Faith & Finance (formerly MoneyWise)

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April is Financial Literacy Month, an event that began two decades ago to raise awareness about the need for financial literacy. It is just as important as learning to read and write. To get a head start on gaining financial literacy, the Wall Street Journal recently laid out six practical things you need to know. These include the power of compound interest, so-called "good debt", credit utilization rate, "pay yourself first", diversification, and liquidity. Knowing and following God's financial principles for earning and saving money is key to financial literacy. On Faith and Finance, Rob also answers listener questions about accelerated mortgage payoff systems, selling multiple properties, and how pension payments affect Social Security income.

When making a will, many parents choose to divide their assets equally among their children. However, this can be a difficult decision when the estate includes property. Selling the property and splitting the proceeds is one option, but there are financial and emotional considerations to take into account. It is important to discuss your wishes with your family ahead of time to avoid potential infighting and resentment. An estate attorney who shares your Christian worldview can help you draw up a will or make changes to an existing one.

Investing is often associated with money, retirement, risk and return, but rarely with beauty. Jason Myhre, Executive Director of the Eventide Center for Faith & Investing, explains why beauty should be connected to our approach to investing. According to the Genesis account of creation, beauty is an essential characteristic of creation, making it central to our work as stewards of God's creation. We are to add to the beauty and goodness of the world through our work, and this applies to the modern world of business and investing. Investors are called to supply the capital to enable and enlarge the work of good businesses, and there is a whole industry of Christian faith-based investments to make it easier for us to seek a biblical vision of work in business and investing.

John Putnam joins Rob West to discuss the "3-D Budget", a fresh perspective to help people get better control of their money. This budget categorizes expenses into three columns: "Need to pay", "Have to pay" and "Want to pay". It helps to highlight related opportunities, decrease flexible outflows, increase cash flow and provide a written record to be shared with others. Rob also answers questions from listeners about annuity IRAs, credit reports, capital gains tax and 401ks.