Emotional Buying and Impulse Spending During the Holidays

It seems as if retailers start the so-called “traditional buying season” earlier and earlier every year.  There’s a lot of pressure to spend money on holiday décor, gifts, and experiences. </p>Well, if they can start early, so can we.  We’re going to help you prepare … by resisting the temptations of emotional buying and impulse spending. It's crucial to prepare in advance to avoid succumbing to emotional buying and impulse spending.</p> </p><strong>EMOTIONAL BUYING:</strong></p><ul><li>It's crucial to prepare in advance to avoid succumbing to emotional buying and impulse spending.</li><li>Most buying decisions, especially during holidays, are influenced by emotions.</li></ul> </p><strong>Factors that influence emotional buying:</strong></p><ul><li>Affection: Wanting the best for loved ones can lead to overspending.</li><li>Guilt: Spending to compensate for the lack of time spent with someone or to ensure a "good Christmas".</li><li>Pride: Purchasing to match up with celebrities or neighbors.</li><li>Desire: Believing material things can fulfill our innate desires for comfort, love, and appreciation.</li><li>Fear (FOMO): Fear of not having, giving, or doing enough can prompt unnecessary purchases.</li><li>Succumbing to these emotions can lead to financial regret, as warned in Proverbs 25:28: “Like a city whose walls are broken through is a person who lacks self-control.”</li></ul> </p><strong>IMPULSE BUYING: </strong>It's closely related to emotional buying.</p> </p><strong>Impulse purchases</strong>:</p><ul><li>Are hasty decisions: Proverbs 21:5 warns, “The plans of the diligent lead surely to advantage, but everyone who is hasty comes surely to poverty.”</li><li>Often leads to buyer's remorse.</li><li>Divert funds from more worthy causes.</li></ul> </p><strong>WAYS TO MAINTAIN FINANCIAL INTEGRITY DURING HOLIDAYS:</strong></p><ul><li>Recognize the dangers of overspending: Proverbs 22:3 notes, “The prudent man sees danger and hides himself, but the simple go on and suffer for it.”</li><li>Create a spending plan: Save monthly for out-of-budget expenses and avoid repeating past mistakes.</li><li>Communicate the plan: Ensure everyone is aligned with the holiday budget.</li><li>Focus on giving: Prioritize sharing and giving over receiving, thereby addressing emotional and impulse buying tendencies.</li></ul> </p><strong>CONCLUSION:</strong></p>Prepare financially for the holiday season to control emotional and impulse spending. Utilize resources such as the <a href="https://www.faithfi.com/">faithfi website</a> or app to help manage your budget.</p> </p><strong>On today’s program, Rob also answers listener questions: </strong></p><ul><li>How much can my husband earn after he turns 70 without impacting his social security benefit?</li><li>Considering our financial situation, is it better for me to collect social security now or wait?    </li><li>Should we invest $15,000 in our Roth IRA or place it in a 12-month CD?</li><li>Is it wise to hold onto my ATM stock after a 50% loss?</li><li>Would it benefit me to transfer my underperforming separate fund to my main portfolio?</li><li>If the retirement age changes, will my disability benefits extend to the new age?       </li><li>What's the best way for our church to manage or invest its $100,000 emergency fund?</li></ul> </p><strong>RESOURCES MENTIONED:</strong></p><ul><li><a href="https://www.faithfi.com/find">Find a Certified Kingdom Advisor</a></li></ul> </p>Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the <a href="https://www.moodyradio.org/programs/faith-and-finance/">Moody Radio Network</a> as well as <a href="https://afr.net/podcasts/faith-finance/">American Family Radio</a>. Visit our website at <a href="https://www.faithfi.com/">FaithFi.com</a>where you can join the FaithFi Community, <a href="https://faithfi.netviewshop.com/donate2">and give</a> as we expand our outreach.</p> </p> </p>

00:24:57

Count Your Blessings: The Power of Gratitude

<strong>SCRIPTURAL REFERENCE TO GRATITUDE:</strong></p><ul><li>1 Thessalonians 5:18: “Give thanks in all circumstances; for this is God’s will for you in Christ Jesus.”</li></ul> </p><strong>POWER OF GRATITUDE:</strong></p><ul><li>Focusing on gratitude can help shift one's perspective from fear and discouragement to hope.</li><li>Psalm 118:4-5: “Let those who fear the Lord say, ‘His steadfast love endures forever.’ Out of my distress I called on the Lord; the Lord answered me and set me free.”</li><li>John 16:33: “In this world you will have trouble. But take heart! I have overcome the world.”</li></ul> </p><strong>GRATITUDE DURING DIFFICULT TIMES:</strong></p><ul><li>Reflecting on God's blessings can be a source of comfort and reassurance.</li><li>Psalm 23: “Even though I walk through the valley of the shadow of death, I will fear no evil, for you are with me; your rod and your staff, they comfort me.”</li></ul> </p><strong>THE ETERNAL VALUE OF GRATITUDE:</strong></p><ul><li>Comparing one's blessings to worldly possessions can lead to an understanding of the eternal treasures found in Christ.</li><li>John 14:27: “Peace I leave with you; my peace I give to you. Not as the world gives do I give to you. Let not your hearts be troubled, neither let them be afraid.”</li></ul> </p><strong>COUNT YOUR BLESSINGS:</strong></p><ul><li>Taking the time to reflect upon and enumerate one's blessings is an essential practice for maintaining a grateful heart.</li><li>It’s crucial for Christians to recognize that these blessings come from the Lord and to express gratitude for each one.</li></ul> </p><strong>FINAL VERSE OF THE HYMN:</strong></p><i>So, amid the conflict whether great or small…Do not be discouraged, God is over all; Count your many blessings, angels will attend…Help and comfort give you to your journey’s end.</i></p>I hope that classic hymn encourages you to count <i><strong>your</strong></i> blessings today…one of which… is that I didn’t sing it for you!</p><br /><strong>On today’s program, Rob also answers listener questions: </strong></p><ul><li>How can I use the equity in my property worth $400,000 with a $70,000 mortgage to buy a condo priced at $339,000, with my goal being to pay around $150,000 plus closing costs?</li><li>After selling my condo and securing a mortgage for a single-family home, where should I best place my $20,000, half of which is in a maturing CD and the other half in a checking account?</li><li>Should I cash in my three series I bonds from 2001 now, and how do I minimize the income tax implications of doing so?</li><li>Can you explain spousal benefits related to Social Security, especially when I'm planning to work until 70 and my wife has transitioned from disability to retirement?</li></ul> </p><strong>RESOURCES MENTIONED:</strong></p><ul><li><a href="https://treasurydirect.gov/">TreasuryDirect.gov</a></li><li><a href="http://movement.com/faithfi">Movement.com/faithfi</a><br /><br /> </li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the <a href="https://www.moodyradio.org/programs/faith-and-finance/">Moody Radio Network</a> as well as <a href="https://afr.net/podcasts/faith-finance/">American Family Radio</a>. Visit our website at <a href="https://www.faithfi.com/">FaithFi.com</a>where you can join the FaithFi Community, <a href="https://faithfi.netviewshop.com/donate2">and give</a> as we expand our outreach.</p> </p> </p>

00:24:57

Invite God Into Your Finances With Sharon Epps

Sharon Epps is the president of <a href="https://kingdomadvisors.com/">Kingdom Advisors</a>.</p><strong>[1:15]</strong><br /><strong>WHAT ARE THE BASIC WAYS MONEY CAN BE USED?</strong></p><ul><li>Money is represented by the "live, owe, grow pie.” We say “pie” as that illustrates the fact that it needs to be divided up because there are a limited number of pieces.</li><li>Debt has several dangers: it can be economically dangerous as compounding can work against you; spiritually dangerous because it may prevent opportunities for God to intervene; and psychologically dangerous as it can induce anxiety and threaten marital unity.</li><li>Proverbs 22:7 mentions that the borrower becomes a slave to the lender, indicating the spiritual caution against debt.</li></ul><br /><strong>WHAT CAN YOU TELL US ABOUT MATT AND LISA'S JOURNEY TO OVERCOMING DEBT?</strong></p><ul><li>Matt and Lisa managed to pay off $50,000 in debt in less than two years despite living in an expensive location and having modest incomes.</li><li>Matt showed dedication by taking on jobs below his qualification level to pay off the debt.</li><li>Their community and their faith played a significant role in their journey; they received unexpected financial help from friends inspired by their commitment.</li><li>They experienced God's providence and shared their blessings with others in need once they were debt-free.</li></ul><br /><strong>[7:20]</strong><br /><strong>WHAT CAN YOU ADD TO MATT AND LISA'S STORY?</strong></p><ul><li>The discussion centers on the "owing" category out of the four ways money can be used (living, giving, owing, growing).</li><li>The dangers of debt from economic, spiritual, and psychological perspectives are emphasized.</li><li>God is willing to work in our financial lives if we trust and invite Him.</li></ul>Matt and Lisa's generosity extended to helping others with their financial challenges once they were free from their own debt.</p><ul><li>Their journey demonstrates the spiritual adventure that unfolds when we surrender our finances to God.</li></ul> </p><strong>[10:15]</strong><br /><strong>SHOULD YOU CONTINUE GIVING WHEN YOU HAVE MASSIVE OBLIGATIONS?</strong></p><ul><li>Absolutely, it’s a way we indicate to the Lord that He’s still first. <br /> </li><li>You may need to pray about the amount, but God honors giving.</li></ul> </p><strong>10:44</strong><br /><strong>WHAT PRINCIPLES UNDERPIN THE TOPIC OF DEBT?</strong></p><ul><li>Ensure the economic return from borrowing is greater than its cost.</li><li>Always have a concrete plan or way to repay the borrowed amount.</li><li>Spouses should be in complete agreement before taking on debt.</li><li>Borrow only when absolutely necessary to avoid preempting potential divine interventions.</li></ul><br /><strong>[14:20]</strong></p>A new "FaithFi" tool has been launched to assess and manage debt. This tool allows users to input their debts and provides strategies for repayment. Learn more at <a href="http://faithfi.com/debt">FaithFi.com/debt</a>.</p> </p><strong>On today’s program, Rob also answers listener questions: </strong><br /> </p><ul><li>How can my husband and I ensure our house doesn't go through probate if something happens to him, especially since he's the only one on the deed and loan paperwork?</li><li>Should I move my $150,000 from my 401k into an Indexed Universal Life (IUL) so I can borrow against it without affecting the principal?<br /> </li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the <a href="https://www.moodyradio.org/programs/faith-and-finance/">Moody Radio Network</a> as well as <a href="https://afr.net/podcasts/faith-finance/">American Family Radio</a>. Visit our website at <a href="https://www.faithfi.com/">FaithFi.com</a>where you can join the FaithFi Community, <a href="https://faithfi.netviewshop.com/donate2">and give</a> as we expand our outreach.</p> </p> </p>

00:24:57

Leverage Your Expertise

We want to give a “shout out” to Ken Boa and Russ Crosson for their book, <i>“</i><a href="https://kenboa.org/product/leverage-using-temporal-wealth-for-eternal-gain/"><i>Leverage: Using Temporal Wealth for Eternal Gain</i></a><i>. </i>It’s a blueprint for how we can take the Bible’s financial principles and put them into practice for God’s Kingdom. In other words, taking something that’s temporary and making it eternal.</p>Again, leveraging our finances to advance the Kingdom is extremely important, but we must also acknowledge that God gives us many gifts, including time, talent and experience. We need to look for ways to use them for the Kingdom, as well, if we’re to be truly faithful stewards.</p> </p><strong>USING OUR GIFTS FOR GOD'S KINGDOM:</strong></p>Christians are called to be faithful stewards, not just of finances, but also of time, expertise, and experience for God's Kingdom.</p><ul><li>1 Corinthians 12:4-7 and Romans 12:6-8 emphasize the diverse gifts God bestows upon each individual, and the responsibility to use them in service to others and for the greater good.</li><li>Everyone possesses unique talents; these could range from business acumen, childcare skills, mechanical abilities, cooking, painting, to simply spending time with those in need.</li><li>Jesus's disciples, many of whom were tradesmen and fishermen, likely utilized their networks to further God's message.</li><li>Examples from scripture, like Moses's staff turning into a snake in Exodus 4:3-4, demonstrate that God can use ordinary objects (or people) to perform extraordinary deeds.</li><li>The blessings of giving are articulated in Luke 6:38 and Acts 20:35, which emphasize the spiritual rewards of generosity.</li><li>How much one chooses to give in terms of time and talent is a personal decision, but 2 Corinthians 9:6 and Luke 12:48 stress the principle of sowing and reaping—generosity now leads to blessings later.</li><li>Ultimately, faithful stewardship in all aspects of life aims to hear God's affirmation: "Well done, good and faithful steward. Enter into the joy of your master."</li><li>If you’re generous with your time and talents as well as your treasure, you’ll no doubt one day hear the words,<i>“Well done, good and faithful steward. Enter into the joy of your master.” </i></li></ul> </p><strong>On today’s program, Rob also answers listener questions:</strong></p><ul><li>Should we resell our kids the home we bought or add them to the title and let them get a home equity loan, and what are the tax implications for each option?</li><li>I'm inheriting $250k and after paying off debt, how should I invest the remaining $200k considering I'm 60 years old and not set for a comfortable retirement?</li><li>At 71 with a decreased credit score and $22k debt, should I consider a consolidation plan from a company that contacted me?</li></ul> </p><strong>RESOURCES MENTIONED:</strong></p><ul><li><a href="http://movement.com/faith">movement.com/faith</a></li><li><a href="https://www.faithfi.com/find">Find a Certified Kingdom Advisor</a></li><li><a href="https://www.christiancreditcounselors.org/">ChristianCreditCounselors.org</a><br /><br /> </li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the <a href="https://www.moodyradio.org/programs/faith-and-finance/">Moody Radio Network</a> as well as <a href="https://afr.net/podcasts/faith-finance/">American Family Radio</a>. Visit our website at <a href="https://www.faithfi.com/">FaithFi.com</a>where you can join the FaithFi Community, <a href="https://faithfi.netviewshop.com/donate2">and give</a> as we expand our outreach.</p> </p> </p>

00:24:57

7 Marks of a Good Steward

Jesus entrusted us with the Gospel and gave us His immeasurable love by dying on the Cross. As stewards of those priceless gifts, we’re to share them with the world. So keep in mind that stewardship isn’t just about money.</p>So what are the marks or characteristics of good stewards? <br /> </p><strong>1. Acknowledgment of God's Ownership:</strong> Good stewards understand that everything is God's (Deuteronomy 8:18, "You shall remember the Lord your God, for it is he who gives you power to get wealth"). They hold resources temporarily and avoid hoarding or coveting.</p><strong>2. Recognition of God's Gifts:</strong> They see their skills and abilities as gifts from God. This understanding is rooted in verses like 1 Peter 4:10, “As each has received a gift, use it to serve one another, as good stewards of God's varied grace.”</p><strong>3. Understanding and Commitment:</strong> They have clarity about the divine mission given to them and remain committed to it. This is reflected in Proverbs 16:3, “Commit your work to the Lord, and your plans will be established.” They're also devoted to sharing the Gospel, as encouraged by 1 Thessalonians 2:4 and Romans 1:16.</p><strong>4. Trustworthiness:</strong> Integrity and honesty define good stewards, a trait highlighted in Proverbs 12:22 and reinforced in Titus 1:7, which lays out the characteristics expected of God's stewards.</p><strong>5. Diligence:</strong> Good stewards are industrious and avoid idle activities. This principle is underlined in 1 Corinthians 15:38 and Proverbs 13:4, which extol the virtues of diligence.</p><strong>6. Prayerful:</strong> They consistently turn to God for guidance and wisdom. James 1:5 guides them to seek wisdom from God, while Philippians 4:6 emphasizes the peace that comes from trusting God and presenting one's concerns to Him in prayer.</p><strong>7. Action-Oriented:</strong> Led by the Spirit, they are proactive in their responsibilities, as urged by 1 Peter 1:13.</p>Those are seven characteristics of a good steward. They set the bar pretty high and none of us can expect to exhibit them all the time, but we must always try.</p> </p><strong>On today’s program, Rob also answers listener questions: </strong></p><ul><li>How do capital gains work if we sell our house with farmland to buy a condo and have leftover money?</li><li>Should I withdraw $25,000 from my 401k and invest $20,000 in the credit union at 4.25% for two years, considering the tax penalty and recovery time?</li><li>How should I manage my 401k of $102,000 when my job ends in March 2024, given my outstanding loan, and is a Roth IRA a good option?</li><li>What's your opinion on gold IRAs and how much of my total investable assets should be in them?</li></ul> </p><strong>RESOURCES MENTIONED:</strong></p><ul><li><a href="https://www.faithfi.com/find">Find a Certified Kingdom Advisor</a><br /><br /> </li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the <a href="https://www.moodyradio.org/programs/faith-and-finance/">Moody Radio Network</a> as well as <a href="https://afr.net/podcasts/faith-finance/">American Family Radio</a>. Visit our website at <a href="https://www.faithfi.com/">FaithFi.com</a>where you can join the FaithFi Community, <a href="https://faithfi.netviewshop.com/donate2">and give</a> as we expand our outreach.</p> </p> </p>

00:24:57

Financial Milestone Birthdays

Whether you prefer to ignore your natal day … or you still celebrate with gusto every year, there are a few birthdays we all need to recognize.  We’re referring to the birthdays with <i>financial</i> implications.  </p> </p><strong>HERE’S OUR LIST OF FINANCIALLY IMPORTANT BIRTHDAYS: </strong></p><strong>Day One:</strong> Newborns can be registered for Social Security immediately.</p><strong>Childhood:</strong> At age 15, one can get a learner’s permit which affects parents' insurance rates. It's advised to research and shop around for auto coverage.</p><strong>Age 18:</strong> This is the legal age of adulthood. Key actions include registering to vote, potential military service registration, and self-medical decision making. Parents are advised to discuss financial responsibilities with their 18-year-olds.</p><strong>Age 19:</strong> Parents can't claim you as a tax dependent anymore, but college students have until age 24.</p><strong>Age 21:</strong> Self-employed individuals can invest in a SEP-IRA.</p><strong>Age 24:</strong> College students filing as dependents need to prepare to file taxes independently.</p><strong>Age 26:</strong> Individuals must leave their parents' health insurance.</p><strong>Age 50:</strong> You can contribute more to retirement plans and might consider investing in a gym membership.</p><strong>Age 55:</strong> Senior discounts become available.</p><strong>Age 59 ½:</strong> One can withdraw from tax-advantaged retirement plans without penalties.</p><strong>Age 60:</strong> Widows/widowers can receive full spousal benefits from Social Security.</p><strong>Age 62:</strong> Eligibility for Social Security begins, but delaying can increase monthly benefits. For assistance, visit FaithFi.com.</p><strong>Age 65:</strong> Enrollment for Medicare begins, spanning a total of 7 months.</p><strong>Age 66/67:</strong> Full retirement age, with potential benefits increasing by delaying sign up until age 70.</p><strong>Age 72/73:</strong> RMDs (Required Minimum Distributions) start for retirement accounts, with penalties for non-compliance.</p><strong>Age 73+</strong>: Retirement becomes more complex, with considerations for housing, driving, caregiving, and health.</p>No matter what birthday you’ll be celebrating this year, we hope you will make your relationship with God a priority.   Psalm 71:18 says, “<i>Even when I am old and gray, do not forsake me, my God, till I declare your power to the next generation, your mighty acts to all who are to come.”</i></p> </p><strong>On today’s program, Rob also answers listener questions: </strong></p><ul><li>Do I pay income tax on the interest accrued by my I bonds as it accumulates, or do I pay when the bonds are cashed in?</li><li>After selling a home below market value to my daughter and her fiancé, will she owe $20,000 in capital gains tax upon their resale?</li><li>With our 2% mortgage interest and good investment returns, should we pay more on our mortgage or invest the extra?</li><li>Should I continue to pay off my mortgage quickly despite earning higher interest from my bank products and investments, especially when I also have home projects in mind?</li><li>With my children's savings accounts currently earning minimal interest, should I move their funds into CDs at a 5% rate for six months, or invest longer given the current market conditions?</li></ul> </p><strong>RESOURCES MENTIONED:</strong></p><ul><li><a href="https://soundmindinvesting.com/handbook">The Sound Mind Investing Handbook</a></li><li><a href="https://soundmindinvesting.org/">SoundMindInvesting.org</a><br /> </li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the <a href="https://www.moodyradio.org/programs/faith-and-finance/">Moody Radio Network</a> as well as <a href="https://afr.net/podcasts/faith-finance/">American Family Radio</a>. Visit our website at <a href="https://www.faithfi.com/">FaithFi.com</a>where you can join the FaithFi Community, <a href="https://faithfi.netviewshop.com/donate2">and give</a> as we expand our outreach.</p> </p> </p>

00:24:57

Senior Medical Sharing With Lauren Gajdek

Lauren Gajdek is Vice President of Communications and Media at <a href="https://chministries.org/">Christian Healthcare Ministries</a>, an underwriter of this program. </p><strong>WHAT IS BIBLICAL COST SHARING AT CHM?</strong></p><ul><li>Christian healthcare ministries (CHM) is not a health insurance company.</li><li>CHM helps members with their medical bills through a biblical model, working with healthcare providers to get bill discounts and then remitting payments back to the members.</li><li>CHM has existed for over 40 years and has shared almost $10 billion in medical bills. </li></ul> </p><strong>TELL US ABOUT THE SENIOR SHARE PROGRAM.</strong></p><ul><li>Senior Share is for individuals aged 65 and older.</li><li>Members need to be on Medicare Parts A and B, or have a Medicare Advantage plan.</li><li>CHM complements insurance by covering what insurance doesn't pay to prevent seniors from having unpaid medical bills after Medicare payments. </li></ul> </p><strong>HOW DOES SENIOR SHARE AFFECT CURRENT AND POTENTIAL CHM MEMBERS?</strong></p><ul><li>Current members can transition smoothly to Senio Share once they turn 65.</li><li>New members need to ensure they have Medicare A and B or the Medicare Advantage plan.</li><li>They can then avail of the Gold program benefits at a discounted monthly fee of $115. </li></ul> </p><strong>WHAT IS THE SHARING ELIGIBILITY IN THE SENIOR SHARE PROGRAM?</strong></p><ul><li>Medical incidents above $500 are eligible for sharing.</li><li>There's an added program called CHM Plus for an additional fee which enables sharing of healthcare expenses over $125,000 per illness. </li></ul> </p><strong>CAN PEOPLE ENROLL IN CHM ANYTIME DURING THE YEAR?</strong></p><ul><li>Yes, people can join CHM at any time of the year without a waiting period.</li><li>There are some restrictions regarding pre-existing conditions. </li></ul> </p><strong>WHAT IS CHM’S BIBLICAL FOUNDATION?</strong></p>CHM offers a biblical solution for healthcare costs, based on Galatians 6:2.</p> </p><strong>On today’s program, Rob also answers listener questions: </strong></p><ul><li>Should I invest $100,000 into a 5.3% five-year annuity or choose the institution's 5% CD rate for five years?</li><li>How do I determine the fees associated with an annuity and understand my advisor's compensation?</li><li>Should my 17-year-old granddaughter invest in a Roth IRA and where can I find financial education resources for young girls?</li><li>How should we handle money and gold from my late father-in-law's illegal activities, and what does the scripture say about such gains?</li></ul> </p><strong>RESOURCES MENTIONED:</strong></p><ul><li><a href="https://www.faithfi.com/find">Find a Certified Kingdom Advisor</a></li><li><a href="http://openhandsfinance.com/">openhandsfinance.com</a></li><li><a href="http://eventideinvestments.com/">eventideinvestments.com</a></li><li><a href="https://chministries.org/">Christian Healthcare Ministries</a><br /> </li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the <a href="https://www.moodyradio.org/programs/faith-and-finance/">Moody Radio Network</a> as well as <a href="https://afr.net/podcasts/faith-finance/">American Family Radio</a>. Visit our website at <a href="https://www.faithfi.com/">FaithFi.com</a>where you can join the FaithFi Community, <a href="https://faithfi.netviewshop.com/donate2">and give</a> as we expand our outreach.</p> </p> </p>

00:24:57

Be Doers of the Word

<strong>SELF-EXAMINATION:</strong></p><ul><li>Start by taking an honest assessment of your current financial situation and feelings towards money.</li><li>Worrying about bills, arguing with a spouse, or avoiding charitable giving are signs of needing a change.</li><li>Change can be daunting, but it is beneficial when facing financial troubles.</li></ul> </p><strong>TURNING TO SCRIPTURE:</strong></p><ul><li>Isaiah 43 highlights that God is doing something new and will provide a way.</li><li>Rely on biblical truths, such as those in Hebrews 4:12, can guide financial actions and mindset.</li><li>Psalm 24:1 emphasizes that everything belongs to God, shifting the perspective from personal ownership to stewardship.</li><li>Embracing this principle can change one's mindset about money management, knowing that it's God's resources you're managing.</li></ul> </p><strong>TRUSTING IN GOD'S PROVISION:</strong></p><ul><li>Scriptures like Luke 12:24 affirm that God provides and cares for His creation.</li><li>Using the Bible as a financial guide can help in areas of spending, saving, investing, and debt reduction.</li></ul> </p><strong>PRACTICAL STEPS TO MANAGING MONEY:</strong></p><ul><li>Begin by choosing one biblical financial principle, like saving as per Proverbs 21:20.</li><li>Taking steps such as developing a budget can help in effectively managing finances.</li><li>The <a href="https://www.faithfi.com/manage">FaithFi app</a> can help you in using the envelope system.</li></ul> </p><strong>SEEKING ACCOUNTABILITY:</strong></p><ul><li>Changing financial habits is more effective with the support and encouragement of others.</li><li>Find an accountability partner to check in regularly, boosting chances of success.</li></ul>Proverbs 11:14 and 27:17 stress the importance of guidance, counsel, and mutual support.</p> </p><strong>CONCLUSION:</strong></p>Implementing biblical principles and tools can lead to transformative financial changes and reduced worries about money.</p> </p><strong>On today’s program, Rob also answers listener questions: </strong></p><ul><li>How can I best manage a large sum in a Marcus account with ETFs, aiming for a conservative approach since I'm in my early 60s and considering retirement?</li><li>Which 401k option should I choose between traditional and Roth, and how much percentage of my paycheck should I contribute?</li><li>How can I best invest for my grandchild's future educational expenses, and are there any other custodial accounts where I can make additional investments over the years?</li><li>With $12,000 of my traditional IRA in fixed income and being two years away from required minimum distribution, should I move it to stocks?</li></ul> </p><strong>RESOURCES MENTIONED:</strong></p><ul><li><a href="https://www.faithfi.com/find">Find a Certified Kingdom Advisor</a></li><li><a href="https://www.savingforcollege.com/">savingforcollege.com</a><br /><br /> </li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the <a href="https://www.moodyradio.org/programs/faith-and-finance/">Moody Radio Network</a> as well as <a href="https://afr.net/podcasts/faith-finance/">American Family Radio</a>. Visit our website at <a href="https://www.faithfi.com/">FaithFi.com</a>where you can join the FaithFi Community, <a href="https://faithfi.netviewshop.com/donate2">and give</a> as we expand our outreach.</p> </p>

00:24:57

Roth Over a Traditional IRA? With Mark Biller

Mark Biller is Executive Editor at Sound Mind Investing.In this month’s SMI newsletter, he has a great article to help folks make this decision, titled <a href="https://soundmindinvesting.com/articles/should-you-use-a-roth-account-even-if-you-prefer-traditional">“Should You Use A Roth Account, Even If You Prefer Traditional?</a>” </p> </p><strong>WHY IS THIS A GOOD TIME TO ASK WHETHER ONE SHOULD USE A ROTH ACCOUNT EVEN IF THEY PREFER TRADITIONAL?</strong></p><ul><li>Roth IRAs were introduced in 1996 with rules about who can contribute.</li><li>A new law will soon mandate some older, primarily higher income 401k investors to direct some contributions into Roth accounts.</li><li>This law also impacts those using 403 B, 457 B plans, and the Thrift Savings Plan, prompting a reconsideration of investment strategies.</li></ul> </p><strong>[1:22] </strong></p><strong>CAN YOU EXPLAIN THE DIFFERENCE BETWEEN ROTH AND TRADITIONAL ACCOUNTS?</strong></p><ul><li>Both Roth and Traditional are specific types of accounts that provide tax benefits, applicable to 401 K plans or IRAs.</li><li>Roth is not an investment type; you can own stocks, bonds, etc., inside or outside of these accounts.</li><li>Traditional accounts offer tax benefits now but tax liabilities upon withdrawal, whereas Roth accounts offer tax liabilities now but tax benefits upon withdrawal.</li></ul> </p><strong>[4:11]</strong></p><strong>WHAT'S THE CONVENTIONAL WISDOM ON CHOOSING BETWEEN THE TWO?</strong></p><ul><li>Roth accounts are usually preferred by younger workers with lower income, expecting to be in a higher tax bracket during retirement.</li><li>Traditional accounts are often chosen by higher income, older workers who might have lower income in retirement.</li></ul> </p><strong>[6:55] </strong></p><strong>WHAT ARE THE PROS AND CONS OF BOTH TYPES OF ACCOUNTS?</strong></p><ul><li>Having both Roth and Traditional accounts provides diversified tax strategies.</li><li>Uncertainties like future income, changing tax laws, and life events like the death of a spouse can impact tax outcomes.</li><li>Roth accounts offer flexibility, such as not being subject to required minimum distributions.</li></ul> </p><strong>[12:54]</strong></p><strong>HOW DO YOU FIND THE RIGHT BALANCE BETWEEN TRADITIONAL AND ROTH ACCOUNTS?</strong></p><ul><li>University of Arizona researchers suggest adding 20 to your age and putting that percentage into a traditional account, with the rest in a Roth.</li><li>This approach considers the risk of changing tax rates in the future.</li><li>Investing some into Roth can mitigate some tax rate increase risks.</li></ul> </p><strong>[14:44]</strong></p><strong>FINAL THOUGHTS ON ROTH VERSUS TRADITIONAL ACCOUNTS?</strong></p><ul><li>Diversification is beneficial, applying to both taxes and investments.</li></ul>The principle of diversification is rooted in biblical teachings.</p>That’s Mark Biller, executive editor at Sound Mind Investing. You can read more at <a href="https://soundmindinvesting.org/">SoundMindInvesting.org</a>.<br /><br /> </p><strong>On today’s program, Rob also answers listener questions: </strong></p><ul><li>How should I save the money I received from my divorce if I want to buy a property in about three to five years?</li><li>I'm quitting my job to care for my mother full-time; where should I roll over my 401k since I won't be contributing to it anymore?</li><li>We're selling our home and going overseas for a year; what should we do with the profit if we plan to buy another house when we return?</li></ul> </p><strong>RESOURCES MENTIONED:</strong></p><ul><li><a href="https://www.fidelity.com/">Fidelity</a></li><li><a href="https://www.schwab.com/">Schwab</a></li><li><a href="https://soundmindinvesting.org/">Sound Mind Investing</a><br /><br /> </li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the <a href="https://www.moodyradio.org/programs/faith-and-finance/">Moody Radio Network</a> as well as <a href="https://afr.net/podcasts/faith-finance/">American Family Radio</a>. Visit our website at <a href="https://www.faithfi.com/">FaithFi.com</a>where you can join the FaithFi Community, <a href="https://faithfi.netviewshop.com/donate2">and give</a> as we expand our outreach.</p> </p> </p>

00:24:57

The Cost and Blessing of Commitment

<strong>COMMITMENT TO BIBLICAL FINANCIAL PRINCIPLES:</strong></p><ul><li>Success in various areas, including financial life, requires strong commitment and adherence to biblical principles.</li><li>Effort is required to attain financial objectives like saving, planning, paying off debt, giving, and living with integrity. This commitment offers peace, contentment, and joy.</li><li>Serving God with finances allows participation in his blessings and provides testimonies to inspire others.</li></ul> </p><strong>BIBLICAL EXAMPLES OF COMMITMENT:</strong></p><ul><li>The Bible emphasizes commitment through examples in Hebrews 11, showcasing believers prioritizing their faith in God.</li><li>Jesus is the epitome of commitment, sacrificing himself for humanity. He signifies God's unwavering dedication to us.</li></ul> </p><strong>ROLE OF FAITH:</strong></p><ul><li>Faith is crucial in financial commitment. Defined as “confidence in what we hope for and assurance about what we do not see”, it's vital for pleasing God (Hebrews 11:6).</li><li>God’s directions on financial actions are clear, and with faith, one can trust Him in both prosperous and challenging times.</li></ul> </p><strong>MASTERING MONEY MANAGEMENT:</strong></p><ul><li>Matthew 6:24 highlights the dilemma of serving two masters: God and money. Commitment requires choosing God over money.</li><li>Evaluating priorities helps in identifying misplaced commitments. If financial worries dominate or there's an excessive focus on materialistic aspirations, it indicates a potential conflict in serving God wholeheartedly.</li></ul> </p><strong>BENEFITS OF COMMITMENT:</strong></p><ul><li>Hebrews 10 emphasizes holding onto hope, highlighting God’s faithfulness. With perseverance, God's promises are realized.</li><li>Being part of the Christian community provides encouragement and support. Believers are urged to support each other with compassion, kindness, and humility, as stated in Colossians 3:12.</li></ul> </p><strong>WE’RE HERE TO HELP:</strong></p>If you’ve ever felt like giving up on that budget, or putting off your promise to give more, don’t worry.  We all have struggles. In fact, if everything was easy, we’d never get stronger. As part of the body of Christ with you, the community here at FaithFi is ready to walk beside you in your financial journey, with compassion, kindness, and humility. Most of all, we want you to discover how great it is to commit to following Jesus with everything – including your finances.</p> </p><strong>On today’s program, Rob also answers listener questions: </strong></p><ul><li>Should I consider the Roth option for my company's 403b now that it's available, given I've already been investing for 33 years?</li><li>As a 72-year-old, should I switch to Whole Life insurance or look for a new term life after the price of my current term life increased substantially?</li><li>With $15,000 in debt and a car that needs significant repairs, should I invest in fixing it or consider purchasing a new vehicle?</li><li>How should I best invest the $30,000 I received from asbestos exposure compensation after my mother's passing from cancer?</li><li>What investment strategy should I follow for the ongoing checks we receive from the compensation?</li><li>Given my financial situation at 24 with no debt, savings, and an emergency fund, should I buy the unit my landlord wants to sell to me, and how much should I put down?</li></ul> </p><strong>RESOURCES MENTIONED:</strong></p><ul><li><a href="https://www.eventidefunds.com/">Eventide Funds </a> </li><li><a href="https://www.praxismutualfunds.com/">Praxis Funds</a></li><li><a href="https://www.inspireinvesting.com/">Inspire Investing</a></li><li><a href="https://www.guidestonefunds.com/">Guidestone Funds</a></li><li><a href="https://soundmindinvesting.org/">Sound Mind Investing</a><br /> </li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the <a href="https://www.moodyradio.org/programs/faith-and-finance/">Moody Radio Network</a> as well as <a href="https://afr.net/podcasts/faith-finance/">American Family Radio</a>. Visit our website at <a href="https://www.faithfi.com/">FaithFi.com</a>where you can join the FaithFi Community, <a href="https://faithfi.netviewshop.com/donate2">and give</a> as we expand our outreach.</p> </p> </p>

00:24:57