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Audio Shows

MoneyWise with Rob West & Steve Moore

 

Is Life Insurance Biblical?

Thursday, February 20, 2020

Rob West & Steve Moore

Christians are sometimes troubled by the idea of life insurance. Does buying it mean you don’t trust God? Most often there’s simply no better way to provide for your family should you die unexpectedly. But is it Biblical? Today on MoneyWise we look at key verses and apply a bit of logic to this question. After all, God’s given us brains to discern the intent of His financial principles. Kingdom Advisors’ president, Rob West, will help us to that. 

 

•          One could argue that not having life insurance breaks another Biblical teaching that we shouldn’t presume upon the future. 

•          God expects us to take care of our families, and, typically, life insurance is a very economical and practical way to do this. 

•          A better name for life insurance should be income or wealth insurance. Why? That’s what it provides if the bread winner unexpectedly dies.

•          Does everyone need it? If you’re the major earner in your family and your net worth doesn’t provide enough in earnings to support your family (which is most people), you need it.

•          Who doesn’t need it? If you’re older and your children are grown, you may not or you could switch to a smaller policy if you spouse still depends upon your income.

•          Though it’s a good idea, don’t buy it if you can’t afford it.

 

In today’s show we also answer your questions:

 

•           Should I invest in gold or silver?

•           Tithing—where should we send our first 10%?

•           I’m on disability and don’t make nearly enough money. What advice do you have?

•           Wise financial counsel—where would you steer me for this?

 

Ask your questions at (800) 525-7000 or email them at [email protected]. Visit our website at moneywise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion! Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

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Facts About Refinancing - Wednesday, February 19, 2020

You may have noticed that the Federal Reserve has been lowering the prime interst rate lately and like day follows night, mortgage rates have fallen too, so is now the perfect time to refinance your home? Today on Money Wise, Steve Moore and Rob West discuss what you need to know about refinancing your home. 

 

•          Mortgage rates are near 3-year lows which is encouraging many homeowners to refinance. 

•          Even with lower interest rates, refinancing doesn’t always make sense. Your new interest rate must be low enough to make refinancing worth the money you’ll spend in closing costs. 

•          Time Matters – How long do you plan to stay in your home? You’ll need time in your home to make up for what you’ll spend in closing costs. 

•          There is no such thing as a no cost loan. 

•          Refinancing is the only way to get rid of FHA mortgage insurance. 

•          Refinancing can be a golden opportunity to get ahead financially. 

 

In today’s show we also answer your questions:

 

•           A company has told me that they can settle my IRS debt. Is this reliable?

•           How do you save when you have very little income?

•           What is your opinion on tithing on social security?

•           What is the best option for my money once I retire?

 

Ask your questions at (800) 525-7000 or email them at [email protected]. Visit our website at moneywise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion! Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

Great Verses About Money - Tuesday, February 18, 2020

We often hear the world’s version of wise sayings about money. A good example is, “Too many people spend money they haven’t earned to buy things they don’t want to impress people they don’t like.” But why not go right to the source? The Bible is always “right on the money.” So today, our host, Kingdom Advisors President Rob West, shares a few timeless verses straight from God’s Word about your finances.

•          With more than 2,300 verses about money and possessions mentioned in both the Old and New Testaments, I think it’s safe to say God’s Word covers it all.

•          Matthew 6:24: “No one can serve two masters, for either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve God and money.”

•          Hebrews 13:5, which says “Keep your life free from the love of money, and be content with what you have, for he has said, ‘I will never leave you nor forsake you.’”

•          Deuteronomy 8:18: “You shall remember the Lord your God, for it is He who gives you power to get wealth, that He may confirm his covenant that He swore to your fathers, as it is this day.”

•          Proverbs 13:11: “Wealth gained hastily will dwindle, but whoever gathers little by little will increase it.”

•          No better place to look than the 10 Commandments, Exodus 20:17 to be exact: “You shall not covet your neighbor’s house; you shall not covet your neighbor’s wife or his male servant or his female servant or his ox or his donkey or anything that belongs to your neighbor.”

 

In today’s show we also answer your questions:

 

•           What can you tell me about The Public Loan Forgiveness program?

•           I’d like more information about contacting my auto lenders about rate reduction. What do you suggest? 

•           What do you think about borrowing money from a family member?

 

Ask your questions at (800) 525-7000 or email them at [email protected]. Visit our website at moneywise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion! Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

Core Building Blocks of Investing with Mark Biller - Monday, February 17, 2020

The stock market is a funny place whenever one guy sells, another guy buys. Where else can two people do the opposite thing and both think they’re smart?

We want to help you be smart today, whether you’re buying or selling. To do that our host Rob West sits down with Sound Mind Investing’s Mark Biller to lay a solid foundation for your investments. The review the 5 essential building blocks for investing.

 

•          Writing down a long-term investing plan.

•          Carefully consider your most important investing decision, your asset allocation.

•          Maximize your tax-advantaged opportunities.

•          Choosing the right investment strategy.

•          Run your retirement numbers and make adjustments.

 

In today’s show we also answer your questions:

 

•           My investments have been loosing money over the past two years. I think it may be due to fees. What should I do differently? 

 

Ask your questions at (800) 525-7000 or email them at [email protected]. Visit our website at moneywise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion! Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

Do You Have a Health Care Directive? - Saturday, February 15, 2020

It’s a subject not many of us like to think about: how will our final days play out and what happens to our earthly possessions when we’ve gone home to the Lord? Estate planning answers some of those questions but not all of them. Wills and trusts are important components of estate planning but only go so far. Today on MoneyWise, financial planner and teacher Rob West explains why you also need a health care directive.

•          This term may be relatively new but the concept is not. A health care directive is also called a living will, medical directive, or a durable health care power of attorney (although sometimes the medical power of attorney is a separate document).

•          A health care directive is a legal document that spells out the individual’s wishes for care during illness and especially during the unfortunate event of dementia. It also specifies end of life decisions. The purpose is to give guidance if the individual can no longer communicate with caregivers and family. Ultimately, it can provide instructions on how the body should be handled after death.

•          Only about 1 out of 3 of us have drawn up a health care directive. It’s not an expensive process and most state attorney general web sites offer a legal form you can use.

•          To start, the first thing you need to do is choose your agent. This person is often a family member but doesn’t have to be. The agent will act on your behalf, making decisions according to your wishes if you can’t act yourself.

•          Specify your wishes for end-of-life treatment and what should happen with your body afterwards. You then need to go over this in detail with your chosen agent. This is your chance to explain your decisions should the agent need to step in and advocate on your behalf.

 

In today’s show we also answer your questions:

 

•           I have about $45,000 in credit card debt and have a low income. I live paycheck to paycheck. Should I do debt management or bankruptcy?

•           What advice do you have to help “fund my family” and to get on a budget? I’ve made a lot of very bad financial decisions in my past.

 

Ask your questions at (800) 525-7000 or email them at [email protected]. Visit our website at moneywise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion! Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

Mortgage Traps - Friday, February 14, 2020

It’s Valentine’s Day and you could just buy a house for that special someone! That may be a bit much, but we are talking mortgages today. Rob and Steve chat with mortgage expert Dale Vermillion about pitfalls to avoid when buying your next home.​

Next, they answer listener questions at 800-525-7000 or via email at [email protected] about the following

- 70-year-old caller has a lot of debt on his house including a home equity line of credit for which he's only paying interest each month. Should he refinance and get a 20 or 30 year mortgage and attempt to pay down the principle?

- Couple about to retire has asked grown daughter to take over managing their finances and investments. Daughter feels ill-prepared. How should she get started?

To ask your questions, call (800) 525-7000 or email them at [email protected] Also, visit our website, MoneyWise.org, where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!

And remember that it’s your prayerful and financial support that keeps MoneyWise on the air. You can help us continue this outreach by clicking the Donate tab at the top of the page at MoneyWise.org

The Art of Negotiating - Thursday, February 13, 2020

The vast wealth that Americans enjoy, compared to much of the world, is something of a double-edged sword. It allows most of us to live a comfortable lifestyle but at the same time makes us terrible at negotiating. We almost always decide whether to buy something based on the offered price. But in many countries, negotiating is a way of life! Today on MoneyWise our host Rob West has some ways you can talk your way to a better deal.

•          It starts with confidence. We don’t really know how to do it so we don’t try, and then it just becomes habit to pay whatever the seller is asking.

•          Some think it’s dishonest or unbiblical to talk someone down in price. But I don’t think it’s unbiblical at all. It’s actually good stewardship to make the most of the resources that God’s entrusted to us. The Bible has many examples of God’s people negotiating with others. Negotiating is not like trying to dodge debt or to evade taxes (this, of course, is dishonest and unbiblical). So as long as the seller has the freedom to say no, there’s nothing wrong with trying to get a better deal.

•          The first thing to do is to determine where you can negotiate and where you can’t. There’s no sense wasting your time if you know that the offered price is absolutely firm.

•          Let’s say you’ve decided to negotiate your rent (and this won’t work with a mortgage as that really iscarved in stone, unless you’re willing to refinance). But to negotiate a better rent price…start by doing your homework. Use Zillow or Craigslist to find out what others are paying for comparable units in your area. Make a list of a few units with lower rent so you can cite them in your negotiation. 

•          But be ready to offer something in return for a lower price. 

•          Negotiating a better salary. Employers are desperate to attract and retain good workers so the market’s in your favor. Start by making a list of problems you’ve solved for the company.  

 

In today’s show we also answer your questions:

 

•           I’m retired and now have the opportunity to make some extra money. What’s the best thing to invest in?

•           My wife and I bought a fixer-upper house and now we want to sell it. We’d like to know about the timing of selling it to purchase another. 

•           What scholarship options are out there?

 

Ask your questions at (800) 525-7000 or email them at [email protected]. Visit our website at moneywise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion! Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

What is Faith-Based Investing? with Jerry Bowyer - Wednesday, February 12, 2020

Economist and Nobel laureate Robert J. Shiller once said, “There's so much disagreement about investing, and it's because nobody really knows.” That may be especially true for faith-based investing. As Christians, we want biblical principles to inform our investment decisions, but what exactly does that look like? Our host Rob West sits down with our own economist, Jerry Bowyer, to find out. Jerry Bowyer is the chief economist at Vident Financial. You can see him in action often on the Fox Business Channel.

•          Our Christianity should inform both personal behavior and business practices, including investing. 

•          There are four strategies we see in the Christian investing discussion when it comes to dealing with the problem of sin and immorality in financial markets: avoidance of sin, embrace of the morally praiseworthy, active engagement on moral questions with the companies we invest in, or deferral of the question due to confusion and lack of consensus. 

•          Christians should not judge one another on such debatable issues. 

 

 

In today’s show we also answer your questions:

 

•           Could you offer some general financial advice to an 18 year old about to get started on life?

•           What is your advice on buying land property from another country?

 

Ask your questions at (800) 525-7000 or email them at [email protected]. Visit our website at moneywise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion! Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

Church Cash Reserves - Tuesday, February 11, 2020

The emergency fund is a key part of wise money management. Only God sees the future but that doesn’t mean we can’t plan for the unplanned by having a cash reserve. That’s also true for churches. Like members of the flock, churches also need money in the bank for unforeseen expenses. But what rules govern the management of those funds? MoneyWise host Rob West tackles that topic today!

•          Churches need a cushion to ensure that routine expenses are paid on time. Without it, they run the risk of getting hit with late fees. If there’s a mortgage on the church property, there needs to be at least a few months payments stored up to avoid foreclosure in the event of an interruption in revenue.

•          Planning and wise management of funds are necessary because there’ll always be pressures within the church about how they should be used. Should some of it go toward paying down debt early, or, to be more generous to the staff? And what about starting new programs?

•          Having a cash reserve is simply the faithful administering of God’s resources. This honors God, and the church has to make it a priority; it’s key to giving the world the right impression of God.

•          It’s important to build up reserves during the good times especially when the church is growing—it can be part of the budget process.

•          For any of this to work, leadership needs to communicate the importance of having cash reserves to the congregation. It doesn’t show a lack of faith; it’s simply good stewardship. Properly communicating clear, specific goals and the progress made toward them might even inspire more faithful giving.

•          For a direct .pdf download of ECFA’s article, “Church Cash Reserves: How Much Is Enough,” click here or http://www.ecfa.org/Documents/Church_Cash_Reserves_(TCN%20Insight)_CHURCH.pdf

 

In today’s show we also answer your questions:

 

•           I  had a credit score of 800 for a long time but missed one payment and the score dropped to 662! What’s going on?

•           Should I tithe on rental properties?

•           I’m 76 years old. What do you think about getting long-term care insurance? 

•           What do you think about indexed CDs or market-based CDs?

 

Ask your questions at (800) 525-7000 or email them at [email protected]. Visit our website at moneywise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion! Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

Getting Rid of Christmas Debt with Neile Simon - Monday, February 10, 2020

The 2019 Christmas shopping season is well in the rearview mirror but the inevitable credit card bills are fast catching up and folks already burdened with excessive debt now find themselves at a crossroad. Even some people who stick to their budgets all year reach for the plastic in December. But now it’s time to pay down that debt and our host Rob West welcomes credit expert Neile Simon to help you do that. 

 

•          For the first time in 2018, Americans spent 1-trillion dollars on Christmas - this past year surpassed that by 4.5 percent.

•          The average household spent nearly $1500 for Christmas. Per consumer, spending was around $670 which includes gifts, decorations, travel and everything else.

•          1 out of 5 consumers expected to go into debt for Christmas.

•          First, figure out how much debt you have accumulated, next work on a budget to determine disposable income and make any necessary adjustments to create more disposable income. 

•          Don’t trust a debt settlement company.

•          If you’re struggling with credit card debt after Christmas don’t hesitate to contact Christian Credit Counselors at ChristianCreditorCounselors.org.

 

 

In today’s show we also answer your questions:

 

•           I would like to borrow money and cosign with my daughter on a car in order to build her credit. Is this wise?

•           I worked as a caregiver as an independent contractor. I am unable to pay my large tax bill. I have been approached by several companies to get my tax bill forgiven. Is this a scam?

 

Ask your questions at (800) 525-7000 or email them at [email protected]. Visit our website at moneywise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion! Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

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Thursday, February 20th, 2020
Fat Thursday
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