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

It’s New Year’s Eve and you know what that means, you only have a few hours left to decide on your 2022 resolutions. Anybody can make New Year’s resolutions. It’s keeping that them that’s the hard part. But today on MoneyWise, we’ve got one for you that you’ll never regret keeping.

Right now, a lot of folks are trying to decide how many pounds they want to lose in the next year. That’s a worthy endeavor, but why not add something else to your list of resolutions? In addition to reducing your waistline, how about reducing your debt?

We’ll get into that in a bit, but did you know that making New Year’s resolutions is actually a strong Christian tradition? Many cultures make them, but Christian New Year’s resolutions are grounded in a centuries-old tradition called Watchnight.

These were services held at the end of the year by some Christian denominations, and they inspired believers to reflect on the past year and resolve to do better in the one ahead.

About 30-percent of Americans make resolutions each New Year, but by March, only about 30-percent of them are still following them strictly. And in the long run, only 10-percent of folks making resolutions keep them permanently.

So years ago, someone came up with an acronym to help when setting goals. It’s S.M.A.R.T.That stands for Specific, Measurable, Attainable, Realistic, and Timely.

So keep those in mind as you work out the specifics of resolving to reduce your debt in the New Year.

RESOLVING TO BECOME DEBT-FREE

The thought of getting out of debt may seem overwhelming, but you don’t have to do it all at once. The important thing is to set a realistic goal and get started.

And to be clear, we’re only talking about consumer debt like credit cards and maybe auto loans, not your mortgage.

The first thing you need to do is write down all of your debts and their amounts. So pull out all of your credit card statements, auto loans, and outstanding bills. Then total it up. That’s never a fun thing to do but it’s essential.

When you’ve totaled up your debt, make a plan to pay off some part of it. Start by figuring out where you can trim spending from your budget to create margin that’s money left over after all necessary spending.

Of course, if you’re not on a budget you’ll need to draw one up. If you need help with that,sign up with one of our volunteer coaches at MoneyWise.org.

You can also download the MoneyWise app wherever you get your apps. It’s based on the tried and true envelope system, and it makes setting up a budget a snap.

So after you’ve done that, you’ll know how much money you have to attack your debt each month. While still paying the minimum due on each debt take that surplus money and put it toward the smallest debt each month. This is called the snowball method.

When the smallest debt’s paid off, take the surplus money and apply it to the next smallest debt. When that’s paid off, repeat the process.

As you keep going, you’ll begin to pay off debt faster and faster, like a snowball getting

Now, to besuccessful, you also have to resolve to not take on any new debt. Otherwise it will wipe out your progress. So don’t use your credit cards. If you have to, cut em in half.

Remember to make your goals attainable. One step at a time!

Do those things and you’re far more likely to be in the 10-percent who keep their New Year’s Resolutions.

LISTENER QUESTIONS

On today’s program, Rob also answers listener questions:

●After cashing out a life insurance policy, what should you do with the money?

●If you sell a product for full price rather than at a discount, is that usery?

●Do extended vehicle warranties make sense?

●What is the best way to budget your money?

RESOURCES MENTIONED DURING THIS PROGRAM

●MoneyWise app

●Ally.com

●CapitolOne360

●Marcus.com

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

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 theDonate tab on our websiteor in our app.

It’s New Year’s Eve and you know what that means, you only have a few hours left to decide on your 2022 resolutions. Anybody can make New Year’s resolutions. It’s keeping that them that’s the hard part. But today on MoneyWise, we’ve got one for you that you’ll never regret keeping.

Right now, a lot of folks are trying to decide how many pounds they want to lose in the next year. That’s a worthy endeavor, but why not add something else to your list of resolutions? In addition to reducing your waistline, how about reducing your debt?

We’ll get into that in a bit, but did you know that making New Year’s resolutions is actually a strong Christian tradition? Many cultures make them, but Christian New Year’s resolutions are grounded in a centuries-old tradition called Watchnight.

These were services held at the end of the year by some Christian denominations, and they inspired believers to reflect on the past year and resolve to do better in the one ahead.

About 30-percent of Americans make resolutions each New Year, but by March, only about 30-percent of them are still following them strictly. And in the long run, only 10-percent of folks making resolutions keep them permanently.

So years ago, someone came up with an acronym to help when setting goals. It’s S.M.A.R.T.That stands for Specific, Measurable, Attainable, Realistic, and Timely.

So keep those in mind as you work out the specifics of resolving to reduce your debt in the New Year.

RESOLVING TO BECOME DEBT-FREE

The thought of getting out of debt may seem overwhelming, but you don’t have to do it all at once. The important thing is to set a realistic goal and get started.

And to be clear, we’re only talking about consumer debt like credit cards and maybe auto loans, not your mortgage.

The first thing you need to do is write down all of your debts and their amounts. So pull out all of your credit card statements, auto loans, and outstanding bills. Then total it up. That’s never a fun thing to do but it’s essential.

When you’ve totaled up your debt, make a plan to pay off some part of it. Start by figuring out where you can trim spending from your budget to create margin that’s money left over after all necessary spending.

Of course, if you’re not on a budget you’ll need to draw one up. If you need help with that,sign up with one of our volunteer coaches at MoneyWise.org.

You can also download the MoneyWise app wherever you get your apps. It’s based on the tried and true envelope system, and it makes setting up a budget a snap.

So after you’ve done that, you’ll know how much money you have to attack your debt each month. While still paying the minimum due on each debt take that surplus money and put it toward the smallest debt each month. This is called the snowball method.

When the smallest debt’s paid off, take the surplus money and apply it to the next smallest debt. When that’s paid off, repeat the process.

As you keep going, you’ll begin to pay off debt faster and faster, like a snowball getting

Now, to besuccessful, you also have to resolve to not take on any new debt. Otherwise it will wipe out your progress. So don’t use your credit cards. If you have to, cut em in half.

Remember to make your goals attainable. One step at a time!

Do those things and you’re far more likely to be in the 10-percent who keep their New Year’s Resolutions.

LISTENER QUESTIONS

On today’s program, Rob also answers listener questions:

●After cashing out a life insurance policy, what should you do with the money?

●If you sell a product for full price rather than at a discount, is that usery?

●Do extended vehicle warranties make sense?

●What is the best way to budget your money?

RESOURCES MENTIONED DURING THIS PROGRAM

●MoneyWise app

●Ally.com

●CapitolOne360

●Marcus.com

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

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 theDonate tab on our websiteor in our app.

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

From time to time we’re asked, Is insurance biblical? Another way to phrase the question might be, Should people of faith worry about insurance? Maybe it would help to define faith.You won’t find the word insurance in the Bible, but faith appears hundreds of times, providing a clue as to what God may think about insurance. We’ll look into that today on MoneyWise.

The word faith appears in the Bible anywhere from 300 to 500 times, depending on your translation. And in many of those verses, a promise is either stated or implied. For example, Ephesians 2:8 reads, For by grace you have been saved through faith. And this is not your own doing; it is the gift of God.

Romans 10:9 makes the same promise when we openly express our faith. It says, Because, if you confess with your mouth that Jesus is Lord and believe in your heart that God raised him from the dead, you will be saved.

And in Acts 21 when the Philippian jailer asked Paul and Silas, What must I do to be saved? And they said, Believe in the Lord Jesus, and you will be saved, you and your household.

So we get a clear picture of what faith is and what it does. Faith is believing that Jesus Christ is the Son of God, that He died on the cross for your sins, and that He is the only way to eternal salvation. The promise is that having that faith will save you from eternal damnation.

And there could be no greater promise or gift. We shouldn’t attach other meanings to biblical faith or assume promises not made. The Bible doesn’t say we won’t have hardships in this life, including financial setbacks. In fact, quite the opposite.

In John 16, Jesus says, I have said these things to you, that in me you may have peace. In the world you will have tribulation. But take heart; I have overcome the world.

And in Romans 12:12 we find, Rejoice in hope, be patient in tribulation, be constant in prayer.

And finally, in Acts 14:22,through many tribulations we must enter the kingdom of God.

So by faith we are promised eternal salvation, not safety from the troubles of this world. That’s the first reason why I think the concept of insurance doesn’t run counter to Scripture.

The second reason is that the Bible repeatedly tells us that it’s wise to take precautions. Proverbs 27:12 reads, The prudent sees danger and hides himself, but the simple go on and suffer for it.

And in Proverbs 13:16 we find, In everything the prudent acts with knowledge, but a fool flaunts his folly.

And finally, Ecclesiastes 7:12 tells us, For the protection of wisdom is like the protection of money, and the advantage of knowledge is that wisdom preserves the life of him who has it.

Solomon is telling us that while we must accept the circumstances God lays before us wisdom, like money, can make hardship easier to endure. Having a plan to recover lost assets in case of a financial calamity is certainly wise and that’s exactly what insurance is.

The third reason I think the Bible supports the idea of insurance is that we’re told to provide for our loved ones. 1 Timothy 5:8 reads, But if anyone does not provide for his relatives, and especially for members of his household, he has denied the faith and is worse than an unbeliever.

Proverbs 13:22 tells us, A good man leaves an inheritance to his children's children, but the sinner's wealth is laid up for the righteous.

And II Corinthians 12:14 reads, Children are not obligated to save up for their parents, but parents for their children. Unless you’ve managed to save up an enormous quantity of wealth how would you be able to provide for your family without insurance should something happen to you?

Further, the Bible says we’re obligated to compensate others whom we’ve harmed. Exodus 21 and 22 are full of examples of this. While you probably don’t have oxen that will trample your neighbors vineyard, the lesson is clear. If we love our neighbor as ourselves, we’ll make them whole if we caused their suffering.

If you caused someone serious injuries, say in an auto accident, do you have the resources to make them whole? To compensate them for their medical expenses and lost income? You almost certainly need insurance to do that.

Finally, there’s the fact that insurance is often required by law and Christians are to obey civil authority as long as it doesn’t conflict with God’s law.

So those are the reasons why we think insurance is, quote biblical. In short, because it’s practical, wise and it helps us follow several of God’s financial principles.

LISTENER QUESTIONS

On today’s program, Rob also answers listener questions:

●Is EdwardJones a good company to invest with?

●Should you make use of a loan forbearance program?

●Should you take money out of an investment account to pay off a home loan?

RESOURCES MENTIONED DURING THIS PROGRAM

●SoundMindInvesting.org

●Betterment

●Schwab Intelligent Portfolios

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

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 theDonate tab on our websiteor in our app.

From time to time we’re asked, Is insurance biblical? Another way to phrase the question might be, Should people of faith worry about insurance? Maybe it would help to define faith.You won’t find the word insurance in the Bible, but faith appears hundreds of times, providing a clue as to what God may think about insurance. We’ll look into that today on MoneyWise.

The word faith appears in the Bible anywhere from 300 to 500 times, depending on your translation. And in many of those verses, a promise is either stated or implied. For example, Ephesians 2:8 reads, For by grace you have been saved through faith. And this is not your own doing; it is the gift of God.

Romans 10:9 makes the same promise when we openly express our faith. It says, Because, if you confess with your mouth that Jesus is Lord and believe in your heart that God raised him from the dead, you will be saved.

And in Acts 21 when the Philippian jailer asked Paul and Silas, What must I do to be saved? And they said, Believe in the Lord Jesus, and you will be saved, you and your household.

So we get a clear picture of what faith is and what it does. Faith is believing that Jesus Christ is the Son of God, that He died on the cross for your sins, and that He is the only way to eternal salvation. The promise is that having that faith will save you from eternal damnation.

And there could be no greater promise or gift. We shouldn’t attach other meanings to biblical faith or assume promises not made. The Bible doesn’t say we won’t have hardships in this life, including financial setbacks. In fact, quite the opposite.

In John 16, Jesus says, I have said these things to you, that in me you may have peace. In the world you will have tribulation. But take heart; I have overcome the world.

And in Romans 12:12 we find, Rejoice in hope, be patient in tribulation, be constant in prayer.

And finally, in Acts 14:22,through many tribulations we must enter the kingdom of God.

So by faith we are promised eternal salvation, not safety from the troubles of this world. That’s the first reason why I think the concept of insurance doesn’t run counter to Scripture.

The second reason is that the Bible repeatedly tells us that it’s wise to take precautions. Proverbs 27:12 reads, The prudent sees danger and hides himself, but the simple go on and suffer for it.

And in Proverbs 13:16 we find, In everything the prudent acts with knowledge, but a fool flaunts his folly.

And finally, Ecclesiastes 7:12 tells us, For the protection of wisdom is like the protection of money, and the advantage of knowledge is that wisdom preserves the life of him who has it.

Solomon is telling us that while we must accept the circumstances God lays before us wisdom, like money, can make hardship easier to endure. Having a plan to recover lost assets in case of a financial calamity is certainly wise and that’s exactly what insurance is.

The third reason I think the Bible supports the idea of insurance is that we’re told to provide for our loved ones. 1 Timothy 5:8 reads, But if anyone does not provide for his relatives, and especially for members of his household, he has denied the faith and is worse than an unbeliever.

Proverbs 13:22 tells us, A good man leaves an inheritance to his children's children, but the sinner's wealth is laid up for the righteous.

And II Corinthians 12:14 reads, Children are not obligated to save up for their parents, but parents for their children. Unless you’ve managed to save up an enormous quantity of wealth how would you be able to provide for your family without insurance should something happen to you?

Further, the Bible says we’re obligated to compensate others whom we’ve harmed. Exodus 21 and 22 are full of examples of this. While you probably don’t have oxen that will trample your neighbors vineyard, the lesson is clear. If we love our neighbor as ourselves, we’ll make them whole if we caused their suffering.

If you caused someone serious injuries, say in an auto accident, do you have the resources to make them whole? To compensate them for their medical expenses and lost income? You almost certainly need insurance to do that.

Finally, there’s the fact that insurance is often required by law and Christians are to obey civil authority as long as it doesn’t conflict with God’s law.

So those are the reasons why we think insurance is, quote biblical. In short, because it’s practical, wise and it helps us follow several of God’s financial principles.

LISTENER QUESTIONS

On today’s program, Rob also answers listener questions:

●Is EdwardJones a good company to invest with?

●Should you make use of a loan forbearance program?

●Should you take money out of an investment account to pay off a home loan?

RESOURCES MENTIONED DURING THIS PROGRAM

●SoundMindInvesting.org

●Betterment

●Schwab Intelligent Portfolios

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

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 theDonate tab on our websiteor in our app.

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

Are you thinking about a career change? If so, your timing is perfect. There may never be a better climate for trying something new. The United States has seen record job openings in recent months. We’ll talk about that and the opportunities that presents today on MoneyWise.

THE GREAT RESIGNATION

With so many people leaving their current jobs, economists are calling it The Great Resignation. Employers are having a hard time filling open positions.

Why all the quits as the Bureau of Labor Statistics calls them? Several factors related to the pandemic, enhanced/extended unemployment benefits, relief checks, the rent moratorium and student loan forgiveness.

Employers are hiring at record levels and they're often willing to look at candidates who don’t fit their typical mold and train them to perform their new role. So the time has never been better for career hoppers.

MAKING THE LEAP

If you want to take that great leap, first determine if you actually need a career change. Maybe you like what you’re doing, you don’t like where you’re doing it. Ifo so, changing jobs, not careers, might be a better move.

But if you really want to try something different, start by making a detailed assessment of your skills and interests. Take a career test online. Your answers will generate a list of occupations where you’re more likely to achieve success and satisfaction.

Job satisfaction is important, but you also have to keep earning potential in mind. If your new career will pay less than you’re earning now, you’ll have to adjust your budget accordingly.

Okay, so now that you have your long list of potential new careers generated by the assessment, you have some whittling to do. Consider each possibility and cross off those that don’t appeal to you. You may not want to be tied to a desk. Maybe you’d rather meet with customers in a sales job.

CONSIDER YOUR OPTIONS

So after crossing off the undesirables, you have a shorter list, maybe 5-10 possibilities.

Start rounding up job descriptions for each of your remaining career possibilities. You also want to look at education requirements. Will you have to go back to school? If so, for how long and how much will it cost? What are the advancement opportunities and earning potential? Also consider job outlook. Will there be jobs in that field down the road?

Prioritize your options, then take the one that best meets your needs and put an action plan in place to prepare for it.

SELF-EMPLOYMENT?

So now you’re ready to start applying for jobs in your new field. But there’s one more career change avenue to explore that doesn’t involve applying for jobs at all. Did you ever want to be your own boss by starting a business?

A surge in new business startups may be contributing to elevated job openings. About 4.3 million new businesses sprang up in 2020, that's the highest number since the government began tracking them.

Many businesses had to close their doors due to the COVID pandemic and there’s a lot of pent up consumer demand. This may be one of the best times to start a new business if you’ve been thinking about it.

Just make sure you have adequate financial resources to cover your needs during your startup. Luke 14:28 reads, ​​For which of you, desiring to build a tower, does not first sit down and count the cost, whether he has enough to complete it?

LISTENER QUESTIONS

On today’s program, Rob also answers listener questions:

●How much should we keep in savings vs investing it in something that would offer a greater return?

●How do you determine whether it’s wise to refinance your home loan or stick with your existing mortgage?

●Should you tithe on gross or net?

●Is it wise to borrow against an expected legal settlement?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

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 theDonate tab on our websiteor in our app.

Are you thinking about a career change? If so, your timing is perfect. There may never be a better climate for trying something new. The United States has seen record job openings in recent months. We’ll talk about that and the opportunities that presents today on MoneyWise.

THE GREAT RESIGNATION

With so many people leaving their current jobs, economists are calling it The Great Resignation. Employers are having a hard time filling open positions.

Why all the quits as the Bureau of Labor Statistics calls them? Several factors related to the pandemic, enhanced/extended unemployment benefits, relief checks, the rent moratorium and student loan forgiveness.

Employers are hiring at record levels and they're often willing to look at candidates who don’t fit their typical mold and train them to perform their new role. So the time has never been better for career hoppers.

MAKING THE LEAP

If you want to take that great leap, first determine if you actually need a career change. Maybe you like what you’re doing, you don’t like where you’re doing it. Ifo so, changing jobs, not careers, might be a better move.

But if you really want to try something different, start by making a detailed assessment of your skills and interests. Take a career test online. Your answers will generate a list of occupations where you’re more likely to achieve success and satisfaction.

Job satisfaction is important, but you also have to keep earning potential in mind. If your new career will pay less than you’re earning now, you’ll have to adjust your budget accordingly.

Okay, so now that you have your long list of potential new careers generated by the assessment, you have some whittling to do. Consider each possibility and cross off those that don’t appeal to you. You may not want to be tied to a desk. Maybe you’d rather meet with customers in a sales job.

CONSIDER YOUR OPTIONS

So after crossing off the undesirables, you have a shorter list, maybe 5-10 possibilities.

Start rounding up job descriptions for each of your remaining career possibilities. You also want to look at education requirements. Will you have to go back to school? If so, for how long and how much will it cost? What are the advancement opportunities and earning potential? Also consider job outlook. Will there be jobs in that field down the road?

Prioritize your options, then take the one that best meets your needs and put an action plan in place to prepare for it.

SELF-EMPLOYMENT?

So now you’re ready to start applying for jobs in your new field. But there’s one more career change avenue to explore that doesn’t involve applying for jobs at all. Did you ever want to be your own boss by starting a business?

A surge in new business startups may be contributing to elevated job openings. About 4.3 million new businesses sprang up in 2020, that's the highest number since the government began tracking them.

Many businesses had to close their doors due to the COVID pandemic and there’s a lot of pent up consumer demand. This may be one of the best times to start a new business if you’ve been thinking about it.

Just make sure you have adequate financial resources to cover your needs during your startup. Luke 14:28 reads, ​​For which of you, desiring to build a tower, does not first sit down and count the cost, whether he has enough to complete it?

LISTENER QUESTIONS

On today’s program, Rob also answers listener questions:

●How much should we keep in savings vs investing it in something that would offer a greater return?

●How do you determine whether it’s wise to refinance your home loan or stick with your existing mortgage?

●Should you tithe on gross or net?

●Is it wise to borrow against an expected legal settlement?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

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 theDonate tab on our websiteor in our app.

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

We all make mistakes and learning from them is a valuable skill. But learning from other people’s mistakes well, that’s priceless. Today on MoneyWise, we’ll go over several mistakes you donotwant to learn the hard way!

COSIGNING

One of the most common regrets among listeners we hear from is cosigning a loan for someone else. Studies show that in the majority of cases, the cosigner ends up having to pay off the loan.

Proverbs 22 warns us, Be not one of those who give pledges, who put up security for debts. If you have nothing with which to pay, why should your bed be taken from under you?

Parents are often tempted to cosign for their children or another family member. But the Bible is clear that we shouldn’t do it. Instead, look for other options like helping with the down payment, lending the money yourself, or even providing it as a gift.

ADJUSTABLE RATE MORTGAGES

Another common mistake is taking out an adjustable-rate mortgage or ARM. These seem to make sense when interest rates are low, but when they begin to rise, so do your monthly mortgage payments.

You can get a great, low introductory interest rate with most ARMs, but after that you’re just gambling that interest rates will stay low. It’s always better to go with a fixed rate mortgage for the shortest term you can afford. That means you’ll get a lower interest rate on a 15-year mortgage than on a 30-year loan.

By the way, if for some reason you have to take equity out of your home, maybe for repairs, the same philosophy applies. You want to take out a fixed rate home equity loan, not a home equity line of credit, or HELOC, which almost always has a variable interest rate.

CONSUMER DEBT

Another way to lose money is to take on consumer debt. Borrowing for a home, business, or education may make economic sense. The return promises to be greater than the cost.

But that’s definitely not the case with credit cards, auto loans and other forms of consumer debt. Now, granted, you may have to borrow money for a car, but since it’s a depreciating asset, you want to always be saving money for your next car purchase. Your goal should be to eventually pay cash and not borrow at all, whether you buy new or used.

While there may be some return on other types of loans, there’s no return at all on credit card debt. When you run up a balance, you will pay interest on it at an average rate of 16% or more. It’s money down the drain.

Ever wonder why credit card issuers are so quick to give you 1% or 2% rewards for using their cards? It’s because they know they’ll make that back 10 times over if you start carrying a balance.

If you want to stop losing money on credit card interest, you’ve got to get on a budget, live on less than you make, and save up an emergency fund so you don’t need credit cards.Sign up with one of our volunteer coaches at MoneyWise.orgif you need help.

RISKY INVESTMENTS

Another common mistake is making risky investments. Buying cryptocurrencies is all the rage these days and, no doubt, some people have made a lot of money on them. But others have lost just as much.

Often, by the time you hear about what a fantastic investment some cryptocurrency is, it’s already peaked in value and is on the way down. Proverbs 21:5 tells us that slow and steady plodding brings prosperity, but hasty decisions bring poverty.

Instead of looking to make quick money, invest long term with a properly diversified portfolio and avoid the fads.

LISTENER QUESTIONS

On today’s program, Rob also answers listener questions:

●What is a universal life insurance policy?

●Is the sale of an inherited annuity taxable?

●If your company still offers a pension, should you take it as a lump sum or a monthly payout?

●Should you take money out of a retirement account and place it in a cash account in order to help your children avoid unnecessary taxes upon inheriting the money?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

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 theDonate tab on our websiteor in our app.

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

We all make mistakes and learning from them is a valuable skill. But learning from other people’s mistakes well, that’s priceless. Today on MoneyWise, we’ll go over several mistakes you donotwant to learn the hard way!

COSIGNING

One of the most common regrets among listeners we hear from is cosigning a loan for someone else. Studies show that in the majority of cases, the cosigner ends up having to pay off the loan.

Proverbs 22 warns us, Be not one of those who give pledges, who put up security for debts. If you have nothing with which to pay, why should your bed be taken from under you?

Parents are often tempted to cosign for their children or another family member. But the Bible is clear that we shouldn’t do it. Instead, look for other options like helping with the down payment, lending the money yourself, or even providing it as a gift.

ADJUSTABLE RATE MORTGAGES

Another common mistake is taking out an adjustable-rate mortgage or ARM. These seem to make sense when interest rates are low, but when they begin to rise, so do your monthly mortgage payments.

You can get a great, low introductory interest rate with most ARMs, but after that you’re just gambling that interest rates will stay low. It’s always better to go with a fixed rate mortgage for the shortest term you can afford. That means you’ll get a lower interest rate on a 15-year mortgage than on a 30-year loan.

By the way, if for some reason you have to take equity out of your home, maybe for repairs, the same philosophy applies. You want to take out a fixed rate home equity loan, not a home equity line of credit, or HELOC, which almost always has a variable interest rate.

CONSUMER DEBT

Another way to lose money is to take on consumer debt. Borrowing for a home, business, or education may make economic sense. The return promises to be greater than the cost.

But that’s definitely not the case with credit cards, auto loans and other forms of consumer debt. Now, granted, you may have to borrow money for a car, but since it’s a depreciating asset, you want to always be saving money for your next car purchase. Your goal should be to eventually pay cash and not borrow at all, whether you buy new or used.

While there may be some return on other types of loans, there’s no return at all on credit card debt. When you run up a balance, you will pay interest on it at an average rate of 16% or more. It’s money down the drain.

Ever wonder why credit card issuers are so quick to give you 1% or 2% rewards for using their cards? It’s because they know they’ll make that back 10 times over if you start carrying a balance.

If you want to stop losing money on credit card interest, you’ve got to get on a budget, live on less than you make, and save up an emergency fund so you don’t need credit cards.Sign up with one of our volunteer coaches at MoneyWise.orgif you need help.

RISKY INVESTMENTS

Another common mistake is making risky investments. Buying cryptocurrencies is all the rage these days and, no doubt, some people have made a lot of money on them. But others have lost just as much.

Often, by the time you hear about what a fantastic investment some cryptocurrency is, it’s already peaked in value and is on the way down. Proverbs 21:5 tells us that slow and steady plodding brings prosperity, but hasty decisions bring poverty.

Instead of looking to make quick money, invest long term with a properly diversified portfolio and avoid the fads.

LISTENER QUESTIONS

On today’s program, Rob also answers listener questions:

●What is a universal life insurance policy?

●Is the sale of an inherited annuity taxable?

●If your company still offers a pension, should you take it as a lump sum or a monthly payout?

●Should you take money out of a retirement account and place it in a cash account in order to help your children avoid unnecessary taxes upon inheriting the money?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

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 theDonate tab on our websiteor in our app.

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

David answered God’s call and went out to slay Goliath. Do we have a similar calling with our investments? Some decidedly ungodly elements have taken over the sphere of corporate engagement with investing. How should Christians respond? Robert Netzly joins Rob West to help answer that question today on MoneyWise.

Robert Netzly is the CEO ofInspire Investing, an underwriter of MoneyWise.

Christian investors have been quick to abandon and reject the rapidly growing so-called ESG investing movement because of its worldly ideology, but Robert’s here with a different calling for Christian investors.

WHAT IS ESG INVESTING?

ESG stands for Environmental, Social, Governance. Radical left-leaning activists have used it to push woke liberal ideology which Christians and conservatives have rejected or disengaged from.

Examples include Larry Fink/Blackrock and the Equality Act, and companies like GoDaddy opposing pro-life legislation.

As a result, many Christian and conservative investors are remaining on the sidelines of ESG because of its liberal bent. But while ESG investing has been used as a tool for liberal ideology, it needs to be countered by Christians to redeem it to glorify God.

God frequently uses evil times like ours for His own purposes. Genesis 50:20 Joseph says to his brothers who sold him into slavery, As for you, you meant evil against me, but God meant it for good, to bring it about that many people should be kept alive, as they are today.

A biblically informed approach to ESG investing is our opportunity as Christians to have the ear of major corporations, the yellow brick road to the wizard behind the curtain.

Instead of tearing up the road, we should be packing the streets with God-honoring perspectives on environmental, social and governance issues so we can be salt and light in the boardrooms.

HOW CAN CHRISTIANS USE ESG?

First, we need to know what we are investing in so we can invest in the good and not support the bad. That’s why we builtInspire Insight.

Next, we can get busy engaging with companies on issues that are important to us, and more importantly, to God. God cares deeply about our stewardship of the environment, how we relate to others socially, and about corporate governance.

For the environment we have Leviticus 25:4. It reads, But in the seventh year, there shall be a Sabbath of solemn rest for the land, a Sabbath to the LORD. You shall not sow your field or prune your vineyard.

Jesus, of course, often talks about our social calling: Love your neighbor as yourself.

And for governance, there’s Jeremiah 22:13, Woe to him who builds his house without righteousness And his upper rooms without justice, Who uses his neighbor’s services without pay And does not give him his wages.

If you can't spend the time engaging with companies yourself, then you should invest in a Christian fund company that will engage with companies on your behalf, advocating persistently for biblical values to be respected by the companies you own.

If a company refuses to listen, then we need to personally and collectively have the conviction and backbone to eliminate their stocks and bonds from our portfolios.

If Christians don’t actually care enough to dump investments in woke companies, why should any company ever listen to us? We can’t endure if the enemies of faith and freedom have deeper convictions than our own.

LISTENER QUESTIONS

On today’s program, Rob also answers listener questions:

●How do you determine the best time to begin drawing Social Security benefits?

●Are government property tax sales a wise investment?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

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 theDonate tab on our websiteor in our app.

David answered God’s call and went out to slay Goliath. Do we have a similar calling with our investments? Some decidedly ungodly elements have taken over the sphere of corporate engagement with investing. How should Christians respond? Robert Netzly joins Rob West to help answer that question today on MoneyWise.

Robert Netzly is the CEO ofInspire Investing, an underwriter of MoneyWise.

Christian investors have been quick to abandon and reject the rapidly growing so-called ESG investing movement because of its worldly ideology, but Robert’s here with a different calling for Christian investors.

WHAT IS ESG INVESTING?

ESG stands for Environmental, Social, Governance. Radical left-leaning activists have used it to push woke liberal ideology which Christians and conservatives have rejected or disengaged from.

Examples include Larry Fink/Blackrock and the Equality Act, and companies like GoDaddy opposing pro-life legislation.

As a result, many Christian and conservative investors are remaining on the sidelines of ESG because of its liberal bent. But while ESG investing has been used as a tool for liberal ideology, it needs to be countered by Christians to redeem it to glorify God.

God frequently uses evil times like ours for His own purposes. Genesis 50:20 Joseph says to his brothers who sold him into slavery, As for you, you meant evil against me, but God meant it for good, to bring it about that many people should be kept alive, as they are today.

A biblically informed approach to ESG investing is our opportunity as Christians to have the ear of major corporations, the yellow brick road to the wizard behind the curtain.

Instead of tearing up the road, we should be packing the streets with God-honoring perspectives on environmental, social and governance issues so we can be salt and light in the boardrooms.

HOW CAN CHRISTIANS USE ESG?

First, we need to know what we are investing in so we can invest in the good and not support the bad. That’s why we builtInspire Insight.

Next, we can get busy engaging with companies on issues that are important to us, and more importantly, to God. God cares deeply about our stewardship of the environment, how we relate to others socially, and about corporate governance.

For the environment we have Leviticus 25:4. It reads, But in the seventh year, there shall be a Sabbath of solemn rest for the land, a Sabbath to the LORD. You shall not sow your field or prune your vineyard.

Jesus, of course, often talks about our social calling: Love your neighbor as yourself.

And for governance, there’s Jeremiah 22:13, Woe to him who builds his house without righteousness And his upper rooms without justice, Who uses his neighbor’s services without pay And does not give him his wages.

If you can't spend the time engaging with companies yourself, then you should invest in a Christian fund company that will engage with companies on your behalf, advocating persistently for biblical values to be respected by the companies you own.

If a company refuses to listen, then we need to personally and collectively have the conviction and backbone to eliminate their stocks and bonds from our portfolios.

If Christians don’t actually care enough to dump investments in woke companies, why should any company ever listen to us? We can’t endure if the enemies of faith and freedom have deeper convictions than our own.

LISTENER QUESTIONS

On today’s program, Rob also answers listener questions:

●How do you determine the best time to begin drawing Social Security benefits?

●Are government property tax sales a wise investment?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app.

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 theDonate tab on our websiteor in our app.

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