Faith & Finance

In the First Century B.C., Roman historian Sallust said, “Prosperity tries the souls, even of the wise.”Most people would choose financial prosperity despite its temptations. But what if you’re living with financial adversity? Today, we’ll talk about how to be wise in good times and bad.The Temptations of Financial Success and AdversityWhen things are going well financially, it’s tempting to take credit for your success, leading to sins like pride and greed. On the other hand, adversity brings its own set of temptations, such as self-pity, bitterness, and envy. Neither set of attitudes is godly.Christians are called to live with integrity, no matter our circumstances. But how do we consistently do that? According to the Bible, wisdom is the key to godly living in both good times and bad.Proverbs 1:7 says, “The fear of the Lord is the beginning of knowledge, but fools despise wisdom and discipline.” Fearing the Lord means respecting and honoring His authority and obeying His commands. Understanding the consequences of breaking God’s rules is the first step toward living wisely.Good parents know that children need boundaries for safety and healthy development. God has also set boundaries for His children that protect us spiritually and physically. When God says “no” to something, like stealing or dishonesty, those things hurt us by breaking relationships with others and the Lord.Because God loves us, He sets these boundaries for our lives. When we obey, we are safe and at peace. So, fearing the Lord isn’t about being afraid; it’s about learning to love and obey our Heavenly Father even more.The Benefits of WisdomWisdom begins with a healthy respect for God’s authority. Whether struggling financially or experiencing prosperity, you can still live wisely by listening to God's words. Here are a few benefits of wisdom:Discernment: Proverbs 2:9 says the wise “…will understand what is right and just and fair.”Guidance: Proverbs 3:6 reminds us, “In all your ways acknowledge Him…and He will make your paths straight.”Blessing: Proverbs 3:13 says, “Blessed is the man who finds wisdom.”Good Reputation: Proverbs 3:35 says, “The wise inherit honor.”Protection: Proverbs 16:6 says, “Through the fear of the Lord, a man avoids evil.”These benefits are available to you, no matter your financial state. Conversely, the Bible refers to those who do not honor God and live by His rules as “fools.” Psalm 14:1 says, “The fool says in his heart, ‘There is no God.’ They are corrupt, they do abominable deeds; there is none who does good.” Fools suffer shame, disaster, distress, and troubles—outcomes we should strive to avoid in our finances and lives.Following a Path of Wisdom in Financial DecisionsSo, how can you follow a path of wisdom in your day-to-day financial decisions? Understand how God views money and possessions. The Bible tells us that God owns everything, and we are to be wise caretakers of whatever we have. He’s not really concerned about your bank balance; what matters is where your heart is. Ask the Lord to change your heart so you can follow Him in this area.Being financially wise means living according to biblical principles. Practice integrity in all your dealings and consider others more important than yourself.Contentment is key to financial wisdom. When you invite God into your finances, trusting Him to lead you and provide what you need, you’ll begin to understand 1 Timothy 6:6, “Godliness with contentment is great gain.”What do your actions and attitudes about money reveal about you? Are you wise or foolish? If you’re committed to Jesus and following the Lord with all your heart, it will show in your financial choices. Whether God has provided you with adversity or prosperity, you can be confident in His love and provision. Stay focused on what’s really important—following Jesus.On Today’s Program, Rob Answers Listener Questions:I own a home, and it's just my name. I do have a will, but I’m concerned about these advertisements on TV about people being scammed out of their houses. I wondered if I should put my house in an LLC or a trust.I wanted to cash in some US Treasury Savings Bonds I bought in the 80s and 90s to take advantage of higher interest rates today. I wondered if there would be any problems with cashing them in to put the money into a one-year CD since it's paying 5% interest now.I wanted to understand why, when you get your first mortgage statement, they haven't taken the interest rate you were quoted—like 7%—but a much larger portion of your interest payment, like 60% rather than 7%. How do amortized loans work? Is the interest on the loan “front-loaded” in the early years of the loan?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.

Since the beginning of time, God’s design for humanity has always been to be a giant family spread throughout the earth. So what happened?Because of the power of sin in our world, families are broken, children become orphans, and many feel alone and isolated, as if they don’t belong. Dr. Albert Reyes with Buckner International joins us today to share a hopeful message about God’s design for his family.Dr. Albert Reyes is the author of Never Alone: The Power of Family to Inspire Hope and Hope Now: Peace, Healing, and Justice When the Kingdom Comes Near. He serves as the President and CEO of Buckner International, an underwriter of Faith & Finance. The Importance of FamiliesSadly, there is a growing effort to undermine the family structure. Strong families are critical to communities, cities, and any organization of humanity. Through Buckner International, they see the impact daily of providing strong families for children who need them and supporting existing families to thrive.Lessons from Biblical FamiliesExamining the families we see in the Bible reveals valuable lessons from their experiences—positive actions to emulate and mistakes to avoid. Despite their flaws, these families needed redemption, much like ours today. This underscores the importance of a redeemer in strengthening our family units.Buckner International’s MissionBuckner International is grounded in the biblical directive from James 1:27, which emphasizes caring for orphans and widows. Their ministry focuses on two main areas: senior living and services for children and families. The Children and Families division provides foster care and adoption, support for single-parent families, and Family Hope Centers to aid struggling families. Additionally, they’ve distributed over 5 million pairs of shoes to children in more than 85 countries since 1994.Shoes for Orphan SoulsOne of Buckner’s notable projects is "Shoes for Orphan Souls." This initiative collects new shoes for children, which volunteers sort, prepare, and ship. These shoes are crucial in allowing children to run, play, attend school, and stay healthy. Volunteers also include personal notes of encouragement, sharing the love of Christ with each child who receives a pair.Get InvolvedFor just $15, you can provide a pair of shoes to a child in need anywhere in the world. To contribute, visit GiveShoesToday.org.On Today’s Program, Rob Answers Listener Questions:I've got four credit cards and about $6,500 in debt, and I want to get rid of that debt. Should I go through the Trinity finance program, consolidate that, save some of those penalties and things, and get that paid off? Or is it better for my credit to go ahead and do the best I can to make the payments? Is that the best for my future?I have a second home, and my parents live in it. I've been thinking about selling it, but my parents are hesitant because they want to stay there until they pass. They're up there in age, but I just want to get rid of the house. I don't want to put my parents in a nursing home or anything, so what can I do? What are my options?I'm only 63, but I applied for disability. I'm about to have my fourth back surgery. So they asked me if I wanted to go ahead and receive social security while I was waiting for disability to be approved. So, I am receiving that $1,700 a month. Now, there is a cap on how much income, and I'm trying to continue to work to supplement that. But I have a cap of $1,400. That's still not enough to live on, so I live in my car now. But once I receive my disability, and that's approved, will there still be a cap on how much additional supplemental income I can earn?Resources Mentioned:Never Alone: The Power of Family to Inspire Hope by Dr. Albert ReyesBuckner Shoes for Orphan Souls (GiveShoesToday.com)Give To FaithFiRich 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.

What’s harder to get rid of than termites and hurts more than a toothache?A certain group of people will tell you it’s a timeshare. It seemed like a good idea at the time…but now it’s just another budget buster. Today, we’re diving deeper into this topic. Unfortunately, none of the options are particularly great, but let’s explore them.Why Are Timeshares Hard to Sell?First, it’s important to understand why timeshares are so difficult to sell. Ideally, you’d sell your timeshare and recoup your investment. However, this rarely happens. If anyone has managed it, please let us know how!The main issue is that timeshares often lack a clear need for potential buyers. You can book a week at a similar resort without the upfront cost and ongoing fees. Additionally, timeshares suffer from a poor public image due to aggressive sales tactics, making them less appealing to buyers.Getting InformedBefore attempting to sell, gather as much information as possible. A great resource is the Timeshare Users Group (TUG) at Tug2.com. For a $15 annual membership, you can access a community of timeshare owners sharing advice and experiences.Selling Your TimeshareIf you decide to sell your timeshare yourself, be realistic about its value. It’s likely worth much less than what you paid. Advertising options include TUG’s marketplace, eBay, Craigslist, Facebook, and local classifieds.Once you find a buyer, drafting a contract is essential. It is wise to hire an attorney to ensure the contract is legally sound.Other OptionsIf selling doesn’t work, consider these alternatives:Timeshare Deed Back: You can ask the resort to take back the timeshare. This is called a deed back and is often the cheapest way out. However, you might need to have paid off the full timeshare cost.Timeshare Exit Company: Be cautious with these companies. Look for one with a solid track record and referrals, as there are many scams. Costs typically start around $5,000 and can go much higher.Hiring an Attorney: An attorney experienced in timeshare contracts might help, especially if the company has breached the contract. Legal fees can also be high, often comparable to timeshare exit companies.Costs and ConsiderationsSelling your timeshare might involve several hundred dollars in advertising fees. You’ll also lose the difference between your purchase and sale prices. Using a timeshare exit company or attorney can cost between $5,000 and $10,000 or more.What to AvoidExtravagant Claims: Avoid companies that make unrealistic promises about getting you out of your timeshare for a low cost.Upfront Payments: Don’t pay upfront fees to timeshare exit companies.Illegal Actions: Never engage in anything illegal or dishonorable.Don’t Stop PaymentsStopping payments on your timeshare is tempting but dangerous. It can lead to relentless harassment from the timeshare company or collection agencies, damage your credit score, and potentially result in foreclosure. Remember, you signed a contract, and as believers, we are called to honor our commitments. Psalm 3:27 says, “Do not withhold good from those to whom it is due, when it is in your power to do it.”Prevention is KeyUltimately, the best advice is to avoid buying a timeshare in the first place. As the saying goes, “An ounce of prevention is worth a pound of cure.”We hope this information helps you navigate the challenging process of getting out of a timeshare. On Today’s Program, Rob Answers Listener Questions:Should I use my extra $500 income each month to pay off my car loan quicker to save on interest, or should I invest that money in renting a parking lot so I can provide dog training services again?I wanted to ask about a new feature in the Roth IRA that my school system offers, where I can choose to protect my investments at certain percentages from drops in the market. I would like to know if choosing the option where I would be protected unless it dropped below 40% or rose above 60% is a good idea or if the other option of protection below 115% and above 40-60% is better. Is this type of downside protection even a good idea?I’m looking for ideas on how to fund a supplemental retirement for my wife using some inheritance money I recently received. As a retired federal employee, I only chose a minimal survivor benefit for her, which will not provide her with enough income when I pass away. I wanted suggestions on investing the $75,000 inheritance to generate retirement income for her after I am gone.Resources Mentioned:Timeshare Users Group (TUG)Give To FaithFiRich 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 Bible contains many accounts of God providing miraculously for His people, but none are more fascinating than the story of the Widow’s Oil.That passage is found in 2 Kings 4:1-7—it’s just seven verses, but they’re loaded with teaching about God’s provision. Sharon Epps joins us today to unpack the story of the Widow’s Oil and how we can apply it to our lives today.Sharon Epps is the president of Kingdom Advisors, FaithFi’s parent organization. Kingdom Advisors serves the broad Christian financial industry by educating and equipping professionals to integrate biblical wisdom and financial expertise.Elisha and the Widow’s OilLet's start by reading the whole story from 2 Kings 4:1-7:Now the wife of one of the sons of the prophets cried to Elisha, “Your servant my husband is dead, and you know that your servant feared the Lord, but the creditor has come to take my two children to be his slaves.” And Elisha said to her, “What shall I do for you? Tell me; what have you in the house?” And she said, “Your servant has nothing in the house except a jar of oil.” Then he said, “Go outside, borrow vessels from all your neighbors, empty vessels and not too few. Then go in and shut the door behind yourself and your sons and pour into all these vessels. And when one is full, set it aside.” So she went from him and shut the door behind herself and her sons. And as she poured they brought the vessels to her. When the vessels were full, she said to her son, “Bring me another vessel.” And he said to her, “There is not another.” Then the oil stopped flowing. She came and told the man of God, and he said, “Go, sell the oil and pay your debts, and you and your sons can live on the rest.”God’s Role in Our ProvisionThis story beautifully illustrates God's role in our lives. God provided the oil when the widow had no other means and also ensured there were buyers for the oil to settle her debts. This story reminds us of our total dependence on God for our needs.Our Role in God’s PlanWhile God is the ultimate provider, the widow has a significant role to play. She sought help from Elijah, followed his instructions, gathered the jars, poured the oil, and sold it. This highlights the importance of our participation in God’s provision. We must be active in our faith, seeking guidance, obeying God’s instructions, and doing our part diligently.The Lesson of FaithVerse 3 of this passage is particularly powerful. Elijah instructed the widow to gather as many jars as possible, and the amount of oil she received was directly tied to the number of jars she collected. This act of gathering jars was a manifestation of her faith. Similarly, our faith can determine the extent of God's blessings in our lives.Practical Steps for Faithful StewardshipThere are several practical lessons from this story:Rely on God: In difficult situations, look to God for guidance rather than relying solely on your own abilities.Seek Wise Counsel: Just as the widow sought Elijah's help, we should seek advice from trusted advisors and fellow believers.Do Your Part: Be faithful to the tasks God has given you, no matter how small or mundane they may seem.Involve Your Family: Include your family in your journey of faith and stewardship, allowing them to witness God’s provision firsthand.Avoid Debt: Be mindful of the financial burdens you might leave behind, ensuring you plan for the future responsibly.Use What You Have: Consider how you can use your current resources to meet the needs of others, practicing generosity as an essential aspect of stewardship.By aligning our hearts with God's, we can experience the true joy of faithful stewardship.On Today’s Program, Rob Answers Listener Questions:I want to pay off my mortgage faster to pay less interest. I have some extra money that I can put towards the mortgage. Would making an extra monthly or a large lump sum payment be best?My wife and I have been paying for long-term care insurance for about 15 years and are in our mid to late 70s. There has been a class action suit against the long-term care company informing us that their rating is now C++, which means they're marginally able to pay for future claims. They're forecasting more premium increases to come and have offered some options, and I don't know what the overall state of the industry is. Still, we're wondering whether we should cancel our policy. What kinds of things should I consider when deciding what to do?Resources Mentioned:Give To FaithFiRich 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 Bible clearly says that Christians are to give…but is it always as clear about where we should give?We all have to decide where we will give from our limited resources. So, a good question to ask is, “Does God care where we give?” I’ll talk about that today with David Wills.David Wills is President of The National Christian Foundation (NCF). He is also the co-author of Investing in God’s Business (The “How To” of Smart Christian Giving) and numerous articles and lectures nationwide.  A New Perspective on GivingA recent article titled “Does God Care Where We Give?” appeared on the NCF website and challenges a common misconception: that our personal passions should solely drive our giving. Instead, we should place God at the center of our giving decisions.Determining God's Will in GivingWhile we often give to areas we care about, it’s crucial to consider what God thinks. How do we determine this? God cares about each of us and allows us to steward financial resources for His glory and our good. By obeying God and reflecting His love, we gain supreme motivation, and our giving can glorify God.Biblical Guidance on Where to GiveGod’s Word offers guidance on where to give. Acts 1:8 provides a model with three geographic areas: Jerusalem (local), Judea and Samaria (national and regional), and the ends of the earth (international). This model challenges us to think strategically about our giving on these levels.Focusing on Eternal InvestmentsTwo things will last forever: God’s Word and people. Therefore, supporting the translation, distribution, teaching, and preaching of Scripture and aiding those spreading the gospel aligns with God's priorities. 3 John 5-8 underscores the importance of supporting workers who spread the good news of Jesus Christ.Specific Groups to SupportThe Bible also identifies specific groups we should care for: the poor and oppressed, orphans, widows, the hungry, thirsty, strangers, the naked, the sick, prisoners, refugees, and victims of calamity. These groups repeatedly surface as recipients of giving in the Bible, indicating God's special concern for them.Laying Up Treasures in HeavenWhile these categories don’t exhaust all giving possibilities, they guide us to support what God cares about locally, nationally, and internationally while leaving room for creative freedom in our giving.As Jesus said in Matthew 6:21, “Where your treasure is, there your heart will be also.” By focusing our giving on what aligns with God's heart, we can experience greater joy and fulfillment.For more details, be sure to check out David’s article, “Does God Care Where We Give?”On Today’s Program, Rob Answers Listener Questions:I recently learned that I will soon receive an inheritance of $200,000. Since my husband and I plan to retire in five years, how can I save or invest this money? What are some options for me to consider with this timeframe in mind?What would be a good amount for me to invest in an annuity? I was told that if I invested $200,000, I would get a guarantee of $16,200 in return each year. Given my situation, what are your thoughts on investing that amount in an annuity?Resources Mentioned:Does God Care Where We Give? By David Wills (NCF Article)Give To FaithFiRich 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.

Myths can be persistent things. For a long time, people thought the world was flat. The investing world has its share of myths that persist to this day. Rachel McDonough joins us today to go over 3 myths about wealth that many Christians believe—but shouldn’t.Rachel McDonough is a Certified Financial Planner (CFP®), a Certified Kingdom Advisor (CKA®), and a regular Faith & Finance contributor.Flat Earth and Financial MythsWhen your core assumptions are wrong, your strategy becomes useless. Imagine planning a voyage worldwide while believing it's flat—you'd never reach your destination accurately. Similarly, in finance, myths perpetuated by various professionals are usually unintentional but can mislead our strategies.Myth #1: Performance Equals SuccessMany think you've succeeded if you can beat the S&P 500. This oversimplifies the complex nature of investing, neglecting how profits are generated.In God's economy, people matter more than profit. True success isn’t high profitability achieved by harmful businesses but investments that honor God's values.Myth #2 & #3: Avoiding Risk Unless for Higher ReturnThe second and third myths are interconnected: the idea that unnecessary risks should be avoided and that risks are only for higher returns. Financial planning often teaches clients to avoid risks unless needed to achieve goals. However, humans take risks for reasons beyond returns—we risk out of love, trust, worship, and obedience.For instance, people take risks for the sake of love, like adopting special needs kids or rescuing trafficking victims. These acts reflect God's sacrificial love for us.Two Things To Remember:First, if you don’t have a financial plan, make one. Second, check your assumptions when planning how to steward God's resources. We shouldn't aim to die wealthy while ignoring the harm our investments might cause.Instead, we should embrace risks for the sake of impact and love, share generously with the poor, invest in impact funds, and choose careers based on Kingdom impact, not just financial gain.On Today’s Program, Rob Answers Listener Questions:I’m a 64-year-old retiree who recently started receiving Social Security benefits but has taken a higher-paying job. I was unsure whether I should contact Social Security to suspend my benefits and pay back what I had received to increase my future monthly payments or just let them reduce my benefits due to earning more than the income limit. I was also concerned about not having the $8,000 needed to pay back benefits.I want to help my graduating high school senior son start investing some of the money he had earned. Specifically, opening a Roth IRA with $1,000 would be a good option for him, even if he wouldn't contribute more each year until after college. I wanted to know the steps he would need to take to open an account and get started.What is the best way to use two home equity lines of credit? I have one at 6.4% interest and the other at 14% to pay off about $28,000 in credit card debt across various cards with interest rates in the high teens and 20s. I was thinking of using $17,000 from the lower interest line of credit and the remainder from the higher interest line, but I wanted advice on whether that was the right approach or if there were better options.Resources Mentioned:Rachel McDonoughChristian Credit CounselorsCharles SchwabBettermentGive To FaithFiRich 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.

You’ve probably heard the saying…“If you aim at nothing, you'll hit it every time.” But do you know who coined it?Christian author and speaker Zig Ziglar is credited with that famous quote. It urges us to set goals and stay on mission. What are our goals, and what’s our mission here at FaithFi? Chad Clark fills you in today and invites you to be a part of it all.Chad Clark is the Executive Director of FaithFi: Faith & Finance. Integrating Faith and Finances for God’s GloryAt FaithFi, our mission is clear: we aim to equip Christians with the tools and resources they need to integrate their faith with their financial decisions, all for the glory of God. Our vision is that all Christians would see God as their ultimate treasure, placing Him above all else, including money, which often competes for the primary position in our hearts.Money: A Tool, Not a TreasureWe see money for what it truly is—a tool. It is not inherently good or bad, but how we use it can be. At FaithFi, we strive to help you grow in your faith and make wise financial decisions that honor God.Our resources include our radio program, FaithFi.com, the FaithFi app, and our brand-new studies designed to integrate faith and financial wisdom. We receive daily feedback from individuals whose relationships with God have deepened and who have become wiser stewards of His resources through our ministry. Join Us in Our MissionOur fiscal year ends on June 30th, and we are still $50,000 short of our fundraising goal.If you have been impacted by FaithFi and want to help others find the freedom to make God their ultimate treasure and wisely steward His resources, please consider making a donation. You can do so securely online at faithfi.com/give or find our mailing address to send a check.As a token of our appreciation, we will send you a copy of our new study, Rich Toward God, for any gift over $25. This study addresses many of the topics we discuss at FaithFi.To our faithful supporters, we extend our heartfelt thanks. Your partnership is invaluable in this important work. Together, we can continue to help Christians integrate their faith and financial decisions for the glory of God.On Today’s Program, Rob Answers Listener Questions:I have $280,000 in an annuity that I've had for over 15 years. It's approaching the point where I have to decide whether to annuitize it or surrender it. If I surrender it, there would be no surrender fee. I'm wondering if I should do that and then put half the money into a money market or high-yield savings account and $140,000 into conservative growth funds to try to get a better return than the 4.1% average I've been getting from the annuity.I have a question about investing for retirement income. My wife and I have both retired, though we still work other jobs. We max out our traditional IRAs each year and have no debt. Our other investments are also doing well. I wonder what you think about focusing on dividend stocks for additional investments past maxing out our IRAs each year to generate retirement income.I have a question about an investment property I'm considering in Decatur, Illinois. It's a mixed-use property with residential and retail units that are currently occupied. The list price was $695,000, but I negotiated it down to $650,000. I plan to put 30% down and take out a loan for the rest. The loans I've been offered are around 7.75-8.5% interest. Given the interest rates and Decatur's declining population, is this a good investment opportunity?As we know, retiring before full retirement age results in an 8% reduction for each year early. I want to know if the annual cost of living increases offset this 8% reduction for taking benefits early.Resources Mentioned:Eventide Dividend Opportunities FundGive To FaithFiRich 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.

It’s said that we learn from mistakes, not success…but do you want to experience that with your retirement savings?No question, saving and investing for retirement is something you want to get right the first time. Mark Biller joins us today to help you avoid some of the most common retirement planning mistakes.Mark Biller is Executive Editor and Senior Portfolio Manager at Sound Mind Investing, an underwriter of Faith & Finance. Underestimating the Impact of InflationOne of the most common retirement-planning mistakes is underestimating the impact of inflation. Many fail to grasp the destructive power of inflation’s compounding effect over time. For example, with a 3% annual inflation rate, a lifestyle costing $75,000 today will require $135,000 in twenty years. Understanding this helps retirees plan for sufficient income to maintain their standard of living.Investing Too ConservativelyAnother common mistake is investing too conservatively. While fixed-income instruments like CDs and bonds are important, they often do not keep pace with inflation. Retirees need to ensure their portfolios continue to grow by maintaining some exposure to stocks and equities to stay ahead of inflation.Overestimating Investment IncomeA realistic retirement plan should be conservative about projected returns. Withdrawing too much money too soon from retirement accounts can create problems later, especially with increased life expectancy. The general guideline is to withdraw no more than 4% annually from your portfolio, but this can vary based on individual circumstances.Underestimating LifespanMany people underestimate their lifespan when planning for retirement. Statistics show that a 65-year-old man has a 60% chance of living to age 85, and a 65-year-old woman has over a 50% chance of living into her 90s. Planning for at least two decades of retirement is essential to ensure financial stability.Forgetting to Account for Healthcare CostsHealthcare costs are a significant consideration in retirement planning. While Medicare covers many expenses for those 65 and older, it doesn't cover everything. Supplemental insurance plans, out-of-pocket expenses, and potential long-term care costs must be factored into retirement plans. Building a Health Savings Account (HSA) during working years can help fund later-life health costs.Utilizing Resources and Professional GuidanceDue to the many variables in retirement planning, avoidance of these common mistakes isn't always easy. Resources like MoneyGuide, a financial planning tool used by many advisors, can help by running "what if" scenarios. Additionally, seeking guidance from a financial professional, such as a Stewardship Advisor at SMI Private Client or a Certified Kingdom Advisor® (CKA), can provide valuable insights and help secure one's financial future.While retirement planning is complex and unpredictable, diligent preparation and utilizing available resources can significantly enhance financial security. Learning from others' mistakes can help you better navigate your path to a comfortable retirement.Read the article “Avoiding The Most Common Retirement-Planning Mistakes” from Sound Mind Investing to learn more. On Today’s Program, Rob Answers Listener Questions:Do I tithe 10% of each paycheck I receive from my three jobs? Or do I tithe 10% of my weekly income regardless of how many paychecks I receive?My 401k is down over 51% from three years ago. Is there anything I can do to help it recover?Resources Mentioned:Avoiding The Most Common Retirement-Planning Mistakes (Sound Mind Investing Article)Sound Mind InvestingMoneyGuideRich 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.

“Train up a child in the way he should go; even when he is old he will not depart from it.” Proverbs 22:6Teaching our children how to manage God’s money is vital to raising them. But how can parents do this well? Brian Holtz will share some great insights today.Brian Holtz is the Chief Operating Officer at Compass Financial Ministry and the author of Financial Discipleship for Families: Intentionally Raising Faithful Children.MVP Parenting: Building Financial Wisdom in the Next GenerationIntroducing MVP Parenting, a concept foundational for nurturing financial wisdom and spiritual growth in our children. Howard Dayton defines MVP as Modeling, Verbal Instruction, and Practical Opportunities. This approach helps parents effectively teach their kids crucial life skills and values.Modeling: Leading by ExampleAs parents, our actions speak louder than words. Modeling means demonstrating behaviors that our children can observe and learn from. If your child wants to learn how to pray, they need to see you praying, not just hear about it. Children are always watching and absorbing our behaviors, whether intentional or not. They learn how we handle money, attitudes, and financial habits. Therefore, it's essential to model the right behavior visibly.Verbal Instruction: Explaining the WhyProviding verbal instruction involves explaining actions in a way that children can understand. For instance, after praying or reading the Bible, explain to your children why you do it. Without explanation, they might create their own reasons, which could be far from the truth. Similarly, when giving money at church, explain why you do it. This helps them understand the purpose behind your actions and prevents misunderstandings.Practical Opportunities: Hands-On LearningPractical opportunities invite children to engage and try things for themselves. It's not enough for them to see and understand; they must practice under supervision. For example, involve them in simple financial tasks appropriate for their age, allowing them to apply what they've observed and learned.Implementing MVP Parenting with ClientsThis MVP approach is not limited to parenting young children; it works with adult children and even in professional settings. When working with clients, encourage them to document their experiences and prepare their wealth for the next generation. Challenge them to apply the MVP principles to teach their children financial stewardship.In a corporate setting, this might look like mentoring a junior team member by letting them observe your presentations, explaining the outcomes, and gradually involving them in the process. Similarly, parents can apply these principles to raise financially wise children by providing a vision for the family’s wealth and decisions.The Importance of Family VisionA clear family vision is crucial. It defines why you exist, why the wealth has been entrusted to you, and why you make certain decisions. Core values and a family vision ensure that everyone understands the purpose behind their actions. Just like a book's value depends on its purpose, a family's success in stewardship depends on defining what that means for them.By integrating these principles, families can nurture financial wisdom and spiritual growth, ensuring that the next generation is well-prepared to be good stewards of their resources.On Today’s Program, Rob Answers Listener Questions:My wife and I received an inherited IRA from her father. We've been taking the required minimum distributions since he passed away, but now we've been told we must liquidate the entire account, which is around $100,000, by next year. We don't need to take all the money out since we don't use it for living expenses. Is there another option besides liquidating the whole thing?I’m looking for guidance on optimizing my retirement plan as I prepare to retire next quarter at age 61. I'll have significant assets and want to ensure I use them efficiently. I'm wondering if I should work with a CPA or a financial planner and if you could provide any suggestions on who might be a good fit given that I want to consider the interaction between required minimum distributions, Roth conversions, donor-advised funds, and when to start taking Social Security benefits. I have a lot of factors to consider when planning my retirement, and I could use help putting together a comprehensive plan.Should I use a home equity line of credit to purchase a new vehicle? Our mortgage has been paid off for a while, but the interest rates on new cars are so high. I wonder if using some of the equity in our home instead through a HELOC would be better. We'd prefer to buy a new car to avoid any potential mechanical issues from a used vehicle. What are your thoughts on using a HELOC versus financing through an auto loan?I'm 62 and no longer working, while my husband is 63 and plans to work until 65 or 67. We had always planned to delay taking benefits as long as possible, but I read something recently about how I could potentially take just my own benefit now at 62. Then, once my husband retires and starts collecting his, my benefit would convert to receiving the spousal benefit instead. I'm still confused about exactly how the spousal benefit works, though, and I was hoping you could help explain it.Resources Mentioned:Financial Discipleship for Families: Intentionally Raising Faithful Children by Brian C. HoltzCompass Financial MinistryBankrate.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.

“By wisdom a house is built, and by understanding it is established; by knowledge the rooms are filled with all precious and pleasant riches.” - Proverbs 24:3-4Faithful stewardship requires us to make wise financial decisions…manage and grow assets, and protect our families from hardship. Are you ready if you’re suddenly disabled or incapacitated? Valerie Hogan joins us with a checklist to prepare you for it.Valerie Hogan is an attorney, a Certified Financial Planner (CFP®), a member of Kingdom Advisors, as well as the co-author of Wise Women Managing Money: Expert Advice on Debt, Wealth, Budgeting, and More with Miriam Neff. The Importance of Disability InsuranceWe need the humility to realize we don't know what's coming in the future and the due diligence to get disability insurance, which protects us from loss of income if we're disabled. It's available publicly and through private programs, with costs varying based on qualification strictness, medical history, benefit duration (short or long term), and waiting period before it kicks in.Preparing for disability also falls in the same category as basic estate planning. This includes considering a durable power of attorney for finance or health decisions, a will or revocable living trust, and a living will when you can't make medical decisions independently.Organizing for IncapacityTo get organized, securely store important papers and legal documents and let someone you trust know their location. Talk to your spouse or family member about your advanced care wishes and permit your doctors and lawyers to speak with your caregiver, which may require a HIPAA release.Essential Documents to OrganizeHere’s a comprehensive list:Birth, death, and marriage certificatesNames and phone numbers of close friends, relatives, doctors, lawyers, and financial advisorsFinancial information such as social security card or number, sources of income, IRAs, 401(k)sInsurance information, including life, long-term care, home, and car policies, with policy numbers and agents’ contact detailsBank account numbers, checking, savings, and credit union detailsInvestment information (stocks, bonds, property) with broker’s contact detailsMost recent income tax returnsUp-to-date will or trust with original signatures and witnesses (varies by state)List of liabilities and whom you oweDeeds or trust documents for your house and carHealth information, including current prescriptions, a living will, a durable power of attorney for health care, health insurance policies with policy numbers and contacts, and HIPAA releases.It’s worth it to ensure everything is done properly, so a licensed attorney specializing in estate planning in your state is an excellent resource for wisdom and advice. A godly estate planning attorney can help you consider whether the next steward is chosen and prepared.On Today’s Program, Rob Answers Listener Questions:Should I consider paying off my mortgage since the mortgage rate is considerably less than I could get by investing money in CDs? I'm also curious if digital currency is coming to the United States and if we must worry about the government taking our home.As a new medical practice owner who is barely making it right now with overhead and mortgage expenses, do I tithe from the gross income that the practice brings in, or can I tithe from the net income after taking care of all the expenses? Also, I bought a house in Florida to pay off, and I just got engaged. I plan to add him to the deed. What will the tax consequences be for him?How can my husband and I save or invest $200,000 that I will soon receive as an inheritance, given that we plan to retire in five years?My husband and I had gotten behind in tithing and giving to the ministries we support. We were challenged to get caught up, so despite life circumstances, we dipped into our savings and sent the checks. The day we delivered our tithe check to the church, we received a cash offer and sold our house in just two weeks. I wanted to encourage others that God is faithful when we surrender our hearts to him.I'm a 73-year-old widow living on Medicare and Medicaid. Because of this, I've heard they could take my house, but I want to understand more about how true that is and what I need to do, like possibly setting up a trust to secure my home. Where should I start to get advice on this issue?Resources Mentioned:Wise Women Managing Money: Expert Advice on Debt, Wealth, Budgeting, and More by Miriam Neff and Valerie Neff Hogan, JDMoney and Marriage God’s Way by Howard DaytonRich 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.