Faith & Finance

Dale Vermillion is the author of Navigating The Mortgage Maze: The Simple Truth About Financing Your Home. HOW WOULD YOU DESCRIBE THE CURRENT TREND IN MORTGAGE RATES?Mortgage rates are stabilizing, currently fluctuating around 6.25% to 6.5%, expected to gradually decrease over the coming months.Rates have become more stable recently, bouncing around a consistent range.Predictions indicate a potential drop below 6% by the end of the year.Stability and future trends are largely influenced by inflation and bond market conditions. WHAT IMPACT MIGHT THE FED'S EXPECTED INTEREST RATE CUTS HAVE ON MORTGAGE RATES?Though Federal rate cuts don't directly correlate with mortgage rates, significant cuts are expected to improve mortgage rates.The Federal rate and mortgage rates often move independently, but significant Federal cuts could lead to lower mortgage rates.Analysts expect mortgage rates to fall under 6% by year's end.Inflation reduction and bond market improvements are key to driving mortgage rate reductions. WHAT ARE THE EXPECTATIONS FOR HOME VALUES IN THE COMING MONTHS?Home values are expected to increase by about 3.2% this year, slower than last year's 7.1% increase, due to adjustments for affordability.Growth in home values is slowing but still expected to rise.Listing price adjustments for affordability are influencing the slower growth rate.Despite the slowdown, the market remains favorable for buying. HOW IS THE INVENTORY OF HOMES CHANGING?Inventory levels are improving, with expectations for a significant increase in available homes by year-end, aided by new construction.Inventory has significantly increased from last year and is expected to continue rising.New construction is contributing to the improvement in inventory levels.Anticipated inventory increase to over 800,000 units by year-end will create more buying opportunities. WHAT ADVICE DO YOU HAVE FOR SOMEONE CONSIDERING BUYING A HOME SOON?Prospective buyers financially ready to purchase should proceed now rather than waiting for further rate reductions to avoid future market competitiveness.Financial readiness and affordability should be the main considerations for buying now.Waiting may lead to increased competition and potentially higher prices as rates decrease.The current market presents an opportune time for prepared buyers. IS RENTING A BETTER VALUE THAN BUYING RIGHT NOW?Despite current high home values and mortgage rates, buying a home remains a better long-term financial decision than renting due to appreciation, tax benefits, and wealth accumulation.Rents are increasing faster than incomes, offering less stability and no appreciation compared to homeownership.Homeownership provides significant tax benefits and potential for appreciation.The financial advantages and wealth accumulation of owning outweigh the costs compared to renting. ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:After my divorce, I realized filing a quitclaim deed doesn't remove my obligation from the mortgage. Is there any way to get my name off the mortgage if my ex can't refinance?My wife believes tithes should only go to our home church, but I think giving to ministries where we see need should also count. What's your perspective?My wife and I have $90,000 saved and are unsure how to invest it wisely. What would be the best and most secure investment for us, considering the current market challenges?Since Social Security benefits are essentially a return of money we've already paid into the system, should we tithe on the entire Social Security check or only on the "increase"? RESOURCES MENTIONED:Find a Certified Kingdom Advisor Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.  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.

Chad Clark is Executive Director here at FaithFi. WHAT ARE THE DANGERS OF HAVING A BUDGET?A budget, while essential for managing finances, comes with potential dangers such as idolizing money, succumbing to pride, and relying more on the budget than on God.Idolizing money can occur when constant monitoring of finances leads to an excessive focus on money instead of God.Pride can emerge from achieving financial goals, leading to self-boasting rather than recognizing God's provision.Relying too heavily on a budget may restrict following God's promptings that go beyond our financial plans. HOW CAN WE AVOID THESE DANGERS WHILE USING A BUDGET?To safely use a budget without falling into these traps, it is important to renew our minds with God's Word, give thanks to Him for His provisions, and prioritize obedience to God over strict adherence to the budget.Regularly immersing oneself in scripture helps combat the idolization of money by reminding us that God is our ultimate treasure.Acknowledging God as the source of all wealth and success fosters humility and guards against pride.Being flexible with our budget allows us to respond to God's leading, even when it doesn't align with our financial plans, ensuring our trust remains in Him rather than our financial strategies. WHAT IS THE FAITHFI APP AND HOW DOES IT SUPPORT GODLY STEWARDSHIP?The FaithFi app is designed to assist users in managing their finances in a way that honors God, incorporating budgeting tools along with spiritual resources to encourage stewardship that aligns with biblical principles.The app aims to help users steward God's resources effectively while being mindful of the spiritual dangers associated with financial management.By integrating budgeting with spiritual guidance, the FaithFi app encourages users to view money as a tool for God's kingdom, not an end in itself.The FaithFi app supports users in their stewardship journey, helping them to balance financial responsibility with spiritual obedience. ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:I have enough to hire a financial advisor who uses Charles Schwab. Can I have a faith-based type of investing to avoid supporting companies against my values?I'm paying around $1,300 monthly for a car that's not affordable anymore due to high insurance from accidents. What's the best option for handling this financially overwhelming situation?As a recent homebuyer with a 30-year mortgage at 5.625% and about $140,000 owed, how should I consider refinancing, and what factors should influence my decision?My 17-year-old son is making about $30,000 a year from his first job and wants to know how to invest his money wisely without any current bills to pay. RESOURCES MENTIONED:Schwab Intelligent PortfoliosFidelityHoward Dayton's book Your Money CountsBankrate.com for finding high yield savings accounts for an emergency fund. Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.  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.

Matt Bell is the managing editor at Sound Mind Investing and the author of several books on personal finance, including Money & Marriage: A Complete Guide for Engaged and Newly Married Couples. HOW DO INDIVIDUAL TEMPERAMENTS AFFECT MARRIED COUPLES' FINANCIAL MANAGEMENT?Understanding each other's temperament helps couples manage money together effectively since temperament influences how individuals naturally react to financial situations, bringing inherent strengths and weaknesses to money management.Temperament shapes our financial behaviors and preferences, influenced by upbringing and personal experiences.Knowing and respecting each other's temperament can lead to better teamwork in financial decisions.It's crucial to recognize that while temperaments have their financial strengths, they also come with challenges that can be managed through awareness and cooperation. WHAT ARE THE DIFFERENCES BETWEEN MEN AND WOMEN IN FINANCIAL PERSPECTIVES AND BEHAVIORS? Research shows men and women often have different financial priorities, emotions related to money, interests in financial topics, negotiation tendencies, and risk levels in investing, which can lead to conflict in marriages.Men and women have distinct spending priorities, with men favoring electronics and women preferring travel.Men associate money with confidence, while women tend to associate it with anxiety and confusion.Differences extend to financial interests and behaviors, such as investing versus saving strategies and openness to negotiating salaries. DO FINANCIAL OPPOSITES ATTRACT IN MARRIAGES ACCORDING TO RESEARCH?Research indicates that individuals often choose mates with opposite financial habits, such as spendthrifts marrying tightwads, which can lead to conflict but also complements each partner's financial behavior. Initial attraction may lead to choosing partners with differing financial habits, despite logical preferences for similarity.This attraction of opposites in financial habits necessitates understanding and cooperation to manage the inherent conflicts. HOW CAN COUPLES RECONCILE DIFFERENCES IN FINANCIAL TEMPERAMENTS AND HABITS?Understanding and accepting each other's financial temperament is key, with communication playing a crucial role in reconciling differences and managing finances as a team.Discovering and appreciating each other's financial temperament fosters empathy, reduces frustration, and enhances teamwork.Recognizing the strengths and weaknesses associated with each temperament allows couples to assign financial roles and responsibilities that play to each partner's strengths.Continuous learning and adaptation to each other's temperaments can lead to more effective and harmonious financial management. HOW DOES IDENTIFYING AND WORKING WITH EACH OTHER'S TEMPERAMENTS IMPROVE FINANCIAL MANAGEMENT IN MARRIAGE?Identifying and understanding each other's temperaments can greatly improve how couples manage their finances by maximizing strengths and minimizing weaknesses inherent to each temperament. This process encourages empathy and understanding, reducing blame and frustration over financial differences.By leveraging each other's natural tendencies, couples can create a more balanced and effective approach to financial planning and decision-making.Continuous exploration and appreciation of each other's temperament foster a collaborative environment for managing finances as a cohesive unit. ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:I'm retired and haven't made withdrawals from my 457 plan but am concerned about digital currency replacing the dollar. How can I protect my money?I want to save for a car for my grandson who will be driving in three years. Should I put the funds in a CD or a U.S. I Bond?My mother moved in with me, and we put my name on her accounts. As her primary caregiver, she intends for me to inherit her savings. Do we need to take any legal steps to ensure this? RESOURCES MENTIONED:Bankrate.com for finding the best CD rates Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach. 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.

FINANCIAL ATTITUDE ADJUSTMENTUNDERSTANDING THE HEART'S ROLE IN FINANCIAL ATTITUDES:Financial attitudes reflect one's spiritual health, as wrong attitudes towards money and possessions stem from the heart, mirroring a broader spiritual condition.Jesus identified the root of evil thoughts, including greed and envy, as originating from the heart (Mark 7:21-23), highlighting the spiritual battle within. THE BATTLE AGAINST SINThe struggle with sinful attitudes like envy, pride, and greed is common, even among devout believers like the Apostle Paul, who shared his own struggles in Romans 7:21-24.Overcoming these attitudes requires divine intervention, as Paul acknowledges deliverance through Jesus Christ. CULTIVATING RIGHT ATTITUDES TOWARDS MONEYRight financial attitudes include serving Christ, stewardship, gratitude, and seeking wisdom, reflecting virtues like love, generosity, humility, and kindness.Larry Burkett emphasized that spiritual values should be mirrored in one's finances, honoring God and leading to a more fulfilling financial life. THE PROMISE OF GODLY LIVINGRighteous living, characterized by trust in God rather than material wealth, promises peace and the opportunity to serve Jesus, despite not guaranteeing material prosperity.Scriptures such as John 10:9, Psalm 37, and Romans 8:10 highlight the blessings of living with godly attitudes, including salvation, peace, and hope. CALL TO ACTIONThe monologue concludes with a call for listeners to examine their financial attitudes, emphasizing that the significance lies not in the amount of money one has but in the attitude towards money and possessions.It warns against attitudes of pride, selfishness, greed, envy, and dishonesty, encouraging listeners to pursue a relationship with Christ for a life marked by peace and hope. SCRIPTURES MENTIONEDMark 7:21-23: Illustrates the origin of evil thoughts and attitudes from the heart.Romans 7:21-24: Paul discusses the internal battle against sin and the law within himself.John 10:9: Jesus promises salvation and abundant life to those who enter through Him.Psalm 37: Encourages trust in the Lord for a hopeful future and inheritance.Romans 8:10: Highlights the life and peace given through the Spirit because of righteousness. ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:As my husband and I approach retirement and streamline our finances, what is the best way to maintain my own credit score, considering we're reducing our credit cards and I'm not the main breadwinner?My husband's FICO score on our Citibank Costco card suddenly dropped to 598 according to the card's report, but Equifax and Experian show no changes and maintain his score is over 800. How do we resolve this discrepancy?We've sold our home and will soon receive $450,000 in proceeds. As we're in our late 50s with no children at home and uncertain about buying a new house, what should we do with the money in the meantime?If I have my credit accounts frozen to protect against fraud, is it still beneficial to use a service like LifeLock, or is it unnecessary?I've seen ads for home title theft protection services. Considering my accounts are frozen, is investing in title insurance or similar protections worth it? RESOURCES MENTIONED:AnnualCreditReport.comBankrate.com Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach. 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 DECLINING MARRIAGE RATE AND ITS FINANCIAL IMPLICATIONS:Studies consistently show that married people fare better financially than single people. Significantly better. But the marriage rate in America continues to fall. The percentage of adults living with a spouse dropped from 52% to 50% over the last decade, continuing a trend that started when 67% of adults were married in 1960.This trend affects millennials significantly, with only 44% choosing to marry, potentially missing out on the financial benefits associated with marital status. THE FINANCIAL ADVANTAGE OF MARRIED COUPLES:Married couples generally have a higher median net worth at all age levels compared to unmarried individuals, with married households having a net worth up to 9 times greater than unmarried female householders and 3 times more than unmarried male householders.While there are exceptions and marriage is not universally advantageous, on average, married couples fare better financially. THE SINGLE PARENT CHALLENGE:Single parents, especially single mothers, face significant financial strains, with 40% of single mother families living below the poverty line compared to only 10% of married couples.The rise in births outside of marriage from 7% in 1965 to around 40% today has contributed to financial challenges for single parents and societal implications. THE BENEFITS OF MARRIAGE FOR MEN AND WOMEN:Married men tend to work harder, earn more, and receive more promotions than their unmarried counterparts, while marriage provides financial stability for women, particularly those with children. KEY DECISIONS FOR FINANCIAL STABILITY:Rob outlines four key life decisions for financial stability: graduating from high school, securing employment, getting married, and, if having children, waiting until at least 21.Marriage, as ordained by God, is highlighted as a blessing with significant benefits beyond financial aspects. For a married couple, the whole is greater than the sum of the parts. By joining together,their strength is more than doubled. None of this should be surprising. Marriage was ordained by God to be a blessing to us. Ecclesiastes 4 teaches “Two are better than one because they have a good return for their labor. For if either of them falls, the one will lift up his companion. But woe to the one who falls when there is not another to lift him up.” ON TODAY'S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:I'm considering whole life insurance and wonder if there's a place for it in my financial plan, given I've checked off other savings and estate planning boxes.As my husband becomes eligible for Social Security and I am not for another four years, we're trying to figure out if he should draw now and how spousal benefits work with Social Security.I'm retiring in four months, am debt-free except for monthly expenses, and need advice on how retirement income from Social Security and a state retirement plan will be taxed.We own a rental property that hasn't been profitable and with upcoming college expenses for our children, we're debating if selling the property now to cover costs is a wise financial move.With the housing market's uncertainties and a mortgage that could take up 45% of our income, I'm unsure if now is a good time to buy a house or if we should wait.Considering selling a rental property to pay for college expenses without incurring debt, wondering if this is the best use of the asset or if there are other factors we haven't considered. RESOURCES MENTIONED:Social Security Administration: ssa.govRemember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach. 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.

Jerry Bowyer is our resident economist and frequent contributor here FaithFi. IS ARTIFICIAL INTELLIGENCE (AI) A THREAT TO MANKIND, SIMILAR TO SCENARIOS IN SCIENCE FICTION?Humanity cannot surpass God's creation, and AI, being a product of human invention, cannot exceed the intelligence and capabilities God endowed in humans. AI is constrained by the boundaries of human creativity.AI cannot surpass human intelligence as this would imply humans have the capability to create something superior to God’s own creation, which is not possible given our finite nature.The portrayal of AI as a potential threat or a deity in itself, capable of surpassing human intelligence, erroneously attributes divine characteristics to AI.It's essential to recognize humanity's unique status as God's highest creation to maintain a balanced perspective on AI's potential and limitations, acknowledging that any creation by humans, including AI, remains subordinate to God's creation. WHAT ARE THE ECONOMIC IMPLICATIONS OF AI, AND HOW SIGNIFICANT WILL ITS IMPACT BE?While AI promises considerable economic benefits, its potential has been somewhat overestimated. Its efficiency and the scope of its impact compared to human intelligence and creativity are yet to be fully realized.AI's processing power and efficiency are significantly less than the human brain, which exceeds the complexity of the global internet, highlighting the vast difference in capabilities.Economic predictions about AI adding trillions to the global economy might be overblown. Its development and practical application are likely to follow a more gradual path than the current hype suggests.AI can be a useful tool for initial tasks such as drafting documents or conducting preliminary research but requires human oversight for accuracy, underscoring the indispensable value of human creativity and judgment. WHERE DOES THE FUTURE OF JOBS STAND WITH THE RISE OF AI, AND WHICH SECTORS MIGHT BE MOST AFFECTED?The advancement of AI may pose challenges for certain job sectors, particularly those involving routine or non-creative tasks, but it also highlights the irreplaceable value of human creativity and adaptability.Jobs that demand high levels of creativity and innovative thinking are less susceptible to being replaced by AI, as AI's output in creative tasks tends to be mediocre at best.The labor market is expected to evolve, with AI-induced job displacements leading to new opportunities that better utilize human creativity and adaptability, reflecting the dynamic nature of technological advancement.Christians should actively participate in the development and application of AI, shaping its trajectory to ensure it serves humanity's best interests while aligning with biblical principles and values. CONCLUSION: A BIBLICAL VIEW ON AI AND TECHNOLOGICAL ADVANCEMENTChristians should not fear AI but engage with it constructively, recognizing that while technology brings new challenges, it also provides opportunities to exercise dominion and creativity in alignment with God's design.Approaching the development of AI with biblical wisdom ensures that it serves to enhance, rather than replace, the unique qualities God has instilled in humanity, keeping technology as a tool under human stewardship.By participating in AI's development, Christians can steer its use towards beneficial and ethical applications, reflecting God's goodness and creativity, and ensuring technology remains a positive force in society.In the end, technology, including AI, is a tool that, when wielded with intention and guided by God's principles, can glorify God and benefit humanity, echoing our role as stewards of God's creation. You can find Jerry Bowyer’s insightful articles for WORLD News Group at WNG.org/opinions. ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:I just realized a store card I own was changed to a MasterCard without my knowledge, and I signed up for another card to get a discount without fully understanding. Will closing these accounts hurt my credit score?I've recently received an inheritance in the form of stock and am considering how to tithe from this. How do taxes play into tithing from an inherited stock? Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach. 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.

Gary Chapman is the best-selling author of The Five Love Languages. HOW SHOULD THE FIVE LOVE LANGUAGES INFLUENCE GIFT-GIVING ON VALENTINE'S DAY?Understanding and applying the Five Love Languages to gift-giving, especially on Valentine's Day, can really enhance the impact of the gesture. If your spouse's primary love language is receiving gifts, then selecting a thoughtful gift becomes crucial.However, for those whose love language is not gifts, recognizing Valentine's Day and making an effort to express love is still important.Recognizing if gifts are your spouse's primary love language is key; if so, choose gifts with care and intention.Even if gifts don't rank highly for your spouse, don't overlook Valentine's Day—any act of love will be appreciated.Manage expectations and be understanding if your spouse doesn't respond as enthusiastically as hoped; their love language may differ from yours. IN YOUR EXPERIENCE AS A COUNSELOR, HOW OFTEN DOES MONEY CREATE CHALLENGES IN MARRIAGES?Money is frequently a source of conflict within marriages, with differences in financial priorities and management styles often leading to disagreements.Money disputes are common, stemming from differences in spending habits, financial planning, and priorities.A specific case highlighted a couple's disagreement over purchasing a home, emphasizing the importance of prioritizing relationships over material possessions.Reflecting on Jesus's teachings reminds us that life's true meaning is found in our relationship with God and with others, not in the accumulation of stuff. HOW CRUCIAL IS IT FOR COUPLES TO ALIGN ON FINANCIAL GOALS AND PRIORITIES?Agreeing on financial goals and priorities is essential for marital harmony. Discussing and aligning on financial matters, including attitudes towards spending, saving, and giving, before marriage can head off future conflicts. But if these discussions did not happen premaritally, finding common ground after tying the knot is critical.Understanding each other's background and approach to money helps in forming a united financial strategy.Conflicts over money are inevitable due to inherent differences; thus, effective communication and compromise are key.Establishing shared financial goals and priorities supports marital unity and facilitates collaborative problem-solving. HOW SHOULD COUPLES THINK ABOUT THE FIVE LOVE LANGUAGES IN LIGHT OF RECONCILING THEIR DIFFERENCES ABOUT MANAGING MONEY?Incorporating the understanding of each other's primary love language into daily interactions, including discussions about money, can create a positive environment that fosters understanding and cooperation. When both partners feel loved and valued in their preferred love language, they are more likely to approach financial disagreements with empathy and a willingness to find common ground. Regularly speaking your spouse's primary love language can significantly improve the emotional climate of the marriage.Feeling loved and appreciated makes it easier to navigate and resolve financial disagreements or any other conflicts.Effective communication, understanding, and expressing love through the appropriate love languages can lead to healthier money management discussions. WHAT MESSAGE DO YOU WANT TO LEAVE WITH COUPLES ON THIS VALENTINE'S DAY?Valentine's Day serves as a reminder to express love and appreciation to our partners. But it's important to continue these expressions of love beyond this single day. Understanding and speaking your spouse's primary love language regularly not only enriches your marriage but also ensures that both partners feel loved and valued consistently. Use Valentine's Day as an opportunity to express your love, but also commit to doing so throughout the year.Discovering and speaking your spouse's primary love language can transform your marriage, leading to a deeper, more fulfilling relationship.Acts of love, whether big or small, should be a constant in your relationship, with every day seen as an opportunity to demonstrate your love and commitment. ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:I'm considering a career change into financial counseling or advising and need advice on which path to pursue, especially without an interest in selling products but focusing on advising people on money management.I was recently forced into retirement and am trying to figure out how to manage my finances, specifically if there's a way to withdraw from my 401(k) to pay off car debt without it counting as income and affecting my state insurance benefits. RESOURCES MENTIONED:Kingdom AdvisorsCertified Christian Financial Counselor: Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.   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.

LENDING MONEY TO CHILDREN FOR A HOUSE PURCHASE:Rob discusses the reasons parents might consider lending money to their children for a house purchase, such as reducing the interest the child must pay and helping if the child does not qualify for a mortgage due to debt-to-income ratio issues or insufficient credit history. He emphasizes the importance of understanding the implications of lending versus gifting money, the potential risks involved, and ensuring any loan is legally documented.Parents may lend to their children to save them from high interest rates or if they're unable to secure a loan due to financial reasons.Lending money can potentially harm the recipient by discouraging their efforts to earn money and achieve financial independence, and it can risk the lender's financial security and relationship with the child if the loan is not repaid.The Bible encourages providing for relatives, as seen in 1 Timothy 5:8, which states, "If anyone does not provide for his relatives, and especially for members of his household, he has denied the faith and is worse than an unbeliever," but this provision must be balanced with wisdom to ensure it does not encourage dependency.Gifting rather than lending may avoid relationship strain, but it comes with IRS implications if the gifted amount exceeds annual exclusions, impacting the lifetime gift tax exclusion.Private loans to children for home purchases won't help build their credit history, potentially affecting future borrowing capabilities, but can save significant amounts in mortgage interest.If parents decide to lend, the loan should be formalized with a legally binding contract detailing the loan's terms, ensuring compliance with IRS requirements and protecting both parties' interests. Rob underscores that while personal loans for home purchases can offer significant benefits, especially in saving on interest payments, they also carry risks that must be carefully weighed. Thorough preparation and legal documentation can help head off or mitigate potential issues. ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:At 63 and my husband nearly 80, we're considering buying another rental property in these uncertain times; is this a wise decision?Having sold a property two years ago, we paid capital gains tax on it; was that necessary for everyone across the board?I've never been good with money, but God has changed my life in recent years. At 65, I've saved in my 401(k) but have debts and am seeking advice on financial planning for the future.Is it advisable to reduce my 401(k) contribution to the company match level and use the extra income to pay off my car loan faster? RESOURCES MENTIONED:Christian Credit CounselorsFind a Certified Kingdom Advisor Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.  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 tell you, use worldly wealth to make friends for yourselves, so that when it is gone, they will welcome you into eternal dwellings.” Luke 16:9  Rachel McDonough is a Certified Financial Planner, a CertifiedKingdom Advisor and a regular FaithFi contributor. WHAT IS THE BEST INVESTMENT YOU EVER MADE, ACCORDING TO RACHEL MCDONOUGH?Rachel recounts a story of investing not in stocks or bonds but in a person's life with a simple act of kindness. She met a woman who identified herself as a witch and was initially very hostile. With just $35, Rachel and her friends paid for the woman's phone bill, leading to a surprising transformation. The woman opened up about her painful past and received the message of God's love through this act of generosity.Investing in kindness can lead to spiritual breakthroughs, even with a small amount like $35.A simple act of generosity can soften a hardened heart, demonstrating God's love in a tangible way.Rachel's story emphasizes the power of meeting physical needs as an entry point to share the gospel. HOW CAN PLANNED SPONTANEITY PLAY A ROLE IN GENEROSITY ACCORDING TO RACHEL?Rachel advocates for planned spontaneity in generosity, suggesting that people include a budget line item for spontaneous acts of kindness. This approach combines the intentionality of budgeting with the flexibility to respond to the Holy Spirit's leading. Rachel shares examples of how this concept has been put into practice, including a client who felt nudged to give $500 to a foster family and another couple who invested in their backyard as a ministry tool to reach out to the next generation.Setting aside money for spontaneous generosity removes hesitation and promotes readiness to act on God's prompting.Generosity planned in this way can lead to meaningful encounters and support for those in need, reflecting God's love through our actions.Such acts of kindness not only meet immediate needs but also open doors for sharing the gospel and building relationships based on faith. WHAT ARE SOME EXAMPLES OF INVESTING IN EVANGELISM THROUGH GENEROSITY?Rachel provides several inspiring examples of how generosity can facilitate evangelism. One story involves a client who noticed a foster family in need and responded to the Holy Spirit's nudge by giving them $500, which was a significant help during a financial crisis. Another example is a couple who plans to invest in a welcoming space for their children's friends, aiming to share the love of God with the next generation.Generosity can be a direct response to God's nudge, leading to impactful support for families and people in challenging circumstances.Large investments, like updating a backyard for ministry purposes, showcase a commitment to using personal resources for kingdom impact.Each act of kindness, whether spontaneous or planned, serves as a testimony of God's love and opens opportunities for gospel conversations. FINAL THOUGHTS IN MAKING ETERNAL INVESTMENTS THROUGH GENEROSITY:“Worldly wealth” can be invested to win souls, which are the “true riches” referred to in Luke 16:11.  Prayerfully consider adding a line item to their budget — to be used for investing in the expansion of God’s family. The Great Commission is the one calling we have all received from God. Rachel says, while it doesn’t have to be spontaneous, she encourages some semi-planned spontaneity. This does three things.1. It will remove the hesitation you may feel as you consider what you can afford to give. That way, when a spontaneous opportunity is spotted, you’re ready.2. It will prevent miscommunication with your spouse if you agree beforehand that this is a priority for your family and you agree on an amount.3. It will make investing in souls an intentional and ongoing part of your lifestyle. Friends, I know of no better way to stay in close life-union with God than to take steps to grow his family. God cares about people and he shows up when we step out in faith to fulfill the Great Commission. His definition of “true riches” is souls! Jesus paid with his life for this treasure. As his stewards, managing his resources on his behalf, when we use money to pursue souls we find ourselves perfectly positioned for an adventure with God that can fulfill our deepest longings and fill up our neighborhood in heaven with friends for eternity. ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:I have a family member who didn't file taxes in 2017 and recently received a letter from the IRS. They're willing to pay but want to ensure it's done correctly and verify payment.After losing my job of 21 years and now living on Social Security, I'm trying to figure out how to manage financially without my previous income and considering how to access equity from my house to cover expenses. RESOURCES MENTIONED:IRS payments:irs.gov/paymentsChristian Credit CounselorsFind a Certified Kingdom Advisor  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 DANGERS OF LOVING MONEY AND THE CHRISTIAN RESPONSESome people view money as the source of life's greatest pleasures, equating it with security, success, freedom, and power. However, the Biblical perspective emphasizes trust in Jesus rather than in fleeting worldly possessions. THE PROBLEMS WITH LOVING MONEY:1 Timothy 6:10 warns about the love of money being the root of all kinds of evils, emphasizing the destruction and ruin it can bring.Loving money leads to a life-destroying path marked by temptation and harmful desires.It can cause us to stray from our faith, experiencing deep sorrow as a result.Money can become an idol, taking God's place as the highest priority in our lives. BIBLICAL WARNINGS AGAINST SERVING MONEY:Jesus taught in Matthew 6:24 that it's impossible to serve both God and money, highlighting the conflict between material wealth and spiritual devotion.Loving money is incompatible with serving God fully.Money, while neutral itself, can lead to sins like greed, fear, envy, and dishonesty when idolized. THE INSUFFICIENCY OF MONEY:Ecclesiastes 5:10 illustrates that money can never truly satisfy the human heart's desires, a void that only Jesus can fill. The pursuit of wealth for its own sake is ultimately unfulfilling. CHRISTIAN STRATEGY AGAINST THE TEMPTATION OF MONEY:1 Timothy 6:11-12 offers a way out for believers, urging them to flee from the love of money and pursue virtues like righteousness, godliness, faith, love, endurance, and gentleness.Followers of Christ are encouraged to fight the good fight of faith and cling to the hope of eternal life. CONCLUSION:While the world offers many temptations, including the allure of wealth, believers are called to prioritize their spiritual well-being over material gains, staying true to their commitment to God and the eternal life promised through faith in Jesus Christ.If we can help you restore your focus on Jesus in your finances, I hope you’ll contact us at faithfi.com. ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:I'm interested in donor-advised funds for tax planning but concerned about supporting entities that don't align with my values. Can you provide guidance on choosing one, particularly your thoughts on the National Christian Foundation (NCF)?As I approach retirement, when is my Required Minimum Distribution (RMD) due and how do I find out the amount? Also, can I direct my RMD to charitable giving without facing taxes or penalties?We're considering moving into a retirement community in a few years. How should we manage our assets, including our home equity and IRA, to cover the entrance fee and monthly rent without incurring unnecessary taxes or penalties?A member of my church needs a car for transportation. I've saved $1,000 to help purchase one for her. Do you know any organizations where I can find a reliable car at a low price? RESOURCES MENTIONED:National Christian Foundation (NCF): For setting up a donor-advised fund aligned with Christian values.Find a Certified Kingdom Advisor Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach. 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.