Learn About Christian Finance
For educational purposes only, please consult a professional regarding your situation.
About Roe v Wade
Family Life Financial Planning is an unapologetically pro-life company. In light of today's historic Supreme Court announcement, we are celebrating the life of many children who will be born. Approximately 2 million families are waiting to adopt a newborn, which gives us great comfort in knowing that the mothers who cannot provide and care for a child can allow a loving family to care for their child. Likewise, we know that many of you are upset or even scared now. So while we will never help plan for an abortion, we are here to help those in need. If you are pregnant or have children but, due to low income, are struggling to provide, we want to help. From helping you find non-profit and government programs, teaching you how to handle your finances, and even coaching you on increasing your income, we are ready and willing to offer our services to moms in need at no cost. As a son raised by a single mom and in poverty, I desire to show Christ's love by helping the women who feel the world has forgotten them. While we celebrate that life may be protected, we are also here to roll up [...]
How the Ukraine War May Help US Inflation
War is not a good thing. I shouldn't have to say that, but I feel like I should. I'm not condoning war or saying we should hope for it, just that the economics of global uncertainty may help America. This video explains more. https://youtu.be/rqWrzWLE1pg
Ukraine and Inflation
In light of recent events, it's normal to be nervous. This short video addresses some of what's going on and how I am handling the current uncertenty. https://www.youtube.com/watch?v=rqWrzWLE1pg
What Changes (if any) Will a Biden Administration Mean to Your Financial Plan
Very little can affect your financial plan as much as Washington's policies. From the recent changes the SECURE Act made to retirement planning to the tax planning changes made via the Tax Cut and Jobs Act, Washington has much to do with our moves. With Joe Biden seemingly guaranteed to be our next president, it is essential to consider how policy changes may affect your finances. It is also vital to realize implementing any of the strategies I mention is a risk. You are betting on policy changes that may or may not occur. Ensure you weigh the pros and cons of the changes and the chance that the policy changes may not happen. Last disclaimer. This article is for informational purposes only. Please consult a professional with the details of your situation before making any changes. Congress Is Important Before deciding on any planning changes, we must discuss policy. All policies must start in the Legislative branch. Either the Senate or House of Congress creates legislation, and once approved by both houses, it goes to the president to sign into law. No president can create legislation, but they can make requests and negotiate with the Legislative branch. This allows [...]
What This Weeks Uncertainty Can Teach Us About the Market
In case you have not followed it, the election was this week. It's Thursday, and we still do not know who our president will be. Though it seems more apparent who the winner will be, that's not been the case all week. We've been told almost all year that we would end up with a Trump loss. Heading into the last week before the election, many polls showed an unsurmountable Biden lead. As is usually the case, as the election approached, some of those polls closed but still had a reasonably safe Biden win. The night of the election and today it's been a rollercoaster ride of uncertainty. Regardless of your side of the aisle, it has constantly vacillated from confidence to depression. In the meantime, the market has been steady. Why? 4 Years Ago Remember the market crash on the night of the 2016 election? The stock market took a steady dive as Trump moved from a less than 15% chance of winning to being the next president. I vividly remember one of my friends panicking and blaming conservatives for "destroying my retirement." I also remember telling him to give it time; the market is overreacting and will recover. [...]
A Quick Change That Will Help Your Kids With Money
If you think it's hard to make the right money decision, try developing a way to teach your kids to make proper money decisions. Earlier this week, I listened to a YouTube video with Dr. Jordan Peterson and Warren Farrell about fathers' role in children's lives. While the video's title has nothing to do with the conversation, it was great. An Interesting Correlation Dr. Peterson and Dr. Farrell pointed out the correlation between deferring gratification, i.e., having patience, and success. After sitting in hundreds of households and speaking to hundreds of families that wanted new cars and bigger houses but were unwilling to wait until they could afford these luxuries, I came to the same conclusion years ago. Some Advice Knowing what to teach is great, but how do you teach it? I've been trying to teach my kids patience but not succeeding. I've been attempting to teach Jokco's "discipline equals freedom" mantra. Showing them that you work hard first, then play afterward. We've talked about it, but we have not done it well. This video helped me learn from my mistake, and I hope it will help you too. We had the reward too far from the hard work. [...]
Will a 15-Year Mortgage Really Save You Thousands of Dollars?
UPDATE 5/16/2023: Many of the calculations mentioned assume a lower mortgage interest rate than is available now. This strategy will not work as well as it would have a few years ago. You can always tell when interest rates have dropped. Your Facebook feed suddenly gets overrun by Quicken Loans ads promising to save you thousands of dollars in interest if you switch to a 15-year mortgage. It seems too good to be true, so is it? Yes. It is true. A 15-year mortgage will drastically lower the total interest you will pay over the life of your loan. Putting more money toward your principal each year reduces the balance so quickly that your interest cost drops much quicker than if you were in a 30-year mortgage. Not only do you pay the principal down quicker, but you also save on 15 years of interest payments. Even though your interest paid decreases yearly, the last 15 years of interest still packs a punch. For example, in a 30-year 3.25% mortgage for $200,000, year 16 still, has you paying about $320 monthly in interest. The interest is less than the first years, roughly $535 per month, but still substantial. The [...]
Should I Refinance My Mortgage?
Mortgage rates are at an all-time low. The Mortgage Bankers Association just announced that the average rate for a 30-year mortgage is 3.06%*. That's basically free. Current inflation is around 1-1.2% and historically approximately 2.3%, so mortgages only costs you 1-2% in interest. Now is a great time to refinance.But is it the Right Time For You?Just because interest rates are meager does not mean you should refinance. There are some situations where it could hurt. Answering these questions should give you a more precise answer to this question.How Long Will You Live In This House?If you plan to move in the coming years, it is probably not a good idea to refinance. The typical refinance will cost you somewhere around $3,000 in closing costs and fees. The general rule of thumb is only to refinance if you will own it for more than seven years.While the 7-year guideline works, it oversimplifies your situation. Smaller mortgage balances will take longer to recoup the closing costs, while larger mortgages may save enough interest in one to two years. The best way to make this decision is to do a little math. Don't worry; it won't be hard. You will need two [...]
A Note About the Year 2020
I'm bullish. I tend to be. Not because I think the market will be up at the end of the year, but because I think it will be up in 5 years, 10 years and 20 years from now. I believe in the long term track record of the US economy. Here's a quick update of how well the market has actually done this year. In light of:Australia being on fireThe Corona VirusKiller hornets andJoe and Donald as our only choice The market has not done that bad.
Some Advice to 20-Year-Old Me
There's an old phrase, "youth is wasted on the young," and it was right in my case. In my 20's I had a ton of opportunities, but wasted most of them. I missed some opportunities because I didn't see them, others because I didn't have the courage, and some because I was uneducated about money. Where I Came FromMy family was around the poverty line until well into my high school years. A single mom raised me with two siblings. We each had different fathers, and not one of them was in our lives or paid child support. Yes, I grew up in an upper-middle-class white neighborhood but lived in the trailer park. When I was 22, I bought a house, except it wasn't a smart move. My grandmother needed help, so I began paying her mortgage. When I was in 4th grade, my grandfather died. The union he was a member of took the remainder of his pension and left my grandma on her own. They even kept his life insurance benefit. So, for the first time in her life, she had to work and live off Social Security.I made pretty good money for a 22-year-old single guy living at home [...]