Putting Principles into Practice

That house Find. I sound like a broken record. I been doing this for 18 years. I've never seen a market like this in my life values have generally been skyrocketing.

The last couple of years with interest rates being so low. I actually seen refinances were people able to cash out the newly found equity in their homes to home improvements, whatever it may be and still save money per month compared to what their prior mortgage payment was so it's worth a shot to give us a phone call and one thing I can promise at United face mortgage is we will not be pushy. It's one of my biggest pet peeves I can promise you we will not be that way. I like to see it is my job is to present you with a few different options.

I step back. I let you decide and I'll let you call me when you want to move forward.

We like kids tired of worrying about money and living paycheck to paycheck. You can decide now to put God's financial principles into practice and change your life was.

They say that incentive and over and expecting different results. Nowhere is that more true than with money all talk about making changes first today that it's all your calls at 800-525-7000 800-525-7000 like mostly admitting you have a problem with identifying what you're doing wrong what's not right with the way you're handling money maybe worry about bouncing a check or you fear the phone ringing because it might be a bill collector or you're dealing with the gas or electricity being turned off for nonpayment. Maybe you argue with your spouse about money or you stopped giving to your church because you're afraid you won't have enough, those are all signs that something needs to change and you shouldn't fear that change. It might be a little scary at first, but it will bring great relief from worrying about money. Isaiah 43 tells us remember not the former things, nor consider the things of old. I am doing a new thing. I will make a way in the wilderness and rivers in the desert. So how do you begin to bring about this change will first by dispelling the notion that God's word doesn't contain everything you need to transform the way you handle money. Hebrews 412 tells us for the word of God is living and active. Sharper than any two-edged sword, piercing to the division of soul and spirit, of joints and marrow, and discerning the thoughts and intentions of the heart. You see, understanding and believing in biblical truth is essential and the first principle you need to grasp is that God owns it all.

Psalm 24 one is clear the earth is the Lord's and all it contains the world and those who live in it.

When you fully embrace that principle that idea.

Everything else can fall into place. You won't be consumed with thoughts about the way you're handling your money because it's not yours. Instead, you begin to think about managing God's money because you're simply his steward or manager of the resources he's temporarily entrusting that as his steward, God will not abandon you to fend for yourself.

He's always with you, and he's promised to provide Luke 1224 reads consider the ravens. They neither sow nor reap.

They have neither storehouse nor bar. Yet God feeds them of how much more value are you and the birds. Once you realize that God will provide Scripture will be your guide for changing the way you think and act concerning money you struggled with his financial principles but now they'll be your guide. The Bible says a lot about spending, saving, investing and getting out of debt, along with contentment and generosity. Everything you need to know so you can begin to put them into practice. Take just one principal to start pray earnestly about it. Ask God for strength, discipline, and desire to carry it out.

Maybe that setting aside a few dollars out of your paycheck or paying more than the minimum payment on your credit card or putting a little more in the collection plate pick one and stick with it.

Then when it's a part of your life. You can go on to the next, and even the next after that. This is putting principle into practice.

You do that with tools and structure a budget a will, a long-range financial plan and so on. If you're not living on a budget, you need to develop a spending plan now but Luke 1428 teachers for which of you, desiring to build a tower, does not first sit down and count the cost, whether he has enough to complete it and there is no better tool for developing a spending plan than the new money wise. It uses the tried-and-true envelope budgeting system to plan and track all of your spending. It's free and you can download it wherever you get your apps most people find it difficult to change by themselves. They need someone to encourage them and to hold them accountable as our friend Howard Dayton puts it to hold their fuzzy feet to the fire. We have a whole group of folks trained and ready to help you get and stay on track as you learn to put God's financial principles into practice moneywise volunteer coaches you can sign up with one it moneywise live.org Proverbs 1114 tells us where there is no guidance of people falls but in an abundance of counselors there is safety and then Proverbs 2717. Iron sharpens iron and one man sharpens another that's all you need to know to make big changes in your life and to stop worrying about money. We help you get started today. Your calls or next. 800-525-7000 800-525-7000 Rob Weston you're listening to moneywise line thanks for joining us today moneywise live for wisdom for your post. Part of the moneywise community. If so, would you consider supporting this ministry.

We can't do what we do without your generous support where listener supported. So whether it's a one-time gift or perhaps becoming a monthly partner.

We ask you to pray as long as you're getting beyond the giving to your local church would invite you to be a part. I just had to moneywise live.org and click the donate button between now and December 31. We're happy to give you a copy of the new book from Pastor Paul David Tripp called redeeming money. It's one of the best new books on money from a biblical perspective that I read in the long long time and I'd love to put a copy in your hands for a gift of $25 or more, just as our way to say thank you again had to moneywise live.org and click the donate button which are appreciated. We got slides open today looking forward to hearing from you.

800-525-7000 were going to begin today and Indiana. I'm a bully you called yesterday didn't get on the air your back today. I'm so glad. How can I help you thanks for taking my call.

I really appreciate your program.

My question is really about healthcare and health insurance. If one doesn't have health insurance and venturing to budget whole that how much would you recommend yes, well, on average, now and in this is obviously a rising part of many people's budget. Just because the cost of healthcare is increasing.

Americans are now spending on average about 8% of their budget on healthcare costs. So I think that would be a great starting point. You know, obviously you're depending on where you live and what your budget looks like.

That number may need to to move around and that it all has to add up to no more than 100% and I would love for that to certainly include your giving but also some margin for you to fund those long-term savings goals that you have but that at least gives you a starting place.

I would also encourage if you're wanting to think about how to cover your health care needs and do it at a lower cost. Our friends@christianhealthcareministrieschministries.org would provide an alternative its medical cost sharing and it's for Christians to share each other's medical bills. They've literally shared billions and billions over the years for tens of thousands of believers and it's a very budget friendly approach to covering the cost of healthcare and you could look into that again.

CH ministries.org, you would certainly find it a lot less expensive than you would a typical health insurance policy which this is not insurance but a great alternative. This that make sense though mobile and did you have a follow-up question follow-up question banking and audit one is trying to know find what insurance option is good for them but they haven't actually made to qualify for any of the option, and Beth often thought of transitioning letter looks upward by vocational attendees and the question came up. I did have the answer. So because people have different budget. How much would you recommend like it.amount that one should put aside if they want to put themselves in a position where they could example going.

They but I don't have missions right now that I'm self-pay so Housley how how could you know if that dollar amount I get.

Yes. Well, I think that that 8 to 10% number is a good starting point is it of course would vary based on your health status of the bull is somebody who's in and out of your doctors offices regularly for pre-existing conditions could drive that up and you know this is an area where I would really caution somebody against going completely unprotected and having some plan to cover your medical expenses which is why if a traditional health insurance plan does not fit into the budget. I think that using an alternative like Christian healthcare ministries would be great because it can be very budget friendly, very affordable and that you're talking about 100% coverage per incident beyond $500 so you know, as long as somebody can cover their routine doctor visits and so forth.

If you had a expense that required you to going to the hospital. You needed some surgery you had something that was prolonged like a very severe illness that could be hundreds of thousands of dollars. That's all taken care of and shared by other believers around the country and that's really the risk that somebody has by going without some sort of fire protection in this way so I would say the answer is. Let's start with Eddie to 10% number as a placeholder of your budget but let's recognize that that can vary widely based on your health status.

So, therefore, make sure you have coverage and check out CH ministries.org for an alternative and we appreciate your call today to Ravina Ohio W CRF Dorothy, go read my call, or purity by that your older like I retiring and eligible on by long, and I'm wondering why your thing that money could be making something about you can't make it up 12 years or something right. Well the thing here is that every year you wait beyond the age your full retirement age up to age 70. Your check will increase by 8% so you know for instance if if you were to wait until age 70. You'd get the hundred and 32% of the check, you would've received at full retirement age for the rest of your life.

Now you would you could say well yeah, but what about those years between full retirement age and age 70 that I wasn't getting anything, and what I would say as well.

If you're healthy and you're going to live at least two life expectancy, which once you reach age 65 increases to age 84 is a is a female, then you will eventually through that added amount in the check each month make up over time. What you gave up by not collecting a check and then from that point forward, you would be able to enjoy that higher monthly payout for the rest of your life. And given that life expectancy continues to increase. That could be a real benefit, especially if during those years, between full retirement age and age 70. You don't need the money you have other income sources you're continuing to work something like that, then, that added amount in the check each month could be just what you need to cover perhaps a shortfall in your monthly budget so that then from that point forward, you have enough to cover it. Many estimates say Dorothy that it takes about 12 years to recoup those benefits so you know, nobody knows only the Lord knows what is good to call us home.

But if you're healthy and he tarries then there's a pretty strong likelihood that you're gonna live those 12 years to recoup the benefits you gave up and then from that point forward, you'll enjoy that higher monthly check for the rest of your life. Now for some folks they say listen either a I'm not healthy.

I've got pre-existing conditions or be I need the money because I relying on that Social Security check at at full retirement age or even before that to be able to account for the needs that I have in my monthly spending will that's the case then that's your answer, but if you have that luxury of waiting, it can be a real benefit.

Does that make sense. I it is. It's 8% per year. So think about getting an 8% return on your benefits each year. I guaranteed you won't get that guaranteed anywhere.

Nobody will guarantee that kind of return and so that 8% after year one and then another 8% after year to his real money, and I think that's where you have to sit down and do some planning and say as I head into this retirement season.

What is my budget look like what are my needs and at what point do I need to start collecting. If you have the luxury of waiting and again you're healthy, you might say you know what I'd rather push this off and then once I start collecting get 8% times however many years. I waited up to age 70 and additional amounts in every monthly check in.

That could be a real benefit to me nearly like every year you start your number you like you're getting the idea so there's there's two increases that you might be referring to that are separate from this 8% that I'm talking about while you're waiting.

The first is a cost-of-living increase, which is a nominal amount based on certain index that the government looks at to see as prices rise for certain things. They increase those checks that happens for everyone automatically.

The only other way you'd see in increases. If you continue to work and you replace lower earning years. Perhaps early in your working career with higher years so that the 35 highest years when one is replaced is calculated at a higher amount, but that's only assuming you're continuing to work in your getting paid at a level that replaces a lower earning here those of the only two ways you can get an increase but what I'm talking about in terms of an 8% increase by waiting beyond full retirement age is in addition to both of those.

So this would be a guaranteed 8% increase in every check over and above any automatic increases, you would receive a cost-of-living or by earning more in any given year, so hopefully that helps you.

If you have other questions. Reach out to the Social Security ministration SSA.gov, perhaps Eddie set up a virtual visit to understand how this would impact your check. We appreciate your call today for calls just around the corner 800-525-7000. This is moneywise live are so glad you this today.

I'm Rob Wester host particular calls and questions I see on the board at least four lines open next five years. The number 800-525-7000 800-525-7000 are you looking for professional financial advice from a competent financial professional who can bring biblically wise counsel someone who can really align their advice and investments with your values and priorities as a believer who understands the Council of Scripture related to money. Well we trust the certified kingdom advisor designation more than 1500 professionals, men and women around the country have earned that designation, which is the gold standard for professional biblical financial advice you'd like to find a certified kingdom advisor in your city you can head to our website moneywise live.org just click find CK you can search by ZIP Code or city state.

I'd encourage you to visit with two or three before you decide on the one that's the best fit again moneywise live.org 800-525-7000 back to the phones to Chicago, Illinois. W MBI hi Sheldon hello Carol Burnett, evening or afternoon or evening or later will take. I've been taking care of my current 70 years old for the last two and half years. He passed away in June and she left her 17-year-old daughter is come into my life now and hereafter, about 47 maybe $41,000 and I don't know how she should invest it for 17 Cairo a long way and give it to Lauren Lever wanted to know.

I like gold standard of money market mutual funds. What you guys suggest you must know that I'm delighted to hear that you've come alongside her to helps, of course, a minor can inherit assets at any age, but can't take possession until age 18. That's certainly true in the state of Illinois.

Have you been appointed by the court as guardian to handle these assets are selected to meet so many are nobody else is nobody else helping her so okay alright well I think the first thing to do is use this period of time to really help her learn to him handle money God's way, both in the terms of financial literacy, as well as understanding the Council Scripture as a relates to money and we were done today. I want you to stay on the line, my producer, Amy's can get your information directly. Deb serving in that role today and will send you a copy of Howard Deaton's book, your money counts and I think as you begin to work through those chapters with her. I think that will uncover so many of these principles that will be critical for her to understand at this early age that beginning with God owns it all that she's a steward managing God's money and money is a tool and that the Bible speaks to how we should handle our lifestyle and what about that it covers how we should save for the future which are giving look like, and even how should we set goals for the longer term.

All of these areas will be covered and that this will be an important season. I think of education as you prepare her for adulthood not only to manage what God brings her way in the form of provision but also these assets that have been entrusted to her in terms of your specific question about investing these funds.

Sheldon, I think the first thing to do is really to define the purpose of this money is this money this going to be used in the next five years for a college education for an apartment for the purchase of a car other expenses. If so, I wouldn't invested at all.

I would put it in a high-yield savings account. It's FDIC insured you mentioned not trusting money market. Well, as long as you trust the full faith and credit of the United States government, you'd be protected in a savings account and use an online savings account like Ally Bank or Marcus or capital one 360 should get 1/2 a percent, but the money would be available. She wouldn't take any risk with if it's 10 years or more, then I think that's where we can invest but I wouldn't be highly concentrated in precious metals at all. I would be looking toward mutual funds to get a broad diversification of high-quality stocks. She owns real companies that over the long haul I think will be the very best place for her to grow well in sound mind investing.org would be a great resource of standard Wyoming to send you your money counts him also to send you the sound mind investing him. This is moneywise live. Thanks for joining us today and moneywise live here brand-new website moneywise live.org has a place where you can connect with the community of believers supporting one another on their stewardship journey. Just click the connect button visit moneywise live.org what you create a free account you can post questions in our forums you get answers from our moneywise coaches and others in the community were getting lots and lots of post great to see so many people interacting about managing money. God's way and we'd love for you to be a part of the discussion again moneywise live.org just click connect and then post away 800-525-7000 got to lines open were going to Chicago and Boca in Missouri, and Michigan. But first, St. Louis, Missouri Brian, thank you for holding understanding of a testimony. You and I you here to get it all fixed but I was young and foolish didn't differentiate what one post would need was and got into a lot of back to Carlisle bank loans, credit union loan company loans and got to the point where I was way over my head and decided Lord I took all my bills open my Bible and put them all my Bible to the Lord not being aligned steward of your money. I need you to be in control of my finances and little by little, I wound up getting one loan paid off after another outcome.

Another after another and people so why didn't you just know get a loan paid off one time and I want to find the wisdom of the Lord that he wanted me to see the satisfaction that I was able to do with him guiding me to how to do this instead it will snap my fingers and all disappearing learning how to be humble median learn how thankful and grateful that all this debt was just taking care of rather than doing the easy way out of bankruptcy because I don't believe you should do that and literally you know it was people amazed how I got on that short period time and now I got a bank account and now I'm now completely debt-free. Because of doing it that way that's incredible Brian love is a couple things that jump out at me in your story. First of all thank you for sharing it with us because I know it's an encouragement to somebody who perhaps find this finds themselves in the same place you were when you started this in that is first you have to come to the end of yourself that is not true for all of us no matter what it is were dealing with. When we're struggling, turning overlordship to the father in every area of our lives and that certainly includes our finances. We need to come to the end of ourselves and say Lord in my own power. I can't do this I need your wisdom. I need your provision. It's going to be me. Relying on you to make this happen. I love the physical acts ill Howard date and the former host of this program in the the compass which used to be the crown study would actually go through the process of signing what he called the quit claim deed which we would typically think of for a home, but he would have you quit claim deed.

Everything you have over to the Lord just out of this acknowledgment that Lord.

It all belongs to you and I wanted to it your way because in my power I can't and you got to that place Brian, but I love this other idea that you said I don't want the easy way out in terms of consolidation loan or bankruptcy because the discipline of doing the hard work to get out of debt forces you to establish the right habits for you to get to a place as you have those small wins along the way to keep going and to form new habits that ultimately will guide you in your financial management in the future. You've gotten to that place. I guarantee you because you've done the hard work you're never going back because you don't ever want to be back where you were in the Lord's gonna use that only in your life but in the lives of many, many who are listening today. So Brian God bless you my friend. Thank you for calling and sharing your story.

We appreciate it very very much but said that south to Boca Raton, Florida Karen, thank you for holding. How can I help hi Mike, in E the home might be my hand at roundtables by home for cash, though I wanted to find out what data we sell our home for cocaine amount which you well when you're selling the home. It really doesn't matter whether you have a mortgage or not. As long as you have equity positive equity in the home you're not upside down right now are you you don't owe more than the home is worth the right now I don't know so you believe you could sell it for more than the balance on your mortgage.

Is that correct right to confine about right, right, and that they want to buy okay so let's talk about that but I want to make sure you understand that the fact that you're still paying on a mortgage really doesn't have anything to do with how you go about selling it. So then the question is how do you sell it in a way that maximizes the value. This is probably your largest asset. It is for most of us your steward of God's resources. All of your assets, including this home. So how are you a good steward of this home in selling it and responding to solicitation for a cash buyer company selling your home for cash is not the way to go.

Those companies have less than a stellar reputation. Some are better than others. Of course, but on average you're going to give up about 30% with these cash buyer programs because essentially what they're doing is they're buying it for cash only just to turn it around and resell it right away. This is not somebody was going to buy this home to live in it. And so they've gotta buy it at D at a deep enough discount for them to do whatever repairs need to be done and then turn around and listed immediately, and sell it for its true market value, and then they keep the difference, which is the profit will the only way they can do that is if they buy it at a discount.

So by not using one of these cash buyers. You're not going to maximize the value of this property. So instead I Karen. What I would recommend you do, especially where you are there in South Florida. Property values are sky high. I would find a professional realtor real estate professional in your area.

Preferably somebody who specializes in your neighborhood or the surrounding area and you could find that person, probably by just seeing who has the most signs out as you drive around town, but you're gonna want to get somebody who can really look at what is the true market value of this home help you price it accordingly help you stage it in terms of are there repairs that need to be done and do you have too much furniture in there that needs to be declawed