Today on MoneyLife with Chuck Bentley
Monday, January 18, 2010
Answering Your Email
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Kathryn, legally it depends on your state laws. You would need to talk to a lawyer or research online to find out whether you live in a community property state. If you live in a community property state, you assumed the debt when you got married. Biblically, since you are married, whatever your husband brought into the marriage belongs to you and whatever you brought into marriage belongs to him. Take responsibility for your husband’s debt. Set up a plan to get the debt paid off. It will help your marriage to accomplish that goal together. Take the lead and show your husband how to get rid of the debt. It's urgent that people move to get out of debt in 2010. I know the stock market has rallied but there are many warning signs of economic danger ahead for America. Christians need to become debt-free. Many people are starting the new year unemployed, even some of our listeners. Some people are functionally unemployed. That means they're working in jobs they are overqualified for, such as an engineer at a retail store. The functional unemployment rate is 17% nationally.
Dear Chuck, Can you point me to any Scripture that would encourage me while I’m unemployed? – Lucy in Kiss, Florida Lucy, God says we don’t have to fear, no matter the circumstances. We shouldn’t live the same as those who don’t know God. He will give us strength and help. When you turn to the Lord, you have an advantage.
Turn your heart to the Lord during your unemployment.
Cast your cares upon Him.
Live a day at a time.
Trust God to provide for your needs. I recommend you develop a personal mission statement that captures your desire for employment. It should cover what kind of work you want to do, what kind of position you desire, and if you’re willing to relocate.
Once that is written down, you can share it with others.
Most jobs are hidden, not posted.
Other people need to know the kind of job you’re looking for.
Dear Chuck, I’m collecting unemployment benefits, and in order to make ends meet, I clean a house and baby sit. I was told I could earn a certain amount of money and not have to report it to the IRS, so I have not claimed that income. But I don't want to dishonor God. Is right for me not to report the extra income to the IRS? - Marcia in Sarasota, Florida No, Marcia, you need to report all income to the IRS. People are quick to rationalize bad behavior. They try to use adverse circumstances to justify wrong actions. God calls us to be honest in all of our dealings. If you’re absolutely honest, God will honor that. Pay the government what you owe it and have a clear conscience. Live with complete integrity.
Dear Chuck, My brother and his wife are both in real estate. After the market crashed, the area where they live suffered a huge declined, and they had to sell their home. This has not only affected my brother, but also our parents because they are paying for a place for my brother to stay. My parents are 75 years old, retired, and this has really put a financial burden on them. What is my brother’s responsibility toward my parents? He is 53 years old and still trying to sell real estate. – Janet in Chubbuck, Idaho Janet, your brother’s responsibility is to grow up and be an adult. Elderly parents shouldn’t have to support a healthy, adult child. The Bible says we’re to leave and cleave, provide for our own needs. Your brother should be taking care of your parents. Tell your parents that their son needs to be responsible for himself. He needs to pay for his own housing.
Hi Chuck, I have come upon a blessing from God of about $8,000. Of course I plan to give to God's Kingdom first, but with the rest, should I invest or should I pay off my credit card debt. I have about $13,000 in credit card debt. – Roel in Canutillo, Texas It's wonderful that you’re going to tithe on the money, Roel. Use the entire balance to pay down your credit card debt. It’s the most expensive debt most people have. Develop a budget that will help you avoid adding any more debt. Save $1,000 you can use for emergencies, instead of your credit card. Then save 3-6 months of living expenses you can use if you lose your job. Keep it liquid, money you can get to without penalty. Aggressively pay off all debts, get completely debt-free. Save for major purchases. Start investing, but don’t invest until you have savings and your debts are paid.
Dear Chuck, we’re considering debt consolidation. How should we evaluate companies that offer this service, so we do business with the right one? – David in Rapid City, South Dakota David, it's very difficult to evaluate debt consolidation services and find a legitimate one. There are many in the market right now. They’re advertising aggressively because so many people need help, but people are getting burned. I don’t recommend debt consolidation. Use a debt management plan instead. This will allow you to repay all your creditors without adding on more debt. Debt consolidation plans require upfront fees, more debt, and more trouble. You must break the debt habit and pay back what you owe.
Dear Chuck, How can I determine if I need a financial planner? – Samuel in Las Vegas, Nevada A professional financial planner usually only takes clients with $250,000 of investments. They make money off what’s invested. If you have less then $250,000, invest yourself. Become educated. If you seek a financial planner, find a Christian.
Dear Chuck, dDo you have guidelines that would help a person make a sound decision on giving to a ministry if you question the amount the ministry spends on its administrative costs? – Nancy in Bigfork, Montana Nancy, iIf you’re concerned about how a ministry is handling donations, do some research. Find out about the people who run the organization. Ask for a list of references that would help you find out more about them. Determine if they’re people of integrity. Find out what they’re using donations for and how good they are at doing that. See MinistryWatch.org. You want them to be good stewards of their resources in accomplishing their mission. If God leads you to give to that organization, do so cheerfully. It can be misleading to only look at administrative costs. *** I'll be appearing at two events next month as part of the God Provides™ film tour. I'll be in Atlanta, February 11, at Hebron Baptist Church and Chattanooga, February 18, at Ridgedale Baptist Church. These events are family friendly and free, bring your children. We'll be showing Abraham and Isaac and the Widow and Oil films. You can register here. I encourage you to see God as your provider during these difficult economic times. I hope you’ll make plans to be there if you live in those areas. If you do, please say hello and let me know you're a MoneyLife listener. |
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7-Step Solution to the Economic CrisisIt is time we stop looking to the federal government and mobilize the grassroots of this nation to bring about the economic change that is desperately needed. |
Is Welfare Scriptural?Welfare was transferred from the church because the church neglected it. It can be recovered, and the church can become a leader in caring for the needy. |
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Morality and EconomicsThe decline in moral standards and values not only affects our spiritual and emotional welfare, but it directly influences our value system. |
Federal Reserve SystemAlthough the Federal Reserve may not always operate in the best interest of the nation, it’s regulatory use is presently the law of the land. |
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Other Resources: |
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Dear Chuck: I was married about two years ago. I am debt-free, but my husband has a lot of unsecured debt that he acquired prior to our marriage. We have not taken out any debt jointly. If something were to happen to my husband, would I be liable for his debt? – Kathryn
