Compass » Money Wise

The Compass Money Map: Destination 1 - The journey to True Financial Freedom is just that, a journey.  Howard Dayton and Steve Moore will be discussing the seven destinations on that journey every Tuesday for the next several weeks.  Compass provides a map for your journey, and you can download a copy for free here from the Compass website.  At Destination 1, we're just getting started, and the first steps include: Learning God's way of handling money Start an Emergency Saving Fund with your goal at this destination being to save $1000 (Proverbs 21:20 and 1 Timothy 5:8) Start using a budget or spending plan, and Begin giving. Next, they answer calls and emails (800-525-7000 or moneywise@compass1.org) about the following: What God's Word says about pastors being the sole individual dealing with church funds How a husband and wife should handle paying off credit card debt that is in collection Whether it's wise to take money out of a Roth IRA to pay down a mortgage that is $40k more than the home is worth Whether a church should require individuals who receive ongoing financial assistance to go through a Compass Small Group Study, and The Biblical guidelines for lending to others (Exodus 22:25) Thanks for your prayers and generous financial support which allow us to keep the program on the air!

What Makes a Business Christian? - Howard Dayton and Steve Moore look at businesses operated by those who know Christ as their savior and operate by biblical principles.  Plus, they answer calls and emails (800-525-7000 or moneywise@compass1.org) about the following: Settling financial issues for elderly relatives including possible embezzlement by a family member What to do with a real estate lot that the caller can't sell and doesn't have the money to develop Whether it's wise to invest more than an employer will match in a 401K or 403b account Improving your credit score by paying off payday loans.   Steve closed the program by recommending Howard's audio book, "Your Money Map."  This, and the book by the same title, are the companions to the free "Compass Money Map."  They go into greater detail about the seven destinations on your journey to true financial freedom.  You'll find these in the store at Compass1.org.  You can also download a free copy of the Compass Money Map here. Thanks for your prayers and generous financial support which allow us to keep the program on the air!

Gold: Is now the time to sell? - Steve Moore and Howard Dayton open the program with an email question from a listener who had bought gold when its price was low, and now wonders if this is the right time to sell.  They look at the reasons why people might want to buy and keep gold, and when they might sell.  Howard says it happens at Destination 5 on the Compass Money Map and that it shouldn't make up more than 5% or 10% of your investment portfolio.  As for selling, he says you should consider selling part of your gold when the prices jump up, but don't sell all of it, and don't give in to greed.  Next, they answer calls and emails  (800-525-7000 or moneywise@compass1.org) about the following: Whether or not to sell 3 rental properties creating financial challenges at the moment Best ways for a single mom to handle payback of student loans now that they are coming due The differences between a Roth IRA and a Traditional IRA Changing investment strategies in light of a possible collapse of foreign currencies such as the Euro.

Practical and Spiritual Advice: What Does That Mean? - Howard Dayton and Steve Moore discuss what is meant by spiritual advice and practical advice and when both need to be applied.  Plus, they answer calls and emails (800-525-7000 or moneywise@compass1.org) about the following: Paying tithe on an income tax return when you've already tithed on all of the earnings Whether it's okay to tithe into your own ministry The differences between a living trust and a will and which you need How to get the best interest rate on a car loan (Bankrate.com) Making long-term investing decisions (Sound Mind Investing book and website) The differences between a traditional IRA and a ROTH IRA Where to go for retrieval and replacement of EE bonds that are lost  (TreasuryDirect.gov) The American Bible Society, along with Howard Dayton, has now released the "Financial Stewardship Bible" which highlights verses that relate to various financial topics.  You can order your copy as well as many other great resources at our website, Compass1.org. Thanks for your prayers and generous financial support which allow us to keep the program on the air!

Store up Treasures in Heaven - Howard Dayton and Steve Moore discuss the differences between having possessions and accumulating stuff for the sake of having more or gaining a certain image or status (2 Sam 12:7-8) and handling money responsibly and putting Christ first in our financial decisions -- in other words, having an eternal perspective with our money and thereby glorifying God.  Plus, they answer calls and emails (800-525-7000 or moneywise@compass1.org) about the following: How to prioritize paying down debt vs. saving for upcoming expenses Paying off a home equity loan with money from retirement accounts Preparing financially when spouse announces she's filing for divorce Thanks for your prayers and generous financial support which allows us to keep the program on the air!

What should Christians do in a Financial Crisis? - Howard Dayton and Steve Moore discuss the current economic crisis and how these times are challenging for all of us.  They share what we can do to be prepared Biblically for financial hardships including spending carefully, saving regularly  (Proverbs 21:20), and being agressive in getting out of debt (Proverbs 22:7). Plus, they answer calls and emails (800-525-7000 or moneywise@compass1.org) about the following: Convertible Term life insurance policies and whether to consider converting a term policy to a permanent type of life insurance Combine finances within a marriage and how to make it work  (Howard's book "Money and Marriage God's Way" deals with this as does the audio book!) and Whether it would be a good idea to take out a Small Business Administration (SBA) Loan to open a restaurant Closing out the program, Steve mentions the small group study, "Navigating Your Finances God's Way," that will help you learn the Biblical principles for managing money, apply them in your finances, and strengthen your relationships as a result.  To learn more about this or any of our small group studies, visit www.Compass1.org. Remember that these programs are paid for by the generous financial support of our listeners.  Please consider joining our support team to help keep this program on-the-air in your area.  You can do so by clicking here.  Thanks!

Preparing for Retirement in your 60s - Howard Dayton and Steve Moore discuss the top things you should do now to prepare for your retirement years if you're in your 60s.  The list includes the following: Get SERIOUS about preparing for your retirement.  Don't be paralyzed if you haven't adequately prepared yet.  Instead, be faithful in doing everything you can and trust that God will be faithful, too. Reduce your cost of your living:  With every financial decision, ask yourself, "Do i need it?" and if so, "Can i do it less expensively?" Get out of debt: Pay off credit cards. student loans, automobiles and home mortgage. Adjust your lifestyle:  Consider selling your house and moving to a smaller house or apartment.  Try to live on your retirement budget now.  this will help you see if you can make it and, if not, what further adjustments to your planning may be necessary. Continue to honor the Lord by being generous Mentor those younger than you to help them prepare for retirement as well. Howard and Steve also answer calls and emails (800-525-7000 or moneywise@compass1.org) about the following: How to be faithful in tithing when there is no money left after monthly expenses (Malachi 3:10) Whether God punishes those who DON'T tithe God's rewards for our being faithful How to encourage your spouse to communicate about finances Remember to visit our website (www.Compass1.org) for ideas and information on setting up a budget and becoming debt-free. Thanks for your prayers and generous financial support which allow us to keep Money Wise on the air!

Banks vs Credit Unions - Howard Dayton and Steve Moore discuss the differences, strengths, and weaknesses between banks and credit unions. Next, they answer calls and emails (800-525-7000 or moneywise@compass1.org) about Refinancing a home and  whether balloon loans should be considered Moving in with a family member to save money and pay off debt Howard and Steve also discuss the American Bible Society's  "Financial Stewardship Bible"  (CEV) that includes over 2,000 highlighted verses to clarify our understanding of God’s insight on financial management.  It also features a unique study section to support individual research and group discussion. You can find the "Financial Stewardship Bible," as well as Howard's book, "Your Money Counts" at the Compass Store.  You'll also find links to the Compass Blog, Facebook page and Twitter at Compass1.org. Thanks for your prayers and generous financial support that help keep this program on the air!

What to do When Your House Won't Sell - Howard Dayton and Steve Moore share their wisdom and advice on selling your home during a economy that favors buyers not sellers. Plus, they answer calls and emails (800-525-7000 or moneywise@compass1.org) about setting up a budget as a couple, buying a new car verses a used car in a down-turned economy, how a couple can change from being spenders to living on a budget as they pursue financial freedom and reaching financial goals. Remember to download your free copy of the Compass Money Map here.

Budgeting on an Irregular Income - Howard Dayton and Steve Moore discuss how to keep your boat afloat during tumultuous times with unpredictable income.  Plus, they answer calls and emails (800-525-7000 or moneywise@compass1.org) about CD Ladders, Corporate Bond Ladders, and T.I.P.S., How to keep a Christ-like attitude while attempting to collect payment from those who refuse to pay for services rendered, And the wisest place to invest money and in what it should be invested (SoundMindInvesting.com).

Be Anxious for Nothing - Howard Dayton and Steve Moore talk about how to find peace and confidence in God's word to deal with difficult financial times (Phil 4:6). Plus, they answer calls and emails (800-525-7000 or moneywise@compass1.org) about where to invest inheritance money for children who cannot use the money until a later date (Learn about investing in mutual funds at SoundMindInvesting.com), whether there is a tax benefit to filing jointly rather than separately as a married couple, how to get an automobile when you don't have much money and are working to pay off debt, and what tips to follow to improve your chances in a job interview.

Creating a Financial Disaster Plan - Howard Dayton and Steve Moore discuss how to be prepared for the worst in order to be set up for success in case of natural disaster.  They use lessons learned from Proverbs 22:3, and from Joseph, who stored provisions during seven years of plenty so that Egypt would have an abundance during the next seven years of famine.  Next, they answer calls and emails (800-525-7000 or moneywise@compass1.org) about What creditors can do to persuade a borrower to settle a credit card debt  (Howard mentions the Fair Debt Collection Practices Act.  Read the law here.  Read the Debt Collection FAQ from the FTC here. Learn more on Wikipedia here.  Howard also mentions debt settlement help available through CredAbility.org), How to know when to replace you used car rather than to make yet another repair, How to raise your credit score ( Howard encourages you to check your three credit reports for free each year by going to annualcreditreport.com), Whether there is a rule of thumb as to how much to save for retirement, And what a child should do with the money earned from a job. Remember that you can maximize your commute time each day with Audiobooks from Compass.  Thanks for your prayers and generous financial support that help keep this program on the air!

Raising Money Wise Kids - Howard Dayton and Steve Moore discuss ideas for teaching your children how to manage their money from an early age and how this sets up a sound foundation for financial freedom (www.compass1.org). Plus, they answer calls and emails (800-525-7000 or moneywise@compass1.org) about Strong strategies for paying off student loans, What paperwork is needed at tax time on a condominium being rented by the owners to their children, And we hear a praise report from a caller who has faithfully worked hard and is now debt free! Steve also encourages you to bring the Compass Small Group Studies to your church to help spread the word about living financially free and learning what the Bible has to say about money.  Learn more here!

When Cold Hard Cash ... Isn't - Steve Moore and Howard Dayton talk about the Biblical principles of living debt-free.  They also warn of the perils of 90-days-same-as-cash offers.  Plus, they answer calls and emails (800-525-7000 or moneywise@compass1.org) about whether it's necessary to engage your own lawyer in a real estate transaction if the lender's lawyer is handling the transaction, how car dealers make money when offering these "super" deals and 0% financing, if it's a good idea for a mother to buy a house with her daughter and son-in-law in order to save money on rent, and whether a particular universal life insurance policy might be a good investment for retirement.  Howard referred this caller to KingdomAdvisors.org, a non-profit organization of fee-only financial planners.

Moral and Legal Obligations in Managing Child Support Payments - Howard Dayton and Steve Moore discuss managing money within a marriage, but also talk about the particulars of adding child support income to the family budget, whether to tithe from it, and what to do when your ex-spouse stops paying child support.  Plus they answer caller and email questions (800-525-7000 or moneywise@compass1.org) about refinancing a home mortgage, and whether to do major repairs on an older car or replace the car. Howard also talks about Compass' new ONLINE Small Group Studies - Visit Compass1.org for details!