So, let’s look at three financial potholes that can wreck your budget. You’ll save money — and a big headache — if you can steer clear of these:
1. SCAMS:
New scams are constantly appearing due to technology.
Protection Measures:
- Keep devices updated with antivirus software.
- Guard your social security number and passwords.
- Learn more about identity theft at the FTC’s website or call 877-ID THEFT.
- Be wary of money transfer requests, especially if unverified.
- Avoid clicking on links from suspicious emails or texts.
- Do not share personal information over phone or email.
- Double-check claims from suspicious communications before acting.
- Stop and verify the source if feeling pressured.
2. MONEY LEAKS:
Small charges or expenses that accumulate unnoticed.
Examples:
- Free trials: Risk of forgetting to cancel after the trial ends.
- Auto-renewing subscriptions: Often forgotten and can renew indefinitely.
- Daily indulgences: Regular small expenses like coffee can add up.
- Grocery store temptations: Stick to the shopping list, especially with kids.
- Stewardship means knowing where money is spent.
- Luke 16:10 — be faithful in small and large matters.
3. IMPULSE SPENDING:
Often only occasional but has both spiritual and financial implications.
Spiritual Implications:
- Impulse purchases are hasty decisions, contrary to Proverbs 21:5.
- Immediate gratification over long-term benefit is warned against in 1 John 2:15.
- Spending on impulse means less for worthy causes, as mentioned in 1 Timothy 6:8.
CONCLUSION:
By being aware of these financial potholes, one can better avoid them. For more guidance on financial planning, visit faithfi.com or download the faithfi app.
On today’s program, Rob also answers listener questions:
- Is there FDIC-like insurance for regular brokerage accounts, specifically for accounts with Fidelity insured by the SIPC?
- I'm considering buying a house jointly with my daughter in Tennessee; is it wise for us to invest together, and what safeguards do you recommend since I'm providing the down payment?
- How should my daughter's family and I approach buying a home together, considering ownership and mortgage responsibilities?
- Regarding the rule of 55, do I need to have had my 55th birthday before taking advantage, and can I make future withdrawals from the 401k until I'm 59 and a half?
RESOURCES MENTIONED:
Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.
Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.
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