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

Asurveyshows that nearly one third of American have no emergency savings. Perhaps thats explained by an old English proverb: Anyone can make money. It takes a wise man to know how to spend it, that is, your income is exceeded by your outgo.The solution is simply reversing that trend. How? Host Rob West sits down with money expert Ron Blue to answer that and to talk about the cookie jar and the envelope system for home money management.

First, money was always allocated when managing income. Every dollar was told where to go. In the era of the cookie jar, inflow and outflow were so closely related that it wasnt necessary to allocate to various categories. The spending was done as the need arose. However, as both income and kinds of expenses increased, income had to be allocated, assigned, and placed in an envelope for their intended use.

Second, spending always stopped when the envelope or cookie jar was emptythere were no alternatives! The absence of cash was the surest form of control.

Third, people always had a current awareness of theirfinancialsituation relative to theplannedsituation. It was very simple to determine whether there was money left in the envelope or cookie jar. If there was, not all of the spending had been done. If, on the other hand, it was empty, the plan had been accomplished.

There are five steps to controlling your cash flow: (1) estimate your living expenses in as much detail as possible, (2) record what actually happens so you can see how closely your actual expenses are to what you estimated, (3) establish your budget, (4) control your budget, and (5) evaluate and revise the budget periodically.

It doesnt take more than 2 or 3 hours yearly to set up a new budget and, on a monthly basis, just 20-30 minutes to determine where you are relative to your financial plan. Youll see how God opens doors simply through the exercise of self-control and wisdom.

Learn more about controlling your cash flow in Ron Blues book,Never Enough,available atMoneyWise.org.

On todays program we also answer your questions:

I have a private student loan over $20,000. I want to reduce my monthly payment. What can I do?

I have a good amount of money coming to me. Should I invest this or should save it, making it easily accessible during these bad financial times?

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.

It’s older than money but works just as well. It’s not beads or bars of gold and it’s certainly not bitcoin. It’s an ancient practice that buys goods and services with no medium of exchange. It’s the fine art of bartering. We all have skills and unneeded items that others value. Have you ever thought about trading yours, or bartering, for things you need? Financial planner and teacher Rob West has some pointers for doing it right.

Bartering is a very natural way to exchange goods and services and like you pointed out at the top it predates currency.

It’s now possible to make barter deals without leaving home. And there are two ways to do that. First through barter exchanges, where items are assigned points. You can sell items or services for points and then redeem them for things you want.

it’s important to set the terms up front to avoid misunderstandings. So the first thing you do is determine the monetary value of your item or service compared to what the other person is offering. The goal is to make anevenexchange.

First, determine what you think is the fairrangeof value for your item or service and start negotiating at the high end.

You also need to set time frames for the completion of the barter.

be careful bartering for services that require licensing or other certification.

Remember to be fair and honest with everyone you deal withbecause you are a witness for Christ. Proverbs 16:11 says,Honest scales and balances belong to the Lord; all the weights in the bag are of his making.

In today’s show we also answer your questions:

Should we think about taking money from our 401K since all the stocks are dropping?

What is the difference between 529 and ESA plans?

I have a 401K that is dropping. Should I stop contributing to it? Should I move it to a safer type of savings?

How do I get my wife on board for budgeting?

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 atMoneyWise Mediafor 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

Its older than money but works just as well. Its not beads or bars of gold and its certainly not bitcoin. Its an ancient practice that buys goods and services with no medium of exchange. Its the fine art of bartering. We all have skills and unneeded items that others value. Have you ever thought about trading yours, or bartering, for things you need? Financial planner and teacher Rob West has some pointers for doing it right.

Bartering is a very natural way to exchange goods and services and like you pointed out at the top it predates currency.

Its now possible to make barter deals without leaving home. And there are two ways to do that. First through barter exchanges, where items are assigned points. You can sell items or services for points and then redeem them for things you want.

its important to set the terms up front to avoid misunderstandings. So the first thing you do is determine the monetary value of your item or service compared to what the other person is offering. The goal is to make anevenexchange.

First, determine what you think is the fairrangeof value for your item or service and start negotiating at the high end.

You also need to set time frames for the completion of the barter.

be careful bartering for services that require licensing or other certification.

Remember to be fair and honest with everyone you deal withbecause you are a witness for Christ. Proverbs 16:11 says,Honest scales and balances belong to the Lord; all the weights in the bag are of his making.

In todays show we also answer your questions:

Should we think about taking money from our 401K since all the stocks are dropping?

What is the difference between 529 and ESA plans?

I have a 401K that is dropping. Should I stop contributing to it? Should I move it to a safer type of savings?

How do I get my wife on board for budgeting?

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 atMoneyWise Mediafor 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.

Analysts use three letters to describe what a bear market looks like on a line graph. But you don’t have to be a Wall Street pro to understand them. There’s the V, the U, and the dreaded L. So which letter describes the current market downturn as the coronavirus outbreak plays out? Is it too early to tell? MoneyWise host, Rob West, sits down with economist Jerry Bowyer to find that out and much more. Jerry is the chief economist at Vident Financial and today he’ll share his perspective on the market and economic trends we’re seeing now

According to Mr. Bowyer, what we’re dealing with now could remain for a little bit. We’re witnessing a purging of the economy. But we will ultimately recoverit just may not be as quickly as we got into the situation.

We’re not in a conventional recessionbut this can be a good thing! And hard times test us.

We’re not an economy that runs on sporting events and movie theaters, though they make up a big part of our culture. So we can reopen a whole lot of the economy now with other things and take time, later, to open up the entertainment portion of our country (where people are indoors packed together). We can have a whole lot of recovery without those things.

We’re facing even more unprecedented national debt now in light of the recent fiscal stimulus. We spent, borrowed, and printed our way through this crisisand it worked! And the markets have generally responded favorably to that. But we built countless bubbles to get there. Mr. Bowyer is concerned about the mid- and long-term effect of this enormous debt.

On today’s program we also answer your questions:

What do you think about buying gold?

Should we buy a truck and travel trailer with the cash we have saved in order to better save for a house later?

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 atMoneyWise Mediafor 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

Analysts use three letters to describe what a bear market looks like on a line graph. But you dont have to be a Wall Street pro to understand them. Theres the V, the U, and the dreaded L. So which letter describes the current market downturn as the coronavirus outbreak plays out? Is it too early to tell? MoneyWise host, Rob West, sits down with economist Jerry Bowyer to find that out and much more. Jerry is the chief economist at Vident Financial and today hell share his perspective on the market and economic trends were seeing now

According to Mr. Bowyer, what were dealing with now could remain for a little bit. Were witnessing a purging of the economy. But we will ultimately recoverit just may not be as quickly as we got into the situation.

Were not in a conventional recessionbut this can be a good thing! And hard times test us.

Were not an economy that runs on sporting events and movie theaters, though they make up a big part of our culture. So we can reopen a whole lot of the economy now with other things and take time, later, to open up the entertainment portion of our country (where people are indoors packed together). We can have a whole lot of recovery without those things.

Were facing even more unprecedented national debt now in light of the recent fiscal stimulus. We spent, borrowed, and printed our way through this crisisand it worked! And the markets have generally responded favorably to that. But we built countless bubbles to get there. Mr. Bowyer is concerned about the mid- and long-term effect of this enormous debt.

On todays program we also answer your questions:

What do you think about buying gold?

Should we buy a truck and travel trailer with the cash we have saved in order to better save for a house later?

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 atMoneyWise Mediafor 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.

You won’t find many silver linings in the dark cloud that is the coronavirus outbreak, but there’s one that could help nonprofit organizations struggling with reduced donations, and get you a break on your 2020 tax return. Buried in the 900 pages of the CARES Act passed by Congress last month lies a nearly hidden provision available to most taxpayers. Financial planner and teacher Rob West shares that with us today.

90-percent of taxpayers no longer can itemize their deductions because the standard deduction was doubled starting in tax year 2018. It went from $6,500 to $12,000 for individual filers and from $13,000 to $24,000 for joint returns.

Withreduced revenue churches, food pantries, and other charitable organizations are being called on more than ever to help those who’ve been financially devastated by the coronavirus outbreak.

The CARES Act provides some tax relief for donors and makes it easier to give and save a little money on taxes at the same time.

If you make cash contributions to a qualified 501c3 nonprofit organization

With services canceled due to social distancing many churches are experiencing a drop in giving because collection plates aren’t being passed around. So mail in your tithes or use your church’s online giving option if it has one.

The $300 deduction in the CARES Act specifically excludes contributions made to donor advised funds like the Giving Funds managed by the National Christian Foundation.

In today’s show we also answer your questions:

We recently sold our house and paid off our first and second mortgage. We had a hard inquiry on our credit because we had to get internet at our new location. My credit score dropped 40-50 points. Is this normal?

I own a small business. How do I calculate tithe on my business earnings?

We live on a budget and have all we need. I received the stimulus check and don’t feel like I need it. What should I do with it?

I have been required to take distributions from my IRA. I heard you talking about taking distributions and donating it to a charitable organization and then you don’t have to pay taxes on this money. Is that true?

How much emergency savings do you need when you are retired?

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 atMoneyWise Mediafor 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

You wont find many silver linings in the dark cloud that is the coronavirus outbreak, but theres one that could help nonprofit organizations struggling with reduced donations, and get you a break on your 2020 tax return. Buried in the 900 pages of the CARES Act passed by Congress last month lies a nearly hidden provision available to most taxpayers. Financial planner and teacher Rob West shares that with us today.

90-percent of taxpayers no longer can itemize their deductions because the standard deduction was doubled starting in tax year 2018. It went from $6,500 to $12,000 for individual filers and from $13,000 to $24,000 for joint returns.

Withreduced revenue churches, food pantries, and other charitable organizations are being called on more than ever to help those whove been financially devastated by the coronavirus outbreak.

The CARES Act provides some tax relief for donors and makes it easier to give and save a little money on taxes at the same time.

If you make cash contributions to a qualified 501c3 nonprofit organization

With services canceled due to social distancing many churches are experiencing a drop in giving because collection plates arent being passed around. So mail in your tithes or use your churchs online giving option if it has one.

The $300 deduction in the CARES Act specifically excludes contributions made to donor advised funds like the Giving Funds managed by the National Christian Foundation.

In todays show we also answer your questions:

We recently sold our house and paid off our first and second mortgage. We had a hard inquiry on our credit because we had to get internet at our new location. My credit score dropped 40-50 points. Is this normal?

I own a small business. How do I calculate tithe on my business earnings?

We live on a budget and have all we need. I received the stimulus check and dont feel like I need it. What should I do with it?

I have been required to take distributions from my IRA. I heard you talking about taking distributions and donating it to a charitable organization and then you dont have to pay taxes on this money. Is that true?

How much emergency savings do you need when you are retired?

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 atMoneyWise Mediafor 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.

Surveys vary widely on the percentage of people who don’t budget. One says its as high as 66%. Another, just half that. But either way, an awful lot of Americans spend without a plan. Today on MoneyWise Rob West and Steve Moore tell you why. Next, they answer your questions at (800) 525-7000 and [email protected] about the following:

-I have an 8-month-old daughter. In Florida, there is a prepaid tuition program. Is that the best way to save for college?

-My sister and I inherited 2 cemetery lots. Neither of us will use them. I have the titles to them, but the cemetery won’t buy them back. What can I do with them?

-I am in the process of looking for a new church home. I always set aside part of my income for tithe, but I’m not sure where to give it while I’m in between churches.

-I was recently told that whole life insurance is not a good investment. My husband and I have had our policy for more than 20 years. Should we drop it?

Be sure to check out our new website at moneywise.org to connect with a MoneyWise Coach or access our books, videos, or any of our free helpful resources.You can also find us on Facebook. Thanks for your prayerful and financial support that helps keep MoneyWise on the air.And if you'd like to help, just go to the website and click 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

Surveys vary widely on the percentage of people who dont budget. One says its as high as 66%. Another, just half that. But either way, an awful lot of Americans spend without a plan. Today on MoneyWise Rob West and Steve Moore tell you why. Next, they answer your questions at (800) 525-7000 and [email protected] about the following:

-I have an 8-month-old daughter. In Florida, there is a prepaid tuition program. Is that the best way to save for college?

-My sister and I inherited 2 cemetery lots. Neither of us will use them. I have the titles to them, but the cemetery wont buy them back. What can I do with them?

-I am in the process of looking for a new church home. I always set aside part of my income for tithe, but Im not sure where to give it while Im in between churches.

-I was recently told that whole life insurance is not a good investment. My husband and I have had our policy for more than 20 years. Should we drop it?

Be sure to check out our new website at moneywise.org to connect with a MoneyWise Coach or access our books, videos, or any of our free helpful resources.You can also find us on Facebook. Thanks for your prayerful and financial support that helps keep MoneyWise on the air.And if you'd like to help, just go to the website and click the Donate tab at the top of the page.

So did you hear the one about the guy whose credit score was so bad that he got a credit card offer in the mail that was pre-declined? Your finances shouldn’t be a laughing matter. But our host, Kingdom Advisors President Rob West, helps us get serious about a very important number that affects our money.

Credit scores have a direct impact on what you’ll pay in interest on a mortgage, credit cards and other loans, and possibly whether you get credit at allbanks and other lenders use this three-digit credit score to make those determinations. Also, your credit score can affect how much you pay for auto insurance, whether you’ll be able to rent an apartment, and even whether you get hired for a job.

Your bank or credit card issuer provides a free credit score check. Log in to your bank or credit card account, then, in many cases, you can get your credit score with just a few clicks.

You may see several different credit scores depending on which company you use. FICO is probably the most common, although other companies are entering that space. Your FICO score can range from 300 to 850 and anything below 600 means you’ll have difficulty getting credit. 740 to 800 is considered very good. Anything above 800 means you are a rare individual, indeed. Unfortunately, a perfect 850 won’t earn you extra brownie points with lenders.

The very best thing you can do to improve your credit score is to simply pay your bills on time, in full, every month. That makes up what’s called your payment history35% of your score. If you can’t pay the full balance, make sure you pay at least the minimum each month; but extra is always better.

We mentioned how your credit score is drawn from your credit report. You can also get a free credit report from each of the reporting bureaus once a year atAnnualCreditReport.com.

On today’s program we also answer your questions:

Should we more quickly pay off our house or instead save for retirement?

What are your thoughts on reverse mortgages?

I just paid off my house. I’d like to offer encouragement as to how I did that!

I have a lot of credit card debt. What do you think about taking out a personal loan to pay off this debt.

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 atMoneyWise Mediafor 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