As we head into winter in the midst of a pandemic, many people are wondering, How can I lower my heating bill? Keeping the furnace going over the long winter months can be challenging. Today, host Rob West and Steve Moore talk about ways to save on heating and more.

With many families and individuals staying home, heating costs are going up. They no longer have the option to turn the heat off while they’re out of the house.

TheMayday Budgetcan help you prioritize your spending with limited income.

If you can’t pay your heating bill, call your utility provider and let them know your situation. They may be able to come up with a plan to allow you to keep having heat.

Be organized and be prepared to tell your utility provider about your current financial situation. Have your utility bill handy to discuss.

To see if you qualify for energy assistance under the Low Income Home Energy Assistance program, start by visiting the National Energy Assistance Referralwebsite.

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

I have access to a matched 401(k) at my work. Would that be something I should invest in?

I’m 11 years old and I have about $300 in savings. What would you recommend I do with my savings?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the 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 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

As we head into winter in the midst of a pandemic, many people are wondering, How can I lower my heating bill? Keeping the furnace going over the long winter months can be challenging. Today, host Rob West and Steve Moore talk about ways to save on heating and more.

With many families and individuals staying home, heating costs are going up. They no longer have the option to turn the heat off while theyre out of the house.

TheMayday Budgetcan help you prioritize your spending with limited income.

If you cant pay your heating bill, call your utility provider and let them know your situation. They may be able to come up with a plan to allow you to keep having heat.

Be organized and be prepared to tell your utility provider about your current financial situation. Have your utility bill handy to discuss.

To see if you qualify for energy assistance under the Low Income Home Energy Assistance program, start by visiting the National Energy Assistance Referralwebsite.

Here are a couple of questions we answered from our callers on todays program:

I have access to a matched 401(k) at my work. Would that be something I should invest in?

Im 11 years old and I have about $300 in savings. What would you recommend I do with my savings?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

It’s no wonder that pride is often first in the list of seven deadly sins. It puts us above God. That’s spiritually disastrous, but adding insult to injury, it can also affect your money.Pride is also the sin that tells you you don’t have it. It’s easy to see in others not so much in ourselves. First up today, financial planner and teacher Rob West tells us how that can affect your finances. Then we take your calls at 800-525-7000.

There are many reasons that priced is harmful to our finances, but certainly an important one involves accountability. It’s difficult to avoid impulse buying, to stay on budget and to be generous if we’re going it alone.

That’s why it’s crucial to have an accountability partner that you answer to about how you’re using money.If you’re married the first choice is obviously your spouse, but you could also have a trusted financial advisor in that role.

Proverbs 12 we find this, To accept correction is wise, to reject it is foolish. Fools think they know what is best, but a sensible person listens to advice.

Proverbs 1:5 reads, A wise man will hear and increase in learning, and a man of understanding will acquire wise counsel.

What makes pride even more dangerous is that it’s often combined with another negative attitude, stubbornness.

It is vital to study God’s Word and learn what it says about wise decision-making and what our role is in relation to God’s. Wise counsel is always based on the acceptance that God owns everything. The more you study Scripture the better you’ll be able to know what advice is godly and what isn’t.

We have to be on guard against success. It’s easy for pride to take hold when we land a big deal, or get a raise, or even when paying off that last credit or finally being able to burn the mortgage.

Pride tells us that we’re responsible for those financial victories, that they’re because of something we’ve done, rather than God’s provision.

Another dangerous area is lifestyle. Pride causes us to spend beyond our means for any number of reasons because we feel we deserve it, or to impress people rather than being a faithful steward.

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

How much should I daughter be saving while she is paying off her student loans?

My son wants to buy a house soon. Is there any way to lock in an interest rate now for future use?

I have a US savings bond for my daughter. What should I do with it?

I am semi retired and live along. My home is too big for me and I would like to rent out the basement. I need to make improvements on it before I can rent it. What is the best way to do this?

Do you agree with Dave Ramsey on the Growth Stock Mutual Fund? If so, how do you get started with this?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the 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 the Donate tab at the top of the page.

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

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

Its no wonder that pride is often first in the list of seven deadly sins. It puts us above God. Thats spiritually disastrous, but adding insult to injury, it can also affect your money.Pride is also the sin that tells you you dont have it. Its easy to see in others not so much in ourselves. First up today, financial planner and teacher Rob West tells us how that can affect your finances. Then we take your calls at 800-525-7000.

There are many reasons that priced is harmful to our finances, but certainly an important one involves accountability. Its difficult to avoid impulse buying, to stay on budget and to be generous if were going it alone.

Thats why its crucial to have an accountability partner that you answer to about how youre using money.If youre married the first choice is obviously your spouse, but you could also have a trusted financial advisor in that role.

Proverbs 12 we find this, To accept correction is wise, to reject it is foolish. Fools think they know what is best, but a sensible person listens to advice.

Proverbs 1:5 reads, A wise man will hear and increase in learning, and a man of understanding will acquire wise counsel.

What makes pride even more dangerous is that its often combined with another negative attitude, stubbornness.

It is vital to study Gods Word and learn what it says about wise decision-making and what our role is in relation to Gods. Wise counsel is always based on the acceptance that God owns everything. The more you study Scripture the better youll be able to know what advice is godly and what isnt.

We have to be on guard against success. Its easy for pride to take hold when we land a big deal, or get a raise, or even when paying off that last credit or finally being able to burn the mortgage.

Pride tells us that were responsible for those financial victories, that theyre because of something weve done, rather than Gods provision.

Another dangerous area is lifestyle. Pride causes us to spend beyond our means for any number of reasons because we feel we deserve it, or to impress people rather than being a faithful steward.

Here are a couple of questions we answered from our callers on todays program:

How much should I daughter be saving while she is paying off her student loans?

My son wants to buy a house soon. Is there any way to lock in an interest rate now for future use?

I have a US savings bond for my daughter. What should I do with it?

I am semi retired and live along. My home is too big for me and I would like to rent out the basement. I need to make improvements on it before I can rent it. What is the best way to do this?

Do you agree with Dave Ramsey on the Growth Stock Mutual Fund? If so, how do you get started with this?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

They say when it rains, it pours. That’s fine if the lawn needs watering, but not so much if someone sues you. Could you use an umbrella insurance policy?Many homeowners fail to take advantage of coverage that protects their assets from catastrophic lawsuits. Today, financial planner and teacher Rob West has the info you need on this overlooked form of insurance. Then it’s your calls at 800-525-7000.

An umbrella policy gives you extra liability coverage for you and your family, beyond what you have with your homeowner’s and auto insurance policies.

And does everyone need it? Maybe not. But more people than you might expect. If you’ve been working hard to build up assets, in your retirement fund, and the equity in your home, it’s possible you could reach the million dollar mark someday, even if you’re not there yet. And a civil judgement could be against future earnings, so that’s something to consider.

A lot of folks might think those assets are protected from lawsuits, but there are limitations. In many states, your home is protected from lawsuits and creditors, but not all. For example, New Jersey and Pennsylvania have no homestead protection.

Also, most employer sponsored retirement plans, like a 401k, have immunity from lawsuits and creditors under the Employee Retirement Income Security Act, or ERISA. But non-ERISA plans, like traditional or Roth IRAs, don’t have the same level of protection. So those are both reasons to consider an umbrella policy.

Umbrella policies are quite reasonable. For up to $1 million in coverage, you’ll probably pay $150 to $300 a year. You might even find it cheaper if you have an independent insurance agent shop around for you.

There’s no deductible with an umbrella insurance policy. Of course, you would pay the deductible for your homeowner’s or auto insurance policy, but then the umbrella policy kicks in and pays all the rest.

Here are some questions we answered from our callers on today’s program:

My husband and I have savings in an account that we were planning on using on a home. We are now considering going into the mission field within the next 5 years. Should we wait to purchase a home?

I opened a Roth IRA. How do taxes work with these?

I am making some improvements on my home. One creditor offers a loan with no payments for 5 years. How can they do this? It is too good to be true?

If you can save a percent, should you refinance? I only have 8 years left to pay it off.

I am a schoolteacher and I am planning my retirement. Is having a 403B the best plan for me for retirement?

My husband and I purchased a timeshare 30 years ago. Is there a cost effective way to get out of this?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

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

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

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

They say when it rains, it pours. Thats fine if the lawn needs watering, but not so much if someone sues you. Could you use an umbrella insurance policy?Many homeowners fail to take advantage of coverage that protects their assets from catastrophic lawsuits. Today, financial planner and teacher Rob West has the info you need on this overlooked form of insurance. Then its your calls at 800-525-7000.

An umbrella policy gives you extra liability coverage for you and your family, beyond what you have with your homeowners and auto insurance policies.

And does everyone need it? Maybe not. But more people than you might expect. If youve been working hard to build up assets, in your retirement fund, and the equity in your home, its possible you could reach the million dollar mark someday, even if youre not there yet. And a civil judgement could be against future earnings, so thats something to consider.

A lot of folks might think those assets are protected from lawsuits, but there are limitations. In many states, your home is protected from lawsuits and creditors, but not all. For example, New Jersey and Pennsylvania have no homestead protection.

Also, most employer sponsored retirement plans, like a 401k, have immunity from lawsuits and creditors under the Employee Retirement Income Security Act, or ERISA. But non-ERISA plans, like traditional or Roth IRAs, dont have the same level of protection. So those are both reasons to consider an umbrella policy.

Umbrella policies are quite reasonable. For up to $1 million in coverage, youll probably pay $150 to $300 a year. You might even find it cheaper if you have an independent insurance agent shop around for you.

Theres no deductible with an umbrella insurance policy. Of course, you would pay the deductible for your homeowners or auto insurance policy, but then the umbrella policy kicks in and pays all the rest.

Here are some questions we answered from our callers on todays program:

My husband and I have savings in an account that we were planning on using on a home. We are now considering going into the mission field within the next 5 years. Should we wait to purchase a home?

I opened a Roth IRA. How do taxes work with these?

I am making some improvements on my home. One creditor offers a loan with no payments for 5 years. How can they do this? It is too good to be true?

If you can save a percent, should you refinance? I only have 8 years left to pay it off.

I am a schoolteacher and I am planning my retirement. Is having a 403B the best plan for me for retirement?

My husband and I purchased a timeshare 30 years ago. Is there a cost effective way to get out of this?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

For 25 years, the 4% rule was carved in stone as the rule that retirement investors rested their golden years on. However, that rule is no more. It’s always upsetting when something you view as the truth turns out to have flaws. Today, host Rob West and Steve Moore talk about the 4% rule and other retirement planning.

The 4% rule is the idea made by Bill Bengen that you have to adjust your budget so that you never withdraw more than 4% a year from your investments. This is supposed to guarantee that your retirement savings will last at least as long as you do.

Bengen now says the average safe withdrawal rate is around 7% and could be as high as 13%, but we aren’t recommending that anyone withdraw that much.

The new rule, according to Bengen, is 5%. Bengen says he uses the 5% figure for his own retirement planning.

5% isn’t a huge change percentage wise from 4%, but the money difference could be significant.

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

What is your opinion on permanent life insurance as a tax shelter for later?

I have around $80,000, half of which is in a Roth and the other half is inherited. I went to an advisor and they told me I could put more money into the Roth, but a different advisor said the opposite. What do you suggest?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the 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 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

For 25 years, the 4% rule was carved in stone as the rule that retirement investors rested their golden years on. However, that rule is no more. Its always upsetting when something you view as the truth turns out to have flaws. Today, host Rob West and Steve Moore talk about the 4% rule and other retirement planning.

The 4% rule is the idea made by Bill Bengen that you have to adjust your budget so that you never withdraw more than 4% a year from your investments. This is supposed to guarantee that your retirement savings will last at least as long as you do.

Bengen now says the average safe withdrawal rate is around 7% and could be as high as 13%, but we arent recommending that anyone withdraw that much.

The new rule, according to Bengen, is 5%. Bengen says he uses the 5% figure for his own retirement planning.

5% isnt a huge change percentage wise from 4%, but the money difference could be significant.

Here are a couple of questions we answered from our callers on todays program:

What is your opinion on permanent life insurance as a tax shelter for later?

I have around $80,000, half of which is in a Roth and the other half is inherited. I went to an advisor and they told me I could put more money into the Roth, but a different advisor said the opposite. What do you suggest?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

We all know that saving money is good, preparing you for the future and giving you peace of mind. Saving money, however, is just not fun sometimes. To save money, you have to deny yourself things you may want or desire. You have to prioritize your needs over your wants. Today, host Rob West and Steve Moore talk about ways to make saving more enjoyable and more.

We don’t save just to save, we do it to honor our Lord.

Instead of thinking of yourself as a consumer, think of yourself as a steward.

You can make stewardship and saving into a fun game.

Challenge yourself to cut $100 from your monthly spending. You can do it any number of ways, and the reward is very real.

You gain the satisfaction of taking a positive step towards improving your finances.

You make the reward real by setting milestones along the way and celebrating them. When you have $500 saved up, treat yourself to dinner or something nice within your budget.

Your ultimate goal is to have an emergency fund with 3 to 6 months living expenses in it.

Rob mentions using the MoneyWise app to help set up your budget and kickstart your saving.

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

I was told about something called a Home Equity Loan that would take the place of my mortgage at a lower interest rate. Would it be a good idea to take that loan? (Rob mentions BankRate.com).

I’m trying to save for the future and buy a house. I live on a budget and I’m currently living with a friend. What would you say is the best way for me to save and prepare for the future?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the 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 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

We all know that saving money is good, preparing you for the future and giving you peace of mind. Saving money, however, is just not fun sometimes. To save money, you have to deny yourself things you may want or desire. You have to prioritize your needs over your wants. Today, host Rob West and Steve Moore talk about ways to make saving more enjoyable and more.

We dont save just to save, we do it to honor our Lord.

Instead of thinking of yourself as a consumer, think of yourself as a steward.

You can make stewardship and saving into a fun game.

Challenge yourself to cut $100 from your monthly spending. You can do it any number of ways, and the reward is very real.

You gain the satisfaction of taking a positive step towards improving your finances.

You make the reward real by setting milestones along the way and celebrating them. When you have $500 saved up, treat yourself to dinner or something nice within your budget.

Your ultimate goal is to have an emergency fund with 3 to 6 months living expenses in it.

Rob mentions using the MoneyWise app to help set up your budget and kickstart your saving.

Here are a couple of questions we answered from our callers on todays program:

I was told about something called a Home Equity Loan that would take the place of my mortgage at a lower interest rate. Would it be a good idea to take that loan? (Rob mentions BankRate.com).

Im trying to save for the future and buy a house. I live on a budget and Im currently living with a friend. What would you say is the best way for me to save and prepare for the future?

Ask your questions at (800) 525-7000 or email them [email protected]. Visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that its your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.