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Equipping people worldwide to learn, apply, and teach God's financial principles so they may know Christ more intimately, be free to serve Him, and help fund the Great Commission.
Today on MoneyLife
Wednesday, August 27, 2008
Chuck Bentley: Answers to Your Financial Questions
Q. I've been approached by a co-worker about a business opportunity with a telecom services company. I have done some research, and it sounds like multi-level marketing or some kind of "pyramid scheme." Do you have any advice? – Matamba in Pasadena, Maryland Chuck: Multi-level marketing is a very good way to make money. See PamperedChef.com. However, some involve controversial or questionable practices that you want to avoid. Resources to help you evaluate whether a multi-level company is legitimate or a pyramid scheme include:
The FTC says you should avoid any company that includes commissions for recruiting additional distributors. The focus is on getting other people to sign up to sell and pay a fee instead of actually selling a product. Beware of a company that asks new distributors to purchases expensive products and marketing materials. Be cautious of a company that promises you’ll make money through continued growth of your "down line" (recruiting other people). Check out any product claims and ask them to be substantiated. Be wary of people who say they’ve made a lot of money but never prove it was from that company. Do your homework, talk with family and friends and get their reaction. Check with the state Attorney General for any complaints against the company, and most important, pray about the decision. You don’t want to be involved with anything that hurts your witness.
Q. I work for a small home heating oil company that delivers oil to homes. I was asked by my office manager to order a load of oil if the price went down. But by the time I ordered, the price had already started to go up. I could have called our supplier several days sooner to see if there was room for a load of oil, but I didn't think of it since it’s not my normal job. The load we finally received cost $1,900 more than if I had ordered it earlier. I'm not sure if the Lord is telling me to pay my company the $1,900 or if I just feel guilty for a mistake but I want to do what is right. – Karen in Bloomsbury, New Jersey Chuck: The Holy Spirit may be prompting you to go to your supervisor and explain the situation. If you were negligent, your job could be in jeopardy, but God will honor your honesty. Your employer may understands the mistake and appreciate your honesty. If restitution needs to be made, ask if you could work extra hours to pay back some of what’s owed.
Q. Here's a subject I haven't heard on your radio show: jealousy. My two siblings have done really well, but my husband and I can't seem to get ahead. How can I deal with my jealousy and be happy for them? – Mary in Alcester, South Dakota Chuck: All financial issues have emotion involved. Jealousy is often denied by people. God told us not to covet because by doing so, you’re saying that God isn’t doing as much for you as He should. This insults God’s kindness. So when you feel jealous, start by thanking the Lord for His kindness and telling Him you’re grateful for what He’s done for you as well as for others. We should be so contented that we can share the joy of God's blessing with others. Your happiness should not be defined by your possessions. If it is, you have a heart problem that only Christ can change. Study Exodus 20:17, "You shall not covet your neighbor's house. You shall not covet your neighbor's wife, or his manservant or maidservant, his ox or donkey, or anything that belongs to your neighbor." Also, see the article, "How to Prosper from Your problems." Be grateful for your siblings and how well they’ve done and what God’s doing in your heart. Please stay in touch and let me know what happens!
Q. I’m a pastor of a church, and I was wondering what my credit score might be. Can you recommend a place to check credit scores that’s safe. – Ed in Elizabethtown, Alabama Chuck: You can request a free credit report from AnnualCreditReport.com. You can also get one free report from Experian, Equifax, and TransUnion each year. To get a credit score from any of the them, you’ll have to pay a small fee. Some Web sites offer a free credit score, but you must be careful. Many of them are “opt out” sites, which means if you don’t opt out when you register, you’ll receive a lot of junk mail.
Q. My son is 21, going to school, and has been living on his own for the last six months, paying his own way. He’s now trying to move into a house he can rent with three other friends. The owner of the house wants all four to have their parents co-signer the lease. How could this affect us? He may not get to live there if he doesn't have a co-signer, but I wouldn’t want to put my credit in jeopardy. – Clarissa in Jamestown, California Chuck: Co-signing is a bad idea and the Bible says so clearly:
If you co-sign, you could have to stand in place of your son and pay his portion of the lease. In fact, depending on how the lease is worded, you could be responsible for the entire lease if everyone defaulted. Telling your son “no” is the hard part. Go with your son and meet with the owner of the house. Ask the landlord if you can pay a bigger deposit instead of co-signing. That would limit your total liability in case of default.
Got a question for Chuck? Send it to ChuckBentley@Crown.org.
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Multi-Level Sales ProgramsThe concept of multilevel direct sales is not wrong, but quite often its practices are wrong. In addition, greed can evolve. |
In Search of CharacterWhat is character? More importantly, what is good character?
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Credit ReportsHow can I get a copy of my credit report? |
Feeling BankruptGod knows what its like to feel misunderstood and abandoned. Therefore, trials of the single parent are no surprise to God. |
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Other Resources: |
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MoneyLife host Chuck Bentley opens the email bag today to answer your financial questions.
