If you think higher education is challenging, try getting your money back from a college or university! Many students are learning just thatand taking their caseto court. The COVID pandemic caused many institutions of higher learning to abandon or limit on-campus classes this fall, opting instead for online learning. Financial planner and teacher Rob West explores the issue and the fallout from those decisions.

Many colleges, high schools and even grade schools have taken to online instruction to combat the spread of the coronavirus. But, apparently, it’s not sitting well with some students. What’s going on? This isn’t about whether dropping on-campus instruction is a good idea or not but about the quality of online education, whether it’s a fair trade-off from taking classes in person. Apparently, a lot of students don’t think so.

Dissatisfied students are saying that with many of these online college courses, they’re basically teaching the materials to themselves with very limited opportunity for networking and interaction with their professors. And even though some universities say they’re offering a hybrid curriculum with both in-person and online classes, students say the on-campus versions are few and far between.

Students are seeking damages in the form of reduced tuition and refunds of room and board payments. Out of the hundreds of colleges and universities that have closed their campuses and suspended in-person classes, only a handful of schools have offered this.

The students and parents bringing these suits argue that the experience with online classes is just not the same. As a result, tuition should be reduced and, obviously, room and board should be refunded if a campus is closed. Compounding the problem, many schools made the decision to suspend on-campus classes at the last minute, not giving students time to react and adjust their plans.

So far, class action suits have been filed against nearly a dozen and a half schools including Boston University, George Washington University, Harvard, Rutgers, USC, Vanderbilt and the University of Washington.

Colleges and universities are notorious for running inefficiently because of the constant inflow of dollars from federal student loans. They don’t have to be efficient, so they aren’t.

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

Which is better: the lump sum principle or monthly income from my pension?

I’m 83 and am about to retire. Should I take my lump sum and put it into a conventional IRA? But would I have to pay the taxes before I put it in or as I take it out?

How wise is it to transfer a high balance credit card into a 0% interest card? Would it hurt my credit rating or anything?

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

Like and Follow us on Facebook at MoneyWise Media for 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

If you think higher education is challenging, try getting your money back from a college or university! Many students are learning just thatand taking their caseto court. The COVID pandemic caused many institutions of higher learning to abandon or limit on-campus classes this fall, opting instead for online learning. Financial planner and teacher Rob West explores the issue and the fallout from those decisions.

Many colleges, high schools and even grade schools have taken to online instruction to combat the spread of the coronavirus. But, apparently, its not sitting well with some students. Whats going on? This isnt about whether dropping on-campus instruction is a good idea or not but about the quality of online education, whether its a fair trade-off from taking classes in person. Apparently, a lot of students dont think so.

Dissatisfied students are saying that with many of these online college courses, theyre basically teaching the materials to themselves with very limited opportunity for networking and interaction with their professors. And even though some universities say theyre offering a hybrid curriculum with both in-person and online classes, students say the on-campus versions are few and far between.

Students are seeking damages in the form of reduced tuition and refunds of room and board payments. Out of the hundreds of colleges and universities that have closed their campuses and suspended in-person classes, only a handful of schools have offered this.

The students and parents bringing these suits argue that the experience with online classes is just not the same. As a result, tuition should be reduced and, obviously, room and board should be refunded if a campus is closed. Compounding the problem, many schools made the decision to suspend on-campus classes at the last minute, not giving students time to react and adjust their plans.

So far, class action suits have been filed against nearly a dozen and a half schools including Boston University, George Washington University, Harvard, Rutgers, USC, Vanderbilt and the University of Washington.

Colleges and universities are notorious for running inefficiently because of the constant inflow of dollars from federal student loans. They dont have to be efficient, so they arent.

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

Which is better: the lump sum principle or monthly income from my pension?

Im 83 and am about to retire. Should I take my lump sum and put it into a conventional IRA? But would I have to pay the taxes before I put it in or as I take it out?

How wise is it to transfer a high balance credit card into a 0% interest card? Would it hurt my credit rating or anything?

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

Like and Follow us on Facebook at MoneyWise Media for 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.

If you faithfully read your Bible, you’re well acquainted with Jesus’ teaching of his earthly ministry. But did you ever wonder why he chose certain examples and parables? Could the answer be economics? To better understand Jesus’ teachings, you have to know the culture to whom He spoke. Today, host Rob West welcomes economist Jerry Bowyer for another trip back in time to 1st century Israel.

The Jewish temple, which was supposed to be the center of spiritual liberation, had become the center of economic exploitation.

If I someone can convince you of works righteousness and that you have to get to God by going through some man who’s selling you something, it’s not going to be too long before that fraud figures out that he can get your credit card number. And this is what happened at the temple when Jesus over-turned the tables. The temple had become a crooked bank.

Jesus had his different audiences in mind when delivering His message at the Sermon on the Mount vs. the sermon on the plain. Some people in one audience were predominantly the ruling class while those hearing the other sermon were of a different class.

The confrontation of The Rich, Young Ruler. He was politically-connected. And Jesus adds a commandment not listed in the original ten: Do not defraud. This was not a mistake. This young ruler was a defrauderit was something that this class of ruler did. (We know this historically, for one.) Jesus wasn’t attacking wealth.

The story of Judas is predominantly an economic one. Judas is a representative in one man the story of the Judean elitecentralized power and wealth and doing good deeds in the name of the poor while they stole that money from the poor.

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

What kind of financial hit would I get by cashing out my pension in a lump sum before I retire? Could I roll it out into an IRA instead?

What do you think about investing in property as a source of income by taking a lump sum from my pension?

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

Like and Follow us on Facebook at MoneyWise Media for 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

If you faithfully read your Bible, youre well acquainted with Jesus teaching of his earthly ministry. But did you ever wonder why he chose certain examples and parables? Could the answer be economics? To better understand Jesus teachings, you have to know the culture to whom He spoke. Today, host Rob West welcomes economist Jerry Bowyer for another trip back in time to 1st century Israel.

The Jewish temple, which was supposed to be the center of spiritual liberation, had become the center of economic exploitation.

If I someone can convince you of works righteousness and that you have to get to God by going through some man whos selling you something, its not going to be too long before that fraud figures out that he can get your credit card number. And this is what happened at the temple when Jesus over-turned the tables. The temple had become a crooked bank.

Jesus had his different audiences in mind when delivering His message at the Sermon on the Mount vs. the sermon on the plain. Some people in one audience were predominantly the ruling class while those hearing the other sermon were of a different class.

The confrontation of The Rich, Young Ruler. He was politically-connected. And Jesus adds a commandment not listed in the original ten: Do not defraud. This was not a mistake. This young ruler was a defrauderit was something that this class of ruler did. (We know this historically, for one.) Jesus wasnt attacking wealth.

The story of Judas is predominantly an economic one. Judas is a representative in one man the story of the Judean elitecentralized power and wealth and doing good deeds in the name of the poor while they stole that money from the poor.

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

What kind of financial hit would I get by cashing out my pension in a lump sum before I retire? Could I roll it out into an IRA instead?

What do you think about investing in property as a source of income by taking a lump sum from my pension?

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

Like and Follow us on Facebook at MoneyWise Media for 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.

If you ask Christians what Jesus talked about during his earthly ministry, you’d hear things like love, salvation, and repentance and rightly so. The last thing you’d hear is economics. But economics plays a major role in much of Christ’s teaching. Host Rob West welcomes economist Jerry Bowyer, chief economist at Vident Financial and author of the brand new book, The Maker Versus the Takers: What Jesus Really Said About Social Justice and Economics, to help you gain a fuller understanding of Christian doctrine, and that conversation will actually cover two programs. This one is Part 1.

Many people misinterpret Jesus’ teaching about wealth from both sides of the political spectrum, but why?

The role that economics played during Christ’s ministry can’t be separated from our understanding of geography in the first century. Each city mentioned in the Bible had its own economy and Jesus varied his economic message depending on where he was speaking.

Jerry makes the case that studying the economics of Jesus’ ministry isn’t at odds with our understanding of theological issues, but actually enhances it. One example is Jesus’ execution.

The rest of our conversation with Jerry Bowyer happens in our next program. Next Rob and Steve answer a couple of questions from our listeners:

Both husband and wife are grad students. He gets a stipend. She is about to graduate and start working. Their goal is to pay off debt as quickly as possible, but wonder if it makes more sense financially to put all of their surplus income toward debt so as to get it paid off in 12 to 18 months? Fully fund their retirement accounts during the next year before touching the debt? Or split their surplus income between debt and retirement?

Caller’s son opened a checking account while a student. Now he’s in his 30s. Mom is still named on the checking account and wonders if his writing a bad check would affect her credit score.

Husband and wife are about to become a dual income couple. They want to keep living on only one income, but want Rob’s advice on what to do with the second income?

To ask your question, call (800) 525-7000 or email [email protected]. You can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources on our website, MoneyWise.org. Like and Follow us on Facebook at MoneyWise Media for 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

If you ask Christians what Jesus talked about during his earthly ministry, youd hear things like love, salvation, and repentance and rightly so. The last thing youd hear is economics. But economics plays a major role in much of Christs teaching. Host Rob West welcomes economist Jerry Bowyer, chief economist at Vident Financial and author of the brand new book, The Maker Versus the Takers: What Jesus Really Said About Social Justice and Economics, to help you gain a fuller understanding of Christian doctrine, and that conversation will actually cover two programs. This one is Part 1.

Many people misinterpret Jesus teaching about wealth from both sides of the political spectrum, but why?

The role that economics played during Christs ministry cant be separated from our understanding of geography in the first century. Each city mentioned in the Bible had its own economy and Jesus varied his economic message depending on where he was speaking.

Jerry makes the case that studying the economics of Jesus ministry isnt at odds with our understanding of theological issues, but actually enhances it. One example is Jesus execution.

The rest of our conversation with Jerry Bowyer happens in our next program. Next Rob and Steve answer a couple of questions from our listeners:

Both husband and wife are grad students. He gets a stipend. She is about to graduate and start working. Their goal is to pay off debt as quickly as possible, but wonder if it makes more sense financially to put all of their surplus income toward debt so as to get it paid off in 12 to 18 months? Fully fund their retirement accounts during the next year before touching the debt? Or split their surplus income between debt and retirement?

Callers son opened a checking account while a student. Now hes in his 30s. Mom is still named on the checking account and wonders if his writing a bad check would affect her credit score.

Husband and wife are about to become a dual income couple. They want to keep living on only one income, but want Robs advice on what to do with the second income?

To ask your question, call (800) 525-7000 or email [email protected]. You can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources on our website, MoneyWise.org. Like and Follow us on Facebook at MoneyWise Media for 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.

If your credit’s a bit sketchy or maybe you just don’t trust yourself with a credit card and all its temptations, fear not! There’s a great alternative just for you and it’s called a secured credit card. A secured card might be just the ticket to stay out of debt and to improve your credit score along the way. Financial planner and teacher Rob West has the lowdown for you.

Is there a difference between prepaid and secured credit cards? People often confuse the two because they work the same way to a point. In either case, they’re both just another way to pay for something. Instead of using a regular credit card, you can use either a prepaid or a secured card to make purchases online or in stores. They use the same payment networks and look just like a typical MasterCard, Visa, American express or Discover card.

With both prepaid and secured cards you have to load money onto them first. But that’s where the similarities end. Nerdwallet describes it like this: a secured card is buy now, pay later while a prepaid card is pay now, buy later.

So is one better than the other? The secured version has the edge, at least for most folks who call into the program asking about this. A secured card can help you improve your credit score because the issuer is extending credit to you. That’s not the case with the prepaid version, so, it doesn’t affect your score.

How should you best use a secured card to improve your score? You would want to make at least one purchase a month and then pay for it right away when you get your balance statement. When you do that, it will slowly establish your payment history and build your score. That’s why they’re great for young people just starting out.

Make sure the card is one where the issuer reports your transactions to the credit bureaus. Ask about that ahead of time. Also, never attempt to spend more than your security deposit. The transaction won’t go through, and it could negatively affect your credit score.

Is there a downside at all to a secured credit card? Well, you might have trouble renting a car with a secured card unless your security deposit is high enough. And of course you have to keep money on deposit. You don’t have use of it while the account is open, but that’s a small price to pay for the advantages.

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

How abhorrent and anti-Christian does a company need to be before we avoid them and stand against them?

What’s your opinion on gold?

How far should I go with home repairs and improvements in order to sell my home?

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

Like and Follow us on Facebook at MoneyWise Media for 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

If your credits a bit sketchy or maybe you just dont trust yourself with a credit card and all its temptations, fear not! Theres a great alternative just for you and its called a secured credit card. A secured card might be just the ticket to stay out of debt and to improve your credit score along the way. Financial planner and teacher Rob West has the lowdown for you.

Is there a difference between prepaid and secured credit cards? People often confuse the two because they work the same way to a point. In either case, theyre both just another way to pay for something. Instead of using a regular credit card, you can use either a prepaid or a secured card to make purchases online or in stores. They use the same payment networks and look just like a typical MasterCard, Visa, American express or Discover card.

With both prepaid and secured cards you have to load money onto them first. But thats where the similarities end. Nerdwallet describes it like this: a secured card is buy now, pay later while a prepaid card is pay now, buy later.

So is one better than the other? The secured version has the edge, at least for most folks who call into the program asking about this. A secured card can help you improve your credit score because the issuer is extending credit to you. Thats not the case with the prepaid version, so, it doesnt affect your score.

How should you best use a secured card to improve your score? You would want to make at least one purchase a month and then pay for it right away when you get your balance statement. When you do that, it will slowly establish your payment history and build your score. Thats why theyre great for young people just starting out.

Make sure the card is one where the issuer reports your transactions to the credit bureaus. Ask about that ahead of time. Also, never attempt to spend more than your security deposit. The transaction wont go through, and it could negatively affect your credit score.

Is there a downside at all to a secured credit card? Well, you might have trouble renting a car with a secured card unless your security deposit is high enough. And of course you have to keep money on deposit. You dont have use of it while the account is open, but thats a small price to pay for the advantages.

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

How abhorrent and anti-Christian does a company need to be before we avoid them and stand against them?

Whats your opinion on gold?

How far should I go with home repairs and improvements in order to sell my home?

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

Like and Follow us on Facebook at MoneyWise Media for 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 continue to see the collateral damage caused by the COVID pandemic. One survey shows that 20% of Americans have changed their retirement plansnot exactly the golden years. However, delaying retirement isn’t all bad news at all! It has its benefits, financial and otherwise, that you may not have considered. Kingdom Advisors President Rob West goes over them today.

Having to push back your retirement date can be disappointing, and millions of Americans have had to do it due to lost income and retirement assets from COVID. But we want to encourage folks about hidden benefits of delaying retirement.

First, delaying retirement means you’ll have fewer years when you need to make withdrawals for living expenses.

Second, for most seniors, you’ll have more peak earning years. The easiest time to make maximum contributions to a 401(k) or IRA is when you’re at the top of your pay scale.

And third, those added working years give your nest egg more time to grow through compound earnings. Although, as always, you’ll want to keep a smaller portion of your portfolio in the market as you near retirement.

Another financial benefit of delayed retirement is that you may be able to delay withdrawals from your 401(k). The Cares Act suspended Required Minimum Distributions in 2020 for both 401(k)s and IRAs due to the coronavirus. But that was just a one year reprieve. Normally, you have to start taking RMDs when you reach the age of 70 or 72, depending on when you were born.

If you have to delay retirement, your Social Security check will almost certainly be larger. This happens in two ways: (1) Every year past full retirement age (now 66 or 67), your check will increase by 8% up to age 70. (2) Your Social Security benefit is based on your highest 35 earning years. Assuming you’re earning more now than you did when you entered the workforce, each higher earning year replaces a lower earning year which increases your check.

In one respect, it may actually be easier on your routine. If one spouse retires and the other doesn’t, you can find yourself out of sync. Who’s supposed to do what? Do all household responsibilities fall on the retired spouse? That sort of thing.

Another benefit is that you get to maintain your social network for a longer time. You can lose touch with work friends after you retire, plus, there a psychological benefit to interacting with other people. It keeps us on our toes and stimulates our brains.

Finally, the only place in the Bible we seem to find the idea of retirement is a verse referring to the Levitical priests in Numbers 8:25, And from the age of fifty years they shall withdraw from the duty of the service and serve no more. This means God fully expects us to continue working for His glory even after we retire. Something to think about for when we’re no longer earning a paycheck.

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

What advice can you give me regarding online passwords and security, especially in light of COVID?

I have about $160,000 in savings for my future. What’s the best way to grow this money? I don’t want it sitting there collecting minimal interest. Marcus.com and Ally.com were websites mentioned in reference to this caller.

I have some money saved up. Should I pay off my mortgage (doing a HELOC in case I have an emergency) even though it means depleting my emergency fund? Or should I keep this money and continue paying on this mortgage?

What do you think about self-directed IRAs?

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

Like and Follow us on Facebook at MoneyWise Media for 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 continue to see the collateral damage caused by the COVID pandemic. One survey shows that 20% of Americans have changed their retirement plansnot exactly the golden years. However, delaying retirement isnt all bad news at all! It has its benefits, financial and otherwise, that you may not have considered. Kingdom Advisors President Rob West goes over them today.

Having to push back your retirement date can be disappointing, and millions of Americans have had to do it due to lost income and retirement assets from COVID. But we want to encourage folks about hidden benefits of delaying retirement.

First, delaying retirement means youll have fewer years when you need to make withdrawals for living expenses.

Second, for most seniors, youll have more peak earning years. The easiest time to make maximum contributions to a 401(k) or IRA is when youre at the top of your pay scale.

And third, those added working years give your nest egg more time to grow through compound earnings. Although, as always, youll want to keep a smaller portion of your portfolio in the market as you near retirement.

Another financial benefit of delayed retirement is that you may be able to delay withdrawals from your 401(k). The Cares Act suspended Required Minimum Distributions in 2020 for both 401(k)s and IRAs due to the coronavirus. But that was just a one year reprieve. Normally, you have to start taking RMDs when you reach the age of 70 or 72, depending on when you were born.

If you have to delay retirement, your Social Security check will almost certainly be larger. This happens in two ways: (1) Every year past full retirement age (now 66 or 67), your check will increase by 8% up to age 70. (2) Your Social Security benefit is based on your highest 35 earning years. Assuming youre earning more now than you did when you entered the workforce, each higher earning year replaces a lower earning year which increases your check.

In one respect, it may actually be easier on your routine. If one spouse retires and the other doesnt, you can find yourself out of sync. Whos supposed to do what? Do all household responsibilities fall on the retired spouse? That sort of thing.

Another benefit is that you get to maintain your social network for a longer time. You can lose touch with work friends after you retire, plus, there a psychological benefit to interacting with other people. It keeps us on our toes and stimulates our brains.

Finally, the only place in the Bible we seem to find the idea of retirement is a verse referring to the Levitical priests in Numbers 8:25, And from the age of fifty years they shall withdraw from the duty of the service and serve no more. This means God fully expects us to continue working for His glory even after we retire. Something to think about for when were no longer earning a paycheck.

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

What advice can you give me regarding online passwords and security, especially in light of COVID?

I have about $160,000 in savings for my future. Whats the best way to grow this money? I dont want it sitting there collecting minimal interest. Marcus.com and Ally.com were websites mentioned in reference to this caller.

I have some money saved up. Should I pay off my mortgage (doing a HELOC in case I have an emergency) even though it means depleting my emergency fund? Or should I keep this money and continue paying on this mortgage?

What do you think about self-directed IRAs?

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

Like and Follow us on Facebook at MoneyWise Media for 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.