Faith & Finance

“Do not be unequally yoked with unbelievers. For what partnership has righteousness with lawlessness? Or what fellowship has light with darkness? - 2 Corinthians 6:14That warning from the Apostle Paul is usually interpreted to mean that you shouldn’t marry outside the faith. But does it apply to other relationships just as much? Ron Blue joins us today with his practical and spiritual insights about partnerships.Ron Blue is the co-founder of Kingdom Advisors and the author of many books on biblical finance, most notably “Master Your Money: A Step-by-Step Plan for Experiencing Financial Contentment.”Understanding Partnerships Beyond MarriageIn 2 Corinthians, the Apostle Paul wasn’t just talking about marriage in his teachings; he was referring to all kinds of partnerships. Partnerships are prevalent in various professions, often seen in businesses with multiple partners and owners. These partnerships can last a long time. Business partnerships, much like other types, require careful consideration and management.Key Principles for Successful PartnershipsHere are a few key principles to consider:Protect Your Testimony: Being in a partnership with someone unequally yoked can impact your testimony. Only you and God can answer whether the partnership is worth the risk to your testimony.Have an Exit Strategy: Just like marriages, many partnerships end up dissolving. It's crucial to have an exit strategy in place before forming a partnership. This ensures that either party can exit the relationship equitably while maintaining their testimony.Preserve the Business’s Testimony: The business itself is often more critical than the individual founders. The goal is for the business’s mission and testimony to live beyond the partnership.On Today’s Program, Rob Answers Listener Questions:My question is about the capital gains tax on the property my husband plans to sell in Georgia. He lived there for 19 years before we married in September 2022 and moved to Tennessee. He plans to sell the Georgia property, pay off the remainder of our house in Tennessee, and invest the rest. I want to know if there is a time limit for him to sell the property and invest the proceeds to avoid paying as much capital gains tax as possible.How much cash should I keep at home versus in a safe deposit box? I've heard that some people are now keeping a lot of cash at home, like $4,000 or $5,000, and I wonder if you would recommend that. I don't have a debit card or ATM access, so I would need to go to the bank to get cash if needed.My husband and I have several savings accounts that hardly earn any interest. We have about $18,000 total in these accounts. What would you recommend we do to get a better return on this money? I want to ensure the money is still easily accessible as an emergency fund, but I'd like to see it earning more interest if possible.My siblings and I have some farmland that we inherited when our dad passed away eight years ago. The sale of the farmland is getting close to being finalized. I wonder how my tax filing status will affect the capital gains taxes I must pay on the sale. I'm currently single but plan to get married this year. Will filing jointly with my spouse next year impact the capital gains taxes I owe on the farmland sale this year?Resources Mentioned:Bankrate.com | NerdWallet 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.

“I praise you, for I am fearfully and wonderfully made. Wonderful are your works; my soul knows it very well.” - Psalm 139:14God made each of us in His image, yet unique in our own way. We have different abilities to serve the Kingdom and different needs. For example, our healthcare needs differ. We’ll talk with Lauren Gajdek today about a great way to help you pay your individual healthcare costs.Lauren Gajdek is the Vice President of Communications and Media at Christian Healthcare Ministries, an underwriter of Faith & Finance. Christian Healthcare Ministries for Every ChristianChristian Health Care Ministries, or CHM, is for every Christian, regardless of where you live in the country or your denominational background. It's the body of Christ coming together to share each other's health care costs. Their common bond is the love we all have for God and the salvation we have through Jesus Christ.Healthcare needs differ and change over time. Whether you're a single person, a married couple, a younger or older married couple, have kids at home, or are an entrepreneur starting a business, CHM can go with you wherever you go. Even as you prepare for retirement, CHM can be a great solution for you.CHM Program OptionsLet's dive into the options available for different life stages:Bronze, $92 per unit, per month Silver, $138 per unit, per monthGold, $240 per unit, per monthSenior Share, $115 per unit, per monthYou can change your program and even have different family members on different programs, offering a lot of flexibility.The Sense of Belonging with CHMCHM is a Christian organization and a ministry first and foremost. They talk to people every day going through very difficult times, and participating in this program means receiving prayer and encouragement when you need it most. As 1 Corinthians 12:27 says: "You are the body of Christ, and each one of you is a part of it."Medigap and Medicare Advantage with Senior ShareCHM will also help with costs that Medicare doesn't cover. They do require Medicare enrollment if you're of the proper age, but if there's a gap in coverage, CHM can step in and help pick up those additional costs.If you want to learn more about Christian Healthcare Ministries (CHM), you can visit CHMinistries.org/FaithFi.On Today’s Program, Rob Answers Listener Questions:I'm concerned that a mass transfer to cryptocurrency could affect credit, interest payments, and the US dollar. I recently received an inheritance, and I'm worried about how this could impact the growth of my money. Should I look into alternatives like gold instead of keeping my money invested?My wife and I inherited an IRA from my mother, who passed away from COVID. I started with about $215,000 in the account, which has now grown to around $235,000. With all the market volatility, I'm feeling a bit nervous about it. We also recently built a house with a mortgage of around $230,000 at an interest rate of 2.85%. I'm trying to decide whether to use some of the IRA money to pay off the mortgage or keep the IRA invested and let it grow over the next ten years before withdrawing it. What would be the best financial decision for my wife and me?I recently received some Walmart stock, about $5,200 worth, as part of an inheritance from my sister. The attorney sent me the cash. How do I report this on my taxes? Does the attorney need to send me a 1099, or do I just need to report the $5,200 I received? I usually file my taxes, but I want to ensure I handle this inheritance properly.Resources Mentioned:Christian Healthcare Ministries (CHM)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 late Tim Keller once said, “Just because you can’t see or imagine a good reason why God would allow something bad to happen…doesn’t mean there can’t be one.”When something bad happens to your finances, it’s tempting to wonder if God really knows what he’s doing. Well, He does! Today, we’ll find God’s comfort in the midst of financial trials.1 Peter 5:7 reminds us of God’s love for us in the midst of life’s troubles: “Cast all your anxiety on him because he cares for you.” It’s a reassuring verse, but you must know the context to understand God’s comfort fully.The Context of Peter's MessageThe Apostle Peter wrote his letters to Christians scattered throughout Asia Minor. Many of them were being persecuted, discriminated against, and even murdered because of their faith in Jesus. In these hardships, Peter told his readers to: “Humble yourselves, therefore, under God’s mighty hand, that he may lift you up in due time. Cast all your anxiety on him because he cares for you.” - 1 Peter 5:6Life can be challenging. It certainly wasn’t for first-century Christians and may not be for you right now. But Peter’s words contain the secret of God’s comfort. It begins with humility.You can probably think of a time when you were going along just fine, and out of the blue, something awful happened, like the death of a loved one, a business failure, a car accident, or a job loss. These tragedies can have severe emotional, physical, and financial consequences.Our Reactions to HardshipsHow do you usually react when bad things happen? Maybe you feel anxious and say, “That’s not how things were supposed to go!” Or, you might feel angry and discouraged, thinking, “Nothing good can ever come from this!” If this sounds like you, you’re in good company. Whether you read the book of Psalms and see David praying laments before God or see Job questioning God during the unfair trials he faced, we leave with this beautiful truth: God can handle our raw, honest emotions.Like David and Job, in these difficult circumstances, we need to continually be reminded that God is mighty, loving, and perfectly capable of running the universe. As worshipers, we’re not called to deny our pain but instead offer it to the only One who can do anything about it. When we bring our grief into God’s presence, we gain perspective. It’s a perspective that rises above the storm. It’s a perspective that sees the Son of Man standing alongside you in the fire.Trusting God's TimingAnother idea in this passage can help us when we struggle. It’s the part that says God will lift us up in due time. In other words, God is sovereign, and there is always hope. We can trust God’s timing, even if it doesn’t match our expectations. God is working things out for our good and his glory.Sometimes, it’s not enough just to listen to a radio program. The struggles in your life hit you hard, and you need more. I hope you’ll spend some extra time reading God’s Word. Pray. Find out what God wants to teach you through your struggles. Spend time with other believers, encouraging each other.The next few verses in 1 Peter 5 explain why these spiritual disciplines are so important. 1 Peter 5:8 reads: “Be self-controlled and alert. Your enemy the devil prowls around like a roaring lion looking for someone to devour. Resist him, standing firm in the faith.” This passage reminds us of the spiritual battle going on all around us. Suffering can make us even more vulnerable to Satan’s attacks. He tries to make us believe we can “do life” without God. But Peter tells us to resist his lies. Bible study, fellowship, and prayer will help you stand firm in the faith.Practical Steps for ComfortTrust the Lord that he has a good reason for what you’re going through right now! The late Tim Keller reminds us, "If we knew what God knows, we would ask exactly for what he gives.”So, when your finances fall apart, here’s how to find real, deep, lasting comfort:Set aside your expectations for how things should be.Humble yourself, and confess your pride.Acknowledge God’s right to be the Lord in every situation.Rest in the hope that God works all things out for your ultimate good.List what you’re worried about or afraid of in this time of trouble.“Cast all your anxiety on him because he cares for you.” - 1 Peter 5:7Stand firm in your faith!In Romans 5:3-5, Paul reveals that God uses hardships to make us more like Christ. It reads: “We also glory in our sufferings, because we know that suffering produces perseverance; perseverance, character; and character, hope. And hope does not put us to shame, because God’s love has been poured out into our hearts through the Holy Spirit, who has been given to us.”Remember, the challenges we face are not just obstacles but opportunities to deepen our faith and experience God’s transformative love. Stand firm in your faith, surrounded by a community of believers, and trust in the boundless grace of God, who turns our trials into triumphs. Let's move forward with hope, knowing that our loving Father is intricately involved in every detail of our lives, working everything out for our ultimate good and His eternal glory.On Today’s Program, Rob Answers Listener Questions:Should I pay off the mortgage on my rental property or focus on paying off my student loans? I'm deciding the best way to become debt-free.I have a 30-year mortgage with an interest rate of just over 6%. Much of my monthly payment is going towards interest rather than principal. I'm wondering if I should try to refinance to get a lower interest rate and save on interest costs over the life of the loan.I'm 62 years old and just started receiving my Social Security benefits. However, I have COPD, and I'm unable to work due to my breathing issues. I was wondering if I could file for Social Security Disability Insurance (SSDI) benefits in addition to my early retirement benefits. I'm not getting enough Social Security payments to cover my expenses.Should I pay off the remaining mortgage on my home using funds from my wife's Thrift Savings Plan (TSP) account? We currently owe about $220,000 on the mortgage, and her TSP account has around $230,000. I'm 58 years old, and my wife is 62 with 20 years of military service. We're focused on becoming debt-free, but I'm also concerned about investing that money in the tax-deferred TSP account rather than using it to pay off the mortgage. I'd like to get your advice on the best approach.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.

Home mortgage rates haven’t gone through the roof in recent weeks…that’s the good news.The bad news is that they’re already pretty high. Coupled with high home values, it’s an uphill climb for first-time home buyers. Will it get easier anytime soon? Dale Vermillion joins us today to talk about it.Dale Vermillion is the author of Navigating the Mortgage Maze: The Simple Truth About Financing Your Home. This book covers everything you need to know about securing a mortgage—all from a biblical perspective.Current Mortgage Rate OutlookThe rates on a 30-year fixed mortgage have been hovering around 7%, and we can expect them to stay between 6.5% and 7.25% for the remainder of this year. Analysts predict that rates may not drop to the 5% range until at least 2025 or 2026, barring any dramatic market changes.The biggest challenge for first-time home buyers is affordability, not inventory. Despite an increase in available homes (620,000 nationwide compared to 451,000 last year), the average sales price is around $420,000. Prospective buyers must carefully budget and ensure they don’t overextend themselves financially.Timing Your Home PurchaseGiven the stable interest rates and improving inventory, now might be a better time to buy than in recent years, as long as you're financially ready. New construction starts are up, particularly in the $200,000 to $350,000 range, ideal for first-time buyers. Additionally, the post-busy season (after school starts) might offer a better buying opportunity with less competition.Interestingly, the housing market seasonality has shifted since COVID-19. Traditionally, spring and summer were the hot buying seasons, while fall and winter were cooler. However, current market demand and population numbers have evened out these seasonal trends. Higher interest rates generally mean less competition, making it a good time to buy.Pricing Your Home for SaleThe strategy for pricing homes has evolved. Previously, sellers would price high and negotiate down. It’s common to price lower to attract more buyers, often resulting in offers above the asking price. However, recent trends show that about 35-36% of homes sell below the asking price, indicating a shift towards more realistic listing prices.For more guidance on navigating the complexities of buying and selling homes, check out Dale’s book, "Navigating the Mortgage Maze: The Simple Truth About Financing Your Home."On Today’s Program, Rob Answers Listener Questions:I have a mother who has been involved in a Publishers Clearing House scam for the last several years. My brother and I, along with the police, have tried to convince her that it is a scam, but she refuses to believe us. Recently, we were able to arrange the sale of her house and get her into an independent living situation with the ability to transition to assisted living or memory care if needed in the future. However, I have found that she has continued to participate in the scam and is giving away her retirement income each month. As her power of attorney, I am trying to save what is left of her assets for her future care. Am I doing the right thing by taking control of her finances to prevent her from being further exploited?I have a few credit cards with Capital One and some loans, including a farm investment loan and a business loan. The interest rates on these debts are high, and I'm figuring out how to lower my monthly payments. I'm currently working with Primerica in the financial services industry, but the income from that is slow. I would like to know if I should look into a debt consolidation loan to settle my payments and make it easier to manage my debt. What would be the best approach for me in this situation?Resources Mentioned:Navigating the Mortgage Maze: The Simple Truth About Financing Your Home by Dale VermillionChristian Credit CounselorsRich 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 Human Genome Project discovered amazing things about man’s makeup. What it didn’t find…was a saving gene.In my book, that means saving doesn’t come naturally—it’s a habit we have to learn…and God’s Word tells us why it’s so important.The Reality of Financial InsecurityYou might be surprised to learn that surveys show less than half of Americans can handle an unexpected expense of $1,000. Many have little or nothing in their emergency fund, and when financial setbacks occur, they often have to borrow, usually using credit cards. This situation highlights the importance of saving, a practice the Bible encourages as wise.Proverbs 10:4-5 states, “A slack hand causes poverty, but the hand of the diligent makes rich. He who gathers in summer is a prudent son.”While it’s prudent to save, we must remember not to put too much trust in our bank accounts. Our ultimate trust should always be in God, our Provider, who has promised to meet our needs and remains faithful.Trusting in God's ProvisionLuke 12:24 reads, “Consider the ravens: they neither sow nor reap, they have neither storehouse nor barn, and yet God feeds them. Of how much more value are you than the birds!” This verse reminds us that while God has His part in our provision, we also have ours. We are to save as His Word instructs us. If you struggle with the temptation to spend, take comfort in 1 Corinthians 10:13, which assures us that God will provide a way to endure and overcome temptations.For some, saving money can’t be avoided due to low-income levels. However, many people who struggle with saving actually make enough money but lack self-discipline. The key to saving is living below your means and exercising self-control. God wants our lives to be balanced, enjoying His bounty while also taking care of our families and helping others in need. This becomes difficult without savings.Everything we have belongs to God, not just what we put in the offering plate. We are stewards of the resources He entrusts to us, and it’s our responsibility to manage them wisely. Here are some steps to start the process of saving:Steps to Start SavingCreate a Spending Plan: Without a budget, you’re flying blind. Your budget should cover all planned expenses and leave something left over. Consider using the FaithFi app to make this process easier.Cut Spending: You’ll need to reduce expenses in some areas. Identify and trim non-essential items from your budget. However, don’t try to do it all at once. Make realistic cuts to avoid feeling deprived.Save from Every Paycheck: Establish the habit of saving something from each paycheck. Developing this discipline is more important than reaching a specific goal. Over time, you can gradually increase your savings amount.Set Attainable Goals: Start with small, achievable goals, like saving $100 or $200 a month. Begin with building an emergency fund, aiming for $1,500, then one month’s living expenses, and eventually 3 to 6 months’ worth.Long-Term Savings Goals: Once your emergency fund is established, set new goals such as buying a home, taking a family trip, or giving to a favorite ministry.Team Effort for Couples: If you’re married, make saving a team effort. Set long-range goals together and celebrate progress, but keep celebrations within your budget.Prayer and Contentment: Pray for self-control and a contented heart. Developing the habit of saving will improve your life, relationships, and ability to serve God and help you sleep better.By following these steps and trusting in God’s provision, you can build a solid financial foundation. Saving provides security and enables you to be a faithful steward of God’s resources, ready to meet your needs and help others. Start today and watch how it transforms your life.On Today’s Program, Rob Answers Listener Questions:What should I do with the Schwab account that has been sitting there for the past seven years? I want to ensure I invest it responsibly and in accordance with my Christian values, but I'm unsure how to do so. Can you provide guidance on finding a financial advisor to help me do so?I've taken a break from work for the past four months to focus on my mental health and seek God's guidance on my next steps. I've fallen into debt with two credit card loans during this time. Now that I'm back to work, should I try to pay off these loans the old-fashioned way by making payments, or should I go through a lender that can help me settle the debt? I want to ensure I'm handling this in a way that honors God.My husband was offered a job with a new company that is part of a union. We're unfamiliar with what that entails, as he's never worked for a union. We're trying to weigh the pros and cons - would the benefits and pension offered by the union be worth paying the union dues, or would it be better for him to stay in his current non-union job? What financial considerations should we consider as we make this decision?Resources Mentioned:Christian Credit CounselorsRich 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 are so materially blessed that we take many things for granted. Can you imagine not having a simple pair of shoes to go about your day?It’s tragic. Millions of children around the world, many of them orphans, suffer the huge disadvantage of not having shoes. Shawn Spurrier joins us today to talk about a way you can help.Shawn Spurrier is the Director of Buckner Shoes for Orphan Souls at Buckner International, an underwriter of Faith & Finance. The Importance of New ShoesProviding new shoes and socks is fundamentally important for these children. New shoes mean:Health: Protecting against disease and infection.Education: Lowering barriers to school attendance.Hope: Demonstrating worth and God’s love.Opportunity: Connecting families to holistic ministry.With the support of generous folks, vulnerable children are protected from disease, receive an education, gain confidence, and see new possibilities in life. Most importantly, they receive the priceless message of the Gospel.How Shoe Drives WorkOne of the key ways Buckner Shoes for Orphan Souls accomplishes its mission is through shoe drives. Hosting a shoe drive is a simple yet impactful way to partner with this ministry. Anyone can sign up to host an in-person or virtual shoe drive in their community, regardless of location or time of year. Here’s how it works:Sign Up: Register for a shoe drive at Buckner.org/shoes.Coordinate: Work with your school, church, office, or club to organize the drive.Promote: Buckner provides all the necessary materials, including:Promotional instructionsPostersBrochuresDVDs with promotional videosPacking and shipping instructionsCollect: Gather new shoes and optional donations to cover shipping costs.Ship: Send the collected shoes to the Buckner Center for Humanitarian Aid in Dallas, Texas. Buckner will distribute them to needy children worldwide.Other Ways to HelpIf hosting a shoe drive isn’t feasible, there are still ways to get involved. Making a donation is a powerful way to contribute. A $15 or $30 donation can change a child’s life by providing them with a pair of shoes. To make a donation, simply visit GiveShoesToday.org.Whether you host a shoe drive or make a donation, you can play a vital role in this ministry. Visit Buckner.org/shoes to learn more and get involved.On Today’s Program, Rob Answers Listener Questions:My question concerns whether I should diversify where I invest. I'm 65 years old and have about $1.2 million, with half of that in a brokerage account with LPL and the other half in a previous employer's 401(k). My broker would like to transfer all the money to him, but I'm considering moving the 401(k) portion to a fee-based management account instead. I'm concerned about putting all my eggs in one basket, so I'd like to know if I should consider a different advisor for that portion of my investments.I paid off my house a couple of years ago, but the title company still has the title. Should I leave the title with them as a safe spot or take it out and put it in a safety deposit box or somewhere else? What should I do with the title now that my home is paid off?My husband and I are deciding the best time to replace my car. We're both retired, but he still works part-time for a couple more years. He thinks replacing the car while he's still working is better, but I have a 13-year-old car running great. I'm hesitating about trading it in. What's your opinion on whether I should replace the car now or wait?I'm pushing 80 years old, and I'd like to close many accounts. I don't even care about my credit score at this point. But how much of a hit does it put on my credit to close if I want to close three or four accounts?Resources Mentioned:Buckner Shoes For Orphan SoulsRich 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 good man leaves an inheritance to his children's children, but the sinner's wealth is laid up for the righteous.” - Proverbs 13:22We’re all familiar with that verse, but do we fully understand its meaning? Is it only about money? I’ll talk about that with Harlan Accola today.Harlan Accola is the National Reverse Mortgage Director at Movement Mortgage, an underwriter of Faith and Finance. He is also the author of Home Equity and Reverse Mortgages: The Cinderella of the Baby Boomer Retirement. The Misconception of Leaving a Financial InheritanceAs Christians, we often forget that the most important legacy we can pass on is our faith and wisdom, especially financial wisdom, to help our children avoid mistakes we’ve made. Much like other private topics, money management is rarely discussed but is critically important.Many people believe they must leave a financial inheritance, particularly their home, to their children, stemming from historical practices of passing down farms or businesses. This belief often leads the elderly to sacrifice their own comfort. However, assets, including homes, should be viewed like any other possession. It's unfortunate that some elderly individuals avoid reverse mortgages and live in poverty to preserve their homes for their heirs, driven by fears that this approach might be unbiblical or might upset their children.Starting the Conversation EarlyThe solution to these issues is early and open conversation. Often, parents are private and embarrassed about their financial struggles. Children can initiate these discussions, reassuring their parents that it’s not about the inheritance but their well-being. Most children wouldn’t want their parents to forego basic necessities or bucket list vacations for a larger inheritance. They appreciate their parents' hard work and want them to enjoy the fruits of their labor.For adult children wanting to start this conversation with their parents, Harlan suggests using examples from family and friends who faced long-term care issues or probate messes to discuss their own family's plans. It's crucial to make clear that the motivation is not about receiving an inheritance but about ensuring the parents' comfort and security. Clear instructions from parents can prevent family conflicts later on.Mechanics of a Reverse MortgageRegarding reverse mortgages, it’s important to note that homes will continue to appreciate, often leaving equity for heirs. It is generally better to give with a warm hand or leave behind assets like Roth IRAs and life insurance proceeds instead of a home. Additionally, heirs might be able to deduct unpaid interest and mortgage insurance, potentially erasing significant tax liabilities.If you’re looking for a mortgage solution or have questions about whether a reverse mortgage is right for you, you can contact Movement Mortgage at movement.com/faith.On Today’s Program, Rob Answers Listener Questions:My husband's wallet has been lost, and his social security card was in it. I'm wondering if we've done everything we should to protect ourselves or if there's something else we could do. We've already canceled our credit card.Resources Mentioned:Movement MortgageAnnualCreditReport.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 have school-age children, you know that we’ve entered one of the year's busiest shopping seasons.It’s true—families are gearing up to send kids back to school, which means a lot of spending. So, how can you make the most of yours without going into debt?As summer winds down, retailers gear up for their own version of Christmas: back-to-school shopping season. A recent survey by NerdWallet reveals that parents of K-12 and college students plan to spend an average of $540 on school supplies and clothing this year. Unfortunately, this can lead to financial strain, with one in ten shoppers going into debt and another 20% using "buy now, pay later" programs.Avoid Debt with Smart ShoppingTo avoid falling into debt, maximizing your back-to-school budget is essential. One way to do this is by taking advantage of sales tax holidays in your state. These holidays can save you anywhere from 2% to 7%, but they vary widely by state, so knowing the exact dates and eligible items is crucial.Sales tax holidays often occur over weekends, but the exact timing can differ. Some states start on a Friday and end on Saturday. Additionally, the items that qualify for tax exemption also vary. While clothing and computers are generally tax-free, accessories might not, so planning your purchases is essential. NerdWallet provides a handy guide detailing which states have tax-free holidays, their dates, and the tax-free items. We’ll include a link to it in today's show notes.Not all localities participate in state tax holidays, so check if your city or town is included. If not, you might need to shop in a nearby area. Fortunately, many states allow for tax-free online purchases during these holidays, provided the items are ordered and paid for within the tax holiday period, even if they are delivered later. Major retailers like Amazon and Walmart participate by automatically deducting sales taxes on eligible items.If you don't already have a membership at a big warehouse store, consider getting one. The savings from back-to-school sales and the benefits of sales tax holidays can make the membership fee worthwhile.Avoiding The Debt TrapRegardless of sales tax holidays, you must determine your budget without relying on credit cards. Make a list of essential items your kids need for the school year. If your budget doesn’t cover everything, prioritize purchases and buy only what you can afford now.While using credit cards to buy everything at once might be tempting, the high interest rates—now averaging around 22%—make this a costly option. It’s better to save on sales tax for some items now and purchase the rest with cash later, avoiding credit card debt.Retailers will tempt you with promotions and sales, but not all items may be tax-exempt during the holiday period. Stick to your pre-determined list to avoid impulse purchases and unnecessary spending.Planning carefully and taking advantage of sales tax holidays allows you to make the most of your back-to-school shopping without falling into debt.On Today’s Program, Rob Answers Listener Questions:My son has back taxes he owes and was looking for tax relief possibilities. He found a company that advertises on national TV, claiming they have saved over a billion dollars in tax dollars for individuals and helped close to 72,000 people. The company's website shows that it has a good rating with the Better Business Bureau and is a member of the NAATP. My son was persuaded to sign up with them, make three upfront installments with his credit card, and give them power of attorney to represent him to the IRS. As we looked into the company further, we found that the reviews indicate they rarely obtain any tax relief or assistance for their clients, despite their claims. I'd like to know whether my son should continue with this company or if he has gotten into a bad situation that will just be a costly lesson learned.My husband and I have a real estate opportunity. A gentleman from our church has a disabled friend who is about to be taken from his home because he has no money and owes about $2,600 in back taxes. The gentleman wants to know if we would put our name on the deed with his friend and let him live the rest of his life there, with us paying the taxes. What would the tax implications be for us in this situation?I have a whole life insurance policy I've had for over 30 years, closer to 40 years. I'm retired now and have money built up inside the policy. It's set up so I could take a loan against it, but I don't see myself doing that. My children are grown, and I've heard that I could potentially sell this policy or just turn it in and get rid of it. I'm hoping you can provide some insight on the best way for me to use or get rid of this policy.I'm 38, single, and recently lost my good-paying job. I'm trying to figure out what to do with my house. I'm thinking about selling it and getting rid of the whole thing, as I'm running out of room. I'm looking for some wisdom and advice on how to proceed.Resources Mentioned:NerdWalletRich 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 human instinct is to hoard things in times of economic stress. Let’s look at what the Bible has to say about that.Hoarding is the over-the-top collection of stuff you can’t rationally use in a reasonable time. Today, we’ll talk about the root causes of this temptation and how to avoid it.Triggers of HoardingPeople hoard at different levels, sometimes even to the point of mental illness, though that's not our focus here. Instead, we’ll discuss the kind of hoarding that many of us are tempted to do, often in response to circumstances.Various factors can trigger hoarding:Fear of Not Having Enough: Remember the panic buying of toilet paper and hand sanitizer during the pandemic? Fear of scarcity can lead to hoarding.Envy: Seeing others with something desirable can tempt us to stock up on the latest hot product just because everyone else is.Selfish Desire for More: Sometimes, people use “frugality” as an excuse to buy excessive amounts of something on sale.Addressing the Heart AttitudesIf your hoarding is driven by fear, envy, or greed, turning to God’s Word can provide a way out.Fear shows a lack of trust in God’s provision. Philippians 4:19 reassures us, “My God will supply every need of yours according to his riches in glory in Christ Jesus.” Trusting in God’s provision helps alleviate fear.Envy focuses on our own desires and disrupts our peace. Proverbs 14:30 says, “A tranquil heart gives life to the flesh, but envy makes the bones rot.” The antidote to envy is contentment, as highlighted in 1 Timothy 6:6, “Godliness with contentment is great gain.”Greed turns possessions into idols. Jesus warns in Luke 12:15, “Watch out! Be on your guard against all kinds of greed; life does not consist in an abundance of possessions.” Cultivating contentment with what we have helps us avoid the snare of greed.The Problem with HoardingHoarding not only reflects negative heart attitudes but also cancels out generosity. Stockpiling for ourselves often means neglecting those in need.While preparing for the future is prudent, it should not be done out of fear or greed. Proverbs 6:6-8 encourages wise preparation: “Go to the ant, O sluggard; consider her ways, and be wise. Without having any chief, officer, or ruler, she prepares her bread in summer and gathers her food in harvest.” This biblical principle endorses preparation without promoting a frantic or selfish mindset.Principles for Godly PlanningGodly planning involves stewardship and generosity. Here are some principles to guide you:Trust God: He holds the future and cares for His children.Prepare Wisely: Be prudent without being driven by fear or greed.Practice Generosity: Plan to be generous with your resources.Applying These Principles in Different Life StagesNo matter your stage in life, the principles of stewardship and generosity apply.For Teenagers: God may guide you toward college and a career where you can influence others for His Kingdom. Trust Him with your resources and follow His call.For Parents: Teach your children to treat their possessions lightly and model godly financial principles. Show them the importance of generosity and stewardship.For Workers: Work wholeheartedly as though for the Lord, trusting Him to provide for you and your family.For Retirees: Consider how God wants to use you and your resources to advance His Kingdom. Retirement is an opportunity to serve and bless others.A spirit of hoarding leads to spiritual harm, while a spirit of stewardship and generosity brings blessings. Remember, everything belongs to the Lord, and He has important work for you to do. Don’t let hoarding distract you from His plan. Embrace contentment, trust in God’s provision, and be generous with what He has given you.On Today’s Program, Rob Answers Listener Questions:Would taking out a $40,000 personal loan at 7.49% interest to pay off my mortgage and save on interest payments over the next six years be a good idea? My mortgage interest rate is around 8%, and payments are $1,500 monthly, with only around $150 going toward the principal. The personal loan would be $800 per month for six years. Please let me know if this is a wise move.I would like some advice about solar farm developers who have approached me about putting solar panels on around 40 acres of my farmland. I've spoken to my local attorney about reviewing the contract, but I wanted to know if there were any potential pitfalls I should be aware of.I recently retired at 66 and await my social security checks to kick in. Through my job, I accumulated $100,000 in a Thrift Savings Plan retirement account. Should I start withdrawing from that account or leave it alone? My wife and I will receive around $4,300 monthly from Social Security, more than our estimated monthly expenses of $3,500 since our house is now paid off. Given our situation, should I start withdrawing from the TSP funds or leave them invested?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.

Margin is one of those important things in life that we often take for granted … and that can lead to trouble.Margin basically means “something extra.” A little extra time or even distance from the car in front of you. It’s critical, especially with your finances. I’ll talk about financial margin today.Applying Margin to Personal FinancesWhen you think of "margin," you might associate it with the business term "profit margin." This concept is crucial in business, as it determines a company's profit after all expenses. Every step of bringing a product to market involves multiple entities—manufacturers, salespeople, transporters, and retailers—all needing to make a profit. The margin each entity needs can vary widely depending on the product, competition, market size, and sales volume.For example, in business, margin in personal finances means having something left over after meeting all your obligations. This isn't just about money but also about time and energy. After fulfilling job duties, family commitments, household chores, and church obligations, it's essential to have time and energy left to recharge and spend with God.Financial margin means having extra funds for unexpected expenses, like emergencies, medical bills, or helping others when God prompts you. Achieving this requires living on a budget or spending plan, which helps you decide in advance where your money will go.The Four Uses of MoneyThere are only four things you can do with money:Live on it.Give it away.Owe it to someone.Grow it.A budget helps you allocate your money into these four categories in advance, unlike balancing a checkbook, which only shows where your money went.Creating a Budget for Financial MarginUsing a budget is critical to creating financial margin. It allows you to plan your spending and ensure you have money left over at the end of the month. If you have more month left than money, you'll need to make changes—either by increasing your income or reducing your expenses. The goal is to live on less than you make, avoiding debt and saving for the future.The FaithFi app is an excellent tool for setting up your budget. It uses the envelope system and offers three ways to create a budget, making the process simple. By planning out your spending decisions, you can ensure you have financial margin.Benefits of Financial MarginYou may also have more physical and emotional margin when you achieve financial margin. You'll sleep better, feel more relaxed, and be better able to use your spiritual gifts to serve God and help others.Margin is essential in both business and personal finances. By living on a budget and creating financial margin, you'll be prepared for unexpected expenses and able to live a more balanced, fulfilling life. Remember, having margin isn't just about money—it's also about having time and energy to spend with God and your loved ones.On Today’s Program, Rob Answers Listener Questions:Are schools required to offer a Roth 401k option for their employees, or is it optional? I would like to know if I can put money into a Roth IRA since my employer only offers a traditional 401k.How are the distributions from grandparent-owned 529 plans treated concerning financial aid? Is this changing soon? What annual gift limits can I give my adult children each year without affecting my taxes or theirs? Where should I invest some of my savings to get a higher rate of return? As retired seniors, my wife and I want to take on only a few risks, but we wanted to know if there was a local financial advisor or CPA we could talk to about our options.What should I do with some substantial savings I have set aside as an emergency fund? I’m getting a meager interest rate, less than 1%, on the savings. I wanted advice on whether I should keep them in savings or if there was a way to get a higher rate of return.What should I do with my 401k as I approach retirement age? I will be turning 59 and a half soon and have a portable pension. Would putting it into a backdoor IRA make sense, or should I talk to a financial advisor to help me plan for retirement since I want to retire at age 62?Would paying off the $500 left on my truck payment be okay since I have enough in my emergency fund? Resources Mentioned: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.