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

Theres nothing like a crisis to make investors question their long-term strategies. Wall Streets recent correction was the result of panicked investors moving their money to the sidelines. Rob West and Steve Moore talk with investing expert Mark Biller from Sound Mind Investing to get an overview of events and what we should learn from them.Here are some of the takeaways:

The market was already up roughly 40% from the lows of December 2018. Thats an awfully big run in one direction, so it isnt surprising that we would see a correction. It just happened that the Coronavirus came along and provided a compelling reason for the market to panic.But its important to recognize that, although it erased about four months worth of gains in a week and a half, that should be viewed in light of a bull market that lasted 11 years.

In the bull market of the past decade, weve had five other corrections of between 10-20 percent - in 2010, 2011, 2015-16, and 2018. So February was the sixth correction of this type in the past 11 years - which is almost exactly the historical average of one every 1.5 - 2 years.

Our baseline advice is always the same: Everything depends on having a long term investing plan and sticking to it. Thats why we always say people need to have at least a 5-year investing horizon if theyre going to have money in the stock market. That way, in case of a bear market, stock prices have time to recover before you would need to start taking withdrawals from your portfolio.But because most market corrections DONT follow through to become bear markets, most investors are better off not trying to react when these scary downturns come along.

The upside of corrections and bear markets is they are actually great opportunities for long term investors who are building a nest egg by dollar-cost averaging. Bear markets bring stock prices down to more affordable levels so buyers get more shares for their money. That means during a bear market, your regular, fixed contributions to a 401k or IRA will buy you more shares than they did during the prior bull market. When the bear market eventually ends, and the next bull market gets underway, all those shares you bought cheap will gain in value.

The coronavirus and subsequent market downturn didnt catch God by surprise. He remains in firm control of events.

Next, they answer questions at (800) 525-7000 and [email protected] about the following:

Im trying to pay down $8000 in credit card debt thats on a 0% card.The 0% rate is about to end.Should I transfer the remaining balance to another zero percent card and pay the 3% transfer fee, deplete my savings, or cash out my whole life insurance policy to pay it off?

Retired couple is living on both social security income and disability compensation from the Veterans Administration.Will the social security benefits be decreased due to the other income theyre receiving?

Remember to visit our website at MoneyWise.org to hear past programs, connect with a MoneyWise Coach, learn how to become a MoneyWise Coach, or access our books and many free helpful resources.If youre active on social media, you can find us on Facebook (MoneyWise Media) and join the conversation. 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.

Changes are coming to the way you’ll save and spend your retirement funds, some good, some not so much. We’re reminded of that ancient saying, Change is inevitable except from a vending machine. But seriously, folks, the SECURE Act, signed into law in December, makes significant changes to qualified retirement plans like the 401k and IRA among other things. Financial planner and teacher Rob West breaks them down for us.

SECURE Act stands for Setting Every Community Up for Retirement Enhancement.

One of the more significant changes raises the age you have to start taking RMDs,required minimum distributions, from 70 to 72.

The maximum age you can contribute to your traditional IRA is gone.

The stretch IRA has been eliminated.

Starting next year, small companies will be allowed to join together into a group for 401k purposes.

Part of the SECURE Act now allows parents to withdraw up to $5,000 from a retirement account, penalty free, for a full year after a birth or adoption.

In today’s show we also answer your questions:

I have a 401K that I would like to give to someone who is purchasing a home. What is the best way to do this and what are the tax ramifications to this?

My wife and I are retiring early. We have 401Ks with our employers. They are set at a 20-30-target fund. Since we won’t be touching it for a while should we change it?

I have a lot of credit card debt. What is the best way to start getting out of this?

I am living with my dad to take care of him. We are both debt free. I have profits from the sale of my home. What is the best way to invest this money?

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

Changes are coming to the way youll save and spend your retirement funds, some good, some not so much. Were reminded of that ancient saying, Change is inevitable except from a vending machine. But seriously, folks, the SECURE Act, signed into law in December, makes significant changes to qualified retirement plans like the 401k and IRA among other things. Financial planner and teacher Rob West breaks them down for us.

SECURE Act stands for Setting Every Community Up for Retirement Enhancement.

One of the more significant changes raises the age you have to start taking RMDs,required minimum distributions, from 70 to 72.

The maximum age you can contribute to your traditional IRA is gone.

The stretch IRA has been eliminated.

Starting next year, small companies will be allowed to join together into a group for 401k purposes.

Part of the SECURE Act now allows parents to withdraw up to $5,000 from a retirement account, penalty free, for a full year after a birth or adoption.

In todays show we also answer your questions:

I have a 401K that I would like to give to someone who is purchasing a home. What is the best way to do this and what are the tax ramifications to this?

My wife and I are retiring early. We have 401Ks with our employers. They are set at a 20-30-target fund. Since we wont be touching it for a while should we change it?

I have a lot of credit card debt. What is the best way to start getting out of this?

I am living with my dad to take care of him. We are both debt free. I have profits from the sale of my home. What is the best way to invest this money?

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.

A husband and wife may disagree on many things but they must absolutely agree on thisnever, ever give up. That’s a quote from the ancient philosopher, Anonymous.Kidding aside, many things can cause disagreement in a marriage but money doesn’t have to be one of them. Today on MoneyWise, host Rob West chats with relationship expert Shaunti Feldhahn about money and marriage.

The question should be, How do you have a great relationship around money and what is it that gets in the way of that?

The problems aren’t so much about the money as it is how money makes us feel.

About 77% of us can’t talk about money well. Why is that?

One of the main reasons for friction around money is that we just don’t value what our spouse values and we don’t recognize that we think this way.

Most men and women tend to have very different sets of primary fears and insecurities around money.

Recognize what causes our defensive feelings. When are those times that I get frustrated or irritated? Make note of this. Is is a worry or an expectation not being met? Let your spouse know!

If you can come together around money, you can do the budget.

Shaunti and Jeff Feldhahn are authors ofThriving in Love and Money: 5 Game-Changing Insights about Your Relationship,andYour Money, and Yourself.

On today’s program we also answer your questions:

Do I no longer have to file taxes because I’m on Social Security?

I’m a 58-year-old widow on disability and I have a couple of 401(k)s. My car’s paid for, I have access to an emergency fund, etc. What adivce can you give to help me live on what income I have?

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

A husband and wife may disagree on many things but they must absolutely agree on thisnever, ever give up. Thats a quote from the ancient philosopher, Anonymous.Kidding aside, many things can cause disagreement in a marriage but money doesnt have to be one of them. Today on MoneyWise, host Rob West chats with relationship expert Shaunti Feldhahn about money and marriage.

The question should be, How do you have a great relationship around money and what is it that gets in the way of that?

The problems arent so much about the money as it is how money makes us feel.

About 77% of us cant talk about money well. Why is that?

One of the main reasons for friction around money is that we just dont value what our spouse values and we dont recognize that we think this way.

Most men and women tend to have very different sets of primary fears and insecurities around money.

Recognize what causes our defensive feelings. When are those times that I get frustrated or irritated? Make note of this. Is is a worry or an expectation not being met? Let your spouse know!

If you can come together around money, you can do the budget.

Shaunti and Jeff Feldhahn are authors ofThriving in Love and Money: 5 Game-Changing Insights about Your Relationship,andYour Money, and Yourself.

On todays program we also answer your questions:

Do I no longer have to file taxes because Im on Social Security?

Im a 58-year-old widow on disability and I have a couple of 401(k)s. My cars paid for, I have access to an emergency fund, etc. What adivce can you give to help me live on what income I have?

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 rules for getting out of debt are pretty simple: stop charging things and start paying it offnot a difficult thing to grasp. But like so many things in life, simple doesn’t always equate to easy. It’s a question we get a lot, I have $10,000 or more in debt. How do I pay it off? Today our host, financial planner, and teacher Rob West tells you how to make that happen.

Interest is the process that slows down freedom from debt. So first, call your credit card issuer and ask for a lower rate. You’ll increase your chances of getting it if you have an offer for a balance transfer to another card in hand.

Transferring balances should be done with a great deal of caution. You shouldn’t even consider it unless you’re living on a budget and within your means. That means you’ve stopped using the credit card for at least six months.

Start paying more than the minimum on your credit cards. Employ the snowball method. Put half of your discretionary income on top of the minimum payment for the card or debt with the lowest balance. Don’t worry about interest rates. Pay off the smallest balance first to get the psychological boost of making headway on your debt.

Putthe other half of your discretionary income to work building up your emergency fund. Start putting money aside for emergencies. Ultimatelyand we realize this will take awhileyou want to have 3 to 6 months living expenses in liquid assets where you can get to it if you need it.

Leave home without it. Make it harder to spend money. Hide your credit cards. You can also switch to an all-cash system. Avoid the idea that you can use plastic to buy things. Studies show you’ll automatically spend less when using real dollars instead.

Use it and lose it. If at any time in this process you find yourself using a credit card you have to get rid of it or you’ll never make any progress.

On today’s program we also answer your questions:

Is inheritance considered income for federal income tax purposes?

Will I avoid finance charges if I pay my car off early? Go toKBB.comto learn more about the current value of your vehicle.

I’m recently retired. Should I pay off my mortgage using my Thrift Savings Plan?

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 rules for getting out of debt are pretty simple: stop charging things and start paying it offnot a difficult thing to grasp. But like so many things in life, simple doesnt always equate to easy. Its a question we get a lot, I have $10,000 or more in debt. How do I pay it off? Today our host, financial planner, and teacher Rob West tells you how to make that happen.

Interest is the process that slows down freedom from debt. So first, call your credit card issuer and ask for a lower rate. Youll increase your chances of getting it if you have an offer for a balance transfer to another card in hand.

Transferring balances should be done with a great deal of caution. You shouldnt even consider it unless youre living on a budget and within your means. That means youve stopped using the credit card for at least six months.

Start paying more than the minimum on your credit cards. Employ the snowball method. Put half of your discretionary income on top of the minimum payment for the card or debt with the lowest balance. Dont worry about interest rates. Pay off the smallest balance first to get the psychological boost of making headway on your debt.

Putthe other half of your discretionary income to work building up your emergency fund. Start putting money aside for emergencies. Ultimatelyand we realize this will take awhileyou want to have 3 to 6 months living expenses in liquid assets where you can get to it if you need it.

Leave home without it. Make it harder to spend money. Hide your credit cards. You can also switch to an all-cash system. Avoid the idea that you can use plastic to buy things. Studies show youll automatically spend less when using real dollars instead.

Use it and lose it. If at any time in this process you find yourself using a credit card you have to get rid of it or youll never make any progress.

On todays program we also answer your questions:

Is inheritance considered income for federal income tax purposes?

Will I avoid finance charges if I pay my car off early? Go toKBB.comto learn more about the current value of your vehicle.

Im recently retired. Should I pay off my mortgage using my Thrift Savings Plan?

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.

Don’t you just love that new car smell? Some people say they’d use it as a cologne if they could buy it in a bottle. But with the average new car price now at $37,000, well, that’s mighty expensive perfume. New cars really do have a wonderful aroma, but there may be some add-ons in the sales contract that don’t quite smell right. Our host Rob West tells you what to look out for.

Some fees are unavoidable like the destination charge, documentation fee, state sales tax, and title and registration fee.

A dealer may insist on charging you for an advertising fee but it should be listed on the vehicle in plain view. If they spring it on you when you’re signing papers, do your best to have it taken out.

There are many fees and charges that should always be avoided such as, a dealer preparation charge, a fabric protection fee, vehicle identification number etching, paint protection and rustproofing and undercoating fees.

In today’s show we also answer your questions:

I heard you don’t have to take your required mandatory distribution until age 72. Is this correct?

What is the difference between and IRA and an annuity? When I am 72, can I roll the IRA into something else?

I became a pastor this past year. What can I claim on my taxes?

Is Instacart a good financial choice for groceries?

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

Dont you just love that new car smell? Some people say theyd use it as a cologne if they could buy it in a bottle. But with the average new car price now at $37,000, well, thats mighty expensive perfume. New cars really do have a wonderful aroma, but there may be some add-ons in the sales contract that dont quite smell right. Our host Rob West tells you what to look out for.

Some fees are unavoidable like the destination charge, documentation fee, state sales tax, and title and registration fee.

A dealer may insist on charging you for an advertising fee but it should be listed on the vehicle in plain view. If they spring it on you when youre signing papers, do your best to have it taken out.

There are many fees and charges that should always be avoided such as, a dealer preparation charge, a fabric protection fee, vehicle identification number etching, paint protection and rustproofing and undercoating fees.

In todays show we also answer your questions:

I heard you dont have to take your required mandatory distribution until age 72. Is this correct?

What is the difference between and IRA and an annuity? When I am 72, can I roll the IRA into something else?

I became a pastor this past year. What can I claim on my taxes?

Is Instacart a good financial choice for groceries?

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.

It happens to most of us sooner or later: a family member asks for financial help. If your first thought is to write a check, then put down the pen a minute and ask yourself, Is this helping or hurting? A family member in needregardless of the circumstancesprovides an opportunity not only to help, but even to change the life of a loved one for the better. Financial planner and teacher Rob West has some great ways you can do that.

Consider the circumstances that led the family member (or it could also be a friend) to ask you for money. Is this a short term problem or is it ongoing?

Decide how you’ll help. You have two basic choices: a gift or a loan. Whichever you decide, make the terms clear to the person you’re helping.

Scripture says the borrower becomes slave to the lender, so loaning money to family or friends changes the nature of that relationship. That’s why I think it’s better to offer a gift and be done with it.

You could also give the person a job. That could be chores around the house or any number of things if you own a business.

What if the person asking for money is often in trouble or maybe this isn’t the first time they’ve asked for help? One option is to just say no. But it’s important to explain why. In a loving way, explain that you believe it’d do more harm than good by enabling the person to keep repeating the pattern.

If you decide to help someone who’s often in financial trouble, decide how you’ll provide the money. If you can’t trust the person to handle it wisely, consider making a direct payment for a bill, if that’s the reason they’re asking for help. Or you could provide groceries instead of cash.

You could also help (and perhaps help a great deal) by putting conditions on the money. Insist that the person sit down with you to go over their finances to make up a budget and to develop a plan for saving and paying down debt.

On today’s program we also answer your questions:

I have an after-tax annuity about to mature. I retire in five years. Should I take it out and put it into something more stable?

When you take the money from your IRA that you’re required to take when you’re 71, do you tithe on that?

What are the primary contributors to my credit score?

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