MoneyWise

Rob West

Rules for Financial Success

August 26, 2020
00:00 24:57

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. 

 

•          Live on less than you earn. If you don’t there’s no way to save and you’ll almost always run up debt.

•          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.

•          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.

•          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.

•          Buy cars for the right reason, reliability and fuel efficiency, not to show off to the neighbors.

•          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.

•          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. 

•          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. 

•          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.

 

Here are some questions we answered from our callers on today’s program:

 

•           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?

•           What is the real advantage of a savings account specifically for college?

•           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?

 

Ask your questions at (800) 525-7000 or email them at questions@moneywise.org. Visit our website at moneywise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

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About MoneyWise

MoneyWise is a daily radio ministry of MoneyWise Media. Hosted by Rob West, the program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

About Rob West

Rob West is the host of the nationally syndicated radio programs MoneyWise and The MoneyWise Minute heard on more than 900 radio outlets each day. Rob also serves as the President of Kingdom Advisors, an international community of financial professionals who are specialists in delivering biblically wise financial advice. Rob serves as primary spokesperson for the organization and gives leadership to organizational strategy.

A radio veteran, Rob previously co-hosted a live, call-in, financial radio program with his father from 1998 through 2008 at WAFG, Fort Lauderdale, FL. Rob has dedicated his professional career to working at the intersection of faith and finance having led a successful faith-based financial services firm, serving as the host of several radio programs on a biblical approach to finance, and speaking frequently on the topic. Rob and his wife, Julie, live in Marietta, GA with their four children.


 

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