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To support this ministry financially, visit: https://www.oneplace.com/donate/1085 MoneyWise is a daily radio ministry of MoneyWise Media. Hosted by Rob West and Steve Moore, the program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

Rob West & Steve Moore


    • Jan 20, 2022 LATEST EPISODE
    • daily NEW EPISODES
    • 24m AVG DURATION
    • 526 EPISODES

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    Latest episodes from MoneyWise on Oneplace.com

    Job Interview Tips

    Play Episode Listen Later Jan 20, 2022 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Preparation is the key to nailing a job interview. If you're looking for a new job, you need to be relaxed, confident and ready for anything. Today on MoneyWise, we'll give you some tips today on how to do that. Well, it's definitely a job seekers' market these days, but you still need to be well prepared if you're going to land that job! APPEARANCE Whether it's an in-person interview or a virtual online interview, a neat and clean appearance is important. But if you're interviewing virtually, don't just think about YOUR appearance, consider your environment too. Choose a setting that's quiet so you won't be disturbed. Make sure the background is well-organized and uncluttered. And it's a good idea to keep any pets out of the room. BE READY FOR THE BIG QUESTIONS Keep in mind, interviewers don't really 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? Use this 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, perhaps 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. Here's another tricky question you may be asked: "Why do you want to leave your current job? Never say anything negative about your current employer! It will make the recruiter think you're disloyal and ungrateful. You might also be tempted to say that you want a shorter commute or a better health plan. But that could cause the recruiter to 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 and how grateful you are for the opportunities they've given you. Then explain how you can provide more value to a company, but your current employer isn't able to provide those opportunities right now. Use it to talk about your career goals and how you want to contribute more. Next question: What's your greatest weakness? For this one, you always want to be honest with your answers. But there's usually a way to be positive, even if it's about a weakness. For example, you might say, I sometimes tend to say yes when I should say I'm already maxed out, work-wise. But then turn it positive by showing how you're learning to set priorities and 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. One more question you may well encounter: Why should I hire you? Here's where preparation is especially important. Talk about how hiring you would be good for the company in very specific terms. To prepare for it, go over your resume and pick three things you've done to make an operation more efficient, or to increase revenue, or reduce overhead for your current company. Also, do some research so you're able to point out how those skills will help the company where you're applying. PRAY! Finally, the most important preparation you can do is pray. Ask the 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. And of course end with, Your will be done, Lord. LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●When does it make sense to take advantage of credit counseling services? ●Is it okay to split a 10% tithe equally between your local church and another cause or should all of the tithe go to your local church? ●What is the wisest way to use the proceeds from a home sale? ●Is it okay for Christians to buy lottery tickets? RESOURCES MENTIONED DURING THIS PROGRAM: ●Christian Credit Counselors Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    God's Part With Howard Dayton

    Play Episode Listen Later Jan 19, 2022 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 1 Chronicles 29:11 reads, Everything in the heavens and earth is yours, O Lord, and this is your kingdom. We adore you as being in control of everything. God created, owns and controls everything. We certainly have a part in managing those resources,but so does God. Today, Howard Dayton joins Rob West to discuss God's role in our finances. Scripture teaches there are two parts to the handling of our money: God's part and ours. But that still leaves room for confusion. WHAT IS GOD'S ROLE IN OUR FINANCES? In Scripture God calls Himself by more than 250 names the name that best describes God's part in the area of money is Lord. It's important to grasp that because how we view God determines how we live. For example, after losing his children and all his possessions, Job was STILL able to worship God. He knew the Lord and His role as Lord of those possessions. OWNERSHIP The Bible is crystal clear that God is sole owner of everything. Psalm 24:1, "The earth is the Lord's, and all it contains." Scripture even reveals specific items God owns. Leviticus 25:23 identifies Him as owner of all the land: It reads, "The land shall not be sold permanently, for the land is Mine." Haggai 2:8 reveals that "'the silver is Mine, and the gold is Mine,' declares the Lord of hosts." And in Psalm 50:10, the Lord tells us: "For every beast of the forest is Mine, the cattle on a thousand hills." The Lord is the Creator of all things, and He never transferred the ownership of His creation to people. Recognizing God's ownership is critical in allowing Jesus Christ to become the Lord of ALL our money and possessions. CONTROL God's second area of responsibility is ultimate control of every event that occurs upon the earth. Examine several of the names of God in Scripture: Master, Almighty, Creator, Shepherd, Lord of lords and King of kings. It's quite obvious who's in charge and it's not us! Psalm 15:6 reads, "Whatever the Lord pleases He does, in heaven and in earth." And in Isaiah 45:6-7 we find, "I am the Lord, and there is no other, the One forming light and creating darkness, causing well-being and creating calamity; I am the Lord who does ALL these." GOD'S PURPOSE Our heavenly Father uses even seemingly devastating circumstances for ultimate good in the lives of the godly. Romans 8:28 says, "And we know that God causes all things to work together for good to those who love God, to those who are called according to His purpose." Now, why does the Lord allow difficult circumstances to enter our lives? There are at least three reasons: (1) to develop our character, (2) to accomplish His intentions, and (3) to lovingly discipline us when needed. PROVISION That brings us to God's third responsibility: Provision. In Matthew 6:33 Jesus says, "Seek first the kingdom of God, and his righteousness; and all these things [meaning food and clothing] shall be added unto you." And in Genesis 22:14, God is spoken of as "Jehovah-jireh" which means "the Lord will provide." He takes care of His people, regardless of what the stock market or the economy are doing. LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●Does it make sense to open a new checking account in order to receive a cash bonus for opening the account? ●In a general sense, how does the Social Security retirement program work? ●Are there safe alternatives to a savings account that pay a very low interest rate? ●When preparing to get married, would it be best to make out a will now or wait until after the wedding? ●Should you pay off a property while still paying on credit card debt or eliminate the credit card debt first? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    The Scholarship Hunt

    Play Episode Listen Later Jan 18, 2022 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Paying for college can be a great investment. But wouldn't it be even greater if someone else picked up part of the tab? Each year nearly 8-billion dollars in scholarships is handed out to 1.7 million students. Today on MoneyWise, we'll tell you how you may be able to get some of that free money. SOARING COLLEGE COSTS So, how expensive is college? The latest data from the College Board shows that the average in-state student attending a four-year public college this year will spend over $27,000. That's just for one year. For students attending private colleges, the average annual cost is nearly $55,000. Many organizations are willing to help you pay for college through scholarshipsifyou meet their qualifications. Below are a number of resources to help point you in the right direction. SCHOLARSHIP RESOURCES Our first source for scholarship money isFastweb. They host more than 1.5 million scholarships totaling nearly $3.5 billion in scholarships and grants. A search feature helps match you to scholarships that meet your individual needs. It'll also keep track of where you've applied. TheCollege Boardis best known for testing materials, but it can also help youpayfor college. On their site you can apply for scholarshipsand internships.They have leads on about 2,200 programs offering nearly $6 billion every year. Niche.com, as the name implies, can help you not only to find scholarship money, but also colleges that cater to your specific major and interests. Next there'sScholarships.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. Cappexis another great source for scholarships. They have leads on $11 billion in scholarship opportunities. They also have a tool to help you calculate the odds of getting into a school of your choice before you even apply. Cheggis 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. Keep in mind that many 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.Unigolets you search for athletic scholarships as well as a wide variety of funding opportunities offered by specific schools and companies. Also, check outPeterson's, which is best known as a clearinghouse for information about colleges and universities. They also host about $10 billion in scholarship opportunities. The Labor Department sponsors a website calledCareerOneStop, 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. LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●At age 65, would it be best to take your own Social Security benefits or the survivor benefits of a deceased spouse? ●When does it make sense to turn to a fiduciary for financial advice? ●When should you buy long-term car insurance vs relying on retirement nestegg? ●Should you wait until 70 year of age to begin drawing Social Security? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    The Sin of Envy

    Play Episode Listen Later Jan 17, 2022 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 In our modern materialistic society, envy is almost considered a virtue. Advertisers spend billions to convince you that you're not happy with your lot in life. But envy is a sin that will rob you of joy and peace. So today on MoneyWise, we'll show you how to avoid the envy trap! WHAT IS ENVY? Let's start with a definition. This is from an evangelical dictionary, Envy is the sin of jealousy over the blessings and achievements of others.' That's pretty straightforward and it tells us that the words envy and jealousy are interchangeable. Why is envy a sin? Because God's Word says so in several places. But most notably, as in the 10th Commandment in Exodus 20:17: 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, covet is another word for envy. Like the sin of pride, envy also leads to many other sins. In James 4:2-3, 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 the 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, namely 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. 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? HOW TO OVERCOME ENVY So how do you know if envy has taken hold in your life? Look at your finances. Are you living beyond your means? Are you running up credit card debt to finance a lifestyle that you can't afford? We used to say that this was, Keeping up with the Joneses. Now some people call it FOMO, an acronym for Fear of Missing Out. You want what others have and you're willing to go into debt to get it. If you don't get it under control and learn to live on less than you make, you're headed for financial disaster. Here's what you can do: First, pray that the Holy Spirit would give you contentment with what the Lord has provided. 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, sign up with one of our volunteer coaches. A MoneyWise coach can come alongside you and take you step by step through the process of getting your finances back on track. Just go to MoneyWise.org and click, Connect with a coach. LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●What are the best alternatives to savings and accounts that pay very little interest? ●Does it make sense to pay off private student loans before paying offgovernment loans? ●Would it be advisable to take money out of a 401k account to cover a major medical cost? ●Should you take an annuity in place of a settlement payout? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    Money Tips for the New Year.

    Play Episode Listen Later Jan 15, 2022 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 The holidays are over and it's time to make some changes to improve your finances in the coming year. And today on MoneyWise, we have a list of tips to get you started. MONEY TIPS FOR 2022 1. MAKE A SPENDING PLAN:First, take a good look at your budget and make any necessary changes for the coming year. You will need to account for rising inflation on everything from fuel to electronics to groceries. You may need to cut spending in other areas, like entertainment, to compensate for those cost increases. TheMoneyWise Appis a powerful budgeting tool with three different ways to choose from for budgeting your money. 2. SET UP AN EMERGENCY FUND:Another important step to improve your finances is to finally set up your emergency fund. Your emergency fund helps you stay out of debt when you're hit with the unexpected.Open a savings account at an online bank and have something out of every paycheck automatically transferred to it. Cut discretionary spending to give yourself margin. Set a goal to save $1500. Your next emergency fund goal is to save one month's living expenses. Then three months. Ideally, keep going until you have six months' expenses saved up. You may not get there this year, but don't worry about that. Just get started! 3. MAKE A GIVING PLAN:As you tweak your budget, one area you definitely don't want to cut back on is giving to your local church. Make a plan for how much you intend to give this year. Remember, the tithe is just the training wheels for giving. Prayerfully consider giving more than last year. 4. MAKE A WILL:Make this the year you finally draw up a will. Save your loved ones the unnecessary trauma of having the probate court decide how your estate is settled should something happen to you. This is critical if you have young dependents because a will gives you the opportunity to name a legal guardian. 5. PREPARE FOR RISING INTEREST RATES:With inflation back, the Federal Reserve is planning to raise interest rates soon. If you're unfortunate enough to have a variable rate mortgage, start planning for higher monthly payments. The same is true if you have a home equity line of credit. It also means that interest rates are likely to rise on consumer debt, like credit cards. If you have credit card debt, make a plan now to pay it off as soon as possible. 6. CONSIDER INCREASING RETIREMENT CONTRIBUTIONS:Next, consider bumping up your retirement contributions if you're not on track to reach your goals. Take advantage of any employer matching funds to your 401k. You can contribute up to $20,500 to your 401k in 2022. If you don't have a 401k at work, set up a Roth IRA. You can contribute up to $6,000 in 2022 or $7,000 if you're 50 or older. 7. GET READY FOR TAX SEASON:The last year saw major changes in work settings due to COVID. If you work from home, you may be eligible for more deductions. Working from home means you can deduct a portion of your home expenses if you meet the requirements. If you're used to doing your own taxes, with or without a computer program, particularly if you're working as a 1099 contractor, this might be one year to take your taxes to a professional because things get a lot more complicated. You don't want to miss any deductions. LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●What should a widow do with her spouse's pension? ●How can you continue to save for emergencies when money is tight? ●Is there a way to unload an unwanted timeshare? ●When does it make sense to pull money out of an annuity? RESOURCES MENTIONED DURING THIS PROGRAM ●Find a Certified Kingdom Advisor ●MoneyWise App Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    Planning Your Generosity for 2022 With Sharon Epps

    Play Episode Listen Later Jan 14, 2022 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Isaiah 32:8 reads, But he who is noble plans noble things, and on noble things he stands.Being generous to those in need is certainly a noble thing, perhaps second only to sharing the Gospel. But our giving is more effective when we plan for it. Sharon Epps joins Rob West today to discuss planning your giving. Sharon Epps is the chief operating officer atKingdom Advisors, the parent organization of MoneyWise Media. Proverbs 11:25 tells us,A generous person will prosper; whoever refreshes others will be refreshed. Today's program originally airs in January. This is the time of year when many of us make plans to eat healthier, exercise more, and achieve other admirable goals. But how many of us create a plan for our giving? While you might have included your intended giving amounts in your budget or spending plan, there's much more to a giving plan than just a number. Remember the acronym L.I.F.E. Labor Influence Finances Expertise LABOR:Ask yourself, What skills do I have that others might benefit from? Example: Can you build things? Do you sew? Are you a great cook? How can you give from your skills and labor? INFLUENCE:Ask yourself, What relationships do I have that might benefit others? Perhaps you don't have the particular skills that suit the needs of the person, family or ministry you're helping. Do you know someone whocouldhelp? Think through your sphere of influence and consider introducing the party in need to someone who can help. FINANCES:Ask yourself, How much can I give this year, or Am I prepared to give sacrificially? Or how much should I keep? Some families find it useful to set a progressive target for giving.They ask the Lord for the ability to increase their giving 1% each year. If they are giving 5% now, they move it to 6% the next year. Or if they are giving 15% now, they make it a goal to give 16% next year. EXPERTISE:Ask yourself, What knowledge or subject matter expertise has God given me? Brainstorm ways you can use than knowledge and expertise to benefit other people and ministries. CREATE A WRITTEN GIVING PLAN Now it's time to put your plan in writing. The first thing you should do is write down the values and beliefs that guide your giving. Next, establish an annual giving goal and a lifetime giving goal. Also create an annual volunteering goal. How will you use my labor influence and expertise? Your written giving plan should be the place to start.As you identify those areas of labor, influence and expertise that you have to offer, begin asking God how you might use these gifts. 3 PRACTICAL IDEAS FOR RESEARCH Here are a few tips for coming up with ideas: - Check with your pastor or church leadership. They often have or hear of needs that aren't made public. - Contact the executive director of nonprofits you support, tell them your skills and when you have time to volunteer.See if they might be a match or if they know of another organization. - Last but not least, PRAY! Ask God to bring needs to your attention and show you how you can help. LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●How do you prepare for the future in light of A mounting national debt and global economic insecurity. Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    Financial Ed for Kids

    Play Episode Listen Later Jan 13, 2022 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 We all want our children to be pure and upright in their walk with Christ, and that certainly includes how they manage money. Today on MoneyWise, we'll discuss several ways you can help them do that! After sharing the Gospel with your children, one of the most valuable gifts you can give them is teaching them God's financial principles. Children need to learn that you work hard for the money that supports the family, that you're not an ATM machine with unlimited funds. They need to work as well to receive material rewards and the satisfaction that comes with doing a job well. They need to learn how to budget and spend carefully because there's never enough money to do or buy everything we want. They need to learn how to save, not just for rewards, but to cover unexpected expenses. And most importantly, they need to learn how to give, to be generous to God's Kingdom. A recent article from the secular financial websiteHumble Dollarcaught my eye because it lists several strategies for teaching wise money management to children. SHARE THE BIG PICTURE WITH YOUR KIDS Share many of your expenses with your kids to help them get an idea of how expensive things are and what it takes to provide. Show them your mortgage and car payments and your weekly grocery costs. You might also show them your retirement account statement. That can give them a sense of how important it is to save for the future and how much time and effort it takes to build up a nest egg. MANAGING CREDIT Managing credit wisely is another extremely valuable lesson for older children. When they head off to college, they'll be inundated with credit card offers. Far too often, they fall victim to this and run up consumer debt on top of any loans taken out for education. Teach them about creditbeforethey reach college age. You could make them authorized users on your credit card, but a better way might be to open asecured credit cardaccount for your teen. PLANNING AND ALLOCATING MONEY A three-jar system is a time-tested tool. That's one jar for saving, one for spending, and one for giving. But you can take that a step further. Have your children put some of their own money in the collection plate each Sunday. The earlier you teach them to be generous to their church, the better! TAXES Another valuable lesson for kids is that they'll have to pay taxes, maybe sooner than later. If your teen has a job, the employer may withhold taxes. That means the child will have to file a return even though they may not have to pay taxes. You would probably use the 1040EZ form, but filling it out with your child would be an eye-opening experience. Impress on your child the importance of being scrupulously honest about money owed to the government. Romans 13:6-7 reads, For because of this you also pay taxes, for the authorities are ministers of God, attending to this very thing. Pay to all what is owed to them: taxes to whom taxes are owed, revenue to whom revenue is owed, respect to whom respect is owed, honor to whom honor is owed. SAVING FOR BIG PURCHASES The last money lesson for your kids involves saving for and buying major purchases. This is a great way to teach budgeting. Help them set up a saving plan where they are at least providing some portion of the money needed for the purchase. The percentage isn't important. The main thing is to have the child participate in the purchase with their own money. The same principle can apply to long term saving. Set up a 529 education savings plan or a Roth IRA for your child and then you can offer to match contributions. This would teach the value of delayed gratification. LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●How should you manage funds in your 401k asyou near retirement age? ●Should you continue paying a mortgage in retirement or sell and rent? ●What are the costs andbenefits of a revocable living trust? ●How do you determine if it's best to refinance your mortgage or pay it off? ● Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    The Boy Who Cried Wolf With Jerry Bowyer

    Play Episode Listen Later Jan 12, 2022 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 The boy who cried wolf has nothing on some of the financial alarmists crying wolf today about the economy. Is our banking system on the brink of collapse? Are we headed for hyper-inflation? Economist Jerry Bowyer joins Rob West today to help answer those questions. MoneyWise contributor Jerry Bowyer is the financial editor atTownhall.com and author ofThe Maker Versus the Takers:What Jesus Really Said About Social Justice and Economics. Some analysts are quick sound alarms about impending doom just around the corner. Others deny the very real risks and challenges for investors. The truth is usually somewhere in the middle. Today, Jerry Bowyer addresses talk of possible looming hyperinflation. He says that while he warned about inflation before most in the media were discussing it, some of the dire warnings currently circulating online are overheated and, at least for now, unwarranted. He also explains why he believes there is very little reason to worry about the stability of the U.S. banking system. And he addresses the concerns of those who feel it may be time to pull their money out of the stock market altogether. Bowyer also discusses the advantages and disadvantages to possible hedges against changes to the value of the U.S. Dollar, including precious metals and cryptocurrencies. LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●When does it make sense to pay off your home when nearing retirement? ●How do you know if you retirement plan is on the right track? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    Got Long Term Care Insurance?

    Play Episode Listen Later Jan 11, 2022 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 They say you should always be nice to your kids because one day they'll choose your nursing home. Okay, it's an old joke, but there's some truth in it! However, one way to keep more decision-making power in your hands is to have long-term care insurance. We'll explain today on MoneyWise. COST OF LONG TERM CARE If you don't have long-term care insurance or a huge pile of money, you'll be limited to nursing facilities that accept Medicaid. Most of them do, but they're not necessarily the best. Now, you're probably thinking, But long term care insurance is so expensive. And it does seem that way until you look at assisted living care costs: on average about $275 a day. That's more than $8,000 a month! Premiums vary widely. They depend on your age, health status, and the area where you live. According to the American Association for Long Term Care Insurance, the average policy will cost around $2,500 a year for a couple at age 55. That figure jumps almost $1,000 a year if the same couple purchases a policy at age 60. And it only goes up from there, so that age range, 55 to 60, is probably the best time to purchase a long term care policy. WHAT DOES LONG-TERM CARE INSURANCE COVER? Long-term care insurance covers your expenses if an illness, disability or impairment prevents you from performing everyday activities, including bathing, dressing, eating, and walking. If you can't do those things on your own, you can't earn a livable salary or care for yourself. And the older you are, the more expensive long term care insurance becomes. Here's what long-term care insurance isn't: It's NOT health insurance. It won't cover the treatment of an illness to improve your health. It just pays for the care needed to maintain the quality and routine of your daily life. So long-term care insurance is a supplement, designed to cover what health insurance, Medicare or Medicaid might not cover. It doesn't replace health insurance. But that doesn't mean you're not getting a lot of bang for your buck. Long-term care insurance covers a long list of important services, starting with adult day care facilities. These are activity centers for seniors that provide a certain amount of supervision with a minimal level of care. They might have social workers and medical personnel on staff. It will also pay for home care services that help with things like cooking, cleaning and bathing. It also covers assisted living facilities for people who need help with daily activities but don't require nursing. Respite care is also covered. This provides family caregivers with intermittent breaks so they can maintain their own lives. It might include home-based care, adult day care, and short term institutional care. Then, of course, there's nursing home care that provides help with everyday functions and medical care. A long-term care policy may also cover stays in specialized nursing homes that provide care for diseases like Alzheimer's. But no matter what kind of care you might need, insurers know it's cheaper to pay for it if you're able to stay in your own home. So policies will cover home modification costs for things like remodeling bathrooms for wheelchair accessibility. And of course, long term care insurance will typically pay for hospice care when a policyholder is nearing the end of life. WHO SHOULD BUY IT? Should everyone get long-term care insurance? It's not for everyone, but it does make sense for most people eventually. Generally, If you've accumulated enough wealth to pay for long term care without seriously depleting those assets, you don't need it. But you're in a very small group. And if you have very little in assets, you probably can't afford it. If you're in the middle, where the vast majority of us are, then you do need it. Without long term care insurance, you could easily burn through your life savings if you ever need an extended stay in one type of facility or another. But some of you may be thinking, I don't need long term care insurance because Medicaid will cover that care for free if I go into a nursing home. Ah, not exactly. Medicaid is designed to cover long term care for low-income people only, and that means you'll have to use up most of your assets paying for care before Medicaid kicks in. So, not really free at all. Then, of course, some people try to hide their assets and still qualify for Medicaid. But this is dishonest and Christians shouldn't do it. Proverbs 3:27 reads, Do not withhold good from those to whom it is due, when it is in your power to do it. Well, I hope all of this has convinced you to start thinking seriously about getting long term care insurance especially at age 55 and beyond. LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●Does it make sense to move up your timeline for buying a home with rental prices significantly elevated? ●Are pre-paid funeral arrangements worthwhile? ●How do you make beneficiary and end-of-life decisions if one of your adult children is making poor lifestyle choices? ●When does it make sense to refinance your mortgage? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    2021 Ministry Impact Report

    Play Episode Listen Later Jan 10, 2022 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 1 Thessalonians 5:11 reads, Therefore encourage one another and build one another up, just as you are doing. That's a call to action that we take very seriously on this program. That's why MoneyWise exists, to equip you to manage money according to God's financial principles. On today's program we'll give a report on how we're doing. Our purpose at MoneyWise is to help people learn and apply biblical wisdom to their financial decisions. With over 2,000 verses on money and possessions, God has provided us incredible wisdom to manage money. MoneyWise Media is built on the radio ministry of Larry Burkett and Howard Dayton, giving us the unique opportunity to educate millions of listeners each year with the wisdom and truth of God's financial principles. RADIO PODCASTS So first, let's look at our audio content. That includes MoneyWise radio programs, MoneyWise Live on the Moody Network, and the syndicated MoneyWise and MoneyWise Minute. These are the most listened to programs on biblical money management anywhere. One million radio listeners tune in weekly on more than 1700 Christian radio outlets and our podcast had 900,000 streams in 2020, and those numbers continue to grow. But beyond our radio outreach, we also provide tools and resources to help people actually apply the Bible's wisdom in their personal finances. WRITTEN CONTENT We offer written content by the leading authors in Christian finance. In addition to our ownMoneyWise articles, we havecontentfrom Gospel Patrons, Compass Finances God's Way, Christian Stewardship Network, Faith Driven Investor, Ron Blue Institute, Generous Giving, and Art Rainer. WEBSITE AND APP TheMoneyWise websiteandmobile appare now the premier destinations for the best content in biblical money management with over 10,000 views per month. Videos, podcasts, and articles are curated for users to help them take the next step on their stewardship journey. We're especially encouraged by the response to the MoneyWise app. It's an innovative money management tool that's now helping over 20,000 people apply biblical principles to their daily financial decisions. The app is available on web, iOS, and Android and can securely connect to over 12,000 financial institutions, providing unique insights and reports to ensure they are being wise stewards. It offers three unique money management systems, including a digital envelope system. This is a modern version of the classic cash envelope system, a monthly spending plan to show your progress and a tracking system that easily categorizes your income and expenses. ONE-ON-ONE ASSISTANCE But we never want to lose sight of the human connection. MoneyWise offers a vibrant community of stewards for encouragement. Also, ourCertified Kingdom Advisor professionals and trainedMoneyWise coachesare always there to guide stewards in implementing biblical financial wisdom. Listeners and users have access to trained biblical financial coaches offering one-on-one and group coaching. More than 50 coaches have answered more than 3,000 questions in the last year, and are now moderating our Community Forum providing answers and encouragement to users on the web and in our mobile app. There's also the MoneyWise Community Forum, a digital gathering place for stewards to ask questions, share a tip, or connect with others on the journey to align their financial decisions with their faith. Finally, MoneyWise Media's parent ministry, Kingdom Advisors, has granted the Certified Kingdom Advisor designation to more than 1,500 financial professionals who have met high standards in experience, character, and training in delivering advice that aligns with the values and priorities of Christians. We hope you'll take advantage of all these resources. It's an honor and a pleasure to provide them to you as we all seek to wisely manage God's resources. LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●Should you sell an investment property or take money from other investments in order to pay down the principal on your primary home? ●When does it make sense to re-amortize a mortgage? ●After paying off student loans, should you start saving for retirement or for a house? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    Home Values with Dale Vermillion

    Play Episode Listen Later Jan 8, 2022 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Isaiah 32:18 reads, My people will abide in a peaceful habitation, in secure dwellings, and in quiet resting places.That verse describes what we're all looking for when buying a home. Lately, rising home values have made that difficult. Will that continue in 2022? Today, mortgage expert Dale Vermillion joins Rob West to help answer that question. Dale Vermillion is the author ofNavigating the Mortgage Maze: The Simple Truth about Financing Your Home. Home values have already climbed 22% since the onset of the COVID pandemic. FORECASTS PREDICT CONTINUED RISE IN HOME PRICES Multiple recentforecastspredict that the sharp upward trend in home values will continue in 2022. Zillow projected home values will rise 13.6% over the next 12 months. Meanwhile, Goldman Sachs said U.S. home prices will climb16%by the end of 2022. However, another forecast from CoreLogic, a company that crunches property data, says that home prices will only rise 2.2% over the next year. Why such a big difference in those forecasts? Like other economic models, these forecasts depend on what data you put into them. Mortgage rates are tied to home values, and of course, inflation affects interest rates. With inflation on the rise, the Federal Reserve is more likely to raise interest rates, which would drive up the average 30-year fixed mortgage rate. That would put negative pressure on the housing market. It's likely that the lower CoreLogic projection for home values took more inflation data into consideration. WHAT DOES ALL OF THIS MEAN FOR HOMEBUYERS? Even if the CoreLogic forecast proves accurate, rising mortgage rates could ensure that buying a home is likely to be more, not less, expensive in 2022. But that doesn't mean everyone should rush out and buy a home before prices rise further. Make sure the timing is right for YOU based on your financial situation. Don't be afraid to rent until you are in a solid position to buy a house. Learn more about Dale Vermillion atDaleVermillion.com LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●Would it be best to use the proceeds from a property sale to invest in a new rental property or pay off a mortgage? RESOURCES MENTIONED DURING THIS PROGRAM ●Navigating the Mortgage Maze: The Simple Truth About Financing Your Home Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    The Bible On Success

    Play Episode Listen Later Jan 7, 2022 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Proverbs 16 tells us, All the ways of a man are pure in his own eyes, but the Lord weighs the spirit. Commit your work to the Lord, and your plans will be established. That passage describes God's view of success, and it's quite different from the world's view. We'll talk about the biblical definition of success today on MoneyWise. The world's view of success is having enough money, achieving career success and attaining status. But if this is what success really looks like, then why are so many successful people so miserable? WEALTH AND ACHIEVEMENT CAN'T FILL THE VOID It's often said we have a God-shaped hole in our souls. People can spend a lifetime chasing fulfillment, but will never attain it until the day they realize that nothing on earth fits into that God-shaped hole. It's easy for fall for the world's definition of success. Advertising seeks to sell us on this definition every day. In Matthew 6, Jesus warns us, Do not lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal, but lay up for yourselves treasures in heaven GOD DOESN'T CALL EVERYONE TO A VOW OF POVERTY Now, that doesn't mean that Christians should stay poor and lowly to be successful in God's eyes. Here, attitude counts far more than action. 1 Cor. 13 says, And if I give all my possessions to feed the poor, and if I deliver my body to be burned, but do not have love, it profits me nothing. God often provides an extra measure of resources beyond our needs, in the form of money or other assets, so that we can be generous toward His Kingdom. But He wants us to do that with the right attitude, out of love for Him, and others less fortunate. In Matthew 25, Jesus says that what you do for the least of these, you do for me. He goes on to say, 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 MANY BLESSINGS ARE NOT MATERIAL It's important to understand that God often blesses us in ways that have nothing to do with material things. Loving relationships with family and friends, a strong, nurturing church, and most of all, a deeper relationship with Him. That's the true blessing and true success.. So how do we obtain the good things God promises? In Matthew 6, Jesus says, But seek first the kingdom of God and his righteousness, and all these things will be added to you. GETTING THE HEART RIGHT It's also important to note that we can never do these things perfectly. Attitude is more important than results. God simply wants us to diligently seek Him and his righteousness. That means we fully trust in God and we're willing to make things right when we fail. We're quick to humble ourselves continually before the throne of God. Psalm 84 also says, Blessed is the man who trusts in You. God has special plans for each of us that we can't fulfill without fully trusting in Him. He promises not to withhold any good thing from us when we trust Him fully and seek His will for our lives. And we must always acknowledge that any success we achieve comes from God. To help us be a success in God's eyes we must remember three key words surrender, obedience and persistence. Surrendermeans accepting that God owns it all.We're only temporary managers or stewards of what he gives us. Obediencemeans being willing to use God's resources as He directs. persistencemeans sticking with the first two items no matter what worldly stresses or pressure we encounter. Nehemiah 6 asks, Should someone in my position run from danger? Finally, in Acts 21, we see Paul responding to disciples who wanted him to stay away from Jerusalem for his safety. He says, Why all this weeping? I am ready to be jailed but even to die for the sake of the Lord Jesus. Now, that's surrender, obedience and persistence put into action. LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●Is there a way to protect your assets so that long-term care costs don't consume all of your retirement funds? ●Is it wise to take money from savings to pay off your mortgage early? ●How can you make use of a qualified charitable distribution? ●How should you allocate property and assets between your children in your will? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    Best Career Fields in 2022

    Play Episode Listen Later Jan 6, 2022 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Ephesians 2:10 reads, For we are His workmanship, created in Christ Jesus for good works, which God prepared beforehand that we should walk in them. That makes choosing the right career field especially important. If you're deciding on a career path or looking to make a change, we have a list of strong career options for 2022 today on MoneyWise. STRONG CAREER OPTIONS IN 2022 1. MEDICAL:So first on our list (these aren't in any particular order) is healthcare. The COVID pandemic hit this field hard and healthcare providers are in huge demand. Estimates show that between 200,000 and 500,000 new registered nurses will be needed in the next five years. You'll need a bachelor's degree and a license, but the median annual income for registered nurses is $75,000. If you're thinking about going a step further, medical doctors will be in high demand in the next decade with nearly 20,000 new physician positions opening up. That's a lot of education and on-the-job training, but if you make it through and become board certified, the annual median salary for a medical doctor is well over $200,000. Here's another one that's been hugely affected by COVID: 2. SUPPLY CHAIN MANAGEMENT:These jobs include purchasing, logistics and distribution. If you're good at math and like tinkering with systems to make them run efficiently, this field is for you. You'll need at least a bachelor's degree and the median annual salary is $85,000. 3. INFORMATION TECHNOLOGY:It shouldn't come as a surprise that IT makes the list. The information technology field is constantly expanding. Many of these jobs are now offered with the ability to work remotely, so if you'd rather spend your time with code than with people, IT is something to consider. The Bureau of Labor Statistics predicts that 300,000 new IT positions will open up before 2030. The median salary is around $100,000 a year. You don't necessarily need a degree for IT work, but it will certainly provide more opportunities than not having one. 4. HUMAN RESOURCES:If you do like working with people, human resources is expected to be another field enjoying significant growth in the years ahead with nearly 50,000 new jobs by 2029. You'll also need a bachelor' degree to advance in human resources, but expect an annual median salary around $65,000. 5. FINANCIAL MANAGEMENT:Financial management is another biggie. Job growth there is expected to increase by 15-percent over the next 10 years. You'll need a bachelor's degree, but many companies prefer candidates with an MBA. It's definitely worth it, though, as the median annual salary is around $120,000. 6. CONSTRUCTION MANAGEMENT:If you like building things, or better yet, watching and supervising other people building things, construction management could be for you. You'll usually need a bachelor's degree to become a construction manager, but the annual media salary is around $100,000. 7. LAW ENFORCEMENT:To become a police officer, you'll need a high school diploma and will need to complete cadet and on-the-job training. You can expect more than 40,000 new police officer positions opening up in the next decade with a median salary of $65,000 (but keep in mind that this is not the typically starting salary). 8. INDUSTRIAL MECHANIC:If you like tinkering with nuts and bolts, consider a career as an industrial machinery mechanic. Employers are likely to offer on-the-job training for these positions, and you can expect more than 60,000 industrial mechanic positions to open up by the end of the decade. All you need is a high school diploma or equivalent, and the median annual salary is over $55,000. LISTENER QUESTIONS On 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? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    The Why of a Will

    Play Episode Listen Later Jan 5, 2022 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Nineteenth century author Ambrose Bierce once said, Death is not the end. There remains the litigation over the estate. Humor aside, dying without a will is a sure way to leave your loved ones a legal mess in the probate court and family feuding over who gets what. But you can spare them that difficulty. We'll explain today on MoneyWise. So let's get into the reasons why you need to draw up a written will if you haven't already, and along the way we can dispel some of the misconceptions about wills. Without a will, it will be up to probate courts to determine how your estate will be handled upon death. State law will determine who gets what, and that may be contrary to your wishes. PREPARING A WILL IS AN ACT OF LOVE TOWARD YOUR LOVED ONES Maybe the biggest reason that you need a will is that it will reduce the likelihood of family disputes after you're gone. In a will, you can leave specific instructions as to who gets what, potentially eliminating all the squabbling. It's true that your heirs could still have hard feelings even if inheritances are clearly spelled out, but a will isn't just a set of instructions. It's a document that can express not just your intentions, but your reasons behind them. Our friend Ron Blue spells this out clearly in his book,Splitting Heirs. Simply dividing up your assets equally might be fair, but it isn't necessarily biblical. Ron says, Wisdom can create wealth, but wealth almost never creates wisdom. One child may not be capable of handling money, or another might have much greater needs than your other heirs. So explaining why you're dividing things a certain way can also help eliminate family fighting. Ron also says that if you love your children equally, you'll treat them uniquely. There are other reasons to draw up a will. It's a great way to itemize your assets. Without a specific list of your holdings and possessions, the probate court could take months or years sifting through your financial records. Another good reason to draw up a will is that it can help you provide for heirs with special needs. If one of your heirs is too young or immature to manage money, you can place restrictions on the inheritance with a will. You can also do that with a living or revocable trust. A WILL ALLOWS YOU TO DECIDE WHO WILL CARE FOR YOUR CHILDREN There's one more really important reason for having a will, and this one's often a real sticking point for couples with children. A will enables you to name a guardian for your children. This is one of the reasons that some parents procrastinate in making out a will, because it forces them to decide who will care for the kids should something happen to them. That's not a pleasant thought and quite often, it's a tough decision to make. MISCONCEPTIONS ABOUT WILLS Turning now to some of the misconceptions about wills, the one you hear most often is, I don't need one. But we just talked about how a will allows you to name who'll care for your children if something happens to you. Without a will, the state decides who raises your kids as well as who gets all of your assets. Another misconception is that your spouse automatically gets everything you have, so you don't really need a will. That's the case most of the time, but different states have different rules. For example, your state may require that your assets be divided equally among your spouse, children or grandchildren, whether you wanted that or not. So you can't assume your spouse will inherit everything. You can avoid all that by having a will in place. Okay, our last myth is, drawing up a will is too expensive. The truth is, writing a will is one of the least costly things that attorneys do. Many of them charge a flat fee to write a will or other basic estate planning documents. The average cost for drawing up a will is around $500. Of course, you can do it even cheaper by filling in the blanks at one of those online legal form sites. That may work just fine, but an attorney can help you address issues that may not come up with the do it yourself approach. And of course, you can find an attorney or estate planner who shares your values when youlook for a Certified Kingdom Advisor at MoneyWise.org. LISTENER QUESTIONS On today's 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) ●MoneyWise App Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    More Ways To Boost Your Credit Score

    Play Episode Listen Later Jan 4, 2022 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Having a good credit score can be important to your financial health. It keeps money in your pocket by getting lower interest rates among other benefits. Today on MoneyWise, we'll give you tips to boost your credit score. Now I should say right at the start that some of these aren't recommended but I'll mention them because it'll help you understand how your credit score is determined. The first way to boost your score is to have a strategy for paying off your balances. KEEP BALANCES BELOW 30% Ideally, you pay them off in full every month. But if you can't do that, make sure you never use more than 30-percent of your available credit on any revolving account, such as a credit card. Once you go over 30-percent, your score begins to fall. You want to make your payment before the issuer reports to the credit bureaus each month. You can google to find out when that is. For example, Discover reports to all three credit bureaus, Experian, Transunion and equifax, three days after your closing statement for the month. An easy way to make sure your payment is recorded is to make two or more payments throughout the month. Keeping your balance below 30-percent is the second most important factor in determining your credit score. But the single most important fact is to ALWAYS PAY ON TIME! Nothing impacts your credit score as greatly as paying on time. If you're ever more than 30 days late, call the creditor immediately and explain your situation. Ask if they'll delay reporting the late payment. They might, but there's no guarantee. Then make the payment as soon as possible. DISPUTE ERRORS Check your credit reports regularly. Get all three reports for free atAnnualCreditReport.com. If you see an error, you can dispute it at the appropriate credit bureau. DEALING WITH COLLECTION AGENCIES If you have an account that's gone to collections, your score has probably suffered significantly, and it will continue to be affected for seven years. But dealing with collectors properly can have a big impact on your score. Call the collection agency and give them a plan for paying it in full or making regular, and faithful monthly payments. When you've paid off the account, ask the collection agency if they'll stop reporting it to the credit bureaus. If they agree to and that's a big if it will greatly improve your score. BUILDING CREDIT WITH LITTLE OR NO CREDIT HISTORY You can begin by becoming an authorized user on someone else's credit card. For example, a parent can sign up online with the issuer to make a child an authorized user on a card. The child then gets the benefit of the parent's longer credit history and good payment record. But you can also get a secured credit card. You would put a deposit of, say, $500 on the card. You can then use the card up to that limit. But don't. Instead, make one small regular purchase each month and pay off the balance in full. Your credit score will improve month by month. You can also boost your credit score by making your rent and utility payments on time. Landlord and utilities don't usually report to the credit bureaus, but you can subscribe with a rent reporting service to have it done. DON'T DO THIS: Here are a couple of strategies that we do not recommend. First, you can raise your credit score by getting an increase in your available credit from your card issuer. That would improve your score because it lowers your credit utilization, which makes up 30-percent of your score. A better wayto achieve the same thing is to simply pay down your balances. You could also add different kinds of accounts. For example, if you don't have a car loan, if you finance a car, your score will increase because you have a greater credit mix. Your credit mix makes up another 10-percent of your score. But it's just not wise to take on debt to improve your score. So don't do it. LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●How should you approach investing if your spouse is fearful of investing in the stock market? ●Would a mortgage loan modification have an impact on your credit score? ●When does it make sense to take money out of an annuity and invest it elsewhere? ●What's the difference between the FDIC protection for bank account funds and the federal protection for credit union accounts? ●How do you unload a financed vehicle when you're overextended financially? RESOURCES MENTIONED DURING THIS PROGRAM ●SoundMindInvesting ●Inspire Investing ●Praxis Mutual Funds Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    Money Tips for the New Year

    Play Episode Listen Later Jan 3, 2022 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 The holidays are over and it's time to make some changes to improve your finances in the coming year. And today on MoneyWise, we have a list of tips to get you started. MONEY TIPS FOR 2022 1. MAKE A SPENDING PLAN:First, take a good look at your budget and make any necessary changes for the coming year. You will need to account for rising inflation on everything from fuel to electronics to groceries. You may need to cut spending in other areas, like entertainment, to compensate for those cost increases. TheMoneyWise Appis a powerful budgeting tool with three different ways to choose from for budgeting your money. 2. SET UP AN EMERGENCY FUND:Another important step to improve your finances is to finally set up your emergency fund. Your emergency fund helps you stay out of debt when you're hit with the unexpected.Open a savings account at an online bank and have something out of every paycheck automatically transferred to it. Cut discretionary spending to give yourself margin. Set a goal to save $1500. Your next emergency fund goal is to save one month's living expenses. Then three months. Ideally, keep going until you have six months' expenses saved up. You may not get there this year, but don't worry about that. Just get started! 3. MAKE A GIVING PLAN:As you tweak your budget, one area you definitely don't want to cut back on is giving to your local church. Make a plan for how much you intend to give this year. Remember, the tithe is just the training wheels for giving. Prayerfully consider giving more than last year. 4. MAKE A WILL:Make this the year you finally draw up a will. Save your loved ones the unnecessary trauma of having the probate court decide how your estate is settled should something happen to you. This is critical if you have young dependents because a will gives you the opportunity to name a legal guardian. 5. PREPARE FOR RISING INTEREST RATES:With inflation back, the Federal Reserve is planning to raise interest rates soon. If you're unfortunate enough to have a variable rate mortgage, start planning for higher monthly payments. The same is true if you have a home equity line of credit. It also means that interest rates are likely to rise on consumer debt, like credit cards. If you have credit card debt, make a plan now to pay it off as soon as possible. 6. CONSIDER INCREASING RETIREMENT CONTRIBUTIONS:Next, consider bumping up your retirement contributions if you're not on track to reach your goals. Take advantage of any employer matching funds to your 401k. You can contribute up to $20,500 to your 401k in 2022. If you don't have a 401k at work, set up a Roth IRA. You can contribute up to $6,000 in 2022 or $7,000 if you're 50 or older. 7. GET READY FOR TAX SEASON:The last year saw major changes in work settings due to COVID. If you work from home, you may be eligible for more deductions. Working from home means you can deduct a portion of your home expenses if you meet the requirements. If you're used to doing your own taxes, with or without a computer program, particularly if you're working as a 1099 contractor, this might be one year to take your taxes to a professional because things get a lot more complicated. You don't want to miss any deductions. LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●What should a widow do with her spouse's pension? ●How can you continue to save for emergencies when money is tight? ●Is there a way to unload an unwanted timeshare? ●When does it make sense to pull money out of an annuity? RESOURCES MENTIONED DURING THIS PROGRAM ●Find a Certified Kingdom Advisor ●MoneyWise App Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    Hazardous to Your Wealth

    Play Episode Listen Later Jan 1, 2022 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Sometimes we make conscious mistakes with our money.Other times, they're the result of just not paying attention. Either way, they can be hazardous to your wealth. Today on MoneyWise, Rob West helps us learn from poor financial decisions of the past: our own, and those of others.Our goal is to avoid making these mistakes in the future.Here are a few of the mistakes covered on the program: 1.Living paycheck to paycheck, or spending all or most of what you earn. Rob recommends putting something aside each month in a savings account where you don't see it and don't spend it. Then adjust your spending so that you meet all of your monthly obligations. You'll probably have to cut out some things that you've grown accustomed to. And almost everyone can cut something from their spending. 2.Not having an emergency fund. If you've addressed Item 1, you're on your way to correcting item 2 as well. Keep saving until you have at least 3 months living expenses set aside.Your ultimate goal would be having 6 months' worth in reserve. 3.Paying interest on consumer debt like credit cards. Many people pay for emergencies with their credit cards and this is where the trouble begins. You eliminate this mistake by correcting mistakes 1 and 2. 4.Making only the minimum monthly payment on debt you already have. Don't be surprised if it takes 15 years or longer to pay it off that way. And that's if you stop adding to the debt. 5.Not understanding how much things really cost. If you go out to dinner, put $30 on your credit card, and make only the minimum monthly payment, that meal will end up costing you 50 or 60 dollars. 6.Buying a new car. You should only buy a new car if you've saved up enough to pay cash for it, and paying cash for your cars should be the goal whether you buy new or used. You can only do that if, after you've paid off a car loan, you keep driving that car but continue to make payments to yourself into a savings account. You then use that money to buy your next car when you need it. If you can keep the old car running long enough and continue making payments to yourself, eventually you'll have enough to buy a car outright. It may take a few cycles of car purchases to get there but, eventually, you'll make it. So buy dependable, late modelusedcars until you can pay cash for a new one. 7.Not setting up a Roth IRA when you're young. Once you have your emergency fund in place, start putting money into a Roth.You can do this even if you're contributing to a 401k at work. You can contribute $6,000 a year into a Roth with after-tax money or $7,000 if you're 50 or older. When you retire, you can withdraw that Roth money tax free. 8.Buying too much house. Too often we think of a house as an investment that always pays off.It's not, and when folks look only at how much a home has appreciated, they fail to take into account what they've spent on upkeep, maintenance and repairs. The larger the house, the more those things cost. Keep your mortgage payments at or below 25% of your take home pay and you'll not only have an easier time staying on budget, you won't be paying more than you can afford for upkeep. LISTENER QUESTIONS Next on today's program, Rob also answers listener questions: ●Is it beneficial for my husband to keep working to full retirement age? We still have a mortgage and I'm on disability. ●My department closed at my old employer and I'm transitioning into a new job.Should I leave my retirement savings in the 403b at my previous employer, or roll it into something else? ●I received notice from the investment company that handles my Roth IRA saying that they are closing out the current fund and I will no longer be able to contribute to it at the end of the year.Can I move it over to a new Roth IRA?And if so, how do I choose one?(Rob recommended theSound Mind Investingnewsletter, which reviews mutual funds and tracks their performance over time.) ●I've moved from full-time to part-time employment at one employer, and just started a full-time job at a second company.I'm not yet eligible for the new company's 401k and will no longer receive company matching from my first company due to my new part-time status.Should I keep contributing?Or should I put my money elsewhere?(Rob recommended that the callerfind a Certified Kingdom Advisorin her area to help her review the options in person.You can do that on the MoneyWise.org website.) ●My tax preparer says that I have to make a minimum charitable contribution in order to get any tax benefit?Is that true?Or should I fire my sister and find another tax preparer?:-) Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our website.

    New Year, Less Debt

    Play Episode Listen Later Dec 31, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 It's New Year's Eve and you know what that means, you only have a few hours left to decide on your 2022 resolutions. Anybody can make New Year's resolutions. It's keeping that them that's the hard part. But today on MoneyWise, we've got one for you that you'll never regret keeping. Right now, a lot of folks are trying to decide how many pounds they want to lose in the next year. That's a worthy endeavor, but why not add something else to your list of resolutions? In addition to reducing your waistline, how about reducing your debt? We'll get into that in a bit, but did you know that making New Year's resolutions is actually a strong Christian tradition? Many cultures make them, but Christian New Year's resolutions are grounded in a centuries-old tradition called Watchnight. These were services held at the end of the year by some Christian denominations, and they inspired believers to reflect on the past year and resolve to do better in the one ahead. About 30-percent of Americans make resolutions each New Year, but by March, only about 30-percent of them are still following them strictly. And in the long run, only 10-percent of folks making resolutions keep them permanently. So years ago, someone came up with an acronym to help when setting goals. It's S.M.A.R.T.That stands for Specific, Measurable, Attainable, Realistic, and Timely. So keep those in mind as you work out the specifics of resolving to reduce your debt in the New Year. RESOLVING TO BECOME DEBT-FREE The thought of getting out of debt may seem overwhelming, but you don't have to do it all at once. The important thing is to set a realistic goal and get started. And to be clear, we're only talking about consumer debt like credit cards and maybe auto loans, not your mortgage. The first thing you need to do is write down all of your debts and their amounts. So pull out all of your credit card statements, auto loans, and outstanding bills. Then total it up. That's never a fun thing to do but it's essential. When you've totaled up your debt, make a plan to pay off some part of it. Start by figuring out where you can trim spending from your budget to create margin that's money left over after all necessary spending. Of course, if you're not on a budget you'll need to draw one up. If you need help with that,sign up with one of our volunteer coaches at MoneyWise.org. You can also download the MoneyWise app wherever you get your apps. It's based on the tried and true envelope system, and it makes setting up a budget a snap. So after you've done that, you'll 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. This is called the snowball method. When the smallest debt's paid off, take the surplus money and apply it to the next smallest debt. When that's paid off, repeat the process. As you keep going, you'll begin to pay off debt faster and faster, like a snowball getting Now, to besuccessful, you also have to resolve to not take on any new debt. Otherwise it will wipe out your progress. So don't use your credit cards. If you have to, cut em in half. Remember to make your goals attainable. One step at a time! Do those things and you're far more likely to be in the 10-percent who keep their New Year's Resolutions. LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●After cashing out a life insurance policy, what should you do with the money? ●If you sell a product for full price rather than at a discount, is that usery? ●Do extended vehicle warranties make sense? ●What is the best way to budget your money? RESOURCES MENTIONED DURING THIS PROGRAM ●MoneyWise app ●Ally.com ●CapitolOne360 ●Marcus.com Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    3 Reasons Insurance Is Biblical

    Play Episode Listen Later Dec 30, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 From time to time we're asked, Is insurance biblical? Another way to phrase the question might be, Should people of faith worry about insurance? Maybe it would help to define faith.You won't find the word insurance in the Bible, but faith appears hundreds of times, providing a clue as to what God may think about insurance. We'll look into that today on MoneyWise. The word faith appears in the Bible anywhere from 300 to 500 times, depending on your translation. And in many of those verses, a promise is either stated or implied. For example, Ephesians 2:8 reads, For by grace you have been saved through faith. And this is not your own doing; it is the gift of God. Romans 10:9 makes the same promise when we openly express our faith. It says, Because, if you confess with your mouth that Jesus is Lord and believe in your heart that God raised him from the dead, you will be saved. And in Acts 21 when the Philippian jailer asked Paul and Silas, What must I do to be saved? And they said, Believe in the Lord Jesus, and you will be saved, you and your household. So we get a clear picture of what faith is and what it does. Faith is believing that Jesus Christ is the Son of God, that He died on the cross for your sins, and that He is the only way to eternal salvation. The promise is that having that faith will save you from eternal damnation. And there could be no greater promise or gift. We shouldn't attach other meanings to biblical faith or assume promises not made. The Bible doesn't say we won't have hardships in this life, including financial setbacks. In fact, quite the opposite. In John 16, Jesus says, 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. And in Romans 12:12 we find, Rejoice in hope, be patient in tribulation, be constant in prayer. And finally, in Acts 14:22,through many tribulations we must enter the kingdom of God. So by faith we are promised eternal salvation, not safety from the troubles of this world. That's the first reason why I think the concept of insurance doesn't run counter to Scripture. The second reason is that the Bible repeatedly tells us that it's wise to take precautions. Proverbs 27:12 reads, The prudent sees danger and hides himself, but the simple go on and suffer for it. And in Proverbs 13:16 we find, In everything the prudent acts with knowledge, but a fool flaunts his folly. And finally, Ecclesiastes 7:12 tells us, For the protection of wisdom is like the protection of money, and the advantage of knowledge is that wisdom preserves the life of him who has it. Solomon is telling us that while we must accept the circumstances God lays before us wisdom, like money, can make hardship easier to endure. Having a plan to recover lost assets in case of a financial calamity is certainly wise and that's exactly what insurance is. The third reason I think the Bible supports the idea of insurance is that we're told to provide for our loved ones. 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. 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. And II Corinthians 12:14 reads, Children are not obligated to save up for their parents, but parents for their children. Unless you've managed to save up an enormous quantity of wealth how would you be able to provide for your family without insurance should something happen to you? Further, the Bible says we're obligated to compensate others whom we've harmed. Exodus 21 and 22 are full of examples of this. While you probably don't have oxen that will trample your neighbors vineyard, the lesson is clear. If we love our neighbor as ourselves, we'll make them whole if we caused their suffering. If you caused someone serious injuries, say in an auto accident, do you have the resources to make them whole? To compensate them for their medical expenses and lost income? You almost certainly need insurance to do that. Finally, there's the fact that insurance is often required by law and Christians are to obey civil authority as long as it doesn't conflict with God's law. So those are the reasons why we think insurance is, quote biblical. In short, because it's practical, wise and it helps us follow several of God's financial principles. LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●Is EdwardJones a good company to invest with? ●Should you make use of a loan forbearance program? ●Should you take money out of an investment account to pay off a home loan? RESOURCES MENTIONED DURING THIS PROGRAM ●SoundMindInvesting.org ●Betterment ●Schwab Intelligent Portfolios Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    Time for a Career Change?

    Play Episode Listen Later Dec 29, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Are you thinking about a career change? If so, your timing is perfect. There may never be a better climate for trying something new. The United States has seen record job openings in recent months. We'll talk about that and the opportunities that presents today on MoneyWise. THE GREAT RESIGNATION With so many people leaving their current jobs, economists are calling it The Great Resignation. Employers are having a hard time filling open positions. Why all the quits as the Bureau of Labor Statistics calls them? Several factors related to the pandemic, enhanced/extended unemployment benefits, relief checks, the rent moratorium and student loan forgiveness. Employers are hiring at record levels and they're often willing to look at candidates who don't fit their typical mold and train them to perform their new role. So the time has never been better for career hoppers. MAKING THE LEAP If you want to take that great leap, first determine if you actually need a career change. Maybe you like what you're doing, you don't like where you're doing it. Ifo so, changing jobs, not careers, might be a better move. But if you really want to try something different, start by making a detailed assessment of your skills and interests. Take a career test online. Your answers will generate a list of occupations where you're more likely to achieve success and satisfaction. Job satisfaction is important, but you also have to keep earning potential in mind. If your new career will pay less than you're earning now, you'll have to adjust your budget accordingly. Okay, so now that you have your long list of potential new careers generated by the assessment, you have some whittling to do. Consider each possibility and cross off those that don't appeal to you. You may not want to be tied to a desk. Maybe you'd rather meet with customers in a sales job. CONSIDER YOUR OPTIONS So after crossing off the undesirables, you have a shorter list, maybe 5-10 possibilities. Start rounding up job descriptions for each of your remaining career possibilities. You also want to look at education requirements. Will you have to go back to school? If so, for how long and how much will it cost? What are the advancement opportunities and earning potential? Also consider job outlook. Will there be jobs in that field down the road? Prioritize your options, then take the one that best meets your needs and put an action plan in place to prepare for it. SELF-EMPLOYMENT? So now you're ready to start applying for jobs in your new field. But there's one more career change avenue to explore that doesn't involve applying for jobs at all. Did you ever want to be your own boss by starting a business? A surge in new business startups may be contributing to elevated job openings. About 4.3 million new businesses sprang up in 2020, that's the highest number since the government began tracking them. Many businesses had to close their doors due to the COVID pandemic and there's a lot of pent up consumer demand. This may be one of the best times to start a new business if you've been thinking about it. Just make sure you have adequate financial resources to cover your needs during your startup. Luke 14:28 reads, ​​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? LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●How much should we keep in savings vs investing it in something that would offer a greater return? ●How do you determine whether it's wise to refinance your home loan or stick with your existing mortgage? ●Should you tithe on gross or net? ●Is it wise to borrow against an expected legal settlement? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    5 Ways To Lose Money

    Play Episode Listen Later Dec 28, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 We all make mistakes and learning from them is a valuable skill. But learning from other people's mistakes well, that's priceless. Today on MoneyWise, we'll go over several mistakes you donotwant to learn the hard way! COSIGNING One of the most common regrets among listeners we hear from is cosigning a loan for someone else. Studies show that in the majority of cases, the cosigner ends up having to pay off the loan. Proverbs 22 warns us, 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? Parents are often tempted to cosign for their children or another family member. But the Bible is clear that we shouldn't do it. Instead, look for other options like helping with the down payment, lending the money yourself, or even providing it as a gift. ADJUSTABLE RATE MORTGAGES Another common mistake is taking out an adjustable-rate mortgage or ARM. These seem to make sense when interest rates are low, but when they begin to rise, so do your monthly mortgage payments. You can get a great, low introductory interest rate with most ARMs, but after that you're just gambling that interest rates will stay low. It's always better to go with a fixed rate mortgage for the shortest term you can afford. That means you'll get a lower interest rate on a 15-year mortgage than on a 30-year loan. By the way, if for some reason you have to take equity out of your home, maybe for repairs, the same philosophy applies. You want to take out a fixed rate home equity loan, not a home equity line of credit, or HELOC, which almost always has a variable interest rate. CONSUMER DEBT Another way to lose money is to take on consumer debt. Borrowing for a home, business, or education may make economic sense. The return promises to be greater than the cost. But that's definitely not the case with credit cards, auto loans and other forms of consumer debt. Now, granted, you may have to borrow money for a car, but since it's a depreciating asset, you want to always be saving money for your next car purchase. Your goal should be to eventually pay cash and not borrow at all, whether you buy new or used. While there may be some return on other types of loans, there's no return at all on credit card debt. When you run up a balance, you will pay interest on it at an average rate of 16% or more. It's money down the drain. Ever wonder why credit card issuers are so quick to give you 1% or 2% rewards for using their cards? It's because they know they'll make that back 10 times over if you start carrying a balance. If you want to stop losing money on credit card interest, you've got to get on a budget, live on less than you make, and save up an emergency fund so you don't need credit cards.Sign up with one of our volunteer coaches at MoneyWise.orgif you need help. RISKY INVESTMENTS Another common mistake is making risky investments. Buying cryptocurrencies is all the rage these days and, no doubt, some people have made a lot of money on them. But others have lost just as much. Often, by the time you hear about what a fantastic investment some cryptocurrency is, it's already peaked in value and is on the way down. Proverbs 21:5 tells us that slow and steady plodding brings prosperity, but hasty decisions bring poverty. Instead of looking to make quick money, invest long term with a properly diversified portfolio and avoid the fads. LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●What is a universal life insurance policy? ●Is the sale of an inherited annuity taxable? ●If your company still offers a pension, should you take it as a lump sum or a monthly payout? ●Should you take money out of a retirement account and place it in a cash account in order to help your children avoid unnecessary taxes upon inheriting the money? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    Retaking ESG Investing With Robert Netzly

    Play Episode Listen Later Dec 27, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 David answered God's call and went out to slay Goliath. Do we have a similar calling with our investments? Some decidedly ungodly elements have taken over the sphere of corporate engagement with investing. How should Christians respond? Robert Netzly joins Rob West to help answer that question today on MoneyWise. Robert Netzly is the CEO ofInspire Investing, an underwriter of MoneyWise. Christian investors have been quick to abandon and reject the rapidly growing so-called ESG investing movement because of its worldly ideology, but Robert's here with a different calling for Christian investors. WHAT IS ESG INVESTING? ESG stands for Environmental, Social, Governance. Radical left-leaning activists have used it to push woke liberal ideology which Christians and conservatives have rejected or disengaged from. Examples include Larry Fink/Blackrock and the Equality Act, and companies like GoDaddy opposing pro-life legislation. As a result, many Christian and conservative investors are remaining on the sidelines of ESG because of its liberal bent. But while ESG investing has been used as a tool for liberal ideology, it needs to be countered by Christians to redeem it to glorify God. God frequently uses evil times like ours for His own purposes. Genesis 50:20 Joseph says to his brothers who sold him into slavery, As for you, you meant evil against me, but God meant it for good, to bring it about that many people should be kept alive, as they are today. A biblically informed approach to ESG investing is our opportunity as Christians to have the ear of major corporations, the yellow brick road to the wizard behind the curtain. Instead of tearing up the road, we should be packing the streets with God-honoring perspectives on environmental, social and governance issues so we can be salt and light in the boardrooms. HOW CAN CHRISTIANS USE ESG? First, we need to know what we are investing in so we can invest in the good and not support the bad. That's why we builtInspire Insight. Next, we can get busy engaging with companies on issues that are important to us, and more importantly, to God. God cares deeply about our stewardship of the environment, how we relate to others socially, and about corporate governance. For the environment we have Leviticus 25:4. It reads, But in the seventh year, there shall be a Sabbath of solemn rest for the land, a Sabbath to the LORD. You shall not sow your field or prune your vineyard. Jesus, of course, often talks about our social calling: Love your neighbor as yourself. And for governance, there's Jeremiah 22:13, Woe to him who builds his house without righteousness And his upper rooms without justice, Who uses his neighbor's services without pay And does not give him his wages. If you can't spend the time engaging with companies yourself, then you should invest in a Christian fund company that will engage with companies on your behalf, advocating persistently for biblical values to be respected by the companies you own. If a company refuses to listen, then we need to personally and collectively have the conviction and backbone to eliminate their stocks and bonds from our portfolios. If Christians don't actually care enough to dump investments in woke companies, why should any company ever listen to us? We can't endure if the enemies of faith and freedom have deeper convictions than our own. LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●How do you determine the best time to begin drawing Social Security benefits? ●Are government property tax sales a wise investment? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    Year-End Tax Tips

    Play Episode Listen Later Dec 25, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 There are lots of jokes about paying taxes, but even better than the jokes is finding ways to minimize what we legally have to pay in taxes.Today, Rob West offers some great year end tips to help you do that including the following: If you haven't maxed out contributions to your retirement accounts, do it now (or at least by April 15).For 2021, individuals can make up to $19,500 in tax-deductible 401k contributions, or $26,000 if you're 50 or older. You can also contribute up to $6000 to a traditional or Roth IRA, or up to $7000 if you're 50 or older. Don't have a Roth IRA? This may be the time to make a Roth conversion especially if your income was lower than usual in 2021. A Roth conversion requires you to pay taxes on the money when you convert, so do it while you're potentially in a lower tax bracket. Make contributions to a Health Savings Account (HSA) or 529 Education Savings Plan.And while there are no FEDERAL deductions for contributions to a 529 education savings plan, many STATES offer them. Give to charity. It's more difficult to get a deduction since the standard deduction was raised, but there's a temporary provision still in place that allows you to take a $300 deduction for making an eligible cash contribution to a charity like your church. It's a $600 deduction for joint filers. Make sure you take the deduction on your 1040. Required Minimum Distributions (RMDs). The IRS requires you to take a certain amount of money out of your pre-tax retirement accounts each year once you're 72 or older. Failure to do so is costly. You'll pay 50% in taxes on every dollar you fall short of your RMD. Qualified Charitable Distributions (QCD). You can bless your favorite ministry and satisfy your RMD without owing anything in taxes. Check with your retirement plan manager for specific details on how to make a QCD. Make sure you use all of the money in your Flexible Spending Account at work if you have one.Contributions were made with pre-tax dollars so they've already lowered your adjusted gross income. But in most cases, the money is use it or lose it so spend it on qualified items before the expiration date. If you happen to own stocks that lost value in 2021, consider what's called tax-loss harvesting.You sell stocks that have declined in price to realize a loss. You can then use that loss to offset capital gains made on other investments this year.If you sustained more losses than gains, you can take an additional deduction of up to $3,000 against your taxable income in 2021. And if you lost more than that, you can roll those losses over into future years up to the $3,000 annual limit. Lastly, make an appointment to meet with your CPA or tax advisor to make sure you haven't missed any deductions and to plan for lowering your tax burden next year. Don't wait until the crush of the tax season. If you don't have a tax advisor, go to MoneyWise.org and click Find a CKA to get a Certified Kingdom Advisor in your area. LISTENER QUESTIONS Next, Rob answers the following listener questions: ●I'm considering refinancing my mortgage.Originally the house I live in was a second home so the rate was a little higher.I plan on staying in it no more than five years.Is it worth refinancing? ●I have a traditional IRA that was created by rolling over 401Ks from former employers.I'm not contributing to it presently.I do have another 401K at my present employer and was thinking of converting this traditonal IRA to a Roth IRA.Can I contribute to a Roth while also contributing to a 401K? ●My husband and I own a one-man business.We're trying to determine if it's time to hire our first employee.Do you have any guidance? ●Is it better to have a will or a trust? ●Why is it so difficult to get change (physical coins) at stores these days? ●I have two children who are in Emergency Care living with me.I've been advised to claim them on my taxes.I'm living on Social Security.Would there be any tax benefit in my doing this? ●I have an upcoming appointment with the attorney who put my will together several years ago.I want to update the will, but don't even know what questions to ask.Can you help? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our website.

    Teaching From Christmas Past With Howard Dayton

    Play Episode Listen Later Dec 24, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 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! LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●How much money should you keep in a cash account vs investing in the stock market? ●Would now be a good time to sell our home with the home prices elevated at the moment? ●How do you determine the right time to cash out of universal life policies? ●When does it make sense to open a traditional IRA? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    The Meaning of Stewardship

    Play Episode Listen Later Dec 23, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 In a culture that glorifies materialism, Christians are called to be different. Being a faithful manager of God's resources requires a working knowledge of stewardship and the principles behind it. We'll explain the biblical truth behind this principles today on MoneyWise. PRINCIPLES OF STEWARDSHIP: 1. GOD OWNS IT ALL! He created everything and it all belongs to him. 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. While we possess these things, we don't own them. Even the skills and abilities we have to acquire wealth belong to God. They're only on loan, if you will, and we should use them to glorify Him, not simply 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.' 2. USE HIS RESOURCES FOR HIS GLORY! There's nothing wrong with enjoying God's provision, but we must seek the balance between enjoyment 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. How do we know where to draw the line between enjoying God's provision and using His resources for Kingdom purposes? 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. 3. ENTER INTO THE JOY OF YOUR MASTER! We have reason enough to be good stewards because of what God's already given us in the priceless gift of His Son for our salvation. But He promises even more blessings when we are 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. Your calls are next at 800-525-7000. That's 800-525-7000. This is MoneyWise (Live) where biblical truth guides our financial decisions. LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●Is it wise to take Social Security earlier if it allows you to pay off your home sooner? ●Would it make sense to take some money out of stock-based investments to buy gold or silver? ●How do you go about investigating your mortgage options and determine the right time to buy a home? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    3 Social Security Mistakes

    Play Episode Listen Later Dec 22, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 When should I start taking my Social Security benefits? At 62? Or should I wait until full retirement age? Or longer? Strategies for claiming Social Security benefits can be complicated and confusing, and making a mistake could cost you a lot of money. So today on MoneyWise, we'll reveal 3 common errors people make when claiming benefits and how to avoid them! THREE COMMON SOCIAL SECURITY MISTAKES 1. CLAIMING BENEFITS EARLY:Just because you can take your benefits at age 62 doesn't mean you should. Your benefit will be permanently reduced by 8% for each year you take them before your full retirement age. Your benefit can be further reduced if you continue working after receiving benefits and earn more than $18,960. For every $2 you earn above that threshold, your benefit will be reduced by $1. The only good news there is that those lost benefits will be restored incrementally once you reach full retirement age. There's another reason you should think long and hard before taking Social Security benefits early. If you're the higher wage earner, your decision to take benefits early could impact not only you but also your spouse. If your spouse survives you and has a lower SS benefit, he or she would be eligible to draw a survivor benefit in the amount you were receiving in benefits before your death. However, if you elect to take your benefit early, your surviving spouse will be locked into that lower amount for life, as well. So if you don't desperately need the money, it's almost always best to wait as long as possible before claiming Social Security benefits at least until full retirement age. Your benefit will increase by 8% every year you wait beyond your full retirement age up to age 70. 2. NOT DRAWING A SPOUSAL BENEFIT:The next common Social Security mistake is not drawing a spousal benefit. Now, this one only applies to folks who were born on or before January 1, 1954. If you're married and reach Full Retirement Age (FRA), and you haven't drawn your own Social Security benefit, you can decide to start receiving it then or wait and let it build another 8% a year up to age 70. But if you were born before 1954, you can opt to take benefits but restrict them to spousal benefits only. As long as your spouse has filed for benefits, you'll be eligible to receive half of your spouse's full retirement age benefit. 3. NOT DRAWING BENEFITS AFTER A DIVORCE:Whether you divorced recently or quite a while ago, you may think you're not eligible for a Social Security benefit from your ex-spouse. That's not the case. If your ex-spouse is still living, you could qualify for a spousal benefit based on his or her work record. To qualify, you must have been married for at least 10 years, be at least age 62 and currently unmarried. This is the case even if your ex-spouse has remarried. If your ex-spouse is deceased you could be eligible for a survivor benefit off of your ex-spouse's Social Security record, even if you've remarried - with some exceptions. The folks at the Ronald Blue Trust have a great article with more information about the 3 mistakes we outlined today.You'll find that article here. And we also recommend you consult with a financial advisor before making any decision about Social Security benefits. Proverbs 15:22 says, Plans fail for lack of counsel, but with many advisers they succeed. You canfind a Certified Kingdom Advisor at MoneyWise.org. LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●Is it wise to wait beyond retirement age to begin drawing Social Security benefits? ●What is the difference between a will and trust? ●What is the best way to invest beyond IRAs and 401k accounts? ●How should a college student balance using funds in a savings account to pay for college vs investing for the future? RESOURCES MENTIONED DURING THIS PROGRAM ●SoundMindInvesting.org ●Betterment ●Schwab Intelligent Portfolios Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    Your Top 10 Financial Moves for 2022 with Joseph Slife

    Play Episode Listen Later Dec 21, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 With the new year just days away, now is a great time to plan for the year ahead. Today Joseph Slife with Sound Mind Investing joins Rob West with 10 financial moves to make in 2022. Your 10 Most Important Financial Moves for 2022 is the title of the cover article in the current issue of Sound Mind Investing. It offers a list of about 75 possibilities and encourages readers to pick Top 10 for the year ahead. Here are just a handful of those tips: FINANCIAL MOVES FOR 2022 FIRST THINGS FIRST:Start by remembering that God owns everything. We are only stewards, managers, of what he entrusts to us. So in 2022, practice living in conscious dependence on God. The Lord is not to be acknowledged only on Sunday. Take time each day to recognize your dependence on the Lord for life and breath and everything else as the Apostle Paul said in Acts 17. BUILD ON SOLID ROCK:Build your financial house on the bedrock of biblical principles. We never know what kind of financial storms may come our way or when. But if you base your financial decisions and actions on biblical truth and the stewardship principles taught in Scripture, you'll be able to weather those storms. BE GENEROUS:Every follower of Jesus is called to be generous, but we also know from what's in the New Testament God has given some people the special gift of giving, just as he has given some people gifts of administration, and teaching, and so on. If you have that gift of giving, study what the Scriptures say about it and make the most of that gift. But even if you don't have that special giving gift, a great item to add to your Top 10 for 2022 is to make the most of every opportunity to give boldly. Teach your children to give generously too. CREATE GOOD HABITS: One of the best things you can do is to cultivate good habits. It's easy to pick up bad habits, but good habits have to be cultivated. And means taking specific actions that reinforce good habits. For example, making a spending plan that puts you in a position to pay down your debt steadily, so you make paying off credit card debt, car loans, and other short-term debts a priority. Start using a money-management app to plan and track their finances like theMoneyWise app. SPEAK UP TO SAVE MONEY: You can sometimes get fees waived or subscription prices lowered just by making a polite request. You would be surprised how often this works, and you never know unless you ask. AVOID HOLIDAY DEBT:Don't go into debt for Christmas, birthdays or other holidays! Don't be swayed by slick marketing. Instead, develop a plan for your spending and buy only what you can afford. PRAYERFULLY DEVELOP AN INVESTING PLAN: Start by looking realistically at where you are now and developing a prudent plan that moves you toward your long-term goals. But make this a spiritual matter, not just a financial one. Pray over your decisions and seek wise counsel! DON'T BE OVERLY RIGID: You want to be consistent and committed, but don't be overly rigid with your investment plan. Life happens and you have to have some flexibility. If your plan is too strict, you might miss out on some very important things. Being too strict can also cause you to turn a deaf ear to God. TRACK YOUR DONATIONS TO THRIFT STORES: Interestingly, the IRS is rather liberal in allowing deductions for non-cash items. So if you're near the threshold of being able to itemize or not itemize, non-cash donations could put you over the top. Read Your 10 Most Important Financial Moves for 2022 at SoundMindInvesting.com to see the entire list. LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●Is now a good time to invest in a short-term rental property? ●How can you overcome consumer debt and pay your home off sooner? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    Teaching From Christmas Past With Howard Dayton

    Play Episode Listen Later Dec 20, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Should husband and wife have separate checking accounts or even entirely separate finances? Or should all of their money be merged? A verse in the book of Mark will help us answer that question today on MoneyWise. We often get questions about merging or separating finances in marriage, particularly with people who are remarrying. 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. CREDIT REPORTS RATINGS ARE NOT MERGED UPON MARRIAGE Sometimes we hear from listeners who have 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. Each spouse's credit history is tied only to that person's Social Security number. If one of them applies for credit solely in his or her name, only that person's credit history is taken into account. Having joint or separate bank accounts has no effect on getting approved for the loan. A creditor will only consider the credit of both spouses if they apply jointly for the loan. Returning to the original question should spouses merge finances or keep them separate? BECOME ONE FLESH The Bible doesn't tell us explicitly that spouses should share one account, because people didn't have bank accounts back then. But we do find a helpful principle in God's Word to guide us. 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. If you're of one flesh why have separate bank accounts? 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. Another plus of merging your finances is that it simplifies your household accounting. BOTTOM LINE It's not a sin to keep your finances separate in marriage, but it's generally a much better idea to merge your accounts. LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●Is it wiser to use an inheritance to pay off a mortgage or continue to make payments and invest the funds? ●What should you do with a 401k account after retirement? ●What are some conservatives saving/investing alternatives to CDs? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    Women and Generosity with Sharon Epps

    Play Episode Listen Later Dec 18, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 The Bible tells is in 1 Timothy that believers should provide for those who preach the Gospel. Some of the first disciples to obey that directive. Today, Sharon Epps joins us Rob West to discuss the generosity of women in the church. Sharon Epps is Chief Operating Officer atKingdom Advisors. Scripture records that women were among the first supporters of Jesus' ministry. Let's look at the beginning passage of the Parable of the Sower in Luke 8. It reads: After this, 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. From Mary Magdalene, a first patron of the early church, to Lydia, an industrious entrepreneur who strategically funded early missions women historically have been generous wealth creators and stewards. Year after year, research conducted for the Women's Philanthropy Institute (WPI) reveals that households headed by women at all levels of income and wealth are more likely to give. Sharon Epps co-founded an organization called Women Doing Well, which commissioned a very revealing study. More than 7000 women of faith participated in the research, which provided the following insights: KEY INSIGHTS FROM STUDY OF RELIGION RESEARCH ●Christian Women are Generous with Their Time and Money: They are 300% more generous than the average population with their money and 400% more generous with their time. ●Discipleship Plays the Major Role in Shaping Generosity Among Christian Women. Research revealed that women with a strong understanding of Biblical teaching on stewardship gave higher percentages of their income away. ●94% of women we surveyed wanted to give more than they currently give. ●There are 3 common challenges that hindered women's desire to give more: ○the lack of financial planning ○the lack of clarity of their purpose/passion for giving ○and lack of accountability partners ●The study also revealed the most women felt they could give more and that they desired to give more. ●Women with a Strong Sense of Calling/Purpose Are More Generous Than Those Without.Women with the highest score on personal sense of calling gave on average 13.7 percent of their income to charity while women with the lowest scores on this scale gave 9 percent on average. Now, let's define what a giving passion is. It's a need that we care about so deeply that we are willing to sacrifice to address it. ●While purpose is permanent, passions often change over time and season of life ●As our relationship with God grows deeper, our passions align more with God's passions ●We learn what God is passionate about as we read the Bible ●Authors Greg Baumer and John Cortines in their book True Riches, say it this way Throughout Scripture, God reveals three top priorities three big things He's up to in the world. He invites us to help with each of these, and we get to join our eternal dad in doing his work. As we take on these tasks, God grows our capacity to love, breaking us free from indifference. ●Understanding what God cares about certainly gives us better direction for our areas of passion ●These three big things from scripture are: ○serving the poor, ○saving the lost ○strengthening believers QUESTIONS TO HELP IGNITE PASSIONS Answering these questions may help women (and men) ignite their passions: ●What would I do if I knew I could not fail? ●My friends would say my soapbox is ●What brings me to tears breaks my heart pierces my soul? ●I always dreamed I would impact the world by ... LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●Where should you give your tithe if you're between churches? ●What can you do to improve your credit score? ●When is it wise to refinance a mortgage? RESOURCES MENTIONED DURING THIS PROGRAM ●True Riches(book) Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    Steady Plodding

    Play Episode Listen Later Dec 17, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 One verse in the Bible gives us much of what we need to know about wise investing. Proverbs 21:5 reads, Steady plodding brings prosperity; hasty speculation brings poverty. It may not be flashy or exciting, but there's no better way to ensure that your long range investing pays off. We'll discuss the power of this principle today on MoneyWise. The stock market has been a roller coaster over the past couple of years. We've seen many record highs, breathtaking falls, and rapid recoveries. A BIG PICTURE VIEW But to invest wisely, you have to look beyond the short-term ups and downs of the market to take a long term view. You only invest in stocks or index mutual funds with money that you don't need for at least five years, and 10 years is even better. Don't allow the short-term market roller coaster to get you over excited or worried. History shows us that the market always recovers from any downturn and begins to move forward. You can stick to your long range plan. DOLLAR COST AVERAGING The market has another term for steady plodding. It's called dollar cost averaging. If you contribute a consistent amount each month to your retirement account, you're dollar cost averaging. That could be in stocks, mutual funds or another vehicle, but here's the key: You continue your consistent contributions regardless of what's happening in the market at the moment. Dollar cost averaging provides several benefits: 1.It eliminates guesswork. You're not trying to figure out what the market is likely to do next month or next year. You've already made your investing decisions based on your long range plan. 2.It's easy to set up with your bank. Once you've begun having your contributions automatically sent to your retirement account, you can sit back and relax. 3.You're always building maximum equity at minimum cost. By investing a consistent amount each month, you're automatically buying fewer shares when prices are high and stocks are expensive. But when stocks are down and you're still contributing the same amount each month, you're buying more shares. Dollar cost averaging doesn't give you big wins overnight. It gives you long term gains. If you stick with it and don't pull your money out when things look bleak, those eventual gains can be substantial. And there's another benefit to steady plodding. 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. Steady plodding or dollar cost averaging takes the emotion out of investing. It also eliminates the possibility that you'll make a bad investment decision, like mis-timing the market. It forces you to think long term. But there is one catch: Dollar cost averaging is a long term proposition. To do it safely, you should have an investment horizon of at least 5 or 10 years. Then, as you near retirement, you'll want to decrease your position in stocks and mutual funds. Eventually, you'll decrease stock investments to about 20-percent during retirement. That way you have a hedge against inflation. LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●Nearing retirement, would it be wise to keep a rental property or sell it and invest the proceeds? ●Would it make sense to refinance your in order to draw out money to help a parent buy a home? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    Understanding the Impact of Investments With Mark Regier

    Play Episode Listen Later Dec 16, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Impact is a word on the minds of many Christians today when it comes to their investments.We want to know that our portfolios do more than generate a financial return. We want them to make a real difference in the world. Today, Mark Regier joins Rob West to discuss how your investments can make a real difference in the world. Mark Regier is Vice President for Stewardship Investing for Praxis Mutual Funds, an underwriter of MoneyWise. Praxis is a leading, faith-based family of mutual funds that seeks to deliver real world impact in all their funds. HOW CAN YOU ENSURE YOUR INVESTMENTS MAKE A POSITIVE IMPACT? --Start by asking some key questions: What's important to you? What do you want to see happen in the world? --Visit the websites of the funds you invest in and look at the information they provide about the values of the companies within those funds. -- Check out websites that provide more information about corporate accountability, such asMoningstar.comandAsYouSow.org. Just keep in mind that various sources may have their own worldviews and agendas , which may or may not be perfectly aligned with your values. Praxis is about to release its second annual Real Impact Report.And it is preparing to launch what it calls its ImpactX framework to help investors gain new understanding about the impact of their investments. Learn more about Praxis Mutual Funds atPraxisMutualFunds.com LISTENER QUESTIONS On today's program, Rob also answers a listener question about the following: ●Should you use the proceeds from a property sale to pay off your mortgage? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    Putting Kids On the Deed

    Play Episode Listen Later Dec 15, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 We all want to leave an inheritance to our kids, but tax laws sometimes make that complicated, especially if a home is involved. People often ask us Should I put my child's name on the deed to my home? This is a smart question to ask, but the answer may surprise you. We'll address that question today on MoneyWise. When people ask about putting their children on a home deed, most often it's to pass a home along to their children within going through the probate process. But that solutionmay have unintended consequences. Putting the child's name on the deed may solve the probate problem, but it creates new tax problems. It's actually better for the parent to own the property outright upon death. LEAVING THE HOME IN YOUR NAME ALONE UNTIL DEATH Here's what happens: The heir or heirs inherit the property at its current market value. So let's say you bought a home in 1990 for, say, $100,000. If your child inherits the house and sells it immediately for $500,000, the profit since the original purchase would be $400,000. Under the current tax law, the child inherits the home at its value at the time of your death. So if the home is worth $500,000 and the child sells it for that amount, that's also how the IRS views the value of the property. That means that in the eyes of the IRS, your child hasno taxable profiton the sale of the home. That's because of what's called its stepped-up value (what it was worth when you passed the property on to your child). But what about estate taxes? Your child/children likely wouldn't owe estate taxes on the home either. If the value of the estate at the time of death was less than$11.7 million,which is the current estate tax exemption, they won't owe estate taxes. PUTTING YOUR CHILD'S NAME ON THE DEED Now, let's look at the other scenario. You put your child's name on the deed and the child becomes an equal partner in owning the home. Upon your death, your child would inherit only half the home's value and would be entitled to only the stepped-up basis for that half. If your child then sells the home, they wouldn't pay tax on the share inherited from you at the time of death. That's good. The bad news is that the child would probably have to pay tax on the other half of the home's value. That tax would be based on the value of the share the child received when you put their name on the dead and the childobtained ownership based on the value of the home when sold. Using the earlier example, you buy a home for $100,000, which is sold for $500,000 after your death. But in this scenario, you have put your child's name on the deed as a co-owner. The child inherits your half of the property at the stepped-up basis of $500,000. So when your child sells that home, half of the $400,000 profit wouldn't be taxable. BUT the other halfwouldbe taxable. BOTTOM LINE The bottom line is that in most cases it's best tonot putyour child's name on the deed before you die. If you're still concerned about probate, a better alternative is to put the home in a living trust. LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●Can you claim a tax deduction for educational expenses you're covering for your grandchildren? ●If you draw Social Security before your full retirement age, is there a limit on how much you can earn through employment. ●How do Social Security benefits change at age 65 for a person already receiving Social Security disability benefits? ●How should a retiree drawing Social Security handle a six-figure inheritance? ●What is the wisest way to invest proceeds from a home sale? ●What are the best low-risk investment options for a widow following the sale of a rental property? RESOURCES MENTIONED DURING THIS PROGRAM ●SoundMindInvesting.org Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    The Grateful Worker

    Play Episode Listen Later Dec 14, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Whatever you do, work heartily, as for the Lord and not for men You are serving the Lord Christ.That verse in Colossians 3 should remind us to be grateful everyday that we have a job and the ability to earn a living because both are blessings from God. Today on MoneyWise, we'll talk about the power of living and working with a grateful heart. Surveys show that a majority of Americans are consistently unhappy with their jobs. So it's not surprising that more workers are leaving their jobs than ever before. There's nothing wrong with looking for the best possible employment opportunity. And there's nothing wrong with wanting to earn more, as long as simply having more money isn't the ultimate goal. MAINTAIN A GRATEFUL HEART However, along the way, it is vital to be grateful for the job you have. When we remember that God placed us in our current positions, it becomes easier to soften our attitudes about challenges in the workplace. The Bible clearly states 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 just some hard taskmaster ordering us to work. Rather, He's also our great Provider. Godprovided your job. So we never want to be ungrateful for what the Lord has provided. And being grateful on the job provides an excellent opportunity to point others toward Christ. The peace and gratitude others see in you will serve as a powerful witness. HOW CAN YOU SHIFT YOUR THINKING IF YOU'RE NOT HAPPY IN YOUR JOB? First, it's helpful to stop and think about what exactly youdoon your job. Look for the meaning in it, even if you think it's mundane. All honest work is honorable in God's eyes. Regardless of what you do, you're helping to solve someone else's problem and making their life better. So take some satisfaction in that! Next, manage your expectations. 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 ping pong in the break room. Ifyoudon't expect too much, you won't be disappointed. Also, instead of complaining, 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 will know you're trying to help. WHAT IF YOU STILL DON'T FEEL SATISFIED? What if you're already doing those things andstilldon't feel satisfied with your job? You are not Biblically bound to remain 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. The grass isn't always greener on the other side of the fence. And if your thinking is negative, that negativity will follow you to your new position. So start by putting the principles above into practice.Then, with much thoughtful prayer and consideration, ask the Lord for guidance. It could well be that He has a brand new opportunity for you a new place where you can be a grateful worker. LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●How should you go about consolidating 401k plans? ●Should you apply savings toward investing or toward paying down a property loan? ●How can you invest wisely if your spouse is opposed to investing in the stock market? RESOURCES MENTIONED DURING THIS PROGRAM ●Find a certified Kingdom Advisor at MoneyWise.org Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    2022 Home Values with Dale Vermillion

    Play Episode Listen Later Dec 13, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Isaiah 32:18 reads, My people will abide in a peaceful habitation, in secure dwellings, and in quiet resting places.That verse describes what we're all looking for when buying a home. Lately, rising home values have made that difficult. Will that continue in 2022? Today, mortgage expert Dale Vermillion joins Rob West to help answer that question. Dale Vermillion is the author ofNavigating the Mortgage Maze: The Simple Truth about Financing Your Home. Home values have already climbed 22% since the onset of the COVID pandemic. FORECASTS PREDICT CONTINUED RISE IN HOME PRICES Multiple recentforecastspredict that the sharp upward trend in home values will continue in 2022. Zillow projected home values will rise 13.6% over the next 12 months. Meanwhile, Goldman Sachs said U.S. home prices will climb16%by the end of 2022. However, another forecast from CoreLogic, a company that crunches property data, says that home prices will only rise 2.2% over the next year. Why such a big difference in those forecasts? Like other economic models, these forecasts depend on what data you put into them. Mortgage rates are tied to home values, and of course, inflation affects interest rates. With inflation on the rise, the Federal Reserve is more likely to raise interest rates, which would drive up the average 30-year fixed mortgage rate. That would put negative pressure on the housing market. It's likely that the lower CoreLogic projection for home values took more inflation data into consideration. WHAT DOES ALL OF THIS MEAN FOR HOMEBUYERS? Even if the CoreLogic forecast proves accurate, rising mortgage rates could ensure that buying a home is likely to be more, not less, expensive in 2022. But that doesn't mean everyone should rush out and buy a home before prices rise further. Make sure the timing is right for YOU based on your financial situation. Don't be afraid to rent until you are in a solid position to buy a house. Learn more about Dale Vermillion atDaleVermillion.com LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●Would it be best to use the proceeds from a property sale to invest in a new rental property or pay off a mortgage? RESOURCES MENTIONED DURING THIS PROGRAM ●Navigating the Mortgage Maze: The Simple Truth About Financing Your Home Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    Gift Giving Ideas with Steve Moore

    Play Episode Listen Later Dec 11, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 With supply chain issues still weighing on the retail sector, stores will again have challenges keeping their shelves stocked. But former MoneyWise co-host Steve Moore has been checking his list, and he joins Rob West today with some gift giving ideas for the Christmas season. SHOPPING CHALLENGES The holiday shopping season is expected to be more frantic this year than in 2020. Christmas sales are expected to grow at least 7% compared with last year. And due to worker and supply shortages, not just here but around the world, retailers will have a difficult time getting items to store shelves. Online retailers will also find it more challenging to get items to consumers' homes. Bottom line: You should expect fewer discounts, fewer choices, and longer shipping times. Given all of the complications in the marketplace this year, you'll want to jump on those wish lists right away. Don't wait! GIFT GIVING IDEAS Consider ministries that have gift catalogues on their websites: -Samaritan's Purse -Compassion International -Salvation Army -Heifer International Also consider giving your kids or grandkids a cash gift with the stipulation that they have to give it away and tell you what they did with it. That can create some wonderful conversations within your family. LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●As you approach retirement, is it time to consider pulling your money out of the stock market? ●Is critical illness insurance a prudent product to buy? ●What is the best way to save or invest an insurance settlement if you already have an emergency fund in place? ●Do you need to allocate a certain amount of your paycheck to a traditional IRA in order to receive an employer match? ●What is the best way to accelerate the payoff of a student loan? ●Is it wise to take money out of an IRA to pay off an home equity loan? RESOURCES MENTIONED DURING THIS PROGRAM ●Sound Mind Investing Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    What's Really Important With Howard Dayton

    Play Episode Listen Later Dec 10, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 If money can't buy it, what does bring happiness? Today, Howard Dayton, founder of the ministry Compass Finances God's Way, joins Rob West to talk about his book,Your Money Counts,and specifically a chapter entitled, What's Really Important. And it's pretty safe to say that it's not money. Howard points out that King Solomon, the richest man in the world in his day, obviously was in a position to know whether money would bring happiness, and he didn't hesitate to say that riches do not bring true happiness.But most Americans don't believe it. No matter their income level, Americans say they need about 40 percent more than they make. The Bible offers a sharp contrast to this attitude. As someone has said, Money will buy ●A bed but not sleep ●Books but not brains ●Food but not an appetite ●A house but not a home ●Medicine but not health ●Amusement but not happiness ●A crucifix but not a Savior In fact, wrong attitudes about what money can and can't do can be dangerous.Money itself is not evil.It's morally neutral.It can be used for good or bad.But 1 Timothy 6:10reads, "The LOVE of money is a root of all sorts of evil." The Bible doesn't condemn money itself, only the misuse of it or a wrong attitude toward it. Christians often embrace one of two extremes. Some say if you're really spiritual, you must be poor because wealth and a close relationship with Christ can't coexist. The second and opposite extreme is the belief that if a Christian has enough faith, he or she will enjoy uninterrupted financial prosperity. The Bible doesn't say that a godly person must live in poverty. A godly person may have material resources.But study the life of Joseph. He's the classic example of a faithful person who experienced both prosperity and poverty. He was born into a prosperous family, then was thrown into a pit and sold into slavery by his jealous brothers. He became a household slave in a wealthy Egyptian's home. His master later promoted him to head the household, but then threw him into prison when he suspected him of having an affair with the master's wife even though he was innocent of the charge. Later, in God's perfect timing, Joseph was elevated to the position of prime minister of Egypt. God may choose to withhold blessing for three main reasons: 1.Due to violating a Scriptural principle. 2.To build godly character. 3.As part of the mystery of God's sovereignty. Hebrews 11 lists people who triumphed miraculously by exercising their faith in the living God, but in verse 36 we discover godly people who lived by faith and gained God's approval, yet experienced poverty. The Lord ultimately chooses how much to entrust to each person. And sometimes we simply can't understand or explain His decisions. True prosperity extends far beyond material possessions. True prosperity is gauged by how well we know Jesus Christ and by how closely we follow Him. God's Word teaches that true joy is based on my relationship with Christ. In Him alone will I trust. If I am rich, I should be generous and ready to share. Howard Dayton is the founder of Compass Finances God's Way, and the former host of MoneyWise.You can learn more about his ministry atCompass1.org. LISTENER QUESTIONS Next, Rob answers the following listener questions: ●My husband is 70 and wants to retire soon.I'm 72 and disabled.We have a house that we'd like to pay off using an inheritance that he just received, but paying it off would only leave us with about $30,000 in savings. The mortgage is a variable rate mortgage and the monthly payments are quite high.Should we pay it off? ●If we close a credit card account, will it lower our credit score?Our credit card company is threatening to close our account due to inactivity. Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our website.

    What's Really Important With Howard Dayton

    Play Episode Listen Later Dec 10, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 If money can't buy it, what does bring happiness? Today, Howard Dayton, founder of the ministry Compass Finances God's Way, joins Rob West to talk about his book,Your Money Counts,and specifically a chapter entitled, What's Really Important. And it's pretty safe to say that it's not money. Howard points out that King Solomon, the richest man in the world in his day, obviously was in a position to know whether money would bring happiness, and he didn't hesitate to say that riches do not bring true happiness.But most Americans don't believe it. No matter their income level, Americans say they need about 40 percent more than they make. The Bible offers a sharp contrast to this attitude. As someone has said, Money will buy ●A bed but not sleep ●Books but not brains ●Food but not an appetite ●A house but not a home ●Medicine but not health ●Amusement but not happiness ●A crucifix but not a Savior In fact, wrong attitudes about what money can and can't do can be dangerous.Money itself is not evil.It's morally neutral.It can be used for good or bad.But 1 Timothy 6:10reads, "The LOVE of money is a root of all sorts of evil." The Bible doesn't condemn money itself, only the misuse of it or a wrong attitude toward it. Christians often embrace one of two extremes. Some say if you're really spiritual, you must be poor because wealth and a close relationship with Christ can't coexist. The second and opposite extreme is the belief that if a Christian has enough faith, he or she will enjoy uninterrupted financial prosperity. The Bible doesn't say that a godly person must live in poverty. A godly person may have material resources.But study the life of Joseph. He's the classic example of a faithful person who experienced both prosperity and poverty. He was born into a prosperous family, then was thrown into a pit and sold into slavery by his jealous brothers. He became a household slave in a wealthy Egyptian's home. His master later promoted him to head the household, but then threw him into prison when he suspected him of having an affair with the master's wife even though he was innocent of the charge. Later, in God's perfect timing, Joseph was elevated to the position of prime minister of Egypt. God may choose to withhold blessing for three main reasons: 1.Due to violating a Scriptural principle. 2.To build godly character. 3.As part of the mystery of God's sovereignty. Hebrews 11 lists people who triumphed miraculously by exercising their faith in the living God, but in verse 36 we discover godly people who lived by faith and gained God's approval, yet experienced poverty. The Lord ultimately chooses how much to entrust to each person. And sometimes we simply can't understand or explain His decisions. True prosperity extends far beyond material possessions. True prosperity is gauged by how well we know Jesus Christ and by how closely we follow Him. God's Word teaches that true joy is based on my relationship with Christ. In Him alone will I trust. If I am rich, I should be generous and ready to share. Howard Dayton is the founder of Compass Finances God's Way, and the former host of MoneyWise.You can learn more about his ministry atCompass1.org. LISTENER QUESTIONS Next, Rob answers the following listener questions: ●My husband is 70 and wants to retire soon.I'm 72 and disabled.We have a house that we'd like to pay off using an inheritance that he just received, but paying it off would only leave us with about $30,000 in savings. The mortgage is a variable rate mortgage and the monthly payments are quite high.Should we pay it off? ●If we close a credit card account, will it lower our credit score?Our credit card company is threatening to close our account due to inactivity. Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our website.

    5 Ways To Overpay for Life Insurance

    Play Episode Listen Later Dec 9, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 What does God's Word require of us when it comes to providing for our families?Well, leaving our families in good shape financially after we're gone should be on the list, and doing that usually involves life insurance. A 30-year-old buying a 20-year policy providing $250,000 in coverage should only spend about $160 per year, but a recent survey showed that many in the target age range overestimated the cost.And if you're expecting a high price, you're setting yourself up to overpay. Today, Rob West has a list of five more ways you could overpay for life insurance without realizing it: 1.Buying whole life insurance instead of a simple term policy. Whole or permanent life 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 buy term insurance instead and invest the cost difference in your retirement account.Determine how much insurance you need and then look for the least expensive term policy that provides that amount if you die during the policy's term. 2.Not paying attention to costly add-ons or riders. These can be useful in customizing your policy to fit a specific need, but can also be very pricey.One of the worst is the Return-of-Premium rider in which the insurance provider will give you back all of the premiums you paid when the policy expires. That single rider could double your premiums and worse still, you won't get the earnings you might have had if you'd invested the difference instead. 3.Buying insurance when the provider doesn't require a medical exam. Most companies will require one.If your provider doesn't, you can expect to pay more.Sometimes finding a policy that doesn't require an exam can be a real blessing -- for example, if you have a pre-existing condition that might limit your access to a standard policy. These are called guaranteed issue policies. But keep in mind that you'll almost certainly have higher premiums and less coverage with a guaranteed issue policy. 4.Buying an Annual Renewable Term policy or ART. These appear attractive because the premiums start out low.The policies basically guarantee coverage for the life of the term, but each year you have to renew the policy. And each year, the amount of your premium goes up. 5.The last way you can overpay for life insurance is by procrastinating. True, your chance of dying at age 30 are far less than it would be at 50. Insurance companies know that, too. And that's why policies get more expensive as you age. If you have dependents who rely on your salary, Rob says to get term life insurance today. Choose a policy that will be in force until your dependents are grown up and on their own. That way, you'll have adequate coverage without overpaying. LISTENER QUESTIONS Next, Rob answers the following listener questions: ●I had been paying down my credit cards, but had to leave my job due to health problems during the pandemic.I can no longer make my minimum payments.What can I do? (Rob suggested calling ChristianCreditCounselors.org at 800-557-1985.) ●I'm 66 years old and collecting Social Security.I have $35,000 in savings but do have some health issues and I'm not sure that my money will last.What do you recommend I do? ●I want to pay off our mortgage which has a balance of about $50,000.We're in our 70s.We have about $65,000 in savings.We have about $200,000 in retirement invenstments.We're living on Social Security and part-time income.Should we pay off the house? ●I'm interested in Donor Advised Funds but don't know if there are any caveats I should be aware of before using one? (Rob recommended checking out the National Christian Foundation atNCFGiving.orgto learn more about Donor Advised Funds). Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our website.

    5 Ways To Overpay for Life Insurance

    Play Episode Listen Later Dec 9, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 What does God's Word require of us when it comes to providing for our families?Well, leaving our families in good shape financially after we're gone should be on the list, and doing that usually involves life insurance. A 30-year-old buying a 20-year policy providing $250,000 in coverage should only spend about $160 per year, but a recent survey showed that many in the target age range overestimated the cost.And if you're expecting a high price, you're setting yourself up to overpay. Today, Rob West has a list of five more ways you could overpay for life insurance without realizing it: 1.Buying whole life insurance instead of a simple term policy. Whole or permanent life 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 buy term insurance instead and invest the cost difference in your retirement account.Determine how much insurance you need and then look for the least expensive term policy that provides that amount if you die during the policy's term. 2.Not paying attention to costly add-ons or riders. These can be useful in customizing your policy to fit a specific need, but can also be very pricey.One of the worst is the Return-of-Premium rider in which the insurance provider will give you back all of the premiums you paid when the policy expires. That single rider could double your premiums and worse still, you won't get the earnings you might have had if you'd invested the difference instead. 3.Buying insurance when the provider doesn't require a medical exam. Most companies will require one.If your provider doesn't, you can expect to pay more.Sometimes finding a policy that doesn't require an exam can be a real blessing -- for example, if you have a pre-existing condition that might limit your access to a standard policy. These are called guaranteed issue policies. But keep in mind that you'll almost certainly have higher premiums and less coverage with a guaranteed issue policy. 4.Buying an Annual Renewable Term policy or ART. These appear attractive because the premiums start out low.The policies basically guarantee coverage for the life of the term, but each year you have to renew the policy. And each year, the amount of your premium goes up. 5.The last way you can overpay for life insurance is by procrastinating. True, your chance of dying at age 30 are far less than it would be at 50. Insurance companies know that, too. And that's why policies get more expensive as you age. If you have dependents who rely on your salary, Rob says to get term life insurance today. Choose a policy that will be in force until your dependents are grown up and on their own. That way, you'll have adequate coverage without overpaying. LISTENER QUESTIONS Next, Rob answers the following listener questions: ●I had been paying down my credit cards, but had to leave my job due to health problems during the pandemic.I can no longer make my minimum payments.What can I do? (Rob suggested calling ChristianCreditCounselors.org at 800-557-1985.) ●I'm 66 years old and collecting Social Security.I have $35,000 in savings but do have some health issues and I'm not sure that my money will last.What do you recommend I do? ●I want to pay off our mortgage which has a balance of about $50,000.We're in our 70s.We have about $65,000 in savings.We have about $200,000 in retirement invenstments.We're living on Social Security and part-time income.Should we pay off the house? ●I'm interested in Donor Advised Funds but don't know if there are any caveats I should be aware of before using one? (Rob recommended checking out the National Christian Foundation atNCFGiving.orgto learn more about Donor Advised Funds). Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our website.

    Year End Tax Tips

    Play Episode Listen Later Dec 8, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 There are lots of jokes about paying taxes, but even better than the jokes is finding ways to minimize what we legally have to pay in taxes.Today, Rob West offers some great year end tips to help you do that including the following: If you haven't maxed out contributions to your retirement accounts, do it now (or at least by April 15).For 2021, individuals can make up to $19,500 in tax-deductible 401k contributions, or $26,000 if you're 50 or older. You can also contribute up to $6000 to a traditional or Roth IRA, or up to $7000 if you're 50 or older. Don't have a Roth IRA? This may be the time to make a Roth conversion especially if your income was lower than usual in 2021. A Roth conversion requires you to pay taxes on the money when you convert, so do it while you're potentially in a lower tax bracket. Make contributions to a Health Savings Account (HSA) or 529 Education Savings Plan.And while there are no FEDERAL deductions for contributions to a 529 education savings plan, many STATES offer them. Give to charity. It's more difficult to get a deduction since the standard deduction was raised, but there's a temporary provision still in place that allows you to take a $300 deduction for making an eligible cash contribution to a charity like your church. It's a $600 deduction for joint filers. Make sure you take the deduction on your 1040. Required Minimum Distributions (RMDs). The IRS requires you to take a certain amount of money out of your pre-tax retirement accounts each year once you're 72 or older. Failure to do so is costly. You'll pay 50% in taxes on every dollar you fall short of your RMD. Qualified Charitable Distributions (QCD). You can bless your favorite ministry and satisfy your RMD without owing anything in taxes. Check with your retirement plan manager for specific details on how to make a QCD. Make sure you use all of the money in your Flexible Spending Account at work if you have one.Contributions were made with pre-tax dollars so they've already lowered your adjusted gross income. But in most cases, the money is use it or lose it so spend it on qualified items before the expiration date. If you happen to own stocks that lost value in 2021, consider what's called tax-loss harvesting.You sell stocks that have declined in price to realize a loss. You can then use that loss to offset capital gains made on other investments this year.If you sustained more losses than gains, you can take an additional deduction of up to $3,000 against your taxable income in 2021. And if you lost more than that, you can roll those losses over into future years up to the $3,000 annual limit. Lastly, make an appointment to meet with your CPA or tax advisor to make sure you haven't missed any deductions and to plan for lowering your tax burden next year. Don't wait until the crush of the tax season. If you don't have a tax advisor, go to MoneyWise.org and click Find a CKA to get a Certified Kingdom Advisor in your area. LISTENER QUESTIONS Next, Rob answers the following listener questions: ●I'm considering refinancing my mortgage.Originally the house I live in was a second home so the rate was a little higher.I plan on staying in it no more than five years.Is it worth refinancing? ●I have a traditional IRA that was created by rolling over 401Ks from former employers.I'm not contributing to it presently.I do have another 401K at my present employer and was thinking of converting this traditonal IRA to a Roth IRA.Can I contribute to a Roth while also contributing to a 401K? ●My husband and I own a one-man business.We're trying to determine if it's time to hire our first employee.Do you have any guidance? ●Is it better to have a will or a trust? ●Why is it so difficult to get change (physical coins) at stores these days? ●I have two children who are in Emergency Care living with me.I've been advised to claim them on my taxes.I'm living on Social Security.Would there be any tax benefit in my doing this? ●I have an upcoming appointment with the attorney who put my will together several years ago.I want to update the will, but don't even know what questions to ask.Can you help? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our website.

    Year End Tax Tips

    Play Episode Listen Later Dec 8, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 There are lots of jokes about paying taxes, but even better than the jokes is finding ways to minimize what we legally have to pay in taxes.Today, Rob West offers some great year end tips to help you do that including the following: If you haven't maxed out contributions to your retirement accounts, do it now (or at least by April 15).For 2021, individuals can make up to $19,500 in tax-deductible 401k contributions, or $26,000 if you're 50 or older. You can also contribute up to $6000 to a traditional or Roth IRA, or up to $7000 if you're 50 or older. Don't have a Roth IRA? This may be the time to make a Roth conversion especially if your income was lower than usual in 2021. A Roth conversion requires you to pay taxes on the money when you convert, so do it while you're potentially in a lower tax bracket. Make contributions to a Health Savings Account (HSA) or 529 Education Savings Plan.And while there are no FEDERAL deductions for contributions to a 529 education savings plan, many STATES offer them. Give to charity. It's more difficult to get a deduction since the standard deduction was raised, but there's a temporary provision still in place that allows you to take a $300 deduction for making an eligible cash contribution to a charity like your church. It's a $600 deduction for joint filers. Make sure you take the deduction on your 1040. Required Minimum Distributions (RMDs). The IRS requires you to take a certain amount of money out of your pre-tax retirement accounts each year once you're 72 or older. Failure to do so is costly. You'll pay 50% in taxes on every dollar you fall short of your RMD. Qualified Charitable Distributions (QCD). You can bless your favorite ministry and satisfy your RMD without owing anything in taxes. Check with your retirement plan manager for specific details on how to make a QCD. Make sure you use all of the money in your Flexible Spending Account at work if you have one.Contributions were made with pre-tax dollars so they've already lowered your adjusted gross income. But in most cases, the money is use it or lose it so spend it on qualified items before the expiration date. If you happen to own stocks that lost value in 2021, consider what's called tax-loss harvesting.You sell stocks that have declined in price to realize a loss. You can then use that loss to offset capital gains made on other investments this year.If you sustained more losses than gains, you can take an additional deduction of up to $3,000 against your taxable income in 2021. And if you lost more than that, you can roll those losses over into future years up to the $3,000 annual limit. Lastly, make an appointment to meet with your CPA or tax advisor to make sure you haven't missed any deductions and to plan for lowering your tax burden next year. Don't wait until the crush of the tax season. If you don't have a tax advisor, go to MoneyWise.org and click Find a CKA to get a Certified Kingdom Advisor in your area. LISTENER QUESTIONS Next, Rob answers the following listener questions: ●I'm considering refinancing my mortgage.Originally the house I live in was a second home so the rate was a little higher.I plan on staying in it no more than five years.Is it worth refinancing? ●I have a traditional IRA that was created by rolling over 401Ks from former employers.I'm not contributing to it presently.I do have another 401K at my present employer and was thinking of converting this traditonal IRA to a Roth IRA.Can I contribute to a Roth while also contributing to a 401K? ●My husband and I own a one-man business.We're trying to determine if it's time to hire our first employee.Do you have any guidance? ●Is it better to have a will or a trust? ●Why is it so difficult to get change (physical coins) at stores these days? ●I have two children who are in Emergency Care living with me.I've been advised to claim them on my taxes.I'm living on Social Security.Would there be any tax benefit in my doing this? ●I have an upcoming appointment with the attorney who put my will together several years ago.I want to update the will, but don't even know what questions to ask.Can you help? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our website.

    Acts of Generosity During Your Christmas Season

    Play Episode Listen Later Dec 7, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Too often, the stress and strain of the holiday season keep us from feeling the joy of Christmas. Today, Rob West talks about how to get past the stress and find the true Christmas spirit, something he says starts with gratitude. God became flesh in Jesus Christ to free us from sin that we might spend eternity with Him.That was the ultimate act of generosity, and we can show our gratitude by being generous ourselves. That's therealsecret of finding the Christmas spirit giving to others. To help with that, we've got a great article on the MoneyWise website called 25 Acts of Generosity During Your Christmas Season. Here are a few. Some involve money, but not all. Leave a big tip with a note for your server the next time you eat out? Include a few verses from The Christmas Story in Luke 2, or lyrics from your favorite Christmas hymn. Make an extra batch or two of Christmas cookies and share them with your neighbors. You've heard about paying it forward? How about paying itbackward?When you're in a fast food drive-thru line, pay for the person behind you. Imagine their surprise watching your tail lights as you drive away. Send over dinner to a single mom or a foster family. If you can't cook, consider giving grocery gift cards. You could also buy a foster family or single mom a Christmas tree or Christmas gifts. Christmas can be a financially stressful season for those folks. If you have the means, find ways to relieve that pressure for those in need. How about putting together a basket of water bottles, snacks, and encouraging notes for your mail carriers and delivery people? This is a crazy season for them with very long hours. Make your house a refreshment stop for them on their route.Or have your kids help you put together Ziploc bags of water bottles and treats along with a church invitation that you can give to homeless people you see as you drive around. And here are a few that don't involve money: Take some time to read the Christmas Story from Luke 2 to your family. That'sa great holiday tradition and a reminder of the real reason for the season. Write a few encouraging notes to people you know need it. A brief message of encouragement and a Scripture verse go a long way. Have a video chat with your parents and grandparents who may live far away. Put aside 30 minutes to talk with them and have the kids join in. Ask them if they have any prayer requests and spend some time praying with them. It's the next best thing to being there. Spend some time thinking about how God has provided for you and protected you this year. Think of specifics and thank Him for those things. Encourage everyone in your family to do the same. Those are just a fewof the 25 acts of generosity you can do during your christmas season.You'll find the rest inthis articleat MoneyWise.com. LISTENER QUESTIONS Next, Rob answers the following listener questions: ●My financial advisor suggests that Long Term Care insurance is something I might need.Is that a good idea? ●We sold a townhome and made a profit that we didn't need to roll into our new home. What should we do with this money?Pay off car loans? ●We're thinking about retiring in ten years at age 62.We have some retirement savings, but are considering a reverse mortgage to offset our Social Security income.What are the pros and cons of going this route? ●I'm a former drug addict.I've been a Christian for four years.Unfortunately, I messed up my finances in the past and am trying to get things turned around.Is there a Christian organization that helps make loans to folks with less that great credit? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our website.

    Acts of Generosity During Your Christmas Season

    Play Episode Listen Later Dec 7, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Too often, the stress and strain of the holiday season keep us from feeling the joy of Christmas. Today, Rob West talks about how to get past the stress and find the true Christmas spirit, something he says starts with gratitude. God became flesh in Jesus Christ to free us from sin that we might spend eternity with Him.That was the ultimate act of generosity, and we can show our gratitude by being generous ourselves. That's therealsecret of finding the Christmas spirit giving to others. To help with that, we've got a great article on the MoneyWise website called 25 Acts of Generosity During Your Christmas Season. Here are a few. Some involve money, but not all. Leave a big tip with a note for your server the next time you eat out? Include a few verses from The Christmas Story in Luke 2, or lyrics from your favorite Christmas hymn. Make an extra batch or two of Christmas cookies and share them with your neighbors. You've heard about paying it forward? How about paying itbackward?When you're in a fast food drive-thru line, pay for the person behind you. Imagine their surprise watching your tail lights as you drive away. Send over dinner to a single mom or a foster family. If you can't cook, consider giving grocery gift cards. You could also buy a foster family or single mom a Christmas tree or Christmas gifts. Christmas can be a financially stressful season for those folks. If you have the means, find ways to relieve that pressure for those in need. How about putting together a basket of water bottles, snacks, and encouraging notes for your mail carriers and delivery people? This is a crazy season for them with very long hours. Make your house a refreshment stop for them on their route.Or have your kids help you put together Ziploc bags of water bottles and treats along with a church invitation that you can give to homeless people you see as you drive around. And here are a few that don't involve money: Take some time to read the Christmas Story from Luke 2 to your family. That'sa great holiday tradition and a reminder of the real reason for the season. Write a few encouraging notes to people you know need it. A brief message of encouragement and a Scripture verse go a long way. Have a video chat with your parents and grandparents who may live far away. Put aside 30 minutes to talk with them and have the kids join in. Ask them if they have any prayer requests and spend some time praying with them. It's the next best thing to being there. Spend some time thinking about how God has provided for you and protected you this year. Think of specifics and thank Him for those things. Encourage everyone in your family to do the same. Those are just a fewof the 25 acts of generosity you can do during your christmas season.You'll find the rest inthis articleat MoneyWise.com. LISTENER QUESTIONS Next, Rob answers the following listener questions: ●My financial advisor suggests that Long Term Care insurance is something I might need.Is that a good idea? ●We sold a townhome and made a profit that we didn't need to roll into our new home. What should we do with this money?Pay off car loans? ●We're thinking about retiring in ten years at age 62.We have some retirement savings, but are considering a reverse mortgage to offset our Social Security income.What are the pros and cons of going this route? ●I'm a former drug addict.I've been a Christian for four years.Unfortunately, I messed up my finances in the past and am trying to get things turned around.Is there a Christian organization that helps make loans to folks with less that great credit? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our website.

    Hazardous to Your Wealth

    Play Episode Listen Later Dec 6, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Sometimes we make conscious mistakes with our money.Other times, they're the result of just not paying attention. Either way, they can be hazardous to your wealth. Today on MoneyWise, Rob West helps us learn from poor financial decisions of the past: our own, and those of others.Our goal is to avoid making these mistakes in the future.Here are a few of the mistakes covered on the program: 1.Living paycheck to paycheck, or spending all or most of what you earn. Rob recommends putting something aside each month in a savings account where you don't see it and don't spend it. Then adjust your spending so that you meet all of your monthly obligations. You'll probably have to cut out some things that you've grown accustomed to. And almost everyone can cut something from their spending. 2.Not having an emergency fund. If you've addressed Item 1, you're on your way to correcting item 2 as well. Keep saving until you have at least 3 months living expenses set aside.Your ultimate goal would be having 6 months' worth in reserve. 3.Paying interest on consumer debt like credit cards. Many people pay for emergencies with their credit cards and this is where the trouble begins. You eliminate this mistake by correcting mistakes 1 and 2. 4.Making only the minimum monthly payment on debt you already have. Don't be surprised if it takes 15 years or longer to pay it off that way. And that's if you stop adding to the debt. 5.Not understanding how much things really cost. If you go out to dinner, put $30 on your credit card, and make only the minimum monthly payment, that meal will end up costing you 50 or 60 dollars. 6.Buying a new car. You should only buy a new car if you've saved up enough to pay cash for it, and paying cash for your cars should be the goal whether you buy new or used. You can only do that if, after you've paid off a car loan, you keep driving that car but continue to make payments to yourself into a savings account. You then use that money to buy your next car when you need it. If you can keep the old car running long enough and continue making payments to yourself, eventually you'll have enough to buy a car outright. It may take a few cycles of car purchases to get there but, eventually, you'll make it. So buy dependable, late modelusedcars until you can pay cash for a new one. 7.Not setting up a Roth IRA when you're young. Once you have your emergency fund in place, start putting money into a Roth.You can do this even if you're contributing to a 401k at work. You can contribute $6,000 a year into a Roth with after-tax money or $7,000 if you're 50 or older. When you retire, you can withdraw that Roth money tax free. 8.Buying too much house. Too often we think of a house as an investment that always pays off.It's not, and when folks look only at how much a home has appreciated, they fail to take into account what they've spent on upkeep, maintenance and repairs. The larger the house, the more those things cost. Keep your mortgage payments at or below 25% of your take home pay and you'll not only have an easier time staying on budget, you won't be paying more than you can afford for upkeep. LISTENER QUESTIONS Next on today's program, Rob also answers listener questions: ●Is it beneficial for my husband to keep working to full retirement age? We still have a mortgage and I'm on disability. ●My department closed at my old employer and I'm transitioning into a new job.Should I leave my retirement savings in the 403b at my previous employer, or roll it into something else? ●I received notice from the investment company that handles my Roth IRA saying that they are closing out the current fund and I will no longer be able to contribute to it at the end of the year.Can I move it over to a new Roth IRA?And if so, how do I choose one?(Rob recommended theSound Mind Investingnewsletter, which reviews mutual funds and tracks their performance over time.) ●I've moved from full-time to part-time employment at one employer, and just started a full-time job at a second company.I'm not yet eligible for the new company's 401k and will no longer receive company matching from my first company due to my new part-time status.Should I keep contributing?Or should I put my money elsewhere?(Rob recommended that the callerfind a Certified Kingdom Advisorin her area to help her review the options in person.You can do that on the MoneyWise.org website.) ●My tax preparer says that I have to make a minimum charitable contribution in order to get any tax benefit?Is that true?Or should I fire my sister and find another tax preparer?:-) Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our website.

    Hazardous to Your Wealth

    Play Episode Listen Later Dec 6, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Sometimes we make conscious mistakes with our money.Other times, they're the result of just not paying attention. Either way, they can be hazardous to your wealth. Today on MoneyWise, Rob West helps us learn from poor financial decisions of the past: our own, and those of others.Our goal is to avoid making these mistakes in the future.Here are a few of the mistakes covered on the program: 1.Living paycheck to paycheck, or spending all or most of what you earn. Rob recommends putting something aside each month in a savings account where you don't see it and don't spend it. Then adjust your spending so that you meet all of your monthly obligations. You'll probably have to cut out some things that you've grown accustomed to. And almost everyone can cut something from their spending. 2.Not having an emergency fund. If you've addressed Item 1, you're on your way to correcting item 2 as well. Keep saving until you have at least 3 months living expenses set aside.Your ultimate goal would be having 6 months' worth in reserve. 3.Paying interest on consumer debt like credit cards. Many people pay for emergencies with their credit cards and this is where the trouble begins. You eliminate this mistake by correcting mistakes 1 and 2. 4.Making only the minimum monthly payment on debt you already have. Don't be surprised if it takes 15 years or longer to pay it off that way. And that's if you stop adding to the debt. 5.Not understanding how much things really cost. If you go out to dinner, put $30 on your credit card, and make only the minimum monthly payment, that meal will end up costing you 50 or 60 dollars. 6.Buying a new car. You should only buy a new car if you've saved up enough to pay cash for it, and paying cash for your cars should be the goal whether you buy new or used. You can only do that if, after you've paid off a car loan, you keep driving that car but continue to make payments to yourself into a savings account. You then use that money to buy your next car when you need it. If you can keep the old car running long enough and continue making payments to yourself, eventually you'll have enough to buy a car outright. It may take a few cycles of car purchases to get there but, eventually, you'll make it. So buy dependable, late modelusedcars until you can pay cash for a new one. 7.Not setting up a Roth IRA when you're young. Once you have your emergency fund in place, start putting money into a Roth.You can do this even if you're contributing to a 401k at work. You can contribute $6,000 a year into a Roth with after-tax money or $7,000 if you're 50 or older. When you retire, you can withdraw that Roth money tax free. 8.Buying too much house. Too often we think of a house as an investment that always pays off.It's not, and when folks look only at how much a home has appreciated, they fail to take into account what they've spent on upkeep, maintenance and repairs. The larger the house, the more those things cost. Keep your mortgage payments at or below 25% of your take home pay and you'll not only have an easier time staying on budget, you won't be paying more than you can afford for upkeep. LISTENER QUESTIONS Next on today's program, Rob also answers listener questions: ●Is it beneficial for my husband to keep working to full retirement age? We still have a mortgage and I'm on disability. ●My department closed at my old employer and I'm transitioning into a new job.Should I leave my retirement savings in the 403b at my previous employer, or roll it into something else? ●I received notice from the investment company that handles my Roth IRA saying that they are closing out the current fund and I will no longer be able to contribute to it at the end of the year.Can I move it over to a new Roth IRA?And if so, how do I choose one?(Rob recommended theSound Mind Investingnewsletter, which reviews mutual funds and tracks their performance over time.) ●I've moved from full-time to part-time employment at one employer, and just started a full-time job at a second company.I'm not yet eligible for the new company's 401k and will no longer receive company matching from my first company due to my new part-time status.Should I keep contributing?Or should I put my money elsewhere?(Rob recommended that the callerfind a Certified Kingdom Advisorin her area to help her review the options in person.You can do that on the MoneyWise.org website.) ●My tax preparer says that I have to make a minimum charitable contribution in order to get any tax benefit?Is that true?Or should I fire my sister and find another tax preparer?:-) Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our website.

    Ira, 401k or the Best of Both? With Mark Biller

    Play Episode Listen Later Dec 4, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 You can't invest in anything without first making a decision. And some of those decisions are bigger than others! Should you invest using an IRA or 401k? Or is there a way to have the best of both worlds? Mark Biller with Sound Mind Investing joins Rob West today to help you sort out your investing options. Mark is the executive editor atSound Mind Investing. 401Ks and IRA are similar in many respects, and both offer significant tax advantages. But before you choose the best investment vehicle, make sure you're ready to invest. ●Before investing, make sure you have adequate savings and little to no debt apart from a mortgage and, possibly, school loans. ●Next, determine how much you need to invest each month to reach your retirement-funding goal. TheFidelity Retirement Score calculatoris a terrific free resource to help you make that determination. If both of those boxes are checked, you're ready to choose between a 401K and an IRA. 401K EMPLOYER MATCHES The first thing to consider is whether your employer matches a portion of what you would contribute to a 401k. If so, terrific! That match is the easiest money you'll ever make. If a match is available, contribute the full amount eligible for the match. Caution: Some 401k plans have vesting rules that restrict access to the matching money until you've worked at the company for a certain number of years. So find out if your 401k plan has a vesting requirement. At this point, your decision largely comes down to how you intend to invest this money and if the options in your 401k plan are aligned with your needs. If your 401k plan is well aligned, great! But if you would like options not offered in that plan, then you'll want to consider an Individual Retirement Account (IRA). IRA CONSIDERATIONS You will need to look into the eligibility requirements for IRAs, but if you're a married couple with earnings of less than $100k per year, you'll be eligible for fully deductible contributions to an IRA. ROTH IRAs The contribution rules for Roth IRAs are different. With a Roth IRA, there's no immediate tax benefit, so the rules are looser. A married couple's income has to be below $198,000 to make a full contribution to a Roth IRA. But again, please look into the rules and eligibility requirements before making a decision. If you're eligible for an IRA, Sound Mind Investing typically suggests investing in an IRA once you reach the matching limit in your 401k because of that greater flexibility in terms of investment choices. OTHER CONSIDERATIONS One potential downside to IRAs is that you may not be able to contribute as much as you'd like. The IRA contribution limit is only $6,000, with an additional $1,000 catch-up amount allowed for anyone age 50 or older. However, if you're married, you can effectively double these amounts by opening IRAs for both you and your spouse. If you've maxed out your employer 401k match AND maxed out IRA contributions, you Can then turn back to your workplace 401k plan, which has much more generous contribution limits. Both 401ks and IRAs offer tremendous tax benefits, but they come with significant restrictions in terms of your access to that money. Making an early withdrawal from a retirement account can be costly. So you don't want to put money into one unless you expect to leave it there until retirement. There are, however, some specific exceptions to these rules. LISTENER QUESTIONS On today's program, Rob also answers these listener questions: ●What kind of life insurance policy is right for you? ●Where can you find information on companies you can invest in that are aligned with Christian values? ●Should you prioritize paying off debt sooner or investing more? OTHER RESOURCES Other resources mentioned during today's program: -InspireInvesting.comfor information on Biblically responsible investing -EventideFunds.comInvesting that makes the world rejoice -PraxisMutualFunds.comvalues-based investment options Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    Ira, 401k or the Best of Both? With Mark Biller

    Play Episode Listen Later Dec 4, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 You can't invest in anything without first making a decision. And some of those decisions are bigger than others! Should you invest using an IRA or 401k? Or is there a way to have the best of both worlds? Mark Biller with Sound Mind Investing joins Rob West today to help you sort out your investing options. Mark is the executive editor atSound Mind Investing. 401Ks and IRA are similar in many respects, and both offer significant tax advantages. But before you choose the best investment vehicle, make sure you're ready to invest. ●Before investing, make sure you have adequate savings and little to no debt apart from a mortgage and, possibly, school loans. ●Next, determine how much you need to invest each month to reach your retirement-funding goal. TheFidelity Retirement Score calculatoris a terrific free resource to help you make that determination. If both of those boxes are checked, you're ready to choose between a 401K and an IRA. 401K EMPLOYER MATCHES The first thing to consider is whether your employer matches a portion of what you would contribute to a 401k. If so, terrific! That match is the easiest money you'll ever make. If a match is available, contribute the full amount eligible for the match. Caution: Some 401k plans have vesting rules that restrict access to the matching money until you've worked at the company for a certain number of years. So find out if your 401k plan has a vesting requirement. At this point, your decision largely comes down to how you intend to invest this money and if the options in your 401k plan are aligned with your needs. If your 401k plan is well aligned, great! But if you would like options not offered in that plan, then you'll want to consider an Individual Retirement Account (IRA). IRA CONSIDERATIONS You will need to look into the eligibility requirements for IRAs, but if you're a married couple with earnings of less than $100k per year, you'll be eligible for fully deductible contributions to an IRA. ROTH IRAs The contribution rules for Roth IRAs are different. With a Roth IRA, there's no immediate tax benefit, so the rules are looser. A married couple's income has to be below $198,000 to make a full contribution to a Roth IRA. But again, please look into the rules and eligibility requirements before making a decision. If you're eligible for an IRA, Sound Mind Investing typically suggests investing in an IRA once you reach the matching limit in your 401k because of that greater flexibility in terms of investment choices. OTHER CONSIDERATIONS One potential downside to IRAs is that you may not be able to contribute as much as you'd like. The IRA contribution limit is only $6,000, with an additional $1,000 catch-up amount allowed for anyone age 50 or older. However, if you're married, you can effectively double these amounts by opening IRAs for both you and your spouse. If you've maxed out your employer 401k match AND maxed out IRA contributions, you Can then turn back to your workplace 401k plan, which has much more generous contribution limits. Both 401ks and IRAs offer tremendous tax benefits, but they come with significant restrictions in terms of your access to that money. Making an early withdrawal from a retirement account can be costly. So you don't want to put money into one unless you expect to leave it there until retirement. There are, however, some specific exceptions to these rules. LISTENER QUESTIONS On today's program, Rob also answers these listener questions: ●What kind of life insurance policy is right for you? ●Where can you find information on companies you can invest in that are aligned with Christian values? ●Should you prioritize paying off debt sooner or investing more? OTHER RESOURCES Other resources mentioned during today's program: -InspireInvesting.comfor information on Biblically responsible investing -EventideFunds.comInvesting that makes the world rejoice -PraxisMutualFunds.comvalues-based investment options Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    Overcoming “Budget-phobia”

    Play Episode Listen Later Dec 3, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 To many people, the idea of living and spending on a written budget sounds restrictive and frightening. They might even suffer from what we like to call Budget-phobia. But today on MoneyWise, Rob West will explain how you can overcome your fears and use a spending plan to get control of your finances and put yourself firmly on a path to true financial freedom. We are fooling ourselves if we think we can stay out of debt and save for the future without a spending plan. However, we understand that budgeting can be a scary proposition for some. But what if there was a way to budget without really knowing that you're doing it? OVERCOMING YOUR BUDGETING FEARS Here's how to overcome your fears of living on a spending plan. STEP 1:Pay attention to your spending. You don't have to make any drastic changes right away. Use whatever method you like to monitor what you spend. The free MoneyWise app can help you do that. Simply tracking your spending will begin to reveal why you may not have enough money to cover your monthly obligations or invest for the future. And often, the simple act of tracking your spending will result in spending less. STEP 2:Next, start saving! Perhaps you've alwayswantedto save, but you were afraid it would cramp your lifestyle. You can take the worry out of saving by simply not thinking about it. Set up a system where you do it automatically. For short term savings like your emergency fund, have some of your money automatically transferred each month to a savings account where you don't see it unless you're looking. Online banks are great for this. For longer terminvesting,set up your 401k or IRA to automatically pull something out of your checking account each month. STEP 3:On a paper calendar, enter each purchase on the day you make it. As you do that, you'll start to see whether you'll have enough money to make it to the end of the month, hopefully with something left over. This may cause you to think about things you're buying that you don't really need. That's good. Jot those items down. They'll come in handy later. STEP 4:Add up all of your recurring monthly bills so you have one total number, and then include your saving and giving in that total. Let's say it comes to $2,000. Divide that by the number of paychecks you get each month. And let's say that's four. So $2,000 divided by 4 gives you $500. Now you know you have to set that much aside every payday to meet your monthly obligations. STEP 5:Set up a completely separate checking or savings account for theserecurringexpenses. Again, you want to set up an automatic transfer of $500 from your checking account into this new account every payday. That way, you'll always have enough money on hand to pay your bills. But here's where you need to be careful. Once this is set up, the money for your bills and necessary expenses like groceries and gas will be pulled out of your checking account. You might be tempted to think you can spend freely with whatever's left over. This is where you have to keep checking back with your list of daily expenditures. It'll naturally help you curtail any impulse spending. Take any money you have left over and apply it to your debt or put it in savings. Once you do all of this, you'll be living on a budget without even knowing it. And that's how you beat budgetphobia! LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●Does it make sense to build a new house heading into retirement years? ●If you borrow from a Roth IRA for a home purchase but don't wind up using the cash for the house, what should you do with the money? ●What is the best strategy to pay off credit cards while protecting your credit score? ●Why are IRS tax refunds delayed? ●What is the best way for a retiree nearing 90 years of age to invest a six-figure sum so that it will bless heirs and ministries down the road? RESOURCES MENTIONED DURING THIS PROGRAM ●IRS.gov/refunds ●Eventide Funds ●Praxis Mutual Funds ●Find a Certified Kingdom Advisor Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    Overcoming “Budget-phobia”

    Play Episode Listen Later Dec 3, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 To many people, the idea of living and spending on a written budget sounds restrictive and frightening. They might even suffer from what we like to call Budget-phobia. But today on MoneyWise, Rob West will explain how you can overcome your fears and use a spending plan to get control of your finances and put yourself firmly on a path to true financial freedom. We are fooling ourselves if we think we can stay out of debt and save for the future without a spending plan. However, we understand that budgeting can be a scary proposition for some. But what if there was a way to budget without really knowing that you're doing it? OVERCOMING YOUR BUDGETING FEARS Here's how to overcome your fears of living on a spending plan. STEP 1:Pay attention to your spending. You don't have to make any drastic changes right away. Use whatever method you like to monitor what you spend. The free MoneyWise app can help you do that. Simply tracking your spending will begin to reveal why you may not have enough money to cover your monthly obligations or invest for the future. And often, the simple act of tracking your spending will result in spending less. STEP 2:Next, start saving! Perhaps you've alwayswantedto save, but you were afraid it would cramp your lifestyle. You can take the worry out of saving by simply not thinking about it. Set up a system where you do it automatically. For short term savings like your emergency fund, have some of your money automatically transferred each month to a savings account where you don't see it unless you're looking. Online banks are great for this. For longer terminvesting,set up your 401k or IRA to automatically pull something out of your checking account each month. STEP 3:On a paper calendar, enter each purchase on the day you make it. As you do that, you'll start to see whether you'll have enough money to make it to the end of the month, hopefully with something left over. This may cause you to think about things you're buying that you don't really need. That's good. Jot those items down. They'll come in handy later. STEP 4:Add up all of your recurring monthly bills so you have one total number, and then include your saving and giving in that total. Let's say it comes to $2,000. Divide that by the number of paychecks you get each month. And let's say that's four. So $2,000 divided by 4 gives you $500. Now you know you have to set that much aside every payday to meet your monthly obligations. STEP 5:Set up a completely separate checking or savings account for theserecurringexpenses. Again, you want to set up an automatic transfer of $500 from your checking account into this new account every payday. That way, you'll always have enough money on hand to pay your bills. But here's where you need to be careful. Once this is set up, the money for your bills and necessary expenses like groceries and gas will be pulled out of your checking account. You might be tempted to think you can spend freely with whatever's left over. This is where you have to keep checking back with your list of daily expenditures. It'll naturally help you curtail any impulse spending. Take any money you have left over and apply it to your debt or put it in savings. Once you do all of this, you'll be living on a budget without even knowing it. And that's how you beat budgetphobia! LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●Does it make sense to build a new house heading into retirement years? ●If you borrow from a Roth IRA for a home purchase but don't wind up using the cash for the house, what should you do with the money? ●What is the best strategy to pay off credit cards while protecting your credit score? ●Why are IRS tax refunds delayed? ●What is the best way for a retiree nearing 90 years of age to invest a six-figure sum so that it will bless heirs and ministries down the road? RESOURCES MENTIONED DURING THIS PROGRAM ●IRS.gov/refunds ●Eventide Funds ●Praxis Mutual Funds ●Find a Certified Kingdom Advisor Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    Women and Generosity with Sharon Epps

    Play Episode Listen Later Dec 2, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 The Bible tells is in 1 Timothy that believers should provide for those who preach the Gospel. Some of the first disciples to obey that directive. Today, Sharon Epps joins us Rob West to discuss the generosity of women in the church. Sharon Epps is Chief Operating Officer atKingdom Advisors. Scripture records that women were among the first supporters of Jesus' ministry. Let's look at the beginning passage of the Parable of the Sower in Luke 8. It reads: After this, 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. From Mary Magdalene, a first patron of the early church, to Lydia, an industrious entrepreneur who strategically funded early missions women historically have been generous wealth creators and stewards. Year after year, research conducted for the Women's Philanthropy Institute (WPI) reveals that households headed by women at all levels of income and wealth are more likely to give. Sharon Epps co-founded an organization called Women Doing Well, which commissioned a very revealing study. More than 7000 women of faith participated in the research, which provided the following insights: KEY INSIGHTS FROM STUDY OF RELIGION RESEARCH ●Christian Women are Generous with Their Time and Money: They are 300% more generous than the average population with their money and 400% more generous with their time. ●Discipleship Plays the Major Role in Shaping Generosity Among Christian Women. Research revealed that women with a strong understanding of Biblical teaching on stewardship gave higher percentages of their income away. ●94% of women we surveyed wanted to give more than they currently give. ●There are 3 common challenges that hindered women's desire to give more: ○the lack of financial planning ○the lack of clarity of their purpose/passion for giving ○and lack of accountability partners ●The study also revealed the most women felt they could give more and that they desired to give more. ●Women with a Strong Sense of Calling/Purpose Are More Generous Than Those Without.Women with the highest score on personal sense of calling gave on average 13.7 percent of their income to charity while women with the lowest scores on this scale gave 9 percent on average. Now, let's define what a giving passion is. It's a need that we care about so deeply that we are willing to sacrifice to address it. ●While purpose is permanent, passions often change over time and season of life ●As our relationship with God grows deeper, our passions align more with God's passions ●We learn what God is passionate about as we read the Bible ●Authors Greg Baumer and John Cortines in their book True Riches, say it this way Throughout Scripture, God reveals three top priorities three big things He's up to in the world. He invites us to help with each of these, and we get to join our eternal dad in doing his work. As we take on these tasks, God grows our capacity to love, breaking us free from indifference. ●Understanding what God cares about certainly gives us better direction for our areas of passion ●These three big things from scripture are: ○serving the poor, ○saving the lost ○strengthening believers QUESTIONS TO HELP IGNITE PASSIONS Answering these questions may help women (and men) ignite their passions: ●What would I do if I knew I could not fail? ●My friends would say my soapbox is ●What brings me to tears breaks my heart pierces my soul? ●I always dreamed I would impact the world by ... LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●Where should you give your tithe if you're between churches? ●What can you do to improve your credit score? ●When is it wise to refinance a mortgage? RESOURCES MENTIONED DURING THIS PROGRAM ●True Riches(book) Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

    Women and Generosity with Sharon Epps

    Play Episode Listen Later Dec 2, 2021 24:57

    To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 The Bible tells is in 1 Timothy that believers should provide for those who preach the Gospel. Some of the first disciples to obey that directive. Today, Sharon Epps joins us Rob West to discuss the generosity of women in the church. Sharon Epps is Chief Operating Officer atKingdom Advisors. Scripture records that women were among the first supporters of Jesus' ministry. Let's look at the beginning passage of the Parable of the Sower in Luke 8. It reads: After this, 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. From Mary Magdalene, a first patron of the early church, to Lydia, an industrious entrepreneur who strategically funded early missions women historically have been generous wealth creators and stewards. Year after year, research conducted for the Women's Philanthropy Institute (WPI) reveals that households headed by women at all levels of income and wealth are more likely to give. Sharon Epps co-founded an organization called Women Doing Well, which commissioned a very revealing study. More than 7000 women of faith participated in the research, which provided the following insights: KEY INSIGHTS FROM STUDY OF RELIGION RESEARCH ●Christian Women are Generous with Their Time and Money: They are 300% more generous than the average population with their money and 400% more generous with their time. ●Discipleship Plays the Major Role in Shaping Generosity Among Christian Women. Research revealed that women with a strong understanding of Biblical teaching on stewardship gave higher percentages of their income away. ●94% of women we surveyed wanted to give more than they currently give. ●There are 3 common challenges that hindered women's desire to give more: ○the lack of financial planning ○the lack of clarity of their purpose/passion for giving ○and lack of accountability partners ●The study also revealed the most women felt they could give more and that they desired to give more. ●Women with a Strong Sense of Calling/Purpose Are More Generous Than Those Without.Women with the highest score on personal sense of calling gave on average 13.7 percent of their income to charity while women with the lowest scores on this scale gave 9 percent on average. Now, let's define what a giving passion is. It's a need that we care about so deeply that we are willing to sacrifice to address it. ●While purpose is permanent, passions often change over time and season of life ●As our relationship with God grows deeper, our passions align more with God's passions ●We learn what God is passionate about as we read the Bible ●Authors Greg Baumer and John Cortines in their book True Riches, say it this way Throughout Scripture, God reveals three top priorities three big things He's up to in the world. He invites us to help with each of these, and we get to join our eternal dad in doing his work. As we take on these tasks, God grows our capacity to love, breaking us free from indifference. ●Understanding what God cares about certainly gives us better direction for our areas of passion ●These three big things from scripture are: ○serving the poor, ○saving the lost ○strengthening believers QUESTIONS TO HELP IGNITE PASSIONS Answering these questions may help women (and men) ignite their passions: ●What would I do if I knew I could not fail? ●My friends would say my soapbox is ●What brings me to tears breaks my heart pierces my soul? ●I always dreamed I would impact the world by ... LISTENER QUESTIONS On today's program, Rob also answers listener questions: ●Where should you give your tithe if you're between churches? ●What can you do to improve your credit score? ●When is it wise to refinance a mortgage? RESOURCES MENTIONED DURING THIS PROGRAM ●True Riches(book) Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

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