In the old days it was easy to spot a subscription or membership you no longer needed or wanted. A package from the Jelly of the Month club would come in the mail, you would wonder why you ordered it. But these days, it's much harder to spot unwanted subscriptions because they are software, apps, or other services. Today on MoneyWise Rob West and Steve Moore have four steps to slash those automatic debits from your checking account. Next, they answer your questions at (800) 525-7000 and firstname.lastname@example.org about the following: -I have a pension and still work. Should I take Social Security as soon as I can and just save the money and invest it? -I was disabled a few years ago. It took many years before I could get my SSI payments, and I covered my expenses with my credit cards. I owe more money than I can pay. How do I dig myself out? -I'm retired, and I just found out that if I pass away, my pension will go back into the plan and not be distributed to my family. Can I take that money and invest it myself? -I'm 51 and retired from the military. A couple of years ago, I did not work a full time job, but still contributed to my Roth IRA. I now realize I shouldn't have done that. How do I fix it? Be sure to check out our new website at moneywise.org to connect with a MoneyWise Coach or access our books, videos, or any of our free helpful resources.You can also find us on Facebook. Thanks for your prayerful and financial support that helps keep MoneyWise on the air.And if you'd like to help, just go to the website and click the Donate tab at the top of the page.
Today on MoneyWise, Steve Moore and Rob West discuss 529 plans. They explain what they are, the different types, and then they offer Biblical wisdom and advice on how best to use them for college savings. Next, they answer your questions at (800) 525-7000 and email@example.com about the following: -My brother is in the ministry and struggling to make ends meet for his large family. Do you have advice/suggestions on how I could help him financially? -My wife and I inherited about 300K. What is the best use of this money? -My wife and I have little debt. We are trying to plan financially for our future. What is the best way to go about doing this? Be sure to check out our new website at moneywise.org to connect with a MoneyWise Coach or access our books, videos, or any of our free helpful resources. You can also find us on Facebook. Thanks for your prayerful and financial support that helps keep MoneyWise on the air. And if you'd like to help, just go to the website and click the Donate tab at the top of the page.
It happens to most of us sooner or later: a family member asks for financial help. If your first thought is to write a check, then put down the pen a minute and ask yourself, Is this helping or hurting? A family member in need - regardless of the circumstances - provides an opportunity not only to help, but even to change the life of a loved one for the better. Financial planner and teacher Rob West has some great ways you can do that. Consider the circumstances that led the family member (or it could also be a friend) to ask you for money. Is this a short term problem or is it ongoing? Decide how you'll help. You have two basic choices: a gift or a loan. Whichever you decide, make the terms clear to the person you're helping. Scripture says the borrower becomes slave to the lender, so loaning money to family or friends changes the nature of that relationship. That's why I think it's better to offer a gift and be done with it. You could also give the person a job. That could be chores around the house or any number of things if you own a business. What if the person asking for money is often in trouble or maybe this isn't the first time they've asked for help? One option is to just say no. But it's important to explain why. In a loving way, explain that you believe it'd do more harm than good by enabling the person to keep repeating the pattern. If you decide to help someone who's often in financial trouble, decide how you'll provide the money. If you can't trust the person to handle it wisely, consider making a direct payment for a bill, if that's the reason they're asking for help. Or you could provide groceries instead of cash. You could also help (and perhaps help a great deal) by putting conditions on the money. Insist that the person sit down with you to go over their finances to make up a budget and to develop a plan for saving and paying down debt. On today's program we also answer your questions: I have an after-tax annuity about to mature. I retire in five years. Should I take it out and put it into something more stable? When you take the money from your IRA that you're required to take when you're 71, do you tithe on that? What are the primary contributors to my credit score? Ask your questions at (800) 525-7000 or email them at firstname.lastname@example.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.
In Luke 12, Jesus addresses a crowd of followers: And he said to them, Take care, and be on your guard against all covetousness, for one's life does not consist in the abundance of his possessions. We all do it from time to time: waste money on things we don't really need. Today, Kingdom Advisors President Rob West shares some things you can easily cut from your budget. Whether it's a new item of clothing, a kitchen gadget, or new set of golf clubs, if the thrill is gone after a few days then you probably didn't need it. A recent survey showed the average adult spends around $1,500 a month on non-essentials. No wonder a majority of Americans are living paycheck to paycheck! Imagine what that kind of money would do if it were put into savings or investing for retirement. You can save a fortune by preparing your own meals. It's okay to eat out occasionally, but too often it's just for convenience and not really necessary. Avoid getting the latest smartphone upgrade as soon as it comes out. They're very expensive. The longer you can delay upgrading, the more money will be in your pocket. Wearing the latest fashion is expensive. A 2019 report showed that the average American shells out almost $1,900 a year on clothing. And, in a few months, whatever you bought is probably out of fashion anyway. Your cable TV package. Their monopoly over home viewing is over. However, they don't seem to realize it yet because their prices keep going up and up! The average is now over $100 a month. On today's program we also answer your questions: What do you think of a church borrowing money from it's members for the church's sanctuary renovations? I linked my mom's credit card with mine but today her card's no longer needed. Will my credit rating be negatively impacted if I cancel her card? What can you tell me about capital gains exemptions? Ask your questions at (800) 525-7000 or email them at email@example.com. 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.
Comedians will tell you that the funniest jokes have a ring of truth to them. With that in mind, what's the definition of an optimist? A college student who opens his wallet and expects to find money. Getting through college without running up a mountain of debt is no laughing matter. Students really have to watch their dimes and nickels. Today on MoneyWise, financial planner and teacher Rob West has some ways to do that. Estimates vary, but the average student graduating with college loan debt owes tens of thousands of dollars and takes nearly 20 years to pay it off. Make a monthly budget. A budget will help keep you focus on your spending as you try to stay on track. You'll have a much better idea of where your money is going. And it's a good idea, in the first few months, to write down everything you spend - that alone will help you spend less. Cut out all unnecessary spending. And when you're rushing from one class to the next it's always tempting to buy your lunch somewhere. Packing a sandwich and apple before you head out in the morning will save you a fortune! The same goes for buying water. Carry a water bottle with you instead. Most schools offer discounts to their students for things like concerts, plays and sporting events. But a lot of off-campus places like restaurants and theaters also offer special breaks and promotions for students. So, no matter where you go, ask about discounts. Take advantage of award credit cards for students (you have to have at least an average credit score). Several of the big issuers have a special card for students. So when you're paying your bills you can get a little something back. Download an app that'll help you monitor your spending. Mint is a free app and it will not only track spending but also help you set up a budget. Qapital (with a Q not a C) is another. On today's program we also answer your questions: I charitably donate plasma but receive compensation for it. Do I have to claim this on my federal taxes? Regarding student loans, what's the difference between private and federal loans? What do you know about their repayment plans? I have an excellent FICO score, use my credit card for everything, and pay it off each month. I was informed that because I use it so much that it could negatively impact my score. What about this? My wife and I are considering moving from our 15-year mortgage to a 30-year. We also have a HELOC loan we're wanting to lump into the new mortgage. Thoughts? Regarding tax write-offs, can you deduct the interest on your mortgage? Ask your questions at (800) 525-7000 or email them at firstname.lastname@example.org. Visit our website at moneywise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.
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