Faith & Finance

The following is an encore presentation from 2023.Tithing is fairly simple in your working years. Your only decision is whether to tithe on your net or gross income. But tithing becomes a bit more complicated when you retire. So we’re bringing in an expert to help simplify things today on Faith and Finance. Anthony Saffer is a Certified Financial Planner with One Degree Advisorswhere they’ve put together a handy resource to help you decide how to tithe in retirement.WHY TITHE? Let’s start by laying the biblical foundation for tithing because some folks will argue that Christians today are no longer under that law.Tthing is an act of worship that demonstrates trust and obedience to God. Key biblical verses to study include, Genesis 14:20, Hebrews 7:4-10, Leviticus 27:30-32, Luke 11:42, and Malachi 3:8-10.The practice of tithing, as introduced in Genesis 14 precedes God’s law given to Moses to guide Israel. Hebrews 7 of the New Testament refers to the event of Abraham tithing to the Priest and King, Melchizedek.Jesus refers to tithing in Luke 11:42, admonishing the religious leaders who are meticulously calculating their tithe while neglecting love, mercy, and compassion.WHY IS TITHING EASIER DURING YOUR WORKING YEARS? Tithing, which literally means a “tenth,” is often simple to calculate from working income. If someone earns $10,000, a tenth would be $1,000.You may question whether you should calculate the tithe from gross (before-tax) or net (after-tax) income. You’ll need to make this personal decision; although, the “first fruits” principle (Leviticus 23:10, 2 Chronicles 31:5), would seem to support tithing prior to paying the government.In either case, this is an easy calculation by applying 10% to an income amount.Many retirees choose to tithe similarly to how they did in their working years. They simply tithe on whatever income they receive. This can be a simple solution.WHEN TITHING IN RETIREMENT SEEMS MORE COMPLICATEDQuestions often arise among retirees about how to tithe in retirement. This is usually because income sources can vary in timing and composition.Specifically, many retirement income sources feature some return of principal (contributions) combined with growth or earnings. This feature is not common during working years.And while we probably have only one income source while working, that’s often not the case in retirement. There are five common income sources for those who tithe in retirement. Let’s look at common retirement income sources that feature a return of principal and how this can cause confusion when you tithe in retirement:1. Social Security.During your working years, you pay payroll taxes into Social Security to receive an income stream in retirement. A benefits statement obtained from the Social Security Administration website lists how much you have paid into Social Security during your working years.Now you have to decide whether to tithe (again) on the return of principal with each payment.2. A pension.If your employer’s pension plan pays you a retirement income stream, similar considerations to Social Security apply. In this case, you would need to see how much, if any, you contributed to your benefit.3. Retirement accounts. Here’s an example: Let’s assume a retiree owns an IRA valued at $1,000,000. ($250,000 of principal and $750,000 of growth)Many years of working income contributed to the $250,000 of principal. Should that reitree tithe (again) on this principal amount when withdrawals are made?4. Brokerage investment accounts. The government taxes most dividends, interest, and capital gains as yearly income. Some retirees may choose to tithe on this taxable income since it shows up on their tax return.However, the dividends, interest, and capital gains that investment accounts earn usually stay inside the account until later distribution.  So you must decide if you’ll tithe on the earnings not yet distributed, and possibly tax-free income that doesn’t show up on the tax return. You could also treat this type of account like an IRA, considering it has both a principal component (what you contribute) and earnings growth.5. Rental properties.Expenses are generally ongoing with real estate even while earning rental income. So, should you tithe from the gross rents received or from the net rents received after paying expenses?Then, of course, how to tithe on the eventual sale of that property is another decision, likely calculated on the gain above the purchase price.SIMPLIFYING THE PROCESSFortunately, there’s a way to make this simpler.You have two options for calculating an appropriate tithe in retirement, one simple, the other more complicated. But before personally deciding how to tithe in retirement, it can be helpful to note your priorities.Are you aiming to keep things simple? Are you willing to apply more detailed calculations to minimize tithing on the principal? In that case, you want the simple option, tithing on the total income you receive.In that case, you tithe off the income that’s deposited into your bank account and any tax-withheld money. (Or, only what hits your bank account if you choose to tithe off the “net.”) That’s the simple method and here’s an example:Mary is retired and wants to continue tithing to her local church. Every month she receives $2,500 from Social Security and $3,500 from her IRA directly into her bank account. She has $1,000 withheld from her IRA income for Federal and State taxes each month.She chooses to tithe off her gross income. Her monthly tithe is $700. ([$2,500 + $3,500 + $1,000] * 10%). That results in a larger tithe than subtracting any return of principal as it does not delineate principal from earnings.You want that option if you aim to tithe faithfully from a generous and cheerful heart without the hassle of math.You may be “re-tithing” on principal, but perhaps it does not matter if you believe you are making an impact with your giving and you prioritize simplicity.IF THAT’S NOT POSSIBLE …For some folks, that may not be possible if they’re struggling to make ends meet. In that case, you would tithe on growth but not principle, because you’ve already tithed on the principal. Because each income source, such as an IRA, Social Security, or pension, differs in composition, you must calculate each source separately, and at One Degree Advisors, they have a great, free resourceto help you do that.And here’s an example of tithing only on earnings, not principal:Let’s go back to our hypothetical friend Mary. She wants to continue tithing, but she only wants to tithe off her growth. She determines that calculating the principal in her Social Security income is too cumbersome but calculating the principal in her IRA income is easy enough.Mary discovers that of her $1,000,000 IRA account, $250,000 is principal and $750,000 is growth. So, 25% of her account is principal and 75% is growth. From each IRA withdrawal of $4,500 (Mary chooses to tithe off her gross income), she tithes off $3,375 or 75% of that income. That makes her tithe $587.50 per month. ([$2,500 * 10%] + [$3,375 * 10%])For lifetime fixed income sources such as Social Security or a Pension, the calculation may be more challenging. While you may know how much you have contributed, you don’t know how much you will receive over your lifetime. How long you live plus cost-of-living adjustments will vary the total income amount.With fixed income sources, some will simply tithe the gross income amount. Others will apply their best estimate of a percentage.On this program, Rob also answers listener questions: How can both spouses be sufficiently involved in planning the household finances?What is the income limit for Social Security benefits and how should you weigh that against an income opportunity?RESOURCES MENTIONED:FaithFi AppRemember, you can call in to ask your questions most days at (800) 525-7000. Also, 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 following is an encore presentation from 2023.Chad Clark is Executive Director here at FaithFi. WHERE DOES STEWARDSHIP BEGIN?Start by envisioning a target with three rings. When we think about stewardship we need to start in the inner circle, the bullseye, which is our heart.At the heart of a good and faithful steward you will find a love and devotion to Christ. Really, it’s our identity that is found in Christ as Galatians 2:20 points out “It is no longer I who live but Christ who lives in me”.This is contrary to the world, which is focused on self. When we think of what it means to be a good and faithful steward we must start with Christ and resist the temptation to put ourselves at the center.DOERS OF THE WORDThe outermost ring of this target is APPLICATION.We are in the world but not of the world. We still have bills to pay, and financial decisions to make, but when we make decisions from the inside out, we recognize that God is the owner of everything and our role as stewards is simply to glorify Him with what he has entrusted to us.We built the FaithFi app with this application layer in mind. It’s a great tool to help you better understand how you are stewarding God’s resources. You can connect your bank accounts, manage your income and expenses, and better understand the financial decisions you need to make.On this program, Rob also answers listener questions: What kind of tax liability might apply to an inheritance?How can you begin building business credit for a relatively young company?What is the wisest way to begin saving and investing for a grandchild?If you use money from a 401k for a downpayment on a home, is that money taxable?RESOURCES MENTIONED:BettermentSchwab Intelligent Portfolios Remember, you can call in to ask your questions most days at (800) 525-7000. Also, 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 following is an encore presentation from 2023.Shaunti Feldhahn is a relationship expert and the author of several very helpful books about marriage, including Thriving in Love and Money.There’s a saying about marriage: “When money troubles come in the door, love goes out the window.” But Shaunti has 3 steps for couples to keep that from happening.  3 STEPS TO ERASE TO AVOID FINANCIAL TENSION IN YOUR MARRIAGE1. ENSURE MARGIN: Make sure you have a cushion — some margin in your budget and finances. The Feldhahns conducted a three-year study involving a couple-thousand people. They found that no matter the income level, it wasn’t the topline income number that mattered. The key to avoiding tension was to spend less than they took in. This was true across all demographics. You’ve got to have a cushion to be able to make that car repair or whatever life throws your way. It’s great stewardship and helps keep you out of debt and bondage. But as it turns out, it’s not just protective of your finances, but of your relationship as well. 2. COMMUNICATE: You have to be able to talk to your spouse about money. It can't just be a one-person thing. It must be BOTH of you, and you have to be able to openly and honestly communicate about money. Communication really is the secret weapon. Most couples have trouble communicating about money. It’s a very common problem. But the Feldhahns found in their research that communication even trumps having a financial cushion or having the perfect budget. If you can talk about money, even if the technical stuff isn't perfect, you are far more likely to avoid tension and resentment. So start opening those lines of communication! It’s vital! 3. BUILD AWARENESS: You have to understand what's going on underneath the surface and how you and how your spouse respond to money. Shaunti explains that if there is tension around money in your marriage, it’s not really about the money. It’s about how money makes you feel, and how it makes your spouse feel. It’s about all of the insecurities and worries and beliefs about how money should work that are running under the surface. And we have two different sets of those. On today’s program, Rob also answers listener questions: What are a couple of good options for online banking?How do you determine whether you should roll over an IRA? RESOURCES MENTIONED:Ally BankCapital One 360 CheckingMarcus Remember, you can call in to ask your questions most days at (800) 525-7000. Also, 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 following is an encore presentation from 2023.God’s Word contains dozens of verses about repaying debt, but usually from the perspective of owing it to others. Another example of this is Ecclesiastes 5:5. It reads, “It is better that you should not vow than that you should vow and not pay.”We have to dig a little deeper to discern God’s will for us when someone owes us money, but one thing is very clear - the Lord expects us to act differently than the world.For one thing, if the one who owes you is a fellow believer, you should never sue to recover that money. Paul says this in no uncertain terms. In 1 Corinthians 6:6-7 he writes, “But brother goes to law against brother, and that before unbelievers? To have lawsuits at all with one another is already a defeat for you. Why not rather suffer wrong? Why not rather be defrauded?”Of course, this applies only if the person owing you money is a fellow believer. The Bible doesn’t say that you can’t sue someone outside the church. If you own a business, you may someday be forced to take someone to court for non-payment, simply to keep your business going.That’s not to say you have no recourse within the church. If someone rightfully owes you money and doesn’t pay, there’s a four-step process for reconciling the issue.First is to put the matter into perspective. You shouldn’t be surprised if another believer attempts to defraud you. Romans 3:23 reads, “For all have sinned and fall short of the glory of God.”With that in mind, consider how Jesus treated sinners, with kindness and patience. Avoid confrontation. A good way to do that is by praying for the one who owes you money. You might say to God: “Heavenly Father, I lift this person up to you and put this situation in your hands. Please give me wisdom. Please bless this person financially so they will never feel the need to borrow in the future. Your ways are not our ways. Please use this situation to give glory to You and guide my steps. Help me act as Christ would, showing mercy, that others might see and be drawn to you In Jesus’ name, Amen.”The next step is to meet with the person who owes you money. In Matthew 18:15 Jesus says, “If your brother sins against you, go and tell him his fault, between you and him alone. If they listen to you, you have won them over.” That means keeping the matter private for now. Don’t grouse about it to your spouse or friends and certainly not on social media.The idea is to show respect for the other person so their heart might be softened. The real goal is reconciliation. Getting what you’re owed is secondary. Be willing from the outset to forgo payment if need be.If meeting privately with the person doesn’t work, step three is to take other Christians with you for another meeting. Jesus goes on to say in verses 16 and 17: “If they will not listen, take one or two others along, so that “every matter may be established by the testimony of two or three witnesses.” If they still refuse to listen, tell it to the church; and if they refuse to listen even to the church, treat them as you would a pagan or a tax collector.Now, that seems pretty drastic, but we’re entering the realm of church discipline. It’s important to understand that this isn’t to punish the individual, but to help him or her see the error of their ways, repent, and make good.If this person rightfully owes you money and refuses to pay, it’s a sin and the Church needs to deal with it. Just as with adultery or any other type of public sin, the Church must exercise proper discipline or it ceases to honor God. If the offender refuses to repent, Jesus Himself says they should be treated as an unbeliever.And finally, step four. You must continue to show humility, respect and love for the offender. You must remember that you represent Christ and that you trust Him for the outcome.People are  watching you. Think of the situation not as a win/lose proposition, but as an opportunity to express the love of Christ in a difficult situation. As believers, we should be better than the world at resolving conflict.Pray that the Holy Spirit will show His power through this process, that God’s will should be accomplished through you, whether you’re paid or not. Either way, you must forgive that person, as Christ has forgiven you.Mark 11:25 reads, “And whenever you stand praying, forgive, if you have anything against anyone, so that your Father also who is in heaven may forgive your trespasses.”Next, Rob answers these questions at 800-525-7000 or via email at askrob@FaithFi.com:Should you stay in a 40-60 stock to bond allocation if your IRA is down about 13% since the beginning of 2022, you are age 70 are now claiming your maximized Social Security benefit and therefore don't need to draw on your portfolio?Will there be a decline in housing prices over the next few years and how should you navigate a home purchase with an FHA loan?If you are age 70 and retiring this year, should you reallocate your $300,000 Thrift Savings Plan from the C and S Funds into the fixed rate G Fund if you won't need to rely on the account for income? (Rob referred the caller to faithfi.com and the Find a CKA link).Is it better to pay your Home Equity Line of Credit down monthly or to make additional payments every month now that the interest rate has increased?Remember, you can call in to ask your questions most days at (800) 525-7000. Also, 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 following is an encore presentation from 2023.April is just 72 hours away and it’s one of our favorite months of the year. That’s because April is Financial Literacy Month. This event began some two decades ago to raise awareness about the critical need for financial literacy. It’s just as important as learning to read and write. We’ll talk about that on Faith and Finance. It’s not quite April yet, but we want to give you a head start on gaining financial literacy. It’s important, because if you don’t know how to set up a budget, handle credit cards responsibly, or figure out how much car or house you can afford— you’ll run into all sorts of trouble.And guess what? Financial literacy is just another way of knowing and following God’s financial principles for earning and saving money.Now, a recent article in the Wall Street Journal laid out six practical things you need to know to be financially literate, so let’s go over them one by one.6 THINGS YOU MUST KNOW1. The power of compound interest and how it works and that it can work for you, or against you. When you save, your interest is “compounded.” That means at some point, it’s added to your principal, making it larger. You’re then paid more interest on your larger balance, and so on. The earlier you start saving, the more time your balance has to grow at an ever-accelerating rate.Here’s an example: Let’s say you’re 20 and you invest $5,000 a year for 10 years, and then stop. Over the next 30 years, at an annual return of 7%, your balance will be $600,000.But if you wait until age 30 to start, and invest the same $5,000 a year for the next 30 years, do you think you’ll have more? Nope. Your balance will only be $540,000. So the earlier you start, the better off you’ll be.By the way, we said compound interest can work against you, too. If you use a credit card and don’t pay it off each month, the interest is added to your balance, meaning you’ll owe even more.2. So-called “good debt.” This is debt you take on with a reasonable expectation that the return you’ll get will be more than what you have to pay in principal and interest.Some examples would be borrowing to start a business, if you expect that your revenues for the business will be enough to cover the loan and give you enough to live on.Buying a house would fall into the category of good debt, because in most years, homes appreciate in value. A student loan, also, because if you finish with a degree that gives you marketable skills, you can reasonably expect to earn more than the loan will cost you, but be careful to borrow as little as possible for education. Far better to save for it ahead of time, again using compound interest in your favor, like with a 529 education savings plan.On the “outside edge” of good debt could be a car loan, if you need it for transportation to a job. But make as big a downpayment as possible and continue to save when the loan is paid off so you can eventually buy a car with “all cash.”3. Credit utilization rate. That’s how much credit you have versus what you owe, as spelled out in your credit report, which affects your credit score. You should never owe more than 30% of your available credit because it will lower your score, resulting in having to pay a higher interest rate if you need another loan.4. “Pay yourself first.” This simply means that you should put something into savings each pay period before you spend any money. Set up an automatic transfer from your checking account into savings, and let the bank do the work for you.5. Diversification. This is another of God’s financial principles. Ecclesiastes 11:2 says, “Give a portion to seven, or even to eight, for you know not what disaster may happen on earth.” It means to divide your investments among different stocks, mutual funds, bonds and other securities. Don’t put all of your eggs in one basket.You can also diversify your assets for tax purposes. For example, contribute to your employer’s 401k or 403b with pre-tax money, but also open a Roth IRA and invest after-tax money in it. It’s great to have something in each bucket if you can do it.6. Liquidity. All that means is that you can get to your money when you need it. If that sounds like an emergency fund, you’re exactly right. Your retirement accounts and even CDs and money markets are not the place to keep funds that you may need at a moment’s notice.Keep at least 3 to 6 months of living expenses in a savings account at an online bank to get the best interest possible on your liquid funds. If you have an unforeseen medical condition, lose your job, or total the car, you can get to that money in a hurry.On this program, Rob also answers listener questions: Is it wise to use an accelerated mortgage payoff system?How do you determine when it is wise to sell multiple properties that you own?Will receiving pension payments affect your Social Security income?Remember, you can call in to ask your questions most days at (800) 525-7000. Also, 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.

That’s from the Christmas Story in Luke, Chapter 2. The angels announce the coming of the Savior to a group of shepherds. It sounds simple enough … but there’s more to the story. Jerry Bowyer joins us to talk about it. Our guest, Jerry Bowyer, is the author of The Maker Versus the Takers: What Jesus Really Said About Social Justice and Economics. It’s loaded with amazing insights about Jesus' time on earth from an economic perspective.  Angels carried probably the most important message in history … why deliver it to shepherds? Weren’t they social outcasts?Shepherds were under social outcasts because they couldn’t keep their sheep from going into their neighbors yard and eat the grass - thereby committing theft against your neighbor. The Temple system ran on sheep. They used a lot of sheep for the sacrifices. So there was a country set aside for sheep to be raised. This was near Jerusalem. Jesus, the Lamb of God, was born in the city where lambs for the Temple system were bred.So God’s master plan included finance. We know a little more about Mary than we do Joseph at this point. Does she have an economic philosophy?Mary’s song, Magnificat, has words concerning economics about the rich being torn down and set away empty, and the poor being filled.Mary visits Elizabeth in Judea, a little higher society. Elizabeth subordinates herself to Mary, this is a reversal of status.Jesus uses parts of the Magnifcat in one of His sermonsMary was exposed to multiple languages, and had some intellectual teaching/learning. How did the birth of Jesus threaten the ruling temple class in Jerusalem?Herod understands that the birth of Jesus will unset everything and bring justice to the world, and as a tyrant, he was disturbed with this idea.Jesus will ruin many people’s livelihoods, etc moneychangers in the Temple. In Matthew, Chapter 2, the Magi come to worship the baby Jesus and give him very expensive gifts of gold, frankincense and myrrh. What was timely about that?The Magi brought Jesus things that would be brought to the Temple. ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:  Anna bought a 2014 Buick. She is currently not making enough money to keep up with the payments and still owe $20,000 and the car is not worth that. She wants to know the options that would be available.Evelyn just sold their home and need to rent for 6 months before buying another home. How should they invest this money from the home sale in the meantime?  RESOURCES MENTIONED:FaithFi appEdmunds.comKellyBlueBookBankrate.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.com where 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.

With everything going on in Israel right now why is it important to funnel resources to Lebanon?Because the level of despair in Lebanon is at an historic high.  And  . . . Because God is working there like never beforeThere is an urgency to this situation - 2.5 million refugees in a country of only 4 million.  More per square mile than any place in the worldA collapsed economy - World Bank calling it the worst economic collapse in 150 years. 85% of everyone living there needing aid and 99% of every refugee family looking for their next meal. In the middle of this despair though - - HOPE is rising.  I know you have made a number of trips there personally - how have you seen God working in the hearts and lives of the people there. Because of the relational ministry philosophy of Heart for Lebanon, everything they do points to the opportunity to share the Gospel. Lebanon remains the most democratic free society in the middle East.  We are free to share the Gospel and More Muslim Cultured people are coming to Christ than at any time in our generation.  One of my visits there I meet a refugee family in a farmer’s field. They were displaced in the middle of the night and went on the run. But Heart for Lebanon met with us and shared with us who Christ is and how He came to save them. How can people help today?(JH) $116 helps provide survival essentials AND the Gospel to a poverty stricken child and their family. Go to faithfi.com/lebanonThe website again is faithfi.com/lebanon. ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:  
Sharon will be done paying for her home mortgage next July. What should she expect?Marie has a received a lump sum for a pension she didn’t realized she had. She’s paid the taxes on it, paid tithe and now wants to know how to best invest it.Cora has money in a high rate savings that was at 3.75% and now is .08%, can we transfer that someplace that is higher?Laura wants to share saving for her 6 grandsons that was not a 529, in case one of them decides not to go to college. RESOURCES MENTIONED:
FaithFi.com/Lebanon

- Certified Kingdom AdvisorBankrate.comJoinChristianCommunity.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.

So how would God's word in particular give us guidance on this giving portfolio approach?Jesus gives His mission here on earth in Luke 4:18-19 “The Spirit of the Lord is upon me, because he has anointed me to proclaim good news to the poor. He has sent me to proclaim liberty to the captives and recovering of sight to the blind, to set at liberty those who are oppressed to proclaim the year of the Lord's favor.”This is a really is a model for a giving portfolio So how do you take that and apply it to giving?Well, he really talks about 3 categories of giving. God's mercy. People that are in need, poor and needy. The prisoners, basic recovery ministries and just basic human needs like water and food, shelter and those kinds of things.God's justice, the people that have been oppressed, widows, orphans, more the helpless, the victims. God's Word. And as you know here at FaithFi, we encourage you to do your first giving to the local church, but then also to other evangelism and discipleship ministries.I love that the ministry of God's mercy, God's justice in God's word. So those are the key themes from God's word. But now we use this word portfolio. So how do you treat your giving like it's a portfolio?A portfolio simply means that there are multiple buckets to put money in with intended multiple purposes. And so when you put multiple buckets and multiple purposes, it makes a portfolio. It helps with your giving as well. And so where we choose to give around these themes can be done whether we have a widow's might or whether we have multiple hundreds of thousands of dollars to give. This is powerful because it really gives you a filter or a lens to look at your giving, evaluated in light of your passions, but also God's word, and then see if there's any gaps. ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:  Ethan and his wife are trying to get out of college debt and looking for health insurance. The places they are employed at offer policies, but they are wondering what is best and cost efficient.Nancy is thinking about changing her living situation and figuring out our monthly expenses. Don’t know how to figure for inflation, putting away for savings, and how do you plan for things that don’t come up every year.Jim and his wife retired 2 yrs ago, he moved 401k into an IRA and combined it with traditional IRA and a small amount in a Roth. Is it a good idea to slowly convert IRA to Roth?Jack had heard a past Faith and Finance program that talked about a looming recession and wondering what experts are saying about this today.Danita is asking that with interest rates going up, is it a good idea to buy a home right now? RESOURCES MENTIONED:Kingdom Advisors 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.com where 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.

Please tell us about your list titled, “Your 10 Most Important Financial Moves for 2024.”We want to help people choose the best 10 ideas that specifically fit their situation. So we discuss over 60 suggestions in the article and encourage each reader to select their personal Top 10 list. We’ve found that those who go through this process of making a personal Top 10 list — and then follow through on those action steps — become better stewards and make tangible progress toward their long-term goals. These suggestions are broken into several categories. Help us understand spiritual and financial fundamentals …We try to set the appropriate context before diving into the nitty gritty financial stuff. And that begins with understanding what God says about us, and about our money, in scripture. So a few highlights from this section include:Resting in God’s love. His love isn’t based on our worth or merit.Invest time in studying what Scripture says about money and material possessions. SMI has long believed the #1 financial mistake Christians make is ignoring biblical wisdom about financial matters and looking to secular advice instead.  The next category is “the world around you.” What does that cover?Improve your understanding of the problems and policies shaping today’s economy.Another “big picture” topic to understand relates to the rapidly expanding level of federal debt. The next category is “strengthening your foundation.” What do we have there?Building an adequate emergency fund — before risking money in the stock and bond markets.Invest time creating and following a budget. This is probably the most powerful single step many people can take to make tangible financial progress in the year ahead.Committing to giving generously even if you’re paying off debt. Getting out of consumer debt is crucial for long-term financial stability.  The next section now is “developing your investing plan.”Face your fears, overcome your inertia, and start investing! Don’t wait for the “perfect time” to get started. A second step for relatively new investors is to become a dollar-cost averaging investor — and ideally automate that process so it’s out of sight, out of mind. “Dollar-cost averaging” (DCA) just means investing the same amount of money at regular intervals — for example, investing $300 every month.  Tell us what “broadening your portfolio“ is.Become a “diversified” investor. This includes starting to learn about different types of stocks and bonds and how to combine them in a portfolio. This is also where a person would start thinking more closely about retirement taxes and the best way to utilize traditional and Roth accounts. And for the gold bugs out there, we’ve got a separate action item about gold investing.  Let’s talk about retirement.Start thinking through your later-life decisions when you’re in your 50s. Most people put this off, but research suggests it’s wise to think this through earlier. There are lots of tangible retirement items relating to Medicare, how to optimize your Social Security benefits, and so forth.  The last category is what you might call,” everything else.” It includes children, work, college technology and insurance.For parents — and grandparents — Be intentional about training your children to be wise and faithful stewards. Other ideas here include insurance items, specifically making sure you have enough liability insurance coverage, because the default liability coverage in a lot of homeowner and auto policies is insufficient. Disability insurance is another one to consider here. And of course, for those with young children, the topic of saving for college is always of particular interest, so learning about the best ways to approach that is time well spent.  ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:  Alan wants to know if solar panels will help with paying his bills now and going into the future.Kristen is a widow. Her husband recently passed away. He was a pastor and their church was putting away in a 403b for his retirement. What is the best way for the church to give her the money without being penalized? RESOURCES MENTIONED:The Sound Mind Investing HandbookSoundMindInvesting.orgGoogle project sunroofCertified 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.com where 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.

If you’ve made a resolution to manage your money better this year, how can you be sure to keep it for the long haul? Today we’ll help you avoid the pitfalls of resolution failure. No matter when you make them, resolutions are hard to keep.  The most common excuses for giving up on our resolutions are…lack of willpower, forgetfulness, and plain old laziness.   Break old habits and develop new good habits. Make a clear plan. Financial resolutions are almost guaranteed to fail if you don’t set up a budget.  Have accountability.  Don’t go it alone.  Don’t do it all in your own strength. We need to lean on the Lord.  As Isaiah 40:28 says, that’s where the power is.  The Lord is the everlasting God, the Creator of the ends of the earth. He does not faint or grow weary; his understanding is unsearchable. He gives power to the faint, and to him who has no might he increases strength. Here’s a new way to approach your new year’s resolutions.First, pray.  Ask God to show you his will for you.  As with any goals, your financial resolutions need to be SMART.   Specific – The more detailed and clear your plans are, the easier they’ll be to follow. That’s where a spending plan comes in.  Measurable.  Your detailed budget will allow you to keep track of where your money’s going. Achievable.  Don’t expect to pay off all your debt at once or build up your emergency fund in just a couple of months.  Be patient with the process.Realistic.  It’s okay to dream, but your spending plan needs to reflect your real income and your real expenses.  Timely.  If you’re saving for something, or paying down debt, give yourself a reasonable timeline, and stick to it.  Set up your spending plan and track it weekly…or even daily… so you always know where you stand.   If you need help with a spending plan, or getting out of debt, or saving for the future, download the Faithfi appfrom your app store.  ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:  Jim and his wife are both retired, home is in a trust for all the children. We want to put an addition on our home for us and for our children to be able to buy our home and move in. We are concerned with mortgage rates. How do we do that?Jean is asking about where to put a CD that is coming due.Diana is on disability since 2012, in 5 years my monthly income is going to drop by one-half. I have an option to take out my pension, at one-third, in a lump sum. What should I do?Harriet is 58 and has term life insurance, is it wise to have life insurance? RESOURCES MENTIONED:
FaithFi app 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.