Today on MoneyLife

Chuck begins the program talking about e-mail he's received from listeners who heard the program on Financially Assisted Suicide last week. He stresses that there is an opportunity to intervene and minister to people in their moment of crisis.

David called to the Lord in his despair, "The cords of the grave coiled around me; the snares of death confronted me." (Psalm 18:5). The best advice for those feeling depressed is to go to the Lord, cry out to Him, God will hear you and answer your prayer.

In the second segment, Chuck takes email questions from listeners:

Q. I’m a skeptic when it comes to our economy entering a radical economical landslide.   On the other hand, I know the government is basically printing cash to cover the national debt.   I’ve heard there is an expected drop in the value of the dollar late this year.

If the value of the dollar is lost, what happens?   I’ve heard that this could close banks, businesses, and pretty much halt things all together.  I’m totally convinced that God is leading and directing things, but I know we need to be prepared for whatever does come.

How does the introduction of the Amero (Canadian-US-Mexican currency) affect how we invest and look at things now and in the near future? Would it be good to invest $5000 or $10,000 in some other tangible goods such as Gold to actually have something tangible in hand in the event that something does happen?

Chuck: You can’t borrow your way into prosperity. It's appropriate to be concerned about the national debt. Most people aren’t very informed about the federal debt, which has to be viewed relative to the wealth of the nation.

National debt currently is 65-67% of gross domestic product. It was 120% during World War II. That’s not good, because if gross domestic product falls, the economy would be in trouble.

Debt always makes you more vulnerable, although the federal debt hasn’t yet put America on the brink of economic collapse. The value of the dollar will change, but no one knows how it will change.

We can’t make decisions based on fear; God doesn’t want us to operate that way. Instead, we should be wise and informed.

The "Amero" is part of a conspiracy theory that says Canada, U.S., and Mexico will enter into an economic union like the European Union and will use the Amero as its common currency like the Euro. Leaders of all three nations deny this. Oddly, there are some Amero coins floating around but they have no value.

Avoid gold, it’s an uncertain commodity. Focus, instead, on building up your savings.

Q. Do you know anything about Direct Marketing Insurance?  Some one at church who is held in high regard has suggested its training program to me.  I’ve scheduled a meeting with him, but I have some reservations.  What should I do?

Chuck: Multi-level marketing jobs can be very good as long as it’s not a business of just recruiting other people. Selling insurance is a good business. Investigate the opportunity thoroughly, starting with the Better Business Bureau. Be careful not to look at everyone as a prospect.

Q. I’m 52, and I’ve been working for the same company for 19 years. I’ll be permanently laid off in September and will be given a severance package equal to about 40 weeks of pay.  I’ll be able to continue my health coverage for three months at the current rate.  My house is paid off, but we just ordered a new manufactured home.  We have the money to pay for it, but I'll need about $15,000 to finish the set up. I have a good chunk of money in my 401(k), but I don't want to touch that. How should I handle this? – Jack in Oakdale, California

Chuck: Don’t borrow from your 401(k). You'll be able to withdraw from it without penalty at 59 ½. If you have to, get a mortgage for the $15,000 with as short a term as possible. Then, go back to work and pay off the $15,000.

Q. I’ve been approached by an acquaintance who is trying to sell me a financial product called a “money merge account” to pay off my mortgage in 1/2 to 1/3 less time than it would take otherwise.  The cost of this program is $3,000-$3,500.  What do you think about this? – Jeffrey in Highlands Ranch, Colorado

Chuck: Money merge accounts are similar to mortgage accelerators. Home buyers get a variable rate home equity line of credit also known as a HELOC. Basically, it's a second mortgage that’s in addition to a fixed-rate first mortgage. Borrowers deposit their paychecks into this account and their mortgage and other monthly expenses are paid from it.

Home buyers are told they can pay off their homes early and save thousands of dollars with little change in their lifestyles. The catch is that if the home buyer doesn’t reduce spending allowing for extra payment on the mortgage, the program doesn’t work.

A simpler way to pay off your mortgage early is to reduce your lifestyle, get on a budget, apply more money to your mortgage payment. If you have the discipline, it's much better to do it on your own. See our online mortgage calculator.

Q. My husband recently went into business for himself.  We have been tithing on all revenue checks that have come in, but we do have expenses.  Are we supposed to tithe after these are paid out or before?  Also, what is the difference between increase and income?  I always thought God gives increase, but this was separate from your income. – Kay in Marshfield, Missouri

Chuck: it's great that you want to give more. God doesn’t require you to tithe on the revenue coming into your business; rather you are to give out of your net profit, after expenses.

You have an obligation to pay your vendors, employees, expenses, and taxes. What you have left over is your net profit. An increase is when your net income goes up or when God provides something for you that you didn’t work and earn, such as a gift, inheritance, reward, or bonus. Acknowledge that it came from Him and tithe from it.

Q. I just received a letter stating that due to the decrease in the housing market and housing values, my home equity line of credit (HELOC) has been suspended.  I have always paid above the minimum and additional on the principal.  The letter says the suspension doesn’t reflect the way the account has been handled.  Will this affect my credit rating in a negative way? I have increased my FICO score to the upper 700's and do not want to be thrown off track by something not under my control. – Karla in Salisbury, Maryland

Chuck: This should put everyone on notice that a HELOC isn’t reliable as a contingency fund. Talk to your lender and see what you can do since it wasn’t caused by irresponsibility. To improve your FICO score, ask the bank for one of its credit cards, but be sure to use it responsibly. Prospective creditors want to see that you to have more credit than you use. In general, it's good to learn to live without credit. This is a good time to focus on building and managing your cash reserves and paying off your HELOC. Use this as a defining moment to propel yourself forward into greater financial health.

Got a question for Chuck? Send it to ChuckBentley@crown.org.

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Newscasts report daily that our economy is on a downward trend. We have compiled a list of things you can do to survive or thrive in our current econo.
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Paying Off Home Mortgages Early

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Crown's Free Online Publications

Crown offers many pamphlets and information sheets to help you with finances. All items are in PDF.

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Business Tithing

Businesses should look for ways to give rather than trying to find ways to prevent or hinder giving. As such God does admonish businesses to give.

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Other Resources:

• ABCs of Money Package
• Career Direct
• God's Pinciples for Operating a Business
• Business By the Book
• Crown Mvelopes