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The Bible on Borrowing

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
November 22, 2021 5:14 pm

The Bible on Borrowing

MoneyWise / Rob West and Steve Moore

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November 22, 2021 5:14 pm

Record low interest rates have brought on a flurry of home refinancing and with it the very big temptation to increase the size of your loan and take cash out against your home’s equity. But is it wise to borrow like that? On today's MoneyWise Live, Rob West will give a brief refresher course on wise biblical borrowing. Then he’ll answer your calls and questions on various financial topics. 

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Low interest rates have brought all a flurry of home refinancing with a very big temptation hi Rob was refinancing your home provides the opportunity to take cash out.

Increasing the size of the loan. It's time for a refresher course on biblical borrowing that suffers today little take your calls at 800-525-7000 1300 525-7000.

This is moneywise live biblical wisdom for your financial decision. The option of taking money out at the closing table. They say things like the money is yours to use it anyway you want. The problem is it's not true. Taking cash out is really just another form of borrowing and whenever you borrow the money isn't yours. You are just renting it for a while at a price. But let's be clear about something. While the Bible never calls borrowing a sin.

It is also never speaks of it in a positive sense God's word is full of teaching on how to minimize debt or avoid it altogether because he wants what's best for us is borrowing okay will simply put it when it makes financial sense. For example, a business owner might borrow to expand the operation and increase revenue, but only after due diligence shows, it will increase sales or lower overhead. In other words, the economic return on the amount borrowed should be greater than the cost.

Another example might be a carload if you need a vehicle for transportation to work. It eventually pays for itself. Just be sure to borrow as little as possible and of course save so you can eventually pay cash for your next car borrowing should follow the biblical principle of not presuming on the future you should only borrow when you have a guaranteed way to pay it back. Something is put up as collateral. In case you default so buying the home would be okay if you have a steady job, 20% for a down payment and the monthly payment fits within your budget. The house itself becomes collateral now how would this work with student loans well obviously you can't put up your head as collateral, but you have a reasonable expectation of paying back those loans because the ultimate goal is to get a better paying job. That means if you're borrowing for education. You have to choose a major that gives you marketable skills and you have to finish your studies and graduate. Otherwise you'll have a lot of trouble picking back those student loans.

In many ways economy is dependent on debt in a recession. The government encourages spending to lift us out of it, which also encourages debt and this is done as if spending and debt were normal in good but the Bible makes it clear the debt isn't normal, then God's people should avoid this trap. Proverbs 22 seven says the rich rule over the poor, and the borrower become slaves to the lender.

Unfortunately, some of us have to find that out the hard way and we often hear from them on the program if that's you, I want to give you something positive to encourage you. Good things happen when you pay off what you owe and learn to avoid debt.

One very positive thing is that the less you all the more you're able to answer the Lord's calling for your life. There are many wonderful ways you can be more generous and take on a greater role in advancing God's kingdom. When you're free from debt. No one ever says they wish they could give less. Another biblical principle about borrowing might be described as the shorter the better. Deuteronomy 15 teaches that debts in ancient times were to exceed seven years.

Today, most mortgages are for 30 years but that doesn't mean you can't pay them off early and we always advise that another biblical teaching about borrowing often surprises people because they might not even realize they're doing it it's cosigning for someone else's loan which the Bible calls surety several verses warn us to avoid surety or cosigning Proverbs 22 says be not one of those who give pledges to put up security for debts. If you have nothing with which to pay. Why should your bed be taken from under you know a lot of folks think they're just helping out a friend or family member get a loan by cosigning, they often don't realize that by signing that paper they become just as obligated to pay back the money as if they'd taken out the loan themselves. The lender absolutely will come after the cosigner. If the primary borrower fails to pay and there's no getting on and that leads us to our last biblical teaching on borrowing and this is probably the greatest because it involves honesty and integrity which God demands of his people. It's paying what you owe. Ecclesiastes 5 says it is better that you should not bow, then, that you should Fallon not fulfill. Proverbs 3 says do not withhold good from those to do when it is in your power to so that's certainly not all of what the Bible says about borrowing, follow these principles and you will spare yourself a lot of grief. This is moneywise live biblical wisdom for your financial decisions with us right back to joining us today on moneywise live around with just a phone line sticking calls and questions. What are you thinking about today financially.

We love to hear from the number is 800-525-7000 got some lines open again 800-525-7000. We began today by talking about borrowing the Bible on borrowing specifically and we said borrowing is not a sin but the Bible makes it clear that debt isn't normal and God's people should avoid debt and, if at all possible and move in the direction of being debt-free over time for questions I've shared in the past that you can ask when you're considering a borrowing decision to include the number one is the economic return greater than the economic cost, meaning I should only borrow for assets that are appreciating the home would be a great example, a car not so much number two MI presuming upon the future when I take this debt out. Do I have a way to repay. That's the idea, surety, and we know the Bible warns against surety that is borrowing without a sure way to repay 3M by denying God an opportunity to provide MI in a situation where I need to trust the Lord and perhaps will be more patient than I might otherwise be by pulling out the credit card or some other form of debt to alleviate the problem area in my finances do I need to just depend on the Lord and perhaps waited out. Maybe that is the right direction and then fourth. Do I have unity with my spouse here. We always want to make sure you have complete unity before making any borrowing decision and I think those four questions in particular might help you make a better decision before you take out any loans. I got slides of organ head to the phones here today 800-525-7000. Kenyatta is in Cleveland Ohio and Kenyatta thank you for calling. How can I help you, Michelle and I think you getting on. I currently have on my loan and I am an eye working at a law and do not begin the program on 58 and an I wanted to know what being at the ferry to pay off the loan now 08 hello again been proved completely. After breaking a 13 year yeah well I think you ought to let me ask this year. Payments in deferment currently. Are you actually making on-time payments right now are making on-time payment and he really loan payment under 15 and so when I make the payment that count for 120 payment inherent in my credits going to escape and now I'm leaning like a good credit granted Holman and ran into my loan me in a negative factor into purchasing a home and I'm thinking it get that act not serve shirts well as a couple things number one is if you are on track for loan forgiveness and you've read all the fine print and believe you are teaching a school that qualifies you're making those on-time 120 payments, which is essentially 10 years.

The net program is for you and I would say take full advantage of it. You obviously want to make sure that you're doing everything you need to do to qualify, and what a lot of folks would run into is they haven't read the fine print or they don't understand fully the program they think they're on track to receive it and then in the end they don't. I'm not saying that's necessarily the case for you.

Just be sure that you understand whether or not you do qualify, but if you do I just stay on your current path in terms of what you might do while you're continuing to just pay on the scheduled monthly payment which is you said is fairly low and you're still only halfway toward loan forgiveness is look at other kinds of debt that you can take well not dead but other borrowing that you could establish but not to incur any interest because you wouldn't carry a balance. A good example would be either a secured or unsecured credit card. Kenyatta where you would have a budgeted monthly charge that would hit that account again something you're already planning on spending about encouraging you to spend money.

You wouldn't otherwise spend, but where you'd automatically then just come and pay that off every month you carry no balance that would give you a couple of things number one establish another account with an on-time payment record which is the paramount thing that's 35% your score.

It would allow you to have a bigger credit mix so that's 10%. Your score is the fact that you know with this installment loan on the student loans.

Now you be adding if you don't already have a credit card you'd be adding revolving debt and then you would also be able to establish a lower credit utilization because any accounts that are added that have a limit where you're not. You're carrying a balance or any charges that are paid off. A very small it's going to show a very low credit utilization, which is another major factor in your credit report and I think a combination of one just time you establishing this on-time payment record year after year is going to just in and of itself. Build your credit file as you get more history and then by establishing different types of credit and a low credit utilization. All that is going to work in your favor over time to get you to a place where you that's credit score will be above 640 and begin to move into the ranges where you would qualify for the top tier loans when you are ready to buy a house and I would say make sure when you do that you don't buy too much house and make sure you have at least 20% down, but I wouldn't necessarily try to accelerate the payoff of that loan that's going to be forgiven.

I would just look at other things that you can do to bolster your credit score along the way that does that make sense to you. I can't credit card Alan Daphne looking for lacking make sure I get that.

Thank you, but you're very if you want to go to and to websites nerve funny name but a great resource nerd or credit you can look at the various banks offering secured cards were you'd put a couple hundred dollars on deposit that issue your credit card with that amount on deposit as the limit and then you could charge again budgeted items paid off every month you want to make sure you will have one. The no fees and that's what you find when you look on their wallet to see who has the very best programs right now so check that out if we can help you get along the way, don't hesitate to reach out. We appreciate your call today 800-525-7000 is number to call were to pause for a brief break we come back more of your questions, thoughts and comments.

Today, as we apply God's word to your financial decisions where you dealing with in your financial life is student loans like Kenyatta looking for ways to pay those off trying to also like Kenyatta think about your credit score can I keep that up yet follow biblical principles not getting that. But yet be a part of the world system and make sure that I have something. This could allow me to make a decision will tackle all that 57 tax return again and moneywise live biblical wisdom. Your financial decisions. I'm so glad that he along with us today a lot of calls from folks asking about their credits. How do you improve your credit score and obviously the key is making on-time payments number one keeping those balances low infection fact, we encourage you for certainly revolving balances like credit cards to keep those balances zero only use your card for budgeted items in pay it off.

Have a good credit mix establish a long history all that's can work to your advantage. But something a lot of folks don't realize is a relatively new services offered by Experian called the Experian boost were essentially for free. You get credit for the on-time payments that you've made to your phone company for other utilities even for popular streaming services so they essentially go in on a read-only basis pull this information in you don't give them any bank credentials or anything like that and they store a record of any qualifying on-time payments which will result in a boost to your credit score so that may be something to check out if that's something you're looking for. Again, it's called Experian boost and you can learn more, and It's absolutely free to head back to the phones today.

We got well. Several lines open 800-525-7000. That's 800-525-7000 K is in the New York region and K thank you for calling I can help you.

Thank you for taking my call and I missed three times now the question about the company I work for pay out with the 401(k) there thinking that to another company so and I want to know is there able to do that and on. If I want to stay with the same company as my previous hope okay then can I sent the same company. You know my 401(k) or do I have to click to let my company had just picked up your company has the right to determine who the plan administrator is and they do change.

Although it doesn't typically happen very often.

It certainly is something that happens periodically and sounds like that's the situation that your rent so you're going to need to move over if you want to continue to participate in the plan, but there are couple of things you should do to make sure you are ready for this changeover number one is I would do somewhat of a thorough assessment learn what has changed what your new options will be including the investment options in pay attention IK to the matching contributions so you understand that there's been any change in terms of what your company is going to match moving forward. You want to look at their required plan change notices find out if any of your funds will be moved to the new plan that is the investment fund options and if not, make the changes you need to make. This is a great opportunity K as well to look at your portfolio's fund allocation and risk and what I mean is, what are the various investment options in the new plan. If some of them are moving over you even if you're able to stay in what you already have. Make sure it's still the right fit based on your age and risk tolerance, and what your objectives are. Because if your for instance, have been invested too aggressively for where your assets, kind of in the lifecycle of your investments and this is a good time to get more conservative, or vice versa. So just take a look at tell your total fund allocation, and if the match is going away. This may be a time for you to look at the new contributions going into a traditional or Roth IRA where you could take advantage of a lower fee structure and more investment options. Also, there's often a blackout. Where there's a change in the plans recordkeeper so you want to print out your account balances prior to the change and then compare it to the new balance when the blackout is lifted and just make sure that you still have all the same information.

There's a number of the shares, or at least the balance that you had prior to that changeover. So bottom line is you have your company's moving you're going to need to go with that, but it's a time to make sure you're up to speed on the new plan. Make sure you have some documentation on what you had in the old plan and then not check those side investments to see where you should be allocated moving forward in a way that's a good fit for you is only make sense that they went alone there like over 40 years and now the certainly have a whole new 401(k) administrator saying I felt yes I just how well it does have evidence company. Yeah, nothing to be concerned about that. I'm sure it is a great company.

There's probably a good reason they made the change. So it's a little bit of a hassle just to get up to speed with the new company in the new format of the statements and new logins on websites and all that kind of stuff but that'll be behind you know, time, and I'm sure you get all situated in the new plan so we appreciate your call if you have other questions along the way. Give us a bus 800-525-7000.

Johnny is in Wisconsin. Go redheads are giants here on moneywise live go ahead okay what question you want answered to me that my producer told me you had a question about the passing a family farm on his right, that's correct, go right ahead.

My you know Mike might dream you be able to have that on to our children and leave the concern is that they did not get overwhelmed with an estate assessment so they can afford week that shouldn't be an issue.

You know number one just state laws in general. In terms of taxation, but also there in the state of Wisconsin.

They have some tax laws that are particularly friendly to farmers. Essentially, Johnny.

The way this works is your estate would only be taxable for federal real estate taxes.

If the value was more than $11.7 million in 2021 Wisconsin doesn't have the state inheritance tax and the farmland is not taxed on its market value, but on the potential income it could produce. And that's to protect the Wisconsin farm. So what I would do is your visit with your if you have an estate planning attorney who's you've worked with in the past.

Perhaps put a will in place or durable power of attorney or something like that just to review your wishes and talk about your intentions, and then make sure that the questions are answered, that you have in that the planning supports what you're trying to accomplish and whether this needs to be in a trust or not, that your will is up to Davidson everything is titled properly. If you have a trust that the farms in the name of the trust and all of those things so that it passes in a manner that sufficient, but you're likely not to have any issues in terms of estate tax year. This is a good reminder just to get in front of that attorney and make sure everything is up-to-date also like to send you a book to help you process some of these decisions. Biblical standpoint is far different rendezvous. It's called splitting hairs. Since the best book on biblical wealth transfer healthcare's down the line will get your information and send you his argument appreciate your post hundred 525-7000 more homes just thanks for joining us today on moneywise live biblical wisdom for your financial journey around West Coast got a few lines open today 800-525-7000. They were headed toward year-end which means it's a rape upper to think about your year in giving which many folks do this time of year and we'd love for you to prayerfully consider moneywise media as a part of that we are listener supported is a 501(c)(3) not-for-profit ministry and what we do on the air and in the Alpine with her coaches and through all of the ways we equip God's people to handle money, that's all. As a result of your generous support. And so if you would prayerfully consider supporting us this time of year would certainly be grateful. The quickest and easiest way to do that is to head to our website moneywise that's moneywise and you can click the donate button.

We would certainly be grateful if you'd like to call you can do that when you click the donate button you'll find a phone number there.

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Thanks in advance. Let's head back to the phones, Wichita, Kansas hey Mike, I can help you today thanks for taking my call late.

My question is about four years ago I did. Time share what we receive points every year and that time I originally purchased with the intent of letting my kids use it in some other people and it's just really not pan out that well. They have had time.

Things take advantage of and I'm wanting to know how you feel about from the exit strategies that companies out there offering the opportunity to get out from underneath these things. Yeah, you know I'm not a huge fan of this phase, this whole space is just kind of fraught with scams doesn't mean they're all scammers out there but I'm just not found one that I was particularly excited about. You will hear some promoted and you in various places, but I just not had enough positive experience with any of them to feel like we could recommend them.

I think the first step is always to reach out to the developer or whoever you bought the timeshare from just to see if they can help you think about and explore any legal exit opportunities to know typically it's challenging just because it's a supply and demand issue. There's more people in the spot you're out than there are people seeking these out and anybody who's looking to buy their looking them to sell them to new folks not create a market for existing timeshares.

So what you do well trying to resell it out there on the open market. You can be somewhat effective. I won't say it's easy. The best website or forum for that is called tug TU G and you can find that on the online it tug TU G and the number that's the timeshare users group and you can look at the ways to sell your timeshare and or rented out there as well. There's also no eBay and other websites will list these in the sharing platforms can be reasonably successful place to sell it on the resale market, but you gotta expect to take a hit on it, just in terms of you're going to be selling it at a discount. Obviously, you know, apart from that, you don't want to just stop payments if you committed to making them not only do I think that's you are not honoring your commitments, but it could create some real challenges as well from a credit standpoint and otherwise you can look at gifting at your listing at a local paper, trying to find a local realtor that know might to specializes in timeshares you might be able to help you get out of it but in terms of one of the companies that offer to do this for you. Unfortunately, again, I'm not gonna say they're all bad, but just not enough experience to be able to endorse any of them.

Does that make sense to you and that you're okay listen all the best to you. If you have some success.

Give us a call back and let us know how you did it and I will hope that that is in fact the direction you had Mike Chattanooga, Tennessee hey Ricky, how can help you. Bob went to annual credit got mildly little but all lot.

I was having problem with echo back the verification and I was able to get it.

The other two got those reports but I did make the verification and our solution Oman was the right of my only a copy of my last and my social security card through the mail available to get my report and I didn't want to do that didn't know there was another way to do this if you have been a verification yeah unfortunately there's not Ricky annual credit is the site to go to.

They can only give your credit reports after they verified your identity because federal law strictly limits access to consumer credit reports, and so it requires ID verification and we have heard from plenty of folks that are running the problems with this. Trying to verify their identity online and their solution to your point is to order it the old-fashioned way, by mail, but it does require that you provide them the documentation to in fact verified through the mail. If it can't be done electronically and so you have to use that form and provide the information you need and I understand you may have some concerns about that and I wouldn't argue with you that know there is the potential that information could be compromised, but unfortunately if you're going to be able to get it here that's going to be the way to go. The only other option will be just to give a little time and try that online identity verification again to see if you can't get that to go through by providing the necessary information. It's going to take a couple weeks.

If you do it by the mail at a minimum in the yard have to provide that information. I wish I had better information for you two out of three isn't bad but like the idea that you can get your hands on that third one just make sure there's not information on that report. That's not showing on the others.

You follow all that what what what my dad and I find 95 Hawaii and some of the information that her body verification was he icy and the call got it know his information. It it kicked me out.

I can understand that and that's a real problem with family members. It's sheer name and that can easily be confused in the credit file so unfortunate as not to be a quick fix for this.

You may try to call them and see if they can update the information in the file but it is going to require that you provide the needed documentation.

So listen I did not say keep added then it could. You may find at the end of the day organ have to send information through the mail. If you want to get the file. We appreciate you checking in with us if you have some success gives go back and let us know how you did it. 800-525-7000 Chicago, Illinois, Alexa, and have just a minute left.

How can I help you all been making additional payment to increase my mortgage and so far it's been decreasing tremendously, but I'm also wanting to invest and I don't know. I did wait on investing right now is appropriate and at what point blank to reduce spending on mortgage and then on investing. What is your age looks good. Okay. And what percent of your income. Are you putting toward long-term investments. Now I have a matching 401(k) to put on 10%. Okay, let's do this so pause for a quick break if you hold the line than just around the corner and come back finish this question. My thoughts on Lynn Bob Dole. Join us as well from Trustmark. Global investments with his market, and more money was very please join us today for moneywise live biblical wisdom financial decisions around Western posted just before the break we were talking to Lexington, Chicago, Illinois. Lux is been making some additional payments on his mortgage try to get that principal down in well it's been going in the right direction, but he is.

He's wondering should he had 30 years old be focusing more heavily on long-term investments than getting that mortgage paid off in Lux and these are both great priorities, but we should be intentional about saving for the future. I love the idea that you're prioritizing even it 30 years old to getting that mortgage paid off, and those are both great. I think the key is you don't want to miss really powerful years were compounding can really be your friend. Over the long haul. Even though I love the fact that you would accelerate this mortgage payoff.

So I think the best option. Assuming you got an emergency fund, assuming you don't have high interest consumer debt. I think the best option is to make sure that you're putting away an appropriate percentage of your income every month and then with additional surplus. Assuming you don't have any other giving priorities.

I would say them absolutely continue to accelerate that mortgage payoff. So what is that appropriate percent of your take-home pay. You should be putting away for long-term savings, and I would say 10 to 15% would be a good target, especially at your age that you said with the matching with what you're currently using two through salary deferral going into retirement is around 10%. So I'd say your already, right there in that range. I think if anything, you know, perhaps looking at bumping that up to as much is 15% but that with any extra. Go ahead and an opt back for accelerating that mortgage which I think is another worthy goal.

Now if you had a real conviction to be debt free as soon as possible I'd say let's just leave right at the 10% keep doing what you're doing but if you say struggle with. Maybe I should have a little bit more. I would say you know bumping up to the 15% is not a bad idea apart from all of that.

The other option which I always encourage us to do some planning just to determine what is your ultimate goal based on some reasonable assumptions in the lifestyle that you believe God called you to so that you can actually you know, take what you've accumulated and run that out for the next 35 years or so until retirement just to say are you on track ahead or behind and you know not just use rules of thumb of 10 to 15%, but user a real number that you know syncs up with what your ultimate goal is to settle make sense though and that was good. What point do I need a planner.

All investment advisor you well you may not need an investment advisor.

Most of this is in your 401(k) but I think you you could benefit from a plan because it 30 years old. You know going in once a year just to say you know what are we trying to accomplish and what a reasonable assumptions and what have I missed from a risk standpoint and an investment standpoint insurance you looking across the broad landscape and then the other real benefit to an advisor is, you can't hold yourself accountable if you say this is the lifestyle I believe God's call me too and here's my giving goals. This is what I want to do on the investment side and then you come in for a periodic you know check up and they said well this is what you told me but this is what you're doing. Let's talk about why that is your that's accountability we all can benefit from that. So I'd say stay on the path you're on.

Perhaps allocate a little more toward long-term savings, but this is a great time to do some planning with a financial planner in Lux and I hope that's helpful to you. We appreciate your call today before we take our next phone call. It's Monday, which means Bob Dole are good friend is here Bob is chief investment officer at cross more global investments were investments and values intersect.

You can learn more and cross more, including where Bob's funds are managed, that you can read more about but Bob I know you are going to share a quick market update and then your dolls deliberations. This week I saw the headline was the equity market, high wire act continues to explain that if artists so basically arguing that the doctor not particularly cheap, and a lot of things have to go right. Keep advancing what they are and so the high wire act is working but you know we said for some time now. We expect more bumps, more volatility in both directions. Annual last week with a perfect example you have that growth stock up the value stock down you had the Dow Jones industrial average down. But the NASDAQ was up to date with the opposite Dow was up to 17 points in the NASDAQ was down 200 points, so I have a lot of this rotation as investors and markets try to figure out what's going to happen next. Yeah, no doubt about it.

I assume Bob's it's can be closely tied to whether or not corporate earnings can continue to outperform your here I make third-quarter earnings as we reviewed on the cold payment better-than-expected yet again. And that's kept up the market plant. The question is will the inflation and cost pressures that all of us including corporate America are facing be able to be passed through and price increases. In my guess is that will move to some but not all, and earnings will turn a little bit more mixed and output turn the market little bit more mixed very good Bob talk to us about bonds.

You know, for somebody who's out there who's relying on a fixed income portfolio and trying to figure out and I keep hearing wish and underweight bonds and forget to see an increase in interest rates, which is not a silly good for the bond market, although longer term that means yields will be up how do we wrap her hands around where the bond markets headed and what that means in our portfolios, assuming economies say okay and inflation stays stubborn. A meeting on the high side, even if all come from where we been going.

None of that is great news for the bond market. So my view continues to be have a little in bonds. You can be careful of how longer duration and maturity are and try to get your income if you need it elsewhere meaning in the stock market and that's not the panacea's we just talk about. I think returns in general for the blog base at acid stocks, bonds and cash over the next few years.

Rob to be less than the last few years and so we've got to just reduce our expectations a bit. That okay already that's helpful, Bob. I assume last question that MSO note about this in your deliberations that you're expecting some of the supply chain issues to continue to ease in the days ahead. Slowly but surely there to be around for quarters to come Rob but still an issue.

Let's hope it becomes less of one because it put a lot of people and difficult places very good. Sorry, Bob. Happy Thanksgiving to you my friend will talk to you next week sounds great talk in December.

Okay take care Bob Dole, a chief investment officer across more global investments. Again, cross more is the place to learn more puts it right back to the phones, Austin, Texas.

Amen. Thanks for holding Sir how can I help you.

So I got kind of interesting question for you, so unfortunately my dad has made some pretty bad choices and found himself in federal prison and before all of this happened through the process of getting charged know that he is a poignant power of attorney over his retirement account. So long story short, his is an annuity and one of the finance petition, fidelity just realized his situation in their cutting ties but you don't make sense. I guess so. It's about 80 grand worth of money in this annuity and I just was wondering the best direction to do with this money, it sounds like we need to withdraw it from them.

And so I don't know if it makes sense to transfer it to myself and my sisters in our retirement accounts or transfer it to another retirement account. I think they meant that mimics the key here and I'm really sorry to hear about your situation will certainly be praying for your dad that the Lord will meet him there

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