__Home ownership has long been seen as an integral part of “the American dream.” It seems like the right goal, an inherently *good* goal.__

That may help explain the “huge” demand for [zero-down mortgages](https://www.cnn.com/2024/05/30/business/zero-down-mortgages-making-a-comeback/index.html) introduced last month byUnited Wholesale Mortgage, one of the largest mortgage brokers in the U.S. I should say *re-*introduced, since no-money-down mortgages were common in the lead-up to the Great Financial Crisis of 2008.

__Ownership pros and cons__

To be sure, there are many benefits to owning a home. There are *financial* benefits, such as the tax deductions for mortgage interest and property taxes and the fact that your monthly payment for a fixed-rate mortgage won’t go up (taxes and insurance, of course, *will* go up).

There are also *emotional* benefits, such as the sense of home and community that ownership tends to foster more so than renting.

However, in very pragmatic ways, there are downsides to owning as well.

A number of years ago, Yale Economist Robert Shiller explained that argument in a Bloomberg Television interview. After listening to his cautious views on the housing market, one of the Bloomberg hosts asked Shiller, “Then why buy a home?

People trap their savings in a home, the interviewer said, creating an opportunity cost of not having that money available to earn a potentially better return in the market. So, the host asked, "Why do it?” To which Shiller responded, “Absolutely!”

__No different than buying a car__

While Shiller framed the discussion in terms of viewing a home *as an investment*, his words have relevance for all homeowners or those who want to own a home some day.

*“It takes maintenance, it depreciates, it goes out of style. All those are problems. And there’s technical progress in housing, so the new ones are better. So, people might just decide, ‘Yeah, I’ll diversify my portfolio; I’ll live in a rental.’ Very sensible thing for many people to do.”*

He said that once you account for depreciation and maintenance, the real appreciation for housing historically has been 0%.  Shiller went on to compare buying a home to buying a car, putting it in storage for 20 years and then trying to sell it.

*“Obviously not a good idea because people won’t want our cars,” he said. “It’s the same with our houses…. Any homeowner knows that you can’t sell a home with 30-year-old roofing, carpet, and kitchen appliances. Sure, the home price might go up, but you have to adjust for years of maintenance and renovations.”*

Shiller, who it should be noted, *owns two homes*, said there certainly are *personal* reasons for home ownership, but it’s tough to make an *economic* case.

__How to make it work__

While the conversation called into question some of the long-term math involved in home ownership, buying a home can be beneficial if you go into it well-prepared. That means:

- Putting at least 20% down, which enables you to avoid paying private mortgage insurance;
- Keeping your monthly payment for the mortgage, property taxes, and insurance to no more than 25% of monthly gross income, ideally on one income — the threshold that generally allows for generous giving, adequate saving and investing, and margin;
- Having an adequate amount of money allocated in your monthly budget to home maintenance and repairs;
- Planning to stay in the home for at least five years, preferably longer, in order to amortize the closing costs;
- Planning to have your mortgage paid off by the time you retire, assuring yourself a debt-free place to live in your later years.

Done wrong, purchasing a house can put a strain on your finances and your marriage. Done right, it can lead to many blessings.

__What are your thoughts on home ownership? Is it an inherently good goal to pursue? What other factors lead to a good home purchase decision?__

*[Image](https://soundmindinvesting.com/img/asset/Y2xvdWQvYXJ0aWNsZXMvd2h5X2J1eS5qcGc=?fit=crop&w=1660&h=896&s=e5a194d8d097cc12e3ae8633e839a929) used with permission.*

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

Sound Mind Investing

Personal Finance

Home ownership has long been seen as an integral part of “the American dream.” It seems like an inherently good goal.

Why Buy a Home?

__You are on Amazon, looking for a book your best friend recommended. Before you can type the book’s title in the search engine, you see an item on the homepage that Amazon suggests you purchase. Within fifteen seconds, you have purchased the suggested item.__

Impulse buying is the sudden purchase of an item for which you did not plan. They are often mindless purchases. Of course, the concept of impulse buying is not new. Believe it or not, impulse purchases actually predate Amazon Prime.

These sudden purchases can wreak havoc on our finances and create significant frustration and regret. If you are married, it can also lead to relational tension. And as a steward of God’s resources, impulse buying can reduce our ability to live and give generously. If you struggle with impulse buying, here are some ideas to reduce the temptation to “buy now.”

__1. Acknowledge that impulse buying is a problem.__

Admitting that impulse buying is an issue is crucial. This self-awareness allows you to understand the impact of your habits on your finances, relationships, and spiritual life. Reflect on past purchases that you made on a whim and consider how they made you feel afterward. Did they bring lasting joy or satisfaction, or did they lead to regret and financial strain?

__2. Pay attention to the triggers.__

Acknowledging the problem also involves recognizing the triggers and patterns in your behavior. You might notice that you tend to shop impulsively when you’re feeling emotional or stressed. Is it at night when you are tired? Is it at work when you are bored? Is it when you are sad? Is it right after you finish looking at Facebook? Is it when you go to the grocery store on an empty stomach?

Understanding these triggers can help you anticipate and manage them more effectively. It's also important to accept that impulse buying can be influenced by external factors such as marketing tactics and social pressure, and that it’s not solely a personal failing.

Identify when you are most likely to make impulse purchases.

__3. Have a Blueprint for Mission.__

A budget is a plan to accomplish God’s purposes in your finances. A budget helps you reach your financial goals. It also allows money to flow toward things you value and reduce spending on things that mean little to you. Because of this, we refer to the budget as your Blueprint for Mission.

__4. Create a 24-hour (or 48-hour) rule.__

Before making any non-essential purchase, commit to waiting 24 or 48 hours. This cooling-off period helps you distinguish between a genuine need and a fleeting desire. Often, you’ll find that the urge to buy fades with time.

__5. Calculate how much time a purchase will cost you.__

Think about your income in terms of hours worked rather than dollars earned. For example, if you make $20 per hour and you’re eyeing a $100 gadget, that purchase represents five hours of work. This perspective can help you evaluate if the purchase is worth the amount of time you spent earning the money.

__6. Keep track of all purchases for a week and calculate how much unplanned money you spend.__

This exercise can be eye-opening. Write down everything you buy and total the amount spent on unplanned purchases. Seeing the numbers in black and white can motivate you to be more mindful about your spending habits.

__7. Consider your opportunity cost.__

When you spend money on impulse purchases, that money is no longer available for other things. What are you giving up by making these unplanned buys? Maybe it’s a dream vacation, a new car, or a more comfortable retirement. Understanding what you’re sacrificing can help curb impulse spending.

__8. Have a plan to combat temptation.__

Develop strategies to resist the urge to buy. This could include unsubscribing from marketing emails, avoiding certain stores, or setting spending limits on your credit cards. You could also enlist the help of a trusted friend or family member to hold you accountable.

__9. Consider the deeper cause of the struggle.__

Sometimes, impulse buying is a symptom of a deeper issue. Are you using shopping to cope with stress, boredom, or loneliness? Are you trying to fill a void with these purchases that only God can fill? Money management reflects heart management.

By implementing these strategies, you can take control of your spending habits, reduce financial stress, and become a better steward of God’s resources.

*[Image](https://kajabi-storefronts-production.kajabi-cdn.com/kajabi-storefronts-production/file-uploads/blogs/2147689326/images/c27a336-2a55-f2e-255-02a0ac8ba768_1.jpg) 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

Debt

Impulse buying is the sudden purchase of an item for which you did not plan.  Here are some ideas to  help this mindset.

9 Ideas to Reduce the Temptation to “Buy Now”

__Many Americans assume Medicare pays all medical expenses for people 65 or older. That isn’t so and never has been. Congress created Medicare 60 years ago to cover routine medical costs and short-term hospital stays, and Medicare’s main program has remained essentially unchanged since then.__

However, in the 1970s, as healthcare costs rose and treatments expanded, the gap between what Medicare paid toward medical bills and how much patients had to pay grew larger. Congress then authorized Medicare Supplemental Insurance (in 1980), which led to the creation of optional add-on plans — offered by private insurers — called “Medigap.” The state-regulated, federally standardized plans pick up where Medicare benefits leave off.

In 1997, Congress went further, creating another option for supplemental coverage. The result was what is now called Medicare Advantage. These private plans, subsidized by Medicare, combine the specific benefits of “Original Medicare” with a gamut of additional benefits designed by private insurers.

Having choices in health coverage is a good thing. But that doesn’t mean navigating the range of Medicare options is easy. Indeed, it can be challenging and confusing.

__This or that?__

When approaching age 65 — the age at which most people become eligible for Medicare — seniors must choose between Original Medicare (also known as Medicare Parts A and B) or a private Medicare Advantage plan (Part C), although delaying enrollment is possible under certain conditions.

Those who opt for Original Medicare face a second decision: whether to purchase optional Medicare Supplement Insurance (Medigap). A senior wanting a supplement plan must choose among at least eight Medigap offerings, each with a different benefit structure and cost. (A further choice: whether to purchase optional “Part D” prescription coverage.)

Of Medicare’s 67 million current enrollees, about 20% have Original Medicare without a supplement plan, while 30% have Original Medicare along with an add-on Medigap supplement. The remainder — slightly more than half of Medicare beneficiaries — have selected an Advantage plan.

To be clear, the only choice required at age 65 is between Original Medicare and Medicare Advantage. Selecting a Medigap plan to supplement Original Medicare is a separate decision that can be made later. However, seniors who select Original Medicare tend to choose a Medigap policy at about the same time.

__Supplementing with Medigap__

Medicare supplement policies cover costs — primarily deductibles, copays, and coinsurance — not paid for by either Part A (hospital insurance) or Part B (coverage for doctor visits and other medical services). Most Medigap plans cover all hospital charges and most of the non-hospital medical expenses that are excluded by Medicare. Certain coverage parameters vary depending on the type of supplement plan selected (see table below).

In most states, supplemental policies come in eight varieties, known as Plans A, B, D, G, K, L, M, N. (Don’t confuse Medigap “Plan A” or “Plan B” with Medicare’s Part A and Part B!) Medi*gap* Plans C and F are available only to seniors who turned 65 before Jan. 1, 2020.

Every Medigap “A” plan — regardless of insurance company or state — has the same *benefits*, each “B” plan likewise is the same, and on down the line. However, Medigap *premiums* — even for the same plan type — can vary widely from company to company, so shop around.

(Be aware that Massachusetts, Minnesota, and Wisconsin have different Medigap plans. Also, a few states offer Medicare SELECT, a reduced-cost supplement plan.)

Because most supplement plans pay “first-dollar” coverage (i.e., they cover all of the “gap” between what Medicare pays and the total obligation), premiums aren’t cheap — typically $150 to $450 a month, depending on one’s location, age, and particular policy. That premium is in addition to the Part B premium all Medicare beneficiaries must pay, which is currently $174.70/month for most beneficiaries (higher-income beneficiaries pay more).

During the sixth-month Open Enrollment Period surrounding when a person first enrolls in Medicare Part B, Medigap policies are “guaranteed issue.” In other words, a person with a health condition who applies during that period can’t be refused or made to pay higher rates. However, once the sixth-month window has passed, an insurance company can deny a Medigap application or set a higher premium based on a pre-existing condition.

If you decide to purchase a Medigap policy, choose carefully. Although switching to another supplement plan is possible later, switching is cumbersome (except in a handful of states that allow switching once a year). In addition, any new policy likely won’t be “guaranteed issue,” meaning an insurance company could deny an application or require a higher premium for a person with a health condition.

__Taking Advantage__

Companies that sell Medicare Advantage plans contract with Medicare and agree to cover everything Original Medicare covers. Instead of getting Plan A’s hospital coverage and Plan B’s medical insurance directly from Medicare, a senior with Advantage receives them from a private company.

However, Advantage plans go beyond the Medicare-designed A and B benefits. Many include coverage for Medicare deductibles and coinsurance costs (similar to what Medigap policies cover for enrollees in Original Medicare). Some plans include vision, hearing, dental coverage, and even health-club memberships. Many (but not all) incorporate a Medicare Part D prescription benefit too.

Compared to most Medigap plans, Medicare Advantage comes at a remarkably low monthly cost. According to the federal government’s Centers for Medicare & Medicaid Services, the average Advantage monthly premium in 2024 is less than $20. The average is so low because nearly three-fourths of seniors in Medicare Advantage pay no *plan* premium at all. In part, that’s because competition is keen. The typical Medicare beneficiary can choose from more than 40 Advantage plans.

(Even if an Advantage plan has no premium, Advantage enrollees, just like beneficiaries in Original Medicare, must still pay the government-mandated Part B premium.)

While Advantage plan premiums are attractive, policyholders do face restrictions not encountered by those who choose Original Medicare, such as being limited to a defined network of providers. Medicare Advantage plans can’t refuse an applicant based on a pre-existing condition, but some plans may limit access to certain specialists or treatments, so shop carefully.

Advantage beneficiaries also face potentially higher out-of-pocket expenses (i.e., expenses not reimbursed by insurance) than enrollees who select Original Medicare and Medigap. However, that liability isn’t open-ended. Federal law requires Advantage plans to limit annual out-of-pocket costs.

In 2024, the limit for in-network services is $8,300. However, according to the Kaiser Family Foundation, most plans set the limit much lower—at an average of about $5,000. The 2024 legal limit for combined in-network *and* out-of-network services is $12,450. Once the out-of-pocket limit is reached, the plan pays all covered expenses in full.

Some Medicare Advantage plans use an HMO (health maintenance organization) approach, while others use a PPO (preferred provider organization) structure (see Table A below). In addition, Special Needs Plans (SNP) exist for people with particular health problems.

![](https://soundmindinvesting.com/assets/articles/l4-table-a-compare-meidcare-options.png)

__Making the Original vs. Advantage decision__

There is no simple answer for deciding whether to select Original Medicare or Medicare Advantage nor is there an easy template for choosing a Medigap plan. Your choices will depend on your current (and anticipated) health needs, your budget for premiums and out-of-pocket expenses, and how comfortable (or uncomfortable) you are with exposure to the “gaps” in Medicare coverage.

From a premium standpoint, the cheapest approach to Original Medicare is to forgo any supplement policy. About 4-out-of-10 of people who enroll in Original Medicare choose this route. However, choosing Original Medicare without adding a Medigap policy carries significant financial risk. Without Medigap, a beneficiary with Original Medicare is responsible for paying the Part A deductible ($1,632 for each hospital stay) plus 20% coinsurance for Part B medical expenses. Medigap policies typically pay these costs in full (see Table B below).

Further, Medigap policies usually cover extended hospital stays (beyond the 60 days Medicare will pay). In some cases, supplement plans will pay for a limited number of days in a skilled nursing facility. (They do not pay for assisted living, Alzheimer’s care, custodial care, or adult daycare.)

For people unwilling or unable to pay a premium for a Medigap supplement, the best approach is to choose a low- or no-premium Medicare Advantage plan. This would reduce financial exposure at little or no additional monthly cost.

![](https://soundmindinvesting.com/assets/articles/l4-table-b-medigap-plans.png)

__Where to get more information__

Medicare’s website offers a [plan finder tool](https://www.medicare.gov/plan-compare) that lists the Medigap and Medicare Advantage plans by zip code, including price ranges for premiums and estimates of potential out-of-pocket outlays. In addition, the Centers for Medicare and Medicaid Services has a free 52-page guide online titled [“Choosing a Medigap Policy” ](https://www.medicare.gov/publications/02110-medigap-guide-health-insurance.pdf)(PDF).

*[Images](https://soundmindinvesting.com/img/asset/Y2xvdWQvbDQtYnJpZGdpbmctZ2FwLW1lZGljYXJlLW1lZGlnYXAuanBn?fit=crop-18-60-1.5&w=1660&h=896&s=2cb61b5e7f196566a32c69fff34ca509) used with permission.*

Retirement

Many Americans assume Medicare pays all medical expenses for people 65 or older. That isn’t so and never has been.

Bridging the Gap: Covering What Medicare Doesn’t Pay

__Many Americans thoughtlessly waste hundreds, if not thousands, of dollars every year on purchases that add very little value to their lives. It is not intentional, but a few dollars here and a few dollars there. Over a month, they might thoughtlessly spend $250. Over a year, this amounts to $3,000 ($250 x 12 months). If you were to ask them if they could think of a better way to spend $3,000, they would nod their heads in affirmation.__

Does this sound familiar? If you find yourself thoughtlessly spending money, here are eight tips to help you control your spending.

__1. Pray.__

Proverbs 16:3 says, *"Commit to the LORD whatever you do, and he will establish your plans"* (NIV). Never underestimate the power of prayer. If you feel that you have been a poor steward, admit that to God (He already knows), ask for His forgiveness (He will forgive), and ask for His help moving forward (He will help).

__2. Run toward something better.__

Oftentimes, we spend thoughtlessly because we haven’t given our money a mission. God has given us a mission—the Great Commission (Matthew 28:16-20). Use your money to help fuel Great Commission efforts in your community and around the world. Pay attention to your generosity’s impact. Suddenly, you will find yourself trying to avoid thoughtless spending so that more lives can be changed for all eternity.

__3. Use the 48-hour rule.__

Or the 72-hour rule. Create a span of time between your initial desire to purchase an item and when you make the purchase. This goal is to reduce impulse purchases. Giving yourself a few days will lead to more thoughtful and less regretful purchases.

__4. Limit your exposure to temptation.__

Do you find yourself thoughtlessly spending at certain stores? If so, consider finding alternative places to shop for a while to break the cycle of impulse buying.

__5. Stop using credit cards.__

Studies show that those who use credit cards tend to spend more. This is because credit cards detach us from the financial “pain” of a purchase. If you're experiencing spending issues, consider switching to a debit card or cash for purchases.

__6. Do the 7-Day Spending Challenge.__

The 7-Day Spending Challenge has been beneficial to many individuals and couples who struggle to get their spending under control. The challenge requires that you keep track of your spending for one week, identifying whether purchases were necessary or unnecessary and either result in future regret or future satisfaction. [Get the 7-Day Spending Challenge for free.](https://www.christianmoneysolutions.com/freeresources)

__7. Jump into the 8 Money Milestones program.__

The [8 Money Milestones program](https://www.christianmoneysolutions.com/8-money-milestones) is a holistic program that helps you control your money, get out of debt, and live more generously. It dives into Scripture while still providing practical ways to improve your financial situation. At $27.97, this program is a no-brainer.

__8. Meet with a Certified Christian Financial Counselor (CERTCFC®).__

A CERTCFC® can personally help you better steward the resources that God has entrusted to you. They can provide guidance in the areas of debt, budgeting, saving for the future, and getting financially healthy. And it is all done through a biblical worldview. If you would like personal help, consider reaching out to a CERTCFC®. [Find a CERTCFC® here.](https://www.christianfinancialhealth.com/certcfc-search)

__For just a month, try to avoid thoughtless spending by leveraging these tips. You may be surprised to find your financial margin and ability to live more generously grow.__

*[Image](https://kajabi-storefronts-production.kajabi-cdn.com/kajabi-storefronts-production/file-uploads/blogs/2147689326/images/4c451fe-00b8-d18-260c-8be1a6f7811f_1.jpg) used with permission.*

Many Americans thoughtlessly waste thousands of dollars every year on purchases that add little value to their lives.

8 Tips for Getting Thoughtless Spending Under Control

One of the most loved and theologically rich Christmas carols is “O' Holy Night.” But is it just about Christmas? The third stanza of that carol boldly proclaims: “Chains shall he break for the slave is our brother, And in His name all oppression shall cease.” Rob talks with Rachel McDonough about how investing relates to this verse, and how you can be a part of it. This is MoneyWise Live - biblical wisdom for your financial decisions. Rachel McDonough is a Certified Financial Planner and a Certified Kingdom Advisor and she always has her sights set on how we can engage the culture with our investment decisions. Rachel and Rob cover these topics and questions:<ul><li>Faith-based investing continues to grow as a movement and we’re constantly hearing from folks who want to get involved. What do you have for us today?</li><li>Can you give us an example of this type of investing?</li><li>We often think of slavery as having ended in 1865 with 13th amendment was passed, but how big of an issue is it today?</li><li>Can you give us an example of industries that are riddled with slave issues?</li><li>No doubt many of our listeners give to nonprofits that are in the front lines, battling to end slavery but you’re saying that donations alone won’t get it done?</li><li>So, what can Christians do about it? </li><li>I imagine diverting capital away from companies that are using forced labor is going to get their attention over time, right? </li><li>Aligning investments with their values is something you encourage your clients to do?</li><li>What do your clients tell you is important to them?</li><li>We began this discussion with a Christmas carol. During this season and heading into the New Year, it’s a great time to reassess our investments, isn’t it?</li></ul>On-Air Mention:<ul><li>This week’s featured scripture verse is from Deuteronomy 28:12 which says, “The Lord will open the heavens, the storehouse of his bounty, to send rain on your land in season and to bless all the work of your hands. You will lend to many nations but will borrow from none.” That’s good news from God’s Word today. We feature a different scripture passage each week in our Weekly Wisdom email, and it’s a free subscription. Join the thousands of others who are receiving it by going to moneywise.org and click “Sign Up” to register.</li></ul>We’re continuing our $50,000 Matching Gift Offer, and you have through this weekend to take advantage of this special opportunity. <ul><li>To help meet our year-end fundraising goal of $250,000, a generous donor has offered to match donations given this week up to $50,000, which means that your gift is effectively doubled in impact! </li><li>Some gracious listeners who have given are: <ul><li>Deborah in Coeur D Alene, ID gave $100</li><li>Emanuel in Boynton Beach, FL gave $25</li><li>Vicki in Fort Myers, FL gave $500</li><li>Sylvia in West Palm Beach, FL gave $50</li></ul></li><li>If you’ve benefited from MoneyWise and want to help expand the message of financial faithfulness next year, would you consider sending a matching gift this week to support this ministry? Your gift is tax-deductible, and it’s a direct way to help build and strengthen the Kingdom of God. Go to moneywise.org and click “Give”.</li></ul>Next, Rob answers these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:<ul><li>What is a fixed annuity investment account?</li><li>If you're finally debt free, what should you do with your disposable income?</li><li>If you received a injury settlement and a company named Synergy put you into a "special needs" trust but you found out that they're being sued for doing so, should you be contacting an attorney about this?</li><li>If you have 2 credit cards totaling about $1,500 at 26% and 29% and you want to get out of them, would it be wise to pay it off with an 11% loan?</li><li>If you have land you've owned for 40 years originally purchased for $25,000 that sold recently for $250,000, are there any good ways to avoid capital gains from this?</li><li>If you're in your 60s and used to brick and mortar banks and getting paper statements, what sorts of cautions should you use regarding scams?</li></ul>&lt;-- Jerry Bowyer Market Analysis --&gt;<ul><li>We're heading toward year end, a lot is going on in the market including another 50 basis point increase, what do you have for us other than that?</li></ul>Be sure to check out the rest of MoneyWise.org to connect with a MoneyWise Coach or access our books and our many free helpful resources. You can also find us on Facebook (MoneyWise Media) and join the conversation. Thanks for your prayerful and financial support that helps keep MoneyWise on the air. And if you'd like to help, just click the Donate tab at the top of the page.

FaithFi

Listen to MoneyWise Live each weekday at 4pm EST on Moody Radio.

MoneyWise Live

Is O Holy Night” just about Christmas? It boldly proclaims: “Chains shall he break for the slave is our brother, And in His name all oppression shall cease.” Rob talks with Rachel McDonough about how investing relates to this verse.

For-Profit Investing to End Slavery with Rachel McDonough

One of the most loved and theologically rich Christmas carols is “O Holy Night.” But is it just about Christmas? The third stanza of that carol boldly proclaims: “Chains shall he break for the slave is our brother… And in His name all oppression shall cease.” Today we’ll talk with Rachel McDonough about how investing relates to this verse.
Rachel McDonough is a Certified Financial Planner and a Certified Kingdom Advisor.
<ul><li>Faith-based investing continues to grow as a movement, and we’re constantly hearing from folks who want to get involved.</li><li>McDonough says that through our investing we can be ambassadors of Jesus so that investing becomes more than just about risk and return, but it becomes redemptive. </li><li>McDonough calls attention to the connection between slavery and our investing. When people hear “O Holy Night,” they don’t often think about slavery. And they almost certainly don’t think about investing. </li><li>Some of the companies many of us invest in — or from which we buy products — benefits from borderline slavery or even literal forced labor overseas. </li><li>McDonough says it’s estimated that the supply chain currently enslaves more people today than at any other time in human history, more than 50 million worldwide. She adds that these are, sadly, people who are indirectly working for you and me … because of our shopping and investing patterns. </li><li>It’s a problem that’s very hidden deep within the supply chain. Some industries plagued by this evil are the coffee, chocolate, seafood, and textile industries. </li><li>McDonough says that to address this problem, we have to change the way we invest and shop. </li><li>It’s important for us to research the products we buy and the companies from which we buy them to ensure they’re not benefiting from forced labor. </li><li>On the investing side of the equation, she notes that there are now numerous organizations that offer faith-based investing options that screen to ensure they’re operating ethically. </li><li>If we will care enough to slow down and learn about the options, then we can show love for our exploited neighbors across the world by changing how we invest.</li><li>Learn more about Rachel McDonough and her services at <a href="https://www.wealthsq.com/">WealthSQ.com</a>.</li></ul>On this program, Rob also answers listener questions: 
<ul><li> Could a Christian cost-sharing plan be a better alternative to traditional healthcare insurance? </li><li>When does it make sense to cash in CDs early? </li><li>When is it wise to pay off a mortgage early? </li></ul>RESOURCES MENTIONED: 
<ul><li><a href="https://www.chministries.org/">chministries.org</a> </li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to <a href="mailto:questions@moneywise.org">Questions@MoneyWise.org</a>. Also, visit our website at <a href="http://moneywise.org/">MoneyWise.org</a> where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

Faith & Finance is a daily radio ministry hosted by Rob West. The program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

Faith & Finance with Rob West

Being faithfully faithful until the end, according to Rob West, includes preparing for your departure. Faithful financial stewardship involves planning so those expenses aren’t borne by those you leave behind.

The Faith & Finance Minute is a great way to be reminded of God's financial principles with actionable items you can easily apply to your daily life.

Faith & Finance Minute

Being faithfully faithful until the end, according to Rob West, includes preparing for your departure. Faithful financial stewardship involves planning so those expenses aren’t borne by those you leave behind.

Financially Faithful to the End

You’ve heard the saying, “You have to spend money to make money.” We usually think that spending money to make it involves a business, but it applies to folks working for a paycheck, too. We’ll talk about what it really costs to earn that paycheck.
<ul><li>Working, especially working outside the home, has hidden costs — and some not so hidden. Almost all of us have to work, so what’s the point of knowing how much it costs us?</li><li>Knowing how much you’re spending to bring home that paycheck … is information you need to make wise decisions. </li><li>By subtracting those costs from your paycheck, you discover your actual take-home pay. Depending on your situation, that could make all the difference. For example: if you’re a parent deciding whether to enter into the workforce or stay home with your child.</li><li>Let’s start with some of the obvious costs of venturing out into the working world. First, how will you get there? You may need to consider the cost of gas and maintaining a vehicle. Don’t forget about the cost of registering the vehicle and insurance. </li><li>Now, in many cases, you’ll still need a second car if you’re a stay-at-home parent, but in that case, many of your vehicle related costs will be lower. For example, you won’t spend as much on fuel and insurance if you’re not commuting.</li><li>In most cases you’ll need to buy clothing that’s appropriate for your job. A paralegal working in a law office may spend more on clothes than someone working in retail.</li><li>But the biggest obvious expense with working outside the home is childcare. According to the career site Zippia, the average cost of daycare in the U.S. is $340 per child, per week or $17,680 a year. That will take a huge bite out of your paycheck.</li><li>And there are many other, smaller costs of working. Unless you’re very disciplined, you may spend money on coffee and lunches out.</li><li>You may also have dry cleaning costs for that professional wardrobe. Or maybe you need a very nice looking, late model vehicle if you’re meeting with clients.</li><li>Okay, let’s look at some of the less obvious costs to working outside the home. It’ll make you a much busier person. You might get “take out” meals more often or buy more expensive pre-packaged foods. You also won’t have time to shop for deals or clip coupons and you may end up going to stores that are convenient, but more expensive.</li><li>Some of these costs might seem trivial, but small things add up. If you treat yourself to a $9 lunch once a week, that’s about $470 a year. And that’s just a small expense compared to almost $18,000 a year for childcare.</li><li>When you total up all of these expenses, you get a much clearer picture of how much you’re actually making. If you take home $35,000 a year after taxes, but your costs are $20,000, you’re actually bringing home $15,000. That comes to a little more than $7 an hour. And you have to ask, is it worth it?</li><li>We’re certainly not trying to convince you not to work. But it’s important to think about the true cost of working so that you can make an informed decision. In some cases, those who can live without that second paycheck may decide it’s not worth it, especially if “doing without” means you can stay home with your children.</li><li>Not surprisingly, there’s been a <a href="https://www.zippia.com/advice/us-child-care-availability-statistics/#:~:text=The%20average%20cost%20of%20daycare,are%20in%20daycare%20year-round.">13% decline</a> in the number of working mothers over the past two decades, due to the high cost of childcare and other factors.</li><li>On the other hand, if you really need to work, knowing how much it’s costing you could motivate you to look for a better paying job or to finally ask for that raise you deserve.</li><li>In 1 Timothy 5:18, Paul says, “You shall not muzzle an ox when it treads out the grain,” and, “The laborer deserves his wages.”</li></ul>On this program, Rob also answers listener questions: 
<ul><li>How do you determine where to give your charitable gifts? </li><li>Would it be wise to take out a collateral loan for investment purposes? </li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to <a href="mailto:questions@moneywise.org">Questions@MoneyWise.org</a>. Also, visit our website at <a href="http://moneywise.org/">MoneyWise.org</a> where you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

You’ve heard the saying, “You have to spend money to make money” but do you really know how much you’re spending? ﻿We usually think that spending money to make it involves a business but it applies to folks working for a paycheck, too.

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