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

Economist Thomas Sowell said this about inflation, It is a way to take people's wealth from them without having to openly raise taxes. Inflation is the most universal tax of all.As inflation creeps up, people are understandably concerned about how it will affect their budgets and investments. We’ll talk about that first today with our own economist, Jerry Bowyer. Then it’s on to your calls and questions at 800-525-7000.

Jerry Bowyer is the financial editor at Townhall.com, a frequent guest on the Fox Business Channel, and author ofThe Maker Versus the Takers: What Jesus Really Said About Social Justice and Economics.

We recently received an email from listener Kurt in Colorado. Kurt was asking to have adiscussion about how the Federal Reserve "prints money" that it pours into the economy and whether this leads to inflation. He also wanted to know if there are good investments that protect against inflation

Jerry Bowyer tackles the first part of the question by talking about The Bureau of Engraving and Printing and how they actually print money.

He also describes the Fed’s policy of expanding the money supply since the onset of the pandemic.

Jerry also answers the question about when the Fed increases the supply of money does that automatically cause inflation, more dollars chasing goods, so prices rise?

Our listener, Kurt, also had a question regarding the trillion dollar spending bills that Congress has been passing since the pandemic, greatly increasing the national debt. Jerry speaks about how significant this deficit spending is in a historical sense?

Economist Jerry Bowyer’s been our guest today. You can read his insightful articles at TownHall.com.

On today’s program we also answer your calls:

My husband and I started a remodel on our home and then I ended up having some medical problems, so we had to wait on our remodel. We are now back to remodeling. We have been told to get a construction loan or a HELOC. What is your advice?

I am 80K in credit card debt. I would like to change my ways. Where should I start?

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.

Folks are always asking us, How much will I need to retire? And of course, the answer is, It depends. It depends on your needs, lifestyle and one more important factor. That other important piece of the retirement puzzle is, How much are you willing and able to cut from your budget? We’ll talk about that first today then we’ll take your calls and questions on any financial topic at 800-525-7000.

Experts will tell you that you’ll need at least 70% of your working income when you retire. Your transportation, clothing and dining out expenses will drop considerably when you’re no longer working.

Studies show the average retirement budget is only about 60% of working income. So, if you’re working and making $50,000 a year you’ll need 70% or $35,000 in retirement. But if you’re on track to generate only 60% of your working budget from Social Security and income generated by your investments you’ll be $5000 a year, short of your estimated living expenses.

This all means that you’ll have to work longer to generate more savings unless you’re able to cut your retirement expenses enough to close that gap or at least make it smaller.

One major way to do that is to downsize in your home. Downsizing should leave you with cash left over that you can convert into an income stream.

The next biggest way to cut your retirement budget is with transportation. If neither your or your spouse is working, do you really need two vehicles?

Another thing to consider is insurance,specifically, disability and life insurance. You may not need the same policies that you have been carrying.

Also, look at interest on a credit card balance or other consumer debt. It’s never good, but it is a lot worse when you’re retired and trying to adjust to a smaller income.

Finally, carefully go through your monthly bills to see what else you can cut.

One thing you may have plenty of in retirement is time, so consider giving more of it to your church or favorite ministry. Christians shouldn’t retire from something, but to something.

Here are a few of questions we answered from our callers on today’s program:

●My wife and I bought a new vehicle a couple years ago. We financed 12K on it. I was under the assumptions that we could pay off the vehicle early and not pay the interest, but apparently, I was wrong. Can you explain this?

●I am 43 years old and am trying to think of the best ways to invest. Advice?

●My kids are encouraging us to invest in the stock market. Can you offer some wisdom on this subject?

●My husband just retired from the air force. We are trying to make sure that we have a good looking portfolio for retirement. Can you advise us on this?

Ask your questions at (800) 525-7000 or email them [email protected]. Remember, you can call or email us 24/7.Visit us online at MoneyWise.org where you can listen to past programs, connect with a MoneyWise Coach, and download free resources like the MoneyWise app.

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

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

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

Folks are always asking us, How much will I need to retire? And of course, the answer is, It depends. It depends on your needs, lifestyle and one more important factor. That other important piece of the retirement puzzle is, How much are you willing and able to cut from your budget? We’ll talk about that first today then we’ll take your calls and questions on any financial topic at 800-525-7000.

Experts will tell you that you’ll need at least 70% of your working income when you retire. Your transportation, clothing and dining out expenses will drop considerably when you’re no longer working.

Studies show the average retirement budget is only about 60% of working income. So, if you’re working and making $50,000 a year you’ll need 70% or $35,000 in retirement. But if you’re on track to generate only 60% of your working budget from Social Security and income generated by your investments you’ll be $5000 a year, short of your estimated living expenses.

This all means that you’ll have to work longer to generate more savings unless you’re able to cut your retirement expenses enough to close that gap or at least make it smaller.

One major way to do that is to downsize in your home. Downsizing should leave you with cash left over that you can convert into an income stream.

The next biggest way to cut your retirement budget is with transportation. If neither your or your spouse is working, do you really need two vehicles?

Another thing to consider is insurance,specifically, disability and life insurance. You may not need the same policies that you have been carrying.

Also, look at interest on a credit card balance or other consumer debt. It’s never good, but it is a lot worse when you’re retired and trying to adjust to a smaller income.

Finally, carefully go through your monthly bills to see what else you can cut.

One thing you may have plenty of in retirement is time, so consider giving more of it to your church or favorite ministry. Christians shouldn’t retire from something, but to something.

Here are a few of questions we answered from our callers on today’s program:

●My wife and I bought a new vehicle a couple years ago. We financed 12K on it. I was under the assumptions that we could pay off the vehicle early and not pay the interest, but apparently, I was wrong. Can you explain this?

●I am 43 years old and am trying to think of the best ways to invest. Advice?

●My kids are encouraging us to invest in the stock market. Can you offer some wisdom on this subject?

●My husband just retired from the air force. We are trying to make sure that we have a good looking portfolio for retirement. Can you advise us on this?

Ask your questions at (800) 525-7000 or email them [email protected]. Remember, you can call or email us 24/7.Visit us online at MoneyWise.org where you can listen to past programs, connect with a MoneyWise Coach, and download free resources like the MoneyWise app.

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

The web portal Excite once turned down an offer to buy Google for a million dollars. Today, Google is worth $420 billion. When it comes to financial mistakes, that was a biggie. We all make the occasional misstep with our money. Maybe not on such an epic scale, but they can be painful nonetheless. Today we’ll give you atop 10 of personal finance mistakes to avoid.

Borrowing from your 401(k). It’s tempting because it’s your money. However, often this is just to fix an earlier mistake, like going into debt. It’s a bad idea because you’ll likely reduce or suspend new contributions during the period you’re repaying the loan.

Claiming Social Security early. If you take benefits at 62 instead of waiting until your full retirement age of 66 or 67, you’ll permanently reduce your benefit by as much as 32%.

Paying the minimum on credit cards. If you have a $5,000balance on a card with a fixed rate of 12.5% making only the minimum payments, it’ll take 10 years and $1,700 in interest to eliminate that debt.

Putting off saving for retirement. You need time to take full advantage of the power of compounding earnings. If you start in your 20s saving 10 to 15%, you’ll be well prepared for when you stop working.

Bankrolling your kids. You may want to give your children the best college education or wedding, but not at the expense of your own retirement savings.

Not getting professional, financial advice. Many people could have used the services of a trusted advisor when the pandemic hit and stocks plummeted. Folks panicked and sold stocks low.

Cosigning a loan. The Bible explicitly tells us never to do it. Proverbs 17:18 warns, One who lacks sense gives a pledge and puts up security in the presence of his neighbor.And neighbor includes friends, family, or anyone else. By some estimates, 40% of cosigners get stuck paying off the loan.

Quitting school. Though some people make a lot of money without college, some college grads barely make enough to pay their student loans. But that’s not the norm. In general, the more schooling you have, the more money you make.

Buying a timeshare. In the vast majority of cases, people really regret this one.

Falling for a scam. Con artists can play on your fear or greed to bilk you out of thousands of dollars. TheFTCsays Americans are scammed out of nearly a billion dollars a year.

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

I’m approaching retirement age. Is it best to keep up with our Roth IRA that we have now, continue putting money into it, but just disregard the simple IRA and just let it sit there? Or, should we continue to put money into the simple IRA as well as into the Roth?

What’s your opinion on doing a reverse mortgage, using it to purchase additional property?

I need to temporarily rent an apartment in another state where my daughter is having her first baby. However, instead of an apartment, what are your thoughts about doing an Airbnb or even a vacation rental?

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

The web portal Excite once turned down an offer to buy Google for a million dollars. Today, Google is worth $420 billion. When it comes to financial mistakes, that was a biggie. We all make the occasional misstep with our money. Maybe not on such an epic scale, but they can be painful nonetheless. Today we’ll give you atop 10 of personal finance mistakes to avoid.

Borrowing from your 401(k). It’s tempting because it’s your money. However, often this is just to fix an earlier mistake, like going into debt. It’s a bad idea because you’ll likely reduce or suspend new contributions during the period you’re repaying the loan.

Claiming Social Security early. If you take benefits at 62 instead of waiting until your full retirement age of 66 or 67, you’ll permanently reduce your benefit by as much as 32%.

Paying the minimum on credit cards. If you have a $5,000balance on a card with a fixed rate of 12.5% making only the minimum payments, it’ll take 10 years and $1,700 in interest to eliminate that debt.

Putting off saving for retirement. You need time to take full advantage of the power of compounding earnings. If you start in your 20s saving 10 to 15%, you’ll be well prepared for when you stop working.

Bankrolling your kids. You may want to give your children the best college education or wedding, but not at the expense of your own retirement savings.

Not getting professional, financial advice. Many people could have used the services of a trusted advisor when the pandemic hit and stocks plummeted. Folks panicked and sold stocks low.

Cosigning a loan. The Bible explicitly tells us never to do it. Proverbs 17:18 warns, One who lacks sense gives a pledge and puts up security in the presence of his neighbor.And neighbor includes friends, family, or anyone else. By some estimates, 40% of cosigners get stuck paying off the loan.

Quitting school. Though some people make a lot of money without college, some college grads barely make enough to pay their student loans. But that’s not the norm. In general, the more schooling you have, the more money you make.

Buying a timeshare. In the vast majority of cases, people really regret this one.

Falling for a scam. Con artists can play on your fear or greed to bilk you out of thousands of dollars. TheFTCsays Americans are scammed out of nearly a billion dollars a year.

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

I’m approaching retirement age. Is it best to keep up with our Roth IRA that we have now, continue putting money into it, but just disregard the simple IRA and just let it sit there? Or, should we continue to put money into the simple IRA as well as into the Roth?

What’s your opinion on doing a reverse mortgage, using it to purchase additional property?

I need to temporarily rent an apartment in another state where my daughter is having her first baby. However, instead of an apartment, what are your thoughts about doing an Airbnb or even a vacation rental?

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.

If you’re tired of worrying about money and living paycheck-to-paycheck, you can decide now to put God’s financial principles into practice. You can change your life! They say that insanity is doing the same thing over and over and expecting different results. Nowhere is that more true than with money.

The first step in making financial changes is admitting you have a problem and identifying what you’re doing wrong.

Isaiah 43 tells us, Remember not the former things, nor consider the things of old. I am doing a new thingI will make a way in the wilderness and rivers in the desert.

How do you begin to bring about a positive change?ispel the notion that God’s Word doesn’t contain everything you need to transform the way you handle money. Hebrews 4:12 reads For the word of God is living and active, sharper than any two-edged sword, piercing to the division of soul and of spirit, of joints and of marrow, and discerning the thoughts and intentions of the heart.

In Psalm 24:1 we find,The earth is the Lord’s, and all it contains, the world, and those who live in it.When you fully embrace that principle, everything else can fall into place.

God will not abandon you to fend for yourself. He is always with you and He’s promised to provide. Luke 12:24 reads, Consider the ravens: they neither sow nor reap. They have neither storehouse nor barn, yet God feeds them. Of how much more value are you than the birds?

Once you realize that God will provide, Scripture will be your guide for changing the way you think and act concerning money.

Ask God for strength, discipline and desire to carry this out. Maybe that’s setting aside a few dollars out of your paycheck or paying more than the minimum on your credit card. Or maybe it’s putting a little more in the collection plate. Pick one and stick with it.

If you’re not living on a budget, you need to develop a spending plan now. Luke 14:28 teaches, 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?

On today’s program we also answer your calls:

I’ve got lots of debt! I’ve heard about the snowball method of getting debt free. What more can you tell me about this?

In light of where the Dow is, is now a poor time to get my money out of CDs and put it into the stock mutual funds or should I wait until the stock market drops to do 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

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

If you’re tired of worrying about money and living paycheck-to-paycheck, you can decide now to put God’s financial principles into practice. You can change your life! They say that insanity is doing the same thing over and over and expecting different results. Nowhere is that more true than with money.

The first step in making financial changes is admitting you have a problem and identifying what you’re doing wrong.

Isaiah 43 tells us, Remember not the former things, nor consider the things of old. I am doing a new thingI will make a way in the wilderness and rivers in the desert.

How do you begin to bring about a positive change?ispel the notion that God’s Word doesn’t contain everything you need to transform the way you handle money. Hebrews 4:12 reads For the word of God is living and active, sharper than any two-edged sword, piercing to the division of soul and of spirit, of joints and of marrow, and discerning the thoughts and intentions of the heart.

In Psalm 24:1 we find,The earth is the Lord’s, and all it contains, the world, and those who live in it.When you fully embrace that principle, everything else can fall into place.

God will not abandon you to fend for yourself. He is always with you and He’s promised to provide. Luke 12:24 reads, Consider the ravens: they neither sow nor reap. They have neither storehouse nor barn, yet God feeds them. Of how much more value are you than the birds?

Once you realize that God will provide, Scripture will be your guide for changing the way you think and act concerning money.

Ask God for strength, discipline and desire to carry this out. Maybe that’s setting aside a few dollars out of your paycheck or paying more than the minimum on your credit card. Or maybe it’s putting a little more in the collection plate. Pick one and stick with it.

If you’re not living on a budget, you need to develop a spending plan now. Luke 14:28 teaches, 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?

On today’s program we also answer your calls:

I’ve got lots of debt! I’ve heard about the snowball method of getting debt free. What more can you tell me about this?

In light of where the Dow is, is now a poor time to get my money out of CDs and put it into the stock mutual funds or should I wait until the stock market drops to do 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.

In Luke 16:11, Jesus says, If then you have not been faithful in the unrighteous wealth, who will entrust to you the true riches?Faith-based investing continues to grow rapidly as Christians acquire new tools to put their money where their values are in ways that glorify God. We’ll talk about that first today with Robert Netzly of Inspire Investing.Robert’s the CEO of Inspire Investing, an underwriter of Money Wise.Then it’s on to your calls at 800-525-7000.

We receive calls all the time from folk who want to align their investing with biblical values, they’re just not sure how to do it. They may not be familiar with the screening tools you’ve had in place for a time Robert explains about Inspire Insight

He then highlights the new screening data and categories available to biblically responsible investors through the screening tool inspireinsight.com.

Robert then explains what trends he is seeing in the faith based investing space. Which issues are on the rise? Which issues are in decline? And the number of first-time violators.

Screening tools allow you to weed out companies that aren’t honoring God with their policies or products, but there’s another, Christians can take which is corporate engagement.Robert gives his definition of corporate engagement.

Inspire Investing is announcing their 2021 Faith-based ESG Investor Campaign where they will focus their efforts on companies that came out in public support of the Equality Act over the past year.

They will focus on educating the companies about the Equality Act’s disastrous implications for religious people, including their own religious employees, and also women and girls sports with erosion of Title IX.

Working to have companies sign a statement to endorse amending or replacing the Equality Act to protect religious freedom

They are planning to publicize that list of companies on a specially designed website and publication in major newspapers to raise awareness

You can sign up for a free account atinspireinsight.com and you will be notified with updates and given opportunities to lend their voice to our shareholder engagement efforts

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

I have credit card debt and a couple loans that I would like to pay off. Does it make sense to get a credit card and pay off everything together?

I want to try to start investing. Where should I start?

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

In Luke 16:11, Jesus says, If then you have not been faithful in the unrighteous wealth, who will entrust to you the true riches?Faith-based investing continues to grow rapidly as Christians acquire new tools to put their money where their values are in ways that glorify God. We’ll talk about that first today with Robert Netzly of Inspire Investing.Robert’s the CEO of Inspire Investing, an underwriter of Money Wise.Then it’s on to your calls at 800-525-7000.

We receive calls all the time from folk who want to align their investing with biblical values, they’re just not sure how to do it. They may not be familiar with the screening tools you’ve had in place for a time Robert explains about Inspire Insight

He then highlights the new screening data and categories available to biblically responsible investors through the screening tool inspireinsight.com.

Robert then explains what trends he is seeing in the faith based investing space. Which issues are on the rise? Which issues are in decline? And the number of first-time violators.

Screening tools allow you to weed out companies that aren’t honoring God with their policies or products, but there’s another, Christians can take which is corporate engagement.Robert gives his definition of corporate engagement.

Inspire Investing is announcing their 2021 Faith-based ESG Investor Campaign where they will focus their efforts on companies that came out in public support of the Equality Act over the past year.

They will focus on educating the companies about the Equality Act’s disastrous implications for religious people, including their own religious employees, and also women and girls sports with erosion of Title IX.

Working to have companies sign a statement to endorse amending or replacing the Equality Act to protect religious freedom

They are planning to publicize that list of companies on a specially designed website and publication in major newspapers to raise awareness

You can sign up for a free account atinspireinsight.com and you will be notified with updates and given opportunities to lend their voice to our shareholder engagement efforts

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

I have credit card debt and a couple loans that I would like to pay off. Does it make sense to get a credit card and pay off everything together?

I want to try to start investing. Where should I start?

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.

What’s worse than paying fees that cost you a dollar here or two dollars there or more? It’s constantly shelling out that money and getting nothing for it. It takes discipline and vigilance to spot and eliminate fees for things you no longer need or perhaps never did.

Tracking your spending in your bank and credit accounts is the best way to spot useless fees. If you don’t keep up with it, you’re probably wasting more money than you realize.

Many useless fees are quite obvious, however, starting with credit card interest, which now averages around 16%. Some store credit cards may go as high as 30%!

Another useless fee is the one you pay at out-of-network ATMs. The average is now nearly $5. That’s a lot to pay for a little convenience.

Next, you should never pay for a credit report. You’re entitled to a free report every year from each of the three credit bureaus, Experian, TransUnion and Equifax. You can get them atAnnualCreditReport.com.

Late payment fees. These not only cost you extra money now, but also can damage your credit for years and result in higher interest rates.

Checking account fees. Look for a bank that offers free checking with no minimum balancethey’re out there. Many credit unions have that option, as well. Overdraft fees will cost you a bundle, too. You can probably opt out of them with your bank.

You may also be able to eliminate many shipping fees. If you order from Amazon, you can save money with their Prime option.

Convenience fees are also something you can eliminate with a little planning. These are when you buy something and the clerk tells you there’s a minimum charge to use a credit card or debit card. Just say no.

Unused subscriptions are another money waster. These aren’t for magazines that you don’t read but for streaming services or other things that you signed up for online.

Check out getting anAmazon Prime membershipto eliminate shipping costs. Also look forcoupons and promo codesfor free shipping.To transfer money without a fee, seeVenmo,Cash AppandGoogle Pay.

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

Is giving to a friend in need the same as tithing to the church?

What do you think about putting some of my checking account moneyI have about $20,000into a high-yield savings account?

How will taking on 2 or 3 credit cards (but not using them) affect my credit score?

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