Faith & Finance

“Let each of you look not only to his own interests, but also to the interests of others.” - Philippians 2:4We tend to think of that verse as a prescription for giving to help the poor and needy and that’s good. But is there an application that involves investing? Stella Tai joins us today to talk about how your investing can have a positive impact in the world.Stella Tai is Manager of Stewardship Investing Impact and Analysis for Praxis Mutual Funds®, an underwriter of Faith & Finance. Why Should People of Faith Focus on Impact Investing?Impact investing is an investment approach that goes beyond the traditional goal of making a profit. It’s a way to use investment dollars to promote social and environmental good in the world through carefully selected investment portfolios.Impact investing holds particular significance for people of faith because it aligns with the scriptural mandate to use our gifts, talents, and possessions for good. Faith provides a moral compass, guiding investors to avoid investments that harm society while promoting strategies that address pressing global issues, such as healthcare, education, and environmental stewardship. People of faith have a rich history of pioneering this type of investing, drawing inspiration from groups like the Quakers and Catholic orders that have been practicing values-aligned investing for decades.Integrating Faith-Based Impact into Investment PortfoliosFor individuals or institutions looking to incorporate faith-based impact into their investment portfolios, here is some practical advice to get started:Articulate Values: Clearly define the values that will guide your investments.Align Current Portfolios: Assess existing portfolios to ensure they align with these values.Utilize Available Tools: Explore funds and financial advisors experienced in impact investing.These steps help investors begin the journey of integrating impact into their investments, whether in traditional markets or philanthropy.If you’d like to learn more information about Praxis Mutual Funds, you can visit praxismutualfunds.com.On Today’s Program, Rob Answers Listener Questions:I have a rental property with a $50,000 mortgage at 5.5-5.6% interest. I have the ability to pay off the mortgage, but I'm unsure if I should let the renter continue paying it off while I invest the money elsewhere or if I should pay it off myself. What would be the better financial decision?I have a 5-acre property that includes my current home. I want to do a lot split to build a smaller retirement home on part of the land. What are the best financing options for building the new home while I continue living in my current home? Should I sell my current home first and rent it back, or try to stay in it during construction? And what tax or capital gains implications do I need to consider with the lot split and home sale?I made about four times what my wife made on average during our working careers. Our plan was for my wife to start taking her Social Security at age 62, and then when I started taking mine at age 67, she would switch over to spousal Social Security. However, we recently attended a seminar where the presenter said that even if my wife switches to my spousal benefit at 67, she will still suffer a 25% penalty. Is that true? I want to ensure I understand the implications before deciding when to start our Social Security benefits.I'm 63, and my wife is 60. We both still work. We have $200,000 in savings, earning only 1.5%, and my wife has $200,000 in her 401(k). I declined a 401(k) at my job since they didn't match. Should I invest the $200,000 in savings instead of leaving it in the low-yield account? I plan to keep working as long as I'm able.Resources Mentioned:Praxis Mutual FundsBankrate.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.

“For we are his workmanship, created in Christ Jesus for good works, which God prepared beforehand, that we should walk in them.” - Ephesians 2:10Our good works are not for our sake but for God’s sake, to give Him glory. Investing gives us a powerful way to do that. Today, we’ll talk with Dr. Finny Kuruvilla about investing to change the world.Dr. Finny Kuruvilla is the Co-Chief Investment Officer and Founding Member of Eventide Asset Management, an underwriter of Faith & Finance. He holds an MD from Harvard Medical School, a PhD in Chemistry and Chemical Biology from Harvard University, a master’s degree in Electrical Engineering and Computer Science from MIT, and a bachelor’s degree from Caltech in Chemistry.The Purpose of InvestingInvesting has always been about supplying capital to businesses. This concept originated in the 1400s and 1500s with the rise of corporations, particularly those financing maritime trade. Investing primarily aims to fund companies to help them do good work. However, this purpose can be perverted to support businesses that go against God's design for humanity. Hence, it's crucial to remember that investing should always aim to fund ethical companies.Investing as OwnershipWhen you invest, you become a part-owner of a company, which carries an ethical responsibility. Like owning a small business, you are accountable for the actions of the companies you invest in. This ownership confers a duty to ensure these businesses align with your values and promote good.Integrity in InvestingRomans 12:9 states, "Let love be without hypocrisy. Abhor what is evil; cling to what is good." This principle applies to investing as well. To maintain integrity, you should avoid profiting from industries that contradict your values, such as pornography or tobacco. Instead, invest in businesses that advance the common good, like those making significant strides in healthcare and biotechnology.For example, advances in treatments for leukemia have dramatically increased children's survival rates, thanks to innovative companies in the healthcare sector. These companies exemplify how investment capital can drive significant positive outcomes.Performance and OutperformanceInvesting in businesses that promote the common good can lead to long-term outperformance. Studies, like those referenced in Fred Reichheld's "Winning on Purpose" and Alex Edmans' "Grow the Pie," show that companies adding value to their stakeholders often outperform their peers. This approach aligns with the biblical principle of loving your neighbor and can result in superior long-term returns.Eventide's ApproachEventide uses a framework called Business 360 to evaluate how companies interact with various stakeholders, including customers, employees, and the community. By focusing on companies excelling in value creation, Eventide aims to identify businesses aligned with promoting the global common good and likely to outperform over the long term.The future is bright for Faith-Based Investing because of the growing awareness in faith-based and secular circles that investing inherently involves ethical considerations. This awareness will lead to more opportunities to use investment dollars constructively, promoting values that align with a vision for a better world.Investing with integrity means aligning your investments with your values and ethical responsibilities. As Christians, this involves avoiding industries that contradict biblical principles and supporting those that advance the common good. Doing so can achieve both financial returns and a positive global impact. To learn more about this approach to investing, visit Eventide Funds.On Today’s Program, Rob Answers Listener Questions:I heard somewhere that you can take 4% a year out of your 401(k)s, and they should last you, but I'm looking for information like that. How much? When do we start taking money from these 401(k)s?I could not file my income taxes on time this year, but I did again and got an extension. Are there any penalties that I need to be aware of? I also have become very lazy regarding budgeting, keeping my finances, and keeping on track with them. How do I start over? Where do I begin?Resources Mentioned:Eventide Asset ManagementWinning on Purpose: The Unbeatable Strategy of Loving Customers by Fred ReichheldGrow the Pie: How Great Companies Deliver Both Purpose and Profit by Alex EdmansRich 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.

When you want pithy quotes, check out social media. When you want words of truth, look to the Bible. But be careful not to get those two mixed up.Some familiar sayings may sound like Bible verses, but they’re really not. Today, we’ll find out why so many old saws really don’t cut wood."God Won’t Give You More Than You Can Handle"Of all the Bible verses that aren’t actually in the Bible, here’s the most familiar one: “God won’t give you more than you can handle.” This sounds great, especially if you’re struggling with financial hardship. Unfortunately, it’s not true. The fact is, life is always more than we can handle without God. After all, we need his help just to take our next breath!The idea that “God won’t give you more than you can handle” is a misreading of 1 Corinthians 10:13, which actually says: “God is faithful, and he will not let you be tempted beyond your ability, but with the temptation he will also provide the way of escape, that you may be able to endure it.”The good news is that God’s faithfulness provides us a way to endure temptation…not necessarily avoid it."God Helps Those Who Help Themselves"Here’s another popular quote. Maybe you heard your grandma say this when you refused to do your chores: "God helps those who help themselves.” Again, it might seem like something from the Bible, but it’s not. It’s the opposite of what God’s word says, which is that our help comes from one place. Psalm 121:2 says: "My help comes from the LORD, the Maker of heaven and earth.” It’s not “God plus me getting the job done.”God’s help is never contingent on what you or I do. There’s nothing we can do even to earn God’s help. But, again, the good news from the Bible is that “…God shows his love for us in that while we were still sinners, Christ died for us.” God’s help is always available, not because we do our chores, but because He loves us despite our brokenness."If God Closes a Door, He’ll Open a Window"Have you ever been disappointed, and someone told you, “If God closes a door, He’ll open a window”? Besides letting the bugs in, one way or another, what is that really saying? Does God always resolve your problems immediately? That’s not always the case, is it? Sometimes, God closes a door, and we have to wait with the doors and the windows firmly shut. The Bible does promise that God will keep us headed in the right direction, when we follow him with all our heart. Psalm 32:8 says: “I will instruct you and teach you in the way you should go; I will counsel you and watch over you.”But the “way you should go” doesn’t necessarily mean God will make an escape hatch when you don’t seem to be making progress. You’ll find that God often does some of His best work as you wait, teaching you to trust Him even more. Psalm 37:7 says: “Be still before the LORD and wait patiently for him; do not fret when men succeed in their ways, when they carry out their wicked schemes.”"To Thine Own Self Be True"Our next quote is, “To thine own self be true.” That might sound like scripture, but it’s really from Shakespeare’s play, Hamlet… and as a piece of advice, it’s downright unbiblical. “To thine own self be true” suggests that all you need for success is to follow your own instincts and desires. Unfortunately, it’s our own instincts and desires that cause us to sin. Self-reliance is no substitute for reliance on Jesus. He is the source of truth and the only one we can truly rely on."Follow Your Heart"That brings me to the next common saying, another piece of unbiblical advice: “Follow your heart.” First of all, here’s what Jeremiah 17:9 says about our hearts: “The heart is deceitful above all things, and desperately sick; who can understand it?”In light of that truth, following your heart seems like a really bad idea.Biblestudytools.com puts it this way: “God gives us passions and desires and uses our lives to prepare us for His purposes—just as He prepared David during his time as a shepherd, soldier, and court musician. But that only works if we completely surrender our lives to His leading.”"Let Go and Let God"The next “not-in-the-Bible” quote is, “Let go and let God.” The problem with this saying is that it might encourage a passive approach to problem-solving. While faith and trust in God are crucial, the Bible also teaches the importance of taking action and using the resources and wisdom God provides to address issues. As J. I. Packer once put it: “The Christian’s motto should not be ‘Let go and let God’ but ‘Trust God and get going.’”The bottom line is if you’re a follower of Jesus, you can always trust his provision and rest in his peace, even in the middle of challenging circumstances. Don’t be misled by popular sayings that sound biblical but aren't. Instead, dive into the actual Word of God, where you’ll find the true wisdom and guidance you need for every aspect of life.On Today’s Program, Rob Answers Listener Questions:My financial advisor has me in something called "Guided Solutions," and I don't know anything about that. I was talking to him yesterday, and he said I've gained, but when I look at my portfolio summary, it shows I've gone from $500,000 down to $300,000 over the past year. I'm confused about what he's telling me, and I want to understand the performance of my investments over the long term.My husband and I have a long-term care insurance policy we've been paying into since our 50s. The insurance company is now offering us a paid-up policy for one and a half times what we've already paid into it, which would eliminate our monthly premiums. We have over $1 million in retirement savings and are doing well financially. I'm inclined to take the paid-up policy, but my husband is hesitant. I'd like your opinion on whether this is a good decision for us.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.

“Delight yourself in the Lord, and he will give you the desires of your heart.” That familiar verse from Psalm 37 begs the question: “What are the desires of my heart?”We may be so interested in getting what we desire that we forget the other side of the equation—delighting in the Lord. Today, we’ll talk about desires—and how they can either direct us or distract us.The Nature of DesireThink about a time in your life when you didn’t want anything. You can’t do it, can you? Desire is an inherent part of being human—whether you’re looking for love, money, success, attention, peace, or just something quick to eat. Desire can be a positive or negative force in your life.A desire to pay off debts or save for a car can motivate a person to work harder and spend less. A desire for attention can lead to buying flashy clothes or a fancy car one can’t afford. A desire for power might convince someone they need to put themselves first. The desire to protect and nurture children is part of what makes families work.God’s Design and Human ChoiceGod knows this about us. He made us that way. Genesis 1 tells us Adam and Eve were created in God’s image, perfectly designed for a relationship with each other and the Lord. In His wisdom and love for His creation, God set boundaries and allowed humankind to choose whether to obey Him or not. Adam and Eve desired independence, and as a result, their rebellion severed that perfect relationship with God.So, what are the desires of your heart? There are many things you can want, most of which probably seem good to you. But if you’re a Christian, you must ask if what you desire draws you away from your Creator, who has called you to: “Set your minds on things that are above, not on things that are on earth.” - Colossians 3:2Desires: Distraction vs. DirectionDesire can either distract us or direct us in our walk with the Lord. Sometimes, your desires can distract you from following Jesus, with dire consequences. James 1:14 explains: “But each person is tempted when he is lured and enticed by his own desire. Then desire when it has conceived gives birth to sin, and sin when it is fully grown brings forth death.”Paul warns Christians about immoral behavior in 1 Corinthians 6:19-20, reminding us that our bodies are temples of the Holy Spirit and should glorify God.On the other hand, desires that align with God’s will can direct you away from sin and into a deeper walk with Jesus. As Jesus told his followers in Matthew 5:6: “Blessed are those who hunger and thirst for righteousness, for they shall be satisfied.”David wrote about the desires that please God in Psalm 40:8—“I delight to do your will, O my God; your law is within my heart.”The Transformation of DesiresWhen Jesus is your Savior and Lord, He gives you a new heart and identity as a child of God. Your old nature and old desires don’t define you anymore. You can choose to let those old desires back into your life, but they will distract you. It takes prayer and discipline, but when you choose to delight in the Lord’s ways each day, He will refocus your desires on Him and His purposes.Psalm 37 is full of instructions for living in a way that pleases the Lord:Trust the Lord.Do good to others all the time.Make faithfulness a way of life.Offer your plans to Him every day.Wait patiently for God’s guidance.Don’t let anger control you.Don’t be anxious about what evil people do.Ephesians 5:1 sums this up by reminding us that Christians who desire God more than anything else look just like Jesus: “Be imitators of God, as beloved children, and walk in love, as Christ loved us and gave himself up for us, a fragrant offering and sacrifice to God.”When your desires align with God’s, you will find perfect peace.On Today’s Program, Rob Answers Listener Questions:As sole proprietors, do we tithe off the gross, the profit, or the net?Are there any biblical reasons or red flags I should know when considering a business partnership?I have $58,000 in a 403(b), and one option is to take an annuity that would pay me $400 per month starting now or $586 per month starting when I turn 70. Is an annuity a good investment?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.

The dictionary says integrity is “being honest and having strong moral principles.” God’s Word says, “Better is the poor who walks in his integrity…Than one perverse in his ways, though he be rich.”Are you living with integrity in your financial dealings?Understanding IntegrityIntegrity isn't just about honesty; it also means strength and dependability. When we say a bridge has integrity, we mean it’s sturdy and consistently reliable, able to withstand any amount of traffic without collapsing. As Christians, we are called to be like that bridge—representing Jesus Christ to the world by being honest, strong, and dependable in all we do. Although we won't always get everything right, with God’s help, we can persevere. James 1:12 says: "Blessed is the one who perseveres under trial because, having stood the test, that person will receive the crown of life that the Lord has promised to those who love him."Today, we’re focusing on financial integrity. Your attitudes and actions around money reveal a lot about your heart. The key question is: are you being honest, morally strong, and dependable in your personal money matters?Honesty: The Cornerstone of IntegrityHonesty is crucial to integrity. It’s one of the first things Jesus requires of new believers. When tax collectors asked Jesus what they should do, He replied, “Collect no more than what you have been ordered to” (Luke 3:13). Honesty is essential for effective kingdom work. Titus 1:7 says, “The overseer must be above reproach as God’s steward.” Communities thrive when people are honest, as Proverbs 28:12-13 illustrates: “When the righteous triumph, there is great glory, but when the wicked rise, men hide themselves. He who conceals his transgressions will not prosper…”In practical terms, honesty means doing what is right whether people are watching or not. It involves telling the truth on time sheets, tax forms, tests, applications, and even in social media posts. Honesty also requires fair treatment of employees, clients, co-workers, and customers. All financial dealings should be transparent and upright.Moral strength is not something we can generate on our own. The power to live a Christian life comes from God. He fills us with His Holy Spirit and leads us “in paths of righteousness for His name’s sake” (Psalm 23). The more time you spend studying the Bible, the better you’ll understand God’s ways. Applying biblical principles to your life and finances strengthens your moral principles. As a person of integrity who belongs to Christ, you can be confident that “God will supply all your needs according to His riches in glory” (Philippians 4:19).Dependability: Building a Good ReputationDependability is closely tied to having a good reputation. Proverbs 22:29 confirms this:“Do you see a man skillful in his work? He will stand before kings; he will not stand before obscure men.”Our goal as Christians is to point people to Christ, and a solid reputation gives us a platform to do just that.Ask yourself: can your family, friends, and co-workers depend on you to do what’s right? Are your words and actions consistently godly? Regarding personal finances, are you sticking to a clear, manageable plan?The Challenge of IntegrityBeing honest, morally strong, and dependable is challenging, and nobody does it perfectly all the time. Selfishness and ungodly desires often interfere with our integrity. When that happens, we must repent, pray for God’s forgiveness, and ask for His help. We can then make things right with anyone we’ve wronged and move forward.Remember, the only power Satan has is to accuse and confuse. He can’t snatch you from the hands of our Heavenly Father. Romans 8:1 reassures us, “…there is now no condemnation for those who are in Christ Jesus.”So, you can afford to pursue integrity in your personal and financial life, even if you fail occasionally.Pursuing financial integrity means committing to honesty, moral strength, and dependability, knowing that with God’s help, we can reflect Christ’s character to the world.On Today’s Program, Rob Answers Listener Questions:I was trying to pay off my high-interest credit card debt, but it was just digging me deeper into a hole. As I was praying about it, I heard about Christian Credit Counselors on the radio. I was concerned about whether they were legitimate and if I could trust them.I'm still working, and I'm 65 and I'm going to keep working, probably until I get my full Social Security at 67. My question is, if I draw the full amount, and my wife decides to draw off of my Social Security, and you said it was up to half, do I still get the full amount? Or will her drawing the half cut into my full amount?My husband left me in April, but he wants to stay married until next October to keep the insurance. He left me with $100,000, and we had bought a very cheap home when he retired from his job because he was afraid that the pension was going to go broke. He had also asked me to sign off on the pension so he could get the full amount. Now the pension has been revived, and I won't get any Survivors Pension because I signed off on it. I have already spent $20,000 - $10,000 on the house and $10,000 on bills. I have asked my husband for maintenance money, and I wonder if that is considered greedy or reasonable.I'm in a position at work where I'll be moving out every two to three years, and housing will be provided. Since my wife won't be working, we'll only have one income when we start moving. We also own another commercial property that we rent out. I'm wondering if we should sell the residential property, pay down the mortgage on the commercial property, and invest the remaining equity instead of trying to manage the rental property from a distance.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.

Getting a college degree can substantially increase your lifetime earnings, but even better is getting someone else to pay for it.I’m talking about scholarships, of course. Every year, public and private institutions dole out about $8 billion in scholarships. Are you getting any of it? I’ll talk about how you can.The Rising Cost of CollegeNo question about it: college is expensive. The College Board reports that in 2024, in-state students at public four-year schools are spending an average of $11,260 on tuition and fees for just one year, excluding room and board. Students at private, four-year colleges are spending over $41,500 on tuition and fees alone. With these expenses, it’s not surprising that the average student owes close to $30,000 when leaving school. But you don’t have to be the average student.Scholarships: Your Key to AffordabilityMany organizations are willing to help you pay for college through scholarships…if you meet their qualifications. Our own Rob West’s wife Julie had her own “application assembly line” going, and she was able to land $170,000 in scholarship money. Of course, that took a lot of work…but look at it this way: you can either put in the time and effort now applying for scholarships, or you can borrow and work very hard later to pay back the money. We hope that you’d rather do the work now, so let’s dive into some great resources for scholarship money.Top Scholarship ResourcesFastweb: They host more than 1.5 million scholarships totaling nearly $3.5 billion. To get started, create a profile at FastWeb.com. A search feature helps match you to scholarships that meet your individual needs and keeps track of where you’ve applied.College Board: Known for testing materials like the SATs, the College Board also helps you pay for college. On their site, you can apply for scholarships and internships. They have leads to about 2,200 programs offering nearly $6 billion in college aid every year.Niche.com: This site helps you find not only money but also colleges that cater to your specific major and interests.Scholarships.com: They have a massive database with over 3.5 million scholarship and grant opportunities totaling almost $20 billion. Browse by category or set up a profile to find scholarships specific to your interests.Appily (formerly Cappex): They offer leads on $11 billion in scholarship opportunities and have a tool to help you calculate the odds of getting into a school of your choice before you apply.Chegg: Best known as an online textbook store, Chegg also has great articles about finding and applying for scholarships and grants. Knowing the difference between scholarships and grants could help you land one.Specialized ScholarshipsMany of these scholarship opportunities are merit-based, meaning the higher your grades, the better your chances of landing one. But if you’re more athletically inclined, Unigo lets you search for athletic scholarships and a wide variety of funding opportunities offered by specific schools and companies.Peterson’s: Known as a clearinghouse for information about colleges and universities, they also host about $10 billion in scholarship opportunities.CareerOneStop: Sponsored by the Labor Department, this site allows you to search more than 8,000 scholarships, fellowships, and grants—money you won’t have to pay back.Final TipsOne final idea: check with the financial aid office at the schools you apply to. Sometimes, they have scholarship money available too. We’ve covered a lot of scholarship sites, and you probably won’t use all of them, but try at least a couple. Look for ones that are easy to work with or best match your needs. Many of them will have other features you might find handy.Good luck in your scholarship search!On Today’s Program, Rob Answers Listener Questions:We’d like to start something where we can put some money into an online bank to earn some interest. What would you suggest? My online savings account was compromised, and unauthorized wire transfers were made from it. I'm concerned about how to protect myself, as I didn't receive alerts about the transfers. Do you have any recommendations for securing online accounts and preventing fraud?I'm trying to help my mom, who is 81 years old, invest her money correctly. After selling some rental properties, she has about $500,000 in cash and another $500,000 in IRAs and other accounts. What questions should I ask when interviewing potential financial advisors to manage her money in a way that aligns with her values and needs as an 81-year-old widow?Resources Mentioned:1Password | LastPassBankrate.com | DepositAccounts.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.

If you’re drowning in debt and someone offers a lifeline, make sure it’s not really an anchor.You have a few different options for paying off debt, but they are definitely not all equal. You have debt settlement, debt consolidation, and debt management. Neile Simon joins us today to explain the difference.Neile Simon is a Certified Credit Counselor with Christian Credit Counselors (CCC), an underwriter of Faith & Finance.Debt Consolidation: A Quick Fix with Hidden DangersDebt consolidation is often seen as an attractive option because it combines multiple debts into one loan with an interest rate between 15% and 22%, depending on your credit score. This can make managing payments easier and allows you to keep your accounts open. However, Nearly warns that this method doesn't address spending habits, which can lead to accumulating more debt. Proverbs 13:11 reminds us: "Wealth gained hastily will dwindle, but whoever gathers little by little will increase it."Debt Settlement: Misleading and RiskyDebt settlement companies often use unethical practices, which can be very misleading. They require you to stop paying your creditors, which damages your credit and can lead to severe consequences like legal action, liens on your property, and wage garnishment. Additionally, any amount written off is considered taxable income. Nearly emphasizes that Christians are called to repay our debts and take responsibility for our actions. Psalm 37:21 reminds us that:"The wicked borrows but does not pay back."Debt Management: A Biblical and Effective SolutionDebt management, offered by Christian Credit Counselors, is our preferred method for getting out of debt. This program allows you to honor your debt in full while reducing payments and interest rates. Payments are consolidated into one monthly payment made through the counseling service. Though the accounts enrolled in the program are closed by creditors, you are not required to enroll all accounts. Interest rates on this program range from 1% to 12% APR, enabling you to pay off debt 80% faster. Proverbs 3:27 states:"Do not withhold good from those to whom it is due, when it is in your power to do it."Christian Credit Counselors not only provide a practical solution but also offer a biblical approach, including prayer and encouragement throughout the process. For those seeking a trustworthy partner in their debt repayment journey, you can visit: ChristianCreditCounselors.org.On Today’s Program, Rob Answers Listener Questions:I'm hearing that people are getting scammed out of the money in their bank accounts. Is online banking safe?I have about $5,000 left over after paying for my husband's funeral and buying a headstone. I've kept it in a money market checking account, but it isn't making much. Should I move it somewhere else to get it to grow more, like a high-yield savings account? I want this money to be a rainy day/emergency fund, but I also want it to earn a decent interest rate. I have six kids at home, one in college, and I work a minimum job to keep my benefits. I'm unsure if I'll stay home or continue working, so I want this money to be accessible and growing.Resources Mentioned:Christian Credit CounselorsWise Women Managing Money: Expert Advice on Debt, Wealth, Budgeting, and More by Mirian Neff and Valerie Neff Hogan, JD. Bankrate.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.

The poet Ogden Nash once wrote, “Some debts are fun when you are acquiring them, but none are fun when you set about retiring them.”One thing’s for sure: getting into debt is much easier than getting out of debt, so the more you know about debt and credit, the better off you’ll be. Author Dr. Shane Enete joins us again today to discuss his take on that double-edged sword.Dr. Shane Enete is an Associate Professor of Finance at Biola University and the author of the brand new book, “Whole Heart Finances: A Jesus-Centered Guide to Managing Your Money with Joy.”Debt In God’s WordDebt is often used in the Bible as a metaphor for bondage, emphasizing its severity. Both Jesus and Paul liken redemption to being freed from debt, highlighting the spiritual implications of financial burdens. Debt restricts our ability to fully express our identity in Christ and live freely according to God's will.The biblical concept of Jubilee, where debts are forgiven, highlights God's desire for us to be free and return to our original inheritance, reflecting His provision and grace.While usury, or lending that exploits and enslaves others, is condemned in the Bible, being in debt is more about wisdom than morality. Understanding the distinction between debt on appreciating assets (like education or a home) and depreciating assets (like a car or consumer goods) is crucial for making wise financial decisions.Credit: Not Always Synonymous With DebtCredit is often misunderstood as synonymous with debt. However, building good credit without borrowing is possible and beneficial. Credit is simply a measure of your trustworthiness to repay loans, and a good credit score can provide access to lower interest rates and better financial opportunities.Credit cards are a double-edged sword. While they offer convenience, they also delay the consequences of spending, making it easier to overspend. This delay can trigger a dopamine response, making shopping more enjoyable but also more dangerous financially. It's essential to be aware of this psychological trap and manage credit card use wisely.To avoid the pitfalls of credit cards, we recommend tracking spending daily and using digital envelopes for budgeting. These methods help make the consequences of spending immediate, encouraging more mindful financial decisions. Maintaining visibility over our finances prevents overspending and promotes wise money management. The FaithFi app is a great tool if you’re looking for a customizable money management tool to help you make good financial decisions every day. With the app, you can securely connect to bank accounts, track spending, and make the most of every dollar.Living debt-free and managing money in a way that honors God allows us to excel in the grace of giving. This enriches our spiritual lives by continually experiencing the gospel through generosity. By applying biblical principles to our financial lives, we can experience greater joy and freedom.On Today’s Program, Rob Answers Listener Questions:How can I find investments that align with my faith beliefs?My adult son is disabled and collects SSI and SSA. I retired early, but I am also a teacher seeking licensure. I'm not working right now until school starts again. The bank says they cannot use my son's income unless I'm a beneficiary. How can I become a beneficiary to show his income? And how would that impact me later on with the home if the government tried to take the house since he was receiving Social Security?Resources Mentioned:Whole Heart Finances: A Jesus-Centered Guide to Managing Your Money with Joy by Dr. Shane EneteFaith-Based Investment Funds ListRich 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 boomerang is supposed to return when it leaves your hand. But a boomerang kid, well, that’s something else entirely.Do you have a boomerang kid? That’s a term for an adult child that’s returned home, like a boomerang, and now lives with you again. If so, you’re not alone. We’ll talk about what you can do about it.You're not alone if you have a boomerang kid living in your basement. The latest Boomerang Kids Survey by Thrivent, conducted in April, found that 46% of parents have had an adult child move back in with them at some point. This trend brings unique financial challenges for both parents and children.Impact of Student Loan DebtThe survey revealed that student loan debt is a significant factor preventing boomerang kids from achieving financial milestones:Buying a home: 39%Saving for retirement: 34%Building emergency savings: 36%Additionally, 28% of young adults report living paycheck to paycheck due to student loans, with only 22% saying their first job helps them pay down that debt.Financial Strain on ParentsAn adult child living at home may not be a significant financial burden if you only provide basic necessities. However, the costs can quickly escalate when parents start covering expenses like smartphones, student loans, and car payments. Many parents are willing to help their kids even to the point of jeopardizing their own financial stability. A Bankrate survey found that around half of parents have sacrificed emergency savings and debt payoff efforts to help their adult children, and 43% have tapped into retirement savings.This financial support can lead to dependence, where adult children begin to expect regular handouts. To prevent this, it’s crucial to establish boundaries and encourage financial independence.Strategies for Encouraging Financial Independence1. Realize the Need for ChangeIt’s essential to recognize the importance of addressing this issue. Having an adult child living at home should be temporary unless there are mitigating circumstances, such as caring for a disabled parent.2. Set Non-Negotiable RequirementsYour boomerang child must have a job and be earning an income. Set a deadline, such as “Moving out day is two months from now if you’re not working yet.” With plenty of jobs available, this should be feasible.3. Establish a Budget and Financial PlanOnce your child earns money, sit down with them to create a budget and financial plan. Emphasize the importance of saving money to move out and live below their means to achieve future financial success. You can temporarily offer to match their savings to accelerate the process.4. Encourage Emergency SavingsTeach your child to save for emergencies, ensuring their budget allows for this once they’re on their own. This will prevent them from needing to borrow money or move back in during a crisis.5. Be a Financial Role ModelLead by example. Demonstrate wise money management practices to instill financial responsibility in your children. Proverbs 22:6 tells us: “Train up a child in the way he should go; even when he is old he will not depart from it.”It’s never too late to start teaching financial responsibility. By implementing these strategies, you can help your boomerang child leave the nest successfully and achieve financial independence. Remember, the goal is to guide them toward a future where they can manage their finances wisely and thrive on their own.On Today’s Program, Rob Answers Listener Questions:Why did my credit score drop after making a large payment on my credit card?Can we withhold tithing temporarily to focus on expenses for our son's home, or should we continue tithing even though it's a struggle right now?I formed a revocable trust 23 years ago after my husband died when I owned a house. Now, I no longer own the house, and the only things in the trust are my car and some investments totaling about $80,000. Is it still worth having the trust, or should I get rid of it? If I do get rid of it, how do I do that? I'm also concerned about the tax implications for my children after I die. Would it be better for them to have the trust or not?I'm considering adding an addition to my home, which I own for free and clear. My 401(k) has grown substantially and is now around $1 million. I wonder whether it would be better to borrow the money for the addition and deal with the opportunity cost or to set up a home equity line of credit and pay it back over the next 10-15 years like a regular mortgage. What would be the better option for me?Resources Mentioned:Boomerang Kids Survey (Thrivent)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.

“Wealth gained hastily will dwindle, but whoever gathers little by little will increase it.” - Proverbs 13:11Patience is definitely a virtue, especially when it comes to investing. But too often, we allow our emotions to rule over us. Dr. Art Rainer joins us today to discuss four ways emotions ruin smart investing.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 “Money in the Light of Eternity: What the Bible Says about Your Financial Purpose.”The Impact of Emotions on InvestingWe often hear comments like, “The market has been on fire! I’m putting more money in!” or, “The market is tanking! I’m taking all of my money out!” These reactionary decisions in response to market fluctuations are rarely smart. When it comes to investing, emotions are your enemy. Allowing them to guide your decisions will likely lead to buying high and selling low, undermining the growth of a solid retirement fund.Let’s look at four ways emotions ruin smart investing so folks don’t fall into the emotional investing trap:1. Emotions often focus on the present rather than the future.While the present matters, we can become so consumed with day-to-day market volatility that we miss the big picture. Remember, we’re investing for the future, not today. Keeping your eyes on the future helps make market bumps seem less dramatic. So, limit emotional decision-making by focusing on long-term goals.2. Allowing fear to take over during a down market.When the market heads south, fear can suddenly overwhelm us. Fear-driven decisions rarely result in thoughtful, sound choices. We saw this in 2008 when many individuals pulled out of the market, vowing never to invest again. Most would now agree that their decision wasn’t the best. During a down market, fear is often your worst enemy. Not to mention that when the market is down, steady contributions purchase more shares to increase in value when the market recovers.3. We can be overconfident during an up market.Just as fear can hurt during down markets, overconfidence does the same during up markets. Before the dot-com bubble burst in 2000, we saw this overconfidence again in 2020. Upward-moving markets can make people view the market as free money. Investors who lack experience start buying riskier investments, and those who have never been in the market jump in, not wanting to miss out. This overconfidence can be as devastating as fear.4. Feeling regret when looking back on past investment decisions.You fear the drop and miss out on the gain, or you’re overconfident and suffer significant losses. This regret can lead to overcorrection in future decisions. While regret can help us learn, it’s crucial not to let it dominate our actions. The Bible says that saving is wise, so be wise. Save and invest for the future, but don’t let emotions drive your decisions.Becoming a Certified Christian Financial Counselor (CertCFC)Certified Christian Financial Counselors (CertCFC) help individuals and couples discover and pursue God’s design for money. Practically, Certified Christian Financial Counselors (CertCFC) guide individuals and couples in making wise financial decisions, building sound financial habits, and increasing their biblical financial literacy.If you’d like to learn how to become a Certified Christian Financial Counselor (CertCFC), you can go to ChristianFinancialHealth.com. If you need help creating a spending plan and want to work with a Certified Christian Financial Counselor (CertCFC) to get your finances back on track, go to FaithFi.com/Find. On Today’s Program, Rob Answers Listener Questions:What do I do with the $100,000 in my 401(k) from my previous job? I'm unsure if I should leave it there, roll it into my new employer's 401(k), or move it to an IRA. I want to make sure I'm making the best decision for my retirement savings.My question is about assigning a power of attorney. I don't have any family members I can ask to serve in that role. What do you recommend I do in this situation?My question is about the trust protector role that my attorney has assigned themselves to my trust and will document. I'm unsure what that means or if I should move forward with them in that position. Can you explain what a trust protector is and whether I should be concerned about that?During some slow months at my sales job, I've had to borrow money from family members to cover my mortgage and bills. When I get my next commission payment, I'll only have enough to pay back what I owe. I'm worried that if something were to happen to me, my kids would be affected by the debt I owe. I want to honor God with my finances, but I'm not sure what the right thing to do is in this situation. Can you provide any advice?Resources Mentioned:The Institute For Christian Financial HealthChristian Money SolutionsRich 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.