Faith & Finance

Can you name two things that don’t seem to go together—but actually do? How about freedom…and budgeting?We hear from folks all the time who feel that living on a budget cramps their style, hems them in, and makes them feel trapped. Brandon Sieben is with us today to make the case that just the opposite is true.Brandon Sieben is the Chairman of the Board at Compass Financial Ministry. How Simplified Finances Lead to Peace of MindAlthough budgeting might seem restricting, it can lead to financial freedom and peace of mind. Here are the fundamental principles to consider if you’re struggling with putting together a budget: 1. Keep It SimpleThe first principle of freedom budgeting is simplicity. Often, people avoid budgeting because they think it's too complicated or time-consuming. The goal is to make the process easy, so you'll stick with it, whether utilizing a simple Excel spreadsheet on the fridge to track your expenses or using a tool like the FaithFi app for simplicity and visibility.2. Be HonestThe second principle is honesty and transparency. As Jesus said in John 8:32, "The truth will set you free," and this holds true for budgeting. Many people avoid budgeting because they fear what they’ll find—that their spending exceeds their income. Being honest about where your money is going is crucial to financial freedom.3. Allocate Non-Negotiables FirstNext, it's crucial to prioritize the "non-negotiables"—the essentials that must be paid first, such as tithing, rent, utilities, and food. After these basics are covered, you can think about discretionary spending.4. Save Every MonthEven while playing financial defense, it’s essential to start saving something every month. The habit of saving, no matter how small, is crucial. If you spend every dollar you earn, you have no options. But if you save a portion, even 20%, you’ll begin to build financial flexibility and choices over time.5. Budget for FunOnce you’ve applied the first four principles—simplifying, being honest, prioritizing needs, and saving—you can move on to the final principle: budgeting for fun. Financial freedom doesn’t mean depriving yourself indefinitely. As your savings grow, you can intentionally allocate money for enjoyment.Through these principles, you can move from financial overwhelm to freedom. You can eliminate the anxiety that robs you of joy and embrace a lifestyle aligned with God’s plan for you. As Luke 16:13 reminds us, "You cannot serve both God and money." By choosing God’s principles over financial chaos, you can find freedom.By keeping it simple, being honest, prioritizing needs, saving consistently, and allowing room for fun, you can reduce anxiety and experience the freedom that comes from managing money well.On Today’s Program, Rob Answers Listener Questions:Can you provide me with more information about the Christian Credit Union you partner with? What book do you recommend for passing down inheritances to your heirs? Your show has been a great gift to my wife and me during a tough time. We faced a costly 3-year lawsuit, but your program helped us through it. While our savings took a hit, we have a thriving family business and remain active in our community and church. I used to feel ashamed of our struggles, but I've learned this challenge was part of our journey. Your show reminds us that our future is in God's hands. Thank you for being such a blessing and encouragement.Our oldest son and his wife had purchased a piece of property to build their house. I found a better piece of property and wanted to help them by lending them the money to buy the new property. The interest rate they would have to pay at the credit union was twice what I got in a high-interest savings account. So, I loaned them the money and told them I only wanted the interest rate. I'm a little conflicted on whether I should continue charging that interest, which they are paying monthly, or if I should just forgive that interest.Resources Mentioned:Compass Financial MinistrySplitting Heirs: Giving Your Money and Things to Your Children Without Ruining Their Lives by Ron Blue with Jeremy WhiteChristian Community Credit UnionLook 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.

Today’s parents have better ways to save for their kids’ college than existed a generation ago. So, are you making the most of your college savings program?It’s been less than 30 years since Congress authorized the tax-advantaged 529 plans. More options soon followed. Mark Biller joins us today with the pros and cons of several college-savings programs.Mark Biller is Executive Editor and Senior Portfolio Manager at Sound Mind Investing, an underwriter of Faith & Finance. The Rising Cost of CollegeOver the past few decades, the cost of higher education has increased at a rate much higher than general inflation. Today, more than half of college graduates leave school with student loans, and the average debt load has nearly doubled in the last 15 years. For parents, saving for college can be daunting, but starting early is essential. For instance, if you have 14 years to save for a child’s education, you'll need to set aside about $520 per month to cover 70% of the four-year cost at a public institution. Waiting until your child is older will require much larger monthly contributions.One of the most important strategies is involving your children in the savings process. Helping them understand that any unmet costs will turn into debt in the future can encourage them to contribute through savings, summer jobs, scholarships, and financial aid. This also teaches them the value of disciplined saving.Best Programs for College SavingsWhile there are many options available for college savings, there are specifically three key vehicles: Coverdell Education Savings Accounts (ESAs), 529 Plans, and Roth IRAs. Each has its own strengths and weaknesses.1. Coverdell Education Savings Accounts (ESAs)Coverdell ESAs offer flexibility in investment choices, allowing parents to make specific investment decisions and adjust their portfolios as needed. However, there are income limits for contributors and a maximum contribution of $2,000 per year, which may not be enough if you're starting late in the game.2. 529 PlansThese plans have become the most popular option for college savings. They offer tax-free growth on your investments as long as withdrawals are used for qualified educational expenses. Many states also provide tax benefits for contributions to 529 plans. While they don’t offer the same investment flexibility as Coverdell ESAs, they allow higher contribution limits and have no income restrictions, making them suitable for high-income families. Age-based portfolios, which automatically adjust investments as your child gets closer to college, can simplify the process for busy parents.3. Roth IRAsRoth IRAs are typically associated with retirement savings, but they can also be useful for college savings. You can withdraw contributions without penalties to pay for college expenses. However, you'll need to be at least 59½ years old to avoid penalties on earnings. Roth IRAs provide the flexibility to use the funds for retirement if your child doesn’t need them for college.Choosing the Right OptionWhen it comes to saving for college, it’s not necessarily about choosing one program over another. Parents can use a combination of these accounts, such as contributing to both a Roth IRA and a 529 plan. The key is to start early to maximize the benefits of compounding. The earlier you begin saving, the less you’ll need to set aside each month.With the rising cost of college, saving early is crucial to minimizing student debt for your children. Whether you choose a Coverdell ESA, 529 plan, Roth IRA, or a combination, the important thing is to take action. Don’t put this off. The earlier you make a decision to start contributing, the more you can get compounding working for your earnings.For more detailed information on these college savings options, you can visit Sound Mind Investing and read their full article, “Making the Most of Your College-Savings Program,” at SoundMindInvesting.org. On Today’s Program, Rob Answers Listener Questions:My question was about the 401(k) left to me by a dear friend who passed away. I'm 80 years old, and I understand I can't leave that 401(k) to anyone else as a beneficiary. I wanted to know if I could roll it over, put it in something else, or even take a penalty to access the funds since I'm not sure I'll be able to use it for very long, given my age. I was surprised to hear that I might be unable to name a beneficiary for the inherited 401(k), so I wanted to see if that was true. My auto insurance has significantly increased over the last two years, and it went up again with my latest policy renewal. I want to look for another auto insurance company, but I'm specifically looking for one that is biblically based and doesn't give money to organizations that go against my values. I'm already a Christian Community Credit Union member, so I wondered if they or any of their partners offer auto insurance options that align with my Christian beliefs.I'm a nurse who had to apply for Social Security benefits about 18 years ago when I got sick. I feel I was shortchanged on my benefit amount compared to others, even those with lower incomes and education. I didn't have a lawyer when I applied, and I'm concerned I wasn't adequately credited for my work history starting at age 13. I can get by because I was able to sell a home, but I'm wondering if I can now get a lawyer to try to increase my Social Security benefits since I believe I was unfairly treated when I initially applied.Resources Mentioned:Sound Mind InvestingMaking the Most of Your College-Savings Program (Article by Mark Biller and Matt Bell - 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.

They say life insurance is like a parachute. If you don’t have it the first time, odds are you won’t need it again.While that’s a funny line, all kidding aside, life insurance is the only way most people can provide for their families if they should die. But what happens when it ends?Term life insurance is often recommended due to its simplicity and affordability. Unlike whole life insurance, it doesn’t combine investing with a death benefit, allowing you to invest separately for better financial returns. But when your term life insurance expires, what should you do? Let’s explore the four options available to you.1. Let the Policy LapseWhen your term life insurance expires, you can choose to let the policy lapse. This option may make sense if you no longer need life insurance. For instance, if your kids are grown, out of the house, and supporting themselves, and your spouse’s income (plus Social Security survivor benefits) can cover their needs, you might find that life insurance is an unnecessary expense. In such cases, you can redirect that money into your retirement savings or other financial goals.2. Purchase a New Term PolicyYou may need a new term policy if you still have dependents who rely on your income or if your spouse’s income cannot cover your household expenses. A common recommendation is to aim for a death benefit that’s 10 to 12 times your annual salary.However, be prepared for higher premiums. The cost of a new policy increases with age, so a 50-year-old male could expect to pay around $80 a month for a $500,000 policy—about four times what a 30-year-old would pay for the same coverage. That said, you may need less coverage if the policy is intended only for your spouse, such as a policy that would cover your remaining mortgage balance.Ways to Reduce Premiums:Lower the death benefit: If a $500,000 policy is too expensive, consider reducing the coverage to $250,000 or another lower amount that still meets your needs.Shorten the term: If a 20-year term is costly, a 10-year term might be sufficient to ensure you meet financial obligations like paying off a mortgage. Pay annually: Some insurance companies offer a 5% discount if you pay your premiums in a lump sum once a year rather than monthly.3. Extend Your Current Policy Another option is to extend your existing term policy. The advantage here is that you won’t need a medical exam or any additional underwriting. However, the cost will likely be higher because the insurer assumes more risk by not evaluating your current health. If you’ve developed a severe medical condition that disqualifies you from purchasing a new policy, extending the current one may be your best option—if you can afford the premiums.4. Opt for a Simplified or Instant Issue PolicyIf extending your policy or getting a new one isn’t feasible, you can consider a "simplified term" or "instant issue" policy. These policies don’t require a medical exam, and you can often get approved online. However, there are some trade-offs:Smaller death benefit: Instant issue policies tend to offer lower coverage amounts.Shorter term: The length of the policy may be shorter than standard term policies.Higher premiums: The convenience of skipping a medical exam comes at a price, as these policies often cost more than traditional term policies.Despite these drawbacks, an instant issue policy could be a blessing if other options are unavailable due to medical conditions or financial constraints.When your term life insurance expires, you have several options, each with pros and cons. Whether you let the policy lapse, buy a new one, extend your existing coverage, or opt for a simplified policy, the best choice depends on your current financial situation and future needs. Evaluate your options carefully to ensure you’re providing for your loved ones in a way that aligns with your budget and long-term goals.On Today’s Program, Rob Answers Listener Questions:My husband's new church is providing a portion of his salary specifically for retirement, and they want us to manage it. We've already maxed out our Roth IRAs. What's the best way for us to save and invest this additional retirement money the church is giving us?I have a 22-year-old son who is graduating with a computer science degree. He's worked part-time since high school and is very frugal with his money. Now that he'll be making much more money in a full-time job, I don't have much financial wisdom to offer him when investing his money. What percentages should he put into savings versus investments? And what would be the best way for him to invest his money?Resources Mentioned:Open Hands FinanceList of Faith-Based Investing FundsLook 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.

Student loan forgiveness is much in the news these days. It’s on. It’s off. It’s on again, maybe. What’s the lesson here? The lesson is this: Avoiding student loan debt is much easier than getting out of it. It just takes discipline. We’ll talk about that with Dr. Art Rainer today. Dr. Art Rainer is the founder of the Institute for Christian Financial Health and Christian Money Solutions. He is a regular contributor here at Faith & Finance and the author of “The Money Challenge for Teens: Prepare for College, Run from Debt, and Live Generously.” A Biblical Foundation for College FinancesWhen it comes to preparing for college, it’s important to keep Proverbs 22:7 in mind: “The rich rules over the poor, and the borrower is the slave of the lender.” This verse serves as a crucial reminder that borrowing money, especially for education, can lead to long-term financial burdens. It’s easy to accumulate tens of thousands of dollars in student debt that could take decades to repay.Four Strategies to Minimize College DebtIn The Money Challenge for Teens, Dr. Art Rainer outlines four key strategies to help students minimize, or even avoid, college debt:Start Saving Now: The sooner you begin saving for college, the less you’ll need to borrow.Take College-Level or AP Courses Now: These can reduce the number of credits you need to take in college, lowering your overall tuition costs.Explore Scholarships and Grants: There’s a wealth of financial aid available, but you need to seek it out and apply diligently.Be Willing to Work While in School: Many students work part-time jobs to help cover tuition and reduce the need for loans.While these strategies require effort and discipline, they’re far easier than paying back $30,000 or $40,000 in student loans after graduation.Avoiding Costly Misconceptions About CollegeDr. Art Rainer also shares a list of common misconceptions that can lead to unnecessary student debt. Understanding and avoiding these pitfalls can make the college journey much smoother:Misconception #1: Attending a Costly School Guarantees a Better Job: Higher tuition doesn’t always translate to higher salaries. Employers care about your degree, not how much you paid for it.Misconception #2: You Need the Whole “College Experience”: Some students work during college to offset tuition costs, which can prevent long-term debt.Misconception #3: It’s Okay to Stretch Out College: While there’s some flexibility, extending your degree program can increase costs and the risk of not completing your degree.Misconception #4: You Don’t Need to Know What You’re Signing: Educate yourself on student loans before signing anything. Understand the commitment and explore alternatives.Misconception #5: Everything Will Take Care of Itself: Student loans are difficult to escape, even surviving bankruptcy. It’s crucial to manage your debt and avoid complacency.Misconception #6: There’s No Other Option: While college costs are high, there are always options like scholarships, grants, and community college. Explore every avenue before taking on debt.Putting in the Hard Work NowIt’s far better to put in the hard work now—saving, applying for scholarships, and working while in school—than to be burdened with student debt later. By being proactive and informed, students can avoid the financial pitfalls that so many others face.For more insights and resources from Dr. Art Rainer, visit his website at ChristianMoneySolutions.com. If you’re interested in becoming a Certified Christian Financial Counselor (CertCFC), visit ChristianFinancialHealth.com. On Today’s Program, Rob Answers Listener Questions:How could we use our required minimum distributions (RMDs) to make donations to the church and offset the tax impact? I’m looking for a formula or chart to help calculate the potential tax savings.I'm still working and scheduled to retire within the next couple of years. My employer has an actual person who manages our retirement plan, but I wanted to find out how to invest in things that align more with my faith and ensure I'm not supporting something I don't want to be supporting.Should I move my 403(b) funds to a CD ladder to safeguard them from market volatility, and would that result in a tax burden?How do I access the $36,000 cash surrender value of my 68-year-old friend's whole life insurance policy, and what happens when the policy is discontinued?Resources Mentioned:The Institute For Christian Financial HealthList of Faith-Based Investing FundsLook 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.

“​​Look at the birds of the air: they neither sow nor reap nor gather into barns, and yet your heavenly Father feeds them. Are you not of more value than they?” - Matthew 6:26God has promised to provide, and He is ever faithful. Knowing that is one thing; believing and living by it is another. Taylor Standridge and Chad Clark join us today to launch a brand new tool to help you overcome financial fear and anxiety. Taylor Standridge and Chad Clark (along with Carolyn Calupca) are the authors of the new FaithFi devotional “Look At The Sparrows: A 21-Day Devotional on Financial Fear and Anxiety.” Chad Clark is also the Executive Director of FaithFi: Faith & Finance, and Taylor Standridge is the Production Director of FaithFi: Faith & Finance. Why This Devotional is So ImportantAt FaithFi, we're excited to introduce a brand new resource, Look at the Sparrows: A 21-Day Devotional on Financial Fear and Anxiety. This devotional, authored by Taylor Standridge and Chad Clark, with contributions from Carolyn Calupca, addresses one of the most pressing issues many people face today—financial anxiety. This resource is designed to guide you through the challenges of financial fear, helping you find peace and rest in God's promises.Financial anxiety is a struggle that many people face daily. Whether it's on the Faith and Finance radio program, through our app, or in our community, we hear about it all the time. Financial anxiety isn’t just about the numbers in your bank account; it runs much deeper, often affecting us on a spiritual level. This devotional was born out of a desire to help people recognize the root of their financial anxieties and to offer practical, biblical solutions that lead to peace.The Structure of the DevotionalThe devotional is beautifully structured into seven sections, each containing three devotionals. Each section begins with a portion of Jesus's Sermon on the Mount, and the following devotionals build on that theme. The sections cover topics like "You Can't Serve God and Money," "Don't Be Anxious About Your Life," and "Seek First the Kingdom of God."But this devotional is more than just a daily reading. It invites you to engage deeply with the content. Each day includes a Scripture passage, a devotional reflection, questions for deeper thought, a guided prayer, and a pivotal truth to ponder throughout the day. By the end of the 21 days, you'll have memorized Matthew 6:19-34, grounding you in God's Word as you navigate your financial journey.The Design Behind the DevotionalThe design of Look at the Sparrows is as thoughtful as its content. We wanted the design to reflect the experience of financial anxiety and the hope that God offers. The black-and-white theme symbolizes the darkness of fear, while a pop of gold represents both worldly treasure and the eternal hope we find in God. This design is intended to draw you into the devotional, helping you to focus on the themes of treasure, trust, and God's provision.Experiencing Peace Through Trust in GodOne of the key messages of this devotional is learning to trust God with your finances, freeing yourself from the grip of anxiety. We often try to control our financial future, but real peace comes when we trust that God knows our needs better than we do. This devotional encourages you to see God as your ultimate treasure, helping you to release your worries and rest in His provision.How to Get StartedWe invite you to dive into Look at the Sparrows and experience the transformation that comes from focusing on God's promises. You can learn more about this devotional and get your copy by visiting faithfi.com/sparrows.If you're looking for even more resources and want to support the work we do at FaithFi, consider becoming a monthly partner. As a FaithFi partner, you'll receive devotionals and studies before they're available to the public, plus you'll help sustain our radio program, podcast, website, and app. It's a meaningful way to invest in the kingdom work we're doing together. Become a FaithFi partner when you give a monthly gift of $35 or more a month to support the mission and ministry of FaithFi: Faith & Finance. Just go to FaithFi.com/give. We hope and pray that Look at the Sparrows will help you break free from the weight of financial fear and anxiety, guiding you toward God being your ultimate treasure as you find peace and rest in Him. Join us on this 21-day journey, and let God transform your perspective on finances and life.On Today’s Program, Rob Answers Listener Questions:I have a question about some faith-based brokerage firms. Many larger, more nationally known firms have a broader spectrum of offerings. I'm wondering if you know of one or where I could find information on one that might be better aligned with faith-based investing or more of a morally conservative values approach in many of their products.My husband is considering retiring in a couple of years, but we just realized that his life insurance is with his job, and we don't have any outside of that. Usually, it is a lot more expensive when you search for it outside of your employer. I'd like to see what other options we have. He was just diagnosed with a health condition that would definitely affect his getting life insurance right now.Resources Mentioned:Look At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyList of Faith-Based Investment FundsRich 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.

All your relationships—with your spouse, family, and friends—are important but temporary. Your only eternal relationship is with God.The bonds of family and friends help us thrive in this world, but they pale in comparison to the significance of our relationship with the Lord. Today, I’ll share some practical ways you can draw closer to God.Connecting Faith and Finances: Why Your Relationship with God Affects Your MoneyYou might wonder, "What does my relationship with God have to do with finances?" After all, this is a blog about money, right? Yes, but it’s also about faith. For Christians, faith and finances are deeply intertwined, and the Bible provides three key principles that connect the dots between the two.Principle 1: God Owns EverythingThe first principle is foundational: God created everything, and therefore, He owns everything. Colossians 1:16 makes this clear: “For by him all things were created, in heaven and on earth, visible and invisible, whether thrones or dominions or rulers or authorities—all things were created through him and for him.” This means that everything we possess is ultimately God’s, not ours.Principle 2: God Has Entrusted Us with ResourcesThe second principle is that God has given us everything we possess. James 1:17 says:“Every good gift and every perfect gift is from above, coming down from the Father of lights, with whom there is no variation or shadow due to change.” While God owns everything, He has entrusted us with resources to use temporarily as His stewards.Principle 3: God Desires a Close Relationship with UsThe third principle is that God is not distant or detached—He desires a close relationship with each of us. James 4:8 says: “Draw near to God, and he will draw near to you.” We draw near to God by obediently following His Word. With over 2,300 verses about money and possessions in Scripture, God has made it clear that He wants us to manage money according to His principles.The Spiritual Impact of Money ManagementIn Luke 16:11, Jesus indicates that God uses money as a test: “If then you have not been faithful in the unrighteous wealth, who will entrust to you the true riches?” Jesus is saying that how you handle money affects your spiritual life. When you manage it well—according to biblical principles—you naturally grow closer to Christ. But if you don’t, your fellowship with the Lord suffers.Obstacles to Financial FaithfulnessBiblical money management is a practical way to improve your spiritual life, but obstacles can get in the way. Two types of disobedience can prevent us from handling money God’s way and growing closer to Him.Passive Disobedience: This is simply laziness. Some people don’t want to take the time to organize their finances, create a budget, or track their spending. While these tasks might only take a few hours a month, it’s often too much to bother with. Sadly, the same person might spend more time than that watching TV every night, and as a result, their intimacy with God suffers.Active Disobedience: For others, money and possessions actively compete with Christ. Jesus warns us in Matthew 6:24, “No one can serve two masters, for either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve God and money.” Some people believe they can surrender every part of their lives to Christ except for their finances. They might excel at making money, paying bills, saving, and investing, but they refuse to give Christ lordship over their finances. This resistance often centers around tithing or giving to God’s Kingdom, leading to a weakened relationship with Christ.Finally, there are those who don’t follow biblical financial principles yet believe their relationship with the Lord is just fine. To them, we might say, “What you don’t know will hurt you. What are you missing out on?” If that’s you, commit to the Lord in earnest prayer and follow through by managing your money and possessions according to His principles.Take the Next StepIf you’re ready to align your finances with your faith, start by downloading the free FaithFi app. It will help you set up a budget based on the envelope system and provide you with the best Christian financial content to grow closer to God. Commit to following His financial principles for three months and see if your relationship with the Lord becomes more intimate.Aligning your finances with God’s Word is not just about managing money; it’s about deepening your relationship with Christ. By faithfully stewarding the resources God has given you, you’ll experience the true riches of a closer walk with Him.On Today’s Program, Rob Answers Listener Questions:My kids are buying their first home, and I've offered to help them with the closing costs. Is giving them a loan or a gift better? What are the tax implications of each option?I just retired about three weeks ago, and I have a mortgage balance left on my house of about $26,000 with a 15-year term. We've been making extra payments, so we could pay it off in the next three years by continuing our regular payments. I have enough money in a Roth IRA to pay off the $26,000 mortgage. Should I keep the money in the Roth IRA or use it to pay off the mortgage?My daughter was in the hospital and had surgeries. The hospital pressured her to pay, so she paid the full balance with her credit card. Then she lost her job. Last week, we got a summons for her to appear in court because the credit card company is pursuing legal action. We just don’t know what to do. Resources Mentioned:Rich 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’ve probably heard it said that “anything worth doing is worth doing well.”Today, we’ll find out why working hard at something can pay big dividends—spiritually and financially.The Secret to Success: Discipline in Every Area of LifeWhat does it take to succeed? If you ask any successful person, they’ll likely tell you that success doesn’t happen by accident—it requires hard work, preparation, and the ability to learn from failure. As former U.S. Secretary of State General Colin Powell once said, “There is no secret to success. It is the result of preparation, hard work, and learning from failure.”Success demands more than wishful thinking, whether in finances, job, school, or relationships. It requires action and, most importantly, discipline.The Importance of DisciplineAthletes understand this concept well: the more reps you do in the gym or the more miles you run, the better you perform on competition day. The principle of “no pain, no gain” is universally recognized. Similarly, students who study consistently, take good notes, and complete their homework are better prepared to ace their exams.The same is true for your finances. Practicing discipline in saving, spending, and giving significantly increases your chances of achieving your financial goals. On the flip side, neglecting discipline now often leads to the pain of regret later. Hebrews 12:11 puts it this way:“No discipline seems pleasant at the time, but painful. Later on, however, it produces a harvest of righteousness and peace for those who have been trained by it.”Financial Disciplines and Their BenefitsThe Bible emphasizes the importance of discipline in the life of a Christian, both spiritually and practically. Growing as a disciple of Christ requires more than passive observation; it requires active engagement and discipline. While discipline may be challenging, it can also be a source of great joy. Let’s explore a few examples of financial discipline and its benefits.Consistent Saving: Perhaps you’ve committed to saving a portion of your paycheck every week. This discipline requires effort, but the benefit is the reduced stress about future financial needs. Regular saving builds a financial cushion, giving you peace of mind.Faithful Giving: Giving faithfully to the Lord requires discipline, but it comes with the joy of participating in God’s Kingdom work and the satisfaction of helping others. Generosity enriches your life in ways that money cannot.Paying Down Debt: It takes discipline to chip away at your debts, but the benefit is progress toward financial freedom. Imagine the joy and relief you’ll feel when you’re finally debt-free!Sticking to a Financial Plan: Adhering to a financial plan demands discipline, but it rewards you with peace and confidence. Knowing where each dollar comes from and where it’s going is essential for financial stability and success. If you’re not currently practicing the discipline of a spending plan, we can help. Download the FaithFi app or visit us online at FaithFi.com to create your personalized spending plan.The Joy of DisciplineBeing a good steward of the resources God has entrusted to you requires discipline. While the disciplines of saving, giving, paying off debt, and sticking to a plan may be challenging, they serve a higher purpose.As we read earlier in Hebrews, discipline can be painful, but it also brings joy. Here’s why:Positive Results: Discipline yields positive outcomes. In the realm of finances, you can rejoice when your savings grow, when you make progress in paying off debt, and when you see the fruits of your planning and generosity. These successes make the hard work worthwhile.Peace in Financial Stewardship: Following God’s principles of stewardship and integrity in money matters brings peace to your financial life. There’s a deep sense of satisfaction in knowing you’re managing your resources wisely.The Joy of Order: When you compare the chaos of financial mismanagement with the peace of careful stewardship, it’s easy to see which is more joyful. It’s far better to have all your financial “ducks” in a row than to be constantly chasing them.Overcoming SetbacksEven with the best intentions, none of us make the right financial choices every time. Whether you overspend your budget or miss a loan payment, it’s not the end of the world. Acknowledge your mistakes, seek help if necessary, submit your plans to the Lord, and get back on track. God has entrusted you with specific resources to manage, and when you exercise discipline with your money—and your spiritual life—you’ll experience a harvest of righteousness and peace. That’s true success in anyone’s book!On Today’s Program, Rob Answers Listener Questions:I recently inherited a retirement account from my deceased husband. I want to convert the money into a down payment for a house, and I would like to know if you have any advice on the least painful way to do that.I'm 46, and I have a traditional IRA that I am strongly considering converting to a Roth. What are your thoughts on that decision? My 19-year-old is attending junior college and receiving free tuition from the Tennessee Promise. However, he also wants to invest and hopes to purchase a duplex by age 21. So, we don't want to mess with his FAFSA and mess him up to the point where he would not be able to receive that free money for a Tennessee student attending junior college. So, what could we do for his benefit?I have about $100,000 in a tax-deferred account that's growing little because it's in a guaranteed term. Now that I'm retiring, I want to move it somewhere to maximize my earnings. How would you recommend going about that?Resources Mentioned:Wise Women Managing Money: Expert Advice on Debt, Wealth, Budgeting, and More by Miriam Neff and Valerie Neff Hogan, JD. Rich 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’ve saved up your downpayment and found the perfect house to buy. But have you considered closing costs?They’re really the first big expense you’ll have with home ownership. Which can you negotiate, and which are set in stone?The Hidden Costs of Homebuying: What You Need to Know About Closing CostsBuying a home is an exciting milestone, but amidst the thrill of owning your first house, it’s easy to overlook the long list of closing costs that come with it. Many people think that because these costs are often rolled into the mortgage, they don’t need to worry about them. However, understanding and negotiating these costs can save you a significant amount of money in the long run.For a typical mortgage, closing costs usually range between 3% to 6% of the mortgage amount. Let’s break it down with an example. Suppose you borrow $250,000 at 6.5% interest on a 30-year loan. Your monthly payment would be around $1,580. If your closing costs are on the higher end—say $15,000—and you roll them into your mortgage, you’re now borrowing $265,000 instead of $250,000. This increases your monthly payment by $95, leading to an additional cost of over $34,000 over the life of the loan.In short, closing costs matter. Being aware of them and negotiating where possible is crucial.Negotiable Closing CostsSome closing costs come with wiggle room, meaning you can negotiate them down. Here are a few:Homeowners Insurance: Your lender requires this, but you can shop around for the best rates. Don’t assume the insurer suggested by your lender or agent is the best option.Origination Fee: This fee typically covers the cost of underwriting the loan and is usually about 1% of the loan amount. Always ask to have it waived or lowered; you might not succeed, but asking costs nothing.Underwriting Fee: Some lenders charge this fee in addition to or instead of the origination fee. Again, you can negotiate this.Loan Application Fee: This one-time fee for processing your loan can also be a candidate for negotiation, especially if you’re already paying an origination or underwriting fee.Real Estate Commissions: Traditionally, sellers have paid the commissions for both the seller’s and buyer’s agents. However, recent changes in the real estate industry mean buyers may now be asked to contribute. It’s another area to negotiate.Title Insurance: You’ll need to buy lender’s title insurance, which only protects the lender. You can shop around for better rates and suggest a different insurer to your lender. Don’t forget to purchase owner’s title insurance to protect your ownership.Non-Negotiable Closing CostsWhile some closing costs can be negotiated, others are fixed. These include the appraisal fee, credit check fee, government fees (such as title transfers or recording costs), and property taxes. You should be prepared to pay these costs without expecting any leeway.The Importance of Integrity in Your Mortgage CompanyWith so much money on the line, it's essential to work with a mortgage company that operates with transparency and integrity. Movement Mortgage is a Christian mortgage company founded during the 2008 housing crisis. Its mission is to help homebuyers while glorifying God by positively impacting communities within the U.S. and abroad.Movement Mortgage offers competitive rates and the opportunity to be part of a global movement of change. The company has donated $377 million to community projects both locally and internationally. With locations in all 50 states, Movement Mortgage is a lender you can trust to guide you through the home-buying process with integrity.For more information, you can visit FaithFi.com/Movement.On Today’s Program, Rob Answers Listener Questions:Are permanent endowments biblical in a Christian context? I'm thinking of a Christian university, nonprofit, or other Christian organization with a permanent endowment where the original gift can never be touched and only the income can be used. What are your thoughts on the biblical perspective of this?I had a TIAA account that my husband took out as an adjunct professor at the local community college. It's just a small amount, and because I'm 76, I've been required to take a certain amount out each year. I want to give this to my son so those amounts can stay there and start accruing interest. Can I do that?I'm trying to mitigate the taxes on the sale of a rental house. Can I use the proceeds to satisfy my required minimum distribution (RMD), or does the RMD have to come from an IRA? Also, my husband has had a whole life insurance policy since he was 20. Is there ever a time when whole life insurance is beneficial?Resources Mentioned:Movement MortgageWill We Be Rewarded for Leaving Money to Christian Ministries in Our Wills? (Article by Randy Alcorn)Rich 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.

A recent survey shows that most parents think they should teach their kids financial literacy; the good news is that many are actually doing it.Still, other parents may not know how to teach their kids financial responsibility. Ron Blue joins us today to discuss how he and his wife, Judy, did it.Ron Blue is the co-founder of Kingdom Advisors and the author of many books on biblical finance, including “Your Kids Can Master Their Money: Fun Ways to Help Them Learn How.”The Importance of Financial Education at HomeA recent survey by the Bank of Oklahoma Financial reveals that 85% of parents believe they should teach their kids about financial responsibility, with many acknowledging that this should also be a part of school curricula. However, a significant portion of parents, about one-third, feel that schools aren't sufficiently addressing this topic. Encouragingly, 65% of parents are actively teaching their children about money management.Children learn best by observing their parents’ financial habits. The old adage "more is caught than taught" rings true—kids learn to manage money by seeing how their parents handle it. However, teaching financial responsibility has become more challenging with the rise of credit cards and digital transactions.Age-Appropriate Lessons For ChildrenFor younger children, Ron Blue and his wife Judy used a simple yet effective method: the envelope system. Starting at age eight, their children received envelopes designated for different purposes: giving, saving, spending, gifts for the family, and clothing. This hands-on approach taught the kids about budgeting, prioritizing, and the importance of giving.As their children entered high school, they introduced them to more advanced financial tools, such as credit cards, while educating them about responsible usage. This early exposure helped their children understand the implications of credit and the importance of managing money in a digital society.Today, parents have even more resources at their disposal. Ron Blue suggests using debit cards and budgeting apps, such as the FaithFi app, to help children manage their finances. By teaching children about money early on, parents can equip them with the skills and wisdom needed to navigate the financial challenges of life.On Today’s Program, Rob Answers Listener Questions:I had a stroke and had to retire early, and now the only thing I have is my home. I received a letter about a reverse mortgage, and I was wondering if that could help me.I was just curious about your thoughts on Fisher Investments and whether 1.25% is too much to pay for the management of my funds.I'm on disability, and I'm eligible for Social Security, but I can't draw both at the same time. My Social Security is substantially higher than what my wife would be. Can she draw mine?I have a mortgage on a new home and want to refinance due to the high interest rate, but I'm unsure if I should wait, recast the loan, or put money towards the principal. What are the advantages of those options?Resources Mentioned:SSA.gov (Social Security Administration)Zillow.comRich 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.

“We know that our old self was crucified with him in order that the body of sin might be brought to nothing, so that we would no longer be enslaved to sin.” - Romans 6:6Being born again in Christ changes a person. We’re given a new nature that fights against our old, corrupt nature. Sometimes, the evidence of this is in the area of finances. Straight ahead—a journey to faithful stewardship.Bobby’s TestimonyIt's always a great privilege to connect with people, answer their financial questions, and offer help whenever possible. Recently, we spoke with Bobby from Nebraska, whose story is a powerful testament to the transformative power of faith and determination.Bobby was in a tough spot. He had accumulated significant debt, including a car repossession, delinquent medical and credit card debt, and unpaid overdraft loans sent to collections. But despite his financial struggles, Bobby was committed to turning his life around. When asked if anything had changed in his life since accumulating that debt, Bobby shared his story.In his own words, Bobby explained, “Back then, I was big into partying and addicted to drugs. I sold drugs and went to prison for it. Well, now I'm clean and sober. I don't do any of that anymore. I actually have money in my bank account. September 10th, 2021, was the biggest start of it. That’s when I gave my life to Jesus Christ. And now I'm just trying to get everything back in line and where it needs to be.”Hearing how Bobby’s life has changed since inviting Christ in as his Savior was truly inspiring. His commitment to sobriety and financial stewardship is a powerful example of God’s redemptive power.Steps Toward Financial FreedomA few weeks ago, we advised Bobby to take several steps to get his finances in order. First, we recommended that he pull copies of his credit reports from Experian, Equifax, and TransUnion to identify all his debts. Then, we suggested he contact Christian Credit Counselors to help manage his credit card debt through a debt management plan, which would consolidate his payments and help him pay off his debt faster.We also offered to connect Bobby with one of our Certified Christian Financial Counselors (CertCFC) at no charge. This counselor would work with him one-on-one to develop a budget and create a plan for paying off his old debts. Finally, we took a moment to pray with Bobby, thanking God for His miraculous intervention and the gift of eternal life that Bobby had received.Biblical Principles Guiding Bobby's TransformationBobby’s journey highlights several biblical principles that are now guiding his life:The Body as a Temple: Bobby’s decision to give up drugs aligns with 1 Corinthians 6:19, which reminds us that our bodies are temples of the Holy Spirit. Recognizing that we are not our own but belong to God is a powerful motivator for making healthy choices.Humility: Bobby’s willingness to seek help, even on a public platform, reflects the humility described in Proverbs 22:4: “The reward for humility and fear of the Lord is riches and honor and life.”Honesty: Bobby’s commitment to owning up to his debt is a reflection of the biblical principle of honesty. Exodus 20:16 and Colossians 3:9 teach us the importance of living truthfully, especially as followers of Christ.Repaying Debts: The Bible emphasizes the importance of repaying what we owe. Psalm 37:21 says, “The wicked borrows but does not pay back, but the righteous is generous and gives.” Bobby’s desire to pay off his debt is a step toward fulfilling this principle.Stewardship: Perhaps the most significant principle guiding Bobby now is stewardship. He wants to manage his finances faithfully, in line with 1 Corinthians 4:2: “It is required of stewards that they be found faithful.”We were grateful to help Bobby on his journey to faithful stewardship, and we want to extend that same help to you. If you’re struggling with your finances, need help creating a budget, or want to develop a plan to pay down debt and start saving, please reach out to us. We’re here to help you take the next step toward financial freedom and faithful stewardship.Bobby’s story is a powerful reminder that with God’s help, it’s never too late to turn your life around and get back on track. If you’re ready to take that step, we’re here to walk alongside you.On Today’s Program, Rob Answers Listener Questions:I'm 70 and have a lot saved in my retirement accounts. I want to help my daughter and son-in-law, who are in their 20s, buy their first home. What's the best way for me to gift them money from my 401(k) without creating tax issues?I renovated a duplex and am having trouble renting it out. Should I sell the property to avoid capital gains taxes or keep trying to find tenants?I rent out a 3-unit apartment building. Would applying for an LLC benefit this rental property?Resources Mentioned:Rich 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.