted other investment options. Seek out a kingdom adviser if you want to evaluate annuities for your needs.

On this program, Rob also answers listener questions:

• What is the best option to consolidate debt?
• How can a married couple get out of a living paycheck-to-paycheck situation?

RESOURCES MENTIONED:

• Bankrate.com

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

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If you’re a contract worker— and more people are these days— you probably have irregular hours and pay. So how do you budget? We’ll give you some tips to help you budget, even if you’re living on an irregular income.

• New data shows that employers are using about 25% more contract workers now than a year ago, largely due to fears of recession. That means a lot more people are struggling to budget with income that varies from week to week.
• But the need to budget doesn’t change just because your paycheck does. Spending less than you earn is the key to every financial success. It’s the foundation that everything else is built upon. It’s nearly impossible to stay out of debt and save without a spending plan.
• This is a plan for your money. It gives each dollar a job and directs the flow of money in and out of your accounts. You’ll never be able to maximize your giving and saving without a spending plan.
• And this applies to everyone … whether you’re an employee or a contract worker. It’s imperative as a Christian that you wisely manage the resources God’s given you.
• Proverbs 27:23 reads, “Know well the condition of your flocks, and give attention to your herds.”
• Having a spending plan means you know— either specifically or on average— how much you have coming in and going out and where those monies are directed. You’ll have to give an account someday for how you manage money … so you need to have a plan.
• WHAT KIND OF BUDGET?
• Now, the format you choose for your spending plan is up to you. You can use pencil and paper … or you can take a digital approach and for that we highly recommend you check out the Free FaithFi app, available in your app store...
• It will help you set up your budget using the tried and true envelope system and it has the best financial content from a host of Christian authors like Shauntee Feldhahn, Art Rainer and Randy Alcorn. So get the FaithFi app if you haven’t already.
• No matter which approach you choose, begin by tracking your expenses for 30 days. Capture every expense no matter how small. Then, think about the non-recurring expenses and add them in with a monthly amount needed to have what’s necessary when that expense rolls around. This would be quarterly insurance payments, annual homeowners association fees, vacation expenses, and your Christmas fund.
• Then, take that 30 days of actual spending, plus the non-recurring expenses we just mentioned, and build a budget by category. Once you take a first pass, you’ll need to do the hard work of bringing the budget in line with your income and making sure that your spending reflects your goals and priorities. If it doesn’t, that’s where you need to start cutting back and making changes.
• By the way, if you use the FaithFi app, you’ll find its envelope system particularly helpful for controlling the flow of money in your discretionary categories, which are the typical budget busters because they vary from month to month. These are things like eating out, shopping for clothes, gifts, and entertainment.
• BUDGETING IN A MARRIAGE
• You’ll also have to decide who manages the budget going forward, husband or wife?
• We all have different gifts and talents. Sometimes the more detailed, organized person is the wife, sometimes it’s the husband. You’ve got to figure out what’s the best approach for you.
• You can have one person being the bookkeeper, and we recommend that you do, but both spouses need to be in on the plan and the commitment to sticking with it. This is why we recommend that you have a weekly “money date.”
• That’s when you come together each week to review the spending for the last seven days, make course corrections, and address the unexpected. And of course, the unexpected is always going to happen.
• VARIABLE INCOME
• So we’ve covered the variable expenses. Now here’s what you do about variable income— which is key for most contractors. Start with what you do know. What was your average monthly income for the last six months? Can you reasonably expect to earn the same amount in the next six months?
• The goal is to arrive at a budget that can be covered by the average (or slightly below average) amount you expect to earn each month. In the months that you earn more, keep the excess in savings to fund the lean months.
• You may also want to consider depositing all of your income into savings and then transferring only a set amount each month for living expenses. Then every six months or so, reassess your average income for the period and make necessary changes to your budget. And that’s how contractors— or anyone— can budget successfully on a variable income.

On this program, Rob also answers listener questions:

• Where should you give your tithes if you do not yet have a church home?
• Instead of saving a lump sum to pay off an auto loan, is it better just to pay more than the minimum each month?
• What is the wisest way to go about drawing a monthly income on your retirement savings?

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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Proverbs 22:7 carries a grim warning about debt: “The rich rule over the poor, and the borrower is slave to the lender.” Nowhere is that more true than with student loan debt, now just over $1.75 trillion. But you don’t have to be part of that statistic. We’ll talk today with Howard Dayton about how you can avoid it.

Howard Dayton is the former host of this program and the founder of Compass—Finances God’s Way. Howard has written about student loan debt in the past and has come across some numbers that should make anyone think twice about falling into that trap. You can read more of Howard’s wisdom at Compass1.org.

• STARTLING COLLEGE DEBT STATS
• According to one survey, millennial-aged college graduates are spending a whopping 18% of their salary on student loan payments, and 60% of them expect to be making payments on their student loans into their 40s.
• But it gets worse! The survey also found that average student debt for millennials is more than $41,000, and a third reported being clueless as to their loan’s interest rate.
• What’s even more surprising is that many millennials aren’t willing to adjust their lifestyle to pay it off their student loans more quickly. For example, less than half of those surveyed were willing to cut what they spend on eating out and entertainment.
• The last big discovery of the survey: fully one-third of the grads said they would have skipped college altogether if they’d known how expensive it would be in the end.
• Howard has come up with five ways that students and their parents can keep from drowning in student loans.
• 5 TIPS FOR AVOIDING THE STUDENT DEBT TRAP
• 1. Start preparing early! Urge your high school-age kids to take dual credit classes that will count as college credit. I know of one couple’s 17-year-old son who graduated from high school having earned 90 college credit hours. When he enrolls in college, he’ll have completed the first three years of college free!
• 2. Another option is to enroll in a local community college the first two years to complete your general classes or to work full-time and take online college classes, which are typically much less expensive.
• 3. Secure as many grants and scholarships as possible by investing the time to research every possible opportunity.
• Did you know that according to the National Scholarship Providers Association, an estimated $100 million in scholarships goes unused each year because no one applies for it?
• 4. Encourage your children to work full-time during the summers, and part-time at college after their first semester. That first semester they should get acclimated to the college routine, but after that, they can look for a part-time job, and then apply what they earn toward college costs.
• Even working just 10 hours a week could easily pay for the next semester’s books.
• 5. Parents need to start saving early to help their kids pay for college. The 529 education savings plan is a great way to do that, and you can encourage grandparents and other family members to contribute to it with cash gifts for Christmas and birthdays.
• And here’s one bonus suggestion: Don’t cosign for your children’s student loans or take out any loans yourselves.
• Everything should be in the child’s name only. He or she has more time to pay off a loan than you have to save for retirement.

On this program, Rob also answers listener questions:

• Does it make sense to take money out of an IRA to pay off a home equity loan?
• What is the best way to plan for the distribution of assets to heirs, even if a surviving spouse remarries?
• How do you determine the right time to start drawing Social Security benefits?

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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Ecclesiastes 7:8 encourages us to be patient in trials of all kinds, including our investments. If patience is a virtue, how do we apply that to our portfolios? We’ll talk about it with investing expert Mark Biller.

• Mark Biller is executive editor at Sound Mind Investing.
• If you’re feeling despondent about the losses suffered over the past year, be encouraged!
• PATIENCE IS A VIRTUE
• Biller reminds us that time is on the side of the long-term investor. This has always been the case — it was true after the dreadful losses of 2008’s Financial Crisis, it was true after the Covid shock in 2020, and it’s still true after last year’s losses, whether or not this bear market is over yet.
• The U.S. stock market has been remarkably resilient. A portfolio divided 50-50 between large and small company stocks has returned about +11% per year over the last 95 years. Think about everything the market has been through since then — the Great Depression, a World War, and so on.
• Admittedly, that average obscures some wild rides along the way.
• There have been 12-month periods where losses were as horrifying as -69% and gains were as breathtaking as 240% (those two extremes actually happened back-to-back in 1932-1933). In fact, it’s been very uncommon for stocks to actually return close to that +11% average in any particular year — only about 5% of all the 12-month rolling periods over the last century or so have been within one percent of that 11% long-term average.
• What that means is that it’s perfectly normal for the stock market’s returns to be all over the place from year to year. And yet, despite that, time is on the side of the long-term investor. The longer you’re willing to keep your money in the market, the greater your likelihood of success.

• Biller writes about all this in a recent article at SoundMindInvesting.org, titled “Market Probabilities: What the Past Suggests About the Future.” It features a chart that shows that if you had randomly picked any 12-month period between 1926 and 2022 to own stocks, you would have had a 74% chance of making money.

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• How much money? The table shows you would have had about a 39% probability of making more than 20%, a 20% chance of making between 10% and 20%, and a 15% chance of earning between 1% and 10%.
• The chart shows these types of probabilities for holding periods of 1-year, 2-years — all the way out to 10-year holding periods. And that’s where the numbers are really so reassuring.
• When you get out to five-year holding periods, losses occurred only 11% of the time. In other words, if you held your stocks for at least five years, the likelihood of making money increased to 89%.
• The chart also shows that as the holding period lengthens, the very large gains and losses gradually disappear as the market moves closer to its long-term historical average. And by the time you reach holding periods of 8-to-10 years, the likelihood of losing money falls to just 2%-3% of the time.
• Now, this assumes certain things, like your portfolio being properly diversified.
• This study reinforces the importance of diversification. The article notes that the S&P 500 Index, which is really a measure of large-company stock performance, was negative -1.4% for the 10-year period ending in 2008. But when we diversify that portfolio by splitting it evenly between large and small company stocks, that 10-year loss flips to a small gain of +2.7%.
• One of the main points of this article and the chart is to show how volatile stock market returns are over the short-term, and how that volatility rapidly diminishes as you stretch out your time horizon. Short-term returns are very unpredictable, but they become much more predictable the longer the time horizon extends. That’s why SMI has always recommended at least a five-year time frame as a minimum for investing in the stock market, and 10 years is really what they prefer to see. You can’t guarantee that a person will have a positive return investing in stocks over any given five or 10-year period, but historically, the odds of success go way up with those longer periods.
• And again, it’s reassuring that even the worst recent 10-year period — that 1999 to 2008 period that ended with the Global Financial Crisis — still provided modest gains for diversified investors.
• DON’T TRY TO TIME THE MARKET ON YOUR OWN
• All of the research suggests that most individual investors do a poor job of trying to time the market on their own. And most who try to do that, end up hurting their long-term results.
• So for someone who is NOT following along with a very disciplined, mechanical strategy like they’re using at SMI, but has a 5-year time horizon and is contributing every month to their 401k, they should stick with simple dollar cost averaging. They should probably just keep making those contributions and count on the market to bounce back from any further damage that might be in store before they reach the end of their 5-year time period. This article we’ve been discussing today says that historically a person has an 89% chance of making money in stocks over a 5-year time period. That’s the argument for continuing to dollar-cost-average right through a bear market like this.
• SEEKING A FINANCIAL ADVISER
• What kind of person needs a financial advisor?
• Biller says there are two main groups: one is the person who doesn’t enjoy financial stuff and doesn’t want to do this on their own. Chances are, that type of person isn’t going to do a particularly good job with it because they don’t like it and it’s a chore. So that’s one good reason to offload it to an advisor.
• The second is a little less obvious, but it’s a primary reason why many of SMI’s do-it-yourself newsletter people eventually transition over to using SMI’s Advisory service, and that’s because they want to ensure their spouse is well cared for after they’re gone. Many people tell SMI they don’t mind handling their own investing, but their spouse would be lost because they haven’t been involved. So they’ll come over to work with an SMI advisor to make sure the transition is smooth for their spouse’s benefit.
• And of course, we regularly recommend you seek out a Certified Kingdom Advisor if you need help with your investments. You should interview two or three of them, and you can start that process by visiting FaithFi.com/find.

On this program, Rob also answers listener questions:

• What is the best way to select a lender for a home refinance?
• What kinds of retirement income are taxable?
• When does it make sense to refinance an auto loan?

RESOURCES MENTIONED:

• CreditKarma
• LendingTree

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

• I realize we may not be able to post this. But just in case we can, I decided to paste it in.

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What’s harder to get rid of than termites and hurts more than a toothache? According to countless callers through the years, the answer is a timeshare. So what are your options for getting out of a timeshare? We’ll talk about that on this episode of Faith & Finance.

• In a perfect world, you’d be able to sell your timeshare for enough to get your money back. Unfortunately, that’s not going to happen.
• Now, just why is a timeshare so difficult to sell, or get rid of at all, for that matter? For most potential buyers, it lacks a clear need. You can book a week at a similar resort any time you want without a huge upfront cost and monthly fees. So there are few customers out there to buy your timeshare.
• Also, let’s face it, timeshares have a significant public relations problem. Most people don’t like the high-pressure sales tactics typically used by the companies that sell them. So timeshares, in general, have a badly tarnished brand image.
• Before you attempt to sell your timeshare, you should get all the information you can about the process and the best source we know is the Timeshare Users Group or TUG. You can find them at Tug2.com.
• This is a community of timeshare owners who offer advice and share their experiences. The membership fee is $15 a year, and it’s probably well worth it.
• SELLING A TIMESHARE
• If you try to sell it on your own— you need to have a realistic idea of what it’s worth— and that’s almost certainly a lot less than what you paid. Next you’ll have to advertise and TUG has an online marketplace that’s probably the most active site you’ll find for buying or selling a timeshare. You can also try eBay, Craigslist, Facebook and newspaper classified ads.
• Once you find a buyer—if you find a buyer— you’ll need to write up a contract that specifies what each party must do and what they receive from the transaction. It would be wise to get an attorney to draw up the contract.
• Okay, let’s say you’ve been unsuccessful in selling your timeshare. If you’ve given up hope for getting any return on your money, you can simply ask the resort to take it back. It’s called a timeshare deed back and if the resort agrees, it’s an inexpensive way to get rid of it. You’ll probably need to have paid the entire cost of the timeshare, which could run around $24,000, so that would have to be a last resort.
• Your next option is to use a so-called “timeshare exit company.” This one can be tricky, because there are a lot of scams out there. You’ll want to find one with a track record of helping people get out of their timeshare— and ask for referrals.
• There’s one more option for getting out from under a timeshare, and that’s to go with a contract attorney. You want to find one that’s experienced in getting folks out of a timeshare. It can happen because these companies don’t always keep their end of the bargain and are found in breach of contract.
• You’re probably wondering what some of these options might cost you. If you’re able to sell your timeshare, you’ll probably have several hundred dollars in advertising fees.
• You’ll also lose the difference between what you paid and what you sell it for, which will likely be substantial.
• If you go with a timeshare exit company, costs often start around $5,000 and could go well over $10,000. Hiring an attorney could cost nearly as much.
• TIMESHARE "DON’T"s
• Now, here are some “don’ts.” Don’t go with any timeshare exit company that makes extravagant claims that they can get you released from your timeshare for a low cost. If the company asks for payment upfront , head for the door. Also, don’t go with any company that suggests you do anything illegal or in our case, as believers, anything that would dishonor God.
• Here’s another “don’t.” It might be very tempting to just stop making payments. That will result not only in being endlessly harassed by the timeshare company or some collection agency, it will ruin your credit and may result in a foreclosure.
• You’ve also signed a contract, pledged your word that you’d pay this money. The Bible is pretty clear about your obligation. Psalm 3:27 tells us,”Do not withhold good from those to whom it is due, when it is in your power to do it”
• So, as we said, you have a few options for getting rid of a timeshare, but the easiest way of all is to not buy one in the first place. You’ve heard the saying, “An ounce of prevention is worth a pound of cure.” Couldn’t be more true than with a timeshare.

On this program, Rob also answers listener questions:

• Where can you find faith-based investing options?
• What is the advantage to setting up a trust vs a will?
• If the US enters a recession, what impact might that have on house prices?
• Should a parent consider helping to pay off the mortgage of their adult child?

RESOURCES MENTIONED:

• Eventide Funds
• Praxis Funds
• Inspire Investing
• Guidestone Funds

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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“The purpose in a man's heart is like deep water, but a man of understanding will draw it out.” Proverbs 20:5 Man’s ultimate purpose is to glorify God, but deciding how we do that can be a challenge. Sometimes we need help from a trusted advisor. We’ll talk about that with Rachel McDonough.

Rachel McDonough is a Certified Financial Planner anda Certified Kingdom Advisor. And lately, she's been deep in thought about Proverbs 20:5 and how it relates to fulfilling our purpose in life with our financial decisions.

• All Christians would like to honor God with the way they use the resources He’s given them, but sometimes it’s difficult to find the right path for that.
• McDonough shares that our culture makes it difficult. There’s so much in our culture that makes us think it’s all about us. We ask, “What are my financial goals?” But if that’s our starting point, it’s almost like: Ready, fire, aim!
• But it’s wise to take a step back and think through a more biblical framework for how we should determine those financial goals.
• The thing that is your treasure will control your heart. And what controls your heart will control your words, your behaviors, and your decisions. The place to start is with your HEART, our values, and priorities as believers.
• McDonough encourages listeners to take a step back and think through the foundation of our values and priorities first, and then choose specific financial goals that give us the right target to be aiming toward.
• Turning to a Christian adviser can help you think through those factors.
• Of course, this is why Kingdom Advisors exists, to train a dedicated group of professionals with the CKA designation … to come alongside side believers and help them find their purpose.
• Learn more about Kingdom Advisors at kingdomadvisors.com or visit FaithFi.com to Find a CKA.

On this program, Rob also answers listener questions:

• How do you combat fear over your finances?
• Does it make sense to use all cash on hand to pay off credit card debt?

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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The problem with most retirement plans is that eventually, you have to pay taxes on your distributions … or do you? Would you believe there’s a way you can avoid paying those taxes and greatly increase your giving to God’s kingdom at the same time?

• The Bible is clear that Christians should pay their taxes. Romans 13:1-2 reads, “Let every person be subject to the governing authorities. For there is no authority except from God, and those that exist have been instituted by God.”
• At the same time, we don’t want to pay more in taxes than we have to, because that wouldn’t be good stewardship. Fortunately, there’s a way you can legally (at least for now) avoid paying some taxes and practice amazing stewardship at the same time.
• Of course, we’re talking about the qualified charitable Distribution in the U.S. tax code. I’ve mentioned it several times before, but today I want to really dive into what it is and how it works.
• WHAT IS A QUALIFIED CHARITABLE DISTRIBUTION?
• A qualified charitable distribution or QCD is a withdrawal of funds from your traditional IRA that goes directly to a qualified charity, such as your church or a ministry you’d like to support.
• To make a QCD, you have to be at least age 70 ½. This money is not subject to taxes and won’t be counted as taxable income. And here’s a really great provision with the QCD— if you meet all the requirements, it will count as your Required Minimum Distribution or “RMD.”
• That’s important because now beginning at age 73, you must take RMDs on most qualified retirement plans, including a traditional IRA. But you can get around that rule by making a qualified charitable distribution instead.
• We mentioned that you can make a QCD from your traditional IRA, but what about other retirement plans? You can also make a QCD from your SEP IRA if you have one, or a so-called SIMPLE IRA. You can even do it from a Roth, but because no taxes are due on Roth distributions, there’s no advantage to it.
• You cannot, however, make a QCD from a 401k or 403b retirement account. You would first have to roll the funds over to an IRA and make the QCD from there.
• Also, not every charity is eligible for a qualified charitable distribution. It must be a 501(c)(3) organization and private foundations are ineligible for QCDs. It’s a good idea to check with a tax professional to make sure your favorite charity can receive the gift.
• HERE’S HOW A QCD CAN REDUCE YOUR FEDERAL TAXES:
• First, even though it’s a withdrawal from your IRA, it won’t be counted as taxable income, as it would if you simply withdrew those funds from your account.
• Second, you don’t have to itemize deductions on your return to make a QCD. That means if the standard deduction of $13,850 for a single filer, or $27,700 for married joint filers is higher, you can still take it, further reducing your federal taxes.
• And third, because a qualified charitable distribution can be made instead of a required minimum distribution, it won’t increase your federal taxable income. That’s potentially huge because often an RMD will push some of your income into a higher tax bracket. You won’t have to worry about that if you make a QCD instead.
• Of course, it’s not all lollipops and rainbows. There are a few downsides to QCDs. First, as we said, the money must go to a qualified charity. You also can’t make the donation directly. It must go through your retirement plan trustee to the charity.
• Also, you can’t claim a QCD as an itemized charitable donation and there’s an annual limit of $100,000— not a problem for most people.
• To sum up, the QCD is a powerful tool that enables you to lower your taxes by reducing your taxable income and it can satisfy your required minimum distribution, which can keep some of your income from being taxed at a higher rate.
• If you have a required minimum distribution coming up this year, I hope you’ll take advantage of the QCD to increase your giving back to God’s Kingdom.
• The QCD is more than just a great way to lower your tax burden. For Christians, it gives us a chance to be more faithful stewards of the resources God entrusts to us. It’s an opportunity to be more generous that you shouldn’t pass up— if you’re able to use it.
• 2 Corinthians 9 puts it like this: “Whoever sows sparingly will also reap sparingly, and whoever sows bountifully will also reap bountifully. And God is able to make all grace abound to you, so that having all sufficiency in all things at all times, you may abound in every good work. As it is written, ‘He has distributed freely, he has given to the poor; his righteousness endures forever.’”

On this program, Rob also answers listener questions:

• Is using a credit card better than a debit card when traveling overseas?
• How is severance income taxed?
• When does a regular IRA make sense?
• Is it wise to move a pension into an IRA?

RESOURCES MENTIONED:

• App.FaithFi.com

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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The Bible clearly says that Christians are to give, but is it always as clear about where we should give? We all have to make decisions about where we will give from our limited resources. So a good question to ask is, does God care where we give? We’ll talk about that with David Wills.

David Wills is President Emeritus of the National Christian Foundation. He’s spent a lot of time helping individuals and families decide not just how, but where to give.

• Wills recently wrote an article for NFC titled “Does God Care Where We Give?” In that article, he points out that we sometimes have things backwards. David explains:
• The main idea is that we tend to give in areas of personal passion or to places we care about. And yes, it’s possible we have this a bit backward. Isn’t it important to put God at the center of the equation and see what he thinks? How do you decide where to give?
• And how do we determine what God thinks in such a unique time as right now?
• God cares about each of us. He allows us to steward financial resources for his glory and our good. He knows that as we glorify him out of gratitude for his gifts to us, we experience true life. And he desires that we reflect his generosity through our giving.
• If we make obedience to God and reflecting His love to the world our supreme motivation, then giving comes into view as an excellent context to glorify God.
• HOW DO WE DETERMINE WHERE GOD WANTS US TO GIVE?
• God’s Word isn’t silent on this topic. We see three geographic areas for us to target and two things to support in six specific areas. Acts 1:8 gives us a glimpse of three areas where we will be witnesses for Christ. It says:
• “You will receive power when the Holy Spirit has come upon you, and you will be my witnesses in Jerusalem and in all Judea and Samaria, and to the end of the earth.”
• Picture this as concentric circles: Jerusalem, Judea and Samaria, and the ends of the earth.
• This is instructive for us when we’re thinking about our giving, too. Jerusalem identifies what is local. Judea, for Jesus’ disciples, meant going further and broadening the scope of their work to bring the message of the gospel to everyone. Samaria meant going somewhere they wouldn’t have gone had Jesus not chosen to send them, and the ends of the earth was as far as they could go.
• So how does that challenge us to think about our giving? Does God’s Word tell us who we should give to?
• It challenges you to ask, “what about me? Am I strategic enough in my giving to think where I’m giving locally, nationally, and internationally?” God has a heart for all three.
• And that leads us to the next issue. There are two things that God’s Word tells us will last forever. We can safely assume that God cares deeply about both of them. Those two things are God’s Word and people.
• We can give toward God’s Word, by supporting the translation, distribution, teaching, and preaching of the Scriptures. We can give toward God’s people by supporting workers spreading the good news of Jesus Christ to those who have not yet heard it. We find this in 3 John 5-8:
• “Beloved, it is a faithful thing you do in all your efforts for these brothers, strangers as they are, who testified to your love before the church. You will do well to send them on their journey in a manner worthy of God. For they have gone out for the sake of the name, accepting nothing from the Gentiles.Therefore we ought to support people like these, that we may be fellow workers for the truth.”
• That kind of giving undoubtedly glorifies God.
• While the Bible doesn’t spell everything out in as much detail as we might like, when it comes to people, it does give us a few more clear instructions about where (or to whom) we should give. In the Bible, six groups of people surface repeatedly as recipients of giving. God seems to have these groups on His heart, so we probably should, too!
• The first is to care for the poor and oppressed. God has a special concern for the poor “in need,” especially those within the Christian community. We see this in 1 John 3:16-17:
• “By this we know love, that he laid down his life for us, and we ought to lay down our lives for the brothers. But if anyone has the world's goods and sees his brother in need, yet closes his heart against him, how does God's love abide in him?”
• That's a fairly general statement, but the Bible also specifically says we should care for orphans and widows, the hungry, thirsty, stranger, naked, sick, prisoners, refugees, and victims of calamity.
• As you focus on laying up treasure so that your heart aligns with God’s, remember these categories don’t exhaust the things to which a Christian may give. But they point you to support what God cares about locally, nationally, and internationally while giving you room for creative freedom. And more creative thinking may be needed when God is calling you to something specific.
• Jesus said in Matthew 6:21, “Where your treasure is, there your heart will be also.” So, my best advice is to focus on laying up treasure in such a way that it aligns our hearts with the heart of God. I’m not sure there is anything that could lead to greater joy.

On this program, Rob also answers listener questions:

• After helping out family members in getting a mortgage, does it make sense to do a quit claim deed as they refinance to take your name off the loan?

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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Have you ever had a family member or friend ask you to lend them money? It’s a tough situation to be in. On this Failth & Finance, we’ll give you some advice from God’s Word to guide you.

• It’s probably safe to say that being asked to lend money makes people uncomfortable.
• It’s often a big decision that has consequences no matter how it turns out. When you lend money to another it changes the relationship. Proverbs 22:7 reads, “The borrower becomes slave to the lender.” Lending money can hurt a relationship.
• And that can happen whether you lend the money or not. You’re “between a rock and a hard place,” and it seems like either way, someone may end up resentful.
• There are really only three things that can happen and only one of them is good. If you decide not to lend the money, the other person could be upset. If you do lend the money and the other person doesn’t repay it, you’ll probably be upset.
• It’s only the third possibility that makes everyone happy. You lend the money, and the borrower pays it back. But consider carefully why they asked to borrow in the first place.
• They may not be able to repay the loan if they’re already in bad shape financially, for whatever reason.
• Fortunately, God’s Word gives us guidance here.
• WHAT DOES THE BIBLE SAY?
• First, God’s Word tells us to help those in need … lending money if necessary.
• Deuteronomy 15:8 says, “You shall open your hand to him and lend him sufficient for his need, whatever it may be.”
• Turning to the New Testament, in the Sermon on the Mount, Matthew 5:42, Jesus says, “Give to the one who asks you, and do not turn away from the one who wants to borrow from you.”
• And finally, a verse that might make you think the only proper response is to lend money to a family member, in particular, is 1 Timothy 5:8, which reads, “But if anyone does not provide for his relatives, and especially for members of his household, he has denied the faith and is worse than an unbeliever.”
• SO SHOULD YOU ALWAYS LEND MONEY WHEN ASKED?
• Not at all. The above Scriptures imply a couple of things: First, there must truly be a need. And second, that lending the money would actually help the borrower and not simply allow that person to make more unwise financial decisions.
• Here Scripture has more to say:
• Proverbs 13:11 warns about one possible outcome of lending money. It reads, “Wealth gained hastily will dwindle, but whoever gathers little by little will increase it.” Getting a loan is often the “easy way out.”
• Maybe the borrower tells you the loan would be a “lifeline” — which it may be. But it’s also “easy money” and the borrower may not appreciate the effort it takes to create that wealth. When you have to work hard for something … you tend to want to hold onto it.
• Hard work produces character and wisdom. Proverbs 21:20 reads, “Precious treasure and oil are in a wise man's dwelling, but a foolish man devours it.”
• So before you get out the checkbook, think carefully about whether there’s a real need.
• You also have to be sure that lending the money will actually help the borrower. Here are some questions to ask yourself:
• Can the borrower repay the loan? If there’s not sufficient income or ability, promises to repay will come to nothing.
• Then ask, what shape will you be in if the money isn’t repaid? If you can’t afford to lose it, you can’t afford to lend it.
• Then ask, can you help in another way? If the person needs money to repair a car for example— could you give rides to work until they’ve saved enough for repairs?
• And last, ask yourself, can you make the money a gift instead of a loan? That way you’re not expecting it to be paid back, so you can’t be disappointed and your relationship won’t suffer. But again, only do that if you can afford it and the gift doesn’t encourage more financial mismanagement.
• Finally, If you do decide to lend the money, draw up a written agreement— even if you’re lending to a family member. When something’s in writing, it clarifies things and makes it known who’s responsible for what and when.
• The loan agreement should specify the amount, interest rate if any, payment structure and collateral, if any. That will help eliminate misunderstandings later on. You can find lots of promissory note templates online. Just fill in the blanks.
• One final thought if you end up lending the money— make preserving the relationship your priority. Be prepared to forgive the loan if it keeps the relationship intact. But that’s only possible if you have the ability to lose it in the first place.
• So those are some things to consider before lending money to a family member or friend, based on God’s Word.

On this program, Rob also answers listener questions:

• What is the best way to stick to a budget?
• Should you put a relative’s name on the deed of a house as you age or simply will the property to the relative?
• When does it make sense to look at refinancing debts?

RESOURCES MENTIONED:

• App.FaithFi.com

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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Are we headed for a debt crisis? Is there a point of no return? How would a debt crisis affect you? We’ll talk to Jerry Bowyer to get the answers on this Faith and Finance.

Economist Jerry Bowyer is president of Bowyer Research and a frequent contributor to Faith and Finance and WORLD Opinions. Learn more about Jerry Bowyer at faithdriveninvestor.org.

• Bowyer says while he doesn’t see a national debt crisis looming on the immediate horizon, there is no question we’re drawing closer to one. Our working population is declining, our debt-to-GDP ratio is 100%, and there seems to be little appetite in Washington to truly rein in spending.
• The nonpartisan Congressional Budget Office recently added another $3.1 trillion dollars to its projected national debt over the next 10 years. Uncle Sam is spending more than it takes in - to the tune of around $2 trillion dollars a year. That’s $2 trillion dollars of spending on the national credit card, expanding the national debt, which now stands at almost $32 trillion dollars.
• And if we hit a recession later this year, we will likely start adding to the national debt even more quickly because social spending would be up while GDP is down.
• We have additional challenges in that our government is not employing pro-growth policies, which makes it more difficult to grow our way out of the situation we’re in.
• Bowyer, says another aggravating factor is the fact that roughly 70 million people are missing from the economy because they were aborted. It’s Potterville in It’s a Wonderful Life: the world is a worse place for the loss of those people.
• He explains that immigration will be key to the future of America, though that is complicated with the lack of agreement over immigration policy in Washington.

On this program, Rob also answers listener questions:

• What kind of inheritance tax should you prepare for with the passing of a parent?
• How do you determine the wisest way to use or invest an unexpected windfall?

RESOURCES MENTIONED:

• Find a Certified Kingdom Advisor

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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We’re hip-deep in tax season. Are you getting all your financial ducks in a row before it’s time to “give unto Caesar? The filing deadline will be here before you know it, so if you haven’t started prepping yet, now’s the time to do it. Rob West has some tips that could save you headaches. This is Faith and Finance - biblical wisdom for your financial decisions.

• No one likes paying taxes, but it’s not only a civil mandate — it’s a biblical one, as well. Romans 13:7 tells us, “Pay to all what is owed to them: taxes to whom taxes are owed, revenue to whom revenue is owed.”
• Of course, we don’t want to pay more in taxes than we have to, so we need to take steps to avoid that and make the process as simple and error-free as possible.
• The first step is to get moving now. The earlier you file, the sooner the IRS will process your return. Analysts predict that even with more IRS employees on the job, new and confusing filing requirements will create a backlog, slowing your refund if you have one coming.
• You can make the process go faster by setting up direct deposit with the IRS. Don’t procrastinate just because you think your return is simple, with maybe just one W-2 from your only employer and the standard deductions. And if that’s the case, file your return electronically. Mailing in a paper return will definitely slow things down.
• If you have a more complicated return, it’s important to start gathering your information now. If you think you need help, you’ll want to hand over your documents to a tax professional and get the process started as soon as possible. That will give you more time to dig up any missing information and correct discrepancies.
• Another step is to double check everything. Inaccuracies are a sure way to gain extra scrutiny by the IRS and possibly trigger an audit. Keep in mind that that agency computers will cross check the numbers on your return with W-2 and 1099 forms on file. If there are discrepancies, your return will get kicked out for a manual review and potential audit.
• You can double check the numbers yourself by going to IRS.gov. Look for a link to “Get Your Tax Record.” You’ll get a free digital copy of your tax transcript. You may discover that you’re missing information that you need to file your return before the tax deadline, which by the way, is April 18th this year, so at least you have a few extra days.
• If you know you can’t make the deadline, you can file for an extension. That will extend the time you have to file to October 16th. Now, that’s only an extension for filing, not an extension for paying. You may not know exactly how much you owe, but you’re required to make a good faith estimate and send that amount in by April 18th.
• There’s an old joke that the only things certain in life are death and taxes. But they should add “changes to tax laws” to that. This year there are new rules for credits and deductions, so let’s go over some of them.
• The child tax credit of up to $3,600 was partially doled out ahead of time in 2021 as part of COVID relief. That credit now returns to its original amount of $2,000 per child.
• Again, due to COVID, the child and dependent care credit was increased to a maximum of $8000 in 2021. That now returns to its previous maximum of $2,100.
• Another tax break gone “bye bye” is the separate donation to charity deduction. In 2021 you could claim those deductions on a separate line even if you took the standard deduction. But when filing your 2022 taxes, you’ll have to itemize to get a deduction for charitable giving.
• It’s not entirely bad news - the clean energy vehicle credit remains at $7,500 if you bought a qualifying electric or plug-in hybrid vehicle in 2022.
• If you receive payments by digital platforms like Venmo, CashApp or Paypal, you might have heard some buzz about IRS form 1099-K. The IRS planned to require those companies to report transactions of business account holders who received more than $600 in transactions in 2022. The previous threshold was $20,000, so this would have affected a lot of people this year.
• However, a last minute change in the law has pushed that back to 2023, so you don’t have to deal with it this year. But make no mistake, you still have to report — and pay taxes on — income from self-employment and the sale of goods or other business transactions.
• These are your tips for filing taxes this year. We hope they save you time, and maybe some money, too.

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:

• Is there a way for you to use one son's 529 account to pay for another son's educational expenses?
• Can you take a 529 lump sum and convert it into Roth IRAs for two children if only one is an account beneficiary?
• Who do you go to for help if you and your wife have some bills you owe on, are trying to buy a house, and you want to avoid bankruptcy?
• Should you take out mortgage protection insurance costing $30 a month if you have equity in your home and you have a 30 year mortgage at 2.2%?
• Is it a good idea to continue working with a debt settlement company on consolidating four credit cards that you owe on? (Rob referred the caller to Christian Credit Counselors).
• What factors should you consider when thinking about purchasing a vacation home if you are in your late 50s and have put aside long term savings for retirement?

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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All of your relationships — with spouse, family and friends — are important, but temporary. Your only eternal relationship is with God. We need the bonds of family and friends to help us thrive in this world — but they pale to the significance of your relationship with the Lord. Today Rob West gives some practical ways you can draw closer to God. This is Faith and Finance -biblical wisdom for your financial journey.

• You’re thinking, “What’s my relationship with God have to do with finances?” - because this is a show about money, right?
• Yes, but it’s also about our faith, and for Christians, faith and our finances have everything to do with our relationship with God, and the Bible gives us three principles to connect the dots.
• First — God created everything and therefore He owns everything. Colossians 1:16 reads, “For by him all things were created, in heaven and on earth, visible and invisible, whether thrones or dominions or rulers or authorities — all things were created through him and for him.”
• Second — God gave us everything we possess. James 1:17 tells us, “Every good gift and every perfect gift is from above, coming down from the Father of lights, with whom there is no variation or shadow due to change.” So God owns everything, but He’s given us resources to use temporarily as his stewards.
• Last — God is not distant and detached. He wants a close relationship with you. James 4:8 reads, “Draw near to God, and he will draw near to you.” We draw near to God by obediently following His law. With over 2,300 verses in Scripture about money and possessions,  God has made his desire quite clear. He wants us to manage money according to His principles.
• Our friend Howard Dayton points out that wisely managing money and the other resources God has blessed us with deepens our fellowship with Christ. Having a close relationship with Jesus is another way to describe what the Bible calls “true riches.” In Luke 16:11, Jesus indicates that God uses money as a test. He says, “If then you have not been faithful in the unrighteous wealth, who will entrust to you the true riches?”
• Jesus is saying that how you handle money affects your spiritual life. If you manage it well — according to biblical principles — you’ll naturally grow closer to Christ. If not, your fellowship with the Lord suffers.
• So biblical money management is a very practical way to improve your spiritual life, but sometimes things get in the way of that. There are two kinds of disobedience that keep us from handling money God’s way and growing closer to Him.
• The first is passive. It’s just plain laziness. Some people don’t want to take the time to organize their finances - make a budget and track their spending. Doing those things might only take a few hours a month. Still, it’s just too much to bother with.
• Worse, that same person will spend more time than that watching TV every night. As a result, intimacy with God suffers.
• Another person has a different obstacle to growing closer to God. It’s an active or willful disobedience. For that person, money and possessions compete with Christ.
• Jesus tells us clearly how that will turn out. In Matthew 6:24 He says,  “No one can serve two masters, for either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve God and money.”
• Then there are people who think they can surrender every part of their lives to Christ except money. They might be quite good at making money, paying their bills on time, saving and investing —  but they refuse to give Christ lordship over their finances — to follow all of the Bible’s teachings.
• Maybe they stumble over tithing, or other giving to God’s Kingdom. They have the resources, but they don’t want to do it. Again, their intimacy with Christ suffers.
• Finally, there’s the person who’s not following biblical financial principles but thinks his relationship with the Lord is just fine. To him we might say, “What you don’t know will hurt you.  What are you missing out on? You might think finances aren’t interfering with your relationship with God — but how would you know?
• If that’s you, commit to the Lord in earnest prayer and then follow through managing your money and possessions His way. You’ll find what you need to get started by downloading the free FaithFi app. It will not only give you three ways to set up your budget based on the envelope system. It also has the best Christian financial content out there, to help you grow closer to God by following His principles.
• Do that for 3 months and see if your relationship with the Lord is more intimate — if you feel His presence more fully in your life and affairs. And then report back. We’d love to hear how it’s working for you!

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:

• Can you combine and contribute to two old 401ks from previous employers, if your current employer doesn't offer a 401k, and can you also contribute to a Roth IRA?
• Are CDs offered by banks covered by FDIC insurance and can you roll an IRA into them?
• If you and your wife are finally empty nesters and trying to catch up on retirement savings after years of being in debt, how can you recover from the hit your retirement accounts took in 2022 if you plan to work for 8 to 10 more years?
• What should you do with $100,000 in the bank if you are 50 and have $45,000 in a 401k and your wife is 60 and just starting her retirement savings?
• What's a simple budget template suitable for your 30 year old son who has a low income but is getting serious about his finances? (Rob referred the caller to the FaithFi App).
• How do you know if you need an trust instead of a will, and what's the difference between a trust and a TOD designation?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and even download the free FaithFi app.

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“A good man leaves an inheritance to his children's children, but the sinner's wealth is laid up for the righteous.” (Proverbs 13:22). That verse seems pretty straightforward, and yet it leaves several questions unanswered. Exactly what should we leave to our kids - how much, and when? Ron Blue joins Rob West today with the answers. This is Faith and Finance - biblical wisdom for your financial decisions.

Financial teacher and author Ron Blue literally wrote the book on this important topic. It’s called Splitting Heirs: Giving Your Money and Things To Your Children Without Ruining Their Lives.

• We’ve had calls from folks who even take out insurance policies just so they can leave something to their children, who in many cases are already grown up and out of the house. Does Proverbs 13:22 mean we should always leave money to our children and grandchildren?
  • No. Leaving money to your heirs in many cases may be a bad idea. It's not a command, it's a principle. It's saying when you accumulate wealth and you've done a good job with it you'll end up leaving it for grandchildren. But it doesn't mean you're commanded to build wealth for your grandchildren.
• Are there times when we shouldn’t leave money to our kids?
  • If you believe God owns it all, the last decision you make as a steward is, who gets His resources? So, if you believe the resources will be wasted in an ungodly way, don't leave it to them. Give wisdom first, and then money.
• What should we ask ourselves when contemplating leaving money to our kids?
  • What's the worst thing that can happen? And how likely is it to happen, and what are the consequences of it?
• That means it's OK that we don't treat all of our heirs equally, right?
  • If you love your children equally, you'll treat them uniquely, because they are unique individuals. God doesn't treat us equally, because he knows what's best for us.

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:

• Does a whole life insurance policy make sense for being your own bank if you are age 50, have about $45,000 in retirement savings and about $500 surplus a month?
• Should you invest $1800 surplus income a month into a Roth, and IRA or savings, if you currently max out your 401k contributions and have about $10,000 in liquid savings and no debt?
• What should a 26 year old wanting to buy a house in three to five years invest in for the downpayment?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and even download the free FaithFi app.

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If you’ve already filed your 2022 taxes, maybe you weren’t happy with the results. Maybe too much, or too little, was withheld from your paycheck. The solution is to fill out a new W-4 form with your employer. Now, a lot of folks would rather have a cavity filled, but the process is easier than you think. Rob West takes you through it today. This is Faith and Finance - biblical wisdom for your financial decisions.

• As followers of Christ, we are to pay what we fairly owe in taxes. Jesus Himself said in Matthew 22:21, “Render to Caesar the things that are Caesar's, and to God the things that are God's.”
• So we must pay our taxes, but we also don’t want to overpay. That means having enough withheld from your paycheck to avoid getting hit with a penalty. It also means not having too much withheld. Both are forms of overpayment.
• The W-4 form determines how much the IRS will withhold from your paycheck and will affect the amount of your refund, if any. Ideally, you want to come close to having only what you’ll owe in taxes withheld.
• You don’t want a big refund, because that’s essentially an interest free loan to Uncle Sam, and as I said, it’s a type of overpayment because you’re denied use of that money. And again, if too little is withheld, you’ll pay a penalty.
• When filling out the form, you’ll need to account for all jobs, for you and your spouse (if you’re married), plus any additional income, credits and deductions available to you. You can download a blank W-4 form at IRS.gov.
  1. Enter your personal information, including name, address, social security number, and tax filing status. You can choose from single, married filing separately, married filing jointly, qualifying widow(er), or head of household.
     You can actually stop after this and let your employer fill out the rest with default levels, but that probably won’t give you as accurate a result as you’ll get by filling in the rest.
  2. List all of your income, for you and your spouse, including self-employment. Here you have 3 options:
     You can use an online estimator (there’s one available at IRS.gov and many other places) This works best if you have income from self-employment, because it allows for those taxes (both halves of FICA) in addition to income taxes.
     Or you can use the worksheet attached to the W-4 form. This, or the estimator are often preferred if you have multiple jobs and you’d rather not give your employer information about other income.
     Or, you can just check the box to have your employer withhold at the default rate. That seems easy, but it may result in too much taken out of your checks and a big refund check (again, you don’t want that).
     So, you probably want to go with the online estimator or the worksheet to get the best results. Remember, the whole idea is to maximize your paycheck amount while still covering your tax liability for the year.
  3. Now you want to claim your children and other dependents. Make sure that only one spouse claims child-related tax credits on the W-4, and those credits should be claimed by the spouse with the greater income, otherwise too little will be withheld.
     After you complete this step, your employer should know exactly how much to decrease your withholding to allow for your children, other dependents, and any other tax credits.
  4. Here you list any other items that will affect your withholding, such as income (apart from your job) that you expect to receive that won’t have withholding. Listing this will increase your withholding.
     Also deductions, other than the standard deduction that you expect to claim (these would lower your withholding), and finally, extra withholding. You can specify how much extra you’d like withheld, for any reason. But again, don’t go overboard.
     Just as with child tax credits, in Step 4, only one spouse should claim additional income and deductions.
  5. You’ve done the hard part. Now all you have to do is sign and date your new W-4 form and hand it in to your employer.

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:

• Do you need to pay taxes and how do you tithe on rental income for a condo that you purchased for your daughter to live in while she was attending school but she has now graduated?
• Does your former spouse receive a portion of your Social Security benefit if you divorced a couple of years ago?
• Is true that your retirement advisor is earning about 2% of fees of your assets under management if an insurance-licensed advisor hosting a free dinner you attended made that claim?
• Do you need to hire a probate attorney to assist you with proceeds of a class action lawsuit you inherited after your husband passed away without a will?
• Should you make additional payments on your mortgage with a $50,000 balance that you refinanced with some cash out for a new roof at a low rate, if you and your wife are retired and have very little left over at the end of the month?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and even download the free FaithFi app.

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The Human Genome Project discovered amazing things about man’s makeup. What it didn’t find was a saving gene. That means saving doesn’t come naturally — it’s a habit we have to learn, and God’s Word tells us why it’s so important. Rob West discusses the why and the how today. This is Faith and Finance - biblical wisdom for your financial journey.

• You might be surprised to learn that surveys show less than half of Americans can handle an unexpected expense of $1,000. They have little or nothing in their emergency fund, and when the inevitable financial setback happens, they have to borrow - often using credit cards to cover emergencies.
• It’s also no wonder the Bible tells us that saving is wise. Proverbs 10:4-5 reads, “A slack hand causes poverty, but the hand of the diligent makes rich. He who gathers in summer is a prudent son.“
• And while it’s wise to save, we also have to be careful not to put too much trust in our bank accounts, because our trust should always be in God, our ultimate Provider. He’s promised to meet our needs and He is always faithful.
• And there’s good reason to trust God. Luke 12:24 reads, “Consider the ravens: they neither sow nor reap, they have neither storehouse nor barn, and yet God feeds them. Of how much more value are you than the birds!”
• God has His part in our provision, and we have ours. We’re to save because His Word tells us to. And if you think you can’t save because the temptation to spend is too great, take comfort in 1 Corinthians 10:13. It reads, “No temptation has overtaken you that is not common to man. God is faithful, and he will not let you be tempted beyond your ability, but with the temptation he will also provide the way of escape, that you may be able to endure it.”
• Why then is it so hard for some people to save money? Well, for some, it can’t be avoided. There are people whose income is just too low — basically those below the poverty level.
• And while that’s a real concern and not one to be taken lightly, most people we hear from who are having trouble saving actually make enough to put something away. In their case, self-discipline is the main issue. It comes down to living below your means.
• God wants our lives to be in balance. He wants us to enjoy His bounty, but Christians are also supposed to take care of their families and come to the aid of others in the church from time to time who may have needs. That’s difficult to do if you have no savings.
• Remember everything you have belongs to God - not just what you put in the offering plate. All that we have comes from him and belongs to Him. We’re supposed to be faithful stewards of the resources He entrusts to us.
• Here are some steps you can take to start that process:
  • First, you need a spending plan. Without one, you’re just flying blind. Your budget must cover all of your planned expenses and leave something left over. If you haven’t downloaded the FaithFi app, do it now. It’ll make the process much easier.
  • Initially, you’ll have to cut spending in some areas. You won’t be able to save if you maintain your current lifestyle, so look for things you can trim from the budget.
  • At the same time, don’t try to do it all at once. Establishing savings doesn’t mean you have to live on rice and beans for every meal. If it hurts too much, you won’t stick with it. So be realistic as you cut your spending.
  • Next, make a resolution that you’ll save something from every paycheck. Establishing that habit is more important than reaching the ultimate goal. You want to develop the discipline of saving. As time goes on, and you’re successfully putting something away each payday, you can begin to increase your savings.
  • You should also set a goal for the amount you’ll save. It should be attainable. Instead of thinking, “I’ll save $5,000 this year,” shoot for $100-$200 a month to get you started.
  • All saving should begin with your emergency fund, and here you can set another goal. Start with trying to get $1500 in the bank. Then, one month’s living expenses. Keep going until you have 3 to 6 months saved up. After that, your savings goals can change, to things like buying your first home, taking a trip to build family memories, or giving to your favorite ministry.
  • If you’re married, this all has to be a team effort. Set your long range goals together and celebrate your progress along the way - but keep it in the budget, of course.
  • The last step involves prayer. Ask God to give you self-control and a contented heart. Developing the habit of saving will dramatically improve your life, your relationships, and your ability to be used by God. You’ll probably sleep a lot better, too.

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com

• What's the best use of bonus income of $10,000-$12,000 if you have a car loan with a $24,000 balance, and could contribute to a regular IRA or a Roth IRA?
• What are the residency requirements if you are considering moving from Illinois to Tennessee, which has no state income tax?
• Can you deduct a large charitable contribution which is about the same as your regular annual income, if you tithed on an inheritance?
• How can you start investing if you are scared of losing money, have been saving your whole life but at age 60 recognize you need a balanced portfolio?
• Is it wiser to invest in tangible things like real estate versus the stock market right now? (Rob referred the caller to Certified Kingdom Advisors).
• If you donated your Required Minimum Distribution to your church, how do you submit the information on your tax return?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and even download the free FaithFi app.

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Asked if he’d like dinner, a budget airline passenger asked, “What are my choices?” The attendant responded, “Yes or no.” When you’re on a budget, you may forget that you still have choices and flexibility. Today John Putnam joins Rob West to talk about the “3-D Budget” and how it can help you get your priorities straight. This is Faith and Finance - biblical wisdom for your financial decisions.

John Putnam is a Certified Financial Planner, a Certified Kingdom Advisor, and founder of Smarter Stewardship, a marketplace ministry.

• I recently came across the 3-D budget you offer as a free resource at SmarterStewardship.com and I really want to share this with listeners as a fresh, new way to look at their spending plans. Why is that important?
  • Over time, your budget categories can begin to look “the same” and you can overlook the simple options you have for control, efficiency and impact to reach your respective financial goals. So often, we look at our budget and forget an important fact: All expenses are not created equally.
• How does your 3-D budget help someone get better control of their money?
  • It’s designed to remind you of the expenses you have each month and categorize them in a way that creates a fresh perspective that can highlight related opportunities. This can refresh your goals, decrease flexible outflows, increase cash flow and provide a written record that can be shared with your spouse, friends or advisor.
• What are the nuts and bolts of a 3-D budget?
  • Imagine a grid with 3 columns: Budget, Need to pay, have to pay and want to pay.
  • Column 1 is what I NEED to pay - needed, but flexible (ex. Internet, cable, dry cleaning, maybe ‘rent’).
  • Column 2 is what I HAVE to pay – payment that is contractual or required (ex: credit card).
  • The third column is what I WANT to pay – 100% optional (ex. Eating out, coffee shops, movies).
  • The third column is what you can take to zero, for example, during recessions.
  • The NEED TO and HAVE TO columns also hold opportunities for flexibility, they’re just more difficult to affect.
• How does this help you prioritize your actions — what you can do now, or in the next few months, and even longer range planning?
  • It helps provide a fresh perspective of flexibilities and efficiencies in budgeting for listeners and gives them additional options.
• You can get your own copy of the 3-D budget on the resources page at SmarterStewardship.com.

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:

• What should you do with an annuity IRA you inherited from your husband who passed away last year, and you are the primary beneficiary but his brother is the contingent beneficiary and you want to the funds to benefit your children? (Rob referred the caller to a CKA professional, by going to faithfi.com and clicking the Find a CKA at the top of the page.).
• Should you pay for a company to guard your credit or just freeze your credit report, if you don't want to get scammed?
• Is it true that you don't have to worry about capital gains tax if you purchased 60 acres of raw land 20 years ago for about $1000 an acre and could sell it now for up to six times as much?
• What should you do if you are attempting to roll over a 401k from a company that closed in 2021, and the plan administrator is saying you need to contact the employer but they no longer exist?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and even download the free FaithFi app.

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Do you know your retirement plans are on track? Or do you just hope they are? Maybe it’s time for a checkup. At least one study shows that many people aren’t aware of how much they need to save and will likely fall short of their goals. Rob West talks about that in today's show. This is Faith and Finance - biblical wisdom for your financial journey.

• A survey conducted by Fidelity Investments with over 1200 respondents showed that a great number of them lack understanding of five key components of investing.
  1. The first misconception involves your basic retirement nest egg. Many financial advisors will tell you that by the time you retire, you should have 10 to 12 times your last year’s income in your portfolio.
     Of course, that amount will vary based on several factors, like how frugal you are, your retirement expenses and life expectancy.
     The survey showed that far too many people underestimate how much they’ll need in their retirement sayings. Only one out of four respondents knew the actual number, and about half thought they’d only need five times their salary in savings.
     That means a lot of people are on track to start retirement with far less savings than they’ll need.
  2. The next mistake those retirees are likely to make concerns how much to withdraw from those savings each year during retirement. We always recommend the 4% rule. That’s the amount you can safely withdraw each year without dipping into your principal.
     Some advisors will tell you as much as 6%, but that’s risky. Still, more than a quarter of the respondents believed they could withdraw up to 10 to 15% of their savings each year, or two to three times the safe amount.
     Doing that would mean, in most years, you’d be dipping deeply into your principal. Before long, you’d have to drastically reduce your lifestyle or return to the workforce.
  3. The next misconception involves the history of the stock market and assuming the market will be down more than it’s up. You can always pick a range of years when the market shows negative returns, but overall the market tends to move up. Think about it - if that weren’t the case, people wouldn’t invest in stocks at all.
     Few of us could expect to live 35 years after retiring, but over the last three and a half decades, the market has ended up 26 out of those 35 years. But a whopping 75% of respondents incorrectly believed the market had been down more years than up during that time.
     And because of that, they may move too much of their portfolio out of stocks as they near retirement and during their retirement years. Yes, you want to rebalance your portfolio as the years go on, reducing the percentage held in mutual funds and stocks. But unless you’re completely risk-averse, you should never be completely out of the market - even during retirement - because that smaller percentage of your portfolio will almost certainly produce greater gains than bonds will, over a long period.
  4. The next misconception many folks have involves health care. specifically, how expensive it will be during retirement. The survey revealed that more than a third of respondents significantly underestimated their out-of-pocket health care expenses during their retirement years. They guessed the average retired couple would spend a total of $50,000 - $100,000 dollars on health care, but the insurance industry estimates the number is much higher than that. So make sure you have adequate coverage and don’t rely too much on Medicare - it doesn’t pay for everything.
  5. The last misconception involves the full retirement age for Social Security. For most folks now that’s 66 or 67. But surprisingly, fewer than one out of five respondents knew their correct full retirement age for Social Security.
     You can start receiving benefits as early as age 62, but that will cost you 8% in reduced benefits for each year you take benefits before your full retirement, and that reduction is permanent. So you have to think carefully before choosing to receive benefits Social Security benefits. It’s important to check your statements to determine your full retirement age.
     But you can look at it from a positive perspective, too. Delaying will get you about 8% more in benefits for each year you wait, up to age 70.

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:

• Can you give tax-free funds from a 401k or IRA at age 70.5 to your church for a capital fundraising campaign?
• What's the best way to invest $55,000 if you have $13,000 in credit card debt incurred during a divorce, and you are currently looking for work and living off your savings?
• If you are age 71, recently divorced and have $120,000 in hand after selling a home, should you invest the proceeds in a $200,000 rental home, or in a balanced portfolio of stocks and bonds?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and even download the free FaithFi app.

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Knowing where and how to give to God’s Kingdom can be a challenge for any one person, but it's all the more so if you’re married. It’s a beautiful thing when couples agree on how to manage their money — how much to spend and save, but finding agreement on giving is just as important. Today, Bob Doll shares with Rob West what he and his wife Leslie have learned. This is Faith and Finance - biblical wisdom for your financial decisions.

Our guest Bob Doll is chief investment officer and portfolio manager at Crossmark Global Investments. He joins us weekly to talk about the economy and investing, but today he’s going to talk about investing in God’s Kingdom.

You and Leslie wrote an article for the Gospel Coalition titled, “How to Plan Your Giving as a Married Couple.” I know the two of you have a lot of practical experience in making your giving decisions as a couple, of course based on God’s Word, wouldn’t you agree?

• God has instructed us along the way and we've learned by doing and making mistakes.

Would you unpack the keys of what you've learned?

• This is not our money. It is God's money. It's not how much we're going to give - it's how much we're going to keep, and give the rest away. We recognize we're on this planet for a nanosecond and we're in Eternity for eternity and therefore focusing on the long term and God's plan is so much easier.
• We've also learned the older we get, we can't take it with us. That encourages us to give away as well.
• I love all of what Randy Alcorn has written on the subject - one that sticks with me is God prospers us to raise not our standard of living but our standard of giving.

How does that foundation inform the actual giving decisions you make?

• It makes us more generous - not to wait to start giving. This is an ongoing process. Early on, this was a source of a lot of disagreement.
• For instance, Leslie's propensity is to focus on a few organizations that we know intimately. And Bob has hardly ever met a cause he didn’t want to give to. Leslie prefers to give to one-time projects; Bob prefers to be a source of annual giving for organizations.
• Over time, each of us has learned to compromise. For example, we each initiate about 20 percent of our giving individually, and we jointly decide on the remaining 60 percent.

Many folks will wait to do their giving at death while you have prioritized giving while you're alive, correct?

• Give it away while you know where it's going. We'd like for our last check to bounce. The joy of giving is much more powerful than when you're six feet under. And causes need the money now.

How can a married couple give with unity?

• Early on we tried to agree on everything and it took forever and created disagreement. We educate each other on the 20% we give individually.

What's your strategy to decide where to give?

• We give to more than a hundred causes. At least 90 percent of our giving is to faith-based organizations. We try to find a balance between evangelism and discipleship, between feeding the poor in spirit and the poor physically. We try to spread this out geographically, although the vast majority goes to the U.S. and the Middle East.
• Our giving can be put in a pyramid. A few we know the most are who we give the most to.
• Next are those causes where we’re less involved but still know and trust the work, and so on, with the last tier being a list of ministries or individuals where our support is smallest.

How does prayer fit into the process?

• We've learned over time to start earlier in the year, pray about it and think about it individually and together.
• We try to dig into the organizations we're giving to. Review their websites, 990s, etc. and that helps to inform us.

You try to be Kingdom-strategic with your giving, don't you?

• God gave us a brain and a responsibility. This is God's money. We all fall in love with stories but, like when I analyze companies, you have to consider what is God calling us to?

How important is getting engaged in some of the ministries you're giving to?

• Very important. Get engaged with some of your giving so you don’t end up feeling like a checkbook.
• If you can, take advantage of opportunities to serve with the organization or travel to see the work in action. Leslie is in Syria right now helping with earthquake relief.

Is serving on boards of directors something you would consider?

• Absolutely. When you're on a board you see the thick and the thin, and hopefully you're helping it at the same time.

What about those who aren't aligned with their spouse?

• Sit down, talk about it and pray about it.
• Remember, it's not your money. Time is short, the need is great, and in many cases the cost is high. Decide how much you're going to give away and let it grow over time.

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:

• Is paying for extended warranties on appliances a good idea?
• What can you do to help your grandkids get started with savings?
• Can a 529 plan be used to fund K-12 private school costs?
• Is it a good idea to draw on some of your $145,000 in home equity and put it into a online savings account?

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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In Mark 10:7 Jesus tells us “A man shall leave his father and mother and hold fast to his wife, and the two shall become one flesh. Does “becoming one” extend to the checkbook? Put another way, should husband and wife have joint or separate checking accounts? Rob West discusses that today. This is Faith and Finance - biblical wisdom for your financial journey.

• Regular listeners know that this is a question we get fairly often on the program, and it’s especially important for couples when they first get married. Usually, they just set up joint checking and savings accounts and it’s not really an issue. But not always.
• Sometimes older folks - maybe getting married for the second time - want to keep their accounts separate. Or, one spouse might enter into the marriage with a lot of debt or a bad credit rating. They think that by keeping separate accounts, one spouse’s bad history won’t affect the other. That’s because they’ve heard that when two people marry their credit histories are automatically merged into one by the credit reporting agencies — Experian, Equifax and Transunion. But that’s not the case.
• In fact, each spouse’s credit history is tied only to that person’s Social Security number. If one of them applies for credit in his or her name only, only that person’s credit history is taken into account.
• For example, newlyweds decide to buy a new car with a loan - usually not a good idea - but that’s another issue. Now say one of the spouses has good credit and the other doesn’t. If they take out the loan only in the name of the spouse with the good score,  only that person’s credit history comes into play.
• So having joint or separate bank accounts has no effect on getting that loan. But let’s look at another situation. Many couples take a huge financial step within a few years of marriage, and that’s buying a house. The odds are because the payments will be so much more, that they’ll have to put both names on the loan application in order to meet income qualifications. That’s when the other spouse’s credit history will be taken into consideration. If that spouse has a bad credit history, it will have a negative effect on getting the mortgage approved.
• Let’s go back to the question of separate or joint bank accounts. The Bible doesn’t tell us whether spouses should share one account, because people didn’t have bank accounts back then. So we have to look at the bigger picture. As Jesus said in Mark 10, marriage is about two people becoming one. Obviously they both remain individuals, but marriage is a partnership that requires trust, openness and communication.
• That’s especially true when it comes to finances. Joint checking and savings accounts promote transparency and communication between spouses. It prevents spouses from developing a “mine and yours” mentality. It also promotes trust by ensuring that neither is making hidden purchases.
• There are some other practical considerations. A joint account simplifies bookkeeping and tracking your spending. A lot of couples have trouble balancing one checking account. Why double the problem with two?
• Having separate accounts can also create a cash flow problem. Are there enough available funds in one account to meet obligations? If not, money has to be transferred from the other account. With a single checking account, you don’t have to worry about not having enough money to pay a bill, or trying to track down the other checkbook.
• An argument that’s often made for keeping separate accounts is that one spouse is only interested in, say, the grocery category in the budget, and leaves everything else to the other spouse to be handled with a separate account. But that, of course, would leave the one spouse fairly clueless about the family finances if something should happen to the other. Not a good idea. Both spouses should have a good understanding of the overall financial picture.
• Frequent money conversations can ensure that happens. Keeping open the lines of communication about money and making spending decisions together means one spouse won’t be left in the dark.
• God’s Word contains the solution to every problem married couples face, including finances. In Colossians 3 we read, “Wives, submit to your husbands, as is fitting in the Lord. Husbands, love your wives, and do not be harsh with them.” And 1 Corinthians says, “In the Lord woman is not independent of man nor man of woman.”
• Safe to say that in most cases, that would apply to their checking account, as well.

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:

• Should you co-sign a mortgage loan with your father if he is having difficulty qualifying due to an existing car loan, if you have student loan debt and other financial concerns?
• Is it wise to buy a condo if you are age 70, have $100,000 in savings, a car loan of $14,000 and are concerned about rising rental housing costs?
• Is a Home Equity Line of Credit a good idea as a back up to your emergency fund savings if you are nervous about incurring debt and own your home free and clear?
• Should you relocate to be closer to your son if you have owned your home for 30 years and are afraid to give it up?

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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Every year, the IRS collects about $4 trillion in taxes and gives out more than 1 trillion in refunds. That’s a lot of money changing hands. Whenever there’s a lot of cash to be had, that’s when scam artists come out of the woodwork … and this tax season is no different. Rob tells you what they’re up to, so you don’t get taken. This is Faith and Finance - biblical wisdom for your financial journey.

• Romans 13:1 is a good reminder of how Christians should deal with civil authority. It reads, “Let every person be subject to the governing authorities. For there is no authority except from God, and those that exist have been instituted by God.” Of course, being “subject to” includes paying taxes. We should always pay what we rightly owe, and we should rightly expect a refund when we’ve paid too much. Unfortunately, scammers don’t see it that way and are always on the lookout for ways to separate you from your money at tax time.
• Tax refund fraud - If scam artists gets your Social Security number, they can file a false tax return and get your refund. Actually, they often get more than a legitimate refund by claiming low income and a lot of deductions. Later, when you file, the IRS kicks back your return and you’re left with a mess to sort out. You can avoid this by getting an Identity Protection PIN from the IRS before filing. It’s a 6-digit number to verify your identity that only you and the IRS know. You can sign up for a tax PIN number at IRS.gov.
• Defraud people with fake charity scams - Scammers set up fraudulent charities that lure good-hearted people into making donations. Donors may think they can claim those contributions on their tax returns but when the IRS discovers a charity is a fake, it could set you up for an audit. To prevent this, it’s always a good idea to thoroughly check out any nonprofit organization you’re thinking about donating to. The Bible tells us we’re to be “wise as serpents.” The IRS has set up a tax-exempt organizations search tool so you can check out legitimate charities. You can find that IRS.gov as well. You also find legitimate charities at CharityNavigator.org, MinistryWatch.com and with the National Christian Foundation at NCFGiving.com.
• “Ghost tax preparers - If that sounds scary, it should. This is when a scammer claims to be a legitimate tax professional. They usually make extravagant claims about how they can get you a big refund, and people fall for it. They may file a fraudulent return and have the refund check go to them instead of the taxpayer or they’ll just charge a big fee up front. Either way, they disappear, and the taxpayer is left with a mess. To spot a ghost tax preparer. First, they won’t sign the return or include a Preparer Tax Identification Number. That, by the way, is against the law. They may also ask for a payment without providing a receipt. They often will also falsify income to get more tax credits or claim phony deductions to get a bigger refund. They’ll also sign up to have that refund direct deposited to their bank account instead of the taxpayer’s. The IRS has set up a database where you can check to see if anyone claiming to be a legitimate tax preparer is on the up and up. Again, go to IRS.gov for the “Enrolled Agent” search tool. The IRS also says you should carefully look over your return once your preparer has completed it. If you have questions, by all means ask them. And make sure you verify the routing and bank account numbers on the return to make sure any refund will go to you.
• IRS phone scams - These come in all varieties. For example, you may get a call about a tax bill you knew nothing about. The caller claims to be an IRS agent and warns that you’ll be arrested, or your Social Security benefits will be suspended if you don’t pay immediately. These scam artists can even change their Caller ID to say IRS, and they may even have all or just the last 4 digits of your Social Security number all to make the scam look legitimate. Don’t be fooled. The IRS will never contact you by phone. If you get a call like that, just hang up.

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:

• Is a $300,000 whole life insurance policy you purchased two years ago at age 43 a good investment if you pay a $150 monthly premium and the insurance company says it should have a cash value of $70,000 when you are age 62, and would Term Life be a better option?
• How many years do you need to keep tax returns and supporting documents?
• How should you invest $50,000 you inherited if you are age 67 and don't want to lose the principal? (Rob referred the caller to bankrate.com, and Ally, Marcus and Capital One 360).
• Are American Gold Reserve gold coins a good idea to invest in?
• Where can you put your Ohio deferred compensation account that is losing money somewhere that it is safe and accruing interest?
• How do you start budgeting if you are newlywed? (Rob referred the caller to the FaithFi App).

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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They say life insurance is like a parachute. If you don’t have it the first time, odds are you won’t need it again. A funny line, but all kidding aside, life insurance is the only way most people can provide for their families if they should die. But what happens when it ends? Rob talks about that first. This is Faith and Finance - biblical wisdom for your financial decisions.

• We’re talking about term life insurance, which we almost always recommend. Term is far cheaper than whole-life and doesn’t mix investing with a death benefit. You’re much better off investing separately from something offered in an insurance policy. Term insurance, by definition, ends when the term expires and we often get this question from listeners, “What then?” Generally, you have four options:
• Simply let the policy lapse. If you had a 20-year policy that’s ending, at this stage of your life it’s quite possible that you no longer need life insurance. If the kids are grown and out of the house, supporting themselves, and your spouse’s income plus Social Security survivor benefits is sufficient, then life insurance is a needless expense that you can put to better use in your retirement account. But if you still have dependents who rely on your income, or a spouse whose income can’t meet expenses, then you still need to have some type of term policy. And that leaves you with three more options.
• You can get a completely new term policy when the current one expires. We normally recommend one with a death benefit of 10 to 12 times your salary. Don’t be surprised by how much more a new policy at this later stage in life will cost. A 50-year-old healthy male can expect to pay around $80 a month for a 20-year, $500,000 policy or around four times the cost for a 30-year-old. That’s simply based on actuarial tables; it’s nothing personal. If the policy is only to provide for your spouse and not dependent children, you may be able to get by with less. For example, a policy that would pay off just the remaining principal on your mortgage, if any.
  While the cost of a new policy might have given you “sticker shock,” it’s usually less than you’ll have to pay to simply extend your existing policy, which is another option.
  Why is that? If you decide to get a new policy, you’ll have to go through all of the underwriting procedures you did at age 30— a medical exam, giving an extensive medical history, blood test, and so on. When all of that is complete, the insurance company has a pretty good idea of the risk it’s taking on.
  Let’s say you go through all of that, and you’re approved for a new term policy, but the monthly premiums are too high. You have a few ways to bring them down:
  • You can lower the death benefit. Instead of $500,000, maybe you can get by with just $250,000. The company may encourage you to buy more insurance than necessary, so you have to keep your own needs in mind
  • You can also lower the term. Instead of getting a new 20-year policy, maybe you can get by with a 10-year term—again, just long enough to get the mortgage paid off, for example.
  • You can save up and opt to pay your premiums annually, instead of monthly. Some companies will give you up to a 5% discount for making a yearly, lump sum payment.
• When your term insurance policy expires you can simply extend it. If you decide to go that route, there’s usually no medical work-up required. But since the insurer is going into this blind, with no idea of any medical conditions that may have arisen in the past 20-years, the premiums will be higher than you’d have with a new policy, sometimes a lot higher.
  Keep in mind, if you have developed a serious medical condition, you may not be able to get a new policy at all. In that case, extending your current policy is definitely the way to go, if you can afford it.
• If you can’t afford the cost of extension, get what’s called a “simplified term” or “instant issue” policy. As you might guess, an instant issue policy requires no medical checkup. You apply, you’re approved, and you start paying premiums. And usually, you can do all that online.
  If you’re thinking that sounds too good to be true; there must be a catch, there are three: First, the death benefit with this type of term policy tends to be smaller. Second, the term is likely to be shorter, and three, it probably will cost a lot more than a regular term policy that includes a medical exam. But for some folks, an instant issue policy could be a real blessing when their current term policy expires.

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:

• If your husband has been asked by a relative to lend them funds but you are concerned about enabling someone who is not living responsibility, should you abide by Matthew 5:42 "Give to the one who asks you, and do not turn away from the one who wants to borrow from you"?
• How should you approach selling your car if the monthly payment and you want to get out of debt, but you can only get $10,000 less than you owe?
• How can you locate the administrator of an old 401k if the company you were employed by went out of business? (Rob referred the caller to unclaimed.org).
• What will be the new interest rate on I-Bonds when it re-sets in May?
• What are alternative ways to save for kids' college and other needs over and above 529 plans?

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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Politics by its very nature is controversial, perhaps none more so than the administration’s move to forgive student loan debt. Student loan forgiveness is popular among the millions of Americans who owe more than $1.7 trillion for their education. But it has its detractors. Our guest, Jerry Bowyer, is among them. We’ll talk about it today on Faith and Finance.

Jerry Bowyer is our resident economist. He’s a columnist with WORLD Opinions and the author of The Maker Versus the Takers: What Jesus Really Said About Social Justice and Economics.

• Jerry says that with the national student debt load at $1.7 trillion, college education has become a financial bubble. The cost of higher education has continued to spiral upward without an increase in the quality of the education students are receiving.
• He says debt is what creates financial bubbles, and clearly, debt has been inflating the cost of a college education.
• Bowyer also says the Biden administration’s proposal to forgive and simply write off hundreds of billions of dollars in student debt is not only constitutionally questionable, but it would also further fuel inflation.
• If the student loan forgiveness plan does survive legal challenges, Bowyer says Christians who don’t benefit from the plan should still be thankful that the Lord was able to develop their character through paying back the debt they owed.
• Bowyer also puts this into context and explains how this relates (or doesn’t) to Deuteronomy 15:1, which reads, “At the end of every seven years you must cancel debts.” Is student loan forgiveness biblical?
• He provides another Scripture reference that he says is a more apt comparison.

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:

• What should you do with zero-balance credit card accounts that you’re not using?
• Does a divorced person have the ability to draw the former spouse’s Social Security benefits?
• Does it make sense to put a large lump sum of money into a charitable donation annuity?

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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Psalm 94:19 is a great source of peace in troubled times. It reads, “When the cares of my heart are many, your consolations cheer my soul.” Whenever you face uncertainties, financial or otherwise, God’s Word is filled with reminders that He’s always with you. A great way to overcome your fears is to count your blessings. Rob West does that today. This is Faith and Finance - biblical wisdom for your financial journey.

• If your 401(k) is looking more like a 201k, you’re not alone. Or maybe you just pulled away from the gas pump, after spending a pretty penny filling your tank. Or you recently gasped at the total in the grocery store check-out line. Stocks fall and inflation happens.
• So, in times like these, it’s good to stop a moment and focus on finding some peace in the middle of all the uncertainty.
• When financial circumstances are knocking you down, what you need is something to hang on to – something that’s permanent, reliable, and true.
• The best place to start is always God’s Word. In James 1:17 we read, “Every good and perfect gift is from above, coming down from the Father of the heavenly lights, who does not change like shifting shadows.”
• Understanding this truth can help us navigate the stormy times. Let’s unpack it, and that starts with understanding that God is the source of every blessing, and He’s given you many.
• You have the ability to openly worship and follow God. Our religious freedom in America is a rarity, not just in the world, but in all of history. It’s a blessing we take for granted because we’ve always had it in our lives, but we should include it in our prayers of praise and thank God for it.
• Your freedom also extends to many areas of your life. You can choose where you live and how you earn a living. You can vote for who represents you in local, state and national elections. In many parts of the world, those blessings are unheard of. You have family and friends to share your joy and hardships with, and shelter, transportation, food on the table and clothes to wear.
• When was the last time you thanked God for those things? Every true blessing flows from Him, even your health and every breath you take is a blessing from God.
• Here’s another blessing you might take for granted. While almost everything in the world is subject to change, God is not. He’s fully worthy of your trust. You can count on Him whenever the world lets you down.
• Economic forecasts, your bank account, and even your emotions can “change like shifting shadows”, but God isn’t like that. He is good, all the time. His character is fixed.
• In Christ, we see God’s love for us in action. “For God so loved the world, that he gave his only begotten son, that whoever believes in him shall not perish, but have everlasting life.”
• By the power of the Holy Spirit, you can face every day with peace and confidence in God’s unchanging love, provision, and peace. Hebrews 13 confirms the character of God in verse 8: Jesus Christ is the same yesterday, and today, and forever.
• The scripture quoted earlier from James 1:17 follows with a description of all the trials we might face as we run the race of life. Whether you’re just starting out or finishing the race, you can trust God’s goodness now and in the future. Your circumstances don’t change God’s character.
• So, if the current economic climate scares you, try thinking about it with an eternal perspective. All the financial resources are God’s anyway. He owns everything, including you, and He remains in control. Not a single atom in the universe moves without His command.
• God has His part, and you have yours. You do your best with what you have, preparing the best you can, and trust the Lord to handle the rest. Even when you feel powerless to change your circumstances, rest assured that God provides his Holy Spirit to protect and support you each day as you walk with Christ.
• Whenever you feel yourself wavering, when fear begins to take hold in your thoughts, remember Philippians 4:7, “And the peace of God, which transcends all understanding, will guard your hearts and your minds in Christ Jesus.”
• You may not know what lies ahead, but God certainly does, and He doesn’t want you to waste time worrying about it. Instead, He wants you to always look to Him for your provision. How do you know that?
• Jeremiah 29:11-12 reads, “For I know the plans I have for you, declares the Lord, plans for welfare and not for evil, to give you a future and a hope. Then you will call upon me and come and pray to me, and I will hear you. You will seek me and find me, when you seek me with all your heart.”

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:

• Should you refinance your mortgage to pay off about $80,000 in personal loans incurred while your wife was in school if you have $250,000 in home equity?
• If an authorized user on your credit card keeps racking up charges, should you take advantage of an 18 months no-interest-offer on the account or close it?
• How should you invest $400,000 currently sitting in a brick-and-mortar bank savings account earning low interest if your income needs are met through other sources?

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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We’re hip-deep in tax season. Are you getting all your financial ducks in a row before it’s time to “give unto Caesar? The filing deadline will be here before you know it, so if you haven’t started prepping yet, now’s the time to do it. Rob West has some tips that could save you headaches. This is Faith and Finance - biblical wisdom for your financial decisions.

• No one likes paying taxes, but it’s not only a civil mandate — it’s a biblical one, as well. Romans 13:7 tells us, “Pay to all what is owed to them: taxes to whom taxes are owed, revenue to whom revenue is owed.”
• Of course, we don’t want to pay more in taxes than we have to, so we need to take steps to avoid that and make the process as simple and error-free as possible.
• The first step is to get moving now. The earlier you file, the sooner the IRS will process your return. Analysts predict that even with more IRS employees on the job, new and confusing filing requirements will create a backlog, slowing your refund if you have one coming.
• You can make the process go faster by setting up direct deposit with the IRS. Don’t procrastinate just because you think your return is simple, with maybe just one W-2 from your only employer and the standard deductions. And if that’s the case, file your return electronically. Mailing in a paper return will definitely slow things down.
• If you have a more complicated return, it’s important to start gathering your information now. If you think you need help, you’ll want to hand over your documents to a tax professional and get the process started as soon as possible. That will give you more time to dig up any missing information and correct discrepancies.
• Another step is to double check everything. Inaccuracies are a sure way to gain extra scrutiny by the IRS and possibly trigger an audit. Keep in mind that that agency computers will cross check the numbers on your return with W-2 and 1099 forms on file. If there are discrepancies, your return will get kicked out for a manual review and potential audit.
• You can double check the numbers yourself by going to IRS.gov. Look for a link to “Get Your Tax Record.” You’ll get a free digital copy of your tax transcript. You may discover that you’re missing information that you need to file your return before the tax deadline, which by the way, is April 18th this year, so at least you have a few extra days.
• If you know you can’t make the deadline, you can file for an extension. That will extend the time you have to file to October 16th. Now, that’s only an extension for filing, not an extension for paying. You may not know exactly how much you owe, but you’re required to make a good faith estimate and send that amount in by April 18th.
• There’s an old joke that the only things certain in life are death and taxes. But they should add “changes to tax laws” to that. This year there are new rules for credits and deductions, so let’s go over some of them.
• The child tax credit of up to $3,600 was partially doled out ahead of time in 2021 as part of COVID relief. That credit now returns to its original amount of $2,000 per child.
• Again, due to COVID, the child and dependent care credit was increased to a maximum of $8000 in 2021. That now returns to its previous maximum of $2,100.
• Another tax break gone “bye bye” is the separate donation to charity deduction. In 2021 you could claim those deductions on a separate line even if you took the standard deduction. But when filing your 2022 taxes, you’ll have to itemize to get a deduction for charitable giving.
• It’s not entirely bad news - the clean energy vehicle credit remains at $7,500 if you bought a qualifying electric or plug-in hybrid vehicle in 2022.
• If you receive payments by digital platforms like Venmo, CashApp or Paypal, you might have heard some buzz about IRS form 1099-K. The IRS planned to require those companies to report transactions of business account holders who received more than $600 in transactions in 2022. The previous threshold was $20,000, so this would have affected a lot of people this year.
• However, a last minute change in the law has pushed that back to 2023, so you don’t have to deal with it this year. But make no mistake, you still have to report — and pay taxes on — income from self-employment and the sale of goods or other business transactions.
• These are your tips for filing taxes this year. We hope they save you time, and maybe some money, too.

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:

• Is there a way for you to use one son's 529 account to pay for another son's educational expenses?
• Can you take a 529 lump sum and convert it into Roth IRAs for two children if only one is an account beneficiary?
• Who do you go to for help if you and your wife have some bills you owe on, are trying to buy a house, and you want to avoid bankruptcy?
• Should you take out mortgage protection insurance costing $30 a month if you have equity in your home and you have a 30 year mortgage at 2.2%?
• Is it a good idea to continue working with a debt settlement company on consolidating four credit cards that you owe on? (Rob referred the caller to Christian Credit Counselors).
• What factors should you consider when thinking about purchasing a vacation home if you are in your late 50s and have put aside long term savings for retirement?

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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Whether you own a business or work for a paycheck, earning money is probably something you think about every day. While earning a living may be one of your priorities, you may not give much thought to how God thinks about it. Today Rob West talks with Howard Dayton about earning money God’s way. This is Faith and Finance - biblical wisdom for your financial decisions.

Howard Dayton is the founder of Compass — Finances God’s Way, and the former host of this program.

• You write about earning in your book, Business God’s Way. What’s the first thing we should know?
  • God owns everything and that He’s your real boss, no matter if you’re self-employed or you work for someone else. Colossians 3:23-24 tells us, “Whatever you do, work heartily, as for the Lord rather than for men; it is the Lord Christ whom you serve.”
  • And even your ability to earn is a gift from God. Deuteronomy 8:18 says, “You shall remember the Lord your God, for it is he who gives you power to get wealth.”
• That puts things in perspective. What principles should we follow as we earn money?
  • First is you should be totally honest.
    • Business people need to treat customers, vendors, and even competitors with complete integrity.
    • Workers need to be honest with employers and coworkers. Never steal even a pencil or a penny from your employer
• As we do those things, it’s important to remember that we represent Christ in the workplace, wouldn’t you agree?
  • I would. Jesus says in Matthew 5:16, “Let your light shine before others, so that they may see your good works and give glory to your Father who is in heaven.”
• Owning and running a business is always a challenge. What biblical principles might help with that?
  • Planning and being in order certainly come to mind. We might not think of orderliness as a biblical principle, but it is. 1 Corinthians 14:40 says, “But all things should be done decently and in order.”
  • And not presuming on the future would be another. James 4:13-14 warns, “Come now, you who say, ‘Today or tomorrow we will go into such and such a town and spend a year there and trade and make a profit’ — yet you do not know what tomorrow will bring.”
• The world would probably agree with many of these principles for running a business or earning wages because they help the bottom line, but probably not generosity, don’t you think?
  • The world often looks at making a living as “dog eat dog,” but that’s not how Christians should view it, especially when it comes to giving. Proverbs 11:24-25 tells us, “One person gives freely, yet gains even more; another withholds what he should give, but comes to poverty. A generous person will prosper; whoever refreshes others will be refreshed”
  • That doesn’t mean God will always reward you with material wealth, but He promises to bless those who are generous, and He can do that in a lot of different ways.

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:

• What's a good strategy to get debt-free if you are about to pay off your $800/month car loan and then the only debt remaining will be $125,000 on your mortgage if you have an emergency fund in place and are not contributing to a retirement plan?
• Should you still contribute to your 403b if it went from $52,000 in September to $39,000 at the end of the year and what should you ask your investment advisor when you meet them?
• What banks allow liquidity and offer high interest rates for checking and savings accounts? (Rob referred the caller to Ally, Marcus and Capital One 360.
• Is it correct that you can't take distributions from a 401k until age 67 that you inherited after your husband passed away?

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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A Health Savings Account can save you a lot of money now - and give you a healthier retirement income later. HSAs were designed to help folks struggling with out-of-pocket medical expenses. But a key provision makes them terrific “back up” retirement accounts, too. Rob West talks about that with Mark Biller. This is Faith and Finance - biblical wisdom for your financial decisions.

Mark Biller is the Executive Editor at Sound Mind Investing.

• We mention the benefits of Health Savings Accounts from time to time on the program, but today we’ll dive specifically into the connection they can have to retirement investing, which a lot of folks may not be aware of, right?
  • When you think about saving for retirement, you probably think about your workplace retirement plan or an IRA. But a Health Savings Account can also be a powerful retirement savings tool for some people. In fact, in certain situations an HSA can basically be thought of as a “super IRA.”
• Let’s start with a little background on HSAs.
  • To be eligible to fund an HSA, you have to have a high-deductible health plan, whether that plan is provided by your employer or purchased directly by you. This year, that means an individual plan with at least a $1,500 deductible, or a $3,000 deductible for a family plan.
  • If you have a high deductible plan like that, you’re basically self-insuring for routine and relatively minor medical expenses. So the government lets you contribute to a Health Savings Account so you have money on hand to pay those relatively minor health expenses, while insurance covers you against anything major.
  • That HSA money can be used to cover your deductible, co-pays, and a wide variety of health care products and services. HSAs have limits as to how much you can put in them each year — in 2023, the maximum contribution for an individual is $3,850, and the family max is $7,750. Like IRAs, “catch-up contributions” are also allowed for people age 55 or older.
• A lot of that actually does sound similar to an IRA.
  • Yes, and there are similar tax benefits available as well. Except in the case of HSAs, the tax treatment is potentially even better than IRAs, because they’re triple tax-advantaged: No taxes going in, no taxes on account growth, and no taxes if the money is withdrawn to pay “qualified health expenses.”
  • That’s why HSAs are sometimes referred to as “super IRAs” - because regular IRAs and other workplace retirement plans are only double tax-advantaged, meaning you pay taxes at one end with IRAs - either when the money goes in or when it comes out, depending on whether you’re using a Traditional IRA or a Roth. But HSAs give the tax benefit on both sides, making them unique.
• And it’s that triple tax advantage that makes HSA a potentially powerful tool for retirement investing, right?
  • Absolutely. The big key is whether a person can cover their out-of-pocket medical costs with funds outside their HSA account. If a person can do that, then the money that accumulates in their HSA gets that triple benefit as they invest it over the years.
  • Two important notes:
  • 1 - if you’re not sure if you can pay all your health expenses using non-HSA money, there’s no downside for trying. For example, say you decide to save the maximum in your HSA and you’re going to try to cover your minor health costs with non-HSA money. But if you end up having to dip into your HSA for half those costs, you’ve still got half that money sitting in likely the very best type of account for long-term investing.
  • 2- not all HSA custodians offer access to investments, but many do. At Fidelity, for example, money in Health Savings Accounts can be invested in any of the vast array of investments the company offers — mutual funds, exchange-traded funds, individual stocks, and more. Another popular HSA provider, Lively, offers access to Schwab’s investing platform. So having good investment options is fairly common.
• But one of the stipulations of that “triple advantage” is that HSA money has to ultimately be used to pay for qualified medical expenses, correct?
  • That’s correct. But there’s an important loophole that’s important for people who are using HSAs as long-term retirement savings accounts. Say you fund an HSA for a number of years and then retire. In retirement, you can take money out of the HSA for any new qualified health expenses you incur. But you can also reimburse yourself for qualified health care expenses that you incurred in the past.
  • That means that as long as you save your receipts for health care expenses that you pay out of pocket now, you’ll have the ability to take those amounts out of your HSA in retirement whether you have new health care expenses or not.
  • Here’s an example. Suppose that at age 66, you withdraw $15,000 from your HSA to buy a car (or any other non-health-related expense). As long as you have $15,000 in receipts for not-yet-claimed health expenses, even if you incurred those expenses years before, those receipts can be used to offset the entire withdrawal, effectively making it tax-free.
• That is a powerful benefit to be aware of. HSAs are different from Flexible Spending Accounts, correct?
  • HSA account balances can be carried forward year after year. That’s a key difference to Flexible Spending Accounts, where the money has to be spent each year or else it gets forfeited.
  • It’s also worth pointing out that once you enroll in Medicare (which typically happens at age 65), you’re no longer eligible to contribute to an HSA. However, any existing HSA balance you have can continue to be invested and used to pay for qualified health care expenses.
• We recently did a program on how important the so-called “order of operations” is for managing money. I suppose getting things in the right order applies here, too?
  • It does and SMI has always recommended prioritizing retirement savings this way: If your workplace plan offers a match, first contribute enough there to get the full match, then max out an IRA, taking advantage of its broader investment options. Then, if you still need or want to save more for retirement, go back to your 401(k) plan and contribute more there.
  • If your workplace plan doesn’t offer a match, max out an IRA first and then turn to your workplace plan.
  • But because the potential tax benefits of an HSA are so compelling, if you are eligible to fund an HSA and think you will be able to pay at least some of your health care expenses with non-HSA money so your HSA can grow over time, then we would recommend the following:
  • As before, if your workplace plan offers matching contributions, continue to start there, contributing enough to get the entire match. Then max out an HSA. Next, move on to funding an IRA. Finally, if you still want or need to save more for retirement, contribute more to your 401(k) plan.
  • If your workplace plan doesn’t offer a match, we’d actually suggest maxing out an HSA first. Then fund your IRA, and finally, turn to your workplace plan.
• Health care costs in retirement are always a major concern for folks. Medicare doesn’t cover everything. Give us an idea of how contributing to an HSA can alleviate some of those fears.
  • In the article "A Health Savings Account: The Other 'Retirement Account" we include a quote from a research firm that says, in most cases, “an individual who starts saving by age 40 can accumulate sufficient savings in an HSA to cover the cost of health care in retirement.”
  • The researchers said their projection would hold even if the individual used a small portion of his HSA money to cover current health expenses. It’s definitely a tool worth looking into if you’re covered by a high deductible insurance plan.

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:

• Should you gift funds now to your two siblings if your mother is in a nursing home and ailing, and you are a joint owner on her account, or wait until after she dies?
• What is a Multi-Year Guaranteed Fixed Annuity (MYGA) and is it subject to Required Minimum Distributions if your elderly mother is being advised by her bank to invest several hundred thousand in this vehicle?

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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For more than a quarter century, financial advisors have used the 4% rule for retirement withdrawals. So why change it now? Some advisors are now saying 4% may be too high, while the man who wrote the rule says it’s too low. In today's Faith and Finance Rob West weighs into the debate. This is Faith and Finance - biblical wisdom for your financial decisions.

• We’ll start by consulting God’s Word about saving and spending, which lays down a basic principle. Proverbs 21:20 tells us, “Precious treasure and oil are in a wise man's dwelling, but a foolish man devours it.”
• We certainly don’t want to be foolish, so choosing the right percentage that we can withdraw from our holdings each year in retirement is important, to say the least. Too little and you may not be able to meet your expenses. Too much, and you run the risk of running out of funds during retirement.
• You might be curious about where the 4% rule came from in the first place. Way back in 1994, investment advisor Bill Bengen published an article that detailed how and why he was recommending to his clients that they only withdraw 4% a year from their assets in retirement.
• Bengen said he created his 4% rule based on a hypothetical investor who retired in October, 1968, and was promptly hit with an extended bear market and high inflation. In other words, a “worst case scenario.”
• And even though you might be tempted to think history is repeating itself now, Bengen believes that by tweaking asset allocation, a retiree would actually be safe withdrawing up to 4.7% annually, as he is doing now. To be fair, he’s suggesting that 4.5% would be safer, until we see what inflation will do in the near future.
• So how did Bengen arrive at the new, 4.7% figure? He says it’s due to the greater gains he’s seen by adding small and microcap asset classes to his portfolio. He says that increased volatility, but also gains, which made his 4.7% calculation possible.
• Besides the benefit of increasing the rate of withdrawal in retirement, the new rule also allows the retiree to reduce allocation in stocks over bonds. The old 4% rule was based on a 50 to 70% stock allocation, which could make many retirees jittery.
• The new higher withdrawal rate of 4.7% over the long haul is based on an ideal stock allocation of only 55 to 60%.
• Bengen says having less than that in equities will lower your return enough enough to make 4.7% unworkable, but having more than that will create enough volatility to also threaten your safe withdrawal rate.
• But not all investing experts are as optimistic as Bengen. In fact, Morningstar is now suggesting that the old 4% rule is too high a withdrawal rate for the times. They’re recommending that figure be reduced to just 3.3%.
• Remember that the goal is to have enough built up to last for a 30-year retirement, say from age 65 to 95. Market returns and inflation will no doubt fluctuate a great deal over that time, but in the end, they should balance out.
• And whether you use 3.3, 4, or 4.7% as your safe withdrawal rate in retirement, they all assume that percentage of your portfolio will be enough to live on when Social Security is added to the mix.
• Anyone contemplating an earlier retirement will need a great deal more in assets or a lower withdrawal rate, or both. That certainly won’t be easy.
• Some investment advisors suggest that maximum diversification is one way to overcome the uncertainties of bear markets and inflation. That means not just having a broad spectrum of stocks and bonds, but also having several different “buckets” of retirement holdings.
• Some might be in a 401k or traditional IRA with their tax-deferred benefit. Some could also be in a Roth IRA, that’s funded with after tax money but allows for tax-free withdrawals. Some equity holdings could be income-producing, some dividend-paying.
• Some fixed income securities could be I bonds, which are taxable; others could be municipal bonds which aren’t subject to federal tax. Some “munis” even escape state taxes, as long as you live in the state that issued the bonds.
• This can all get pretty confusing. There's a case for having an experienced financial advisor help you with your retirement investing, whether you’re already retired or you're still working. We believe strongly in the Certified Kingdom Advisor designation. With a CKA, you’ll not only have an experienced advisor, but one who shares your Christian values. You can find a local CKA professional, by going to faithfi.com and click the Find a CKA at the top of the page.

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com

• How can you give up a timeshare that you purchased last year if the sellers are telling you that it can't be sold back to them? (Rob referred the caller to the Timeshare Users Group).
• What's your best recourse to pay off about $7000 in credit card debt and buy now pay later loans if you are 64, living on a fixed income, and don't want to get further in debt? (Rob referred the caller to Christian Credit Counselors).
• Would it hurt your credit rating to close a Mastercard you opened last year when you were trying to get out of a timeshare, but never activated the card? (Rob referred the caller to annualcreditreport.com).
• What is the purpose of opening a Roth IRA now if you were told by an advisor you should have one waiting to be funded for when you retire in five years?
• How do you report interest paid to you by a home buyer who was initially renting from you?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and even download the free FaithFi app.

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We recently talked about how the new spending package passed by Congress contains an important provision for folks with unused money in 529 education savings accounts.

• 529 money has to be spent on qualified education expenses, and that’s always been a sticking point for folks who want to save for their kids’ education. If there’s money left over or the child decides not to attend college, the 529 plan holder was stuck. Spending it on anything but education draws a 10% penalty.
• But starting in 2024, up to $35,000 of that money can be rolled into a Roth IRA, if it’s been in the account for 15 years. The rollover can only be made to the beneficiary’s Roth IRA— not the owner’s. And changing beneficiaries may restart the 15 waiting period. Still, it’s a big win— getting around the 10% penalty.
• But the legislation has several more wins for retirement savers. It enables employers to help workers save for emergencies; helps workers repay student loan debt and makes retirement plans more accessible to part-time workers.
• But folks with a Roth account may get the biggest win coming out of the legislation, whether it’s a Roth IRA or Roth 401k. If you’re new to investing, here’s how these plans work:
• INVESTMENT RETIREMENT ACCOUNTS
• Money contributed to Roth accounts is taxed differently from conventional employer accounts like 401k’s and 403b’s.
• With those accounts, contributions are made with so-called “pre-tax” money. You get a deduction on your tax form that year. But when you retire and withdraw that money, it’s taxed as regular income based on whatever tax bracket you’re in at the time.
• With Roth accounts, your contributions are taxed going in. You get no deduction for that money when you file your taxes that year. But when you withdraw that money later in life, presumably when your income is higher and you’re in a higher tax bracket, you don’t have to pay taxes on it.
• There are income restrictions that prevent higher earners from opening Roth accounts (and other rules to follow) but for the majority of folks, Roth accounts are very attractive.
• And there are actually two types of Roth accounts. One is the Roth IRA, and you can set one up on your own with any brokerage account like Fidelity or Schwab. Then there’s the Roth 401k that your employer can offer.
• Now, since money going into a Roth IRA is already taxed — in other words, Uncle Sam got his share upfront — those account holders don’t have to start withdrawing that money when they reach age 72. They’re not subject to Required Minimum Distributions and they can just let the money grow.
• But that hasn’t been the case with Roth 401ks. They were subject to the same rules as a conventional 401k. Account holders have been required to begin taking minimum distributions at age 72. The new legislation wipes out that requirement for Roth 401k’s starting in 2024, which is another big win for retirement investors.
• MATCHING CONTRIBUTIONS
• Another win involves matching contributions. Employers can offer them to Roth 401ks just like with regular 401ks. Right now, employer matching contributions to Roth 401k’s have to go into the employee’s regular 401k account and be subject to taxes in retirement.
• But the new legislation will allow employers to put their matching contributions into an employee’s Roth or conventional 401k. Why is that a win?
• Remember that the benefit of a Roth account is that you pay taxes on contributions when your income is probably lower — and so is your tax rate. Then, later in life when you’re earning more and probably in a higher tax bracket, no taxes are due on withdrawals. The more money that goes into the Roth side of a 401k, the better off you’re likely to be, and the legislation allows for that.
• Okay, there’s one more important change, but it only involves higher earners. For 2023, if you’re age 50 or older, you can put an extra $7,500 into your 401k without paying taxes on it.
• But once the new legislation goes into effect, those earning more than $145,000 will have to put their catch-up contributions into a Roth 401k and pay taxes on it going in. Whether that’s a win or a loss will depend on the tax bracket you’re in when you retire.
• So some big changes are coming in 2024.
• We hope this information helps you make wise decisions about your retirement savings. Psalm 27:23 tells us, “Know well the condition of your flocks, and give attention to your herds.”

On this program, Rob also answers listener questions:

• What is better, a weekly or a monthly budget?
• Does it make sense to pull money out of investments to delay drawing Social Security?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can connect with a FaithFi Coach, join the FaithFi Community, and even download the free FaithFi app.

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By some estimates, the average household spends an astonishing 40% of its food budget eating out. That’s a lot to digest. After housing and transportation, food is probably the next biggest item in the budget. In today's Faith and Finance Rob West discusses how you can easily make changes that will save you a lot of money. This is Faith and Finance - biblical wisdom for your financial decisions.

• Obviously this is about cutting back on eating out and preparing more of your meals at home. A lot of families have two working parents, or maybe mom or dad’s busy driving vans full of kids to soccer or baseball practice, and that makes it difficult to avoid the convenience of fast food.
• But there’s always a cost for that convenience, and not just with money. Fast food tends to pack on pounds. When you eat out, you have less control over nutrition.
• Those are good reasons to eat in more often - and it starts with planning, in this case menu planning. How many times have you looked at something in the cupboard and thought, “Why did I buy that?"
• You can avoid that by planning out your meals for the week: breakfast, lunch, dinner and snacks, before you go to the store. This also allows you to choose healthier options, like fruits, vegetables and nuts.
• When you’re making up your menu plan, choose meals that you can make ahead of time over the weekend. It takes the guesswork out of what to eat during the week, and all that last minute scrambling.
• Once you have your menu plan, you can list all the items you need to make those meals. Then take an inventory of your fridge and cupboards, crossing off stuff you already have. What’s left is your shopping list - and when you go to the store, stick to your list and you’ll start saving money right away.
• That can be hard to do, especially if your stomach is grumbling from all that meal planning. So have a snack or eat a meal before you head out to the grocery store. That’s one way to prevent impulse buying.
• Here’s another one. Try to avoid the middle sections of your grocery store. That’s where they put things like cookies, candy and chips. If you’re shopping after work with a low energy level, it’s hard to resist those things.
• But if you concentrate on the outer sections of the store, you’ll be able to pick up a lot of the items needed for your menu plan - things like meats, vegetables, fruits and yogurt. Obviously you’ll have to duck into the middle for certain items, but do a quick “surgical strike” and get back to the safe outer zone.
• You also want to stock up on staples when you can get them at a good price. Cereals, rice, cornmeal and oatmeal are often sold in bulk at bigger stores.
• You also want to choose lower price options for protein in your meal planning. Hamburger costs less than steak. Chicken costs less than hamburger. And working a meat-free dinner into your weekly menu plan will also save you some hard earned money.
• And it almost goes without saying, making coffee at home and taking it to work is a lot cheaper than buying designer coffee. The same goes for water. Bring a bottle from home instead of buying it out.
• Another great idea is to take advantage of the free pickup option that many larger grocery chains offer now. There may be a minimum order required, but it’s not difficult to meet. Just go to the store’s website, sign up for curbside pickup, and check the items you need. That way you’re not tempted to buy unnecessary items while pushing a cart around the store. And you can keep a running total of what you’re spending, making it easier to stay on budget.
• Curbside pickup is also a great option if you usually have little ones hanging on the cart yelling, “Buy me this!”
• Here are some other ways you can avoid overspending on groceries:
• Be careful where you shop, because prices vary. Generally, the bigger the store or chain, the lower the prices. The service may not be as great in warehouse stores, for example, but you make up for that with savings.
• Of course, some of the big box grocery stores have membership fees, so that’s an added cost. But if you shop there even once a month, it’s probably worth it. One thing to consider, though - the packages at those stores tend to be gigantic, so make sure you can use up the item before the expiration date, and that you have room in the fridge for that 2 gallon jar of pickles.
• There’s one more way to save on your grocery shopping, and that’s by not leaving home at all. You can buy a lot of household necessities online from sites like Amazon and other online merchants. Try to take advantage of offers for free shipping.
• So those are some things that can help you eat more of your meals at home, saving you a ton of money in the process.

On this program, Rob also answers listener questions:

• Should you divert the cash value of two whole life policies you have to provide an inheritance for your adult sons to something else if you are nearing retirement and the annual premiums are $3000?
• Are high grade gold coins a good investment if you have about $25,000 in extra cash and have other retirement accounts and can live on your Social Security?
• How should you handle capital gains on a property you sold in New York state if you are an Ohio resident?
• Should you take out a personal loan to pay off your Home Equity Line of Credit if the interest rate has risen considerably since you took it out in 2018 to pay off credit card debt, and you still owe on your credit cards? (Rob referred the caller to Christian Credit Counselors.)
• How can you invest $100,000 in cash and $1000 a week you can save for the next four years to create a comfortable retirement if you are age 61 and self-employed?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and even download the free FaithFi app.

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Do you have any false gods in your life? Would you know one if you did? It doesn’t have to be a golden calf to qualify as a false god. It could be almost anything that stands between you and Christ. In today's Faith and Finance Rob West gives some examples, so you can be on the lookout.

• Psalm 20 is one of my favorites. It begins with a blessing, and ends with a statement of faith. Here’s part of Psalm 20, starting at verse 6:
• Now this I know: The Lord gives victory to his anointed. He answers him from his heavenly sanctuary with the victorious power of his right hand. Some trust in chariots and some in horses, but we trust in the name of the Lord our God. They are brought to their knees and fall, but we rise up and stand firm.
• “Some trust in chariots, and some in horses…” Back in David’s day, chariots and horses were the most powerful military technologies available. If you had those, you could usually expect victory. But the psalm says there’s something even more powerful out there – the name of God. In spite of that, some people were still putting their faith in worldly things – like chariots and horses.
• Anything you put your faith in other than “the Lord our God” is a false god. As Larry Burkett used to say, a false god is “anything that detours our commitment to God”. You probably won’t be trusting chariots and horses today, but here are a few false gods that you will recognize - along with some modern twists on Psalm 20.
• Financial Security is a false god. Some trust in retirement plans, savings accounts, and investment income – but we trust in the name of the Lord our God.
• Government provision can be another false god. Some trust in welfare programs, federal relief checks, or government handouts – but we trust in the name of the Lord our God.
• Power is often worshiped as a false god. Some trust in status, reputation, and financial influence – but we trust in the name of the Lord our God.
• Personal Autonomy is a very deceptive false god. Some trust in themselves alone, depending on their own financial goals and expertise – but we trust in the name of the Lord our God.
• The consequences of trusting in false gods are severe. God is not mocked, the Bible says, and he tells his people over and over not to worship any other gods.
• We see the most glaring example of this in Exodus 32 as God meets with Moses on Mount Sinai. Verse 1 reads, “When the people saw that Moses delayed to come down from the mountain, the people gathered themselves together to Aaron and said to him, ‘Up, make us gods who shall go before us. As for this Moses, the man who brought us up out of the land of Egypt, we do not know what has become of him.’”
• Aaron goes along with their demand and crafts a golden calf, most likely representing a false Egyptian god. It didn’t take long for the people of Israel to lose their faith, turn away from the Lord, and begin worshiping idols.
• The insult to the Lord continues in verses 4 through 6 which read, “They said, ‘These are your gods, O Israel, who brought you up out of the land of Egypt!’ When Aaron saw this, he built an altar before it. And Aaron made a proclamation and said, ‘Tomorrow shall be a feast to the Lord.’ And they rose up early the next day and offered burnt offerings and brought peace offerings. And the people sat down to eat and drink and rose up to play.”
• Now, Aaron may have intended that the sacrifices be made to the one true God, but the Israelites obviously didn’t think so, and God certainly wasn’t fooled. He tells Moses in verse 9, “I have seen this people, and behold, it is a stiff-necked people. Now therefore let me alone, that my wrath may burn hot against them and I may consume them.”
• Of course, Moses pleaded for the people of Israel and the Lord relented, although some 3,000 of the worst offenders were put to death by the Levites. Now, it’s easy to dismiss this biblical lesson, thinking we’d never worship something as ridiculous as a golden calf, but an idol can be anything.
• It could be your dream house, that shiny new car in your driveway, or your 401k. All of these are potential idols that threaten to replace God in your life. They themselves are not evil, and possessing them is no sin — it’s only when we let them come between us and the Lord that they become a real problem.
• Whatever you face today - whatever decisions you have to make - don’t make the mistake of turning to false gods for help. When you’re a believer in Christ, you have a much greater resource: the name of the Lord your God!

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:

• What should you do with your 403b if you are 38 years old and considering resigning from your position, if you are planning to remain in the same profession?
• If you are on Social Security Disability and are not supposed to have more than $2,000 in savings, what should you do with surplus income?
• How do you access your Thrift Savings Plan and IRA accounts for Required Minimum Distributions if you are age 71, retired, and are living modestly on your Social Security income? (Rob referred the called to Certified Kingdom Advisors at faithfi.com).

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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“The wicked borrow and do not repay, but the righteous give generously.” Psalm 37:21. As Christians, we know that paying our debts is important. We serve a just and righteous God who hates dishonesty. But what if someone owes you money? What recourse do you have? Rob West discusses this in today's Faith and Finance.

• God’s Word contains dozens of verses about repaying debt, but usually from the perspective of owing it to others. Another example of this is Ecclesiastes 5:5. It reads, “It is better that you should not vow than that you should vow and not pay.”
• We have to dig a little deeper to discern God’s will for us when someone owes us money, but one thing is very clear - the Lord expects us to act differently than the world.
• For one thing, if the one who owes you is a fellow believer, you should never sue to recover that money. Paul says this in no uncertain terms. In 1 Corinthians 6:6-7 he writes, “But brother goes to law against brother, and that before unbelievers? To have lawsuits at all with one another is already a defeat for you. Why not rather suffer wrong? Why not rather be defrauded?”
• Of course, this applies only if the person owing you money is a fellow believer. The Bible doesn’t say that you can’t sue someone outside the church. If you own a business, you may someday be forced to take someone to court for non-payment, simply to keep your business going.
• That’s not to say you have no recourse within the church. If someone rightfully owes you money and doesn’t pay, there’s a four-step process for reconciling the issue.
• First is to put the matter into perspective. You shouldn’t be surprised if another believer attempts to defraud you. Romans 3:23 reads, “For all have sinned and fall short of the glory of God.”
• With that in mind, consider how Jesus treated sinners, with kindness and patience. Avoid confrontation. A good way to do that is by praying for the one who owes you money. You might say to God: “Heavenly Father, I lift this person up to you and put this situation in your hands. Please give me wisdom. Please bless this person financially so they will never feel the need to borrow in the future. Your ways are not our ways. Please use this situation to give glory to You and guide my steps. Help me act as Christ would, showing mercy, that others might see and be drawn to you In Jesus’ name, Amen.”
• The next step is to meet with the person who owes you money. In Matthew 18:15 Jesus says, “If your brother sins against you, go and tell him his fault, between you and him alone. If they listen to you, you have won them over.” That means keeping the matter private for now. Don’t grouse about it to your spouse or friends and certainly not on social media.
• The idea is to show respect for the other person so their heart might be softened. The real goal is reconciliation. Getting what you’re owed is secondary. Be willing from the outset to forgo payment if need be.
• If meeting privately with the person doesn’t work, step three is to take other Christians with you for another meeting. Jesus goes on to say in verses 16 and 17: “If they will not listen, take one or two others along, so that “every matter may be established by the testimony of two or three witnesses.” If they still refuse to listen, tell it to the church; and if they refuse to listen even to the church, treat them as you would a pagan or a tax collector.
• Now, that seems pretty drastic, but we’re entering the realm of church discipline. It’s important to understand that this isn’t to punish the individual, but to help him or her see the error of their ways, repent, and make good.
• If this person rightfully owes you money and refuses to pay, it’s a sin and the Church needs to deal with it. Just as with adultery or any other type of public sin, the Church must exercise proper discipline or it ceases to honor God. If the offender refuses to repent, Jesus Himself says they should be treated as an unbeliever.
• And finally, step four. You must continue to show humility, respect and love for the offender. You must remember that you represent Christ and that you trust Him for the outcome.
• People are watching you. Think of the situation not as a win/lose proposition, but as an opportunity to express the love of Christ in a difficult situation. As believers, we should be better than the world at resolving conflict.
• Pray that the Holy Spirit will show His power through this process, that God’s will should be accomplished through you, whether you’re paid or not. Either way, you must forgive that person, as Christ has forgiven you.
• Mark 11:25 reads, “And whenever you stand praying, forgive, if you have anything against anyone, so that your Father also who is in heaven may forgive your trespasses.”

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:

• Should you stay in a 40-60 stock to bond allocation if your IRA is down about 13% since the beginning of 2022, you are age 70 are now claiming your maximized Social Security benefit and therefore don't need to draw on your portfolio?
• Will there be a decline in housing prices over the next few years and how should you navigate a home purchase with an FHA loan?
• If you are age 70 and retiring this year, should you reallocate your $300,000 Thrift Savings Plan from the C and S Funds into the fixed rate G Fund if you won't need to rely on the account for income? (Rob referred the caller to faithfi.com and the Find a CKA link).
• Is it better to pay your Home Equity Line of Credit down monthly or to make additional payments every month now that the interest rate has increased?

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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Happy Valentine’s Day! Are you celebrating by giving flowers, cards, or candy to loved ones? Expressing your feelings on Valentine’s Day is a great tradition, but it’s only one day a year. In today's Faith and Finance Rob West shares things you should do all year round to ensure your Valentine’s Day is a happy one. This is Faith and Finance - biblical wisdom for your financial journey.

• Money is always cited as one of the top reasons marriages fail. So, knowing how to handle money within that relationship is key to preventing finances from harming your marriage.
• Put another way, wise money management contributes a great deal to the health of a marriage, so there are four things you should always do, according to Faith and Finance contributor Art Rainer.
• First is to always act with complete transparency about your finances. Secrecy destroys trust, an absolutely essential element in marriage. For example, if you open a credit card account without your spouse’s knowledge, you’re destroying trust and potentially putting your marriage at risk.
• That secret account also becomes a temptation to run up debt, which just compounds the problem when your spouse inevitably finds out. You might call that financial infidelity.
• The solution is simple, never do anything in secrecy. Strive for open and honest communication about money as you would in any area of your marriage. Unless both spouses know everything that’s going on with your finances, you can’t work together to solve problems and achieve your goals.
• The next way to have a happy and healthy marriage is to have a financial plan. If you haven’t already, sit down with your spouse and put together a plan for managing money to achieve your goals. But just having a plan isn’t enough. You have to stick to it. If you deviate from it without your spouse’s knowledge and approval, it‘ll cause problems in your marriage.
• That relates to transparency. Sticking to your agreed upon financial plan shows respect for your spouse. That special person you vowed to share everything with will feel more connected with you when you always act to preserve the financial health of your marriage.
• Make sure any departure from your financial plan has the full knowledge and approval of your spouse. It’s okay to make changes. Everyone has to occasionally, but keep it above board.
• The third way to ensure a happy marriage is to always put your spouse first — not your parents. Parents are, of course, a great source of wisdom and advice, but there’s a limit. Taking the counsel of your parents about money or anything else, above that of your spouse, will begin to crack the foundation of your marriage.
• This may be more common than you think. It’s no surprise that the Bible addresses the potential problem head on. Genesis 2:24 reads, “Therefore a man shall leave his father and his mother and hold fast to his wife, and they shall become one flesh.” And of course, wives should hold fast to their husbands, as well.
• Now, the last way to keep your marriage happy may be even more difficult — and that’s putting your spouse above even your children. You both love your kids and maybe you think you’d do anything for them, but don’t.
• It’s a tough one to swallow, but your first commitment is always to your spouse. Don’t put your kids’ wants over the counsel of your spouse. It’s more important to keep your marriage healthy and strong.
• Also, in many cases, continuing to help your adult children when they make bad financial decisions means they’re more likely to keep making them. They won’t become financially independent. They won’t learn to save and spend money wisely. They won’t learn that to get something, you have to earn it.
• The earlier you train your children to manage money wisely, the faster they’ll learn - and it eliminates a potentially huge conflict down the road with your spouse.
• God’s Word addresses this, too. Proverbs 22:6 tells us, “Train up a child in the way he should go; even when he is old he will not depart from it.”
• Remember that you’re helping your kids by saying no at times, when they tend to repeat the same mistake again and again.
• So those are four ways you can maintain a happy marriage — and ensure that your Valentine’s Days will always be happy, as well.

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:

• Does your wife have to wait until you begin taking Social Security before she can claim Spousal benefits?
• If you're planning on having your parents move in with you and you have 13 years left on your 4.2% mortgage, should you renovate your current home or look for a larger one?
• Are we putting too much emphasis on our financial security and greed, at the cost of missing what God intends for us?
• What are the pros and cons of making a bi-weekly mortgage payment as opposed to an additional monthly payment every year?
• Should you put surplus savings into an online high yield savings account or a CD, to earn some interest, if you don't have a near-term need for the funds?

Today’s On-Air Mention

• One way to show your love to someone special in your life could be giving them our featured resource this month, the Business God’s Way workbook. It’ll help them learn what God says about operating a business and handling money. It’s helpful for everyone in business—the CEO or manager of a department, small business or large, prosperous or struggling, whether a business is a startup or well established.Request your copy with your gift of any amount to FaithFi. Simply go to faithfi.com and click “Give”. And thank you in advance for your generosity!

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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People over age 65 have opportunities to save on their healthcare costs with health-sharing ministries. In today's Faith and Finance, Rob West explores those options with Lauren Gajdek, Vice-President of Communications and Media at Christian Healthcare Ministries.

• Lauren - 1 in 10 adults owe some kind of medical debt. At Christian Healthcare Ministries we want to create a different reality for people, making sure they don't live with medical debt.
• Rob - It's worse for seniors, isn't it?
• Lauren Absolutely. As we age medical bills tend to go up. Medicare doesn't cover 100% of your costs.
• Rob - If you're already a member, continuing in a Christian Healthcare Ministries plan is easy, isn't it?
• Lauren - Yes, at age 65 if you're already a member of CHM you can stay on without interruption. And others can jump on board.
• Rob - What is Senior Share?
• Lauren - It isn't health insurance, but is instead a cost-reduction program. Our Gold program for people over 65 is only $115 a month.
• Rob - How can people get information about this?
• Lauren - They can go to chministries.org or call us.
• Rob - This is a great option and a biblical option for anyone looking to cope with the rising costs of healthcare, isn't it?
• Lauren - Absolutely. We are biblically based.
• Rob - For those who want to go on Senior Share, do they have to have Medicare A and B in order to do so?
• Lauren - Correct. Medicare is considered the first payer and CHM is then available to help with the additional costs that Medicare wouldn't pay.

Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:

• Testimony from caller: He listened to the program several years ago and previously had no idea it was biblical to be debt-free. He paid off house, has an emergency fund, and have just retired.
• What are better options for your government retirement Thrift Savings Plan which you put in the G Fund last year and it is only earning a low fixed interest rate, if you are newly retired but don't need to draw on the funds?
• Will you owe taxes on the sale of a home you inherited last year from your father if he left no will and his estate is going through probate?
• Is it the law that you can't received Social Security benefits from the records of two husbands, if you were twice widowed after having been married for 14 years both times?
• What is the best vehicle to make the most of your grandson's Social Security survivor's benefits that you are setting aside for his college or future expenses?
• If you have a payment plan with the IRS can they garnish funds out of your bank account?

Be sure to check out the rest of FaithFi.com to access our books and our many free helpful resources. You can also find us on Facebook Faith and Finance (Live) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the Give button.

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The Bible teaches that we should seek out wise counsel for answers to questions. We’ll be asking some tough financial questions and Howard Dayton will give us his answers.“For by wise guidance you can wage your war, and in abundance of counselors there is victory.” Proverbs 24:6. On this episode, we’ll go through a list of questions Howard has been asked over the years.

Howard Dayton is the author of Your Money Counts and the former host of this program.

• What’s God's perspective on paying taxes
• That's the same question the pharisee’s spies asked Jesus in Luke 22: "Is it lawful for us to pay taxes to Caesar, or not?” Jesus answered, “Show Me a denarius (which was a Roman coin). Whose head and inscription does it have?' And they said, 'Caesar's.' And He said to them, 'Then render to Caesar the things that are Caesar's"'
• A lot of folks rationalize not paying taxes because the government squanders much of the money it receives. Now, I’m not condoning government waste. In fact, I believe a citizen should try to influence the government to be more efficient and responsive. However, the Bible clearly tells us of an additional responsibility: pay the taxes you legally owe.
• How does the Bible define financial success?
• Scripture tells us that financial success is simply being a faithful steward. That’s different from the world, where success is measured by how much wealth one acquires.
• But as Christians, we should assume someone is successful just by outward appearances. If we had seen Joseph or Paul in prison, Daniel in the lions' den, or Job in his affliction, how many of us would have considered them successful?
• According to Scripture the desired end for us is to become faithful stewards. After we have fulfilled that responsibility, it’s up to God to decide whether or not to entrust us with wealth, or not, according to His purposes.
• Is it permissible for a Christian to be ambitious?
• Scripture certainly doesn’t condemn ambition. Paul was ambitious. In Corinthians 5 he says, "We have as our ambition ... to be pleasing to Him. For we must all appear before the judgment seat of Christ, that each one may be recompensed for his deeds"
• But the Bible does strongly condemn selfish ambition. Paul also says in Romans 2 that the Lord, "will render to every man according to his deeds ... to those who are selfishly ambitious . wrath and indignation."
• So our ambition shouldn’t be motivated by egotistical desire. It should be to please Christ. We should have a burning desire to become increasingly faithful stewards in using the possessions and skills entrusted to us.
• Should wives work in a job outside the home?
• There’s some interesting data on that. The number of women with children working outside the home peaked at 29 million in 2000 and remained there for nearly two decades. But since COVID, that number has dropped by 2 million. A lot of moms who left the workforce to care for kids because schools were closed. But the experts tell us they’re not returning to the workforce.
• In my opinion, during children's early formative years it is preferable for a mother to be home whenever the children are home. Titus 2:4-5 reads, "Encourage the young women to love their husbands, to love their children, to be sensible, pure, workers at home."
• I think it’s ideal for a mother of young children to limit working outside the home to those times when the children are not at home unless family finances depend upon her income. As children mature, the wife will have increased freedom to pursue work outside the home.
• Why do the wicked prosper?
• God’s people have asked that for centuries. Even the prophet Jeremiah asked it in Jeremiah 12, “Why does the way of the wicked prosper? Why do all the faithless live at ease?"
• The Bible tells us that some of the wicked will prosper, but it does say not to worry about it. In Psalm 37 we find, “Do not fret because of evil men or be envious of those who do wrong, for like the grass they will soon wither.”
• You can find answers to a whole lot more tough financial questions in his book, Your Money Counts.

On this program, Rob also answers listener questions:

• Should you redeem savings bonds when they reach maturity? And if so, how should you invest the proceeds?
• When does it make sense to cancel a life insurance policy?
• Does it make sense to begin drawing Social Security and invest that money in an IRA?

RESOURCES MENTIONED:

• TreasuryDirect.gov

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can connect with a FaithFi Coach, join the FaithFi Community, and even download the free FaithFi app.

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Credit card debt fell sharply during the COVID shutdowns. Unfortunately, it’s becoming a big problem again. Folks cut spending and used stimulus money to pay down credit card debt during the pandemic. But what a difference a year makes. We’ll talk about it with Neile Simon today.

Neile Simon is a Certified Credit Counselor with Christian Credit Counselors, an underwriter of this program.

• One of the few positive outcomes of the COVID crisis was that people paid down credit card debt. But sadly, that trend was short-lived.
• Simon shares that a Bankrate.com survey shows Americans are once again carrying more credit card debt.
• • 46% of cardholders now carry a balance, up from 39% in 2021
• • Many are using cards to make ends meet from month to month.
• • Inflation, and the interest rates hikes needed to battle inflation, are the chief causes
• • The average interest rate is now nearly 20%
• We’re also seeing sharp increases in home foreclosures, up 115% in 2022. And delinquent auto loans are up more than 25%. But credit card debt is one area where folks can make real progress, relatively quickly.
• Christian Credit Counselors offers a debt management plan to help people
• CCC’s debt management plan. This is not debt consolidation or a settlement. All of the terms have been negotiated with creditors, and your initial consultation is free.
• Their program provides encouragement, and relief, and allows clients to see the light at the end of the tunnel with regard to debt. On average, it allows people to pay off their credit card debt 80% faster.
• This is a biblical approach to paying off debt, which helps you to experience the peace and freedom that God wants for all of us.
• You can get more information at ChristianCreditCounselors.org.

On this program, Rob also answers listener questions:

• How do you determine the best option for settling a debt with a creditor?
• What’s the best way to pay down your mortgage?
• Is it wise for a pastor to keep making mortgage payments with a housing allowance or pay off the mortgage early?
• How do you determine how much is enough for retirement?

RESOURCES MENTIONED:

• Generousgiving.org

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can connect with a FaithFi Coach, join the FaithFi Community, and even download the free FaithFi app.

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Do you know how much you’ve given back to God’s Kingdom over the years? The sum total of your generosity is not a number you’ll find in your 401k or IRA, and you probably never think about it, but it’s important for a number of reasons. We’ll talk about that with Art Rainer.

• Art says his only major financial regret is that he didn’t start tracking his giving earlier. But better late than never!
• Rainer explains that if generosity is a top financial priority, then we should track it, just as we should keep tabs on other aspects of our finances.
• He explains that you’ll place more emphasis on things that you track.
• Art also says that giving reveals our trust in God, not in money, and tracking helps us to assess the level of trust we’re placing in God.
• He says, “you chase what you track.” and that makes tracking your generosity very important.
• You can read a lot more of Rainer’s biblical financial advice at ChristianMoneySolutions.com.

On this program, Rob also answers listener questions:

• Given elevated home prices, should you just continue to rent?
• What do you recommend as a secure way to invest savings?
• After building credit using a secured credit card, should you switch to a conventional credit card?
• How do you address an error with your escrow account?
• How should you balance paying down your mortgage with investing for retirement?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can connect with a FaithFi Coach, join the FaithFi Community, and even download the free FaithFi app.

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Politics by its very nature is controversial, perhaps none more so than the administration’s move to forgive student loan debt. Student loan forgiveness is popular among the millions of Americans who owe more than $1.7 trillion for their education. But it has its detractors. Our guest, Jerry Bowyer, is among them. We’ll talk about it today on Faith and Finance.

Jerry Bowyer is our resident economist. He’s a columnist with WORLD Opinions and the author of The Maker Versus the Takers: What Jesus Really Said About Social Justice and Economics.

• Jerry says that with the national student debt load at $1.7 trillion, college education has become a financial bubble. The cost of higher education has continued to spiral upward without an increase in the quality of the education students are receiving.
• He says debt is what creates financial bubbles, and clearly, debt has been inflating the cost of a college education.
• Bowyer also says the Biden administration’s proposal to forgive and simply write off hundreds of billions of dollars in student debt is not only constitutionally questionable, but it would also further fuel inflation.
• If the student loan forgiveness plan does survive legal challenges, Bowyer says Christians who don’t benefit from the plan should still be thankful that the Lord was able to develop their character through paying back the debt they owed.
• Bowyer also puts this into context and explains how this relates (or doesn’t) to Deuteronomy 15:1, which reads, “At the end of every seven years you must cancel debts.” Is student loan forgiveness biblical?
• He provides another Scripture reference that he says is a more apt comparison.

On this program, Rob also answers listener questions:

• What should you do with zero-balance credit card accounts that you’re not using?
• Does a divorced person have the ability to draw the former spouse’s Social Security benefits?
• Does it make sense to put a large lump sum of money into a charitable donation annuity?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at 

FaithFi.com

where you can connect with a FaithFi Coach, join the FaithFi Community, and even download the free FaithFi app.

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We’re called to be good stewards of God’s resources, but being financially faithful amid the business of modern life isn’t easy. Today we’ll tell you how to remain faithful in managing your money.

• It’s easy to feel overwhelmed these days and be tempted to take the path of least resistance with money. Maybe it’s easier to grab a cup of coffee on the way to work than to make it yourself. Or to hit a fast food drive-thru rather than making dinner for the family.
• But those expenses add up quickly, and before you know it, there isn’t quite enough money left over at the end of the month to meet your obligations and you’re charged a late fee. It doesn’t have to be that way. With preparation, you can avoid it.
• TIPS TO REMAIN FAITHFUL WITH MONEY
• First, carve out some time each week for prayer. Ask God for wisdom in managing your money. James 1:5 tells us, “If any of you lacks wisdom, let him ask God, who gives generously to all without reproach, and it will be given him.”
• Next, you need a spending plan. It’s essential for managing your money faithfully. If you’re not living on a budget, download the free FaithFi app at your app store. It has three different ways to set up a budget with step-by-step instructions. The FaithFi app will also track your expenses so you stay on budget.
• Developing your budget will show clearly whether you have enough income to meet your expenses. If you don’t, there are really only two options. You can either cut your expenses or look for ways to increase your income.
• Trimming the budget may be easier so look at the categories where you spend a lot of money first. You may not be able to do much right away with your rent or mortgage … but what about food?
• Groceries and eating out can gobble up a big chunk of your budget. But planning can save you a lot of money. Limit getting carryout to 1 or 2 times a month. Instead, draw a menu plan for the week. Make a list of the items you’ll need to prepare those meals before you go to the store.
• Actually, shopping online for groceries can save you money because you’re not tempted by impulse buying and you see the running tab of the items you choose. That will help you stay on budget by not overspending in your food category. Most of the bigger chains offer online shopping now, often at no charge.
• Then, look for other ways to trim your spending. Are you still subscribing to streaming services you’re not using? Can you form a babysitting pool with other parents? Or maybe look for free activities in your community? Every little bit helps.
• Once your budget is balanced, ideally you have something left over. This is also essential. Unless you can learn to live below your means, you’ll be running up debt every month. More on that in a bit.
• Now, the next step in staying financially faithful is to take that leftover money, even if it’s only a little, and begin saving up your emergency fund. You absolutely must have a reserve of cash to meet unexpected expenses … things outside your budget such as a furnace needing repair or a medical bill.
• Start with a goal of $1.500. Then keep going, adding bit by bit. You want to eventually save 3 to 6 month’s living expenses in your emergency fund. It may take a long time and you’ll have setbacks along the way, but the peace of mind you’ll get once you have your emergency fund in place will be worth the effort.
• Okay, I mentioned debt earlier. If you have it, you know first hand that Proverbs 22:7 is true, “...the borrower is slave to the lender.” Make a plan to get out of debt. You can split your leftover money, applying some to saving up your emergency fund and the rest to paying down consumer debt.
• Use the snowball method to speed this up. Pay all of your minimum payments, but more on the account with the smallest balance. When that’s paid off, put your extra money on the next smallest balance. Rinse and repeat until the debt is gone.
• If you’re having trouble meeting those minimum monthly payments, contact our friends at Consumer Credit Counselors to get on a debt management plan. They can get your interest rates reduced so that you pay off your debt 80% faster.
• Once your consumer debt is paid off, you can turn to retirement savings. Strive to save 10-15% of your income in a tax-advantaged plan like an IRA or 401k. If your employer offers matching contributions to a 401k, you want to do this as quickly as possibly to take full advantage of that benefit. It’s free money.
• All of these things are important, but perhaps the best way to be financially faithful is to remain generous. Strive to be a percentage giver to your local church, no matter what’s going on in your life. And trust that God will provide. Jesus says in Matthew 6:33, “Seek first the kingdom of God … and all these things will be added to you.”
• Those are the ways you can remain financially faithful in the busiest of times.

On this program, Rob also answers listener questions:

• When taking money out of a TSP, is it taxed as income?
• How do you determine if now is a good time for you to buy a home?
• How can you help preserve wealth for an elderly parent?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can connect with a FaithFi Coach, join the FaithFi Community, and even download the free FaithFi app.

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Are we headed for a recession? The answer is always “yes,” but no one knows when it’ll come or how deep it will be. We’ll talk about how you can prepare today with financial coach John Putnam.

John Putnam is a Certified Financial Planner, a Certified Kingdom Advisor, author of He Spends, She Spends and founder of Smarter Stewardship, a marketplace ministry offering resources, podcasts and content.

• A just-released survey of economists by Bankrate found that nearly two-thirds of them believe the U.S. will enter a recession in 2023. And the Fed’s rapid increase in interest rates is probably driving that. What are your thoughts on that?
• John reminds of the wisdom in Ecclesiastes 3:1, which tells us that for everything there is a season. There will be times of plenty, but there will also be recessions. We don’t know if tough financial times for you personally or for the entire US economy will arrive this year. But we know recessions happen, and we should be prepared.
• When you have a plan in place, it is much easier to pivot for those plans than without any plan at all.
• In a time of recession, your vision can get blurry. Your mission will be challenged, and your values will be tested. And that’s why prayer, scripture, and leaning more on the Body of Christ around you becomes even more important in a time of a recession.
• John says the first step in preparing for lean times is to spend more time in prayer and in the Word.
• What other steps should we take to prepare for a recession? John explains how the following things are critically important:
• Budgeting
• Reining in spending and putting an emergency fund in place
• Minimizing debt.
• Some people believe that preparing for tough financial times shows a lack of faith. But John says God’s Word tells us otherwise. We know that God is the great provider, and we should not trust in our savings, but in Him. At the same time, the Bible tells us to be prudent and prepared for the lean times.
• Learn more about John Putnam SmarterStewardship.com.

On this program, Rob also answers listener questions:

• How do you determine whether it makes sense to continue contributing to a 529 account?
• When does investing in an i-bond make sense?
• Is a Roth IRA better than a Roth 401k?

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can connect with a FaithFi Coach, join the FaithFi Community, and even download the free FaithFi app.

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When in doubt, a great piece of advice is, Do the next right thing. But you need to know what that is. We’ll talk about that today with Chad Clark. Chad Clark is our executive director here at Faith and Finance. On today’s program, Chad explains that when we don’t follow certain mathematical laws, which God designed, we get the wrong answer, even though we may be convinced we are right. When we don’t follow those rules, even if we do part of the equation correctly, the answer is still wrong. Many of us unknowingly do this with our finances. Chad explains: - We tend to focus so much on giving, saving, retirement, paying off debt, and our lifestyle, which are all great, but that’s only the addition and subtraction side of the equation. These are simply the downstream outcomes of things we need to do first. - It’s possible for us to be giving 10%, saving 15%, out of debt, on track for retirement and having everything on track financially, but we’re getting the wrong answer - even though we believe it’s right.LOVE THE LORD Matthew 22:37-39 says, Love the Lord your God with all your heart and with all your soul and with all your mind.’[ This is the first and greatest commandment. And the second is like it: Love your neighbor as yourself.’ Loving the Lord your God with all your heart and soul and mind has to come first! There is nothing we should treasure and love more than God. It’s out of love for God that everything else flows. We grow in our love for the Lord by spending time with Him in His Word, in prayer, in fellowship with other believers. It may look different for each of us. We long for more of Him. When we by faith set our minds on those things which are above, where Christ sits at the right hand of God , then the things of earth lose their lustre and desirability in comparison John OwenHow does this apply to our finances? In every way. When we set our heart and minds on Him our love for Him overflows into all of our financial decisions. Loving Him must be first and primary in our lives, and when we do that, our financial decisions may look very different from the world.Which leads us to the second part of the Great Commandment: Love your neighbor as yourself. LOVE YOUR NEIGHBOR First, let's define neighbor. This can be literally the person next door, in your community, at your church, or on the other side of the world. Jesus answers the question of who is my neighbor in Luke 10 - the Parable of the Good Samaritan, where the Samaritan saw a man beaten on the side of the road and when he saw him it says he had compassion. C.S Lewis puts it this way: Love is not affectionate feeling, but a steady wish for the loved person's ultimate good as far as it can be obtained. When we love our neighbor, we see them, and we’re aware of their needs and we desire their ultimate good. 1 John 3:17 says, But if anyone has the world’s goods and sees his brother in need, yet closes his heart against him, how does God’s love abide in him? Pray and ask the Lord, God help me see the needs of others and help me to love them and to see how I can care for them through the power of your Holy Spirit. There are so many people in our world in need of material assistance, but let us not just look to the material needs of our neighbors but also their spiritual needs - regardless of whether you are helping some personally, or partnering with an organization to provide services around the world, let us not only meet their physical needs but their spiritual needs as well. On today’s program, Rob also answers listener questions: ● What are the investment options for rolling over a TSP?● What options do you have for managing investments with Christian values? Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can connect with a FaithFi Coach, join the FaithFi Community, and even download the free FaithFi app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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With inflation and the slowdown in the economy, it’s a wonder that millions of open jobs are going unfilled, but that’s the case. What does that mean for workers? Maybe a lot. We’ll talk about it today on Faith and Finance. Right now there are 1.7 jobs available for every person looking for work. That’s great if you need a job, but it’s putting an awful strain on employers who need skilled workers.I said that employers are getting sneaky about this. That means companies are resorting to something called quiet hiring. Now, what does that mean? It could be hiring contractors for the short term until a certain project or workload is completed. But it can also mean encouraging, or prodding, employees to take on a host of new duties within the company. There are several reasons for this. One is that workers are hard to find. Another is the expense of advertising, recruiting, and training new workers. And with the prospect of a recession, employers don’t want to hire people just to lay them off if business takes a downturn. Added to those reasons is that companies still have goals they want to reach in 2023 and they’re having a lot of trouble doing it. The answer, it seems, is quiet hiring.Usually, when a company hires someone, it’s to fill an existing job opening, or because there’s a new job that needs to be filled in order for the company to grow, or a third category filling a vital, but temporary, need. It’s that last category that quiet hiring addresses, and it’s a growing trend because often it doesn’t require any new hiring, which again, is expensive for companies. Instead, employers are identifying critical functions that need addressing immediately, and then shifting employees from other roles to meet those needs. Now, what does that look like in practice? One amazing example involves an airline that recently converted some of its executives into baggage handlers because of a critical need. There was an added bonus beyond just getting bags on and off planes. It also gave front office folks a chance to see how decisions and policies made higher up affect employees on the front lines. But quiet hiring can also have a detrimental effect on employee morale. They may see it as a sign that their old job isn’t really important, since no one is being hired to replace them. They might then question whether they’ll still have a job when the critical need passes. And to be sure, not everyone is a fan of quiet hiring, and it can result in what’s becoming known as quiet quitting, which is refusing to take on any new work outside the duties one was hired to do. While supporters of quiet hiring say it offers workers a chance for promotions and raises, opponents say it’s another way for companies to take advantage of their employees claiming that the rewards for taking on new work are few and far between. Whether quiet hiring is good or bad for workers remains to be seen, but predictions are that it will continue for the foreseeable future. The question is, how can workers take advantage of it? Well, here the Bible has some advice. Colossians 3:23 and 24 reads, Whatever you do, work heartily, as for the Lord and not for men, knowing that from the Lord you will receive the inheritance as your reward. You are serving the Lord Christ. I think that means cheerfully taking on a new role that might help your employer if you’re able to do the work. Take the boss at his or her word that it could lead to a better situation down the road and a chance to improve your skill set. It’s also an opportunity to ask about your future with the company, and a chance to lay out your goals for how you’d like to advance. You can also inquire whether the new role allows for other perks, such as more flexible hours, or a chance to work from home. In other words, try to have an optimistic approach if you’re asked to temporarily take on new duties to help your employer. But also, be honest if you don’t feel you’re equipped. And even there, maybe you can ask for some additional training to help you. If you cooperate with your company’s quiet hiring practice and find yourself stuck after a year or more with no promotion or raise in sight, you can always fall back on the new skills you’ve acquired to look for another job somewhere else. As the saying goes, There’s no such thing as job security, but there is employment security, and the way to get it is by not turning down the opportunity to learn new things. On today’s program, Rob also answers listener questions: ● What is the best way to set up a trust for your child? ● Is there an income cap on how much you can earn while receiving Social Security benefits? ● When does it make sense to roll over a Roth IRA into a robo-adviser account? ● What is the best way to finance major home repairs? Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can connect with a FaithFi Coach, join the FaithFi Community, and even download the free FaithFi app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Everyone to whom much was given, of him much will be required, and to whom they entrusted much, they will demand the more. Luke 12:48 is a powerful verse about stewardship. We should set goals for using the resources God gives us. Today, we’ll talk with Ron Blue about how those goals may change later in life Ron Blue is the founding director of Kingdom Advisors and the author of many books on biblical finance. Blue tells us that setting goals for your finances and how you use money is extremely important. THINGS TO REMEMBER A few things to remember about goals: Goals give you direction. Set goals but write them on the sand. When the waves come and wash them away, you reset them. It’s not something that’s once-and-for-all. Your goals will change throughout the seasons of life. And as you set goals, you develop convictions about what you feel God wants you to do. It’s a process, not an event. As you age, you can set distribution goals and ask the Lord if you have enough. And how much is enough? Setting and achieving financial goals throughout your life helps you get to a point in life where you can focus more fully on the joy of giving. Blue also tackles the difficult question: How do you know how much money/assets to leave to each of your children? He says, pray a lot! And then ask yourself the following questions: - What’s the worst thing that could happen if I give X amount to X child? - What is the likelihood of that and what is the consequence of that? And as you think and talk that through, you begin to think about how you’re going to handle each child. If you love your children equally, you treat them uniquely. That’s just the way God treats us, uniquely. On today’s program, Rob also answers listener questions: ● How can you ensure that you have the right amount deducted from each paycheck for federal taxes? ● When should you put your assets in a trust? ● Do online banks offer better savings and CD interest rates? RESOURCES MENTIONED:● IRS.govRemember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can connect with a FaithFi Coach, join the FaithFi Community, and even download the free FaithFi app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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While many have legitimate concerns about the recently passed $1.7 trillion Omnibus bill, it certainly has a few silver linings for retirement accounts. The new legislation is a definite win for retirement savers with a 401k, 403b, or Roth IRA. We’ll talk about it today on Faith and Finance. We recently talked about how the new spending package passed by Congress contains an important provision for folks with unused money in 529 education savings accounts. 529 money has to be spent on qualified education expenses, and that’s always been a sticking point for folks who want to save for their kids’ education. If there’s money left over or the child decides not to attend college, the 529 plan holder was stuck. Spending it on anything but education draws a 10% penalty. But starting in 2024, up to $35,000 of that money can be rolled into a Roth IRA, if it’s been in the account for 15 years. The rollover can only be made to the beneficiary’s Roth IRA not the owner’s. And changingbeneficiaries may restart the 15 waiting period. Still, it’s a big win getting around the 10% penalty. But the legislation has several more wins for retirement savers. It enables employers to help workers save for emergencies; helps workers repay student loan debt and makes retirement plans more accessible to part-time workers. But folks with a Roth account may get the biggest win coming out of the legislation, whether it’s a Roth IRA or Roth 401k. If you’re new to investing, here’s how these plans work INVESTMENT RETIREMENT ACCOUNTS Money contributed to Roth accounts is taxed differently from conventional employer accounts like 401k’s and 403b’s. With those accounts, contributions are made with so-called pre-tax money. You get a deduction on your tax form that year. But when you retire and withdraw that money, it’s taxed as regular income based on whatever tax bracket you’re in at the time. With Roth accounts, your contributions are taxed going in. You get no deduction for that money when you file your taxes that year. But when you withdraw that money later in life, presumably when your income is higher and you’re in a higher tax bracket, you don’t have to pay taxes on it. There are income restrictions that prevent higher earners from opening Roth accounts (and other rules to follow) but for the majority of folks, Roth accounts are very attractive. And there are actually two types of Roth accounts. One is the Roth IRA, and you can set one up on your own with any brokerage account like Fidelity or Schwab. Then there’s the Roth 401k that your employer can offer. Now, since money going into a Roth IRA is already taxed in other words, Uncle Sam got his share upfront those account holders don’t have to start withdrawing that money when they reach age 72. They’re not subject to Required Minimum Distributions and they can just let the money grow. But that hasn’t been the case with Roth 401ks. They were subject to the same rules as a conventional 401k. Account holders have been required to begin taking minimum distributions at age 72. The new legislation wipes out that requirement for Roth 401k’s starting in 2024, which is another big win for retirement investors. MATCHING CONTRIBUTIONS Another win involves matching contributions. Employers can offer them to Roth 401ks just like with regular 401ks. Right now, employer matching contributions to Roth 401k’s have to go into the employee’s regular 401k account and be subject to taxes in retirement. But the new legislation will allow employers to put their matching contributions into an employee’s Roth orconventional 401k. Why is that a win? Remember that the benefit of a Roth account is that you pay taxes on contributions when your income is probably lower and so is your tax rate. Then, later in life when you’re earning more and probably in a higher tax bracket, no taxes are due on withdrawals. The more money that goes into the Roth side of a 401k, the better off you’re likely to be, and the legislation allows for that. Okay, there’s one more important change, but it only involves higher earners. For 2023, if you’re age 50 or older, you can put an extra $7,500 into your 401k without paying taxes on it. But once the new legislation goes into effect, those earning more than $145,000 will have to put their catch-up contributions into a Roth 401k and pay taxes on it going in. Whether that’s a win or a loss will depend on the tax bracket you’re in when you retire.So some big changes are coming in 2024. We hope this information helps you make wise decisions about your retirement savings. Psalm 27:23 tells us, Know well the condition of your flocks, and give attention to your herds. On today’s program, Rob also answers listener questions: ● What is better, a weekly or a monthly budget? ● Does it make sense to pull money out of investments to delay drawing Social Security? Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can connect with a FaithFi Coach, join the FaithFi Community, and even download the free FaithFi app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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We all want our kids to mature and become wise stewards of God’s resources. Younger generations need training to do that. We’ll give you some lessons for young adults today on Faith and Finance. Okay, some of the lessons we’ll talk about today can be taught to younger children, but by the time they’re adults, they should have all of these down pat. It’s sometimes too early, but never too late to teach your children how to manage money wisely. So today we want to focus on teaching your older kids who are in, or nearing, adulthood because they may have missed a lesson along the way. This is especially important because a recent financial literacy survey by the TIAA Institute found that Americans aged 18 to 29 scored the lowest of any age group. Only about 40% of these young adults answered money-related questions correctly. That’s disturbing, but your family doesn’t have to be part of that statistic if you pass along several important lessons. Two of the most important are, first, that God owns everything, including ourselves. Psalm 24:1 reads, The earth is the Lord's and the fullness thereof, the world and those who dwell therein. And second, God is our Provider. Everything we have is a gift from Him, including and especially, our salvation. James 1:17 tells us, Every good gift and every perfect gift is from above, coming down from the Father of lights. Grasping those two truths will enable your child to trust in God to provide and to give cheerfully out of gratitude. More on that in a minute. Now some lessons about managing money wisely. MANAGING MONEY WISELY THE VALUE OF WORK: Teach your kids the value of work, whether that’s studying for school or earning money on a job. Work is not punishment. It was ordained by God before the Fall. Genesis 2:15 reads, The Lord God placed the man in the Garden of Eden as its gardener, to tend and care for it. You never want to express the idea that work is punishment, but rather as an opportunity, given by God, to earn money. Children who’ve reached adulthood and are not still in school should work outside the home and contribute to household expenses. You probably aren’t helping them by allowing them to live at home and not contribute. Remind them that all work has value and is profitable, that God is their real boss, and that they should always conduct themselves in ways that honor the Lord. BUDGETING: The next lesson they need to learn is that living on a budget is essential for wise money management. Everyone needs to budget and the less money you make, the more important it is to have a spending plan. Young adults should have zero trouble downloading the FaithFi app to help them set up a spending plan. They can just look for FaithFi in their app store. SAVE: The next lesson is to A.B.S. Always Be Saving. A budget will help your young adult cut expenses, or maybe increase income, so there’s something left over each month. If he or she can’t learn to live on less than they make, they’ll always be in debt, which is our next lesson. AVOID DEBT: Teach them that debt is not a sin, but that Proverbs 22:7 teaches that, the borrower is slave to the lender. This lesson should not be limited to credit cards. Student loans are a huge problem for young adults entering the workforce. They need to borrow as little as possible for college. Living beyond one’s means and running up debt is presuming on the future, that you’ll have enough money later to pay it off. But Proverbs 19:21 warns, Many are the plans in the mind of a man, but it is the purpose of the Lord that will stand. Debt may also be a sign that one is discontent with God’s provision and is ungrateful but Philippians 4:19 reads, My God will supply every need of yours according to his riches in glory in Christ Jesus. GIVING: Our last lesson for young adults, but certainly not least, is about giving. They may be just entering or new to the workforce and struggling financially. We get that, but generosity is an essential part of Christian life and can’t be ignored. Encourage your young adult to be a percentage giver to his or her local church. Giving is an act of worship and as Jesus said, it’s better to give than to receive. Giving with an open hand breaks the power that money has over us and strengthens our relationship with Jesus. Young adults should learn to give cheerfully out of gratitude for already receiving the gift of salvation through Christ’s work on the Cross. There’s nothing more valuable than that. On today’s program, Rob also answers listener questions: ● What does the Bible say about tithing? ● When is okay for a Christian to consider bankruptcy? Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can connect with a FaithFi Coach, join the FaithFi Community, and even download the free FaithFi app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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As a new year gets underway, many people feel motivated to do things like lose weight, cut back on social media, and, yes, get out of debt. Unfortunately, New Year’s motivation often wanes quickly. So today, we want to give you practical ideas for turning a new year’s resolution into genuine progress at least in the getting out of debt area.Well, as you may know, every so often on our Monday program, we like to revisit the five basic things you can do with money. Here they are: You can earn it, live on it, give it away, owe it to someone or the government, or you can grow it for the future by saving and investing. Earn, live, give, owe, and grow.Today, we’ll focus on the fourth of those: owe.Again, many people, at the first of the year, resolve to get out of debt, or at least make progress on reducing their debt. But motivation often wanes quickly.To stay motivated, you need to have a plan. You may remember that a few days ago we mentioned the idea of making your resolutions SMART. S-M-A-R-T. That stands for Specific Measurable Attainable Realistic and Timely.So let’s start with this specific thing related to debt 1. FIND OUT WHERE YOU ARE. By that we mean you need to have a concrete understanding of how much you, to whom, and what the terms are, including interest rates. You need to know that because, for example, it’ll make much more sense financially to attack a credit card debt that’s at 18 percent than a car loan that’s at 3 percent.As you catalog your debts, we suggest you list them in order from the lowest balance to the highest.2. STOP ADDING TO YOUR DEBT. As the old saying goes, it’s hard to get out of a hole if you keep digging deeper. You may want to stop using credit cards and instead move to a debit card or cash for your spending. That’ll help you avoid further debt.3. TELL SOMEONE WHAT YOU’RE DOING. (Credit to financial writer Matt Bell for this one). In other words, ask someone to hold you accountable to your plan to get out of debt. It’s remarkable how much it helps to have an accountability partner when it comes to following through on what you’ve committed to doing.4. CREATE A SPECIFIC PLAN FOR PAYING DOWN YOUR DEBT. Now, there are different ways to approach this. Perhaps the easiest method is to commit a specific amount to debt reduction each month. Let’s say it’s $500, and you have five credit cards. Pay at least the minimum balance due on four of your cards, but pay as much as possible on the card with the lowest balance.To continue the example, let’s say your minimum payments total $300. So you pay that, but then pay the remaining $200 toward the lowest-balance card. When you focus your payments this way, you’ll be able to pay off that lowest-balance card soon.Then, when it’s paid off, you’ll keep paying $500 a month on your debt, but now focus your attention on the new lowest-balance card. After a while, when that one is paid off, you keep paying $500 a month and put most of the money toward the new low-balance card.This approach of fixing your overall payment at the same amount each month and attacking the lowest-balance card will create a steady sense of progress that you’ll find encouraging.And note how this approach is S-M-A-R-T. It’s Specific Measurable Attainable--Realistic and Timely. It’s not vague at all. It is clear and purposeful.THE NEXT STEPAfter you get all your credit cards paid for, you can then start attacking other debts that may be at much lower interest rates, such as car loans and school loans. If you were paying $500 a month against your credit cards, that $500 is now freed up to accelerate payments on your other debts.This process of creating a systematic plan for paying down debt has worked for many, many people. Again, first, you need to get a clear picture of where you are, then commit to not taking on more debt, and finally, create a clear, easy-to-implement plan that you stick with not just in the early weeks of January but throughout the months ahead.And if you have an accountability partner, you’re much more likely to succeed.If you’d like to connect with a financial coach who can discuss your situation and help you implement a plan, we can help with that. Just go to FaithFi.com/connect.On today’s program, Rob also answers listener questions:● Should you take Social Security retirement benefits early or take survivor benefits after the death of a spouse?● How do you know if you need a fiduciary adviser?● When is it a good idea to buy long-term care insurance?Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to askrob@faithfi.com. Also, visit our website at faithfi.com where you can join the FaithFi Community, and even download the free FaithFi app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Have you memorized Proverbs 21:5? It states, Steady plodding brings prosperity; hasty speculation brings poverty. You may know it by heart, but taking it to heart is a different thing altogether. It’s a double-edged verse and you must follow both parts to be financially successful. We’ll talk about that today on Faith and Finance. As we said, there are two sides to Proverbs 21:5, and they’re really about not giving up and not giving in. Steady plodding means not giving up, and hasty speculation means giving in to greed. THE PERILS OF HASTY SPECULATION Consider the real-life story of an executive at a major western bank, and to protect his anonymity, we’ll just call him Brian. Starting his career in finance back in the 1990s, Brian probably thought he was pretty good at managing money, although he admits he was living beyond his means and accumulating debt. That left him vulnerable to the promise of great riches at the peak of the dot.com craze in early 2000. Like so many others at the time, Brian hadn’t grasped the biblical truth that hasty speculation brings poverty. When a coworker offered to bring him in on the ground floor of a can’t lose tech startup, Brian was all in. He invested $10,000 he managed to scrape together and as he describes it, got ready to pop champagne corks. But the only popping Brian heard was the dot.com bubble bursting. He lost everything by investing in a company he knew nothing about. He had given in to hasty speculation and paid the price. As Proverbs 28:20 warns, A faithful man will abound with blessings, but whoever hastens to be rich will not go unpunished. Of course, God doesn’t sit around and wait for you to make foolish mistakes with money so He can punish you. He doesn’t have to, because the consequences of poor money management happen all on their own, and those consequences can be severe. Hasty speculation borne of greed is just one example. 1 Timothy 6:9 and 10 warns, Those who want to get rich fall into temptation and a trap and into many foolish and harmful desires that plunge people into ruin and destruction.For the love of money is the root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs. Okay, so much for not giving in, now for not giving up. That’s a short definition of steady plodding a longer one would be living within your means, avoiding debt, saving for short term needs and investing consistently for long term needs and to do those things for a very long time. That’s steady plodding. And you might think it doesn’t sound very exciting, but don’t be fooled. There’s plenty of drama in staying the course and following God’s financial principles. When you do, you’ll experience highs and lows, great peace and contentment and probably some discouraging setbacks along the way. God’s Word addresses this, too. In James 1:2-4 we find, Count it all joy, my brothers, when you meet trials of various kinds, for you know that the testing of your faith produces steadfastness. And let steadfastness have its full effect, that you may be perfect and complete, lacking in nothing. So God’s Word encourages us to not give up, and this is where we get back our story of Brian the banker. Fortunately, he didn’t give up, even after losing all his money. Instead, he took a course on biblical money management through his church, and that’s when things started to turn around for him. Brian says God’s Word taught him to be more frugal and disciplined with money. He saved and eventually began investing in real estate something he knew more about. He started small and went slowly, with no get-rich-quick scheme, just steady plodding. And over the years, it paid off. Because he wasn’t over-leveraged, Brian’s real estate venture survived the housing crash and Great Recession. Eventually, he was able to start a fitness-related business with his sona dream he’d had for many years and that business survived COVID and today is thriving. Brian says that learning to be more disciplined with budgeting, saving, and investing was an essential part of his financial turnaround but doing those things over a long period of time was critical. Steady plodding brought Brian out of financial ruin to eventual financial success and security. If you suffer a setback dust yourself off and keep going. Galatians 6:9 offers this encouragement, Let us not grow weary of doing good, for in due season we will reap if we do not give up. On today’s program, Rob also answers listener questions: ● What should you do if an authorized user on your credit card account is misusing the account? ● Will your children have to pay an inheritance tax when you pass away? ● What is the wisest way to use the proceeds from the sale of a rental home? ● What can you do to minimize the tax liability associated with retirement investments RESOURCES MENTIONED:● ChristianCreditCounselorsRemember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can connect with a FaithFi Coach, join the FaithFi Community, and even download the free FaithFi app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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For more than 20 years, 529 education savings plans have helped families pay for qualified school expenses while enjoying a tax benefit in the process. But there was also a major drawback. We’ll talk about that today. If you’ve ever wondered how 529 plans got their name, it goes back to 1996 when Congress enacted Section 529 of the Internal Revenue Code, allowing states to establish and administer the plans. Each state has its own plan, and they have different benefits and requirements, but the common ingredient is that money put into a 529 savings plan grows tax-free and withdrawals for qualified education expenses are also tax-free. The money can be used for grades K through 12 as well as college. So it’s similar to a ROTH IRA, in that contributions are not deductible on your federal tax return. However, more than 30 states offer some kind of tax break, so depending on where you live, you could be eligible for state tax deductions or credits if you invest in a 529. These plans also offer you some flexibility in case things change. If one child doesn’t use all of the money in the account, the beneficiary can usually be changed later to a different direct relative. In theory, a single account could survive for generations.Another nice feature anyone can contribute but it’s usually better to have the account in a parent’s name. There’s also a potential financial-aid advantage to a 529 plan. The FAFSA form Free Application for Federal Student Aid counts money held in 529 plans at a lower rate than money in other accounts. That means money in a 529 plan won’t count against you as much as other assets when applying for aid. You can invest in any state’s 529 plan and use the money to pay for an eligible college in any state. So 529 plans are flexible in many ways, but they come with one major restriction: Once you open a 529 account and put money into it, you’ve committed the money for education. If you don't use it for eligible expenses, those withdrawals will incur a 10% penalty and will also be subject to federal income taxes on the investment gains. And that’s why more families haven’t taken advantage of 529 savings plans. But all that is about to change as 529 account holders get a new way to rescue unused funds. As part of the $1.7 trillion spending package passed last month, money leftover in a 529 savings plan can be rolled over into a Roth IRA without incurring taxes or penalties starting in 2024. That’s a potentially huge development, as it removes a major drawback to 529 plans and will likely encourage more families to open the accounts. It’s unclear how much unused money might be transferred from 529 plans to Roths, but in 2021, there were nearly 15 million 529 accounts holding almost $500 billion in assets. That’s about $30,000 per account. Critics of the new provision say it’s a handout to the rich because wealthier families are more likely to have 529 plans than lower-income families and because the provision doesn't carry income limits. It does, however, have a number of other restrictions. For one, there’s a lifetime limit of $35,000 on transfers, and rollovers are still subject to annual Roth contribution limits. In 2023 that limit is $6,500, or $7,500 if you’re over age 50. Also, like any custodial account, once the funds go in, they become the property of the beneficiary. That means a 529 rollover can only be made to the beneficiary’s Roth account, even though a parent or grandparent may be the owner. Most graduates with leftover 529 money won’t be able to immediately roll it over to a Roth. To be eligible, the 529 account must have been open for at least 15 years, and contributions and earnings must be in the account a minimum of 5 years before they can be transferred. You want to save as much as possible for education so you can avoid borrowing remember Proverbs 22:7, the borrower is slave to the lender. And one of the best ways to avoid borrowing is with a 529 savings plan. So if the unused funds restriction was preventing you from opening a 529 account now you have one less excuse. Get started saving today. On today’s program, Rob also answers listener questions: ● What should you do after a CD matures? ● When does it make sense to move money into an employer-sponsored ROTH account? Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can connect with a FaithFi Coach, join the FaithFi Community, and even download the free FaithFi app.hoTo support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Hi, I’m Rob West. The Bible teaches that we should seek out wise counsel for answers to questions. Today we’ll be asking some tough financial questions and Howard Dayton will give us his answers. For by wise guidance you can wage your war, and in abundance of counselors there is victory. Proverbs 24:6. Howard Dayton is the author of Your Money Counts and the former host of this program. Today we’ll go through a list of questions Howard has been asked over the years. 1. What’s God's perspective on paying taxes? That's the same question the pharisee’s spies asked Jesus in Luke 22: "Is it lawful for us to pay taxes to Caesar, or not? Jesus answered, Show Me a denarius (which was a Roman coin). Whose head and inscription does it have?' And they said, 'Caesar's.' And He said to them, 'Then render to Caesar the things that are Caesar's"' A lot of folks rationalize not paying taxes because the government squanders much of the money it receives. Now, I’m not condoning government waste. In fact, I believe a citizen should try to influence the government to be more efficient and responsive. However, the Bible clearly tells us of an additional responsibility: pay the taxes you legally owe. How does the Bible define financial success? Scripture tells us that financial success is simply being a faithful steward. That’s different from the world, where success is measured by how much wealth one acquires.But as Christians, we should assume someone is successful just by outward appearances. If we had seen Joseph or Paul in prison, Daniel in the lions' den, or Job in his affliction, how many of us would have considered them successful? According to Scripture the desired end for us is to become faithful stewards. After we have fulfilled that responsibility, it’s up to God to decide whether or not to entrust us with wealth, or not, according to His purposes. Is it permissible for a Christian to be ambitious? Scripture certainly doesn’t condemn ambition. Paul was ambitious. In Corinthians 5 he says, "We have as our ambition ... to be pleasing to Him. For we must all appear before the judgment seat of Christ, that each one may be recompensed for his deeds" But the Bible does strongly condemn selfish ambition. Paul also says in Romans 2 that the Lord, "will render to every man according to his deeds ... to those who are selfishly ambitious . wrath and indignation." So our ambition shouldn’t be motivated by egotistical desire. It should be to please Christ. We should have a burning desire to become increasingly faithful stewards in using the possessions and skills entrusted to us. Should wives work in a job outside the home? There’s some interesting data on that. The number of women with children working outside the home peaked at 29 million in 2000 and remained there for nearly two decades. But since COVID, that number has dropped by 2 million. A lot of moms who left the workforce to care for kids because schools were closed. But the experts tell us they’re not returning to the workforce. In my opinion, during children's early formative years it is preferable for a mother to be home whenever the children are home. Titus 2:4-5 reads, "Encourage the young women to love their husbands, to love their children, to be sensible, pure, workers at home." I think it’s ideal for a mother of young children to limit working outside the home to those times when the children are not at home unless family finances depend upon her income. As children mature, the wife will have increased freedom to pursue work outside the home. Why do the wicked prosper? God’s people have asked that for centuries. Even the prophet Jeremiah asked it in Jeremiah 12, Why does the way of the wicked prosper? Why do all the faithless live at ease?" The Bible tells us that some of the wicked will prosper, but it does say not to worry about it. In Psalm 37 we find, Do not fret because of evil men or be envious of those who do wrong, for like the grass they will soon wither. You can find answers to a whole lot more tough financial questions in his book, Your Money Counts. On today’s program, Rob also answers listener questions: ● Should you redeem savings bonds when they reach maturity? And if so, how should you invest the proceeds? ● When does it make sense to cancel a life insurance policy?● Does it make sense to begin drawing Social Security and invest that money in an IRA? RESOURCES MENTIONED:● TreasuryDirect.govRemember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can connect with a FaithFi Coach, join the FaithFi Community, and even download the free FaithFi app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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There are also no secrets to successful investing. In the long run, several key factors will determine your results. Mark Biller lays those out for us today on Faith and Finance. Mark Biller is the executive editor at Sound Mind Investing. (RW) Mark, today we want to look at an article you have up at SoundMindInvesting.org titled, Eight Key Factors That Determine Your Long-Term Investing Results. We’ll dive into those in a moment. But first, let’s talk about the big-picture message we hope you’ll take away today. In a nutshell, it’s to focus on what you can control rather than worry about what you can’t. That’s good advice for all aspects of life, including money management. For investors, it’s a timely reminder as well, given the ever-present uncertainty about the stock market’s future direction. But regardless of which way the market moves this year, there are still several factors you have direct control over. So those are the things to focus our attention on. KEY FACTORS 1. The rate of return you earn: This is what investors focus most of their attention on, which causes them to spend their time trying to pick winning stocks, the best funds, or the most astute market guru to follow. And it’s not that your rate of return doesn’t matter. It obviously does. It’s just that, unfortunately, this is the one factor we’ll discuss today that’s largely out of your control, unless you’re willing to settle for guaranteed CD-like returns. No matter how hard you study or how much you know, you can’t predetermine exactly what your rate of return will be. So instead, it makes sense to turn your attention to the factors where you do have a lot of control. 2. Building on a strong foundation: This is the first factor that you DO have control over. You don’t have as much to fear from economic storms and bear markets if you’re debt-free, have an emergency reserve, and use a cash flow plan that produces a monthly surplus. Your ability to put such a foundation in place is affected by how big a house you buy, how new a car you drive, how responsibly you handle credit, and a host of other decisionsmost of which are under your direct control. 3. How much you save and invest: Invest $200 a month for 20 years at 10.0% and it will grow to $152,000. You could improve that to $198,000 by either (1) increasing your annual rate of return from 10% to 12%, or (2) by increasing your deposit by $60 per month. A lot of investors will try to move heaven and earth to boost that return, while boosting the monthly deposit is much more certain and under their direct control. 3. How much you lose to taxes: The example I just gave assumes you’re investing in a tax-deferred retirement account. If you made your $200 monthly investments into a regular taxable account, you’d need to earn 12.6% per year rather than 10%, just to reach even the lower $152,000 target. (That’s assuming a 29% combined federal/state rate.) So you want to make full use of tax-advantaged accounts like IRAs and 401(k)s. 4. How long you save: Examples of compound interest and investment growth show us that amazing things happen when you leave money invested for long periods of time. That means you should start contributing to your investment accounts as early as possible and plan to leave the money working tax-deferred for as long as possible. 5. Whether you’re playing the short game or the long game: With the long-term investing game, you win by plotting your strategy very carefully at the outset, and then letting that strategy play out over time. Short-term news, current market fads, and so-called expert opinions are largely irrelevant to long-term investors. So turn off the financial shows on TV and stop looking at your daily returns. 6. Whose advice you listen to: Is your strategy in sync with biblically based financial principles, or more reflective of the conventional thinking offered by the secular investing world? It’s your choice. And there we can recommend two sources for biblical financial advice: Obviously at Sound Mind Investing. Also, you can connect with a Certified Kingdom Advisor. You can do that at FaithFi.com. On today’s program, Rob also answers listener questions: ● What is the best approach to saving for and purchasing a car? ● How can you get the best possible return on your money with minimal risk? Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can connect with a FaithFi Coach, join the FaithFi Community, and even download the free FaithFi app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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We’d all like to have more money, and there’s nothing wrong with that if we have the right motivation. We’ll talk about that today on Faith and Finance. Every few weeks on our Monday program, we revisit the five things you can do with money. Here they are: You can earn it, live on it, give it away, owe it to someone, or save/invest it. Earn, live, give, owe, and grow. Today, our focus is on the last of those: growing your money for the future by investing MOTIVATION Let’s talk first about motivation. If your reason for investing is to get rich quick, we have a warning for you. Actually, Jesus has a warning for you. He said in Luke 12:15 to be on guard against every form of greed. Greed takes our eyes off God and puts them on ourselves, which is spiritually dangerous. And it’s a recipe for unhappiness. Ecclesiastes 5:10 says, Anyone who loves money never has enough. Anyone who loves wealth is never satisfied with what he gets. That said, investing for the future if you have the right motivation is commended in Scripture. Proverbs 21:20 says, There is precious treasure and oil in the home of the wise, but a foolish person swallows it up or as The Living Bible puts it: The wise man saves for the future, but the foolish man spends whatever he gets. So this is the right motivation the desire to be a good steward, preparing today as best you can for the needs of days and years to come. So, how do you prepare? Well, you could stash money in a savings account and you should, for shorter-term needs and for an emergency fund. But savings accounts, even the highest-paying ones, will not keep up with inflation. Money put in a savings account will lose value over time. To keep pace with inflation, or to outdistance it, requires putting your money in things that tend to grow as the economy grows. For most of us, that means investing in the stock market, and you can do that in a way that is balanced, not reckless. That brings us to learning WHAT YOU NEED TO KNOW ABOUT INVESTING We have guests on this program regularly who talk about wise approaches to investing, so we won’t go into detail about that now, except to say that it’s essential that you have a long-term plan and a set of guidelines that inform your decision-making. In other words, think long-term, not get-rich-quick, and don’t make decisions based on hot tips or financial talk shows. Now, to be a good steward, you also need to understand the various investment vehicles that may be available to you, such as a tax-advantaged 401(k) or 403(b) at your workplace. You also should learn about Individual Retirement Accounts and how those can help you save for the future in a tax-smart way. A great resource that explains such accounts and many other things about being a good steward as an investor is The Sound Mind Investing Handbook by Austin Pryor. One more thing: Making your money grow for the future will involve some risk that is the nature of investing. So the actual investments you choose should be appropriate for someone of your age and overall financial situation. Younger people can afford to take higher levels of risk than older people because younger folks have a lot of time to recover from market downturns. So to sum it up: invest with the motivation of being a good steward and take the time to learn what you need to know to invest wisely for the years to come. On today’s program, Rob also answers listener questions: ● How do minimum required distributions work? ● When does it make sense to adjust payroll withholdings to cover expenses? ● How do you determine if you need life insurance? ● How much can you contribute to a 401k account and a Roth IRA without tax penalties? ● When is a Medicare Advantage plan a wise purchase? ● How are assets distributed upon the death of a parent without a will? Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can connect with a FaithFi Coach, join the FaithFi Community, and even download the free FaithFi app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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The Bible tells us that only God sees the future, but it also says we should prepare for it. Does that include churches? The short answer is yes. Churches need to have an emergency fund just like individuals.In today's Faith and Finance Rob discusses exactly what that looks like. COVID caused a dramatic drop in church attendance and giving. If there was a silver lining, it was that the pandemic removed any doubt that churches need to have cash reserves. But the question remains, How much? The Evangelical Council for Financial Accountability covers this in a great article, Church Cash Reserves: How Much Is Enough? Let’s start with why a church emergency fund is so important. Just like with your personal finances, churches need a cushion to ensure that routine expenses are paid on time. Without it, they run the risk of getting hit with late fees. If there’s a mortgage on the property, churches need at least a few months’ worth of payments stored up to avoid foreclosure if giving suddenly drops. Why would that happen? Well, just one example - it’s a sad fact that churches split, and if half the members leave, a church could soon be facing financial calamity. Also, no one wants to have to take a special offering to replace a worn out heating or cooling unit. Or have to start at zero if the church decides to launch a new ministry. So there are plenty of reasons why a cash reserve is essential for a church. The same scriptures that apply to individuals apply to churches. Proverbs 6, Go to the ant, you sluggard; consider its ways and be wise! It has no commander, no overseer or ruler, yet it stores its provisions in summer and gathers its food at harvest." Also Proverbs 21, The wise store up choice food and olive oil, but fools gulp theirs down. Let’s say a church has a healthy cash reserve. The work doesn’t stop there. Planning and wise management of that fund are necessary because there will always be pressures within the church about how it should be used. Should some of it go toward paying down debt early? Or to be more generous with the staff? Or to start new programs? This leads us back to the original question:How much is enough for a church’s cash reserve? And just how do they come up with that number? Here there are two very different schools of thought. One says the church should have almost nothing in reserve, trusting in God, instead. The other says a church should have an entire year or more’s worth of operating expenses in the bank. The correct answer is likely somewhere in the middle, and each church, with its leadership, has to decide what’s best. What guides that process? Members need to understand that having a cash reserve is simply the faithful administration of God’s resources. This honors God, and the church has to make it a priority, because it represents Christ in the world.Next, it’s important to build up the reserve during the good times, especially when the church is growing. It should be part of the budget process - building a cash reserve as giving increases. A church can do that in two ways. One is to budget next year’s revenue at, for example, 90% of this year’s, or by simply putting a line in the budget for Additions to Cash Reserves. Whichever way a church does this, it’s important to separate the reserve money from designated funds. In the event of a revenue shortfall, a church shouldn’t be tempted to pay the mortgage with money specifically mandated for something else. And speaking of the mortgage, it’s wise to keep mortgage reserves above what the lender might require. It’s also important to be specific with cash reserve goals - things like servicing debt, capital replacement and ministry expansion. Also, for any of this to work, leadership needs to communicate the importance of having cash reserves to the congregation. It doesn’t show a lack of faith - it's simply good stewardship. Properly communicating clear, specific goals and the progress made toward them might even inspire more faithful giving.And finally, leadership can challenge the congregation along the way to meeting a church’s cash reserve goals. Malachi 3:10 comes to mind. It reads, Bring the full tithe into the storehouse, that there may be food in my house. And thereby put me to the test, says the Lord of hosts, if I will not open the windows of heaven for you and pour down for you a blessing until there is no more need.On this program, Rob also answers listener questions: What should you do with $57,000 in an old 401k if you are 58, $38,000 remaining on your mortgage, and you and your husband are employed full time.Should you buy or rent if you are a 73-year-old widow who recently moved to Tampa and are having second thoughts about having purchased a villa that is currently undergoing renovations?What are the benefits and potential costs of establishing a Revocable Living Trust and Medicaid Asset Protection Trust if you and your wife are recently retired and needing to update your estate plan? Should you pay off your mortgage if it would use most of your emergency reserves but then plan to replenish your savings?RESOURCES MENTIONED ON THIS SHOW: http://www.ecfa.org/Documents/Church_Cash_Reserves_(TCN%20Insight)_CHURCH.pdf Remember, you can call in to ask your questions most days at (800) 525-7000 or visit our website at FaithFi.com where you can join the FaithFi Community, and download the free FaithFi app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Inflation and higher interest rates have taken a toll on home sales but does that mean prices are coming down? Home sales could drop even further as we head into the winter doldrums when prospective buyers tend to thin out. So is this a good time to buy? We’ll ask mortgage expert Dale Vermillion today on Faith Finance. Our guest Dale Vermillion is the author of Navigating The Mortgage Maze: The Simple Truth About Financing Your Home. Dale says mortgage rates may have hit their peak for the foreseeable future. With inflation beginning to taper off a bit, Dale said he expects mortgage rates to stabilize in the months ahead and then potentially drop in 2024. He also explains the key drivers of higher mortgage rates and why he believes that mortgage rates may have crested. Dale notes that home sales have fallen off considerably. The National Association of Realtors index of contract signings on purchased homes actually decreased to the lowest level (outside of a period early in the pandemic) since 2001. Houses sat for an average of 40 days in December before being under contract. That compares to 18 days back in May. There are more properties available to buyers right now because there are fewer buyers in the market. He predicts that home prices, which are largely flat right now at a national level, will likely dip at some point in 2023. Nevertheless, Dale offers reasons why now might be a good time to buy a house. REASONS TO BUY NOW There are several things happening that benefit buyers: 1. Fewer buyers in the market, which means fewer bidding wars2. Listing prices are lower. You might pay a higher mortgage rate, but that’s offset by lower listing prices in some areas (with more parts of the country likely to see lower prices soon). 3. Sellers are once again willing to make certain concessions to buyers, such as covering certain closing costs or agreeing to a contingency purchase. 4. Higher interest rates provide tax benefits that help to offset the cost of higher interest rates. Learn more about Dale Vermillion at DaleVermillion.com On today’s program, Rob also answers listener questions: ● How do you determine if now is a good time for you to buy a home? Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can connect with a FaithFi Coach, join the FaithFi Community, and even download the free FaithFi app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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"Into your hands I commit my spirit; redeem me, O Lord deliver me from my enemies and from those who pursue me" Psalm 31:5 and 15. Those are the words of David, who suffered severe mistreatment at the hands of Saul. We’re all treated unfairly from time to time. So how should we respond? We’ll talk about that today on Faith Finance. Before we get into how we should respond when others mistreat us, it’s important to examine ourselves first and to make sure we’re not mistreating others. As Jesus says in Matthew 7:5, First take the plank out of your own eye, and then you will see clearly to remove the speck from your brother’s eye. If you find that you’ve treated someone unfairly, repent and make amends, because you serve a just God. Proverbs 21:3 says, To do righteousness and justice is more acceptable to the Lord than sacrifice. WHAT TO DO WHEN YOU’RE TREATED UNFAIRLY Now, what to do when you’re treated unfairly? It could be by a family member, a friend, a boss or co-worker or someone you’re doing business with who may be trying to cheat you. Money is often the issue when we interact with others and it’s a powerful motivator to strike back when we feel we’re being mistreated. Losing money we feel we deserve to have can make us feel bitter. But Hebrews 12:15 tells us, See to it that no one fails to obtain the grace of God; that no root of bitterness’ springs up and causes trouble, and by it many become defiled. We live in a fallen world filled with fallen people, and we’ll all experience mistreatment at one time or another. It’s important to remember that you’re one of those fallen people, too. Your first instinct might be to lash out against someone who’s mistreating you. That is not a biblical response to mistreatment. Instead, look to Christ as your model. No one suffered more injustice and mistreatment than Jesus. In 1 Peter 2:20-22, the apostle tells us how a Christian should respond to mistreatment. It reads: When you do good and suffer for it you endure, this is a gracious thing in the sight of God. For to this you have been called, because Christ also suffered for you, leaving you an example, so that you might follow in his steps. He committed no sin, neither was deceit found in his mouth. Now, that’s a pretty high bar to reach, but Peter goes on to tell us how to respond like Christ to injustice in verses 23 and 24. They read: When he was reviled, he did not revile in return; when he suffered, he did not threaten, but continued entrusting himself to him who judges justly. He himself bore our sins in his body on the tree, that we might die to sin and live to righteousness. The key to responding like Christ to injustice is trusting God to work for good in all your affairs. Psalm 37:4-6 tells us: Delight yourself in the Lord, and he will give you the desires of your heart. Commit your way to the Lord; trust in him, and he will act. He will bring forth your righteousness as the light, and your justice as the noonday. One of the greatest examples of a Christ-like response to injustice is found in Genesis and the story of Joseph. He was first sold into slavery by his brothers, then wrongly accused by Potiphar’s wife and thrown into prison. Yet Joseph never reacted in an ungodly manner to injustice. He even went on to save his brothers and all of Israel when famine struck. Joseph trusted God Who eventually used Joseph’s mistreatment in a powerful way. And God tests us the same way when we suffer injustice. He expects us to respond like Christ. Now, this doesn’t mean that we must quietly accept every injustice that comes our way. It’s not unbiblical to state your case in truth and love, but the result must be left to God. This brings up the question of whether Christians should sue or not. In 1 Corinthians 6 Paul says, If you have such cases, why do you lay them before those who have no standing in the church? Can it be that there is no one among you wise enough to settle a dispute between the brothers? Paul is adamant that this is a terrible witness for Christ. He goes on to say, To have lawsuits at all with one another is already a defeat for you. Why not rather suffer wrong? Why not rather be defrauded? But note that Paul is only talking about Christians suing other Christians in civil courts. The civil courts are ordained by God to protect us from injustice, and nowhere does the Bible say we can’t use them when we’re wronged outside the church. On today’s program, Rob also answers listener questions: ● Is there a good reason not to redeem savings bonds? ● Should you tithe on Social Security benefits? ● How do you determine the best investment strategy?● Should you take money out of an IRA to pay off a mortgage? RESOURCES MENTIONED:● TreasuryDirect.govRemember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can connect with a FaithFi Coach, join the FaithFi Community, and even download the free FaithFi app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Proverbs 11:14 says, Where there is no guidance, a people falls, but in an abundance of counselors there is safety. Those are wise words in any situation, but particularly when it comes to your finances. Are you seeking the safety of a wise financial counselor? We’ll talk about that today with Rachel McDonough. Rachel McDonough is a Certified Financial Planner and a Certified Kingdom Advisor and she’s seen firsthand the benefits of getting outside advice on managing money. THE IMPORTANCE OF BIBLICALLY BASED FINANCIAL ADVICE Rachel says it is especially important for Christians to seek wise counsel about their finances. She says any competent financial advisor who is confident can help you achieve your financial goals, such as planning for college or retirement. But a Christian financial adviser with a biblical worldview is really uniquely able to help you make financial decisions in harmony with the principles found in God’s Word. A Christian financial adviser will help you to listen to the prompting of the Holy Spirit. Another great example of this comes in our investing. A lot of Christians would like to invest in a way that aligns with their biblical values and not have profits in their portfolio coming from industries that violate them. WHAT TO LOOK FOR IN AN ADVISER Of course, being a Christian isn’t enough. It’s important to understand the qualifications of an adviser before taking their advice. One way to be sure about the competence of a financial adviser is to seek out a Certified Kingdom Adviser. On today’s program, Rob also answers listener questions: ● How do you determine how best to proceed with bringing a mortgage forbearance current? ● When does a real estate investment trust make sense? ● When does it make sense to use investment funds to pay off credit card debt? RESOURCES MENTIONED:● Christian Credit CounselorsRemember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can connect with a FaithFi Coach, join the FaithFi Community, and even download the free FaithFi app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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When you think of stewardship, the first thing that comes to mind is probably money. And while that’s important, biblical stewardship requires what are often described as the three T’s: time, talent, as well as treasure. We’ll talk about that today on Faith Finance. Christians are well aware that we’re to give back to the Lord from our first fruits. Malachi 3:10 tells us, Bring the full tithe into the storehouse, that there may be food in my house. And thereby put me to the test, says the Lord of hosts, if I will not open the windows of heaven for you and pour down for you a blessing until there is no more need. And Proverbs 3:9-10 says: We have different gifts, according to the grace given to each of us. If your gift is prophesying, then prophesy in accordance with your[a] faith; 7 if it is serving, then serve; if it is teaching, then teach; 8 if it is to encourage, then give encouragement; if it is giving, then give generously; if it is to lead,[b] do it diligently; if it is to show mercy, do it cheerfully. But stewardship involves much more than our treasure. We must acknowledge that God gives us many gifts, including time and talent, and we must give back a portion of them, as well, if we’re to be truly faithful stewards. You have been given skills and talents that the Lord wants to use for His Kingdom. Paul makes this clear in 1 Corinthians 12:4-7. It reads: Now there are varieties of gifts, but the same Spirit; and there are varieties of service, but the same Lord; and there are varieties of activities, but it is the same God who empowers them all in everyone. To each is given the manifestation of the Spirit for the common good. And again in Romans 12:6-8 Paul writes: We have different gifts, according to the grace given to each of us. If your gift is prophesying, then prophesy in accordance with your[a] faith; if it is serving, then serve; if it is teaching, then teach; if it is to encourage, then give encouragement; if it is giving, then give generously; if it is to lead,[b] do it diligently; if it is to show mercy, do it cheerfully. So, with that in mind are you giving back a portion of your talents to God’s Kingdom? You might not think you have any talents to contribute, but that’s never the case. We all have skills and abilities that God can use. For example, if you’re in the business world, you have a unique opportunity to share the Gospel with those who don’t yet know Christ. You come in contact with many different people, like associates, customers, and vendors, and while doing that, you can make a strong witness for Christ by treating people with honesty and respect. It’s probably not a coincidence that when Jesus called the 12 disciples, many of them owned and operated businesses as tradesmen and commercial fishermen. It would only be reasonable to assume the disciples used their contacts and past relationships to witness for Christ. So we all have God-given talents. Are you good with children? Those skills can be put to use in the church nursery or babysitting for a single parent in your neighborhood who needs a break. Maybe you’re good at repairing cars, or you’re a great cook, or you like to paint. Or maybe you have time you can spend with an elderly shut-in down the street? Putting time and talents to work for others not only fulfills your calling for stewardship, it provides a great witnessing opportunity, by reflecting the love of Christ. So don’t think you have nothing to give. God can use just about anything to advance His Kingdom. For example, the staff of Moses in Exodus 4:3-4. It reads: Then He said, Throw it on the ground. So he threw it on the ground, and it became a serpent; and Moses fled from it. But the Lord said to Moses, Stretch out your hand and grasp it by its tailso he stretched out his hand and caught it, and it became a staff in his hand. The point is this: If God can use an ordinary object like a stick to perform miracles, imagine what He can do with you, a real, live person made in His image. God wants you to give of your time and talents because He loves you and wants you to experience the spiritual blessings of giving. Luke 6:38 reads: Give, and it will be given to you. Good measure, pressed down, shaken together, running over, will be put into your lap. For with the measure you use it will be measured back to you. And in Acts 20:35 Paul says: In all things I have shown you that by working hard in this way we must help the weak and remember the words of the Lord Jesus, how he himself said, It is more blessed to give than to receive. Now, how much time and talent you give back to God is between you and Him, and here 2 Corinthians 9:6 can be helpful. It reads: The point is this: whoever sows sparingly will also reap sparingly, and whoever sows bountifully will also reap bountifully. And Luke 12:48 tells us, Everyone to whom much was given, of him much will be required, and from him to whom they entrusted much, they will demand the more. If you’re generous with your time and talents as well as your treasure, you’ll no doubt one day hear the words, Well done, good and faithful steward. Enter into the joy of your master. On today’s program, Rob also answers listener questions: ● What should a self-employed couple consider when determining whether to pay a spouse a wage? ● What are the rules surrounding Social Security ex-spousal benefits? ● Are hedge funds a good investment? ● When does it make sense to buy life insurance? ● How do you know if you need a will? Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can connect with a FaithFi Coach, join the FaithFi Community, and even download the free FaithFi app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Most investors have heard the disclaimer: Past performance is no indication of future results. We sure hope that’s true for 2023. We’re a couple of weeks into the New Year and there’s one thing most of us can agree on, we’d sure like it to be better than last year. But will it? We’ll talk about that today with Bob Doll. Bob Doll is Chief Investment Officer with CrossMark Global. 2022 IN REVIEW Looking back on 2022, Bob says what we saw was really a tug-of-war between earnings tailwinds and valuation headwinds. Global financial assets experienced near-record volatility in a generally hostile environment for investors given that the Fed and other central banks left themselves exposed to a rise in inflation as we cautioned in our year-ahead outlook for 2022. 2022 was the first year in nearly fifty that stocks and bonds both had negative returns for the first three quarters. At the beginning of the year, we expected a down year, but not a 25+% bear market. Equity market performance was mostly driven by valuation compression as bond yields adjusted sharply higher in response to elevated inflation and monetary policy normalization by the Fed and other central banks. The P/E ratio of the stock market peaked at 22x at the January 3 high and fell to a low of 15x at the October 12 low. The Bull/Bear Ratio (BBR) fell to a bear market low of 0.57 in mid-October. Historically, BBR readings of 1.00 or less have offered great opportunities for long-term investors. Sentiment continued to lean risk-off on hawkish takeaways from central bank speeches and increasing growth fears. The path of least resistance was lower for most of 2022 with bounces repeatedly reversed by Fed pushback against occasional easing of financial conditions and expectations (or hopes) of a Fed pivot. There was a massive outperformance of value over growth and defensive over cyclical stocks. Energy stocks behaved as if there was no bear market at all. International stocks eked out outperformance over the U.S. despite China’s zero-Covid policy and the ugly Russia-Ukraine war. The strong showing of Democrats in the midterm elections surprised most pundits. THE KEY QUESTION FOR 2023 So now the key economic question for 2023 is whether central banks will be able to bring down inflation to acceptable levels without a recession. And beyond the inflation dynamic, we remain concerned about potential political and economic shocks that could impact the U.S. and global economy via higher uncertainty and/or tighter financial conditions. So it’s with this backdrop that Bob offers his annual 10 predictions for 2023, which he describes as good educated guesses. 10 PREDICTIONS FOR 2023 His theme for 2023 is the Fed calls the shots. Bob lists and explains his 10 predictions: 1. U.S. experiences a shallow recession as real GDP is in the bottom ten of the last 50 years. 2. Inflation will fall substantially but remain above Fed’s target. 3. Fed funds reach 5% and remain there for the balance of the year. 4. Earnings will fall short of expectations in 2023. Why is that? 5. No major asset class goes up or down by a double-digit percentage for only the fourth time this century. What will that look like? 6. Prediction #6 looks at winners and losers. Bob sees Energy, Consumer Staples, and Financials outperforming Utilities, Technology, and Communication Services as Value beats Growth. 7. The average active equity manager beats the index in 2023. 8. International stocks will outperform the U.S. for the second year in a row.9. India will surpass China as the world’s largest population and is the fastest-growing large economy. 10. A double-digit number of candidates will announce for President in 2023. Learn more about Bob Doll and CrossMark Global at CrossMarkGlobal.com On today’s program, Rob also answers listener questions: ● Are there good options for lowering the rate and payment on a private student loan? ● What is the best way to pay down debts that are mostly medical in nature? RESOURCES MENTIONED:● Schwab Intelligent Portfolios● AnnualCreditReport.comRemember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can connect with a FaithFi Coach, join the FaithFi Community, and even download the free FaithFi app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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You’re hoping that 2023 will be a better year for your finances than last year, but how can you make that happen? You don’t have any control over the national economy, but you have a great deal of control over your own economy. In today's Faith and Finance Rob shares the steps to strengthen your financial condition, and give you peace of mind in the bargain.The number one thing you should do in 2023 is get out of debt. With today’s higher interest rates, you’re paying even more to carry balances on credit cards.Use the snowball method to pay off those cards. Prioritize them by smallest to highest balance. Pay all the minimums and use any extra funds to pay more on the smallest balance. When that’s paid off, use extra funds to pay off the next smallest, and so on.You’ll need to be on a budget to determine how much extra cash you have to pay down your debt.Spending without a budget is like a circus performer working without a net. So if you don’t have a budget yet, download the FaithFi app. It’s got three different ways to set up your spending plan - one will be just right for you. Download it at FaithFi.com.Another great financial tweak for 2023 is to start or increase your savings. We don’t know what lies ahead for the economy, but having an emergency fund will help prepare you for anything.A 2022 survey by YouGov showed that 49% of Americans couldn’t cover an unexpected bill of just $400.That was a big jump over the previous year, probably due to higher interest rates and inflation, so it’s vital that you start putting away something from every paycheck into a savings account.Start with a goal to save $1500. Then keep going until you have 1 month’s living expenses, and don’t stop until you have 3 to 6 months living expenses saved up in your emergency fund. That covers your short-term saving needs.But you also have long term savings needs - retirement investing - for when age or health prevents you from working. So another great financial tweak for 2023 is to make sure you’re at least maxing out any matching contributions in your 401k. If you want to go further, you can contribute up to $22,500 to a 401k or 403b this year.If you have an IRA, either traditional or Roth, you can contribute up to $6,500 in 2023, and an extra $1,000 if you’re over age 50.Here’s another way to improve your financial condition this year: Improve your skill set by taking web courses. Online learning exploded with COVID and it remains easier than ever to get professional certifications and specializations - even under-grad and master’s degrees - without leaving home and often at a fraction of the cost of in-classroom programs.If you’re looking for a career change, there’s an increased demand for tech talent so schools are offering a lot more options for computer programming and coding classes.So those are all offensive tweaks you can make to improve your finances in 2023 - but what about defensive tweaks? And by that we mean protecting yourself from fraud and identity theft. One way to do that is by signing up for transaction or account alerts with your bank and credit card issuer.You should be able to do that online. Once you’ve logged into your account, look for security settings and select the transaction monitoring option. The system will then text or email you whenever money is taken from the account, and you can take steps to minimize the damage if fraud has occurred. The card issuer will investigate any false charges and remove them from your account.You can also put a freeze on your credit at the three reporting bureaus: Experian, Transunion and Equifax. That will prevent thieves from setting up new accounts in your name by blocking credit checks. It’s free and easy to do, but you have to do it at each of the three bureaus individually.And while you’re doing that it’s also a good idea to get your credit reports. You can do it for free once a year for each bureau at Annual CreditReport.com. We like to stagger them, getting one every six months.Now when you do that, look for any errors or suspicious activity. If you find anything, the bureaus all offer you a way to dispute those transactions online. The bureau will notify the creditor about your dispute and they have 30 days to resolve it or it gets dropped from your report. You can do that for free at AnnualCreditReports.com.On this program, Rob also answers listener questions:● What is the purpose of work (working for a living)?● What is an ideal amount to have saved in a 401k at age 48?● How can you move money from a 401k into a Roth IRA, and would that make sense?● How do you determine what to do with your money after becoming debt free?● What is the best way to learn the basics of budgeting and managing money?RESOURCES MENTIONED DURING THIS PROGRAM● Find a Certified Kingdom Advisor● Your Money Counts by Howard Dayton (book)● FaithFi AppRemember, you can call in to ask your questions most days at (800) 525-7000, email Askrob@FaithFi.com, or visit our website, www.FaithFi.com where you can join the FaithFi Community, and download the free FaithFi app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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You’re hoping that 2023 will be a better year for your finances than last year, but how can you make that happen? You don’t have any control over the national economy, but you have a great deal of control over your own economy. In today's Faith and Finance Rob shares the steps to strengthen your financial condition, and give you peace of mind in the bargain.The number one thing you should do in 2023 is get out of debt. With today’s higher interest rates, you’re paying even more to carry balances on credit cards.Use the snowball method to pay off those cards. Prioritize them by smallest to highest balance. Pay all the minimums and use any extra funds to pay more on the smallest balance. When that’s paid off, use extra funds to pay off the next smallest, and so on.You’ll need to be on a budget to determine how much extra cash you have to pay down your debt.Spending without a budget is like a circus performer working without a net. So if you don’t have a budget yet, download the FaithFi app. It’s got three different ways to set up your spending plan - one will be just right for you. Download it at FaithFi.com.Another great financial tweak for 2023 is to start or increase your savings. We don’t know what lies ahead for the economy, but having an emergency fund will help prepare you for anything.A 2022 survey by YouGov showed that 49% of Americans couldn’t cover an unexpected bill of just $400.That was a big jump over the previous year, probably due to higher interest rates and inflation, so it’s vital that you start putting away something from every paycheck into a savings account.Start with a goal to save $1500. Then keep going until you have 1 month’s living expenses, and don’t stop until you have 3 to 6 months living expenses saved up in your emergency fund. That covers your short-term saving needs.But you also have long term savings needs - retirement investing - for when age or health prevents you from working. So another great financial tweak for 2023 is to make sure you’re at least maxing out any matching contributions in your 401k. If you want to go further, you can contribute up to $22,500 to a 401k or 403b this year.If you have an IRA, either traditional or Roth, you can contribute up to $6,500 in 2023, and an extra $1,000 if you’re over age 50.Here’s another way to improve your financial condition this year: Improve your skill set by taking web courses. Online learning exploded with COVID and it remains easier than ever to get professional certifications and specializations - even under-grad and master’s degrees - without leaving home and often at a fraction of the cost of in-classroom programs.If you’re looking for a career change, there’s an increased demand for tech talent so schools are offering a lot more options for computer programming and coding classes.So those are all offensive tweaks you can make to improve your finances in 2023 - but what about defensive tweaks? And by that we mean protecting yourself from fraud and identity theft. One way to do that is by signing up for transaction or account alerts with your bank and credit card issuer.You should be able to do that online. Once you’ve logged into your account, look for security settings and select the transaction monitoring option. The system will then text or email you whenever money is taken from the account, and you can take steps to minimize the damage if fraud has occurred. The card issuer will investigate any false charges and remove them from your account.You can also put a freeze on your credit at the three reporting bureaus: Experian, Transunion and Equifax. That will prevent thieves from setting up new accounts in your name by blocking credit checks. It’s free and easy to do, but you have to do it at each of the three bureaus individually.And while you’re doing that it’s also a good idea to get your credit reports. You can do it for free once a year for each bureau at Annual CreditReport.com. We like to stagger them, getting one every six months.Now when you do that, look for any errors or suspicious activity. If you find anything, the bureaus all offer you a way to dispute those transactions online. The bureau will notify the creditor about your dispute and they have 30 days to resolve it or it gets dropped from your report. You can do that for free at AnnualCreditReports.com.On this program, Rob also answers listener questions:● What is the purpose of work (working for a living)?● What is an ideal amount to have saved in a 401k at age 48?● How can you move money from a 401k into a Roth IRA, and would that make sense?● How do you determine what to do with your money after becoming debt free?● What is the best way to learn the basics of budgeting and managing money?RESOURCES MENTIONED DURING THIS PROGRAM● Find a Certified Kingdom Advisor● Your Money Counts by Howard Dayton (book)● FaithFi AppRemember, you can call in to ask your questions most days at (800) 525-7000, email Askrob@FaithFi.com, or visit our website, www.FaithFi.com where you can join the FaithFi Community, and download the free FaithFi app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Emotions can cause a lot of trouble if you allow them to get anywhere near your money.The two emotions that will cause the most trouble are fear and greed. Scam artists know this and use it to separate you from your hard-earned cash. We’ll talk about how to prevent that today.People are spending a lot of time and money online these days, so that’s where scammers are focusing their latest efforts.SCAMMERS PREYING ON FEARSWe’ve talked about phishing many times before, but it bears repeating because it continues to be highly successful for thieves.A phishing email is the most common way cybercrooks try to fool you into giving up your personal financial information or getting you to click a malicious link.In most cases, a phishing email will indicate that you owe money or that you’re due money. The first capitalizes on fear, the other, greed. You can often spot a phishing attempt by scanning the message for poor grammar and misspelled words. If you see any, hit the delete button.Next in the scammers’ bag of bad tricks is fake antivirus software. Let’s say you’re looking at a website and you get a message saying that your computer is infected. The scammer offers free software to clean your computer, but by downloading it you’ll actually infect your system with a virus or malware.Leave that page immediately and use only software from reputable anti-malware companies like Norton, McAfee or Intego.Or you might get a phone call from a scammer posing as tech support from your actual anti-malware provider saying your computer is infected.They’ll ask you to download an app that allows them to take control of your computer remotely so they can fix the problem for you. If you allow it, the crook gets access to any personal financial information on your computer like your Social Security or credit card numbers. Within hours, you’ll probably become another victim of identity theft.If you get a call like that, hang up. Reputable anti-malware companies won’t cold call to tell you your device is infected. Norton, for example, says they’ll only call if you first contact them about a problem, and their tech support is free to subscribers.And that’s another clue that you’re being scammed when tech support wants to charge a large sum of money to fix a problem, sometimes more than the device is worth.Also, beware of ads on Google offering services for exorbitant sums because even scammers can advertise there. If you have a problem, contact the manufacturer or a reputable anti-malware provider directly. Don’t click a google ad for tech support.That covers scams using fear.SCAMMERS PREYING ON GREEDLet’s turn to greed and scams promising ways to make fast and easy money, usually from home. You’ll often see these in your browser’s search results. They’ll take you to fake websites that offer quick money for doing almost nothing.They’re really trying to get you to turn over your personal information by filling out some type of online form. Never give out financial details in response to a search result, email or ad.Another way the fast and easy money scammers can get you is by requiring you to pay for something upfront like purchasing training materials for a bogus job they’re offering. Once the crooks get your money, you’ll never hear from them again.You’re more likely to find Bigfoot in your backyard than a job that pays well but requires no skills or training and few work hours. If jobs like that really existed, they wouldn’t need to be advertised. Everybody and their uncle would already be doing them.Okay, time for just one more online scam, and that would be fake shopping sites. The Internet is loaded with them, and they usually have one thing in common. They’ll offer you great deals on your favorite brands at ridiculously low prices, sometimes 75% off, or more.If you fall for one of these fake deals, the scammers will then have your credit or debit card information and can then use it themselves or sell it on the dark web.You can usually spot them by taking a careful look at the URL or web address. It will look very similar to the real online merchant but will always have a slight variation, like an extra letter, so be on the lookout.Those are the latest online scams, and now you know how to avoid them so you can be gentle as doves but wise as serpents.On today’s program, Rob also answers listener questions:● How do you know if it makes sense to hang onto precious metals or sell them?● How can you determine if you’re eligible to get rid of your private mortgage insurance?● When does it make sense to move money out of the stock market and put it into a more conservative investment?● How do you determine when the time is right to buy a new (to you) car?Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to askrob@faithfi.com. Also, visit our website at faithfi.com where you can join the FaithFi Community, and even download the free FaithFi app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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If Christmas is the most wonderful time of the year, you could call these few weeks after Christmas the most introspective time of the year. This is a time when we can resolve to live with greater faith and purpose. And this should include our investing. We’ll talk about that today with Jason Myhre.Jason Myhre is the executive director of the Eventide Center for Faith Investing, an educational initiative of Eventide Asset Management, and an underwriter of this program.The Bible tells us that the mercies of the Lord are new every morning (that’s Lamentations 3:22-23). And if they’re new every morning, how much more are the mercies of the Lord new with each new year we’re granted life?On today’s program, Myhre shares his own personal reflection and goal-setting exercise for us today. He says January is a great time for some personal assessment and goal-setting.ASSESSMENT AND GOAL-SETTINGIf you’ve ever done one of these new year assessments, you’ll know that many of tools out there encourage us to break life down into different categories for reflection our finances, a category; our faith or spirituality, another category; our work goals; our family life; our health; fitness; recreation; hobbies; etc.Breaking things down like this into separate categories can be helpful in isolating parts of our lives for closer assessment and reflection, but it can also create divisions between our faith and parts of our lives, which are not really separate.For example, assessing our finances separate from our faith can lead us to miss the way in which financial decisions have very real moral and spiritual dimensions to them.Something I know Faith and Finance is all about.Faith should really be the lens through which we consider each area of our lives. And it’s important to consider investing in this way.If we were to ask you to make a personal assessment of how well you think you're doing with your investing, where does your mind go? Most people’s minds would go to things like, Am I saving enough for retirement?’ That’s the question that we’re bombarded with in education on investing today. And we all feel behind and bad about it.Now, this is not a bad question to ask. And it can prompt spiritual reflection. Good stewardship after all involves planning, sacrifice, and diligence. And so that kind of question is not totally misguided. But still, there are other deeper, more incisive questions to consider.But even when we ask spiritual questions about our investments, sometimes we can still stay at the macro level.For example, if We were to ask you to do a spiritual assessment of your investing life, what would that bring to mind? For a lot of people, it would bring to mind questions about our vision for retirement whether we’ve bought too much into the mirage of the American dream of comfort and indulgence, and leisure.VALUES INVESTINGIt’s also important to think about how our investments align with our values.Ben Nicka, one of the contributing authors at the Eventide Center for Faith amp; Investing, offers this investing examination:First, write down all your investments your stock investments, bonds, cash, or whatever and the rough percentage you have allocated to each. Next to each category, add a sentence detailing the rationale for the composition of your investments.For purposes of illustration, we’ll share Ben Nicka’s responses (with permission).Here is the list with corresponding rationales.● Cash. 20%. Held at Synchrony Bank, which is convenient and pays high-interest rates. The 20% allocation is high but reflects skepticism about the markets and savings for a down payment.● Stocks. 40%. Held primarily in low-fee index funds from The Vanguard Group. The rationale here is that index funds have generally shown to outperform most actively managed mutual funds on an after-fees, long-term, risk-adjusted basis.They are recommended for the average investor’ by many investing experts, including Warren Buffet.● Bonds. 20%. Held in mutual funds again managed by Vanguard. This allocation, perhaps high for Ben’s age, again reflects his skepticism about the markets.● And finally, a cash balance pension. 20%. Ben is very fortunate to have such a benefit at this employer. He has no knowledge or way to know how this pension is invested.What should be clear from Ben’s investment illustration is the logic of his investments is clearly toward risk and return factors.But now, make a second list. On the second list, write down all your philanthropic investments, including the rationale, just like before with your investments.Again, we will offer Ben’s own list, for illustration.● Local church. 70% of giving. Ben says his local church plays an irreplaceable role in his family’s and other families’ lives and he is proud of his local church.● The disadvantaged and unfortunate. 23% of giving. Here he gives to Open Hands Legal Services, which provides free legal representation in New York City, a city he has connections to, and pushes back on those using the law to abuse and exploit the needy. Also in this category is Jericho Ministries and Community Emergency Service, in Minneapolis, another city he’s connected to, which provides goods and services to those in need, materially and spiritually.● Another category. Giving to practical theology. 7%. This goes to Christian Counseling Education Foundation, which funds intellectual work and counseling in Philadelphia, and supported the work of one of Ben’s favorite thinkers, Dr. David Powlison.● And finally, a few miscellaneous gifts from bonus and tax returns. Which go to A House on Beekman, which serves children and families in South Bronx and a Christian formation center at the University of Minnesota called Anselm House.Now the introspective question is this. What do you notice when comparing the two lists and corresponding motives?It’s clearly a very different thought process for each list.For Ben’s philanthropic investments, he has a very detailed understanding of theactivities of each organization he supports, and morally approves of, even boasts (in a good way I think) of their work, which he believes contributes to societal flourishing and justice. And if these organizations turned from their core convictions and commitments to serve, Ben conveyed that he would cease his investments.Now contrast that to his investments in stocks and bonds, etc. There he has no knowledge of the companies he is supporting, much less their activities. Why not?Because to invest in index funds is a passive approach to investing: he has handed over the ability to direct his investments to specific companies in favor of portfolios thattrack the broader markets more generally.Ben notes that his approach to equity and bond investing is also morally passive in that it entails simple indifference to the moral quality of the work performed by the companies he supports. His investment strategy considers only risk, return, and convenience. Notably, if he leaves his funds so invested until he retires, he will have supported the work of these unknown companies for nearly 50 years(!) without truly knowing or engaging with the inherent good or otherwise of their products and services or how they impact their customers, employees, suppliers, communities, or the environment reflecting simple indifference to the flourishing and justice (or their opposite) created and sustained by his investment. Again, these are his assessments.Ben’s cash position invested in Synchrony Bank, boasts it is the largest provider of private label credit cards in the United States and that it also helps consumers finance clothing, jewelry, motorhomes, hobbies, and furniture. His cash holdings are being used for credit card and general consumer finance. Ben’s personal conviction is that most credit card lending is morally reprehensible and along with nearly all consumer finance encourages unnecessary consumption. He was ignorant of the work his money at Synchrony was doing when he opened the account. However, when he did this assessment exercise, Ben noted that given the ease of discovering how his funds were being used, there is an air of moral culpability to his choice here.Hopefully this exercise reveals to us the difference between the way we choose our investments and the way we give our money to charitable causes.While it’s appropriate and essential to consider risk and return for our investing decisions, the exercise also highlights a common blindspot with investing today. Namely that we often fail to consider the ways in which our investing has very real moral and spiritual dimensions.So, this assessment should lead us to ask ourselves, In this new year, how can my investing choices be guided more by my faith?’The goal of such an exercise is to get us to consider the ways in which our investing dollars are having an impact in the lives of our neighbors and the world, for better or for worse, through the specific businesses we support through our investments. And to desire to move our investing toward companies whose products and practices honor God and serve our neighbors and creation.You can get a copy of this investing worksheet exercise at faithandinvesting.com/faithfi.And you’ll also find many other resources there for bringing your faith to your investing.On today’s program, Rob also answers listener questions:● How do you go about investing in a way that aligns with Christian values?● How can you receive the Social Security benefits of a deceased spouse?RESOURCES MENTIONED:● Find a Certified Kingdom AdvisorRemember, you can call in to ask your questions most days at (800) 525-7000 or email them to askrob@faithfi.com. Also, visit our website at faithfi.com where you can join the FaithFi Community, and even download the free FaithFi app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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You want to save more, but don’t think you make enough. But is earning more moneyreally the answer? You might be surprised to hear that how much you save doesn’thave much to do with your salary. And there’s data to back that up.A study by the Employee Benefit Research Institute and J.P. Morgan sheds light onpeople’s saving habits, and why some folks are successful at it while others aren’t. Itdefined three different levels of savers.THREE DIFFERENT LEVELS OF SAVERSWhat they called low savers managed to put away about 2 to 3% of their salary.The next category, middle savers, banked 5-6% of their income.And high savers were consistently saving about 9% of their salary.So, middle savers put away about 3% more than low savers, and high savers, 3% morethan middle savers.Now, those are savings rates, not income rates. In fact, they have nothing to do withincome. The research showed clearly that people, often with identical incomes, saved atdifferent rates and not necessarily more than folks earning less. Simply put, there’sno link between income and saving.WHAT DOES THIS DATA MEAN?This helps explain what financial author Ron Blue describes as a consumptivelifestyle. That’s when folks who earn more spend more. Instead of banking all or part ofa raise, they tend to increase their lifestyle and spending.It may also explain why savings rates actually went up during the COVID shutdowns. Aspeople saw their income reduced or even just threatened, they cut back on spending tosave more.Of course, the Bible says we should do this all the time because we never know whatthe future may bring. In Proverbs 6 we find, Go to the ant, O sluggard consider herways, and be wise. Without having any chief, officer, or ruler, she prepares her bread insummer and gathers her food in harvest.The message there is that saving isn’t complicated you just can’t be lazy about it. It’seasy to let your spending creep up as you earn more money. It takes discipline toprevent that from happening.BREAK THE GRIP OF A CONSUMPTION LIFESTYLEIf you’ve fallen victim to the consumptive lifestyle, try this: pledge to bank any type offuture increase you receive, whether it’s a raise, a tax refund, or even a gift card. Goahead and use the gift card on budgeted purchases but move an equivalent amount intosavings.And in the meantime, how do you move from being a low saver to a middle saver? Ormiddle to high saver? The research showed that you can get the most bang for yourbuck by concentrating on three key areas.1. Higher savers tended to focus their saving efforts on housing. That includes amortgage or rent, taxes, utilities, and home furnishings. Look for ways to save there.2. See how you can cut spending on food, both eating out and groceries.3. And finally, trim the cost of transportation, which includes vehicle purchases, fuel,and maintenance.Constantly looking for ways to cut costs in those categories could move you into thenext higher bracket of savers, and that 3% increase will have a huge impact over time.The research showed that retirement account balances of middle savers were twice aslarge as those of low savers.The researchers also posed this question to respondents: Would you rather save $150a month, $35 a week, or $5 a day? Four times as many people chose to save $5 a dayrather than $150 a month even though it’s the same amount. And that was consistentacross the various income ranges.The bottom line is that psychologically, it seems easier to give up something that costs$5 a day. Keep that in mind when you’re looking for ways to cut spending. It’s helpful towrite down every penny you spend for at least a month. Three would be better.As you do that, look for small, repeat purchases that you can live without. You’llprobably find that saving $5 a day is pretty easy, just don’t tell yourself that you’reactually saving $150 a month.And if you need help with this, why not download the FaithFi app? It can help you set upyour budget in three different ways, depending on your management style. It will alsotrack your spending and alert you when you go over in a category. You can download itat FaithFI.com or wherever you get your apps.Increasing your savings even by just a little will make a big difference in the long run..On today’s program, Rob also answers listener questions:● Is closing unused credit cards a good idea?● How do you determine when/if it’s wise to surrender an annuity?● Is supporting Christian political candidates and causes an appropriate way totithe?● Is it wise to purchase stocks from an employer at a discount?● What is the best way to use a lump sum of money?Remember, you can call in to ask your questions most days at (800) 525-7000 or emailthem to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org whereyou can connect with a MoneyWise Coach, join the MoneyWise Community, and evendownload the free MoneyWise app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Do not lay up for yourselves treasures on earth where moth and rust destroy buttreasures in heaven. For where your treasure is, there your heart will be also.Jesus makes it pretty clear in Matthew 6 that we can’t serve both God and money.Today we’ll talk about a way to make the decision easier the treasure of giving.So today we’re unpacking the treasure principle. Our friend Randy Alcorn wrote a wholebook about it with that title. The idea is that where your treasure is, there your heart willfollow.Now, why is it so important to understand this? Because giving generously breaks thepower that money has over us, and it allows us to experience Kingdom life more fully.Jesus tells us our hearts become more rooted and attached where we#39;ve chosen toinvest our material wealth. The treasure principle is real and it’s beautiful. It points theway to an amazing adventure with God.Holding money with an open hand and allowing God to use it is the only way to get freeof the grip money has on us.Jesus knew the correlation and told us how to break the connection. We see that in Hisencounter with the Rich Young Ruler, found in three of the four gospels.That man approached Jesus because he wanted to know how to inherit eternal life.From a place of love, Christ told the man to give his possessions to the poor and followHim so that he would have treasure in heaven. Jesus offered him the path to truefreedom. The rich young man was unwilling and walked away sad because he hadmany possessions. He just couldn#39;t do it.Now, Jesus wasn’t saying that money is bad and the rich won’t go to heaven. And Hewasn’t saying we should give everything we have to the poor. He was only revealingwhat the man treasured in his heart and showing how money gets in the way ofsurrendering our hearts fully to God.This story offers the powerful hope that God can break the power of money in our livesthrough our generosity. That’s because biblical generosity is also powerful, and it allowsyou to discover the freedom it brings to your financial life and the blessing it offers to theworld around you.When we allow God’s grace to loosen the grip we have on our stuff, we have theprivilege of being an agent of grace in others#39; lives.In his book Never Enough financial author Ron Blue tells how he once experienced thisgift of grace through giving in a fast food restaurant. He was at a Chick-fil-A eatingbreakfast, as he often did. He’d come to know a woman named Rachel who regularlytook his order.She was friendly, always welcoming Ron with a smile. That particular day he thought, Iwonder if Rachel can take tips? Ron looked at the twenties in his wallet and thought,I’ll give her a twenty.Just then, Ron says, the Holy Spirit interrupted his thoughts, calling him a cheapskate.You have plenty of twenties why not give her five of them?So instead of a single twenty, he obediently folded over five of them, so she couldn’tsee the amount. He handed them to her and walked out, feeling good about yielding tothe Spirit’s prompting.But that’s only half of the story. The next week, Ron was back and Rachel pulled himaside. She said, quot;Thank you so much for the money! I needed new tires and reallythought I’d use your gift to buy them.But that day, my daughter came home from school and told me about a classmate whohad lost everything in an apartment fire the night before. I knew that her family neededthe money worse than I did, so I gave them the $100 instead.quot;Naturally, Ron was surprised as Rachel went on to share more of her story. She was amother of five who had moved to the U.S. from Central America to give her children achance for a better life. Although she certainly could have used that money her heartwas on the lookout for ways to bless others.Ron was humbled and profoundly reminded of the power of generosity. He says thathe’d given out of his abundance, but Rachel turned around and gave out of her poverty.She had very little and really needed those tires but took action to love her neighbor,sacrificially.Ron says he was stunned by the grace of the Kingdom. Moving a little bit of treasuretoward eternity had a huge impact on his heart. It reminded him again that giving breaksthe power of money.Giving always breaks the power of money, transforming our hearts in the process.That’s the treasure principle.On today’s program, Rob also answers listener questions:● How do you know when you’re overextending yourself when purchasinginvestment homes?● When is the right time to begin meeting with a financial adviser?● How do you approach retirement investing when you’re just getting started ininvesting for retirement?● When should you cash in savings bonds?● What can you do if you’re building a home and feel the workmanship issubstandard?RESOURCES MENTIONED:● Sound Mind InvestingRemember, you can call in to ask your questions most days at (800) 525-7000 or emailthem to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org whereyou can connect with a MoneyWise Coach, join the MoneyWise Community, and evendownload the free MoneyWise app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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As a new year gets underway, many people feel motivated to do things like lose weight,cut back on social media, and, yes, get out of debt. Unfortunately, New Year’smotivation often wanes quickly. So today, we want to give you practical ideas forturning a new year’s resolution into genuine progress at least in the getting out ofdebt area.Well, as you may know, every so often on our Monday program, we like to revisit thefive basic things you can do with money. Here they are: You can earn it, live on it, give itaway, owe it to someone or the government, or you can grow it for the future by savingand investing. Earn, live, give, owe, and grow.Today, we’ll focus on the fourth of those: owe.Again, many people, at the first of the year, resolve to get out of debt, or at least makeprogress on reducing their debt. But motivation often wanes quickly.To stay motivated, you need to have a plan. You may remember that a few days ago wementioned the idea of making your resolutions SMART. S-M-A-R-T. That stands forSpecific Measurable Attainable Realistic and Timely.So let’s start with this specific thing related to debt 1. FIND OUT WHERE YOU ARE. By that we mean you need to have a concreteunderstanding of how much you, to whom, and what the terms are, including interestrates. You need to know that because, for example, it’ll make much more sensefinancially to attack a credit card debt that’s at 18 percent than a car loan that’s at 3percent.As you catalog your debts, we suggest you list them in order from the lowest balance tothe highest.2. STOP ADDING TO YOUR DEBT. As the old saying goes, it’s hard to get out of ahole if you keep digging deeper. You may want to stop using credit cards and insteadmove to a debit card or cash for your spending. That’ll help you avoid further debt.3. TELL SOMEONE WHAT YOU’RE DOING. (Credit to financial writer Matt Bell for thisone). In other words, ask someone to hold you accountable to your plan to get out ofdebt. It’s remarkable how much it helps to have an accountability partner when it comesto following through on what you’ve committed to doing.4. CREATE A SPECIFIC PLAN FOR PAYING DOWN YOUR DEBT. Now, there aredifferent ways to approach this. Perhaps the easiest method is to commit a specificamount to debt reduction each month. Let’s say it’s $500, and you have five creditcards. Pay at least the minimum balance due on four of your cards, but pay as much aspossible on the card with the lowest balance.To continue the example, let’s say your minimum payments total $300. So you pay that,but then pay the remaining $200 toward the lowest-balance card. When you focus yourpayments this way, you’ll be able to pay off that lowest-balance card soon.Then, when it’s paid off, you’ll keep paying $500 a month on your debt, but now focusyour attention on the new lowest-balance card. After a while, when that one is paid off,you keep paying $500 a month and put most of the money toward the new low-balancecard.This approach of fixing your overall payment at the same amount each month andattacking the lowest-balance card will create a steady sense of progress that you’ll findencouraging.And note how this approach is S-M-A-R-T. It’s Specific Measurable AttainableRealistic and Timely. It’s not vague at all. It is clear and purposeful.THE NEXT STEPAfter you get all your credit cards paid for, you can then start attacking other debts thatmay be at much lower interest rates, such as car loans and school loans. If you werepaying $500 a month against your credit cards, that $500 is now freed up to acceleratepayments on your other debts.This process of creating a systematic plan for paying down debt has worked for many,many people. Again, first, you need to get a clear picture of where you are, then committo not taking on more debt, and finally, create a clear, easy-to-implement plan that youstick with not just in the early weeks of January but throughout the months ahead.And if you have an accountability partner, you’re much more likely to succeed.If you’d like to connect with a financial coach who can discuss your situation and helpyou implement a plan, we can help with that. Just go to FaithFi.com/connect.On today’s program, Rob also answers listener questions:● Should you take Social Security retirement benefits early or take survivor benefitsafter the death of a spouse?● How do you know if you need a fiduciary adviser?● When is it a good idea to buy long-term care insurance?Remember, you can call in to ask your questions most days at (800) 525-7000 or emailthem to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org whereyou can connect with a MoneyWise Coach, join the MoneyWise Community, and evendownload the free MoneyWise app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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It’s a brand new year and that’s always a great time to make changes, and we’re excited to tell you about some big ones we’re making. We’re strengthening the way we express the Christian worldview of faith and finances to be better used by God to advance his Kingdom. In today's Faith and Finance Rob talks about that with Chad Clark. Chad Clark is Executive Director of Faith and Finance. As we took a step back to evaluate the ministry, we’ve seen a lot happen in the last several years. We’ve expanded our ministry beyond radio into a full fledged financial ministry, where we not only do the Faith Finance show every day, but we feature the best articles, podcasts and videos on Biblical finance on our website. We have a world class money management app, a community of stewards asking questions and helping each other, we’re connecting people with coaches and Certified Kingdom Advisors, and more. As we looked at all the different areas the Lord has called us to serve - and really how he’s equipped us to serve we began to realize that we needed a name that communicated that it was more about just being wise with money. We still want God’s wisdom in our financial decisions, but there are several other secular organizations out there using the name MoneyWise and people often confused us with those other organizations. So we felt led to evaluate a different way to express what our organization is really about, and it came down to helping people live out their faith in their financial decisions. And so, from this, FaithFi and Faith Finance were born. Our name change reflects that the starting point is allowing our faith to inform our money management. It really comes down to this big idea of whose kingdom are we after? Matthew 6:33 tells us to seek first the kingdom of God and his righteousness. That's HIS Kingdom, HIS righteousness, not ours. When we do, all the things we worry about, God will take care of, because he is good and trustworthy. And He ultimately knows what we need. We’re more valuable to him than the birds of the air and the grass of the field - which he takes care of as well. So we aren’t to live in fear and anxiety, but to live in the freedom and victory of Christ - through FAITH. So once again it has to start with Faith and seeking His Kingdom. Starting with Learn: FaithFi has a number of resources to help people learn what the Bible says about money, from the Faith and Finance show, to our website and app which have articles, podcasts, and videos on a variety of topics from thought leaders in the area of faith and finance. LISTENER QUESTIONSOn today’s program, Rob also answers listener questions: ● Should you lend money to a family member if you have concerns about how they handle their money?● With Social Security on a path to insolvency, how will that affect your financial future? ● How should you balance paying down your mortgage with investing for the future? RESOURCES MENTIONED ON THIS SHOW: Faith and Finance Remember, you can call in to ask your questions most days at (800) 525-7000 or visit our website at FaithFi.com where you can join the FaithFi Community, and download the free FaithFi app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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The Bible tells us that only God sees the future, but it also says we should prepare for it. Does that include churches? The short answer is yes. Churches need to have an emergency fund just like individuals. In today's Faith and Finance Rob discusses exactly what that looks like. COVID caused a dramatic drop in church attendance and giving. If there was a silver lining, it was that the pandemic removed any doubt that churches need to have cash reserves. But the question remains, How much? The Evangelical Council for Financial Accountability covers this in a great article, Church Cash Reserves: How Much Is Enough? Let’s start with why a church emergency fund is so important. Just like with your personal finances, churches need a cushion to ensure that routine expenses are paid on time. Without it, they run the risk of getting hit with late fees. If there’s a mortgage on the property, churches need at least a few months’ worth of payments stored up to avoid foreclosure if giving suddenly drops. Why would that happen? Well, just one example - it’s a sad fact that churches split, and if half the members leave, a church could soon be facing financial calamity. Also, no one wants to have to take a special offering to replace a worn out heating or cooling unit. Or have to start at zero if the church decides to launch a new ministry. So there are plenty of reasons why a cash reserve is essential for a church. The same scriptures that apply to individuals apply to churches. Proverbs 6, Go to the ant, you sluggard; consider its ways and be wise! It has no commander, no overseer or ruler, yet it stores its provisions in summer and gathers its food at harvest." Also Proverbs 21, The wise store up choice food and olive oil, but fools gulp theirs down. Let’s say a church has a healthy cash reserve. The work doesn’t stop there. Planning and wise management of that fund are necessary because there will always be pressures within the church about how it should be used. Should some of it go toward paying down debt early? Or to be more generous with the staff? Or to start new programs? This leads us back to the original question: How much is enough for a church’s cash reserve? And just how do they come up with that number? Here there are two very different schools of thought. One says the church should have almost nothing in reserve, trusting in God, instead. The other says a church should have an entire year or more’s worth of operating expenses in the bank. The correct answer is likely somewhere in the middle, and each church, with its leadership, has to decide what’s best. What guides that process? Members need to understand that having a cash reserve is simply the faithful administration of God’s resources. This honors God, and the church has to make it a priority, because it represents Christ in the world. Next, it’s important to build up the reserve during the good times, especially when the church is growing. It should be part of the budget process - building a cash reserve as giving increases. A church can do that in two ways. One is to budget next year’s revenue at, for example, 90% of this year’s, or by simply putting a line in the budget for Additions to Cash Reserves. Whichever way a church does this, it’s important to separate the reserve money from designated funds. In the event of a revenue shortfall, a church shouldn’t be tempted to pay the mortgage with money specifically mandated for something else. And speaking of the mortgage, it’s wise to keep mortgage reserves above what the lender might require. It’s also important to be specific with cash reserve goals - things like servicing debt, capital replacement and ministry expansion. Also, for any of this to work, leadership needs to communicate the importance of having cash reserves to the congregation. It doesn’t show a lack of faith - it's simply good stewardship. Properly communicating clear, specific goals and the progress made toward them might even inspire more faithful giving. And finally, leadership can challenge the congregation along the way to meeting a church’s cash reserve goals. Malachi 3:10 comes to mind. It reads, Bring the full tithe into the storehouse, that there may be food in my house. And thereby put me to the test, says the Lord of hosts, if I will not open the windows of heaven for you and pour down for you a blessing until there is no more need. On this program, Rob also answers listener questions: What should you do with $57,000 in an old 401k if you are 58, $38,000 remaining on your mortgage, and you and your husband are employed full time. Should you buy or rent if you are a 73 year old widow who recently moved to Tampa and are having second thoughts about having purchased a villa that is currently undergoing renovations? What are the benefits and potential costs of establishing a Revocable Living Trust and Medicaid Asset Protection Trust if you and your wife are recently retired and needing to update your estate plan? Should you pay off your mortgage if it would use most of your emergency reserves but then plan to replenish your savings? RESOURCES MENTIONED ON THIS SHOW: http://www.ecfa.org/Documents/Church_Cash_Reserves_(TCN%20Insight)_CHURCH.pdf Remember, you can call in to ask your questions most days at (800) 525-7000 or visit our website at FaithFi.com where you can join the FaithFi Community, and download the free FaithFi app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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What’s the most published and most read book in history, containing more than 2300 references to money and worth more than its weight in gold? It's the Bible, of course. All wisdom is found within its pages - and some verses about earning money may surprise you. In today's Faith and Finance, Rob does some exploring. What does the Bible say about earning? Let’s start in the Book of John chapter 14, verse 27 where Jesus says, Peace I leave with you; my peace I give to you. Not as the world gives do I give to you. Let not your hearts be troubled, neither let them be afraid. Peace to you was a common greeting among Jews in the first century A.D., and it’s repeated often throughout the New Testament. Jesus means that true peace comes from knowing that we’re reconciled with God through faith in Him. But what, you ask, does it have to do with earning a living? Perhaps the most common fear we have in this world is not having enough money. To overcome that fear, Jesus tells us that by focusing on God, everything we need will be added to us. When we rely on our own power to provide the world becomes a scary place. So we have to be reminded constantly that God owns everything - that He is our Provider, not just of wealth, but even our skills and abilities to acquire it. Deuteronomy 8:18 reads, You shall remember the Lord your God, for it is he who gives you power to get wealth, that he may confirm his covenant that he swore to your fathers, as it is this day. A covenant is a promise, and God always keeps His promises. Of course, we have to do our part. Proverbs 12:11 tells us, Whoever works his land will have plenty of bread, but he who follows worthless pursuits lacks sense. And in Proverbs 14:23 we read, In all toil there is profit, but mere talk tends only to poverty. We also read in Proverbs 12:24, The hand of the diligent will rule, while the slothful will be put to forced labor. Those verses are pretty straightforward, but sometimes people are confused by Ecclesiastes 5:3 which has a similar message. It reads, For a dream comes with much business, and a fool's voice with many words. A common interpretation is that when we’re diligent about our business during the day, we’ll have peaceful dreams at night - but idle talk accomplishes nothing. So we must work heartily wherever God calls us and He’ll provide the rest. Believing that leads to contentment. Of course, we’re to use our brains as well as our hands when we work. We should plan carefully in all that we set out to do, whether that’s earning, saving or giving. In Luke 14, Jesus tells us to consider carefully the cost of discipleship, but it’s a message we can apply to all areas of life, including how we manage our money. Jesus says, For which of you, desiring to build a tower, does not first sit down and count the cost, whether he has enough to complete it? Otherwise, when he has laid a foundation and is not able to finish, all who see it begin to mock him, saying, This man began to build and was not able to finish. And of course, as witnesses for Christ we must be totally honest in all that we do. Psalm 37 tells us, Better is the little that the righteous has than the abundance of many wicked. Now, in Luke 16:8 and 9, we find a passage that seems to contradict that, and sometimes confuses people. There, Jesus tells us, For the sons of this world are more shrewd in dealing with their own generation than the sons of light. And I tell you, make friends for yourselves by means of unrighteous wealth, so that when it fails they may receive you into the eternal dwellings. Is Jesus telling us to acquire wealth dishonestly? Absolutely not. He’s saying that worldly people are great at using their money for worldly pursuits. And that believers should use their earnings effectively to advance God’s kingdom, such as caring for the poor. Our purpose on earth is to honor God in all we do, and that includes earning money and giving. If you’re afraid to give more,consider Malachi 3:10. It reads,Test me in this, says the Lord Almighty, and see if I will not throw open the floodgates of heaven and pour out so much blessing that there will not be room enough to store it. On this program, Rob also answers listener questions: How should you invest $125,000 in savings and $30,000 in stock if you are age 63, being forced to retire due to ill-health, and your wife is still working and covering your expenses and health insurance, and, should you claim Social Security now? Is it preferable to maximize contributions to your husband's 401k with a 6% match, your 457 with no match, or your Health Savings Account? Should you take a lump sum or monthly payment from your pension if you are age 60 and about to retire, and the monthly payment would cover your expenses and you have an additional $600,000 in a 401k? Should you take funds out of your retirement savings to pay $75,000 cash for a replacement vehicle, or take out a loan if you and your husband are age 65 and living on your pension and $1.4 million in retirement savings? How can you check the value of WWII savings bonds you found in your father's records if you have the serial numbers but no other information. (Rob referred the caller to treasurydirect.gov). Remember, you can call in to ask your questions most days at (800) 525-7000 or visit our website at FaithFi.com where you can join the FaithFi Community, and download the free FaithFi app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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If you don’t know what something should cost, it’s easy to overpay. That’s especially true with life insurance. If you have loved ones who depend on your income, having the appropriate amount of life insurance is an essential part of your financial plan. In today's Faith and Finance Rob tells you how to avoid paying too much for it. You won’t find the expression life insurance in God’s Word. But the concept of needing to financially support your family is certainly clear. 1 Timothy 5:8 reads, But if anyone does not provide for his relatives, and especially for members of his household, he has denied the faith and is worse than an unbeliever. For the vast majority of us, life insurance is a must. Overpaying for it is not. Let’s start then with a question, How much should a 20-year policy providing $250,000 in coverage for a 30-year old cost per year?" A recent survey found that most respondents - especially millennials - think the cost would be around $1,000 a year. But the actual price tag is only about $160 a year. That means a lot of folks are setting themselves up to overpay. Here’s how to make sure you’re not one of them. First: avoid choosing whole life over term insurance. Don’t get caught up in the idea that your policy should have a cash value during your lifetime, instead of what it will do for your family if you should die. Whole, permanent or universal life insurance policies build a cash value that you can tap into for certain things while you’re still alive, but that’s very expensive money. You’ll be far ahead if you invest the difference between a whole life and a term policy in your retirement account. Instead of getting snared by a policy’s cash value, think instead about how much insurance you actually need to protect your loved ones, which is usually 10 to 15 times your annual salary. Then look for the least expensive term policy that provides that amount if you die during the policy’s term. You also want to pay attention to costly add-ons, which the industry calls riders. While these can help you customize your policy to fit a specific need you might have, they can also run up the cost. You especially want to avoid something called a return-of-premium rider. Check that box on your application, and the insurance provider will give you back all of the premiums you paid when the policy expires. If that sounds like a deal too good to be true, that’s because it is. That one rider alone could double your premiums and keep you from getting the returns you’ll realize if you invest the difference instead. So you want to stay away from anything that promises to repay your premiums. Another rider to watch out for is for accidental death. It raises the benefit if death results from an accident. But the restrictions as to what type of accident - and under what circumstances it applies to - severely limit its usefulness. Plus, if you take out enough coverage to begin with, you really don’t need an accidental death rider. Now, another way you can overpay for life insurance is when the provider doesn’t require you to have a medical exam. These are called guaranteed issue policies. Most companies, for most policies, will require you get a checkup and have bloodwork done. Of course, sometimes a policy that doesn’t require a medical exam is just what the doctor ordered. For example, if you have a pre-existing condition that makes it impossible to get a standard policy. But keep in mind that you’ll almost certainly have higher premiums and less coverage with a guaranteed issue policy. You also want to avoid something called an ART policy, an acronym for Annual Renewable Term. At first glance, these look very attractive because the premiums start out low. You’re guaranteed coverage for the life of the term. But each year you have to renew the policy, and each year your premiums increase. It won’t happen right away, but at some point you’ll be paying more than you would for a standard policy. Go with a simple term policy that has level premiums throughout its entire term. All of the ways I’ve covered so far to get the best price on life insurance are easy to see. You can find them right in the policy descriptions. But the last way - and probably the biggest - isn’t so obvious. It’s to act while you’re still young. Make sure you buy a policy while you're still young, and get it for as long as you can. On this program, Rob also answers listener questions: How can you dig yourself out of credit card debt that you incurred furnishing a new home and you are hoping to retire in three years at age 62 or six years at age 65? (Rob referred the caller to Christian Credit Counselors https://www.christiancreditcounselors.org/). Can you split your 10% tithe between your local church and mission work, or do you need to devote the first 10% to your church? If you are planning to sell your home for $600,000 and will downsize to a $250,000 home, what should you do with the surplus funds if you are age 61 and disabled and your wife is still working with a 401k worth $120,000? Will you owe taxes on a home you're selling for $600,000? Should a Christian be playing the Powerball lottery, and if you won, what should you do with the proceeds? Remember, you can call in to ask your questions most days at (800) 525-7000 or visit our website at FaithFi.com where you can join the FaithFi Community, and download the free FaithFi app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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You’re hoping that 2023 will be a better year for your finances than last year, but how can you make that happen? You don’t have any control over the national economy, but you have a great deal of control over your own economy. In today's Faith and Finance Rob shares the steps to strengthen your financial condition, and give you peace of mind in the bargain. The number one thing you should do in 2023 is get out of debt. With today’s higher interest rates you’re paying even more to carry balances on credit cards. Use the snowball method to pay off those cards. Prioritize them by smallest to highest balance. Pay all the minimums and use any extra funds to pay more on the smallest balance. When that’s paid off, use extra funds to pay off the next smallest, and so on. You’ll need to be on a budget to determine how much extra cash you have to pay down your debt. Spending without a budget is like a circus performer working without a net. So if you don’t have a budget yet, download the FaithFi app. It’s got three different ways to set up your spending plan - one will be just right for you. Download it at FaithFi.com. Another great financial tweak for 2023 is to start or increase your savings. We don’t know what lies ahead for the economy, but having an emergency fund will help prepare you for anything. A 2022 survey by YouGov showed that 49% of Americans couldn’t cover an unexpected bill of just $400. That was a big jump over the previous year, probably due to higher interest rates and inflation. So it’s vital that you start putting away something from every paycheck into a savings account. Start with a goal to save $1500. Then keep going until you have 1 month’s living expenses, and don’t stop until you have 3 to 6 months living expenses saved up in your emergency fund. That covers your short term saving needs. But you also have long term savings needs - retirement investing - for when age or health prevents you from working. So another great financial tweak for 2023 is to make sure you’re at least maxing out any matching contributions in your 401k. If you want to go further, you can contribute up to $22,500 to a 401k or 403b this year. If you have an IRA, either traditional or Roth, you can contribute up to $6,500 in 2023, and an extra $1,000 if you’re over age 50. Here’s another way to improve your financial condition this year: Improve your skill set by taking web courses. Online learning exploded with COVID and it remains easier than ever to get professional certifications and specializations - even under-grad and master’s degrees - without leaving home and often at a fraction of the cost of in-classroom programs. If you’re looking for a career change, there’s an increased demand for tech talent so schools are offering a lot more options for computer programming and coding classes. So those are all of-fensive tweaks you can make to improve your finances in 2023 - but what about de-fensive tweaks? And by that I mean protecting yourself from fraud and identity theft. One way to do that is by signing up for transaction or account alerts with your bank and credit card issuer. You should be able to do that online. Once you’ve logged into your account, look for security settings and select the transaction monitoring option. The system will then text or email you whenever money is taken from the account, and you can take steps to minimize the damage if fraud has occurred. The card issuer will investigate any false charges and remove them from your account. You can also put a freeze on your credit at the three reporting bureaus: Experian, Transunion and Equifax. That will prevent thieves from setting up new accounts in your name by blocking credit checks. It’s free and easy to do, but you have to do it at each of the three bureaus individually. And while you’re doing that it’s also a good idea to get your credit reports. You can do it for free once a year for each bureau at Annual CreditReport.com. I like to stagger them, getting one every six months. Now when you do that, look for any errors or suspicious activity. If you find anything, the bureaus all offer you a way to dispute those transactions online. The bureau will notify the creditor about your dispute and they have 30 days to resolve it or it gets dropped from your report. You can do that for free at AnnualCreditReports.com. On this program, Rob also answers listener questions: Should you and your husband each take advantage of a special offer with a bank that offers a bonus if you deposit a certain amount of money? How does Social Security work if you are approaching retirement age but still earning income? (Rob referred the caller to the Social Security website, https://www.ssa.gov/prepare/plan-retirement) What should a small church do with $30,000 in savings that are earning no interest, to try to keep up with inflation? (Rob referred the caller to Thrivent https://www.thrivent.com/ and the Evangelical Christian Credit Union (AdelFi) https://www.adelfibanking.com/). If you are a single mom with an adult child and planning to get married soon, should you make a will prior to or after marriage if you want to protect your child's interests? Which should you pay off first: Credit card debt of $27,000 or your $30,000 mortgage on an investment property, if you have no other debt and emergency savings are in place? RESOURCES MENTIONED ON THIS SHOW: FaithFi Experian Transunion Equifax AnnualCreditReport.com Social Security Administration Remember, you can call in to ask your questions most days at (800) 525-7000 or visit our website at FaithFi.com where you can join the FaithFi Community, and download the free FaithFi app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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It’s a brand new year and that’s always a great time to make changes, and we’re excited to tell you about some big ones we’re making. We’re strengthening the way we express the Christian worldview of faith and finances to be better used by God to advance his Kingdom. In today's Faith and Finance Rob talks about that with Chad Clark. Chad Clark is Executive Director of Faith and Finance.As we took a step back to evaluate the ministry, we’ve seen a lot happen in the last several years. We’ve expanded our ministry beyond radio into a full fledged financial ministry, where we not only do the Faith Finance show every day, but we feature the best articles, podcasts and videos on Biblical finance on our website.We have a world class money management app, a community of stewards asking questions and helping each other, we’re connecting people with coaches and Certified Kingdom Advisors, and more.As we looked at all the different areas the Lord has called us to serve - and really how he’s equipped us to serve we began to realize that we needed a name that communicated that it was more about just being wise with money. We still want God’s wisdom in our financial decisions, but there are several other secular organizations out there using the name MoneyWise and people often confused us with those other organizations. So we felt led to evaluate a different way to express what our organization is really about, and it came down to helping people live out their faith in their financial decisions. And so, from this, FaithFi and Faith Finance were born.Our name change reflects that the starting point is allowing our faith to inform our money management. It really comes down to this big idea of whose kingdom are we after? Matthew 6:33 tells us to seek first the kingdom of God and his righteousness. That's HIS Kingdom, HIS righteousness, not ours. When we do, all the things we worry about, God will take care of, because he is good and trustworthy. And He ultimately knows what we need. We’re more valuable to him than the birds of the air and the grass of the field - which he takes care of as well. So we aren’t to live in fear and anxiety, but to live in the freedom and victory of Christ - through FAITH. So once again it has to start with Faith and seeking His Kingdom.Starting with Learn: FaithFi has a number of resources to help people learn what the Bible says about money, from the Faith and Finance show, to our website and app which have articles, podcasts, and videos on a variety of topics from thought leaders in the area of faith and finance.On this program, Rob also answers listener questions:Should you and your husband buy a $140,000 vacation home in Florida and if you do, should you pay in cash or finance it, if you are retired and living off a pension, Social Security, and a 401k?What should you do with $80,000 of funds you will realize after selling a house you inherited 14 months ago if you have retirement savings, an emergency fund, and a mortgage of $120,000?Do you need to continue to fund a Roth IRA or a traditional IRA if you are currently job-seeking and are planning to retire in the next year?RESOURCES MENTIONED ON THIS SHOW: Faith and Finance Remember, you can call in to ask your questions most days at (800) 525-7000 or visit our website at FaithFi.com where you can join the FaithFi Community, and download the free FaithFi app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Benjamin Franklin said, A penny saved is a penny earned. That is a crucial insight into good money management. We’ll explain why today on MoneyWise. On Mondays, as we start our broadcast week, we sometimes like to go back to basics and talk about one of the five things you can do with money: You can earn money, you can live on it, you can give it away, you can owe it to someone, and you save and invest it. So those are the five: earn, live, give, owe, and grow. Today, we’ll focus on the first of those: earning but we’ll do it today in a non-typical way. Normally, when you think about earning, you think of getting a paycheck or perhaps receiving a pension or a benefit. But we want to home in on Ben Franklin’s words that I quoted a minute ago: A penny saved is a penny earned. Now, if Mr. Franklin was living today, he might say, A dollar saved is a dollar earned, but the principle is the same. A DOLLAR SAVED Let me give you an example and this is a real-life example from a MoneyWise listener.* His monthly cellphone bill was about $125. He thought he might be able to find a cheaper plan, so he shopped around and compared plans offered by several companies. He found one that met his needs that was only $50 a month. So he made the change and was able to save $75 a month. That works out to $900 a year. Now, to return to Ben Franklin’s principle, saving $900 a year is equivalent to earning an extra $900 a year. In fact, it’s slightly better than earning it because if the employer of this MoneyWise listener paid him an extra $900, some of that money would have been taxed away. So $900 dollars saved was a tad better than the same amount earned.When looking at your overall financial picture, it’s helpful to view things through this lens. Always be asking, Are there steps I can take to cut my cost of living? If you can reduce your expenses. That’s just like earning extra money, or even better. Now, I know what you’re probably thinking: In a time of rapid inflation, how can I cut costs? Well, first, think about goods or services where there tends to be a lot of competition, get a better deal from your current provider if you ask, or you might save by switching to another company. But you have to take the initiative and shop around. FINDING COST SAVINGS What about insurance? This is an area in which you might be able to save substantially by comparison shopping, not only for car insurance but also homeowner's insurance, or perhaps a Medigap plan or Medicare prescription coverage. It is not uncommon to find wide price variations in plans and policies that are quite similar. Another place to cut costs is at the grocery store. The fact is, some grocery chains are more expensive than others, typically because they offer more variety. Try buying all your staple items at a discount grocer and your savings will really add up over time. Now, you can’t cut your expenses down to nothing. But you may be able to cut more than you realize if you apply yourself. Don’t give up without trying. Who knows how much you might be able to save? So when it comes to earning money, always consider both sides of the balance sheet. And remember the principle from Ben Franklin: A penny saved is a penny earned. On today’s program, Rob also answers listener questions: ● How do you determine when it’s the right time to sell your home? ● What is the wisest way to manage or invest a large commission check? ● Is it biblically ethical to take advantage of the federal public service student loan forgiveness program? ● How do you figure out the best thing to do with an inherited property shared six ways? ● Does it make sense to sell your car to pay off high-interest debt? RESOURCES MENTIONED:● NCFgiving.com● The Smart Stepfamily Guide to Financial PlanningRemember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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It’s almost time to say goodbye to 2022 and hello to 2023, but are you prepared to make the New Year a better one?This is when a lot of folks make New Year’s resolutions, usually about how many pounds they plan to lose. Today Rob West talks about a making a special resolution: To become debt-free in 2023. Making New Year’s resolutions has become a big thing for society as a whole, but did you know that the origin of this exercise in self-improvement is really a Christian tradition? And it might explain why folks do it at the start of the year when, really, you could make them anytime. It’s a tradition going back centuries in the western world, and probably has its roots in so-called Watchnight services held at the end of the year by some Christian denominations. The idea is for believers to reflect on the past year and resolve to do better in the new one.God’s Word encourages this type of renewal. Romans 12:2 teaches, Do not be conformed to this world, but be transformed by the renewal of your mind, that by testing you may discern what is the will of God, what is good and acceptable and perfect.There’s also evidence that you’re more likely to keep your resolutions if you make them at New Year’s, as opposed to other times. That could be because choosing the first day of the year is like drawing a mental line in the sand. Out with the old, in with the new. People want to make a fresh start.But do we really stick to our resolutions, or has this become just an empty tradition? Different surveys reveal different outcomes depending on how they’re worded, but here’s one that seems reasonable:About 30% of us make resolutions each New Year. By March, only about 30% of them are still following them strictly. By the end of the year, only about 10% have kept their resolutions.That ends up being a pretty small number, but the experts tell us you can greatly improve your chances of keeping your resolutions for the whole year by using the acronym SMART. It stands for Specific, Measurable, Attainable, Realistic, and Timely.All of this brings us back around to the resolution we hope you’ll make in 2023: Getting out of debt.For many people, just the thought of getting completely out of debt can seem overwhelming, so they don’t try, or they give up too easily. But you don’t have to think of it that way. Think of it as a journey, and you’re taking one small step at a time. We’re not talking about your mortgage here (that’s a subject for another time), just consumer debt. And if you can’t envision being out of consumer debt by the end of the year, just think about making some amount of progress instead.First, write down all of your debts and their amounts. Gather up all your credit card statements, auto loans, and outstanding bills. Then total it up. That might be depressing for a lot of people, but it has to be done. You have to know how much you owe.Once that’s totaled up, make a plan to pay it off. Start by figuring out where you can trim spending from your budget to create margin that’s money left over after all necessary spending. If you’re not on a budget you’ll need to draw one up. The MoneyWise app will help you do that. Over 37,000 people are now using its digital envelope system, and you can choose from 1 of 3 options depending on your management style. Get it wherever you get your apps or go to MoneyWise.org and click App to get started.Once your budget’s set up, you know how much money you have to attack your debt each month. While still paying the minimum due on each debt, take that surplus money and put it toward the smallest debt each month. When that’s paid off, take all the surplus money and start paying off the next smallest debt, and so on. This is the snowball method because it picks up speed as you go along. As each debt is paid off, you have more and more money to apply to the remaining debt. But there’s a second part to your New Year’s resolution to get out of debt. You must also resolve not to take on any new debt. Otherwise it’ll just wipe out your progress. So don’t use your credit cards. If you have to, cut them up.Remember the SMART acronym: Specific, Measurable, Attainable, Realistic, and Timely. Choose an amount that you can reasonably expect to pay off in the next 12 months. That may not be all of your consumer debt, but set a goal that you can meet. You want to be in the 10% who keep their New Year’s Resolutions.On this program, Rob also answers listener questions:What is the best type of life insurance to own if you are 58, your husband is 65 and considering retiring, and you have a large mortgage and are concerned about meeting your bills in retirement? Should you cash out $300,000 in retirement accounts if you are 64, your husband is 70, and you are concerned about stock market risk?If you are going to school full-time and working full-time but your tuition program is about to get more intense, should you make a hardship withdrawal from your 401k instead of incurring more debt?Is it a good idea to switch your IRA into a variable annuity if you are age 61 and your financial advisors are telling you the annuity has downside protection as well as normal stock market growth?Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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To win at any game you first have to know the rules. That’s true for everything from Monopoly to your 401k.Managing your 401k is certainly no game. It’s serious business. Today Rob West talks about a little-known rule about your 401k that could be a real blessing in a financial crisis. If you have a 401k retirement plan you know it’s filled with rules that most people aren’t fond of, but the one we’re talking about today is an exception. It’s the so-called Rule of 55.Normally, you’re not allowed to withdraw money from your 401k without incurring a 10% penalty until you reach age 59 . But the rule of 55 is a special IRS provision that waives the penalty once you reach 55 or older. The rule of 55 also applies to 403b retirement accounts, the equivalent plan for non-profit organizations.How does it work? It only applies in a few specific conditions. For example, if you’re 55 or older and leave your job, you can withdraw funds without the penalty. But you can’t take advantage of the rule if you’re still working at the company where you have the 401k or 403b.And, you have to leave that job in the calendar year you turn 55 or later to get a penalty-free distribution. But if you’re a public safety worker, such as a police officer, firefighter, or air traffic controller, the rule actually kicks in at age 50.If you leave or lose your job before the eligible age you miss out on the rule entirely. You won’t be able to take a penalty-free withdrawal until you reach the usual age of 59 .And, as with all exceptions to the 10% penalty, the rule of 55 still has tax implications. It doesn’t get you out of paying taxes on your withdrawals which are considered income on your federal return, and probably your state return if your state has an income tax.All of that can be confusing, so maybe it is be easier to talk about when the rule doesn’t apply. For starters, it doesn’t apply to retirement plans from previous employers. It has to be the 401(k) at your current or latest job to be eligible. Also, it doesn’t apply to individual retirement accounts, either a traditional or a Roth IRA. For those you’d still have to be 59 before making penalty-free withdrawals.However, there’s a way around the provision that excludes previous 401k or 403b accounts. You can roll those funds over from a previous account to your current one if your employer accepts rollovers. Not all do, so check with your HR department to find out.Then, once you’ve completed the rollover all of the money in your current account - including the transferred amount - will be available if you make an early withdrawal under the rule of 55.Of course just because you can do something doesn’t mean you should. In almost all cases, tapping into your 401k is not advisable because you’re essentially robbing your future and giving up not just the money but the time you’ve invested in building up those funds.You may be able to replace the funds eventually, but you can never get back the time, which is critical for long term, compounding gains in your portfolio. You’re essentially starting over, but with less time before retirement. So you want to avoid early withdrawals if at all possible, even if you can do it without the 10% penalty under the rule of 55.Proverbs 13:11 teaches, Wealth gained hastily will dwindle, but whoever gathers little by little will increase it.So when would it be okay to take an early withdrawal from a 401k?Only if you simply have no other choice. You can only use the rule of 55 if you’re no longer with the employer where you had the account. In some cases that probably means you’ve lost your job or a significant part of your income due to your hours being cut. Even then, you should delay as long as possible before making an early withdrawal from your 401k. You can use the MayDay Budget, available at MoneyWise.org. It’ll help you prioritize your spending. And keep in mind that you should have an adequate emergency fund of 3 to 6 months’ living expenses saved up before financial calamity strikes. You want to exhaust that before making a withdrawal from your 401k or 403b. And the Mayday Budget will help you make those emergency dollars go further.On this program, Rob also answers listener questions:Will capital gains tax be owed if you sold your primary residence but had rented out a portion of it while you were living there? If you have just changed a years-old life insurance policy for $10,000 into permanent insurance and you have discovered it no longer has any value, can you stop paying into it?What's the best way to transfer ownership of your home to an adult child prior to your death if you are done with dealing with the property and they will live in it?Will working part time increase your Social Security payments if you are currently receiving disability payments?If you co-signed a $30,000 loan with your son who is no longer talking to you and has changed his name, how can you remove your name from the loan?Could a Kingdom Advisor assist you with marketing a substantial amount of jewelry you designed on Ebay, if you are not computer-savvy?If you start taking Social Security benefits prior to Full Retirement Age and they are reduced based on earned income, can you later reclaim the full benefit?RESOURCES MENTIONED:The MoneyWise Mayday Budget: https://www.moneywise.org/moneywise/the-mayday-budget-1923https://www.score.org/Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Are you a parent in a blended family? Or planning to be one? If so, you need to get answers to a lot of financial questions. Getting everything out on the table is a big step toward making that happen. Today Rob West talks with Ron Deal and Gregg Pettys about the challenges blended families face.Ron Deal and Gregg Pettys are co-authors of The Smart StepFamily Guide To Financial Planning.Last time we talked about the Togetherness Agreement - a legal binding contract that you urge all spouses in blended families to draw up. But to do that, you have to answer some important questions about money first. You have a long list of them on your website, FamilyLife.com/Blended.First is, What are your financial obligations to your ex-spouse, such as child support and alimony.This question represents the kind of life you are going to have as a couple. The divorce decree will outline details but the moral issue is following through with it, on issues such as child support.And then there’s the question of additional support for children from the first marriage - what are those?Some divorce decrees will include shared expenses such as educational costs, medical costs, and extra-curricular expenses.If you’re on the receiving end, the question is How should we use what we receive in child support and alimony? And, What do we do when we don’t receive scheduled child support?Child support needs to go to the care of the child.The last thing you want to do is run to court, but if there's a habitual problem you might need to involve an attorney.When one of us dies, who will receive the assets brought into our marriage?It's important to do some comprehensive financial planning, seeking expert advice and tax planning.Invested assets and life insurance need to be planned around.The fundamental questions spiritually speaking is 'how do we care for everyone', including the people who are not in the family generational line.Next is, What are the financial plans for your children if you die or are unable to work? And if you don’t have a plan, you need to get one, right?A Togetherness Agreement is a plan that is mindful of how to proceed should one of you pass away. Not 'my kids' and not 'your kids', but a 'togetherness' plan.Disability and life insurance are important equalizers for income replacement.They say you don’t just marry a person - you marry their whole family. So the question is, Do you have any financial commitments to your parents, siblings, or other family members?It's important for couples to communicate about what is important to them, for instance a child inheriting a business while still providing for the blended family.A QTIP trust provides assets to a surviving spouse and the reverts to the children from the original marriage at their passing.On this program, Rob also answers listener questions:How should you proceed with purchasing a home if you filed bankruptcy a few years and now have funds for a downpayment and have rebuilt your credit score to 760, but are unsure about the current interest rate environment?Should you invest $20,000 in a rental property or make it a flip and sell if you have $33,000 in savings and currently have a $1400 monthly surplus?RESOURCES MENTIONED:The Smart StepFamily Guide To Financial Planning: FamilyLife.com/Blended.Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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You’ve heard the commercials for insurance that locks your title and protects your house. But is it really worth it? Just the words, home title fraud are enough to cause concern for many homeowners. And there are several insurance products on the market that claim to provide protection. Today we'll talk about title fraud insurance on Moneywise. The idea behind it is that you’re minding your own business one day and you get a call or letter saying that a lender is about to foreclose on your home for non-payment of a loan you didn’t take out.You think, how could this happen? Well, an identity thief simply strolled into your county deeds office, faked your signature on a quit claim deed and transferred ownership of your home to someone else. The thief then took out a home equity loan, or refinanced with cash out, and skipped town. After a few months of nonpayment the lender is now looking to foreclose - on you. Many companies are claiming their insurance can protect you from this type of fraud. But what exactly are you buying with title fraud insurance which usually costs around $15 a month?First you have to understand what you’re not buying. This isn’t what’s typically known as title insurance, which you should always get when you purchase a property. It protects you against any claim involving the validity of your ownership of the property. And it’s a one time purchase, usually several hundred dollars.Title fraud insurance on the other hand is a completely different product. It isn’t really insurance at all. It doesn’t lock your title and it won’t protect you if a scammer forges your signature and transfers your title.These products will usually just monitor whether your deed has been transferred out of your name at the county records office. That might be helpful, if you’re able to react in time and challenge the deed transfer at the records office before the scammer takes out a new loan. So it’s on you to act.Also, there’s no way to actually lock a title in any state. There’s nothing to stop a scammer from forging your signature and transferring a deed out of your name.The good news is you can monitor whether a fraudulent transfer has occurred. Most counties now allow you to view the status of your deed online, and some counties even allow you to sign up for automated alerts involving deed changes. But again, if you don’t challenge a fraudulent deed transfer in time, a thief can still take out loans against the property.In theory, however, you don’t really need protection against this type of fraud. If someone forges your signature, transfers your deed, and then takes out a loan against the property, it’s still fraud.The con artist didn’t legally own your property, so the lender doesn’t have a legal claim to it as collateral. If the lender tries to foreclose on you it would be wrongful foreclosure and wouldn’t hold up in court.Plus, the lender almost certainly required the scammer to buy lender’s title insurance at closing protecting them against loss. So the lender would be covered and might not even take you to court.Take out your title insurance documents from when you purchased the property. Look to see what it covers and doesn’t. It will always protect you from legal claims against your ownership, but not necessarily against fraud.If it doesn’t, you can purchase a title insurance policy that protects against fraud, even if you bought the property years ago.All of this can be a bit confusing. You usually have to pay for "lender's" insurance whenever you finance the purchase of a property, but it protects only the lender.That’s why it’s important that you get owner’s title insurance when you buy a home to protect you. It not only protects you from legal claims against your property, it will also cover any fees involved with defending your ownership. In most cases, the title company will actually provide an attorney to represent you.So the bottom line is, title insurance, always a good idea. Title fraud insurance, probably not worth the money. On this program, Rob also answers listener questions:Is there a limit to what you can earn after Full Retirement Age before affecting your Social Security benefit or how it is taxed?Are there any downsides to combining several non-qualified annuities you have owned for several years?What can you do if you co-signed a loan with your son and he is no longer paying on it and you now have a strained relationship? If your father passed away but didn't leave a will, does his estate have to go through probate even if it is only for a small amount?How can you balance purchasing decisions if you feel like you keep buying the wrong thing and are getting overwhelmed by too many decisions and too much stuff?Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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At the end of the year, many people do extra giving, sometimes trying to take advantage of tax deductions, and sometimes just because they’re trying catch up with giving they intended to do earlier. Whatever the immediate motive may be, giving for the Christian should have a deeper motive. We'll talk about that just ahead on MoneyWise.Every so often on our Monday programs, we circle back to first principles, to the foundational teachings of Christian stewardship that should guide our everyday lives.We like to revisit the five basic things you can do with money. Here they are: You can earn it, live on it, give it away, owe it to someone or the government, or you can grow it for the future by saving and investing.Those five are easy to remember: earn, live, give, owe, and grow.In this program, we're focusing on giving money away. There’s a good deal of emphasis on giving at the end of the year. A lot of that is because of the tax deduction allowed for giving. People want to get their giving done so they claim a deduction on their 2022 taxes.The deduction has changed since last year. For tax year 2021, you could deduct $300 in charitable giving $600 if you were filing jointly as a married couple even if you didn’t itemize. But that was a temporary deduction that does not apply for 2022.To get a deduction for giving you do have to itemize. But with the standard deduction being being much higher than it used to be, only about 12% of taxpayers still itemize. There’s nothing wrong with taking a charitable-giving deduction if you meet the requirements, but whether or not you get a tax break should not be the deciding factor in whether to give.That’s because, for the Christian, giving is a matter of the heart. It is a sign, or a demonstration, of our love for the Lord.Giving a gift to a friend or family member is a way of saying, I love you, and I am so glad you’re in my life. Money has value to us. We work hard for it. So when we use it to buy a gift for someone, we’re saying, I treasure you more than money.The same is true of giving to God’s work whether through giving to a local church or a specialized ministry we’re saying, Lord, I treasure you more than money.It certainly seems providential that here in the U.S., our coins and currency have on them the phrase, In God We Trust. Every time we see that, it would be appropriate to say, Amen! Our attitude as believers is that our trust is in God, and not in the money we have. When we give, we offer testimony that we really do trust him we trust him to meet our needs, and we trust that his grace is sufficient for us in every situation.In 1859, French tightrope walker Charles Blondin walked above Niagara Falls on a tightrope 1,100 feet from end to end. He then did it again, blindfolded. After that, he asked the crowd, Do you believe I can do it again? They had already seen him do it more than once! So they called out approvingly, Yes, we believe you can do it again!At that point, Blondin asked for a volunteer to climb on his back and go across the Falls with him. As you probably can guess, no one in the crowd volunteered. No one believed in him that much.Well, when we give generously, from the heart and with the right motives, it’s like saying, Lord, I do trust you that much. I believe that although I am giving this money away, you’ll take care of me and meet all my needs.As you do your year-end giving, remember these two things. First, giving is an affair of the heart it’s about what we truly treasure, and second, it is a sign of our trust in the Lord.As we give, we reflect the heart of God, who gave us his only Son the One whose birth we just celebrated. On this program, Rob also answers listener questions:If you are age 66 and have a 401k through work and a Roth IRA through Betterment, what is the total amount you can contribute to these accounts?Is a target retirement 2025 fund an appropriate allocation to be invested in if you are age 66 but not expecting to need the funds for nine more years?Are there any faith-based financial and legal institutions?How can your husband build up his credit score of 650 if he recently took out a personal loan to pay off credit card debt?RESOURCES MENTIONED:Christian Community Credit Union https://www.mycccu.com/Christian Credit Counselors https://www.christiancreditcounselors.org/Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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And the angel said unto them, Fear not: for, behold, I bring you good tidings of great joy, which shall be to all people. As Christians living in a materialistic society, we must remember to celebrate for the right reason. Today, former MoneyWise host Howard Dayton joins Rob West to celebrate the birth of our Savior! Our opening verse is from Luke 2, of course. It goes on to say: For unto you is born this day in the city of David a Saviour, which is Christ the Lord. And this shall be a sign unto you - Ye shall find the babe wrapped in swaddling clothes, lying in a manger. And suddenly there was with the angel a multitude of the heavenly host praising God, and saying, Glory to God in the highest, and on earth peace, good will toward men. Today, Howard shares Christmas memories and traditions of celebrating the birth of Jesus and offers advice for parents about teaching the real reason for the season: Be intentional in teaching our children and grandchildren that the REAL reason we celebrate Christmas is that we are honoring the Lord Jesus for leaving heaven to come to earth as a helpless child and that He grew up to live a perfect sinless live, in order to die as a sacrifice for us so we would be accepted by God! On this program, Rob also answers listener questions: How do you determine where to give your charitable gifts? Would it be wise to take out a collateral loan for investment purposes?Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can join the MoneyWise Community and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Behold, I bring you good tidings of great joy for unto you is born this day in the city of David a Saviour, which is Christ the Lord. You’re no doubt familiar with that passage in Luke 2, given by angels to shepherds in Bethlehem. But there’s an interesting backstory. Today, we’ll talk with Jerry Bowyer about the economics of the Christmas Story. Economist Jerry Bowyer is a columnist at the Christian Post and WORLD News Group, contributor. He’s also the author of The Maker Versus the Takers: What Jesus Really Said About Social Justice and Economics. Some might think that by talking about the economics of the Christmas Story. But with more than 2,000 Scriptures about money and possessions, God clearly sees economics as a spiritually important matter. In The Maker Versus the Takers, Bowyer writes about the The Economic Philosophy of the Virgin Mary. Bowyer discusses that on today’s program and provides context for the Christmas Story that reveals entirely new understandings. He discusses Mary’s Song of Praise, known as the the Magnificat, and its economic message? Bowyer also explains how the nativity narrative in Luke 2 begins with a description of economic exploitation. How so? He discusses what we can learn about the financial condition of Joseph and Mary, and how the birth of Jesus threatened the ruling temple class in Jerusalem. From Matthew, chapter 2, he talks about the story of the Magi and their unusually expensive gifts of gold, frankincense and myrrh. Read more from Jerry Bowyer at WNG.org and the ChristianPost.com. On today’s program, Rob also answers listener questions: ● Does it make sense to move the funds of an elderly parent into fixed annuities? ● How can you start building a strong credit score? ● RESOURCES MENTIONED:● Find a Certified Kingdom AdvisorRemember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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If you need evidence that there’s something wrong with our culture look no further than how it treats envy. In the past, envy was discouraged. People might have expressed it privately, but certainly not in public. Today, envy is exalted and almost considered a virtue. We’ll talk about it today on MoneyWise. Advertisers spend billions to convince you that you’re not happy with your lot in life. But make no mistake, God’s Word still calls envy a sin. By definition, it’s the sin of jealousy over the blessings and achievements of others. So envy and jealousy are really the same thing. BIBLICAL WARNINGS ABOUT ENVY By either name, God’s Word calls it a sin in several places most notably as the 10th Commandment in Exodus 20:17. It reads: You shall not covet your neighbor's house; you shall not covet your neighbor's wife, or his male servant, or his female servant, or his ox, or his donkey, or anything that is your neighbor's. And of course, to covet is yet another term for envy. Today, our neighbors aren’t likely to have oxen or donkeys to covet, but we can still envy their new SUV or in-ground pool. Like the sin of pride, envy also leads to many other sins. In James 4 we find, You desire and do not have, so you murder. You covet and cannot obtain, so you fight and quarrel. You do not have, because you do not ask. You ask and do not receive, because you ask wrongly, to spend it on your passions. There’s a difference between envy and the proper motivation to better one’s life. For one, you’re willing to work hard and you’re content with what the Lord provides. But with envy, you feel entitled and deprived. You feel that someone, society, or even God, owes you something. Envy is ugly and destructive. James 3:16 tells us, For where jealousy and selfish ambition exist, there will be disorder and every vile practice. Let’s look at some of those vile practices. Envy rears its ugly head very early in the Bible. In Genesis 4, Cain is jealous of his brother because God favored Abel’s offering but not his. In verse 8 we read, Now Cain said to his brother Abel, Let’s go out to the field. While they were in the field, Cain attacked his brother Abel and killed him. So envy was the cause of the very first murder. It was also envy that made Joseph’s brothers feel justified in selling him into slavery in Genesis 37. There we read, So when Joseph came to his brothers, they stripped him of his robe, the robe of many colors that he wore. And they took him and threw him into a pit. Of course, Joseph’s brothers would even have killed him had Reuben not intervened. We also see the destructive power of envy in two stories from David’s life. First, when Saul became jealous of David’s fame after he slew Goliath. Women sang David’s praises. 1 Samuel 18:8 and 9 reads, And Saul was very angry, and this saying displeased him. He said, They have ascribed to David ten thousands, and to me they have ascribed thousands, and what more can he have but the kingdom? And Saul eyed David from that day on. Having first become the victim of envy, David later gave into this sin himself by coveting and taking another man’s wife, Bathsheba, in II Samuel 11. Worse, he sent her husband, Uriah, to certain death in battle to cover his sin. In verse 15, David tells Joab, Set Uriah in the forefront of the hardest fighting, and then draw back from him, that he may be struck down, and die. Envy, or jealousy, is a powerful emotion that we must always be on guard against. Proverbs 27:4 warns, Wrath is cruel, anger is overwhelming, but who can stand before jealousy? IDENTIFY AND DEFEAT ENVY One way would be to look at your finances. Are you living beyond your means? Running up credit card debt to finance a lifestyle that you can’t afford? If you don’t get it under control and learn to live within your means, you’re headed for financial disaster. Here’s how you can slay the sin of envy: First, pray that the Holy Spirit would give you contentment with what the Lord provides. Hebrews 13:5 reads, Keep your life free from love of money, and be content with what you have, for he has said, I will never leave you nor forsake you. Second, if you need help setting up a budget and finding ways to cut your spending, download the MoneyWise App. It has 3 easy ways to set up a spending plan. Download it wherever you get your apps. On today’s program, Rob also answers listener questions: ● What factors go into deciding whether to keep or sell an inherited home? ● What is a reasonable rate of return on retirement investments?● How much should you spend on a Medigap plan? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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With just 4 Christmas shopping days left, time is running short. But if you’re just getting started with gift buying, you still have time to do it right. Today Howard Dayton gives us advice for last-minute Christmas shopping. Howard Dayton is the former host of this program and the author of several books on biblical finances. Howard says if your shopping list is still a blank slate, that also provides an opportunity to avoid making last-minute mistakes. WHERE TO START You start with a goal and a plan. Your goal is to stay out of debt this Christmas. Your plan will help you do that by thinking more carefully about your spending and avoiding impulsive purchases. Now, drawing up your plan is actually pretty simple. First, determine how much you can spend without going into debt. That’s your shopping budget. Then, make a list of everyone you need to buy a gift for. Finally, divide the money in your budget among those names. They won’t all be equal. You can set your own priorities, but in the end, the total can’t exceed the money you’ve budgeted for Christmas shopping. WHAT IF MONEY IS TIGHT? Remember, the idea here isn’t keeping up with the Joneses. It’s having a debt-free Christmas that’s also a wonderful time and memory for your family. So be a student of each person on your list. Buy or make inexpensive gifts that are meaningful to the recipient because it reflects their personal interests. There’s still time to bake and decorate Christmas cookies. Make gifts of them to some (or all) of the people on your list. It’s another inexpensive way to show people you care. Make a stack of them, wrap em up, put a bow on top, and you’re done. Keep the focus on Christ, who already gave us the greatest gift of salvation. You can never top that! Where possible, your gift could be a handmade card with some verses from the Christmas Story in Luke 2. The world has taken Christ out of Christmas. Take the opportunity to put Him back in it, front and center! BUT IF YOU STILL HAVE GIFTS TO PURCHASE For a lot of last-minute shoppers, the temptation to just use a credit card will seem overwhelming. Actually, there’s nothing wrong with using a credit card if you follow 3 simple rules: First, use a credit card only for budgeted purchases. You’ve already determined how much you can spend on Christmas shopping, so stick to the plan. If you don’t, you won’t have a debt-free Christmas. The next rules apply year-round:● Pay credit cards off on time and in full every month. This way, there’s no interest charges, no late fees, and no debt.● The very first month you can’t pay a credit card bill in full, take out the scissors, and perform some plastic surgery! Remember what Proverbs 22:7 says, The borrower is slave to the lender. The Lord wants us free to serve Him and not our creditors. FINAL THOUGHTS In His story of the King in Matthew 25, Jesus says, Whatever you did for one of the least of these brothers and sisters of mine, you did for me. So try to save something for a special gift to the poor this Christmas season because when you do, you’re giving to Christ Himself. On today’s program, Rob also answers listener questions: ● When does it make sense to take out a private student loan? ● What is the wisest way to use proceeds from an injury settlement? ● What’s the best way to pay off credit card debt? RESOURCES MENTIONED:● Christian Credit CounselorsRemember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Ask not what your finances will do to you in 2023 ask what you will do with your finances! That, of course, is a play on a famous JFK quote, but it describes the need to take a proactive role with your finances in the New Year coming up. Mark Biller joins us today to tell us how to do that. Mark Biller is executive editor at Sound Mind Investing. At the end of each year, SMI compiles a list of tips to prepare for the ahead. You’ll find this year’s post, Your 10 Most Important Financial Moves for 2023, SoundMindInvesting.org. Biller explains that it’s a round-up of planning suggestions for the year ahead. Rather than providing a one-size-fits-all type list, they instead serve up a broad range of ideas. The reader then picks their own personal Top 10 for 2023 list from the 70 or so suggestions discussed. Doing that and then following through on those specific items will make you a better steward of your resources and help you move closer to your long-term goals. The suggestions are broken into several categories: SPIRITUAL AND FINANCIAL FUNDAMENTALS Here are a few of the spiritual and financial fundamentals on the list: - Acknowledge God as the Lord over your finances. That’s the starting point of Christian stewardship and an important ongoing aspect of a deepening relationship with Christ. - Make a plan for your financial journey. On these programs together, we frequently discuss the need to develop a biblically sound, personalized money-management strategy that informs your spending, saving, investing, and generosity. - Resist financial temptations. Handling money well takes more than learning the rules of good financial management. You also have to practice and develop self-control. Thankfully, self-control is a fruit of the Holy Spirit! So as we draw closer to Christ, that fruit should become increasingly manifest in our lives. STRENGTHENING YOUR FINANCIAL FOUNDATION If your foundation isn’t fully in place, you should concentrate your 2023 efforts on the suggestions in this section. - Take advantage of the world’s most effective personal finance tool: a budget. Unpopular perhaps, but a well-planned and executed budget is the single best tool available for effective money management. - One new one to the list this year is to comparison shop for higher interest rates on your savings. Interest rates have moved from near zero a year ago to the 4.0% range today. So moving your money to a savings account at an online bank can meaningfully move the needle on the amount of interest you can earn. - Similarly, consider putting some of your savings in U.S. Government I-Bonds. We’ve talked about I-Bonds a number of times together in recent months because they are paying inflation-adjusted rates well above any other savings vehicle. They have some restrictions but can be extremely attractive in the right circumstances. DEVELOPING YOUR INVESTING PLAN There is a lot in this section 26 suggestions! But here’s the most important big idea: Scripture encourages us to prepare for the needs of tomorrow without becoming hoarders. So these suggestions can help you invest as a faithful steward who acts with prudence and wisdom. - Identify obstacles that are holding you back from saving for retirement and start moving them out of the way. Common roadblocks include auto loans, expensive housing, and generally poor money management. But often the biggest obstacle is simply not having a financial plan or any measurable goals. - Get familiar with the foundational biblical precepts related to investing. The Bible offers many timeless principles related to investing and wealth. Studying them and allowing them to become part of your thinking will help you apply those ideas to the investing decisions you face. - Become a better investor by using an inside-out approach. But the big idea here is to make investment decisions based on your personal inside-out needs and circumstances, rather than on outside-in expert opinions or market news. BROADENING YOUR PORTFOLIO Once you become an experienced investor, you can broaden your portfolio either to reduce risk or take advantage of market conditions. A few examples from this section include: - Learning about investments beyond stocks and bonds. We just had the worst year for traditional 60-40 stock/bond portfolios in decades. Fortunately, there are other options available today, and learning about things like commodities, real estate, and gold, just to name a few, can help add some additional diversification to a core portfolio. - On a similar note, learning about some easy ways to hedge market downside may be worthwhile. SMI has discussed several of these techniques and products this year.One that you may have to grapple with whether you go through our list or not is understanding the new investment options coming to many employer-based retirement accounts. Not all of these are necessarily good options, so it’s important to be informed. LOOKING FORWARD TO RETIREMENT - Take advantage of the current bear market to convert Traditional IRA money to a Roth IRA. With investment account values down this year, it can be an attractive time to consider a Traditional-to-Roth conversion in order to have more tax-free income in retirement. - Another example from this section is assessing how much money you’ll need to maintain your standard of living in retirement. SMI has some helpful pointers on how to do that for those with that transition on the horizon. And the most important category of all YOUR RELATIONSHIP WITH GOD First and foremost, Invest time in it. The most important goal of a Christian steward is to know Jesus the One who IS the pearl of great price. Valuing your relationship and communion with Him above your wealth and investments is a key cornerstone to keeping all this financial stuff in perspective. This has been a tough financial year for a lot of people. But if we trust in Jesus and bring our concerns to him, Christ will deliver us through the difficulties of life. We can live in hope because we serve a God who is too strong to lose control of any situation, He’s too wise to make mistakes, and He’s too loving to ever abandon us. Learn more about Sound Mind Investing at SoundMindInvesting.org. On today’s program, Rob also answers listener questions: ● What factors should you consider when deciding whether to purchase a home right now? ● Would it be wise to open an annuity for an adult child? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Family memories take on special meaning at this time of year when we gather for the holidays. One of the best memories you can make involves giving. We’ll talk about that today with Becky Cullum. Becky Cullum is Executive Vice President of the National Christian Foundation in North Texas. Becky has a passion for helping individuals and families create giving strategies so they can be more generous. On today’s program, Callum shares how generosity came to be so important to her and her family. She discusses the challenges of raising kids who are outwardly focused in a materialistic society in which anything they want is available at the click of a button. Parents often feel overwhelmed and outnumbered. Callum shares the Scriptures that inspired her to take on this challenge: - Proverbs 22:6 Train up a child in the way he should go; even when he is old he will not depart from it- Deuteronomy 6:6-7 These commandments that I give you today are to be on your heart. Impress them on your children. Talk about them when you sit at home and when you walk along the road, when you lie down and when you get up. - 2 cor 5:141: For Christ’s love compels us, because we are convinced that one died for all, and therefore all died.- For God so loved the world that he gave his one and only Son, that whoever believes in him shall not perish but have eternal life. While we must verbally convey God’s truth to our children, Callum says most human communication is non-verbal. Children learn from what is modeled, not just said. Parenting is always a work in progress. We will never arrive as parents. It’s a constant journey of trial and error. She suggests seeking wise counsel. Talk to older, wiser parents. And she recommends the book The Opposite of Spoiled by Ron Lieber.Through the holidays and beyond, make generosity a family affair. Each Christmas, the Callums give their kids cash, but with a stipulation: They have to give it away. It’s then up to the kids to find the people and causes they want to support. What does Jesus want for His birthday? And a grateful and generous heart! Go to Ncfgiving.com/strategy for help with focusing and planning out your giving. On today’s program, Rob also answers listener questions: ● What is the best way to prepare for medical expenses related to the birth of a child? ● Would it make sense to take out a home equity loan or sell your home to pay off debt? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Do you want to know a secret? Well, we have one for you today a secret that’ll change your life. We’ll clue you in just ahead on MoneyWise. Every so often on our Monday programs, we circle back to first principles, to the foundational teachings of Christian stewardship that should guide our everyday lives. Usually, we focus on one of the five things you can do with money. You can earn it, live on it, give it away, owe it to someone, and finally, you can grow it by saving or investing. So that’s: earn, live, give, owe, and grow. As Christians, we are called to be disciples. That’s just another word for learners. Our task as disciples is to learn about God and about how to honor him through the way we live. Now, of course, a big part of that is learning to manage the resources he entrusts to us, including money. We can learn many practical things about managing money such as budgeting and saving and investing. But we also need to learn to have a proper attitude toward money and material things. THE SECRET And this is where the big secret comes in. The Apostle Paul tells us about it in Philippians chapter 4. He writes this: I have learned how to be content with whatever I have. I know how to live on almost nothing or with everything. I have learned the secret of living in every situation, whether it is with plenty or little. For I can do everything through the One who gives me strength. Did you catch that? The secret he has learned is the secret of living in every situation, even when he doesn’t have everything he might want to have. He has learned the secret of being content. Now, the reason this is a secret is not that anyone is trying to hide it. It’s simply that relatively few people have applied this to their lives. We live in a discontented world in which many people never seem satisfied with what they have. That’s our fallen nature, I suppose. And advertisers appeal to that nature by getting us to want more. For example, when a new model phone comes out, we’re encouraged to get rid of our old phones which probably aren’t that old and get the latest and greatest. I’m not saying new things are bad, but I am suggesting that those of us seeking to be faithful stewards should take a step back and wrestle with this question of contentment. Note that Paul said he had learned how to be content. Contentment doesn’t come naturally. It’s something we must seek from the Lord, but I also think we need to start saying no to the culture’s continual push that tries to amplify discontent. Now, don’t misunderstand. I’m not saying you should never buy anything or that you can’t spend money on a new gadget or a pleasurable vacation. What I am saying is that we need to examine our motives. Does discontentment drive our purchasing decisions? Are we envious of others because they may have more than we do? Do we think, I would be content if only I had this or that? GIVING THANKS we’re going to be celebrating Thanksgiving soon, so there’s probably no better time to be talking about this issue of contentment. Giving thanks is one of the ways we can practice contentment. When we say, Thank you Lord for providing for my family and me, thank you for giving me a job, thank you that we have a roof over our heads and food on our table, we begin to realize how blessed we are. And I think that’ll go a long way to helping us learn as the Apostle Paul learned to be content with whatever he had. As I said, becoming a good steward involves learning many practical things about effective money management. But don’t neglect the attitudinal thing: learning to be content. It really is a secret that’ll change your life. On today’s program, Rob also answers listener questions: ● Are online banks as stable and safe as brick-and-mortar? ● If you have money in an annuity, why might it decline in value? ● Should you forego funding a Roth Ira to do Roth conversions? RESOURCES MENTIONED:● Ally Bank● Capital One 360 Checking● Marcus● Brankrate.comRemember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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One of the most loved and theologically rich Christmas carols is O Holy Night. But is it just about Christmas? The third stanza of that carol boldly proclaims: Chains shall he break for the slave is our brother And in His name all oppression shall cease. Today we’ll talk with Rachel McDonough about how investing relates to this verse. Rachel McDonough is a Certified Financial Planner and a Certified Kingdom Advisor. Faith-based investing continues to grow as a movement, and we’re constantly hearing from folks who want to get involved. McDonough says that through our investing we can be ambassadors of Jesus so that investing becomes more than just about risk and return, but it becomes redemptive. McDonough calls attention to the connection between slavery and our investing. When people hear O Holy Night, they don’t often think about slavery. And they almost certainly don’t think about investing. Some of the companies many of us invest in or from which we buy products benefits from borderline slavery or even literal forced labor overseas. McDonough says it’s estimated that the supply chain currently enslaves more people today than at any other time in human history, more than 50 million worldwide. She adds that these are, sadly, people who are indirectly working for you and me because of our shopping and investing patterns. It’s a problem that’s very hidden deep within the supply chain. Some industries plagued by this evil are the coffee, chocolate, seafood, and textile industries. McDonough says that to address this problem, we have to change the way we invest and shop. It’s important for us to research the products we buy and the companies from which we buy them to ensure they’re not benefiting from forced labor. On the investing side of the equation, she notes that there are now numerous organizations that offer faith-based investing options that screen to ensure they’re operating ethically. If we will care enough to slow down and learn about the options, then we can show love for our exploited neighbors across the world by changing how we invest. Learn more about Rachel McDonough and her services at WealthSQ.com. On today’s program, Rob also answers listener questions: ● Could a Christian cost-sharing plan be a better alternative to traditional healthcare insurance? ● When does it make sense to cash in CDs early? ● When is it wise to pay off a mortgage early? RESOURCES MENTIONED:● chministries.orgOne of the most loved and theologically rich Christmas carols is O Holy Night. But is it just about Christmas? The third stanza of that carol boldly proclaims: Chains shall he break for the slave is our brother And in His name all oppression shall cease. Today we’ll talk with Rachel McDonough about how investing relates to this verse. Rachel McDonough is a Certified Financial Planner and a Certified Kingdom Advisor. Faith-based investing continues to grow as a movement, and we’re constantly hearing from folks who want to get involved. McDonough says that through our investing we can be ambassadors of Jesus so that investing becomes more than just about risk and return, but it becomes redemptive. McDonough calls attention to the connection between slavery and our investing. When people hear O Holy Night, they don’t often think about slavery. And they almost certainly don’t think about investing. Some of the companies many of us invest in or from which we buy products benefits from borderline slavery or even literal forced labor overseas. McDonough says it’s estimated that the supply chain currently enslaves more people today than at any other time in human history, more than 50 million worldwide. She adds that these are, sadly, people who are indirectly working for you and me because of our shopping and investing patterns. It’s a problem that’s very hidden deep within the supply chain. Some industries plagued by this evil are the coffee, chocolate, seafood, and textile industries. McDonough says that to address this problem, we have to change the way we invest and shop. It’s important for us to research the products we buy and the companies from which we buy them to ensure they’re not benefiting from forced labor. On the investing side of the equation, she notes that there are now numerous organizations that offer faith-based investing options that screen to ensure they’re operating ethically. If we will care enough to slow down and learn about the options, then we can show love for our exploited neighbors across the world by changing how we invest. Learn more about Rachel McDonough and her services at WealthSQ.com. On today’s program, Rob also answers listener questions: ● Could a Christian cost-sharing plan be a better alternative to traditional healthcare insurance? ● When does it make sense to cash in CDs early? ● When is it wise to pay off a mortgage early? RESOURCES MENTIONED:● chministries.orgRemember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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It’s easy to get rid of a credit card. Just cancel it. But is that the best way? And what if there’s a balance? We’ll answer frequently asked questions about canceling credit cards today on MoneyWise. So you might be tempted to think that you just have to call the credit card company and tell them you want to cancel, but there’s a bit more to it than that, especially if you want to minimize the impact on your credit score. We’ll get into that in a bit, but first, we want to mention that it’s always a good idea to cancel a card you don’t need because it reduces the potential for fraud if the card or number is lost or stolen. WHEN SHOULD YOU CANCEL A CARD? Well, first, when you realize that the card has an annual fee that’s more than the benefits you’ve been receiving, if any. That means if you’re paying a $135 annual fee but you’re only getting $100 a year in rewards, obviously you’ll be money ahead by canceling the card. You should probably also cancel a card when you’re running up and maintaining a balance. If you can’t resist the temptation, it’s probably best to cancel it. And as I’ve told you before, any rewards you might be getting are meaningless if you carry a balance. The interest wipes out any cash back or rewards points for using the card. Now, I mentioned that canceling a card will usually impact your credit score, and folks are always asking why that is. First, you have to understand the five factors that make up your credit score. Your payment history is a big one, whether you’ve paid on time or late, and it makes up 35% of your score. That’s followed by credit utilization: how much you have in outstanding balances versus your total available credit. That accounts for another 30%. Then there’s the length of credit: how long you’ve had each account open. That’s another 15%. New credit counts for another 10%, and finally, your credit mix makes up another 10%. That’s whether you have just a credit card or if you also have a car loan and maybe a mortgage. Lenders feel that having different kinds of credit makes you a better risk. Keeping those in mind, you begin to see how canceling a card will probably lower your credit score because closing that account can affect three of the five factors making up your score, your credit utilization, length of credit, and credit mix. Unless the card is completely maxed out, it will mean you have less credit available. It will also reduce the total length of time you’ve had your accounts open, and it may eliminate one type of credit in your overall mix. All told, canceling a card has the potential to negatively affect 55% of your credit score. So if you want to cancel several cards, it’s best to spread that out, canceling maybe just one every six months to lessen the impact. The effect is only temporary but you don’t want to magnify it by canceling several cards all at once. HOW TO CANCEL CARDS Now, how do you actually cancel a card? Here are the steps. First, redeem any rewards pending on the card. If you just cancel the card, you might lose them. Then you want to pay off any outstanding balance. Technically, you can cancel with a balance, but you’ll still be accruing interest, so paying it off is the real priority. Next, check your card statements for the last few months to see if you have any automatic charges. For example, maybe you have auto-pay set up for your car insurance, various apps or streaming services, and take this opportunity to cancel any you’re no longer using. If you find any you do want to keep, put them on another account. If you miss any, it could result in late fees. Now, you’re finally ready to call the credit card company to cancel. They have different procedures for doing this, so ask for specific instructions. For example, you may have to do it in writing. On the other hand, you may be able to cancel the card entirely online, so check the issuer’s website to see if there’s an online procedure for canceling. If so, follow the directions carefully to make sure it goes through. Then hang on to any confirmation you receive that the account is closed. Now, there’s still one more step to make sure the card has actually been canceled. After about 30 days, check your credit reports from each of the three reporting bureaus: Experian, Transunion and Equifax. You can get them for free at AnnualCreditReport.com. If you find that a report still indicates the account is open, you can dispute it online. On today’s program, Rob also answers listener questions: ● What are your options for Medicare supplements? ● When do annuity investments make sense? ● Does it make sense to work with a third party promising to settle your IRS debt? ● Are there any tax ramifications from filing a quit claim deed? ● What are the best conservative alternatives to a savings account? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Today Christians are expressing a variety of considerations and needs as it relates to their financial decisions. We’ll talk about that today with David Spika of Guidestone. David Spika is the Chief Investment Officer at Guidestone, a financial services firm helping those in ministry as well as the broader Christian population. Guidestone is an underwriter of MoneyWise. GuideStone was founded in 1918 to provide financial support to pastors and their widows. And over the ensuing century, it has become a multi-line financial services firm, providing insurance, retirement, and investments to Christians, institutions, and Christian individuals. GuideStone is the largest faith-based investment firm in the country. They manage more than $18 billion dollars in total. Spika says its mission and vision for helping Christian investors are based on three verses: 1. The Great Commandment found in Matthew 22: Love the Lord your God with all your heart and with all your soul and with all your mind.’ This is the first and greatest commandment. And the second is like it: Love your neighbor as yourself.’ All the Law and the Prophets hang on these two commandments.2. The Great Commission in Matthew 28: Therefore go and make disciples of all nations, baptizing them in the name of the Father and of the Son and of the Holy Spirit, 20 and teaching them to obey everything I have commanded you. 3. Essence of the Gospel found in John 3:16: For God so loved the world that he gave his one and only Son, that whoever believes in him shall not perish but have eternal life. Spika also explains how GuideStone helps Christians to invest with confidence that their money isn’t being used by the companies they invest in to do or support things contrary to biblical values. He also details how the organization uses shareholder advocacy to encourage those company management teams to operate in a more Christlike fashion. And he explains what he calls impact investing. That is proactively investing in companies that are doing good around the world and helping to spread the Gospel. To learn more about GuideStone and its services, visit.Guidestonefunds.com. On today’s program, Rob also answers listener questions: ● What are the tax implications of I-bonds? ● Is it possible to have a will made for free? ● How should you go about tithing on a business? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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We’ve been getting a lot of questions about I-Bonds lately, and today on MoneyWise, we’ll explain what they are and how you can benefit from them. There’s no question that I-Bonds became hugely popular in 2022. If every cloud has a silver lining, then the silver lining in the cloud of inflation is the I Bond, because the I stands for inflation, and its interest rate is pegged to the Consumer Price Index. This past year, inflation skyrocketed and so did the interest rate paid by I-Bonds. That interest rate is recalculated every six months, so for a good part of 2022, I-Bonds were paying an incredible 9.62% interest. Now, they tell us that inflation has come down somewhat, so the latest six-month period of November through April of 2023 has I-Bonds paying less, but still a very healthy 6.89%. That’s way more than you can get with any bank savings account. ARE I-BONDS SECURE? And I-Bonds come with as much security as you can get in this world. Issued by the Treasury Department, they’re backed by the full faith and credit of the U.S. government. They’re also exempt from state and local income taxes, which makes them an even better investment if you live in a state or city with high-income taxes. When inflation hammers the stock and bond markets, you’d think that investors would move all of their money into I-Bonds. But you can’t. You can only buy up to $10,000 worth of I bonds a year through the government’s TreasuryDirect website and another $5,000 a year with your tax refund for a total of 15,000 per person. WHO CAN BUY THEM? You’d also think that investors around the world would flock to I-Bonds, but they can’t. To purchase them you need to be: a U.S. citizen, a U.S. resident, or a civilian employee of the U.S. government, regardless of where you live. Some trusts and estates can also purchase I-Bonds, but corporations can’t. HOW I-BOND INTEREST RATES ARE CALCULATED Let’s drill down a little deeper into how the interest rate of I-Bonds is calculated. The rate you’re paid is called the composite rate. That’s a combination of the current fixed rate of .40% plus the current inflation rate of 6.48%. Put em together and you get the current composite rate of 6.89%. Your I-Bond earns interest on a monthly basis, and that interest is added to the principal of your bond every six months, allowing your money to compound over time. However, you don’t actually get access to those interest payments until you cash in the bond. ACCESS TO YOUR FUNDS Also and this is why you wouldn’t include I-Bonds in your emergency fund you can’t cash them in for a full year after purchase. And if you cash them in from 1 to 5 years of purchase, you’ll lose the prior 3 months' worth of interest. After 5 years, there’s no penalty for cashing them in. WHAT ABOUT MATURITY? I-Bonds have a 20-year original maturity period and an extended period of another 10 years for a total of 30. After 30 years, your I Bond has earned you all the interest it can, and there’s no reason to hold it any longer. HOW ARE I-BONDS TAXED? While I-Bonds are exempt from state and municipal income taxes, they are not exempt from federal taxes with one exception. If you cash in a bond to pay for qualified higher education expenses, the interest you’ve earned may be exempt from federal taxes. One more important thing to know about I-Bonds and taxes: The owner of the bond always has to pay the tax. That means if someone else bought the bond and gave it to you as a gift, you pay the tax on it when you cash it in. BOTTOM LINE So to recap, I-bonds have three major benefits. First, they’re designed to protect your money from the ravages of inflation. It’s almost a given that money held in a bank savings account will lose some purchasing power. Not so with I-bonds. When inflation goes up, so does the interest paid on an I-Bond. Second, and certainly unlike the stock market, I-Bonds have as close to zero risk of default as you can get since they’re backed by the federal government. And finally, they’re exempt from state and local income taxes and possibly federal income taxes if you use them to pay for college tuition and fees at a qualified institution.All of this means you should consider I-Bonds as part of your overall financial planning. On today’s program, Rob also answers listener questions: ● What is the best way for a parent to give home equity to adult children as an inheritance? ● What are your options for leaving an inheritance to a charity? ● When does it make sense to pay off your home early? RESOURCES MENTIONED:● Find a Certified Kingdom Advisor● NCFgiving.orgRemember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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We all know the cost of living has risen this year, but I have a question for you: Do you know what your personal cost of living is? Just ahead, we’ll explain how to calculate it and why that’s important. Every now and then, we devote the opening segment of the program to talking about the financial basics. Our framework for those discussions consists of the five things you can do with money. You can earn it, live on it, give it away, owe it to someone, or grow it for the future by saving and investing. Just about anything related to money will fall into one of those five categories: Earn, live, give, owe, and grow. Today, we’re focusing on using money to live on that is, the money you need for your monthly expenses, plus a few other expenses that only come due from time to time. COST OF LIVING Now, because of inflation, we’ve all paid higher prices at the gas pump and the grocery store, and in lots of other places. The federal government issues a report each month on the overall cost of living. And while that report is helpful in some ways, it doesn’t tell you anything about you and your household. What you really need to know is your personal cost of living. That is, how much does it cost each month to put food on your table, keep a roof over your head, and pay other expenses? Knowing your personal cost of living can help you construct a realistic spending plan or budget. A realistic plan is one that matches the reality of your cost of living and still has some cushion built in for other important financial obligations. You don’t need fancy software to calculate your cost of living. You can do this with a pencil and paper. CALCULATING YOUR PERSONAL COST OF LIVING First, write down your monthly giving. For a Christian, giving should be a priority, so make that first on your list. Next, put down how much you’re saving each month for general emergencies. So, carve those two areas out upfront: giving and savings.Now, start a separate column for your various living expenses Begin by listing all your fixed expenses. That would typically include things such as your mortgage or rent payment, a car payment if you have one, and any bills or debts for which you pay the same amount each month. For bills with variable amounts each month, you’ll need to calculate monthly averages. To do that, get the last 12 months’ worth of those bills. For each account, calculate the total yearly cost, then divide by 12 to get a monthly average. Then list those monthly averages in the same column with the fixed expenses that you’ve already written down.You’ll also need to figure out and write down your monthly average for transportation costs, including gas and, if applicable, subway or bus fare. Next, take into account things that occur only every so often such as car repairs and household repairs. Look back over the past year and figure out a monthly average with those items too. For example, if you had a car repair this year that was $1,200, that works out to an average of 100 dollars a month. Also, think about regular bills that come due only once or twice a year, such as property taxes and insurance payments. Calculate monthly averages for those too and add those averages to your list. And there’s one more thing to include. You need to take account of your gift-giving. Total up what you spend on gifts over a year including Christmas and divide it by 12 for a monthly average. Now, here’s the easy part. Simply add up all your fixed expenses and the various monthly averages for variable expenses. The total is an estimate of your average cost of living. Because it’s an average, the amount won’t match your actual spending in any given month, but it’ll give you a good ballpark idea of your monthly needs. Next, do one more thing: take that monthly cost of living figure and add in the giving and savings amounts you listed earlier. If that total exceeds what you’re bringing in, you know you need to cut expenses somewhere because your outgo is exceeding your income. With a new year just around the corner, this is a great time to go through this little exercise of figuring out your cost of living so that you can adjust your budget accordingly for 2023. Sure, doing the calculations will require a little effort on your part, but what you learn about your personal cost of living will help you make the most of what you have in the year ahead. On today’s program, Rob also answers listener questions: ● How do you determine whether to take Social Security benefits now or wait for a later age? ● How can you prepare yourself to buy a home after bankruptcy? ● What is the best way to search for college scholarships? ● Does Christian credit counseling affect your credit score? ● Does borrowing money from a TSP account affect your investment? RESOURCES MENTIONED:● FastWeb.com● Scholarships.com● Niche.com● Christian Credit CounselorsRemember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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English statesman Francis Bacon once wrote, Money is a great servant but a bad master. Either we can control money or it can control us. Today on MoneyWise, we’ll talk about how you can make money a great servant. We hear a lot that money can’t buy happiness. But it’s often followed by a joke along the lines of, Sure, but it makes misery more comfortable. The truth is that even thinking that money can buy happiness can make matters worse. 1 Timothy 6:10 reads, For the love of money is a root of all sorts of evil and some by longing for it have wandered away from the faith and pierced themselves with many griefs. Expecting that more money will always make your life better is a recipe for disappointment or worse. MONEY AND HAPPINESS The Ron Blue Trust has a great article on this. It points out that there’s a disconnect between what the world says and what the world does. It may tell you that "money can't buy happiness," but then it tries to convince you that it can. TV commercials are notorious for conveying the message that buying the latest car, clothes, or gadget will make your life better. Of course, you need money to buy those things, so what is the commercial really saying? That more money will make your life more enjoyable. But often the reverse is true. More money can actually lead to less joy in your life. The greater your wealth, the greater the burden it can put on your life if things begin to own you instead of the other way around. How do we know it’s true? We can listen to folks who had more money than they knew what to do with. John D. Rockefeller, who amassed about $420 billion with his Standard Oil Company, said plainly, "I have made many millions, but they have brought me no happiness." Henry Ford founded the Ford Motor Company and at his death in 1947, he was worth around 200 billion in today’s dollars. What did he say about having vast wealth? "I was happier when I was doing a mechanic's job." Of course, Scripture has its own story. King Solomon, whom the Bible tells us was the richest man who ever lived, writes in Ecclesiastes 5:10, He who loves money will not be satisfied with money, nor he who loves wealth with his income, this also is vanity. So those are all people who experienced great wealth but none of the joy that we expect to come with it. In his book, Generous Living, Ron Blue says this is based on two wrong assumptions. First, that more money will give you more freedom and satisfaction. Second, that more money will take away your fear of not having enough. But in reality, more money often just creates new problems. Ron put it like this, quoting now "Since there are always unlimited ways to spend limited dollars, it doesn't matter whether you make $20,000 or $200,000 per year. You will always have choices to make. More money simply means more choices. And more choices mean more complexity, more confusion, and more time spent mulling over options. Taken together, all of these things add up to less freedom." Okay, so instead of reducing fear, having more assets can actually increase it, because the more you have in your home or investment accounts, the more you have to lose. We see that panic every time the stock market takes a dive, as it did this year. WHAT’S THE ANSWER? So what’s the solution? It’s what we say time and time again, the only way to get rid of your financial fears is to acknowledge that it’s not your money. When you fully assume your correct role as steward of the resources God entrusts to you, you begin to put your trust in Him, not money. The Lord will always provide for your needs. What He expects in return is that you honor Him with the way you use it. And that includes managing it wisely and being generous to those less fortunate. There’s nothing wrong with enjoying God’s provision. He wants that for us. But things quickly turn bad when we expect our bank accounts to take away fear and give us peace and security. Only God can do that. On today’s program, Rob also answers listener questions: ● Is there a way to get out of a timeshare? ● Should a church invest money?● What is the best way to invest for retirement as an entrepreneur? ● What’s the wisest way to sell a business without paying a painful amount in taxes? ● What is the best way to invest money in the current market? RESOURCES MENTIONED:● Betterment● Wealthfront● Schwab Intelligent Portfolio● National Christian FoundationRemember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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There are ten thousand banks and credit unions these days where you can open an account, but not many allow you to directly serve the Kingdom with your savings. Aaron Caid is the Chief Marketing Officer at Christian Community Credit Union. At CCCU, Aaron is able to align his faith with years of financial services experience.CCCU has a long history and just celebrated 65 years this past summer. It was founded by several Baptist pastors in California to help find financing for churches. CCCU expanded since then to serve Christ followers. Whether it’s a church needing financing for a new building, a couple purchasing their first home, a student opening their first checking account, CCCU is here to help their members manage their money wisely.CCCU’s values are rooted in Scripture. Matt 22:37-38 Love the Lord your God with all your heart and with all your soul and with all your mind.’ This is the first and greatest commandment.Home and business mortgages, auto loans, checking accounts, savings accounts - are just a few services that CCCU offers. They have better rates and lower fees. CCCU partners with businesses to help business thrive and to build your business and help your ministry expand and therefore help the kingdom grow.As a faith based, not-for-profit member owned, CCCU products are designed to help their members thrive financially, but they also look at supporting Christian missions and causes that their members care about. You can join CCCU through your affiliation with your Christian church, ministry or school; join our charity partner Christian Alliance for Orphans, or join through a family member that is already a part of the CCCU. Become a member here.The money you deposit in the Credit Union helps churches grow, ministries expand, and individuals thrive. Whether it’s constructing or remodeling a new church building or funding a home loan, your money is working in the Christian community. On this program, Rob also answers listener questions: ● My mix in stock, both short and long term, has lost 20% in the last year. I pulled out much of my money and put it into I Bonds. Should I have done that?● Through work I’m enrolled in a HSA, but my husband is in a FSA. But I’m told that this is not compatible. What should I do? Resources mentioned CCCUFind a CKASound Mind Investing Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Most people understand that time has value. Maybe that’s why we often use the expression, spendingtime.When we understand the value of our time, we tend to change the way we spend money. So we’ll help you figure out what your time is worth. God values our time. Psalm 90:12 reads, Teach us to number our days that we may get a heart of wisdom. And James 4:14 admonishes us to make the best use of our time today. It reads, You do not know what tomorrow will bring. What is your life? For you are a mist that appears for a little time and then vanishes.To figure what your time is worth you need to see what you really earn per hour, take the total or gross amount you put down on your last tax return. Now subtract anything you paid in taxes plus the income tax you paid. That will leave you your net earnings.Here’s an example let’s say you earned a total of $52,000 and you paid $10,000 in Social Security, Medicare and income taxes leaving you with $42,000. Next, you divide that $42,000 by 52 weeks, you get roughly $800. That’s what you need each week. If you work 40 hours a week, divide 800 by that number 40 and you get $20 an hour. That’s your real hourly wage.It’s important to understand what your time is worth in dollars dollars that you spend then we see how long you have to work to buy something.When you know what things really cost. You’ll be far less likely to give in to impulse spending. Some economists are now calling this value-based spending. As your time becomes more important to you you’ll free up money that you can spend in areas that have more value.That means paying down debt, building an emergency fund, saving for your next car, investing for retirement or the kids’ college, any number of things.As you understand your value-based spending you might want to overhaul your budget and when you do that you’ll find yourself with more money. You’ll cut back in some categories and re-allocate money to others that’ll help you in the long term and this will include giving more generously.It will also help to memorize and meditate on Proverbs 21:20, Precious treasure and oil are in a wise man's dwelling, but a foolish man devours it. On this program, Rob also answers listener questions: ● When setting up an I Bonds which account should I use, checking account or saving account?● I have a $100,000 life insurance policy with a long term rider, this policy has a cash value of $17,000 cash value. Should I take this $17,000 and put it somewhere else where it can grow?● My Inheritance is currently sitting in my bank and not gaining any interest, can I place it somewhere it can grow while keeping it liquid to use in the next 2 yr?● What does the Bible say about student loan forgiveness?● I have an annuity at my bank, should I transfer it into a ROTH or traditional IRA? Resources mentioned National Christian FoundationChristian Credit CounselorsFind a CKAChristian Healthcare Ministries Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Do not neglect to do good and to share what you have, for such sacrifices are pleasing to God. Hebrews 13:16 God’s Word has a lot to say about being generous but it also repeatedly cautions us to be wise in our affairs. We’ll talk about how you can be both wise and generous Despite uncertainties about the economy, let’s look at how we can be generous at year-end. It’s a time to be thankful for God’s provision and to show our gratitude.Psalm 106:1 tells us, Praise the Lord! Oh give thanks to the Lord, for he is good, for his steadfast love endures forever.We want to show our gratitude with our giving. But this isn’t just about writing checks to various ministries with funds we have left over when all the December bills are paid. We must also be wise about our giving. Proverbs 3:13 teaches, Blessed is the one who finds wisdom, and the one who gets understanding.The first step in becoming a wise giver is taking some time to think and pray about where to give. ● Your local church● Ministries you are passionate about○ Missionaries○ Distributing Bibles○ Crisis pregnancy centers that offer alternatives to abortion How do you find ministries that are doing the work you’re passionate about? Make sure that the ministries you support are, first, efficient, meaning that administrative costs are kept to a minimum and, second, that they’re effective and actually making a difference. The National Christian Foundation can guide you through the process and make excellent recommendations. Also Another at ministries through the Evangelical Council for Financial Accountability.ECFA provides accreditation to Christian businesses and ministries that adhere to standards of responsible stewardship, including doctrinal issues, governance, financial oversight, transparency, staff salaries and truthfulness. There are organizations claiming to be Christian ministries that are fraudulent, so be careful. Another good place to check for potential fraudsters is at MinistryWatch.org. MinistryWatch creates profiles for church and parachurch ministries. It identifies organizations and their leadership that may be engaged in misleading behavior, or wasteful spending practices. MinistryWatch also identifies ministries that operate in good faith and are run efficiently.You may want to do some giving outside of Christian ministries. Check out potential charities at Give.org. It’s an arm of the Better Business Bureau that evaluates and accredits charities based on various standards including: complaints, donor privacy and conflicts of interest. Give.org also lets you file a complaint against a charity, read and write reviews, and get tips on giving. On this program, Rob also answers listener questions: ● I’m going to send a large sum of money to a relative. What is the safest way to do this?● I have 5 rental properties and am looking into an LLC, but my insurance company suggested an umbrella policy. What’s your advice?● We’re living with the in-laws until we can afford a house. We’re close to affording a townhome, but now in-laws are in a financial deficit. How do I care for my immediate family and now extended family? Resources mentioned ● National Christian Foundation● ECFA● Ministry Watch● Give.org● Eventide Investments Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Would you invite strangers into your house to pour over your personal financial details right down to the penny? If you die without a last will and testament, there could be a great burden placed on your loved ones. We know from God’s Word that leaving an inheritance is good. Proverbs 13:22 tells us, A good man leaves an inheritance to his children's children, but the sinner's wealth is laid up for the righteous.How you leave an inheritance is important.More than half of Americans think that estate planning is important, but only a third of them have a will or living trust. Drafting a will is inexpensive. A will doesn’t have to be complex, it just needs to clearly lay out how you want your possessions divided among family members, friends and/or charities.It should also specify who you want to have guardianship of your children in the event both you and your spouse should die. It also names an individual, or executor, to oversee the process of distributing your assets and possessions. A will also gives you the opportunity to explain why you’re leaving your assets as you’ve chosen. It can answer a lot of questions and help eliminate family squabbles. The average price range for a will is $300 to $1000. Online will kits are cheaper, but can carry a risk of missing something that a good attorney will include.Along with a will you should also consider designating someone with a financial power of attorney. This allows you to name a trusted individual to make financial decisions for you should you become incapacitated.You can also set up a medical power of attorney. It gives someone the authority to make decisions about your health care if, again, you aren’t able to make them yourself. It’s sometimes called a medical or health-care proxy.You may also want to include an advance directive that specifies your wishes about being put on life-support equipment in the event of a terminal illness. Make sure you name beneficiaries for your retirement accounts and insurance policies. If you hire an estate attorney, someone who deals with this sort of thing all the time, it'll make the process much easier and ensure that it’s done right. On this program, Rob also answers listener questions: ● Been investing for over 15 years since my mid-twenties, had all money in the CFI and F funds, then with several losses I moved money to G fund, I keep getting conflicting opinions. Not sure what to do, do I put my money back in? ● How do you determine if a non-profit organization is legit and their funds go for the purposes they stated?● Purchased an I-Bond a week ago, can I redeem that bond without having any penalty?● I am just under 72 years old, I have an RMD. Is there a benefit for directly depositing to my church or should I have it go to my bank and I write the check to my church? Resources mentioned ● Find a Certified Kingdom Advisor● Christian Healthcare Ministries● National Christian Foundation● GuideStar● Candid● ECFA Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Train up a child in the way he should go; even when he is old he will not depart from it. Proverbs 22:6 It’s important to train our children.Once a year in December we like to tell you about one ministry that’s really doing the Lord’s work and deserves consideration for your year-end giving. We’ll hear from Mario Zanstra, who will share about the ministry of Family Legacy Missions International in Zambia. Mario Zandstra is President and CEO of Family Legacy.Family Legacy started 18 yrs ago in Lusaka, Zambia.Currently FamilyLegacy is caring for 14,000 children by feeding them, providing physical care, helping them unpack their trauma and educating them. James 1:27 talks about the widows, the orphans and the vulnerable.37% of the kids served by Legacy Link are single or double orphans (meaning one or both parents have died).All of these kids live below the global poverty line.The median age in Zambia is 16.7 (for your comparison the U.S. median age is 36), children raising children, due mainly to the AIDS epidemic that wiped out 10s or thousands of parents and left a million children orphaned.Four pillars of care for Zambia orphans: ● Spiritual - Family Legacy wants them to understand who Jesus is and respond to gospel ● Physical - Family Legacy provides meals for every child who goes to school; medical care at no cost to them or families● Emotional - most of these kids are dealing with trauma● Education - the children grow in the knowledge and wisdom of God and they learn how to read and write Legacy Academy consists of lower schools (1st - 6th grades) and upper schools (7th-12th grades) and then they have an opportunity to go to Excel Beyond. And some of their kids are going to private schools for college prep.Many of their students are scoring above the government school children.Family Legacy is launching a literacy program.Partnering with Hope International and Save the Children.They are helping the kids understand what saving means so they can start their own microbusiness.$500,000 challenge grant; help provide sponsorships for kids that aren’t sponsored. FamilyLegacy.com. $20,000 gift will send 40 kids to school for a year.To learn more about the work of Family Legacy, visit FamilyLegacy.comOn this program, Rob also answers listener questions: ● I’ve been laid off since COVID, am living off my credit cards, and have about $10,000 in debt. What should I do to climb out of debt?● Long term investor getting close to retirement (2 yrs). What are your insights for the current downturn? Resources mentioned ● Find a Certified Kingdom Advisor● ChristianCreditCounselors.org● Eventide Investments● Praxis Mutual Funds Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Do not heap up empty phrases as the Gentiles do, for they think that they will be heard for their many words. Matthew 6:7. Fortunately, Jesus didn’t stop there. He goes on to give us the Lord’s Prayer as the way we should bring our needs to God. But do we sometimes skim over part of it the part about provision? We’ll talk about that today on MoneyWise. Let’s talk about the place in the Lord’s Prayer (Matthew 6:11) where Jesus instructs His disciples to pray Give us this day our daily bread. It’s a very important verse that we tend to take for granted. Jesus is teaching His us that God is our provider and we’re to ask Him to provide for our needs, and the most basic physical need is food. Our friend, Pastor David Platt has written about this, reminding us that the verse is intended to destroy our pride. How often do we ask God to provide us with the food and water that we’ll need today? And to thank Him for doing so, especially these days when prices are so high? When we say those words in the Lord’s Prayer, do we really mean them? I think sometimes we’re just reciting words, because we forget that only God can provide us with the food and water we need to survive. He owns everything. We may think that our actions, earning and saving money, provide those things, but that’s never the case. Even our ability to earn money comes from God. We’re only reminded that God is our real provider when we sense that those things are about to be taken from us and we begin to feel hunger and thirst. But this is about more than making money to buy food. We hunger for many other things in this world peace, love, purpose, healthy relationships, you name it. The Lord’s Prayer is an example of how we should pray for all of those things. Jesus wants us to go before our Holy Father in prayer and ask for everything we need, humbly admitting that only He can provide them. Give us this day our daily bread probably had more immediate importance 2,000 years ago when famine was always a real possibility. It may seem like an odd request to us because we live in the richest nation in history. Most of us, with some exceptions, never worry about where our next meal is coming from. It seems especially odd when many of us actually need less food, not more. But it’s still important to pray for God’s daily provision, even in America, because that prayer will keep you from thinking that you can provide for your daily needs without God. In other words, it’s a bulwark against prideful thinking. Jesus knew that we’re prone to that kind of thinking. That’s why those words are in the Lord’s Prayer, and that’s why we should take them seriously. All this really shows how dangerous materialism can be. We should take a hard look at how much we’re conforming to disturbing trends in western Christianity. Maybe we really believe that we can sustain our lives all on our own, and that’s a reason that many of us are so casual about prayer in general. In addition to a warning about pride, Jesus is also telling us that our Father in heaven wants to give us every good and perfect gift. A few verses later in Matthew 6, He tells His disciples, Seek first the kingdom of God and his righteousness, and all these things will be added to you. What that means is that we don’t really need to worry about bread or water or money. We need God, and prayer reminds us of that and of God’s promise that He’ll provide all of those things. In his article about this, David Platt goes on to say that in today’s wealthy culture, we should ask God to deliver us from what he calls self-sustaining Christian lives. We must acknowledge daily that we can’t sustain ourselves. Of course, with every believer, that begins by admitting that we need Christ as our Savior. But it must extend into all areas of our lives that we need God to sustain us with even our most basic needs. And that’s how we can avoid the pride that comes from materialism. No matter how much money we make, how big the house we live in, or how fancy the car we drive, we don’t really need those things. We only need God. So when we say those words, Give us this day our daily bread we need to really mean them and thank God for providing it. And one more thing: We can show our thankfulness through generosity. Giving breaks the power that money has over us and demonstrates our faith that God will meet our needs. The economy is sketchy these days. Folks are worried about rising interest rates, inflation and the stock market. But don’t let those anxieties cause you to doubt God’s promises, and you can do that by praying for your daily bread.. On today’s program, Rob also answers listener questions: ● How can you help a friend who is injured and unable to work? ● What can you do to deal with credit card debt when you’re only able to make the minimum payments? ● How do you determine how to divide money between buying a car and investing in a property?● What is the best way to invest for the future on behalf of a minor? ● How do you determine if it’s ethical to buy a product from an online vendor after a free trial from a local vendor? RESOURCES MENTIONED:● SSA.gov● Christian Credit CounselorsRemember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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We all want to align our faith with our investments, but are you only thinking of what to invest in or avoid? There are many ways you can make a real difference for the Kingdom and provide for your family. We’ll talk about that with Mark Regier today. Mark Regier is Vice President of Stewardship Investing for Praxis Mutual Funds. He’s been working in the field of faith-based investing for over 25 years. Romans 12:2, Do not conform to the pattern of this world but be transformed by the renewing of your mind. Reiger says this is a powerful scripture because it can challenge us as Christians to be both humble and diligent, prudent and innovative, slow to anger, and committed to community. We should keep that verse in mind and see it as a challenge for how we approach the task of investing. Reiger has worked in the field of faith-based investing for a long time. He says there are many reasons why it’s taken so long for people to recognize there are a lot of ways to make an impact for Kingdom values. There is a long history of Christians reflecting their values only through screening out certain stocks, which has limited real impact. There’s also exciting, newer work being done through targetedoften privateinvestments seeking to build the kingdom, but they come with higher risks and limited access, often available only to high-net-worth investors. But today, a whole range of impact investing strategies are available to everyday investors that can make a meaningful difference in the world for Kingdom values. At Praxis, they integrate seven different impact strategies into as many of our five mutual funds as possible. But Reiger says Impact Bonds can also be used for shareholder advocacy. On today’s program, Rob West and Mark Reiger also explore what Impact Bonds are and how they can be used for kingdom purposes, as well as the definition and importance of shareholder advocacy and engagement. For more information, visit PraxisMutualFunds.com. On today’s program, Rob also answers listener questions: ● What is a single-life annuity? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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It’s easy to think that having more money will solve your problems. But God’s Word says that wisdom is far more valuable than even gold. We’ll talk about that with Jim Newheiser today.

Jim Newheiser is a former financial consultant and a gifted author of several books on biblical finance.

Today, we’re diving back into his latest book, a 31-day devotional titled Money: Seeking God’s Wisdom.

Okay, Jim, so on Day 30 of his devotional, he writes about how priceless wisdom is far more valuable than money.

Newheiser says it has been his observation over many years of ministry that people invest their time and money in what their hearts most treasure. As Jesus said, Where your treasure is, there your heart will be also (Matt. 6:21).

Many in our materialistic world place ultimate value on money and on the possessions and experiences it can buy. Proverbs 16:16 tells us that God’s wisdom is better than earthly treasure.

We obtain God’s wisdom through His Word. Scripture also teaches us that Jesus Christ is wisdom personified, in whom are hidden all the treasures of wisdom and knowledge (Col. 2:3).

HOW SHOULD THESE VERSES MOTIVATE US?

We should pursue Christ and the wisdom of God’s Word the way that unbelievers pursue money. If a prospector is convinced that there is gold in a certain area, he doesn’t have to be prodded to go and search for it. His love for gold motivates him to get up early and dig hard.

In the same way, when we truly believe that God’s Word contains the treasure of wisdom by which our lives will be enriched, we will gladly find the time to read it. We will dig deep, through study and meditation, so that we can find the nuggets of understanding that will enrich our souls.

WHAT ELSE DOES PROVERBS SAY ABOUT THE POWER OF WISDOM?

Proverbs also uses the analogy of wisdom being a lover or the soul’s true bride. Do not forsake her, and she will keep you; love her, and she will guard you (Prov. 4:6).

Men or women who are in love don’t merely spend time with their beloved as a matter of duty. Rather, they will do whatever is necessary to enjoy as much time as possible with the person with whom they are smitten.

Scripture acknowledges that there are benefits to possessing earthly wealth, including the greater opportunities to enjoy God’s earthly gifts that it presents. But these blessings pale in comparison to the spiritual blessings that are gained by the person who chooses to doggedly pursue God’s wisdom. As the book of Proverbs lays out, His wisdom enables us to live wellin our vocations, our families, our friendships, our speech, and our every relationship.

It’s sometimes difficult to remember that when we see others ignoring God’s wisdom yet prospering by worldly standards.

While the wealth of a rich man may offer him a greater measure of earthly security, like the walls of a fortified city (see Prov. 18:11), The name of the Lord is a strong tower; the righteous man runs into it and is safe (Prov. 18:10). Earthly treasure does not always keep one safe. It can be stolen or lose its value. Or its owner can lose his health or even die. Those who trust in God receive His help in this life and everlasting security in the life to come.

HOW DO WE APPLY THE TRUTH ABOUT THE VALUE OF WISDOM TO OUR LIVES?

You need to ask yourself, How is what you treasure reflected in how you spend your time and your money?

And reflect on this truth: An eager pursuit of God’s wisdom can change your life, enabling you to live well and reorienting your perspective on your financial troubles.

Then you’re ready to act. What can you change in your schedule and your budget to reflect your faith that God’s wisdom is more valuable than silver or gold?

On today’s program, Rob also answers listener questions:

● What are the pros and cons of investing in gold? ● Is there an affordable way to buy auto insurance for a teenager? ● Is it wise to borrow against your 401k to pay off credit card debt? ● Do you need to sign up for Medicare Part-B if you still have employer healthcare coverage?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Proverbs 31:16 provides a model for investing, She considers a field and buys it; with the fruit of her hands she plants a vineyard. That, of course, is a reference to the excellent wife. With great intention, she chooses an investment that benefits her family and others. Today we’ll talk with Cole Pearson about how we can all be excellent investors.

Cole Pearson is President of Investment Solutions at OneAscent, which is actually a family of companies that fill an important space in values-based investing.

The name OneAscent is derived from John 3:13-15, which states, No one has ascended into heaven except he who descended from heaven, the Son of Man.g And as Moses lifted up the serpent in the wilderness, so must the Son of Man be lifted up, that whoever believes in him may have eternal life.

And OneAscent’s mission is based on Ephesians 2:10: For we are his workmanship, created in Christ Jesus for good works, which God prepared beforehand, that we should walk in them.

Pearson says OneAscent’s goal is to elevate companies that are helping people around them flourish.

Part of that process is to eliminate from your investment portfolio companies that are causing harm, such as those that promote abortion or other values clearly misaligned with biblical wisdom. The goal is to get those out of the way in order to focus on the companies that are furthering the Kingdom or are at least productive and not causing harm.

Investors are often unaware of the companies represented in their investment portfolios and what they stand for. OneAscent uses technology and processes to solve that problem.

Pearson also says that when they look at a company for investment, they’re evaluating many factors, including, morality, return, the macro environment, the business cycle, and sustainability.

To learn more about OneAscent’s investing solutions, visit investments.oneascent.com.

On today’s program, Rob also answers listener questions:

● How do you determine when you’re financially prepared to retire? ● Are you limited on how much you can earn to still receive your Social Security retirement benefits?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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One number can save you a lot of money: Your credit score. But how do you go about building or improving credit? We’ll tell you today on MoneyWise.

Your credit score is how lenders judge you. The higher your credit score, the lower the interest rate you’ll be offered when you apply for loans, credit cards, and mortgages. That much you probably knew.

What many people don’t realize, however, is that these days, your credit score may also determine what you have to pay for home and auto insurance.

And increasingly, employers are using candidates’ credit scores in their hiring decisions. A candidate with a high credit score might be offered a job over someone else, all other qualifications being equal. That also translates to more money in your pocket.

To build or raise your credit score, the first thing you should do is get a basic understanding of how the credit system works. And for our purposes, let’s concentrate on your FICO credit score since it’s the one most lenders use.

It’s based on the information held in your credit reports at the three credit bureaus, Experian, TransUnion, and Equifax, and ranges from 300 to 850.

Anything lower than 580 is poor. A score between 580 and 670 is fair. A score from 670 to 740 is good. A very good score is anything between 740 and 800. And if you have a number higher than 800, you have an excellent score.

Your score indicates the likelihood that you’ll repay money that’s loaned to you.

That number is based on five factors:

1. Your payment history and whether you’ve made any late payments
2. the length of time you’ve had each account
3. Your balances versus your available credit
4. The types of accounts you have
5. And the number of new accounts.

But what if you don’t have any of those items in your credit report? It’s a chicken and egg kind of thing

You can build credit by opening a secured credit card. It has a credit limit equal to the amount of money you deposit in a designated savings account, and the bank uses that as collateral. It will then allow you to make charges on the card up to that limit. But you don’t want to do that. Instead, just make one routine (budgeted) charge a month and then pay it off in full when the bill comes in.

Now, you want to make sure the card is one where the bank reports your activity to the credit bureaus. That’s usually the case with secured cards, but check to be sure. Once you start using the card the way we described, you begin to build a solid credit history.

You can also get something called a credit builder loan. If you go to the website Self.inc they’ll help you set it up. By the way, you can also get this type of loan from some banks and credit unions.

Here’s how it works: You apply for and get the loan, usually the amount is from $300 to $1000. When approved, you don’t actually get the money. It’s put into a CD and you make monthly payments that are reported to the credit bureaus as loan payments, building your credit history in the process.

When the loan’s paid off, you get the money you’ve paid into the CD plus a little interest minus a fee the bank charges. So it works like a secured credit card, but for an installment loan. Having both would build a favorable credit history and score even faster.

You can also become an authorized user of someone else’s credit card to build a credit history. Usually, that’s a parent or some other family member. Just make sure that person has a solid credit score.

And you don’t have to actually use the card. As long as the primary owner uses it and makes regular, on-time payments, you’ll get the benefit of good reporting on your credit.

If you have a low credit score, the steps to increase it are simple. Make all of your payments on time. Pay extra so you reduce the amount owed versus your available credit. For credit cards, you always want that below 30%. Do that and your score will begin to rise. Of course, it takes time to build or establish a good credit rating so you have to be patient.

On today’s program, Rob also answers listener questions:

● Does it make sense to put a portion of your savings into an I-bond? ● Is it okay to accept a financial gift from your adult children? ● How should you handle or invest a large sum of money from the sale of a house? ● How can you ensure that you’re getting the best possible auto insurance rate?

RESOURCES MENTIONED:

● Treasurydirect.gov ● Thezebra.com ● PolicyGenius.com

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Benjamin Franklin said, A penny saved is a penny earned. That is a crucial insight into good money management. We’ll explain why today on MoneyWise.

On Mondays, as we start our broadcast week, we sometimes like to go back to basics and talk about one of the five things you can do with money:

You can earn money, you can live on it, you can give it away, you can owe it to someone, and you save and invest it.

So those are the five: earn, live, give, owe, and grow.

Today, we’ll focus on the first of those: earning but we’ll do it today in a non-typical way.

Normally, when you think about earning, you think of getting a paycheck or perhaps receiving a pension or a benefit. But we want to home in on Ben Franklin’s words that I quoted a minute ago: A penny saved is a penny earned.

Now, if Mr. Franklin was living today, he might say, A dollar saved is a dollar earned, but the principle is the same.

A DOLLAR SAVED

Let me give you an example and this is a real-life example from a MoneyWise listener.* His monthly cellphone bill was about $125. He thought he might be able to find a cheaper plan, so he shopped around and compared plans offered by several companies. He found one that met his needs that was only $50 a month.

So he made the change and was able to save $75 a month. That works out to $900 a year.

Now, to return to Ben Franklin’s principle, saving $900 a year is equivalent to earning an extra $900 a year. In fact, it’s slightly better than earning it because if the employer of this MoneyWise listener paid him an extra $900, some of that money would have been taxed away. So $900 dollars saved was a tad better than the same amount earned. When looking at your overall financial picture, it’s helpful to view things through this lens. Always be asking, Are there steps I can take to cut my cost of living? If you can reduce your expenses. That’s just like earning extra money, or even better.

Now, I know what you’re probably thinking: In a time of rapid inflation, how can I cut costs? Well, first, think about goods or services where there tends to be a lot of competition, get a better deal from your current provider if you ask, or you might save by switching to another company. But you have to take the initiative and shop around.

FINDING COST SAVINGS

What about insurance? This is an area in which you might be able to save substantially by comparison shopping, not only for car insurance but also homeowner's insurance, or perhaps a Medigap plan or Medicare prescription coverage. It is not uncommon to find wide price variations in plans and policies that are quite similar.

Another place to cut costs is at the grocery store. The fact is, some grocery chains are more expensive than others, typically because they offer more variety. Try buying all your staple items at a discount grocer and your savings will really add up over time.

Now, you can’t cut your expenses down to nothing. But you may be able to cut more than you realize if you apply yourself. Don’t give up without trying. Who knows how much you might be able to save?

So when it comes to earning money, always consider both sides of the balance sheet. And remember the principle from Ben Franklin: A penny saved is a penny earned.

On today’s program, Rob also answers listener questions:

● How do you determine when it’s the right time to sell your home? ● What is the wisest way to manage or invest a large commission check? ● Is it biblically ethical to take advantage of the federal public service student loan forgiveness program? ● How do you figure out the best thing to do with an inherited property shared six ways? ● Does it make sense to sell your car to pay off high-interest debt?

RESOURCES MENTIONED:

● NCFgiving.com ● The Smart Stepfamily Guide to Financial Planning

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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In Matthew 5, Jesus tells His disciples, Let your light shine before others, so that they may see your good works and give glory to your Father who is in heaven. We have that same calling today as followers of Christ, to share the good news of the Gospel wherever we go, including at work and in the business world. We have some advice today to help you do that.

Business people especially come in contact with many different people, like associates, customers and vendors, and while doing that, they can make a strong witness for Christ.

And that doesn’t mean proselytizing. A better way to interest people in Christ is to act differently than the world. Always acting with absolute integrity and honesty and showing respect and concern for others.

God knows this, of course, and that’s probably why His Word contains so many passages about work. We were ordained to be workers even before the fall. We see work referred to as a gift in Genesis 2 and a gift from God in Ecclesiastes 5. We’re also commanded to work in 2 Thessalonians 3:10.

Work in its different forms is mentioned more than 800 times in the Bible, more than all the words used to express worship, music, praise, and singing combined.

People in the business world have a unique platform through the practice of buying and selling to witness for Christ and leverage their Kingdom influence.

It’s probably not a coincidence that when Jesus called the 12 disciples, many of them owned and operated businesses as tradesmen and commercial fishermen.

And consider where Jesus spent a lot of time during his earthly ministry. Of His 134 appearances, 122 of them are in the marketplace. He also told a total of 52 parables and 45 of them have a workplace context.

And the practice of witnessing in the business world continued with the apostles. Of the 40 divine interventions recorded in the Book of Acts, 39 were in the marketplace. Obviously, the Holy Spirit and the Apostles knew the value of witnessing in the business world.

There’s evidence for this throughout the Bible. In Hebrews 11 we find what’s often called The Faith Hall of Fame. Listed there are the many who were saved by their faith including Abel, Abraham, Moses, David, Samuel, Rahab, and the list goes on.

They weren’t all necessarily business people by today’s definition, but they all used their position and interactions to influence others around them for God. Only one of them was what you might call a religious professional.

In the modern world, we have many examples of business people using their influence to lead others to Christ. In his book, God Owns My Business, Stanley Tamm writes, Although I believe in the application of good principles in business, I place far more confidence in the conviction that I have a call from God. I am convinced that His purpose for me is in the business world. My business is my pulpit.

We also see this demonstrated by the Green family who own Hobby Lobby, the Cathy Family, owners of Chick-Fil-A, the Malloons, owners of Correct Craft, and the Barnhart family, owners of Barnhart Crane Rigging who give away millions.

Then there’s RG LeTourneau, who’s often called the most inspiring Christian inventor, businessman and entrepreneur the world has ever seen. He also gave millions to spreading the Gospel.

And the late Larry Burkett, whose legacy of teaching God’s financial principles we try to carry on here at MoneyWise, was also a successful businessman. Larry also wrote Business By the Book in which he lays out the biblical principles all Christian business people should follow.

Larry was also intimately involved with the Fellowship of Companies for Christ and the Christian Businessmen’s Committee. He passionately believed that your business is your pulpit.

But the opportunity to share the Gospel with others extends to any work situation.

God strategically places His children everywhere. If you work for a paycheck or own a business, big or small, the Lord has given you a position of influence. He wants you to impact your co-workers, vendors, customers, and even your competitors.

You have a unique position in the lives of all those people. With the Holy Spirit, you can help point the way to Christ and salvation. It’s both a duty and an honor we should all gladly be a part of.

On today’s program, Rob also answers listener questions:

● How do you determine whether it’s best to keep a rental property or sell it to pay off debt? ● What is the best way to establish new credit? ● What can you do with funds in a pension account upon leaving a job? ● Should you tithe on an inheritance that someone else has already tithed on? ● How do you determine if you’re eligible for student loan forgiveness?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Today is one of the busiest Christmas shopping days Black Friday. Will you stay in the black or go into the red?

Hi I’m Rob West. With all of the sales hoopla, it’s easy to think some deals are just too good to pass up, so out comes the plastic. Today we’ll talk with Neile Simon about staying out of credit card debt over the holidays.

Neile Simon joins us again today. She’s a Certified Credit Counselor with Christian Credit Counselors, an underwriter of this program.

This has not been a good year for credit card debt.

According to the Federal Reserve Bank of New York, Americans took on an additional $100 billion in credit card debt this year, with inflation as a major contributing reason.

Right now, Americans owe nearly $8.9 trillion in credit card debt. And that’s particularly worrisome with interest rates on the rise. The average interest rate is now just under 19%.

Roughly 60% of Americans with credit card debt have owed it for more than a year. That means they’re paying a lot of interest on that debt.

STAYING OUT OF THE CHRISTMAS DEBT TRAP

Here are some tips to avoid credit card debt this Christmas.

1. If you haven’t set up a spending plan (a budget), that is a must! And now is the time to do it!

2. Determine how much cash you have to spend on Christmas gifts, decorations, entertainment, etc. Make a list of all the people you want to purchase gifts for and determine how much you can spend on each. Then stick to that plan!

3. If you’re shopping at brick-and-mortar stores, try to use cash instead of pulling out the plastic.

4. If you shop online, use a debit card rather than a credit card.

5. Where possible, give homemade Christmas cookies or other baked treats instead of purchasing gifts

6. When you do purchase gifts, obviously take advantage of deals, but remember, it’s not a deal if you can’t afford it.

7. Remind yourself that the Christmas season will be far more enjoyable knowing that you won’t get hit with a big credit card bill in January!

If you already find yourself in credit card debt, Christian Credit Counselors is ready to help.

Their whole operation is based on debt management, not debt consolidation or debt settlement. When they set up a plan for someone, they’re able to pay off their credit cards up to 80% faster while still paying off their full balance.

Their clients make only one monthly payment. And CCC has existing arrangements with all major credit card issuers to lower interest rates dramatically, sometimes down to 2% or 3%. So clients pay a lot less interest overall Christian Credit Counselors is a nonprofit ministry that’s guided by biblical principles. To learn more visit ChristianCreditCounselors.org or call 800-557-1985.

On today’s program, Rob also answers listener questions:

● When, if ever, do index funds make sense?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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English statesman Francis Bacon once wrote, Money is a great servant but a bad master. Either we can control money or it can control us. Today on MoneyWise, we’ll talk about how you can make money a great servant.

We hear a lot that money can’t buy happiness. But it’s often followed by a joke along the lines of, Sure, but it makes misery more comfortable. The truth is that even thinking that money can buy happiness can make matters worse. 1 Timothy 6:10 reads, For the love of money is a root of all sorts of evil and some by longing for it have wandered away from the faith and pierced themselves with many griefs.

Expecting that more money will always make your life better is a recipe for disappointment or worse.

MONEY AND HAPPINESS

The Ron Blue Trust has a great article on this. It points out that there’s a disconnect between what the world says and what the world does. It may tell you that "money can't buy happiness," but then it tries to convince you that it can.

TV commercials are notorious for conveying the message that buying the latest car, clothes, or gadget will make your life better. Of course, you need money to buy those things, so what is the commercial really saying? That more money will make your life more enjoyable.

But often the reverse is true. More money can actually lead to less joy in your life. The greater your wealth, the greater the burden it can put on your life if things begin to own you instead of the other way around.

How do we know it’s true? We can listen to folks who had more money than they knew what to do with. John D. Rockefeller, who amassed about $420 billion with his Standard Oil Company, said plainly, "I have made many millions, but they have brought me no happiness."

Henry Ford founded the Ford Motor Company and at his death in 1947, he was worth around 200 billion in today’s dollars. What did he say about having vast wealth? "I was happier when I was doing a mechanic's job."

Of course, Scripture has its own story. King Solomon, whom the Bible tells us was the richest man who ever lived, writes in Ecclesiastes 5:10, He who loves money will not be satisfied with money, nor he who loves wealth with his income, this also is vanity.

So those are all people who experienced great wealth but none of the joy that we expect to come with it.

In his book, Generous Living, Ron Blue says this is based on two wrong assumptions.

First, that more money will give you more freedom and satisfaction. Second, that more money will take away your fear of not having enough. But in reality, more money often just creates new problems.

Ron put it like this, quoting now "Since there are always unlimited ways to spend limited dollars, it doesn't matter whether you make $20,000 or $200,000 per year. You will always have choices to make. More money simply means more choices. And more choices mean more complexity, more confusion, and more time spent mulling over options. Taken together, all of these things add up to less freedom."

Okay, so instead of reducing fear, having more assets can actually increase it, because the more you have in your home or investment accounts, the more you have to lose. We see that panic every time the stock market takes a dive, as it did this year.

WHAT’S THE ANSWER?

So what’s the solution? It’s what we say time and time again, the only way to get rid of your financial fears is to acknowledge that it’s not your money. When you fully assume your correct role as steward of the resources God entrusts to you, you begin to put your trust in Him, not money.

The Lord will always provide for your needs. What He expects in return is that you honor Him with the way you use it. And that includes managing it wisely and being generous to those less fortunate.

There’s nothing wrong with enjoying God’s provision. He wants that for us. But things quickly turn bad when we expect our bank accounts to take away fear and give us peace and security. Only God can do that.

On today’s program, Rob also answers listener questions:

● Is there a way to get out of a timeshare? ● Should a church invest money? ● What is the best way to invest for retirement as an entrepreneur? ● What’s the wisest way to sell a business without paying a painful amount in taxes? ● What is the best way to invest money in the current market?

RESOURCES MENTIONED:

● Betterment ● Wealthfront ● Schwab Intelligent Portfolio ● National Christian Foundation Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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The story of the Widow’s Oil in 2 Kings 4 reveals a miracle of provision. Can we learn something from it and apply it to our lives? Does God still provide for his people in miraculous ways? We’ll talk about it today on MoneyWise.

We should always have faith that God will provide because He promises to, and He is always faithful. On the other hand, God is not an ATM machine, even though some people misinterpret the Widow’s Oil passage to mean something like that.

It’s often used by proponents of the so-called Prosperity Gospel, or Name it and claim it followers, to imply that God will always answer your prayers with financial or material gain. Of course, that’s not at all what the Widow’s Oil story is about.

Here’s what the passage is really saying, starting with the first verse in 2 Kings 4, Now the wife of one of the sons of the prophets cried to Elisha, Your servant my husband is dead, and you know that your servant feared the Lord, but the creditor has come to take my two children to be his slaves. What can we take from that?

A couple of things, first, that the widow’s husband had been faithful and was deserving of God’s provision. But also, the creditor is acting against Jewish law by abusing a widow and orphans, and further, by threatening to enslave fellow Jews, which was also illegal.

That sets the stage for what follows in verse 2. There we read, And Elisha said to her, What shall I do for you? Tell me; what have you in the house?’ And she said, Your servant has nothing in the house except a jar of oil.’ What can we make of that?

It’s saying that we have a part to play in God’s provision. He expects us to use what we have, even if it’s only one jar of oil. God will often use what we already have to provide, in ways we can’t imagine.

Scripture also has something to say about small beginnings. Zechariah 4:10 reads, Do not despise these small beginnings, for the Lord rejoices to see the work begin. Sometimes we don’t expect God to provide because we lack confidence in the resources He’s already given us. But when we fully grasp that God owns everything and that His resources are unlimited, our faith in His provision will grow and so will our gratitude for what He's provided.

Let’s move on in 2 Kings 4 to verses 3 and 4, as Elisha speaks to the widow: Then he said, Go outside, borrow vessels from all your neighbors, empty vessels and not too few. Then go in and shut the door behind yourself and your sons and pour into all these vessels. And when one is full, set it aside.

There are several lessons here. First, the widow was obedient. She did exactly what Elisha, as God’s representative, told her to do. We must also be obedient as we expect God’s provision. That means following His financial principles found throughout the Bible.

Second, the widow didn’t rely on her own resources. She went to her neighbors and asked for help by providing additional containers for the oil. It’s not always easy to ask others for help when we need it, and we can’t let our pride stand in the way.

And third, we learn that God will put people in your life who want to help you if the need is real and you ask with humility. That won’t always be with money. It could be other resources or maybe important information or advice that will help you turn things around. So again, don’t go it alone.

Okay, continuing on with verses 5 and 6, So she went from him and shut the door behind herself and her sons. And as she poured they brought the vessels to her. When the vessels were full, she said to her son, Bring me another vessel.’ And he said to her, There is not another.’ Then the oil stopped flowing.

Here we see the widow acting with humility. Can you imagine the temptation she must have felt to throw open the doors and tell the neighbors to see what she was doing? But the widow knew it was God’s hand at work, not hers, and she resisted any urge to claim credit for the miracle.

Just one more verse: In verse 7 we read, She came and told the man of God, and he said, Go, sell the oil and pay your debts, and you and your sons can live on the rest.’ Here again, we see that we have a part to play. The widow’s role wasn’t finished she still had to sell the oil in the marketplace and pay off the creditor. But we also see that God provides exactly what was needed.

Not only did the widow have enough to satisfy the creditor, but there was enough left over to live on until her sons could start providing for her, which was the custom of the day. Otherwise, she still would have been destitute and may have gone into debt again. The overall lesson in 2 Kings 4 is that in our weakness we see God’s strength. We’re reminded of our dependence on God.

On today’s program, Rob also answers listener questions:

● What are your options for building credit? ● Should you buy out a vehicle at the end of a lease?

RESOURCES MENTIONED:

● Betterment ● Schwab Intelligent Portfolios Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Raising children and managing money are always a challenge, but even more so for a single parent. For parents on their own, staying on budget and saving for emergencies may seem impossible. But we have some advice to help you out today on MoneyWise.

For single parents grappling with money issues, a good place to start would be with an organization. If you suddenly find yourself taking on the role of a single parent, maybe you weren’t the one doing the bills and handling finances.

So get yourself a folder or binder to start gathering your financial documents. You can expand that to a more extensive filing system as you go. Then, gather up all of your paid bills and keep them in one place. You could use another folder for that, but even a shoebox will work.

Now you need to make up a chart or calendar for all of your bills and the days of the month when they’re due. If you see dates coming up soon and you know you won’t have the money to pay one or more of those bills, contact the creditors and let them know your situation. They may be able to give you an extension or help in some other way.

Keep in mind that it’s never a good idea to run from your creditors. Run toward them instead. This will help preserve your good credit rating.

CREATING YOUR SPENDING PLAN

Now you’re ready to draw up a spending plan. Don’t worry about it being perfect, just do the best you can, and know that it will change in the months ahead.

The free MoneyWise app is a great tool to develop your spending plan. It has three different ways you can set up your budget. One of them will work for your particular situation. You can download it wherever you get your apps.

As you set up your budget, you’ll input your total monthly income and then assign money to the various categories you set up. Besides your recurring bills, these would include your giving, groceries, debt, and other expenses.

You have to keep spending in the various categories to within limits for this to work. We won’t list a percentage for every category today. But just know that you’ll have problems if more than 25% of your take-home pay goes to housing. You shouldn’t exceed 15% on either food or transportation.

Of course, the goal is to have some money left over. You need that margin, or discretionary income, to start building your emergency fund and to invest for the future.

Now, if you discover that you don’t have enough to cover all your expenses, don’t panic. It’s not the end of the world. You have two options: You can find ways to trim your expenses or look for ways to bring in extra money. Or both!

TRIMMING EXPENSES

Let’s start with cutting your expenses. Go over each category in your budget one at a time and think of ways you can cut spending.

The grocery category is often a place where you can trim without sacrificing nutrition. Avoid processed packaged foods and prepare your own meals. Make a list before you go to the store and stick to it. Avoid eating out.

If you can’t cut your cable entirely, can you go to a more basic package? Or one less streaming service? The same with your phone. Can you get by with a less expensive plan?

You need adequate insurance for your home and auto, but if you combine the two, you can probably save money. Once you’ve trimmed all of your categories, you may find that your budget is balanced.

EARNING EXTRA CASH

If not, then you’ll have to look at the income side of the equation. You’ll either need to pick up more hours on your job or look for a second one. If you feel you deserve a raise but you were putting off asking your boss, now is a great time to do it. Employers are still desperate to retain good workers.

A lot more work from home opportunities are available these days, but be careful because there are plenty of scams, too.

And a last word for single parents experiencing financial difficulties, God is with you, regardless of your circumstances. Deuteronomy 31:6 tells you, Be strong and courageous. Do not fear or be in dread of them, for it is the Lord your God who goes with you. He will not leave you or forsake you.

On today’s program, Rob also answers listener questions:

● How can you participate in faith-based investing when just starting out in investing? ● Can you invest for retirement while receiving Social Security disability? ● Can you put an I-bond into a retirement account? ● How can you manage all of the rising costs today? ● How would paying off your car affect your credit score?

RESOURCES MENTIONED:

● Eventide Funds ● Praxis Funds ● Inspire Investing ● Guidestone Funds ● Find a Certified Kingdom Advisor

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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I have said these things to you, that in me you may have peace. In the world you will have tribulation. But take heart; I have overcome the world. Jesus’ instruction to His disciples in John 16:33 is a strong reminder that we live in a fallen world. As followers of Christ, we too will experience hard times, but the Bible tells us how to overcome them. We’ll discuss it today on MoneyWise.

Living in a land of religious freedom, we don’t experience the type of tribulation that followers of Christ experienced through the centuries at least not yet.

We also are the wealthiest country in history, and often, Satan doesn’t attack our weaknesses, but our strengths. When we rely on ourselves, then our strengths become our weaknesses. If money is your stronghold, you become vulnerable.

We don’t know what the economy will do in the months and years ahead. That uncertainty is especially strong right now, and it’s causing a lot of fear. Folks are worried about their investments, inflation, gas prices, and even their jobs.

But to say we don’t know the future is only partially true. We may not know about tomorrow, but we certainly know that as disciples of Christ, our ultimate future is secure. With the gift of grace through faith, we’ll one day be with Him for eternity, joyous and safe from all tribulation.

THREE THINGS TO REMEMBER

It’s important to remember three things about the God we serve:

First, no matter what happens in this world, God is always in control. Not a single molecule moves outside of His divine will. Isaiah 40:28 reads, Have you not known? Have you not heard? The Lord is the everlasting God, the Creator of the ends of the earth. He does not faint or grow weary; his understanding is unsearchable.

Second, as the Creator of the universe, God rightly owns everything, including us. We are only His stewards of what He gives us. We own nothing. Psalm 50:10 and 11 reminds us, For every beast of the forest is mine, the cattle on a thousand hills. I know all the birds of the hills, and all that moves in the field is mine.

Taking this to heart should help us to not cling to our money and possessions but rather to cling to God.

And third, God knows your needs. In fact, He determines them, again, according to His will. Knowing your needs, God has promised to fulfill them, and He always keeps His promises. Psalm 37:25 reads, I have been young, and now am old, yet I have not seen the righteous forsaken or his children begging for bread.

Of course, as we often tell you, it’s critical not to confuse needs with wants. God will sometimes provide your wants, but He will always provide your needs. Mathew 6:25 and 26 reminds us, Do not be anxious about your life, what you will eat or what you will drink, nor about your body, what you will put on Look at the birds of the air: they neither sow nor reap nor gather into barns, and yet your heavenly Father feeds them. Are you not of more value than they?

All this should be of great comfort when we’re fearful about losing the things of this world, especially our money. God is all powerful. He owns everything, and He will never forsake us, regardless of what’s happening on Wall Street.

FAITH IN TRIBULATION

It also means that any tribulation we experience is the will of God. If that sounds harsh, it’s not. God always has a purpose and his purpose is always for our benefit.

Romans 5:3 and 4 tells us, We rejoice in our sufferings, knowing that suffering produces endurance, and endurance produces character, and character produces hope.

And James 1:2-4, Count it all joy, my brothers, when you meet trials of various kinds, for you know that the testing of your faith produces steadfastness. And let steadfastness have its full effect, that you may be perfect and complete, lacking in nothing.

God has given us everything we need to know about stewarding His resources. The Bible contains more than 2300 verses on money and possessions. When we follow His financial principles, we don’t have to worry about what tomorrow will bring.

God is in control. Any hardships we face are only His way of building our character and conforming our will to His that we will become more like Christ. 2 Peter 3:18 reads, Grow in the grace and knowledge of our Lord and Savior Jesus Christ. To him be the glory both now and to the day of eternity.

What may seem harsh now will have eternal benefit. God is always acting in our best interest, as we read in Jeremiah 29:1l, For I know the plans I have for you, declares the Lord, plans for welfare and not for evil, to give you a future and a hope. Well, I hope this leaves you with hope for the future, not fear.

On today’s program, Rob also answers listener questions:

● With the market down, is it wise to reduce contributions to your retirement accounts? ● How do you determine whether it makes sense to keep a rental property or sell it? ● What are the rules on earning while receiving Social Security? ● How do you determine when it's best to pay for an expensive repair or buy a different vehicle? ● When do you need to create a living trust?

RESOURCES MENTIONED:

● Find a Certified Kingdom Advisor

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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You’ve just turned 65 or you're about to. That means you have to make some important decisions about health care. You may decide to sign up for an Advantage Plan when you sign up for Medicare at age 65. But that’s not the only choice you have for additional coverage. We’ll talk about another option today on MoneyWise.

MEDIGAP POLICIES

A Medigap policy is one more piece of the insurance jigsaw puzzle you may want to consider. It could save you thousands in medical bills.

Medigap is an extra form of health insurance you can buy if you already have Medicare. Like a Part C Medicare Advantage Plan, a Medigap policy will help you pay some of the costs that aren’t covered by Medicare Parts A and B where you still have to pay deductibles, copays and coinsurance for approved medical care and services, which can add up quickly.

A Medigap plan is a private insurance policy that can help you pay for some of the out-of-pocket costs that aren’t covered by Medicare. The premium would be in addition to your Medicare Part B premium and Part D prescription drug premium. One important thing to remember is that you can’t have a Medicare Advantage plan and Medigap insurance. You have to choose one or the other to supplement basic Medicare.

WHICH OPTION IS BEST?

So which one is better for you? It depends on your finances and health circumstances. Comparing the two, Medigap coverage will usually have a higher monthly premium, but lower out-of-pocket expenses. Medicare Advantage plans generally cost less and cover more services.

You might look at it this way: If you’re in good overall health, you might choose a Medicare Advantage plan. But if you have a covered condition that requires frequent medical services with co-pays, Medigap might be the way to go.

Something else to consider: Traditional Medicare and Medigap policies cover you for any doctor or facility that accepts Medicare. But Medicare Advantage plans usually limit you to the doctors and facilities in their network.

So Medigap costs more, but you get to choose your doctor, and that’s a very attractive feature for folks with a pre-existing condition.

WHO IS ELIGIBLE FOR A MEDIGAP POLICY?

If you’re 65 or older and eligible for Medicare and you already have Medicare Parts A and B, you can get a Medigap policy. But again, not if you already have a Medicare Advantage plan. You can’t have both.

Now, when it comes to what’s covered by a Medigap plan, things can get a bit confusing. Again Medigap plans in general cover deductibles, copays and coinsurance costs. But there are actually many different types of Medigap plans, and each is identified by a letter: A, B, D, G, K, L, M and N.

Each plan provides a different level of supplemental coverage to Medicare. You have to pick the one that best meets your needs. Fortunately, you can find a comparison of the different Medigap plans at Medicare.gov.

And this should help simplify your decision. All Medigap policies have standardized coverage. Every company offering Medigap L, for example, has to cover the same things. The only difference will be the price. So after you choose the lettered plan that works best for you, just shop for the lowest price in your state.

HOW MUCH DOES MEDIGAP COVERAGE COST?

It varies depending on your state and the plan you choose, but the average for 2023 is $155 a month. However, that’s only for an individual. Under the rules, your spouse would have to have a separate plan.

One other thing to keep in mind, with a Medigap plan, you may also want to get separate Medicare Part D coverage, because it doesn’t cover prescription drugs.

If you decide to go with a Medigap plan, you can sign up for any plan offered in your state during the six months after you enroll in Medicare Part B. That initial enrollment window is crucial because during that period, you’re eligible for any plan even if you have health problems. The company has to take you on and they can’t charge you extra for a medical condition. After six months, however, you no longer have that guarantee.

Now there’s one more thing you should know about healthcare coverage now that you’re turning 65. We mentioned that you can’t have both Medicare Advantage and Medigap coverage. However, if you already have Medicare Advantage and you’d like additional coverage, you can check out a medical cost sharing ministry.

For example, with Christian Healthcare Ministries, you can have both a Medicare Advantage plan and CHM coverage, which costs about the same as a Medigap plan.

On today’s program, Rob also answers listener questions:

● How do you determine whether to take a pension as a monthly payout or a lump sum? ● Does it make sense to tap home equity to pay off credit cards? ● Is this a good time to invest more money into the market? ● How do you get started with a budget when you’re behind on everything?

RESOURCES MENTIONED:

● Christian Credit Counselors ● Connect with a MoneyWise coach ● MoneyWise App Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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The word discipline doesn’t sound like much fun. But without discipline, there would be chaos and destruction. We all need it, especially with our finances. Discipline may not We’ll talk about that today on MoneyWise.

If you need any convincing that discipline is a necessary part of life, look no further than Proverbs 25:28.It reads, A man without self-control is like a city broken into and left without walls. And that from King Solomon, arguably the richest man who ever lived.

If discipline doesn’t seem like fun, it certainly provides many other positive things to make your life better, including peace of mind. When you have the discipline to follow God’s financial principles, for example, you worry a lot less about creditors calling you for bills you can’t pay. Instead, you’re putting money aside for emergencies and investing for the future. You can’t put a price tag on that.

The word discipline has developed a negative connotation over time. You might think of disciplinary action, which is punishment for wrongdoing.

But that’s not how the word started out. The verb disciple means to teach. A disciple is a student. Jesus taught His disciples how to spread the Gospel. They certainly weren’t being punished.

These days, besides being thought of as a punishment, discipline is often thought to be restrictive, limiting our ability to do what we want. And that’s what often makes self-discipline so difficult. Given a choice, we’d rather not limit ourselves.

Now, here’s where things get a little counter-intuitive. If you think that discipline limits your freedom, actually, it does the opposite, especially in the case of self-discipline. And let’s use money as an example.

We have to train or discipline ourselves to live on a budget to save and be generous as laid out in God’s financial principles. We don’t want to do those things naturally. We’d rather spend our money on whatever we want whenever we want. We don’t want to limit our options.

But discipline doesn’t really limit those options, it merely delays and focuses them. Over time, practicing self-discipline actually adds to your choices and to your freedom. That’s because you’re not in debt and you have money in the bank.

Saving and investing require discipline. Proverbs 10:4 reads, A slack hand causes poverty, but the hand of the diligent makes rich.

As we acquire wealth, we also acquire more freedom, not to spend foolishly, but to live an appropriate, comfortable lifestyle and to serve God more fully. That’s true freedom, and it only comes from discipline.

And if discipline has developed an unfair negative meaning, freedom has developed an unfair positive connotation. You might think it means you get to have anything you want, like a better car, a bigger house or an expensive vacation with all the frills.

But unless you’re paying cash, all of those things lead only to debt, which, of course, is the opposite of freedom. Proverbs 22:7 says, The rich rules over the poor, and the borrower is the slave of the lender.

True freedom requires discipline or it leads to disaster. Freedom without virtue becomes a license from which we get the word, licentious, which means having a complete disregard for rules or morality.

You know, our Founding Fathers knew this. They gave us more freedom than any people have ever enjoyed in history. But they knew that our nation could only survive if the people remained virtuous. To paraphrase many of them, without virtue or discipline, there is no liberty.

There’s a story about a woman stopping Benjamin Franklin as he was leaving the Constitutional Convention. She asked, What kind of government have you given us? Franklin replied, A republic, madam, if you can keep it.

Ol’ Ben probably would have fainted if someone had told him his new country would someday have a national debt of $31 trillion. We must remember that discipline is a good thing and that freedom can be dangerous.

So don’t be fooled by appearances. Discipline only appears to restrict you, while freedom only appears to give you anything you want without earning it.

The truth is that without discipline there can be no real freedom. Hebrews 12:11 reads, For the moment all discipline seems painful rather than pleasant, but later it yields the peaceful fruit of righteousness to those who have been trained by it.

And if you think you can’t discipline yourself to handle money according to God’s financial principles, pray and ask the Lord for help. 2 Timothy 1:7 teaches, For God gave us a spirit not of fear but of power and love and self-control.

And we’d love to help, too. With tools like the MoneyWise app and the best content, you’ll find on how to manage your money wisely.

On today’s program, Rob also answers listener questions:

● How can a newly married couple truly come together on finances? ● Does purchasing an I-bond for someone else affect your taxes? ● When does it make sense to cash in your 401k to pay off debt? ● What’s the best savings or investment vehicle for someone in their 20s?

RESOURCES MENTIONED:

● Betterment ● Wealthfront ● Schwab Intelligent Portfolios

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Martin Luther once wrote, There is no more lovely, friendly, and charming relationship, communion or company than a good marriage. Having a good marriage takes work maybe a bit more work if you’re a blended family. Today We'll talk about a great tool for second marriages with Ron Deal and Greg Pettys.

Deal and Pettys are the authors of The Smart StepFamily, which is loaded with practical financial advice for blended families. In particular, they’ve come up with a way for couples in that situation to promote peace and unity in their marriage.

THE TOGETHERNESS AGREEMENT

It’s called the Togetherness Agreement.

Couples who form a blended family are blending so many things, both familially and financially. And it’s critical to communicate about all of the moving parts and dynamics. In a financial sense, it’s attitudes about money, saving, spending, investing etc. It’s the debt, savings, and investments each person brings into the relationship.

But it’s not just about money. It’s about providing and loving well, caring, and creating trust in a relationship that can go the distance.

Pain from the past creates fear. It’s important to talk through those past experiences, including scars from the past, to fully understand one another. The goal is to eliminate fear as a barrier to your oneness.

The Togetherness Agreement is about writing the rules for our marriage with love and respect for both parties.

They advise couples to make this agreement a written binding, legal contract.

Marriage itself is a binding legal contract, but there is a lot of important information that isn’t addressed in standard marriage documents. For instance: How many accounts should you have? Should you combine all of your finances? What does fair mean? Is fair always equal? What about the rights and roles of children, grandchildren or others?

You include a story about a couple Anthony and Jenny who put their Togetherness Agreement into action. What was their situation and what did it do for them?

Learn more about The Smart StepFamily Guide To Financial Planning at FamilyLife.com/Blended.

On today’s program, Rob also answers listener questions:

● How can you help a single parent with a big schedule and financial challenges? ● After reaching a full employer max, should you invest your money outside of the matched account?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Are you a planner and a goal-setter? Someone who likes to help others arrange their finances with a biblical worldview? If that sounds like you, you may be excited to hear about a new career field as a Christian Financial Planner. We’ll talk about that today on MoneyWise.

We’re joined by Kurt Cornfield. He’s Associate Professor of Financial Planning at Liberty University, a Certified Financial Planner, and a Certified Kingdom Advisor.

Cornfield has been heavily involved in the development of the Christian Financial Planner program and explains it on today’s program.

The program is not just offered at Liberty University. It’s also available at many other schools around the country.

Each school offering this program may handle it a bit differently but at Liberty University, it’s part of its school of business. When students graduate, they receive a Bachelor of Science in Business Administration with a concentration on financial planning. That leads to their ability to sit for the CFP exam and puts them on a fast track to becoming certified financial planner.

And becoming a Certified Kingdom Advisor brings the biblical worldview alongside the other education.

In addition to a bachelor's education, there are seven courses that are added to their education, such as estate planning, retirement planning, investment planning, and insurance planning. Cornfield says this helps students become remarkably well-prepared for the workplace.

He adds that there are currently more financial planners retiring every year than are coming into the business, which creates a tremendous opportunity.

If you would like to learn more by reaching out to one of the following universities:

Liberty University Charleston Southern University California Baptist University Mt. Vernon Nazarene University Biola University Taylor University Calvin University Indiana Wesleyan University

On today’s program, Rob also answers listener questions:

● How can you help someone create a budget when they’re deeply in debt on a fixed income?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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This year saw the stock market go from a rocket launch to a rollercoaster ride, and many investors have decided to climb off. If you pulled out of the market before your portfolio could crash and burn, you needed a place to put your money. Today I’ll talk to Mark Biller about an option you may want to consider: money market funds.

Mark Biller is the executive editor at Sound Mind Investing.

Money market funds haven’t been too popular in recent years. But SMI has an article in its latest newsletter about how that’s changing.

There are a few common reasons why people find themselves with a decent amount of cash looking for a home. One is when a person completes their 3-6 month emergency savings goal and is looking for the best place to store that cash safely. Another is when an investor either takes money out of the market temporarily or has money to invest that they haven’t put to work yet.

Whatever the reason or purpose of the cash holding, one old option that has largely been abandoned over the past decade is back in play with today’s higher interest rates the money-market mutual fund.

THE RETURN OF THE MONEY-MARKET FUND

A money market fund is simply a specific type of mutual fund that invests in very short-term, very safe debt issued by the government, and in some cases large banks and corporations, depending on the type of money market fund. In either case, because the debt is so short-term and issued by really solid sources, the risk in a money market fund is extremely low, while rates tend to be higher than what most banks typically pay on their savings accounts.

Money-market funds aren’t new - they’ve been around for roughly half a century. And for most of that time, they’ve been an excellent option for safe cash holdings. But that changed in 2008.

Following the global financial crisis in 2008, the Federal Reserve lowered short-term interest rates to almost zero and left them there for a decade. When there’s no yield to be found anywhere, the extra step of using a money market fund doesn’t make sense, so people quit using them.

But with short-term rates now up near 4%, money-market funds are back in the game, and investors are paying attention. In recent months, total net assets invested in MMFs have surged.

WHEN RATES ARE RISING

MMFs are appealing on the one hand because they are paying higher rates now, but they’re also particularly good when rates are continuing to rise.

MMFs tend to reflect interest-rate changes quickly because the short-term loans that make up their portfolio are constantly being repaid and new loans issued. So for example, last month’s 3.5% loan is replaced by today’s 4% loan, which can then be replaced by a 4.5% loan two weeks from now. That makes them perfect for a period of rising rates like we’ve had this year.

Now it’s important to point out that while MMFs are great for their specific job which is storing a person’s liquid cash they’re not a good choice for growing your capital over the long term. These are an alternative for savings accounts, NOT investment accounts, unless they’re being used within an investment account to store a person’s temporary cash.

Good distinction there. Now, of course, money market funds aren’t the only option for parking short-term money. So why might someone want to use, say, an online savings account vs. a MMF vs. a bond fund?

MONEY-MARKET FUNDS VS ALTERNATIVES

A lot of it comes down to what a person has convenient access to, along with what the purpose of that money is.

An online savings account can be a great, super easy way for people to manage excess cash in their bank account. For example, a person might have their paycheck directly deposited into a checking account at their local bank. But their local bank likely is paying next to nothing on their savings accounts, so a person can easily find an online bank, like Capital One or many others, that is paying much better yields on their savings accounts. A few keystrokes can move money back and forth between their local checking and their online savings while picking up a few extra percent in yield. Most online savings accounts are also FDIC insured, whereas money market funds are not, so that’s an important detail as well.

Money Market Funds can also be used in this way, but they also have one other very helpful use they can be bought within most investment accounts as well. So for example, when SMI told its members to sell certain stock funds earlier this year and move those holdings to cash, it would have been easy for SMI members to sell the old fund and buy an MMF. They could do that right there within their IRA or another investment account, just like they would buy or sell any other mutual fund.

Bond funds are a little different story. Bank savings accounts and money market funds are very similar in terms of the level of risk being taken. Bond funds include a much broader universe of investments that can range from super safe - like bank savings or money market funds - all the way out to super risky. So it’s critical to understand what exactly you’re getting when you buy a bond fund. What we’re saying is all bond funds aren’t created equal - there’s a huge amount of variety between different types of bond funds.

That’s not a bad thing, by the way. The fact that there are all different types of bond funds means they can be used for lots of different purposes, including as a core holding within a person’s long-term investment portfolio. You just have to be sure you’re buying the right type of bond fund for the specific purpose that you need. That’s the type of thing Sound Mind Investing deciphers and explains for its newsletter members every month.

You can read more about MMFs in their article, Money-Market Funds Resume Role as Solid Option for Short-Term Cash at SoundMindInvesting.com.

On today’s program, Rob also answers listener questions:

● Are you able to put money into an IRA in the name of a young adult relative? ● How do you navigate concerns with allowing family to help you financially?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Do you want to know a secret? Well, we have one for you today a secret that’ll change your life. We’ll clue you in just ahead on MoneyWise.

Every so often on our Monday programs, we circle back to first principles, to the foundational teachings of Christian stewardship that should guide our everyday lives.

Usually, we focus on one of the five things you can do with money. You can earn it, live on it, give it away, owe it to someone, and finally, you can grow it by saving or investing.

So that’s: earn, live, give, owe, and grow.

As Christians, we are called to be disciples. That’s just another word for learners. Our task as disciples is to learn about God and about how to honor him through the way we live.

Now, of course, a big part of that is learning to manage the resources he entrusts to us, including money.

We can learn many practical things about managing money such as budgeting and saving and investing. But we also need to learn to have a proper attitude toward money and material things.

THE SECRET

And this is where the big secret comes in. The Apostle Paul tells us about it in Philippians chapter 4. He writes this:

I have learned how to be content with whatever I have. I know how to live on almost nothing or with everything. I have learned the secret of living in every situation, whether it is with plenty or little. For I can do everything through the One who gives me strength.

Did you catch that? The secret he has learned is the secret of living in every situation, even when he doesn’t have everything he might want to have. He has learned the secret of being content.

Now, the reason this is a secret is not that anyone is trying to hide it. It’s simply that relatively few people have applied this to their lives. We live in a discontented world in which many people never seem satisfied with what they have.

That’s our fallen nature, I suppose. And advertisers appeal to that nature by getting us to want more. For example, when a new model phone comes out, we’re encouraged to get rid of our old phones which probably aren’t that old and get the latest and greatest.

I’m not saying new things are bad, but I am suggesting that those of us seeking to be faithful stewards should take a step back and wrestle with this question of contentment.

Note that Paul said he had learned how to be content. Contentment doesn’t come naturally. It’s something we must seek from the Lord, but I also think we need to start saying no to the culture’s continual push that tries to amplify discontent.

Now, don’t misunderstand. I’m not saying you should never buy anything or that you can’t spend money on a new gadget or a pleasurable vacation. What I am saying is that we need to examine our motives. Does discontentment drive our purchasing decisions? Are we envious of others because they may have more than we do? Do we think, I would be content if only I had this or that?

GIVING THANKS

we’re going to be celebrating Thanksgiving soon, so there’s probably no better time to be talking about this issue of contentment. Giving thanks is one of the ways we can practice contentment. When we say, Thank you Lord for providing for my family and me, thank you for giving me a job, thank you that we have a roof over our heads and food on our table, we begin to realize how blessed we are.

And I think that’ll go a long way to helping us learn as the Apostle Paul learned to be content with whatever he had.

As I said, becoming a good steward involves learning many practical things about effective money management. But don’t neglect the attitudinal thing: learning to be content. It really is a secret that’ll change your life.

On today’s program, Rob also answers listener questions:

● Are online banks as stable and safe as brick-and-mortar? ● If you have money in an annuity, why might it decline in value? ● Should you forego funding a Roth Ira to do Roth conversions?

RESOURCES MENTIONED:

● Ally Bank ● Capital One 360 Checking ● Marcus ● Brankrate.com Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Despite high inflation, rising interest rates and slow economic growth, the labor market remains seemingly strong. We’ll talk about that with Jerry Bowyer today.

Economist Jerry Bowyer is President of Bowyer Research and a MoneyWise contributor..

On today’s program, Bowyer explains why the economy is still adding jobs and employers are still looking for workers, and why a falling employment rate could be a good thing or a bad thing if it means too many people are leaving the labor market.

He discusses the importance of American society providing a safety net but not a hammock.

Rob and Jerry also talk about how employment can be a lagging economic indicator and what we might expect in the months ahead.

They also discuss long-term trends that will impact the labor force and the economy, including:

• Aging of the workforce (500K+ net loss to the workforce each year)
• Abortion (60MM babies aborted/40MM would be between 18-50 years old today/20MM prime working age)
• Expansive social safety net

And they talk about the importance of current trends, including:

• COVID reduced labor participation rate
• Did not rebound due to, in part, early retirees (55+ taking early retirement)
• Nearly all women back to work
• Only 50% of men back to work
• Cultural stigma of not working if working age seems to be gone
• Anti-fertility trends (1-2 kids average vs. 3-4) and the importance of immigration

Bowyer also explains why an incredibly strong dollar can actually be concerning.

Furthermore, they discuss rising interest rates and the ripple effect they’re having through the economy, and what it might take to get inflation under control.

They also answer the question: Are we officially in a recession yet?

Jerry Bowyer is the author of The Maker Versus the Takers: What Jesus Really Said About Social Justice and Economics. And you can read his insightful columns at the Christian Post.

On today’s program, Rob also answers listener questions:

● When do annuities make sense as an investment? ● What is the best way to start saving or investing for a very young child?

RESOURCES MENTIONED:

● Betterment ● Wealthfront ● Schwab Intelligent Portfolios

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Do not heap up empty phrases as the Gentiles do, for they think that they will be heard for their many words. Matthew 6:7. Fortunately, Jesus didn’t stop there. He goes on to give us the Lord’s Prayer as the way we should bring our needs to God. But do we sometimes skim over part of it the part about provision? We’ll talk about that today on MoneyWise.

Let’s talk about the place in the Lord’s Prayer (Matthew 6:11) where Jesus instructs His disciples to pray Give us this day our daily bread.

It’s a very important verse that we tend to take for granted. Jesus is teaching His us that God is our provider and we’re to ask Him to provide for our needs, and the most basic physical need is food.

Our friend, Pastor David Platt has written about this, reminding us that the verse is intended to destroy our pride. How often do we ask God to provide us with the food and water that we’ll need today? And to thank Him for doing so, especially these days when prices are so high? When we say those words in the Lord’s Prayer, do we really mean them?

I think sometimes we’re just reciting words, because we forget that only God can provide us with the food and water we need to survive. He owns everything. We may think that our actions, earning and saving money, provide those things, but that’s never the case. Even our ability to earn money comes from God.

We’re only reminded that God is our real provider when we sense that those things are about to be taken from us and we begin to feel hunger and thirst.

But this is about more than making money to buy food. We hunger for many other things in this world peace, love, purpose, healthy relationships, you name it. The Lord’s Prayer is an example of how we should pray for all of those things. Jesus wants us to go before our Holy Father in prayer and ask for everything we need, humbly admitting that only He can provide them.

Give us this day our daily bread probably had more immediate importance 2,000 years ago when famine was always a real possibility. It may seem like an odd request to us because we live in the richest nation in history. Most of us, with some exceptions, never worry about where our next meal is coming from. It seems especially odd when many of us actually need less food, not more.

But it’s still important to pray for God’s daily provision, even in America, because that prayer will keep you from thinking that you can provide for your daily needs without God.

In other words, it’s a bulwark against prideful thinking. Jesus knew that we’re prone to that kind of thinking. That’s why those words are in the Lord’s Prayer, and that’s why we should take them seriously.

All this really shows how dangerous materialism can be. We should take a hard look at how much we’re conforming to disturbing trends in western Christianity. Maybe we really believe that we can sustain our lives all on our own, and that’s a reason that many of us are so casual about prayer in general.

In addition to a warning about pride, Jesus is also telling us that our Father in heaven wants to give us every good and perfect gift. A few verses later in Matthew 6, He tells His disciples, Seek first the kingdom of God and his righteousness, and all these things will be added to you.

What that means is that we don’t really need to worry about bread or water or money. We need God, and prayer reminds us of that and of God’s promise that He’ll provide all of those things.

In his article about this, David Platt goes on to say that in today’s wealthy culture, we should ask God to deliver us from what he calls self-sustaining Christian lives.

We must acknowledge daily that we can’t sustain ourselves. Of course, with every believer, that begins by admitting that we need Christ as our Savior. But it must extend into all areas of our lives that we need God to sustain us with even our most basic needs.

And that’s how we can avoid the pride that comes from materialism. No matter how much money we make, how big the house we live in, or how fancy the car we drive, we don’t really need those things. We only need God.

So when we say those words, Give us this day our daily bread we need to really mean them and thank God for providing it.

And one more thing: We can show our thankfulness through generosity. Giving breaks the power that money has over us and demonstrates our faith that God will meet our needs.

The economy is sketchy these days. Folks are worried about rising interest rates, inflation and the stock market. But don’t let those anxieties cause you to doubt God’s promises, and you can do that by praying for your daily bread..

On today’s program, Rob also answers listener questions:

● How can you help a friend who is injured and unable to work? ● What can you do to deal with credit card debt when you’re only able to make the minimum payments? ● How do you determine how to divide money between buying a car and investing in a property? ● What is the best way to invest for the future on behalf of a minor? ● How do you determine if it’s ethical to buy a product from an online vendor after a free trial from a local vendor?

RESOURCES MENTIONED:

● SSA.gov ● Christian Credit Counselors

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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As followers of Christ, we’re called to be good stewards, to manage God’s resources well. But we’re also called to help those in need. Today we’ll talk with Art Rainer about a new program that addresses both.

Art Rainer is an author and MoneyWise contributor. He not only provides excellent articles on biblical finance to our online community, he’s also heading up a brand new way for folks to give and get help with managing money.

We’re talking about a new program for Certified Christian Financial Counselors (CCFC).

Certified Christian Financial Counselors help individuals and couples discover and pursue God’s design for money. Practically, Christians financial counselors guide individuals and couples in making wise financial decisions, build sound financial habits, and increase their biblical, financial literacy. They’ve received certification by passing the Certified Christian Financial Counselor Exam.

Areas where Christian Financial Counseling can help include:

• Setting and obtaining financial goals
• Increasing generosity
• Creating and maintaining a budget
• Getting out of debt
• Building an emergency fund
• Saving for larger purchases
• Understanding net worth
• Improving credit score
• Managing cash flow
• Managing financial risks
• Discussing investment and retirement basics
• Maintaining an eternal perspective on money

WHO SHOULD SEEK THE HELP OF A CCFC?

We’ve identified five issues that are a sign that you should seek the help of a CCFC:

1. Your finances feel out of control. Your finances feel like one big mess. Every month you are just flying by the seat of your pants.

There is no direction, only disorganization. And it stresses you out. You know something must change. A CCFC can help make sense out of the mess. They can help you develop financial goals and organize your finances.

1. You have no idea what financial step you need to take next. It feels like you are, financially, just existing. There seems to be no progress in your finances. This is, in large part, due to the fact you have no idea what progress looks like. A Christian Financial Counselor can look at your current financial situation and suggest some wise next steps.

2. You are regularly arguing about money with your spouse.

God designed married couples to operate as one, even in finances. And you want this, but you are struggling to get on the same financial page with your spouse. Money is not a point of unity but a point of division. A Christian Financial Counselor can provide guidance to help a couple get on the same financial page.

1. You don’t know what you don’t know. You acknowledge that you know very little about money. And this has caused you to make some regretful decisions in the past. You need someone to take a look at your financial situation and educate you on what decisions you should make.

2. You need accountability. You know what you should do, but this knowledge does not always lead to the right action. You are still tempted to spend money you should save. You still give out of your leftovers. You still add to the credit card balance. Regular meetings with a Christian Financial Counselor can create accountability around your finances.

BECOMING A CERTIFIED CHRISTIAN FINANCIAL COUNSELOR

Who would be a good candidate for becoming a Christian Financial Counselor?

The Christian Financial Counselor education program prepares individuals for the Christian Financial Counselor exam and is for those with a passion to help others manage money in a way that leads to financial health and glorifies God. The ideal candidate for this program already has a broad-based knowledge of personal finances. The Christian Financial Counselor program is not best for those with little to no understanding of money management or personal finances.

The Christian Financial Counselor program includes 32 modules. Each module has a short video, required readings, notes, and quiz. Because of the reading and exam study involved, the program will likely take 3 to 12 months to complete.

Pastors often meet with people who have financial struggles, or their church has a benevolence ministry that helps people with financial struggles. We would love to see every church have a Certified Christian Financial Counselor, even on a volunteer basis. This way, they have someone designated in their church to care for those who are struggling financially and doing it through a biblical worldview.

So, if the pastor has someone who has significant debt or struggles budgeting, he can have that person meet with a volunteer Christian Financial Counselor. Or if someone is asking for financial help from the church, they’re able to provide something far greater than just financial assistance.

Learn more about becoming a Certified Christian Financial Counselor or getting help from one at ChristianFinancialHealth.com

On today’s program, Rob also answers listener questions:

● Is there anything you can do to get your name off of a loan for which you co-signed? ● Can you put IRA or Roth IRA money into an I-bond?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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In Matthew 5, Jesus tells His disciples, Let your light shine before others, so that they may see your good works and give glory to your Father who is in heaven. We have that same calling today as followers of Christ, to share the good news of the Gospel wherever we go, including at work and in the business world. We have some advice today to help you do that.

Business people especially come in contact with many different people, like associates, customers and vendors, and while doing that, they can make a strong witness for Christ.

And that doesn’t mean proselytizing. A better way to interest people in Christ is to act differently than the world. Always acting with absolute integrity and honesty and showing respect and concern for others.

God knows this, of course, and that’s probably why His Word contains so many passages about work. We were ordained to be workers even before the fall. We see work referred to as a gift in Genesis 2 and a gift from God in Ecclesiastes 5. We’re also commanded to work in 2 Thessalonians 3:10.

Work in its different forms is mentioned more than 800 times in the Bible, more than all the words used to express worship, music, praise, and singing combined.

People in the business world have a unique platform through the practice of buying and selling to witness for Christ and leverage their Kingdom influence.

It’s probably not a coincidence that when Jesus called the 12 disciples, many of them owned and operated businesses as tradesmen and commercial fishermen.

And consider where Jesus spent a lot of time during his earthly ministry. Of His 134 appearances, 122 of them are in the marketplace. He also told a total of 52 parables and 45 of them have a workplace context.

And the practice of witnessing in the business world continued with the apostles. Of the 40 divine interventions recorded in the Book of Acts, 39 were in the marketplace. Obviously, the Holy Spirit and the Apostles knew the value of witnessing in the business world.

There’s evidence for this throughout the Bible. In Hebrews 11 we find what’s often called The Faith Hall of Fame. Listed there are the many who were saved by their faith including Abel, Abraham, Moses, David, Samuel, Rahab, and the list goes on.

They weren’t all necessarily business people by today’s definition, but they all used their position and interactions to influence others around them for God. Only one of them was what you might call a religious professional.

In the modern world, we have many examples of business people using their influence to lead others to Christ. In his book, God Owns My Business, Stanley Tamm writes, Although I believe in the application of good principles in business, I place far more confidence in the conviction that I have a call from God. I am convinced that His purpose for me is in the business world. My business is my pulpit.

We also see this demonstrated by the Green family who own Hobby Lobby, the Cathy Family, owners of Chick-Fil-A, the Malloons, owners of Correct Craft, and the Barnhart family, owners of Barnhart Crane Rigging who give away millions.

Then there’s RG LeTourneau, who’s often called the most inspiring Christian inventor, businessman and entrepreneur the world has ever seen. He also gave millions to spreading the Gospel.

And the late Larry Burkett, whose legacy of teaching God’s financial principles we try to carry on here at MoneyWise, was also a successful businessman. Larry also wrote Business By the Book in which he lays out the biblical principles all Christian business people should follow.

Larry was also intimately involved with the Fellowship of Companies for Christ and the Christian Businessmen’s Committee. He passionately believed that your business is your pulpit.

But the opportunity to share the Gospel with others extends to any work situation.

God strategically places His children everywhere. If you work for a paycheck or own a business, big or small, the Lord has given you a position of influence. He wants you to impact your co-workers, vendors, customers, and even your competitors.

You have a unique position in the lives of all those people. With the Holy Spirit, you can help point the way to Christ and salvation. It’s both a duty and an honor we should all gladly be a part of.

On today’s program, Rob also answers listener questions:

● How do you determine whether it’s best to keep a rental property or sell it to pay off debt? ● What is the best way to establish new credit? ● What can you do with funds in a pension account upon leaving a job? ● Should you tithe on an inheritance that someone else has already tithed on? ● How do you determine if you’re eligible for student loan forgiveness?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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You’ve heard the saying, You have to spend money to make money. We usually think that spending money to make it involves a business, but it applies to folks working for a paycheck, too. Today we’ll talk about what it really costs to earn that paycheck.

Working, especially working outside the home, has hidden costs and some not so hidden. Almost all of us have to work, so what’s the point of knowing how much it costs us?

Knowing how much you’re spending to bring home that paycheck is information you need to make wise decisions.

By subtracting those costs from your paycheck, you discover your actual take-home pay. Depending on your situation, that could make all the difference. For example: if you’re a parent deciding whether to enter into the workforce or stay home with your child.

Let’s start with some of the obvious costs of venturing out into the working world. First, how will you get there? You may need to consider the cost of gas and maintaining a vehicle. Don’t forget about the cost of registering the vehicle and insurance.

Now, in many cases, you’ll still need a second car if you’re a stay-at-home parent, but in that case, many of your vehicle related costs will be lower. For example, you won’t spend as much on fuel and insurance if you’re not commuting.

In most cases you’ll need to buy clothing that’s appropriate for your job. A paralegal working in a law office may spend more on clothes than someone working in retail.

But the biggest obvious expense with working outside the home is childcare. According to the career site Zippia, the average cost of daycare in the U.S. is $340 per child, per week or $17,680 a year. That will take a huge bite out of your paycheck.

And there are many other, smaller costs of working. Unless you’re very disciplined, you may spend money on coffee and lunches out.

You may also have dry cleaning costs for that professional wardrobe. Or maybe you need a very nice looking, late model vehicle if you’re meeting with clients.

Okay, let’s look at some of the less obvious costs to working outside the home. It’ll make you a much busier person. You might get take out meals more often or buy more expensive pre-packaged foods. You also won’t have time to shop for deals or clip coupons and you may end up going to stores that are convenient, but more expensive.

Some of these costs might seem trivial, but small things add up. If you treat yourself to a $9 lunch once a week, that’s about $470 a year. And that’s just a small expense compared to almost $18,000 a year for childcare.

When you total up all of these expenses, you get a much clearer picture of how much you’re actually making. If you take home $35,000 a year after taxes, but your costs are $20,000, you’re actually bringing home $15,000. That comes to a little more than $7 an hour. And you have to ask, is it worth it?

We’re certainly not trying to convince you not to work. But it’s important to think about the true cost of working so that you can make an informed decision. In some cases, those who can live without that second paycheck may decide it’s not worth it, especially if doing without means you can stay home with your children.

Not surprisingly, there’s been a 13% decline in the number of working mothers over the past two decades, due to the high cost of childcare and other factors.

On the other hand, if you really need to work, knowing how much it’s costing you could motivate you to look for a better paying job or to finally ask for that raise you deserve.

In 1 Timothy 5:18, Paul says, You shall not muzzle an ox when it treads out the grain, and, The laborer deserves his wages.

On today’s program, Rob also answers listener questions:

● How do you determine where to give your charitable gifts? ● Would it be wise to take out a collateral loan for investment purposes?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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In the novel Don Quixote, author Miguel de Cervantes writes, By a small sample, we may judge of the whole piece. That, of course, is an early reference to statistics. They’re often useful, but sometimes just plain scary. We’ll discuss some scary statistics about identity theft today on MoneyWise.

The financial information review site Fortunly recently compiled a list of identity theft statistics that should have us all concerned and ready to take steps to guard ourselves against this growing type of fraud.

Now, since these stats were drawn from many different sources, some would appear to contradict others, but taken as a whole, they’re really eye-opening.

ALARMING IDENTITY THEFT NUMBERS

To start with, there’s a new victim of identity theft every 14 seconds in the U.S. And this would include adults and children. Put another way, about 50-million people become victims of this fraud every year.

Identity theft costs Americans well over $50-billion a year. This includes IT professionals who’ve lost their jobs due to data breaches and consumers who are scammed through direct interaction with thieves, like in phishing emails and telephone fraud.

The elderly are more likely to become victims of identity theft, and each year, the Federal Trade Commission receives well over 2 million related complaints a year.

Now, this next statistic is really scary: 33% of Americans report they’ve been the victim of identity theft at least once in their lives. And the U.S. seems to be a world leader in this regard, with numbers higher than other nations like France and Germany.

Not surprisingly, credit card fraud is the most likely way you’ll be hit by identity theft. is the most common kind of identity theft, with the FTC getting nearly 20,000 complaints a year.

Do you spend a lot of time on social media? Users of Facebook, Twitter, Snapchat and Instagram are 30% to almost 50% more likely to become victims of identity theft than folks who are not active on social media. Thieves have discovered those apps are a goldmine for collecting personal information on individuals to steal their identity.

Most often, thieves use stolen identities to apply for government documents and benefits like with Social Security and filing fraudulent tax returns to get your refund. The next most common use of stolen identities is credit card fraud, followed by banking and utility fraud.

Now, could where you live make you more likely to experience identity theft? Apparently so, according to the FTC, which has received nearly 150,000 complaints from California alone. Next in line is Illinois, then Texas, Florida and Georgia in order, rounding out the top five worst states for identity theft.

Your age is another determining factor. Millennials, roughly age 20 to 40 years of age, make up more than a third of victims. Folks 60 to 69 make up a far lower percentage of victims, but their losses tend to be much higher when they’re scammed.

The fastest growing demographic for identity theft seems to be children, with over 1.3 million million of them becoming victims each year. Half of those are aged six or younger, and victims are getting younger all the time. The annual price tag for families suffering child identity theft is well over $500 million.

So who’s stealing children’s identities? Well, it’s interesting that only 7% of adults know the person who commits this fraud, but in the case of children, that figure is a whopping 60%. That means children are far more likely to have a family member, or a family acquaintance steal their identity.

Here’s another scary statistic: Up to 10% of the annual U.S. health budget is lost to identity theft that’s about two million cases a year. Medical identity theft is when someone steals or uses your personal information, like your Social Security or Medicare number, to submit fraudulent claims to Medicare and other health insurers without your authorization.

And one more statistic: Gift card fraud now amounts to losses around $150 million a year and is trending upward. That’s not necessarily identity theft. It’s when you’re scammed into paying a bill or taxes that you don’t owe by using a gift card.

So what steps can you take to protect yourself? First, if you’re asked to pay for something over the phone or in an email that you didn’t initiate, hang up or hit delete.

Second, get a copy of all three of your credit reports from Experian, TransUnion and Equifax at AnnualCreditReport.com. Look for accounts or loans that you don’t recognize. If you find any, you can dispute them online.

Finally, freeze your credit at all three bureaus. You have to do it individually, but it’s well worth the effort to protect yourself from identity theft.

On today’s program, Rob also answers listener questions:

● Is there a way to give charitably out of a 401k and receive a charitable tax deduction? ● What are the limits on the amount you’re allowed to contribute to a Roth IRA? ● Does paying off your mortgage affect your credit score? ● What financial steps do you need to take after a spouse passes away?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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You don’t have to be a rocket scientist to draft a budget. Like anything, there’s a bit of a learning curve, but it gets easier the more you try. We’ll talk you through the basics today on MoneyWise.

We talk a lot about the need for budgeting on this program, and we’ve developed the amazing MoneyWise app to help you do it. It has three different ways you can set up your budget and allot money to your various spending categories.

We also have trained volunteer coaches who can’t wait to help you draw up your budget. Connect with a coach at MoneyWise.org.

Before we get into the basics of budgeting, it’s important to understand that everyone needs to do it, no matter how much or how little money they have coming in. There’s no other way to stay on top of your spending, get out of debt, give to your maximum potential, and plan for the future.

HOW TO CREATE A BUDGET

1. List your monthly income. That means your after tax income. If you’re a W-2 employee and your employer withholds taxes, it’s the amount of your paycheck. If you have other income where taxes aren’t withheld, you should only count about 70% of that and put the rest in savings for tax time.

2. List all of your fixed expenses. These would include your rent or mortgage payment, auto loans and insurance, credit card minimum payments and student loans. And of course, include your giving in this step. Determine a percentage for your giving and do your best to stick to it.

3. List your variable expenses. These change from month to month. Your electric bill would be one example, if you’re not not on a budget billing plan. Other variable expenses would be groceries, household items, and gas for the car.

Obviously, these are just estimates. If you find that difficult, you can go over your receipts and bank statements to ballpark those amounts, and you can adjust them in the months ahead. In fact, plan on adjusting them. Nobody gets estimated variable expenses right the first time.

Now you can add up your variable expense estimates and subtract that from your remaining income.

1. Budget some money for your wants. We’ve already identified your needs. Now give yourself a little spending money for a few things that make life a little easier and more enjoyable. This could be an occasional dinner out or some other favorite activity. Use these as rewards for staying on budget.

And here we’ll suggest a percentage. Try to keep your wants to 5% of your take-home pay, 10% at the very most. That’s because you’ll need every penny for what comes next.

1. Budget to pay off any consumer debt you have, especially credit cards. You need to determine the amount of your remaining discretionary income that you can put toward that debt, that is, above your minimum payments. Let’s shoot for another 5-10% of your income, and 10% would be better.

2. Budget something for savings. And if you have credit card debt, we’ll assume you don’t have an emergency fund. So start one. Put some amount from every paycheck into liquid savings so you can get to it easily when an unplanned expense arises.

You may have to split your remaining available money between paying down debt and building your emergency fund. Try to get between five and 10 percent of your remaining income into each category.

ADDITIONAL TIPS

Those are the basics for setting up a budget, but there are two more things you should do to increase your chances of staying on it.

First, look for ways to cut spending. Can you raise or lower the thermostat to trim your utility bills? Can you cut something from the grocery budget? You may have run out of money before completing Step 6, and this is how you make sure you have enough money for all of them.

Second, set up a system for tracking your spending as you go forward. This is essential for knowing whether you’ve overspent in one or more areas.

Once more, the new MoneyWise app comes to the rescue. It’ll tell you in real time exactly what you’ve spent in which category of your budget, so you can make adjustments as needed to stay on track.

Living faithfully on a budget will enable you to stay on the right side of Proverbs 21:20, which reads, Precious treasure and oil are in a wise man's dwelling, but a foolish man devours it.

On today’s program, Rob also answers listener questions:

● What is the best way to use additional income from a pay raise?

● Does it make sense to sell your home to pay off other debt?

● How much is too much money to keep in a savings account, and what is the best way to use funds beyond your emergency fund?

RESOURCES MENTIONED:

● Treasurydirect.gov

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Winter’s high heating bills will soon be here, but did you know you can get money back for making your home more energy efficient? New legislation passed this summer will give homeowners significant rebates and tax credits for energy-efficient home improvements. We’ll discuss that today on MoneyWise.

This is all part of the massive Inflation Reduction Act passed in August, which was largely an environmental spending bill. As part of that law, the government provides billions of dollars for homeowners who make improvements that save energy.

The rebates and tax credits cover a range of improvements, from installing new electric appliances to beefing up your home’s insulation in the attic and crawl spaces.

By making all of the improvements listed in the legislation, you could receive up to $14,000 in rebates and tax credits, and up to a 30% rebate on the cost of installing solar panels.

If you’ve been thinking about making any improvements to lower your energy costs, this is a big incentive. Here are some examples:

POTENTIAL ENERGY SAVINGS

If your natural gas furnace is getting old, you could replace it with an electric heat pump and get a big rebate. Of course, heat pumps are more suitable in the South. The farther north you go, the less efficient they become. So they’re not for everybody.

If you need a new water heater, and the old one uses natural gas, you can get a rebate for swapping it out for an electric heater.

Of course, you’ll probably save money by installing any new appliance. That’s simply because newer models tend to be more energy-efficient. A new energy-friendly water heater alone could save you hundreds of dollars a year.

You can also save a bundle by weatherstripping and beefing up the insulation in your home, but now, you may be able to get a rebate for it.

We wouldn’t advise going out of the way to make these improvements, but again, if you've been thinking about doing one or more of them (and budgeting for them), it’s a great opportunity to save some money.

INCOME-BASED BENEFITS

Depending on your income, the legislation allows for up to $8,000 back for installing a heat pump, $1,750 for something called a heat pump water heater, nearly $850 for installing a new electric range and a heat pump clothes dryer.

If you’re thinking that adding all of these new appliances might put a severe strain on an older home’s electric panel and wiring, you’re right. You can almost hear breakers clicking off all across America.

So the bill will give you up to $4,000 for upgrading your electrical panel and $2,500 for new wiring. But rewiring a house will surely cost a lot more than that. You can also get up to $1,600 back for sealing and insulating your ductwork.

If you make between 80-150% of the median income in your area, you can get back 50% of the cost of these improvements up to the $14,000 limit. If your income is below 80% of your area’s median income, you can get back the full cost of the improvements.

Federal tax credits for installing residential solar panels have been in place for years, but the legislation boosts them from 26% of the cost to 30% and extends them until 2032. Tax credits for other energy-efficient improvements include $600 for new windows, $500 for doors and $2,000 for heat pumps.

It would be a good idea to consult a tax professional before making any expensive energy-reducing improvements to your home. You want to make sure you’re eligible for credits, and if so, how much.

Rebates are a different story. That part of the legislation will be handled by states, so the details on how to apply for them will vary. You should check out your state’s website for more information, or contact your local electric utility.

One last word about this legislation, regardless of how you might feel about it, reducing energy costs by making your home more fuel-efficient is good stewardship.

And even without rebates and tax credits, most of these improvements will pay for themselves in lower utility bills over the long run.

On today’s program, Rob also answers listener questions:

● How does debt settlement affect your credit? ● Is title lock insurance worthwhile? ● When do you have to start taking a required minimum distribution? ● How do you prioritize, giving, saving, and investing?

RESOURCES MENTIONED:

● Xx

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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The Bible has plenty to say about the benefits of gratitude, and researchers have even collected data on them. Studies are showing the very positive influence that gratitude has on the lives of individuals. We’ll talk about it today on MoneyWise.

God’s Word has many passages to inspire a thankful heart, but one in particular that details the benefits of gratitude is found in Philippians 4, verses 6 and 7.

It reads, Do not be anxious about anything, but in every situation, by prayer and petition, with thanksgiving, present your requests to God. And the peace of God, which transcends all understanding, will guard your hearts and your minds in Christ Jesus.

If you’ve wondered how the peace of God translates into physical and emotional well-being, you’re not alone. Researchers at the University of California campuses at Davis and Berkeley wanted to find out too.

THE POWER OF THANKFULNESS

They gave groups of people gratitude journals to document the things they were thankful for and to report their experience. The researchers broke down the positive responses into three separate categories: physical, psychological, and social.

Starting with the physical benefits: Individuals reported having stronger immune systems, possibly noting that they got sick less often. They also said they had fewer aches and pains, lower blood pressure, better sleep, and an increased desire to exercise and take better care of their health, all that just by fostering an attitude of gratitude.

The positive psychological effects of gratitude included higher levels of positive emotions in general. Respondents also said they were more alert, alive, and awake. They felt more joy and pleasure, more optimism and happiness.

Now, a lot of Christians keep prayer journals in which they express their gratitude to God for what He provides. It’s a way to count your blessings and a verse that comes to mind is Colossians 4:2, Devote yourselves to prayer, being watchful and thankful.

When we keep track of all the ways the Lord provides for us, it’s impossible to not be grateful. So it seems that keeping a prayer or gratitude journal is a great way to foster an attitude of thanksgiving.

Okay, the last category the researchers looked at wassocial. How does gratitude improve our relationships with family, friends, and others? Individuals said they became more helpful, generous, and compassionate. They felt more forgiving and more outgoing and less lonely and isolated.

For all of those reasons, the researchers suggested that everyone should keep gratitude journals to enhance these effects, essentially writing down every day the things we’re grateful for.

Of course, the researchers had to come up with an explanation for why all these benefits flow from a spirit of gratitude. And here things really get interesting.

First, they determined that true gratitude is proof that, despite all of its problems, there is still goodness in the world.

Second, and this is where it gets a little tricky for them they admitted that a source of goodness must exist outside of ourselves. It’s not something we did, and that true gratitude acknowledges we’re dependent on something or someone else.

They even admitted this could be a higher power, if one is spiritually inclined.

Now, doesn’t that sound like a definition of God to you?

Little wonder then that the Apostle Paul writes in Romans 11:36, For from him and through him and for him are all things. To him be the glory forever.

You may be thinking, Why would folks who may not know the lord experience the blessings of gratitude?

We know that God’s financial principles work for believers and nonbelievers alike. Staying on a budget, living on less than you earn, saving for the future, all lead to financial well-being.

So there’s no reason why practicing gratitude wouldn’t be beneficial to everyone as well. And who knows? The Holy Spirit might use the experience to lead someone to Christ.

We can even become a part of that by witnessing our gratitude to the God Who provides all things. 1 Chronicles 16:8 reads, Give thanks to the Lord; call upon his name; make known his deeds among the peoples!

And Matthew 5:16 tells us, Let your light shine before others, so that they may see your good works and give glory to your Father who is in heaven.

On today’s program, Rob also answers listener questions:

● Should you stop paying into an (unmatched) Roth IRA to pay off credit cards more quickly? ● Can you name a beneficiary of an I-Bond? ● How can you determine whether your heirs are financially ready and mature enough to handle an inheritance? ● Does it make sense to pay cash for a car outright? ● What can you do about an overdue tax refund?

RESOURCES MENTIONED:

● Christian Credit Counselors ● MoneyWise App

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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You’ve just turned 65 or you're about to. That means you have to make some important decisions about health care. You may decide to sign up for an Advantage Plan when you sign up for Medicare at age 65. But that’s not the only choice you have for additional coverage. We’ll talk about another option today on MoneyWise.

MEDIGAP POLICIES

A Medigap policy is one more piece of the insurance jigsaw puzzle you may want to consider. It could save you thousands in medical bills.

Medigap is an extra form of health insurance you can buy if you already have Medicare. Like a Part C Medicare Advantage Plan, a Medigap policy will help you pay some of the costs that aren’t covered by Medicare Parts A and B where you still have to pay deductibles, copays and coinsurance for approved medical care and services, which can add up quickly.

A Medigap plan is a private insurance policy that can help you pay for some of the out-of-pocket costs that aren’t covered by Medicare. The premium would be in addition to your Medicare Part B premium and Part D prescription drug premium. One important thing to remember is that you can’t have a Medicare Advantage plan and Medigap insurance. You have to choose one or the other to supplement basic Medicare.

WHICH OPTION IS BEST?

So which one is better for you? It depends on your finances and health circumstances. Comparing the two, Medigap coverage will usually have a higher monthly premium, but lower out-of-pocket expenses. Medicare Advantage plans generally cost less and cover more services.

You might look at it this way: If you’re in good overall health, you might choose a Medicare Advantage plan. But if you have a covered condition that requires frequent medical services with co-pays, Medigap might be the way to go.

Something else to consider: Traditional Medicare and Medigap policies cover you for any doctor or facility that accepts Medicare. But Medicare Advantage plans usually limit you to the doctors and facilities in their network.

So Medigap costs more, but you get to choose your doctor, and that’s a very attractive feature for folks with a pre-existing condition.

WHO IS ELIGIBLE FOR A MEDIGAP POLICY?

If you’re 65 or older and eligible for Medicare and you already have Medicare Parts A and B, you can get a Medigap policy. But again, not if you already have a Medicare Advantage plan. You can’t have both.

Now, when it comes to what’s covered by a Medigap plan, things can get a bit confusing. Again Medigap plans in general cover deductibles, copays and coinsurance costs. But there are actually many different types of Medigap plans, and each is identified by a letter: A, B, D, G, K, L, M and N.

Each plan provides a different level of supplemental coverage to Medicare. You have to pick the one that best meets your needs. Fortunately, you can find a comparison of the different Medigap plans at Medicare.gov.

And this should help simplify your decision. All Medigap policies have standardized coverage. Every company offering Medigap L, for example, has to cover the same things. The only difference will be the price. So after you choose the lettered plan that works best for you, just shop for the lowest price in your state.

HOW MUCH DOES MEDIGAP COVERAGE COST?

It varies depending on your state and the plan you choose, but the average for 2023 is $155 a month. However, that’s only for an individual. Under the rules, your spouse would have to have a separate plan.

One other thing to keep in mind, with a Medigap plan, you may also want to get separate Medicare Part D coverage, because it doesn’t cover prescription drugs.

If you decide to go with a Medigap plan, you can sign up for any plan offered in your state during the six months after you enroll in Medicare Part B. That initial enrollment window is crucial because during that period, you’re eligible for any plan even if you have health problems. The company has to take you on and they can’t charge you extra for a medical condition. After six months, however, you no longer have that guarantee.

Now there’s one more thing you should know about healthcare coverage now that you’re turning 65. We mentioned that you can’t have both Medicare Advantage and Medigap coverage. However, if you already have Medicare Advantage and you’d like additional coverage, you can check out a medical cost sharing ministry.

For example, with Christian Healthcare Ministries, you can have both a Medicare Advantage plan and CHM coverage, which costs about the same as a Medigap plan.

On today’s program, Rob also answers listener questions:

● How do you determine whether to take a pension as a monthly payout or a lump sum? ● Does it make sense to tap home equity to pay off credit cards? ● Is this a good time to invest more money into the market? ● How do you get started with a budget when you’re behind on everything?

RESOURCES MENTIONED:

● Christian Credit Counselors ● Connect with a MoneyWise coach ● MoneyWise App Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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In uncertain economic times, it’s easy to fall into the trap of worrying. We should be concerned about high inflation, rising interest rates, and the Wall Street rollercoaster. But when concern turns to worry, that’s a problem. We’ll talk about how to overcome it today with Jim Newheiser.

Jim Newheiser is a former financial consultant and the author of a 31-day devotional titled Money: Seeking God’s Wisdom.

First, we should mention that through November and December of 2022, we’re offering the book for a gift of any amount at MoneyWise.org.

On Day-9 of his devotional, Newheiser touches on a subject that many listeners may be experiencing these days: WORRY!

OVERCOMING WORRYING

Newheiser says we must remember that God empowers us to overcome worry, and His Word directly addresses this:

In Matthew 6, Jesus says, Do not be worried about your life, as to what you will eat or what you will drink; nor for your body, as to what you will put on. Look at the birds of the air, that they do not sow, nor reap nor gather into barns, and yet your heavenly Father feeds them. Are you not worth much more than they? And who of you by being worried can add a single hour to his life? You of little faith!

Worry comes all too easily and naturally to most of us, especially as it regards financial matters. You hear a rumor that layoffs are imminent, and you wonder whether you could get a new job at your age. When money is already tight, your daughter needs orthodontic work and your car requires a new transmission. Your credit cards are already near their limit. You can barely afford the payments on your student debt. The list goes on and on.

But in Matthew 6, Jesus is addressing the anxieties of His disciples. First, He chides them because their worry is senseless: As we see how God cares for His lesser creation by giving animals and plants food and covering, we should trust that He will care all the more for us, His beloved children.

He’s also saying our worry is useless: Worry won’t make anything better. No one, by worrying, has added to his life span. In fact, worry takes away from our lives by draining us of time and energy that we could have devoted to addressing the problems at hand. And finally, Jesus says that our worry is faithless. That’s hard to swallow, but it’s true. Worry flows from a lack of trust in God.

So when we worry, it’s a sign that we're looking in the wrong place for peace and security. We’re not ultimately dependent on others or even on ourselves. God is the one who feeds and clothes His servants.

But Jesus loves us, so He goes on to offer positive encouragement by telling us how we can overcome worry in Matthew 6:33. He says, But seek first the kingdom of God and his righteousness, and all these things will be added to you.

We’re to put off sinful anxiety and instead invest our time and energy into serving God. As we do so, we can trust that He will supply our needs.

There is an old story of a businessman who was asked to represent his monarch in a foreign land. The businessman expressed concern that his company would suffer in his absence. The monarch replied, If you take care of my business, I will take care of your business.

Jesus says the same thing. As you devote yourself to His business, He’ll take care of your earthly business. When your life is focused on God’s kingdom, you’ll be able to trust in His provision, and He’ll give you peace.

HOW TO ACTIVELY FOCUS ON GOD’S KINGDOM

First, reflect on the many verses in God’s Word that address worry. Then, think of one or two kingdom-oriented things you can do, and ask God to give you the strength to pursue these thingsand then wholeheartedly throw yourself into them.

And that, no doubt, will take your mind off worrying, safe in knowledge that God will meet all your needs.

On today’s program, Rob also answers listener questions:

● How do you find the best life insurance option? ● When does it make sense to pull out of the market and shift to highly conservative investments? ● What can you do to become a wiser steward of God’s money?

RESOURCES MENTIONED:

● Selectquote.com ● PolicyGenius.com ● Connect with a MoneyWise coach

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Wall Street is a scary place these days, and that’s all the more reason to have a solid investing plan in place. But one group of investors is letting emotions triumph over planning. We’ll talk about that today on MoneyWise.

A recent survey by Ally Financial revealed that almost half of millennials (roughly aged 25 to 40) have sold investments during the past volatile year.

The poll also showed that other age groups for the most part have stuck with their investing plans. There’s an old joke that the best investment advice is, buy low sell high, but millennials don’t seem to have gotten it. For most people, now is a good time to buy, not sell.

Certainly there’s been a lot of bad news this year to scare investors. We’re enduring the highest inflation in 40 years, the Russian invasion of Ukraine, and the Fed is raising interest rates seemingly on a collision course with recession.

Those bleak reports have apparently affected millennials the most, as 49% of those surveyed in August said they’d sold stocks over the past 12 years.

That’s compared to just 21-percent of investors in the demographic we know as Gen X (roughly, age 42 to 57). Interestingly, still fewer investors outside those two groups, Gen Z (ages 18 to 25) and some baby boomers (ages 58 to 67) sold stocks in the past year.

WHY THE MILLENNIAL SELL-OFF?

So why are millennials selling off to a far greater extent than other age groups? And remember. Well, it could be that they're under more financial strain than others.

This might include trying to buy a house, and skyrocketing home values in the past year haven’t helped there. Or, they could be facing more expenses raising children or caring for elderly parents, who may not have put away enough for retirement.

But even if millennials are selling stocks for what might seem to be the right reasons, it’s still the wrong time to sell if you’re following a long term investing plan and looking ahead at least five years, if not 10. For those folks, a bear market is a good thing.

A BEAR MARKET CAN BE A GOOD THING

That’s because of dollar-cost-averaging, and it’s something that most investors should be doing.

When you contribute a consistent amount each month to your retirement account, you’re automatically dollar cost averaging. That could be in stocks, mutual funds or whateverand you do this no matter what the market’s doing.

This eliminates all the guesswork. You’re not trying to figure out what the market is likely to do next month or next year. You’ve already made an investing decision based on a long range plan. And this is following one of God’s financial principles, found in Proverbs 21:5, Steady plodding brings prosperity; hasty speculation brings poverty.

This might seem like a mindless way to invest, but it isn’t. It’s actually very smart. That’s because by contributing a consistent amount each month, you’re automatically buying fewer shares when prices are high and stocks are expensive.

But then when stocks are down, and you still invest the same amount each month, you’re buying more shares. So no matter what happens on Wall Street, you’re always building maximum equity at minimum cost.

Dollar cost averaging doesn’t give you big wins overnight. It gives you long term gains. And if you stick with it and don’t pull your money out when things look bleak, those gains can be substantial.

Let’s say a bear market lasts 6 months, a year, or even longer. With dollar cost averaging, you’re laying the foundation for significant gains down the road. When the market recovers, all those extra shares you bought when prices were low will be worth moregreatly increasing the value of your portfolio.

BEWARE OF EMOTIONAL INVESTING DECISIONS

Most of us work pretty hard to save and invest. It’s just human nature to have some emotional attachment to those dollars. But emotions are dangerous when it comes to investing. They tend to crowd out logic and reason. Dollar cost averaging takes the emotion out of investing.

It eliminates the possibility that you’ll make a bad investment decision, like selling when the market’s down and locking in your losses. Or buying more when stock prices are high. It forces you to think long term instead.

So if you’re a millennial investor or any investor for that matter stick to your long range plan and don’t let your emotions take over.

On today’s program, Rob also answers listener questions:

● Does it make sense to sell property to eliminate credit card debt? ● When is it wise to hire a financial adviser? ● When is it too late to take on a mortgage?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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One of the facts of life is that each of us will die someday and everything we have will be left behind, including our debts. So, who will have to pay those debts? Today, we’ll be talking about debt after life and how it can affect your loved ones and beneficiaries.

Often on Mondays, we focus on foundational matters related to finances. And you may recall that our teaching model centers around the five basic things you can do with your money.

You can earn it, live on it, give it away, owe it to someone, and you can grow it by investing.

Earn, live, give, owe, and grow.

Today, we’re focusing on owing money and on a particular aspect of that topic that perhaps you haven’t thought about: namely, what happens to your debts when you die?

Of course, those debts won’t be of much concern to you at that point, but they could be of great concern to those you leave behind.

Many people assume that when they pass away, their debts will be written off by creditors and not collected. Well, that is true with regard to some debts. But it is the exception, not the rule.

The U-S government does write off federal school loans when the person who owes the money dies. And that extends to PLUS loans parents take out for their children’s education. In fact, if either a parent or the student dies, the loan is written off.

One other possible exception is small medical debts. Sometimes medical providers will write those off, but they are under no obligation to do so.

As for other kinds of debt, those obligations do not go away. They’ll be assigned to other people who will become responsible for paying them, or they’ll be paid from the proceeds of your estate. We’ll explain that in a moment.

But first, you need to understand that there are two types of debt: secured debt and unsecured. A secured debt is anything that has collateral that is, something the creditor could take and sell to pay the debt if it came to that.

Secured debt includes things such as a home mortgage and a car loan. A creditor could foreclose on a house or repossess a car. Those are secured debts. In contrast, unsecured debt has no collateral. Credit cards fall into that category.

Typically, a secured debt will pass to a beneficiary. If your spouse becomes the sole owner of the house when you pass away, and you still have a mortgage on it, he or she will be responsible for continuing the payments.

If you bequeath your car to a loved one, and it still has a loan on it, the beneficiary will have to either take over the payments or refuse the vehicle.

As for unsecured debts, such as credit cards, those debts will not pass to a loved one unless that person is a joint account holder. If the person is simply an authorized user but not a joint account holder, that person won’t be responsible for the debt.

Now, in most cases, credit card debt will be paid from your estate. Estate is a legal term for the assets you leave behind, such as cash in a bank account or maybe a set of tools or collectibles you own. To satisfy the creditors, the executor of your estate will have to pay bills from those assets. That could involve selling things you left behind to generate enough cash to clear the debts.

When settling an estate, creditors are first in line legally. They get paid before anyone else. That means fewer resources will be left for your heirs or to give away to your church or a charity.

Fortunately, some assets are not considered part of your estate, including life insurance proceeds and retirement accounts with named beneficiaries. Those are protected against creditors.

Let me say a word about medical-related debt. In most cases, a survivor is not directly responsible for that unless he or she co-signed a form pledging financial responsibility.

However, laws relating to how debts are handled after death vary from state to state.

Nine states in the U-S are what are known as community property states, in which marital assets are owned jointly. Medical debt may be handled differently in those states.

Now, I have given you only the general lay of the land regarding what happens to debts after a person dies. It may be wise to consult an estate attorney if you have specific concerns about how debts will be dealt with based on the state you live in or your particular financial situation. You don’t want your loved ones to be taken by surprise.

On today’s program, Rob also answers listener questions:

● Would an iBond or a traditional IRA make sense after maxing out Roth IRAs?

● What happens when trading on a company’s stock is frozen?

● What resources should you look into for college scholarships?

● How can you roll investments into I-bonds?

RESOURCES MENTIONED:

● Scholarships.com

● Fastweb.com

● collegeboard.org

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Ecclesiastes 11:6 says, In the morning sow your seed, and at evening withhold not your hand, for you do not know which will prosper, this or that, or whether both alike will be good. That verse tells us the importance of diligence. Today we’ll give you some ways you can be diligent with your IRA.

Okay, so the first way you can be diligent about your IRA is to make a very basic decision:

TRADITIONAL OR ROTH IRA?

Money contributed to a traditional IRA goes in pre-taxed, meaning you can deduct that amount from your adjusted gross income at tax time. Money going into a Roth IRA, of course, is after-tax. Meaning you can’t deduct it.

Later in life, when you withdraw those funds, you’re taxed on your traditional IRA contributions and earnings but your withdrawals from a Roth account are tax-free. And because of that, a lot of folks automatically assume that a Roth IRA is better. Don’t make that assumption.

The Roth is only the better option if you expect that your retirement income will actually be more than you’re making now, and generally, that means the Roth is better for younger investors. It’s better to pay the tax on those contributions now, rather than later when they may be in a higher tax bracket.

But at a certain stage in your working life, your expected retirement income will be less than you’re making at that point. That makes the traditional IRA a better option for older investors, who’ll pay taxes on their withdrawals later when they expect to be in a lower tax bracket.

So when you’re deciding between a traditional or Roth IRA, you have to ask, On the day I retire, am I likely to be making more or less than right now?

But what if you still can’t decide?

WHY NOT BOTH A ROTH AND TRADITIONAL IRA?

Ecclesiastes 11:2 even tells us of the need to diversify our holdings. It reads, Give a portion to seven, or even to eight, for you know not what disaster may happen on earth. If you can’t decide between a traditional or Roth Ira, open both and split the maximum contribution between the two. That way you’ll have taxable and non-taxable income streams in retirement..

Another way to be diligent with your IRA is paying attention to when you make your contributions. The IRS allows you to make them all the way up to tax day, April 15th and still have them apply to the prior tax year. But doing that means you’ll lose up to 15 months when your contributions could be making compound earnings.

Now, why would someone do that year after year? Well, for example, it might seem to make sense for folks who expect an annual bonus at the end of the year. They wait for it and then use it for IRA contributions after the first of the year, maybe even waiting until the April 15th deadline. Other folks might just procrastinate, again waiting for the deadline before acting.

It’s far better to make consistent contributions to your IRA all through the year, which again, will give your holdings more time for compound earnings. If you’re expecting a year-end bonus, adjust your budget so you can contribute that amount through the year, instead of waiting.

You can also be diligent about contributing the maximum allowed amount to your IRA. That’s $6,000 a year, or $7000 if you’re 50 or older. But did you know that some people can actually double that amount?

IRA contributions must be made from earned income, but what if you have a non-working spouse? Well, you can open another IRA in the spouse’s name and again contribute the maximum amount, as long you, the working spouse, make enough to equal the combined maximum of $12,000 or $14,000 if you’re both over 50.

And that could actually be a better option than maxing out your contributions to a company 401k if it’s loaded with fees and has few investing options.

Another way to be diligent with your IRA is to start investing early.

Let’s look at three different scenarios, assuming an annual gain of 8%. (Keep in mind, the 100-year average for the SP 500 is over 10%.) If you invest $250 a month starting at age 25, by age 65, your holdings will grow to more than $875,000. If you wait until age 35, your holdings will reach only $375,000. A huge difference! And if you wait until age 45 you’ll accumulate less than $150,000.

No wonder Proverbs 13:11 reads, Wealth gained hastily will dwindle, but whoever gathers little by little will increase it.

So if you haven’t started investing yet, start today!

On today’s program, Rob also answers listener questions:

● What are the tax responsibilities for adult children who inherit property from a parent? ● What is the biblical case for long-term saving and investing? ● How should you use proceeds from annuities?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Despite high inflation, rising interest rates and slow economic growth, the labor market remains seemingly strong. We’ll talk about that with Jerry Bowyer today.

Economist Jerry Bowyer is President of Bowyer Research and a MoneyWise contributor..

On today’s program, Bowyer explains why the economy is still adding jobs and employers are still looking for workers, and why a falling employment rate could be a good thing or a bad thing if it means too many people are leaving the labor market.

He discusses the importance of American society providing a safety net but not a hammock.

Rob and Jerry also talk about how employment can be a lagging economic indicator and what we might expect in the months ahead.

They also discuss long-term trends that will impact the labor force and the economy, including:

• Aging of the workforce (500K+ net loss to the workforce each year)
• Abortion (60MM babies aborted/40MM would be between 18-50 years old today/20MM prime working age)
• Expansive social safety net

And they talk about the importance of current trends, including:

• COVID reduced labor participation rate
• Did not rebound due to, in part, early retirees (55+ taking early retirement)
• Nearly all women back to work
• Only 50% of men back to work
• Cultural stigma of not working if working age seems to be gone
• Anti-fertility trends (1-2 kids average vs. 3-4) and the importance of immigration

Bowyer also explains why an incredibly strong dollar can actually be concerning.

Furthermore, they discuss rising interest rates and the ripple effect they’re having through the economy, and what it might take to get inflation under control.

They also answer the question: Are we officially in a recession yet?

Jerry Bowyer is the author of The Maker Versus the Takers: What Jesus Really Said About Social Justice and Economics. And you can read his insightful columns at the Christian Post.

On today’s program, Rob also answers listener questions:

● When do annuities make sense as an investment? ● What is the best way to start saving or investing for a very young child?

RESOURCES MENTIONED:

● Betterment ● Wealthfront ● Schwab Intelligent Portfolios

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Proverbs 27:23 tells us, Know well the condition of your flocks, and give attention to your herds. Our herds and flocks these days are our finances, including our investments. Do you know the condition of yours? We’ll talk about that today with Cassie Laymon.

Cassie Laymon is president of LightPoint Portfolios, an underwriter of this program. She’s also a Certified Financial Planner and a Certified Kingdom Advisor.

On today’s program Laymon shares her journey in learning about faith-best investing and what led LightPoint Portfolios to start working with company and church retirement plans.

Laymon details the most common advice she gives to participants about investing for the future, including the importance of taking advantage of matching funds from your employer.

Most Americans have a bulk of their savings in an employer-sponsored plans, LightPoint recognized the need for a 401(k) and a 403(b) platform that would provide Christian companies, churches and other groups, as well as their employees, the opportunity to align their retirement assets with their deeply held faith values.

She explains how that works and offers the advice she gives to business owners about saving and investing and how best to help their employees save for the future.

Laymon says that many of the people who oversee retirement plans (plan sponsors) don’t realize that it’s best-practice to benchmark their plan every three years. That includes doing a fee analysis. With that in mind, LightPoint offers a complimentary objective analysis of your company’s current plan to see where there might be opportunities for improvement and to make sure you’re clear about the fees you’re paying.

She also explains what a participant can do if they want to invest in faith-based funds but find that they’re not available in their retirement plan.

To learn more about LightPoint, visit LightPointPortfolioSolutions.com.

On today’s program, Rob also answers listener questions:

● How do you know when it’s time to get out of the market? ● What is the best way to establish a retirement plan with limited savings?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Open Enrollment for healthcare plans kicks off on November 1st. Lauren Gajdek is here to talk about a great alternative way to meet your healthcare costs..

Lauren Gajdek is Vice President of Communications and Media at Christian Healthcare Ministries where they specialize in medical cost sharing, a different way to meet your healthcare needs. CHM has shared more than $8 billion dollars in members’ medical costs since its inception.

OPEN ENROLLMENT

Like last year, consumers will have an extra 30 days to review and choose health plans. The 2023 Open Enrollment Period begins November 1, and ends January 15, 2023, in most states. Coverage begins January 1.

Open enrollment only happens once a year. Once it ends, you’re locked into your current programs until the next year. So it’s important to double-check the open enrollment dates with your employer or the program you want to join so you don’t miss your window of opportunity.

There are a few exceptions to the time limits. You can sign up for financial programs outside of the open enrollment period if you have a major life change like marriage, divorce or becoming a parent. You’re also eligible for special enrollment if you’re a new hire. Learn more here.

But if you miss your employer's open enrollment deadline, you could lose coverage for you and your loved ones. Missing this deadline also means that you could be unable to make changes or enroll in benefits until the next open enrollment period.

NO ENROLLMENT SEASON WITH CHM

However, with Christian Healthcare Ministries, there is no enrollment window. It’s always open season.

Absolutely nothing you decide to go with Christian Healthcare Ministries, because we have open season all the time.

On today’s program, Gajdek explains:

• What the Christian cost-sharing model is and how it differs from healthcare insurance.

• The pricing and tiers of cost-sharing with CHM

• The signup process and what paperwork is involved in submitting medical bills for cost sharing.

• The biblical basis for Christian cost sharing.

• How Christian Healthcare Ministries works to support members spiritually as well as financially.

To learn more about Chrisian Healthcare Ministries, visit CHMinistries.org or call 800-791-6225.

On today’s program, Rob also answers listener questions:

● How do you evaluate the effectiveness of your financial adviser? ● Does closing unused credit accounts affect your credit score?

RESOURCES MENTIONED:

● Find a Certified Kingdom Advisor

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Most of us make money by working a job. But there is another way to make money and that’s by putting money itself to work. Getting your money to earn more money is crucial if you’re going to build a nest egg for the future. We’ll talk about that today on MoneyWise.

As we often say, there are five basic things you can do with money: You can earn it, live on it, give some away, owe it to someone, and lastly, you can grow it for the future.

Earn, Live, Give, Wwe, and Grow.

Today, we’ll focus on growing your money. The run-up in inflation that we’ve seen over the past year-and-a-half makes it clear that finding ways to grow your money is essential. If you put money in the bank and earn a 1-2% annual return while inflation is running at 7-8% percent annually, you’re falling way behind!

Inflation means that the money you put in the bank will have significantly less purchasing power when you take it out than when you put it in.

That’s why it’s so important to increase the growth rate of your money to try to keep up with inflation.

KEEPING UP WITH INFLATION

So, how can you do that? Well, there are many options, but each calls for investing your money somehow. The safest approach right now would be to invest in government I-Bonds. The I stands for inflation. Those bonds, guaranteed by the U-S government, are designed to keep pace with inflation.

Unfortunately, I-Bonds carry restrictions, such as a $10,000 per-person limit on how much you can invest each year. Further, you can’t hold I-Bonds in a retirement account such as an IRA or a company-sponsored 401(k) plan.

So, to match or beat inflation, you have to go beyond super-safe I bonds and look to investments that grow with the economy.

INVESTING IN THE MARKET For most people, investing in the stock market is the easiest way to do this. We know that seems scary to some people. But to get your money to grow requires you to take some risk.

The good news is that you can minimize the risk of investing in stocks if you spread your money across many companies and stay invested for a long time.

The easiest way to broadly invest is to hold mutual funds that contain shares of many companies. Some funds hold the stock of hundreds of companies. And those funds have tended to do quite well over time.

Of course, no one knows the future. But history tells that those who invest broadly and steadily over a long time almost always come out ahead.

THE POWER OF COMPOUNDING

As your investments grow over time, the earnings on your investments can purchase more shares. Those new shares will grow and allow you to purchase still more shares.

This compounding growth is what helps you keep up with or outpace inflation. The effect of compounding, given enough time, is remarkable. It can turn relatively modest investments of thousands of dollars a year into millions over a few decades. That’s why compound interest is often called the 8th Wonder of the World.

One warning, however: Investing can foster bad things in your life, such as greed when the investment markets are performing well and fear when they’re not. As a Christian investor, you need to be on your guard. Don’t let greed and fear take over. Instead, seek to be a wise and faithful steward who takes a reasonable amount of risk to prepare for future needs.

It’s possible in investing to take excessive risk. Proverbs 13:11 warns, Wealth gained hastily will dwindle, but whoever gathers little by little will increase it.

It’s also possible to take too little risk, which likely will result in you not being financially prepared for your later years. As a steward of what belongs to God, it’s your role to find the right balance as you seek to put your money to work and make it grow.

For helpful guidance in this area of investing, visit MoneyWise.org.

On today’s program, Rob also answers listener questions:

● Does it make sense to not enroll in Medicare Part-B when you’re eligible? ● How and when can you get rid of private mortgage insurance? ● If you leave a traditional IRA to a relative, will they have to pay taxes on that? ● What should you do with investment money if an employer does not match contributions?

RESOURCES MENTIONED:

● TreasuryDirect.gov

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Is it possible to find financial security in uncertain times? Today on MoneyWise, we’ll let you in on a few secrets for financial security.

Full disclosure up front: These aren’t really secrets. But they might as well be since so many people don’t do them!

TIPS FOR FINANCIAL SECURITY

1. Live on less than you earn. If you don’t, there’s no way to save and you’ll almost always run up debt. But if you can get on a budget that allows you to live even a little below your means, you’ll stay out of debt and have something to put in the bank for emergencies.

Fail to do this and you’re looking at a long, hard road full of financial potholes. The MoneyWise app makes setting up a budget a breeze.

1. Ignore investing experts on TV. This is especially true if they tell you to buy everything in sight when the market’s up, or that the sky is falling and you need to sell now.

The real secret to successful investing is to own quality index and mutual funds, along with some bonds, and to hold them for a very long time, regardless of what the market’s doing.

Unless you’re a very savvy investor or have money that you can afford to lose, shy away from individual stocks. Forecasting the profitability of single companies is too complicated for the average investor.

1. Buy term life insurance to protect your loved ones. Avoid whole life and permanent policies that mix insurance with investments. Anything but term insurance is too expensive and won’t give you the returns you can get by investing separately.

2. Get rid of credit card debt. Use the snowball method to pay down the smallest balance first, and then move on to the next. But you can only do this if you’re following the first secret, live on less than you earn. That way you’ll have extra each month to retire your credit card debt. Paying interest on consumer debt is like burning money.

3. Buy cars for the right reason. Cars are expensive and having sky high monthly payments on a car loan is a sure way to bust your budget. Buy cars for reliability and fuel efficiency, not to show off to the neighbors.

4. Be neighborly. There’s more to relationships with those living around you than just being social. For example, a neighbor can be a source of tools you won’t need to buy as long as it’s a two-way street and you always return anything you borrow in good condition.

Neighbors can also be a wealth of information about your area, like the best places to shop and what deals are out there. Just be sure to give as much as you receive.

1. Don’t touch your retirement savings. Throughout your working years there will be many times when it seems like a good idea to tap into your 401k or IRA. But it’s a quick, short term solution that’ll cause long term pain. Instead, work diligently to build an emergency fund of 3 to 6 months living expenses.

2. Turn off the TV. How will that help? You won’t be bombarded by advertising. Financial teacher Ron Blue likes to say that advertising convinces you to buy things you don’t need and can’t afford to impress people you don’t like.

The less advertising you see, the less likely you’ll be to buy something on impulse that will almost certainly end up in a closet or out in the garage when the novelty wears off.

1. Pick inexpensive hobbies. Speaking of novelty wearing off, have you ever invested in a hobby that you later realized wasn’t all that fun or interesting? Like taking up golf or scuba diving? These can cost hundreds or even thousands of dollars just to get started.

Instead, look for hobbies that have little or no ongoing costs. An example might be teaching yourself how to play a musical instrument or taking a class on building a website or cooking. You can do many of these things online now at relatively low cost.

1. Don’t gamble. That includes not playing the lottery. You have better odds of being hit by lightning twice than winning what is really just a state-sponsored numbers racket. It’s also bad stewardship. Gambling doesn’t glorify God in how you use His money.

On today’s program, Rob also answers listener questions:

● What is the best way to pay down a mortgage more quickly? ● What is an in-service distribution? ● When does it make sense to change up your investing strategy or allocations? ● How do you take distribution from a 401k? ● What are the financial considerations of investing in a family farm?

RESOURCES MENTIONED:

● Find a Certified Kingdom Advisor

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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If you have a family, life insurance is essential, and term insurance is the best kind. But what’s the best way to buy it? We’ll talk about that today on MoneyWise.

Okay, it seems like we get a question about life insurance almost every day. Do I need it? Or, Should I get term or whole life? So let's clear those up first.

DO YOU NEED LIFE INSURANCE?

If you have a family that depends on your income, you need life insurance. If you’re a stay-at-home spouse caring for children, you too need life insurance, primarily because child care is expensive.

Now, we almost always tell folks to choose term over whole life policies because term is pure insurance. It doesn’t muddy up things with a savings component, and it’s far cheaper.

So you want term insurance, but there are several ways you can go about getting it. And we should mention that whichever way you buy it, you always want to choose a company that has an A++ rating and you can check out insurers at AMbest.com.

HOW TO BUY TERM INSURANCE

So how should you buy term insurance? First, you can get it directly from an insurance company. This is for folks who like to deal with an older, established insurer, and most of the big name insurance companies would fit into this category.

Many of these companies have been around for more than a century and have great stability. When you buy through them, you’ll probably have to deal with an agent on the phone who’ll take you through the process.

Another way would be to use a comparison site. This is good if you want to price shop in a hurry. I won't name any of these web sites, but you probably hear ads for them all the time.

These actually aren’t insurance companies themselves. Instead, they gather price quotes from several different insurers as a convenience for you. Then, when you choose a policy, you actually buy it from the company that offers it.

This way can save you a lot of time because you only have to enter your information one time instead of having to do it for each company as you shop around for quotes.

But keep in mind that these comparison sites often deal with only a select group of insurers that pay them a commission. So it’s possible to miss the very best quote if the site you're using doesn’t have an agreement with that company.

You can also buy a policy through a new company that's associated with one of the bigger, legacy insurance companies. These upstart insurers have the stability of the older companies that back them financially, but they exist largely in the digital realm.

They’re for folks who don’t want the hassle of talking to an agent and would rather apply for a policy online. So if you find a great quote online from a fairly new company that you may not have heard of before, check to see if it’s backed by one of the traditional insurers. If it is, you get that measure of reliability while still working completely online.

ONE MORE WAY TO BUY TERM

Now, there’s one more way to buy term life insurance, and this is really about the type of insurance you’re getting. You have a choice between what’s called simplified term and instant issue. As the name implies, instant issue is for folks who want life insurance without having to get a medical exam. You can usually apply online and get an answer right away.

Several smaller companies specialize in instant issue policies but several of the larger, legacy insurers also offer them. They’re great for people with pre-existing conditions who want access to life insurance.

But they come with a few catches. The death benefit with an instant issue policy tends to be smaller. Also, the term is likely to be shorter, and finally, it probably will cost more than a regular term policy that includes a medical exam.

HOW MUCH DO YOU NEED?

Now, you might be wondering just how much life insurance you need. A good rule of thumb is 12 to 15 times your annual salary. For a non-working spouse taking care of children at home, the rule of thumb is 5 to 10 times your annual expenses.

And one final thought. Another question we sometimes get is whether life insurance (or any insurance for that matter) is biblical. Or does it mean that you’re not trusting God to provide?

To be sure, God will provide. He promises to provide, and He is always faithful. But we are called to be stewards, and taking care of your family is certainly good stewardship.

1 Timothy 5:8 reads, But if anyone does not provide for his relatives, and especially for members of his household, he has denied the faith and is worse than an unbeliever.

Unless you’re independently wealthy and don’t need to work, you need life insurance to provide for your family should something happen to you. I hope that puts your questions to rest.

On today’s program, Rob also answers listener questions:

● Is there a way to quantify the financial benefits that a company offers to employees?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Proverbs 1:5 says, Let the wise hear and increase in learning, and the one who understands obtain guidance. Today we’ll tell you about some of the biggest financial mistakes so you can learn from them.

So a recent survey asked folks about their biggest financial faux pas.

HOME BUYING MISTAKES

Interestingly, first on the list was buying or not buying a house. Obviously, it’s a huge financial decision and it can go wrong either way. Some in the group reported they bought too much house and were having difficulty making mortgage payments.

Others said the home they bought required more work than they bargained for. Still more said a big mistake was not putting down 20% to avoid paying private mortgage insurance.

But some reported that it was a mistake not to buy a house a few years ago when home values were lower, because now, they can’t afford to buy one. Well, to those folks we say, keep saving diligently. Home values are showing signs of moderating, and eventually, you’ll catch up to the market.

MISUSING STUDENT LOANS

The next mistake people cited was student loans specifically, using money from those loans for what they now consider frivolous spending (eating out at nice restaurants, buying upscale clothes, etc).

Others said it was a mistake to borrow for a degree that didn’t provide marketable skills that employers want, so now they’re unable to find a job with a salary high enough to repay their loans.

The moral here is that you always want to borrow as little as possible, use the funds only for education, and choose a major that will provide a reasonable income.

CO-SIGNING

Now, talking about loans in general, a lot of folks said it was a mistake to be on either side of one. Specifically, some said that co-signing a loan for someone else was a big mistake.

And the Bible certainly agrees. Proverbs 22 warns, Be not one of those who give pledges, who put up security for debts. If you have nothing with which to pay, why should your bed be taken from under you?

And some even said it was a mistake to borrow from a family member or friend presumably because it damaged the relationship.

FORGET ABOUT THE JONESES

The next mistake involves keeping up with the Joneses and spending way too much on a wedding to impress people that didn’t have to pay for it. One bride even said she wished she’d gone potluck and wore a simple dress instead of shelling out thousands on an extravagant meal and fancy wedding gown.

UNPLANNED PURCHASES

Impulse buying also made the list of mistakes people cited. They regretted buying a lot of stuff that made them feel good for a moment but then ended up in the garage or basement, gathering dust.

If only they’d read Luke 12:15, where Jesus says, Take care, and be on your guard against all covetousness, for one's life does not consist in the abundance of his possessions.

The impulse buyers said that instead, they should have put that money in a retirement account, which was actually next on the list.

NOT INVESTING ENOUGH FOR RETIREMENT

Many respondents said it was a mistake not contributing more to their retirement accounts so their holdings could grow more over the years from the benefit of compound earnings.

Specifically, they said it was a mistake to not take advantage of employer matching funds in their 401k. We always advise you to contribute at least enough to max out any employer contributions because it’s free money. You don’t want to turn that down.

CREDIT CARDS

Now, what list of financial mistakes would be complete without mentioning credit cards?

And of course, a lot of respondents said it was a mistake to go into debt the first time for things they couldn’t afford to buy with cash.

But some even admitted they didn’t learn from that mistake. When they got a windfall of some type and paid off their credit card debt, they kept overspending and found themselves in debt all over again.

And that’s why we tell you that the only way to avoid going into debt is by living on a budget and having an emergency fund for unplanned expenses. Otherwise, you’ll just reach for a credit card to solve a problem or satisfy a wish.

On today’s program, Rob also answers listener questions:

● Is now not a bad time to build a home with a potential economic downturn looming? ● Is it possible to buy more than $10,000 in I-bonds this year? ● Why might you be denied for a loan despite good credit?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Proverbs 15:1 says, A soft answer turns away wrath, but a harsh word stirs up anger. That verse reminds us to keep a cool head when we experience conflict or crisis in a relationship. And maybe all the more when that crisis involves the marriage relationship. Howard Dayton joins us today to talk about surviving a marriage crisis.

Howard Dayton is the founder of Compass Finances God’s Way and the former host of this program.

THE WARNING SIGNS OF A MARITAL CRISIS

It typically occurs when an unusual amount of stress or unresolved conflict becomes too intense for a couple to manage. A crisis brought on by finances usually involves more than dollars and cents. Anger. resentment, frustration and hopelessness often control the relationship.

Communication becomes increasingly strained, or the two emotionally withdraw from each other. A crisis can be even more challenging when either the husband or the wife contributed to it, rather than its being caused by outside forces, and especially when trust has been broken.

People react differently to crises. Some people react quickly and emotionally, while others are more introspective and require time to sort it out. It’s essential for spouses to give each other the freedom to deal with the crisis in an appropriate way and to support each other in every way possible.

Times like this can be defining in a relationship, bringing couples closer together or pushing them further apart. This may surprise you, but one of the biggest potential benefits is that when people experience a high level of pain, they’ll often change.

Impulse spenders often become careful spenders, credit cards are paid off. Couples begin to communicate at a deeper level. And others become serious about growing in their relationship with Jesus Christ.

HERE ARE 8 TIPS FOR DEALING WITH A MARITAL CRISIS Pray together for God's wisdom and direction in your situation.

Agree together on ground rules for how to deal with the crisis. Include an opportunity for either spouse at any time to call a time-out to pray together and cool off if a meeting becomes too intense

Use kind words to communicate. Words are easy to cast but difficult to reel in.

Write a letter to each other expressing your feelings and identifying the issues contributing to the crisis financial or otherwise. Then meet to pray and discuss the letters.

Identify, confess and repent from any sin. For example, if someone is addicted to gambling and is squandering the family income, true repentance would mean getting help to break the addiction.

Decide what you will not do. Identify what you won't do to try to cope with the problem. For example, adding more debt to a fragile financial situation often only delays the inevitable and makes it worse.

Look for the underlying cause. Be alert for the real source of the hurt between you and your spouse. You may not know where to look for it, but God does. Ask Him to reveal it.Finally, work to rebuild the marriage. Each spouse should find someone to hold them accountable to make good choices.

And if a couple does all those things but the crisis remains, what then?

Couples experiencing an acute meltdown in their marriage need intervention because they’re unable to work out their problems without the assistance of professionals. It's vital to find the right person or organization that can provide the most effective help. Select a mature Christian who is a trained professional.

To identify prospects, ask for referrals from church leadership and conduct online research to discover what resources are available in your area.

We realize there are some circumstances where divorce may occur because of abuse, adultery, or addictions, but most problems can be solved if both partners are committed to resolving them.

Learn more in Howard Dayton’s book Money and Marriage God’s Way.

On today’s program, Rob also answers listener questions:

● Is it wise to take out a debt consolidation loan? ● What is the best way to help an adult child to attack their debt? ● When does it make sense to invest in real estate?

RESOURCES MENTIONED:

● Christian Credit Counselors

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

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Canadian hockey great P.K. Subban once said, Life is a chess match. Every decision you make has a consequence. Many of the decisions we make affect us far into the future, especially investing decisions. Today we’ll talk with investment expert Mark Biller about a kind of decision-making that yields the best consequences.

Mark Biller is executive editor at Sound Mind Investing (SMI), where they’ve made a science out of decision-making.

We often think of investing decisions as good or bad. But takes us beyond that mindset with something he calls inside-out decision-making.

INSIDE-OUT DECISION-MAKING

It starts with a different way of thinking about making investment decisions. SMI teaches members that they can make most investing decisions with little regard for what’s happening in the investment markets. That may sound counterintuitive, but here’s the case for that approach:

Start with this question: Where do investment decisions come from for many investors?

For many people, their starting point is the impersonal outside world of current events, blog posts or magazine articles, and expert recommendations. We can sum that up to say most investor decisions are guided primarily by outside considerations.

As those investors respond to the data constantly coming at them sometimes buying, other times selling their personal inside financial world takes shape. But their thinking is outside-in, meaning that the continual stream of outside information is really what’s driving their thinking and actions. The fact that most people invest this way is largely why we see so much herd behavior in markets, as everyone reacts to the same news flow like those giant flocks of birds you see swirling in the sky.

But consider a different approach: Start your decision-making process with inside information. With this model, the focus is on your own financial needs and a personalized long-term strategy designed to meetthose needs. Your buy and sell decisions are based on what’s required to ensure their financial holdings are in accord with the game plan.

In contrast to the outside-in model we described a moment ago, this is inside-out thinking, where decisions are primarily shaped by inside considerations. This makes current market info and what the experts are saying largely irrelevant. The outside world of investment professionals comes into the picture only when assistance is needed in executing decisions made in alignment with their long-term plan.

For example, if your family has grown to the point that you need a minivan to haul everyone around, you shouldn’t buy a sporty little convertible just because someone on TV or in an ad says they’re hot right now.

The main point here is it’s foolish to let this type of outside stimulus steer you into making such inappropriate purchases. Instead, you make your decisions based on your needs at the time, regardless of what the person on TV would like to sell you.

A lot of investors have been whipped around this year by the market’s volatility, selling in fear as the market fell during the first half of the year, then piling back in when it bounced this summer, only to watch it dive again lately.

It’s much better to be guided by a well-defined strategy, rather than be whipped around by outside-in factors like what the talking heads on CNBC are predicting will happen next.

INSIDE-OUT CHECKLIST

Here’s a short checklist of questions to ask yourself:

1. Is my financial foundation rock solid? That is, am I debt-free, and is my emergency-savings fund sufficient? If it isn’t, they may need to sell some stock or at least pause contributing to their 401(k) plan for a bit in order to repair the cracks in their foundation.

2. Are my earlier assumptions about my lifetime earnings, retirement and lifestyle goals, health needs, and life expectancy still on track? If in doubt, it’s a smart idea to re-run those numbers. Those results might dictate the need for an inside-out change to a person’s portfolio mix between stocks and bonds.

3. Am I using investing strategies that reflect my emotional tolerance of risk? One caveat here: It’s dangerous making big adjustments to an investing plan during a bear market, so be careful with this one right now. But the goal is to build a portfolio that you can ride through a bear market. That’s a healthy inside-out investing approach. Getting to that point may lead you to reduce your holdings in one strategy in order to allocate more to another.

4. Are my protective boundaries still in place? If not, what adjustments should I make? For example, having more than 15% of your total portfolio in the stock of your employer is risky. In that case, even if you think your company’s stock will do well in the future, it’s probably wise to sell some and diversify by reinvesting in other assets.

5. And finally, am I meeting my giving goals? If not, maybe I should make lifestyle adjustments or sell some investment holdings to fund additional giving.

MAKING THE MOST OF A DOWN MARKET

Bear markets are scary, and they can be damaging for those in or near retirement. But they’re actually a net positive for younger folks who continue to invest through market downturns.

This is where the beauty of dollar-cost-averaging comes in. When you contribute the same amount each month to your retirement plan, you naturally buy more shares when stocks are down.

When the market recovers and stock prices rise, which they always have in the past, you own more shares than you would if you bought in an up market. So the value of your portfolio gets a big boost.

If you’re dollar-cost-averaging and have a long time horizon of 10 years or more, you don’t have to fear a bear market. It’s actually helping you accumulate shares at lower prices, which will help you long-term.

You can read more about today’s topic in the SMI article, Make Sure Your Investment Decision-Making Is Inside-Out at SoundMindInvesting.org.

On today’s program, Rob also answers listener questions:

● Should you give property to adult children before you pass or will it to them? ● How do you determine if you’ll need to take a required minimum distribution?

RESOURCES MENTIONED:

● Christian Credit Counselors

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29