Faith & Finance

Faith & Finance is a daily radio ministry of FaithFi, hosted by Rob West, CEO of Kingdom Advisors. At FaithFi, we help you integrate your faith and financial decisions for the glory of God. Our vision is that every Christian would see God as their ultimate treasure. Join Rob and expert guests as they give biblical wisdom for your financial journey and provide practical answers to your pressing financial questions. From budgeting and debt management to investing and stewardship, Faith & Finance equips listeners with insights to handle money wisely and live generously for God's Kingdom. Listen now or ask your question live by calling 800-525-7000 each weekday from 10-11 a.m. ET on American Family Radio and 4-5 p.m. ET on Moody Radio. You can learn more at FaithFi.com.

All episodes

Best episodes

Top 10 Faith & Finance Episodes

Goodpods has curated a list of the 10 best Faith & Finance episodes, ranked by the number of listens and likes each episode have garnered from our listeners. If you are listening to Faith & Finance for the first time, there's no better place to start than with one of these standout episodes. If you are a fan of the show, vote for your favorite Faith & Finance episode by adding your comments to the episode page.

The Sin of Envy

Faith & Finance

01/17/22 • 24 min

In our modern materialistic society, envy is almost considered a virtue. Advertisers spend billions to convince you that you’re not happy with your lot in life. But envy is a sin that will rob you of joy and peace. So today on MoneyWise, we’ll show you how to avoid the envy trap! WHAT IS ENVY? Let’s start with a definition. This is from an evangelical dictionary, Envy is the sin of jealousy over the blessings and achievements of others.’ That’s pretty straightforward and it tells us that the words envy and jealousy are interchangeable. Why is envy a sin? Because God’s Word says so in several places. But most notably, as in the 10th Commandment in Exodus 20:17: You shall not covet your neighbor's house; you shall not covet your neighbor's wife, or his male servant, or his female servant, or his ox, or his donkey, or anything that is your neighbor's. And of course, covet is another word for envy. Like the sin of pride, envy also leads to many other sins. In James 4:2-3, we find, You desire and do not have, so you murder. You covet and cannot obtain, so you fight and quarrel. You do not have, because you do not ask. You ask and do not receive, because you ask wrongly, to spend it on your passions. There’s a difference between envy and the proper motivation to better one’s life. For the one, you’re willing to work hard and you’re content with what the Lord provides. But with envy, you feel entitled and deprived. You feel that someone, namely God, owes you something. Envy is ugly and destructive. James 3:16 tells us, For where jealousy and selfish ambition exist, there will be disorder and every vile practice. Envy or jealousy is a powerful emotion that we must always be on guard against. Proverbs 27:4 warns, Wrath is cruel, anger is overwhelming, but who can stand before jealousy? HOW TO OVERCOME ENVY So how do you know if envy has taken hold in your life? Look at your finances. Are you living beyond your means? Are you running up credit card debt to finance a lifestyle that you can’t afford? We used to say that this was, Keeping up with the Joneses. Now some people call it FOMO, an acronym for Fear of Missing Out. You want what others have and you’re willing to go into debt to get it. If you don’t get it under control and learn to live on less than you make, you’re headed for financial disaster. Here’s what you can do: First, pray that the Holy Spirit would give you contentment with what the Lord has provided. Hebrews 13:5 reads, Keep your life free from love of money, and be content with what you have, for He has said, I will never leave you nor forsake you.’ Second, if you need help setting up a budget and finding ways to cut your spending, sign up with one of our volunteer coaches. A MoneyWise coach can come alongside you and take you step by step through the process of getting your finances back on track. Just go to MoneyWise.org and click, Connect with a coach. LISTENER QUESTIONS On today’s program, Rob also answers listener questions: ●What are the best alternatives to savings and accounts that pay very little interest? ●Does it make sense to pay off private student loans before paying offgovernment loans? ●Would it be advisable to take money out of a 401k account to cover a major medical cost? ●Should you take an annuity in place of a settlement payout? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Bankruptcy Basics

Faith & Finance

07/07/22 • 25 min

Economists have long linked a decline in economic activity with an increase in bankruptcy, both business and personal. But bankruptcy isn’t the easy way out that it once was. We’ll explain today on MoneyWise. With the Federal Reserve dramatically increasing interest rates to slow inflation, many analysts are predicting a recession will hit the U.S. within the next year. But bankruptcies are seen as a lagging indicator of a slowing economy. It takes time for companies to begin laying off people as revenues shrink. The unemployment rate remains low, but that trend will end if we enter a recession, especially if it’s a prolonged downturn in the GDP. That said, it may be time for a refresher course on an unpopular topic bankruptcy. When someone can no longer pay their bills and has mounting debt, bankruptcy often seems like the only way out. But there are things you should know before ever considering bankruptcy. We’re not saying that bankruptcy is never the answer to financial difficulty. Sometimes you have no choice. But, we often get calls from folks who are considering bankruptcy, and in many cases, they still have other options, like getting into a debt management plan like the one offered by our friends at Christian Credit Counselors. And you always want to explore those options first because while bankruptcy might seem like a quick way to end your debt problems, there’s nothing quick about it. It has a long-term impact on your credit score. That’s why bankruptcy should only be considered as the absolute last resort. It’s one of the worst things you can do for your score and credit report in general. The exact impact will vary depending on the individual and the credit scoring agency, so you can only estimate how much it might drop. It’s definitely counter-intuitive, but the higher your credit score before bankruptcy the more it will drop after. For example, let’s say your FICO score is 700, which is in the good range. After bankruptcy, expect it to drop by 200 points or more. But if your score was only 680, it might only drop around 150 points. But either way, the effect is huge. The long-term damage is also significant, but here again, the length of the damage depends on several factors, the most important one being the type of bankruptcy you file. This is where a lot of confusion comes in. You’ll hear the damage lasts seven years or sometimes 10 years. So which one is it? Chapter 7 bankruptcy stays on your credit report for 10 years, and then only the public record of the bankruptcy. All other references remain on your report for only seven years and they would include: A Chapter 13 bankruptcy any accounts included in a bankruptcy of either type, and any third-party collection debts, judgments and tax liens discharged through a bankruptcy of either type. Now, why the difference 7 years or 10 years? Because with a Chapter 7 bankruptcy, your debts are wiped out, or discharged. But with a Chapter 13, you agree to make at least partial payment on your accounts. So it would seem the court is trying to give you a break there. But it ll take time for your credit score to make any significant improvement. The black marks from a bankruptcy will be factored in for as long as they appear in your credit report. Still, the damage will gradually decrease over time. FICO estimates that it takes roughly 5 years for a person with a 680 credit score before bankruptcy, to get back to that score, and that’s only if they don’t get into more credit trouble along the way. Now, how should Christians view bankruptcy? As we said, it should only be considered as a last resort. But if it’s inevitable and if you’ve sought godly advice, you may have to file. But remember, Christians should never look at bankruptcy as a way to get out of paying what we owe. Look at Proverbs 3:27, which says, Do not withhold good from those to whom it is due, when it is in your power to do it. If your circumstances change and you can begin to repay your creditors, even after bankruptcy, you should do it. Companies write off bad debt, and for ease of bookkeeping, they might decline to receive your payment, but even then, imagine the powerful testimony you’d give by trying to pay a debt that’s been legally discharged. On today’s program, Rob also answers listener questions: ● Should you entertain a cash offer to sell your home? ● Can you give a rental property to an adult child or should you sell it to them? ● How should you tithe on investment gains? ● When is it wise to dip into savings funds to buy a car? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to [email protected]. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Valentine’s Day With Gary Chapman

Faith & Finance

02/14/24 • 24 min

Gary Chapman is the best-selling author of The Five Love Languages.

HOW SHOULD THE FIVE LOVE LANGUAGES INFLUENCE GIFT-GIVING ON VALENTINE'S DAY?

Understanding and applying the Five Love Languages to gift-giving, especially on Valentine's Day, can really enhance the impact of the gesture. If your spouse's primary love language is receiving gifts, then selecting a thoughtful gift becomes crucial.

However, for those whose love language is not gifts, recognizing Valentine's Day and making an effort to express love is still important.

Recognizing if gifts are your spouse's primary love language is key; if so, choose gifts with care and intention.
Even if gifts don't rank highly for your spouse, don't overlook Valentine's Day—any act of love will be appreciated.
Manage expectations and be understanding if your spouse doesn't respond as enthusiastically as hoped; their love language may differ from yours.

IN YOUR EXPERIENCE AS A COUNSELOR, HOW OFTEN DOES MONEY CREATE CHALLENGES IN MARRIAGES?

Money is frequently a source of conflict within marriages, with differences in financial priorities and management styles often leading to disagreements.

Money disputes are common, stemming from differences in spending habits, financial planning, and priorities.
A specific case highlighted a couple's disagreement over purchasing a home, emphasizing the importance of prioritizing relationships over material possessions.
Reflecting on Jesus's teachings reminds us that life's true meaning is found in our relationship with God and with others, not in the accumulation of stuff.

HOW CRUCIAL IS IT FOR COUPLES TO ALIGN ON FINANCIAL GOALS AND PRIORITIES?

Agreeing on financial goals and priorities is essential for marital harmony. Discussing and aligning on financial matters, including attitudes towards spending, saving, and giving, before marriage can head off future conflicts. But if these discussions did not happen premaritally, finding common ground after tying the knot is critical.

Understanding each other's background and approach to money helps in forming a united financial strategy.
Conflicts over money are inevitable due to inherent differences; thus, effective communication and compromise are key.
Establishing shared financial goals and priorities supports marital unity and facilitates collaborative problem-solving.

HOW SHOULD COUPLES THINK ABOUT THE FIVE LOVE LANGUAGES IN LIGHT OF RECONCILING THEIR DIFFERENCES ABOUT MANAGING MONEY?

Incorporating the understanding of each other's primary love language into daily interactions, including discussions about money, can create a positive environment that fosters understanding and cooperation. When both partners feel loved and valued in their preferred love language, they are more likely to approach financial disagreements with empathy and a willingness to find common ground.

Regularly speaking your spouse's primary love language can significantly improve the emotional climate of the marriage.
Feeling loved and appreciated makes it easier to navigate and resolve financial disagreements or any other conflicts.
Effective communication, understanding, and expressing love through the appropriate love languages can lead to healthier money management discussions.

WHAT MESSAGE DO YOU WANT TO LEAVE WITH COUPLES ON THIS VALENTINE'S DAY?

Valentine's Day serves as a reminder to express love and appreciation to our partners. But it's important to continue these expressions of love beyond this single day.

Understanding and speaking your spouse's primary love language regularly not only enriches your marriage but also ensures that both partners feel loved and valued consistently.

Use Valentine's Day as an opportunity to express your love, but also commit to doing so throughout the year.
Discovering and speaking your spouse's primary love language can transform your marriage, leading to a deeper, more fulfilling relationship.
Acts of love, whether big or small, should be a constant in your relationship, with every day seen as an opportunity to demonstrate your love and commitment.

ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:

I'm considering a career change into financial counseling or advising and need advice on which path to pursue, especially without an interest in selling products but focusing on advising people on money management.
I was recently forced into retirement and am trying to figure out how to manage my finances, specifically if there's a way to withdraw from my 401(k) to pay off car debt without it coun...

The Best Investment I’ve Ever Made With Rachel McDonough

Faith & Finance

02/12/24 • 24 min

“I tell you, use worldly wealth to make friends for yourselves, so that when it is gone, they will welcome you into eternal dwellings.” Luke 16:9

Rachel McDonough is a Certified Financial Planner, a CertifiedKingdom Advisor and a regular FaithFi contributor.

WHAT IS THE BEST INVESTMENT YOU EVER MADE, ACCORDING TO RACHEL MCDONOUGH?

Rachel recounts a story of investing not in stocks or bonds but in a person's life with a simple act of kindness. She met a woman who identified herself as a witch and was initially very hostile. With just $35, Rachel and her friends paid for the woman's phone bill, leading to a surprising transformation. The woman opened up about her painful past and received the message of God's love through this act of generosity.

Investing in kindness can lead to spiritual breakthroughs, even with a small amount like $35.
A simple act of generosity can soften a hardened heart, demonstrating God's love in a tangible way.
Rachel's story emphasizes the power of meeting physical needs as an entry point to share the gospel.

HOW CAN PLANNED SPONTANEITY PLAY A ROLE IN GENEROSITY ACCORDING TO RACHEL?

Rachel advocates for planned spontaneity in generosity, suggesting that people include a budget line item for spontaneous acts of kindness. This approach combines the intentionality of budgeting with the flexibility to respond to the Holy Spirit's leading. Rachel shares examples of how this concept has been put into practice, including a client who felt nudged to give $500 to a foster family and another couple who invested in their backyard as a ministry tool to reach out to the next generation.

Setting aside money for spontaneous generosity removes hesitation and promotes readiness to act on God's prompting.
Generosity planned in this way can lead to meaningful encounters and support for those in need, reflecting God's love through our actions.
Such acts of kindness not only meet immediate needs but also open doors for sharing the gospel and building relationships based on faith.

WHAT ARE SOME EXAMPLES OF INVESTING IN EVANGELISM THROUGH GENEROSITY?

Rachel provides several inspiring examples of how generosity can facilitate evangelism. One story involves a client who noticed a foster family in need and responded to the Holy Spirit's nudge by giving them $500, which was a significant help during a financial crisis. Another example is a couple who plans to invest in a welcoming space for their children's friends, aiming to share the love of God with the next generation.

Generosity can be a direct response to God's nudge, leading to impactful support for families and people in challenging circumstances.
Large investments, like updating a backyard for ministry purposes, showcase a commitment to using personal resources for kingdom impact.
Each act of kindness, whether spontaneous or planned, serves as a testimony of God's love and opens opportunities for gospel conversations.

FINAL THOUGHTS IN MAKING ETERNAL INVESTMENTS THROUGH GENEROSITY:

“Worldly wealth” can be invested to win souls, which are the “true riches” referred to in Luke 16:11. Prayerfully consider adding a line item to their budget — to be used for investing in the expansion of God’s family. The Great Commission is the one calling we have all received from God.

Rachel says, while it doesn’t have to be spontaneous, she encourages some semi-planned spontaneity. This does three things.

1. It will remove the hesitation you may feel as you consider what you can afford to give. That way, when a spontaneous opportunity is spotted, you’re ready.

2. It will prevent miscommunication with your spouse if you agree beforehand that this is a priority for your family and you agree on an amount.

3. It will make investing in souls an intentional and ongoing part of your lifestyle. Friends, I know of no better way to stay in close life-union with God than to take steps to grow his family. God cares about people and he shows up when we step out in faith to fulfill the Great Commission.

His definition of “true riches” is souls! Jesus paid with his life for this treasure. As his stewards, managing his resources on his behalf, when we use money to pursue souls we find ourselves perfectly positioned for an adventure with God that can fulfill our deepest longings and fill up our neighborhood in heaven with friends for eternity.

ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:

I have a family member who didn't file taxes in 2017 and recently received a letter from the IRS. They're willing to pay but want to ensure it's done correctly and verify payment.
After losing my job of 21 years and now livi...

Managing Loved One’s Finances After Death

Faith & Finance

07/23/21 • 0 min

Your Money Priorities

Faith & Finance

08/17/23 • 24 min

James 4:13 and 14: “Come now, you who say, ‘We will go into such and such a town and trade and make a profit’— yet you do not know what tomorrow will bring.”

A lot of folks are feeling uneasy about the future. How many more interest rate hikes can the economy take before sliding into recession? And what about the rollercoaster stock market?

Well, if you don’t know what the future holds, it just means you should prepare and set certain priorities for managing your money. We’ll share some of them now. Not all will apply to you, but there’s probably something here for everyone.

MONEY MANAGEMENT PRIORITIES

1. Tackle that debt. First, if you’ve been procrastinating about getting out of debt, now’s the time to buckle down and do something about it. Interest rates on credit cards and variable rate loans like HELOCS have risen dramatically, so make paying down consumer debt an absolute priority.

You can avoid the sting of rising credit card interest by contacting Christian Credit Counselors. They have pre-negotiated agreements in place with credit card issuers to lower your interest rates, and you can take advantage of them when you sign up for a debt management plan. They’ll help you get rid of credit card debt 80% faster than trying to do it by yourself. You can get more information at ChristianCreditCounselors.org.

2. Re-adjust your budget. We say “re-adjust” because you’ve probably already tweaked your spending plan to allow for last year’s breathtaking inflation. But even though we’re told inflation has fallen to below 4%, food prices have increased close to 7% over last year. So check to see where you’re overspending and make adjustments.

By the way, if you haven’t downloaded the FaithFi app yet, this is a great time to do it. It offers three different ways to budget your money and provides the best biblically-based financial content on the web. So download it today.

You might also have to add money to your housing category. Lenders are raising monthly mortgage payments to accommodate higher property taxes. Those tax hikes are the downside of rising property values, which are only on paper. Property tax increases are quite real, however, so you have to account for them.

Now, you’ll probably need to make up for these higher costs, and you can do that by shopping more carefully. Take advantage of weekly sales and coupons at the grocery store. For online purchases, use an app like Honey or Capital One Shopping to find the best deals and coupon codes.

Now, if you’ve done all that and find you now have a few extra dollars, don’t throw a party. Use the extra cash to ...

3. Beef up your emergency fund. If you don’t have an emergency fund, that’s your number one priority now. You’ve got to start putting money away for unplanned expenses, or you’ll always be forced to borrow and go into debt when they occur.

Open a savings account at an online bank to get the best interest rate, and start tucking away something from every paycheck. Set a goal of $1500. Then one month’s living expenses. Eventually, you want to have 3 to 6 months’ worth of living expenses. That way you’ll be able to ride out a job loss or medical condition that prevents you from working for a time.

4. Don’t let interest rates keep you from buying a home - IF - you’re ready. If you’re a prospective homebuyer, especially if you’re looking to purchase your first home, don’t let current interest rates scare you away. But again, that’s IF — and ONLY if — you’re in a good financial position to buy a home.

What does that mean? You should have 20% saved for a downpayment to avoid private mortgage insurance. You also need to work up a budget that reflects your total housing costs, including your mortgage. It should not exceed 25% of your take-home pay.

That will show you how much house you can afford within that budget. Stick to that number. Many lenders will be willing to loan you more than that number, but don’t get carried away. Keep your payments within your budget, not the bank’s.

5. If you’re considering switching jobs, NOW may be the time to do it. Employment remains relatively strong, but monthly job creation numbers are starting to come in below expectations.

That tells us two things: First, if you’ve been planning to look for a new job, do it now while the economy is still creating jobs. And second, if you plan on staying where you are, do what you can to increase your skill set to make yourself more productive and valuable to your company.

It’s always a good time to do that — but now especially. Ask the boss for an opportunity to do more an...

Help For Ukraine

Faith & Finance

04/29/22 • 25 min

The Russian invasion of Ukraine has entered its third month with no end in sight, taking a heavy toll on the population. Many are asking how they can help. We’ll answer that question today on MoneyWise. The U.N. estimates that more than two million Ukrainians are now refugees as they flee the violence in their country. Mostly women, children and elderly men, they have a critical need for basic commodities. The National Christian Foundation has prepared a list of U.S based organizations mobilizing to provide that aid. These charities have already been approved to receive grants through NCF’s Giving Funds. We’ll talk about a handful of them here in no particular order. CHARITIES HELPING UKRAINIANS Aerial Recovery Group: This organization with former U.S. Military Special Operators now use their unique skills to assist people after natural and man-made disasters. They perform high-risk extractions of orphans and the most vulnerable who are in imminent danger from the Russian invasion and subsequent fighting. They’ve also set up a food and supply distribution network. That’s the Aerial Recovery Group. AmeriCares: They provide support for refugees and migrants and they have an an emergency response team in Poland to support health services for families affected by the escalating humanitarian crisis in Ukraine. Their experts are coordinating large-scale shipments of medicine and relief supplies and mobilizing emergency medical teams to help in hospitals inside Ukraine. That’s AmeriCares. International Rescue Committee: For nearly a century, this group has provided disaster relief around the world. That includes emergency aid, health and sanitation, and psychosocial support to refugees and migrants. On the ground in Poland, they’re providing emergency support for families fleeing Ukraine, including economic assistance, survival supplies, and protection services. That’s the International Rescue Committee. Medical Teams International: MTI provides life-saving medical care to people in crisis due to war or natural disasters. They provide care in frontline clinics, refugee camps, and remote villages. MTI says donations will allow them to coordinate with multiple partners to ship crucial medical supplies to Ukraine. That’s Medical Teams International. Mission to Ukraine: They’ve been working in that country for 25 years serving women facing crisis pregnancies and children with disabilities each year and sharing the gospel. With the Russian invasion they’re now providing food, medicine, diapers, heating oil, and emergency refugee resettlement and housing. That’s Mission to Ukraine. Samaritan’s Purse: Samaritan’s Purse has a major presence in Ukraine. They’ve set up an emergency field hospital there with an operating room, intensive care unit and pharmacy. They’ve staffed the mobile facility with doctors and nurses who see 100 patients a day. They’ve also supplied 100 tons of relief materials, including medical supplies, hygiene kits, winter coats, blankets, and other items to help those fleeing the escalating conflict. That’s Samaritan’s Purse. Project C.U.R.E: The world’s largest distributor of donated medical supplies, equipment, and services to doctors and nurses. In one week alone they shipped to Ukraine 10 tons of medical aid, including trauma supplies, airway kits, sutures, gloves, surgical gowns, and surgical supplies. That’s Project C.U.R.E. World Relief: They work with churches to provide food, shelter, and supplies to those in the most vulnerable situations. They’re helping to resettle Ukrainian refugees and providing assistance to those already in the U.S. who are desperately trying to reunite with their families. Many of these organizations are faith-based, providing not only basic human services, but also spreading the Gospel. Some are more keenly focused on sharing God’s Word, such as the American Bible Society. They’ve had a strong presence in Ukraine since the end of World War II. For the last decade, they’ve focused on expanding Bible-based trauma healing work in Ukraine. They’re now working close to the frontlines helping families who’ve lost loved ones and are searching for truth and comfort during the ongoing conflict. There are many more worthy organizations providing desperately needed help in Ukraine. We just couldn’t name them all. Again, you’ll find a more complete list here. On today’s program, Rob also answers listener questions: ● Does it make sense to sell a newly-built home? ● What is the best way to start investing on behalf of young pastors in training? ● What can a person do as a government employee to invest for the future? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to [email protected]. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this minis...

Rising Auto Insurance Premiums

Faith & Finance

04/28/22 • 25 min

Costs seem to be rising for almost everything under the sun these days. Unfortunately, auto insurance rates are no exception. Today on MoneyWise, we’ll tell you why and offer you some tips on how to lower your premiums. So NerdWallet is reporting that car insurance premiums are expected to increase even though the number of claims was down last year. Blame it on the far-reaching effects of the pandemic that’s led to supply chain interruptions, the shortage of new and used cars and a spike in reckless driving. Another reason for higher premiums is that vehicles are more expensive than ever, and that means repairing them is more expensive, too. The cost of used cars and trucks has jumped 37-percent over last year, and the average cost for a new, non-luxury vehicle is now $43,000 according to the Bureau of Labor Statistics. Plus, new vehicles now come with all kinds of fancy new gadgets that cost a fortune to repair or replace, driving up premiums. These include systems that help you park, cameras and all types of sensors. Repair shops are also charging more these days, driving up insurance rates. Much of that is due to the rising cost of parts. So what might seem like minor accident damage may come with a hefty repair bill. There’s also a shortage of qualified auto mechanics, which is expected to continue in the years ahead. This is due in part to the increasing complexity of automobiles and the need for more and better training programs. And would you believe that the pandemic has also caused premiums to rise? Even as people began to drive less as work-from-home opportunities became more available, they also began to drive more recklessly. Accidents caused by distracted drivers have been on the rise for several years, largely due to folks looking at cell phones, and it’s not clear yet whether hands free laws are having the desired effect. The National Highway Traffic Safety Administration reports that distracted driving accounts for nearly 10-percent of fatal car accidents. Then came the pandemic, and reckless driving seemed to go into overdrive as folks began to speed more. Erie Insurance conducted a survey of 500 U.S. drivers that revealed 1 in 10 drivers were driving much faster than before the pandemic up to 20 miles per hour over the speed limit. Now you’ve got to be wondering why that’s the case. Why would the pandemic cause people to speed? The survey asked that question, and here are the top reasons that drivers gave: ● The roads weren’t congested, so drivers felt safe driving over the speed limit. ● It seemed like there was far less law enforcement out, so folks felt they weren’t likely to get a ticket. ● And even the empty roads were a good opportunity to see how fast my car could go. All of these factors are causing auto insurance rates to increase. So what can you do about it? HOW TO LOWER YOUR COST First, check with your insurance company to see if there are any discounts that you’re not aware of. Examples might be signing up for electronic billing and auto pay. Your insurer might also offer a discount for taking an online defensive driving court. If there’s a safe driver discount, you’ll definitely want to avoid getting a ticket. You can also increase your deductible. That will lower your premiums. Just be sure to keep the amount of your deductible in your emergency fund. If you’re driving an older car, you can drop comprehensive and collision coverage. But again, you’ll want to have enough in savings to replace your car if need be. And finally, shop around for lower rates with other insurers. They typically offer lower rates to new customers, then gradually increase them over the next several years. So switch to another company could save you some money. On today’s program, Rob also answers listener questions: ● Should you move a pension or roll it over into something like an IRA? ● How should you manage I-bonds and are they a good gift for grandchildren? ● Can you sell a home that’s in forbearance? RESOURCES MENTIONED ● Find a Certified Kingdom Advisor Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to [email protected]. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Empty Nest Finances Pt. 1 With Jim Burns

Faith & Finance

04/26/22 • 25 min

Today on MoneyWise, we’ll talk about empty nest syndrome for parents with a financial twist. Author Dr. Jim Burns joins Rob West today to discuss that. Jim Burns, author of Find Joy In the Empty Nest: Discover Purpose and Passion In the Next Stage of Life. Entering the empty nest phase of life can be a sad and challenging time for many parents. But Burns says when the kids leave the house it’s time to also follow their lead by filling up your life with some really good things. FINANCES FOR EMPTY NEST PARENTS This is a time for us as parents to help our children to make wise financial choices at the start of their adult lives. To the extent that they’re willing to listen, parents continue to mentor their kids after they leave the proverbial nest. It’s also time to reevaluate your goals and how you’re handling money in this new season of life. It’s also crucial for mom and dad to communicate and get on the same page about how much financial assistance you’re willing to offer to your adult children. This can become a point of friction between parents. Often one parent wants to offer more financial help to the kids, while the other parent is concerned that they may be enabling them and preventing them from learning to become independent of their parents. Burns says for this reason, it’s important to talk with a financial planner about this, but it may also make a lot of sense to talk with a Christian family/marriage counselor. Learn more about Jim Burns at HomeWord.com. On today’s program, Rob also answers listener questions: ● What is the future of cryptocurrencies as a government backed currency? ● How should you manage roth accounts? ● Do you need to make out a new will when you move to a new state? ● Are there govt regulations regarding how much a property owner can raise your rent? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to [email protected]. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Financial Ed for Kids

Faith & Finance

01/13/22 • 24 min

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 We all want our children to be pure and upright in their walk with Christ, and that certainly includes how they manage money. Today on MoneyWise, we’ll discuss several ways you can help them do that! After sharing the Gospel with your children, one of the most valuable gifts you can give them is teaching them God’s financial principles. Children need to learn that you work hard for the money that supports the family, that you’re not an ATM machine with unlimited funds. They need to work as well to receive material rewards and the satisfaction that comes with doing a job well. They need to learn how to budget and spend carefully because there’s never enough money to do or buy everything we want. They need to learn how to save, not just for rewards, but to cover unexpected expenses. And most importantly, they need to learn how to give, to be generous to God’s Kingdom. A recent article from the secular financial websiteHumble Dollarcaught my eye because it lists several strategies for teaching wise money management to children. SHARE THE BIG PICTURE WITH YOUR KIDS Share many of your expenses with your kids to help them get an idea of how expensive things are and what it takes to provide. Show them your mortgage and car payments and your weekly grocery costs. You might also show them your retirement account statement. That can give them a sense of how important it is to save for the future and how much time and effort it takes to build up a nest egg. MANAGING CREDIT Managing credit wisely is another extremely valuable lesson for older children. When they head off to college, they’ll be inundated with credit card offers. Far too often, they fall victim to this and run up consumer debt on top of any loans taken out for education. Teach them about creditbeforethey reach college age. You could make them authorized users on your credit card, but a better way might be to open asecured credit cardaccount for your teen. PLANNING AND ALLOCATING MONEY A three-jar system is a time-tested tool. That’s one jar for saving, one for spending, and one for giving. But you can take that a step further. Have your children put some of their own money in the collection plate each Sunday. The earlier you teach them to be generous to their church, the better! TAXES Another valuable lesson for kids is that they’ll have to pay taxes, maybe sooner than later. If your teen has a job, the employer may withhold taxes. That means the child will have to file a return even though they may not have to pay taxes. You would probably use the 1040EZ form, but filling it out with your child would be an eye-opening experience. Impress on your child the importance of being scrupulously honest about money owed to the government. Romans 13:6-7 reads, For because of this you also pay taxes, for the authorities are ministers of God, attending to this very thing. Pay to all what is owed to them: taxes to whom taxes are owed, revenue to whom revenue is owed, respect to whom respect is owed, honor to whom honor is owed. SAVING FOR BIG PURCHASES The last money lesson for your kids involves saving for and buying major purchases. This is a great way to teach budgeting. Help them set up a saving plan where they are at least providing some portion of the money needed for the purchase. The percentage isn’t important. The main thing is to have the child participate in the purchase with their own money. The same principle can apply to long term saving. Set up a 529 education savings plan or a Roth IRA for your child and then you can offer to match contributions. This would teach the value of delayed gratification. LISTENER QUESTIONS On today’s program, Rob also answers listener questions: ●How should you manage funds in your 401k asyou near retirement age? ●Should you continue paying a mortgage in retirement or sell and rent? ●What are the costs andbenefits of a revocable living trust? ●How do you determine if it’s best to refinance your mortgage or pay it off? ● Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking theDonate tab on our websiteor in our app.

Show more best episodes

FAQ

How many episodes does Faith & Finance have?

Faith & Finance currently has 1036 episodes available.

What topics does Faith & Finance cover?

The podcast is about House, Economic, Radio, Social, Budgeting, News, Questions, Ministry, Security, Debt, Rob, Christianity, Theology, Retirement, Faith, Insurance, Management, Career, Investments, Broadcast, Estate, Investing, Impact, American, Wisdom, Money, Work, Home, Human, How To, Trust, Religion & Spirituality, Family, God, Financial, Living, Growth, Budget, Spirit, Investment, Study, Podcast, Podcasts, Marriage, Holy, Finance, Etf, Will, Education, Stock, Resources, Mortgage, Daily, Personal, Kids, Missions, Jesus, Biblical, App, Business, Planning, Advice, Economy, Children, Hope, Market, Bible, Kingdom, Content, Scripture, Network and Christian.

What is the most popular episode on Faith & Finance?

The episode title 'The New FICO Score' is the most popular.

What is the average episode length on Faith & Finance?

The average episode length on Faith & Finance is 25 minutes.

How often are episodes of Faith & Finance released?

Episodes of Faith & Finance are typically released every day.

When was the first episode of Faith & Finance?

The first episode of Faith & Finance was released on Sep 16, 2020.

Show more FAQ

Faith & Finance

Faith & Finance

Top 10 Faith & Finance Episodes

FAQ

How many episodes does Faith & Finance have?

What topics does Faith & Finance cover?

What is the most popular episode on Faith & Finance?

What is the average episode length on Faith & Finance?

How often are episodes of Faith & Finance released?

When was the first episode of Faith & Finance?

Comments