In Mark 10:7, Jesus tells us, *“A man shall leave his father and mother and hold fast to his wife, and the two shall become one flesh.”* But does *“becoming one”* extend to the checkbook? Should husbands and wives have joint or separate bank accounts? Let’s explore this question and see if the Bible says anything about it.

__What Does the Bible Say About Joint Finances?__

The Bible doesn’t specifically address joint or separate bank accounts, as their banking looked much different than our modern system today. However, Scripture provides timeless principles that guide financial unity in marriage:

__1. Marriage Is About Oneness__

In Mark 10, Jesus emphasizes that marriage involves two becoming one. While spouses remain individuals, marriage is a partnership requiring trust, openness, and communication—qualities that are essential for managing finances together.

__2. Promote Transparency and Trust__

Joint accounts can foster financial transparency and eliminate the temptation for hidden spending. They encourage couples to avoid a “mine” and “yours” mentality, aligning with the biblical principle of unity.

__3. Avoid Division in Financial Management__

Separate accounts can complicate money management. For example, you might face cash flow issues if one account is short while the other has surplus funds. Joint accounts simplify tracking expenses and meeting obligations, reducing potential stress.

__Why Financial Unity Matters__

Some couples argue that one spouse might handle the grocery budget while the other manages larger financial decisions through separate accounts. However, this approach can lead to problems:

- __Lack of Awareness:__ One spouse may remain uninformed about the family’s overall financial health, creating difficulties if something happens to the other.
- __Missed Communication Opportunities:__ Regular money conversations build mutual understanding and accountability, ensuring both spouses are on the same page.

Scripture underscores the importance of unity in decision-making. Amos 3:3 asks, *“Do two walk together unless they have agreed to do so?”* Financial unity reflects God’s design for marriage as a partnership built on trust and shared goals.
#### 
__Practical Steps for Financial Unity__

If you’re transitioning to joint accounts or considering how to manage money as a couple better, here are some tips:

__1. Start a Monthly Money Date__

Set aside time to review your budget, discuss goals, and address concerns. These “money dates” keep communication open and help you align your priorities.

__2. Build an Emergency Fund Together__

A shared emergency fund protects your family from financial shocks and reinforces your commitment to mutual goals. Aim for three to six months’ worth of expenses.

__3. Use Tools to Simplify Budgeting__

Tools like the [FaithFi App](https://www.faithfi.com/manage) can help couples manage finances collaboratively, offering transparency and clarity about income, spending, and saving.

__Biblical Wisdom for Financial Oneness__

God’s Word offers timeless wisdom for every aspect of marriage, including finances. Ephesians 5:21 instructs, *“Submit to one another out of reverence for Christ.”* This mutual submission applies to all areas of marriage, including how you manage God’s resources.

By embracing financial unity, couples reflect the oneness God intends for marriage. Whether through joint accounts, frequent money conversations, or shared goals, striving for unity in finances strengthens both your marriage and your walk with Christ.

__As you consider whether to have joint or separate bank accounts, remember that the goal is unity—not just in finances but in every area of your marriage. Take time to pray, communicate openly, and align your financial decisions with biblical principles. Together, you can honor God and steward His resources wisely.__

You can also __[listen](https://www.faithfi.com/search?q=Separate%20Bank%20Accounts?&videos=true&articles=true&podcasts=true&posts=true&groups=true&events=true&support=true)__ to a related podcast on this topic.

FaithFi

Articles

Does “becoming one” extend to the checkbook? Let’s explore this question and see if the Bible says anything about it.

Should Christian Couples Have Joint or Separate Bank Accounts?

__This blog is a follow-up to the *[3 Church Leadership Conversations on Giving](https://www.faithfi.com/christian-stewardship-network/3-church-leadership-conversations-on-giving-6682) * as effective giving conversations are also crucial for the health of the church and its members.__

Church leaders talk about financial matters all the time, and it is not uncommon for these conversations to be focused primarily on the progress toward your giving goals. For an effective financial stewardship strategy that starts at the top, expand your financial discussions to include the topics that affect your givers.
### 
__Giving Conversation #1: The Spiritual Benefits of Giving__

Leaders know the connection between giving and discipleship. They know that learning to trust God with our money is a major component of our spiritual journey. But not all your members know this.

Churches would do well to discuss them holistically, with stewardship focusing on managing one’s time, talent *and* treasure, and generosity focusing on the heart and its willingness to help rather than simply on dollar amounts.

This means teaching that:

- __*Obedient owners* __think of the tithe (10%) as the only part of the believer’s money that God cares about, but __*love-inspired stewards* __see everything they have as God’s and give him total authority over 100% of it.
- Giving is between the individual and God, not the individual and the church. Giving to the church is not a membership fee. Tithes and offerings are given __*to*  __God __*through* __the church. Not __*to*__the church to meet its “needs.”
### 
__Giving Conversation #2: The Importance of Stewardship__

Stewardship refers to the responsible management of resources, including financial resources. Many churches offer courses on responsible financial management, but we’re seeing a growing interest around creating a specific program for their church to proactively include stewardship training as a core concept for assimilating new members and educating existing ones. It would include, of course, #1 above.

__Giving Conversation #3: Transparency and Accountability About Gifts__

It’s becoming common for people to express concern about financial transparency and call for greater accountability in churches and nonprofits. They want to know that their donations are being used responsibly.

This is not unreasonable considering public awareness of fraud, extravagant buildings and expenses, and some highly paid pastors. However, sometimes the pendulum swings unreasonably far to an extreme, and donors don’t want to support legitimate operational expenses. Instead, they want all their donations to go to mission recipients.

This gives churches both a responsibility and opportunity to show that the members themselves, and the community, are recipients of ministry resources, teaching, support, an environment to gather, worship and serve, and a staff to manage all of that…all of which are funded strictly by donors’ generosity.

Expanding your discussions with specific details on the results of member generosity is a good starting point for incorporating this transparency. We also recommend engaging members in the giving moment and through personalized acknowledgments that provide immediate insight into the impact of their gifts, delivering the desired accountability and even inspiring ongoing generosity.

We teach church leaders the biblical perspective on finances.

Christian Stewardship Network

Blog

What should be the most important giving conversations that your pastors should be having with you as a church member?

3 Giving Conversations to Have with Members

__Thanksgiving is always a great time of year to count our blessings and give thanks, but sometimes fear and anxiety can get in the way, especially over money.__

Do you ever find yourself in the “one-day” mindset, believing that “one day I’ll be out of debt,” “one day I’ll have enough money,” “one day I’ll be able to stop worrying about my investments,” or “one day I’ll finally be able to relax”?

We yearn for contentment, hoping to find it someday, but is it possible to experience contentment in every moment of every day? According to the Apostle Paul, it is indeed possible. Our mistake lies in seeking contentment in the wrong places.

When our contentment depends on our circumstances, it will always be temporary because circumstances constantly change. During his lifetime, the Apostle Paul went from worldly success to the depths of poverty. He had been a well-respected Pharisee but became an imprisoned and impoverished follower of Christ. Despite all this, Paul writes in Philippians 4 that he had discovered the secret to contentment. It was not in his circumstances but in the person and work of Jesus.

He writes from verses 11-13, *“Not that I am speaking of being in need, for I have learned in whatever situation I am to be content. ​ I know how to be brought low, and I know how to abound. ​In any and every circumstance, I have learned the secret of facing  plenty and hunger, abundance and need. ​I can do all things through him who strengthens me." ​*

Paul experienced both plenty and want, and neither affected him because his contentment was based on something far beyond this world—his relationship with Christ. ​

Does this ability come naturally, suddenly appearing the day you pray the sinner’s prayer and accept Christ as Lord and Savior? That would be wonderful, but Paul stresses that contentment is a *learned* behavior. You have to work at it.

When we take our eyes off our circumstances and place them on God as Paul did, it changes our perspective. We begin to see that nothing in this world—not money, success, status, people, possessions, or a booming economy—will ever bring lasting contentment. Only a deep, personal relationship with Jesus can satisfy the longing in our souls.

Hebrews 13:5 encourages us to *“keep your life free from love of money, and be content with what you have, for he has said, ‘I will never leave you nor forsake you.’”*

Thankfulness is a crucial component of contentment. When you recognize what God has already done for you, the incredible provision and blessings He’s given you, you begin to form a heart of gratitude. Art Rainer likes to say, *“When you realize that you’re entitled to nothing, you become thankful for everything.”*

If you’re finding it hard to feel content in your current situation, practicing gratitude intentionally can help break through that negative mindset. It redirects your focus from what’s missing to what you already have, reminding you of God’s sovereignty and goodness. He has promised to provide, and He is always faithful to His promises.

__If you’re not feeling particularly thankful or content today, here are five practical steps to help improve your perspective:__

1. Make Gratitude a Daily Habit: Begin each day by listing three things you’re grateful for. This simple practice shifts your focus from what you lack to what you already have.
2. Bring Your Needs to God: Share your needs (not wants) with God, approaching Him with a heart of thankfulness. Acknowledge all He’s given you, and trust Him to continue providing for you in the future.
3. Find Contentment in Christ: True contentment is found in Christ alone. Reflect on Philippians 4:11-13, reminding yourself daily that Christ is sufficient for every need.
4. Appreciate the Present: Take a moment to savor the blessings around you. Stop striving for more, take a deep breath, and find joy in what you have right now.
5. Practice Generosity: Generosity puts gratitude into action and fosters contentment. Giving to others reminds us of our own abundance and the joy of sharing those blessings.

__If you’re struggling with financial fear and anxiety this season or know someone who is, I encourage you to get a copy of our 21-day devotional, *[Look At the Sparrows](https://www.faithfi.com/shop/sparrows)*. This devotional offers guidance and strength to help you find the path to contentment, no matter the circumstances.__

You can also __[listen](https://www.faithfi.com/search?q=The%20Path%20to%20Finding%20Contentment&videos=true&articles=true&podcasts=true&posts=true&groups=true&events=true&support=true)__ to a related podcast on this topic.

Thanksgiving is always a great time of year to count our blessings, but sometimes fear and anxiety can get in the way.

The Path to Finding Contentment

__Where are you on your generosity journey? Maybe you already give but wish to be one who reflects Macedonian-like generosity. Maybe you started giving out of obedience to God but desire a deeper love for generosity. Maybe you haven’t started giving but know generosity should be your next step of faith.__

Wherever you are, commit yourself to prayer. To get you started, here are a few suggested prayer points:

__1. Pray that God will help you appreciate and be content with the gifts He has provided.__

A lack of generosity is often found coupled with the presence of discontentment. Discontentment in material possessions, bank account balances, and standard of living often drives people to spend more and do more, reducing financial margin and generosity. Discontentment in resources also encourages a self-centered focus—“I don’t have; want and need”—rather than a focus on others—“They don’t have; they want and need.”

Hebrews 13:5 tells us where true contentment isn’t and is found—"Keep your life free from love of money, and be content with what you have, for he has said, ‘I will never leave you nor forsake you’” (CSB). 1 Timothy 6:6-7 provides a sobering reminder—“But godliness with contentment is great gain, for we have brought nothing into the world, and we cannot take anything out of the world” (CSB).

Use the two verses as your prayer guide. First, thank God for all the good gifts He has undeservingly provided you. Then, pray that you will cherish the place where true contentment is found and no longer place hope in material resources and statuses. Ask God to remind you of the momentary nature of all this stuff you desire. Pray that God will help you appreciate and be content with the gifts He has provided you.

__2. Pray that God will transform your heart into one that seeks to give first.__

Most of the world gives from their leftovers. They give others the scraps they choose not to use for themselves. After all the bills have been paid, all the needs have been met, and even after all the wants have been satisfied, they give.

The world’s giving is comfortable.

God asks us to do something different—to give our first and best. Proverbs 3:9 tells us to, Honor the Lord with your wealth, with the firstfruits of all your crops” (CSB). This prioritization of generosity means giving will not always be comfortable but sacrificial. The budget does not revolve around needs and wants. The budget revolves around generously giving to God and His mission. We wait to meet needs and wants, ensuring generosity.

Consider Proverbs 3:9 as you ask God to help you seek first the Kingdom of God in your finances. Pray that God will transform your heart to long to put Him first in your finances.

__3. Pray that God will open your eyes to the needs around you.__

There are needs all around you. But do you see them?

We are busy. We have things to do, people to see, and places to go. Most of us go through life so focused on what we need to accomplish that hour, day, week, or year that we miss the cries for help surrounding us. We miss the sick neighbor who needs someone to make her a meal. We miss the church member who lost a loved one and needs someone to mourn with them. We miss the friend who lost a job and could use financial help for a car repair.

Pray that God will remove the blinders preventing you from noticing the world around you. Pray that God will help you to hear the words that your neighbors, friends, and church members are telling you. Pray that God will allow you to focus on the one in front of you instead of the next item on your calendar. Pray that God will open your eyes to the needs around you.

__4. Pray that God will give you an eternal perspective on the resources you hold.__

In Matthew 6:19-21, Jesus tells us, “Don’t store up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal. But store up for yourselves treasures in heaven, where neither moth nor rust destroys, and where thieves don’t break in and steal. For where your treasure is, there your heart will be also (CSB).” God has provided us the opportunity to turn fragile and momentary resources into an eternal investment.

It is an astounding transformation. The deal is entirely unfair and only made possible through grace. Earthly treasures turn heavenly when we use them to impact eternity.

What eternal difference could the resources God provided make? How many will come to know God because you decided to put God first in your finances? What would happen if you viewed your finances through the lens of eternity?

Pray that you will stop seeing the resources God has given you through a momentary, finite lens. Pray that God will open your eyes to the eternal impact your resources could have. Pray that God will help you to focus more on heavenly treasures than earthly ones. Pray that God will give you an eternal perspective on the resources you hold.

__5. Pray that God will allow you to see lives changed through generosity.__

Biblical generosity can change lives for all of eternity. Biblical generosity feeds the hungry, clothes the naked, provides shelter for the homeless, cares for the orphan, lifts up the down and out, and heals broken marriages. But more important than all those things, biblical generosity showcases the love of Christ, hoping that they, too, will make Jesus Lord.

Pray for the recipients of your generosity. Pray that their physical needs will be met, but most importantly, pray that their spiritual need is met. Pray that God will allow you to see lives changed for all eternity through generosity.

__If you desire to live generously, commit yourself to prayer. Go to Him in faith today.__

__[Image](https://www.christianmoneysolutions.com/blog/5-prayers-for-those-who-desire-to-live-generously)__ used  with permission

You were meant for more. Your money was meant for more. You and your money are meant for an exciting, adventurous, and satisfying purpose. You were designed to live and give generously. And deep inside you know this and want this.

Christian Money Solutions

Generosity

Where are you on your generosity journey? Maybe you wish to be one who reflects Macedonian-like generosity.

5 Prayers for Those Who Desire to Live Generously

__If the Bible were written today and judged by what it says about money and possessions, it would never be published. If it were published, it would be mercilessly panned by its reviewers and not see a second printing.__

When it comes to money and possessions, the Bible is sometimes redundant, often extreme, and occasionally shocking. It turns many readers away, making it a hard sell in today’s marketplace. It interferes with our lives and commits the unpardonable sin—it makes us feel guilty. If we want to avoid guilt feelings, it forces us to invent fancy interpretations to get around its plain meanings.

We come to the Bible for comfort, not financial instruction. If we want to know about money, we’re more apt to read the *Wall Street Journal*, *Fortune*, *Forbes*, or *Money*. Let God talk about love and grace and brotherhood, thank you. Let the rest of us talk about money and possessions—and do whatever we want with them.

How could the Bible’s Author and Editor justify devoting twice as many verses to money (about 2,350 of them) than to faith and prayer combined? How could Jesus say more about money than about both Heaven and Hell? Didn’t He know what was really important?

When I was a pastor, I planned a three-week sermon series on money. I began by compiling a cross section of Bible passages. Every passage led to another and another. I quickly became convinced that God cares a great deal about our money—a great deal more than most of us imagine.

The sheer enormity of Scripture’s teaching on this subject screams for our attention. And the haunting question is, “Why?” Considering everything else He could have told us that we really want to know, why did the Savior of the world spend 15 percent of His recorded words on this one subject? What did He know about money and possessions that we don’t?

__Hitting Close to Home__

And what are we to think of all the current teaching on money and possessions that emphasizes what does not apply to us? Confident voices assure us that the Old Testament practice of tithing doesn’t apply to us, that the New Testament practice of sacrificial giving by liquidating assets and giving to the poor doesn’t apply to us, that the biblical prohibitions of interest and the restriction of debt don’t apply to us, that the commands not to hoard and stockpile assets don’t apply to us, and so on. It’s time to ask, “What does apply to us?”

Can we put Christ before all, deny ourselves, take up our crosses and follow Him ([Matthew 10:38](https://ref.ly/Matt%2010.38;esv?t=biblia); [Mark 8:34](https://ref.ly/Mark%208.34;esv?t=biblia); [Luke 14:27](https://ref.ly/Luke%2014.27;esv?t=biblia)), with no apparent effect on what we do with our money and possessions?

Sometimes more can be learned from the passages of Scripture we ignore than those we underline. No wonder C. S. Lewis called God “The Transcendental Interferer.” God has this annoying habit of stepping into our lives even when we’ve pulled in the welcome mat and bolted the door. The more we allow ourselves to grapple with these unsettling passages, the more we are pierced. Jesus wounds us with His words about money. Then, just when we think we’re healed, we run into another sharp passage, and God’s Word pierces us again. Our only options, it seems, are to let Jesus wound us until He accomplishes what He wishes, or to avoid His words and His gaze altogether by staying away from His Word. The latter option is easier in the short run. But no true disciple can be content with it.

You may be thinking, I’d rather not deal with these issues; I’m content with what I’m doing. But are you really content? I, for one, hate to live with that nagging feeling deep inside that when Jesus called people to follow Him He had more in mind than I am experiencing.

The fear of dealing with what God expects me to do with my money is exceeded by the fear of not dealing with it. I don’t want to stand before Him one day and try to give an answer for how I could call myself a disciple without ever coming to grips with money and possessions. Not when even a cursory reading of the New Testament shows this issue to be right at the heart of discipleship.

I must quickly add that for me the process of discovering God’s will about money and possessions has been exciting and liberating. My growth in financial stewardship has closely paralleled my overall spiritual growth. In fact, it has propelled it. I have learned more about faith, trust, grace, commitment, and God’s provision in this area than in any other.

I have also learned why Paul said, “God loves a cheerful giver” ([2 Corinthians 9:7](https://ref.ly/2%20Cor%209.7;esv?t=biblia)). I have found that cheerful givers love God and love Him more deeply each time they give. To me, one of the few experiences comparable to the joy of leading someone to Christ is the joy of making wise and generous choices with my money and possessions. Both are supreme acts of worship. Both are exhilarating. Both are what we were made for.

__What we do with our money will—and I choose these words deliberately—influence the very course of eternity.__

My study of this subject has reinforced the reality that we were made for only one person and one place. Jesus is the person and Heaven is the place. Our purpose should pervade our approach to money. If it does, the door will be unlocked to exhilarating Christian discipleship, where “following Christ” is not merely a comforting but meaningless cliché; instead it is an electrifying, life-changing reality.

I believe that most of the financial matters we typically discuss are on the fringes of what’s important, light years away from the core of the issue. We tend to focus on things that belong at the tail end of stewardship discussions, not the beginning. In effect we’re trying to install the gutters before we’ve laid the foundation and started the framing. We must realize that many of the things our society considers to be at the heart of financial planning (such things as insurance, the stock market, and retirement, for instance) never existed before the modern era and still don’t exist in much of the world. That doesn’t mean they’re wrong—only that they are secondary.

Advice about how to accomplish our financial goals is valuable only if the goals we set are biblically based and Christ-centered. It’s not only important to know how to get the canoe down the river, it’s also essential to know where the river is taking you.

Before we learn the fine art of building a sturdy boat or the skill of staying in the boat as we head down the rapids, we should make certain that our desired destination is really downstream rather than upstream. Because if it’s upstream, we would do better to get off the river altogether, forget the boat, and plot our course by land. It may be a harder trip, but isn’t the whole point to arrive at the correct destination?

__“Do not conform any longer to the pattern of this world, but be transformed by the renewing of your mind” ([Romans 12:2](https://ref.ly/Rom%2012.2;esv?t=biblia)). If we prefer to think as the world thinks about money and possessions, we needn’t change a thing. Conformity is as natural as swimming downstream. But if we’re committed to thinking about money and possessions as God does, it’s a different matter. We need to set aside the bookshelves and magazine racks filled with advice on how to make, spend, and invest our money and blow the dust off our Bibles. The Bible is the only book worthy of the title chosen by a popular financial counselor for his own book: The Only Investment Guide You’ll Ever Need.__

__[Image](https://www.epm.org/resources/2024/Oct/23/how-view-money-matter/)__ used with permission

Eternal Perspective Ministries, founded and directed by author Randy Alcorn, is focused on investing in what lasts for eternity, and helping others to do the same.

Eternal Perspective Ministries

If the Bible were written today and judged by what it says about money and possessions, it would never be published.

Why Does How We View Money Matter?

When it comes to purchasing a home, the traditional belief was that a 20% down payment was necessary. However, saving up that much can be tough, especially for [first-time homebuyers](https://movement.com/blog/2019/06/first-time-homebuyer-tips) or anyone looking to enter today's housing market quickly. This is where private mortgage insurance (PMI) comes into play, offering an alternative for borrowers who don't have a sizable down payment.

__What is private mortgage insurance, and why should I care?__

If you're like most Americans, you probably need to borrow money to buy a house. And if you're making a down payment of less than 20%, the lender needs to protect itself. Private mortgage insurance (PMI) is insurance that benefits the lender by protecting them in case you default on your future mortgage payments. But how do you, the prospective homebuyer, benefit from taking on private mortgage insurance?

By paying a monthly PMI premium, you can secure a mortgage and enter the housing market sooner than if you had to wait to save up for a full 20% down payment. It also can allow you to start building [home equity](https://movement.com/blog/2024/05/what-you-need-to-know-about-home-equity) and enjoy the benefits of homeownership immediately.


![](https://movement.com/getmedia/12cc7623-33e8-46ff-aa95-fd58eb6a7134/Pull-Quote-8.jpg)

## 
__Understanding how PMI works__

While PMI allows buyers to enter the housing market with a lower down payment, there is a downside. For a time, you'll have slightly higher monthly mortgage payments since you'll end up borrowing more initially. However, in most cases, PMI doesn't remain in effect for the entire loan term. Once your equity in the home reaches 20%, you can request to cancel PMI.

Before you fall in love with a home or settle on a home loan, it's important to speak with your loan officer about the PMI costs based on your unique financial situation. It’s equally important to understand the factors that determine how much you’ll pay for PMI.

__Factors that affect PMI costs__

- __*Type of residence:* __Whether you're buying a single-family home, condo or townhouse affects your PMI cost.
- __*Type of loan:*__ Conventional loans and government-backed loans have different PMI requirements.
- __*Loan term:* __Are you considering a 15-year or 30-year mortgage?
- __*Credit score:*__ A higher credit score typically results in lower PMI premiums.
- __*Interest rate:*__ This affects your overall mortgage payment, including PMI premiums.
- __*Down payment amount:*__ The more you put down initially, the lower your PMI.
- __*Loan-to-value (LTV) ratio:*__ A lower [LTV](https://movement.com/blog/2021/01/lowdown-on-ltv) generally results in smaller PMI payments.
- __*PMI type:*__ [Different types of PMI have varying costs and structures.](https://www.investopedia.com/mortgage/insurance/)
## 
__What will your PMI cost?__

Your PMI payment is calculated based on several factors. On average, PMI costs between 0.5% to 2% of the loan amount per year. For example, if you borrow $450,000, at a PMI rate of 1%, you would pay $4,500 annually or about $375 per month. Keep in mind this is an estimate, and your actual cost will depend on your loan amount, PMI rate and other factors. To get a clearer idea of your own PMI cost, use our [mortgage calculator](https://movement.com/resources/mortgage-calculator) to see how different loan amounts, interest rates and PMI rates might affect your monthly payments.
## 
__Common types of PMI__

There are different types of private mortgage insurance. Choosing the right one for you depends on your personal goals and home-buying situation.

- __*Borrower-paid mortgage insurance (BPMI):*__ You pay this premium as part of your monthly mortgage payment. Once you reach 20% equity, you can request to cancel BPMI.
- __*Lender-paid mortgage insurance (LPMI):*__ The lender pays the PMI upfront, but you may have a slightly higher interest rate. LPMI is not cancellable.
- __*Single-premium mortgage insurance (SPMI):*__ You pay a lump sum at closing to avoid monthly payments. Consider the effect on your cash reserves before choosing this option.
- __*Split-premium mortgage insurance:* __You pay part of the PMI at closing and the rest monthly, reducing your monthly obligation.

Note: Please check with your specific insurance provider for your personal situation. Additional costs and fees may apply.
## 
__Can you avoid paying PMI?__

The best way to avoid PMI is to make a 20% down payment. However, that’s not always feasible. Some government-backed loans, like [FHA loans](https://movement.com/products/fha) and [VA loans](https://movement.com/products/va-loans), have built-in PMI or insurance premiums. If you opt for a loan with PMI, look for one with cancellable terms, so you can remove PMI once your equity reaches 20%.

To remove PMI, you’ll need to request it in writing, and your lender will have eligibility requirements, such as but not limited to:

- Staying current on your mortgage payments
- No payments being more than 30 days late in the last 12 months
- Meeting the applicable loan-to-value (LTV) ratio
- Another option is [refinancing your loan](https://movement.com/loans), if you qualify, to eliminate PMI. Speak with your loan officer to determine which path is right for you.
## 
__Need More Info on PMI?__

[Private mortgage insurance](https://movement.com/blog/2020/12/everything-you-wanted-to-know-about-pmi-private-mortgage-insurance) helps homebuyers secure a loan with a smaller down payment, but it’s important to understand the types, costs and alternatives. If you’re ready to learn more about PMI or explore your mortgage options, contact a Movement Mortgage loan officer today.

[Or, if you're ready to get started, you can always apply online now.](https://movement.com/apply)

Note: Movement Mortgage is not affiliated, endorsed, or sponsored by the Department of Veterans Affairs or Federal Housing Administration or any other government agency.

__[Image](https://movement.com/blog/2024/10/what-is-private-mortgage-insurance-avoid-pmi)__ used with permission

When it comes to purchasing a home, the traditional belief was that a 20% down payment was necessary.

What is private mortgage insurance (and how can I avoid it)?

You may have heard of the Great Wealth Transfer—the massive shift in assets taking place as Baby Boomers pass their wealth on to future generations. What you may not know is that women are set to inherit the majority of this wealth. This trend presents a unique opportunity for women to shape a new legacy of generosity, stewardship, and impact.

__A Horizontal Transfer: Wealth Passing to Widows First__

While we often think of the Great Wealth Transfer as moving directly from parents to children, it’s often more of a horizontal transfer, with wealth first passing to widows before reaching the next generation. Because women typically outlive men by about six to seven years, they are the primary inheritors of private wealth before it’s eventually transferred to children or other beneficiaries. In fact, [studies](https://www.mckinsey.com/industries/financial-services/our-insights/women-as-the-next-wave-of-growth-in-us-wealth-management) suggest that around 70% of women will experience widowhood and inherit their husband’s share of their combined assets.

On top of inheriting from their spouses, many women will also receive wealth from their parents. Add in income from their own careers, and this creates a significant flow of wealth into women’s hands. With multiple streams of financial resources, women have the unique potential to shape a legacy that reflects their values, priorities, and faith.

Research by the management consulting firm [McKinsey and Company](https://www.mckinsey.com/industries/financial-services/our-insights/women-as-the-next-wave-of-growth-in-us-wealth-management) suggests that by 2030, just a few years from now, women are expected to control two-thirds of U.S. assets—an estimated $30 trillion. This unprecedented wealth transfer represents more than just financial power; it’s an opportunity for women to live out their natural inclination toward generosity. [Research](https://rbcwealthmanagement.com/en-us/insights/giving-more-than-money-how-women-are-changing-philanthropy) shows that women who inherit or accumulate wealth often prioritize giving back and supporting causes that align with their beliefs and passions.

__Three Key Factors for Generosity__

Generosity is more than an impulse—it’s a way of life rooted in intentionality. Three key factors contribute to a life of generosity: purpose, passion, and planning.

1. __Purpose__: A clear sense of purpose is essential for generous living. Research by [Women Doing Well](https://womendoingwell.org/our-story-our-research/) reveals that women with a high sense of purpose give significantly more—14% of their income on average—compared to those with a lower sense of purpose, who give around 9%. Purpose drives generosity because it clarifies values and inspires women to give in ways that reflect their deepest beliefs.
2. __Passion__: Passion is another powerful motivator for giving. It’s more than enthusiasm; it’s a deeply held conviction that often comes from personal experiences of pain, sacrifice, or suffering. When our hearts align with God’s, we begin to see what He sees and love whom He loves. Passion empowers women to give with courage, conviction, and compassion.
3. __Planning__: Finally, having a financial plan is critical for enabling greater generosity. Among aspiring givers, the two main obstacles to giving more were a lack of financial planning (53%) and a lack of passion (48%). Without a plan, the best intentions for generosity often remain unfulfilled. Creating a thoughtful, intentional plan allows women to steward their resources wisely and give in ways that align with their goals.
#### 
__Building a Foundation for Stewardship__

For women who may not have previously managed finances, inheriting wealth can feel overwhelming. That’s why preparation is essential. The foundation for responsible stewardship starts with understanding core biblical principles and spiritual disciplines—principles we emphasize here at [FaithFi](https://www.faithfi.com/).

A recent [study](https://womendoingwell.org/the-case-for-inspiring-generosity-among-women/) revealed the top three influences that shape women’s generosity:

- __A growing conviction that God owns it all__: 90% of women cited this belief as highly influential in shaping their approach to generosity.
- __Personal spiritual disciplines of Bible study and prayer__: 81% said these disciplines played a significant role.
- __Receiving Bible teaching on stewardship__: 76% pointed to stewardship teachings as a significant influence on their giving.

Building these foundations helps women view wealth not as their own but as a resource entrusted to them by God to be used for His purposes.

For married women who may not actively manage family finances, now is a great time to become more involved. Understanding and participating in family financial decisions is a valuable step in preparing for the future. Not only does this build confidence, but it also equips women to make wise, faith-centered financial decisions if they become the primary managers of their wealth.

__As women inherit significant assets in the years to come, they have the potential to reshape the landscape of generosity, faith, and stewardship. By embracing purpose and passion and planning and preparing spiritually and practically, women can create a lasting legacy of faith-filled generosity.__

You can also __[listen](https://www.faithfi.com/search?q=Women%20and%20the%20Great%20Wealth%20Transfer&videos=true&articles=true&podcasts=true&posts=true&groups=true&events=true&support=true)__ to the related podcast on this topic.

Women are set to inherit the majority of the wealth in the Great Wealth Transfer from Boomers--here's the opportunity.

How Women Will Lead the Great Wealth Transfer

__Have you ever looked at your financial situation and wondered, “How can I give when I am faced with such significant challenges? Where will the money come from?” Maybe you are living paycheck to paycheck, and the thought of giving away a portion of your income ties knots in your stomach. You feel that you need every penny just to pay the bills. You desire to give, but you don’t see how generosity is possible right now. You tell yourself, “I will be generous later, when either my income goes up or my expenses go down.”__

If you are church leader, you may have not only thought this, but ministered to congregants who are experiencing a similar battle. In the United States and beyond, many are facing financially difficult or lean times. The act of generosity seems impossible at the moment.

There’s a story in the Bible about a widow who gave during a time when resources were scarcer than most of us will ever experience. In 1 Kings 17:7-16, we find God instructing Elijah to acquire food and water from a widow. According to the Scripture, God had instructed this widow to give. This occurred during a drought, when food and water were very scarce.

After Elijah requested food and water, the widow explained she only have enough for one last meal for her and her son. The widow’s plan was to eat the food and die with her son. “Dire” does not comes close to describing her plight. Shockingly, Elijah encourages her to trust God and provide him the food anyway. Even more shocking, the widow does just that. Outside an act of God, this meant the widow and her son would soon die.

But an act of God is exactly what happened. The oil and flour in her jars, the necessary ingredients for bread, never went empty. After the widow provided food for Elijah, she found there was not just enough for her and her son on that specific day, but each day after as well.

This story is remarkable on many fronts, rich with lessons from which we can all learn. Let’s consider four generosity lessons we find from the story of Elijah and the widow.

__Lesson #1: It is God who calls us to be generous.__

Who called the widow to be generous? It is important to note that Elijah was not the one who initially directed the widow to give. It was God. 1 Kings 17:8-9 says, “Then the word of the Lord came to him (Elijah): ‘Go at once to Zarephath in the region of Sidon and stay there. I have directed a widow there to supply you with food.’” Notice the last part of verse 9. God had already directed the widow to give. Before Elijah ever interacted with the widow, God was already at work in this woman’s heart. He had already commanded her to be generous.

God has woven throughout Scripture numerous verses on generosity. And as one reads these passages, God’s command becomes clear—we are to live and give generously. He commands us to give, not because He wants something from us, but because He wants something for us. We are to live and give generously because God has designed us to do so. We were designed to reflect His generosity toward others. Therefore, a lack of generosity is a symptom of an underlying heart issue. It is true—what we do with our money reflects what we are doing with our heart. It is God who calls us to be generous.

__Lesson #2: Generosity is an act of trust.__

The story of Elijah and the widow demonstrates that giving is ultimately an act of trust in God’s promises and provision. In this story, when resources were scarce, the widow had to lean into God and trust Him. She had to distrust what her physical eyes were seeing and put her faith in the one who could not be seen.

Why would we give? We give because we know God has commanded us to do so, and we know God always directs us to do things that are for our good and His glory. We give because it tangibly demonstrates are trust in Him and not ourselves or our money. God wants us to lean into Him. He was us to trust Him. “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” (Proverbs 3:5-6, NIV). Generosity is an act of trust.

__Lesson #3: God delights in obedience when obedience isn’t convenient.__

We find another story of a widow who gave everything she had in Luke 21:1-4. In this story, we can read about Jesus’s reaction to such an act. Jesus watched people give large sums of money at the temple treasury. But it was not the large gifts that received Jesus’s attention. It was a widow who gave two coins. While these two coins were of relatively little monetary value, it was all she had. Jesus said it was the widow who gave more than anyone else. Why? Because, for God, amount sacrificed supersedes amount given.

When we choose to obey God during difficult times, it demonstrates our faith in Him. It says, “God, you are more important than any temporary discomfort or affliction that I may face. Your word goes before my human desire.”  We say Jesus place God’s plans above unimaginable torment in Matthew 26:42 as his crucifixion drew near: “He went away a second time and prayed, “My Father, if it is not possible for this cup to be taken away unless I drink it, may your will be done” (NIV). God delights in obedience when obedience isn’t convenient.

__Lesson #4: We should encourage one another to be faithful in generosity.__

While Elijah did not direct the widow to give, he did encourage her to trust God and be faithful in generosity. Elijah encouraged her to not be fearful but remember God’s promise and provision. For many church leaders, it can feel uncomfortable to encourage congregants to give when they are facing financially challenging times. But remember, it is not you who has directed them to give. It is God. And He is calling all of us to give, not because He needs the resources, but because He wants something even better for us. As a church leader, you are simply encouraging congregants to trust God and His Word. And this is good. We should encourage one another to be faithful in generosity.

The story of Elijah and the widow is a story of trust and faithful generosity. It challenges us in our Christian walk to place Christ first. And it challenges church leaders to continue pointing people to God’s faithfulness even during difficult times. It is a story from which we can learn many lessons.

__[Image](https://www.christianmoneysolutions.com/blog/4-generosity-lessons-from-elijah-and-the-widow)__ used with permission

Have you ever looked at your financial situation and wondered, “How can I give when I am faced with challenges?"

4 Generosity Lessons from Elijah and the Widow

__Long ago, I got in the habit of beginning many prayers with, “Heavenly Father, thank you for this day. Every day is a gift.”__

On most days, those words are a sincere expression of gratitude. However, I confess that some days they flow more out of habit than heart. Still, even on those days, I find them helpful. They put my perspective where it should be, helping me remember that life is short, tomorrow is not guaranteed, and every day really is a gift.

That reminder comes in other forms as well. Like news of a bad medical report for someone I know. And it doesn’t even have to be about someone I know personally. It could be a favorite author, actor, or musician.

So it was when I heard that Jonathan Clements, author of the October 2024 Sound Mind Investing newsletter [cover article](https://soundmindinvesting.com/articles/how-to-think-about-money), has terminal cancer. He’s one of my favorite financial writers. Iread his column regularly when he wrote for *The Wall Street Journal*. And I’vekept up with his work ever since he started his blog, *[Humble Dollar](https://humbledollar.com/blog/)*.

It was there, in a piece he wrote this past June, where I learned of his diagnosis. He said he “may have just a dozen okay months ahead of me.” The news set me back.

Like I said, I don’t actually know him, and yet I feel like I do. I’ve enjoyed and benefited from his writing for a long time.

Admirably, Clements is using his circumstances to help others. As always, he writes with honesty and authenticity, sharing that he now feels far more vividly the uncertainty we all live with. He knows his time is short, but he doesn’t know *how* short.  He wonders how extensive his medical needs will be, and how expensive.

He writes with humility, saying what a happy surprise it was to discover how little he regrets about the frugal life he has led. He *does* plan to check off a few bucket list items in the months ahead. However, he says, “Mostly what I feel is profound gratitude for the life I’ve had.”

He writes with an even stronger appreciation for just how difficult it is to manage risk, pointing out that we can *control* it but we can’t *eliminate* it. “I don’t want readers to obsess about risk. But I would encourage folks to build financially resilient lives and to avoid big assumptions about the future. Risk has now arrived for me, and it’s taken a form I never imagined.”

He writes with hope, wanting to live with a sense of purpose for as long as he can. “I do want the time ahead to be happy, productive and meaningful.”

Many of the steps he’s taking now are driven by his desire for his wife and adult children to be okay financially and emotionally. Wherever he can, he’s simplifying his finances. And there are a few items on his to-do list that he’d like to see completed for his wife’s benefit, like a bathroom remodel they discussed before his diagnosis.

I don’t know what Clements believes spiritually, although it was interesting to see him refer to Pascal’s wager in a recent post about risk.

__“As 17th century French philosopher Blaise Pascal saw it, it was logical to believe in God. If you believed and God didn’t exist, your religious devotion might cause you to miss out on a little earthly fun. But if God does exist and you don’t believe, the price is considerably higher.”__

Of course, I hope he believes.

*Humble Dollar* was a wonderful resource before Clements’ diagnosis, but his pieces carry even more poignancy now. Like a recent post about the nine reasons why he feels grateful. While a few of those reasons have to do with money, most are about family, doing work he believes makes a difference, and the many meaningful experiences he’s had — whether growing through adversity, seeing the beauty of the world, or now, having the time to contemplate his own death.

His situation serves as another reminder of the brevity of life. It’s a reminder to consider what our spouse’s situation may look like should we pass away first, and to do all that we can to put our affairs in order ([Isaiah 38:1](https://ref.ly/Isa%2038.1;niv?t=biblia)) — insurance and estate plans and all the rest.

More importantly, it’s a reminder to consider the state of our relationship with Jesus. Some of the most haunting words in all of Scripture are in [Matthew 7:21-23](https://ref.ly/Matt%207.21-23;niv?t=biblia). What Jesus wants most is for us to know Him and to be known by Him.

__Just as the Bible teaches us to live in a constant state of readiness for Jesus’ return ([Mark 13:32-36](https://ref.ly/Mark%2013.32-36;niv?t=biblia)), we would be wise to live with an awareness that life is fragile, and to remember that every day is a gift.__

__[Image](https://soundmindinvesting.com/articles/every-day-is-a-gift)__ used with permission

Since 1990, do-it-yourself Christian investors have relied on SMI for proven strategies and trustworthy guidance.

Sound Mind Investing

Faith and Finance

Long ago, I got in the habit of beginning prayer with, “Heavenly Father, thank you for this day. Every day is a gift."

Every Day Is a Gift

__Money is a frequent topic in the Bible, with over 2,300 verses related to wealth, possessions, and stewardship. From Genesis to Revelation, God provides us with guidance on how to view and manage our resources, warning us of the potential pitfalls of wealth and highlighting the blessings of wise stewardship. But despite this wealth of biblical wisdom, some common myths and misconceptions about money still persist, even among believers. These unbiblical beliefs can lead us away from God's design, causing anxiety, fostering greed, and promoting a scarcity mindset instead of the abundance found in a relationship with Christ.__

Let’s examine five common myths about money and discover what Scripture actually says about how we’re called to handle the resources God entrusts to us. By dispelling these beliefs, we can better align our hearts with God’s truth and embrace a healthy, godly perspective on wealth.

__1. The “I Win, You Lose” Belief__

A pervasive myth in society is that wealth is a zero-sum game—if one person has more, it means someone else has less. This view treats money as if it’s always scarce, creating a mindset of fear and anxiety. However, this assumption overlooks the character and power of God.

Scripture reminds us that God is a generous Father, the *“owner of cattle on a thousand hills”* (Psalm 50:10). His provision is limitless. When Jesus feeds the 5,000 with just five loaves and two fish, not only is there enough but there are 12 baskets left over (Matthew 14:13-21)! God’s economy is one of abundance, not scarcity. By trusting His provision, we can break free from the fear that others’ gain means our loss.

__2. “Building Wealth is Selfish”__

Many believe that accumulating wealth is inherently selfish, but the Bible tells a different story. God encourages wise stewardship and building wealth—not for hoarding, but to bless others and further His Kingdom. Proverbs 13:11 highlights the value of careful financial growth: *“Wealth gained hastily will dwindle, but whoever gathers little by little will increase it.”*

God wants us to manage our finances wisely, which enables us to be generous. With God’s guidance, we can earn, save, and invest, allowing us to share with those in need. In God’s hands, wealth becomes a tool for blessing, not a measure of personal worth.

__3. “More Money Equals More Happiness”__

It’s easy to fall into the trap of believing money will bring contentment or happiness. Yet, as Dave Ramsey puts it, *“More money will not make you happier; it will only make you more of what you already are.”* Ecclesiastes 5:10 drives this point home: *“Whoever loves money never has enough; whoever loves wealth is never satisfied with their income.”*

The truth is contentment isn’t tied to our bank account but to our relationship with God. Paul expresses this in Philippians 4: *“I have learned the secret of being content in any situation... I can do all things through Him who gives me strength.”* Fulfillment comes not from what we have but from Who we belong to.

__4. “Ten Percent Belongs to God”__

Many Christians live by the idea that only ten percent of their income belongs to God. While the subject of the tithe is a matter of debate among Christians today, what matters most is the heart behind it. The mindset that says, *“Ten percent is God’s, and the rest is mine,”* is dangerous because it assumes that what we have and what we earn belongs to us in the first place. It turns our generosity into a matter of pride. We think, “The more I give, the better Christian I am.”

However, when we see things in their proper perspective, we understand that God owns it all, and our living and giving become a humble response to His generosity. As Deuteronomy 10:14 states, *“Behold, to the Lord your God belong heaven and the heaven of heavens, the earth with all that is in it.”* When this truth guides our worldview, our giving becomes a joyful response to His generosity. Like David, we can pray, *“Who am I, and who are my people, that we should be able to give as generously as this? Everything comes from you”* (1 Chronicles 29:14).

__5. “If I Give More, God Will Give Me More”__

One last dangerous belief is the idea that giving more will directly lead to receiving more money from God. While it’s true that God blesses obedience, His blessings aren’t limited to financial gain. They come in various forms—wisdom, opportunity, deeper relationships, discernment, peace, and more.

The notion that giving equates to getting is a form of spiritual manipulation. Instead, the Bible calls us to give out of love and gratitude, not for gain. Jesus taught that true treasure is found not in earthly riches but in spiritual abundance (Matthew 6:19-21).

__Embracing Biblical Wisdom About Money__

The world is filled with lies about money, but God’s Word provides us with truth that leads to freedom and peace. When we allow Scripture to shape our understanding, we learn that money is a tool—not a master or a measure of our worth. God calls us to approach our resources with humility, gratitude, and a generous heart, seeing every blessing as an opportunity to reflect His love and character.

By rejecting these common myths and following biblical principles, we can handle our finances with confidence and wisdom, knowing that God ultimately provides for us. Instead of being enslaved by a desire for more or held back by fear, we find freedom in using our resources to honor God’s purpose for our lives. As we steward what He’s entrusted to us, we are positioned to bless others, impact our communities, and participate in God’s Kingdom work.

__Ultimately, true wealth isn’t about accumulating possessions but investing in what lasts for eternity.__

You can also __[listen](https://www.faithfi.com/search?q=5%20Money%20Myths%20Christians%20Should%20Stop%20Believing&videos=true&articles=true&podcasts=true&posts=true&groups=true&events=true&support=true)__ to a related podcast on this topic.

By dispelling these beliefs, we can better align our hearts with God’s truth and embrace a healthy, godly perspective.

5 Lies We Believe About Money (And What the Bible Really Says)

Credit cards have become ubiquitous. For most people, they are a common method of paying for purchases. There are certainly no biblical prohibitions against the use of credit cards. However, let’s examine credit cards more closely through a filter of good stewardship.

#### The benefits of credit cards

As regular credit card users know, there are many practical benefits. Topping the list are the points that can be used for airline tickets, hotel stays, car rentals, and more. At CCCU, for every dollar in purchases with its CUrewards card, a portion even goes to missions and ministry projects.

Using a credit card is also a very secure way of making purchases. If someone stole your wallet, any cash inside would likely be taken. If a thief used your *debit* card and made a fraudulent purchase, that money would come out of your checking account. While most debit cards have zero liability policies that should ultimately lead to the money being replaced, as you wait for the resolution of your claim, your account will be missing that money, which may make it hard to pay your bills.

With a *credit* card, a fraudulent purchase won’t hit your checking account; it’ll hit your credit card statement. You’ll have time to file a dispute before the bill comes due.

#### One credit card caution and a solution

Studies have shown that people tend to spend more when using a credit card than when using cash. The transaction feels more abstract, making you less hesitant to spend than if you had to pull dollar bills out of your wallet. However, if you follow these four “rules of the road” for the wise use of credit cards, you should be able to use them without overspending.

- Use a credit card only for pre-planned, budgeted items. In an ideal world, you would have a budget that enables you to live within your means. In your plan, portions of your income are allocated to giving, saving, investing, and spending on everything from food to clothing. If you have $50 allocated to clothing each month, you can charge $50 worth of clothing each month.
- Track your use of a credit card as you use it. When you make a purchase with a credit card, you won’t need to actually pay for the purchase until later when you receive your credit card statement. A common way people get in trouble with credit cards is they don’t keep track of their charges. Then, when they receive their statement, it can be surprising how much they owe. It is far better to track your use of a credit card as you make purchases. If you charge $50 worth of clothing, that comes out of this month’s clothing budget. If you use a manual budgeting system, like a paper & pencil system or a spreadsheet program, you’ll have to remember to account for such spending. If you use an online budgeting tool, it will automatically capture your credit card purchases and attribute them to this month’s budget. You’ll just have to make sure those purchases are categorized correctly.
- Pay your balance in full each month. Credit card interest rates often exceed 20 percent, which is why it’s essential to avoid carrying a balance from month to month. If you’re unable to pay your bill in full each month, that may mean you’re not properly tracking the use of your credit card as you make purchases.
- If you can’t follow the first three rules, don’t use credit cards. The apostle Paul pointed out that while all things may be permitted, not all things are constructive or beneficial. Biblically speaking, using a credit card is permitted. Whether it’s constructive or beneficial depends on how you use the card.

[Click here](https://www.mycccu.com/personal/credit-cards/) to view all credit card options provided by CCCU.

__[Image](https://www.mycccu.com/resource-center/blogs/matt-bell-to-use-a-credit-card-or-not-a-christian-perspective/)__ used with permission

There are no biblical prohibitions against the use of credit cards. But, let’s examine credit cards more closely.

To Use a Credit Card or Not: A Christian Perspective

__What if your children could be well on their way toward funding retirement before graduating from high school? A crazy thought? Impossible? Maybe not.__

Consider the following scenario: Your child (or grandchild) has $2,500 saved by age 16 and invests it aggressively. By age 72, they could realistically end up with over $500,000. *And that assumes they never add another penny to the account.*

While they should be encouraged to participate in their future employer’s workplace retirement plan as well, imagine all the benefits your kids would experience from having this huge head start on saving for retirement. They would be free at a young age to save for other goals, such as a car or a house. Perhaps they’d feel freer to pursue a career in full-time ministry, teaching, or something else that typically doesn’t come with a high salary. When they get married, there might be less pressure for both spouses to work, providing more flexibility in child-rearing.

### __Never easier__

Today, with the advent of no-commission and fractional-share trading of exchange-traded funds (ETFs), your child could put as little as one dollar into an S&P 500 index fund. Think of that. They could create a widely diversified investment portfolio with only $1. That’s incredible!

By age 16, let’s say they have $2,500 in their portfolio and stay with the S&P 500 fund. Assuming the index generates its historical +10% average annual return, by age 72, your child will have over $500,000 — more than most people have after working for an entire lifetime!

Your child could just as easily and inexpensively follow Just-the-Basics or Dynamic Asset Allocation. Both strategies use three ETFs, each one of which may be purchased for just $1. (See [this article](https://soundmindinvesting.com/articles/introducing-the-smi-3fourteen-full-cycle-trend-etf-fcte) for another ETF to consider.)

### __Show me the money__

In one of my favorite *Saturday Night Live* skits, Steve Martin and Amy Poehler play a husband and wife who are trying to figure out how to get out of debt. Suddenly, an infomercial announcer appears in their kitchen, promoting a new debt management program called, “Don’t Buy Stuff You Can’t Afford.” One of its recommendations is to buy things with savings. Looking very confused, Martin’s character says, “And where would you get this *saved money*?”

Where would your kids get $2,500 by age 16? If they’re very young, banking a healthy portion of what they receive from relatives each birthday or Christmas could get them part of the way there. If they receive an allowance, teach them to set aside a significant portion for saving and investing. By their teen years, earning opportunities expand dramatically as part-time jobs become available.

This is also a great opportunity for parents or grandparents to support their efforts. Matching the child’s contributions may add motivation while expanding their starting investment capital.

### __Where to start__

In the Bell household, our three kids have had custodial investment accounts since they were 9, 11, and 13. As soon as they began generating earned income (from babysitting, mowing lawns, taking care of neighbor’s pets), we opened custodial Roth IRAs for each one and began transferring the money from their taxable accounts to those IRAs. Unless Congress gets in the way, the money they accumulate in their accounts will be available to them tax-free in their later years.

We started with Schwab but eventually switched to Fidelity when fractional-share no-commission trading of ETFs became available. Plus, Fidelity provides excellent access to the funds needed to implement any SMI strategy.

### __Hands off!__

The success of this plan largely hinges on the child’s commitment to stay with it for the next 50+ years. As their account balance grows, the temptation to tap those funds will likely grow as well. While you might control the account initially, the money will become legally theirs when they reach the “age of majority,” which is 18 in most states. As a parent (or grandparent), this gives you a relatively short window to impress upon them the importance of leaving that money alone!

This is a great opportunity to ingrain right from the beginning the idea that these accounts are for retirement. To drive this point home, help them set up other savings/investment accounts for other goals, such as buying a car or paying for college.

### __Keep it real__

Another key to success is making sure your kids are investing mostly their own money. When our oldest was 14, I remember a time when he wanted to review his account online. There he saw many unfamiliar terms, such as “unrealized gains” and “cost basis.” He was sincerely interested in finding out what those terms meant. I doubt he would have been as interested if I had brought up those topics without him having his own money involved.

That same night, our then 10-year-old surprised me by handing over $100 and asking me to add it to her investment account. All of our kids are in the habit of giving the first portion of all they receive to Christian ministries, but beyond that, she had saved much of her entire summer’s worth of allowances and money she received for her birthday. We had been discussing investing quite a bit recently and apparently she got inspired!

Perhaps most beneficial of all, our kids have experienced firsthand the market’s ups and downs. It’s one thing to understand the fluctuating nature of the stock market on a theoretical level, but it’s something altogether different to see their own account balances change.

### __Keep it biblical__

As with all that we teach our children, it’s important that they learn the biblical principles behind these lessons.

The point of investing isn’t to build wealth for the sake of building wealth, but to provide for their future family’s long-term needs (“Anyone who does not provide for their relatives, and especially for their own household, has denied the faith and is worse than an unbeliever.”– [1 Timothy 5:8](https://ref.ly/1%20Tim%205.8;niv?t=biblia)). Using mutual funds instead of individual stocks provides diversification (“Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land.”– [Ecclesiastes 11:2](https://ref.ly/Eccles%2011.2;niv?t=biblia)). And it takes time for compounding to have its greatest impact. We want them to be long-term investors, not short-term traders (“Steady plodding brings prosperity; hasty speculation brings poverty.”– [Proverbs 21:5](https://ref.ly/Prov%2021.5;tlb?t=biblia), TLB). 

### __Earlier is better__

Hopefully this has motivated you to get your children started with investing as soon as possible. That way they can take full advantage of the invaluable asset they have in abundance — time. They have time to let compounding work its wonders, and they have time to build the emotional fortitude they’ll need to be successful long-term investors.

__[Image](https://soundmindinvesting.com/articles/raising-the-next-generation-of-investors)__ used with permission

Investing

What if your children could be well on their way toward funding retirement before graduating from high school?

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The Path to Finding Contentment

Nov 25, 2024

Thanksgiving is always a great time of year to count our blessings, but sometimes fear and anxiety can get in the way.

Jim Henry

5 Prayers for Those Who Desire to Live Generously

Nov 21, 2024

Where are you on your generosity journey? Maybe you wish to be one who reflects Macedonian-like generosity.

Art Rainer

Why Does How We View Money Matter?

Nov 21, 2024

If the Bible were written today and judged by what it says about money and possessions, it would never be published.

Randy Alcorn

What is private mortgage insurance (and how can I avoid it)?

Nov 19, 2024

When it comes to purchasing a home, the traditional belief was that a 20% down payment was necessary.

Movement Mortgage

How Women Will Lead the Great Wealth Transfer

Nov 18, 2024

Women are set to inherit the majority of the wealth in the Great Wealth Transfer from Boomers--here's the opportunity.

Sharon Epps

4 Generosity Lessons from Elijah and the Widow

Dec 2, 2024

Have you ever looked at your financial situation and wondered, “How can I give when I am faced with challenges?"

Art Rainer

Every Day Is a Gift

Nov 13, 2024

Long ago, I got in the habit of beginning prayer with, “Heavenly Father, thank you for this day. Every day is a gift."

Matt Bell

5 Lies We Believe About Money (And What the Bible Really Says)

Nov 11, 2024

By dispelling these beliefs, we can better align our hearts with God’s truth and embrace a healthy, godly perspective.

Taylor Standridge and Carolyn Calupca

To Use a Credit Card or Not: A Christian Perspective

Nov 7, 2024

There are no biblical prohibitions against the use of credit cards. But, let’s examine credit cards more closely.

Matt Bell

Raising the Next Generation of Investors

Nov 14, 2024

What if your children could be well on their way toward funding retirement before graduating from high school?

Matt Bell