Faith & Finance

Is Jesus Lord of all your affairs, or is there still one part of your life where you insist on being “in charge?”That one area, all too often, is money. We all have to make a decision. Will we live in God’s economy or man’s? Sharon Epps is here today to help us understand the difference.Sharon Epps is the president of Kingdom Advisors, FaithFi’s parent organization. Kingdom Advisors serves the broad Christian financial industry by educating and equipping professionals to integrate biblical wisdom and financial expertise.Being "In the World" but Not "Of the World"Oswald Chambers once said, "Our Lord did not teach detachment from other things: He taught attachment to Himself." Jesus was not a recluse; He was deeply involved in everyday life but lived according to Kingdom values, not the world’s. Larry Burkett also noted that few Christians understand the devastation caused by the misuse of money. Those who embrace God’s financial plan stand out, while many struggle within the world’s economic system.Man’s economy is characterized by frustrations, worries, and anxieties, affecting many Christians as much as non-believers. Sharon highlights that the constant drive for more, as described in Psalm 4:6-8, contrasts sharply with the contentment found in God’s economy.Key Differences Between God’s Economy and Man’s EconomyIn God’s economy, He is the master, providing everything, including our ability to earn money (Deuteronomy 8:18). In man’s economy, money becomes the master, regardless of how much one has.God is the source of our income in His economy, whereas, in man’s economy, people often claim, "I earned it." Recognizing God as the source fosters humility and gratitude.In God’s economy, wealth is given to help others and advance His Kingdom. Man’s economy views wealth as a means to live independently and insulate oneself from life’s problems.The Role of MoneyMoney’s purpose is to fulfill God’s plans. In contrast, man’s economy sees money as a safeguard against potential issues, leading to constant fear and a sense of never having enough.In God’s economy, we are trustworthy stewards of temporarily given resources, guided by biblical principles. In man’s economy, the focus is on personal fulfillment and happiness.Success in God’s economy is defined by faithfulness to His principles, leaving the outcome to God. Man’s economy measures success by achievements and net worth, often leading to feelings of failure if goals aren’t met.What Drives Us?God’s economy promises eternal rewards, with the ultimate affirmation being, "Well done, good and faithful servant!" (Matthew 25:23). Man’s economy values earthly gains, which cannot be taken beyond this life.In God’s economy, our significance comes from being a child of God. Man’s economy ties worth to work, riches, and power, offering little lasting joy. In God’s economy, we are driven by His glory and fame. Man’s economy motivates us through personal significance and security.Living in God’s economy brings contentment in all circumstances, trusting God is in control and will provide. In man’s economy, emotional states are volatile and dependent on financial success or failure. Living in God’s economy brings peace, purpose, and joy, contrasting sharply with the anxiety and instability of man’s economy.On Today’s Program, Rob Answers Listener Questions:How does Social Security work if I draw from my ex-spouse's retirement? I was married for 19 years and have not remarried yet. Will taking my ex-spouse's benefit affect what they receive? When would be the right time for me to contact Social Security about claiming this benefit? I work with a ministry called Men of Valor that helps men coming out of incarceration to reenter society. One of the significant challenges we see is that once these men start earning an income, it can be difficult for them to manage their money and avoid overspending. I've heard you talk in the past about budgeting apps and wanted to know if there is something our men could use on their phones to help divide up their paychecks for expenses like rent, food, giving, and other necessities. Can you recommend anything that might work well for this purpose?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.

It’s human nature to be concerned about having enough, but would you know it when you get there?It’s a question we don’t ask ourselves enough…how much is enough? We have a great story in the Bible that gives us a clue, and Dr. Kelly Rush joins us today to talk about it.Dr. Kelly Rush is a Professor of Finance, Department Chair, and Financial Planning Program Coordinator at Mount Vernon Nazarene University in Ohio. Understanding Lifestyle CreepIf you’re unfamiliar with the concept of "lifestyle creep," it’s where individuals tend to spend more on lifestyle comforts and luxuries as they earn more money. For example, a college student on a Taco Bell budget may progress to eating at Panera and eventually to dining at more expensive restaurants like the Cheesecake Factory as their income increases.Lifestyle creep isn't limited to dining choices. It affects various aspects of life, including vacations, clothing, entertainment, and cars. For instance, a high school student might start with an old Ford Taurus, but they may drive a luxury car like a Mercedes or BMW by their peak earning years. This progression happens gradually and can lead to significant lifestyle changes over time.Is Lifestyle Creep Wrong?Increases in lifestyle spending can be healthy and motivating but can also be a slippery slope if left unchecked. It's essential to monitor our budgets and hearts to avoid falling into the trap of excessive spending.Lifestyle creep is fundamental to the human condition and not just a result of cultural norms. There are parallels to the biblical story of Lot, who progressively moved closer to the affluent and corrupt city of Sodom, illustrating that the desire for more is a timeless human trait.Lessons from Lot's StoryLot's story in Genesis 13 shows how he chose the greener pastures of Sodom for greater financial gain, eventually becoming influential in the corrupt city. This progression highlights the dangers of prioritizing wealth and lifestyle over spiritual and moral values.While Sodom is often associated with sexual sins, Ezekiel 16:49-50 reveals that their iniquity also included arrogance, gluttony, idleness, and neglect of the poor and needy. Wealth gave them a false sense of superiority and security, leading to their downfall.Avoiding Lot's MistakesTo avoid the pitfalls of lifestyle creep, it’s crucial to set financial finish lines—real dollar limits on spending that help define "how much is enough." These limits can be for lifestyle expenses and assets, ensuring that any financial blessings beyond these limits are used to bless others.Setting financial finish lines increases giving and sharing of the Lord's abundance. As Paul advised in 2 Corinthians, giving should be decided in one's heart and done cheerfully. Establishing these limits helps align our financial decisions with our values, creating greater joy and purpose.On Today’s Program, Rob Answers Listener Questions:Should I keep my $25,000 in a conservative investment group that is no longer actively managing it, or should I roll it over to the company I have been with for 30 years? They have been handling my other $50,000 investment and are doing well as my advisors.I was wondering what to do with my $60,000 disability settlement. Is there any way I could stop paying the extra Medicare insurance that was automatically taken out since I already have insurance through my pension?I recently received a call from USAA about investing $300,000 from my TSP into a retirement annuity. Since I plan to retire within the next year, I wanted to know if putting the money into an annuity would be a good idea so that I could get a return on it.Resources Mentioned:Timothy PlanRich 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.

Stock markets have seen record highs in the past couple of months. Is it a good time to take profits?Well, it certainly can be a good time to take profits if you’ve seen your investments go through the roof recently. And today, I want to tell you about a way to realize those gains for God’s Kingdom.Why Donate Appreciated Stocks?With recent historic highs in the markets, now is an excellent time to consider donating appreciated stocks to your church or other ministries. Donating stock instead of cash can significantly benefit both the donor and recipient, primarily due to its tax advantages.The Benefits of Donating StocksDonating appreciated stocks to a ministry typically gets a higher tax deduction and avoids capital gains taxes. This means you can give more than you might if you donate cash. Here’s why:Tax Deductible: The total value of the stock is deductible.Avoid Capital Gains Taxes: There is no need to pay taxes on the appreciated value.If the stock value has appreciated, donating it directly to a church or charity is usually the best option. However, if the stock has lost value, it’s better to sell it, take the deductible loss, and then donate the cash proceeds.Understanding the Tax BenefitsThe tax benefits of donating stocks depend on the type of organization you’re giving to and your adjusted gross income. Donating appreciated stocks allows you to use their fair market value as an itemized deduction if you’ve held the stock for over a year.Let’s say you bought 50 shares of Mock Industries at $20 each, totaling $1,000. Those shares are worth $40 each, making your investment worth $2,000. If you sell the shares and donate the after-tax proceeds, you’d have to pay 20% capital gains taxes on the $1,000 profit, leaving you with $1,800 to donate. However, donating the stock directly means the church receives $2,000, which you can deduct from your taxes.Some ministries may not be set up to accept stock donations and might ask you to sell the stock first. This is less efficient due to the capital gains taxes involved.Using Third-Party OrganizationsOrganizations like the National Christian Foundation (NCF) can handle stock donations for you. By setting up a donor-advised fund or a Giving Fund, you can donate cash, stocks, or other assets, which NCF will liquidate and distribute to your chosen ministries. This method also offers flexibility in managing your taxes.One significant advantage of using a Giving Fund at NCF is the ability to "bundle" your deductions. For instance, if you typically tithe $12,000 annually, you're still below the standard deduction of $14,600 for single taxpayers or $29,200 for married taxpayers filing jointly. However, if you donate $36,000 worth of stock into your Giving Fund, you can take the full deduction in one year, which can exceed the standard deduction, then spread out your actual donations over the following years.Donating appreciated stocks is a powerful way to increase your giving while reaping significant tax benefits. By leveraging tools like donor-advised funds from organizations like the National Christian Foundation, you can maximize your impact on God’s Kingdom while minimizing your tax burden.On Today’s Program, Rob Answers Listener Questions:Is there a statute of limitations for a collection agency to collect credit card debt? What is the best way to move multiple 401(k)’s from past employers to one account? About $750,000 was invested with my investment manager across a few investments. I'm being charged 1% in fees, which I understand is standard, but another company mentioned most of my investments are in just 6 ETFs, so there is little active management involved, and I should be charged closer to 0.8%. Given the passive nature of the strategy, I would like a second opinion on if 1% seems too high. I also have about $50,000 left on my mortgage with a rate of 2.75%, and I can pay it off this year. I'm figuring out whether I should pay it off early.Resources Mentioned:National Christian Foundation (NCF)Consumer Financial Protection BureauRich 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 13:22That verse seems pretty straightforward … but it leaves several questions unanswered. What should we leave to our kids…how much…, and when? Ron Blue joins us today with the answers.Ron Blue is the Co-Founder of Kingdom Advisors and the author of many books on biblical finance, including Splitting Heirs: Giving Your Money and Things to Your Children Without Ruining Their Lives.When To Leave Money to Your Kids and When Not ToMany people wonder if Proverbs 13:22 means they must leave money to their children and grandchildren. This verse should be seen as a principle rather than a command. In biblical times, wealth stayed within the family because no charitable organizations existed. Today, leaving a financial inheritance is a personal decision, not a mandate.If you believe God owns everything, the final decision you make as a steward is who receives His resources. If you think your heirs might misuse or squander the inheritance, it’s worth reconsidering. Money can be harmful without wisdom, whereas wisdom can create and sustain wealth.The fundamental principle is to impart wisdom before leaving money. If your children and grandchildren still need to gain the wisdom to manage resources responsibly, leaving them money can do more harm than good. Wisdom should always precede financial inheritance.When making decisions regarding wealth transfer, asking the right questions is crucial. A good question is, “If we leave this money to this child, what's the worst thing that can happen?" This question can help anticipate potential consequences and make informed decisions based on the likely outcomes.Treating Heirs Uniquely It's essential to understand that treating your children equally doesn't mean giving them the same financial inheritance. Each child is unique, and their needs and circumstances vary. Just as God treats us uniquely according to what’s best for us, parents should consider each child's needs and potential consequences when deciding on wealth transfer.The goal is to ensure that any financial inheritance supports and enhances the lives of your heirs rather than causing harm. By asking the right questions and understanding the unique needs of each child, you can make decisions that honor God's resources and benefit your family in the long term.Ron Blue’s book, "Splitting Heirs: Giving Your Money and Things to Your Children Without Ruining Their Lives," is a must-read for those navigating this complex topic, offering detailed guidance and thoughtful advice.On Today’s Program, Rob Answers Listener Questions:I need help managing my finances throughout my career, including multiple jobs and retirement accounts. Can you advise me on getting a financial advisor or someone to help me keep track of everything?I want to ask about cashing in several Savings Bonds I purchased in 1998. Since then, I have moved several times and cannot locate the bonds. Can I cash them in without having the physical bonds, or am I out of luck?Is it too late for me to buy a home? I am 58 years old and earn $98,000 per year. Home prices are costly right now, so I wanted advice on whether I should still pursue buying a home or if I am too old. I want to make a biblically sound decision.Is it biblical for my husband to have complete control over our finances and not allow me to use any money other than what he gives me for groceries each week? He reviews the grocery receipts to ensure I haven't purchased anything else. I shouldn't have to ask permission for every purchase since I am an adult, but he thinks this is the proper way to handle our finances.Resources Mentioned:Splitting Heirs: Giving Your Money and Things to Your Children Without Ruining Their Lives by Ron BlueTreasuryDirect.govRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The Puritan poet Anne Bradstreet once wrote, “Wisdom without an inheritance is better than an inheritance without wisdom.”As Baby Boomers age, it’s estimated they’ll leave a tidal wave of wealth to their heirs, perhaps as much as $68 trillion by 2030. But is the next generation ready for that wealth?The Biblical Perspective on Inheritance Anne Bradstreet’s wisdom likely stemmed from Ecclesiastes 7:11-12, highlighting wisdom's value alongside an inheritance. This biblical perspective underscores the importance of preparing heirs with wealth and the wisdom to manage it.Current State of Wealth Transfer PreparednessResearch indicates that while Boomers are poised to make the greatest wealth transfer in history, they may need to prepare their heirs adequately. A study by Edward Jones revealed that while 48% of Americans plan to leave an inheritance, only 27% have discussed wealth transfer with their heirs, leaving many millennials and Gen Zers unprepared.The Impact of Longer Lifespans on Inheritance Longer lifespans mean Boomers might consume more of their assets due to rising healthcare costs, potentially reducing what’s available for inheritance. This reality necessitates early and ongoing conversations about wealth transfer to set realistic expectations.Four Approaches to Wealth Transfer The Edward Jones study identified four ways Boomers might transfer wealth:Traditional Giving—Assets like cash, stocks, and real estate are passed directly to children. Parents must discuss these plans with their children to ensure mutual understanding and preparation.Giving While Living—Boomers may help the younger generation by funding education, purchasing homes, or even paying for vacations. Early conversations about these financial supports can help manage expectations and alleviate concerns about future inheritance.Generational Skip—Some Boomers might transfer wealth directly to grandchildren, aiding in education or business ventures. Clear communication is vital to avoid resentment from the skipped generation and ensure a smooth wealth transfer.No Inheritance—Due to longer lifespans and increased expenses, some may find little or nothing left to inherit. Retirees are generally advised to draw down no more than 4% annually from retirement assets to preserve principal, but this might not always be feasible.The Solution: Communication and Wisdom Transfer Boomers must start discussing their plans with their adult children to ensure a smooth wealth transfer. Passing on financial wisdom is crucial, preparing heirs to be faithful stewards. Family conferences, possibly facilitated by a Certified Kingdom Advisor®, can be an effective way to start these conversations and ensure ongoing communication as circumstances change.Preparing the next generation to manage inherited wealth involves more than just transferring assets; it requires imparting the wisdom to steward those resources responsibly. By fostering open communication and providing financial education, Boomers can help their heirs honor God and manage their inheritance wisely. Teaching them that everything belongs to God and instilling values of stewardship, provision, and generosity is the greatest inheritance they can leave.On Today’s Program, Rob Answers Listener Questions:I have a question about setting up a will since I have never made one. What do I need to do to set it up?I recently became widowed and retired, with a total net worth of around $500,000, including the value of my home that I plan to sell. With an annual income of $31,000 from Social Security, I wanted advice on how much of my $500,000 I should reasonably invest in a new home, considering I also want to become a foster parent and live in the house myself.I am asking about applying for Social Security benefits since I was informed that my job was being phased out at age 64. However, I had already earned more than the allowed amount for the year. I wanted to know if I started receiving Social Security later in the year, after August, if I would still get a check or if there is some sort of "clawback" since I exceeded the earnings limit earlier in the year.I have a question about updating my will, which I created 20 years ago in North Carolina. Is it still valid, or do I need to change it since I now live in Florida?Resources Mentioned:The Great Wealth Transfer Starts with the Great Wealth Talk (Edward Jones Research Study)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.

“Therefore do not be foolish, but understand what the Lord’s will is.” - Ephesians 5:17That verse is a good reminder that to follow God's will, we must first know it for all areas of our lives—including finances. Brian Holtz joins us today with a question: Does your budget reflect God’s priorities or yours?Brian Holtz is the Chief Operating Officer at Compass Financial Ministry and the author of Financial Discipleship for Families: Intentionally Raising Faithful Children.Ownership vs. Stewardship One of the fundamental concepts of Christian finances is the distinction between ownership and stewardship. Psalm 24:1 reminds us, “The earth is the Lord’s and all it contains.” In 1 Corinthians 1 and 2, we learn that we are stewards or managers of God's resources, and as such, we must be faithful to His goals and priorities rather than our own.God’s Priorities for Money Scripture reveals five critical priorities for managing our finances in a way that honors God:Generosity—There are over 300 verses about giving and generosity. We are encouraged to give our first and best, never the leftovers.Providing for Family—1 Timothy 5:8 emphasizes the importance of providing for our families, stating that neglecting this responsibility is akin to denying the faith.Meeting Financial Obligations—Romans 13 urges us to meet our financial obligations, including paying taxes and repaying debts, reflecting our commitment as representatives of Jesus.Saving for the Future—Responsible saving is crucial to being faithful to the first three priorities during times of hardship or insufficient income.Enjoying God’s Blessings—While enjoying God's blessings, we must ensure that this enjoyment does not take precedence over His greater priorities.Aligning Our Budget with God’s Priorities If our budget isn't aligned with God's priorities, we need to admit our mistakes to God and recommit to His goals. As a family, we should make financial trades to align our budget lines with God’s priorities.Generosity: What abundance could we cut back on to be more generous?Provision: Are we saving too much at the expense of our family's immediate needs?Debt Repayment: What could we stop doing to pay off debt faster?Enjoyment: Once priorities are in order, how can we honor God by enjoying His blessings?Aligning our finances with God's priorities honors Him and brings a more fulfilling and purposeful life.You can learn more about biblical money management by visiting the Learn section at CompassFinancialMinistry.org. You can find resources suited to your preferred learning methods, whether reading, watching, or listening.On Today’s Program, Rob Answers Listener Questions:I love the idea of the QCD, and I know they work with IRAs. Do they work with 403b accounts?I used to have investments but had some high veterinary bills, and I'm on disability. I'm trying to get an emergency fund, but every month, I have to use the money I put aside. I need some encouragement on how to get his emergency fund because that's the first step I have to do.Is a reverse mortgage a good idea? Would we lose ownership of our home if we did this?I'm looking forward to starting a business and would like to know if I should open it as an LLC or an S corporation.I have my will and everything specified in it, including how things are divided regarding my house, estate, etc. I also have investments, and those are all I have beneficiaries on. My financial advisor says that I don't need a trust, but my kids are pushing me to get a trust to avoid probate. Resources Mentioned:Compass Financial MinistryWise Women Managing Money: Expert Advice on Debt, Wealth, Budgeting, and More by Miriam Neff and Valerie Neff Hogan, J.D. 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.

Everyone knows what inflation means, right? You’d be surprised by how fuzzy some people think about inflation.Is inflation a rise in prices, or simply high prices? Or does it mean something else entirely? The results of a recent poll may surprise you, but we’ve got Mark Biller with us today to explain it.Mark Biller is Executive Editor and Senior Portfolio Manager at Sound Mind Investing, an underwriter of Faith & Finance. What is Inflation? A Common MisunderstandingA recent survey revealed a significant misunderstanding among the general public about what inflation actually means. While 86% of respondents expressed concern about inflation, their definitions varied widely. Some believed it meant a rise in prices, others thought it referred to high prices, and there was confusion about the time periods involved—fewer than half correctly defined inflation as a rise in the cost of goods and services.Economists vs. Everyday ExperienceThere needs to be more connection between how economists talk about inflation and how ordinary people experience it. Economists focus on the rate of change in prices, which peaked at 9% in June 2022 and has since declined to 3-3.5%. However, this doesn’t mean prices are decreasing; they are simply rising at a slower rate. On the other hand, people experience inflation cumulatively. Since prices started soaring after COVID-19, the cumulative cost of inflation is between 22% and 25%.The Reality of Persistent High PricesUnfortunately, once prices rise, they seldom go back down. The concept of "transitory" inflation was misleading because it suggested that prices might return to previous levels, which they haven't. The cumulative impact of inflation since 2020 means that everything we buy now costs significantly more, and this higher cost is here to stay.Future of Inflation and Its ImplicationsLooking ahead, the battle against inflation continues. The Federal Reserve aims for a 2% inflation target, but the current rate above 3% indicates that more efforts are needed. The longer high inflation persists, the more it influences people's expectations and behaviors, which can lead to demands for higher wages and further price increases.Investing in an Inflationary EnvironmentHigher inflation has several implications for investors. Interest rates have spiked, hurting bond returns but benefiting savers with higher cash and other safe holdings yields. Real assets like gold, commodities, and energy stocks have performed well during this period. Sound Mind Investing has emphasized these assets while slightly reducing bond investments to mitigate the effects of higher inflation and interest rates.While economists and financial experts view inflation through a specific lens, everyday experiences paint a different picture. Understanding these differences can help us make better financial decisions navigating this inflationary environment. On Today’s Program, Rob Answers Listener Questions:I’m seeking a good church management software program for our small church of less than 100 members. I want it to track our members' giving records and coordinate events.What do I do about the loan I took from my previous employer's 401k? I had borrowed around $9,000 to help buy a car for my daughter when she went to college. I am no longer with that employer, but they will allow me to repay the loan even though I've left. I'm currently paying $2,000 per month towards it. Should I continue repaying the loan or just stop paying it back? I also wanted to know if I should pay it off in one lump sum or continue monthly payments. Lastly, I also wanted to see if I should keep the 401k funds with my former employer or move them elsewhere.Would it be wise for my husband and I to co-sign on student loans for our son starting college this fall? Since he has no credit history, I wondered if that would factor into getting a better loan interest rate. Where would you recommend looking for loans that have the best interest rates?Resources Mentioned:Sound Mind InvestingChurch Center | PowerChurch | Tithe.ly | SecureGive | Shelby Systems | PushpayBankrate | Lending Tree | 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.

Well, it’s hard to believe, but soon, the kids will be heading back to school. Are you ready to start the new school year on the right foot? Could you use a few tips? Well, you’re in for a treat. Crystal Paine joins us today with some great advice to make your back-to-school experience easier.Crystal Paine is the founder of MoneySavingMom.com and the author of The Time-Saving Mom: How to Juggle a Lot, Enjoy Your Life, and Accomplish What Matters Most.Budgeting for Back-to-School EssentialsAs the new school year approaches, parents are reminded of the inevitable expenses, from clothes to school supplies and electronics. It’s crucial to start with the essentials. Determine what is necessary and set a budget. For families with older children, involve them in the process by giving them a budget for their back-to-school needs. This teaches financial responsibility and helps them prioritize their wants and needs.Also, it’s worth looking into whether your school offers package deals on back-to-school products. These can often be cost-effective and save time compared to buying items individually. For the best deals on school supplies, clothes, and even laptops, it is highly recommended that you follow MoneySavingMom.com and sign up for their hot deals email list.Making the Most of Tax-Free WeekendsTax-free weekends can be an excellent opportunity to save on back-to-school purchases. Check if your state offers tax-free weekends, what items are covered, and the specific dates. Planning allows you to maximize savings, especially on more significant purchases like electronics or even groceries if they are included.Shopping with Kids: A Learning OpportunityTaking kids shopping for back-to-school items can be a valuable learning experience. If your children are new to budget shopping, it might be better to leave them at home initially. However, parents should prioritize teaching their kids how to stick to a budget over the coming months. Give them opportunities to earn and spend money wisely, learning from the process.Establishing a School RoutineRe-establishing a good routine before school starts is crucial. Start a few weeks before school begins. Practice waking up at the required time and go through the morning routine. Involve the entire family in this process by discussing and planning it together. A successful morning routine often begins the night before. Preparing as much as possible the night before—laying out clothes, packing lunches, and planning breakfast—sets up the next day for success.Maintaining Spiritual Balance During Hectic TimesThe back-to-school season can be hectic, but maintaining spiritual balance is essential. Start your day with prayer, entrusting God with your worries and tasks. Pray for your kids, spouse, and the details of your day. Incorporate God’s Word into your daily routine—listen to the Bible on audio while getting ready, play worship music in the car, or read a devotional with your kids at breakfast. Demonstrating reliance on God and releasing stress to Him is a powerful example for children.Preparing for the school year doesn’t have to be overwhelming or financially draining. With careful planning, budgeting, and a focus on spiritual balance, parents can navigate this busy season with confidence and grace.On Today’s Program, Rob Answers Listener Questions:I have two kids who are in college right now. My grandfather set up a 529 for each of them some years ago, and he passed away in 2010. I had another daughter who was born in 2010. Can that money be applied to my younger daughter with the money left over in one of my two older kids' 529 plans after graduating college?I haven't done any IRAs in about 20 years. I was told I could catch up. Is that true?Do I need to be concerned about my CDs at the bank and what the bank is investing my money in?My husband and I have always tithed because we believe everything we have is God's. But we struggle with where we're at in church and some of their financial decisions. So, tithing has been problematic when we disagree with what they're investing money in. Are we wrong? Is the church wrong?Resources Mentioned:MoneySavingMom.comChristian Community Credit UnionRich 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.

Paying off debt is always a good thing…but paying it off before retirement is one of the best financial moves you’ll ever make.It’s a disturbing trend: more people than ever are retiring with debt. That reduces their lifestyle choices and increases the likelihood they’ll have to return to work at some point. Today, we’ll talk about carrying debt into retirement and how you can avoid it.Preparing for a Debt-Free Retirement: A Practical GuideAccording to the Federal Reserve's 2022 Survey of Consumer Finances, 65% of people aged 65 to 74 are in debt, up from 50% 35 years ago. This rising debt can severely impact your lifestyle in retirement and might even force you to return to work. Proverbs 22:7 warns, “The rich rule over the poor, and the borrower is the slave of the lender.”A recent report by T. Rowe Price revealed that 20% of previously retired individuals are back to work, either full or part-time, and another 7% are actively seeking employment. The primary reason? The need for more income. Inflation has increased costs by about 15% over the past three years, stretching many retirement budgets thin, especially those burdened with debt.Steps to Achieve a Debt-Free RetirementSet a Goal to Eliminate Debt Before Retirement—If you're 5, 10, or 15 years away from retirement, aim to have all your debts paid off by then. Eliminating a mortgage, car payment, or other debts can allow you to live on less and create a critical financial margin in retirement. Prepare for Economic Downturns—Debt restricts financial flexibility, especially during economic slowdowns and stock market declines. Since the economy moves in cycles, preparing for these downturns is essential.Practical Strategies to Pay Off DebtCut Expenses—Review your budget and eliminate unnecessary expenses. Often, we continue paying for things out of habit. A thorough budget overhaul can free up funds to pay down debt. Increase Your Income—Consider side work or other income-generating opportunities. Increasing your income, coupled with reducing expenses, can help you knock out debt faster. Downsize Your Home—If feasible, downsizing to a smaller house can be a significant financial move. Selling a larger home can provide enough equity to pay off the mortgage and purchase a smaller home with cash or a much smaller mortgage. This also reduces expenses like property taxes and maintenance costs. Accelerate Mortgage Payments—If downsizing isn’t an option, focus on speeding up your mortgage payments. Use any extra income or savings from reduced expenses to pay down the mortgage principal. Making just one extra payment a year can significantly reduce the loan term and interest paid over the life of the loan. Tackle Credit Card Debt—Inflation increases credit card interest rates. To manage credit card debt, make more than the minimum payments. Use the “snowball method” by paying off the smallest balance first, then moving on to the next. This method is highly effective. Avoid Using Home Equity to Pay Off Consumer Debt—Using home equity to pay off credit card debt converts unsecured debt to secured debt, risking your home if payments aren’t made. Additionally, it doesn’t address the spending habits that led to the debt. Seek Professional Help—If you have more than $4,000 in credit card debt, consider contacting Christian Credit Counselors. They can help you create a debt management plan to pay off your debt 80% faster than going it alone.The Benefits of a Debt-Free RetirementAt FaithFi, we’ve never heard from anyone who regretted paying off their consumer debt or mortgage. Planning to get out of debt before retirement dramatically improves your chances of staying retired. This provides financial peace and frees up more time and resources to give back to God’s Kingdom.While the current financial landscape may be challenging, taking proactive steps now can ensure a more secure and fulfilling retirement. Start today, and you'll thank yourself in the years to come.On Today’s Program, Rob Answers Listener Questions:I recently retired and had a bad experience with an advisor who lost over $100,000 of my money in just a few months. What steps should I take to find an advisor I can trust? What questions should I ask them to ensure they fit me well?Should I pay cash or finance a piece of property I want to buy for $330,000? It's four acres of land behind where I live, and my friend is selling it to me. I have a lot of money in treasuries and CDs, but I don't have any credit. What do you recommend? Should I pay cash for the land using my treasuries and CDs, or should I try to finance it even though I don't have good credit?I'm receiving VA disability benefits, which are not taxable, but will my Social Security retirement be taxable? Will the VA benefits count as income, affecting how much my Social Security retirement is taxed?Given her situation, I’m wondering how to protect my mother's assets, including her 401k and home. She is 67 years old and has been diagnosed with dementia. I'm concerned about how to ensure my mother has access to her 401k to help pay for care if she needs to go into a home, but I also want to protect her assets and the house for inheritance down the road. What options do we have to do this?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.

Is it the best of times or the worst of times? Well, it all depends on if you’re trying to buy or sell a house.It really is a matter of perspective. Home values remain sky-high and are likely to continue rising in the foreseeable future. How you view that depends on which side of the transaction you’re on.Navigating the Current Housing Market: Tips for First-Time Home BuyersIt may be the worst of times if you're a first-time home buyer. Home values have never been higher, thanks to the continued high cost of building materials, inflation, and low inventory. Coupled with mortgage rates of around 7%, buying your first home is undeniably an uphill battle.Moving Up in the MarketIf you're moving up—selling a starter home and buying one that fits your current needs—the situation is slightly different. While your dream house is more expensive, so is the house you're selling, which helps offset high home values. However, higher interest rates have many prospective home sellers sitting on the sidelines, waiting for rates to drop. This results in fewer homes on the market, driving up prices even more.Downsizing: A Silver LiningFor those downsizing, it truly is the best of times. You can sell a larger, more expensive home, pay off any existing mortgage, and be mortgage-free in your new, smaller home. This transition can leave you with a sizable nest egg for future needs.Market Trends and PredictionsThe housing market has always been influenced by these factors, but they are currently exaggerated by inflation and rising prices. Recent data shows a 6.5% increase in home values over the past year. Analysts predict that while home prices will continue to rise, the growth rate will begin to slow.Steps to Take if You’re Buying a HomeCheck Your Credit Reports—First, obtain all three credit reports from Experian, TransUnion, and Equifax for free at AnnualCreditReport.com. Review them carefully and dispute any errors to boost your credit score, which will help you secure the lowest possible interest rate on your mortgage. Consult a Mortgage Loan Officer—Meet with a mortgage loan officer for guidance on the loan application and approval process. During the first visit, you don’t need to provide your personal financial information, but you should ask about programs for first-time home buyers. Assess Your Borrowing Capacity—Eventually, you’ll need to share your financial details with a loan officer to determine your debt-to-income ratio and how much you can borrow. Avoid borrowing the maximum amount the lender offers, as this can strain your budget. Aim to keep your mortgage payments within 25% of your take-home pay. Save for a Down Payment—Assemble the largest down payment you can. Putting down 20% helps you avoid private mortgage insurance, which costs around 1% of the loan amount annually. Reserve a few thousand dollars for unexpected expenses when you move in, avoiding reliance on credit cards. Get Pre-Approved—Shop around for the best interest rate and mortgage provider. Pre-approval strengthens your position as a buyer and helps streamline the home-buying process.A Mortgage with a PurposeConsider working with Movement Mortgage, a Christian mortgage company founded during the 2008 housing crisis. They offer competitive rates and a chance to contribute to a global movement of change. Movement Mortgage has donated $377 million to community projects and has locations in all 50 states. Learn more at Movement.com/Faith.Finding Your New HomeMake a list of essential features for your new home and connect with a knowledgeable real estate agent. Keep your list of “must-haves” short to stay flexible in this strong seller’s market.If possible, wait until winter to make an offer. Buyer competition typically decreases during colder months, giving you an edge.That's the current state of the housing market and a few tips to help you navigate it. We hope these insights and strategies assist you in your home-buying journey.On Today’s Program, Rob Answers Listener Questions:How do I determine my tithe amount when liquidating a portion of my long-term investment holdings, which include stocks and bonds? Sometimes, the investment shows a slight increase over the principal in a year, but other times, there is a loss. I would like to know how to calculate my tithe since I wouldn't be cashing out the whole investment.Should I move some of my precious metals into my IRA, which I want to diversify into, or should I keep them at home where I can physically possess them? I'm particularly interested in silver since gold is quite expensive.Is making a living off the interest from my IRA investments through a financial advisor considered evil according to passages in the Bible that prohibit putting out money at interest or getting interest from my investments?Would an irrevocable trust be taxable after death, or would it just go back to the will already in place? How do the taxes work with an irrevocable trust if the original owner dies?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.