Faith & Finance

Brian Holtz is the Chief Operating Officer at Compass—Finances God’s Way. He’s also the author of a brand new book, Financial Discipleship for Families: Intentionally Raising Faithful Children. WHY A BOOK ABOUT MONEY FOR PARENTING?Jesus used money in parables to teach spiritual lessons, making it relatable and insightful for teaching children.Managing money according to God's principles impacts our relationship with Him. ACTIVE VS. REACTIVE PARENTINGActive parenting involves setting goals and preparing children for future financial decisions.Reactive parenting addresses issues only as they arise, often in a negative context. WHY A BOOK ABOUT MONEY FOR PARENTING?Jesus used money in parables to teach spiritual lessons, making it relatable and insightful for teaching children.Managing money according to God's principles impacts our relationship with Him.ACTIVE VS. REACTIVE PARENTINGActive parenting involves setting goals and preparing children for future financial decisions.Reactive parenting addresses issues only as they arise, often in a negative context. MVP PARENTING: MODELING, VERBAL INSTRUCTION, PRACTICAL OPPORTUNITIESModeling: Demonstrating financial habits like budgeting and generosity.Verbal Instruction: Explaining the 'what' and 'why' behind financial actions.Practical Opportunities: Allowing children to participate in financial decisions and learn from experiences. ROB ALSO ANSWERS LISTENERS QUESTIONS ABOUT THE FOLLOWING:As an 18-year-old, what are the best investment options for me, considering choices like 401(k), Roth IRA, and life insurance investments?Should I maintain full coverage insurance on my older, well-maintained vehicles, or would it be more practical to switch to PD only coverage?To improve my credit score, is it better to pay off my credit card balance in full every month or should I leave a small balance?Can I use my HSA to pay for a Christian sharing plan if I quit my job and lose my health insurance, and are there any tax advantages or new rules for contributions to these plans?If I am close to Medicare age, am I able to use my HSA to reimburse myself for Part B premium payments? RESOURCES MENTIONED:Open Hands FinanceChristian Healthcare Ministries 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.

“Every good gift and every perfect gift is from above, coming down from the Father of lights, with whom there is no variation or shadow due to change.” James 1:17Ken Boa is a pastor and founder of Reflections Ministries. Russ Crosson is executive vice president and chief mission officer of Ronald Blue Trust. This is the second of our interviews about a book they co-authored, titled Leverage: Using Temporal Wealth for Eternal Gain. [1:35]WHAT IS BIBLICAL LEVERAGE AND IS GIVING TO CHURCH AND MINISTRIES CONSIDERED BIBLICAL LEVERAGE?(Biblical leverage is the concept of using one's financial resources in ways that align with God's will, rather than accumulating wealth for its own sake.)It's about seeking guidance from the Scriptures and the Holy Spirit to determine how much to give and where to give.The act of giving is a way to counteract the idolatry of money and wealth, avoiding the search for security and significance in financial accumulation.Biblical leverage involves sacrificial giving that transcends mere monetary value and reflects a faithful trust in God's provision. [2:35]HOW SHOULD CHRISTIANS DECIDE HOW MUCH TO GIVE?In the New Testament, the principle of giving is focused on cheerfulness and proportionality, not a mandated amount.The more one has, the greater the challenge to give proportionally and the greater the potential impact of their generosity.Sacrificial giving for the wealthy may involve forgoing personal luxuries to contribute more significantly, acting as a test of faith. [4:04]WHAT DOES SACRIFICIAL GIVING LOOK LIKE FOR THOSE WITH SIGNIFICANT WEALTH?(Sacrificial giving for the wealthy is characterized by a deliberate choice to give up something valuable or desired for the sake of contributing to God's work.) Even if the wealthy can easily afford their desires, choosing not to indulge in something and giving instead can be a form of sacrifice.The faith aspect comes into play when one decides to do without something they normally would do and contributes that resource instead.This act of giving serves as a faith test and an opportunity to grow one’s faith through the conscious act of generosity. [7:06]WHAT IS IMPORTANT TO KNOW ABOUT SACRIFICIAL GIVING ACCORDING TO SCRIPTURE?Scripture invites us to focus on the eternal rather than the temporal, and the unseen rather than the visible.The challenge lies in whether wealth or God's Word defines us, our security, and our significance.The Bible instructs those with wealth to not be conceited or to place their hope in wealth but in God, referencing 1 Timothy 6:17-19: "Instruct those who are rich in this present world not to be conceited or to fix their hope on the uncertainty of riches but in God, who richly supplies us with all things to enjoy." [8:20]WHAT IS THE ROLE OF THE HOLY SPIRIT IN DECISION-MAKING ABOUT GIVING?The Holy Spirit should guide our decisions about where and how much to give, involving a more radical and deep approach than we might imagine on our own.This guidance is part of a relationship with the Holy Spirit, who is not just a force but a person who illuminates God's Word.A wise person applies scripture to their life, such as 1 Timothy 6:17-19, and actively chooses to be generous, setting aside wealth for eternal benefit.Comparatively, the Bible contrasts the wise with the 'fool' who is not rich towards God, referring to the parable of the rich fool in Luke 12. [9:50]WHAT ARE THE BARRIERS TO GIVING AND HOW DOES ACCOUNTABILITY FIT INTO STEWARDSHIP?Giving can be hindered by financial, spiritual, relational, or visionary barriers, and accountability is crucial to overcome these.Having someone to challenge and ask hard questions is important since God promises to meet our needs, as mentioned in Philippians, enabling us to be generous. [10:45]WHAT DEFINES GOOD STEWARDSHIP?Good stewardship is applying biblical principles to life and welcoming accountability, preparing to give an account of our stewardship to God.Since we will all account for our actions before God individually, it’s crucial to have others who can speak into our lives and help us aim for the affirmation of a job well done by God. [11:14]HOW DOES THIS DISCUSSION REVEAL THE FALSEHOOD OF THE PROSPERITY GOSPEL?The prosperity gospel wrongly applies Old Testament promises made to a theocratic Israel to New Testament believers, suggesting a direct correlation between righteousness and financial prosperity.True New Testament teaching focuses on the fruit of the Spirit rather than material wealth and encourages us to leverage temporal possessions for eternal impact. [12:30]WHAT IS ‘REVERSE COMPOUNDING?’Reverse compounding refers to the idea that delaying generosity reduces the potential eternal impact of our giving, as our time to influence God’s Kingdom is limited.It emphasizes the urgency of starting to give generously now rather than waiting, as our actions on earth have eternal significance. [13:10]WHAT PRIVILEGE DOES GIVING OFFER TO BELIEVERS?Giving is a privilege that allows us to participate in God’s work, requiring us to choose gratitude and contentment, which are perspectives rather than emotions.By focusing on eternal truths over temporal wealth, we can leverage the latter for God's kingdom, living out Jesus' teaching from Luke 16:9: "Make friends for yourselves by means of the wealth of unrighteousness, so that when it fails, they will receive you into the eternal dwellings." Ken Boa and Russ Crosson have been our guests today. They’re authors of Leverage: Using Temporal Wealth for Eternal Gain.  On today’s program, Rob also answers listener questions: How can I start fresh financially after a divorce, with $100,000 in debt, a paid-off house, and a retirement account to be split?Unsure about taking on a mortgage to buy out my ex-husband's share of the house and how to manage our debt and retirement funds post-divorce.As a special education teacher, I'm torn about how to handle my $50,000 401(k) and future retirement planning given that my husband has a government pension. 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.

Faith Full GivingAccording to Hebrews 11:1, faith is confidence in what we hope for and assurance about what we do not see. Faith is the heartbeat of our walk with God. Today we’ll find out what the story of Cain and Abel has to tell us about faith as it relates to giving.Our confidence, or faith, that God is who he says he is, and that Jesus is the way, the truth, and the life…are rooted in God’s word.  We have purpose and hope because of our faith, which touches every area of life, including our finances.  Today, we’re going to take a trip way back into Genesis to find out how faith in the area of giving played a part in the story of brothers Cain and Abel.You may remember that Cain and Abel were sons of Adam and Eve, born after the couple sinned and were driven from the Garden of Eden.  Their story is found in Genesis 4. It’s a tragic tale of resentment and murder. Cain killed his younger brother Abel because of an offering.  Here’s what it says in Genesis 4:2-5:Now Abel kept flocks, and Cain worked the soil. In the course of time Cain brought some of the fruits of the soil as an offering to the Lord. And Abel also brought an offering—fat portions from some of the firstborn of his flock. The Lord looked with favor on Abel and his offering, but on Cain and his offering he did not look with favor. So Cain was very angry, and his face was downcast.WHAT CAN WE LEARN FROM CAIN AND ABEL ABOUT FAITH IN GIVING?- Faith, as defined in Hebrews 11:1, is crucial in all aspects of life, including financial matters.- The story of Cain and Abel in Genesis 4 shows contrasting attitudes in giving: Abel’s offering was favored by God due to his faith-filled approach, while Cain's lack of faith was evident in his lesser offering.- Abel demonstrated faith by offering the best parts of his firstborn flock, signifying trust in God's provision. In contrast, Cain's offering lacked faith, evident in his choice to give only some fruits without prioritizing the first fruits.WHY DID GOD FAVOR ABEL'S OFFERING OVER CAIN'S?- Hebrews 11:6 states that without faith, it is impossible to please God, highlighting the importance of faith in our actions, including giving.- Abel’s gift was an act of faith, reflecting his submission to God’s authority and trust in His provision.- Cain's offering, lacking faith, showcased an attitude not aligned with Godly submission or trust, leading to God's disfavor.HOW DOES THE STORY OF CAIN AND ABEL APPLY TO CHRISTIANS TODAY?- The story emphasizes the importance of faith and right attitudes in our relationships and offerings.- Jesus teaches in Matthew 5:23-24 about reconciling with others before offering gifts to God, stressing the significance of faith and relationships in our spiritual lives.“Therefore, if you are offering your gift at the altar and there remember that your brother or sister has something against you, leave your gift there in front of the altar. First go and be reconciled to them; then come and offer your gift.”- As Christians, we have opportunities every day to “do what is right”.  By the power of the Holy Spirit in us, we can choose to walk in faith, as Abel did. On today’s program, Rob also answers listener questions:  - I'm looking to transfer property to a family member while I'm still alive, although it's already in my will. I need advice on how to do this correctly.- As a 59-year-old truck driver, I'm considering retiring at 62. Should I rely on my investments until I'm 65 and then claim Social Security, or should I file for Social Security at 62 and let my investments grow?- I'm thinking about making an investment and need advice on choosing an investment company. I currently have investments with Fidelity and am considering Ameriprise.- Recently baptized and new to faith, my wife and I agreed to give a small amount to our church. I want to give more, but she's uncomfortable with that. I need guidance on how to handle this situation.RESOURCES MENTIONED:FidelitySchwab intelligent portfoliosTD AmeritradeEdward JonesRaymond JamesFind 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.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.

Making Money an Asset to Marriage With Gary ChapmanMoney is usually cited as one of the top reasons for divorce. It’s almost never seen as a way to actually strengthen a marriage. Gary Chapman joins us today to talk about how you can make that happen.Gary Chapman is a pastor, speaker, counselor, and author of several books on Christian relationships.1:38 - DEBUNKING THE MYTH: MORE MONEY, BETTER MARRIAGE:Dr. Chapman clarifies that having more money does not necessarily improve a marital relationship. He emphasizes that some of the happiest and strongest marriages involve couples who are just making ends meet. 2:08 - IMPACT OF DIFFERENT MONEY BACKGROUNDS AND PERSONALITIES:Exploring how family upbringing affects attitudes towards money, Dr. Chapman shares personal stories and emphasizes the need for understanding and respect for these inherent differences in marriage.They also address the common spender-saver dynamic in marriages, highlighting the importance of empathy and respect in navigating these differences. 3:40 - COMMUNICATION AS KEY TO FINANCIAL UNITY:Dr. Chapman underscores the importance of strong communication in coming together on money, advocating for a team approach and shared decision-making in financial matters.They discuss the value of couples having open conversations about finances before marriage, including topics like tithing, saving, and budgeting.7:14 - FIRST FINANCIAL RESPONSIBILITY: HONORING GOD WITH FINANCES:Dr. Chapman talks about honoring God with finances and explains the biblical foundation of tithing and its importance in a marriage. 8:24 - RECONCILING DIFFERENCES IN GIVING:Addressing how to handle differing opinions on giving, he highlights the need to be understanding the other's perspective and finding a compromise that honors both views.For couples where one partner is not a believer, Dr. Chapman provides guidance on approaching the giving conversation with respect and understanding. 10:53 - SECOND FINANCIAL RESPONSIBILITY: PROVIDING FOR THE FAMILY:They delve into the biblical mandate for providing for your family and the importance of this responsibility and in demonstrating love for God through action.Rob and Dr. Chapman also discuss finding a balance in lifestyle choices and financial responsibilities, stressing the need for compromise and shared decision-making.13:59 - THIRD FINANCIAL RESPONSIBILITY: SAVING FOR THE FUTURE:In talking about the importance of saving for the future, Dr. Chapman encourages couples to set financial goals together and outlines practical steps for achieving them. On today’s program, Rob also answers listener questions:  I'm concerned about changing the ownership of a savings account I share with someone else, as it might lead to tax implications.I'm considering refinancing my rental property to cover maintenance costs, but I'm unsure if it's a smart financial decision.As I plan for retirement in a couple of years, I'm exploring the best financing options to purchase a new truck and camper. RESOURCES MENTIONED:Movement MortgageBankrate.comLending Tree 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.

A Home Buyer’s Market? With Dale VermillionNormally, November through February are the slowest months of the year for home sales, and that means buyers have more bargaining power. Will it happen this year? Dale Vermillion gives us his take on the market today.Dale Vermillion with us again today. Dale’s the author of Navigating The Mortgage Maze: The Simple Truth About Financing Your Home.  CURRENT TRENDS IN INTEREST RATES AND MORTGAGES:Dale Vermillion notes that interest rates are continuing to rise, but there's hope for decreases in 2024 as predicted by the Mortgage Bankers Association.Assumable mortgages are becoming somewhat more common due to higher rates. These allow buyers to assume a seller's lower rate, though qualification and legal representation are necessary.HOME VALUES AND MARKET DYNAMICS:Home values are moderating, with some markets experiencing price drops. A 3% increase in property values is expected overall for the year.The current market offers less competition for buyers, more acceptance of contingencies, and over 50% of sales include seller concessions.ADVICE FOR POTENTIAL HOMEBUYERS:Vermillion advises consulting multiple lenders, preparing income documentation, aiming for a 20% down payment to avoid mortgage insurance, and doing thorough homework before approaching a mortgage. On today’s program, Rob also answers listener questions:As a 63-year-old man who enjoys giving generously, I wonder if my habit of giving, even to the point of self-sacrifice, could be considered an idol.My mother is elderly and has set aside some money for her children. I need wisdom on how to wisely use the inheritance she will leave.I want to start saving for my children's college education in a way that allows flexibility if they don't go to college. Also, I'm behind on retirement savings and seeking advice on how much to save and invest for a comfortable retirement.RESOURCES MENTIONED:Movement MortgageFind a Certified Kingdom Advisor Bankrate.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.

CHM: A Health Insurance Alternative For Open Enrollment With Lauren GajdekChoosing a health insurance plan is probably right up there with paying taxes as an unwelcome annual task. Wouldn’t it be great if you never had to do it again? Lauren Gajdek is with us to tell you how today.Lauren Gajdek, Vice President of Communications and Media at Christian Healthcare Ministries, an underwriter of this program.Discussion on Health Cost Sharing:Lauren Gajdek explains that Christian Healthcare Ministries (CHM) is an option that allows enrollment anytime during the year, offering a biblical approach to health care with financial support from Christians nationwide.CHM provides a no-waiting-period membership with no need for pre-authorization from healthcare providers, though some limitations exist for pre-existing conditions.How Health Cost Sharing Works:Gajdek clarifies that CHM is not an insurance company but an alternative. Members control their medical bills, receive discounts, and CHM issues checks to members for paying their healthcare providers.Comparison with Traditional Health Insurance:Analysis of various gold insurance plans shows CHM's monthly costs are about 50% less for individuals and 25% less for families, with even more significant savings annually.CHM members have the freedom to choose their healthcare providers as long as the treatment aligns with CHM guidelines.Further Information and Biblical Foundation:CHM's foundation is based on the biblical verse Galatians 6:2, focusing on carrying each other's burdens as a form of fulfilling Christ's law.Learn more at CHMinistries.org.On today’s program, Rob also answers listener questions:I am above 59 and a half, and my wife and I are considering using an investor to manage our IRAs and 401(k)s, possibly converting them into an annuity. Is this a wise decision?At 55 and recently employed full-time with a 401k option, should I invest all in a Roth for the remainder of my working years rather than a tax-deferred account?I have concerns about my bank due to their recent actions and low interest on savings. Should I move my money and look for other credit card options with better rewards?RESOURCES MENTIONED:Christian Community Credit UnionInspire InsightNerdWalletBankrate.comCreditCards.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.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.

Perfect Storm for Debt With Neile SimonA perfect storm may be coming that could make this Christmas shopping season difficult for folks with student loan debt. Neile Simon joins us today with the details today on Faith and Finance.Neile Simon is a Certified Credit Counselor with Christian Credit Counselors, an underwriter of this program. Neile has been following events that affect consumer debt and she’s here today with another report.CONSUMER DEBT AND ITS IMPACTS:Neile explains the resumption of student loan payments in October after a three-year forbearance, highlighting the collective federal student loan debt at 1.7 trillion affecting 14 million Americans.Monthly payments averaging $503 are expected due to inflation, contributing to a monthly outflow of seven to eight billion dollars towards student loan debt.INFLATION AND CONSUMER SPENDING:Despite a high annual inflation rate of 8.5%, consumer spending has increased by 4.9% compared to last year.Neile emphasizes the trend of people living beyond their means, increasingly relying on credit cards, with average credit card interest rates now at 20.24%.ADVICE FOR THE CHRISTMAS SHOPPING SEASON:Neile advises against falling for retail discount offers through opening new accounts.She recommends preparing a Christmas budget using the envelope system to control spending.For gift-giving, Neile suggests setting spending limits, opting for gift cards, or making inexpensive gifts while managing budgets for decorations and holiday food.ADDRESSING CREDIT CARD DEBT:Christian Credit Counselors offer a debt management program to reduce payments and interest rates, aiming to clear debt 80% faster.Neile underscores the importance of the program in settling debts in full and mentions a free consultation service to educate consumers on their options.She reflects on Proverbs 3:27, emphasizing the organization's commitment to aiding individuals towards financial freedom. On today’s program, Rob also answers listener questions: I'm trying to pay off my house at age 45 and considering taking a loan from my 401(k) to do so; is this a good strategy?With an upcoming move, I'm wondering whether to buy a new home with cash from selling my current home and a car accident settlement, or take a small mortgage and invest the settlement money.My 19-year-old daughter has no credit; how can I help her build credit, and is adding her as an authorized user on my credit card a good idea?Recently divorced after 44 years with a sizable settlement, should I buy a home, pay rent, or invest, considering I only have Social Security income?I have a daughter in college without any credit history; should I add her to one of my credit cards as an authorized user to help her build credit? RESOURCES MENTIONED:Christian Credit CounselorsFind a Certified Kingdom Advisor NerdWalletRemember, 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.

According to the car shopping site iSeeCars.com, used car prices have jumped 41% over the past several years! Here are some tips to take the edge off of that sticker shock.  OUR 7 TIPS FOR BUYING A USED CAR: 1. Establish Your Budget: Determine how much you can afford, whether paying in cash or financing, ensuring the payments fit within your budget. Aim for a down payment of 10-20% and keep the loan term as short as possible, ideally three years.2. Choose the Right Make and Model: Consider your family size, cargo space needs, safety, and vehicle reliability, and be open to having two or three options.3. Research Vehicle Value: Use Kelley Blue Book or Edmunds to estimate the value of your chosen vehicles.4. Search Online Listings: Look for fairly priced vehicles on Auto Trader, Craigslist, AutoList, and Carmax, creating a list of potential options.5. Obtain Vehicle History: Contact the seller for the VIN to check the vehicle's history on CarFax or AutoCheck, ensuring a clean title, no serious accidents, and verifying the mileage.6. Get an Inspection: Have the vehicle inspected at an independent shop of your choosing, and walk away if the seller refuses.7. Make an Offer: While used car inventories are still limited, making haggling tough, ensure that the car is in good condition to last many years with proper care. On today’s program, Rob also answers listener questions: I want to know how much money I need to have in the bank to retire at 65 with monthly expenses around $3000, and also inquire about tax planning for retirement.I'm 60, on disability, and heard at 65 my benefits may change; should I prepare for decreased income?I'm inquiring about reverse mortgages on behalf of my sister, whose husband passed away; can the house be saved, and can a sibling assist in this process?Having recently retired to Kentucky, my wife and I are seeking resources to educate ourselves on investing during retirement, ensuring we can continue ministry work without financial strain. RESOURCES MENTIONED:Find a Certified Kingdom Advisorssa.govmovement.com/faithfaithandinvesting.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.

Harlan Accola is National Reverse Mortgage Director at Movement Mortgage, which is an underwriter of this program. He is also author of the book, Home Equity and Reverse Mortgages: The Cinderella of the Baby Boomer Retirement.  WHAT IS THE BIGGER PICTURE AROUND REVERSE MORTGAGES BEYOND THE COMMON PERCEPTION?A reverse mortgage is like a savings account or retirement fund but for your home equity, allowing you to unlock and use the money invested in your home.It is government-guaranteed for safety, ensuring you can use your home's value without the risk of owing more than the home's worth.It transforms a typically illiquid asset into a liquid one, providing financial flexibility in retirement. WHAT ARE THE DIFFERENT TYPES OF REVERSE MORTGAGES?It's crucial to differentiate between old 'Shared Equity' loans, which could be risky and lead to loss of ownership, and modern, safer FHA Home Equity Conversion Mortgages.These contemporary reverse mortgages allow you to use a significant portion of your home's value while ensuring that you never owe more than the home's worth and don't have to repay until the home is sold or the owner passes away.This provides a lifetime guarantee against the loan exceeding the home's value, regardless of market conditions. CAN REVERSE MORTGAGES BE MISUSED?Yes, like any financial product, reverse mortgages can be misused; financial tools can have both positive and negative effects depending on their use.Misuse can be compared to other financial scandals where lack of understanding and improper use led to significant losses. HOW DOES A REVERSE MORTGAGE AFFECT LEAVING A HOME TO ONE'S CHILDREN?Contrary to common belief, utilizing a reverse mortgage can potentially leave more to one's heirs by freeing up equity to invest in life insurance or other assets.It's a myth that children will always want their parents' home. Often they may prefer the liquidity of assets over inheriting a physical property.A reverse mortgage allows for 'warm hand giving,' providing financial help to family or charities during one's lifetime with wisdom and conditions. CAN YOU EXPLAIN THE 'THREE BUCKETS' IDEA?The 'three buckets' represent different sources of funds: earned income, savings/retirement accounts, and home equity.Reverse mortgages allow you to draw tax-free money from the equity in your home (bucket three) to bolster your other funds or continue investing. WHAT ABOUT PEOPLE WHO CAN AFFORD THEIR MORTGAGE PAYMENT AND DON'T SEE THE NEED FOR A REVERSE MORTGAGE?Even those who can afford to make mortgage payments might benefit from a reverse mortgage by redirecting what would be a mortgage payment into more giving, investing, or helping their families.This strategy can increase cash flow for other uses while reducing home equity, which may be less crucial for some than having liquid cash. WHAT ARE THE MECHANICS OF REVERSE MORTGAGES, LIKE AGE AND EQUITY REQUIREMENTS?One must be at least 62 years old or have a spouse of that age and own more than 50% equity in their home.Reverse mortgages offer flexible options for accessing the equity, like a line of credit, monthly payments, or a lump sum. WHO OWES THE MONEY TO THE LENDER IN A REVERSE MORTGAGE, AND HOW DOES NON-RECOURSE LOAN WORK?The borrower has no personal liability; the loan is non-recourse, meaning the home itself is the only collateral, and no other assets can be claimed by the lender.The borrower signs a release of personal liability, unique to reverse mortgages, protecting personal assets from being used to repay the loan. To learn more, you can email ReverseRequest@Movement.com or call Harlan at  (715) 207-9991.   On today’s program, Rob also answers listener questions: I'm not effectively using my finance degree and wonder if I should sell dividend-generating stocks to pay off my equity line that has a higher interest rate, or keep the assets growing. 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.

Do you like helping people get their finances in order? Maybe you have a gift for numbers? A while back we broke the news about a whole new career field that’s opening up— the Christian Financial Planner. Kurt Cornfield is here today to give us an update. Kurt Cornfield is Associate Professor of Financial Planning at Liberty University. He’s also a Certified Financial Planner and a Certified Kingdom Advisor. WHAT IS THE CHRISTIAN FINANCIAL PLANNER PROGRAM? Seven Christian universities that have offered certified financial planner (CFP) programs are adding certified kingdom adviser content. So students are learning what the Bible says about money and finances.Prior to the last 13 years, there were zero universities offering this kind of education. It’s exciting to see students learn that they can take their faith with them into the financial planning field.Since 2015, 100% of Liberty’s Christian CFP planners found jobs out of school.Cornfield says students are also moving into financial coaching and counseling, including new peer coaching programs, and this is having a tremendous impact on college campuses.Cornfield urges parents to help Christian students investigate this field if they show an interest in the financial services industry position.To learn more, visit the Kingdom Advisors website.On this program, Rob also answers listener questions: When does it make sense to take control of your own annuity instead of leaving it under management with a labor union?Is Christian debt management a good option for paying down debt?RESOURCES MENTIONED:Find a Certified Kingdom AdvisorChristian Credit CounselorsRemember, you can call in to ask your questions most days at (800) 525-7000. Also, 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.