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Jeremiah 3:15 Brian Kluth is a best-selling author of several books on generosity. He was a pastor himself for 10 years and is now the national spokesman for the annual Bless Your Pastor initiative, which is organized by the National Association of Evangelicals. TELL US ABOUT THE THREE-STEP PROGRAM FOR BLESSING PASTORS AND CHURCH STAFF. The three steps are: 1. Download free materials for your church and share them with church leaders, including a flier titled "50 Ways to Bless Your Pastor and Church Staff. 2. Take up an appreciation offering. 3. Publicly honor the pastor and staff. Completing these steps allows pastors to receive a marriage retreat scholarship to a Weekend to Remember and access other free and discounted retreat and vacation opportunities. Over 3,000 churches have already participated in this program. WHAT ARE SOME EXAMPLES FROM THE "50 WAYS TO BLESS YOUR PASTOR" RESOURCE? __ __ HOW DOES COLLECTING AN APPRECIATION OFFERING WORK (STEP 2)? __ __ GIVE AN EXAMPLE OF WHAT CELEBRATING (STEP 3) LOOKS LIKE. __ __ All materials and information can be found at blessyourpastor.org https://blessyourpastor.org/, available in both English and Spanish. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ RESOURCES MENTIONED: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
Mark Biller is executive editor at Sound Mind Investing https://soundmindinvesting.com/. Mark recently published an article in the latest SMI newsletter titled “Measuring the Market’s Valuation https://soundmindinvesting.com/articles/measuring-the-market-s-valuation-part-1-p-s-and-p-e-ratios. "Market valuation" refers to the process of assessing the worth or value of the overall stock market or individual stocks within it. It involves determining whether the current prices of stocks accurately reflect their underlying fundamentals, such as earnings, assets, and growth potential. Market valuation is essential because it helps investors make informed decisions about buying or selling stocks. HERE'S WHY MARKET VALUATION IS IMPORTANT: __ __ IT’S IMPORTANT TO RECOGNIZE THAT THE PRICE INVESTORS ARE WILLING TO PAY FOR COMPANY EARNINGS CHANGES OVER TIME, RIGHT? __ __ THE KEY TO MEASURING HOW EXPENSIVE A GIVEN COMPANY, OR THE STOCK MARKET AS A WHOLE, IS TO KNOW HOW MUCH IT IS EARNING - IS THAT RIGHT? __ __ MARK OFFERS SOME IMPORTANT WARNINGS ABOUT MARKET VALUATION IN HIS ARTICLE. __ __ SO WE SHOULDN’T NECESSARILY RUN OUT AND MAKE A BUNCH OF TRADES BASED ON THIS INFORMATION. HOW CAN WE USE IT TO HELP US MAKE DECISIONS? __ __ WHAT DO THE VARIOUS MEASURES SAY ABOUT THE MARKET’S VALUATION TODAY? __ __ ARE THERE OTHER FACTORS THAT CAN AFFECT MARKET VALUATIONS, AND HOW DO THESE TYPES OF SITUATIONS TYPICALLY RESOLVE? __ __ ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ RESOURCES MENTIONED: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
First, a hat tip to our friends at The Gospel Coalition for a great article https://www.thegospelcoalition.org/article/kids-ready-inherit/ on this topic. __ __ ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ RESOURCES MENTIONED: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
START WITH THE DIFFERENCES BETWEEN HOW MEN AND WOMEN TEND TO THINK OR APPROACH LIFE. __ __ WHEN IT COMES TO THESE DIFFERENCES, HOW HAVE YOU SEEN IT SHOW UP? __ __ WHAT ARE SOME OF THE REASONS THAT YOU'VE FOUND THAT COUPLES OPERATE THIS WAY WHERE ONLY ONE OF THEM IS OVERSEEING THE INVESTMENTS? __ __ YOU TALKED TO US ABOUT HOW MEN BEING THE HEAD OF THE HOME AND THE WOMAN BEING THE HEART OF THE HOME, WE MIGHT THINK OF THAT AS THINKER AND FEELER. SO HOW DOES THAT APPLY SPECIFICALLY TO INVESTING? __ __ LET'S TALK ABOUT SOME OF THE POTENTIAL DANGERS OF HAVING JUST ONE SPOUSE MAKE THE INVESTMENT AND LONG-TERM PLANNING DECISIONS. __ __ WHAT IS THE POTENTIAL BENEFIT OF MAKING BOTH INVESTMENT AND MAJOR FINANCIAL DECISIONS TOGETHER? __ __ FOR THAT SPOUSE THAT'S HEARING THIS TODAY AND SAYS, YES, THAT'S WHAT I DESIRE. BUT HER SPOUSE, LET'S SAY, HAS BEEN MANAGING EVERYTHING. AND SHE WANTS TO BE A PART OF IT. HOW WOULD YOU ENCOURAGE HER TO APPROACH THAT CONVERSATION? __ __ If you're a woman in the Denver or Colorado Springs area, and you'd like to meet Rachel and hear more on this topic, The National Christian Foundation will be hosting two women's events October 4, 5. Rachel will be speadking she'll be diving deeper on the topic of men, women and investing for impact. You can request information at Rocky Mountains at NCFgiving.com https://www.ncfgiving.com/ or via email at rockymountains@ncfgiving.com. You can find out more about Rachel at www.wealthsq.com http://www.wealthsq.com/. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ RESOURCES MENTIONED: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
Some statistics claim that 54 percent of American employees are happy with their jobs. Then again, apparently, 83 percent of us are suffering from work-related stress. So, what does all this mean for you? If work-related pressure is getting you down, what do you do? Quit? Re-train and change jobs? Grit your teeth and keep going? We suggest you step back and ask a different question: As a believer in Christ, why are you working in the first place? The desire to do productive, meaningful work is in our D-N-A. In fact, when God created Adam and Eve, He immediately set them to work naming the animals and tending their beautiful garden. Unfortunately, along with everything else, work was twisted by sin after the Fall. Now, instead of always being productive and satisfying the way God intended, work can literally make us sick. In Colossians 3: 23 and 24, we see the key to rediscovering meaningful work: “Whatever you do, work at it with all your heart, as working for the Lord, not for men, since you know that you will receive an inheritance from the Lord as a reward. It is the Lord Christ you are serving.” Serving God in your work, whether your job is secular or not, is the key to contentment on the job. The verse says “whatever you do”, so it’s not the work itself that matters, it’s the boss. And if you’re a Christian, your boss is Jesus - not you, and not even your employer. Here’s an example of someone who did her job as unto the Lord. We don’t know her name, but her virtues are outlined in Chapter 31 of Proverbs. She’s referred to as “A wife of noble character”, but her actions and attitudes are worth studying and imitating, no matter who you are. One characteristic of this Bible hero that stands out to me is what we might call her work ethic. Here are some of the phrases that describe this woman of “noble character”. You can ask yourself: Does this describe me, too? “She works with eager hands…” A person of noble character has a positive attitude towards work, knowing that diligence can produce many benefits. “She gets up while it is still dark, she provides food for her family…” The Bible makes it clear that providing for your family is a primary responsibility. She takes it very seriously. “She considers a field and buys it…out of her earnings she plants a vineyard.” Part of the biblical work ethic involves expertise – gaining useful skills and using them for the benefit of your family and community. “She sets about her work vigorously; her arms are strong for her tasks” This hero is aware that living well requires strength and determination. You don’t get there sitting on the couch watching YouTube. “She opens her arms to the poor” This woman of character is so successful in her work…that she is able to be generous with her surplus. Are you working just for yourself, or so you can help others also? She speaks with wisdom…” A person of noble character develops enough experience to teach others. Her work ethic is the water that raises all boats, because everyone benefits from her industry. “She does not eat the bread of idleness”. It’s pretty clear that a biblical work ethic means NOT being lazy. The most important quality of the woman of noble character is that she follows and honors the Lord: “A woman who fears the Lord is to be praised”. Everything she does comes from a desire to serve God, and all of her success springs from this priority. We can learn a lot from the Proverbs 31 woman about working as unto the Lord. We encourage you to read through Proverbs 31 and make it a point to follow her example! Finally, as you consider your own job stresses, remember Proverbs 3: 5-6. Trust in the Lord with all your heart and lean not on your own understanding. In all your ways acknowledge him, and he will make your paths straight. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
Jerry Bowyer is our resident economist and author of The Maker versus the Takers: What Jesus Really Said About Social Justice and Economics https://www.amazon.com/Maker-Versus-Takers-Justice-Economics/dp/1642933708 Today, we’re continuing our series on just what a Christian economic worldview should look like and how we can return to God’s plan for a healthy economy. Last time, Jerry told us that we have to see and think clearly and understand that an economic system fits together coherently with cause and effect. We need to see that the God who made man and the God who made the earth is one God with one mind and we are compatible with one another. AS WE START OUT TODAY, SUM UP WHERE WE’VE BEEN. __ __ SO HOW WOULD YOU THEN DESCRIBE WHERE WE FIND OURSELVES TODAY? __ __ WE CAN SEE ON FULL DISPLAY THE EVIDENCE OF THAT WHEN WE JUST LOOK AT THE U.S. TAKING OFF LIKE A ROCKET SHIP BECAUSE OF OUR ADHERENCE TO THOSE PRINCIPLES, RIGHT? __ __ WHERE DO WE GO FROM HERE AS THE BODY OF CHRIST AND THE CHURCH? __ __ WE CAN OFTEN BE FRUSTRATED BECAUSE WE KNOW WE HAVE LIMITED IMPACT ON THE NATIONAL ECONOMY. AND YET WHAT WE HAVE DIRECT CONTROL OVER IS OUR OWN PERSONAL ECONOMY, RIGHT? __ __ WHAT IS IT GOING TO TAKE FOR US TO GET BACK IN LINE WITH GOD'S DESIGN? __ __ You can read Jerry Bowyer’s insightful columns for World News Group at WNG.org https://wng.org/. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
Brad Guffey is Chief Medical Director at Family Legacy Missions International where he specializes in treating infectious diseases. Family Legacy is the ministry changing the lives of around 13,000 orphans in Zambia. They do that through a 4-part program: helping children grow academically, physically, emotionally, and spiritually. THE PHYSICAL AND HEALTHCARE SERVICES THAT FAMILY LEGACY PROVIDES TO ZAMBIAN CHILDREN HAVE GROWN TREMENDOUSLY IN THE LAST 10 YEARS. __ __ WHAT DOES MEDICAL CARE LOOK LIKE IN ZAMBIA? __ __ HEALTHCARE IS ABSOLUTELY ESSENTIAL BEFORE THESE AMAZING CHILDREN CAN TAKE ON ANY OTHER CHALLENGES. __ __ To learn more and find out how you can help, VISIT HOPEFORZAMBIA.COM/FAITHFI http://hopeforzambia.com/faithfi. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
Ephesians 6:11 Chris Meyer is Manager of Stewardship Investing Advocacy and Research at Praxis Mutual Funds, an underwriter of this program. WHAT EXACTLY IS SHAREHOLDER ADVOCACY AND HOW DOES PRAXIS DO IT? __ __ HOW DOES PRAXIS WORK WITH MANY OTHER INVESTORS, ESPECIALLY THE FAITH COMMUNITY, TO ADVOCATE FOR CHRISTIAN VALUES? __ __ WHAT KIND OF PREPARATION GOES INTO THIS TYPE OF ENGAGEMENT? __ __ IF COMPANY DIALOGUES ARE CENTRAL TO REAL CHANGE, WHAT DO THESE ENGAGEMENTS LOOK LIKE, AND WHAT MAKES AN EFFECTIVE CONVERSATION OR DIALOGUE WITH A COMPANY? __ __ SO WHAT IS THE END GAME? HOW DO YOU KNOW YOU'VE BEEN SUCCESSFUL IN MAKING MEANINGFUL CHANGE IN SUPPORTIVE KINGDOM VALUES IN THESE ENGAGEMENTS? __ __ Learn more about Praxis at PraxisMutualFunds.com https://www.praxismutualfunds.com/. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
The past few years haven’t been easy for small businesses in the U.S. The pandemic threw the supply chain, the workforce, and the economy into chaos, forcing many small companies to close their doors, and sending workers home by the millions. But small business owners are nothing if not resourceful, and many of you have pivoted into the new realities with determination and creativity. Of course, as Christians in business, we are called to a higher standard. Colossians 3:23 – 24 says, “Whatever you do, work heartily, as for the Lord and not for men, knowing that from the Lord you will receive the inheritance as your reward. You are serving the Lord Christ.” The benefit of tying your business standards to eternal values is that those values don’t change with the whims of culture or economic trends. The end result for Christian employers is a faithful witness to everyone. As Jesus told his disciples in John 15:8, “By this my Father is glorified, that you bear much fruit and so prove to be my disciples.” Here are a few basic biblical principles that should guide your professional actions and attitudes. GUIDING BIBLICAL PRINCIPLES This first principle is fundamental, and once you truly get it, the rest makes much more sense. We’re talking about stewardship. In a nutshell, stewardship is what happens when you understand that “The earth is the Lord’s and everything in it,” as it says in Psalm 24. So, as business owners and managers, we submit our work, our resources, and our profits to the Lord, because He is really the boss. We can have a kingdom perspective on everything, from hiring, to inventory, to profits and losses. As managers, we turn to Christ, seeking first his kingdom and his righteousness, trusting that he will provide what we need to take care of all the business details. That includes taking care of our families. Ultimately, success or failure in the business becomes God’s problem, while we do our best, letting him take care of the rest. In the post-pandemic business environment, workplace norms have really shifted. Many workers who left the office to work at home have stayed there. Lots of small businesses are dealing with hybrid workforces that have different sets of expectations. This is where eternal biblical principles can keep you moving in the right direction. Because, once you have God’s authority over your business figured out, you can focus on the horizontal relationships — how you interact with your employees, customers, suppliers, contractors, and competitors. Most importantly, treat everyone with integrity. Deuteronomy 16:19 says, “You shall not distort justice, you shall not be partial, and you shall not take a bribe.” What does that look like in a business context? Well, pay fair wages, show concern for your employees’ well-being, and treat your customers, contractors, and even your competitors, fairly. According to smallbiztrends.com, workplace expectations have changed in recent years, especially along generational lines. In general, Millennials want a positive workplace culture and flexible schedules, and Gen Z workers value fun even more than money! Maintaining biblical values in your company can help meet the felt needs of every employee. One way to maintain a healthy company culture is to set an example. As a business owner who belongs to Christ, you have an opportunity to demonstrate godly character to those around you. You can do that by pursuing righteous business practices. Here’s how: Be honest. Communicate clearly. Keep your promises, and pursue excellence. As Larry Burkett once said, “There’s nothing more honoring to God than quality service or a quality product from a professing Christian.” Proverbs 22:29 confirms this: “Do you see a man skilled in his work? He will stand before kings.” As a business owner or manager, you’re in a unique position to have an impact on your community through your generosity and compassion. We pray that you will use your professional resources and influence to further Christ’s kingdom right where you live. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ RESOURCES MENTIONED: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
Family financial expert Crystal Paine is the creator of the amazing website MoneySavingMom.com https://moneysavingmom.com/. SAVING MONEY WHEN PLANNING A WEDDING The biggest thing is you need a budget. How much money can you realistically devote to paying for this wedding? Really think about your priorities when it comes to that budget. CREATE A BUDGET Create a budget by category and then decide what categories you want to prioritize and put a little bit more money in. And in which areas could you live with spending a little less? For example, perhaps you decide that spending a lot of money on professional photography isn’t all that important to you, but you would really like to have nice flowers. Decide ahead of time how to prioritize your resources. And we highly recommend that you do not go into debt! It’s not worth it. You can simplify your wedding and still have a great marriage. We promise! WHEN TO WED? According to knot.com, about 43% of weddings now take place between September and November. So how does that affect the cost of a wedding? Just remember the laws of supply and demand. If you’re holding your wedding at a really popular time of the year, your costs may increase. Venues, photographers, cake decorators, etc. … all may charge more because demand is higher at that time of year. So if possible, consider holding your wedding outside of those peak months. Perhaps you could consider a December through February wedding date. If you go in the offseason, it's also going to be easier to find service providers as they’re less likely to be booked up. OTHER MONEY-SAVING TIPS Crystal shares that she wore her mom's wedding gown during her wedding. But there are a lot of places online that offer great deals. For instance, David's Bridal offers sales a few times a year with significant discounts. Crystal says she’s seen wedding dresses for as little as $99. So planning ahead can really save you a lot of money there. Also, ask around to see if there’s anyone you know who can actually decorate cakes. There may be someone in your circle of friends, or a friend of a friend, who could help you save a lot of money on your cake. And if you’re willing to hold your wedding at your church, rather than an expensive outside venue, you may be able to save a bundle there as well. Unless you’re planning a super simple wedding, one investment that may be well worth your while is a wedding planner. Crystal shares that hiring a planner was the best investment she made for her wedding. A good planner can take a ton of stress off your plate. But they can also negotiate prices, help you stay within your budget, and may even you money in the end. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
Ron Blue is co-founder of Kingdom Advisors and the author of several books on personal finances from a biblical perspective, including https://www.amazon.com/Never-Enough-Keys-Financial-Contentment/dp/1433690713 Ron published a video series a while back for Kingdom Advisors that revealed 3 questions everyone needs to answer https://sunset.kingdomadvisors.com/resources/transferrable-concept-three-questions-everyone-needs-to-answer. 3 KEY QUESTIONS: 1. WHO OWNS IT? This question is so foundational because until you answer that question, you don't know the difference between the steward and the owner. And when I say I own it, then I can do whatever I want with money. But if I say God owns it, now my actions change because I know that I’m managing someone else’s resources. Answering that question will not only change your behavior; it will change your life. 2. HOW MUCH IS ENOUGH? Those of us in the United States live in the wealthiest nation in the history of the world. Even those of us who don’t consider ourselves “wealthy” by American standards enjoy a higher standard of living than most everyone else in the world. A recent golf tournament awarded the winner $3.6 million dollars. There’s nothing inherently wrong with the winner receiving that money. But the question is: How much is enough? Is there an amount that when you reach it, you’re done? Or do you keep pushing for more because there’s always someone ahead of you? In other words, unless you have a finish line, you’ll never truly have contentment. 3. IS THE NEXT STEWARD CHOSEN AND PREPARED? Again, we live in a wealthy culture. Let's just take the average person, if you will, who owns a home. If they died of old age, then they've had a retirement plan, perhaps, and they own a home and they're debt free. Then somebody's going to need to manage the money and assets left behind after your death. It's a really good idea to know who that is, and make sure that they're prepared. And the reason that's so important is because you're really transferring God's possessions and God's money. So you want to make sure you’re transferring it to someone who considers themselves to be a steward and accepts that responsibility. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
Well, first of all, we can all agree that God’s Word has power. Isaiah 55:11 tells us, “So shall my word be that goes out from my mouth; it shall not return to me empty, but it shall accomplish that which I purpose, and shall succeed in the thing for which I sent it.” The Holy Spirit is the author of God’s Word and He gives it the power to accomplish “any and all things that God shall purpose.” So, that brings us back to Matthew 6:21, “Where your treasure is, there your heart will be also.” WHERE YOUR TREASURE IS … This verse reveals a truth that has both a positive and negative connotation. The negative connotation is that if you spend the resources God gives you on ungodly things, your heart will follow after those things. In the positive sense, though, the verse tells us that if we use God’s resources in righteous and godly ways, our hearts will naturally follow after those things. You can also look at the verse in two other ways. Is Jesus saying that the emotion comes before the act, or after? Does the heart follow the treasure, or does the treasure follow the heart? And why is that important? It’s important because all of this is leading up to something we talk about a lot here on the program, the power of money. Money has power, and that’s what Jesus is really saying, and probably why there are over 2300 verses in the Bible dealing with money and possessions. You may not want to put your treasure (and it’s not really yours, by the way) on godly things, such as giving to your church. Maybe that’s very difficult for you to do. If so, Matthew 6:21 should give you hope and encouragement. It says you can change your attitude by changing your actions. THE POWER OF GIVING Now, how exactly does that work, especially if money has so much power over our lives? Money has power, but so does God’s Word, and so does giving. In fact, giving has a very specific power— it has the power to break money’s control over us. That seems counterintuitive, but it’s true. The late pastor Charles Stanley liked to say that we need to hold money with an open hand because if we close our fist around it, it takes control of our thinking and behavior. Financial teacher and author Ron Blue says, “It’s not that my heart is where I put my treasure. It’s where I put my treasure … there is where my heart will go. The heart follows treasure, not the other way around. Jesus wants me to treasure Him and a relationship with Him and I can’t if money or mammon is my god.” Jesus says a lot about money in the Gospels, most of it warning us about its power. A little further in Matthew 6, in verse 24, He says we must make a choice: “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.” Note that Jesus doesn’t say that it’s difficult to serve God and money. He says it’s impossible to serve God and money. He’s saying you have to make a choice— God or money. In 1 Timothy 6:10, Paul tells us what happens when we make the wrong choice. He writes, “For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.” If you doubt that’s the case, consider that loving money more than God is really idolatry. It’s no different than the Israelites worshiping a golden calf. Now, to be clear, there’s nothing wrong with acquiring wealth, and acquiring more than you need. If the Lord didn’t allow that, we wouldn’t have anything to give. Money is not the root of evil. The LOVE OF MONEY is. That’s what Jesus is saying in Matthew 19:23 & 24, “Truly I tell you, it is hard for someone who is rich to enter the kingdom of heaven. Again I tell you, it is easier for a camel to go through the eye of a needle than for someone who is rich to enter the kingdom of God.” A bit of hyperbole there, perhaps, to make a point. If you love riches, it will be difficult to enter heaven because you’re choosing money over God. The only way to break the power that money has over you is to give generously to God’s Kingdom. We hope this encourages you to be a generous giver, starting with your local church and then expanding to other ministries as you’re able. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
The first thing we have to do is put to rest the misconception that work is punishment for the Fall. The very first verse of the Bible— Genesis 1:1, reads, “In the beginning God created the heavens and the earth.” So we see that God was at work even before man existed. And of course, He labored six days to create the heavens and earth, everything within them. Finally, He created Man in His own image and commanded him to rule over every living thing on earth. Later, we see in Genesis 2:15 that God gave Adam specific instructions about his labor in the Garden. It says, “Then the Lord God took the man and put him into the garden of Eden to cultivate it and keep it.” And just a few verses later, God creates Eve from Adam’s rib, so that she could be his helper and labor with him in the Garden. All of this was before the Fall, so it’s correct to say that work itself is not a punishment, and we can assume that working in the Garden was quite pleasant. Of course, that was not to last. Adam and Eve disobeyed God and ate the forbidden fruit from the Tree of Life and were cast out of the Garden. That’s where some might get the idea that work became punishment. But we still would not describe work performed after the Fall as punishment. It’s important to note that many translations of the Bible distinguish between “work” and “toil.” In Genesis 3:17, God tells Adam, “Cursed is the ground because of you; through painful toil you will eat food from it all the days of your life.” So after the Fall, work becomes less pleasant. But that doesn’t mean that work itself is cursed. It may not always be pleasant, but God continues to bless those who work diligently and honor Him. An example of this is in Ruth 2:19. It reads, “And her mother-in-law said to her, ‘Where did you glean today? And where have you worked? Blessed be the man who took notice of you.’ So she told her mother-in-law with whom she had worked and said, ‘The man's name with whom I worked today is Boaz.’” Of course, Ruth would marry Boaz, and bear him a son named Obed, who would become the grandfather of David. We believe we can safely say God blessed her work. And later in Proverbs 22:29, God again says diligence in performing our work well will be rewarded. It says, “Do you see a man skilled in his work? He will stand before kings; He will not stand before obscure men.” And in Ecclesiastes 2:24 we find, “There is nothing better for a person than that he should eat and drink and find enjoyment in his toil. This also, I saw, is from the hand of God.” Work is also mentioned frequently in the New Testament. The Apostle Paul often incorporates work into the proper behavior of believers. An important theme in his teachings about work is that God is our true Master and that we should work diligently with a positive attitude because doing that will point others to Christ. Colossians 3:23-24 reads, “Whatever you do, work heartily, as for the Lord and not for men, knowing that from the Lord you will receive the inheritance as your reward. You are serving the Lord Christ.” This doesn’t mean you can’t look for another job if you feel God leading you somewhere else. It just means that wherever you work, you should exemplify Christ, whom you represent. In Ephesians 6:7 Paul says, “With good will render service, as to the Lord, and not to men.” And Paul expands on this in 1 Thessalonians 4:11-12, “…make it your ambition to lead a quiet life and attend to your own business and work with your hands… so that you will behave properly toward outsiders and not be in any need.” But it seems not everyone in the Thessalonian church was following Paul’s direction. Some believers apparently didn’t want to work. He admonishes them in 2 Thessalonians 3:10-12, writing, “ If anyone is not willing to work, let him not eat. Now such persons we command and encourage in the Lord Jesus Christ to do their work quietly and to earn their own living.” Okay, one final thought. It’s also important to be grateful that you can work to earn a living, because that, too, is a gift from God. Deuteronomy 8:18 reads, “ You shall remember the Lord your God, for it is he who gives you power to get wealth.” Everything we have is a gift from God— and that includes work. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ RESOURCES MENTIONED: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
As you know, we’re big fans of planning. That’s because having a plan is the best way to meet your financial goals — or any goals for that matter. The question is how to make sure your plans line up with God’s will for your life. That’s important because if you’re a Christian, and Jesus is your Lord, you know his plans are the best. In fact, it says in Proverbs 19:21 that “Many are the plans in the mind of a man, but it is the purpose of the Lord that will succeed.” The purpose of the Lord will succeed, so it’s worth finding out what He wants. How do you do that? Well, his Word tells us. Micah 6:8 says, “And what does the Lord require of you? To act justly and to love mercy and to walk humbly with your God.” Proverbs 3:5-7 is another passage that gives us a clue about God’s will for his people: “Trust in the Lord with all your heart and lean not on your own understanding; in all your ways submit to him, and he will make your paths straight. Do not be wise in your own eyes; fear the Lord and shun evil.” So, can submitting your ways to God help you plan for retirement, or save up for a car, or plan a vacation? Well, you might not receive a note from the Almighty telling you which car to buy, but if you’re committed to living by biblical standards, you will certainly experience greater peace and confidence about your choices. Here’s the bottom line: We focus on whatever has eternal value. In other words, “Seek first the Kingdom of God.” When you’re “trusting in the Lord with all your heart,” as you pray, read his Word, and submit your financial plans to him, God will direct you into His will. That doesn’t mean things will always be easy, but they will be godly. Sometimes, when you’re praying for God’s will to be done, and trusting the Lord for guidance, you might still need a bit of practical advice from someone you trust. After all, seeking wise counsel is a biblical idea. Proverbs 15:22 says, “Without counsel plans fail, but with many advisers they succeed.” That said, we have some biblical counsel for your plans in the areas of saving, debt, and employment. BIBLICAL TIPS RELATED TO SAVING, DEBT, AND EMPLOYMENT First, saving. Paying for college, retirement, or a home purchase can mean many years of diligent saving. This takes patience and commitment. Our advice is to set a target amount and figure out how much you’ll need to put away each month. Put that money where it will earn the most interest, and ask God to give you the discipline to stay on track. For retirement, be sure to max out any savings options offered by your employer. Or get going on your own with a traditional or Roth I-R-A. For college saving, we like 529 plans. What if you’re getting a late start with your saving? You might be afraid you won’t meet your goals because your timeline is shorter. Our first suggestion is: Don’t worry. The Bible assures us that we do not need to worry about having our needs met. Our God is “Jehovah Jireh”, our provider, who cares for the sparrows of the field, and even more for you and me. Besides saving, another big goal you might have is Eliminating Debt. This is another area where you need a plan. Figure out exactly what you owe, and make a plan to pay it off. Pay off one debt at a time, then apply the payment amount to the next debt. If you need more help, we recommend you visit ChristianCreditCounselors.org https://www.christiancreditcounselors.org/. We do not recommend debt consolidation or debt settlement. Share your goals with trusted friends or family, so they can encourage you, and celebrate your successes along the way! Remember the Bible says, “The borrower is servant to the lender”, and keep your debt-free goal in sight. Above all, don’t be discouraged. Ask the Lord to help you break any bad habits, and get the advice and support you need. The third area where you might need financial advice is Employment. Are you unemployed or under-employed? To improve your earning power, you’ll need a new job, or possibly a promotion in your current job. One way to reach these goals is to get training and improve your skills. Be sure to network – and talk to your job contacts often. Your persistence and enthusiasm will earn you employment brownie points! You’ll also need to update your resume, of course, and practice your interview skills. Ultimately, as we said at the start, when you focus first on the things that have eternal value, the purpose of the Lord will prevail in your financial life. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ RESOURCES MENTIONED: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
Proverbs 15:22 Well, as you know, we always recommend you look for a financial advisor with the Certified Kingdom Advisor Designation, and you can do that by going to FaithFi.com and clicking on Find a CKA https://www.faithfi.com/find. When you do, you’ll also find a long list of questions you can ask potential advisors. We’re going to give you some of them today, though, because “folks have been asking.” The first thing you should understand is that the of advisor you’re interviewing will determine what you ask. And that only makes sense, because you’ll need different information from a financial planner than from an investment professional or a tax attorney. So let’s go over some of these questions by category: First, a Christian financial planner. They equip people to use God-given resources to accomplish God-given goals. The Christian financial planner can: (1) Help clients identify their God-given goals and quantify how much is necessary to accomplish them. Some of the questions you’ll want to ask include: QUESTIONS FOR A CHRISTIAN FINANCIAL PLANNER __ __ Next we have investment professionals, and this could be a fee-only investment advisor or investment consultant. This person provides professional expertise to managing investment assets held in retirement accounts, trusts, individual, and joint accounts. A fee-only investment advisor is compensated by fees directly from the client. An investment consultant is compensated from commissions derived from the purchase or sale of a stock or mutual fund. QUESTIONS FOR AN INVESTMENT CONSULTANT __ __ That’s a lot of questions for an investing professional, but asking them should give you the information you need to make a wise decision. Now what if you need a tax or estate planning attorney? What should you ask those candidates? TAX OR ESTATE PLANNING ATTORNEY QUESTIONS __ __ Okay, maybe you need someone to help you with tax preparation. That would usually be a certified public accountant. QUESTIONS FOR A CPA __ __ QUESTIONS FOR AN INSURANCE PROFESSIONAL __ __ And finally, a few additional questions you should ask all CKA professionals you interview: __ __ Well, there’s a partial list of questions to ask prospective financial advisors. We’ll put a link to the whole list in today’s show notes. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
Mark Biller is executive editor at Sound Mind Investing, an underwriter of this program. The latest issue of Sound Mind Investing’s newsletter featured a deep dive on gold, an article titled, “Checking Up On Gold https://soundmindinvesting.com/articles/checking-up-on-gold.” A lot of gold watchers expected gold prices to be halfway to the moon by now, but that hasn’t happened. THE RECENT PERFORMANCE OF GOLD Well, when investors think about gold and what drives its price, there are a handful of things that stand out: inflation, government spending, wars, and other “fear events,” and so on. When you think back over the last three years, what have we had, we had a global pandemic and all the fear that went along with that. Then we had massive monetary and fiscal stimulus, which led to the most significant inflation spike in 40 years. Then we had a major war break out in Europe! Since then we’ve had continued huge government deficit spending and tons of market uncertainty. Add it all up, and it would seem like this would have been the perfect storm to drive gold’s price massively higher. But that really hasn’t happened. Gold peaked in August of 2020 at around two-thousand-seventy dollars per ounce, then fell over 20% to nearly sixteen-hundred by last November. We’ve seen a nice bounce back toward the two-thousand level since then, but the point is gold is actually cheaper today than it was in the summer of 2020, despite all that has happened since then. WHY HASN’T GOLD PERFORMED BETTER IN RECENT YEARS? Mark Biller notes that gold isn’t just one thing. Gold IS an inflation hedge, but it’s not an inflation hedge. It IS a hedge against war and other “fearful periods,” but it isn’t that either. Gold responds to a lot of different factors, so expecting it to trade perfectly relative to any one single factor often leads to confusion and disappointment. Ironically, the one factor that probably correlates the best to gold’s performance is one most people don’t think about at all, and that’s interest rates. When you think about that, the past couple of years make more sense. In the summer of 2020, interest rates were at rock bottom levels and have climbed significantly since then. The Fed Funds rate, for example, was less than one-quarter of one percent then, and today is nearly five-and-a-half percent. That big move higher in interest rates has played a significant role in keeping the price of gold from soaring like many people expected. In fact, there’s a strong case to be made that based on what interest rates have done lately, we would normally expect gold to be significantly lower than it is today. Rather than be disappointed that it isn’t higher, Biller says he’s impressed it’s held up as well as it has. THE IMPACT OF INTEREST RATES ON GOLD The simplest way to think about that is to recognize that gold doesn’t pay any type of yield, whereas most other “safety assets” do. Any type of savings account, bond, or traditionally safe place to park money has been offering higher and higher yields as interest rates have risen over the past two years. That makes those assets more attractive relative to gold, which doesn’t pay a yield. So we typically see gold rise in price as interest rates fall, and vice versa when rates rise. WHAT’S THE RIGHT APPROACH TO INVESTING IN GOLD There’s a difference between physical gold and “trading” gold in ETFs, and both have pros and cons. Owning physical metal obviously has a lot of advantages — you have it right there in your hands if things ever get really bad, there’s no “counterparty” risk where you’re relying on a bank or company to make good on the gold you own through a fund or ETF. So there’s a lot to like about owning physical gold directly. However, owning physical metals also has downsides. Buying and selling is typically quite expensive, so most people can’t reasonably dollar-cost-average or make frequent purchases of physical gold. And beyond a pretty minimal dollar amount of physical gold, people need to start thinking carefully about the safety of storing it at home, and if not at home, then you’re looking at storage costs and the downsides of not having it physically present where you can get to it easily. So SMI typically breaks it down this way. They think having a small allocation of physical gold is a great idea. But they encourage people to think of that as a “forever allocation” — ideally you’ll never need to sell this, you’ll likely leave it to family members or heirs. Of course, you could sell it in a pinch, but the point is to put this mostly off limits in a person’s mind, so the high transaction costs aren’t an issue. For most people, thinking about it this way probably means their allocation to physical gold is going to be 5% or less of their total portfolio allocation. Then, on top of that physical “forever” gold allocation, they use the gold ETFs to supplement that allocation as conditions warrant. These ETFs trade just like any other stock or mutual fund, which makes them very easy to buy and sell, unlike physical gold. They have a particular SMI strategy that provides signals as to when it’s a particularly good time or bad time to have a higher allocation to gold. Putting those two ideas together, most SMI members have a small constant allocation to physical gold, and then they also have a variable allocation to gold ETFs that goes up and down as gold moves in and out of favor. OTHER WAYS TO INVEST IN PRECIOUS METALS For most people, SMI suggests they think about precious metals as two groups: actual gold in one group, and everything else in the other group. So what’s in the other group? For starters, there are other metals, like silver and platinum. These can be great at certain times in the economic cycle, but they lack the foundational “gold is money” stability. So they’re generally a lot more volatile and speculative than gold. Another more speculative play on gold is buying gold mining stocks, either directly or through mining stock ETFs. Similar cautions apply there — when markets get wild, these are ultimately stocks, not gold. So sometimes you’ll see the gold price stay flat or even rise while the mining stocks are getting beat up. But of course, the reason people buy them is when you get the timing right, they can offer considerable leverage to the gold price, meaning a 10% increase in the price of gold might cause gold stocks to go up 50%. That sounds great, but owning precious metals stocks is about as wild a ride as there is in markets, so tread carefully! WHAT’S THE FUTURE OUTLOOK FOR GOLD PRICES? SMI believes the long-term outlook for gold is strong. That’s largely based, unfortunately, on the observation that government spending has really taken off since the COVID crisis and there is no indication of that changing, regardless of who is in power. On top of that, SMI still believes a recession is likely sometime within the next year, and government spending always soars during recessions. So all that government spending probably means we’ll be fighting inflation off and on for a number of years. That’s a good long-term backdrop for a higher gold price. As more people realize this government spending wasn’t just a one-time COVID thing and the government is going to keep debasing their purchasing power, the interest in gold and precious metals is likely to climb. But while the long-term outlook is pretty bright for gold, SMI offers one significant warning, which is simply that if we do slip into a recession, history indicates there’s a decent chance there will be some sort of market panic associated with that. And normally when investors panic, liquid investments — like gold — get sold off along with everything else. If you look back at 2008 and 2020, the gold price fell hard as those panics unfolded. Gold went on to rally significantly from there in both cases, but the initial move was down. So for those thinking about loading up on gold now, it might not be a terrible idea to keep some powder dry with the intention to buy into a panic selloff if we get one, rather than loading the boat today. Get more sound investing advice online at SoundMindInvesting.org https://soundmindinvesting.org/. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
In Matthew Chapter 7, Jesus tells the parable of two builders – a foolish one, and a wise one. The wise builder builds his house on a rock, and the storm can’t destroy it, but the foolish builder builds his house on the sand, and when a storm comes, it all gets blown away. Jesus tells his disciples that “everyone who hears these words of mine and puts them into practice” is like the wise builder. As with all of Jesus’s parables, there’s an underlying message for us here about God’s kingdom and how we should live. This parable about the wise and foolish builders can also apply to our financial choices. 3 THINGS WE CAN LEARN 1. IT’S BETTER TO BE WISE THAN FOOLISH. Depending on God is the wise thing to do. If we follow God’s principles in our finances, listening to the words of our Savior and doing what he says, we will be like that wise builder, and our efforts will have eternal value. The foolish man who ignores and disobeys God’s word … will end up with nothing to show for all his hard work. 2. A FIRM FOUNDATION CAN PROTECT YOU FROM THE STORMS OF LIFE. The key is to choose a firm foundation instead of a weak one. Worldly promises and desires are made from human weakness and have no power to protect or save us. Jesus, the son of God himself, is a solid rock. Place your trust and obedience in him, and the storms of life won’t destroy you. 3. STORMS HAPPEN, TO EVERYONE. Both the wise and the foolish builder had to live through the bad weather. But in the end, the wise man was the only one left standing. So, let’s inspect your financial foundation for a moment. Are you really depending on God for everything? It's tempting to think you can go it alone financially, but the “Do-it-Yourself” philosophy of life is a blueprint for financial — and spiritual — disaster. Only the Lord is strong enough to provide, protect, and rescue you. In Christ, he provides salvation and the forgiveness of our sins. We desperately need Jesus, “for all have sinned and fallen short of the glory of God.” (Romans 3:23) Ephesians 5:15 admonishes us, as believers, to “Be very careful, then, how you live—not as unwise but as wise, making the most of every opportunity, because the days are evil.” Wisdom like this isn’t something we can muster by ourselves, because it comes from God. No matter how smart, or successful, or hardworking you are, you still need God. Depending on God for everything takes practice. It’s also a matter of daily discipline. HOW TO STAND FIRM IN CHRIST IN YOUR FINANCES 1. STUDY GOD’S WORD, AND FOLLOW BIBLICAL PRINCIPLES. God cares about the details of your life, because he loves you. That’s why there’s so much in the Bible about how to be wise with money and possessions. 2. STICK TO YOUR FAITH WHEN TEMPTATION AND OPPOSITION COME. And they will come. Satan does not want you to depend on God. That’s why Paul warns his readers in 1 Corinthians 16:13 to “Be on your guard; stand firm in the faith; be courageous; be strong. Do everything in love.” 3. PRACTICE DISCERNMENT. We love the truth in Romans 12:2. “Do not conform to the pattern of this world, but be transformed by the renewing of your mind. Then you will be able to test and approve what God’s will is—his good, pleasing and perfect will.” The wise person chooses a foundation of truth instead of the shifting sands of worldliness. 4. KEEP PRAYING. Test every financial opportunity with prayer, seek godly advice, and ask the Lord for the wisdom you need. If we can help you address some of your financial concerns, visit us at faithfi.com and click on the Community tab https://www.faithfi.com/community. You’re not alone, and we have many wise financial contributors available to answer your questions. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ RESOURCES MENTIONED: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
THE TROUBLING NUMBERS For the first time, credit card debt has surpassed $1 trillion, and is now at 1.03 trillion. In the second quarter alone, it shot up $45 billion or 4.6%. Now compare these numbers to the overall household debt which spiked by $2.9 trillion since the end of 2019 before the pandemic. “Household debt” includes credit card debt, mortgages, student loans, and car notes. And credit card debt is now almost 1/3 of the average household debt. That is very concerning when you think about how expensive a car or a home is. People are really drowning in debt because of these higher interest rates and increased cost of living. In a recent study, 35% of Americans said they were carrying their highest level of debt ever, or coming close to it. Lending Tree statistics revealed that in the second quarter of 2023, the average APR on new credit card offers was about 24.24%. The average for all current credit card accounts is 20.68%. And the average for all accounts that accrue interest is 22.16%. IMPACT OF FED RATE HIKES In the last year, interest rates have gone up 4.5 - 5.25 percentage points and continue to grow. The average credit card interest rates are now over 20%. So to put that in perspective, if you're making just minimum payments on an account that has a $6,000 balance, it would take you 17 years to pay off that debt. Credit card companies are actually now required to state on the first page of their monthly statements a minimum payment warning that shows you how long it will take to pay off your debt with no new charges and only making minimum payments. WHAT CAN YOU DO ABOUT IT? If you’re only making minimum payments, what can you do to start digging out of debt? __ __ STILL NEED HELP? If it seems like taking those steps would be difficult or impossible for you right now, Christian Credit Counselors can help. CCC offers a free consultation that consists of a comparison estimate wherein they outline all the benefits & fees of the program. There is no commitment. Their goal is to educate people about how they can help … and provide information so you can make an informed decision. They can also help you set up or adjust a budget. Christian Credit Counselors offers debt management services that help clients get out of debt 80% faster, doing it the right way. They have pre-negotiated interest rates, terms, and conditions with the credit card companies. They can help lower your monthly payments to a manageable amount, with new interest rates ranging from 1-12% APR, depending on the creditor. This program is different from debt settlement or a consolidation loan. The goal is to pay off your debt in full in adherence to Proverbs 3:27: “Do not withhold good from those to whom it is due, when it is in your power to do it.” Learn more at ChristianCreditCounselors.org https://www.christiancreditcounselors.org/ ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ RESOURCES MENTIONED: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
INTEREST RATES Mortgage interest rates are still elevated, around 7%. But Dale says what's unusual here is that typically when inflation drops, rates drop along with it because the bond market, which drives interest rates on mortgages, generally responds favorably. That has not been the case for the last couple of months. And that’s due to some other factors. For one, the Fitch downgrade of the U.S. government’s credit rating was a big deal that really held back rates. But Dale adds that a number of signs point to 2024 being a much better year in terms of interest rates. Doug Duncan, the chief economist for Fannie Mae and Freddie Mac, really believes — and so to the other experts — that we're going to be in the mid-fives to probably low sixes and 2024 in terms of interest rate percentages. It could even hit the low fives. HOME VALUES Dale notes that in the first half of this year, we actually saw a 10% increase from January through the end of May. But listing prices are starting to drop on properties, and that is always the leading indicator for values. In June, we saw the lowest increase in 11 years, it was only 1.6% annualized. So we're probably going to be looking at a 6% total appreciation by the end of this year. Some markets may even see decreases in property value, but we very likely won’t see significant declines anywhere. IS NOW THE TIME TO BUY? Believe it or not, this may be a great time to buy. Dale explains that most people think there's no way this is a good time to buy, but that has helped to lessen the buyer competition in the housing market. If you wait until rates go down, what's going to happen is that many buyers will come back into the market, and it's going to be hard to find a house amid another round of bidding wars. And that has helped to moderate home values somewhat, which puts buyers in a stronger bargaining position. One of the things that we've seen this year is over 40% of sales have included seller concessions. So you can get that now, which certainly wasn’t the case not all that long ago. And there are huge tax advantages right now because of the rates, which actually offset some of your payments. When you look at the tax benefits on the backside, add all of those things up, and you might be better off buying now and perhaps refinancing when rates drop. Learn more about Dale Vermillion at DaleVermillion.com https://www.dalevermillion.com/. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ RESOURCES MENTIONED: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
Your first step before making any financial decisions should always be prayer! You should invite God to be a part of all your financial affairs and decisions, especially now as you begin the process of settling your loved one’s estate. It is enough simply to pray for wisdom in this challenging time. James 1:5 teaches, “If any of you lacks wisdom, let him ask God, who gives generously to all without reproach, and it will be given him.” Romans 8:28 reveals just how much the Lord wants to guide and strengthen you. It reads, “The Spirit helps us in our weakness. For we do not know what to pray for as we ought, but the Spirit himself intercedes for us with groanings too deep for words.” After a time of prayer, you’ll feel more confident and ready to take on the challenge of settling your loved one’s estate. HERE ARE THE 6 STEPS YOU NEED TO TAKE: 1. GET A COPY OF THE DEATH CERTIFICATE. This is the legal record of your loved one’s death. It’s usually prepared by a medical examiner and provided to you by the funeral home you’re using for the burial. You may also obtain a copy at your county vital records office. It may take a few weeks to obtain the death certificate. If you haven’t received one in that time, contact the funeral home or records office to check on it. You really need a copy of the death certificate to begin the other steps in this process, and it’s especially important if you’re the executor of the estate because most of the actions you’ll take require a copy of the death certificate. 2. START THE PROBATE PROCESS. Take the death certificate and a copy of the will down to your county probate office and file a petition to begin the probate process. If you’re the executor, you can then begin carrying out the deceased’s last wishes as specified in the will. Ah, but what if there is no will? Well, then things get a bit more complicated. You’ll still take the death certificate to probate court and petition the court to begin the probate process. You can also request to be named administrator of the estate, but there’s no guarantee the court will honor that request. The probate court will then decide, according to state law, how the deceased estate will be divided up among the heirs. Things may get complicated at that point, and you may want to have an estate attorney help you through the process of distributing the assets. We recommend getting someone with the CKA designation. Just go to FaithFi.com and click Find a CKA https://www.faithfi.com/find.. 3. NOTIFICATIONS. Next, you begin notifying the deceased’s financial institutions and advisors, if any. If your loved one had a financial advisor, that person can be a huge help in determining what assets are involved. You can also check the current balances when you notify financial institutions of your loved one’s death. Here’s where you may discover that some assets can pass directly to beneficiaries without going through probate. Check with administrators of retirement and standard brokerage accounts for transfer on death or TOD instructions. For banks, check for payable on death or POD instructions. You’ll probably have to provide a copy of the death certificate to get the funds released. At this point, you should also notify the three credit reporting agencies, Equifax, Transunion, and Experian of your loved one’s passing. Again, you’ll need the death certificate. They will close those accounts. Get copies of the reports and check to make sure everything is in order and that there are no fraudulent accounts or transactions. 4. CONTACT LIFE INSURANCE. Step four is to contact the deceased’s life insurance company or companies. You’ll need the death certificate here, too. Also, cancel other types of insurance, such as auto or disability that are no longer needed. 5. NOTIFY GOVERNMENT AGENCIES. Step five is to notify any affected government agencies. Interestingly, the funeral director often notifies Social Security of a decedent’s death. Check to confirm that and also notify Medicare and the VA if necessary. 6. PREPARE FINAL TAXES. Finally, step six is getting started on the deceased final taxes. Here is where you really should bring in a professional, such as a CPA to help you with this. This process is likely to be far more complicated than your regular, annual tax filings. Again, we recommend getting someone with the CKA designation. Remember to pray for guidance and know that you are never alone. Romans 13:5 assures you, “Never will I leave you; never will I forsake you.” ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
As we often say, there are only four things you can do with money: Live, Give, Owe, Grow. Dessert lovers can picture this as a pie. Do you remember when you were a kid and your sibling took a bigger piece of a pie? The same thing happens with money. When one area of money allocation takes a bigger slice, another area must shrink. Now, most often the world makes money decisions or “cuts up their pie” in this order: Live, owe, grow, give. God’s order is different. Have you noticed that His ways tend to be the opposite of the world’s ways in every area of our lives? His Word even tells us this. Isaiah 55:8 reads, God’s order for money decisions is: give, grow, owe, live. HOW IS GIVING DIFFERENT FROM THE OTHER THREE MONEY DECISIONS? Even though when we talk about finances, giving is expressed as an amount, giving is actually an indicator of the heart. Giving breaks the power of money in our lives. But it can become legalistic if the focus is on the amount and not on the attitude. So let’s talk about the heart. The purpose of wealth is giving. 2 Corinthians 9:8 tells us that God is able to bless you abundantly SO THAT you can be generous and share with others. The whole purpose of our wealth is to be generous and share. Next, we need to understand the purpose of the tithe. There are four things that the tithe does. Deuteronomy 14:23 tells us, Tithing also helps us to discipline ourselves to put God first and give Him our best. Thirdly, tithing can be a meaningful guideline to help us as we make decisions on our giving. And then finally, tithing gives a roadmap or a pathway on how to give so that you may learn to revere the LORD your God always. HOW DOES GIVING RELATE TO OTHER USES OF MONEY? Let’s talk about those four things you can do with money. We’ll start with “Live.” LIVE: First of all, lifestyle decisions can actually hinder your giving when you have a lack of margin, time, and money. Those are your two greatest barriers to giving. And here’s a practical tip: Take the big three assessment at FaithFi.com/live https://www.faithfi.com/search?podcasts=true&q=live&posts=true&videos=true&articles=true to determine whether your living expenses might be limiting your giving opportunities. OWE: We know that the Bible tells us the borrower is slave to the lender. Proverbs 22:7 tells us that when you’re over-committed to debt, your hands are tied in giving decisions. So your money has to go to the lender instead of the option of giving to others. GROW: You might wonder how your saving can hinder your giving. Well, first of all, saving is important. It's Biblical, but … are you relying on your savings more than God? Are there times when He might call you to actually give from your savings? So the bottom line is, the order matters. Give first, whatever is left until the last is going to receive the leftovers. And if you leave giving to last, it gets leftovers and we certainly don't want to do that. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ RESOURCES MENTIONED: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
Chikondi Phiri is Country Director of Family Legacy Missions Zambia, empowered by Family Legacy Missions International, a ministry that is literally changing the lives of thousands of kids in Zambia today. Most Americans don’t understand how desperate many of Zambia’s children are for basic things like food, shelter, and education. In a country with about six and a half million children, more than a million are orphaned due to AIDS and other factors. Family Legacy implements a unique blend of holistic care. They equip children with literacy and numeracy skills necessary for life. They also help students come to know Jesus Christ and live out the Gospel through a well-structured curriculum, discipleship, and Bible studies. Students also have the opportunity to eat one hot and nutritious meal every day at school. And for some students, this is the only meaningful meal they have in a day. They also provide medical care and have a highly effective emotional care program underpinned by a biblical ethos. For most children in Zambia, graduating from high school is a far-fetched dream, but through Family Legacy’s sponsorship program, more than 500 students graduated last year. They are working to help ensure that every child who goes through their program is guided and empowered to live out their God-given potential, whatever that is. Learn more about their ministry at HopeForZambia.com/Faith http://hopeforzambia.com/Faith. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
When you think about it, the amount of interest you pay over the life of a 30-year mortgage should be plenty of incentive to pay off the loan as fast as possible. Let’s say you take out a $250,000 30-year mortgage at 7%. At the end of that term, you’ll have paid almost $350,000 in interest alone, making the true cost of the home closer to $600,000. But let’s say with 25 years to go, you decide to put an extra $250 a month against the principal. That will actually shave off six years and 10 months' worth of payments and save you just over $83,000 in interest. So, the potential payoff for getting rid of your mortgage early is huge, and it really needs to be a priority in your financial decision-making. There are four steps to getting there. First, you need a spending plan. That’s not just because it’s a good idea and everyone should have one, which is true. You need a budget because you can’t start the process of accelerating your mortgage payments without one. And setting up your spending plan is now easier than ever with the FaithFi app http://app.faithfi.com/. It uses a digital envelope system to make budgeting easy. It will also track your spending and reveal things you can cut out to free up more cash. Here are a few budget-cutting ideas: Dump your cable or satellite service and go with a streaming package. You can probably save $50 or $100 a month just doing that. Take a break from eating out. Try to go a month making all your meals at home. You’ll probably save a few hundred dollars. Finally, see how long you can go without buying new clothes. That would probably save you many hundreds of dollars, as well. You can probably come up with some great ideas yourself to save money that you can then apply to your mortgage. Once you know how much extra cash you have to put on your mortgage, you can make it a budget category all by itself. Remember— even $100 a month extra applied to the principal on your mortgage will shave off a few years of payments. So you’ll want to put as much as possible into that mortgage payoff category. You may start to feel deprived because you’ve cut out a lot of your “fun” spending. It helps to celebrate milestones along the way. A special dinner out, maybe, whenever you’ve paid off another $1,000 in mortgage principal. Just keep celebrating within the budget. Now, the next step is something anyone can do, even if you’ve been thinking up to this point that you have no surplus cash to put on the mortgage. It’s using money that comes your way outside of your normal paycheck. Some call it “found” money or “mad” money. Make a commitment to put that unexpected cash on your mortgage principal, as well as the surplus money from your budget. Where does this extra money come from? It could be just about anywhere: overtime pay or a work bonus, money from work you do on the side, a tax refund, gift money, or cash you get from selling stuff. The trick is to apply that money to your mortgage principal as soon as you get it. Don’t think of it as mad money that you can spend any way you like. Don’t let it sit around tempting you. Most lender websites now make it easy to apply extra payments to the principal. And while you’re logged in, you’ll be able to see the running balance of your principal. Keep track of it. Watch it go down faster as you make extra payments. That’ll help you stay motivated. This isn’t something you want to delay. The sooner you start, the more money you’ll save, and that’s money you can put to better uses. Be patient— you’re in this for the long run. Proverbs 21:5 says, “Slow and steady plodding brings prosperity … “ Okay, we hope that helps you get started today on your early mortgage payoff plan. Let us know how it’s going. We’d love to hear from you. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ RESOURCES MENTIONED: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
Okay, it’s time for some true confessions about your giving. Has your electronic donation at church every Sunday become a bit automatic? Or, perhaps you’re struggling financially right now, so you’ve reduced your giving and you’re feeling a bit guilty. Then again, perhaps decisions about how much and where to give are causing tension in your marriage, so you end up dreading those conversations. There are so many ways our generosity can become stale and un-joyful. If that’s the case for you, it’s time for a renewed perspective, and we’re going to help you with that. BIBLICAL GENEROSITY Let’s begin by remembering that Christian generosity is different from the world’s idea of generosity. Giving that honors God is not about showing off, or improving our self-esteem, or even getting buildings named after us. Ultimately, Christian generosity is different because we serve a different master. As it says in Ephesians 5:1, “…be imitators of God, as beloved children. And walk in love, as Christ loved us and gave himself up for us, a fragrant offering and sacrifice to God.” Because of love, Jesus gave his life on the cross for us, and we imitate him when we are radically, sacrificially, and joyfully generous. Another thing to remember about giving is that sometimes the action needs to precede the feeling. In other words, even if you don’t feel joyful about giving sometimes, keep doing it anyway because generosity pleases the Lord. Ask Jesus to guide you as you give in faith, and the joy will come. Here’s another way to renew your perspective on generosity: Cultivate a biblical attitude about your giving. God’s word says our giving should be secret, open-handed, cheerful, loving, and sacrificial. Let’s look at those attitudes more closely. First, giving should be secret, not showy. That way, the glory goes to the Lord, not to the giver. Jesus admonishes his followers in Matthew 6 to “Be careful not to do your ‘acts of righteousness’ before men, to be seen by them. But when you give to the needy, do not let your right hand know what your left is doing, so that your giving may be done in secret.” Second, giving should be open-handed, not stingy. 2 Corinthians 9:6-7 says, “Whoever sows sparingly will also reap sparingly, and whoever sows generously will also reap generously.” Remember, what we have is not our own. It all belongs to God, whether it’s time, talent, or treasure. So, we can always afford to be generous, because God is our provider. Third, giving should be cheerful, not reluctant. The passage in Second Corinthians goes on to say “Each man should give what he has decided in his heart to give, not reluctantly or under compulsion, for God loves a cheerful giver.” Having a cheerful attitude about giving might be a challenge. You may have to ask God to change your heart in this area. Believe me, he will do that, because a cheerful attitude towards giving is his desire for you. Fourth, giving should come from love, not obligation. Giving that glorifies God springs from love for God and our neighbor. That love isn’t something you can produce…it’s a work of the Holy Spirit in you. Finally, giving should be sacrificial, not necessarily convenient. Sacrificial giving makes us more like Christ. Second Corinthians chapter 8 verse 9 says, “For you know the grace of our Lord Jesus Christ, that though he was rich, yet for your sakes he became poor so that you through his poverty might become rich.” Sacrificial giving is a testimony that we trust God to meet our needs while we meet the needs of others. To recap here, giving that honors God and fills us with joy from the Holy Spirit will be secret, open-handed, cheerful, loving, and sacrificial. And believe me, there are spiritual benefits to cultivating these attitudes and actions. Most importantly, God gets the glory. John 3:21 says, “Whoever lives by the truth comes into the light, so that it may be seen plainly that what he has done has been done through God. As Christ-followers, we long to be more and more like our Lord Jesus as we walk with him each day. But sometimes you may still find yourself giving with a reluctant spirit, or because you feel guilty, or out of a desire to earn the admiration of others. If that’s the case for you today, ask Jesus to change your heart. Pray for the Holy Spirit to guide you as you practice Christian generosity, knowing that God will provide for your needs and the needs of others through you. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ RESOURCES MENTIONED: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
Aaron Caid is our go-to guy for what’s happening in the banking industry. He’s the Chief Marketing Officer at Christian Community Credit Union https://www.mycccu.com/, an underwriter of this program. Aaron says we are starting to see what could be the next big exodus for Christians in the marketplace today, and that is Christians choosing to bank with their values. CCCU has been hearing from new members who have joined the credit union after becoming fed up with their secular bank. So they decided to go out and find out if this feedback was more than just anecdotal. They surveyed over 1300 professed Christians across the country. Here’s what they found: __ __ Many CCCU members saw the politically motivated decisions that their former banks were making that were at odds with their Christian beliefs. CCCU also learned that many people switched from their banks over dissatisfaction with rates, fees, and poor customer service. But these were a statistical tie with the conflict with their personal beliefs. That means that alignment with Christian faith and values carries the same weight among Christians as bread and butter rates and fees. Christian Community Credit Union offers customers a way to address both of those concerns. They are unapologetically Christian and have been following Christ followers for more than 65 years. We are unapologetically Christian. Learn more at JoinChristianCommunity.com http://joinchristiancommunity.com/. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ RESOURCES MENTIONED: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
James 4:13 and 14: A lot of folks are feeling uneasy about the future. How many more interest rate hikes can the economy take before sliding into recession? And what about the rollercoaster stock market? Well, if you don’t know what the future holds, it just means you should prepare and set certain priorities for managing your money. We’ll share some of them now. Not all will apply to you, but there’s probably something here for everyone. MONEY MANAGEMENT PRIORITIES 1. TACKLE THAT DEBT. First, if you’ve been procrastinating about getting out of debt, now’s the time to buckle down and do something about it. Interest rates on credit cards and variable rate loans like HELOCS have risen dramatically, so make paying down consumer debt an absolute priority. You can avoid the sting of rising credit card interest by contacting Christian Credit Counselors. They have pre-negotiated agreements in place with credit card issuers to lower your interest rates, and you can take advantage of them when you sign up for a debt management plan. They’ll help you get rid of credit card debt 80% faster than trying to do it by yourself. You can get more information at ChristianCreditCounselors.org https://www.christiancreditcounselors.org/. 2. RE-ADJUST YOUR BUDGET. We say “re-adjust” because you’ve probably already tweaked your spending plan to allow for last year’s breathtaking inflation. But even though we’re told inflation has fallen to below 4%, food prices have increased close to 7% over last year. So check to see where you’re overspending and make adjustments. By the way, if you haven’t downloaded the FaithFi app https://app.faithfi.com/ yet, this is a great time to do it. It offers three different ways to budget your money and provides the best biblically-based financial content on the web. So download it today. You might also have to add money to your housing category. Lenders are raising monthly mortgage payments to accommodate higher property taxes. Those tax hikes are the downside of rising property values, which are only on paper. Property tax increases are quite real, however, so you have to account for them. Now, you’ll probably need to make up for these higher costs, and you can do that by shopping more carefully. Take advantage of weekly sales and coupons at the grocery store. For online purchases, use an app like Honey https://www.joinhoney.com/ or Capital One Shopping https://capitaloneshopping.com/ to find the best deals and coupon codes. Now, if you’ve done all that and find you now have a few extra dollars, don’t throw a party. Use the extra cash to … 3. BEEF UP YOUR EMERGENCY FUND. If you don’t have an emergency fund, that’s your number one priority now. You’ve got to start putting money away for unplanned expenses, or you’ll always be forced to borrow and go into debt when they occur. Open a savings account at an online bank to get the best interest rate, and start tucking away something from every paycheck. Set a goal of $1500. Then one month’s living expenses. Eventually, you want to have 3 to 6 months’ worth of living expenses. That way you’ll be able to ride out a job loss or medical condition that prevents you from working for a time. 4. DON’T LET INTEREST RATES KEEP YOU FROM BUYING A HOME - IF - YOU’RE READY. If you’re a prospective homebuyer, especially if you’re looking to purchase your first home, don’t let current interest rates scare you away. But again, that’s IF — and ONLY if — you’re in a good financial position to buy a home. What does that mean? You should have 20% saved for a downpayment to avoid private mortgage insurance. You also need to work up a budget that reflects your total housing costs, including your mortgage. It should not exceed 25% of your take-home pay. That will show you how much house you can afford within that budget. Stick to that number. Many lenders will be willing to loan you more than that number, but don’t get carried away. Keep your payments within your budget, not the bank’s. 5. IF YOU’RE CONSIDERING SWITCHING JOBS, NOW MAY BE THE TIME TO DO IT. Employment remains relatively strong, but monthly job creation numbers are starting to come in below expectations. That tells us two things: First, if you’ve been planning to look for a new job, do it now while the economy is still creating jobs. And second, if you plan on staying where you are, do what you can to increase your skill set to make yourself more productive and valuable to your company. It’s always a good time to do that — but now especially. Ask the boss for an opportunity to do more and be willing to take on new assignments. So those are your priorities for the uncertain times we live in. We hope you’ll find them useful. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
The National Association of Realtors reports that in the first quarter of 2023, home prices actually rose in 7 out of 10 metro markets around the country. That happened even as the Federal Reserve continued to raise interest rates, pushing the average mortgage rate to nearly 7%. This isn’t how things typically work. When mortgage rates increase, prospective buyers typically bow out, resulting in fewer sales, which then causes prices to fall. That’s Economics 101. When demand falls, so do prices. But that’s not happening, partly because demand is not falling. Prospective home buyers have apparently gotten used to the higher rates and are staying in the hunt. Meanwhile, prospective sellers are shying away from listing their properties because they don’t want to pay those higher rates when financing their next home. The net result is that inventory or supply remains low, and with demand steady, prices will stay up. SO WHAT CAN YOU DO ABOUT IT? How do you buy a home in this market without breaking your budget? Start by not “going it alone.” Interview at least three real estate agents and pick the sharpest one. You want someone with a track record of helping folks buy homes in the neighborhood of your choice and who’ll stay on top of new listings. You or your agent may want to make a list of the other real estate agencies in your area and make frequent calls to them, checking to see if they’re working on potential houses that haven’t been entered into the Multiple Listing Service yet. You might be able to make an offer before a house hits the market. But be ready to make a quick decision. You also want to get pre-approved for a mortgage before you set foot in the first house on your list. That’ll give you a leg up over the competition that hasn’t bothered to look into financing. But understand that the lender will likely approve you for a bigger mortgage than you’ll be comfortable with. Work up an estimated budget that allows 25% or less of your take-home pay for housing expenses. Also, you have to realize that in this market, buyers can’t be choosers. The goal is to find an affordable home that meets your needs, not your dream house. Be flexible with your “must haves” and be willing to make changes. Location is probably the most important thing to hold out for. Other things, like a finished basement, you can do later. Here’s one that should go without saying: Don’t bother trying to lowball a seller. With most homes selling near the asking price these days, making an offer well below that won’t get you anywhere. To be competitive, you’ll have to come in very close to the asking price, if not a little above. Here again, your agent can help you come up with a realistic opening offer. It’s happening less and less these days, but you could find yourself in a bidding war where emotions can run high. You’ll need to keep your wits about you or you’ll find yourself with a fat mortgage payment and eating a lot of Spam. Know the absolute upper limit of what you can spend and have the discipline to stop there. And don’t try to put a lot of conditions on your offer. Sellers aren’t in the mood to throw in a major appliance or give you a new roof allowance if you feel the house might need one. You have to keep the seller’s interests in mind. For example, agree to a closing date of the seller’s choice, not yours. And one final thought: You might consider doing nothing. That means waiting until the market moderates even further. Don’t expect home prices to fall significantly in the future, but eventually, inventory should catch up with demand and you’ll have less competition. You definitely should wait if you haven’t saved up 20% for a downpayment yet. There’s no sense in adding the cost of private mortgage insurance to your mortgage payment, which is likely to be high to begin with. PMI is required if you can’t put 20% down, and it could run as high as $70 a month for every $100,000 you borrow. It only protects the lender in case you default. It has no value for you at all. So those are some tips for surviving a seller’s market. We hope you find them useful. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ RESOURCES MENTIONED: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
The financial group Thrivent actually does an annual Boomerang Kids Survey. The latest one, just conducted in May, found that have an adult child currently living with them. The three most common reasons given for this were: __ __ No doubt the disruptions caused by COVID have also contributed to the boomerang kid boom, even though employers were desperate for workers in the later stages of the pandemic and employment relatively strong. Now, an adult child living at home in and of itself may not be a big drag on parents’ finances, if you’re only providing what’s called “three hots and a cot.” It’s when you start picking up the tab for their smartphone, student loans, and car payments that things can get out of hand in a hurry. Many parents are willing to help their kids even to the point of their own detriment, even when it jeopardizes their retirement. In a brand new Bankrate survey https://www.bankrate.com/personal-finance/financial-independence-survey/, around half of parents said they’ve sacrificed emergency savings and debt payoff efforts to help their adult children. And 43% said they’d tapped into retirement savings to help their kids. This inability to cut the financial umbilical cord can have a detrimental impact on both parents and children. The kids may begin to expect regular financial handouts and become dependent on them. So, what to do about it? Well, first is realizing that you do something about it. You don’t want to have an adult child living at home unless there are mitigating circumstances, such as caring for you if you’re disabled. Proverbs 10:4 reads, As parents, we always want to help our children. But at the same time, we don’t want to encourage our children to have “a slack hand.” Finding the dividing line between helping and hurting can be difficult, and that often leads to tension when spouses disagree on where one ends and the other begins. But it doesn’t have to be a question of throwing your kid out on the street or breaking your budget. You can take on this challenge gradually. First of all, you need to set a non-negotiable requirement. Your boomerang child must have a job and be earning income. The type of job isn’t important. Set a deadline. For example, “Moving out day is 2 months from now if you’re not working yet.” There are plenty of jobs available, so this shouldn’t be a problem. Once your boomerang kid is earning money, you can sit down with him or her and set up a budget and a financial plan. First and foremost in that plan will be saving to get their own place. You need to impress upon the child the need to live one’s means so that you can save. It’s the key to all future financial success. You can offer to match your child’s savings—— to accelerate the process. You want your child to save for an apartment, but also to save for emergencies. Their budget must allow for that once they’re on their own. Otherwise, something will come up like a job loss or major car repair, and they’ll be borrowing from you or moving back in. Of course, all of this is much easier if you are a financial role model. There’s no better way to teach your children about wise money management than by showing them how you do it. Proverbs 22:6 tells us, It’s never too late to start teaching your children financial responsibility. And when you do, your boomerang child can once again leave your hand, this time, successfully. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
Some folks question whether it’s okay to ask God for financial help. So first off, let’s dispel the notion that God doesn’t care about your money or that it’s wrong to pray about your finances. Nothing in the Bible says that. If it’s important to you, it’s important to God. He wants to be a part of your life — your whole life. I John 5:14 says, “This is the confidence we have in approaching God: that if we ask anything according to his will, he hears us.” Now, there are two key points in that verse. First, you can ask God for anything. Second, He will hear your prayer … if it’s according to His will. That’s where things get a bit trickier. How do we know what God’s will is for us, so that we can ask for things within it? It’s critical to understand that throughout the Bible, God promises to meet your needs, not necessarily your wants and desires. If you feel a prayer has gone unanswered, you might be mistaking a need for a want. So let’s make sure we understand the difference. A home and roof over your head is a need. A want could be a four-bedroom house with 3 ½ baths, a downstairs rec room, a three-car garage, and a jacuzzi. Now, there’s nothing intrinsically wrong with any of those things if it’s God’s plan for you and your family. Every circumstance is different and God’s plan for every family is different. The key is to find His will for your life and to learn to be content with what He provides, even when you see others in the neighborhood with more. 1 Timothy 6 tells us, “Now there is great gain in godliness with contentment, for we brought nothing into the world, and we cannot take anything out of the world. But if we have food and clothing, with these we will be content.” Notice the Apostle Paul isn’t even asking for a house, just food and clothing so he can continue to bring the Gospel to the Gentiles. We’re not saying you should take a vow of poverty and head into the mission fields, we're just trying to give you perspective. Contentment and gratitude are important because God owns everything and He is our ultimate provider. John 3:27 says, “A person cannot receive even one thing unless it is given him from heaven.” We are simply His stewards, and as such, we’re expected to manage His resources according to His principles. If you’re not doing that, it’s a good place to start improving your financial picture. Otherwise, how can you expect God to provide more? 1 Corinthians 4:2 reads, “Moreover, it is required of stewards that they be found trustworthy.” Something else to keep in mind, God’s plan for you may only be for a season. He may someday give you a big raise or make you the head of the company you work for or send you to the mission field. You must practice patience and wait on the Lord. God is always faithful to meet our needs. He doesn’t delight in your struggles. Paul says in Romans 8:32, He who did not spare his own son, but delivered him up for us all, how will he not also with Him freely give us all things? Okay, now you know the importance of praying within God’s will, is there anything else to consider? Yes, there is. If you’re really struggling to keep a roof over your head and food on the table, it could be that God plans to meet your needs through the abundance of a fellow Christian. He gives abundance to some, so they can share with people in need, and by doing that, His love and glory are demonstrated to an unbelieving world. Paul writes about this in 2 Corinthians 8:14: “... At the present time your plenty will supply what they need, so that in turn their plenty will supply what you need.” That means that if you struggle with an unmet need, let your church family know about it. You’ll have to set aside your pride, but God will be glorified as your needs are met through the church family. Present yourself and your needs with humility to your church leaders and be grateful for whatever course they decide. God has not abandoned you or overlooked your needs. His plan is to provide for you in a way that meets your needs — all according to His will. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
Okay, it’s time for some true confessions about your giving. Has your electronic donation at church every Sunday become a bit automatic? Or, perhaps you’re struggling financially right now, so you’ve reduced your giving and you’re feeling a bit guilty. Then again, perhaps decisions about how much and where to give are causing tension in your marriage, so you end up dreading those conversations. There are so many ways our generosity can become stale and un-joyful. If that’s the case for you, it’s time for a renewed perspective, and we’re going to help you with that. BIBLICAL GENEROSITY Let’s begin by remembering that Christian generosity is different from the world’s idea of generosity. Giving that honors God is not about showing off, or improving our self-esteem, or even getting buildings named after us. Ultimately, Christian generosity is different because we serve a different master. As it says in Ephesians 5:1, “…be imitators of God, as beloved children. And walk in love, as Christ loved us and gave himself up for us, a fragrant offering and sacrifice to God.” Because of love, Jesus gave his life on the cross for us, and we imitate him when we are radically, sacrificially, and joyfully generous. Another thing to remember about giving is that sometimes the action needs to precede the feeling. In other words, even if you don’t feel joyful about giving sometimes, keep doing it anyway because generosity pleases the Lord. Ask Jesus to guide you as you give in faith, and the joy will come. Here’s another way to renew your perspective on generosity: Cultivate a biblical attitude about your giving. God’s word says our giving should be secret, open-handed, cheerful, loving, and sacrificial. Let’s look at those attitudes more closely. First, giving should be secret, not showy. That way, the glory goes to the Lord, not to the giver. Jesus admonishes his followers in Matthew 6 to “Be careful not to do your ‘acts of righteousness’ before men, to be seen by them. But when you give to the needy, do not let your right hand know what your left is doing, so that your giving may be done in secret.” Second, giving should be open-handed, not stingy. 2 Corinthians 9:6-7 says, “Whoever sows sparingly will also reap sparingly, and whoever sows generously will also reap generously.” Remember, what we have is not our own. It all belongs to God, whether it’s time, talent, or treasure. So, we can always afford to be generous, because God is our provider. Third, giving should be cheerful, not reluctant. The passage in Second Corinthians goes on to say “Each man should give what he has decided in his heart to give, not reluctantly or under compulsion, for God loves a cheerful giver.” Having a cheerful attitude about giving might be a challenge. You may have to ask God to change your heart in this area. Believe me, he will do that, because a cheerful attitude towards giving is his desire for you. Fourth, giving should come from love, not obligation. Giving that glorifies God springs from love for God and our neighbor. That love isn’t something you can produce…it’s a work of the Holy Spirit in you. Finally, giving should be sacrificial, not necessarily convenient. Sacrificial giving makes us more like Christ. Second Corinthians chapter 8 verse 9 says, “For you know the grace of our Lord Jesus Christ, that though he was rich, yet for your sakes he became poor so that you through his poverty might become rich.” Sacrificial giving is a testimony that we trust God to meet our needs while we meet the needs of others. To recap here, giving that honors God and fills us with joy from the Holy Spirit will be secret, open-handed, cheerful, loving, and sacrificial. And believe me, there are spiritual benefits to cultivating these attitudes and actions. Most importantly, God gets the glory. John 3:21 says, “Whoever lives by the truth comes into the light, so that it may be seen plainly that what he has done has been done through God. As Christ-followers, we long to be more and more like our Lord Jesus as we walk with him each day. But sometimes you may still find yourself giving with a reluctant spirit, or because you feel guilty, or out of a desire to earn the admiration of others. If that’s the case for you today, ask Jesus to change your heart. Pray for the Holy Spirit to guide you as you practice Christian generosity, knowing that God will provide for your needs and the needs of others through you. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS: __ __ RESOURCES MENTIONED: __ __ Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network https://www.moodyradio.org/programs/faith-and-finance/ as well as American Family Radio https://afr.net/podcasts/faith-finance/. Visit our website at FaithFi.com https://www.faithfi.com/where you can join the FaithFi Community, and give https://faithfi.netviewshop.com/donate2 as we expand our outreach.
