Once upon a time there was a rebellious drummer who insisted on breaking all the rules. As you might expect, things didn’t turn out well for him, there were serious re-percussions. Okay, pun intended, but usually there are consequences when you break the rules, especially those involving money. Today, Kingdom Advisors President Rob West has a list of financial guidelines you should stay within, then it’s your calls at 800-525-7000. 
<ul><li>Live on less than you earn. If you don’t there’s no way to save and you’ll almost always run up debt. </li><li>Buy term life insurance to protect your loved ones should something happen to you. Avoid mixing insurance with investments, as you do with whole life policies. Take the difference between term and whole life premiums and invest it separately.</li><li>Make it a point, at least once a year, to request rate reductions if you’re carrying debt. You can sometimes have your credit card interest rate lowered by making a simple phone call. </li><li>Ignore investing “experts” on TV, especially if they sing the praises of an individual stock. But at the same time keep most of your investments in stocks until you’re within 10 years of retirement. But not individual stocks … instead, invest in mutual or index funds that cover the market as a whole. Assessing the profitability of single companies is too complicated for the average investor.</li><li>Buy cars for the right reason, reliability and fuel efficiency, not to show off to the neighbors.</li><li>Don’t touch your retirement savings. Throughout your working years, there will be countless times when it seems like a good idea to tap into your 401k or IRA. It almost never is. Instead, work as hard as you can to build an emergency fund of 3 to 6 months living expenses.</li><li>he more you can avoid advertising the less likely you’ll be to make impulse purchases. Most of it is designed to make you buy things you don’t need with money you don’t have. </li><li>Look for hobbies that have little or no ongoing costs. An example might be teaching yourself how to play a musical instrument or taking a class on building a website or cooking. </li><li>Don’t gamble. That means not playing the lottery. You have better odds of being hit by lightning twice than having your picture taken with that big check.</li></ul>Here are some questions we answered from our callers on this program:
<ul><li>I have a credit card that has 85K debt. I have 4K in savings and I am unemployed. Should I take money from my savings and try to start paying off the debt?</li><li>What is the real advantage of a savings account specifically for college?</li><li>Is there any way to hold property in a 401K status? 
I have a 20-year mortgage that I pay biweekly. They told me I might save a year if I continue doing this. What is the best way to pay it off quickly?</li></ul>Ask your questions at (800) 525-7000 or email them at <a href="mailto:questions@moneywise.org">questions@moneywise.org</a>. Visit our website at <a href="http://moneywise.org/">moneywise.org</a> where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion! Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

FaithFi

Faith & Finance is a daily radio ministry hosted by Rob West. The program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

Faith & Finance with Rob West

There are consequences when you break the rules, especially those involving money. Kingdom Advisors President Rob West has a list of financial guidelines you should stay within.

Rules for Financial Success

FaithFi | Aug 26, 2020

Show Notes

Where Faith Meets Finance

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