Faith & Finance

The poet Ogden Nash once wrote, “Some debts are fun when you are acquiring them, but none are fun when you set about retiring them.”One thing’s for sure: getting into debt is much easier than getting out of debt, so the more you know about debt and credit, the better off you’ll be. Author Dr. Shane Enete joins us again today to discuss his take on that double-edged sword.Dr. Shane Enete is an Associate Professor of Finance at Biola University and the author of the brand new book, “Whole Heart Finances: A Jesus-Centered Guide to Managing Your Money with Joy.”Debt In God’s WordDebt is often used in the Bible as a metaphor for bondage, emphasizing its severity. Both Jesus and Paul liken redemption to being freed from debt, highlighting the spiritual implications of financial burdens. Debt restricts our ability to fully express our identity in Christ and live freely according to God's will.The biblical concept of Jubilee, where debts are forgiven, highlights God's desire for us to be free and return to our original inheritance, reflecting His provision and grace.While usury, or lending that exploits and enslaves others, is condemned in the Bible, being in debt is more about wisdom than morality. Understanding the distinction between debt on appreciating assets (like education or a home) and depreciating assets (like a car or consumer goods) is crucial for making wise financial decisions.Credit: Not Always Synonymous With DebtCredit is often misunderstood as synonymous with debt. However, building good credit without borrowing is possible and beneficial. Credit is simply a measure of your trustworthiness to repay loans, and a good credit score can provide access to lower interest rates and better financial opportunities.Credit cards are a double-edged sword. While they offer convenience, they also delay the consequences of spending, making it easier to overspend. This delay can trigger a dopamine response, making shopping more enjoyable but also more dangerous financially. It's essential to be aware of this psychological trap and manage credit card use wisely.To avoid the pitfalls of credit cards, we recommend tracking spending daily and using digital envelopes for budgeting. These methods help make the consequences of spending immediate, encouraging more mindful financial decisions. Maintaining visibility over our finances prevents overspending and promotes wise money management. The FaithFi app is a great tool if you’re looking for a customizable money management tool to help you make good financial decisions every day. With the app, you can securely connect to bank accounts, track spending, and make the most of every dollar.Living debt-free and managing money in a way that honors God allows us to excel in the grace of giving. This enriches our spiritual lives by continually experiencing the gospel through generosity. By applying biblical principles to our financial lives, we can experience greater joy and freedom.On Today’s Program, Rob Answers Listener Questions:How can I find investments that align with my faith beliefs?My adult son is disabled and collects SSI and SSA. I retired early, but I am also a teacher seeking licensure. I'm not working right now until school starts again. The bank says they cannot use my son's income unless I'm a beneficiary. How can I become a beneficiary to show his income? And how would that impact me later on with the home if the government tried to take the house since he was receiving Social Security?Resources Mentioned:Whole Heart Finances: A Jesus-Centered Guide to Managing Your Money with Joy by Dr. Shane EneteFaith-Based Investment Funds ListRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App 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 boomerang is supposed to return when it leaves your hand. But a boomerang kid, well, that’s something else entirely.Do you have a boomerang kid? That’s a term for an adult child that’s returned home, like a boomerang, and now lives with you again. If so, you’re not alone. We’ll talk about what you can do about it.You're not alone if you have a boomerang kid living in your basement. The latest Boomerang Kids Survey by Thrivent, conducted in April, found that 46% of parents have had an adult child move back in with them at some point. This trend brings unique financial challenges for both parents and children.Impact of Student Loan DebtThe survey revealed that student loan debt is a significant factor preventing boomerang kids from achieving financial milestones:Buying a home: 39%Saving for retirement: 34%Building emergency savings: 36%Additionally, 28% of young adults report living paycheck to paycheck due to student loans, with only 22% saying their first job helps them pay down that debt.Financial Strain on ParentsAn adult child living at home may not be a significant financial burden if you only provide basic necessities. However, the costs can quickly escalate when parents start covering expenses like smartphones, student loans, and car payments. Many parents are willing to help their kids even to the point of jeopardizing their own financial stability. A Bankrate survey found that around half of parents have sacrificed emergency savings and debt payoff efforts to help their adult children, and 43% have tapped into retirement savings.This financial support can lead to dependence, where adult children begin to expect regular handouts. To prevent this, it’s crucial to establish boundaries and encourage financial independence.Strategies for Encouraging Financial Independence1. Realize the Need for ChangeIt’s essential to recognize the importance of addressing this issue. Having an adult child living at home should be temporary unless there are mitigating circumstances, such as caring for a disabled parent.2. Set Non-Negotiable RequirementsYour boomerang child must have a job and be earning an income. Set a deadline, such as “Moving out day is two months from now if you’re not working yet.” With plenty of jobs available, this should be feasible.3. Establish a Budget and Financial PlanOnce your child earns money, sit down with them to create a budget and financial plan. Emphasize the importance of saving money to move out and live below their means to achieve future financial success. You can temporarily offer to match their savings to accelerate the process.4. Encourage Emergency SavingsTeach your child to save for emergencies, ensuring their budget allows for this once they’re on their own. This will prevent them from needing to borrow money or move back in during a crisis.5. Be a Financial Role ModelLead by example. Demonstrate wise money management practices to instill financial responsibility in your children. Proverbs 22:6 tells us: “Train up a child in the way he should go; even when he is old he will not depart from it.”It’s never too late to start teaching financial responsibility. By implementing these strategies, you can help your boomerang child leave the nest successfully and achieve financial independence. Remember, the goal is to guide them toward a future where they can manage their finances wisely and thrive on their own.On Today’s Program, Rob Answers Listener Questions:Why did my credit score drop after making a large payment on my credit card?Can we withhold tithing temporarily to focus on expenses for our son's home, or should we continue tithing even though it's a struggle right now?I formed a revocable trust 23 years ago after my husband died when I owned a house. Now, I no longer own the house, and the only things in the trust are my car and some investments totaling about $80,000. Is it still worth having the trust, or should I get rid of it? If I do get rid of it, how do I do that? I'm also concerned about the tax implications for my children after I die. Would it be better for them to have the trust or not?I'm considering adding an addition to my home, which I own for free and clear. My 401(k) has grown substantially and is now around $1 million. I wonder whether it would be better to borrow the money for the addition and deal with the opportunity cost or to set up a home equity line of credit and pay it back over the next 10-15 years like a regular mortgage. What would be the better option for me?Resources Mentioned:Boomerang Kids Survey (Thrivent)Rich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App 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.

“Wealth gained hastily will dwindle, but whoever gathers little by little will increase it.” - Proverbs 13:11Patience is definitely a virtue, especially when it comes to investing. But too often, we allow our emotions to rule over us. Dr. Art Rainer joins us today to discuss four ways emotions ruin smart investing.Dr. Art Rainer is the founder of the Institute for Christian Financial Health and Christian Money Solutions. He is a regular contributor here at Faith & Finance and the author of “Money in the Light of Eternity: What the Bible Says about Your Financial Purpose.”The Impact of Emotions on InvestingWe often hear comments like, “The market has been on fire! I’m putting more money in!” or, “The market is tanking! I’m taking all of my money out!” These reactionary decisions in response to market fluctuations are rarely smart. When it comes to investing, emotions are your enemy. Allowing them to guide your decisions will likely lead to buying high and selling low, undermining the growth of a solid retirement fund.Let’s look at four ways emotions ruin smart investing so folks don’t fall into the emotional investing trap:1. Emotions often focus on the present rather than the future.While the present matters, we can become so consumed with day-to-day market volatility that we miss the big picture. Remember, we’re investing for the future, not today. Keeping your eyes on the future helps make market bumps seem less dramatic. So, limit emotional decision-making by focusing on long-term goals.2. Allowing fear to take over during a down market.When the market heads south, fear can suddenly overwhelm us. Fear-driven decisions rarely result in thoughtful, sound choices. We saw this in 2008 when many individuals pulled out of the market, vowing never to invest again. Most would now agree that their decision wasn’t the best. During a down market, fear is often your worst enemy. Not to mention that when the market is down, steady contributions purchase more shares to increase in value when the market recovers.3. We can be overconfident during an up market.Just as fear can hurt during down markets, overconfidence does the same during up markets. Before the dot-com bubble burst in 2000, we saw this overconfidence again in 2020. Upward-moving markets can make people view the market as free money. Investors who lack experience start buying riskier investments, and those who have never been in the market jump in, not wanting to miss out. This overconfidence can be as devastating as fear.4. Feeling regret when looking back on past investment decisions.You fear the drop and miss out on the gain, or you’re overconfident and suffer significant losses. This regret can lead to overcorrection in future decisions. While regret can help us learn, it’s crucial not to let it dominate our actions. The Bible says that saving is wise, so be wise. Save and invest for the future, but don’t let emotions drive your decisions.Becoming a Certified Christian Financial Counselor (CertCFC)Certified Christian Financial Counselors (CertCFC) help individuals and couples discover and pursue God’s design for money. Practically, Certified Christian Financial Counselors (CertCFC) guide individuals and couples in making wise financial decisions, building sound financial habits, and increasing their biblical financial literacy.If you’d like to learn how to become a Certified Christian Financial Counselor (CertCFC), you can go to ChristianFinancialHealth.com. If you need help creating a spending plan and want to work with a Certified Christian Financial Counselor (CertCFC) to get your finances back on track, go to FaithFi.com/Find. On Today’s Program, Rob Answers Listener Questions:What do I do with the $100,000 in my 401(k) from my previous job? I'm unsure if I should leave it there, roll it into my new employer's 401(k), or move it to an IRA. I want to make sure I'm making the best decision for my retirement savings.My question is about assigning a power of attorney. I don't have any family members I can ask to serve in that role. What do you recommend I do in this situation?My question is about the trust protector role that my attorney has assigned themselves to my trust and will document. I'm unsure what that means or if I should move forward with them in that position. Can you explain what a trust protector is and whether I should be concerned about that?During some slow months at my sales job, I've had to borrow money from family members to cover my mortgage and bills. When I get my next commission payment, I'll only have enough to pay back what I owe. I'm worried that if something were to happen to me, my kids would be affected by the debt I owe. I want to honor God with my finances, but I'm not sure what the right thing to do is in this situation. Can you provide any advice?Resources Mentioned:The Institute For Christian Financial HealthChristian Money SolutionsRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App 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 not be unequally yoked with unbelievers. For what partnership has righteousness with lawlessness? Or what fellowship has light with darkness? - 2 Corinthians 6:14That warning from the Apostle Paul is usually interpreted to mean that you shouldn’t marry outside the faith. But does it apply to other relationships just as much? Ron Blue joins us today with his practical and spiritual insights about partnerships.Ron Blue is the co-founder of Kingdom Advisors and the author of many books on biblical finance, most notably “Master Your Money: A Step-by-Step Plan for Experiencing Financial Contentment.”Understanding Partnerships Beyond MarriageIn 2 Corinthians, the Apostle Paul wasn’t just talking about marriage in his teachings; he was referring to all kinds of partnerships. Partnerships are prevalent in various professions, often seen in businesses with multiple partners and owners. These partnerships can last a long time. Business partnerships, much like other types, require careful consideration and management.Key Principles for Successful PartnershipsHere are a few key principles to consider:Protect Your Testimony: Being in a partnership with someone unequally yoked can impact your testimony. Only you and God can answer whether the partnership is worth the risk to your testimony.Have an Exit Strategy: Just like marriages, many partnerships end up dissolving. It's crucial to have an exit strategy in place before forming a partnership. This ensures that either party can exit the relationship equitably while maintaining their testimony.Preserve the Business’s Testimony: The business itself is often more critical than the individual founders. The goal is for the business’s mission and testimony to live beyond the partnership.On Today’s Program, Rob Answers Listener Questions:My question is about the capital gains tax on the property my husband plans to sell in Georgia. He lived there for 19 years before we married in September 2022 and moved to Tennessee. He plans to sell the Georgia property, pay off the remainder of our house in Tennessee, and invest the rest. I want to know if there is a time limit for him to sell the property and invest the proceeds to avoid paying as much capital gains tax as possible.How much cash should I keep at home versus in a safe deposit box? I've heard that some people are now keeping a lot of cash at home, like $4,000 or $5,000, and I wonder if you would recommend that. I don't have a debit card or ATM access, so I would need to go to the bank to get cash if needed.My husband and I have several savings accounts that hardly earn any interest. We have about $18,000 total in these accounts. What would you recommend we do to get a better return on this money? I want to ensure the money is still easily accessible as an emergency fund, but I'd like to see it earning more interest if possible.My siblings and I have some farmland that we inherited when our dad passed away eight years ago. The sale of the farmland is getting close to being finalized. I wonder how my tax filing status will affect the capital gains taxes I must pay on the sale. I'm currently single but plan to get married this year. Will filing jointly with my spouse next year impact the capital gains taxes I owe on the farmland sale this year?Resources Mentioned:Bankrate.com | NerdWallet Rich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

“I praise you, for I am fearfully and wonderfully made. Wonderful are your works; my soul knows it very well.” - Psalm 139:14God made each of us in His image, yet unique in our own way. We have different abilities to serve the Kingdom and different needs. For example, our healthcare needs differ. We’ll talk with Lauren Gajdek today about a great way to help you pay your individual healthcare costs.Lauren Gajdek is the Vice President of Communications and Media at Christian Healthcare Ministries, an underwriter of Faith & Finance. Christian Healthcare Ministries for Every ChristianChristian Health Care Ministries, or CHM, is for every Christian, regardless of where you live in the country or your denominational background. It's the body of Christ coming together to share each other's health care costs. Their common bond is the love we all have for God and the salvation we have through Jesus Christ.Healthcare needs differ and change over time. Whether you're a single person, a married couple, a younger or older married couple, have kids at home, or are an entrepreneur starting a business, CHM can go with you wherever you go. Even as you prepare for retirement, CHM can be a great solution for you.CHM Program OptionsLet's dive into the options available for different life stages:Bronze, $92 per unit, per month Silver, $138 per unit, per monthGold, $240 per unit, per monthSenior Share, $115 per unit, per monthYou can change your program and even have different family members on different programs, offering a lot of flexibility.The Sense of Belonging with CHMCHM is a Christian organization and a ministry first and foremost. They talk to people every day going through very difficult times, and participating in this program means receiving prayer and encouragement when you need it most. As 1 Corinthians 12:27 says: "You are the body of Christ, and each one of you is a part of it."Medigap and Medicare Advantage with Senior ShareCHM will also help with costs that Medicare doesn't cover. They do require Medicare enrollment if you're of the proper age, but if there's a gap in coverage, CHM can step in and help pick up those additional costs.If you want to learn more about Christian Healthcare Ministries (CHM), you can visit CHMinistries.org/FaithFi.On Today’s Program, Rob Answers Listener Questions:I'm concerned that a mass transfer to cryptocurrency could affect credit, interest payments, and the US dollar. I recently received an inheritance, and I'm worried about how this could impact the growth of my money. Should I look into alternatives like gold instead of keeping my money invested?My wife and I inherited an IRA from my mother, who passed away from COVID. I started with about $215,000 in the account, which has now grown to around $235,000. With all the market volatility, I'm feeling a bit nervous about it. We also recently built a house with a mortgage of around $230,000 at an interest rate of 2.85%. I'm trying to decide whether to use some of the IRA money to pay off the mortgage or keep the IRA invested and let it grow over the next ten years before withdrawing it. What would be the best financial decision for my wife and me?I recently received some Walmart stock, about $5,200 worth, as part of an inheritance from my sister. The attorney sent me the cash. How do I report this on my taxes? Does the attorney need to send me a 1099, or do I just need to report the $5,200 I received? I usually file my taxes, but I want to ensure I handle this inheritance properly.Resources Mentioned:Christian Healthcare Ministries (CHM)Rich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App 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 late Tim Keller once said, “Just because you can’t see or imagine a good reason why God would allow something bad to happen…doesn’t mean there can’t be one.”When something bad happens to your finances, it’s tempting to wonder if God really knows what he’s doing. Well, He does! Today, we’ll find God’s comfort in the midst of financial trials.1 Peter 5:7 reminds us of God’s love for us in the midst of life’s troubles: “Cast all your anxiety on him because he cares for you.” It’s a reassuring verse, but you must know the context to understand God’s comfort fully.The Context of Peter's MessageThe Apostle Peter wrote his letters to Christians scattered throughout Asia Minor. Many of them were being persecuted, discriminated against, and even murdered because of their faith in Jesus. In these hardships, Peter told his readers to: “Humble yourselves, therefore, under God’s mighty hand, that he may lift you up in due time. Cast all your anxiety on him because he cares for you.” - 1 Peter 5:6Life can be challenging. It certainly wasn’t for first-century Christians and may not be for you right now. But Peter’s words contain the secret of God’s comfort. It begins with humility.You can probably think of a time when you were going along just fine, and out of the blue, something awful happened, like the death of a loved one, a business failure, a car accident, or a job loss. These tragedies can have severe emotional, physical, and financial consequences.Our Reactions to HardshipsHow do you usually react when bad things happen? Maybe you feel anxious and say, “That’s not how things were supposed to go!” Or, you might feel angry and discouraged, thinking, “Nothing good can ever come from this!” If this sounds like you, you’re in good company. Whether you read the book of Psalms and see David praying laments before God or see Job questioning God during the unfair trials he faced, we leave with this beautiful truth: God can handle our raw, honest emotions.Like David and Job, in these difficult circumstances, we need to continually be reminded that God is mighty, loving, and perfectly capable of running the universe. As worshipers, we’re not called to deny our pain but instead offer it to the only One who can do anything about it. When we bring our grief into God’s presence, we gain perspective. It’s a perspective that rises above the storm. It’s a perspective that sees the Son of Man standing alongside you in the fire.Trusting God's TimingAnother idea in this passage can help us when we struggle. It’s the part that says God will lift us up in due time. In other words, God is sovereign, and there is always hope. We can trust God’s timing, even if it doesn’t match our expectations. God is working things out for our good and his glory.Sometimes, it’s not enough just to listen to a radio program. The struggles in your life hit you hard, and you need more. I hope you’ll spend some extra time reading God’s Word. Pray. Find out what God wants to teach you through your struggles. Spend time with other believers, encouraging each other.The next few verses in 1 Peter 5 explain why these spiritual disciplines are so important. 1 Peter 5:8 reads: “Be self-controlled and alert. Your enemy the devil prowls around like a roaring lion looking for someone to devour. Resist him, standing firm in the faith.” This passage reminds us of the spiritual battle going on all around us. Suffering can make us even more vulnerable to Satan’s attacks. He tries to make us believe we can “do life” without God. But Peter tells us to resist his lies. Bible study, fellowship, and prayer will help you stand firm in the faith.Practical Steps for ComfortTrust the Lord that he has a good reason for what you’re going through right now! The late Tim Keller reminds us, "If we knew what God knows, we would ask exactly for what he gives.”So, when your finances fall apart, here’s how to find real, deep, lasting comfort:Set aside your expectations for how things should be.Humble yourself, and confess your pride.Acknowledge God’s right to be the Lord in every situation.Rest in the hope that God works all things out for your ultimate good.List what you’re worried about or afraid of in this time of trouble.“Cast all your anxiety on him because he cares for you.” - 1 Peter 5:7Stand firm in your faith!In Romans 5:3-5, Paul reveals that God uses hardships to make us more like Christ. It reads: “We also glory in our sufferings, because we know that suffering produces perseverance; perseverance, character; and character, hope. And hope does not put us to shame, because God’s love has been poured out into our hearts through the Holy Spirit, who has been given to us.”Remember, the challenges we face are not just obstacles but opportunities to deepen our faith and experience God’s transformative love. Stand firm in your faith, surrounded by a community of believers, and trust in the boundless grace of God, who turns our trials into triumphs. Let's move forward with hope, knowing that our loving Father is intricately involved in every detail of our lives, working everything out for our ultimate good and His eternal glory.On Today’s Program, Rob Answers Listener Questions:Should I pay off the mortgage on my rental property or focus on paying off my student loans? I'm deciding the best way to become debt-free.I have a 30-year mortgage with an interest rate of just over 6%. Much of my monthly payment is going towards interest rather than principal. I'm wondering if I should try to refinance to get a lower interest rate and save on interest costs over the life of the loan.I'm 62 years old and just started receiving my Social Security benefits. However, I have COPD, and I'm unable to work due to my breathing issues. I was wondering if I could file for Social Security Disability Insurance (SSDI) benefits in addition to my early retirement benefits. I'm not getting enough Social Security payments to cover my expenses.Should I pay off the remaining mortgage on my home using funds from my wife's Thrift Savings Plan (TSP) account? We currently owe about $220,000 on the mortgage, and her TSP account has around $230,000. I'm 58 years old, and my wife is 62 with 20 years of military service. We're focused on becoming debt-free, but I'm also concerned about investing that money in the tax-deferred TSP account rather than using it to pay off the mortgage. I'd like to get your advice on the best approach.Resources Mentioned:Rich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App 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.

Home mortgage rates haven’t gone through the roof in recent weeks…that’s the good news.The bad news is that they’re already pretty high. Coupled with high home values, it’s an uphill climb for first-time home buyers. Will it get easier anytime soon? Dale Vermillion joins us today to talk about it.Dale Vermillion is the author of Navigating the Mortgage Maze: The Simple Truth About Financing Your Home. This book covers everything you need to know about securing a mortgage—all from a biblical perspective.Current Mortgage Rate OutlookThe rates on a 30-year fixed mortgage have been hovering around 7%, and we can expect them to stay between 6.5% and 7.25% for the remainder of this year. Analysts predict that rates may not drop to the 5% range until at least 2025 or 2026, barring any dramatic market changes.The biggest challenge for first-time home buyers is affordability, not inventory. Despite an increase in available homes (620,000 nationwide compared to 451,000 last year), the average sales price is around $420,000. Prospective buyers must carefully budget and ensure they don’t overextend themselves financially.Timing Your Home PurchaseGiven the stable interest rates and improving inventory, now might be a better time to buy than in recent years, as long as you're financially ready. New construction starts are up, particularly in the $200,000 to $350,000 range, ideal for first-time buyers. Additionally, the post-busy season (after school starts) might offer a better buying opportunity with less competition.Interestingly, the housing market seasonality has shifted since COVID-19. Traditionally, spring and summer were the hot buying seasons, while fall and winter were cooler. However, current market demand and population numbers have evened out these seasonal trends. Higher interest rates generally mean less competition, making it a good time to buy.Pricing Your Home for SaleThe strategy for pricing homes has evolved. Previously, sellers would price high and negotiate down. It’s common to price lower to attract more buyers, often resulting in offers above the asking price. However, recent trends show that about 35-36% of homes sell below the asking price, indicating a shift towards more realistic listing prices.For more guidance on navigating the complexities of buying and selling homes, check out Dale’s book, "Navigating the Mortgage Maze: The Simple Truth About Financing Your Home."On Today’s Program, Rob Answers Listener Questions:I have a mother who has been involved in a Publishers Clearing House scam for the last several years. My brother and I, along with the police, have tried to convince her that it is a scam, but she refuses to believe us. Recently, we were able to arrange the sale of her house and get her into an independent living situation with the ability to transition to assisted living or memory care if needed in the future. However, I have found that she has continued to participate in the scam and is giving away her retirement income each month. As her power of attorney, I am trying to save what is left of her assets for her future care. Am I doing the right thing by taking control of her finances to prevent her from being further exploited?I have a few credit cards with Capital One and some loans, including a farm investment loan and a business loan. The interest rates on these debts are high, and I'm figuring out how to lower my monthly payments. I'm currently working with Primerica in the financial services industry, but the income from that is slow. I would like to know if I should look into a debt consolidation loan to settle my payments and make it easier to manage my debt. What would be the best approach for me in this situation?Resources Mentioned:Navigating the Mortgage Maze: The Simple Truth About Financing Your Home by Dale VermillionChristian Credit CounselorsRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App 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 Human Genome Project discovered amazing things about man’s makeup. What it didn’t find…was a saving gene.In my book, that means saving doesn’t come naturally—it’s a habit we have to learn…and God’s Word tells us why it’s so important.The Reality of Financial InsecurityYou might be surprised to learn that surveys show less than half of Americans can handle an unexpected expense of $1,000. Many have little or nothing in their emergency fund, and when financial setbacks occur, they often have to borrow, usually using credit cards. This situation highlights the importance of saving, a practice the Bible encourages as wise.Proverbs 10:4-5 states, “A slack hand causes poverty, but the hand of the diligent makes rich. He who gathers in summer is a prudent son.”While it’s prudent to save, we must remember not to put too much trust in our bank accounts. Our ultimate trust should always be in God, our Provider, who has promised to meet our needs and remains faithful.Trusting in God's ProvisionLuke 12:24 reads, “Consider the ravens: they neither sow nor reap, they have neither storehouse nor barn, and yet God feeds them. Of how much more value are you than the birds!” This verse reminds us that while God has His part in our provision, we also have ours. We are to save as His Word instructs us. If you struggle with the temptation to spend, take comfort in 1 Corinthians 10:13, which assures us that God will provide a way to endure and overcome temptations.For some, saving money can’t be avoided due to low-income levels. However, many people who struggle with saving actually make enough money but lack self-discipline. The key to saving is living below your means and exercising self-control. God wants our lives to be balanced, enjoying His bounty while also taking care of our families and helping others in need. This becomes difficult without savings.Everything we have belongs to God, not just what we put in the offering plate. We are stewards of the resources He entrusts to us, and it’s our responsibility to manage them wisely. Here are some steps to start the process of saving:Steps to Start SavingCreate a Spending Plan: Without a budget, you’re flying blind. Your budget should cover all planned expenses and leave something left over. Consider using the FaithFi app to make this process easier.Cut Spending: You’ll need to reduce expenses in some areas. Identify and trim non-essential items from your budget. However, don’t try to do it all at once. Make realistic cuts to avoid feeling deprived.Save from Every Paycheck: Establish the habit of saving something from each paycheck. Developing this discipline is more important than reaching a specific goal. Over time, you can gradually increase your savings amount.Set Attainable Goals: Start with small, achievable goals, like saving $100 or $200 a month. Begin with building an emergency fund, aiming for $1,500, then one month’s living expenses, and eventually 3 to 6 months’ worth.Long-Term Savings Goals: Once your emergency fund is established, set new goals such as buying a home, taking a family trip, or giving to a favorite ministry.Team Effort for Couples: If you’re married, make saving a team effort. Set long-range goals together and celebrate progress, but keep celebrations within your budget.Prayer and Contentment: Pray for self-control and a contented heart. Developing the habit of saving will improve your life, relationships, and ability to serve God and help you sleep better.By following these steps and trusting in God’s provision, you can build a solid financial foundation. Saving provides security and enables you to be a faithful steward of God’s resources, ready to meet your needs and help others. Start today and watch how it transforms your life.On Today’s Program, Rob Answers Listener Questions:What should I do with the Schwab account that has been sitting there for the past seven years? I want to ensure I invest it responsibly and in accordance with my Christian values, but I'm unsure how to do so. Can you provide guidance on finding a financial advisor to help me do so?I've taken a break from work for the past four months to focus on my mental health and seek God's guidance on my next steps. I've fallen into debt with two credit card loans during this time. Now that I'm back to work, should I try to pay off these loans the old-fashioned way by making payments, or should I go through a lender that can help me settle the debt? I want to ensure I'm handling this in a way that honors God.My husband was offered a job with a new company that is part of a union. We're unfamiliar with what that entails, as he's never worked for a union. We're trying to weigh the pros and cons - would the benefits and pension offered by the union be worth paying the union dues, or would it be better for him to stay in his current non-union job? What financial considerations should we consider as we make this decision?Resources Mentioned:Christian Credit CounselorsRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App 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.

We are so materially blessed that we take many things for granted. Can you imagine not having a simple pair of shoes to go about your day?It’s tragic. Millions of children around the world, many of them orphans, suffer the huge disadvantage of not having shoes. Shawn Spurrier joins us today to talk about a way you can help.Shawn Spurrier is the Director of Buckner Shoes for Orphan Souls at Buckner International, an underwriter of Faith & Finance. The Importance of New ShoesProviding new shoes and socks is fundamentally important for these children. New shoes mean:Health: Protecting against disease and infection.Education: Lowering barriers to school attendance.Hope: Demonstrating worth and God’s love.Opportunity: Connecting families to holistic ministry.With the support of generous folks, vulnerable children are protected from disease, receive an education, gain confidence, and see new possibilities in life. Most importantly, they receive the priceless message of the Gospel.How Shoe Drives WorkOne of the key ways Buckner Shoes for Orphan Souls accomplishes its mission is through shoe drives. Hosting a shoe drive is a simple yet impactful way to partner with this ministry. Anyone can sign up to host an in-person or virtual shoe drive in their community, regardless of location or time of year. Here’s how it works:Sign Up: Register for a shoe drive at Buckner.org/shoes.Coordinate: Work with your school, church, office, or club to organize the drive.Promote: Buckner provides all the necessary materials, including:Promotional instructionsPostersBrochuresDVDs with promotional videosPacking and shipping instructionsCollect: Gather new shoes and optional donations to cover shipping costs.Ship: Send the collected shoes to the Buckner Center for Humanitarian Aid in Dallas, Texas. Buckner will distribute them to needy children worldwide.Other Ways to HelpIf hosting a shoe drive isn’t feasible, there are still ways to get involved. Making a donation is a powerful way to contribute. A $15 or $30 donation can change a child’s life by providing them with a pair of shoes. To make a donation, simply visit GiveShoesToday.org.Whether you host a shoe drive or make a donation, you can play a vital role in this ministry. Visit Buckner.org/shoes to learn more and get involved.On Today’s Program, Rob Answers Listener Questions:My question concerns whether I should diversify where I invest. I'm 65 years old and have about $1.2 million, with half of that in a brokerage account with LPL and the other half in a previous employer's 401(k). My broker would like to transfer all the money to him, but I'm considering moving the 401(k) portion to a fee-based management account instead. I'm concerned about putting all my eggs in one basket, so I'd like to know if I should consider a different advisor for that portion of my investments.I paid off my house a couple of years ago, but the title company still has the title. Should I leave the title with them as a safe spot or take it out and put it in a safety deposit box or somewhere else? What should I do with the title now that my home is paid off?My husband and I are deciding the best time to replace my car. We're both retired, but he still works part-time for a couple more years. He thinks replacing the car while he's still working is better, but I have a 13-year-old car running great. I'm hesitating about trading it in. What's your opinion on whether I should replace the car now or wait?I'm pushing 80 years old, and I'd like to close many accounts. I don't even care about my credit score at this point. But how much of a hit does it put on my credit to close if I want to close three or four accounts?Resources Mentioned:Buckner Shoes For Orphan SoulsRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App 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 good man leaves an inheritance to his children's children, but the sinner's wealth is laid up for the righteous.” - Proverbs 13:22We’re all familiar with that verse, but do we fully understand its meaning? Is it only about money? I’ll talk about that with Harlan Accola today.Harlan Accola is the National Reverse Mortgage Director at Movement Mortgage, an underwriter of Faith and Finance. He is also the author of Home Equity and Reverse Mortgages: The Cinderella of the Baby Boomer Retirement. The Misconception of Leaving a Financial InheritanceAs Christians, we often forget that the most important legacy we can pass on is our faith and wisdom, especially financial wisdom, to help our children avoid mistakes we’ve made. Much like other private topics, money management is rarely discussed but is critically important.Many people believe they must leave a financial inheritance, particularly their home, to their children, stemming from historical practices of passing down farms or businesses. This belief often leads the elderly to sacrifice their own comfort. However, assets, including homes, should be viewed like any other possession. It's unfortunate that some elderly individuals avoid reverse mortgages and live in poverty to preserve their homes for their heirs, driven by fears that this approach might be unbiblical or might upset their children.Starting the Conversation EarlyThe solution to these issues is early and open conversation. Often, parents are private and embarrassed about their financial struggles. Children can initiate these discussions, reassuring their parents that it’s not about the inheritance but their well-being. Most children wouldn’t want their parents to forego basic necessities or bucket list vacations for a larger inheritance. They appreciate their parents' hard work and want them to enjoy the fruits of their labor.For adult children wanting to start this conversation with their parents, Harlan suggests using examples from family and friends who faced long-term care issues or probate messes to discuss their own family's plans. It's crucial to make clear that the motivation is not about receiving an inheritance but about ensuring the parents' comfort and security. Clear instructions from parents can prevent family conflicts later on.Mechanics of a Reverse MortgageRegarding reverse mortgages, it’s important to note that homes will continue to appreciate, often leaving equity for heirs. It is generally better to give with a warm hand or leave behind assets like Roth IRAs and life insurance proceeds instead of a home. Additionally, heirs might be able to deduct unpaid interest and mortgage insurance, potentially erasing significant tax liabilities.If you’re looking for a mortgage solution or have questions about whether a reverse mortgage is right for you, you can contact Movement Mortgage at movement.com/faith.On Today’s Program, Rob Answers Listener Questions:My husband's wallet has been lost, and his social security card was in it. I'm wondering if we've done everything we should to protect ourselves or if there's something else we could do. We've already canceled our credit card.Resources Mentioned:Movement MortgageAnnualCreditReport.comRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App 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.