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

There are lots of jokes about paying taxes, but even better than the jokes is finding ways to minimize what we legally have to pay in taxes.Today, Rob West offers some great year end tips to help you do that including the following:

If you haven’t maxed out contributions to your retirement accounts, do it now (or at least by April 15).For 2021, individuals can make up to $19,500 in tax-deductible 401k contributions, or $26,000 if you’re 50 or older. You can also contribute up to $6000 to a traditional or Roth IRA, or up to $7000 if you’re 50 or older.

Don’t have a Roth IRA? This may be the time to make a Roth conversion especially if your income was lower than usual in 2021. A Roth conversion requires you to pay taxes on the money when you convert, so do it while you’re potentially in a lower tax bracket.

Make contributions to a Health Savings Account (HSA) or 529 Education Savings Plan.And while there are no FEDERAL deductions for contributions to a 529 education savings plan, many STATES offer them.

Give to charity. It’s more difficult to get a deduction since the standard deduction was raised, but there’s a temporary provision still in place that allows you to take a $300 deduction for making an eligible cash contribution to a charity like your church. It’s a $600 deduction for joint filers. Make sure you take the deduction on your 1040.

Required Minimum Distributions (RMDs). The IRS requires you to take a certain amount of money out of your pre-tax retirement accounts each year once you’re 72 or older. Failure to do so is costly. You’ll pay 50% in taxes on every dollar you fall short of your RMD.

Qualified Charitable Distributions (QCD). You can bless your favorite ministry and satisfy your RMD without owing anything in taxes. Check with your retirement plan manager for specific details on how to make a QCD.

Make sure you use all of the money in your Flexible Spending Account at work if you have one.Contributions were made with pre-tax dollars so they’ve already lowered your adjusted gross income. But in most cases, the money is use it or lose it so spend it on qualified items before the expiration date.

If you happen to own stocks that lost value in 2021, consider what’s called tax-loss harvesting.You sell stocks that have declined in price to realize a loss. You can then use that loss to offset capital gains made on other investments this year.If you sustained more losses than gains, you can take an additional deduction of up to $3,000 against your taxable income in 2021. And if you lost more than that, you can roll those losses over into future years up to the $3,000 annual limit.

Lastly, make an appointment to meet with your CPA or tax advisor to make sure you haven’t missed any deductions and to plan for lowering your tax burden next year. Don’t wait until the crush of the tax season. If you don’t have a tax advisor, go to MoneyWise.org and click Find a CKA to get a Certified Kingdom Advisor in your area.

LISTENER QUESTIONS

Next, Rob answers the following listener questions:

●I’m considering refinancing my mortgage.Originally the house I live in was a second home so the rate was a little higher.I plan on staying in it no more than five years.Is it worth refinancing?

●I have a traditional IRA that was created by rolling over 401Ks from former employers.I’m not contributing to it presently.I do have another 401K at my present employer and was thinking of converting this traditonal IRA to a Roth IRA.Can I contribute to a Roth while also contributing to a 401K?

●My husband and I own a one-man business.We’re trying to determine if it’s time to hire our first employee.Do you have any guidance?

●Is it better to have a will or a trust?

●Why is it so difficult to get change (physical coins) at stores these days?

●I have two children who are in Emergency Care living with me.I’ve been advised to claim them on my taxes.I’m living on Social Security.Would there be any tax benefit in my doing this?

●I have an upcoming appointment with the attorney who put my will together several years ago.I want to update the will, but don’t even know what questions to ask.Can you help?

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 website.

There are lots of jokes about paying taxes, but even better than the jokes is finding ways to minimize what we legally have to pay in taxes.Today, Rob West offers some great year end tips to help you do that including the following:

If you haven’t maxed out contributions to your retirement accounts, do it now (or at least by April 15).For 2021, individuals can make up to $19,500 in tax-deductible 401k contributions, or $26,000 if you’re 50 or older. You can also contribute up to $6000 to a traditional or Roth IRA, or up to $7000 if you’re 50 or older.

Don’t have a Roth IRA? This may be the time to make a Roth conversion especially if your income was lower than usual in 2021. A Roth conversion requires you to pay taxes on the money when you convert, so do it while you’re potentially in a lower tax bracket.

Make contributions to a Health Savings Account (HSA) or 529 Education Savings Plan.And while there are no FEDERAL deductions for contributions to a 529 education savings plan, many STATES offer them.

Give to charity. It’s more difficult to get a deduction since the standard deduction was raised, but there’s a temporary provision still in place that allows you to take a $300 deduction for making an eligible cash contribution to a charity like your church. It’s a $600 deduction for joint filers. Make sure you take the deduction on your 1040.

Required Minimum Distributions (RMDs). The IRS requires you to take a certain amount of money out of your pre-tax retirement accounts each year once you’re 72 or older. Failure to do so is costly. You’ll pay 50% in taxes on every dollar you fall short of your RMD.

Qualified Charitable Distributions (QCD). You can bless your favorite ministry and satisfy your RMD without owing anything in taxes. Check with your retirement plan manager for specific details on how to make a QCD.

Make sure you use all of the money in your Flexible Spending Account at work if you have one.Contributions were made with pre-tax dollars so they’ve already lowered your adjusted gross income. But in most cases, the money is use it or lose it so spend it on qualified items before the expiration date.

If you happen to own stocks that lost value in 2021, consider what’s called tax-loss harvesting.You sell stocks that have declined in price to realize a loss. You can then use that loss to offset capital gains made on other investments this year.If you sustained more losses than gains, you can take an additional deduction of up to $3,000 against your taxable income in 2021. And if you lost more than that, you can roll those losses over into future years up to the $3,000 annual limit.

Lastly, make an appointment to meet with your CPA or tax advisor to make sure you haven’t missed any deductions and to plan for lowering your tax burden next year. Don’t wait until the crush of the tax season. If you don’t have a tax advisor, go to MoneyWise.org and click Find a CKA to get a Certified Kingdom Advisor in your area.

LISTENER QUESTIONS

Next, Rob answers the following listener questions:

●I’m considering refinancing my mortgage.Originally the house I live in was a second home so the rate was a little higher.I plan on staying in it no more than five years.Is it worth refinancing?

●I have a traditional IRA that was created by rolling over 401Ks from former employers.I’m not contributing to it presently.I do have another 401K at my present employer and was thinking of converting this traditonal IRA to a Roth IRA.Can I contribute to a Roth while also contributing to a 401K?

●My husband and I own a one-man business.We’re trying to determine if it’s time to hire our first employee.Do you have any guidance?

●Is it better to have a will or a trust?

●Why is it so difficult to get change (physical coins) at stores these days?

●I have two children who are in Emergency Care living with me.I’ve been advised to claim them on my taxes.I’m living on Social Security.Would there be any tax benefit in my doing this?

●I have an upcoming appointment with the attorney who put my will together several years ago.I want to update the will, but don’t even know what questions to ask.Can you help?

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 website.

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

And the angel said unto them, Fear not: for, behold, I bring you good tidings of great joy, which shall be to all people.As Christians living in a materialistic society, we must remember to celebrate for the right reason. Today, former MoneyWise host Howard Dayton joins Rob West to celebrate the birth of our Savior!

Our opening verse is from Luke 2, of course. It goes on to say: For unto you is born this day in the city of David a Saviour, which is Christ the Lord. And this shall be a sign unto you - Ye shall find the babe wrapped in swaddling clothes, lying in a manger. And suddenly there was with the angel a multitude of the heavenly host praising God, and saying, Glory to God in the highest, and on earth peace, good will toward men.

Today, Howard shares Christmas memories and traditions of celebrating the birth of Jesus and offers advice for parents about teaching the real reason for the season:

Be intentional in teaching our children and grandchildren that the REAL reason we celebrate Christmas is that we are honoring the Lord Jesus for leaving heaven to come to earth as a helpless child and that He grew up to live a perfect sinless live, in order to die as a sacrifice for us so we would be accepted by God!

LISTENER QUESTIONS

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

●How much money should you keep in a cash account vs investing in the stock market?

●Would now be a good time to sell our home with the home prices elevated at the moment?

●How do you determine the right time to cash out of universal life policies?

●When does it make sense to open a traditional IRA?

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.

And the angel said unto them, Fear not: for, behold, I bring you good tidings of great joy, which shall be to all people.As Christians living in a materialistic society, we must remember to celebrate for the right reason. Today, former MoneyWise host Howard Dayton joins Rob West to celebrate the birth of our Savior!

Our opening verse is from Luke 2, of course. It goes on to say: For unto you is born this day in the city of David a Saviour, which is Christ the Lord. And this shall be a sign unto you - Ye shall find the babe wrapped in swaddling clothes, lying in a manger. And suddenly there was with the angel a multitude of the heavenly host praising God, and saying, Glory to God in the highest, and on earth peace, good will toward men.

Today, Howard shares Christmas memories and traditions of celebrating the birth of Jesus and offers advice for parents about teaching the real reason for the season:

Be intentional in teaching our children and grandchildren that the REAL reason we celebrate Christmas is that we are honoring the Lord Jesus for leaving heaven to come to earth as a helpless child and that He grew up to live a perfect sinless live, in order to die as a sacrifice for us so we would be accepted by God!

LISTENER QUESTIONS

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

●How much money should you keep in a cash account vs investing in the stock market?

●Would now be a good time to sell our home with the home prices elevated at the moment?

●How do you determine the right time to cash out of universal life policies?

●When does it make sense to open a traditional IRA?

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

In a culture that glorifies materialism, Christians are called to be different. Being a faithful manager of God’s resources requires a working knowledge of stewardship and the principles behind it. We’ll explain the biblical truth behind this principles today on MoneyWise.

PRINCIPLES OF STEWARDSHIP:

1. GOD OWNS IT ALL!

He created everything and it all belongs to him. Psalm 24:1 and 2 reads, The earth is the Lord's and the fullness thereof, the world and those who dwell therein, for he has founded it upon the seas and established it upon the rivers.

And in Deuteronomy 10:14, Behold, to the Lord your God belong heaven and the heaven of heavens, the earth with all that is in it.

And finally, Psalm 50:10, For every beast of the forest is mine, the cattle on a thousand hills.

While we possess these things, we don’t own them. Even the skills and abilities we have to acquire wealth belong to God. They’re only on loan, if you will, and we should use them to glorify Him, not simply to enrich ourselves.

Deuteronomy 8:17-18 makes this clear. It reads, Beware lest you say in your heart, My power and the might of my hand have gotten me this wealth.’

2. USE HIS RESOURCES FOR HIS GLORY!

There’s nothing wrong with enjoying God’s provision, but we must seek the balance between enjoyment and using His resources for His purposes.

This is defined in 1 Timothy 6:17, which says, As for the rich in this present age, charge them not to be haughty, nor to set their hopes on the uncertainty of riches, but on God, who richly provides us with everything to enjoy. They are to do good, to be rich in good works, to be generous and ready to share.

One day,each of us will stand before the Lord to give an account of how we used His resources, just like the servants in the Parable of the Talents.

How do we know where to draw the line between enjoying God’s provision and using His resources for Kingdom purposes? That’s something each of us must determine in quiet prayer with the Holy Spirit.

Romans 8:26 reads, Likewise the Spirit helps us in our weakness. For we do not know what to pray for as we ought, but the Spirit himself intercedes for us with groanings too deep for words. Trust Him to tell you if you’re enjoying or squandering what the Lord has given you.

3. ENTER INTO THE JOY OF YOUR MASTER!

We have reason enough to be good stewards because of what God’s already given us in the priceless gift of His Son for our salvation. But He promises even more blessings when we are faithful stewards.

Colossians 3 reads, Whatever you do, work at it with all your heart, as working for the Lord, not for men, since you know that you will receive an inheritance from the Lord as a reward. It is the Lord Christ you are serving.

And of course Jesus Himself tells us in Matthew 25, the Parable of the Talents, Well done, good and faithful servant. You have been faithful over a little; I will set you over much. Enter into the joy of your master.

How we manage God’s provision will determine whether we hear those words someday. We all want to be declared, good and faithful stewards.

Your calls are next at 800-525-7000. That’s 800-525-7000. This is MoneyWise (Live) where biblical truth guides our financial decisions.

LISTENER QUESTIONS

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

●Is it wise to take Social Security earlier if it allows you to pay off your home sooner?

●Would it make sense to take some money out of stock-based investments to buy gold or silver?

●How do you go about investigating your mortgage options and determine the right time to buy a home?

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.

In a culture that glorifies materialism, Christians are called to be different. Being a faithful manager of God’s resources requires a working knowledge of stewardship and the principles behind it. We’ll explain the biblical truth behind this principles today on MoneyWise.

PRINCIPLES OF STEWARDSHIP:

1. GOD OWNS IT ALL!

He created everything and it all belongs to him. Psalm 24:1 and 2 reads, The earth is the Lord's and the fullness thereof, the world and those who dwell therein, for he has founded it upon the seas and established it upon the rivers.

And in Deuteronomy 10:14, Behold, to the Lord your God belong heaven and the heaven of heavens, the earth with all that is in it.

And finally, Psalm 50:10, For every beast of the forest is mine, the cattle on a thousand hills.

While we possess these things, we don’t own them. Even the skills and abilities we have to acquire wealth belong to God. They’re only on loan, if you will, and we should use them to glorify Him, not simply to enrich ourselves.

Deuteronomy 8:17-18 makes this clear. It reads, Beware lest you say in your heart, My power and the might of my hand have gotten me this wealth.’

2. USE HIS RESOURCES FOR HIS GLORY!

There’s nothing wrong with enjoying God’s provision, but we must seek the balance between enjoyment and using His resources for His purposes.

This is defined in 1 Timothy 6:17, which says, As for the rich in this present age, charge them not to be haughty, nor to set their hopes on the uncertainty of riches, but on God, who richly provides us with everything to enjoy. They are to do good, to be rich in good works, to be generous and ready to share.

One day,each of us will stand before the Lord to give an account of how we used His resources, just like the servants in the Parable of the Talents.

How do we know where to draw the line between enjoying God’s provision and using His resources for Kingdom purposes? That’s something each of us must determine in quiet prayer with the Holy Spirit.

Romans 8:26 reads, Likewise the Spirit helps us in our weakness. For we do not know what to pray for as we ought, but the Spirit himself intercedes for us with groanings too deep for words. Trust Him to tell you if you’re enjoying or squandering what the Lord has given you.

3. ENTER INTO THE JOY OF YOUR MASTER!

We have reason enough to be good stewards because of what God’s already given us in the priceless gift of His Son for our salvation. But He promises even more blessings when we are faithful stewards.

Colossians 3 reads, Whatever you do, work at it with all your heart, as working for the Lord, not for men, since you know that you will receive an inheritance from the Lord as a reward. It is the Lord Christ you are serving.

And of course Jesus Himself tells us in Matthew 25, the Parable of the Talents, Well done, good and faithful servant. You have been faithful over a little; I will set you over much. Enter into the joy of your master.

How we manage God’s provision will determine whether we hear those words someday. We all want to be declared, good and faithful stewards.

Your calls are next at 800-525-7000. That’s 800-525-7000. This is MoneyWise (Live) where biblical truth guides our financial decisions.

LISTENER QUESTIONS

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

●Is it wise to take Social Security earlier if it allows you to pay off your home sooner?

●Would it make sense to take some money out of stock-based investments to buy gold or silver?

●How do you go about investigating your mortgage options and determine the right time to buy a home?

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

When should I start taking my Social Security benefits? At 62? Or should I wait until full retirement age? Or longer? Strategies for claiming Social Security benefits can be complicated and confusing, and making a mistake could cost you a lot of money. So today on MoneyWise, we’ll reveal 3 common errors people make when claiming benefits and how to avoid them!

THREE COMMON SOCIAL SECURITY MISTAKES

1. CLAIMING BENEFITS EARLY:Just because you can take your benefits at age 62 doesn’t mean you should. Your benefit will be permanently reduced by 8% for each year you take them before your full retirement age.

Your benefit can be further reduced if you continue working after receiving benefits and earn more than $18,960. For every $2 you earn above that threshold, your benefit will be reduced by $1. The only good news there is that those lost benefits will be restored incrementally once you reach full retirement age.

There’s another reason you should think long and hard before taking Social Security benefits early. If you’re the higher wage earner, your decision to take benefits early could impact not only you but also your spouse. If your spouse survives you and has a lower SS benefit, he or she would be eligible to draw a survivor benefit in the amount you were receiving in benefits before your death. However, if you elect to take your benefit early, your surviving spouse will be locked into that lower amount for life, as well.

So if you don’t desperately need the money, it’s almost always best to wait as long as possible before claiming Social Security benefits at least until full retirement age. Your benefit will increase by 8% every year you wait beyond your full retirement age up to age 70.

2. NOT DRAWING A SPOUSAL BENEFIT:The next common Social Security mistake is not drawing a spousal benefit. Now, this one only applies to folks who were born on or before January 1, 1954. If you’re married and reach Full Retirement Age (FRA), and you haven’t drawn your own Social Security benefit, you can decide to start receiving it then or wait and let it build another 8% a year up to age 70.

But if you were born before 1954, you can opt to take benefits but restrict them to spousal benefits only. As long as your spouse has filed for benefits, you’ll be eligible to receive half of your spouse's full retirement age benefit.

3. NOT DRAWING BENEFITS AFTER A DIVORCE:Whether you divorced recently or quite a while ago, you may think you’re not eligible for a Social Security benefit from your ex-spouse. That’s not the case.

If your ex-spouse is still living, you could qualify for a spousal benefit based on his or her work record. To qualify, you must have been married for at least 10 years, be at least age 62 and currently unmarried. This is the case even if your ex-spouse has remarried.

If your ex-spouse is deceased you could be eligible for a survivor benefit off of your ex-spouse’s Social Security record, even if you’ve remarried - with some exceptions.

The folks at the Ronald Blue Trust have a great article with more information about the 3 mistakes we outlined today.You’ll find that article here.

And we also recommend you consult with a financial advisor before making any decision about Social Security benefits. Proverbs 15:22 says, Plans fail for lack of counsel, but with many advisers they succeed.

You canfind a Certified Kingdom Advisor at MoneyWise.org.

LISTENER QUESTIONS

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

●Is it wise to wait beyond retirement age to begin drawing Social Security benefits?

●What is the difference between a will and trust?

●What is the best way to invest beyond IRAs and 401k accounts?

●How should a college student balance using funds in a savings account to pay for college vs investing for the future?

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.

When should I start taking my Social Security benefits? At 62? Or should I wait until full retirement age? Or longer? Strategies for claiming Social Security benefits can be complicated and confusing, and making a mistake could cost you a lot of money. So today on MoneyWise, we’ll reveal 3 common errors people make when claiming benefits and how to avoid them!

THREE COMMON SOCIAL SECURITY MISTAKES

1. CLAIMING BENEFITS EARLY:Just because you can take your benefits at age 62 doesn’t mean you should. Your benefit will be permanently reduced by 8% for each year you take them before your full retirement age.

Your benefit can be further reduced if you continue working after receiving benefits and earn more than $18,960. For every $2 you earn above that threshold, your benefit will be reduced by $1. The only good news there is that those lost benefits will be restored incrementally once you reach full retirement age.

There’s another reason you should think long and hard before taking Social Security benefits early. If you’re the higher wage earner, your decision to take benefits early could impact not only you but also your spouse. If your spouse survives you and has a lower SS benefit, he or she would be eligible to draw a survivor benefit in the amount you were receiving in benefits before your death. However, if you elect to take your benefit early, your surviving spouse will be locked into that lower amount for life, as well.

So if you don’t desperately need the money, it’s almost always best to wait as long as possible before claiming Social Security benefits at least until full retirement age. Your benefit will increase by 8% every year you wait beyond your full retirement age up to age 70.

2. NOT DRAWING A SPOUSAL BENEFIT:The next common Social Security mistake is not drawing a spousal benefit. Now, this one only applies to folks who were born on or before January 1, 1954. If you’re married and reach Full Retirement Age (FRA), and you haven’t drawn your own Social Security benefit, you can decide to start receiving it then or wait and let it build another 8% a year up to age 70.

But if you were born before 1954, you can opt to take benefits but restrict them to spousal benefits only. As long as your spouse has filed for benefits, you’ll be eligible to receive half of your spouse's full retirement age benefit.

3. NOT DRAWING BENEFITS AFTER A DIVORCE:Whether you divorced recently or quite a while ago, you may think you’re not eligible for a Social Security benefit from your ex-spouse. That’s not the case.

If your ex-spouse is still living, you could qualify for a spousal benefit based on his or her work record. To qualify, you must have been married for at least 10 years, be at least age 62 and currently unmarried. This is the case even if your ex-spouse has remarried.

If your ex-spouse is deceased you could be eligible for a survivor benefit off of your ex-spouse’s Social Security record, even if you’ve remarried - with some exceptions.

The folks at the Ronald Blue Trust have a great article with more information about the 3 mistakes we outlined today.You’ll find that article here.

And we also recommend you consult with a financial advisor before making any decision about Social Security benefits. Proverbs 15:22 says, Plans fail for lack of counsel, but with many advisers they succeed.

You canfind a Certified Kingdom Advisor at MoneyWise.org.

LISTENER QUESTIONS

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

●Is it wise to wait beyond retirement age to begin drawing Social Security benefits?

●What is the difference between a will and trust?

●What is the best way to invest beyond IRAs and 401k accounts?

●How should a college student balance using funds in a savings account to pay for college vs investing for the future?

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

With the new year just days away, now is a great time to plan for the year ahead. Today Joseph Slife with Sound Mind Investing joins Rob West with 10 financial moves to make in 2022.

Your 10 Most Important Financial Moves for 2022 is the title of the cover article in the current issue of Sound Mind Investing. It offers a list of about 75 possibilities and encourages readers to pick Top 10 for the year ahead.

Here are just a handful of those tips:

FINANCIAL MOVES FOR 2022

FIRST THINGS FIRST:Start by remembering that God owns everything. We are only stewards, managers, of what he entrusts to us. So in 2022, practice living in conscious dependence on God. The Lord is not to be acknowledged only on Sunday. Take time each day to recognize your dependence on the Lord for life and breath and everything else as the Apostle Paul said in Acts 17.

BUILD ON SOLID ROCK:Build your financial house on the bedrock of biblical principles. We never know what kind of financial storms may come our way or when. But if you base your financial decisions and actions on biblical truth and the stewardship principles taught in Scripture, you’ll be able to weather those storms.

BE GENEROUS:Every follower of Jesus is called to be generous, but we also know from what’s in the New Testament God has given some people the special gift of giving, just as he has given some people gifts of administration, and teaching, and so on. If you have that gift of giving, study what the Scriptures say about it and make the most of that gift. But even if you don’t have that special giving gift, a great item to add to your Top 10 for 2022 is to make the most of every opportunity to give boldly. Teach your children to give generously too.

CREATE GOOD HABITS: One of the best things you can do is to cultivate good habits. It’s easy to pick up bad habits, but good habits have to be cultivated. And means taking specific actions that reinforce good habits. For example, making a spending plan that puts you in a position to pay down your debt steadily, so you make paying off credit card debt, car loans, and other short-term debts a priority. Start using a money-management app to plan and track their finances like theMoneyWise app.

SPEAK UP TO SAVE MONEY: You can sometimes get fees waived or subscription prices lowered just by making a polite request. You would be surprised how often this works, and you never know unless you ask.

AVOID HOLIDAY DEBT:Don’t go into debt for Christmas, birthdays or other holidays! Don’t be swayed by slick marketing. Instead, develop a plan for your spending and buy only what you can afford.

PRAYERFULLY DEVELOP AN INVESTING PLAN: Start by looking realistically at where you are now and developing a prudent plan that moves you toward your long-term goals. But make this a spiritual matter, not just a financial one. Pray over your decisions and seek wise counsel!

DON’T BE OVERLY RIGID: You want to be consistent and committed, but don’t be overly rigid with your investment plan. Life happens and you have to have some flexibility. If your plan is too strict, you might miss out on some very important things. Being too strict can also cause you to turn a deaf ear to God.

TRACK YOUR DONATIONS TO THRIFT STORES: Interestingly, the IRS is rather liberal in allowing deductions for non-cash items. So if you’re near the threshold of being able to itemize or not itemize, non-cash donations could put you over the top.

Read Your 10 Most Important Financial Moves for 2022 at SoundMindInvesting.com to see the entire list.

LISTENER QUESTIONS

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

●Is now a good time to invest in a short-term rental property?

●How can you overcome consumer debt and pay your home off sooner?

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.

With the new year just days away, now is a great time to plan for the year ahead. Today Joseph Slife with Sound Mind Investing joins Rob West with 10 financial moves to make in 2022.

Your 10 Most Important Financial Moves for 2022 is the title of the cover article in the current issue of Sound Mind Investing. It offers a list of about 75 possibilities and encourages readers to pick Top 10 for the year ahead.

Here are just a handful of those tips:

FINANCIAL MOVES FOR 2022

FIRST THINGS FIRST:Start by remembering that God owns everything. We are only stewards, managers, of what he entrusts to us. So in 2022, practice living in conscious dependence on God. The Lord is not to be acknowledged only on Sunday. Take time each day to recognize your dependence on the Lord for life and breath and everything else as the Apostle Paul said in Acts 17.

BUILD ON SOLID ROCK:Build your financial house on the bedrock of biblical principles. We never know what kind of financial storms may come our way or when. But if you base your financial decisions and actions on biblical truth and the stewardship principles taught in Scripture, you’ll be able to weather those storms.

BE GENEROUS:Every follower of Jesus is called to be generous, but we also know from what’s in the New Testament God has given some people the special gift of giving, just as he has given some people gifts of administration, and teaching, and so on. If you have that gift of giving, study what the Scriptures say about it and make the most of that gift. But even if you don’t have that special giving gift, a great item to add to your Top 10 for 2022 is to make the most of every opportunity to give boldly. Teach your children to give generously too.

CREATE GOOD HABITS: One of the best things you can do is to cultivate good habits. It’s easy to pick up bad habits, but good habits have to be cultivated. And means taking specific actions that reinforce good habits. For example, making a spending plan that puts you in a position to pay down your debt steadily, so you make paying off credit card debt, car loans, and other short-term debts a priority. Start using a money-management app to plan and track their finances like theMoneyWise app.

SPEAK UP TO SAVE MONEY: You can sometimes get fees waived or subscription prices lowered just by making a polite request. You would be surprised how often this works, and you never know unless you ask.

AVOID HOLIDAY DEBT:Don’t go into debt for Christmas, birthdays or other holidays! Don’t be swayed by slick marketing. Instead, develop a plan for your spending and buy only what you can afford.

PRAYERFULLY DEVELOP AN INVESTING PLAN: Start by looking realistically at where you are now and developing a prudent plan that moves you toward your long-term goals. But make this a spiritual matter, not just a financial one. Pray over your decisions and seek wise counsel!

DON’T BE OVERLY RIGID: You want to be consistent and committed, but don’t be overly rigid with your investment plan. Life happens and you have to have some flexibility. If your plan is too strict, you might miss out on some very important things. Being too strict can also cause you to turn a deaf ear to God.

TRACK YOUR DONATIONS TO THRIFT STORES: Interestingly, the IRS is rather liberal in allowing deductions for non-cash items. So if you’re near the threshold of being able to itemize or not itemize, non-cash donations could put you over the top.

Read Your 10 Most Important Financial Moves for 2022 at SoundMindInvesting.com to see the entire list.

LISTENER QUESTIONS

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

●Is now a good time to invest in a short-term rental property?

●How can you overcome consumer debt and pay your home off sooner?

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