Faith & Finance

Paying off debt is always a smart financial move—but eliminating it before retirement is one of the best decisions you can make. With more people than ever retiring with debt, financial security in retirement is at risk. Let’s explore why carrying debt into retirement can be problematic and what you can do to avoid it.The latest statistics reveal a concerning trend. According to the Federal Reserve's 2022 Survey of Consumer Finances, 65% of individuals aged 65 to 74 carry debt—a significant increase from 50% when the Fed began tracking this data 35 years ago.Debt in retirement severely limits lifestyle choices and, for many, leads to an unwelcome necessity: returning to work. A study by T. Rowe Price found that 20% of retirees have gone back to work full-time or part-time, and another 7% are actively looking for jobs. The primary reason? They need more income.Inflation has only worsened the situation. Prices today are around 15% higher than they were three years ago, catching many retirees off guard and stretching already tight budgets—especially those burdened with debt.As Proverbs 22:7 warns, “The rich rule over the poor, and the borrower is the slave of the lender.” To avoid financial hardship in retirement, it’s critical to develop a strategy now to eliminate debt.How to Eliminate Debt Before RetirementIf you’re 5, 10, or even 15 years away from retirement, now is the time to set a goal of becoming debt-free. A debt-free retirement provides the financial margin necessary to weather economic downturns, stock market fluctuations, and rising costs of living. Here are practical steps to achieve that goal:1. Reduce Your ExpensesA budget overhaul can reveal unnecessary expenses you’re paying out of habit. Cut subscriptions, eat out less, and find ways to live within your means.2. Increase Your IncomeConsider taking on a side job, selling unused assets, or even delaying retirement by a few years to maximize savings and accelerate debt repayment.3. Downsize Your HomeOne of the most impactful moves is downsizing. If you still have a mortgage, selling your current home and purchasing a smaller one with cash (or a significantly reduced mortgage) can dramatically lower your monthly expenses. Additionally, a smaller home means lower property taxes, utility bills, and maintenance costs.4. Pay Down Your Mortgage FasterIf downsizing isn’t an option, commit to making extra mortgage payments. Even one additional payment per year can shave off several years from your loan and save thousands in interest.Addressing Consumer DebtCredit card debt is another major obstacle in retirement. High-interest rates, which often increase with inflation, make carrying a balance extremely costly. Here’s how to tackle it:Use the Snowball Method: Pay off the smallest balance first, then roll that payment into the next debt. This approach provides quick wins and motivation to continue. Avoid Using Home Equity: Converting unsecured credit card debt into a home equity loan puts your house at risk if you can’t make payments. Seek Help If Needed: If you have more than $4,000 in credit card debt, consider working with Christian Credit Counselors. They offer debt management plans that can help you become debt-free 80% faster.One thing we’ve never heard at FaithFi? A person calling in to say they regretted paying off their debt. Eliminating debt before retirement ensures financial security and provides more time and resources to serve God’s Kingdom.So, make a plan today. Your future self—and your financial journey—will thank you.On Today’s Program, Rob Answers Listener Questions:Do I still have to keep filing married filing joint even though my husband left me about three and a half years ago and we do not live together?I inherited a traditional IRA from my mother when she passed away in 2017, and I'm not sure whether I need to disperse it in 10 years or if I can continue taking required minimum distributions (RMDs) over my lifetime.I don't have a 401(k), but I own a property that I could sell for $250,000 to $350,000. I'm not sure what to do with the money from the sale to help me prepare for retirement, since I'm still working full-time at 61 and don't plan to retire soon.Resources Mentioned:Faithful Steward: FaithFi’s New Quarterly MagazineChristian Credit CounselorsWisdom Over Wealth: 12 Lessons from Ecclesiastes on Money (Pre-Order)Look At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In Matthew 6:21, Jesus says, “For where your treasure is, there your heart will be also.” That teaching is true for everyone, and yet men and women have different perspectives on money. So how do wise women manage the resources God entrusts to them? Miriam Neff is here to talk about that today.Miriam Neff is the founder of Widow Connection, the author of 11 books, a counselor, a Bible teacher, and a speaker. She supports widows through sewing and bakery projects and is the co-author of Wise Women Managing Money: Expert Advice on Debt, Wealth, Budgeting, and More with her daughter. Her radio features New Beginnings and Starting Over Financially air nationwide.Managing money wisely is a critical skill, and for many women, the responsibility of financial stewardship comes unexpectedly. Whether due to widowhood, divorce, or simply taking on a more active role in household finances, women today oversee 51% of the wealth in the United States, a figure that continues to grow.However, with the right mindset and practical steps, women can confidently manage those resources. Here are eight key habits that wise women adopt to steward their finances well.1. Acknowledge That All We Have Belongs to GodThe foundation of wise money management begins with recognizing that everything we have is a gift from God. Whether it's a paycheck, a home, or an investment portfolio, God has entrusted our financial resources to us for stewardship.Some may think of their 401(k) or IRA as ‘theirs,’ but biblically speaking, all of our resources—income, spending habits, even our possessions—belong to God. This means we must steward everything wisely, from the big decisions to the small ones.2. Take Responsibility for Knowing Your FinancesMany women suddenly find themselves responsible for managing their finances after years of leaving it to a spouse or financial professional. Miriam emphasizes that understanding one's financial situation is crucial, whether through spreadsheets, budgeting apps, or simple pen and paper.We cannot make excuses, such as “My parents never taught me this” or “My teenagers demand too much.” We are accountable to God for how we manage our resources.Taking responsibility also means seeking help. Resources like Widow Connection, Faith & Finance, and local church financial ministries provide guidance and support.3. Create a Spending Plan Based on Income and ValuesThe world encourages spending beyond our means—bigger houses, new cars, and credit card debt. However, wise financial management requires a spending plan that aligns with both our income and values.Cultural messages tell us to spend first and hope our income will catch up. Biblically, we must prioritize contentment and stewardship. A budget is a tool to help us live within our means and honor God.A values-based spending plan includes giving to God first, meeting needs before wants, and saving wisely.4. Recognize That Every Spending Decision Is a Spiritual DecisionLarry Burkett famously said, “Every spending decision is a spiritual decision.” Where we allocate our money reflects our priorities and our hearts.What do you check first thing in the morning—your bank account or social media? If we want to understand our hearts, we should examine our calendars and bank statements. They reveal our true priorities.If our spending habits don’t align with our faith, it’s time to make changes, even if they start small.5. Eliminate Excuses and Avoid Emotional SpendingExcuses can be a major roadblock to financial wisdom. Many justify poor financial decisions with statements like:“My spouse is a big spender.”“My children need expensive gadgets to fit in.”“I was feeling down, so I indulged in some ‘retail therapy.’”Fear and emotions should not drive our financial decisions. The Bible warns about fear-based financial mistakes, as seen in the parable of the servant who buried his talent instead of investing it (Matthew 25).Owning our financial decisions, rather than blaming circumstances or emotions, is key to stewardship.6. Take Personal Responsibility for Financial ActionsFinancial wisdom requires discipline and self-control. Some common financial missteps include:Overindulging children to compensate for a difficult divorce or personal guilt.Hoarding money to fill an emotional void rather than stewarding it wisely.Making impulsive purchases out of fear rather than planning wisely.When we take a small step toward honoring God with our finances, He steps in and provides in ways we never expected.7. Regularly Review and Adjust Your Financial PlanFinancial plans aren’t static—they must evolve with life’s changes. With inflation, rising costs, and unexpected expenses, a budget from last year may no longer be effective.A core principle of financial wisdom is having three to six months of emergency savings. We can’t predict when financial challenges will come, but we can prepare for them.Adjustments may involve cutting unnecessary expenses, increasing savings, or shifting spending priorities.8. Invest for Kingdom PurposesThe ultimate goal of financial wisdom isn’t just security—it’s Kingdom impact. Everyone's calling is different, but we should all invest in eternity. Whether it's giving to your church, supporting missionaries, or helping those in need, prioritizing God's Kingdom brings the greatest return on investment.Accountability partners, financial mentors, and small group discussions can also help reinforce wise financial habits.Take the Next Step in Your Financial JourneyThese eight habits provide a roadmap for women navigating financial responsibilities. Whether you're newly managing money or looking to refine your financial approach, the key is to start today.For more insights and practical steps, pick up a copy of Wise Women Managing Money: Expert Advice on Debt, Wealth, Budgeting, and More by Miriam Neff and Valerie Neff Hogan. And if you're a widow looking for financial support, check out Widow Connection for resources and encouragement.On Today’s Program, Rob Answers Listener Questions:If I want to do a reverse mortgage, does that mean the house no longer belongs to me?I'm 36 years old and want to know whether I should keep $1,000 in my emergency fund or save 3 to 6 months' worth of my emergency fund income.Resources Mentioned:Faithful Steward: FaithFi’s New Quarterly MagazineWise Women Managing Money: Expert Advice on Debt, Wealth, Budgeting, and More by Miriam Neff and Valerie Neff Hogan, J.D.Widow ConnectionYour Money Counts: The Biblical Guide to Earning, Spending, Saving, Investing, Giving, and Getting Out of Debt by Howard DaytonLook At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The Puritan poet Anne Bradstreet once wrote, “Wisdom without an inheritance is better than an inheritance without wisdom.” These words are just as relevant today as they were in the 17th century, especially as we approach one of the largest wealth transfers in history.It’s estimated that Baby Boomers will pass down as much as $68 trillion to their heirs by 2030. But is the next generation prepared to manage this wealth wisely? Research suggests that many are not. Let’s explore what this historic transfer means, the potential challenges, and how families can prepare.Biblical Wisdom on Wealth and InheritanceAnne Bradstreet was undoubtedly inspired by Ecclesiastes 7:11-12, which says:“Wisdom is good with an inheritance, an advantage to those who see the sun. For the protection of wisdom is like the protection of money, and the advantage of knowledge is that wisdom preserves the life of him who has it.”While passing down financial assets is important, passing down financial wisdom is even more crucial. However, research shows that many Boomers are not equipping their heirs with the knowledge needed to manage this wealth effectively.A recent study by investment giant Edward Jones found that:48% of Americans plan to leave an inheritance.50% will leave money and property to their children only.36% will pass down assets to both their children and grandchildren.While these numbers show a strong intention to pass down wealth, the study also revealed some concerning trends:Only 27% of Americans have discussed wealth transfer with their heirs.35% said they don’t plan to have that conversation at all.That means millions of Millennials and Gen Z-ers may inherit significant wealth without the financial wisdom needed to steward it well. Experts warn that it is more important than ever for families to discuss wealth transfer and seek professional guidance when necessary.Four Common Approaches to Wealth TransferAlthough this is the largest generational wealth transfer in history, not all heirs will receive as much as they might expect. One major reason for this is increasing life expectancy—Boomers are living longer and consuming more of their assets, particularly due to rising healthcare costs.The Edward Jones study identified four main ways wealth is being transferred:1. Traditional GivingThis is the most common method, where parents pass their wealth—cash, stocks, real estate, and other assets—directly to their children. However, conversations are needed to ensure both generations understand the plan. Parents should also be mindful of using enough assets to maintain their own healthy and secure lifestyle in retirement.2. Giving While LivingRather than waiting until death, some Boomers are helping their children and grandchildren now by:Paying for educationAssisting with a home purchaseCovering major expenses like vacations or medical costsWhile this can be a blessing, it also raises concerns. Some heirs may wonder if there will be anything left for them later. Early conversations about financial plans can help alleviate these concerns and ensure realistic expectations.3. Generational SkippingSome Boomers are choosing to pass wealth directly to their grandchildren instead of their children. This may be done to:Pay for educationHelp start a businessSet up an investment accountA surprising one in four respondents in the Edward Jones study believes their grandchildren will be better stewards of wealth than their children. However, skipping a generation in inheritance can strain family relationships. Open communication is key to ensuring no one feels left out or overlooked.4. No Inheritance LeftSome Millennials and Gen Z-ers may find there is little or nothing left for them to inherit. Longer life spans and increasing costs may require Boomers to use up more of their assets in retirement.Financial experts generally recommend retirees withdraw no more than 4% per year from their retirement savings to preserve their assets. However, that may not always be possible, especially with rising medical expenses.How to Prepare for a Successful Wealth TransferOpen and proactive communication is the key to a smooth and responsible wealth transfer. Here are some steps families can take:1. Have the ConversationBoomers should sit down with their adult children and discuss their financial plans. This conversation should include:An overview of assets and how they will be distributedAny expectations about financial responsibilityA discussion of family values regarding stewardship and generosity2. Hold a Family ConferenceOne conversation may not be enough, as financial situations and family needs evolve over time. Regular discussions—perhaps with the help of a financial advisor—can help keep everyone on the same page.3. Seek Professional GuidanceFor families needing help navigating wealth transfer, a Certified Kingdom Advisor® (CKA®) can provide expert financial planning with a biblical perspective. A CKA® can help structure inheritance plans in a way that honors God and ensures responsible stewardship.4. Instill Biblical Financial WisdomMoney management isn’t just about numbers—it’s about values. Future heirs need to understand that:God owns everything, and we are stewards of His resources.Managing wealth wisely means providing for family needs.Generosity and giving back to God are part of faithful stewardship.The upcoming wealth transfer is unprecedented, but wealth can quickly be mismanaged or squandered without financial wisdom. The best legacy Boomers can leave is not just money but the knowledge and faith to steward it well.If you need help navigating these discussions, consider working with a Certified Kingdom Advisor®. You can find one at FaithFi.com by clicking “Find a Professional.”By combining wealth with wisdom, we can equip the next generation to handle God’s resources faithfully and responsibly.On Today’s Program, Rob Answers Listener Questions:My friend's son is in a lot of trouble. His wife recently passed away, leaving him with a mountain of medical bills that he is overwhelmed by. He has moved into depression and is considering bankruptcy. Can you provide any advice or wisdom to help him navigate this situation?I'm concerned about taking $575,000 from a traditional IRA and putting it into a Roth IRA over the course of 5 years. I'm worried about being able to pay the taxes on that. After the 5 years, will I have to pay any more taxes on the money in the Roth IRA, or will it be able to grow tax-free from that point forward?My wife is now in a memory care facility, and I have documentation from her neurologist. Can I get any medical deductions on my taxes with this documentation? Also, I had to sell 40 acres of my farm for $297,000 to help pay for her healthcare. What kind of tax implications can I expect from that sale?Resources Mentioned:Faithful Steward: FaithFi’s New Quarterly MagazineFAIR Health Consumer | Healthcare BluebookLook At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Albert Einstein reportedly once said, “The hardest thing in the world is to understand the income tax.”Well, if Einstein thought the U.S. tax code was mysterious, imagine how difficult it is for the rest of us. So, it’s a real blessing that Kevin Cross joins us today with some much-needed tax tips.Kevin Cross is a Certified Public Accountant (CPA) who has headed CPA firms in Florida and now Georgia. He has studied the tax code extensively and specializes in representing taxpayers before the IRS. Key Tax Changes When Filing 2024 TaxesWith W-2s and 1099s now in hand, taxpayers are beginning to file their returns. Here are some important updates to keep in mind:1. Crypto and Stock Reporting is More SophisticatedIf you’ve traded stocks or cryptocurrency, be aware that financial institutions are now required to provide more detailed and structured reporting to the IRS. Trying to avoid reporting crypto losses or small transactions? That’s not an option anymore. Even if you had minimal gains or losses, it’s crucial to report them accurately.2. Gig Workers Need to Track Expenses CarefullyMore people than ever are working in the gig economy—driving for rideshare services, delivering food, and freelancing. If you received a 1099 and saw a higher-than-expected income total, remember that you can deduct legitimate business expenses.Some key expenses to track include:Mileage driven for workEquipment or tools used for the job (like delivery bags or ride-sharing accessories)Home office expenses, if applicable3. Home Office Deduction Made SimpleFor those working from home, the simplified home office deduction remains available. Instead of complex calculations, the IRS offers a straightforward option: you can deduct up to $1,500 based on the square footage of your home used for business. This method, sometimes called the "tax court method," makes claiming a home office deduction much easier.Beware of Tax Scams: A New Threat EmergesUnfortunately, tax season also brings an increase in fraudulent activity. One of the most concerning scams right now involves Merrill Lynch accounts, and it’s catching even savvy investors off guard.The Merrill Lynch Phishing ScamHere’s how it works:Scammers deposit a small amount of money into a Merrill Lynch brokerage account.Merrill Lynch detects the fraudulent deposit and contacts the account holder.The next day, the victim receives an email from what appears to be Merrill Lynch, stating they need to transfer their money due to a security breach.Thinking it's a follow-up to a legitimate issue, the victim complies—only to have their money stolen.This scam is particularly dangerous because it plays off real events, making it feel credible. Tragically, one victim lost $900,000 in savings and was so devastated that he took his own life.How to Protect YourselfScammers rely on urgency and deception. Here’s how you can stay safe:Never respond to unsolicited emails or phone calls requesting personal or financial information.Always initiate contact with financial institutions directly through their official website or customer service number.Know the IRS Rules: The IRS will never text, email, or call you to demand payment. If you receive such a message, it’s a scam.As you prepare your taxes this year, keep these key points in mind:Report all taxable income, including crypto and gig work, and track eligible deductions.If you work from home, take advantage of the simplified home office deduction.Stay vigilant against tax scams—verify any financial communications by reaching out directly to the institution.If you need more tax guidance, you can learn more at KevinCrossCPA.com. Stay safe and file smart this tax season!On Today’s Program, Rob Answers Listener Questions:I have a multi-year guaranteed annuity from Gainbridge that pays around 6% for 3 years. Would it be a good idea for me to invest in it for at least a little while?I have a return-of-premium insurance policy. After 20 years, I'm supposed to get all the premiums I paid back, which will be around $32,000. I'm only two years into this policy, but I have some other loans and mortgages I need to pay off. Would it be better to drop this policy and get a different insurance policy, or should I keep the return-of-premium policy?I recently heard a minister commentator I respect say that you don't have to tithe once you are living on your retirement. My husband and I have been tithing off his income while he's still working and I'm retired, and we've found it to be a great blessing. However, the thought of not tithing once he retires concerns me. Is this biblical?My wife and I have about $8,500 in credit card debt and a vehicle payment. To help with this, I am considering opening a new credit card with interest-free payments. My wife's grandmother also mentioned a credit card relief program to me, but I don't know if that would be bad for my credit history. What would be the best way for us to approach paying off this debt?Resources Mentioned:Faithful Steward: FaithFi’s New Quarterly MagazineChristian Credit CounselorsLook At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

It’s often said that wisdom may create wealth, but wealth rarely creates wisdom.What’s more valuable, wisdom or wealth? Before you answer, consider that wealth is fleeting, but wisdom is never lost. John Cortines joins us today to discuss why wisdom over wealth is always the right choice.John Cortines is the Director of Grantmaking at The Maclellan Foundation and previously served as the Chief Operations Officer at Generous Giving. He is the co-author of God and Money: How We Discovered True Riches at Harvard Business School and True Riches: What Jesus Really Said About Money and Your Heart.A Study in Ecclesiastes: Wisdom Over WealthFor the last year, John has been working on an in-depth study for FaithFi titled "Wisdom Over Wealth: 12 Lessons from Ecclesiastes on Money." The study is designed to help believers align their financial decisions with biblical principles.At the heart of the study is a profound truth: while wisdom and wealth are both valuable, only wisdom can preserve life.A Tale of Three Siblings: The Power of WisdomTo illustrate Ecclesiastes's message, John shares a real-life story that highlights the stark contrast between wisdom and wealth:Three siblings each inherited $1 million at age 18—a life-changing sum. Yet, their paths diverged dramatically:The first sibling followed a path similar to the Prodigal Son (Luke 15:11-32), squandering their wealth and ending up in financial ruin. The second sibling made some wise decisions but ultimately spent beyond their means, leaving them with little to show for the inheritance. The third sibling sought wisdom, meeting with godly mentors and hiring a Christian financial advisor. They learned about generosity, investing, and stewardship. Today, they glorify God with their finances and have built a stable foundation for the future.This story powerfully illustrates that wisdom can generate wealth, but wealth rarely generates wisdom.Why Prioritizing Wisdom MattersEcclesiastes sheds light on this principle in Ecclesiastes 7:11-12:"Wisdom, like an inheritance, is a good thing and benefits those who see the sun. Wisdom is a shelter as money is a shelter, but the advantage of knowledge is this: wisdom preserves those who have it."John shares three lessons from this passage that we can take from this:Wealth is useful, but it is temporary.Wisdom is lasting, offering protection, guidance, and life.Without wisdom, wealth can be destructive.While Scripture never condemns wealth, it warns us to prioritize wisdom above financial gain.Thanks to compound interest and investments, wealth tends to grow exponentially throughout life. However, wisdom doesn’t grow automatically—it requires intentional effort.If wealth outpaces wisdom, it creates danger. But when wisdom leads, it preserves our life and financial well-being.This is especially critical during sudden wealth events, such as receiving an inheritance, a bonus, or selling a business. Without wisdom, wealth can disappear quickly.So, if wisdom is more valuable than wealth, how do we pursue it?Wisdom isn’t just a set of principles—it’s a person. 1 Corinthians 1:24 refers to Jesus as:"Christ, the power of God and the wisdom of God."True wisdom begins with knowing Christ. It’s about seeking Him through prayer, studying His Word, and surrounding yourself with godly counsel.Wisdom Before Wealth: A Message for ParentsFor those preparing to transfer wealth to the next generation, we must prioritize passing down wisdom first.The great wealth transfer is happening all around us, but money without wisdom can be destructive. Parents should talk about finances, generosity, and stewardship long before an inheritance is passed down.Here’s how to transfer wisdom before wealth:Start financial conversations early, even with young children.Encourage responsible financial habits.Model biblical stewardship in your own life.Consider gradual giving instead of a lump sum inheritance.The worst approach is to write a will, wait until you pass away, and hope your kids figure it out. Open the conversation today.The Larger Message of Ecclesiastes: Jesus is Our Ultimate WisdomThroughout the book of Ecclesiastes, there are two major themes:The Shortness of Life—Ecclesiastes mentions death in 11 out of its 12 chapters. This isn’t to bring fear but to remind us to live with urgency and purpose. Aligning Finances with Faith—Money is a tool, but it must be managed in light of God’s eternal kingdom.Life is short. Let’s honor God with our time, talents, and treasure. Wisdom is ultimately found in Jesus Christ. When we align our hearts with Him, our finances, decisions, and entire lives are transformed. Let’s pursue wisdom over wealth, knowing that true riches are found in Christ.As you consider your finances, ask yourself:Am I pursuing wisdom as much as I pursue wealth?Am I making financial decisions based on biblical principles?Am I preparing my children and loved ones to handle money wisely?Money is temporary. Wisdom is eternal. Choose wisely.FaithFi’s Newest Study: Wisdom Over WealthIf you’d like to dive deeper into FaithFi’s new study, Wisdom Over Wealth: 12 Lessons from Ecclesiastes on Money is available for pre-order now at FaithFi.com/Shop. This resource will provide practical biblical insights on money, stewardship, and wisdom.On Today’s Program, Rob Answers Listener Questions:I have the opportunity to buy a 19-unit apartment building from a family member for around $1.2 million. I would need to get a loan for $1 million. I think I can increase the currently low rents and build up the equity. What are your thoughts on this opportunity?Resources Mentioned:Faithful Steward: FaithFi’s New Quarterly MagazineWisdom Over Wealth: 12 Lessons from Ecclesiastes on MoneyLook At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Why don’t credit cards ever drown? Because they always have a float to keep them afloat!A little humor to start your day, but in reality, credit card float is no laughing matter—it can quietly put you one step behind financially and even lead to unexpected interest charges. Today, Chad Clark joins us to break down what credit card float is and how you can steer clear of its pitfalls.Chad Clark is the Executive Director of FaithFi: Faith & Finance and the co-author of Look at the Sparrows: A 21-Day Devotional on Financial Fear and Anxiety.What Is Credit Card Float?Credit card float refers to the period of time between when you make a purchase with your credit card and when you actually pay for it. Since using a credit card means borrowing money, this float period allows you to delay paying for purchases—often up to 55 days—without incurring interest, as long as you pay your statement balance in full by the due date.Let’s say you purchase a pair of shoes on January 1st, right at the start of your billing cycle. If your statement closes on January 31st, your payment due date might be around February 25th. This means you have up to 55 days from the date of purchase to pay off the expense without interest.At first glance, credit card float sounds like a great deal—after all, you get to borrow money for free for a certain period. However, there’s a hidden risk: you might unknowingly be living one paycheck behind.Here’s why:If you pay your credit card statement in full each month, you may actually be using this month’s income to pay off last month’s expenses. This creates a cycle where you always rely on future income to cover past spending.While this system works as long as you have a steady paycheck, it can become problematic if unexpected expenses arise or your income changes.The Best Way to Avoid Credit Card FloatTo determine whether you’re unintentionally riding the float, do this quick check:Add up your current credit card balances.Subtract that amount from your checking account balance.If you don’t have enough in checking to cover your full credit card balance immediately, you are riding the float.This means if you lost your income tomorrow, you wouldn’t be able to fully pay off what you’ve already spent.To stay financially secure and avoid relying on the float, follow this key principle:Always have enough money in your checking account to fully pay off your credit card balance at any time—not just the statement balance, but the full balance.That way, when your bill arrives, you can pay it without dipping into savings or waiting for your next paycheck.How the FaithFi App Can HelpMany people don’t realize they’re caught in the float cycle until it’s too late. That’s where the FaithFi app comes in.FaithFi’s envelope system helps users track their spending and ensure they always have enough money set aside to pay off credit card balances in full. Users can ensure they're never one step behind financially by reconciling credit card envelopes within the app.If you want to stay on top of your spending and break free from the credit card float cycle, check out the FaithFi app at FaithFi.com or download it from your app store today.On Today’s Program, Rob Answers Listener Questions:My husband had heart surgery in 2021 and is now bedridden and paralyzed, so I had to quit my job to care for him full-time. I'm $20,000 in debt and trying to get help, but the process is slow. I also had a personal loan that went back up to the original $4,000 balance. What can I do in this situation? I need guidance on how to manage this.I had a 401(k) with a company I worked for about 10 years ago. When the company changed names, I kept my funds in the original 401(k) instead of transferring them. But now I can't find that old account anywhere. I've tried searching and contacting different companies but can't locate it. Do you have any recommendations on how I can find this old 401(k) account?I'm 58 and have a 3-year special catch-up contribution opportunity, during which I can contribute double the normal amount. Should I put all this extra into my 457 plan or split it between the 457 and a Roth account? I don't have much in my Roth currently, so I'm deciding whether to put some in the Roth or just contribute it all to the 457 to get the tax deduction.Resources Mentioned:Faithful Steward: FaithFi’s New Quarterly MagazineChristian Credit CounselorsUnclaimedRetirementBenefits.com (The National Registry of Unclaimed Retirement Benefits)Splitting Heirs: Giving Your Money and Things to Your Children Without Ruining Their Lives by Ron Blue with Jeremy WhiteLook At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

"Do not heap up empty phrases as the Gentiles do, for they think that they will be heard for their many words." – Matthew 6:7In Matthew 6, Jesus warns against meaningless repetition in prayer. Thankfully, He doesn’t leave us wondering how to pray. Instead, He gives us the Lord’s Prayer—an example of how we should approach God with our needs.But have you ever noticed how often we overlook a key part of this prayer? The request for provision:"Give us this day our daily bread." – Matthew 6:11This simple yet profound verse reminds us that God is our provider. He wants us to come before Him humbly, asking for what we need. And in a world where self-sufficiency is often celebrated, this truth is more important than ever.God Is Our ProviderJesus’ words in Matthew 6:11 serve as a powerful reminder that we depend on God for our most basic needs—starting with food. It’s easy to take this for granted, especially in a time and place where food shortages are rarely a daily concern.But do we truly recognize that all provision comes from God? Do we regularly thank Him for our meals and daily necessities? Or do we fall into the trap of thinking that our own efforts—our jobs, savings, and financial planning—are what sustain us?It’s only when we face scarcity—when food, money, or security seem uncertain—that we remember our true dependence on God. But Jesus calls us to recognize this truth every day, not just in times of crisis.The phrase “Give us this day our daily bread” has a deeper meaning than just food. It speaks to all our needs—physical, emotional, and spiritual. We hunger for more than just nourishment. We long for peace, love, purpose, and meaningful relationships.Jesus teaches us to bring these needs to God in prayer, acknowledging that only He can truly satisfy us. The Lord’s Prayer is not just about survival—it’s about trusting that God will provide everything we need, both physically and spiritually.The Danger of Self-SufficiencyFor those of us living in relative abundance, the idea of asking for daily bread might feel distant. Unlike Jesus’ original audience, who often faced food insecurity, we may not think about whether we’ll eat tomorrow. In fact, for many, the challenge is having too much rather than too little.Yet, even in prosperity, Jesus’ words remain critical. This prayer reminds us that we are not self-sufficient. It helps guard against the illusion that we control our own destiny.The danger of materialism is subtle. We may not consciously reject God’s provision, but when we place our trust in our bank accounts, investments, or careers, we begin to believe that we sustain ourselves. That mindset leads to pride—and ultimately distances us from God.Jesus knew our hearts would struggle with this. That’s why He later says:"Seek first the kingdom of God and His righteousness, and all these things will be added to you." – Matthew 6:33We don’t need to worry about our next meal, our financial security, or our future. What we truly need is God Himself. And prayer reminds us of that.Breaking the Grip of MaterialismOne way to keep our hearts aligned with this truth is through generosity. Giving is a tangible way to acknowledge that God—not our wealth—is our provider. When we give, we loosen the grip that money has on us and demonstrate our faith that God will continue to meet our needs.There will always be reasons to worry—economic downturns, market fluctuations, unexpected expenses. But these uncertainties should drive us to prayer, not fear.So, the next time you pray, “Give us this day our daily bread,” say it with sincerity. Recognize your dependence on God. Thank Him for His provision. And let that gratitude lead you to trust—and give—more freely.On Today’s Program, Rob Answers Listener Questions:I'm 68 and plan to retire at 72. I owe $95,000 on a condo with a 7.125% interest rate. I've been paying an extra $1,000 per month towards the principal, but I'd like to know if I should do something else with that money instead of paying down the mortgage. I want to be debt-free when I retire. What should I do?I have some stock savings I was planning to use for retirement. But I had to max out a credit card a couple of years ago when I lost income. The collection agency is offering to let me pay 75-80% of the debt in a lump sum. Should I take money from my stocks to pay this off or try to work out a monthly payment plan instead?I recently won a $570,000 home from the St. Jude Dream Home Giveaway. When I took ownership, I had to pay $205,000 in taxes. My CPA says I could pay an additional 20% capital gains tax when I sell. I've had the home for a few years, and its value hasn't changed much. Can you help me understand the capital gains tax and how I can minimize the tax burden?Resources Mentioned:Faithful Steward: FaithFi’s New Quarterly MagazineChristian Credit CounselorsLook At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

You’re generous; you love to give. But how do you know that your giving is having a real impact?It’s great that you have a heart for giving. The next step is to make sure your giving really counts…and that’s by aligning it with God’s heart. David Wills is here today to help us do that.David Wills is President Emeritus of The National Christian Foundation (NCF). He is also the co-author of Investing in God’s Business (The “How To” of Smart Christian Giving) and numerous articles and lectures nationwide.  The Three Big Questions of GenerosityWhen it comes to giving, most Christians wrestle with three fundamental questions:Why should I be generous?How do I give?Where should I give?The first two questions deal with the heart and the head—our motivations for generosity and the practical ways to implement it. But the third question—where should I give?—often receives less attention. Instead of starting with our passions, we should begin with God's priorities.God asks us to be generous on every occasion so that it brings Him glory and joy to our hearts. But instead of asking, “What am I passionate about?” We should ask, “What is God passionate about?”A Framework for Giving: The Three-by-Three GridTo help believers align their giving with God’s priorities, David introduced a three-by-three framework that incorporates both geography and biblical causes.1. The Geography of GivingA great biblical guide for the where of giving comes from Acts 1:8:“You will be my witnesses in Jerusalem, and in all Judea and Samaria, and to the ends of the earth.”This verse provides a three-tiered approach to geographic giving:Local (Jerusalem)—Giving within our immediate communities, such as supporting our local church and meeting local needs. National (Judea and Samaria)—Supporting broader efforts within our country, including church planting, evangelism, and charitable organizations. International (Ends of the Earth)—Expanding generosity to global missions, Bible translation, and aid to those who have never heard the Gospel.Most people focus on what’s right in front of them—their local church or nearby needs. However, a biblical giving strategy challenges us to think beyond our immediate surroundings.2. The Biblical Priorities of GivingScripture reveals three overarching themes that reflect God's heart for giving:The Great Commission (Matthew 28:19-20)—Supporting efforts that spread the Gospel, such as evangelism, church planting, missions, and discipleship. The Greatest Commandment (Matthew 22:37-38)—Giving to ministries that help people grow in their love for God, including churches, theological education, and discipleship initiatives. The Great Compassion (Matthew 22:39)—Caring for our neighbors by giving to those in need—orphans, widows, the poor, and the vulnerable.These three biblical priorities form the vertical axis of the giving framework, while geography forms the horizontal axis.By overlaying these two dimensions—geography and biblical priorities—believers can develop a well-rounded and God-centered giving plan. This framework helps us see the gaps in our giving. Many believers focus on what’s nearby, but God calls us to care for those who have never heard the Gospel or are in extreme need.Making Giving a Family PracticeOne of the most powerful aspects of this framework is its ability to teach children about generosity. Parents can use this model to discuss giving priorities as a family and even create a family giving plan that reflects God’s heart.We encourage families to:Sit down together and map out their giving on the three-by-three frameworkDiscuss where they are giving too much or too little.Involve children in researching and selecting ministries that align with biblical priorities.Regularly review and adjust their giving strategy as a family.For those who want to track their giving over time, organizations like the National Christian Foundation (NCF) provide tools to help families and individuals monitor their generosity.Aligning Your Giving with God's HeartUltimately, giving isn’t about following personal passions—it’s about reflecting God’s heart. By using a biblical framework for giving, we can be more intentional and experience greater joy in generosity.Take Action Today:Assess your current giving. Does it align with God’s heart?Use the three-by-three framework to create a more balanced, intentional plan.Involve your family in discussions about generosity.Consider using a giving platform like NCF to track and refine your generosity over time.To read David’s full article on this topic, explore Faithful Steward, FaithFi’s new quarterly magazine. You can access it by becoming a FaithFi Partner for $35 per month or $400 per year at FaithFi.com/give.On Today’s Program, Rob Answers Listener Questions:My daughter is turning 16 today, and I'd like to help her become more responsible with her money. Can you recommend any debit cards or apps that are good options for teens? I'm looking for something faith-oriented.I'm working and married, and we'll be at full retirement age by the end of this year. Should I take my Social Security at 62, save and invest that money, and do charitable things? Or should I just keep working and wait for a higher income from Social Security later on?Resources Mentioned:Faithful Steward: FaithFi’s New Quarterly MagazineNational Christian Foundation (NCF)Money Teen Checking Account (Capital One) | GreenlightLook At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

"And my God will supply every need of yours according to His riches in glory in Christ Jesus." — Philippians 4:19This verse is a powerful reminder that God is our ultimate provider, no matter the economic uncertainties we face. Recently, we have seen that many have been concerned about trade tariffs and their potential impact on the economy. Today, Bob Doll joins us to explain what this means and what we can expect moving forward.Bob Doll is the CEO and CIO of Crossmark Global Investments. He regularly contributes to Faith and Finance and other media outlets like Bloomberg TV, Fox Business, and CNBC. What Are Tariffs and How Do They Affect Us?Tariffs are essentially taxes. If a 10% tariff is placed on imported goods, the price of those goods increases. That means consumers pay more for the products they need, which can slow down economic activity.However, tariffs are not just about taxation; they are often used as a bargaining tool in international trade negotiations. Sometimes, it depends on the day of the week because tariffs are on one day and then off the next. This back-and-forth can create uncertainty in the market and impact businesses, investors, and consumers alike.Why Do Markets React Negatively to Tariffs?The stock market tends to respond negatively whenever there's talk of tariffs. Why?Tariffs can slow economic growth. If companies and consumers have to pay more for goods, they either buy fewer products or cut back on spending in other areas. This dampens growth, and the market doesn’t like it.Could tariffs alone push the economy into a recession? If they are significant enough, last too long, and trigger retaliation from other countries, it could certainly lead to what economists call a trade war. A trade war is not healthy for economic growth, but cooler minds will likely prevent it from escalating too far.The Strategy Behind Tariffs: Negotiation or Necessity?So, is the push for tariffs simply a negotiation tactic, or is there a deeper economic issue at play?There’s no question that the U.S. has a trade imbalance with many countries. Addressing this imbalance is part of the reasoning behind tariffs. However, political leaders understand the risks and use tariffs more as a bargaining tool than a long-term strategy. They don’t want to sink the economy because these leaders have a vested interest in economic stability.Finding Peace in Economic UncertaintyDiscussions about tariffs, markets, and recessions can easily lead to fear. Economic uncertainty often leaves people feeling anxious about their financial future. But as believers, we have a greater source of security.Here are three key reminders:Leaders Care About Economic Stability—Regardless of their approach, political leaders generally want a strong economy. The Economy is Resilient—Whether we have tariffs or not, the economy is doing well, and its economic fundamentals are still strong. God is in Control—Most importantly, our hope is not in governments, markets, or policies but in God. God knows the end from the beginning, including tariffs. Psalm 91 reminds us that God is our refuge and fortress—we can rest securely in His protection.Focus on What You Can Control: Faithful StewardshipWhile we can’t control global trade policies, tax laws, or the stock market, we can control how we manage our own finances. We can control our own little economies—what passes through our hands. That means practicing faithful stewardship.We need to take care of everything God has given us—not just money, but all aspects of life: our minds, our bodies, our time. Being wise stewards of our finances means making thoughtful financial decisions, saving wisely, and giving generously. After all, it’s not ours; it’s all God’s.When we recognize that everything we have belongs to God, it transforms the way we handle money. Rather than holding onto it tightly, we can give joyfully and generously.Economic uncertainty will always exist, whether through tariffs, inflation, or market fluctuations. But believers are called to a higher perspective. Instead of being driven by fear, we can rest in the truth that God is sovereign over all things—even global trade policies.The key is to focus on what we can control: managing our finances wisely, practicing faithful stewardship, and embracing the joy of generosity. And through it all, we can trust that God is our refuge and provider, no matter what challenges come our way.On Today’s Program, Rob Answers Listener Questions:I recently received a sizable inheritance. I have some ideas about what to do with it, but I wanted to get your thoughts first.I would like to know where and how to invest. My husband and I are both retired. I have $200,000 left in my TSP and approximately $270,000 in IRA CDs, a small portion of which is Roth IRAs.Resources Mentioned:Faithful Steward: FaithFi’s New Quarterly MagazineCrossmark Global InvestmentsLook At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

"Prepare your work outside; get everything ready for yourself in the field, and after that build your house." - Proverbs 24:27That verse underscores the need for planning and execution, key elements for long-term financial success. Matt Bell joins us today to discuss how to put planning and execution to work for you.Matt Bell is the Managing Editor at Sound Mind Investing, an underwriter of Faith & Finance. The Importance of a Financial PlanLife tends to happen to us while we’re making other plans. Unfortunately, for many people, life happens without any financial planning at all. Millions of individuals fail to establish a clear strategy for managing their money, and even those who attempt to plan often struggle to stay on track.Without a plan, it's easy to drift financially, reacting to circumstances rather than proactively building a stable financial future. The impact of financial planning—and, more importantly, execution—can be profound.A 2011 study analyzed data from over 1,200 individuals aged 50 and older, examining their approach to financial planning and its effect on their retirement net worth. The study categorized participants into four groups based on their level of planning and follow-through:Non-Planners: More than two-thirds of those studied had not done any financial planning despite being close to retirement. Many had not even researched what to expect from Social Security. Simple Planners: This group at least considered their future financial needs and made basic calculations about saving for retirement. However, only about half of them created a tangible financial plan. Serious Planners: These individuals sought financial information and even paid for professional planning advice. However, like the previous group, about half failed to implement their plans. Successful Planners: The final group—only about 20% of those studied—both created and consistently followed a financial plan over many years.Even Small Steps Can Make a Big DifferenceOne encouraging takeaway from this study is that every step toward better planning leads to improved financial outcomes. Even moving from the “non-planner” to the “simple planner” category doubled or tripled net worth at retirement. Advancing to the “serious planner” level added another 25% to 35% in wealth accumulation.This demonstrates that financial planning isn’t an all-or-nothing proposition. Even taking small steps—like estimating future financial needs or using basic retirement calculators—can lead to significant benefits.Proverbs 21:5 reminds us, “The plans of the diligent lead to profit.” This timeless wisdom underscores the necessity of both planning and execution.If you haven’t started the planning process yet, or if you have a plan but aren’t consistently following it, research shows there’s substantial value in getting back on track. Tools like Sound Mind Investing’s MoneyGuide, or even free online retirement calculators, can be a great way to start.Long-term financial success doesn’t happen by accident—it requires both a solid plan and the discipline to follow through. Every step forward matters, whether you’re just beginning your financial journey or looking to refine your existing plan.For more insights, you can read the full article, “Planning and Execution: The Keys to Long-Term Financial Success,” at SoundMindInvesting.org.On Today’s Program, Rob Answers Listener Questions:I have a 401(k) contributing 8%, but my company stopped matching and moved to a pension system. Should I roll over my 401(k) to a Roth or annuity? The balance is around $32,000.I know we need to be generous with our money, and I want to do the same with God's money. So, I was looking into donating to St. Jude's Hospital and my local church. Is it possible to do both, or should I double down and donate all of it to my local church?I have an HSA and had to start Medicare 7.5 years ago. I read I can retroactively take out the Medicare Part B premiums I've paid from my HSA over those 7.5 years. Is that correct?My wife is 62, and we wanted to know if she should start taking Social Security now. We don't need the money for income; we would just invest 100% of it. We're not sure what the drawbacks would be.I'm 64 years old and have significant money in IRA CDs. I considered slowly withdrawing the money every year to increase my liquid assets. I understand that the money goes toward my annual income, but I wanted to know if there is another way to lessen the taxes I have to pay.Resources Mentioned:Faithful Steward: FaithFi’s New Quarterly PublicationSound Mind Investing | MoneyGuidePlanning and Execution: The Keys to Long-Term Financial Success (Article from Sound Mind Investing)Look At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.