Margin is one of those important things in life that we often take for granted, and that can lead to trouble. Margin basically means “something extra.” A little extra time, or even distance from the car in front of you. It’s critical, especially with your finances. We’ll talk about that on Faith and Finance. <ul><li>You may not always connect the word “margin” with personal finances, but you’re probably familiar with its use in the business world where the term is usually “profit margin.”</li><li>When we buy an item at the store, we don’t consider how it got there. But someone had to make it — usually many people working for a company. They all need to be paid wages.</li><li>Then, salespeople had to get retailers to buy the product or service, and they need to be paid a salary and often a commission on top of that. Transportation people have to get the product to retailers, and they need to be paid. Then retailers have to mark up the product because they have bills to pay and need to make a living, too.</li><li>So you’ve got several business entities involved in getting that product to where you can purchase it. And at each step along the way, the manufacturer, trucker, and retailer all need to have sufficient margin (profit) to make it worthwhile for them or the product never gets to you.</li><li>Now, how much is sufficient? It varies widely depending on the product and how much it costs to bring it to market. Other factors play a role: competition, market size, and volume.</li><li>The more units you sell, the smaller your margin needs to be. A new automobile has thousands of dollars of margin, but a lot fewer of them are sold than, say, hamburgers at fast food joints. You know, so many billions served? If you sell a billion of something, even with only a few pennies margin, you’ll probably do all right.</li><li>HAVING ENOUGH MARGIN IN YOUR LIFE</li><li>So how do we apply this lesson to our lives? The same principle holds true when it comes to our margin, and not just for money, but for our time and energy as well. How much do we have left over after all of our obligations are met?</li><li>You have your job, family commitments, chores around the house, and obligations to your church. You must also prepare for unexpected or irregular expenses, a broken water pipe or car repairs. All of these involve time, money, and effort on your part.</li><li>Do you have time and energy left over to recharge your batteries and spend time with God? That’s another form of margin that we all need.</li><li>Now, I’m not equating time with God to your other obligations. That’s not just something to check off your “to-do” list.</li><li>Time with God isn’t something we have to do, it’s something we GET to do, and it’s critical for living a balanced life with our time, families, service to the Lord, and, of course, our money.</li><li>MARGIN IN YOUR FINANCES</li><li>Now, what does having margin with our personal finances look like? It simply means having extra for the so-called rainy days: family emergencies, medical expenses above your deductible, or helping a visiting missionary or college student if God speaks to your heart.</li><li>The key to acquiring that margin is to plan your spending in advance and live on a budget to help you decide where your money will go.</li><li>Did you know there are only four things you can do with money? You can live on it, give it away, owe it to someone, or grow it. Every dollar you’ve ever made or ever will make goes into one of those four buckets. A budget is just a way of deciding ahead of time what goes where.</li><li>By the way, this isn’t the same as balancing your checkbook, for example. That’s just seeing where your money went, not deciding in advance where it should go.</li><li>If you haven’t downloaded the <a href="http://app.faithfi.com">FaithFi app</a> at your app store yet, we encourage you to do so. It uses the envelope system and gives you three different ways to set up your budget— making the process easy. If you’re not making spending decisions ahead of time and giving yourself financial margin, your income won’t be able to keep up with your outgo.</li><li>As you set up your spending plan, you may see that you have more month left over when the money runs out. If that happens, you’ve got to make some changes.  Find a way to increase your income or reduce your expenses.</li><li>The key is learning to live on less than you make, having margin or money left over at the end of the month. Without it, you’ll slide into debt and never be able to save for the future.</li><li>And here’s a bonus: when you finally get financial margin, you may find that you also have more physical and emotional margin. You’ll sleep better, feel more relaxed and be better able to use your spiritual gifts to serve God and help others.</li><li>So that’s the importance of margin— financial and otherwise.</li></ul>On this program, Rob also answers listener questions: <ul><li>Are CDs or stocks wise investments for a young investor in their 20s? </li><li>How do you develop the right strategy to pay down your mortgage before retirement? </li><li>Is it wise to use liquid cash to pay off debt when approaching retirement? </li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at <a href="https://www.faithfi.com/">FaithFi.com</a> where you can join the FaithFi Community, <a href="https://faithfi.netviewshop.com/donate2">and give </a>as we expand our outreach.

FaithFi

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

The Importance of Financial Margin

April is just 72 hours away and it’s one of our favorite months of the year. That’s because April is Financial Literacy Month. This event began some two decades ago to raise awareness about the critical need for financial literacy. It’s just as important as learning to read and write. We’ll talk about that on Faith and Finance. <ul><li>It’s not quite April yet, but we want to give you a head start on gaining financial literacy. It’s important, because if you don’t know how to set up a budget, handle credit cards responsibly, or figure out how much car or house you can afford— you’ll run into all sorts of trouble.</li><li>And guess what? Financial literacy is just another way of knowing and following God’s financial principles for earning and saving money.</li><li>Now, <a href="https://www.wsj.com/articles/the-6-concepts-you-should-know-to-be-financially-literate-11628251202">a recent article</a> in the Wall Street Journal laid out six practical things you need to know to be financially literate, so let’s go over them one by one.</li><li>6 THINGS YOU MUST KNOW</li><li>1. The power of compound interest and how it works and that it can work for you, or against you. When you save, your interest is “compounded.” That means at some point, it’s added to your principal, making it larger. You’re then paid more interest on your larger balance, and so on. The earlier you start saving, the more time your balance has to grow at an ever-accelerating rate.</li><li>Here’s an example: Let’s say you’re 20 and you invest $5,000 a year for 10 years, and then stop. Over the next 30 years, at an annual return of 7%, your balance will be $600,000.</li><li>But if you wait until age 30 to start, and invest the same $5,000 a year for the next 30 years, do you think you’ll have more? Nope. Your balance will only be $540,000. So the earlier you start, the better off you’ll be.</li><li>By the way, we said compound interest can work against you, too. If you use a credit card and don’t pay it off each month, the interest is added to your balance, meaning you’ll owe even more.</li><li>2. So-called “good debt.” This is debt you take on with a reasonable expectation that the return you’ll get will be more than what you have to pay in principal and interest.</li><li>Some examples would be borrowing to start a business, if you expect that your revenues for the business will be enough to cover the loan and give you enough to live on.</li><li>Buying a house would fall into the category of good debt, because in most years, homes appreciate in value. A student loan, also, because if you finish with a degree that gives you marketable skills, you can reasonably expect to earn more than the loan will cost you, but be careful to borrow as little as possible for education. Far better to save for it ahead of time, again using compound interest in your favor, like with a 529 education savings plan.</li><li>On the “outside edge” of good debt could be a car loan, if you need it for transportation to a job. But make as big a downpayment as possible and continue to save when the loan is paid off so you can eventually buy a car with “all cash.”</li><li>3. Credit utilization rate. That’s how much credit you have versus what you owe, as spelled out in your credit report, which affects your credit score. You should never owe more than 30% of your available credit because it will lower your score, resulting in having to pay a higher interest rate if you need another loan.</li><li>4. “Pay yourself first.” This simply means that you should put something into savings each pay period before you spend any money. Set up an automatic transfer from your checking account into savings, and let the bank do the work for you.</li><li>5. Diversification. This is another of God’s financial principles. Ecclesiastes 11:2 says, “Give a portion to seven, or even to eight, for you know not what disaster may happen on earth.” It means to divide your investments among different stocks, mutual funds, bonds and other securities. Don’t put all of your eggs in one basket.</li><li>You can also diversify your assets for tax purposes. For example, contribute to your employer’s 401k or 403b with pre-tax money, but also open a Roth IRA and invest after-tax money in it. It’s great to have something in each bucket if you can do it.</li><li>6. Liquidity. All that means is that you can get to your money when you need it. If that sounds like an emergency fund, you’re exactly right. Your retirement accounts and even CDs and money markets are not the place to keep funds that you may need at a moment’s notice.</li><li>Keep at least 3 to 6 months of living expenses in a savings account at an online bank to get the best interest possible on your liquid funds. If you have an unforeseen medical condition, lose your job, or total the car, you can get to that money in a hurry.</li></ul>On this program, Rob also answers listener questions: <ul><li>Is it wise to use an accelerated mortgage payoff system?</li><li>How do you determine when it is wise to sell multiple properties that you own?</li><li>Will receiving pension payments affect your Social Security income?</li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at <a href="https://www.faithfi.com/">FaithFi.com</a> where you can join the FaithFi Community, <a href="https://faithfi.netviewshop.com/donate2">and give </a>as we expand our outreach.

April is just 72 hours away and it’s one of our favorite months of the year. That’s because April is Financial Literacy Month. This event began some two decades ago to raise awareness about the critical need for financial literacy. It’s just as important as learning to read and write. We’ll talk about that on Faith and Finance.

Six Lessons for Financial Literacy

Often when parents make out a will, they simply divide their assets equally among their children, including property. But maybe that’s asking for trouble. We’ll talk about that  on Faith and Finance.<ul><li>One of the most common sentences included in a will is this: “My estate will be divided equally among my children.”</li><li>That’s fairly easy to do when the estate consists entirely of financial accounts that can quickly be converted to cash for distribution to heirs.</li><li>It’s quite another thing when the estate contains property, as most do. It immediately forces your heirs— usually your children— to make a difficult decision. Do they continue to hold the property in joint ownership? Or do they sell it and divide the proceeds? A third option exists if one or more heirs are willing to “buy out” the others.</li><li>Ideally, the heirs will all agree on a fair and equitable settlement. That usually means selling the home and splitting the proceeds. Or, the heirs could decide to divide up other assets so that one or more heirs are able to hold onto the property. But far too often, heirs have trouble reaching that kind of agreement.</li><li>Deciding as a group what to do with property becomes a complicated business. There are serious financial and emotional considerations.</li><li>Financially, what you think is a blessing may actually become a burden when you factor in maintenance costs, taxes, insurance, homeowners association fees, and other expenses. Who makes decisions about maintenance and hires contractors to perform needed work? Will the heirs divide those expenses equally? What happens if one heir doesn’t pay his or her share?</li><li>Sometimes, depending on location, the property becomes something like a “timeshare” for the various heirs and their families. But then who determines the schedule for using the place?</li><li>Emotionally, inheriting real estate may cause heirs to make unwise decisions based on feelings, rather than wise money management.</li><li>In many cases, the family home becomes a money pit that fosters arguments among surviving children who can’t even agree on minor things like what color to paint the living room.</li><li>Children often have different ideas about what to do with inherited property, based on their experiences growing up. Resentments that were hidden for years may boil up to the surface when Mom and Dad aren’t around anymore.</li><li>This is often made worse when one sibling is made executor of the estate. That person is then in a position to “lord it over” the others. Or the opposite can happen, with the executor heir taking grief from siblings who all demand different things. Handling the estate becomes a nightmare for them as siblings squabble. So as a side note, consider appointing an outside executor or personal representative for your estate.</li><li>To avoid these potential problems with leaving a house in joint ownership to your heirs, many experts suggest you handle it like any other asset in your will. Simply stipulate in your will that upon your death, all property will be sold and that the proceeds then are to be divided among your heirs.</li><li>When you do that, some heirs may decide to take the proceeds of that sale as part of their share in the estate. Others may want to “buy out” the others if they want to take on full ownership of the home or vacation property.</li><li>You don’t always have to divide the proceeds equally among your heirs. In his book "Splitting Heirs,” financial teacher and author Ron Blue says that “if you love your children equally, you’ll treat them uniquely” in your will.</li><li>Some may have greater needs than others. Some may not be able to handle money as well as others. In those cases, dividing things equally may not be best for your heirs.</li><li>But the key to making any of this work is transparency. You should discuss your wishes with your family so that no one is surprised after you go home to the Lord. Everyone needs to understand not only your decisions, but why you made them.</li><li>By having serious discussions about your estate ahead of time, you can eliminate the potential for infighting and resentment later, especially if you make it known that all real property is to be sold upon your death. That’s one less thing your heirs can squabble about.</li><li>If you need help drawing up a will  —or changing one— it’s important to work with an estate attorney who shares your Christian worldview. You can do that by finding a Certified Kingdom Advisor. Just go to <a href="http://faithfi.com/find">FaithFi.com/find</a>.</li></ul>On this program, Rob also answers listener questions: <ul><li>How do you determine whether to leave funds in a 403(b)?</li><li>How should you go about selecting a financial advisor?</li></ul>RESOURCES MENTIONED:<ul><li><a href="http://faithfi.com/find">FaithFi.com/find</a></li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at <a href="https://www.faithfi.com/">FaithFi.com</a> where you can join the FaithFi Community, <a href="https://faithfi.netviewshop.com/donate2">and give </a>as we expand our outreach.

Often when parents make out a will, they simply divide their assets equally among their children, including property. But maybe that’s asking for trouble. We’ll talk about that  on Faith and Finance.

Leaving a House to the Kids

Beauty matters to painters, musicians, and photographers, but what does it have to do with investing? The creation account suggests that beauty lies at the core of faithful stewardship, and investing as well. We’ll talk about “investing in beautiful”  with Jason Myhre. Jason Myhre, Executive Director of the Eventide Center for Faith & Investing. The Eventide Center is an educational initiative of Eventide Asset Management and an underwriter of this program. Learn more about Jason Myhre and the Eventide Center for Faith & Investing at <a href="https://www.faithandinvesting.com/">faithandinvesting.com</a>. <ul><li>Investing is a word we tend to associate with money, retirement, risk, and return. But rarely – if ever – do we link the words “investing” and “beauty.” So why should we connect beauty with our approach to investing?</li><li>Beauty is found when we attend an orchestral performance. When we hike the mountains or stroll along the beach. When we splurge on a bouquet of flowers to adorn our home. But rarely do we connect it with work, let alone with our finances or investing.</li><li>BEAUTY IN WORK AND INVESTING</li><li>However, beauty matters for our work and our investing. Beauty is an essential characteristic of creation, which makes it central to our work as stewards of God’s creation.</li><li>We see beauty in the Genesis account of creation. God is portrayed there as a worker. He creates “the heavens and the earth.” Everything he makes is “good.” </li><li>Seven times in Genesis 1. Of the whole of creation God sees that it is “very good.” And in the Hebrew derivation, the word for “good” used in Genesis 1 means not only moral perfection and functional excellence but surpassing beauty.</li><li>A better translation would be a compound word, “beauty-good.”</li><li>God is portrayed as a wise artisan, artfully crafting the world. This is also indicated by the word “Eden,” which means “delight.”  So beauty is an essential aspect of God’s work.</li><li>As we reflect on the beauty and goodness of God’s creation, we might think, who could add anything to the splendor and majesty of creation? And the bible here is very surprising. It tells us that we are to add to the beauty and goodness of the world through our work. </li><li>THE BIBLE ON GOODNESS AND BEAUTY IN WORK</li><li>We see this in Genesis 2:15. God places humanity right there in that garden of delight and gives them the gift of work.</li><li>Genesis 2:15, “Then the Lord God took the man and put him in the Garden of Eden to cultivate it and tend it.”  Essentially, God placed humanity in his “very good” creation and told them to make it “even better” through the things that we make.</li><li>If God’s creation was already “very good” – if it was “perfect” – how can we improve on it? The answer is that God made the world full of potential. </li><li>We know that God made the world beautiful and good. Part of that beauty is manifest in the things God made in creation – we can see it. And part of the beauty and goodness is hidden within creation, as a potential for us to uncover through our work. </li><li>Easy examples are bread and wine. The grain that God creates has always had the potential to become bread. God placed that potential there so that we would discover it and make it manifest through our work. Or grapes that God makes have always had the potential to become wine through our work.</li><li>Imagine that you are a sculptor. And imagine that one day you receive a phone call from Michelangelo the great sculptor. And Michelangelo says to you, “Look, I’ve just started work on this new sculpture, this major, major sculpture, but I want you to come and finish it for me. I want you to come and complete the sculpture and develop the potentials I've built into it so far so that when it is done the sculpture will enhance my reputation in the art world.” </li><li>According to Genesis 1 and 2, that’s what our work should be like.</li><li>APPLYING IT TO THE MODERN WORLD</li><li>Let’s translate this biblical picture of work to the modern world of business and investing.</li><li>We need to see the world of business and investing today in light of this biblical vision of work. The Genesis instructions to develop the beauty and goodness of creation are the same for humanity today. This is still God’s design and desire for our work in business and investing.</li><li>And so we must ask ourselves, how can the specific work of business and investing contribute the beauty and goodness of creation?</li><li>Business is called to create products that are good. You know, we have this language for the products of business, we call them “goods” and “services.” And this is no accident. The products of business, in God’s design, are intended to be genuinely “good.” And the products of business, in God’s design, are intended to be a genuine “service” of humankind. Humanity through business is to create goods that are truly good and services that truly serve.</li><li>BEAUTY IN INVESTING</li><li>Investors are called to supply the capital that enables the work of good businesses. Investors are to supply the capital to enable and enlarge the work of business to create those goods and services.</li><li>When we are contemplating our investing, we need to be asking, are the businesses that I will be investing in through this investment, are they businesses making products that are good? Are they providing a service that is truly a service? Are they making things that enhance the world? These are things we should embrace.</li><li>And, understanding that we live in a fallen world, where this is now a marbled mix of good and evil and a marbled mix of beauty and ugliness, we must ask, are any of these companies that I would own through this investment destroying the beauty and goodness of the world? Are they diminishing and desecrating God’s world? These are things we should avoid.</li><li>That’s a lot of responsibility. But the good news is that the faith-based investing movement continues to grow.</li><li>There is a whole industry of Christian faith-based investments that’s been raised up to make it easier for us to seek a biblical vision of work in business and investing today.         </li><li>These investments are mutual funds and ETFs just like common investments, but with specific Christian ethical criteria used for the selection of companies in the investments. </li><li>For example, some are seeking to avoid companies whose products run counter to this biblical vision. Other investors are seeking to avoid the bad while also targeting the good— looking for companies whose products meet human needs and enhance the world.</li><li>Eventide has put together two resources for Faith and Finance listeners. The first is an article on beauty and investing as discussed. The second is a list of the faith-based investments that are out there.  Find those at <a href="https://www.faithandinvesting.com/faithfi">faithandinvesting.com/faithfi</a>.</li></ul>On this program, Rob also answers listener questions:<ul><li>Is it best to use a lump sum of cash to pay off student loans or simply make double payments over time?</li><li>What can you do if you're having a hard time getting receipts for your gifts to a nonprofit organization?</li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at <a href="https://www.faithfi.com/">FaithFi.com</a> where you can join the FaithFi Community, <a href="https://faithfi.netviewshop.com/donate2">and give</a> as we expand our outreach.

Beauty matters to painters, musicians, and photographers, but what does it have to do with investing? The creation account suggests that beauty lies at the core of faithful stewardship, and investing as well. We’ll talk about “investing in beautiful”  with Jason Myhre.

Invest in Beautiful with Jason Myhre

Asked if he’d like dinner, a budget airline passenger asked, “What are my choices?” The attendant responded, “Yes or no.” When you’re on a budget, you may forget that you still have choices and flexibility. Today John Putnam joins Rob West to talk about the “3-D Budget” and how it can help you get your priorities straight. This is Faith and Finance - biblical wisdom for your financial decisions.John Putnam is a Certified Financial Planner, a Certified Kingdom Advisor, and founder of <a href="https://smarterstewardship.com/about/" target="_blank">Smarter Stewardship</a>, a marketplace ministry.<ul><li>I recently came across the 3-D budget you offer as a free resource at SmarterStewardship.com and I really want to share this with listeners as a fresh, new way to look at their spending plans. Why is that important?<ul><li>Over time, your budget categories can begin to look “the same” and you can overlook the simple options you have for control, efficiency and impact to reach your respective financial goals. So often, we look at our budget and forget an important fact: All expenses are not created equally.</li></ul></li><li>How does your 3-D budget help someone get better control of their money?<ul><li>It’s designed to remind you of the expenses you have each month and categorize them in a way that creates a fresh perspective that can highlight related opportunities. This can refresh your goals, decrease flexible outflows, increase cash flow and provide a written record that can be shared with your spouse, friends or advisor.</li></ul></li><li>What are the nuts and bolts of a 3-D budget?<ul><li>Imagine a grid with 3 columns: Budget, Need to pay, have to pay and want to pay.</li><li>Column 1 is what I NEED to pay - needed, but flexible (ex. Internet, cable, dry cleaning, maybe ‘rent’).</li><li>Column 2 is what I HAVE to pay – payment that is contractual or required (ex: credit card).</li><li>The third column is what I WANT to pay – 100% optional (ex. Eating out, coffee shops, movies).</li><li>The third column is what you can take to zero, for example, during recessions.</li><li>The NEED TO and HAVE TO columns also hold opportunities for flexibility, they’re just more difficult to affect.</li></ul></li><li>How does this help you prioritize your actions — what you can do now, or in the next few months, and even longer range planning?<ul><li>It helps provide a fresh perspective of flexibilities and efficiencies in budgeting for listeners and gives them additional options.</li></ul></li><li>You can get your own copy of the 3-D budget on the resources page at <a href="https://smarterstewardship.com/" target="_blank">SmarterStewardship.com</a>.</li></ul>Next, Rob answers these questions at 800-525-7000 or via email at <a href="mailto:askrob@faithfi.com?subject=Faith%20and%20Finance%20Listener%20Question&amp;%20Finance%20Listener%20Question">askrob@FaithFi.com</a>:<ul><li>What should you do with an annuity IRA you inherited from your husband who passed away last year, and you are the primary beneficiary but his brother is the contingent beneficiary and you want to the funds to benefit your children? (Rob referred the caller to a CKA professional, by going to faithfi.com and clicking the <a href="https://www.faithfi.com/find">Find a CKA</a> at the top of the page.).</li><li>Should you pay for a company to guard your credit or just freeze your credit report, if you don't want to get scammed?</li><li>Is it true that you don't have to worry about capital gains tax if you purchased 60 acres of raw land 20 years ago for about $1000 an acre and could sell it now for up to six times as much?</li><li>What should you do if you are attempting to roll over a 401k from a company that closed in 2021, and the plan administrator is saying you need to contact the employer but they no longer exist?</li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at <a href="https://www.faithfi.com/">FaithFi.com</a> where you can join the FaithFi Community, and even download the free FaithFi <a href="https://www.faithfi.com/manage">app</a>.

Asked if he’d like dinner, a budget airline passenger asked, “What are my choices?” The attendant responded, “Yes or no.” When you’re on a budget, you may forget that you still have choices and flexibility. John Putnam joins Rob West to talk about the “3-D Budget” and how it can help you get your priorities straight.

3-D Budget with John Putnam

Are annuities the best product since sliced bread … or a house of mirrors? Or could they be both? We’ll talk about it today with Mike Miller on Faith and Finance. Mike Miller is a Partner and Senior Private Wealth Advisor at the South Carolina office of Ronald Blue Trust. He’s also a certified financial planner and a Certified Kingdom Advisor.  Mark Miller is a Certified Kingdom Advisor. If you want to learn even more about annuities, you can listen to his two-part podcast on the topic at <a href="https://talkingmoneyradio.com/">TalkingMoneyRadio.com</a>.<ul><li>At Faith and Finance, we’re generally not fans of annuities. But let’s take a closer look. First, what is the main problem with any investment that guarantees returns, such as annuities?</li><li>Miller says they’re always a tradeoff. Guarantees come with a cost. Typically, the lower the risk, the lower the return. </li><li>WHAT DOES THE BIBLE SAY?</li><li>You won’t find the word “annuities'' in the Bible, but there is a biblical principle to guide us on this topic. </li><li>Miller talks about the Parable of the Talents found in Matthew 25. One of the servants buried his talent in the ground. The master asked why he did that. The servant said he was afraid, and the master was displeased.</li><li>Miller says all too often, annuities are marketed and purchased based on fear. </li><li>WHAT TO LOOK OUT FOR</li><li>If a salesperson is ONLY selling annuities, rather than a full suite of investment options, that’s a potential problem. If he or she only has a square peg to sell, they’ll always try to sell a square peg, regardless of whether the hole is a square, a circle, or a triangle. </li><li>Also, if an annuity salesperson is trying to get you to put a large percentage of your money into an annuity? If so, watch out! It’s always a good idea to diversify. </li><li>And do you feel like someone is trying to sell it because it's in your best interest? … or because they’re trying to win a contest? Listen to those spirit checks if you feel like they’re not acting in your best interest. </li><li>There are three different types of annuities: Fixed, indexed, and variable. </li><li>Fixed annuities do have some advantages in an era of elevated interest rates. You usually get a higher guarantee than in other types of annuities, at least for a period of time. </li><li>Variable annuities have a higher potential upside, but a higher potential downside as well. </li><li>Whatever the annuity, it always makes your money less liquid and available. And if you’re going to leave that money alone for a long period of time, why not invest in the things the insurance companies are investing in (the market)? Just take a long-term approach and diversify properly. </li><li>There are some limited situations in which an annuity makes sense. That could be a situation in which you’ve exhausted other investment options. Seek out a kingdom adviser if you want to evaluate annuities for your needs. </li></ul>On this program, Rob also answers listener questions: <ul><li>What is the best option to consolidate debt? </li><li>How can a married couple get out of a living paycheck-to-paycheck situation? </li></ul>RESOURCES MENTIONED:<ul><li><a href="https://www.bankrate.com/">Bankrate.com</a></li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at <a href="https://www.faithfi.com/">FaithFi.com</a> where you can join the FaithFi Community, <a href="https://faithfi.netviewshop.com/donate2">and give </a>as we expand our outreach.

Are annuities the best product since sliced bread … or a house of mirrors? Or could they be both? We’ll talk about it today with Mike Miller on Faith and Finance.

The Scoop On Annuities With Mike Miller

If you’re a contract worker— and more people are these days— you probably have irregular hours and pay. So how do you budget? We’ll give you some tips to help you budget, even if you’re living on an irregular income.
- New data shows that employers are using about 25% more contract workers now than a year ago, largely due to fears of recession. That means a lot more people are struggling to budget with income that varies from week to week.
- But the need to budget doesn’t change just because your paycheck does. Spending less than you earn is the key to every financial success. It’s the foundation that everything else is built upon. It’s nearly impossible to stay out of debt and save without a spending plan.
- This is a plan for your money. It gives each dollar a job and directs the flow of money in and out of your accounts. You’ll never be able to maximize your giving and saving without a spending plan.
- And this applies to everyone … whether you’re an employee or a contract worker. It’s imperative as a Christian that you wisely manage the resources God’s given you.
- Proverbs 27:23 reads, “Know well the condition of your flocks, and give attention to your herds.”
- Having a spending plan means you know— either specifically or on average— how much you have coming in and going out and where those monies are directed. You’ll have to give an account someday for how you manage money … so you need to have a plan.
- __WHAT KIND OF BUDGET?__
- Now, the format you choose for your spending plan is up to you. You can use pencil and paper … or you can take a digital approach and for that we highly recommend you check out the Free FaithFi app, available in your app store...
- It will help you set up your budget using the tried and true envelope system and it has the best financial content from a host of Christian authors like Shauntee Feldhahn, Art Rainer and Randy Alcorn. So get the FaithFi app if you haven’t already.
- No matter which approach you choose, begin by tracking your expenses for 30 days. Capture every expense no matter how small. Then, think about the non-recurring expenses and add them in with a monthly amount needed to have what’s necessary when that expense rolls around. This would be quarterly insurance payments, annual homeowners association fees, vacation expenses, and your Christmas fund.
- Then, take that 30 days of actual spending, plus the non-recurring expenses we just mentioned, and build a budget by category. Once you take a first pass, you’ll need to do the hard work of bringing the budget in line with your income and making sure that your spending reflects your goals and priorities. If it doesn’t, that’s where you need to start cutting back and making changes.
- By the way, if you use the FaithFi app, you’ll find its envelope system particularly helpful for controlling the flow of money in your discretionary categories, which are the typical budget busters because they vary from month to month. These are things like eating out, shopping for clothes, gifts, and entertainment.
- __BUDGETING IN A MARRIAGE__
- You’ll also have to decide who manages the budget going forward, husband or wife?
- We all have different gifts and talents. Sometimes the more detailed, organized person is the wife, sometimes it’s the husband. You’ve got to figure out what’s the best approach for you.
- You can have one person being the bookkeeper, and we recommend that you do, but both spouses need to be in on the plan and the commitment to sticking with it. This is why we recommend that you have a weekly “money date.”
- That’s when you come together each week to review the spending for the last seven days, make course corrections, and address the unexpected. And of course, the unexpected is always going to happen.
- __VARIABLE INCOME__
- So we’ve covered the variable expenses. Now here’s what you do about variable income— which is key for most contractors. Start with what you do know. What was your average monthly income for the last six months?  Can you reasonably expect to earn the same amount in the next six months?
- The goal is to arrive at a budget that can be covered by the average (or slightly below average) amount you expect to earn each month. In the months that you earn more, keep the excess in savings to fund the lean months.
- You may also want to consider depositing all of your income into savings and then transferring only a set amount each month for living expenses. Then every six months or so, reassess your average income for the period and make necessary changes to your budget. And that’s how contractors— or anyone— can budget successfully on a variable income.
__On this program, Rob also answers listener questions:__
- Where should you give your tithes if you do not yet have a church home?
- Instead of saving a lump sum to pay off an auto loan, is it better just to pay more than the minimum each month?
- What is the wisest way to go about drawing a monthly income on your retirement savings?
Be sure to check out the rest of [FaithFi.com](https://www.faithfi.com/) to access our books and our many free helpful resources. You can also find us on [Facebook Faith and Finance (Live)](https://www.facebook.com/faithfiofficial) and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the [Give](https://moneywise.netviewshop.com/nov22web) button.

If you’re a contract worker, and more people are these days, you probably have irregular hours and pay. So how do you bu

The Contractor’s Budget

Proverbs 22:7 carries a grim warning about debt: “The rich rule over the poor, and the borrower is slave to the lender.” Nowhere is that more true than with student loan debt, now just over $1.75 trillion. But you don’t have to be part of that statistic. We’ll talk today with Howard Dayton about how you can avoid it. Howard Dayton is the former host of this program and the founder of <a href="https://compass1.org/">Compass—Finances God’s Way</a>. Howard has written about student loan debt in the past and has come across some numbers that should make anyone think twice about falling into that trap.  You can read more of Howard’s wisdom at <a href="https://compass1.org/">Compass1.org</a>.<ul><li>STARTLING COLLEGE DEBT STATS</li><li>According to one survey, millennial-aged college graduates are spending a whopping 18% of their salary on student loan payments, and 60% of them expect to be making payments on their student loans into their 40s.</li><li>But it gets worse! The survey also found that average student debt for millennials is more than $41,000, and a third reported being clueless as to their loan’s interest rate.</li><li>What’s even more surprising is that many millennials aren’t willing to adjust their lifestyle to pay it off their student loans more quickly. For example, less than half of those surveyed were willing to cut what they spend on eating out and entertainment.</li><li>The last big discovery of the survey: fully one-third of the grads said they would have skipped college altogether if they’d known how expensive it would be in the end.</li><li>Howard has come up with five ways that students and their parents can keep from drowning in student loans. </li><li>5 TIPS FOR AVOIDING THE STUDENT DEBT TRAP</li><li>1. Start preparing early! Urge your high school-age kids to take dual credit classes that will count as college credit. I know of one couple’s 17-year-old son who graduated from high school having earned 90 college credit hours. When he enrolls in college, he’ll have completed the first three years of college free!</li><li>2. Another option is to enroll in a local community college the first two years to complete your general classes or to work full-time and take online college classes, which are typically much less expensive.</li><li>3. Secure as many grants and scholarships as possible by investing the time to research every possible opportunity.</li><li>Did you know that according to the National Scholarship Providers Association, an estimated $100 million in scholarships goes unused each year because no one applies for it?</li><li>4. Encourage your children to work full-time during the summers, and part-time at college after their first semester. That first semester they should get acclimated to the college routine, but after that, they can look for a part-time job, and then apply what they earn toward college costs.</li><li>Even working just 10 hours a week could easily pay for the next semester’s books.</li><li>5. Parents need to start saving early to help their kids pay for college. The 529 education savings plan is a great way to do that, and you can encourage grandparents and other family members to contribute to it with cash gifts for Christmas and birthdays.</li><li>And here’s one bonus suggestion: Don’t cosign for your children’s student loans or take out any loans yourselves. </li><li>Everything should be in the child’s name only. He or she has more time to pay off a loan than you have to save for retirement.</li></ul>On this program, Rob also answers listener questions: <ul><li>Does it make sense to take money out of an IRA to pay off a home equity loan? </li><li>What is the best way to plan for the distribution of assets to heirs, even if a surviving spouse remarries? </li><li>How do you determine the right time to start drawing Social Security benefits? </li></ul>Be sure to check out the rest of <a href="https://www.faithfi.com/" target="_blank">FaithFi.com</a> to access our books and our many free helpful resources. You can also find us on <a href="https://www.facebook.com/faithfiofficial" target="_blank">Facebook Faith and Finance (Live)</a> and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the <a href="https://moneywise.netviewshop.com/nov22web" target="_blank">Give</a> button.

Proverbs 22:7 carries a grim warning about debt: “The rich rule over the poor, and the borrower is slave to the lender.” Nowhere is that more true than with student loan debt, now just over $1.75 trillion. But you don’t have to be part of that statistic. We’ll talk today with Howard Dayton about how you can avoid it.

Avoiding Student Debt With Howard Dayton

Ecclesiastes 7:8 encourages us to be patient in trials of all kinds, including our investments. If patience is a virtue, how do we apply that to our portfolios? We’ll talk about it with investing expert Mark Biller. <ul><li>Mark Biller is executive editor at <a href="https://soundmindinvesting.com/">Sound Mind Investing</a>.</li><li>If you’re feeling despondent about the losses suffered over the past year, be encouraged! </li><li>PATIENCE IS A VIRTUE</li><li>Biller reminds us that time is on the side of the long-term investor. This has always been the case — it was true after the dreadful losses of 2008’s Financial Crisis, it was true after the Covid shock in 2020, and it’s still true after last year’s losses, whether or not this bear market is over yet.</li><li>The U.S. stock market has been remarkably resilient. A portfolio divided 50-50 between large and small company stocks has returned about +11% per year over the last 95 years. Think about everything the market has been through since then — the Great Depression, a World War, and so on.</li><li>Admittedly, that average obscures some wild rides along the way. </li><li>There have been 12-month periods where losses were as horrifying as -69% and gains were as breathtaking as 240% (those two extremes actually happened back-to-back in 1932-1933). In fact, it’s been very uncommon for stocks to actually return close to that  +11% average in any particular year — only about 5% of all the 12-month rolling periods over the last century or so have been within one percent of that 11% long-term average.</li><li>What that means is that it’s perfectly normal for the stock market’s returns to be all over the place from year to year. And yet, despite that, time is on the side of the long-term investor. The longer you’re willing to keep your money in the market, the greater your  likelihood of success.</li><li>Biller writes about all this in a recent article at SoundMindInvesting.org, titled “<a href="https://soundmindinvesting.com/articles/market-probabilities-what-the-past-suggests-about-the-future">Market Probabilities: What the Past Suggests About the Future.</a>” It features a chart that shows that if you had randomly picked any 12-month period between 1926 and 2022 to own stocks, you would have had a 74% chance of making money.  </li></ul><img /><ul><li><a href="https://feeds.simplecast.com/p9U_e2b7#_msocom_1">[1]</a></li><li>How much money? The table shows you would have had about a 39% probability of making more than 20%, a 20% chance of making between 10% and 20%, and a 15% chance of earning between 1% and 10%.</li><li>The chart shows these types of probabilities for holding periods of 1-year, 2-years — all the way out to 10-year holding periods. And that’s where the numbers are really so reassuring.</li><li>When you get out to five-year holding periods, losses occurred only 11% of the time. In other words, if you held your stocks for at least five years, the likelihood of making money increased to 89%.</li><li>The chart also shows that as the holding period lengthens, the very large gains and losses gradually disappear as the market moves closer to its long-term historical average. And by the time you reach holding periods of 8-to-10 years, the likelihood of losing money falls to just 2%-3% of the time.</li><li>Now, this assumes certain things, like your portfolio being properly diversified.</li><li>This study reinforces the importance of diversification. The article notes that the S&amp;P 500 Index, which is really a measure of large-company stock performance, was negative -1.4% for the 10-year period ending in 2008. But when we diversify that portfolio by splitting it evenly between large and small company stocks, that 10-year loss flips to a small gain of +2.7%.</li><li>One of the main points of this article and the chart is to show how volatile stock market returns are over the short-term, and how that volatility rapidly diminishes as you stretch out your time horizon. Short-term returns are very unpredictable, but they become much more predictable the longer the time horizon extends. That’s why SMI has always recommended at least a five-year time frame as a minimum for investing in the stock market, and 10 years is really what they prefer to see. You can’t guarantee that a person will have a positive return investing in stocks over any given five or 10-year period, but historically, the odds of success go way up with those longer periods.</li><li>And again, it’s reassuring that even the worst recent 10-year period — that 1999 to 2008 period that ended with the Global Financial Crisis — still provided modest gains for diversified investors.</li><li>DON’T TRY TO TIME THE MARKET ON YOUR OWN</li><li>All of the research suggests that most individual investors do a poor job of trying to time the market on their own. And most who try to do that, end up hurting their long-term results.</li><li>So for someone who is NOT following along with a very disciplined, mechanical strategy like they’re using at SMI, but has a 5-year time horizon and is contributing every month to their 401k, they should stick with simple dollar cost averaging. They should probably just keep making those contributions and count on the market to bounce back from any further damage that might be in store before they reach the end of their 5-year time period. This article we’ve been discussing today says that historically a person has an 89% chance of making money in stocks over a 5-year time period. That’s the argument for continuing to dollar-cost-average right through a bear market like this.</li><li>SEEKING A FINANCIAL ADVISER</li><li>What kind of person needs a financial advisor?</li><li>Biller says there are two main groups:  one is the person who doesn’t enjoy financial stuff and doesn’t want to do this on their own. Chances are, that type of person isn’t going to do a particularly good job with it because they don’t like it and it’s a chore. So that’s one good reason to offload it to an advisor.</li><li>The second is a little less obvious, but it’s a primary reason why many of SMI’s do-it-yourself newsletter people eventually transition over to using SMI’s Advisory service, and that’s because they want to ensure their spouse is well cared for after they’re gone. Many people tell SMI they don’t mind handling their own investing, but their spouse would be lost because they haven’t been involved. So they’ll come over to work with an SMI advisor to make sure the transition is smooth for their spouse’s benefit.</li><li>And of course, we regularly recommend you seek out a Certified Kingdom Advisor if you need help with your investments. You should interview two or three of them, and you can start that process by visiting <a href="https://www.faithfi.com/find">FaithFi.com/find</a>. </li></ul>On this program, Rob also answers listener questions: <ul><li>What is the best way to select a lender for a home refinance? </li><li>What kinds of retirement income are taxable? </li><li>When does it make sense to refinance an auto loan? </li></ul>RESOURCES MENTIONED:<ul><li><a href="https://www.creditkarma.com/">CreditKarma</a></li><li><a href="https://www.lendingtree.com/">LendingTree</a></li></ul>Be sure to check out the rest of <a href="https://www.faithfi.com/" target="_blank">FaithFi.com</a> to access our books and our many free helpful resources. You can also find us on <a href="https://www.facebook.com/faithfiofficial" target="_blank">Facebook Faith and Finance (Live)</a> and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the <a href="https://moneywise.netviewshop.com/nov22web" target="_blank">Give</a> button.

Ecclesiastes 7:8 encourages us to be patient in trials of all kinds, including our investments. If patience is a virtue, how do we apply that to our portfolios? We’ll talk about it with investing expert Mark Biller.

Market Probabilities With Mark Biller

What’s harder to get rid of than termites and hurts more than a toothache? According to countless callers through the years, the answer is a timeshare. So what are your options for getting out of a timeshare? We’ll talk about that on this episode of Faith & Finance. <ul><li>In a perfect world, you’d be able to sell your timeshare for enough to get your money back. Unfortunately, that’s not going to happen. </li><li>Now, just why is a timeshare so difficult to sell, or get rid of at all, for that matter? For most potential buyers, it lacks a clear need. You can book a week at a similar resort any time you want without a huge upfront cost and monthly fees. So there are few customers out there to buy your timeshare.</li><li>Also, let’s face it, timeshares have a significant public relations problem. Most people don’t like the high-pressure sales tactics typically used by the companies that sell them. So timeshares, in general, have a badly tarnished brand image.</li><li>Before you attempt to sell your timeshare, you should get all the information you can about the process and the best source we know is the Timeshare Users Group or TUG. You can find them at <a href="https://tug2.com/">Tug2.com</a>.</li><li>This is a community of timeshare owners who offer advice and share their experiences. The membership fee is $15 a year, and it’s probably well worth it. </li><li>SELLING A TIMESHARE</li><li>If you try to sell it on your own— you need to have a realistic idea of what it’s worth— and that’s almost certainly a lot less than what you paid. Next you’ll have to advertise and TUG has an online marketplace that’s probably the most active site you’ll find for buying or selling a timeshare. You can also try <a href="https://www.ebay.com/">eBay</a>, <a href="https://www.craigslist.org/">Craigslist</a>, <a href="https://www.facebook.com/">Facebook</a> and newspaper classified ads.</li><li>Once you find a buyer—if you find a buyer— you’ll need to write up a contract that specifies what each party must do and what they receive from the transaction. It would be wise to get an attorney to draw up the contract.</li><li>Okay, let’s say you’ve been unsuccessful in selling your timeshare. If you’ve given up hope for getting any return on your money, you can simply ask the resort to take it back. It’s called a timeshare deed back and if the resort agrees, it’s an inexpensive way to get rid of it. You’ll probably need to have paid the entire cost of the timeshare, which could run around $24,000, so that would have to be a last resort.</li><li>Your next option is to use a so-called “timeshare exit company.” This one can be tricky, because there are a lot of scams out there. You’ll want to find one with a track record of helping people get out of their timeshare— and ask for referrals.</li><li>There’s one more option for getting out from under a timeshare, and that’s to go with a contract attorney. You want to find one that’s experienced in getting folks out of a timeshare. It can happen because these companies don’t always keep their end of the bargain and are found in breach of contract.</li><li>You’re probably wondering what some of these options might cost you. If you’re able to sell your timeshare, you’ll probably have several hundred dollars in advertising fees. </li><li>You’ll also lose the difference between what you paid and what you sell it for, which will likely be substantial.</li><li>If you go with a timeshare exit company, costs often start around $5,000 and could go well over $10,000. Hiring an attorney could cost nearly as much. </li><li>TIMESHARE "DON’T"s</li><li>Now, here are some “don’ts.” Don’t go with any timeshare exit company that makes extravagant claims that they can get you released from your timeshare for a low cost. If the company asks for payment upfront , head for the door. Also, don’t go with any company that suggests you do anything illegal or in our case, as believers, anything that would dishonor God.</li><li>Here’s another “don’t.”  It might be very tempting to just stop making payments. That will result not only in being endlessly harassed by the timeshare company or some collection agency, it will ruin your credit and may result in a foreclosure.</li><li>You’ve also signed a contract, pledged your word that you’d pay this money. The Bible is pretty clear about your obligation. Psalm 3:27 tells us,”Do not withhold good from those to whom it is due, when it is in your power to do it”</li><li>So, as we said, you have a few options for getting rid of a timeshare, but the easiest way of all is to not buy one in the first place. You’ve heard the saying, “An ounce of prevention is worth a pound of cure.” Couldn’t be more true than with a timeshare.</li></ul>On this program, Rob also answers listener questions: <ul><li>Where can you find faith-based investing options? </li><li>What is the advantage to setting up a trust vs a will? </li><li>If the US enters a recession, what impact might that have on house prices? </li><li>Should a parent consider helping to pay off the mortgage of their adult child? </li></ul>RESOURCES MENTIONED:<ul><li><a href="https://www.eventidefunds.com/">Eventide Funds </a></li><li><a href="https://www.praxismutualfunds.com/">Praxis Funds</a></li><li><a href="https://www.inspireinvesting.com/">Inspire Investing</a></li><li><a href="https://www.guidestonefunds.com/">Guidestone Funds</a></li></ul>Be sure to check out the rest of <a href="https://www.faithfi.com/">FaithFi.com</a> to access our books and our many free helpful resources. You can also find us on <a href="https://www.facebook.com/faithfiofficial">Facebook Faith and Finance (Live)</a> and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the <a href="https://moneywise.netviewshop.com/nov22web">Give</a> button.

What’s harder to get rid of than termites and hurts more than a toothache? According to countless callers through the years, the answer is a timeshare. So what are your options for getting out of a timeshare? We’ll talk about that on this episode of Faith & Finance.

Timeshare Tribulation

Knowing where and how to give to God’s Kingdom can be a challenge for any one person, but it's all the more so if you’re married. It’s a beautiful thing when couples agree on how to manage their money — how much to spend and save, but finding agreement on giving is just as important.  Today, Bob Doll shares with Rob West what he and his wife Leslie have learned. This is Faith and Finance - biblical wisdom for your financial decisions.Our guest Bob Doll is chief investment officer and portfolio manager at Crossmark Global Investments. He joins us weekly to talk about the economy and investing, but he’s going to talk about investing in God’s Kingdom. <ul><li>You and Leslie wrote an article for the Gospel Coalition titled, <a href="https://www.thegospelcoalition.org/article/giving-married-couple/" target="_blank">“How to Plan Your Giving as a Married Couple.”</a>  I know the two of you have a lot of practical experience in making your giving decisions as a couple, of course based on God’s Word, wouldn’t you agree?</li><li>God has instructed us along the way and we've learned by doing and making mistakes.</li><li>Would you unpack the keys of what you've learned?</li><li>This is not our money. It is God's money. It's not how much we're going to give - it's how much we're going to keep, and give the rest away. We recognize we're on this planet for a nanosecond and we're in Eternity for eternity and therefore focusing on the long term and God's plan is so much easier.</li><li>We've also learned the older we get, we can't take it with us. That encourages us to give away as well.</li><li>I love all of what Randy Alcorn has written on the subject - one that sticks with me is God prospers us to raise not our standard of living but our standard of giving.</li><li>How does that foundation inform the actual giving decisions you make?</li><li>It makes us more generous - not to wait to start giving. This is an ongoing process. Early on, this was a source of a lot of disagreement.</li><li>For instance, Leslie's propensity is to focus on a few organizations that we know intimately. And Bob has hardly ever met a cause he didn’t want to give to. Leslie prefers to give to one-time projects; Bob prefers to be a source of annual giving for organizations.</li><li>Over time, each of us has learned to compromise. For example, we each initiate about 20 percent of our giving individually, and we jointly decide on the remaining 60 percent.</li><li>Many folks will wait to do their giving at death while you have prioritized giving while you're alive, correct?</li><li>Give it away while you know where it's going. We'd like for our last check to bounce. The joy of giving is much more powerful than when you're six feet under. And causes need the money now.</li><li>How can a married couple give with unity?</li><li>Early on we tried to agree on everything and it took forever and created disagreement. We educate each other on the 20% we give individually.</li><li>What's your strategy to decide where to give?</li><li>We give to more than a hundred causes. At least 90 percent of our giving is to faith-based organizations. We try to find a balance between evangelism and discipleship, between feeding the poor in spirit and the poor physically. We try to spread this out geographically, although the vast majority goes to the U.S. and the Middle East.</li><li>Our giving can be put in a pyramid. A few we know the most are who we give the most to.</li><li>Next are those causes where we’re less involved but still know and trust the work, and so on, with the last tier being a list of ministries or individuals where our support is smallest.</li><li>How does prayer fit into the process?</li><li>We've learned over time to start earlier in the year, pray about it and think about it individually and together.</li><li>We try to dig into the organizations we're giving to. Review their  websites, 990s, etc. and that helps to inform us.</li><li>You try to be Kingdom-strategic with your giving, don't you?</li><li>God gave us a brain and a responsibility. This is God's money. We all fall in love with stories but, like when I analyze companies, you have to consider what is God calling us to?</li><li>How important is getting engaged in some of the ministries you're giving to?</li><li>Very important. Get engaged with some of your giving so you don’t end up feeling like a checkbook.</li><li>If you can, take advantage of opportunities to serve with the organization or travel to see the work in action. Leslie is in Syria right now helping with earthquake relief.</li><li>Is serving on boards of directors something you would consider?</li><li>Absolutely. When you're on a board you see the thick and the thin, and hopefully you're helping it at the same time.</li><li>What about those who aren't aligned with their spouse?</li><li>Sit down, talk about it and pray about it.</li><li>Remember, it's not your money. Time is short, the need is great, and in many cases the cost is high. Decide how much you're going to give away and let it grow over time.</li></ul>Next, Rob answers these questions at 800-525-7000 or via email at <a href="mailto:askrob@faithfi.com?subject=Faith%20and%20Finance%20Listener%20Question&amp;%20Finance%20Listener%20Question">askrob@FaithFi.com</a>:<ul><li>Is paying for extended warranties on appliances a good idea?</li><li>What can you do to help your grandkids get started with savings?</li><li>Can a 529 plan be used to fund K-12 private school costs?</li><li>Is it a good idea to draw on some of your $145,000 in home equity and put it into a online savings account?</li></ul>Be sure to check out the rest of <a href="https://www.faithfi.com/">FaithFi.com</a> to access our books and our many free helpful resources. You can also find us on <a href="https://www.facebook.com/faithfiofficial">Facebook Faith and Finance (Live)</a> and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the <a href="https://moneywise.netviewshop.com/nov22web">Give</a> button.

Knowing where and how to give to God’s Kingdom can be a challenge for any one person but all the more so if you’re married. It’s a beautiful thing when couples agree on how to manage their money— how much to spend and save but finding agreement on giving is just as important. Bob shares what and his wife Leslie have learned about it. Then it’s your calls at 800-525-7000.

Giving As a Couple with Bob Doll

“The purpose in a man's heart is like deep water, but a man of understanding will draw it out.”   Proverbs 20:5  Man’s ultimate purpose is to glorify God, but deciding how we do that can be a challenge. Sometimes we need help from a trusted advisor. We’ll talk about that with Rachel McDonough.Rachel McDonough is a Certified Financial Planner anda Certified Kingdom Advisor. And lately, she's been deep in thought about Proverbs 20:5 and how it relates to fulfilling our purpose in life with our financial decisions. <ul><li>All Christians would like to honor God with the way they use the resources He’s given them, but sometimes it’s difficult to find the right path for that.</li><li>McDonough shares that our culture makes it difficult. There’s so much in our culture that makes us think it’s all about us. We ask, “What are my financial goals?”  But if that’s our starting point, it’s almost like: Ready, fire, aim! </li><li>But it’s wise to take a step back and think through a more biblical framework for how we should determine those financial goals. </li><li>The thing that is your treasure will control your heart. And what controls your heart will control your words, your behaviors, and your decisions. The place to start is with your HEART, our values, and priorities as believers. </li><li>McDonough encourages listeners to take a step back and think through the foundation of our values and priorities first, and then choose specific financial goals that give us the right target to be aiming toward. </li><li>Turning to a Christian adviser can help you think through those factors. </li><li>Of course, this is why Kingdom Advisors exists, to train a dedicated group of professionals with the CKA designation … to come alongside side believers and help them find their purpose.</li><li>Learn more about Kingdom Advisors at kingdomadvisors.com or visit FaithFi.com to <a href="https://www.faithfi.com/find">Find a CKA</a>. </li></ul>On this program, Rob also answers listener questions: <ul><li>How do you combat fear over your finances? </li><li>Does it make sense to use all cash on hand to pay off credit card debt? </li></ul>Be sure to check out the rest of <a href="https://www.faithfi.com/">FaithFi.com</a> to access our books and our many free helpful resources. You can also find us on <a href="https://www.facebook.com/faithfiofficial">Facebook Faith and Finance (Live)</a> and join the conversation. Thanks for your prayerful and financial support that helps keep Faith and Finance (Live) on the air. And if you'd like to help, just click the <a href="https://moneywise.netviewshop.com/nov22web">Give</a> button.

“The purpose in a man's heart is like deep water, but a man of understanding will draw it out.”   Proverbs 20:5  Man’s ultimate purpose is to glorify God, but deciding how we do that can be a challenge. Sometimes we need help from a trusted advisor. We’ll talk about that with Rachel McDonough.

Finding Your Purpose With Rachel McDonough

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Join Rob West and special guests as they address today's financial questions with biblical answers.

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