Search Results for: savings

February 14, 2012 Money Wise

Compass Money Map / Destination 3 – Howard Dayton and Steve Moore continue leading you along the journey to True Financial Freedom with a review of the first two destinations and an in-depth look at Destination 3 – increasing your emergency savings and paying off consumer debt.

Next, they answer these questions from listeners (800-525-7000 or moneywise@compass1.org):

  • Where do we save extra money from a tax refund?
  • Should we pay off existing student loans before going to seminary?
  • How do we deal with a slow-selling, out-of-state home? Should we roll a Home Equity Line of Credit into the mortgage of our new home?
  • How can I convince my wife to tithe?
  • Is there a rule of thumb for the marketing expenses of a small business?
  • How do we decide the best use of an extra $1,000?

Today’s resources also include the free Compass Money Map (found in the Resources section of our website) and Howard’s book, “Your Money Map” (also available on audio CD). Thanks for your prayers and generous financial support which allow us to keep Money Wise on-the-air!

February 11, 2012 Money Wise Weekend

Investing: Why and How? – Steve and Howard welcome special guest Mark Biller from Sound Mind Investing to discuss the reasons we should invest and the ways in which to do it in a manner that follows time-tested Biblical principles.  Mark says that operating out of fear is NOT the way to go.  Here’s some of what he covers:

  • Some reasonable hedges against inflation
  • The principle of diversification
  • Taking a long-term approach to investing, and
  • Some tax issues to consider as you invest.

Plus, they answer the following calls and emails (800-525-7000 or moneywise@compass1.org):

Tax obligations on an inheritance and what should be done with that inheritance (emergency savings, paying off debt, funding a 401K or an IRA, etc.)

Whether it’s best to put money in a regular 401K or a Roth 401K if you’re within a few years of retirement

What to do with life insurance proceeds following death of spouse (Howard recommends KingdomAdvisors.com), and

Whether rental properties should be used as an investment for retirement.

Mark Biller referred listeners to an Investing Temperament Quiz at SoundMindInvesting.com.  Steve discovered his temperament is Grumpy, though Mark denies that Grumpy is actually one of the Investing Temperaments.  Thanks for listening and telling your friends about Money Wise Weekend, and thanks for your prayers and generous financial support that help keep us on-the-air!

February 9, 2012 Money Wise

Being Money Wise Parents to Adult Children – Howard Dayton and Steve Moore discuss how to help adult children in financial matters.  It’s difficult as a parent to watch children struggle, but if you want God to work in their lives to help them become what He intends them to be, sometimes that means standing back while they go through difficult times.  It’s more of an art than a science, and requires discernment from God to know what’s best.  Howard says parents should only help in ways that do not elevate the lifestyle of their children, that do not usurp the authority of the husband (if children are married), that do not use money as a means of control, and that only intervene in the short term.

Next, they answer calls and emails (800-525-7000 or moneywise@compass1.org) about the following:

  • How to know when to put money in savings as a small business owner; the Money Map helps with this. Howard discusses the advantage of a Roth IRA as a savings/investment instrument.
  • Whether to manage investments personally or to hire a money manager; “Sound Mind Investing” addresses these issues.
  • What to do instead of co-signing for children’s education loans.

Today’s resources also include the books “Free and Clear” and “Business by the Book.”  Thanks for your prayers and generous financial support which allow us to keep Money Wise on-the-air!

February 3, 2012 Money Wise

Preparing for Large Annual Expenses – Howard Dayton and Steve Moore discuss how best to prepare for times of increased spending such as the Christmas holidays and annual vacations.  They provide the following suggestions, which can also apply to one-time annual expenses that can catch you by surprise:

  1. Pay off existing Christmas (or vacation) debt
  2. Looking ahead to next Christmas, don’t buy things using one penny of debt.  You do this by paying cash for everything and, obviously, saving up ahead of time.  To do that…
  3. During your Zero-Christmas-Debt year, even while you’re making monthly payments to pay off last Christmas, put the same amount of money in savings each month to prepare for the upcoming Christmas season.  Also do this for any one-time annual expense.  If you make some sort of an annual payment in the amount of, say, $120, set aside $10 each month to cover it.  When the expense comes due, you’ll have the money waiting to pay for it.

Howard and Steve also answer calls and emails (800-525-7000 or moneywise@compass1.org) about the following:

  • God’s guidance on selling your house through a short sale  (Psalm 37:21, Proverbs 3:27-28)
  • Whether or not life insurance is Biblical and whether it’s appropriate to have it on your children  (1 Timothy 5:8)
  • Parents wanting to help daughter make the transition from college to the adult life, whether to charge her for rent, and if so, how to report it on tax return.

Thanks for your prayers and generous financial support which allow us to keep the program on the air!

Gifts From Your Will or Trust

  How it Works – Include a bequest to Compass-finances God’s Way in your will or trust. (See sample language below) – Make your bequest unrestricted or direct it to a specific purpose. – Indicate a specific amount, or a percentage of the balance remaining in your estate or trust. Benefits – Your assets remain in your control during your […]

January 10, 2012 Money Wise

Investing: Why and How? – Steve Moore and Howard Dayton welcome special guest Mark Biller from Sound Mind Investing (soundmindinvesting.com) to discuss the reasons behind investing and the ways in which to do it in a way that follows time-tested Biblical principles.  Mark says that operating out of fear is NOT the way to go.  He discusses some reasonable hedges against inflation, the principle of diversification, taking a long-term approach to investing, and some tax considerations as we start the new year.

Plus they answer calls and emails (800-525-7000 or moneywise@compass1.org) about tax obligations on an inheritance and what should be done with that inheritance (emergency savings, paying off debt, funding a 401K or an IRA, etc.), whether its best to put money in a regular 401K or a Roth 401K if you’re within a few years of retirement, what to do with life insurance proceeds following death of spouse (kingdomadvisors.com), and whether rental properties should be used as an investment for retirement.

Mark Biller referred listeners to an Investing Temperament Quiz at SoundMindInvesting.com.  Steve discovered his temperament is Grumpy, though Mark denies that Grumpy is actually one of the Investing Temperaments.

Navigating Your Finances God’s Way

Student & Facilitator Tools Electronic Practical Applications– All Weeks Download Memory Verse Cards -formatted for the Avery 8371 tear-off template. Click here to view the “Let’s Get Practical” videos- All Weeks. Online Calculators Mint.com Introduction Click here for your Compass membership & receive the E-Newsletter. Week 1 audio notes read by Howard Dayton. God’s Part and Our Part Download the […]

Financial Dictionary

A – B – C – D – E – F – G – H – I – J – K – L – M – N – O – P – Q – R – S – T – U – V – W – X – Y – Z A Accounts payable Accounts payable, or AP, represent money […]

Investing

Investment Resources   Kingdom Advisors is a community of Christian financial professionals integrating faith and practice for Kingdom impact. They exist for advisors who desire to: -Realize purpose and fulfillment in the workplace. -Offer meaningful, eternally focused counsel to clients. -Join with like-minded advisors for encouragement, support and best practice. -Have a positive impact on the financial paradigms in our […]

Calculators

Retirement Calculators Retirement planner How Long Will Retirement Savings Last How Important is Social Security Retirement Income Mortgage Calculators Mortgage calculator with PITI (principal, interest, taxes and insurance) Mortgage Qualifier Mortgage Payoff Refinance Interest Saving Mortgage 15 vs. 30 Loan Comparison Calculator Saving and Investing Calculators Emergency Savings Investment Goal Asset Allocator Compound Interest and Your Return College Savings Roth […]