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Howard and Steve speak about the importance of good record keeping when it comes to your fianances. Next, they answer questions from listeners at 800-525-7000 and MoneyWise@Compass1.org:
- "I have an interested buyer in my home that would like to do a contract for deed. What is a fair interest rate and would this qualify as a personal residence sale under IRS tax code?"
- "The owner of the property that I live on would like to give me the property. What is the best way to go about this to avoid tax?"
- "I recently become self employed. My business is doing well and is free of debt. Should I keep the money that I am making from the business for the business, or should I use it to pay off personal debt? I have a mortgage, school loans, and payments on one vehicle."
Be sure to check out the Compass website for a complete listing of helpful resources and radio archives.
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Featured Resources From MoneyWise
Don't be ruled by external financial pressures and circumstances. Our security is not found in money or possessions. A strong foundation for true financial success usually involves a change in perspective rather than in income. Biblical counselor Jim Newheiser's reflection questions and practical exercises, paired with Scripture's wisdom on financial and work-related topics, point you toward fiscal responsibility on earth and treasure in heaven. In this 31-Day Devotional, biblical counselors and Bible teachers guide you through Scripture passages that speak to specific situations and struggles, inspiring you to apply God's Word to your life in practical ways day after day. Request your copy with your gift of any amount to MoneyWise. Your generous donation helps expand our outreach to share God’s financial principles with others.