You’ve heard the saying, To err is human. But what about this one, You can’t make the same mistake twice. The second time you make it it’s no longer a mistake, it’s a choice.Everyone makes mistakes with finances. But what separates us is what we do about them. Today our host, Kingdom Advisors President Rob West, shares some common money missteps and how to correct them.

We all need to learn from our mistakes and to use self-education. We need to constantly improve how we manage our money. God’s Word is full of wise adviceso He’s the real teacher.

Spending more than you earn inevitably leads to debt, and that’s financial bondage. Proverbs 22:7 says,The rich rule over the poor, and the borrower is slave to the lender.You’ll never get control of your finances unless you learn to live within your means.

Don’t let your fixed expenses get out of control. Monthly, fixed obligations always make up the biggest part of your budget. Keep them in check.

Beware buying something for emotional reasons (impulse buying). You see something and think it’ll make your life better or give you a sense of happiness only to discover days after that you’re no better off. 1 John 2:15 reads,For all that is in the worldthe desires of the flesh and the desires of the eyes and pride in possessionsis not from the Father but is from the world.

Avoid buying something you can’t afford. A good rule of thumb is if you can’t pay cash for it don’t buy it. Be content with God’s provision. 1 Timothy 6 instructs,godliness with contentment is great gain. For we brought nothing into the world, and we can take nothing out of it.

Our last lesson from the financial school of hard knocks is to recognize your weaknesses. It’s often said that admitting you have a problem is the first step in solving it. This wraps up everything we’ve been talking about. If you have a weakness in one of these areas, admit it and take steps to correct it.

On today’s program we also answer your questions:

I recently sold my home and have $24,000 to purchase another one. However, I retire in ten years and will be on a fixed income. Should I purchase a home and double-down on the payments if I’m able? If not, I would have to rent. What do you think?

My step-mother lives with me (who I take care of) and she has $16,000 in credit card debt. Her savings is $23,000. I was unable to balance transfer at 0%. So, should I take part of the $23,000 to wipe out the debt?

I invested with an equity capital company which provides equity for loans at 6%. Is this too good to be true?

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

Youve heard the saying, To err is human. But what about this one, You cant make the same mistake twice. The second time you make it its no longer a mistake, its a choice.Everyone makes mistakes with finances. But what separates us is what we do about them. Today our host, Kingdom Advisors President Rob West, shares some common money missteps and how to correct them.

We all need to learn from our mistakes and to use self-education. We need to constantly improve how we manage our money. Gods Word is full of wise adviceso Hes the real teacher.

Spending more than you earn inevitably leads to debt, and thats financial bondage. Proverbs 22:7 says,The rich rule over the poor, and the borrower is slave to the lender.Youll never get control of your finances unless you learn to live within your means.

Dont let your fixed expenses get out of control. Monthly, fixed obligations always make up the biggest part of your budget. Keep them in check.

Beware buying something for emotional reasons (impulse buying). You see something and think itll make your life better or give you a sense of happiness only to discover days after that youre no better off. 1 John 2:15 reads,For all that is in the worldthe desires of the flesh and the desires of the eyes and pride in possessionsis not from the Father but is from the world.

Avoid buying something you cant afford. A good rule of thumb is if you cant pay cash for it dont buy it. Be content with Gods provision. 1 Timothy 6 instructs,godliness with contentment is great gain. For we brought nothing into the world, and we can take nothing out of it.

Our last lesson from the financial school of hard knocks is to recognize your weaknesses. Its often said that admitting you have a problem is the first step in solving it. This wraps up everything weve been talking about. If you have a weakness in one of these areas, admit it and take steps to correct it.

On todays program we also answer your questions:

I recently sold my home and have $24,000 to purchase another one. However, I retire in ten years and will be on a fixed income. Should I purchase a home and double-down on the payments if Im able? If not, I would have to rent. What do you think?

My step-mother lives with me (who I take care of) and she has $16,000 in credit card debt. Her savings is $23,000. I was unable to balance transfer at 0%. So, should I take part of the $23,000 to wipe out the debt?

I invested with an equity capital company which provides equity for loans at 6%. Is this too good to be true?

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.

The IRS extended the tax filing deadline to July 15th due to the impact that COVID-19 is having on the economy. That’s a welcome relief for many financially hit taxpayers. But there are still a few things you need to know. Sometimes what you think you know about taxes can get you in trouble! But reliable information can clear away the confusion. MoneyWise host Rob West takes aim at some common misbeliefs about taxes.

It’s easy to get confused with our complicated tax system.Americans spend $200 billion each year in time and money just to prepare their returns, and that doesn’t even include tax payments.

It’s a myth that filing for an extension gives you more time to pay your taxes. Given the hardships many are facing this year, no doubt some will need even more time, and that means filing for an additional extension. But you still have to pay your taxes by the July 15th deadline even if you get another extension.

This year is different because of this coronavirus. Not only has the filing deadline been extended to July 15th but interest and penalties for nonpayment have beenwaiveduntil then. However, they’ll start accruing the very next day.

Owing money to the IRS or your state revenue department will have zero effect on your credit score.

It’s a misconception that you don’t have to periodically update your withholdings. The Tax Cuts and Jobs Act of 2017 had a major impact on withholdings and the IRS encouraged taxpayers to fill out new W-4 forms that determine how much is taken out of paychecks for taxes. Many might feel that once they’ve done that they can just set it and forget it. But it’s a good idea each year to make the best estimate you can of your income and to adjust your withholdings to get as close as possible to owing no taxes when you file.

On today’s program we also answer your questions:

What’s the best way to pay off my $50,000 in student loans?

We’ve sunk $100,000 in home repairs in just 18 months and we still need to spend thousands more for other repairs. We don’t have anything left in savings. We’re in our mid-40s, I’m a stay-at-home mom, and we’re scared we’ll never get the $217,000 mortgage paid off! Should we borrow to pay for these repairs?

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

The IRS extended the tax filing deadline to July 15th due to the impact that COVID-19 is having on the economy. Thats a welcome relief for many financially hit taxpayers. But there are still a few things you need to know. Sometimes what you think you know about taxes can get you in trouble! But reliable information can clear away the confusion. MoneyWise host Rob West takes aim at some common misbeliefs about taxes.

Its easy to get confused with our complicated tax system.Americans spend $200 billion each year in time and money just to prepare their returns, and that doesnt even include tax payments.

Its a myth that filing for an extension gives you more time to pay your taxes. Given the hardships many are facing this year, no doubt some will need even more time, and that means filing for an additional extension. But you still have to pay your taxes by the July 15th deadline even if you get another extension.

This year is different because of this coronavirus. Not only has the filing deadline been extended to July 15th but interest and penalties for nonpayment have beenwaiveduntil then. However, theyll start accruing the very next day.

Owing money to the IRS or your state revenue department will have zero effect on your credit score.

Its a misconception that you dont have to periodically update your withholdings. The Tax Cuts and Jobs Act of 2017 had a major impact on withholdings and the IRS encouraged taxpayers to fill out new W-4 forms that determine how much is taken out of paychecks for taxes. Many might feel that once theyve done that they can just set it and forget it. But its a good idea each year to make the best estimate you can of your income and to adjust your withholdings to get as close as possible to owing no taxes when you file.

On todays program we also answer your questions:

Whats the best way to pay off my $50,000 in student loans?

Weve sunk $100,000 in home repairs in just 18 months and we still need to spend thousands more for other repairs. We dont have anything left in savings. Were in our mid-40s, Im a stay-at-home mom, and were scared well never get the $217,000 mortgage paid off! Should we borrow to pay for these repairs?

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.

The COVID-19 crisis spurred major policy decisions to prop up the economy in general and the financial industry in particular. One result is that mortgage interest rates remain low. So is it time to refinance?Rate cuts and pledges to buy billions of dollars worth of mortgage-backed securities by the Federal Reserve are now baked into the system. What does that mean for refinancing? Host Rob West talks with mortgage expert Dale Vermillion to find out.

If you’re sitting in a FICO that’s less than 660, qualifying to refinance may be a challenge for you, and the same if you’re looking for a jumbo product today.

Income verificationwhat if you’re self-employed? They’re going to take a harder look at that. For the salaried wage earner, the biggest thing is that you’re going to have to verify the day of that closing you’re still employed due to the unemployment numbers since the effect of COVID-19.

Anybody whose interest rates are over 4% has a refinance potential because there’s a really good chance you can lower that rate and hopefully for a shortened term.

Property values have gone up for almost 9 years nowa record run! If you refinance, there are opportunities for you to position yourself to maybe outrun the private mortgage insurance you had on your house and to get rid of it.

Refinancing enables you to replenish lost cash and to build up reserve for your family.

Banks can’t turn you down because they may think you’ll lose your job!

Finally, remember: God is in control of all things. Also, now is a prime opportunity to share our faith with people. Folk are worried nowtell others in Whom our hope lies.

You can find Dale’s book,Navigating the Mortgage Maze: The Simple Truth About Financing Your Homeon our website atMoneyWise.org.

On today’s program we also answer your questions:

What’s the difference between a traditional 401(k) and a 401(k) Roth?

How long should I keep paying for repairs on a used vehicle versus when should get a new one?

What’s a 501(c)(3)?

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

The COVID-19 crisis spurred major policy decisions to prop up the economy in general and the financial industry in particular. One result is that mortgage interest rates remain low. So is it time to refinance?Rate cuts and pledges to buy billions of dollars worth of mortgage-backed securities by the Federal Reserve are now baked into the system. What does that mean for refinancing? Host Rob West talks with mortgage expert Dale Vermillion to find out.

If youre sitting in a FICO thats less than 660, qualifying to refinance may be a challenge for you, and the same if youre looking for a jumbo product today.

Income verificationwhat if youre self-employed? Theyre going to take a harder look at that. For the salaried wage earner, the biggest thing is that youre going to have to verify the day of that closing youre still employed due to the unemployment numbers since the effect of COVID-19.

Anybody whose interest rates are over 4% has a refinance potential because theres a really good chance you can lower that rate and hopefully for a shortened term.

Property values have gone up for almost 9 years nowa record run! If you refinance, there are opportunities for you to position yourself to maybe outrun the private mortgage insurance you had on your house and to get rid of it.

Refinancing enables you to replenish lost cash and to build up reserve for your family.

Banks cant turn you down because they may think youll lose your job!

Finally, remember: God is in control of all things. Also, now is a prime opportunity to share our faith with people. Folk are worried nowtell others in Whom our hope lies.

You can find Dales book,Navigating the Mortgage Maze: The Simple Truth About Financing Your Homeon our website atMoneyWise.org.

On todays program we also answer your questions:

Whats the difference between a traditional 401(k) and a 401(k) Roth?

How long should I keep paying for repairs on a used vehicle versus when should get a new one?

Whats a 501(c)(3)?

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.

Asurveyshows that nearly one third of American have no emergency savings. Perhaps that’s explained by an old English proverb: Anyone can make money. It takes a wise man to know how to spend it, that is, your income is exceeded by your outgo.The solution is simply reversing that trend. How? Host Rob West sits down with money expert Ron Blue to answer that and to talk about the cookie jar and the envelope system for home money management.

First, money was always allocated when managing income. Every dollar was told where to go. In the era of the cookie jar, inflow and outflow were so closely related that it wasn’t necessary to allocate to various categories. The spending was done as the need arose. However, as both income and kinds of expenses increased, income had to be allocated, assigned, and placed in an envelope for their intended use.

Second, spending always stopped when the envelope or cookie jar was emptythere were no alternatives! The absence of cash was the surest form of control.

Third, people always had a current awareness of theirfinancialsituation relative to theplannedsituation. It was very simple to determine whether there was money left in the envelope or cookie jar. If there was, not all of the spending had been done. If, on the other hand, it was empty, the plan had been accomplished.

There are five steps to controlling your cash flow: (1) estimate your living expenses in as much detail as possible, (2) record what actually happens so you can see how closely your actual expenses are to what you estimated, (3) establish your budget, (4) control your budget, and (5) evaluate and revise the budget periodically.

It doesn’t take more than 2 or 3 hours yearly to set up a new budget and, on a monthly basis, just 20-30 minutes to determine where you are relative to your financial plan. You’ll see how God opens doors simply through the exercise of self-control and wisdom.

Learn more about controlling your cash flow in Ron Blue’s book,Never Enough,available atMoneyWise.org.

On today’s program we also answer your questions:

I have a private student loan over $20,000. I want to reduce my monthly payment. What can I do?

I have a good amount of money coming to me. Should I invest this or should save it, making it easily accessible during these bad financial times?

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

Asurveyshows that nearly one third of American have no emergency savings. Perhaps thats explained by an old English proverb: Anyone can make money. It takes a wise man to know how to spend it, that is, your income is exceeded by your outgo.The solution is simply reversing that trend. How? Host Rob West sits down with money expert Ron Blue to answer that and to talk about the cookie jar and the envelope system for home money management.

First, money was always allocated when managing income. Every dollar was told where to go. In the era of the cookie jar, inflow and outflow were so closely related that it wasnt necessary to allocate to various categories. The spending was done as the need arose. However, as both income and kinds of expenses increased, income had to be allocated, assigned, and placed in an envelope for their intended use.

Second, spending always stopped when the envelope or cookie jar was emptythere were no alternatives! The absence of cash was the surest form of control.

Third, people always had a current awareness of theirfinancialsituation relative to theplannedsituation. It was very simple to determine whether there was money left in the envelope or cookie jar. If there was, not all of the spending had been done. If, on the other hand, it was empty, the plan had been accomplished.

There are five steps to controlling your cash flow: (1) estimate your living expenses in as much detail as possible, (2) record what actually happens so you can see how closely your actual expenses are to what you estimated, (3) establish your budget, (4) control your budget, and (5) evaluate and revise the budget periodically.

It doesnt take more than 2 or 3 hours yearly to set up a new budget and, on a monthly basis, just 20-30 minutes to determine where you are relative to your financial plan. Youll see how God opens doors simply through the exercise of self-control and wisdom.

Learn more about controlling your cash flow in Ron Blues book,Never Enough,available atMoneyWise.org.

On todays program we also answer your questions:

I have a private student loan over $20,000. I want to reduce my monthly payment. What can I do?

I have a good amount of money coming to me. Should I invest this or should save it, making it easily accessible during these bad financial times?

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.

It’s older than money but works just as well. It’s not beads or bars of gold and it’s certainly not bitcoin. It’s an ancient practice that buys goods and services with no medium of exchange. It’s the fine art of bartering. We all have skills and unneeded items that others value. Have you ever thought about trading yours, or bartering, for things you need? Financial planner and teacher Rob West has some pointers for doing it right.

Bartering is a very natural way to exchange goods and services and like you pointed out at the top it predates currency.

It’s now possible to make barter deals without leaving home. And there are two ways to do that. First through barter exchanges, where items are assigned points. You can sell items or services for points and then redeem them for things you want.

it’s important to set the terms up front to avoid misunderstandings. So the first thing you do is determine the monetary value of your item or service compared to what the other person is offering. The goal is to make anevenexchange.

First, determine what you think is the fairrangeof value for your item or service and start negotiating at the high end.

You also need to set time frames for the completion of the barter.

be careful bartering for services that require licensing or other certification.

Remember to be fair and honest with everyone you deal withbecause you are a witness for Christ. Proverbs 16:11 says,Honest scales and balances belong to the Lord; all the weights in the bag are of his making.

In today’s show we also answer your questions:

Should we think about taking money from our 401K since all the stocks are dropping?

What is the difference between 529 and ESA plans?

I have a 401K that is dropping. Should I stop contributing to it? Should I move it to a safer type of savings?

How do I get my wife on board for budgeting?

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

Its older than money but works just as well. Its not beads or bars of gold and its certainly not bitcoin. Its an ancient practice that buys goods and services with no medium of exchange. Its the fine art of bartering. We all have skills and unneeded items that others value. Have you ever thought about trading yours, or bartering, for things you need? Financial planner and teacher Rob West has some pointers for doing it right.

Bartering is a very natural way to exchange goods and services and like you pointed out at the top it predates currency.

Its now possible to make barter deals without leaving home. And there are two ways to do that. First through barter exchanges, where items are assigned points. You can sell items or services for points and then redeem them for things you want.

its important to set the terms up front to avoid misunderstandings. So the first thing you do is determine the monetary value of your item or service compared to what the other person is offering. The goal is to make anevenexchange.

First, determine what you think is the fairrangeof value for your item or service and start negotiating at the high end.

You also need to set time frames for the completion of the barter.

be careful bartering for services that require licensing or other certification.

Remember to be fair and honest with everyone you deal withbecause you are a witness for Christ. Proverbs 16:11 says,Honest scales and balances belong to the Lord; all the weights in the bag are of his making.

In todays show we also answer your questions:

Should we think about taking money from our 401K since all the stocks are dropping?

What is the difference between 529 and ESA plans?

I have a 401K that is dropping. Should I stop contributing to it? Should I move it to a safer type of savings?

How do I get my wife on board for budgeting?

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.