Compass » Money Wise

Financial Advice from Divorcees  – Howard Dayton and Steve Moore  pass along financial insights that just might  help you avoid a marriage-ending mistake. Then they turn to questions from listeners (800-525-7000 or moneywise@compass1.org): "Where can I invest an unexpected $500 gift?" (Howard mentioned Austin Pryor's book, 'The Sound Mind Investing Handbook'; you can also check out the SMI website here) "How much money should we put into a home we plan to sell?"' "Can I get a tax benefit for offering lower rent to a person on disability?" Mentioned on today's program were two of Howard's books, 'Money and Marriage God's Way' and 'Free and Clear' (note that 'Money and Marriage God's Way is also available on audio CD). Be sure to check out the Compass website for a complete listing of helpful resources, radio archives and calculators. Thanks for your prayers and generous financial support which allow us to keep MoneyWise on the air!

Teaching Teens the Value of Hard Work  – Howard Dayton and Steve Moore  stress the importance of modeling and providing work opportunities in teaching your children and teens to work productively. Then they turn to questions from listeners (800-525-7000 or moneywise@compass1.org): "How do we prioritize debt pay-off with our long-term goal to build a home?" "Is a traditional IRA or a Roth IRA better for someone who's getting a late start on retirement saving'"' "I'm 70 and thinking of moving some retirement funds into rental property - what do you think?" Mentioned on today's program was the Compass Map. Be sure to check out the Compass website for a complete listing of helpful resources, radio archives and calculators. Thanks for your prayers and generous financial support which allow us to keep MoneyWise on the air!

Who Gets the Credit? – Howard Dayton and Steve Moore explore the question "Who deserves the credit for your success?" Next, they answer calls and emails (800-525-7000 or MoneyWise@Compass1.org) about the following: Should we sell a rental property in order to pay off the mortgage on our farm? We have started applying extra cash each month toward our mortgage. How much faster will this allow us to pay it off? How can we help our young niece and her new husband to learn how to handle money God's way? Be sure to check out the Compass website for a complete listing of helpful resources and radio archives.  Thanks for your prayers and generous financial support which allow us to keep Money Wise on the air!

Coping with the loss of a loved one - When you lose some close to you, the last thing you want to think about is money. Yet, that's one of the first things you're forced to deal with. Howard Dayton and Steve Moore offer Biblical advice for handling financial concerns after the death of a family member. Next, they answer calls and emails (800-525-7000 or MoneyWise@Compass1.org) about the following: I have a 4 and a 9 year old. What is the best way to save for their college?  Should we pay cash for a car or get an affordable loan to build our credit?  We need to pay for a large dental bill. Should we consider taking out a "care" credit card or borrow against our house?  Be sure to check out the Compass website for a complete listing of helpful Compass Resources and radio archives. Thanks for your prayers and generous financial support which allow us to keep MoneyWise on the air!

Financial Literacy - Howard Dayton and Steve Moore reveal the results of a recent survey of Americans regarding budgeting and money management. Howard Dayton and Steve Moore offer insight on this vital topic. Next, they answer calls and emails (800-525-7000 or MoneyWise@Compass1.org) about the following: Should we work toward buying a home or more aggressively attack debt while renting?  Would it be wise to take money out of my 403-b to pay for a debt? I am pastor of a small church and receive love offerings. How should I claim these on my taxes?  Should we reduce our 401k contribution to put money into a ROTH?  Be sure to check out the Compass website for a complete listing of helpful Compass Resources and radio archives. Thanks for your prayers and generous financial support which allow us to keep MoneyWise on the air!

Not a Spirit of Timidity, but Power  – Howard Dayton and Steve Moore remind us that we can trust God when we're outside our 'comfort zone' - including the area of personal finances.  Then they turn to questions from listeners (800-525-7000 or moneywise@compass1.org): "Personal and medical challenges have really hurt our finances and credit rating - how do we re-build?" (mentioned was Howard's book, Money and Marriage God's Way' - also available on audio CD) "How can I best use my financial skills in helping a family member with a new business?' (Mentioned in the conversation was Larry Burkett's book, 'Business By the Book') "How long is a will valid - is there a time limit?" "Are life insurance benefits taxable?" "Is it okay to use a home equity loan to take a vacation, as long as we pay it back quickly?" Mentioned on today's program was the 'Set your House in Order' workbook.  Be sure to check out the Compass website for a complete listing of helpful resources and radio archives. Thanks for your prayers and generous financial support which allow us to keep MoneyWise on the air!

Loving Your Pastor  – Serving as a pastor can be one of the most challenging and important callings in life. Today on MoneyWise, Howard Dayton and Steve Moore  offer ideas for encouraging and providing for your pastor. Then they turn to questions from listeners (800-525-7000 or moneywise@compass1.org): "What's a fair charge for re-financing a home loan?" "How do I work with a creditor that doesn't seem to be dealing fairly?' (Mentioned in the conversation was Howard's book, 'Free and Clear' and the website, CredAbility.org) "Other than the 401(k) offered at work, where should  put retirement savings?" Be sure to check out the Compass website for a complete listing of helpful resources and radio archives. Thanks for your prayers and generous financial support which allow us to keep MoneyWise on the air!

Understanding HELOC's  – Howard Dayton and Steve Moore  discuss the pro's and con's of Home Equity Lines of Credit and offer some serious warnings. Then they turn to questions from listeners (800-525-7000 or moneywise@compass1.org): "We have some retirement funds in low-yielding CD's - is there a better place to invest?" "I need some insight on re-financing - combining a first and second mortgage'"' "Are there tax consequences to giving a home to my daughter?" Be sure to check out the Compass website for a complete listing of helpful resources, radio archives and calculators. Thanks for your prayers and generous financial support which allow us to keep MoneyWise on the air!

How To Go Broke  – Howard Dayton and Steve Moore  take a 'tongue-in-cheek'  look at a number of sure-fire ways to go broke, today on MoneyWise. Then they turn to questions from listeners (800-525-7000 or moneywise@compass1.org): "I'm told that I'm a semi-finalist in a Cadillac Escalade give-away - how should I handle that?" (caller mentioned the ministry, 'RighteousRides.org') "I made a mess of my credit when I was younger, but now I want to clean it up and set things right - can you give me some direction?" (Howard mentioned AnnualCreditReport.com and CreditKarma.com) "Should I put more than 20% down on a home I'm building, knowing that I'll have other major expenses before I can move in?" Mentioned on today's program was Howard's book, 'Free and Clear', as well as the group study, 'Navigating Your Finances God's Way'.  Be sure to check out the Compass website for a complete listing of helpful resources and radio archives. Thanks for your prayers and generous financial support which allow us to keep MoneyWise on the air!

End of Life Planning - One day, we will all trade this world for our Heavenly home. Have you made the needed preparations to make life easier on those left behind? Howard Dayton and Steve Moore offer insight on this vital topic. Next, they answer calls and emails (800-525-7000 or MoneyWise@Compass1.org) about the following: What is the best way to address old overdue debts?  What is the interest rate that would make it worthwhile for us to refinance our mortgage?  We are preparing for a divorce. Should we avoid court and have an attorney draw up papers?  Is it okay to accept a state scholarship funded by the lottery?  What are your thoughts on investing in gold right now? My home is currently underwater. Is there a way to refinance my mortgage?  Be sure to check out the Compass website for a complete listing of helpful Compass Resources and radio archives. Thanks for your prayers and generous financial support which allow us to keep MoneyWise on the air!

Financial Contentment - Howard Dayton and Steve Moore explain the keys to Biblical contentment in any in any financial circumstance. Next, they answer calls and emails (800-525-7000 or MoneyWise@Compass1.org) about the following: Should we deplete our savings to buy a needed minivan or finance part of the purchase? Would it be wise to refinance our home to get cash for repairs to the house? Should we use our savings to pay off our mortgage? Be sure to check out the Compass website for a complete listing of helpful Compass Resources and radio archives. Thanks for your prayers and generous financial support which allow us to keep MoneyWise on the air!

What Is 'Enough'?  – Howard Dayton and Steve Moore  often refer to knowing how much is enough. Today on MoneyWise, they clarify what they mean by 'enough' - and it's more than just being debt-free with money in the bank. Then they turn to questions from listeners (800-525-7000 or moneywise@compass1.org): "What are the best investment options for our young children's college education?" (Howard recommended checking out SavingForCollege.com to compare '529' Plans) "Is it smart to pay off the mortgage before putting money aside for retirement?' (Mentioned in the conversation was the federal gov't re-finance program, Harp 2) "Should I evict a tenant who's habitually late with their rent payment?" "My son's fiancee has significant debt - should we offer to help pay it off?" Mentioned on today's program was the 'Set your House in Order' workbook.  Be sure to check out the Compass website for a complete listing of helpful resources and radio archives. Thanks for your prayers and generous financial support which allow us to keep MoneyWise on the air!

Understanding the World of Bonds (with Mark Biller)  – Howard Dayton and Steve Moore  welcome Mark Biller of Sound Mind Investing (SoundMindInvesting.com). They discuss 'bond basics' and answer questions from listeners (800-525-7000 or moneywise@compass1.org): "My small retirement fund is earning very little - are there better options?" "Are CD's safer than annuities?" "What's your investing advice for newlyweds focused on paying down debt?" "What's your take on the Roth Bond IRA?" "Would it be wise to convert a large investment in a traditional IRA to a Roth IRA?" Mentioned on today's program was the Compass small-group study, 'Set Your House in Order''.  Be sure to check out the Compass website for a complete listing of helpful resources and radio archives. Thanks for your prayers and generous financial support which allow us to keep MoneyWise on the air!

Using Money To Minister  – Money is a tool meant to provide for ourselves and our families, as well as to minister to others. Today on MoneyWise, Howard Dayton and Steve Moore explore some of the possibilities. Then they turn to questions from listeners (800-525-7000 or moneywise@compass1.org): "How do I decide if it's right to refinance?" (Howard recommended checking out BankRate.com to find a good mortgage rate) "Am I doing the right thing in using a 'credit repair' company?" (Howard mentioned AnnualCreditReport.com; Steve also mentioned CredAbility.org and their umbrella organization, the National Foundation for Credit Counseling) "What are the best steps to finding a good used car?" (check out Edmunds.com and CarFax.com) Mentioned on today's program was Howard's book, 'Free and Clear'.  Be sure to check out the Compass website for a complete listing of helpful resources and radio archives. Thanks for your prayers and generous financial support which allow us to keep MoneyWise on the air!

Reverse Mortgage Remorse  – Howard Dayton and Steve Moore shed light on the pros and cons of  'reverse mortgages' today on Money Wise. Then they turn to questions from listeners (800-525-7000 or moneywise@compass1.org): "My lack of self-discipline is getting me deeper into debt - how do I manage my finances better?" "Would it be better to use an inheritance to pay off debt, or should I just stick with my current program of paying it down a month at a time?" "My husband and I are both in college with student loans - we'd like to start a family, but would that be wise?" Two of Howard's books were mentioned on today's program - 'Free and Clear' and 'Money and Marriage God's Way'.  Be sure to check out the Compass website for a complete listing of helpful resources and radio archives. And thanks for your prayers and generous financial support which allows us to keep Money Wise on the air!