Your Top Financial Moves for 2025 with Mark Biller

FaithFi: Faith & Finance | Dec 17, 2024

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Show Notes

British philosopher G.K. Chesterton once said, “I know as much about the future as you do, which is nothing.” Only God knows the future, but that doesn’t mean we shouldn’t plan for it. Mark Biller is here today to help you do that. Mark Biller is Executive Editor and Senior Portfolio Manager at Sound Mind Investing, an underwriter of Faith & Finance. Today, we’ll cover some key takeaways from Sound Mind Investing’s recent article, “Your 10 Most Important Financial Moves for 2025,” which offers over 60 actionable tips across six categories. Let’s dive into some highlights to help you plan your next year's top financial moves.

1. Put First Things First: Aligning Finances with Faith

Develop a Financial Plan: A solid plan is essential for managing God’s resources well. As Luke 19:13 reminds us, faithful stewards are called to “put this money to work until I come back.”
Build an Eternity Portfolio: Once your family’s needs are met, embrace “exponential generosity.” As your income grows, increase your giving percentage, laying up treasures in heaven (Matthew 6:20).

2. Strengthen Your Financial Foundation

Create a Workable Budget: A budget—think of it as a “spending plan”—is foundational. Learn from past mistakes and focus on spending less and saving more through automated savings or retirement account contributions.
Spend Less, Save More: Small changes today can bring significant long-term benefits. Adjust your spending habits to prioritize your future.

3. Develop Your Investing Plan

Create a Long-Term Investing Strategy: Just as a budget helps manage day-to-day finances, an investing plan guides long-term success. Allocate appropriately and avoid making rash decisions based on political or economic changes.
Stay Informed About Trends: Technological advancements, economic policies, and market changes can impact investments. Educate yourself on these trends without succumbing to speculation.

4. Broaden Your Portfolio

Expand Your Knowledge: Understand how global trends like AI and interest rate shifts may influence your portfolio. SMI offers resources to help navigate these complexities while maintaining a long-term focus.

5. Prepare for Retirement

Plan for Social Security: Deciding when to claim Social Security benefits is crucial. For most, waiting until full retirement age or later can yield greater financial benefits.
Understand Medicare Coverage: Don’t assume Medicare will cover all your retirement healthcare needs. Research Medigap or Medicare Advantage plans and consider alternatives like Christian Healthcare Ministries.

6. Miscellaneous Must-Dos

Start Your Kids on Investing: Encourage young people to invest early. Fractional-share purchases and no-commission trades make it easier than ever to build long-term financial habits.
Review Estate Plans: Ensure your will, power of attorney, and healthcare directives are up-to-date. Life changes and legal updates warrant a review every five years.
Protect Against Tax Identity Theft: To prevent fraudulent filings, safeguard your Social Security number by requesting an IRS Identity Protection PIN.

Bonus Tips for 2025

Treasure Each Day: Life is fleeting—embrace each day as a gift and manage God’s blessings wisely.
Deepen Your Prayer Life: Discerning God’s voice leads to better financial decisions rooted in faith.
Manage Finances as a Team: For married couples, working together on finances can combine strengths and reduce weaknesses.

As 2025 approaches, remember that your financial success hinges more on your choices than external circumstances. Faithful stewardship not only secures your financial future but also aligns your resources with God’s purposes.

May you aim to hear these words in Matthew 25:21: “Well done, good and faithful servant! You have been faithful with a few things; I will put you in charge of many things. Come and share your master’s happiness!”For the complete list of financial moves and additional resources, visit SoundMindInvesting.org.

By following these principles, you can make 2025 a year of financial health and faithfulness.

On Today’s Program, Rob Answers Listener Questions:

I recently retired and have a 401(k) with about $47,000 in it. I don't know what to do with this money. I'd like to get some advice from a Christian perspective on how to best manage and invest this 401(k) now that I'm retired.

Resources Mentioned:

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