Faith & Finance

Lauren Gajdek is Vice President of Communications and Media at Christian Healthcare Ministries, an underwriter of this program. WHY IS CHRISTIAN HEALTHCARE MINISTRIES A LIFESAVER FOR THOSE WHO MISSED THE OPEN ENROLLMENT DEADLINE?Lauren explains that Christian Healthcare Ministries (CHM) operates differently from traditional insurance companies, allowing people to join at any time of the year without waiting for an open enrollment season. This flexibility makes CHM accessible for those who have missed enrollment deadlines.CHM allows joining anytime.It operates on a biblical concept of sharing resources among members.CHM has shared over $10 billion in members' medical bills, demonstrating its extensive support network. HOW DOES CHM DIFFER FROM TRADITIONAL HEALTH INSURANCE AND HOW DOES IT WORK?CHM is a medical cost-sharing organization, not an insurance company. It's based on a biblical concept where believers pool resources to ensure no one is left in need. Lauren emphasizes that CHM's approach has enabled the sharing of substantial amounts of medical bills, providing a reliable alternative to traditional health insurance.CHM is a medical cost-sharing organization inspired by biblical principles.It emphasizes mutual support among members, replicating the early church's resource sharing.CHM's long history and significant bill-sharing reflect its effectiveness and reliability. WHAT ARE THE COST BENEFITS OF CHM COMPARED TO TRADITIONAL HEALTH INSURANCE?Lauren highlights the affordability of CHM, with membership costs ranging from $92 to $267 per month for an individual, regardless of health history, age, or weight. She points out that CHM's 'personal responsibility' costs, similar to deductibles, are significantly lower than high insurance deductibles, making it an affordable option.CHM offers affordable membership rates, unrelated to personal health factors.It provides a financially viable alternative to high-deductible health insurance plans.The 'personal responsibility' cost in CHM is capped annually, enhancing its affordability. WHAT IS THE SPIRITUAL COMPONENT OF CHM?The spiritual aspect of CHM, as Lauren explains, is based on Galatians 6:2, focusing on bearing each other's burdens. This spiritual support is manifested through prayer, encouragement, and being a part of a larger Christian community, adding a significant dimension to the financial assistance CHM provides.CHM emphasizes spiritual support alongside financial assistance.Members engage in prayer and encouragement, strengthening communal bonds.The ministry operates under the principle of bearing each other's burdens as a reflection of Christ's teachings. For more information or to explore joining CHM, visitChristian Health Care Ministries or call 800-791-6225. ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:I have a $79,000 annuity with an insurance company and am considering rolling it over into my IRA for better returns, but I'm unsure if it's a good idea.Is debt consolidation worth it, and can you recommend any companies for it?As a military veteran with a head injury and recent widower, I'm unsure about filing a special tax return; what should I do?I had hail damage to my roof and a roofing company wants to replace it, but I can't afford the $2,000 deductible. Is it proper or legal to find another company that can offset this amount?I own my home and recently sold some real estate for about $750,000. I'm interested in other investment properties but didn't file the proper form for a 1031 exchange. What can I do now? 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.

Sharon Epps is the president of Kingdom Advisors, our parent organization. Kingdom Advisors is a group dedicated to training financial professionals to guide and advise you according to biblical principles. WHAT ARE THE BIBLICAL PRINCIPLES RELATED TO CASH FLOW AND LIVING EXPENSES?Sharon emphasizes the importance of spending less than we earn, drawing from Philippians which teaches contentment in all situations. Contentment is key in managing finances as it helps us be satisfied with what we have and avoid unnecessary spending.To improve financial health, it's vital to spend less than what we earn.Contentment with our current situation is crucial for financial stability.Reducing living expenses is a quick way to enhance cash flow. HOW CAN WE TRAIN OUR CHILDREN IN FINANCIAL MATTERS FROM A BIBLICAL PERSPECTIVE?Proverbs 22:6 tells us to train children in the way they should go, including financial education. Sharon suggests setting an example through actions rather than just words, teaching children both financial literacy and a biblical worldview of money.Train children in financial matters, including the importance of savings and understanding debt.It's essential to model good financial behavior as children learn more from what they see than from what they hear.A biblical worldview of money, emphasizing stewardship and generosity, should be part of their financial education. WHAT DOES THE BIBLE SAY ABOUT BORROWING AND DEBT?Proverbs 22:7 warns about the dangers of borrowing, portraying the borrower as a slave to the lender. Borrowing can sometimes prevent us from seeing God's provision and often presumes on the future. Sharon advises careful consideration before taking on debt, ensuring there's a guaranteed way to repay.Borrowing should be approached with caution, as it can lead to financial slavery.It's important to consider if the economic return of borrowing outweighs the cost.Before taking on debt, ensure unity with a spouse, exhaust all alternatives, and have a guaranteed repayment plan. WHAT IS THE IMPORTANCE OF GOAL SETTING ACCORDING TO BIBLICAL WISDOM?Sharon highlights the importance of setting goals, referencing Proverbs 16:3 which directs us to commit our plans to the Lord. Goal setting, when done prayerfully, aligns our financial plans with God's will and allows for flexibility as He leads.Setting financial goals helps align our plans with God's will.Goals should be set prayerfully, keeping open to God's guidance and changes.Flexibility in goals allows for God's intervention and redirection. HOW SHOULD CHRISTIANS APPROACH PAYING TAXES ACCORDING TO THE BIBLE?Referencing Luke 20:25, Sharon says that Jesus teaches to render to Caesar what is Caesar's. Paying taxes should be seen as a part of God's provision, recognizing that income is the reason for taxation. She emphasizes that seeking tax deductions shouldn't lead to unnecessary spending.Paying taxes is part of our duty and a reflection of God's provision.Taxes are symptomatic of income; reducing them often costs more in the long run.Rejoicing in the ability to pay taxes acknowledges God's provision in our lives. Sharon also discussed the principles of investing, understanding net worth, life insurance, life planning, and the role of a Certified Kingdom Advisor in integrating faith into financial decision-making. For more information on becoming a Certified Kingdom Advisor or finding one, visitKingdom Advisors. ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:I recently bought a car with cash after initially considering financing it, and I'm receiving notifications about a hard credit check; can you explain why this impacts my credit score?We came into some money, about $25,000, and I'm trying to figure out the best way to manage it without nickel-and-diming it away.RESOURCES MENTIONED:Bankrate for finding the best online savings account rates:bankrate.comRemember, 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.

Mark Biller is executive editor at Sound Mind Investing, an underwriter of this program.  WHAT DOES IT MEAN TO ALLOCATE YOUR PORTFOLIO OR REBALANCE IT?Mark Biller explains that asset allocation refers to the distribution of investments across various asset types, like stocks and bonds. Portfolio rebalancing is the process of adjusting the portfolio back to its target allocation. This is necessary because different investments perform differently over time, causing the portfolio to drift from its intended allocation. Rebalancing involves selling assets that have grown beyond their target percentage and buying those that are underrepresented to maintain the desired risk/reward balance.Asset allocation involves deciding how much to invest in different asset types like stocks and bonds.Portfolio rebalancing is adjusting the investment mix back to the target allocation.Rebalancing ensures the portfolio stays aligned with the investor's risk tolerance and goals. HOW DOES ONE DETERMINE THE APPROPRIATE TARGET ASSET ALLOCATION?The appropriate target asset allocation depends on the investor's goals, risk tolerance, and time until retirement. A thorough risk assessment is typically one of the first steps in investment planning. For example, someone with many years until retirement can usually afford more risk compared to someone closer to retirement. This assessment is crucial to arriving at an appropriate asset allocation target.Determining the right asset allocation involves considering personal goals, risk tolerance, and time until retirement.Younger investors can typically afford more risk than those nearing retirement.A detailed risk assessment is essential in setting the right target allocation. WHAT ARE THE BENEFITS OF REBALANCING AND HOW OFTEN SHOULD IT BE DONE?Rebalancing aligns the investor's portfolio with their ideal mix of risk versus reward. It also helps in achieving the goal of buying low and selling high by adjusting investments based on their performance. While conventional wisdom suggests rebalancing once a year, the key is to ensure the portfolio remains close to the target allocation. This process can be more straightforward for those with fewer asset types and more complex for diversified portfolios. It's also often a service provided by financial advisors.Rebalancing aligns the investment portfolio with the investor's ideal risk-reward mix.It helps to buy low and sell high by adjusting based on performance.Regular rebalancing, often yearly, is recommended to maintain the target allocation. WHAT ARE TARGET DATE FUNDS AND HOW DO THEY RELATE TO REBALANCING?Target date funds, increasingly popular in retirement plans, automatically handle asset allocation and rebalancing. These funds have a year in their name indicating the target retirement date, and the fund's allocation of stocks and bonds is managed accordingly. While convenient, it's important to ensure that the fund's assumptions match the investor's specific needs, as they can sometimes be more conservative than ideal. Choosing a fund with a different target year can adjust the asset allocation to better suit personal preferences.Target date funds automatically manage asset allocation and rebalancing for retirement.They may be more conservative, so it's important to choose one that aligns with personal goals and risk tolerance.Adjusting the target year can help match the fund's allocation to the investor's preferences. You’ll find a more detailed guide at Sound Mind Investing’s website. It’s called “SMI’s 2024 Rebalancing Guide.” ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:I have enough savings to pay off my car loan with a balance of $12,000 and an interest rate of 3.84%; should I pay it off now while still having savings left?As I retire today at 65 and a half and plan to keep working, will my Social Security benefits increase if I continue working until 70? 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.

“Commit your work to the Lord, and your plans will be established.” Proverbs 16:3.Howard Dayton is the founder of Compass— Finances God’s Way and the former host of this program.  HOW DOES A SPENDING PLAN HELP WITH MANAGING YOUR MONEY AND REDUCING YOUR DEBT?Howard, founder of Compass Finances God's Way, introduces the concept of a spending plan (budget). He explains that a spending plan is not just about restricting expenses but is a strategic tool that helps direct money towards achieving life goals and reducing debt. The plan also controls impulse spending and is flexible enough to adjust as needed.A spending plan is a strategic tool for directing money towards life goals and debt reduction.It controls impulse spending and is flexible for adjustments.Spending plans are ultimately freeing, not stifling. WHAT ARE THE CHALLENGES IN IMPLEMENTING A SPENDING PLAN AND HOW CAN WE OVERCOME THEM?The implementation of a spending plan can be challenging due to lifestyle changes and the need to make hard decisions. Howard advises that to effectively reduce spending, individuals may need to trim expenses, or even sell assets with high liabilities. He emphasizes that making both big and small cuts can significantly reduce monthly expenses.Implementing a spending plan may require lifestyle changes and hard decisions.Cutting back on expenses like entertainment and dining out can help reduce monthly spending.Selling high-liability assets (like a car with a loan) can also contribute to your financial health. HOW SHOULD COUPLES APPROACH SETTING UP A SPENDING PLAN?Howard highlights the importance of teamwork and communication for couples in setting up a spending plan. He mentions that patience and flexibility are key, considering the different personalities and money-handling approaches of each partner. The goal is to achieve unity in financial decisions, reflecting the harmony intended in marriage.Couples should work together and communicate openly while setting up a spending plan.Patience and flexibility are important due to different financial personalities and approaches.Unity in financial decisions is crucial for marital harmony. WHAT IS THE CONCEPT OF A 'MONEY DATE' AND HOW OFTEN SHOULD IT OCCUR?Howard recommends regular ‘money dates', ideally every other week, where couples review their financial situation. These dates are for reviewing income, expenses, and encouraging each other, avoiding the blame game. This regular check-in ensures both partners are aligned and accountable in their financial journey.A 'money date' is a regular meeting for couples to review and discuss their financial situation.It should occur at least every other week for effective financial management.This practice encourages mutual support and accountability in managing finances. WHAT IS THE IMPACT OF HAVING A SPENDING PLAN ON LONG-TERM FINANCIAL HEALTH?While not directly addressed in the conversation, it's implied that a well-implemented spending plan positively impacts long-term financial health. By ensuring money is spent according to set goals and priorities, individuals and couples can avoid debt accumulation, save for emergencies, and invest wisely, all of which contribute to financial stability and growth.A spending plan leads to better control over finances and avoids unnecessary debt.It facilitates saving for emergencies and wise investments.Long-term, it contributes to financial stability and growth. You can learn more about the new video study from Compass — Finances God’s Way, Navigating Your Finances God’s Way, at navstudy.org. ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:I sold my house and used some Roth IRA money for a new house, planning to put it back when I sold another property. Should I use more retirement money for a bigger house without a mortgage?My wife and I are wondering if we should tithe before or after taxes. What's your opinion on this?I recently inherited some money and my advisor recommends a fee-based account for stock and bond trading. Is this a good idea as I approach retirement?As a 55-year-old with a special needs son and limited retirement savings, how can I prepare for retirement and ensure my son is cared for? RESOURCES MENTIONED:Social Security Administration website:ssa.govFind 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.

Matthew 6:28-29: “Consider the lilies of the field, how they grow: they neither toil nor spin, yet I tell you, even Solomon in all his glory was not arrayed like one of these.”John Putnam is a certified financial planner, a Certified Kingdom Advisor, and founder of Smarter Stewardship, a marketplace ministry.  HOW DO YOU COUNSEL PEOPLE WHO WORRY ABOUT MONEY, ESPECIALLY WITH TALK OF A LOOMING RECESSION?John Putnam discusses Matthew 6:28-29 and what it teaches us about God's provision and the importance of not being anxious.Focus on God's provision, as shown in nature, to minimize worry.Striving, or being overly concerned with the future, should be replaced by thriving, or being present in the moment God created.Anxiety does not add value to life; instead, it distracts from experiencing God's blessings. WHAT DOES REPLACING STRIVING WITH THRIVING LOOK LIKE?Replacing the struggle of striving with thriving involves being present in financial moments, patient, and generous, aligning with Jesus' approach to life.Being present in financial moments God gives, avoiding debt which can delay God’s provision.Being patient, following Jesus’ example of intentional ministry without haste.Being generous to others as a way to combat worldly worries and emulate Jesus' actions. HOW IMPORTANT IS UNDERSTANDING OUR ROLE AS STEWARDS IN THIS CONTEXT?John emphasizes the importance of stewardship, highlighting that everything belongs to God and leaving room for God's intervention in our finances and life can lead to peace and amazement.Acknowledging everything as God's provision leads to peace.As stewards, we should play our part but also allow God to work in our lives.Realizing the holistic provision from God helps replace worry with thriving. SUMMARY OF JOHN PUTNAM'S ADVICE ON MONEY AND STEWARDSHIPJohn Putnam concludes by encouraging people to focus on the overall provision from God and not let money concerns hinder enjoying life’s blessings.Replace worry and striving with a focus on God's overall provision.Embrace the specialness of life and God's goodness without being held back by money concerns.Trust in God's plan and stewardship to lead a fulfilling life. ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:I purchased a used vehicle and was offered an extended warranty. Is it advisable to get an extended warranty for a used car?I have the option to receive a buyout from my pension plan now or wait until retirement for a monthly payout. Should I take the lump sum to pay off my house, or wait for the monthly payments later?I own an older vehicle and am transitioning to newer models. When is it appropriate to switch from full coverage to just liability insurance?I have an old Honda Accord with a recall issue and now face a costly repair. Should I invest in repairing it, or consider buying a newer car considering I have upcoming housing expenses and a new job?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.

Miriam Neff back on the program. She’s the founder and president of Widow Connection, a ministry dedicated to helping women overcome and thrive after the loss of a husband. She’s also co-author, with her daughter Valerie Neff Hogan, of Wise Women Managing Money.  THE IMPORTANCE OF WOMEN UNDERSTANDING FINANCESMiriam Neff discusses the importance of women, including widows and single moms, understanding and managing finances. She emphasizes that women manage over 51% of wealth in the U.S., and this number is growing.Every woman should understand finances, regardless of their marital status.It's crucial to acknowledge that all possessions are God's and manage them accordingly.Knowing the 'why' behind financial management is essential as it aligns with God's purpose. EIGHT HABITS OF WISE WOMEN MANAGING MONEYMiriam Neff outlines eight habits for effective money management, particularly for women who may suddenly find themselves in charge of household finances.1. ACKNOWLEDGE ALL BELONGINGS AS GOD'S: Recognize that everything, including income, housing, and personal belongings, are God's resources.2. TAKE RESPONSIBILITY FOR FINANCES: Emphasize the importance of being aware and responsible for personal finances.3. CREATE A SPENDING PLAN BASED ON INCOME AND VALUES: Develop a budget that reflects income and aligns with personal and spiritual values.4. CONSIDER THE HEART'S ATTITUDE TOWARDS MONEY: Reflect on personal attitudes and priorities regarding money to ensure they align with biblical teachings.5. AVOID EXCUSES IN FINANCIAL MANAGEMENT: Resist justifying poor financial decisions and take personal responsibility for money management.6. TAKE PERSONAL RESPONSIBILITY: Acknowledge personal control over financial decisions and resist blaming circumstances or others.7. REGULARLY REVIEW AND ADJUST FINANCIAL PLANS: Continuously reassess and adapt financial plans to accommodate changes such as inflation.8. INVEST IN KINGDOM PURPOSES: Encourage investing in projects that have eternal value and contribute to God's work.Miriam stresses the importance of these habits not only for financial stability but also for aligning your financial decisions with your faith and values. STICKING TO THESE HABITS: RemindersAccountability partnerAvoid giving detailed information ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:I own some collectible coins for over 20 years, including slab coins and rare pennies; when is a good time to sell these, and do they fluctuate like the equities market?I've retired and have a rollover IRA worth $119,000 and a Roth IRA worth $11,000; should I consider withdrawing from my IRA to pay off a $40,000 roof replacement loan with a 10% interest rate?I bought property a few years ago intending to give it to my son, who built and sold a house on it this year; how can I manage the capital gains tax since the property was still in my name at the time of sale? 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.

REFLECTION ON LAST YEAR'S PREDICTIONSBob Doll reflects on his previous year's predictions, noting that while they achieved a 50% accuracy rate, it fell short of their usual 72% mark. The unexpected strength in the economy and labor market, combined with a decrease in inflation, led to deviations from their projections.The economy was stronger than expected, preventing the anticipated recession.Inflation continued to decrease but did not reach the central bank's target of 2%.Stock market valuations increased, particularly for a small group of high-performing stocks. OUTLOOK ON THE US ECONOMY FOR THE UPCOMING YEARBob predicts a mild recession for the upcoming year, citing residual issues from Federal Reserve tightening and an inverted yield curve. He expresses skepticism about the current optimistic outlook for a soft landing in the economy.A mild recession is anticipated due to ongoing economic tightening and yield curve inversion.The labor market remains strong, posing challenges for reducing inflation.A shift from almost unanimous recession expectations to widespread soft landing predictions is observed.10 PREDICTIONS FOR 2024:Bob explains that the ideal 'Goldilocks' scenario of perfect economic balance is unlikely. The predictions for 2024 involve trade-offs between strong earnings growth and low inflation, which are mutually exclusive under current economic conditions. 1. The U.S. economy experiences a mild recession as the unemployment rate rises above 4.5%. 2. The 2-3% inflation ceiling of the 2010s becomes the 2-3% inflation floor of the 2020s. 3. The Fed cuts rates fewer than the six times suggested by the Fed funds futures curve4. Credit spreads widen as interest rates decline.5. Earnings growth falls short of the double-digit percentage consensus expectation.6. Stocks record a new all-time high early in the year, but then experience a fade.7. Energy, Financials and Consumer Staples outperform Utilities, Healthcare and Real Estate.8. Faith-based share of industry AUM rises for the eighth year in a row.9. Geopolitical crosscurrents multiply but have little impact on markets.10. The White House, Senate and House all switch parties in November.  THE ONLY THING CERTAIN IS UNCERTAINTYThe main focal point for 2024 is likely to be whether investors enjoy further significant progress on inflation, decent economic growth and double-digit earnings growth. We’re skeptical. Either 1) we get a noticeable slowdown/recession and earnings fall short, or 2) double-digit earnings growth materializes, probably requiring stronger economic growth, less progress (if any) on inflation and a Fed that is boxed in. The long-predicted recession will likely materialize in 2024, although it most likely will be brief and shallow. Also, after the largest growth in the money supply since WWII (due to COVID), we’re now experiencing the biggest decline since the 1930s. Can a productivity boom rescue the U.S. via AI, automation and robotics? Only time will tell. We expect the 2023 momentum and Fed cut euphoria to fade early in the new year, resulting in lackluster earnings growth and downside risk to equities as 2024 unfolds. At some point, the political dysfunction in Washington, D.C., and record non-recession, non-war deficits will pile up even as interest expense takes an even larger share of  ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:I purchased a $10,000 I bond back in October 2022 with high rates; should I keep it for a few years and continue investing in it or consider liquidating it?As a truck driver, I spend a lot of time on the road and I'm considering selling my mobile home, which is on rented property, to invest in a piece of land or another home.My wife and I each have an IRA worth about $200,000, and with potential tax rate changes in 2026 and our increasing income due to delayed Social Security benefits, should we consider converting our IRAs to Roths? 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.

INFLATION “FELL”?There’s something you need to understand about the inflation numbers you hear in the news, such as, “Inflation fell to 3.2% last month on an annualized basis.” Some folks think that means prices went down, but it really only means that the rate of price increases has gone down.  INFLATION'S PERMANENT PRICE INCREASES:A decrease in inflation rate means slower price increase, not price reduction.Even if inflation drops to zero, the high prices from past inflation remain. WAGE GROWTH NOT KEEPING UP WITH INFLATION:A significant portion of workers report their wages haven't kept up with inflation, leading to financial strain.Many Americans have used their savings or resorted to credit card use due to the discrepancy between income and rising costs.To cope with financial strain, it's essential to adjust one's lifestyle and budget, potentially including major changes like downsizing.IMMEDIATE COST-CUTTING STRATEGIES:Freeze credit cards literally to curb impulse spending.Remove saved credit card information from online accounts to prevent easy online purchases.Utilize cash for daily expenses to control spending and potentially save 10% to 30%.Preparing extra meals in advance helps avoid expensive fast food, saving money in the long run.Learn to cut hair at home to save on salon expenses, which can add up significantly over time.Lower the temperature in your water heater. Your water heater accounts for 20% of your monthly electricity cost, and lowering it to 120 could cut you 10% on your bill.So there you have it— ways you can cut back on spending today to counteract inflation. Let us know how it works out. ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:My wife and I are financially stable and have discussed retiring early, but we're unsure if we have saved enough; when is it enough to retire comfortably and still give to the kingdom?Should I aggressively pay off my student loans now or wait and hope for loan forgiveness, considering I work at a nonprofit and am eligible for the Public Service Loan Forgiveness Program?My son is considering cashing out his Roth IRA to pay off a business mortgage; is this a wise decision given the potential penalties and loss of compound growth?My wife is nearing 62, and we're considering whether to take her Social Security benefits early or wait, especially with concerns about potential future Social Security reductions.I'm interested in online high-yield savings accounts and whether they are as beneficial as they claim to be, and I also want to know if canceling unused credit cards or reducing credit limits can affect my credit score. 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.

WHY ARE BENEFICIARY DESIGNATIONS IMPORTANT?Beneficiary designations are crucial because they're an easy, quick, and free way to transfer assets, accounts, and insurance benefits after passing away. They take precedence over wills or trusts and are significant because they skip probate and remain private.Beneficiary designations offer a straightforward method to transfer assets after death.They are prioritized over estate planning documents and bypass the probate process.Keeping them updated and accurate is crucial for ensuring assets are distributed as intended. WHAT ARE THE KEYS TO REMEMBER ABOUT DESIGNATING BENEFICIARIES?When designating beneficiaries, it's important to consider various account types like IRAs, 401(k)s, life insurance policies, and regularly update these designations. Ensure that primary and contingent beneficiaries are named and understand the implications of each type. It's also vital to coordinate with your will or trust and consider the potential uneven growth of different assets.Review and update beneficiary designations across different accounts regularly.Distinguish between primary and contingent beneficiaries and understand their roles.Coordinate beneficiary designations with your will or trust to ensure your estate plan reflects your wishes. IS THERE EVER A REASON NOT TO DESIGNATE BENEFICIARIES?Generally, there's no good reason to avoid designating beneficiaries. Not doing so can lead to confusion, interpretation by others, or court decisions. Ideally, it's better to name a specific person rather than leaving it to documents or courts.It's always advisable to designate beneficiaries to avoid leaving asset distribution open to interpretation.Designating specific individuals as beneficiaries is preferable to relying on estate documents or courts.Regular updates to beneficiary designations are essential to maintain clarity in estate planning. WHAT ARE COMMON MISTAKES IN HANDLING BENEFICIARY DESIGNATIONS?A common mistake is the "set it and forget it" approach, where individuals fail to regularly update their beneficiary designations. This oversight can lead to outdated or unintended distributions of assets.Regularly revisiting and updating beneficiary designations is crucial to reflect current intentions.Ignoring the need for updates can result in unintended or outdated asset distribution.Coordinating beneficiary designations with overall estate plans ensures consistency and fulfills intended wishes. ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:I'm curious about tax lien auctions; if I purchase a property with a tax lien and the original owner doesn't reclaim it, am I responsible for the existing mortgage?As a retiree, I'm considering using $10,000 annually from my $200,000 retirement fund for family vacations; is this a wise decision?I'm at full retirement age, receiving Social Security while working full-time; I wonder how my continued employment will affect my future Social Security benefits.Next year, when I turn 60, I plan to start drawing Social Security; I'm concerned about the earnings limit and how it affects my benefits.We have an adjustable-rate mortgage; with current high rates, should we consider refinancing or stick with our current mortgage? 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.

“The earth is the Lord’s and all that is in it, the world, and those who live in it, for he has founded it on the seas and established it on the rivers.” Psalm 24:1-2: Mark Regier is Vice President of Stewardship Investing at Praxis Mutual Funds. WHAT IS STEWARDSHIP INVESTING AND HOW DOES IT INCORPORATE CREATION CARE?Stewardship investing is an approach rooted in biblical principles, emphasizing responsibility and management of all that God has entrusted to us. It involves recognizing God's ownership over everything and managing resources wisely and according to His wishes. This philosophy extends to caring for our neighbors, seeking justice, peace, and importantly, caring for the world God created.Stewardship investing is about managing resources as God's stewards, recognizing His ownership.The approach involves investing responsibly and ethically, integrating care for neighbors and the environment.It emphasizes investing in ways that do not harm the world but seek to improve it, aligning with biblical stewardship. HOW CAN INVESTMENT MANAGERS SUPPORT CREATION CARE?Investment managers can support creation care through various strategies, including investing in green and social bonds, engaging in shareholder advocacy, and community investing. Green and social bonds finance projects with positive environmental or social impacts. Shareholder advocacy involves using shareholder power to influence corporate behavior towards more sustainable practices. Community investing directs funds to help marginalized communities adapt to a changing climate and embrace emerging technologies.Investing in green and social bonds that finance environmentally friendly projects.Engaging in shareholder advocacy to influence corporate policies and practices.Community investing to support marginalized groups affected by environmental changes. WHAT IS GREENWASHING AND HOW CAN INVESTORS AVOID IT?Greenwashing is when companies or funds claim to be more environmentally friendly or engaged in sustainable practices than they actually are. It's important for investors to research and verify these claims. To avoid greenwashing, investors should look deeply into company or fund activities, visit their websites for environmental reports, understand the information's source, and consider the company's willingness to discuss and address environmental issues. Transparency and evidence of genuine sustainable practices are key to discerning genuine efforts from greenwashing.Greenwashing is misleading claims about environmental practices or benefits.Investors should research and verify environmental claims made by companies or funds.Looking at a company's actual environmental policies, actions, and willingness to engage in discussions about sustainability can help avoid greenwashing. ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:I live on a fixed income of less than $1,000 a month and want to tithe. Should I adjust my expenses to give 10% or is it more about the condition of my heart when it comes to giving?I have a CD maturing and I'm considering locking into a longer term at a higher interest rate. Is it advisable to lock in for a longer term, like 4.75% for five years? 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.