Podcasts about kingdom advisors president rob west

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Its often said in jest that nothing in life is certain but death and taxes. Its a funny line though hardly true! Something else in life is certain, every month youll shell out quite a bit of money for utilities. We usually think of utilities as fixed expenses. But when you realize what youre paying for them you might begin to question how fixed they really are. Kingdom Advisors President Rob West has some numbers. When you add up the cost of electricity, gas, water, Internet and cable, the average monthly cost is $400. But when you multiply it by 12 to get the annual cost, its much morearound $4,800. This will vary depending on where you live and all kinds of other factors. Install a smart thermostat to regulate your homes temperature. Also, begin replacing light bulbs with ones that are more energy-efficient. They cost more but pay for themselves over time.And if your water heater is more than 10 years old, replace it with a higher-efficiency model. Anything else you can do to reduce water usage will help lower your costs. Do you leave the water running when you brush your teeth? If so, youre wasting about four gallons of water. That means a family of four brushing twice a day would waste almost 1,000 gallons a month! The average shower lasts 8 minutes using about 17 gallons of water. The average family of four will use more than 2,000 gallons a month. Shaving just one minute from the average shower could save about 100 gallons a month. Mobile phones. Plans may cost around $120 a month. A typical family of four could pay up to twice that, $240 a month! To cut the cost of your cell phone, stay on top of each mobile carriers promotions; they tend to change often and you can take advantage of introductory rates. On todays program we also answer your questions: We have a 21-year-old son whos been out on his own for a couple of years. Hes made a couple of mistakes but now wants to manage money Gods way. What resources can you recommend? Do you recommend credit repair companies? Can Social Security ever be garnished? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 The coronavirus pandemic forced companies to rethink how they do business and some of the changes may be here to stay. But what exactly does that mean for job hunters? Despite a remarkable economic comeback, many experts say some jobs wont come back. That means more competition for available openings. If youre looking for work today, Kingdom Advisors President Rob West has what you need to know. Its remarkable to look back at where we were before the pandemic. There were something like a million job openings that employers couldnt fill. Many of those job openings disappeared when the economy shut down. And while unemployment has improved greatly in recent months, competition for jobs remains high. Networking. Depending on whose study you look at, anywhere from 70 to 85% of jobs are filled without being advertised. So who you know is still very important. If youre able to have someone recommend you or put in a good word for you youre already far ahead of the competition. So make a list of people who may be in a position to help you by getting your name and resume in front of a hiring manager. These could be former work contacts, folks at church, neighbors, just about anybody. What a lot of job seekers dont realize is that the initial resume screening process is automated at many companies today. Your resume or application is fed into a software program called an application tracking system or ATS. So, to get noticed, you have to use keywords from the job ad when writing about your skills and work experience. That improves your chances of getting your resume in front of an actual human being. It should come as no surprise that most interviews are done online now and its proving to be both good and bad for hiring managers. The efficiency of online interviews means they can conduct more of them. However, they cant get to know you as well as they might with an in-person interview. Make yourself more personable. Appearing over Zoom or some other video platform makes everyone seem a little stiffer than in person, so do your best to relax and forget about the camera. Use an elevator pitch as wella 30 or 60 second practiced response to questions youll almost certainly be asked, like, Why should we hire you? Then you respond with Heres why. Because I did this and heres what happened as a result. This is where you can use all the creativity that you took out of your resume by using stories to give real life examples of your accomplishments. Here are some questions we answered from our callers on todays program: I have extra money in the bank. What recommendations do you have as to where I should put it to work for me? I forgot to pay my taxes! What can I do? I need more information about 529 plans. I just learned that theyre transferrable. Is there a benefit to having individual ones or should I have a single account transferrable among my entire family? My husband switched jobs last year. We received a check from his previous employers 401(k). Should we put that into a new retirement plan or roll it into the current employers 401(k)? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Have you ever heard of a Rube Goldberg Contraption? Its a machine that performs a simple task in a very complicated waynot exactly what you want to pay off your mortgage more quickly! Nevertheless, there are oodles of systems out there that claim you can be mortgage free in just a few years. Today, Kingdom Advisors President Rob West explains whats behind the idea. I remember as a kid seeing cartoons of Rube Goldberg contraptions where you need a soup ladle, a bird, a clock, and a skyrocket all working in sequence just to dab your face with a napkin. Are we saying that these speedy mortgage payoff systems are like that? No, but its still pretty complicated, while relying upon things to go perfectly as planned. If one link in the chain doesnt work, the whole thing falls apart. There are variations, but for any of them to work you have to have a healthy, positive cash flow. That means a significant amount of money left over at the end of the month. So, if youre struggling to meet your obligations now, this definitely isnt for you. The idea works like this: To start, you need a credit card that gives you a grace period of around 45 days to make a payment without hurting your credit score. Then you need to take out a home equity line of credit or HELOC. Then, in certain months, you put your entire paycheck towards your mortgage. The amount above your normal payment goes against the principal, of course. Meanwhile, you use the credit card to pay for all your other expenses, running up a tab there. Then, when that cards grace period is about to end, you pay off the entire credit card balance with the HELOC.(You still with me?) Then, instead of your mortgage, you use yournextpaycheck to pay off the HELOC balance. And you do that over and over again. So unless youre awfully good at staying on a budget, youll end up just borrowing even more and racking up more interest.So, yes, a scheme like this looks great on paper if everything works perfectly. But in practice,thats another matter. What does the Bible have to say about this? Generally, I think that borrowing to save is hardly biblical stewardship. Proverbs 22:7 warns that the borrower is slave to the lender. Youre always borrowing from two lenders to pay off a third, in a sense, floating your debt around in a circle. Our advice? Take whatever discretionary income you have and put it directly on your mortgage principal. Skip the credit card and HELOC idea. Its a lot simpler, and you dont have to pay anyone $2,500 to get started. Here are some questions we answered from our callers on todays program: I have some money both in checking and savings. What do you think about investing in physical metals like silver and gold? What do you think about additions to homessunrooms, extra rooms, etc.? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 We continue to see the collateral damage caused by the COVID pandemic. One survey shows that 20% of Americans have changed their retirement plansnot exactly the golden years. However, delaying retirement isnt all bad news at all! It has its benefits, financial and otherwise, that you may not have considered. Kingdom Advisors President Rob West goes over them today. Having to push back your retirement date can be disappointing, and millions of Americans have had to do it due to lost income and retirement assets from COVID. But we want to encourage folks about hidden benefits of delaying retirement. First, delaying retirement means youll have fewer years when you need to make withdrawals for living expenses. Second, for most seniors, youll have more peak earning years. The easiest time to make maximum contributions to a 401(k) or IRA is when youre at the top of your pay scale. And third, those added working years give your nest egg more time to grow through compound earnings. Although, as always, youll want to keep a smaller portion of your portfolio in the market as you near retirement. Another financial benefit of delayed retirement is that you may be able to delay withdrawals from your 401(k). The Cares Act suspended Required Minimum Distributions in 2020 for both 401(k)s and IRAs due to the coronavirus. But that was just a one year reprieve. Normally, you have to start taking RMDs when you reach the age of 70 or 72, depending on when you were born. If you have to delay retirement, your Social Security check will almost certainly be larger. This happens in two ways: (1) Every year past full retirement age (now 66 or 67), your check will increase by 8% up to age 70. (2) Your Social Security benefit is based on your highest 35 earning years. Assuming youre earning more now than you did when you entered the workforce, each higher earning year replaces a lower earning year which increases your check. In one respect, it may actually be easier on your routine. If one spouse retires and the other doesnt, you can find yourself out of sync. Whos supposed to do what? Do all household responsibilities fall on the retired spouse? That sort of thing. Another benefit is that you get to maintain your social network for a longer time. You can lose touch with work friends after you retire, plus, there a psychological benefit to interacting with other people. It keeps us on our toes and stimulates our brains. Finally, the only place in the Bible we seem to find the idea of retirement is a verse referring to the Levitical priests in Numbers 8:25, And from the age of fifty years they shall withdraw from the duty of the service and serve no more. This means God fully expects us to continue working for His glory even after we retire. Something to think about for when were no longer earning a paycheck. Here are some questions we answered from our callers on todays program: What advice can you give me regarding online passwords and security, especially in light of COVID? I have about $160,000 in savings for my future. Whats the best way to grow this money? I dont want it sitting there collecting minimal interest. Marcus.com and Ally.com were websites mentioned in reference to this caller. I have some money saved up. Should I pay off my mortgage (doing a HELOC in case I have an emergency) even though it means depleting my emergency fund? Or should I keep this money and continue paying on this mortgage? What do you think about self-directed IRAs? Ask your questions at (800) 525-7000 or email them at questions@moneywise.org. Visit our website at moneywise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Do you like to haggle? Successful negotiating has been described as the art of letting someone else have your way; its one area of life where a little knowledge goes a long way. Sometimes you can have it your way simply by askinglike with credit cards, for example. Today on MoneyWise, Kingdom Advisors President Rob West has a few tips for us. Haggling is not part of our culture like it is in many other countries. We tend to accept whats offered without asking for a better deal. However, when it comes to credit cards, it would be a good idea to get over that reluctance. The Federal Reserve says that Americans owe more than $1 trillionin credit card debt, with an average household balance of over $8,000. The best solution is to pay down that credit card. But while youre doing that, there are ways to make it easier. Were not talking about negotiating to have the balance loweredthats called a settlement. And while some people find themselves in a financial predicament where they have to negotiate a settlement, we always want to avoid that and pay our debts in full. Proverbs 37:21 reads,The wicked borrows but does not pay back. When negotiating with credit card companies,theres not really a lot of negotiating required. For the most part, its just asking for something and waiting for a yes or noa simple process.Look at interest rates and fees. The plastic in your wallet is a great convenience, but its not cheap, even if you pay your full balance every month. Make a phone call to your credit card issuer. The numbers right on the back of the card.CreditCards.com asked 1,600 cardholders about their experience when calling their issuer simply asking for a better deal. They focused on three areas: (1) reversing a late fee, (2) waiving or reducing an annual fee, and (2) lowering the interest rate. Eight-five percent of cardholders who made at least one request got what they wanted. Unfortunately, only 18% of those polled had ever asked to have their annual fee reduced or eliminated. Even more disturbing is that they were much more likely to ask for a credit limit increase! Why are credit card companies so willing to give in? Two words: balance transfer. They know all too well that most of their cardholders simply can take their business elsewhere by transferring their balance to another issuers card, so, they dont want to lose you even if you pay off your balance every month. Theyll still make a lot of money in vendor fees when you use their card. So they have a vested interest in keeping you happy. Here are just a couple of questions we answered from our callers on todays program: How do I actually cancel a credit card? Is there an easier way than writing letters? Are there any work-at-home jobs that are legitimate? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 America is often described as the wealthiest nation ever, and rightly so. But we havent produced the wealthiest men in history, not by a long shot. Over the millennia, some individuals have amassed jaw-dropping amounts of wealth. But whatever became of their vast holdings? Kingdom Advisors President Rob West has the answers today on MoneyWise. According to Forbes, Jeff Bezos, the founder of Amazon, is the richest guy in the world today worth about 176 billion dollars. We tend to think that the richest people ever are those around today but thats not the case. Jeff Bezos wouldnt come close to the two wealthiest people of all time. Who are these two individuals and how much were they worth? The first was Mansa Musa. Not a household name, but he was the Islamic ruler of the Malian Empire in West Africa. In 1324, he made a pilgrimage to Mecca with an entourage of 60,000 people. On that trip, Mansa Musa gave away so much gold that it caused hyperinflation throughout the Middle East. So no individual today, no matter how wealthy, could come close to disrupting the economies of an entire region that way. Second was Atahualpa. The Incas essentially had no economy at all. The emperor owned everythingfrom your house to the shoes on your feet. You worked for him and he rewarded you with what he determined you needed. No wonder he was wealthy. But all that came to an abrupt halt when the Spanish conquistadors invaded and took the emperor captive in 1533. Atahualpa paid a ransom said to be an entire room full of gold worth $230 million, which, as it turned out, was only pocket change to him. Is there a moral to these stories? Yes, and we find it in Mark 8, where Jesus says, For what does it profit a man to gain the whole world and forfeit his soul? For what can a man give in return for his soul?Now we can ask the question, whatever became of all that wealth? Absolutely nothing. If it didnt advance the gospel, of what value was it? In my view, none at all. On todays program we also answer your questions: Can lowering the credit limit on my credit card hurt my credit score? I have a small amount in my 403(b) plan. Whats the best thing to do with this? How good is a Roth IRA? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 The cable channels are full of shows claiming that home renovations will get you a better price when you sell. The truth is that not every project pays off. (So much for reality TV!) If youve ever done it, you know that remodeling your house is an expensive proposition. Today on MoneyWise, Kingdom Advisors President Rob West reveals some projects where caution is advised. According to a survey by the National Association of Realtors, nearly $400 billion a year is spent on home renovations. Home Advisor says that on the low end, the average remodeling project runs from $15,000 to $45,000. On the high end it could run all the way up to $200,000! What doesnt pay off is an in-ground swimming pool. Its a great way to beat the summer heat, but consider the cost before you get your feet wet. Installing a pool could cost you around $50,000! So you really have to enjoy taking that dip. Add to that the extra cost of maintenance and insurance. And for all of that, the survey showed youll get back just 43% of what you spent. Installing new carpeting throughout the house. Youd think that would be a plus, but it could actually lower your homes value! Buyers dont like carpet; maybe because it tends to gather dirt and germs? But if they do like carpet, what are the odds theyll like the color you chose? A much better alternative is the more expensive wood flooring. But the survey showed that itll net you about a 7% return on your investment. Master bedroom. Some folks like to expand this room by moving a wall and decreasing space in another room or theyll put in fancy stuff like french doors and a gas fireplace. But the survey shows that the more you spend, the less youll get in return at the closing table, with the average return of just about 50% of what you spent on that master bedroom. Instead, consider a fresh coat of paint and maybe upgrading a few fixtures to snazz up this room. You often hear that the kitchen sells the house. And while you dont want to have run down appliances and beat up cabinets, a major kitchen renovation could run well over $100,000. The survey showed that a major kitchen renovation returns just over 50% of its cost. To some extent, the less you spend on a kitchen renovation, the greater your return. A minor overhaul would cost just over $20,000, with a return of over 80%. So even then, you dont get all of your money back. Our fifth and final home renovation project that wont pay off is a sunroom. It can be a great place to hang out in nice weatherletting sunlight in and keeping the bugs out. But with an average installation cost of $30,000, its a losing proposition as far as return on investment, which is often less than 50%. Here are some questions we answered from our callers on todays program: I have $200,000 in savings. Whats the best way to invest this so I can supplement some lost income? We just received $55,000 in inheritance. Whats the best thing to do with this? I want to pay off all of my high debt bills. Is there a good technique to do this? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 We teach our children the benefits of following the rules from an early age. Coloring within the lines, for example, always results in a much prettier picture. As adults, we often forget that those same rules are meant to help us. Coloring within the lines as we manage money is our topic. Kingdom Advisors President Rob West has some simple rules, guaranteed to beautify your financial picture. Why do we so often want to break common sense rules that we know are good for us, especially when it comes to managing our finances? Delayed gratification. Following the rules requires discipline that pays off later. On the other hand, when you break a rule, say by making an impulse purchase, it feels good for the moment, although its almost always temporary. Following the rules often takes much longer to realize the reward. Saving for an emergency fund is a good example. You do it a little at a time and you dont see the benefit right away; but it sure feels good to have that money available when your car suddenly needs a new transmission. The absolute, most fundamental rule you must learn to follow is to spend less than you earn. Everything hangs on that. Without it, you cant save for the future and youll go into debt. It starts withliving on a budget. Prepare a written budget detailing all of your income and expenses. Set spending limits for each category and stick to them. Analyze your monthly bills. If you dont do this fairly regularly, you may not see costs creeping up in things like your phone or cable bill. Banking fees tend to sneak up, too. Call and request to have unwanted line items removed and if they wont do it, cut the service or look for another provider. Build an emergency fund. The alternative, again, is debt. Things break and need repair. Unplanned expenses always rear their ugly heads and youve got to have cash on hand to handle them. Avoid or eliminate high interest debt. Use the snowball method to get rid of it quickly, paying off the smallest balance first, and so on. Save for retirement. Social Security wont be enough to support you when you can no longer work, so you have to put money in long term investments. If your employer offers a 401(k) or 403(b) retirement plan with a matching contribution, squeeze every dime out of it you can. Contribute enough to maximize your employers contributionits free money! If you dont have a retirement plan at work, open your own IRA. Dont touch it. Way too many people these days tap into their retirement funds to pay off debts or for other reasons that really arent emergencies. Thats another reason why you need an emergency fund. Let your retirement earnings grow. Your future self will thank you. Buy cars for transportation, not status. Consider reliability and fuel efficiency when buying a car. The more reliable and the more fuel efficient a car is, the less it will cost you down the road. Here are some questions we answered from our callers on todays program: What do you think about investing in gold for retirement in addition to my other financial retirement instruments? Im 65 and its been recommended that I take out whole life insurance. Should I? Is it advisable to move our investments from stocks to mutual bonds? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 The coronavirus pandemic forced us to practice social distancing. Six feet of separation became the rule for just about everything except our credit cards. And add cash to the list of things not practicing social distancing! So its no wonder why many of us have embraced digital transactions like never before. Kingdom Advisors President Rob West talks about that today on MoneyWise. A digital wallet is the digital form of your credit and debit card accounts and theyre held on a secure, third-party platform. Digital wallets arent just safe as far as avoiding germs, theyre also convenient, reducing the time required for online and in-store purchases. These would include: Google Pay, Apple Pay, Samsung Pay, Amazon Pay, and PayPal. If you have a smartphone made during the last few years then you probably have one of these apps on your phone. A lot of people have gotten used to using peer-to-peer payment apps like Venmo and Cashapp to send money. But you may not realize you can also do that with a digital wallet. Typically you just need an email address or a phone number for the transaction. Not only are these transactions faster, but you also dont have to carry your cards. All you need is a form of ID and your phone. You can store a lot of other card information in your digital wallet for transactions like restaurants, store cards, and frequent flyer reward accounts. For example, your favorite bagel chain probably has its own app. Youd use that to pre-order. Then use one of the digital wallet apps like Google or Apple Pay to make the transaction. So when you go to check out in person, they just hand you your order. At the heart of this is something called radio frequency identification (RFID). You would set that up first with your digital wallet app, entering your card number and security code (which is that 3 or 4 digit number on the back of your card). You dont have to touch the reader or wave your phone around. Digital wallet systems have a lot of additional security features beyond just using a different, encrypted card number. Some require you to unlock your phone screen with a password or fingerprint to complete a transaction. You can even erase your data remotely if your phone gets lost or stolen. Finally, we dont think this is for everybody. No doubt younger folks gravitate to thisyou have to be comfortable with this type of technology. But since this makes buying somuch easier, you have to be careful that any purchase you make, digital or otherwise, fits within your budget. Here are some questions we answered from our callers on todays program: How should I handle investments that use companies that I as a believer dont agree with spiritually? How can I avoid having my will go through probate? Should I get a living trust to avoid this? Do you have a resource that lists all the Bible verses that talk about money, possessions, and tithing? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Weve all experienced uncertainty in our lives and the anxiety and worry it causes. In these times its important to keep a clear head and to avoid making common mistakes with your money. When fear of the unknown grips us, its natural to question the financial decisions weve made. Today, Kingdom Advisors President Rob West tells us how to steer clear of the pitfalls ahead. Ron Blue and Howard Dayton both shared what they think are the seven most common money mistakes people make when things look bleak. (1)Responding out of fear. Even though it says to "fear not" over 300 times in God's Word, unfortunately fear can lead to irrational thinking and ultimately to irrational behavior. (2)Focusing on what you cant control. You can't control the Federal Reserve, the stock market, or the GDP. But you can control what God provides you to steward and manage. (3)Watching the daily moves of your investment accounts. Don't fixate on the daily headlines as thats detrimental to your decision-making process. Balance watching the news by focusing every single day on your Bible study. (4)Cutting your giving. Unfortunately, one of the first areas many people cut during times of uncertainty is giving. Instead, trust God as an act of obedience and worship, even in a difficult time. (5)Veering off your long-term spending plan. Planning helps us make better short-term decisions. A long-term perspective of our finances can be interpreted as an eternal perspective. Generally, we shouldnt have to change in times of uncertainty because we have a plan that anticipates that uncertainty. (6)Hiding from your creditors. Sometimes, when we face financial challenges, we may not want to deal with creditors. We avoid the phone calls and we certainly don't reach out to the creditor directly. This is something we want to avoid doing. So take the initiative! It pleases the Lord when we openly communicate with our creditors. (7)Ignoring what God may be saying to you. Spend time with Him and listen for His guidance and wisdom. We have daily opportunities to be salt and light to the world. Pay attention and trust Him in your daily actions and decisions. The best plan is placing your faith in the eternal God who created everything and has all wisdom and knowledge. He has your best interests at heart. Study his Word and spend time with Him. Here are some questions we answered from our callers on todays program: What can you tell me about leasing vs. buying a car? Is there a way to make an HSA compatible with Christian health cost sharing ministries? Im a pastor and am looking to get a 2nd or 3rd revenue stream (not to get rich). What would you recommend? What about the passive income route? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Do you like to haggle? Successful negotiating has been described as the art of letting someone else have your way; its one area of life where a little knowledge goes a long way. Sometimes you can have it your way simply by askinglike with credit cards, for example. Today on MoneyWise, Kingdom Advisors President Rob West has a few tips for us. Haggling is not part of our culture like it is in many other countries. We tend to accept whats offered without asking for a better deal. However, when it comes to credit cards, it would be a good idea to get over that reluctance. The Federal Reserve says that Americans owe more than $1 trillionin credit card debt, with an average household balance of over $8,000. The best solution is to pay down that credit card. But while youre doing that, there are ways to make it easier. Were not talking about negotiating to have the balance loweredthats called a settlement. And while some people find themselves in a financial predicament where they have to negotiate a settlement, we always want to avoid that and pay our debts in full. Proverbs 37:21 reads,The wicked borrows but does not pay back. When negotiating with credit card companies,theres not really a lot of negotiating required. For the most part, its just asking for something and waiting for a yes or noa simple process.Look at interest rates and fees. The plastic in your wallet is a great convenience, but its not cheap, even if you pay your full balance every month. Make a phone call to your credit card issuer. The numbers right on the back of the card.CreditCards.com asked 1,600 cardholders about their experience when calling their issuer simply asking for a better deal. They focused on three areas: (1) reversing a late fee, (2) waiving or reducing an annual fee, and (2) lowering the interest rate. Eight-five percent of cardholders who made at least one request got what they wanted. Unfortunately, only 18% of those polled had ever asked to have their annual fee reduced or eliminated. Even more disturbing is that they were much more likely to ask for a credit limit increase! Why are credit card companies so willing to give in? Two words: balance transfer. They know all too well that most of their cardholders simply can take their business elsewhere by transferring their balance to another issuers card, so, they dont want to lose you even if you pay off your balance every month. Theyll still make a lot of money in vendor fees when you use their card. So they have a vested interest in keeping you happy. Here are just a couple of questions we answered from our callers on todays program: How do I actually cancel a credit card? Is there an easier way than writing letters? Are there any work-at-home jobs that are legitimate? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 How many times have you heard the phrase, The three credit reporting bureaus on this program and elsewhere? Did you know there are at least 10 of them monitoring your transactions? Its true, and odds are youve never heard of most of thembut they know all about you. Today, on MoneyWise, Kingdom Advisors President Rob West reveals all kinds of credit bureaus keeping tabs on you. Why in the world do we need 10 or more credit bureaus? Because most of them try to cater to different lender needs. The Big Three, Experian, Transunion, and Equifax, are general in nature. They monitor how you handle transactions of credit cards, mortgages, auto loans, etc. The others are what we might call boutique bureaus with a highly specific client base. They look at other areas of your day-to-day transactions. Many of these use different formulas and scoring ranges to determine your credit worthiness. SageStream received publicity recently when an individual in North Carolina having a FICO score around 800 was turned down for a car loan. FICO-wise thats an extremely high score. But that persons SageStream score was in the 600s. ChexSystems and Certegy Check Services monitor your checking account. The Big Three dont report overdrafts unless they go to a collection agency, so banks use ChexSystems and Certegy to see if youre an overdraft risk and whether they should let you open a checking account. Innovis is sometimes called the fourth credit bureau because it collects similar information to the Big Three. But Innovis also reports on things like rent payments, utility bills, and even magazine subscriptions. Clarity Services is another. Its owned by Experian and focuses on individuals and businesses looking for alternative financing, otherwise known as the sub-prime marketthings like payday loans (which are horrible and you should never apply for one) and other check-cashing services. A similar boutique bureau is Teletrack which reports to sub-prime credit card issuers, rent-to-own businesses, and furniture storesmore places where you dontwant to apply for credit. Finally, theres Credco. Of all 10 credit bureaus weve named, this one might have the most impact on your FICO score because it combines all of your transactions from the Big Three into one report. So very little is missed. Credco looks at property ownership, loan obligations, legal filings (including liens and judgments), rental applications, collection accounts, and even whether youre up to date on child support. As long as you pay all of your bills on time and keep your credit balances lowbelow 30% of your available credit (or better yet, have no balance at all)you shouldnt worry about credit bureaus accurately reporting your transactions. Here are the websites for the referenced credit reporting bureaus:Equifax,Transunion,Experian,SageStream,ChexSystems,Certegy Check Services,Innovis,Clarity Services,Teletrack,Credco. Here are just a couple of questions answered from our callers on todays program: What can you tell me about HELOCShome equity lines of credit? Are these a scam? Virtual credit cards. Regarding online purchases, for example, how are returns handled? What do you think of these? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Once upon a time there was a rebellious drummer who insisted on breaking all the rules. As you might expect, things didnt turn out well for him, there were serious re-percussions. Okay, pun intended, but usually there are consequences when you break the rules, especially those involving money. Today, Kingdom Advisors President Rob West has a list of financial guidelines you should stay within, then its your calls at 800-525-7000. Live on less than you earn. If you dont theres no way to save and youll almost always run up debt. Buy term life insurance to protect your loved ones should something happen to you. Avoid mixing insurance with investments, as you do with whole life policies. Take the difference between term and whole life premiums and invest it separately. Make it a point, at least once a year, to request rate reductions if youre carrying debt. You can sometimes have your credit card interest rate lowered by making a simple phone call. Ignoreinvesting experts on TV, especially if they sing the praises of an individual stock. But at the same time keep most of your investments in stocks until youre within 10 years of retirement.But not individual stocks instead, invest in mutual or index funds that cover the market as a whole. Assessing the profitability of single companies is too complicated for the average investor. Buy cars for the right reason, reliability and fuel efficiency, not to show off to the neighbors. Dont touch your retirement savings. Throughout your working years, there will be countless times when it seems like a good idea to tap into your 401k or IRA. It almost never is. Instead, work as hard as you can to build an emergency fund of 3 to 6 months living expenses. he more you can avoid advertising the less likely youll be to make impulse purchases. Most of it is designed to make you buy things you dont need with money you dont have. Look for hobbies that have little or no ongoing costs. An example might be teaching yourself how to play a musical instrument or taking a class on building a website or cooking. Dont gamble. That means not playing the lottery. You have better odds of being hit by lightning twice than having your picture taken with that big check. Here are some questions we answered from our callers on todays program: I have a credit card that has 85K debt. I have 4K in savings and I am unemployed. Should I take money from my savings and try to start paying off the debt? What is the real advantage of a savings account specifically for college? Is there any way to hold property in a 401K status?I have a 20-year mortgage that I pay biweekly. They told me I might save a year if I continue doing this. What is the best way to pay it off quickly? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 They say every dark cloud has a silver lining, and the coronavirus pandemic has been a very dark cloud! But experts see at least one upside: the way people are handling their money. Yessiree, the COVID crisis and resulting economic turmoil are changing the way many people manage their finances for the better. Will it last? Today on MoneyWise, Kingdom Advisors President Rob West explains these changes. Three areas of our financial life have been deeply affected by the ongoing economic turmoil. The first is the inescapable need for money in the bank to cover financial setbacksyour emergency fund. Financial advisors often have a hard time convincing clients who havent experienced a real financial emergency that they need to keep cash readily available. But now, as they see family, friends, and neighbors losing jobs or having their hours cut, its easier to make the case. Just as we learned that its wise to put money into savings, its also a good idea to put something into your pantry. The pandemic has caused major disruptions in the supply chain of basic commodities. The images of empty store shelves are still fresh in our minds and they caused a lot of people to panic. I think we can expect many of us to start keeping a reserve of storable items on hand. Financial advisors are reporting a renewed interest in budgeting, seeing people taking a much closer look at spending than they did before the pandemic hit. We all know its difficult to change spending habits, but the coronavirus caused major lifestyle changes. Stuck at home for months, millions of Americans have had to curtail or eliminate vacations, eating out, and all sorts of entertainment activities. Here are some questions we answered from our callers on todays program: I recently sold some shared property.How do I offset the capital gains tax for the upcoming year? Im 62 and want to retire soon. How wise is it to start collecting social security now? Should I instead wait until Im 67? Ive been collecting regular unemployment as well as the added $600 unemployment per week from the government due to COVID. How to I figure the taxes on all this? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 The cable channels are full of shows claiming that home renovations will get you a better price when you sell. The truth is that not every project pays off. (So much for reality TV!) If youve ever done it, you know that remodeling your house is an expensive proposition. Today on MoneyWise, Kingdom Advisors President Rob West reveals some projects where caution is advised. According to a survey by the National Association of Realtors, nearly $400 billion a year is spent on home renovations. Home Advisor says that on the low end, the average remodeling project runs from $15,000 to $45,000. On the high end it could run all the way up to $200,000! What doesnt pay off is an in-ground swimming pool. Its a great way to beat the summer heat, but consider the cost before you get your feet wet. Installing a pool could cost you around $50,000! So you really have to enjoy taking that dip. Add to that the extra cost of maintenance and insurance. And for all of that, the survey showed youll get back just 43% of what you spent. Installing new carpeting throughout the house. Youd think that would be a plus, but it could actually lower your homes value! Buyers dont like carpet; maybe because it tends to gather dirt and germs? But if they do like carpet, what are the odds theyll like the color you chose? A much better alternative is the more expensive wood flooring. But the survey showed that itll net you about a 7% return on your investment. Master bedroom. Some folks like to expand this room by moving a wall and decreasing space in another room or theyll put in fancy stuff like french doors and a gas fireplace. But the survey shows that the more you spend, the less youll get in return at the closing table, with the average return of just about 50% of what you spent on that master bedroom. Instead, consider a fresh coat of paint and maybe upgrading a few fixtures to snazz up this room. You often hear that the kitchen sells the house. And while you dont want to have run down appliances and beat up cabinets, a major kitchen renovation could run well over $100,000. The survey showed that a major kitchen renovation returns just over 50% of its cost. To some extent, the less you spend on a kitchen renovation, the greater your return. A minor overhaul would cost just over $20,000, with a return of over 80%. So even then, you dont get all of your money back. Our fifth and final home renovation project that wont pay off is a sunroom. It can be a great place to hang out in nice weatherletting sunlight in and keeping the bugs out. But with an average installation cost of $30,000, its a losing proposition as far as return on investment, which is often less than 50%. Here are some questions we answered from our callers on todays program: I have $200,000 in savings. Whats the best way to invest this so I can supplement some lost income? We just received $55,000 in inheritance. Whats the best thing to do with this? I want to pay off all of my high debt bills. Is there a good technique to do this? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 From our believe it or not files, the word is that Russia is catching flak for testing virtual reality headsets on cows. Experts say theyre really milking the technology. But one thing we know for sure: virtual reality has entered the world of credit card transactions. Today, Kingdom Advisors President Rob West tells you how it might affect your purchases. Virtual credit cards are not actual credit cards made of plastic, but are a free service offered by some of the major issuers like Capital One and Citi. They conceal your financial information and keep it safe while you buy things online. Its a temporary, randomly-generated number different from the one on your real credit card. If hackers hijack your online transaction, the virtual number wont do them any good. Its an added layer of protection. When you sign up for the service, you dont have to use your real credit card number to purchase things online. It works in different ways, depending on the options provided by the card issuer. Right now, the biggest downside is that not all cards have this service. But thatll probably change as more and more issuers realize it protects their interests, too. The first place to check to get a virtual credit card is with your credit card issuer. They may offer the virtual number service on the card you hold or you may have to ditch that card for another one. We do know that Capital One and Citi both have some form of the service. Atprivacy.com, you can sign up for a virtual debit card for use over and over again with a particular vendor. You can create what are essentially burner debit cards that you use one time only. So, you can definitely have more peace of mind by using a virtual credit card. While it might be a bit of hassle getting one set up, having your actual card number stolen would probably be a much greater inconvenience. Here are some questions we answered from our callers on todays program: What about gold, silver, and/or gemstones for a financial hedge and/or for bartering when times get really tough? How high is too high to pay for management fees? Should I put my large sum of money into something better than Ameritrade? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Once upon a time, overspending required a bit of effort. You actually had to leave the house. But what happens when you can sit comfortably at home in your jammies and with a simple click bust your budget? With a smartphone and a little indiscretion, you too could be in debt! Today on MoneyWise, Kingdom Advisors President Rob West gives us ways to avoid this danger. Computers and smartphones have really become lethal weapons for the budget. Its just too easy to see something you like, push a button, then the next day it appears on your doorstep. Its a strong temptation. Boredom is also a danger. If we dont get out of the house and do active things, we tend to look for passive ways to occupy ourselves, and that usually means going online. In the same way that using credit cards and not cash can make you spend more at the store, shopping online has made it so much easier to overspend. And in many cases, the site already has your payment information. Were living in a world where money has become invisible. The ease with which we can spend online has become a real problem. So to help with this, establish a layer of accountability for your online shopping. This is much easier if youre married. Have shared accounts so you and your spouse (or perhaps another family member) can see what each other is buying. Make it a rule that when you want to buy something online, the otherpersonyour accountability partnerhas to be the one that clicks that purchase button. This will often lead to a discussion about whether or not the purchase is really necessary or is it just something you want because youre bored. Don't buy things you haven't planned for in your budget.A powerful tool used to avoid impulse spending is what we call the 30-day rule: dont buy anything online until its been on your Want List for at least a month. Household necessities, as long as theyre really necessities, dont apply. Dont fall for one-time only offers. That touted low price which may never come around again has probably already come around somewhere elseseveral times. Finally, if an item isn't really a need, take that opportunity to give away the money youd have spent. Put that money into a personal benevolence fund that can be used to help someone in need outside of your household. Here are some questions we answered from our callers on todays program: I have an extra $6,500. If you had it, how would you use it? What can you tell me about life insurance as income replacement? Im upside-down on my car loan! What can I do? Are online banks good to get at least 1%+ interest on my money? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Weve all experienced uncertainty in our lives and the anxiety and worry it causes. In these times its important to keep a clear head and to avoid making common mistakes with your money. When fear of the unknown grips us, its natural to question the financial decisions weve made. Today, Kingdom Advisors President Rob West tells us how to steer clear of the pitfalls ahead. Ron Blue and Howard Dayton both shared what they think are the seven most common money mistakes people make when things look bleak. (1)Responding out of fear. Even though it says to "fear not" over 300 times in God's Word, unfortunately fear can lead to irrational thinking and ultimately to irrational behavior. (2)Focusing on what you cant control. You can't control the Federal Reserve, the stock market, or the GDP. But you can control what God provides you to steward and manage. (3)Watching the daily moves of your investment accounts. Don't fixate on the daily headlines as thats detrimental to your decision-making process. Balance watching the news by focusing every single day on your Bible study. (4)Cutting your giving. Unfortunately, one of the first areas many people cut during times of uncertainty is giving. Instead, trust God as an act of obedience and worship, even in a difficult time. (5)Veering off your long-term spending plan. Planning helps us make better short-term decisions. A long-term perspective of our finances can be interpreted as an eternal perspective. Generally, we shouldnt have to change in times of uncertainty because we have a plan that anticipates that uncertainty. (6)Hiding from your creditors. Sometimes, when we face financial challenges, we may not want to deal with creditors. We avoid the phone calls and we certainly don't reach out to the creditor directly. This is something we want to avoid doing. So take the initiative! It pleases the Lord when we openly communicate with our creditors. (7)Ignoring what God may be saying to you. Spend time with Him and listen for His guidance and wisdom. We have daily opportunities to be salt and light to the world. Pay attention and trust Him in your daily actions and decisions. The best plan is placing your faith in the eternal God who created everything and has all wisdom and knowledge. He has your best interests at heart. Study his Word and spend time with Him. Here are some questions we answered from our callers on todays program: What can you tell me about leasing vs. buying a car? Is there a way to make an HSA compatible with Christian health cost sharing ministries? Im a pastor and am looking to get a 2nd or 3rd revenue stream (not to get rich). What would you recommend? What about the passive income route? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Once upon a time there was a rebellious drummer who insisted on breaking all the rules. As you might expect, things didnt turn out well for him, there were serious re-percussions. Okay, pun intended, but usually there are consequences when you break the rules, especially those involving money. Today, Kingdom Advisors President Rob West has a list of financial guidelines you should stay within, then its your calls at 800-525-7000. Live on less than you earn. If you dont theres no way to save and youll almost always run up debt. Buy term life insurance to protect your loved ones should something happen to you. Avoid mixing insurance with investments, as you do with whole life policies. Take the difference between term and whole life premiums and invest it separately. Make it a point, at least once a year, to request rate reductions if youre carrying debt. You can sometimes have your credit card interest rate lowered by making a simple phone call. Ignoreinvesting experts on TV, especially if they sing the praises of an individual stock. But at the same time keep most of your investments in stocks until youre within 10 years of retirement.But not individual stocks instead, invest in mutual or index funds that cover the market as a whole. Assessing the profitability of single companies is too complicated for the average investor. Buy cars for the right reason, reliability and fuel efficiency, not to show off to the neighbors. Dont touch your retirement savings. Throughout your working years, there will be countless times when it seems like a good idea to tap into your 401k or IRA. It almost never is. Instead, work as hard as you can to build an emergency fund of 3 to 6 months living expenses. he more you can avoid advertising the less likely youll be to make impulse purchases. Most of it is designed to make you buy things you dont need with money you dont have. Look for hobbies that have little or no ongoing costs. An example might be teaching yourself how to play a musical instrument or taking a class on building a website or cooking. Dont gamble. That means not playing the lottery. You have better odds of being hit by lightning twice than having your picture taken with that big check. Here are some questions we answered from our callers on todays program: I have a credit card that has 85K debt. I have 4K in savings and I am unemployed. Should I take money from my savings and try to start paying off the debt? What is the real advantage of a savings account specifically for college? Is there any way to hold property in a 401K status?I have a 20-year mortgage that I pay biweekly. They told me I might save a year if I continue doing this. What is the best way to pay it off quickly? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 The ancient Egyptians may have been first to use fractional numbers around 1,800 B.C. And these days, some mathematicians still prefer fractions over decimals. But I think their argument is pointless. All puns aside, today, in the world of investing, fractions are more popular than ever. On todays MoneyWise, Kingdom Advisors President Rob West talks about buying just a piece of a stock. Its called fractional investing. Fractional investing allows you to invest without a lot of money. Shares of some stocks and ETFs (Exchange-traded Funds) are so expensive that many investors cant afford it or dont want to risk owning a whole share. Its like enjoying pizza by the slice instead of having to buy the whole pie. In the past you had to purchase at least one full share of a company. But that left out a lot of small investors. Today, with fractional investing, you can own part of a company or fund by purchasing as little as 1% of a share (1/100th). Proponents of fractional investing will tell you that its a great way to diversify your holdings with limited funds. It allows you to own a much greater variety of stocks and funds with the same amount of money whereas before, you had to invest in a single company. So with just $1,000 you could invest in dozens of stocks or ETFs. There are now several apps you can download to do this: Stash, Robinhood or Acorns. There are also larger brokers such as Fidelity and Schwab that do this. Those are good options if youre specifically interested in owning part of a pricey stock like Amazon or Apple. But if you simply want to get a better return than what banks can give on a small amount of money, Wealthfront or Betterment are good options. Before getting started in fractional investing, make sure youre ready to invest. It doesnt make sense to put money into something like fractional shares if you have credit card debt. Any money you make will be dwarfed by what youre paying in interest on a credit card balance; so pay that off first. Also, youll want to have your emergency savings fully funded with 3 to 6 months of living expenses in something like an online savings account to get the maximum interest rate. Even then, fractional investing shouldnt be your first choice. If your employer offers a 401(k) with matching contributions, you should first contribute enough to max that out. Its free money. Here are some questions we answered from our callers on todays program: How do I invest my money in a Godly way? Some companies invest in sinful areas. Do you recommend doing a reverse mortgage? Regarding pensions, how do you recommend I take it should I pass away, leaving my wife? In a lump sum or in monthly pay-outs? Help me to understand the fees associated with a professional financial advisor. Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Its often said that theres no such thing as a free lunch. Everything costs something and sometimes those costs are hidden. Could this be especially true with our investments? Most of us have money in a 401(k), an IRA, or some other retirement plan. But do we always know the costs in fees and commissions? Kingdom Advisors President Rob West pulls back the curtain today on investings hidden costs. Some brokerages may charge more than others to manage a retirement plan or a particular mutual fund. When you know what types of fees are charged, you can then shop around for investments with lower fees and commissions. Different investments have different types of costs. Mutual funds, for example, charge something called an expense ratio. This is the cost of managing the fund, given as a percentage. Lets say you had a great year with a particular fund and you made 10%. However, the fund has a 1.5% expense ratio. This means you really only made 8.5%. The fee isnt exactly hidden, but youll never see it as a bill, either. Its deducted from your assets. We also have annual and custodian fees. Annual fees typically run from $25 to $90 a year. Custodian fees are what retirement plan managers charge for complying with IRS reporting regulations. They usually run from $10 to $50 a year. No load funds arepreferable to a load fund, but so-called no load funds may still have some fees. You may have to hold your shares for a period of time, often five years, or youll be charged a commission. Choose investments that have lower fees and commissions; these costs add up. Morningstarhas determined that in most cases, youll have greater earnings over time just by choosing funds with lower expense ratios. Simply put, cheaper is better when it comes to fees and commissions:https://www.morningstar.com/articles/752485/fund-fees-predict-future-success-or-failure Here are some questions we answered from our callers on todays program: Im 65 years old and started late with saving for retirement. I think its too late at this point, but I still can and do work. Should I rely upon Social Security or what? I have health issues as well. I just dont know what to do. I have a 30-year mortgage. At what point should I refinance? I recently closed out my 401(k) at where I had been working. The money is now just sitting in an account. Whats the best thing to do with this money? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 From our believe it or not files, the word is that Russia is catching flak for testing virtual reality headsets on cows. Experts say theyre really milking the technology. But one thing we know for sure: virtual reality has entered the world of credit card transactions. Today, Kingdom Advisors President Rob West tells you how it might affect your purchases. Virtual credit cards are not actual credit cards made of plastic, but are a free service offered by some of the major issuers like Capital One and Citi. They conceal your financial information and keep it safe while you buy things online. Its a temporary, randomly-generated number different from the one on your real credit card. If hackers hijack your online transaction, the virtual number wont do them any good. Its an added layer of protection. When you sign up for the service, you dont have to use your real credit card number to purchase things online. It works in different ways, depending on the options provided by the card issuer. Right now, the biggest downside is that not all cards have this service. But thatll probably change as more and more issuers realize it protects their interests, too. The first place to check to get a virtual credit card is with your credit card issuer. They may offer the virtual number service on the card you hold or you may have to ditch that card for another one. We do know that Capital One and Citi both have some form of the service. Atprivacy.com, you can sign up for a virtual debit card for use over and over again with a particular vendor. You can create what are essentially burner debit cards that you use one time only. So, you can definitely have more peace of mind by using a virtual credit card. While it might be a bit of hassle getting one set up, having your actual card number stolen would probably be a much greater inconvenience. Here are some questions we answered from our callers on todays program: What about gold, silver, and/or gemstones for a financial hedge and/or for bartering when times get really tough? How high is too high to pay for management fees? Should I put my large sum of money into something better than Ameritrade? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 In Mark 8:36, Jesus gives a clear warning to a crowd of followers about those who choose wealth over Him. He says, For what does it profit a man to gain the whole world and forfeit his soul? The message may be especially troubling to us today since we live in the wealthiest nation in history.Today on MoneyWise, Kingdom Advisors President Rob West applies that verse to life in America. Theres nothing inherently immoral about wealth. Money is simply a tool that can be used for good or evil. At the same time, theres nothing inherently virtuous about being poor. We wont be judged on how much or how little money we have. We will have to answer someday for how we used Gods money. The danger is when we forget that its all Gods moneywere only stewards. Jesus talked about money a lot during his earthly ministry. But the only wealthy people He chastised were those who acquired their riches dishonestly, like the Pharisees who operated a corrupt system. Being wealthy is not a sin and having a lot of resources can be used to bless others. But wealth may cause us to go astray in specific ways. Wealth can make us prideful and cause us to put our faith in income rather than in God where it rightfully belongs. Pride breaks our fellowship with God and also separates us from our fellow man. It makes us think were more important than others. We can think were smarter and more favored than those around us. God warns us that earthly wealth is a fleeting thing as it can be here today and gone tomorrow. We all long for peace and security, but looking to wealth to provide it instead of the Lord will only lead to bitter disappointment. To paraphrase Jesus, all the money in the world cant save your soul. Were to put our hope in God; Hes always faithful and has promised to meet our every neednot just here and now but for all eternity. God is the true source of our security no matter how much money we have. Here are some questions we answered from our callers on todays program: Whats your opinion of Bitcoin? Can I assign a different beneficiary with my 529 plan? Can I cash it out? I have a daughter in the 8th grade. At what point can she start applying for college scholarships? Are there grants available to help me pay down my student loans? Is retirement Biblical? What passages can you suggest that may address this concept? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Every successful business, battleship and badminton team has one person whose role it is to be the boss.Someone in charge, in control, who says, The buck stops here.And speaking of bucks, whos the boss of yours? Today on MoneyWise, making the decision to take control of your money and not the other way around, and some ways to do it. Our boss is Kingdom Advisors President Rob West. Then its your calls at 800-525-7000. God created everything and heownseverything, but Hes put each of us in charge of just a tiny portion of His holdings. He expects us to be faithful stewards of His resources. His Word contains well over 2-thousand verses about money and possessions so that we can be good stewards. And what a lot of folks dont realize is that by following those directions, we become financially free.Dontfollow them, and youre likely to become a slave to money. Success in handling your money may be 90-percent avoiding debt. If you have trouble managing your credit and debit cards, meaning your spending is out of control, stop using them. The advantage to using cash is you cant overspend like with a credit card. But theres also a very strong psychological component to using cash. When you have to hand over actual dollars its much more difficult to part with them. Studies show people spend 10 to 30-percent less just by using cash. About 43-percent of general purpose credit cards like Visa and MasterCard have a balance on them, with an average balance of more than six thousand dollars. Pay as much as you can above the minimum each month to get that card paid off quickly. Studies have shown that paying off credit cards is as much psychological as it is financial. If you concentrate on the highest interest card first, it may take months and months to pay it off. So instead, pay off the smallest balance first to get a quick win and the psychological boost that comes with it. When thats paid off, you can go on to the next highest balance and so on. Its critical that you charge only what you can pay off each month. The only way to ensure you pay off the balance each month is to stay on budget and have anemergency fund. Then when those so-called unexpected expenses come up, you have cash in the bank to pay for them and you dont have to use the card. We recommend 3 to 6 months living expenses in your emergency fund. On todays program we also answer your questions: Do I need to pay tithe on the money I take out of my 401k? My husband and I are in the process of buying our first house. We are in our 60s. Is getting a 30 year loan a good idea? My husband works at a carpet mill. A lot of the employees at his company are worried about the current economy and are taking money out of their 401Ks. Is this wise? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 At first glance, falling oil prices and the COVID-19 crisis may not seem related to Social Security benefits. But a closer look reveals a potentially serious impact upon next years cost of living adjustment (COLA). Every year in October, the Social Security Administration sets the next years benefit levels based upon the Consumer Price Index. What will this mean for 2021? Today, Kingdom Advisors President Rob West breaks it down for us and its not good news. The Consumer Price Index is a measure of inflation. If Social Security benefits are pegged to it, shouldnt that mean the COLA is adequate to preserve buying power for our senior citizens? In practice it hasnt worked out that way, especially this year with plummeting oil prices. Thats helped to keep the overall inflation rate low but not necessarily in areas where seniors do a lot of their spending. As a result, some analysts predict that next years Social Security COLA could be near zero, and that will be an added hardship for seniors. The Consumer Price Index (CPI) is an average measurement of inflation across all sectors of the economy. Gas prices might be low, for example, but pharmaceutical and food prices arent. So, the average inflation rate might be low or non-existent, but that doesnt help folks at the grocery store or pharmacyespecially those already on a tight budget. CPI-E (a newly proposed measurement) is a better reflection of inflation in two key areas that affect seniors the most: health care and housing. Medicare premiums, for example, tend to rise rapidly. In turn, this may not show up in the average rate of inflation and that lowers the annual Social Security COLA. Last year it was only 1.6%, down from 2.8% in 2019. And year after year, those shortfalls in cost of living adjustments really start to hurt. If youre a senior citizen relying heavily on Social Security benefits, you have to take action (dont wait for Congress to act anytime soon). Start by taking a hard look at your budget and eliminate unnecessary expenses. If you havent signed up for Medicare Part D, youll want to look into that to keep prescription costs down. All of this means that for people still working, you simply cant depend on the government to supply the majority of your retirement income. The program was only intended to provide 40% of retirement income. But surveys show that today, half of retirees rely on Social Security benefits for at least 50%of their income and 1 in 4 seniors depend on those benefits for nearly all of their income. Thats why we recommend putting 10 to 15% of your working income intoa retirement plan. The earlier you begin, the greater the impact will be when you retire. On todays program we also answer your questions: Im considering downsizing out of my 3-bedroom, 2-bathroom home and move into a life care community. There are up-front fees. How can I finance this if my home does not sell within 60 days (as I have that many days to find a contract for this community)? What can you tell me about how to roll 401(k)s into a new one with a new employer? What do you think about Acorns and other fintech for auto-investing a small amount of money for the future? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Ask anyone whos done it and theyll tell you that digging their way out of debt was one of the hardest things they ever did. Fortunately, there are some tools to make the job easier. If youre struggling with credit card and loan debt, the first thing you need isnt more money, its a plan! Today on MoneyWise, Kingdom Advisors President Rob West looks at several online debt reduction tools to help you make that plan. Do you have multiple credit cards or loans youre trying to pay off? How much extra, beyond the minimum payments, can you apply to those debts? And where should you apply it first? Ideally, debt reduction apps help you answer those questions and most will then give you an option of using the snowball method or the avalanche method. Unbury.me(https://unbury.me/) is a free debt reduction tool offering a choice of the snowball vs. avalanche methods. CNN Moneys debtcalculator(https://money.cnn.com/calculator/pf/debt-free/). This one has another nice feature where you enter a debt-free deadline. Based on that itll show you how much you have to pay on your various debts each month to meet your deadline. Undebt.it(https://undebt.it/) is a debt tracking app with similar features as the others but will also show you how much your debt is costing you each month which can really motivate you to get your debts paid off. Debt Payoff Assistant(https://itunes.apple.com/us/app/debt-payoff-assistant/id475099959?mt=8) is strictly a mobile app for iPhones and iPads. Its free and youll find it the App Store. Debt Payoff Assistant works the same as the others but it allows you to design multiple payoff strategies with built-in calculators to stay motivated on your debt journey. It also has some nice graphic displays and pie charts. Sometimes you need a real person to help guide you through the debt reduction process. Our trainedMoneyWise Coaches(https://moneywise.org/connect)can help you do that by setting up a budget and debt payoff plan. The only charge is for a workbook. Finally, get help managing your debts atChristian Credit Counselors(https://www.christiancreditcounselors.org/) On todays program we also answer your questions: My husband and I just received some money and wanted to hear what you think the best way to handle it is. I was thinking about retiring. Can you recommend a good, long-term strategy? I want to sell some gold! How do I report this on my taxes? Is there a special form? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Wilbur Wright once said its possible to fly without motors, but not without skill. In the same way, anyone can invest, but to do it successfully you need knowledge. So what should you do when investing seems like flying through a storm? Kingdom Advisors President Rob West sits down with investing expert Mark Biller to find out how to navigate through the turbulence. Market conditions have been as wild as at any point in at least a decade (since the Global Financial Crisis) and arguably dating all the way back to the 1929 Crash that kicked off the Great Depression. Stocks fell into bear-market territory in the shortest period of time ever, covering the 20% decline that is the typical definition of a new bear market at roughly twice the speed of 1929, which used to be the fastest such decline on record. After bottoming out at a 35 percent loss, that plunge was followed immediately by a dizzying stock marketrallythat erased roughly 60% of those market losses over the following six weeks! First, we have to accept that many of the key details remain unknowable at this point. As frustrating as it is, until we get more certainty regarding the virus itself, everyone is just guessing about the future path the economy will take. With noeconomicclarity yet, we have little basis to compare the depth of the potential economic decline against the massive emergency measures undertaken by the government and the Federal Reserve. Stock market investors were very optimistic as the market rebounded in April.Toward the end of the month, the Nasdaq stock index was back in positive year-to-date territory, while the SP 500 index was trading where it did last October. In todays show we also answer your questions: My husband passed away a few years ago. I am worrying about my savings for the future. Should I continue to work? I just recently went through a divorce and am trying to get control of my debt and finances. Advice? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Ask anyone whos done it and theyll tell you that digging their way out of debt was one of the hardest things they ever did. Fortunately, there are some tools to make the job easier. If youre struggling with credit card and loan debt, the first thing you need isnt more money, its a plan! Today on MoneyWise, Kingdom Advisors President Rob West looks at several online debt reduction tools to help you make that plan. Do you have multiple credit cards or loans youre trying to pay off? How much extra, beyond the minimum payments, can you apply to those debts? And where should you apply it first? Ideally, debt reduction apps help you answer those questions and most will then give you an option of using the snowball method or the avalanche method. Unbury.me(https://unbury.me/) is a free debt reduction tool offering a choice of the snowball vs. avalanche methods. CNN Moneys debtcalculator(https://money.cnn.com/calculator/pf/debt-free/). This one has another nice feature where you enter a debt-free deadline. Based on that itll show you how much you have to pay on your various debts each month to meet your deadline. Undebt.it(https://undebt.it/) is a debt tracking app with similar features as the others but will also show you how much your debt is costing you each month which can really motivate you to get your debts paid off. Debt Payoff Assistant(https://itunes.apple.com/us/app/debt-payoff-assistant/id475099959?mt=8) is strictly a mobile app for iPhones and iPads. Its free and youll find it the App Store. Debt Payoff Assistant works the same as the others but it allows you to design multiple payoff strategies with built-in calculators to stay motivated on your debt journey. It also has some nice graphic displays and pie charts. Sometimes you need a real person to help guide you through the debt reduction process. Our trainedMoneyWise Coaches(https://moneywise.org/connect)can help you do that by setting up a budget and debt payoff plan. The only charge is for a workbook. Finally, get help managing your debts atChristian Credit Counselors(https://www.christiancreditcounselors.org/) On todays program we also answer your questions: My husband and I just received some money and wanted to hear what you think the best way to handle it is. I was thinking about retiring. Can you recommend a good, long-term strategy? I want to sell some gold! How do I report this on my taxes? Is there a special form? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 We had a good run, over a decade, but the much feared bear market has Wall Street in its grip, what better time then for a refresher course on the basic principles of investing straight from Gods Word.The Bible tells us that Christians are not to fear anything in this world, bear markets included. Today, Kingdom Advisors President Rob West tells you how to banish fear from your investment decisions by reviewing those basic principles. First, its not your money. God owns everything. We should always ask ourselves, How does God want me to save, spend, and invest His money? Next, live on less than you earn. Proverbs 21:20 says, Precious treasure and oil are in a wise man's dwelling, but a foolish man devours it. Next is that the concept of saving or investing for the future is entirely biblical. Proverbs 6, verses 6 through 8:Go to the ant, you sluggard; consider its ways and be wise! It has no overseer or ruler, yet it stores its provisions in summer and gathers its food at harvest. Next is diversification. Ecclesiastes 11:2 teaches,Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth. Only invest in a company or mutual fund that you understand. Proverbs 27:23 warns us,Know well the condition of your flocks, and pay attention to your herds The next biblical investing principle is patience. Studies have shown that buying and holding onto good investments for a long period of time is more likely to build wealth than even a well thought out buy and sell strategy. Lastly, dont be greedy. In Luke 12:15, Jesus says, ... be on your guard against every form of greed; for not even when one has an abundance does his life consist of his possessions. Giving breaks the power of money to make us greedy. Ron Blue suggests that our giving should match what we invest. In todays show we also answer your questions: I am in my mid 60s and do not have a retirement plan in place. Suggestions? I have a target dated 401K. Advice on how to manage it myself? How much would you suggest to put down on a car? I owe about 32K on a home that has been sitting vacant. I would like to offer it as rent to own to my nephew. Is this wise? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Wilbur Wright once said its possible to fly without motors, but not without skill. In the same way, anyone can invest, but to do it successfully you need knowledge. So what should you do when investing seems like flying through a storm? Kingdom Advisors President Rob West sits down with investing expert Mark Biller to find out how to navigate through the turbulence. Market conditions have been as wild as at any point in at least a decade (since the Global Financial Crisis) and arguably dating all the way back to the 1929 Crash that kicked off the Great Depression. Stocks fell into bear-market territory in the shortest period of time ever, covering the 20% decline that is the typical definition of a new bear market at roughly twice the speed of 1929, which used to be the fastest such decline on record. After bottoming out at a 35 percent loss, that plunge was followed immediately by a dizzying stock marketrallythat erased roughly 60% of those market losses over the following six weeks! First, we have to accept that many of the key details remain unknowable at this point. As frustrating as it is, until we get more certainty regarding the virus itself, everyone is just guessing about the future path the economy will take. With noeconomicclarity yet, we have little basis to compare the depth of the potential economic decline against the massive emergency measures undertaken by the government and the Federal Reserve. Stock market investors were very optimistic as the market rebounded in April.Toward the end of the month, the Nasdaq stock index was back in positive year-to-date territory, while the SP 500 index was trading where it did last October. In todays show we also answer your questions: I have a whole life policy that I dont think I need. Can I drop it? I have accumulated a lot of debt. Can you offer some wisdom on how to pay this off? I have term and whole life insurance. I heard that skydiving voids my insurance. Is that true? My job matches up to 3% if you invest 6%. Ive noticed that Ive lost money over the past few months. Should I just contribute to a Roth? I have a rather large student loan that I need to pay off. If it is forgiven do you have to pay tax on it? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Youve heard the saying, To err is human. But what about this one, You cant make the same mistake twice. The second time you make it its no longer a mistake, its a choice.Everyone makes mistakes with finances. But what separates us is what we do about them. Today our host, Kingdom Advisors President Rob West, shares some common money missteps and how to correct them. We all need to learn from our mistakes and to use self-education. We need to constantly improve how we manage our money. Gods Word is full of wise adviceso Hes the real teacher. Spending more than you earn inevitably leads to debt, and thats financial bondage. Proverbs 22:7 says,The rich rule over the poor, and the borrower is slave to the lender.Youll never get control of your finances unless you learn to live within your means. Dont let your fixed expenses get out of control. Monthly, fixed obligations always make up the biggest part of your budget. Keep them in check. Beware buying something for emotional reasons (impulse buying). You see something and think itll make your life better or give you a sense of happiness only to discover days after that youre no better off. 1 John 2:15 reads,For all that is in the worldthe desires of the flesh and the desires of the eyes and pride in possessionsis not from the Father but is from the world. Avoid buying something you cant afford. A good rule of thumb is if you cant pay cash for it dont buy it. Be content with Gods provision. 1 Timothy 6 instructs,godliness with contentment is great gain. For we brought nothing into the world, and we can take nothing out of it. Our last lesson from the financial school of hard knocks is to recognize your weaknesses. Its often said that admitting you have a problem is the first step in solving it. This wraps up everything weve been talking about. If you have a weakness in one of these areas, admit it and take steps to correct it. On todays program we also answer your questions: I recently sold my home and have $24,000 to purchase another one. However, I retire in ten years and will be on a fixed income. Should I purchase a home and double-down on the payments if Im able? If not, I would have to rent. What do you think? My step-mother lives with me (who I take care of) and she has $16,000 in credit card debt. Her savings is $23,000. I was unable to balance transfer at 0%. So, should I take part of the $23,000 to wipe out the debt? I invested with an equity capital company which provides equity for loans at 6%. Is this too good to be true? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.