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Worrying About The Financial Future With Neile Simon

FaithFi: Faith & Finance | May 30, 2024


Show Notes

The data shows that personal debt is rising, and folks are worried about their financial future. So what’s the solution?

We can’t control some things, like inflation and a slowing economy. But we can do some things—especially when managing and eliminating debt. Neile Simon joins us today to discuss the solution to fretting over finances.

Neile Simon is a Certified Credit Counselor with Christian Credit Counselors (CCC), an underwriter of Faith & Finance.

Understanding The Financial Storm

With credit card debt at an all-time high, the GDP falling, and a disappointing jobs report, it’s a perfect storm for financial stress. Debt is a common part of life, but it becomes a significant issue when it consumes our lives. Christian Credit Counselors is here to help, emphasizing that financial challenges shouldn't be faced alone. We must discuss our finances and reduce the stigma around debt because many experience it. Often, guilt and shame prevent us from seeking the help we need.

The Extent of Financial Worries

A 2024 survey by the Wells Fargo Foundation highlights the extent of financial worry among Americans:

  • 61% feel that most improvements in the U.S. economy don’t benefit people like them.
  • 55% agree that economic uncertainty makes achieving long-term financial goals impossible.
  • 39% are concerned their money won’t last, and 24% feel they will never have the things they want due to their financial situation.
  • 31% don’t pay all their bills on time, and only 42% have a budget and track spending.
  • The top financial concern remains to be a lack of savings. 

Steps to Financial Freedom

Here are some practical steps to move from an uncertain financial future to a secure and stable tomorrow:

  • Get Out of Debt: Connect with a certified credit counseling company to reduce payments and interest rates, allowing you to get out of debt 80% faster while honoring your debt in full.
  • Spend Less Than You Make: Focus on saving and creating a financial cushion.
  • Experience Peace: Achieve financial peace that enables you to give generously and find contentment.

Christian Credit Counselors offers free and confidential consultations to educate you on your options, provide a comparison estimate outlining all the program's benefits and fees, and help you create a budget and plan to get out of debt. They aim to empower and encourage you to make a plan together.

By taking proactive steps and seeking help, you can find a path to financial freedom and peace.

On Today’s Program, Rob Answers Listener Questions:

  • My question was about clarifying the capital gains tax exemption requirements for selling a primary residence. Specifically, I wanted to know if the five years of ownership required to qualify for the exemption had to be the most recent five years or if there were any exceptions to that timeframe.
  • What should I do with the $30,000 to $50,000 profit I expect to make from selling my house? Since I plan to move to senior housing, I want advice on making that profit work for me, such as investing it for retirement.
  • What do I do with my Thrift Savings Plan (TSP) account from retirement as an Air Force reservist technician? I currently have around $200,000 in my TSP and wondered if I should take that money out and reinvest it in a money market account or leave it where it is. I want advice on the best option for managing that money in retirement.
  • What factors should I consider when pricing a trust I want to set up? Specifically, I wanted to know if trusts typically have a set fee or if there are other things I should look at besides the price. I was curious about the typical cost range for a basic trust.

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 and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.

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