Once upon a time, overspending required a bit of effort. You actually had to leave the house. But what happens when you can sit comfortably at home in your jammies and with a simple click bust your budget? With a smartphone and a little indiscretion, you too could be in debt! Today on MoneyWise, Kingdom Advisors President Rob West gives us ways to avoid this danger.

Computers and smartphones have really become lethal weapons for the budget. It’s just too easy to see something you like, push a button, then the next day it appears on your doorstep. It’s a strong temptation.

Boredom is also a danger. If we don’t get out of the house and do active things, we tend to look for passive ways to occupy ourselves, and that usually means going online.

In the same way that using credit cards and not cash can make you spend more at the store, shopping online has made it so much easier to overspend. And in many cases, the site already has your payment information. We’re living in a world where money has become invisible. The ease with which we can spend online has become a real problem.

So to help with this, establish a layer of accountability for your online shopping. This is much easier if you’re married. Have shared accounts so you and your spouse (or perhaps another family member) can see what each other is buying.

Make it a rule that when you want to buy something online, the otherpersonyour accountability partnerhas to be the one that clicks that purchase button. This will often lead to a discussion about whether or not the purchase is really necessary or is it just something you want because you’re bored.

Don't buy things you haven't planned for in your budget.A powerful tool used to avoid impulse spending is what we call the 30-day rule: don’t buy anything online until it’s been on your Want List for at least a month. Household necessities, as long as they’re really necessities, don’t apply.

Don’t fall for one-time only offers. That touted low price which may never come around again has probably already come around somewhere elseseveral times.

Finally, if an item isn't really a need, take that opportunity to give away the money you’d have spent. Put that money into a personal benevolence fund that can be used to help someone in need outside of your household.

Here are some questions we answered from our callers on today’s program:

I have an extra $6,500. If you had it, how would you use it?

What can you tell me about life insurance as income replacement?

I’m upside-down on my car loan! What can I do?

Are online banks good to get at least 1%+ interest on my money?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Once upon a time, overspending required a bit of effort. You actually had to leave the house. But what happens when you can sit comfortably at home in your jammies and with a simple click bust your budget? With a smartphone and a little indiscretion, you too could be in debt! Today on MoneyWise, Kingdom Advisors President Rob West gives us ways to avoid this danger.

Computers and smartphones have really become lethal weapons for the budget. Its just too easy to see something you like, push a button, then the next day it appears on your doorstep. Its a strong temptation.

Boredom is also a danger. If we dont get out of the house and do active things, we tend to look for passive ways to occupy ourselves, and that usually means going online.

In the same way that using credit cards and not cash can make you spend more at the store, shopping online has made it so much easier to overspend. And in many cases, the site already has your payment information. Were living in a world where money has become invisible. The ease with which we can spend online has become a real problem.

So to help with this, establish a layer of accountability for your online shopping. This is much easier if youre married. Have shared accounts so you and your spouse (or perhaps another family member) can see what each other is buying.

Make it a rule that when you want to buy something online, the otherpersonyour accountability partnerhas to be the one that clicks that purchase button. This will often lead to a discussion about whether or not the purchase is really necessary or is it just something you want because youre bored.

Don't buy things you haven't planned for in your budget.A powerful tool used to avoid impulse spending is what we call the 30-day rule: dont buy anything online until its been on your Want List for at least a month. Household necessities, as long as theyre really necessities, dont apply.

Dont fall for one-time only offers. That touted low price which may never come around again has probably already come around somewhere elseseveral times.

Finally, if an item isn't really a need, take that opportunity to give away the money youd have spent. Put that money into a personal benevolence fund that can be used to help someone in need outside of your household.

Here are some questions we answered from our callers on todays program:

I have an extra $6,500. If you had it, how would you use it?

What can you tell me about life insurance as income replacement?

Im upside-down on my car loan! What can I do?

Are online banks good to get at least 1%+ interest on my money?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Compound interest is a double-edged sword. Albert Einstein reportedly called it the 8th wonder of the world, saying He who understands it, earns it; he who doesn't pays it.

Einstein knew that compound interest is a force to be reckoned with. Today, financial planner and teacher Rob West explains how you can either make it work for you or let it work against you. Then it’s your calls at 800-525-7000.

A recent financial literacy survey found that individuals who fail to grasp the concept of interest that compounds have higher transaction fees, run up more debt, and pay higher interest rates on credit cards and other loans.

Simple interest is what you pay on the original amount you borrowed or what you have in the bank only.Simple interest applies a fixed rate, meaning that the dollar amount you pay in interest remains the same for the life of the loan or account.

Compound interest is calculated on your principal amount, plus your accumulated interest. So the amount you pay, or receive, in interest will change, it will grow over time.

Compound interest works for you if you’re saving money, but against you if you’re borrowing.

To take advantage of compound interest,do not carry a balance on your credit card. Pay off any consumer loans as quickly as possible, making additional payments on the principal if you can.

Here are some questions we answered from our callers on today’s program:

I am going through a divorce and am having to give 40% of my house to my ex. I am thinking of allowing my son to rent the house from me. Another option is to sell the house and use the money to pay off debt. What is your advice?

Would it be smart to sell stocks and pay off the remainder of our mortgage?

I am a beginner at buying stocks. Where do I start?

I had a life insurance policy with my job. I have been encouraged to obtain life insurance outside of my job also. I have a student going into high school. Where should I start?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Compound interest is a double-edged sword. Albert Einstein reportedly called it the 8th wonder of the world, saying He who understands it, earns it; he who doesn't pays it.

Einstein knew that compound interest is a force to be reckoned with. Today, financial planner and teacher Rob West explains how you can either make it work for you or let it work against you. Then its your calls at 800-525-7000.

A recent financial literacy survey found that individuals who fail to grasp the concept of interest that compounds have higher transaction fees, run up more debt, and pay higher interest rates on credit cards and other loans.

Simple interest is what you pay on the original amount you borrowed or what you have in the bank only.Simple interest applies a fixed rate, meaning that the dollar amount you pay in interest remains the same for the life of the loan or account.

Compound interest is calculated on your principal amount, plus your accumulated interest. So the amount you pay, or receive, in interest will change, it will grow over time.

Compound interest works for you if youre saving money, but against you if youre borrowing.

To take advantage of compound interest,do not carry a balance on your credit card. Pay off any consumer loans as quickly as possible, making additional payments on the principal if you can.

Here are some questions we answered from our callers on todays program:

I am going through a divorce and am having to give 40% of my house to my ex. I am thinking of allowing my son to rent the house from me. Another option is to sell the house and use the money to pay off debt. What is your advice?

Would it be smart to sell stocks and pay off the remainder of our mortgage?

I am a beginner at buying stocks. Where do I start?

I had a life insurance policy with my job. I have been encouraged to obtain life insurance outside of my job also. I have a student going into high school. Where should I start?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

The coronavirus pandemic put millions of Americans in financial turmoil due to lost income. Many lenders have offered forbearance options, but what happens when they end?If you were allowed to delay payments to your creditors those grace periods won’t last forever and some may have already ended. Today, host Rob West explores how to prepare with Neile Simon of Christian Credit Counselors.Neile Simon is the director of Strategic Partnerships at Christian Credit Counselors, where they’ve been helping people cope with the devastating financial impact of COVID-19.Then it’s your calls and questions at 800-525-7000.

Neile gives her view of what she has seen on the front lines of the battle against the financial implications of the pandemic.

They discuss forbearance programs and how they have been helping people all over the country, however most mortgage forbearance programs only last 3 months, credit card companies grace periods on minimum payments and late fees have ranged from 1-3 months. Student Loan forbearance programs will end September 31st.

Neile offers advice on what people should do if they think their forbearance is ending. She talks about overhauling your budget, determine if you can make minimum payments, and if you still need help, reach out to Christian Credit Counselors.

She offers wisdom on how Christian Credit Counselors can help people who are overwhelmed by debt and explains how their program works.

She also explains what clients can expect when they sign up and why their approach is much better than choosing debt consolidation.

You can get more information and help with managing your debt at ChristianCreditCounselors.org.

Here are some questions we answered from our callers on today’s program:

What are your thoughts on the Christian medical sharing programs?

Can money from a 529 plan be shared with two siblings?

What are your opinions on the stock investing apps?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

The coronavirus pandemic put millions of Americans in financial turmoil due to lost income. Many lenders have offered forbearance options, but what happens when they end?If you were allowed to delay payments to your creditors those grace periods wont last forever and some may have already ended. Today, host Rob West explores how to prepare with Neile Simon of Christian Credit Counselors.Neile Simon is the director of Strategic Partnerships at Christian Credit Counselors, where theyve been helping people cope with the devastating financial impact of COVID-19.Then its your calls and questions at 800-525-7000.

Neile gives her view of what she has seen on the front lines of the battle against the financial implications of the pandemic.

They discuss forbearance programs and how they have been helping people all over the country, however most mortgage forbearance programs only last 3 months, credit card companies grace periods on minimum payments and late fees have ranged from 1-3 months. Student Loan forbearance programs will end September 31st.

Neile offers advice on what people should do if they think their forbearance is ending. She talks about overhauling your budget, determine if you can make minimum payments, and if you still need help, reach out to Christian Credit Counselors.

She offers wisdom on how Christian Credit Counselors can help people who are overwhelmed by debt and explains how their program works.

She also explains what clients can expect when they sign up and why their approach is much better than choosing debt consolidation.

You can get more information and help with managing your debt at ChristianCreditCounselors.org.

Here are some questions we answered from our callers on todays program:

What are your thoughts on the Christian medical sharing programs?

Can money from a 529 plan be shared with two siblings?

What are your opinions on the stock investing apps?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

Got coins? If you do, odds are you haven’t been using them much lately due to coronavirus sheltering. But swapping $10 in coins for paper money could get you a free sandwich! That’s just one more example of the collateral damage done from the coronavirus outbreak, a shortage of coins in circulation. Today on MoneyWise, financial planner and teacher Rob West explains why this is happening and where you can cash in.

There’s probably about the same amount of coins out there as before the pandemic hit but it’s just that they’re not getting into circulation. Online purchasing has soared during the crisis and so more folks are using plastic to buy things. But when people dogo out, they’re more likely to use credit or digital payment options. The upshot is that brick and mortar merchants are struggling to make change because fewer coins are in circulation.

Two Chick-fil-A locations (Huntsville, AL, and Lynchburg, VA) have been offering customers free food options if they exchange their coins for paper currency. We mention this to illustrate the extent of the problem that merchants are facing. We know that in some instances they’re rounding up prices to the next highest or lowest dollar amount.

There are plenty of coins out there, but because circulation is down, sometimes there’s a shortage where needed. The central bank is working to increase the flow of coins; but its options are limited. You can’t force people to spend or turn in coins, at least not yet.

Some blame state-mandated shutdowns for this problem saying they’ve played a major role in reducing the amount of coins in circulation. And while the U.S. Mint usually cranks out more coinage as needed for the economy, it hasn’t been able to increase production, again due to the COVID-related work disruption.

Could all of this demonstrate that we don’t really need coins anymore? No, I think we’re still pretty far away from that, although the pandemic has certainly moved the needle toward a paperless or coin-less economy. Millions of people are becoming more comfortable using their smartphones to pay for things as a result of the pandemic. But this doesn’t help brick and mortar businesses like restaurants and convenience stores that still have to deal with customers using cash to buy things.

Here are some questions we answered from our listeners on today’s program:

Are there advantages of a trust over a last will and testament?

Is it ever a good idea to take money out of an IRA to purchase a car?

What does the Bible say about borrowing money to start a business?

Our financial advisor is a family friend and we go to church together. However, he’s making poor choices in his personal life that make us wonder just how wisely is his managing our investments. Should we look for a different advisor?

Should we tithe off of an insurance settlement?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Got coins? If you do, odds are you havent been using them much lately due to coronavirus sheltering. But swapping $10 in coins for paper money could get you a free sandwich! Thats just one more example of the collateral damage done from the coronavirus outbreak, a shortage of coins in circulation. Today on MoneyWise, financial planner and teacher Rob West explains why this is happening and where you can cash in.

Theres probably about the same amount of coins out there as before the pandemic hit but its just that theyre not getting into circulation. Online purchasing has soared during the crisis and so more folks are using plastic to buy things. But when people dogo out, theyre more likely to use credit or digital payment options. The upshot is that brick and mortar merchants are struggling to make change because fewer coins are in circulation.

Two Chick-fil-A locations (Huntsville, AL, and Lynchburg, VA) have been offering customers free food options if they exchange their coins for paper currency. We mention this to illustrate the extent of the problem that merchants are facing. We know that in some instances theyre rounding up prices to the next highest or lowest dollar amount.

There are plenty of coins out there, but because circulation is down, sometimes theres a shortage where needed. The central bank is working to increase the flow of coins; but its options are limited. You cant force people to spend or turn in coins, at least not yet.

Some blame state-mandated shutdowns for this problem saying theyve played a major role in reducing the amount of coins in circulation. And while the U.S. Mint usually cranks out more coinage as needed for the economy, it hasnt been able to increase production, again due to the COVID-related work disruption.

Could all of this demonstrate that we dont really need coins anymore? No, I think were still pretty far away from that, although the pandemic has certainly moved the needle toward a paperless or coin-less economy. Millions of people are becoming more comfortable using their smartphones to pay for things as a result of the pandemic. But this doesnt help brick and mortar businesses like restaurants and convenience stores that still have to deal with customers using cash to buy things.

Here are some questions we answered from our listeners on todays program:

Are there advantages of a trust over a last will and testament?

Is it ever a good idea to take money out of an IRA to purchase a car?

What does the Bible say about borrowing money to start a business?

Our financial advisor is a family friend and we go to church together. However, hes making poor choices in his personal life that make us wonder just how wisely is his managing our investments. Should we look for a different advisor?

Should we tithe off of an insurance settlement?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

We’ve all experienced uncertainty in our lives and the anxiety and worry it causes. In these times it’s important to keep a clear head and to avoid making common mistakes with your money. When fear of the unknown grips us, it’s natural to question the financial decisions we’ve made. Today, Kingdom Advisors President Rob West tells us how to steer clear of the pitfalls ahead.

Ron Blue and Howard Dayton both shared what they think are the seven most common money mistakes people make when things look bleak.

(1)Responding out of fear. Even though it says to "fear not" over 300 times in God's Word, unfortunately fear can lead to irrational thinking and ultimately to irrational behavior.

(2)Focusing on what you can’t control. You can't control the Federal Reserve, the stock market, or the GDP. But you can control what God provides you to steward and manage.

(3)Watching the daily moves of your investment accounts. Don't fixate on the daily headlines as that’s detrimental to your decision-making process. Balance watching the news by focusing every single day on your Bible study.

(4)Cutting your giving. Unfortunately, one of the first areas many people cut during times of uncertainty is giving. Instead, trust God as an act of obedience and worship, even in a difficult time.

(5)Veering off your long-term spending plan. Planning helps us make better short-term decisions. A long-term perspective of our finances can be interpreted as an eternal perspective. Generally, we shouldn’t have to change in times of uncertainty because we have a plan that anticipates that uncertainty.

(6)Hiding from your creditors. Sometimes, when we face financial challenges, we may not want to deal with creditors. We avoid the phone calls and we certainly don't reach out to the creditor directly. This is something we want to avoid doing. So take the initiative! It pleases the Lord when we openly communicate with our creditors.

(7)Ignoring what God may be saying to you. Spend time with Him and listen for His guidance and wisdom. We have daily opportunities to be salt and light to the world. Pay attention and trust Him in your daily actions and decisions.

The best plan is placing your faith in the eternal God who created everything and has all wisdom and knowledge. He has your best interests at heart. Study his Word and spend time with Him.

Here are some questions we answered from our callers on today’s program:

What can you tell me about leasing vs. buying a car?

Is there a way to make an HSA compatible with Christian health cost sharing ministries?

I’m a pastor and am looking to get a 2nd or 3rd revenue stream (not to get rich). What would you recommend? What about the passive income route?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Weve all experienced uncertainty in our lives and the anxiety and worry it causes. In these times its important to keep a clear head and to avoid making common mistakes with your money. When fear of the unknown grips us, its natural to question the financial decisions weve made. Today, Kingdom Advisors President Rob West tells us how to steer clear of the pitfalls ahead.

Ron Blue and Howard Dayton both shared what they think are the seven most common money mistakes people make when things look bleak.

(1)Responding out of fear. Even though it says to "fear not" over 300 times in God's Word, unfortunately fear can lead to irrational thinking and ultimately to irrational behavior.

(2)Focusing on what you cant control. You can't control the Federal Reserve, the stock market, or the GDP. But you can control what God provides you to steward and manage.

(3)Watching the daily moves of your investment accounts. Don't fixate on the daily headlines as thats detrimental to your decision-making process. Balance watching the news by focusing every single day on your Bible study.

(4)Cutting your giving. Unfortunately, one of the first areas many people cut during times of uncertainty is giving. Instead, trust God as an act of obedience and worship, even in a difficult time.

(5)Veering off your long-term spending plan. Planning helps us make better short-term decisions. A long-term perspective of our finances can be interpreted as an eternal perspective. Generally, we shouldnt have to change in times of uncertainty because we have a plan that anticipates that uncertainty.

(6)Hiding from your creditors. Sometimes, when we face financial challenges, we may not want to deal with creditors. We avoid the phone calls and we certainly don't reach out to the creditor directly. This is something we want to avoid doing. So take the initiative! It pleases the Lord when we openly communicate with our creditors.

(7)Ignoring what God may be saying to you. Spend time with Him and listen for His guidance and wisdom. We have daily opportunities to be salt and light to the world. Pay attention and trust Him in your daily actions and decisions.

The best plan is placing your faith in the eternal God who created everything and has all wisdom and knowledge. He has your best interests at heart. Study his Word and spend time with Him.

Here are some questions we answered from our callers on todays program:

What can you tell me about leasing vs. buying a car?

Is there a way to make an HSA compatible with Christian health cost sharing ministries?

Im a pastor and am looking to get a 2nd or 3rd revenue stream (not to get rich). What would you recommend? What about the passive income route?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.