The hand of the diligent will rule, while the slothful will be put to forced labor.Proverbs 12:24 was a clear caution for the ancient Israelites and it’s just as true for us today. Like much of Proverbs, that verse is a lesson for handling our financial affairs. Managing money wisely requires good habits. Today, host Rob West explores how to do that with financial expert Howard Dayton. Then it’s your calls at 800-525-7000.

Howard Dayton offers his wisdom and explains his daily routine to exercise and eat healthy to stick to his disciplines.

He goes for a 4 mile walk with his wife 6 days a week, and every other day he does 5 sets of 100 push ups for a total of 500 during the walk. Together, Howard and his wife enjoy eating healthy to stay on top of a healthy eating lifestyle.

When talking about how long it took to get into these good habits, he says, It all started to change when I was introduced to Jesus Christ as my savior way back in 1971. Before then, I was a lot less disciplined. And the more I’ve grown as a follower of Christ, the more disciplined I’ve become.

Galatians 5:22-23 describes the fruit of the Holy Spirit. In other words, what characteristics we can experience and enjoy when we are submitted to God’s spirit and allowingHimto live His life through us. It says, But the fruit of the Spirit is love, joy, peace, patience, kindness, goodness, faithfulness andself-control.

So, submit to God’s Spirit and ask Him to live His life through you. Then develop a plan that you can follow. And for most of us, it helps is we have a buddy with whom you can work the plan together.

In specific studies about habits, routines take at least 30 days to develop. And the longer it becomes part of your routine, the more likely you are to continue.

Proverbs 21:5Steady plodding brings prosperity; hasty speculation brings poverty.In other words, just be a consistent steady plodder. When you start walking don’t try to run a marathon.When you start using a budget, just take it one day at a time until it becomes a habit.

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

My daughter is expecting a child. She has some money that she would like to invest for her child. Where should she put it?

My son and his wife have been married two years. He has just accepted a job. He is still under our health insurance, but his wife is going to turn 26 soon. The quote that they got for insurance for both of them was very high. What are their other options?

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 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

The hand of the diligent will rule, while the slothful will be put to forced labor.Proverbs 12:24 was a clear caution for the ancient Israelites and its just as true for us today. Like much of Proverbs, that verse is a lesson for handling our financial affairs. Managing money wisely requires good habits. Today, host Rob West explores how to do that with financial expert Howard Dayton. Then its your calls at 800-525-7000.

Howard Dayton offers his wisdom and explains his daily routine to exercise and eat healthy to stick to his disciplines.

He goes for a 4 mile walk with his wife 6 days a week, and every other day he does 5 sets of 100 push ups for a total of 500 during the walk. Together, Howard and his wife enjoy eating healthy to stay on top of a healthy eating lifestyle.

When talking about how long it took to get into these good habits, he says, It all started to change when I was introduced to Jesus Christ as my savior way back in 1971. Before then, I was a lot less disciplined. And the more Ive grown as a follower of Christ, the more disciplined Ive become.

Galatians 5:22-23 describes the fruit of the Holy Spirit. In other words, what characteristics we can experience and enjoy when we are submitted to Gods spirit and allowingHimto live His life through us. It says, But the fruit of the Spirit is love, joy, peace, patience, kindness, goodness, faithfulness andself-control.

So, submit to Gods Spirit and ask Him to live His life through you. Then develop a plan that you can follow. And for most of us, it helps is we have a buddy with whom you can work the plan together.

In specific studies about habits, routines take at least 30 days to develop. And the longer it becomes part of your routine, the more likely you are to continue.

Proverbs 21:5Steady plodding brings prosperity; hasty speculation brings poverty.In other words, just be a consistent steady plodder. When you start walking dont try to run a marathon.When you start using a budget, just take it one day at a time until it becomes a habit.

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

My daughter is expecting a child. She has some money that she would like to invest for her child. Where should she put it?

My son and his wife have been married two years. He has just accepted a job. He is still under our health insurance, but his wife is going to turn 26 soon. The quote that they got for insurance for both of them was very high. What are their other options?

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 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.

From our believe it or not files, the word is that Russia is catching flak for testing virtual reality headsets on cows. Experts say they’re really milking the technology. But one thing we know for sure: virtual reality has entered the world of credit card transactions. Today, Kingdom Advisors President Rob West tells you how it might affect your purchases.

Virtual credit cards are not actual credit cards made of plastic, but are a free service offered by some of the major issuers like Capital One and Citi. They conceal your financial information and keep it safe while you buy things online. It’s a temporary, randomly-generated number different from the one on your real credit card. If hackers hijack your online transaction, the virtual number won’t do them any good. It’s an added layer of protection.

When you sign up for the service, you don’t have to use your real credit card number to purchase things online. It works in different ways, depending on the options provided by the card issuer.

Right now, the biggest downside is that not all cards have this service. But that’ll probably change as more and more issuers realize it protects their interests, too.

The first place to check to get a virtual credit card is with your credit card issuer. They may offer the virtual number service on the card you hold or you may have to ditch that card for another one. We do know that Capital One and Citi both have some form of the service.

Atprivacy.com, you can sign up for a virtual debit card for use over and over again with a particular vendor. You can create what are essentially burner debit cards that you use one time only.

So, you can definitely have more peace of mind by using a virtual credit card. While it might be a bit of hassle getting one set up, having your actual card number stolen would probably be a much greater inconvenience.

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

What about gold, silver, and/or gemstones for a financial hedge and/or for bartering when times get really tough?

How high is too high to pay for management fees?

Should I put my large sum of money into something better than Ameritrade?

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 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

From our believe it or not files, the word is that Russia is catching flak for testing virtual reality headsets on cows. Experts say theyre really milking the technology. But one thing we know for sure: virtual reality has entered the world of credit card transactions. Today, Kingdom Advisors President Rob West tells you how it might affect your purchases.

Virtual credit cards are not actual credit cards made of plastic, but are a free service offered by some of the major issuers like Capital One and Citi. They conceal your financial information and keep it safe while you buy things online. Its a temporary, randomly-generated number different from the one on your real credit card. If hackers hijack your online transaction, the virtual number wont do them any good. Its an added layer of protection.

When you sign up for the service, you dont have to use your real credit card number to purchase things online. It works in different ways, depending on the options provided by the card issuer.

Right now, the biggest downside is that not all cards have this service. But thatll probably change as more and more issuers realize it protects their interests, too.

The first place to check to get a virtual credit card is with your credit card issuer. They may offer the virtual number service on the card you hold or you may have to ditch that card for another one. We do know that Capital One and Citi both have some form of the service.

Atprivacy.com, you can sign up for a virtual debit card for use over and over again with a particular vendor. You can create what are essentially burner debit cards that you use one time only.

So, you can definitely have more peace of mind by using a virtual credit card. While it might be a bit of hassle getting one set up, having your actual card number stolen would probably be a much greater inconvenience.

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

What about gold, silver, and/or gemstones for a financial hedge and/or for bartering when times get really tough?

How high is too high to pay for management fees?

Should I put my large sum of money into something better than Ameritrade?

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 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.

Eleanor Roosevelt, First Lady through the Great Depression, definitely had a way with words. She once wrote,Learn from the mistakes of others. You can't live long enough, to make them all yourself.It’s good to find a little humor when we mess up,but it’s better not to misstep at all. Today, host Rob West welcomes Mark Biller to talk about the typical investing boo-boos so you don’t have to make them.Mark Biller is executive editor at Sound Mind Investing. You can ready their article, Are You Making Any of These Common Investing Mistakes? on their website at SoundMindInvesting.org.Then it’s your calls at 800-525-7000.

The biggest mistake mentioned by SMI members was waiting too long to start investing.

Failure to start investing sooner was one of the most frequently mentioned regrets. Our good intentions often get overcome by all the questions that come up when a person starts investing: Where do I open my account? What do I invest in? How do I do this exactly? Before you know it, another year has gone by and you still haven’t started.

By making a few fundamental decisions and taking a few easy steps, you can start a successful investing program even if your available cash and knowledge are limited.

The next mistake is not learning more about investing basics sooner.

Once you’rein motion, the basics of investing are actually pretty easy to pick up. People think it will be hard, so they put off learning.

Another one that came up frequently was investing without a personalized long-term plan.

No matter how good your specific investing choices may be, if they’re made outside the framework of a larger plan that sets boundaries and helps you manage risk, you’re inviting trouble.

A key part of a good investing plan is deciding when to get rid of something so another mistake that came up a lot was not following a selling discipline.

Another common mistake is overinvesting in a single stock, or overinvesting in your employer’s stock.

SMI believes that, ultimately, it’s impossible to self-destruct financially if you follow God’s time-tested principles of stewardship. One of those principles is that to protect against the uncertainties of the future, your investments should be diversified. Ecclesiastes 11:2 says that plainly Divide your investments among many places, for you do not know what risks might lie ahead.

A few more common mistakes are not involving your spouse in the investing process, following the market’s impact on your portfolio daily; andleaving 401(k) accounts with previous employers instead of managing those investments yourself.

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

I heard you talk about PPP loans. Have they been extended?

Is this a good time to refinance with rates so low?

I have a collection of coins that I want to sell. Where should I start?

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 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

Eleanor Roosevelt, First Lady through the Great Depression, definitely had a way with words. She once wrote,Learn from the mistakes of others. You can't live long enough, to make them all yourself.Its good to find a little humor when we mess up,but its better not to misstep at all. Today, host Rob West welcomes Mark Biller to talk about the typical investing boo-boos so you dont have to make them.Mark Biller is executive editor at Sound Mind Investing. You can ready their article, Are You Making Any of These Common Investing Mistakes? on their website at SoundMindInvesting.org.Then its your calls at 800-525-7000.

The biggest mistake mentioned by SMI members was waiting too long to start investing.

Failure to start investing sooner was one of the most frequently mentioned regrets. Our good intentions often get overcome by all the questions that come up when a person starts investing: Where do I open my account? What do I invest in? How do I do this exactly? Before you know it, another year has gone by and you still havent started.

By making a few fundamental decisions and taking a few easy steps, you can start a successful investing program even if your available cash and knowledge are limited.

The next mistake is not learning more about investing basics sooner.

Once yourein motion, the basics of investing are actually pretty easy to pick up. People think it will be hard, so they put off learning.

Another one that came up frequently was investing without a personalized long-term plan.

No matter how good your specific investing choices may be, if theyre made outside the framework of a larger plan that sets boundaries and helps you manage risk, youre inviting trouble.

A key part of a good investing plan is deciding when to get rid of something so another mistake that came up a lot was not following a selling discipline.

Another common mistake is overinvesting in a single stock, or overinvesting in your employers stock.

SMI believes that, ultimately, its impossible to self-destruct financially if you follow Gods time-tested principles of stewardship. One of those principles is that to protect against the uncertainties of the future, your investments should be diversified. Ecclesiastes 11:2 says that plainly Divide your investments among many places, for you do not know what risks might lie ahead.

A few more common mistakes are not involving your spouse in the investing process, following the markets impact on your portfolio daily; andleaving 401(k) accounts with previous employers instead of managing those investments yourself.

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

I heard you talk about PPP loans. Have they been extended?

Is this a good time to refinance with rates so low?

I have a collection of coins that I want to sell. Where should I start?

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 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.

The federal government spent trillions of dollars to help individuals and businesses suffering from coronavirus shutdowns. The government gaveth, and now in some cases the government, will taketh away. Many who’ve received those benefits now wonder if they’ll have to pay taxes on them. Financial planner and teacher Rob West has the answers. It’s good news and bad, then we take your calls and questions at 800-525-7000. 800-525-7000.

Millions of Americans received stimulus payments of $1200 for eligible adults and $500 for dependent children. Those $1200 and $500 stimulus payments are definitely not taxable on the return you’ll file for 20-20. They were actually classified as tax credits so they not only aren’t counted toward your Adjusted Gross Income they’re not counted as income for federal programs like Medicaid.

We’ve been talking about stimulus payments to individuals under the CARES Act. These are called Economic Impact Payments, or EIP. The other major form of benefits is the Paycheck Protection Program, or PPP.

With the Paycheck Protection Program, payments have gone out to small businesses and self-employed individuals in the form of loans. Some portion, or all, of those loans will be forgiven, if the money is used for payroll, rent or mortgage, group health benefits, and utilities.

Under federal law, loan forgiveness is usually counted as taxable income. But the CARES Act specifically excludes the forgiveness of small business PPP loans.

In most cases, states follow the federal government’s guidelines on taxing loan forgiveness, but not always. It’s unclear now which states, if any, will tax PPP loan forgiveness. So businesses that have their loans forgiven need to set some money aside in case their state doesn’t follow the lead of the IRS.

Under the latest PPP rules, first, your business must retain or re-hire full-time employees during the reporting period which ends on December 31, 2020. Second, it must not reduce compensation paid to any employee by more than 25%. And last, 60-percent or more of the money must be used for employee compensation and benefits.

If a business doesn’t meet those criteria, then it will have to pay back some portion of the money. Those businesses will have two years to repay at only 1-percent interest, and there’s an option to delay the first payment for up to 6 months.

Millions of people have received unemployment benefits and depending on your income level, you could owe federal taxes on that money.

The majority of states also tax unemployment benefits, but not all. California, Montana, New Jersey, Oregon, Pennsylvania and Virginia do not.

On today’s program we also answer your questions:

My husband and I have a primary residence and three rental properties. Should we roll everything together and be able to use some of the money to make updates on our home?

What is the Biblical/best stewardship for churches to expand their buildings?

I made a deal with my adult granddaughter to help boost her savings. She has not been spending wisely. How do I handle 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 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

The federal government spent trillions of dollars to help individuals and businesses suffering from coronavirus shutdowns. The government gaveth, and now in some cases the government, will taketh away. Many whove received those benefits now wonder if theyll have to pay taxes on them. Financial planner and teacher Rob West has the answers. Its good news and bad, then we take your calls and questions at 800-525-7000. 800-525-7000.

Millions of Americans received stimulus payments of $1200 for eligible adults and $500 for dependent children. Those $1200 and $500 stimulus payments are definitely not taxable on the return youll file for 20-20. They were actually classified as tax credits so they not only arent counted toward your Adjusted Gross Income theyre not counted as income for federal programs like Medicaid.

Weve been talking about stimulus payments to individuals under the CARES Act. These are called Economic Impact Payments, or EIP. The other major form of benefits is the Paycheck Protection Program, or PPP.

With the Paycheck Protection Program, payments have gone out to small businesses and self-employed individuals in the form of loans. Some portion, or all, of those loans will be forgiven, if the money is used for payroll, rent or mortgage, group health benefits, and utilities.

Under federal law, loan forgiveness is usually counted as taxable income. But the CARES Act specifically excludes the forgiveness of small business PPP loans.

In most cases, states follow the federal governments guidelines on taxing loan forgiveness, but not always. Its unclear now which states, if any, will tax PPP loan forgiveness. So businesses that have their loans forgiven need to set some money aside in case their state doesnt follow the lead of the IRS.

Under the latest PPP rules, first, your business must retain or re-hire full-time employees during the reporting period which ends on December 31, 2020. Second, it must not reduce compensation paid to any employee by more than 25%. And last, 60-percent or more of the money must be used for employee compensation and benefits.

If a business doesnt meet those criteria, then it will have to pay back some portion of the money. Those businesses will have two years to repay at only 1-percent interest, and theres an option to delay the first payment for up to 6 months.

Millions of people have received unemployment benefits and depending on your income level, you could owe federal taxes on that money.

The majority of states also tax unemployment benefits, but not all. California, Montana, New Jersey, Oregon, Pennsylvania and Virginia do not.

On todays program we also answer your questions:

My husband and I have a primary residence and three rental properties. Should we roll everything together and be able to use some of the money to make updates on our home?

What is the Biblical/best stewardship for churches to expand their buildings?

I made a deal with my adult granddaughter to help boost her savings. She has not been spending wisely. How do I handle 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 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.

In Mark 8:36, Jesus gives a clear warning to a crowd of followers about those who choose wealth over Him. He says, For what does it profit a man to gain the whole world and forfeit his soul? The message may be especially troubling to us today since we live in the wealthiest nation in history.Today on MoneyWise, Kingdom Advisors President Rob West applies that verse to life in America.

There’s nothing inherently immoral about wealth. Money is simply a tool that can be used for good or evil. At the same time, there’s nothing inherently virtuous about being poor. We won’t be judged on how much or how little money we have. We will have to answer someday for how we used God’s money. The danger is when we forget that it’s all God’s moneywe’re only stewards.

Jesus talked about money a lot during his earthly ministry. But the only wealthy people He chastised were those who acquired their riches dishonestly, like the Pharisees who operated a corrupt system.

Being wealthy is not a sin and having a lot of resources can be used to bless others. But wealth may cause us to go astray in specific ways. Wealth can make us prideful and cause us to put our faith in income rather than in God where it rightfully belongs. Pride breaks our fellowship with God and also separates us from our fellow man. It makes us think we’re more important than others. We can think we’re smarter and more favored than those around us.

God warns us that earthly wealth is a fleeting thing as it can be here today and gone tomorrow. We all long for peace and security, but looking to wealth to provide it instead of the Lord will only lead to bitter disappointment. To paraphrase Jesus, all the money in the world can’t save your soul.

We’re to put our hope in God; He’s always faithful and has promised to meet our every neednot just here and now but for all eternity. God is the true source of our security no matter how much money we have.

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

What’s your opinion of Bitcoin?

Can I assign a different beneficiary with my 529 plan? Can I cash it out?

I have a daughter in the 8th grade. At what point can she start applying for college scholarships?

Are there grants available to help me pay down my student loans?

Is retirement Biblical? What passages can you suggest that may address this concept?

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 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

In Mark 8:36, Jesus gives a clear warning to a crowd of followers about those who choose wealth over Him. He says, For what does it profit a man to gain the whole world and forfeit his soul? The message may be especially troubling to us today since we live in the wealthiest nation in history.Today on MoneyWise, Kingdom Advisors President Rob West applies that verse to life in America.

Theres nothing inherently immoral about wealth. Money is simply a tool that can be used for good or evil. At the same time, theres nothing inherently virtuous about being poor. We wont be judged on how much or how little money we have. We will have to answer someday for how we used Gods money. The danger is when we forget that its all Gods moneywere only stewards.

Jesus talked about money a lot during his earthly ministry. But the only wealthy people He chastised were those who acquired their riches dishonestly, like the Pharisees who operated a corrupt system.

Being wealthy is not a sin and having a lot of resources can be used to bless others. But wealth may cause us to go astray in specific ways. Wealth can make us prideful and cause us to put our faith in income rather than in God where it rightfully belongs. Pride breaks our fellowship with God and also separates us from our fellow man. It makes us think were more important than others. We can think were smarter and more favored than those around us.

God warns us that earthly wealth is a fleeting thing as it can be here today and gone tomorrow. We all long for peace and security, but looking to wealth to provide it instead of the Lord will only lead to bitter disappointment. To paraphrase Jesus, all the money in the world cant save your soul.

Were to put our hope in God; Hes always faithful and has promised to meet our every neednot just here and now but for all eternity. God is the true source of our security no matter how much money we have.

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

Whats your opinion of Bitcoin?

Can I assign a different beneficiary with my 529 plan? Can I cash it out?

I have a daughter in the 8th grade. At what point can she start applying for college scholarships?

Are there grants available to help me pay down my student loans?

Is retirement Biblical? What passages can you suggest that may address this concept?

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 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.