Compass » Money Wise

Top Senior Scams / Labor Day  – Howard Dayton and Steve Moore  discuss Ponzi schemes, 'affinity' scams and other fraudulent 'opportunities' aimed at seniors (to ensure that a Reverse Mortgage provider is legitimate, Howard recommends checking out www.HUD.gov). Then they turn to questions from listeners (800-525-7000 or moneywise@compass1.org): "At 65, should I put 40% of my retirement funds in gold?" "How do I establish credit and get my first credit card? (Howard recommended checking your credit report at AnnualCreditReport.com and recommended Bankrate.com to find reputable companies and good rates)" 'What advice can you give me about investing in real estate?' 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!

Bartering – Howard Dayton and Steve Moore discuss how to save money by swapping goods and services with others. Then they turn to questions from listeners (800-525-7000 or moneywise@compass1.org): "How do we give money to our daughter (from our retirement account) with minimal tax consequences?" "What can you tell me about a balloon mortgage?" (Howard recommended that the caller check out BankRate.com) "I'd like some details on how to diversify my retirement investments." 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 Weekend on the air!

The New Car Smell – Howard Dayton and Steve Moore discuss resisting the allure of the auto debt trap. Next, they answer calls and emails (800-525-7000 or MoneyWise@Compass1.org) about the following: My parents want pass a business on to my brother and me. What will our tax burden be on the transfer of ownership? Can I refinance my mortgage to a lower rate? We are looking to buy a home. How much of our savings should we use for the down payment? 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!

Being a Faithful Steward – Howard Dayton and Steve Moore reveals what the Bible has to say about managing your finances in a way that honors the Lord. Next, they answer calls and emails (800-525-7000 or MoneyWise@Compass1.org) about the following: How can I go about getting my ex-wife's name off of my mortgage? How can we set aside money for our grandchildren while minimizing the tax burden on that money? Should I pay off my house with inheritance money I've received or simply refinance the mortgage to a lower rate? 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!

Being Biblically Faithful – Howard Dayton and Steve Moore refer to Howard Dayton’s book, Your Money Counts as they discuss how God wants us to be faithful with our money.  Next, they answer calls and emails (800-525-7000 or MoneyWise@Compass1.org) about the following: I’m having difficulty paying my tithes. I’m retired and have a very low income. What do you recommend? My husband and I have 54 months left to pay on our house with a 6% interest. We would like to refinance for a lower interest rate, but the shortest time amount we can borrow money for is ten years. What do you suggest we do? I’m thinking about bankruptcy. Can you please explain the various types of personal bankruptcies and their pros and cons? I came across 1 Timothy 5:8 while reading today. What does this verse mean? Does it mean we should bail out our relatives? 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!

Investing Terminology101 (with Mark Biller)  – Howard Dayton and Steve Moore  welcome Mark Biller of Sound Mind Investing (SoundMindInvesting.com). Together, they answer questions from listeners (800-525-7000 or moneywise@compass1.org): "At 55, where's the best place to invest my retirement funds?" "How do we handle some stock that was signed over to us?" "Where should an 80-year-old widow invest her IRA funds?" 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. Thanks for your prayers and generous financial support which allow us to keep MoneyWise on the air!

Lending to Friends  – Howard Dayton and Steve Moore  tell you how to handle a loan request from family or a friend so it doesn't ruin your relationship. Then they turn to questions from listeners (800-525-7000 or moneywise@compass1.org: "Can you help me decide whether to go back to school for an advanced degree, or stick with what I'm already doing?" "Is my support of my elderly mom tax-deductible?" 'What do you think of transferring credit card debt to lower-interest cards in order to accelerate the payoff?' 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!

Should You Invest in Rental Housing?– Howard Dayton and Steve Moore discuss the pros and cons of investing in rental properties and whether or not it may be right for you. Next, they answer calls and emails (800-525-7000 or MoneyWise@Compass1.org) about the following: “Should we keep our existing life insurance policy or look for something different?” "How do you keep the peace and work together in a marriage with different financial personalities?" “Someone told me that in the New Testament, Jesus did away with tithing. What are your thoughts on this?” 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 Weekend on the air!

Turning Clutter Into Cash – Howard Dayton and Steve Moore reveal the tax savings you could enjoy by skipping that yard sale and donating your unwanted items instead. Next, they answer calls and emails (800-525-7000 or MoneyWise@Compass1.org) about the following: Should I be saving for retirement now or should I concentrate on saving? What is a 403B and would it be the right investment vehicle for me? I am being charged an investment fee I do not understand. What should I do about this? 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!

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 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!

Reverse Mortgage Remorse  – Howard Dayton and Steve Moore  shed light on the pros and cons of  'reverse mortgages' today on MoneyWise. 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. Thanks for your prayers and generous financial support which allow us to keep MoneyWise on the air!

Business Success – Howard Dayton and Steve Moore offer Biblical wisdom on how God measures a successful business. Next, they answer calls and emails (800-525-7000 or MoneyWise@Compass1.org) about the following: Can you refinance a vehicle? I inherited money many years ago and it was put into an IRA. Should I transition from a traditional IRA to a Roth IRA? My husband and I own a home and owe about 78,000 on it still. We’re currently at 5.25 percent interest. Should we refinance? My husband has no control on his spending. How do I handle this? 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!

Great Financial Quotes – Howard Dayton and Steve Moore share a few insightful and amusing quotes regarding money management. What should I do with money I've received in a 401k? Next, they answer calls and emails (800-525-7000 or MoneyWise@Compass1.org) about the following: What should I do with money I've received in a 401k? We never seem to have enough money at the end of each month to save. What should we do? Is there a way to consolidate or manager our debt to get it under control? 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!

Iron Sharpens Iron – Howard Dayton and Steve Moore welcome Brian Doyle to the program to talk about the need for men to support and challenge one another to manage their money Biblically. To learn more about Brian Doyle and Iron Sharpens Iron ministries, visit IronSharpensIron.net . And 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!