Analysts use three letters to describe what a bear market looks like on a line graph. But you don’t have to be a Wall Street pro to understand them. There’s the V, the U, and the dreaded L. So which letter describes the current market downturn as the coronavirus outbreak plays out? Is it too early to tell? MoneyWise host, Rob West, sits down with economist Jerry Bowyer to find that out and much more. Jerry is the chief economist at Vident Financial and today he’ll share his perspective on the market and economic trends we’re seeing now

According to Mr. Bowyer, what we’re dealing with now could remain for a little bit. We’re witnessing a purging of the economy. But we will ultimately recoverit just may not be as quickly as we got into the situation.

We’re not in a conventional recessionbut this can be a good thing! And hard times test us.

We’re not an economy that runs on sporting events and movie theaters, though they make up a big part of our culture. So we can reopen a whole lot of the economy now with other things and take time, later, to open up the entertainment portion of our country (where people are indoors packed together). We can have a whole lot of recovery without those things.

We’re facing even more unprecedented national debt now in light of the recent fiscal stimulus. We spent, borrowed, and printed our way through this crisisand it worked! And the markets have generally responded favorably to that. But we built countless bubbles to get there. Mr. Bowyer is concerned about the mid- and long-term effect of this enormous debt.

On today’s program we also answer your questions:

What do you think about buying gold?

Should we buy a truck and travel trailer with the cash we have saved in order to better save for a house later?

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

Analysts use three letters to describe what a bear market looks like on a line graph. But you dont have to be a Wall Street pro to understand them. Theres the V, the U, and the dreaded L. So which letter describes the current market downturn as the coronavirus outbreak plays out? Is it too early to tell? MoneyWise host, Rob West, sits down with economist Jerry Bowyer to find that out and much more. Jerry is the chief economist at Vident Financial and today hell share his perspective on the market and economic trends were seeing now

According to Mr. Bowyer, what were dealing with now could remain for a little bit. Were witnessing a purging of the economy. But we will ultimately recoverit just may not be as quickly as we got into the situation.

Were not in a conventional recessionbut this can be a good thing! And hard times test us.

Were not an economy that runs on sporting events and movie theaters, though they make up a big part of our culture. So we can reopen a whole lot of the economy now with other things and take time, later, to open up the entertainment portion of our country (where people are indoors packed together). We can have a whole lot of recovery without those things.

Were facing even more unprecedented national debt now in light of the recent fiscal stimulus. We spent, borrowed, and printed our way through this crisisand it worked! And the markets have generally responded favorably to that. But we built countless bubbles to get there. Mr. Bowyer is concerned about the mid- and long-term effect of this enormous debt.

On todays program we also answer your questions:

What do you think about buying gold?

Should we buy a truck and travel trailer with the cash we have saved in order to better save for a house later?

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.

You won’t find many silver linings in the dark cloud that is the coronavirus outbreak, but there’s one that could help nonprofit organizations struggling with reduced donations, and get you a break on your 2020 tax return. Buried in the 900 pages of the CARES Act passed by Congress last month lies a nearly hidden provision available to most taxpayers. Financial planner and teacher Rob West shares that with us today.

90-percent of taxpayers no longer can itemize their deductions because the standard deduction was doubled starting in tax year 2018. It went from $6,500 to $12,000 for individual filers and from $13,000 to $24,000 for joint returns.

Withreduced revenue churches, food pantries, and other charitable organizations are being called on more than ever to help those who’ve been financially devastated by the coronavirus outbreak.

The CARES Act provides some tax relief for donors and makes it easier to give and save a little money on taxes at the same time.

If you make cash contributions to a qualified 501c3 nonprofit organization

With services canceled due to social distancing many churches are experiencing a drop in giving because collection plates aren’t being passed around. So mail in your tithes or use your church’s online giving option if it has one.

The $300 deduction in the CARES Act specifically excludes contributions made to donor advised funds like the Giving Funds managed by the National Christian Foundation.

In today’s show we also answer your questions:

We recently sold our house and paid off our first and second mortgage. We had a hard inquiry on our credit because we had to get internet at our new location. My credit score dropped 40-50 points. Is this normal?

I own a small business. How do I calculate tithe on my business earnings?

We live on a budget and have all we need. I received the stimulus check and don’t feel like I need it. What should I do with it?

I have been required to take distributions from my IRA. I heard you talking about taking distributions and donating it to a charitable organization and then you don’t have to pay taxes on this money. Is that true?

How much emergency savings do you need when you are retired?

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

You wont find many silver linings in the dark cloud that is the coronavirus outbreak, but theres one that could help nonprofit organizations struggling with reduced donations, and get you a break on your 2020 tax return. Buried in the 900 pages of the CARES Act passed by Congress last month lies a nearly hidden provision available to most taxpayers. Financial planner and teacher Rob West shares that with us today.

90-percent of taxpayers no longer can itemize their deductions because the standard deduction was doubled starting in tax year 2018. It went from $6,500 to $12,000 for individual filers and from $13,000 to $24,000 for joint returns.

Withreduced revenue churches, food pantries, and other charitable organizations are being called on more than ever to help those whove been financially devastated by the coronavirus outbreak.

The CARES Act provides some tax relief for donors and makes it easier to give and save a little money on taxes at the same time.

If you make cash contributions to a qualified 501c3 nonprofit organization

With services canceled due to social distancing many churches are experiencing a drop in giving because collection plates arent being passed around. So mail in your tithes or use your churchs online giving option if it has one.

The $300 deduction in the CARES Act specifically excludes contributions made to donor advised funds like the Giving Funds managed by the National Christian Foundation.

In todays show we also answer your questions:

We recently sold our house and paid off our first and second mortgage. We had a hard inquiry on our credit because we had to get internet at our new location. My credit score dropped 40-50 points. Is this normal?

I own a small business. How do I calculate tithe on my business earnings?

We live on a budget and have all we need. I received the stimulus check and dont feel like I need it. What should I do with it?

I have been required to take distributions from my IRA. I heard you talking about taking distributions and donating it to a charitable organization and then you dont have to pay taxes on this money. Is that true?

How much emergency savings do you need when you are retired?

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.

Surveys vary widely on the percentage of people who don’t budget. One says its as high as 66%. Another, just half that. But either way, an awful lot of Americans spend without a plan. Today on MoneyWise Rob West and Steve Moore tell you why. Next, they answer your questions at (800) 525-7000 and [email protected] about the following:

-I have an 8-month-old daughter. In Florida, there is a prepaid tuition program. Is that the best way to save for college?

-My sister and I inherited 2 cemetery lots. Neither of us will use them. I have the titles to them, but the cemetery won’t buy them back. What can I do with them?

-I am in the process of looking for a new church home. I always set aside part of my income for tithe, but I’m not sure where to give it while I’m in between churches.

-I was recently told that whole life insurance is not a good investment. My husband and I have had our policy for more than 20 years. Should we drop it?

Be sure to check out our new website at moneywise.org to connect with a MoneyWise Coach or access our books, videos, or any of our free helpful resources.You can also find us on Facebook. Thanks for your prayerful and financial support that helps keep MoneyWise on the air.And if you'd like to help, just go to the website and click 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

Surveys vary widely on the percentage of people who dont budget. One says its as high as 66%. Another, just half that. But either way, an awful lot of Americans spend without a plan. Today on MoneyWise Rob West and Steve Moore tell you why. Next, they answer your questions at (800) 525-7000 and [email protected] about the following:

-I have an 8-month-old daughter. In Florida, there is a prepaid tuition program. Is that the best way to save for college?

-My sister and I inherited 2 cemetery lots. Neither of us will use them. I have the titles to them, but the cemetery wont buy them back. What can I do with them?

-I am in the process of looking for a new church home. I always set aside part of my income for tithe, but Im not sure where to give it while Im in between churches.

-I was recently told that whole life insurance is not a good investment. My husband and I have had our policy for more than 20 years. Should we drop it?

Be sure to check out our new website at moneywise.org to connect with a MoneyWise Coach or access our books, videos, or any of our free helpful resources.You can also find us on Facebook. Thanks for your prayerful and financial support that helps keep MoneyWise on the air.And if you'd like to help, just go to the website and click the Donate tab at the top of the page.

So did you hear the one about the guy whose credit score was so bad that he got a credit card offer in the mail that was pre-declined? Your finances shouldn’t be a laughing matter. But our host, Kingdom Advisors President Rob West, helps us get serious about a very important number that affects our money.

Credit scores have a direct impact on what you’ll pay in interest on a mortgage, credit cards and other loans, and possibly whether you get credit at allbanks and other lenders use this three-digit credit score to make those determinations. Also, your credit score can affect how much you pay for auto insurance, whether you’ll be able to rent an apartment, and even whether you get hired for a job.

Your bank or credit card issuer provides a free credit score check. Log in to your bank or credit card account, then, in many cases, you can get your credit score with just a few clicks.

You may see several different credit scores depending on which company you use. FICO is probably the most common, although other companies are entering that space. Your FICO score can range from 300 to 850 and anything below 600 means you’ll have difficulty getting credit. 740 to 800 is considered very good. Anything above 800 means you are a rare individual, indeed. Unfortunately, a perfect 850 won’t earn you extra brownie points with lenders.

The very best thing you can do to improve your credit score is to simply pay your bills on time, in full, every month. That makes up what’s called your payment history35% of your score. If you can’t pay the full balance, make sure you pay at least the minimum each month; but extra is always better.

We mentioned how your credit score is drawn from your credit report. You can also get a free credit report from each of the reporting bureaus once a year atAnnualCreditReport.com.

On today’s program we also answer your questions:

Should we more quickly pay off our house or instead save for retirement?

What are your thoughts on reverse mortgages?

I just paid off my house. I’d like to offer encouragement as to how I did that!

I have a lot of credit card debt. What do you think about taking out a personal loan to pay off this debt.

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

So did you hear the one about the guy whose credit score was so bad that he got a credit card offer in the mail that was pre-declined? Your finances shouldnt be a laughing matter. But our host, Kingdom Advisors President Rob West, helps us get serious about a very important number that affects our money.

Credit scores have a direct impact on what youll pay in interest on a mortgage, credit cards and other loans, and possibly whether you get credit at allbanks and other lenders use this three-digit credit score to make those determinations. Also, your credit score can affect how much you pay for auto insurance, whether youll be able to rent an apartment, and even whether you get hired for a job.

Your bank or credit card issuer provides a free credit score check. Log in to your bank or credit card account, then, in many cases, you can get your credit score with just a few clicks.

You may see several different credit scores depending on which company you use. FICO is probably the most common, although other companies are entering that space. Your FICO score can range from 300 to 850 and anything below 600 means youll have difficulty getting credit. 740 to 800 is considered very good. Anything above 800 means you are a rare individual, indeed. Unfortunately, a perfect 850 wont earn you extra brownie points with lenders.

The very best thing you can do to improve your credit score is to simply pay your bills on time, in full, every month. That makes up whats called your payment history35% of your score. If you cant pay the full balance, make sure you pay at least the minimum each month; but extra is always better.

We mentioned how your credit score is drawn from your credit report. You can also get a free credit report from each of the reporting bureaus once a year atAnnualCreditReport.com.

On todays program we also answer your questions:

Should we more quickly pay off our house or instead save for retirement?

What are your thoughts on reverse mortgages?

I just paid off my house. Id like to offer encouragement as to how I did that!

I have a lot of credit card debt. What do you think about taking out a personal loan to pay off this debt.

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.

Anyone can experience financial hardship at any time. It’s a great reminder that God is our ultimate Provider. He’s promised to meet our needs and He’s always faithful. Still He expects us to do our part.Preparing for lean times is not only common sense it’s backed up by God’s Word. So what can you do to get ready? Financial planner and teacher Rob West has a list of things to get you started.

Proverbs 6: Go to the ant, consider her ways, and be wise. Without having any chief, officer, or ruler, she prepares her bread in summer and gathers her food in harvest.

Genesis 41: and the seven years of famine began, just as Joseph had said. There was famine in all the other lands, but in the whole land of Egypt there was food.

Day One: Take five minutes to sign up for a personal finance newsletter or blog.

Day Two: Make a to do list of 10 financial tasks you’ve been putting off.

Day Three: Do something. Pick one thing from your financial to do list and just do it. That’ll give you the satisfaction of crossing it off your list.

Day Four: Set up a system to track your spending.

Day Five: Try to identify one area a week where you can trim or cut something altogether.

Day Six: Work up your Mayday Budget.

Day Seven: Take some time to reflect and meditate on God’s Financial principles.

Philippians 4:19. It reads,And my God will supply every need of yours according to his riches in glory in Christ Jesus.

In today’s show we also answer your questions:

I have a farm and some rental property and about 40K in liquid reserves. Should we pay off one of these or buy a new property to bring in more money?

Should I withdraw my savings account?

Is it a smart to refinance now?

How do you know when it is smart to cash out a QDRO account?

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

Anyone can experience financial hardship at any time. Its a great reminder that God is our ultimate Provider. Hes promised to meet our needs and Hes always faithful. Still He expects us to do our part.Preparing for lean times is not only common sense its backed up by Gods Word. So what can you do to get ready? Financial planner and teacher Rob West has a list of things to get you started.

Proverbs 6: Go to the ant, consider her ways, and be wise. Without having any chief, officer, or ruler, she prepares her bread in summer and gathers her food in harvest.

Genesis 41: and the seven years of famine began, just as Joseph had said. There was famine in all the other lands, but in the whole land of Egypt there was food.

Day One: Take five minutes to sign up for a personal finance newsletter or blog.

Day Two: Make a to do list of 10 financial tasks youve been putting off.

Day Three: Do something. Pick one thing from your financial to do list and just do it. Thatll give you the satisfaction of crossing it off your list.

Day Four: Set up a system to track your spending.

Day Five: Try to identify one area a week where you can trim or cut something altogether.

Day Six: Work up your Mayday Budget.

Day Seven: Take some time to reflect and meditate on Gods Financial principles.

Philippians 4:19. It reads,And my God will supply every need of yours according to his riches in glory in Christ Jesus.

In todays show we also answer your questions:

I have a farm and some rental property and about 40K in liquid reserves. Should we pay off one of these or buy a new property to bring in more money?

Should I withdraw my savings account?

Is it a smart to refinance now?

How do you know when it is smart to cash out a QDRO account?

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.