MoneyWise with Rob West and Steve Moore on Bott Radio

MoneyWise

Christian talk radio with Rob West and Steve Moore

MoneyWise is a daily radio outreach, a non-profit ministry that teaches people of all ages how to handle money based on the principles of the Bible. Steve Moore and Rob West host this daily program. MoneyWise features listener interaction and expert guests, helping people manage their finances in a way that pleases God. To be a part of the broadcast, call 1 (800) 525-7000.

Recent Episodes

Jul 1

Connecting the Dots Between Faith & Finances With Sharon Epps

Most Christians understand the spiritual concept of stewardship, but do we always carry that into practical matters? Next, how can we actually handle the resources God's given us? Well, that's what we're here for, to help you connect the dots between faith and finances. First up today, our host Rob West welcomes Sharon Epps of Kingdom Advisors for her insights on applying God's financial principles to our lives. Then it's your calls and questions at 800-525-7000. The most foundational biblical financial principle we have to learn as believers is that God owns it all. Psalm 24:1 says, "The earth is the Lord's and everything in it." That principle "God owns it all" gives definition to my role in life. I'm not an owner - I'm a manager. As a manager, my job is to find out what the owner wants me to do with his money. The best question I can ask each day is, God, what do you want me to do with your money. One of the best known passages on stewardship is the Parable of the Talents in Matthew 25, but from the owner's perspective, God's perspective. The Owner had enough, he could be trusted, and he entrusted the stewards with valuable resources BUT he did have expectations on how they would be used. If we are listening to God and asking the question, what would you have me do with your money? Then we might plan one direction and he might direct us another. God's redirection is not always about giving money away. You have to be ready and obedient when that happens. There's a tendency to think that if I surrender my finances to Christ He's going to take everything away from me. But that's certainly not biblical. 1 Timothy 6:17 teaches, "Instruct those who are rich in this present world not to be conceited or to fix their hope on the uncertainty of riches, but on God, who richly supplies us with all things to enjoy." You can do four things with money: live, give, owe and grow - meaning you can spend it for living, give it away, pay down debt, and save for the future. On today's program we also answer your questions: --My wife and I have a good amount of savings and very little debt. We are thinking of refinancing, but is now a good time? Should we invest the money instead of using it to refinance? --I have a whole life policy that has a cash value. My husband and I are looking to relocate. With the market values, we are thinking of borrowing 85% to help with relocating and paying down current debt and renovating. What is your opinion on borrowing on a whole life policy? Ask your questions at (800) 525-7000 or email them at questions@moneywise.org. Visit our website at moneywise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for 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.

Loading the player...

You've gone over your budget til your eyes glaze over. You've cut every unnecessary expense. It's been months since you went out for pizza. Still, the numbers just don't work. There's only one thing left to do. If you can't reduce your outgo, you've got to increase your income! Financial planner and teacher Rob West has a list of 10 ways you can do that today. (1) Move your savings to an online bank. They pay much higher interest than brick and mortar banks. It won't make you a lot, but it's certainly easy to do. (2) Take paid surveys. Companies actually pay you to answer consumer-related questions. Completing a few surveys a day could bring in $200 a month. Check out Survey Junkie, Swagbucks and Vindale Research. (3) Sign up to list an extra room in your house on Airbnb. One survey found that the average Airbnb host earns over $900 a month! (4) Grocery shopping. You can do that with an app called Ibotta. It gives rebates on items at the grocery store you're probably buying anyway. Just scan the item's bar code, snap a picture of the receipt and you get rebate money within a couple of days. (5) Online shopping. These days we're buying more and more stuff online. So why not get cash back for doing it? Check out Rakuten, ShopAtHome and Coupon Cactus to name a few. (6) Drive for Uber or Lyft. There's been a lot of hype about how much drivers make on average, but around $12 an hour seems like a fairly realistic estimate. (7) T-shirts. TeeSpring.com allows you to design and sell shirts through their site without paying upfront for inventory. They print and ship the shirts to your customers. If you're feeling creative that might be a way to go. (8) Old textbooks. College students often sell their unused books back to the campus bookstore because it's convenient; but they have to accept whatever price the bookstore's offering. A site called BookScouter.com compares prices offered for your book at many vendors so you can see who'll pay you the most. This is helpful if the campus bookstore won't buy your book because they think it's too old. (9) Be a thrift shop flipper. When you go to thrift shops, flea markets and yard sales, be on the look out for items that are obviously undervalued. Buy the items below their value then sell them for a higher price on Ebay or other vending sites. (10)Simply ask your boss for a raise. This is a lot easier to do if you focus on how you're adding value to the company, either by reducing expenses or generating more revenue. Take some notes beforehand and schedule a talk with your boss! Here are some questions we answered from our callers on today's program: --What is an Emergency Fund used for? --I want to sell my house but the buyer wants me to finance 50% over five years. My attorney has advised against doing this. What would you say? --Should I refinance my home from a 30 to a 15-year mortgage? And should I go with my bank directly? Ask your questions at (800) 525-7000 or email them at questions@moneywise.org. Visit our website at moneywise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for 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.

Loading the player...

Every successful business, battleship and badminton team has one person whose role it is to be the boss. Someone in charge, in control, who says, "The buck stops here." And speaking of bucks, who's the boss of yours? Today on MoneyWise, making the decision to take control of your money and not the other way around, and some ways to do it. Our boss is Kingdom Advisors President Rob West. Then it's your calls at 800-525-7000. God created everything and he owns everything, but He's put each of us in charge of just a tiny portion of His holdings. He expects us to be faithful stewards of His resources. His Word contains well over 2-thousand verses about money and possessions so that we can be good stewards. And what a lot of folks don't realize is that by following those directions, we become financially free. Don't follow them, and you're likely to become a slave to money. Success in handling your money may be 90-percent avoiding debt. If you have trouble managing your credit and debit cards, meaning your spending is out of control, stop using them. The advantage to using cash is you can't overspend like with a credit card. But there's also a very strong psychological component to using cash. When you have to hand over actual dollars, it's much more difficult to part with them. Studies show people spend 10 to 30-percent less just by using cash. About 43-percent of general purpose credit cards like Visa and MasterCard have a balance on them, with an average balance of more than six thousand dollars. Pay as much as you can above the minimum each month to get that card paid off quickly. Studies have shown that paying off credit cards is as much psychological as it is financial. If you concentrate on the highest interest card first, it may take months and months to pay it off. So instead, pay off the smallest balance first to get a quick win and the psychological boost that comes with it. When that's paid off, you can go on to the next highest balance and so on. Its critical that you charge only what you can pay off each month. The only way to ensure you pay off the balance each month is to stay on budget and have an emergency fund. Then when those so-called unexpected expenses come up, you have cash in the bank to pay for them and you don't have to use the card. We recommend 3 to 6 months living expenses in your emergency fund. On today's program we also answer your questions: --Do I need to pay tithe on the money I take out of my 401k? --My husband and I are in the process of buying our first house. We are in our 60's. Is getting a 30-year loan a good idea? --My husband works at a carpet mill. A lot of the employees at his company are worried about the current economy and are taking money out of their 401K's. Is this wise? Ask your questions at (800) 525-7000 or email them at questions@moneywise.org. Visit our website at moneywise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for 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.

Loading the player...

That old saying, "The more things change, the more they stay the same," isn't always true. Sometimes things change and stay that way. This couldn't be more true for job hunting. Some of the rules for finding work are timeless. But others are new, and not learning them could cost you a dream job! Financial planner and teacher Rob West fills us in today on MoneyWise. First, you still have to network. Some estimate that as high as 85% of jobs are filled without ever being advertised. By networking, who you know can be just as important as what you know. Make a plan to contact at least one person you know every day and let them know that you're looking for work, telling them what kind of work you're seeking. Keep a list of people you've talked to with notes about the conversation. Look for ways to improve your job skills whether you're looking for work or not. It's easier than ever these days to find online classes for additional training. Concentrate on skills that transfer to other types of businesses or industries like customer service, HR, and bookkeeping. Update your résumé as well as your LinkedIn profile to showcase your skills or certifications. Specify how they increased revenue or cut expenses in your current or previous jobs. Never badmouth a previous employer in an interview or on social media. It may be tempting, but no good can come from it. Avoid any kind of objectionable material on social media. Don't post anything you wouldn't want your grandmother to see! In a CareerBuilder survey, 57% of employers said they found content on social media that caused them to eliminate an otherwise promising candidate. Use FaceBook, Twitter, and Instagram to highlight your skills and interests. You have to be able to make a good impression in a video interview. It took the coronavirus pandemic to show employers that they could save a lot of time and trouble by doing interviews on Zoom or Skype. And dress like you would for an in-person interview. No t-shirts! Alert others in the house not to disturb you during the interview and close the door to keep out noise from the rest of the house. Finally, on video interviews, have a copy of your résumé and other related paperwork handy in case the interviewer refers to it. Then afterwards, follow up the interview with an email no later than the next day. On today's program we also answer your questions: --What do you think of the concepts in the book "Bank on Yourself?" --I'm 65 and will probably retire in about 1-2 years. I have three 401(k)'s but they've recently lost money. At this stage, should I cash these out and put them into something safer? --What do I do to get my invention patented? Ask your questions at (800) 525-7000 or email them at questions@moneywise.org. Visit our website at moneywise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for 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.

Loading the player...

Many experts will tell you that the next financial bubble to burst will be student loan debt. With $1.6 trillion dollars in outstanding loans and more than a 10% default rate, it's an easy prediction to make. But you don't have to participate! Take steps to minimize borrowing for education and accelerate payments on your existing debt. Today, financial planner and teacher Rob West tells us how. Around 44 million Americans have outstanding student loans with an average debt of over $35,000. Be extremely frugal while you're in school. Federal loans seem like easy money and there's a temptation to over-borrow for living expenses. Keep your lifestyle as frugal as possible. A good way to do that is by memorizing Proverbs 22:7, "The rich rule over the poor, and the borrower is slave to the lender." If you already have student loans, pay more than the minimum monthly payment. This does two things: (1) it moves up the date when your student debt will be paid off and (2) it reduces the total amount you'll have to pay in interest. But you must ensure that your extra payments are applied to the principal of your loan and not simply applied to the next month's payment. You can refinance your federal student loans with a private lender. Private, fixed-interest rates are now as low at 3.5%, which is lower than most federal loans. But you need to be cautious with this one! Make a commitment to put any extra money that comes your way toward your student debt. For example, tell family members that cash would be appreciated for birthday and Christmas gifts. Tell them it will have a multiplier effect as it'll reduce the amount of interest you'll have to pay on your student loans. Even a small amount will have a big impact over time. How about going to your boss and asking for help? In recent years, some employers have started offering assistance for repaying student loans as a way to attract and keep qualified workers. Employers can now make tax-free contributions of up to $5,250 per employee each year for repaying student loans (this is pre-tax money). Get up to $10,000 a year towards student debt repayment through the federal government's Student Loan Repayment Program (https://www.opm.gov/policy-data-oversight/pay-leave/student-loan-repayment/). Nurses can get student debt repayment assistance with the Nursing Education Loan Repayment Program (https://bhw.hrsa.gov/loans-scholarships/nurse-corps/loan-repayment-program). Teachers should contact Teach for America for debt assistance (https://www.teachforamerica.org/). Students working in the public sector may qualify for loan repayment assistance with the Public Service Loan Forgiveness Program (https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service). On today's program we also answer your questions: --We have a credit card that we use for everything throughout the month. But we pay it off in full each month. So, no interest paid. Are there advantages to using the card like this as opposed to just paying that same amount using cash or a debit card? --Unfortunately, I've been overspending on my credit card. But now I'm on a budget and things are under control. I also have 3 months' savings. When I pay my credit card monthly, I pay double the minimum payment. Should I keep doing this? --What options are there to help me save for my daughter's college? Rob referenced his favorite website for this topic at savingforcollege.com. --What do you think about private mortgage insurance? Ask your questions at (800) 525-7000 or email them at questions@moneywise.org. Visit our website at moneywise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for 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.

Loading the player...

Load More

Find Broadcast Times

Loading...

Give Back

To support this ministry, write, call, or donate online

MoneyWise