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

Wisdom, along with an inheritance, is good. Wisdom is protection just as money is protection. Thats Ecclesiastes 7telling us that leaving wealth for the next generation is good indeed but passing on wisdom is even better. And its a subject most estate planners never talk about: how to transfer wisdom, not just money, to your heirs. Today on MoneyWise, Rob West talk to Jeff Rogers, author ofCreate a Thriving Family Legacy: How to Share your Wisdom and Wealth with your Children and Grandchildren.

Share your family story with your children and what it was like growing up. Its about telling you story in the context of Gods storytruly HIS-story!

Decide on the key things youd like to pass on to your children and grandchildreneven mistakes youve made along the way. We call this the University of Hard Knocks!

Decide on an inspirational challenge for your children. Challenge them to become all that they can be and all that the Lord wants them to be.

Starting a family legacy starts with getting clarity and alignment about whats important to you and where you want your family to go. One thing you can do is to begin crafting your family vision, mission, and core values or guiding principles statements to inspire and guide children to serve as true north for future generations.

Another part of building a strong family legacy is what I call Leaving nothing left unsaid that you will wish you had saidthings like I love you or Im so proud of you, or in some cases, Im sorry, will you forgive me?

Effective wealth transfer is important, but intentional wisdom transfer and the transfer of family values, virtues and life lessons is even more important.

In todays show we also answer your questions:

What do you think of credit cards?

Ive got cars that are now paid off. Whats the rule of thumb about how much money to put in them for maintenance vs. just buying a new car?

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.

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.

So you think you’ve done everything to set your financial ship aright. You’ve created a spending plan and have started paying down debt; you’ve even learned to say no to impulse buying. Good for you! That’s a great start. But are you ready for new challenges? Kingdom Advisors President, Rob West, has a financial to-do list of things to help get yourself back in the black.

Do a complete shopping ban. Decide on a period of timesay, two weeksand commit to not spending a dime on anything but the absolute essentials. You’ll learn a lot about your spending habits and will learn how you’ve been blowing money on those things you don’t need.

Sell stuff. Set a goal of selling two- or three-hundred dollars’ worth of things that are lying around that you no longer use. But remember that spending bandon’t just take the money from your sale to go buy more stuff that’ll end up back in the garage again!

Set a goal to get rid of 25% of your wardrobe. Next, take that clothing to Goodwill or other thrift stores where it can help someone else. You can even deduct the fair market value of your donation; just make sure to get an itemized receipt from the collection center.

Try to live on one income. If you and your spouse both work, try to save one entire salary and live on the other. This will take time and you might not get there. You may only be able to save part of the second salary but this is definitely a goal worth setting.

Develop a spending plan. Start saving to set a preliminary goal of $1,500. This will become a fully-funded emergency fund when you have at least 3 months living expenses in it.

In today’s show we also answer your questions:

How quickly are my credit scores updated after I pay a card or loan off?

My college-age daughter has $25,000 in savings. How best should she invest or use it? Do you have any strategy ideas?

I gotta lot a debt! Do credit counseling programs help?

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 you think youve done everything to set your financial ship aright. Youve created a spending plan and have started paying down debt; youve even learned to say no to impulse buying. Good for you! Thats a great start. But are you ready for new challenges? Kingdom Advisors President, Rob West, has a financial to-do list of things to help get yourself back in the black.

Do a complete shopping ban. Decide on a period of timesay, two weeksand commit to not spending a dime on anything but the absolute essentials. Youll learn a lot about your spending habits and will learn how youve been blowing money on those things you dont need.

Sell stuff. Set a goal of selling two- or three-hundred dollars worth of things that are lying around that you no longer use. But remember that spending bandont just take the money from your sale to go buy more stuff thatll end up back in the garage again!

Set a goal to get rid of 25% of your wardrobe. Next, take that clothing to Goodwill or other thrift stores where it can help someone else. You can even deduct the fair market value of your donation; just make sure to get an itemized receipt from the collection center.

Try to live on one income. If you and your spouse both work, try to save one entire salary and live on the other. This will take time and you might not get there. You may only be able to save part of the second salary but this is definitely a goal worth setting.

Develop a spending plan. Start saving to set a preliminary goal of $1,500. This will become a fully-funded emergency fund when you have at least 3 months living expenses in it.

In todays show we also answer your questions:

How quickly are my credit scores updated after I pay a card or loan off?

My college-age daughter has $25,000 in savings. How best should she invest or use it? Do you have any strategy ideas?

I gotta lot a debt! Do credit counseling programs help?

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.

According toMarriage.com, money is the second leading cause of divorce, after infidelity, and while money problems may not be the primary reason that couples split up, it’s often the last straw. Well, that’s the conventional wisdom, but today we’ll look at adifferentkind of wisdom to keep your marriage strong and healthy wisdom straight from the Bible. Our host Rob West talks with money, andmarriage, expert Howard Dayton for that.

In marriage, arguments over money usuallyaren’targuments over money.

Ephesians 5:25:Husbands, love your wives, as Christ loved the church, and gave himself up for her.

If you’re having problems in your marriage, look to God’s Word for the answer, because it’s always in there.

In today’s show we also answer your questions:

I am about to retire. Should I take money out of my 401K and roll it into an IRA to keep it safer?

How do you calculate the required minimum distribution on a 401k?

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

According toMarriage.com, money is the second leading cause of divorce, after infidelity, and while money problems may not be the primary reason that couples split up, its often the last straw. Well, thats the conventional wisdom, but today well look at adifferentkind of wisdom to keep your marriage strong and healthy wisdom straight from the Bible. Our host Rob West talks with money, andmarriage, expert Howard Dayton for that.

In marriage, arguments over money usuallyarentarguments over money.

Ephesians 5:25:Husbands, love your wives, as Christ loved the church, and gave himself up for her.

If youre having problems in your marriage, look to Gods Word for the answer, because its always in there.

In todays show we also answer your questions:

I am about to retire. Should I take money out of my 401K and roll it into an IRA to keep it safer?

How do you calculate the required minimum distribution on a 401k?

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.

Have you ever beensoclever about something that you outsmarted yourself? Usually, that’s a bad thing but, when you follow the 30-day spending rule, outsmarting yourself could be like money in the bank.Today on MoneyWise, we’re taking that rule to the next level, and it’s all to help you outsmart yourself into thinking differently about spending and saving. Our host is Kingdom Advisors President Rob West.

The 30-day spending rule is all about curbing impulse purchases. You give yourself the freedom to make that purchase, but only if you wait 30 days.

The 30-day spending rule: Instead of just waiting to buy the item - take the money you’d need for the item you want - and you put it in your savings account.

Benefits include delayed gratification and more money towards investments.

In today’s show we also answer your questions:

How can you tell that non-profits are using charity money they correct way?

What is the best way to invest inheritance money?

The social security office has overpaid me almost 15K. What should I do?

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

Have you ever beensoclever about something that you outsmarted yourself? Usually, thats a bad thing but, when you follow the 30-day spending rule, outsmarting yourself could be like money in the bank.Today on MoneyWise, were taking that rule to the next level, and its all to help you outsmart yourself into thinking differently about spending and saving. Our host is Kingdom Advisors President Rob West.

The 30-day spending rule is all about curbing impulse purchases. You give yourself the freedom to make that purchase, but only if you wait 30 days.

The 30-day spending rule: Instead of just waiting to buy the item - take the money youd need for the item you want - and you put it in your savings account.

Benefits include delayed gratification and more money towards investments.

In todays show we also answer your questions:

How can you tell that non-profits are using charity money they correct way?

What is the best way to invest inheritance money?

The social security office has overpaid me almost 15K. What should I do?

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.

Do you have month left over at the end of your money? Maybe a side job would help make ends meet. For a little extra income, there are plenty of part time gigs you could do, and some that you shouldn’t. If you’re strapped for cash,you might try anything to bring in just a bit more. However, the Bible is clear that followers of Christ must practice total honesty. MoneyWise host Rob West shares examples of an honest and dishonest ways to make money.

We serve a God Who is always honest and faithfulit only makes sense that He would demand that of us. 2 Timothy 2:15 leaves no wiggle room: Do your best to present yourself to God as one approved, a worker who has no need to be ashamed, rightly handling the word of truth.And 2 Corinthians 8:21 says, for we aim at what is honorable not only in the Lord's sight but also in the sight of man.

Some things may be legal but are dishonest by God’s standards. For example, did you know that you can sell your favorable credit history? There are companies that help you add complete strangers as authorized users on your credit card.

One honest way to earn extra cash is by reselling consumer goods and appliances. Granted, you have to be pretty good at finding deals for this one to work, but if you have a knack for it, you can turn it into cash.

How are some side-gigs more honest than others? One of them has you doing honest work as the middle man, using your own time and skills to find deals, making them available to the end user. The original seller is happy to get the item off his hands, you make a profit, and then the end user is happy to get the item at a mutually agreed on price. It’s a win-win-win.

In today’s show we also answer your questions:

What do you think of a 360 Performance Savings account vs. a 529 Plan for college for my children?

Using cash for pay for a carwhat kind of an account do you suggest?

Is it wise to cash in my IRAs to pay for my medical debts?

I have three roommates. What do you think of all 3 of us buying a house together?

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