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Check Your Credit Score for Free

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
May 8, 2020 8:03 am

Check Your Credit Score for Free

MoneyWise / Rob West and Steve Moore

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May 8, 2020 8:03 am

Not a lot of things in life are free so why don’t more consumers avail themselves to their free credit report? Your credit report affects many parts of your financial life so it’s important that the information contained in your report is accurate and positive. On the next MoneyWise Live, hosts Rob West and Steve Moore reveal how to get your credit report for free. Let’s discuss why a credit report is important on MoneyWise Live at 4pm Eastern/3pm Central on Moody Radio. 

Rob West and Steve Moore
Rob West and Steve Moore
Rob West and Steve Moore
Rob West and Steve Moore
Rob West and Steve Moore
Rob West and Steve Moore

Due to the COBIT 19 pandemic were protecting our team today and keeping them home. Today's moneywise live is prerecorded, so phone lines aren't open time to talk money. But there's always room for a little bit of humor. So how did you hear the one about the guy credit score was so bad that he got a credit card offer in the mail that was pre-but your finances should be a laughing matter advisors Pres. Rob West helps us get serious today about it.

Number this program is so calling for sheltering and how to check snacks moneywise Rob.

All kidding aside your credit score really is a number that you think seriously, it's true, Steve. It has a direct effect on what you have to pay in interest on mortgage credit cards and other loans and, possibly, whether you get credited all banks and other lenders use your three digit credit score to make those determinations but also your credit score can affect how much you pay for auto insurance. Whether you be able to rent an apartment, and even whether you get hired when applying for a job so your credit score is super important.

And if you haven't checked it lately.

It's worth taking five minutes to do it. It'll give you a fairly good idea of your financial health. Okay, but we we don't want to crack open our wallets to do that.

So how do we get a credit score for free, but the first place to start would be with your bank or your credit card issuer. Most of them offer free credit score checks to their clients. Log into your bank or credit card account online and in many cases you can get your credit score with just a few clicks, perhaps right on the homepage but let's say you have a bank or someone else. She bowed credit card that doesn't offer that service. What can I do that well. Credit card companies are always hoping to entice new customers, so several of them offer free credit score services.

Even if you're not a customer. These include credit wines from capital one Chase credit journey and discover credit scorecard.

Those services will draw your credit score from one of the three credit reporting bureaus either Trans Union experience or echo facts. Just remember that you don't have to apply for one of their cards to get your score. This is quite amazing because I remember in you might remember as well. When everyone had to pay to get your credit score, but that didn't last too long. That's right, I reset your credit score is a three digit number.

But how do we know if it's a good number. What you can actually have several different credit scores depending on which company is used fight goes's probably still the most common Steve although other companies are entering that space.

FICA happens to stand for the fair Isaac Corporation now your FICA score can range from 300 to 850 but anything below 600 means you'll have difficulty getting credit 600 to about 670 might be called fair. 672 about 740 would be considered good.

740 800 very good in anything above 800 well you are a rare individual and that's where the law of diminishing returns comes into play.

Steve, there's really no advantage in trying to go above that, or striving for a perfect 850. By the way have never seen one. It won't earn you extra brownie points with the lenders that by the way, checking your credit score won't lower it all. I know that's a concern for many folks, it's called a soft pole and it's different from a hard pole which is when you apply for credit and the lender checks your score for the purpose of determining whether to extend credit to okay let's say my score is hovering just below one of those numbers and I want to bump it up into a better range. What can I do that well the absolute best thing you can do to improve your credit score is to simply pay your bills on time and in full every month. That makes up what's called your payment history, which is about 35% of your score. If you can't pay the full balance. Make sure you at least pay the minimum each month but extra it is always better.

Okay, no surprise there. What else while this next one won't improve your score directly, but if you sign up for auto pay with your lenders. It will make sure your payments arrive on time. One more thing you can do to improve your score. Steve, if you're running a balance on the credit card and let's try to pay that off as quick as you can. But if you are make sure it's 30% or less of your available balance. That's called your credit utilization rate and it makes up another 30% of your overall credit score that we mentioned that your credit scores drawn from your credit report. You can also get a free credit report from each of the credit reporting bureaus once a year in annual credit for a good idea to get those at least once find one violinist can do online at that website again. There you have a great information. Everything you needed to know about credit score. This is moneywise live many people adopt an attitude toward marriage and finances that it will all work out somehow. But sadly, it often doesn't financial woes can devastate a marriage but there is a better way. God's way, money and marriage God's way by Howard Dayton will help you discover God's approach to growing your finances and strengthening your relationship with your mate and cultivating godly joy, money, and marriage God's way is available score and moneywise are friends of sound mind investing have been helping Christians reach their financial goals since 1990 with step-by-step guidance for investors.

Just getting started making choices in a 401(k) or getting ready for retirement all grounded in consular SMI slogan is financial wisdom for living well.

More information is available online. Sound mind investing the SMI website also includes articles, money and investing sound mind every day is chapter 6, kind what I mean.

Holy Spirit tells us in this chapter to put on the full armor of God, not some of it but all of it because Jesus the enemy has placed a big target on your back and he hates us he hates you not be lulled into a spiritual stupor is more interested in others. If you, the devil had you in his crosshairs and today do not let him decimate your faith wound you discouragement crippled you with temptation or take you out of the battle.

In short, armor and fight by trusting and obeying Jesus for you friend more than a conqueror. God is your shield and sword winning victories for Christ today is your calling. And if that is robbing you of freedom and peace of mind. Christian credit counselors can help where nationwide nonprofit counseling organization has helped over 3000 individuals in the last 27 years get out of credit card debt percent faster while honoring that that info to learn how Christian credit counselors can help you visit Christian credit Christian credit or call 800-557-1985. You can find this and like us if you would mind on Facebook moneywise media moneywise media. If you are a Facebook person you'll find lots of interesting material there.

We try to update that on a daily basis is also a place to tells what topics you'd like to hear us discuss in the future, broadcast, and if you look really hard to be a picture there of Rob West will recognize and all right.

Let's go to see Chicago, Illinois hey Rick, how can we help you. I take my call. Long story short, my mother is in retirement and she is going to be getting married again and she then be living with the new guy and she has basically offered you want to sell her house and use the money to pay off my student loan and my brother student loan but my brother and I have thought there might be a better use of her house, rather than just sell it and so what are your thoughts on may be turning it into a rental, but also using the equity which is it 100% equity she paid the house 15 years ago and using some of the equity to do other real estate investment. Yeah, tell me your mom situation.

I realize she's getting married but she's obviously getting married later in life will her expenses be covered in the new marriage is she still working, what is a bit of what's going on there.

She's retired and she was a nurse for I don't belong time and yeah will cover to get the money. The guy that you think you got it pretty happy retirement account. You talk about like they don't have to worry about money right in terms of the investments them.

Is she making this available to you all in. These will be essentially your investment. You're just leveraging her assets or are you wanting to help her maximize this asset and essentially these are her investment.

The idea would be like.

I get maybe even get to the house getting up the house in Essen, but we do think all why don't we use it better by using the rental were in Chicago we could probably rent this out for probably three bedroom house in the neighborhood that she lived and we could probably get 20 583,000 a month on it and then my brother and I have both flip houses on the side and we were thinking of using it like more slips with it and yeah yeah okay. Well, I think the key is that you all have a lot of clarity with regard to whatever Buddy's intentions are. I would even recommend do it in a way.

Obviously the you know everybody understands you know that were family were trying to honor each other's wishes here, but we want to document everybody's intentions so that there's clear communication and down the road. Nobody's asking questions about well I thought this was mine and what we thought it was ours and that kind of thing. So I think it's important to have clarity around the intentions with regard to the asset if it's not going to be sold outright and then gifted to you or if it's not going to be retitled in your name. Now just take the house assume it's yours for a moment. The question then is, do we rented out do we rent it out and tapped the equity and try to buy more real estate or do we sell it and just invest the money in something else. Perhaps the stock market and I think that's where you need to look at you and your brother. If you're going into this together almost look at it like a business and just say first of all, what about our personal finances. That's always where we'd start we look at a business are we able to do this.

Do we have anything that would prohibit us from doing this meeting, we don't have the cash reserves we have too much personal debt that we need to address first. Those kinds of things, but assuming those things are in check and you have the experience and the time to put toward managing a piece of real estate. This rental property, in effect, becoming a landlord, then I think the next question is okay given that she's going to give you this asset. Do we in fact retitle and I talked to an attorney about that, a real estate attorney and then secondly you know what we do in terms of the equity that's there. My preference would be that you take the income and you start socking away and we try to do this with cash, in terms of buying the next property.

Perhaps you take a mortgage on the next property and then we'd focus on trying to pay that off and then move right down the line as opposed to pulling all the equity out and leveraging too heavily this property and then in the event of a downturn in the real estate market. Perhaps a downturn combined with losing a tenant put you in a situation where you're overleveraged and now we've got some challenges so I would really try to go slower than faster, especially as it relates to taking on a budget debt but if this is your mom's which is in everybody's understanding exactly what the cases there's no question that it makes sense if you will have the expertise and the time to go and rent out this real estate and use it as an income source to either begin becoming debt free. If you're not already personally or socking away for future purchases down the road. Rob, what about the student loans. At what point do we tack those yeah I miss that so there who has the student loans so I am a student loan and my brother student loan.

I don't need a total I work in nonprofit law out there something that you work in nonprofit and you will forgive your loans after that some spiders and do it okay so as long as you done your homework there and you're on track for the loan forgiveness and you're going to make hundred and 20 on-time payments over 10 years then yeah there is forgiveness there, but I would before I think about buying another property. I'm taking that income that's being thrown off of this real estate and becoming completely debt-free and then that gives even more money to socking the perhaps the next property. So again I go slow. I wouldn't get overleveraged and focus on shoring up your personal finances first and then make sure you have clear communication with your mom Rich we wish you and your brother and your mom the very best. We appreciate your call very much. Thanks again can be out to Spokane Washington and Gail what's on your mind today. Yeah thanks for taking my call.

I'm retired and I do all my own reading about our global investor global advisory and my money market magazine. Another downline that all my all that what you know about well, Gail, Robo advisors, which is also known as online advisors or automated investing. They use computer algorithms and advanced software to build and manage investment portfolios in this environment where what's called for intact financial technology has begun to sweep through financial services combined with low cost. There is a significant fee compression going on.

It's introduced these new Robo advisors to create very well diversified, very high-quality, very low cost portfolios for people who want to take. Typically, an indexed approach to investing, using primarily in most cases, exchange traded funds to do their investing.

I would put this into the do-it-yourself category even though there is a Robo advisor back there in terms of there's some logic and of course algorithms. As I mentioned behind the investment methodology but I would make sure that it fits into your overall investment strategy and I wouldn't discount the value of having a professional advisor and planner behind you helping to coordinate all of it making sure you're properly diversified you not taking too much risk you're taking into account the tax considerations plus the planning side just looking at all this through biblical lands and helping you think about just the other aspects of financial planning, but is there anything wrong with the Robo advisor concept know again I would put it in the do-it-yourself category probably not just for the average person who would benefit.

I think from professional financial advice that's more active, given that you are already doing it yourself. I think this is probably something to look at, especially as the space continues to mature okay and that I would like to talk to a financial bind. I really don't want them investing for me but I see you have about three of them on your website there and I assume that Christian advisor so that where I go, yeah. It's exactly writing and just to clarify, there we don't employ any financial advisors. Those are just advisors who have earned the certified kingdom advisor designation, which is the designation we trust in the space you would go to moneywise put in your ZIP Code as it sounds like Yorty have and it would give you a list of any advisors in your area that have earned CK I would visit with them interview them and then make your decision as to who's the right fit. Make sure you understand their experience and how they charge for their fees and those types of things, but at least you'll know it's somebody who shares your values. That is been trained offer biblical counsel Dale were glad that you called today and we hope that information helps.

Thanks so very much. This is moneywise live with Rob last time Steve Moore, today's program is recorded. If you hear a phone member. Our apologies, but please don't call. Nonetheless, we have callers all lined up. Interesting call so you want to stick around and stay with many people are experiencing financial challenges such as credit card debt downsizing that in jobs savings. In fact, more than half of all divorces are the result of financial pressures at home, but there's hope in your money counts biblical financial expert Howard date shows that the Bible is a veritable managing your finances will discover the profound if it has a relationship with God, your money counts is available when you click the start button moneywise buying a home is the largest most nerve-racking perches.

Most of us ever make.

It doesn't help that you're entering a maze of unfamiliar words and confusing options that can leave you intimidated frustrated and afraid to been taken advantage of navigating the mortgage mates by Dale Vermillion help you clear up the confusion on rack your nerves and make the best mortgage decisions possible with confidence navigating the mortgage maze available when you click the start button moneywise and separating to latch the line here is where my feet for the body of Christ to see in the re-team our own lives and challenges important part of this walk is beginning to learn the personal promptings of the spirit to you. Talk to you. We want to talk but we know that practical lines I want to think about things like that name for the spirit to bear. We hear that not speak to areas that are not suffering. I do not know Jesus, Christ, the study of Scripture, is our mission moneywise live West number of calls all lined up waiting to speak. Rob and I think you'll find them interesting. Let's see we go to Wichita Kansas and welcome Pat hi Pat, thanks for calling I can help you manage and remodel my shop shop behind his house that I can. I have about $500 more each man. I think there may be acting cavalier little whatever welding like fecal grandchildren instead of staying here by myself with no waiting for any house repairs but I'm wondering are there other things that I need to be careful of considering the first phone I just am sorry to hear about your husband's passing, but in general I like this plan, you know, I think the key is you don't want to make any major life decisions too quickly after you go through something like this I would say at least six months and perhaps even a year. Think about it pray about it really asked God what he has for you in this next season but I love the idea of you reducing your lifestyle living well within your means. Perhaps bring up some additional margin for you to say, to do additional giving. As you mentioned, perhaps you might want to travel a bit and then, in addition to that, being closer to family because obviously there you can never go wrong with that. Being able to invest in your grandchildren being near your son. That sounds like a wonderful idea, as long as you live in your home. The last two out of the last five years you would have up to 250,000 and gain that would be excluded from any capital gains tax.

If you had anything beyond that, that would be likely a long-term capital gain. Beyond that, I think this sounds like a great plan for you moving forward. Was there anything in particular that you were struggling with all surgery complications when I found out that after settling on the program that I somehow in that situation can they disturb my property. Well, this would be in his name correct okay so you would just be taking the proceeds from your home and improving it right well okay Noah's eyes.

It's not your property. They wouldn't be able to place a lien on animated. They could look at other opportunities.

If you owed the money to perhaps go after that but but not on the home itself. I'm not an attorney and of course want to get legal counsel. But in this situation that was your homework or your home with your husband and so, given that there was a balance owed. Then they place the lien on your property that would not be the case in the home that you improve and live in if it's owned by your son and not you. So I think at the end of the day as long as you take the time you need really pray and think through this.

I like the idea of your reducing lifestyle being closer to family makes a lot of sense to me and we wish you the best Pat, thank you very much for calling in today. That's so quickly go to Moscow Mills Missouri and help Beverly with some student loans I Beverly, how can we help out. I was wondering yeah in terms of loan forgiveness. What are you thinking for of your research. The loan forgiveness program that that works for you in terms of where you're working, perhaps a public service job or a nonprofit or something else and $20 K is really able to make 2400 a month term like dictate three current okay well are these federal loans that you're talking about Beverly, a student so there would be a federal loan that you got from the federal government either as a part of the financial aid package or another type of federal loan or it could be a private loan that you went out and got privately from a bank or another lending institution. You believe it's a federal loan. Okay okay so what you want to do is call the loan servicer and just find out the options that are available. One of the benefits of a federal loan is that there are income-based repayment plans a number of them that would allow you to pay based on the income that's available, and so while you're focusing on getting income producing debt, living well within your means you would be able to take advantage of some of these income-based plans and hopefully fit that budget and there you have a little bit more margin down the road. I really encourage you to say laser focused on paying it off as quick as you can. Beverly, thank you very much for calling in today. You're listening to moneywise live with Ron last moneywise live all about God's wisdom for your finances. If we can help you on another day. Call 1-800-525-7000 because today we're not really in the studio were prerecorded. Nonetheless, some great wisdom and calls coming your way investing is more than just return. It's an expression of who you are and what you value is the way you invest your money reflect your identity as a Christian that eventide design investments for performance and a better world so you can invest with the confidence to reach your financial goals while remaining true to your Christian values and commitments. We call this investing makes the world rejoice more is available. Best invest Thank you from the bottom of my heart I could've had the procedure I needed without CHF's help sharing the bills that letter from a member displays Christian healthcare ministries purpose to glorify God and serve his people. CHF is the original noninsurance voluntary health cost-sharing ministry, enabling its members to share the cost of each other's medical bills, call 800-791-6225 or visit CH ministries more moody radio verse of the week is found in first Peter chapter 1 verses 13 and 15. Therefore, preparing your minds for action and being sober minded set your hope fully on the grace that will be brought to you at the revelation of Jesus Christ. But is he who called you is holy, also be holy in all your conduct. That's first Peter chapter 1 verses 13 and 15 radio verse of the week.

Call one 800 years, a great deal more about our money than most of us imagine Jesus is more about our use of money and possessions and about anything else, including both heaven and hell in managing God's money. Author Randy L breaks it all down in a simple, easy to follow format that makes it the perfect reference to if you're interested in gaining a solid biblical understanding of money, possessions and eternity managing God's money is available when you store moneywise the unemployment numbers are written but not as bad as some predicted rotavirus crisis is that the US unemployment rate of 14.7% 20.5 million jobs banishing in April made to VP Mike Pentz has the coronavirus marking the second person in the White House complex known to test positive this week, White House press secretary Kaylee my committee is confirming the latest positive testing, insisting the White House continues to operate safely earlier today Pres. drop in the first lady participated in a wreathlaying at the World War II Memorial on the National Mall in Washington on this 75th anniversary of V-E Day Wall Street, brushing off her record-breaking job report. Lawson was hired today but I'll pick up 455 points. The NASDAQ was ahead 141.

This is SRN news. This is moneywise live your hostess route last times phone number mentioned today. Please ignore that phone number. Today's broadcast is a freeze addition of the upcoming information help you and bless you and making a wise steward of what God's given you and this is a moneywise email question that came in from Robert dear Rob, I received an inheritance large enough to pay off my mortgage. That's my only debt. The money is in mutual funds, is it better to pay it all off at one shot her with one shot or should I break it up over a few years yeah Robert. I would really pray and think through this. If you have a financial professional, I would get some counsel on this as well.

I love the idea of you being debt-free and I certainly would like if at all possible for you to enter retirement debt free. Also think if you have the ability to pay off dad and be free from your mortgage, you should consider it and that should be near the top of the list. I think the only thing to factor in would be number one. The investments you have number two looking at what liquidity you have and so I wouldn't want you to take for instance of this was your only asset that was able to be liquidated by selling these investments because you don't have a lot of other liquid savings. I wouldn't want you to lose out on that liquidity by by putting it on your mortgage. Even though I love that you would be moving toward being debt-free and so I would just want to understand a little bit more about your situation. Now, if you decide this makes sense in light of your overall financial picture you got enough emergency savings you're on track with retirement. This is quote unquote extra money and you want the peace of mind or you have the conviction of being debt-free.

You want to pay it off. I'd say just do it all at once, but I would just understand the implications and want somebody to give a once over to your financial situation to make sure this is the right time or whether you should be doing it a little bit of the time and just trying to accelerate the payoff and not giving up all of this liquidity have and that's great advice. If you have a question that's just a couple of lines you'd like to send it by email rather than calling it in the address is Fort Lauderdale Christie thanks for holding what's on your mind, what this might have.)

What we like to put more money to the 401(k) company have that money for the retiming yes is a great question. Christie currently as far as I understand it, 401(k) provisions do not allow you to contribute new money. Once you're no longer actively working for the company sponsoring the plan, but that's not a problem because you can roll it out once you separate from the company you'd call and contact the plan administrator and you would open a fun IRA and individual retirement account and then you just roll the 401(k) over to the IRA with the new custodian a new institution and if you don't already have a financial advisor you could contact the certified kingdom advisor in your area by going to moneywise just click to find a CK and I'd interview at least three. If you're going to do this yourself and you decide not to use a financial professional and probably look at Vanguard or Charles Schwab would be to great options for you and once you roll it out to the IRA, as long as you or your husband have earned income you can contribute to that IRA continually even in retirement up to the earned income you have, or the maximum for the year, which for you all over age 55 would be 7000 for 2019. And then at some point. When you reach 70 1/2, you're going to have to take what's called a required minimum distribution which is a certain amount you have to take out each year and the IRS gives you that table but bottom line is, once you retire separated from the company probably not be able to contribute to the 401(k) but you can roll it out to an IRA and if if this is his third in your together life savings that you put into this 401(k).

I'd certainly get some counsel on where to put that money and then how it should be invested in. That's really where an investment advisor can come in and Christie what was your second question, what will you be able to put more money. Yes, if he has not separated from the company.

He should be able to continue to contribute to the 401(k) that I for some reason he went to independent contractor status where he was a full-time employee and now he's just providing services as an independent contractor and no longer employed. That could be problematic. But to be still employed by them and meets the requirements full-time employee than he yeah certainly would be able to contribute to the 401(k). Christie does that do it all anymore.take on. You know it's something to consider. Christie, do you have other cards that you use is this like an extra one that just, sitting around dormant. I can't get a lotů I want okay sure and do you have any balances that you carry on any of the cards on one yeah okay and how much do you owe on that one book okay alright so couple of thoughts.

There number one there. I like the idea of you simplifying your situation and that would include closing the account. The only thing you have to understand is that when you close an account it's going to take that credit availability off the table which means the overall credit that's available to you is going to decline, which means that the amount you owe that 14,000 is now a higher percentage of the overall credit and if that runs up beyond 30%. It's called credit utilization that's gonna pull your score down. So I think the key for you right now. More than anything is to focus on how can you pay that debt off by not continuing to play the balance transfer game. Develop a spending plan. If you need help with that are moneywise coaches can help it. Moneywise,, but let's really go after that credit card debt try to pay it off and if you need some help from Christian credit they can help you pay off 80% faster, but I would probably not close that account right yet until you get that debt paid down. Christie, thank you, Chicago, Illinois hello Rachel, you have a question home. I portfolio that I had inherited my grandmother last night job a year ago. So we wound up using a majority of the savings that we had our eye emergency find that investment portfolio and put that into emergency fund, or should I leave that portfolio and I just tried liquid saving account yeah couple thoughts Rachel. So when you inherited these investments. You obviously got the stepped up basis. At that point and is it currently invested the same way. Is somebody managing this money. Give me a sense of what's happening with that investment portfolio portfolio either at one point I have no I haven't really done much air pretty diverse portfolio really done much to continue to ultimately plan for a down payment on a home tell.

I don't know what I should really do anything yeah okay couple thoughts. One is if you have some margin in your financial life mean you're not spending everything it's coming in. I just start saving now you can always liquidate the portfolio later if you need to. Second thing is, I believe the portfolio there, but I would get some professional advice on that if you needed investment advisors moneywise thanks Rob and will be back in money and life run on the same track.

Unfortunately, sometimes it seems like your money is heading in a different direction from your goal in never enough three keys to financial contentment. Author Ron blue helps you to break down all your financial options to a basic floor and then shows you how to keep it all chugging along in the right direction on the same track never enough three keys to financial contentment available when you click the store many people adopt an attitude toward marriage and finances. Then it will all work out somehow. Sadly, it often doesn't financial woes can devastate a marriage. There is a better way. God's way, money and marriage God's way by Howard Dean will help you discover God's approach to growing your finances strengthening your relationship with your mate and cultivating godly joy, money, and marriage God's way is available for moneywise. hi Rob last year. Stories can be a powerful way to motivate people if you been helped by listening to moneywise live sharing your story will encourage others to follow God's financial principles and help serve the Lord more fully ask you to consider leaving a testimony after the program by calling 800-525-7000 800-5257 thanks and God bless you kids need down. No matter how hard they try to tell you they don't need rules, it isn't true hi, I'm Mark Brixton parenting today's teens lack of limits has a tendency to produce a child, selfish, demanding and aggressively controlling. Here's an analogy, a glass of milk is a good thing to take away the limits of the glass and all you get is spilt milk that could stop waste. Take a look at the limits around your team are they starting at a fair.

If the rules are too confining your team will push right through if their two-week your training your child selfish and demand is there any spilt milk around your home, it's time to pour fresh glass when all else fails moms and dads turned to Mark Brixton for help equip yourself the wisdom you need to succeed. Parenting today's teens.or real pleasure to have you with us today.

This is moneywise live times more that other guy with the answers I was Rob Weston were happy to have you with us on the program. Today, however, we are pre-recorded. We will be taking your calls but we've lined up some calls in advance that I think you'll find interesting, helpful and very very practical.

At least we tried to make them that way. So let's continue on with Aurora, Illinois, and Susan, welcome to the program. I firmly believe, however, not really a fruitful last year we had to raise our hero granddaughter even more terrified every week there would be so I don't even know how to help them see that you just have to trust and understand his current foreign supply certainly understand it's a tough situation that the jury and I think first of all, Susan, God desires oneness in the marriage relationship. That's his design for marriage and that's really the most important thing he gives us each roles gives the husband role. He gives the wife of Roland. Each is to well.

Each is really spelled out in God's word as to how were to approach that and when it comes to finances. I think that's true as well that we should seek to be unified. Does that mean were always going to agree on everything know, but it does mean that we should purpose ourselves and position ourselves for God's best in that way and so not remember God doesn't need your money what he wants is your heart and what I would do is begin by asking your husband if you'd be willing for the two of you to really.

First of all begin to learn God's way of managing money together. I got has a lot to say on this topic. It's clearly on his heart. 2350 versus half the parables 15% of everything Jesus said and I believe the reason for that is because it's the chief competitor to Lordship for most people, we can dethrone God from his rightful place and put money in that place very, very quickly, especially in our culture and giving in my experience is the one thing that will break the grip of money over our lives, we should give out of obedience, we should give us an act of worship we should give generously and we are afforded the benefit of joining God in his work. When we do that and I think clearly we should be supporting the local church. I like to use the principle of the tide is the starting point and then get sacrificially beyond that when you experience the joy of giving and your participating with God in that activity I find that it's contagious because you experience that you start to reorder your finances over time.

When you experience the blessing that comes maybe not financially, might be when you experience that blessing you begin to do what you can to do even more because you see how God is using that in a variety of ways. And so what I would do is start by seeing if you be willing to explore the Scriptures as it relates to money not as a way for you to trick him into anything but just because you want to know the heart of God as it relates to everything you're managing and I'm to send you a copy of Howard Dayton's book money and marriage God's way and if you can work through that a chapter at a time. I would just be prayerful that God would touch his heart and yours at the same time as you explore the Scriptures as relates to money and then I'd like for y'all to set some goals as a part of that really thinking about what God has for you and where you are headed with your finances with the money you're managing together, including your giving your savings goals. All the things you want to do and then lastly see if he wouldn't be agreeable to you, giving a smaller amount, maybe not 10%, but some smaller amount that you could begin giving faithfully and see if he would agree to say after six months. Let's look back and let's see what God has done over this period of time in our finances and then will take it another six months and in perhaps at that point he'll say you know what I'd like to do even more. Who knows. Let's see what God doesn't make this an adventure with God that will hopefully, Lord willing, draw the two of you closer together to one another and ultimately to him in the process.

Does it make sense there. How is well. Here's what I would say about that number one the Lord doesn't want you to feel guilty and number two. Don't let Satan get a foothold there to convince you that your less than of the Lord knows your heart and I think ultimately what he wants is the two of you to be unified and have a more intimate walk with him said let's do this. Down the line were to get your information.

Were going to send you a copy of this book. Let's see if he wouldn't be willing to go on this journey with you and begin exploring God's heart is relates to your money and let's just pray that the Lord would really do work in both of your lives.

Through this process and then give us a call back. Susan, let us know how it goes.

Susan so many times over the decades that we've been doing this we've seen husbands and wives disagree on this, but when the wife listens to her husband doesn't agree, but acquiesces and tries to I have a good spirit about it. Often, the husband will come around he knows how you feel when he sees that you approach this in a way that humbles yourself and yet honors him. He may just change his approach in his mind on this. Not to mention that the Holy Spirit and God's word working in his heart. We wish you the best. Thank you very much time for another one. I think Fort Lauderdale Leonard what you question today for Rob West. Thanks. Have a question I got all I thought that you should also be investing at the same time, like a Roth IRA and currently I've only been home school yes you are wondering whether you should prioritize saving for the home or investing yet yeah well Leonard, now you can see a visual representation of our preferred approach is just a guideline doesn't mean this is the biblical way doesn't mean this is the way you have to do it is just the way we organize our priorities here at moneywise live in. If you go to moneywise and scroll down about three quarters away, you'll see something as a practicing financial freedom and you'll see kind of a pie shaped diagram where we say it is only four things you can do with money.

There's the money you live on.

There's the money you give. There's money you owe and then there's the money you grow which is your savings, and in each of those areas live give Owen grow.

There's three levels starting at level I. Moving to level III in pursuing financial freedom. Recognizing God owns it all and what you find there is that we say after you have your emergency fund.

Your 3 to 6 months expenses. Once your credit credit cards are paid off.

That really the next savings goal beyond your emergency fund is to get 10 to 15% of your paycheck going into a retirement account.

That's the next goal and once you're doing that on a systematic basis then you save for goals and other investments and I would put a home is one of those goals. So that would just be my preference that you get to that 15% and then you start saving for the house you want to flip it, that's fine.

But just understand that the power of compounding works most effectively over a long period of time so check that out. I think that chart may be a real help to you there moneywise thank you letter. We appreciate your phone call today must tell you what I'm not sure if we have time for Lucian or not. So I will speak to our engineers. If you'll hold Lucian. We will try to get him it another try another time when we can answers this question more specifically, but Rob we've gotten several calls today from people who wanted to talk about giving and generosity. And that's important to us as well. Right. Oh, it's really important Steve.

I think it really is the starting place.

You know, if you're not giving. I would simply say you're not experiencing God's best. As it relates to your money. Remember, he's the ultimate giver. He gave us his son who paid the penalty for our sin when he died in his shed blood on the cross so when were giving our hearts are calibrated to his remember were created in his image.

So were most like him when were giving, but it does all kinds of things in our hearts as it aligns our hearts with what God is doing member. Jesus said where your treasure is, there your heart will be also. So if you're not giving today think about. Perhaps what's getting in the way of that is that lifestyle maybe you need to cut back some spending is it vision. Do I need to have a vision for where I'm giving and what God can do through that. Is it the people I'm spending time with.

Do I need to surround myself with people that are generous, whatever it is I would say find a way to start giving systematically and proportionately to your income not out of legalism, but out of a generous heart with a cheerful heart that's grateful for what God has given us and I submit that over time, not only will the grip of money be loosened over your life, you'll experience the joy that comes from giving in, and I'm really excited about that for each and Rob if it wasn't for the great generosity and giving that people have done as far as his radio program is concerned, I daresay, I'm not sure if we'd be here because obviously there are expenses involved in producing a national radio program. We do things behind the scenes that people don't know about that allows us to minister to people who don't have enough to purchase resources and materials, and it's the giving and generosity of our listeners that allows all of that to happen. I would say emphatically we would not be here.

We are only here out of your generous support itself, whatever you can do.

Whether it's $100 or $1000 or $10,000 just now would be good stewards of that keep this program on the air. Just go to moneywise, click the donate button at the top of the page moneywise.thanks for listening moneywise is a partnership between radio and moneywise media have a great remainder of your day. Join us again next time

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