Faith & Finance

Rob West

Saving for Emergencies and Other Expenses

December 12, 2015
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Howard and Steve go over some tips and strategies for building up savings funds. Next, they answer questions at 800-525-7000 and MoneyWise@Compass1.org:

  • "Getting ready to invest in the stock market, and I was wondering where I can put my money and rest assured it will be handled in a godly manner."
  • "My wife and are 6 years into a 30-year mortgage, paying 3.5% interest. We still owe about $107K, and the payment is about $750/month. We have a little extra money we could put towards principle. Should we do this, or put more into savings for retirement?"
  • I have some old credit cards that I’ve considered closing. Some people have said these help my credit, so I shouldn’t close them. What are your thoughts here?"
  • I’ll be retiring soon and have about $70K in a TSP account. I have to withdraw the full amount, due to an earlier withdrawal. Is there any way to do this without losing a significant amount to taxes?"
  • I recently lost my job and had to withdraw some money from my 401(k). After taxes, I have to pay $23K. I was able to get unemployment benefits on an appeal, and I owe $8K in student loans. Should I go ahead and pay that off, or wait until I find employment?"

Resources and websites mentioned during this program:

  • BankRate.com
  • The Compass Money Map (free download available at Compass1.org)
  • The Timothy Plan
  • Kiplinger.com
  • Investopedia.com
  • SoundMindInvesting.com
  • Navigating Your Finances God’s Way small group study

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! 

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About Faith & Finance

Faith & Finance is a daily radio ministry 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 program Faith & Finance 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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