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

The average student loan debt load is now nearly $40,000! At the same time, studies show that Americans are not saving nearly enough for retirement. Today, Rob West shows you how to balance paying off student loan debt with saving and investing for retirement.

Paying down debt faster and investing more in a 401k both have their advantages:

●Your 401k contributions are made with pre-tax money. It’s deducted from your adjusted gross income at tax time. That means you’ll pay less to Uncle Sam.

●Because of the power of compound interest, time is critical when it comes to investing! That means age is one factor you’ll need to consider when setting your priorities.

●If your employer offers matching funds when you invest for retirement, that is another key factor to consider. It’s rarely a good idea to turn down free money!

On the other hand ...

●The sooner you pay off your debt, the sooner you can redirect that money into saving, investing, and other priorities.

●Paying off debt will also help improve your credit picture overall as your debt-to-income ratio decreases.

●Plus, paying off your student loans early means you’ll pay a lot less interest on them.

Both options, investing more for retirement and paying off debt, have their merits. But there’s also a third option: You could opt to direct a percentage of your extra cash into each of them.

Next, Rob answers listener questions including the following:

●Is it best to meet with a financial advisor before beginning estate planning?

●Does employment income impact Social Security retirement benefits?

●Is there a good way to estimate what your RMDs (required minimum distribution) amounts will be in the future?

●How greatly should a financial adviser’s fee structure factor into choosing an adviser?

Remember, you can call in to ask your questions 24/7 at (800) 525-7000 or email them to [email protected]. Also, visit our website at MoneyWise.org where you can listen to past programs, connect with a MoneyWise Coach, and even download helpful resources like the free MoneyWise app.

Like and follow us on Facebook at MoneyWise Media for the very latest discussion! And 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 on our website or in our app.

When the pandemic hit in late 2019, many lenders began tightening requirements for home equity lines of credit (HELOCs), but now lenders are much more willing to offer them. Today, Rob West explains the differences between home equity lines of credit and home equity loans, and whether one is right for you.

●A home equity loan sets a fixed amount to be borrowed all at once, with fixed monthly payments for a determined amount of time.

●A HELOC is more flexible. It’s a revolving type of account that sets a maximum amount to be borrowed, but you’re able to draw on that as needed and monthly payments are determined by the loan amount.

●While home equity loans have fixed interest rates, HELOCs have variable interest rates.

Two things to take into account when considering a HELOC:

●First, the initial variable interest rate for a HELOC may only be the starting rate to make the loan more doable and attractive.

●Second, interest rates in general are super low right now. That means if there’s a change, it’ll most likely make your rate increase then.

Rob discusses which type of loan is preferable and why both are now making a huge comeback. He also reveals the dangers associated with each:

●When taking out one of these loans to pay off credit cards, you’re exchanging unsecured debt for secured debt.

●High origination and maintenance fees. They’re often called demand notes. Which means the lender can call, or even demand a full repayment of the loan under certain circumstances, which is no doubt in the fine print.

●Borrowing on your home to pay off credit cards could indicate that you’re living beyond your means, and a home loan may not address the root cause of the problem.

There are alternatives to borrowing against your home to pay off credit cards. For example: Using the snowball method to pay down credit card debt, which means paying off the lowest balance card first.

There are also scenarios when a home equity loan might make sense, such as significant damage to your home that exceeds your emergency fund and is not covered by insurance.

Next, Rob answers listeners questions including the following:

●Without saving too much money previously, what is the wisest way to manage a small inheritance?

●How can you appeal a Social Security penalty?

●Where should you give your tithe if your church has closed?

●How do you handle an income imbalance in a relationship?

Remember, you can call in to ask your questions 24/7 at (800) 525-7000 or email them to [email protected]. Also, visit our website at MoneyWise.org where you can listen to past programs, connect with a MoneyWise Coach, and even download helpful resources like the free MoneyWise app.

Like and follow us on Facebook at MoneyWise Media for the very latest discussion! And 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 on our website or 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 the pandemic hit in late 2019, many lenders began tightening requirements for home equity lines of credit (HELOCs), but now lenders are much more willing to offer them. Today, Rob West explains the differences between home equity lines of credit and home equity loans, and whether one is right for you.

●A home equity loan sets a fixed amount to be borrowed all at once, with fixed monthly payments for a determined amount of time.

●A HELOC is more flexible. It’s a revolving type of account that sets a maximum amount to be borrowed, but you’re able to draw on that as needed and monthly payments are determined by the loan amount.

●While home equity loans have fixed interest rates, HELOCs have variable interest rates.

Two things to take into account when considering a HELOC:

●First, the initial variable interest rate for a HELOC may only be the starting rate to make the loan more doable and attractive.

●Second, interest rates in general are super low right now. That means if there’s a change, it’ll most likely make your rate increase then.

Rob discusses which type of loan is preferable and why both are now making a huge comeback. He also reveals the dangers associated with each:

●When taking out one of these loans to pay off credit cards, you’re exchanging unsecured debt for secured debt.

●High origination and maintenance fees. They’re often called demand notes. Which means the lender can call, or even demand a full repayment of the loan under certain circumstances, which is no doubt in the fine print.

●Borrowing on your home to pay off credit cards could indicate that you’re living beyond your means, and a home loan may not address the root cause of the problem.

There are alternatives to borrowing against your home to pay off credit cards. For example: Using the snowball method to pay down credit card debt, which means paying off the lowest balance card first.

There are also scenarios when a home equity loan might make sense, such as significant damage to your home that exceeds your emergency fund and is not covered by insurance.

Next, Rob answers listeners questions including the following:

●Without saving too much money previously, what is the wisest way to manage a small inheritance?

●How can you appeal a Social Security penalty?

●Where should you give your tithe if your church has closed?

●How do you handle an income imbalance in a relationship?

Remember, you can call in to ask your questions 24/7 at (800) 525-7000 or email them to [email protected]. Also, visit our website at MoneyWise.org where you can listen to past programs, connect with a MoneyWise Coach, and even download helpful resources like the free MoneyWise app.

Like and follow us on Facebook at MoneyWise Media for the very latest discussion! And 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 on our website or in our app.

Deuteronomy 10:14 leaves no doubt about God’s total ownership of everything, however it’s often a challenge for Christians to put that principle into practice.Dan Schilling, North American President of Compass - Finances God’s Way, joins Rob West to discuss giving total ownership to God when it comes to money.

Compass is a financial discipleship ministry founded by former MoneyWise host Howard Dayton. You can learn more about Dan Schilling and Compass - Finances God’s Way atcompass1.org.

Deuteronomy 10:14 says, Behold, to the Lord your God belong heaven and the heaven of heavens, the earth with all that is in it.Dan explains how financial discipleship draws us closer to the heart of the Father and reveals the fundamentals of a financial disciple:

●Acknowledging God’s ownership

●Surrender

●Choosing to serve God instead of Money

He also explains the stages of financial discipleship:

●Learn what the Bible says about money.

●Apply it into our lives.

●Multiply it into the lives of others.

Multiplication is a critical tenant of financial discipleship. God has called us not only to live in freedom, but to take that freedom to others.

Next, Rob answers listener questions including the following:

●Is your money truly safe in banks, investment accounts and the like? Where can you put your money to ensure it’s safe?

Remember, you can call in to ask your questions 24/7 at (800) 525-7000 or email them to [email protected]. Also, visit our website at MoneyWise.org where you can listen to past programs, connect with a MoneyWise Coach, and even download helpful resources like the free MoneyWise app.

Like and follow us on Facebook at MoneyWise Media for the very latest discussion! And 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 on our website or 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

Deuteronomy 10:14 leaves no doubt about God’s total ownership of everything, however it’s often a challenge for Christians to put that principle into practice.Dan Schilling, North American President of Compass - Finances God’s Way, joins Rob West to discuss giving total ownership to God when it comes to money.

Compass is a financial discipleship ministry founded by former MoneyWise host Howard Dayton. You can learn more about Dan Schilling and Compass - Finances God’s Way atcompass1.org.

Deuteronomy 10:14 says, Behold, to the Lord your God belong heaven and the heaven of heavens, the earth with all that is in it.Dan explains how financial discipleship draws us closer to the heart of the Father and reveals the fundamentals of a financial disciple:

●Acknowledging God’s ownership

●Surrender

●Choosing to serve God instead of Money

He also explains the stages of financial discipleship:

●Learn what the Bible says about money.

●Apply it into our lives.

●Multiply it into the lives of others.

Multiplication is a critical tenant of financial discipleship. God has called us not only to live in freedom, but to take that freedom to others.

Next, Rob answers listener questions including the following:

●Is your money truly safe in banks, investment accounts and the like? Where can you put your money to ensure it’s safe?

Remember, you can call in to ask your questions 24/7 at (800) 525-7000 or email them to [email protected]. Also, visit our website at MoneyWise.org where you can listen to past programs, connect with a MoneyWise Coach, and even download helpful resources like the free MoneyWise app.

Like and follow us on Facebook at MoneyWise Media for the very latest discussion! And 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 on our website or in our app.

Today’s the day. You’ve decided to take the bull by the horns and begin earnestly to pay off your credit cards and other debt. Good for you! Now that you’re committed to getting out of hock you’ve got two great options for doing it. We’ll talk about that first today and which might be better for you. Then it’s on to your calls at 800-525-7000.

Rob explains the snowball method and the avalanche method of paying down debt and how to choose which one is best for you and which will save you the most money.

The snowball method of debt reduction is probably the better known of the two. Here’s how it works: First, you pay the minimum monthly payment on all of your debts. Then you apply any leftover money to the debt with the smallest balance. This would be extra money put on your smallest debt, so it gets paid off first.

Then, once that debt is paid off, you take its monthly minimum payment and the extra you were sending and add that to your next smallest debt. When that’s paid off, you put all of that money on the next smallest, and so on, until all debt is gone.

Withthe avalanche method,you make the mandatory minimum payments on all your debts. But instead of taking your leftover money and applying it to your smallest balance, you put it on the debt with the highest interest rate.When that’s paid off you apply its payment and the leftover to the next highest interest rate and so on.

So, which is better? That depends on you. Do you need to see the progress you’re making? If so, you want the snowball method because the results are more immediate and tangible. But some people think more in the abstract and they’re content with watching the numbers and seeing the balances go down each month. They don’t mind if it takes longer to get a win they want to make sure they pay the least amount of interest overall. And the avalanche approach gives you that.

Whichever method you choose, let us know how it’s going. We’d love to hear from you.

On today’s program we also answer a couple of your questions:

My current job doesn’t have a 401K. Someone suggested I put my money in an annuity. I will be retiring in a few years. Should I take money out of my annuity and pay off my mortgage?

How and where do I start with investing?

I only have 100K in my 401K. I have a 99K mortgage and a credit card for 11K. Should I use my retirement to pay down my mortgage?

Remember, you can call in to ask your questions 24/7 at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can listen to past programs, connect with a MoneyWise Coach, and even download free, helpful resources like the free MoneyWise app.

Like and Follow us on Facebook at MoneyWise Media for the very latest discussion! And 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 on our website or 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

Today’s the day. You’ve decided to take the bull by the horns and begin earnestly to pay off your credit cards and other debt. Good for you! Now that you’re committed to getting out of hock you’ve got two great options for doing it. We’ll talk about that first today and which might be better for you. Then it’s on to your calls at 800-525-7000.

Rob explains the snowball method and the avalanche method of paying down debt and how to choose which one is best for you and which will save you the most money.

The snowball method of debt reduction is probably the better known of the two. Here’s how it works: First, you pay the minimum monthly payment on all of your debts. Then you apply any leftover money to the debt with the smallest balance. This would be extra money put on your smallest debt, so it gets paid off first.

Then, once that debt is paid off, you take its monthly minimum payment and the extra you were sending and add that to your next smallest debt. When that’s paid off, you put all of that money on the next smallest, and so on, until all debt is gone.

Withthe avalanche method,you make the mandatory minimum payments on all your debts. But instead of taking your leftover money and applying it to your smallest balance, you put it on the debt with the highest interest rate.When that’s paid off you apply its payment and the leftover to the next highest interest rate and so on.

So, which is better? That depends on you. Do you need to see the progress you’re making? If so, you want the snowball method because the results are more immediate and tangible. But some people think more in the abstract and they’re content with watching the numbers and seeing the balances go down each month. They don’t mind if it takes longer to get a win they want to make sure they pay the least amount of interest overall. And the avalanche approach gives you that.

Whichever method you choose, let us know how it’s going. We’d love to hear from you.

On today’s program we also answer a couple of your questions:

My current job doesn’t have a 401K. Someone suggested I put my money in an annuity. I will be retiring in a few years. Should I take money out of my annuity and pay off my mortgage?

How and where do I start with investing?

I only have 100K in my 401K. I have a 99K mortgage and a credit card for 11K. Should I use my retirement to pay down my mortgage?

Remember, you can call in to ask your questions 24/7 at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can listen to past programs, connect with a MoneyWise Coach, and even download free, helpful resources like the free MoneyWise app.

Like and Follow us on Facebook at MoneyWise Media for the very latest discussion! And 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 on our website or in our app.

GoogleChristianandretirement planand you’ll find plenty of options. But it begs the question. Is retirement actuallybiblical?When you come right down to it, it depends on what your definition of retirement is. For believers, this should be different from how the world thinks about retirement.

The world’s concept of retirement is saving as much as you can so that someday you can stop working. The world sees work only as a negative thing.

God is our true boss. Colossians 3 tells us, Whatever you do, work heartily, as for the Lord and not for men, knowing that from the Lord you will receive the inheritance as your reward. You are serving the Lord Christ.

Work predated the Fall. The Lord put Adam to work in the Garden of Eden. Nowhere does the Bible say we can quit our service to Him when we have enough money saved up to live a life of leisure.

The Bible does address retirement regarding the Levites:From twenty-five years old and upward they shall enter to perform service in the work of the tent of meeting. But at the age of fifty years they shall retire and not work anymore. (Numbers 8:24-25).

Some may ask, Why are we saving all this money, then, if we’re not supposed to retire? It’s because it’s a prudent and a wise use of God’s resources.

People are living longer now than in previous generations. Many of us will reach a point where we’re physically unable to work or to work as many hours as we are now. We have to prepare for that.

The more you’ve saved the resources God’s entrusted to you, the more time and treasure you can give back to further His Kingdom.

Start saving for your retirement as early as you can so as to achieve the benefit of compound earnings. We recommend putting away 10 to 15% of your income.

On today’s program we also answer a couple of your questions:

I have about ten to fifteen thousand dollars’ worth of repairs needing done on my home. Should I mortgage my home (which is paid off) or should I borrow on an insurance life policy?

My husband and I have received a large cash inheritance. Should we put this into the stock market?

Remember, you can call in to ask your questions 24/7 at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can listen to past programs, connect with a MoneyWise Coach, and even download free, helpful resources like the free MoneyWise app.

Like and Follow us on Facebook at MoneyWise Media for the very latest discussion! And 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 on our website or 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

GoogleChristianandretirement planand you’ll find plenty of options. But it begs the question. Is retirement actuallybiblical?When you come right down to it, it depends on what your definition of retirement is. For believers, this should be different from how the world thinks about retirement.

The world’s concept of retirement is saving as much as you can so that someday you can stop working. The world sees work only as a negative thing.

God is our true boss. Colossians 3 tells us, Whatever you do, work heartily, as for the Lord and not for men, knowing that from the Lord you will receive the inheritance as your reward. You are serving the Lord Christ.

Work predated the Fall. The Lord put Adam to work in the Garden of Eden. Nowhere does the Bible say we can quit our service to Him when we have enough money saved up to live a life of leisure.

The Bible does address retirement regarding the Levites:From twenty-five years old and upward they shall enter to perform service in the work of the tent of meeting. But at the age of fifty years they shall retire and not work anymore. (Numbers 8:24-25).

Some may ask, Why are we saving all this money, then, if we’re not supposed to retire? It’s because it’s a prudent and a wise use of God’s resources.

People are living longer now than in previous generations. Many of us will reach a point where we’re physically unable to work or to work as many hours as we are now. We have to prepare for that.

The more you’ve saved the resources God’s entrusted to you, the more time and treasure you can give back to further His Kingdom.

Start saving for your retirement as early as you can so as to achieve the benefit of compound earnings. We recommend putting away 10 to 15% of your income.

On today’s program we also answer a couple of your questions:

I have about ten to fifteen thousand dollars’ worth of repairs needing done on my home. Should I mortgage my home (which is paid off) or should I borrow on an insurance life policy?

My husband and I have received a large cash inheritance. Should we put this into the stock market?

Remember, you can call in to ask your questions 24/7 at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can listen to past programs, connect with a MoneyWise Coach, and even download free, helpful resources like the free MoneyWise app.

Like and Follow us on Facebook at MoneyWise Media for the very latest discussion! And 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 on our website or in our app.

Did you know thattwo-thirdsof smartphone users have at least one budgeting app? They’ve discovered how easy it is to keep tabs on their money from anywhere. Smartphones have certainly made life easier, especially with our finances. Chad Clark joins us today to talk about making yourlife easier by choosing the right budgeting app.

Chad Clark leads innovation and technology at MoneyWise Media which includes our website and the new MoneyWise app.

Over the past 10 years, lots of development in apps now allows us to connect all of our accounts and to see all of our transactions in one placeeven our credit scores.

Budgeting and investing apps really make our financial decisions more efficient to make wise, financial decisions.

There are free as well as paid budgeting apps. Determine what works well for you. Some offer a more hands-on experience while others allow for more automated interaction.

Customer support is very important for apps. You’ll have questions and will need guidance and the MoneyWise app provides that important communication for you.

The MoneyWise app facilitates connection to financial coaches, Certified Kingdom Advisors, and even other users on your budgeting journey.

On today’s program we also answer a couple of your questions:

What’s your opinion of real estate investment trusts? What’s the safest type or category of these?

I want to purchase another home. Should I use savings to pay for this or use a loan? And how do I know when I’m ready for this?

Remember, you can call in to ask your questions 24/7 at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can listen to past programs, connect with a MoneyWise Coach, and even download free, helpful resources like the free MoneyWise app.

Like and Follow us on Facebook at MoneyWise Media for the very latest discussion! And 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 on our website or in our app.

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