Millions of American workers plan to retire this year. Many wonder if they’ll have enough to stay retired. Inflation, interest rates, the stock market and the economy in general all can have an impact on retirement planning. How much does the average retiree need to live on? We’ll tackle that question today on MoneyWise. The conventional wisdom is that after you stop working, you can live comfortably on 80-percent of your pre-retirement income. Financial planners arrive at that figure for a number of reasons. WHY YOU GENERALLY NEED LESS INCOME IN RETIREMENT Once you retire, you’ll no longer be putting 10-percent of your income into your retirement account. And since you’re no longer earning a salary, you won’t be paying 7.65-percent of it in Social Security and Medicare taxes. You’ll no longer have work-related expenses like travel and clothing. And finally, a portion of your retirement income will come from Social Security benefits. But a survey of recent retirees by T. Rowe Price found they were living on only 66-percent of their final working salary, and they reported being content. Granted, those surveyed were described as relatively affluent, but the number is still somewhat surprising. How are they doing it? It turns out that many of them saved more than 10-percent of their income during their working years. That not only increased the value of their portfolios it also trained them to watch their spending and stick to a budget. Another huge factor was making it a priority to pay off their mortgage before retiring eliminating what is usually the biggest household expense. In addition to that, successful retirees have found numerous ways to either cut their living expenses or increase their income. Here are a few examples. CUTTING EXPENSES: Some empty-nesters have looked around their unoccupied bedrooms and seen dollar signs. There are services like RoomMates4Boomers and SilverNest that can help you rent out a room in your house. COVID has put a crimp on that idea for the time being but as the pandemic eases it will become a more viable option. Many retirees naturally take to gardening as a way to get fresh air and spruce up the landscape. It’s not a big leap to put in a vegetable garden, and everything you harvest reduces your grocery bill. Do you really need two cars once you retire? You can save on insurance, registration and repair costs by getting rid of one of them. Also, at this stage of life, do you really need life insurance? It’s supposed to replace lost income if you pass. But if the kids are grown and out of the house, you no longer need to provide for them. And now that the house is paid for, do you plan to continue living there as long as possible? Most retirees want to stay in their homes, and it’s the cheapest place you can live, far cheaper than moving into an assisted living facility or nursing home. You’re more likely to be able to stay in your home if you make it safe and accessible as you age. Installing grab handles and mats in bathrooms is also a good idea. Curbless showers and walk-in bathtubs can also extend the time you’re able to care for yourself as you age. But by far the most important thing you can do to keep living at home is to exercise. Staying fit and limber is a prerequisite for taking care of yourself and staying out of a nursing home. These ideas can help you retire comfortably and probably on far less than 80-percent of working salary. LISTENER QUESTIONS On today’s program, Rob also answers listener questions: ●When is it wise to utilize debt for property investment? ●At what point does it make sense for a young couple to meet with a financial advisor? ●What is the best way to invest $5,000 when close to retirement? ●When does it make sense to cash in government savings bonds? ●What are your options if you’ve hired a contractor to build a house and find that the work is substandard? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. 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 theDonate tab on our websiteor in our app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

MoneyWise

Your Retirement Income

Car prices are high right now for both new and used vehicles. That’s leading many folks to make a big mistake when financing. Art Rainer joins Rob West today to help you avoid that mistake. MoneyWise contributor Art Rainer is vice president of The College at Southeastern and the author of many books on life and finances from a biblical perspective. The average price for a new car is now almost $46,500. That’s up 14-percent from a year ago. That’s largely because factories can’t get parts, mainly computer chips, and that’s limited production of new vehicles. That, in turn, has raised demand for used vehicles. And all of this is causing some folks to make bad decisions when financing. When it comes to cars, the best way to purchase them is with cash. However, many opt to finance their car with debt. And some of them are signing long-term (beyond 60 months or 5 years) loan agreements to get that car. According to Experian, around 25% of those who financed their car did so with a loan between 73 and 84 months. 84 months that’s 7 years! A long-term loan reduces the monthly payment, making the car appear more affordable.But the appearance of affordability is deceiving. These longer term loans are quite simply bad deals. REASONS WHY LONG-TERM LOANS ARE BAD DEALS 1. You start out underwater.This mainly applies to the purchase of new cars, which drop significantly in value as soon as you drive them off the lot. But all cars, new or used, are depreciating assets. They don't increase in value. The smaller payments in longer-term loans don’t allow you to keep up with the car’s depreciation. If you decide to sell the car before the loan is complete, you may have to bring money to the table just to get rid of it. 2. You pay a lot of interest.This happens two ways. First, your longer-term loan ensures that you’ll pay interest over a longer period of time. Consider the difference between a 30-year mortgage and a 15-year mortgage. Because the principle does not decrease as fast with a 30-year mortgage, you end up paying around two times more interest than the 15-year term. The same is true for car loans. Second, longer term car loans tend to have higher interest rates than shorter term loans, usually after the 60-month (5-year) mark. Cars are almost always bad investments, outside of their function to get you to and from where you need to go. 3. You’re more likely to make payments and pay for repairs at the same time.Even with a new, reliable brand, you’ll probably have some type of repair need in year five, six, or seven. All cars eventually wear down. This is especially true when you purchase a used car. And so while you’re spending money to repair the car, you still owe money on your car loan. The double hit can have significant consequences on your finances. THE SOLUTION? Consider the cost of the car. If possible, look for cars where you can pay cash (no debt). This means that you may not be able to purchase your dream car right now. And that’s okay. Art Rainer’s been our guest today. You can find out more about him and his books and articles on God and money atArtRainer.com. LISTENER QUESTIONS On today’s program, Rob also answers listener questions: ●How do you determine if a will or a living trust is best for you? ●What is the best way to prepay a mortgage? ●What exactly is cryptocurrency? ●How do you figure out whether it’s best to rent or buy later in life? ●What is the best way for a young adultto choose a loan to begin building credit? RESOURCES MENTIONED ●NerdWallet Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. 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 theDonate tab on our websiteor in our app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Steer Clear of Long-Term Car Loans with Art Rainer

As Christians, we have certain duties: to be obedient, generous and always honest, to be like Christ and to do His will. How does that extend to our investing? Robert Netzly joins Rob West today to discuss that. Robert Netzly is CEO ofInspire Investing, an underwriter of this program. WHAT IS THE DUTY OF A CHRISTIAN INVESTOR? Many will answer that question by referencing the Parable of the Talents in Matthew 25, believing that the answer is to be a careful but assertive investor, earning high returns while minimizing risk. There is certainly some truth to that, but that doesn’t paint a complete picture. Consider also the need to clean the inside of the cup. Matthew 23:25-28:Woe to you, teachers of the law and Pharisees, you hypocrites! You clean the outside of the cup and dish, but inside they are full of greed and self-indulgence. 26 Blind Pharisee! First clean the inside of the cup and dish, and then the outside also will be clean. What are the companies INSIDE your portfolio and what products and services are they selling? We must first ensure that we invest in activities that glorify God, avoiding investments in immoral businesses. And then we can move on to consider the outside of the cup, shrewdly managing our portfolio for optimal financial returns. EASIER SAID THE DONE? YES. BUT DOABLE. Yes, this is a higher calling, a harder job and greater responsibility than what the secular investor is faced with. But we serve a perfect God who calls us to be perfect even as He is perfect, so we shouldn’t expect obedience to be easy. Thankfully, He also promises to give wisdom to those who ask and to be with us always, even unto the end of the age. He also promises grace and forgiveness for all those who have trusted in Jesus when we inevitably fall short. A good investment steward seeks to glorify God by simultaneously ensuring the companies he or she invests in align with God’s values while also earning respectable returns. Between the two objectives of holiness and profit, the Bible tells us that we should give priority to holiness. Proverbs 16:9 clearly spells this out, Better is a little with righteousness than great revenues with injustice. COMPANIES THAT DON’T HONOR GOD Robert Netzly says one example of a company that does not honor God would beAmazon. - 16 counts of LGBT Philanthropy - 3 counts of LGBT legislation - Counts of LGBT Promotion Another bad company would be Johnson Johnson: - 1 count Abortifacients - 1 count embryonic cell research COMPANIES THAT ARE DOING GOOD IN THE WORLD A good example would beCostco: - 13 counts of positive action with 0 negative - 5 counts of positive environmental action - 5 counts of positive social; action CLEANING THE INSIDE OF THE CUP What is a good way for a Christian investor to get started cleaning the inside of his cup? A good first step is to discover what’s really going on inside your portfolio using technology likeinspireinsight.comor talking with a Christian financial advisor specially trained in biblically responsible investing likeInspire Advisors. Making a bunch of money from immoral activities does not please or honor God. Likewise, making investments in companies with good morals but terrible business results that do nothing but make bad products and lose money is also poor stewardship and is not honoring to God. The resources at InspireInvesting.com can help us find companies that are in that sweet spot, engaged in activities that honor God, but also managing their companies well and producing products and services that give a return on investment. Thanks for dropping by, Robert. LISTENER QUESTIONS On today’s program, Rob also answers listener questions: ●How can you find the best possible option for a home loan? ●Do you have to refinance your FHA mortgage to get rid of private mortgage insurance? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. 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 theDonate tab on our websiteor in our app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

The Duty of a Christian Investor With Robert Netzly

Open and honest communication between husband and wife is a key factor in the success of a marriage. That’s especially true when it comes to money. Today, Howard Dayton joins Rob West to discuss effectively communicating about money. Howard Dayton is the former host of the MoneyWise, the founder ofCompass Finances God’s Way, and the author ofMoney and Marriage God’s Way. Howard shares the following story about an experience years ago with his neighbors: I was at work one day and I got a text message from my neighbor Carlos asking to schedule an urgent meeting with him and his wife, Elsa. The next morning we all met over coffee and they described their predicament. Carlos explained, "We run into problems whenever we try to discuss money and how we're going to manage it. We both know we've got to get beyond this because of our financial situation, but also for the sake of our marriage." Carlos had been raised by parents who never discussed money in front of their children. He tended to withdraw and refuse to talk if he sensed conflict. Conversely, Elsa's parents constantly fought over finances. She reacted angrily and aggressively to problems, especially when Carlos wouldn’t discuss their money situation at all. I said I was glad they recognized the problem, and I told them you can't have a great marriage and unity in your finances without developing some great communication. I said, You've heard the saying 'Every household divided against itself will not stand,' haven't you?" Elsa said, "Sure, Abraham Lincoln, right?" I told them Jesus actually said it first and showed them Matthew 12:25. I went on to explain that the key to not being divided is to communicate well with each other and to know what God says about money and marriage. Carlos and Elsa are a snapshot of the communication challenges many couples face in a marriage. Here are a few tips to strengthen your financesandyour marriage at the same time by communicating well about money: HOW CAN MARRIED COUPLES JUMPSTART EFFECTIVE COMMUNICATION? Asking questions is a tangible way of demonstrating you care and want to understand what your spouse feels. But that’s not enough. The biggest step we can take to improve our communication with our spouse is to improve our listening skills. If we want our spouse to freely share with us, we must give undivided attention, and that takes some effort! Maintaining eye contact may be unnerving, and the temptation to jump in while our partner is talking is really hard to resist. So often we don't really listen, but we're thinking of what kind of quick solution we can present as soon as the other person stops talking! Even so, respectful listening is the key to understanding your spouse's feelings and needs. Many conflicts result from our mistaken assumptions about what others really mean. We need to be asking as many questions as necessary until we understand the other's viewpoint. And you want to ask patiently, of course, without interrupting. As you're working on your listening skills, you're building a foundation for cooperation in problem solving. BE FORTHRIGHT! When your spouse asks you a question, it’s important to say what you really mean, isn’t it? Some people are afraid to expose their real feelings, even to their spouse. Someone might say, I don't want to use a budget because they’re a hassle, when what they really mean is, I'm afraid a budget will stop me from spending what I want. But sharing honest feelings enables us to identify differences so we can talk through them. Doing so creates the kind of atmosphere it takes to grow a healthier marriage. CHOOSE THE RIGHT TIME AND PLACE Picking the right time and place to talk about money is really important. Ecclesiastes 3 says, 'There is a time to be silent and a time to speak. turn off your phones, leave off the TV, and get away from any other distractions. Pick a time when you're not tired or stressed certainly not just after paying the bills! Be willing to say, I agree that this is important, but we need to wait until later to talk about it. Let's do it tomorrow after dinner. And by the way, make sure you talk in person. Don't try to solve conflicts by email or texting. Neither of these allows you to observe each other's body language and heart, which is a huge part of communication. DON’T HIDE ANYTHING! Unfortunately, roughly half of all couples hide financial assets from each other. Some people think that deceiving their mate about spending or financial decisions is nothing more than a harmless secret, an innocent white lie. But it’s deadly to the relationship. Proverbs 12:22 says, Lying lips are an abomination to the Lord, but those who act faithfully are his delight. If you’ve withheld spending from your spouse, first, pray that the Lord would prepare him or her to receive this news well. Second, develop a plan to pay off the debt. Third, meet with your spouse and express your desire to be completely honest. Disclose the debt and the plan to pay it off. Seek forgiveness and ask your spouse to meet with you every week for a "money date" to review your finances so this will never happen again. SET ASIDE BAGGAGE AND BEWARE OF ASSUMPTIONS And if one or both spouses was previously married, there’s a tendency to impose on your new spouse some of the emotional baggage of your former mate. If your previous spouse spent too much or was dishonest with money or was not a good provider, do not presume your new partner will act similarly. Set aside any residue you have from your parents or from a previous marriage. Be careful not to distrust your new mate unfairly because of what happened in an earlier marriage. MAKE TIME FOR REGULAR MONEY DATES’ We mentioned money dates a short time ago. Howard always recommends a weekly money date. Select an appropriate time during the week to focus on your finances by praying together, reviewing your income and spending for the week, and by celebrating the progress the Lord has enabled you to make. These weekly money dates are vital because they establish the habit of regular financial conversations when there’s no crisis. Many couples don't begin a conversation about money unless a problem has surfaced and the panic button has already been punched. Tension can reach the boiling point in a hurry when blame and defensiveness take over. That's when it gets personal and hurtful, with a couple screaming at each other instead of working to resolve the problem. PRAY TOGETHER! Praying together should be the first thing you do on your money date. Jesus makes this remarkable promise in Matthew 18:19-20: "If two of you on earth agree about anything you ask for, it will be done for you by my Father in heaven. For where two or three come together in my name, there I am with them. When a couple prays together about their finances, they learn what is important to their mate, and they invite the God of the universe to be personally involved with their earning and spending. It’s impossible to fight when you’re praying together! LISTENER QUESTIONS On today’s program, Rob also answers listener questions: ●How can you make sure that your 401k investments line up with your Christian values? ●Is there a way to invest a rollover IRA strictly in dividend-producing companies? RESOURCES MENTIONED ●Inspire Investing ●Eventide Investments ●Praxis Mutual Funds Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. 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 theDonate tab on our websiteor in our app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Marriage Communication With Howard Dayton

The word crypto itself means secret or hidden. So it’s no wonder that so many people are confused about cryptocurrency. Today, investing expert Mark Biller joins Rob West to answer common questions about cryptocurrency. Mark Biller is executive editor atSound Mind Investing. The primary focus of crypto, at least at this point, is creating a new, digital financial system. It’s bigger than just trying to come up with a new form of money, but since everyone is familiar with money, that’s a good place to start. The key to this new kind of money is that it’s decentralized. It’s not controlled by governments as with other currencies. THE BEGINNING In 2008, an anonymous white paper was released that outlined a new digital currency called Bitcoin.This vision was of a peer-to-peer currency outside the control of any government. Somewhat amazingly, this whole white paper was only 9 pages long anyone can download it and read it. Needless to say, this Bitcoin idea has captured the imagination of millions of people. Besides being decentralized and outside of any government control, Bitcoin checks all of the boxes of functional money: durability, portability, fungibility, scarcity, divisibility, and recognizability. And importantly and in direct contrast to the inflationary monetary policies that we’re seeing around the world today Bitcoin was designed from the beginning to be sound money. Unlike government currencies which are constantly being devalued by printing more, there is a fixed cap of 21 million Bitcoins that can ever be produced. Frankly, Bitcoin has a lot of the same sound-money appeals that have long attracted people to gold. And that’s how it’s often described, as digital gold. RAPID GROWTH The value of Bitcoin has raced ahead at an astonishing pace since the first digital Bitcoin was produced in January 2009. As more people have bid for the slowly growing supply of available Bitcoins, the price has risen dramatically, although with staggering volatility. Bitcoin has an estimated 76 million owners already and proponents expect its explosive growth to continue. With a global population of nearly 8 billion people and the real-world applications for Bitcoin only beginning to be explored, there’s a lot of room for optimism. HOW DOES IT WORK? The first thing to understand is cryptocurrencies run on something called a Blockchain. A blockchain is a record of transactions updated and maintained by a decentralized network of computers. The big idea is that instead of a centralized ledger like your bank maintains, a blockchain allows a decentralized network of computers to record and maintain a record of transactions. Why is this important? Because we’re seeing the breakdown of trust in centralized institutions everywhere in society today. Whether that’s distrust of what the Fed is doing with our money, what the global health institutions are telling us, or more specific examples like the big tech companies de-platforming people whose opinions they disagree with, the appeal of being able to accomplish a lot of these same tasks in a decentralized way that doesn’t require blind trust in the institution controlling the ledger or database is a big deal. The bottom line is most crypto projects take something we’re already familiar with: currency, saving, lending, and so on, that normally require us to interact with a big institution, and redesigning that function using computer code in a way that enables groups to accomplish it in a trustless, decentralized way. THE RISKS There’s a lot of excitement around crypto, but it’s important to understand how new all this still is. At this stage of development, cryptocurrencies are still more of a speculation than an investment. So, a couple important warnings apply: First, the volatility in crypto is unlike anything most people have ever experienced. We’ve seen this firsthand over the past year, as Bitcoin and the rest of the crypto universe has dropped by 50% not just once, but twice. Multiple times in its short history, the whole crypto space has fallen more than 80%. So basically think of investing in tech stocks, and then realize crypto is going to be about four times as volatile as that. Second, there’s still a risk that a lot of today’s crypto will ultimately end up worthless. This shouldn’t be a shock we saw tons of Internet companies disappear 20 years ago as the Internet was going mainstream. The same winnowing process is likely in crypto over the next several years. And one of the biggest risks, in my opinion, is how governments are going to react as Bitcoin or any of these other cryptos threaten their stranglehold over money. Governments get a lot of benefits from controlling their currencies, and giving people a way to opt out of the official money via something like Bitcoin is likely to ruffle feathers. Not to mention that any big bank or other entrenched financial interest isn’t going to be keen on having a new better alternative take their business away. So we’re probably arriving at the now they fight you stage of crypto’s development. SHOULD YOU PUT MONEY IN CRYPTO? Mark Biller says the first thing to establish is that most investors don’t need this, in the same way they don’t need to invest in other speculative investments. We’d never tell a retiree to go put a bunch of their money in semiconductor stocks or any other speculative investment, and the same is true with crypto. So if you don’t understand this stuff, don’t feel like you’re missing out. If crypto really holds all the promise the optimists think it does, there will be chances in the future to participate with less risk as the whole industry matures over the next several years. For younger folks who want to put a toe in this pool and start learning about it, Mark advises taking it slow and keeping investments very small. Remember, crypto is still a speculation rather than a traditional investment. Approach it with the same level of caution you’d take with the riskiest pieces of a portfolio. So if you insist on investing in cryptocurrency now, make sure you do it with money that you can afford to never see again. Is that about right? You can read Mark Biller’s article, Intro to Crypto at SoundMindInvesting.org. LISTENER QUESTIONS On today’s program, Rob also answers listener questions: ●Should you take money out of savings to pay off debt or simply continue paying more than the minimum each month to pay it off more quickly? ●How can you get a handle on your finances as a one-income family? RESOURCES MENTIONED ●Find a Certified Kingdom Advisor ●Christian Credit Counselors Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. 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 theDonate tab on our websiteor in our app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Intro to Crypto With Mark Biller

And I heard the voice of the Lord saying, Whom shall I send, and who will go for us? Then I said, Here am I! Send me. Isaiah 6:8 has inspired countless Christians to answer God’s calling, using the gifts that each of us possess. For some, that’s stewardship. Leo Sabo joins Rob West today to talk about answering that call. MoneyWise contributor Leo Sabo is president of theChristian Stewardship Network, an organization dedicated to helping those with the gift of stewardship find their calling. HOW DO YOU KNOW IF YOU’RE CALLED TO STEWARDSHIP MINISTRY? Leo says the Christian Stewardship Network has identified five ways that you might know. 1. You have a financial stewardship story to tell.Leo says after connecting with hundreds of people with a passion for financial stewardship, there's one thing that is true: every one of them has a financial stewardship story. Some were in terrible financial situations before God revealed to them His biblical financial principles, which led them to financial and spiritual freedom. 2. You’ve made a conscious decision which master you’ll serve.The first and most important principle of Biblical stewardship is ownership. Simply put, God owns everything and supplies everything for our lives. Therefore, our role is not the role of an owner but that of a steward. Faithful stewards have rejected mammon (god of riches) and chosen Jesus as their master and His promises because they know only Jesus can provide what they need. 3. You see stewardship as the foundation for everything in your life and in God’s Kingdom.Faithful stewards have a perspective that many Christians still lack. They believe that a follower of Christ can only be faithful and fruitful through good stewardship. They don’t believe in being wasteful, even in the little things. They take seriously what Jesus said in Luke 16:10, But if you are dishonest in little things, you won't be honest with greater responsibilities." 4. Others see you as someone who has practical as well as spiritual wisdom about finances.Whether you've been raised with sound stewardship principles or you've learned them through trial and error, people notice because, for many of them, finances are a struggle. 5. The topic of financial stewardship constantly comes up in everyday conversations.When something extraordinary happens in your life, you can't help but share it. I remember when I became aware of God's financial principles and started applying them to my life. As I experienced peace and breakthrough, I wanted to share it with everybody! Learn about the Christian Stewardship Network Annual Forum event coming up March 7-9.Find more information here. LISTENER QUESTIONS On today’s program, Rob also answers listener questions: ●What are the best available college scholarships for single parents? ●What’s the best thing to do with older savings bonds? ●Would it be wise to put long-term investments into small local businesses? ●How can you quickly make your end-of-life wishes known in writing? ●How do you determine the wisest thing to do with an inheritance that is shared with siblings? RESOURCES MENTIONED ●TreasuryDirect.gov ●Inspire Investing ●Eventide Investments ●Praxis Mutual Funds Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. 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 theDonate tab on our websiteor in our app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Are You Called To Stewardship Ministry With Leo Sabo

Do you have piles of paper on your desk at home? Never sure which receipts, statements and documents to save and which to shred? You’re not alone. Even the best household money managers struggle with paper clutter. But if you’re ready to dig your way out and slay those piles of paper, we’ll share a simple way to do it. Romans 13:7 says, Pay to all what is owed to them: taxes to whom taxes are owed, revenue to whom revenue is owed. It’s pretty hard to do that if you don’t have some kind of record keeping system in place and you’re not sure what papers you need to keep and for how long. You can toss at least half of everything that ends up in your mailbox! However, you should never just toss unwanted mail directly into your recycling bin or trash can. It could contain unwanted credit offers that identity thieves could use to open accounts in your name. Get a shredder.You want one that makes cross-cuts. In one pass, it will cut paper into strips and then cross-chop those strips into tiny pieces. You can even take it a step further and get a micro-cut shredder. It does the same thing, but the cross-cuts are really, really small. Set up a 3-drawer system. This is based on how long you need to hang onto things. Anything that doesn’t go in one of the three drawers goes straight into the shredder. In your first drawer go documents you need to keep permanently, things like your birth certificate, passport, car titles, property deeds, marriage certificates and your Social Security card. In drawer #2 go giving unto Caesar things. Keep anything you need to fill out your 1040 including supporting forms like W2s and 1099sdefinitely anything where the IRS was also mailed a copy. In the last drawer goes all the material you need to keep for just one yearthings like utility bills, bank statements, pay stubs, and bills. After that you can feed them into your shredder. On today’s program we also answer some of your calls: Should we pay off our mortgage with our income or put the extra cash into retirement? As a giver to ministries, I’ve not been itemizing things on my tax returns. Is there any advantage for me to go with the required minimum distribution procedure? What steps do I need to take to get my bank to transfer my regular IRA into a Roth? And is that a good idea? Remember, you can call in to ask your questions 24/7 at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can listen to past programs, connect with a MoneyWise Coach, and even download free, helpful resources like the free MoneyWise app. Like and Follow us on Facebook at MoneyWise Media for the very latest discussion! And 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 on our website or in our app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Slaying the Paper Piles

Who doesn’t love a good conspiracy theory? Either to laugh about it or take it seriously. Today,Jerry Bowyer joins Rob West to discuss some conspiracy theories going around today about the Federal Reserve and other matters. MoneyWise contributor Jerry Bowyer is our resident economist and the financial editor atTownhall.com. FEDERAL RESERVE CREATED SECRETLY?The Federal Reserve is a favorite punching bag of conspiracy theorists. Many of them say that the Federal Reserve was created unlawfully in a secret meeting on Jekyll Island of a few senators and powerful financiers. It’s sometimes called The Creature From Jekyll Island. Jekyll Island in Georgia was indeed the location of a meeting in November 1910 where draft legislation was written to create a central banking system for the United States. Banking reform was a major issue after the Panic of 1907. But the Fed wasn’t created secretly behind closed doors, as some suggest. In reality, the House of Representatives passed the Federal Reserve Act by a vote of 298 to 60. The Senate also passed the measure 43 to 25.President Wilson signed the bill on December 23, 1913 and the Federal Reserve System was born. Large banking interests almost unanimously opposed the Act. FED NEVER AUDITED?It’s a myth that the Federal Reserve is never subjected to audits. Independent accounting firms conduct full financial audits of the Federal Reserve banks and the Board of Governors every year. The Fed is also subject to certain types of audits from the Government Accounting Office. THE FED IS PRIVATELY OWNED, SERVES ONLY POWERFUL?Some also assert that the Federal Reserve is privately owned and run at the expense of the public to enrich a few powerful individuals or groups. In fact, Federal Reserve banks actually are privately owned, but that’s the only part of this conspiracy that’s true. A publicly-appointed board of governors controls all Federal Reserve banks. Federal Reserve banks merely execute the monetary policy choices made by the Board. In addition, nearly all the interest the Federal Reserve collects on government bonds is rebated to the Treasury each year, so the government does not pay any net interest to the Fed. LEGITIMATE CONCERNS ABOUT THE FED:Jerry Boyer says there are legitimate concerns about the Federal Reserve, but they have nothing to do with secret conspiracies behind closed doors and everything to do with bad policy in broad daylight. Boyer contends that the Fed enables reckless spending and inflationary policies. BIDEN COMING AFTER YOUR 401K:Some have heard that the Biden administration may be planning to take over your 401k. In fact, neither the president nor anyone in his administration has the authority to simply take over your 401k. That would require an act of Congress, and it’s extremely difficult to imagine many lawmakers being willing to do something so politically risky. Event if the White House and Congress got behind such an idea, which is highly unlikely, it would still have to survive legal challenges. Jerry Bowyer is the financial editor at TownHall.com and author of the book, The Maker Versus the Takers: What Jesus Really Said About Social Justice and Economics. LISTENER QUESTIONS On today’s program, Rob also answers listener questions: ●How can you begin to get a handle on several very large debts? RESOURCES MENTIONED ●Christian Credit Counselors Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. 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 theDonate tab on our websiteor in our app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Conspiracy Theories with Jerry Bowyer

Scammers are always on the lookout for new and creative ways to vacuum money from your wallet. Today on MoneyWise, we’ll reveal the latest scams to watch out for involving your smartphone. If you’re like most people, your phone contains personal and banking information that, if fallen into the wrong hands, could cost you a lot of money, not to mention time and headaches. BE A GOODBUT SMARTSAMARITAN! One of the latest smartphone scams involves a stranger coming up to you on the street and asking to use your phone for an emergency. Of course you want to help, so you hand over your phone. But later you discover that the person you were trying to help stole from your bank account using a money transfer app like Venmo or Zelle. It takes only seconds to do. Here’s how to avoid this scam: You shouldn’t give a stranger your phone for any reason. Instead, offer to call the number for them and give a message while keeping the stranger at arm’s length. If you sense possible danger, don’t be afraid to decline to help. You can be polite and firm at the same time. BEWARE OF FAKE APPS Another scam involves look-alike apps. They’re apps that look and possibly act like the real ones, but they’re really malware that will snatch your personal and financial information. Other look-alike apps might track your location using your phone’s GPS. Then the scam artists knows when you leave the house, making it easy pickings for a burglary. Another look-alike app might contain ransomware that will lock your phone or encrypt your data until you pay the scammer a ransom. You can avoid look-alike apps by only downloading apps from trusted sources, like the official app store on your iPhone or Android device. If you are the victim of ransomware, and if it was downloaded by clicking a link, take a picture of the message or page - if your phone still allows you to. Then turn off your phone and take it to an IT professional who might be able to defeat the ransomware and turn control of your phone back to you. BEWARE OF FAKE FREE GIFT Another smartphone scam targets Verizon customers. You may receive a text, seemingly from Verizon, saying, Bill paid. Thank you. Here’s a little gift for you. Then there’s a link that takes you to a fictitious website. There you might be told that in order to receive your gift you have to give your name, address, phone number, and social security number. You wouldn’t think anyone would fall for that, but some do, only to have their identity stolen. Always beware of free gifts. If you receive a text like that, call Verizon or whoever your carrier is and ask if it’s legitimate. When in doubt, never click a link. AVOID THE TECH SUPPORT SCAM Next there’s the tech support scam. The scammer poses as a technician from your carrier who wants to fix a fake problem with your phone. Here’s how you know this is a scam: - You didn’t reach out to tech support. - The so-called technician is very pushy. - They ask for remote access to your phone. - The technician insists that you wire money, use a gift card or a money transfer app. When in doubt, call your carrier to verify authenticity. If you’ve already been scammed by a fake technician, change any passwords you might have given the scammer and notify your bank or credit card issuer to block any transactions with that individual. LISTENER QUESTIONS On today’s program, Rob also answers listener questions: ●After pulling money out of the stock market in 2020, is now a good time to reinvest in stocks? ●Is it wise to take money out of an investment account to pay off a mortgage? ●How do you manage your retirement resources if you don’t play to entirely retire? ●Would it be wise to tap into your home’s equity to buy an investment property? RESOURCES MENTIONED ●Find a certified Kingdom Advisor Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. 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 theDonate tab on our websiteor in our app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Latest Smartphone Scams

Proverbs 18:15 reads, The mind of the prudent acquires knowledge, And the ear of the wise seeks knowledge.Faithful stewards of God’s resources have to know a few things about money. Fortunately, the Bible has more than 2300 verses on the subject. We can’t cover them all, but today on MoneyWise, we’ll give you a crash course. DON’T IGNORE THE BIG STUFF:Sure, a penny saved is a penny earned, but a thousand dollars saved is a ton more. People are quick to drive to the next gas station to save a few buck on a fill-up. But did you know that most people don’t shop around for their mortgage? The majority take the first offer they’re given. That could cost you tens of thousands of dollars over the term of the loan. So don’t ignore the big stuff. Always try to get 2 or 3 offers when financing a home. Proverbs 27:23 teaches, Know well the condition of your flocks, and pay attention to your herds. TOMORROW DOESN’T COUNT:The next item we’ll call, Tomorrow doesn’t count. This one is for procrastinators who think that saving or investing will be easier in the future, so they put it off. But the decision to delay your investing is based on a false assumption that you’ll have more money available in the years ahead. But often, your lifestyle or other expenses expand to consume any increase in income. So whatever challenges you see preventing you from investing now will probably get bigger in the future. For example, when someone gets a raise, they simply commit that extra money to some other immediate desire, like a new car. Proverbs 27:1 says, Do not boast about tomorrow, for you do not know what a day may bring. Another reason why tomorrow doesn’t count is that money invested today has the benefit of time for compound earnings. Don’t let your present rob your future. PREPARE FOR THE INEVITABLE:The next item in our crash course on being a good steward is to Prepare for the inevitable. That means having an emergency fund of 3 to 6 months living expenses, which a lot of folks think is for unexpected expenses. That’s a myth. Emergencies like a medical condition or a job loss are bound to happen at some point. You can and should expect them. Proverbs 22:3 tells us, The prudent see danger and take refuge, but the simple keep going and pay the penalty. DOING TOO MUCH TOO FAST:The next item we’ll call, Doing too much too fast. Sometimes people who’ve gotten a late start on investing, for example, feel they have to play catch up. That could lead to making risky investments. Develop a long term, diversified investing plan and stick to it. Proverbs 21:5 tells us, Steady plodding brings prosperity; hasty speculation brings poverty. BUDGET:And speaking of plans, no crash course on stewardship would be complete without our next item the need for a spending plan. Yes, a budget! Proverbs 24:27 reads, Prepare your work outside; get everything ready for yourself in the field, and after that build your house. That means doing the basics first. Without preparing a realistic budget and sticking to it, you’ll overspend and go into debt. Without doing up a budget, not much else you try to do with your finances is going to work. To meet all of your obligations, like housing, food, transportation, taxes and utilities, and then save for the future, you have to live on less than you earn. And you can’t do that unless you know what you’re spending each month. TRACK YOUR SPENDING:Many people are shocked to discover how quickly little things add up to a very big number. So it’s vital to keep track of your spending. It’s really part of the budget process. Start by tracking all of your spending for 2 or 3 months. With an accurate picture of where your money’s going, you can make wise decisions about where to cut. 1 Corinthians 4:2 teaches, it is required of stewards that they be found trustworthy. And that starts with being honest with yourself about spending. LISTENER QUESTIONS On today’s program, Rob also answers listener questions: ●When is it wise to sell your current home to buy a fix-er-upper investment property? ●Is it wise to cash out stock given an uncertain future? ●Should a military veteran combine a TIAA cref and TSP account upon retirement? ●Is crypto currency a good investment? RESOURCES MENTIONED ●The Sound Mind Investing Handbook Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. 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 theDonate tab on our websiteor in our app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Crash Course on Money

Nothing strikes fear in the hearts of Americans like a letter from the IRS announcing that you’re being audited. Your chances of being audited are actually quite low. Still, it’s prudent to reduce the risk as much as possible. We’ll discuss how to do that today on MoneyWise. You might be relieved to know that your odds of getting that audit letter from the IRS are just 1 in 333. But you can take steps to make it even less likely. Conversely, if you trigger any red flags with the IRS, your chances of an audit can go up significantly. TIPS TO REDUCE YOUR RISK OF AN IRS AUDIT 1. AVOID MATH MISTAKES:Be sure to double and triple check the amounts you enter and the various totals and subtotals to avoid mistakes. A math error could also end up costing you money if you make it in the IRS’s favor. This is where using tax software can be very helpful. 2. MAKE SURE YOU REPORT ALL INCOME:Let’s say you’re employed somewhere and you get the standard W-2 form. But you also made money on the side. If it was more than $600 dollars, whoever paid you has to report it on a Form 1099. You can’t ignore the copy of the 1099 you get in the mail. The IRS already knows about that income and not reporting it can get you audited, or worse. 3. DON’T CLAIM TOO MUCH IN CHARITABLE DONATIONS:This happens less often these days because the standard deduction was roughly doubled a few years back. But be careful not to claim too much in the way of charitable donations. You might be tempted to do that as a way to get above the threshold of the standard deduction, but don’t try to deduct anything you’re not entitled to. And always make sure to keep the proper paperwork to document your donations. 4. DON’T CLAIM EXCESSIVE BUSINESS LOSSES:If you’re self-employed keep your chances of an audit down by not claiming excessive losses on your Schedule C. This usually involves claiming personal expenses as business expenses. Of course, it’s possible to claim something you’re not entitled to in error, so if you have doubts about whether something is a legitimate business expense IRS Publication 535 can clear them up for you. 5. MAKE SURE YOU’RE ENTITLED TO HOME OFFICE DEDUCTION:Before you claim a home office deduction, make sure you’re legitimately entitled to it. You have a right to a home office deduction if you’re self-employed, or your employer doesn’t provide you with regular office space. However, you must use that space exclusively and regularly for your business. The square footage of the space, compared to your entire house, will give you a formula for claiming a portion of other expenses like utilities. If you meet those qualifications, you shouldn’t have any trouble claiming a home office deduction, even if you are audited. 6. BE CAREFUL ABOUT ROUNDING NUMBERS:Next, be careful with rounding off numbers. It’s acceptable to round off to the nearest dollar. But if you’re always rounding off to the nearest 10 or 100, you’re just making it too easy for the IRS. Their computers will spit that out every time. WHAT IF YOU DO GET AUDITED? What happens if you are audited? Make sure to save all of the necessary receipts and documents to backup whatever you’ve claimed on your return. It just may help you get through an audit relatively unscathed. A very high percentage of audits are actually done by letter alone. If you get a letter asking for receipts or more information about a particular deduction, make copies of those materials and respond promptly. You may not even have to sit down with an IRS examiner. And remember, Christians are to be scrupulously honest in all their affairs,including paying taxes. Romans 13:6-7 reads, For because of this you also pay taxes, for the authorities are ministers of God, attending to this very thing. Pay to all what is owed to them: taxes to whom taxes are owed LISTENER QUESTIONS On today’s program, Rob also answers listener questions: ●Is it better for your credit rating to leave unused credit accounts open or close them out? ●How do you determine whether it’s best to surrender an annuity? ●Is it biblical to give your tithe to cultural or political causes aligned with your faith, rather than to a church? ●Are stock options with your employer a good investment? ●When receiving a lump sum of cash, is it smarter to pay down your mortgage or auto loans? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. 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 theDonate tab on our websiteor in our app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Reduce Your Risk of an Audit

Today Lauren Gajdek of Christian Healthcare Ministries joins Rob West to discuss the impact of the ongoing COVID-19 pandemic and the blessings that come with belonging to a medical cost sharing program. Christian Healthcare Ministries is a unique, biblical form of medical coverage. It is not insurance. Unlike most insurance plans, patients and their doctors are in charge of determining what care is appropriate. When members receive bills for medical services, they can then submit those bills to CHM, in accordance with membership guidelines, to share the costs and receive assistance with payment or reimbursement for payments already made. Since the start of the pandemic, Christian Healthcare Ministries has shared to cover the costs of more than $26 million dollars in COVID-related medical bills. CHM shares pandemic-related costs just as it does costs related to other illnesses. Part of what makes CHM so very different from standard medical insurance companies is the prayer and support framework for members. Members can support and pray for one another, and staff members often take time to stop and pray with members. Part of CHM’s biblical mission is to help meet the emotional and spiritual needs of members, not just the financial ones. It is a community of believers coming together to support one another. CHM has a long history of helping members meet their healthcare costs, and they recently passed a major milestone, having shared $7 billion dollars in medical costs since its founding. Most health care options have an open season, but you can sign up for CHM membership any time. To learn more call (800) 791-6225 or visitCHMinistries.org. LISTENER QUESTIONS On today’s program, Rob also answers listener questions: ●How do you determine if an FHA streamlined home loan would be a good option? ●Would it make sense to borrow against a property to pay off credit card or other higher interest debt? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. 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 theDonate tab on our websiteor in our app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

COVID Update With Lauren Gajdek

The boy who cried wolf has nothing on some of the financial alarmists crying wolf today about the economy. Is our banking system on the brink of collapse? Are we headed for hyper-inflation? Economist Jerry Bowyer joins Rob West today to help answer those questions. MoneyWise contributor Jerry Bowyer is the financial editor atTownhall.com and author ofThe Maker Versus the Takers:What Jesus Really Said About Social Justice and Economics. Some analysts are quick sound alarms about impending doom just around the corner. Others deny the very real risks and challenges for investors. The truth is usually somewhere in the middle. Today, Jerry Bowyer addresses talk of possible looming hyperinflation. He says that while he warned about inflation before most in the media were discussing it, some of the dire warnings currently circulating online are overheated and, at least for now, unwarranted. He also explains why he believes there is very little reason to worry about the stability of the U.S. banking system. And he addresses the concerns of those who feel it may be time to pull their money out of the stock market altogether. Bowyer also discusses the advantages and disadvantages to possible hedges against changes to the value of the U.S. Dollar, including precious metals and cryptocurrencies. LISTENER QUESTIONS On today’s program, Rob also answers listener questions: ●When does it make sense to pay off your home when nearing retirement? ●How do you know if you retirement plan is on the right track? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. 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 theDonate tab on our websiteor in our app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

The Boy Who Cried Wolf

Raising a family often presents financial challenges. That’s especially true for parents of kids with special needs. But families with a disabled child now have a special, tax-advantaged savings plan that can help meet those extra expenses. We’ll tell you about that account today on MoneyWise. 529-ABLE ACCOUNTS The plan is called a 529-ABLE or 529-A savings plan, and it’s a huge help for families caring for a member with special needs. Surprisingly, most families and individuals with special needs aren’t taking advantage of 529-A plans. Many parents aren’t even aware that these accounts even exist. And those who do know about them still have a lot of questions about how they work. We talk about the 529 education savings plan a lot on the program, and the 529-A plan is nearly identical. Contributions aren’t tax-deductible, but they’re allowed to grow tax-deferred. Then, when you withdraw money from the account for qualified expenses, that money is not taxed. Both plans are established by the states, and in most cases, the same state agency will administer both programs. The tax benefits are identical. Contributions to a 529A account are made with after-tax dollars and are limited to $16,000 a year (in 2022). You can actually contribute more than that, but you’ll have to file IRS Form 709 for reporting gifts. Earnings on those funds are tax-deferred and distributions are tax free for qualified expenses. The IRS refers to these as qualified disability expenses, or QDEs.A QDE is any expense related to the account owner’s blindness or disability that assists them in maintaining their health, independence or quality of life. These would include money spent for education, housing, transportation, job training, assistive technology, health care, and financial management. In short, any expensethat the 529-A beneficiary might have as a result of being disabled. You should keep receipts for all disability related spending, but some ABLE programs also have ways to track your spending online. It’s a good idea to keep a record of how each expense is related to the disability and how it helped the beneficiary. This could come in handy if you’re audited by the IRS. If the money is used for non-qualified expenses, it’s taxed at ordinary income rates and is subject to a 10-percent penalty just like the education savings plan. Now, how do the 529 and 529-A plans differ? A major distinction is eligibility. For the 529-A, the beneficiary must meet the Social Security Administration’s definition of disabled. In very simple terms, that would be something that prevents the person from being able to earn a living. Another key difference is that there’s an age limit for setting up a 529-A plan: 26. The beneficiary must be diagnosed with a qualifying disability before that age. And unlike the education savings version, there can only be one 529-A savings account per beneficiary, and all qualified spending must be within the beneficiary’s state of residence. That’s very different from the 529 plan, where multiple accounts are allowed, you can choose a plan from any state, and spend the money for school in any state. So there are some restrictions with the 529-A plan. But those limits aren’t insurmountable, especially compared to the benefits of the program. In addition to the tax benefits, the beneficiary is still eligible for federal and state aid for the disabled. On the federal level, that aid could be Supplemental Security Income or Medicaid. And states may provide additional benefits. The beneficiary is only denied those benefits if the balance in the 529-A account exceeds $100,000. But even then, the suspension isn’t permanent. Once the balance falls below that amount, the beneficiary is again eligible for aid. Now, it would be great if every family with a disabled member could open a 529-A account, but unfortunately not every state offers one. There are still a few hold outs, so you have to check if your state has a plan. But if you’re caring for a special needs person and your state has a plan, you need to make the most of it. You want to make sure the disability is diagnosed before age 26, and you want to contribute as much as you can every year up to the limit. You also need to get very familiar with the list of qualified expenses so you can take maximum advantage of the plan. You can go toIRS.govfor more information on that. LISTENER QUESTIONS On today’s program, Rob also answers listener questions: ●When does it make sense to pull money out of the stock market and make your investments more conservative? ●What questions should you ask when trying to find the CPA/financial advisor? RESOURCES MENTIONED ●Find a Certified Kingdom Advisor Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, join the MoneyWise Community, and even download the free MoneyWise app. 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 theDonate tab on our websiteor in our app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Help for Special Needs Kids

To support this ministry financially, visit: https://www.oneplace.com/donate/1085 MoneyWise is a daily radio ministry of MoneyWise Media. Hosted by Rob West and Steve Moore, the program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

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