MoneyWise Live


3 Money Myths

August 31, 2018

Myths can be wonderful things— inspiring and cautioning us. The noble King Arthur and his Round Table— or Icarus flying too close to the sun and melting off his wings. Myths only become a problem when people believe them.  Money is the subject of many myths and far too many people have come to accept them as truth. Kingdom Advisors President Rob West looks at three of the most common financial fantasies and discusses these points:

  • Money brings happiness.  Money might solve some problems, but it causes others.
  • Researchers found that giving in a sense can buy happiness.
  • Money or the material things it buys can't satisfy us.
  • You can never "buy" your way to being satisfied or content. 
  • Money offers security.
  • Believers must remember that God promises security only in Himself - not in money, a career, or other people.

Next, Rob and Steve answer some listener questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:

  • If you just inherited a large sum of money from your brother's passing, don't want to lose it in risky investments but want to be wise by investing it, how should you start?
  • If you've inherited money and intend on tithing on it but want to keep it in reserve for when your favorite ministries might need it it until, is that OK?
  • If you're a recent graduate with $160,000 of student debt, 20,000 in credit card debt and about $5000 of medical bills, how do you go about paying all of this off so you can start saving money?
  • If you recently lost your husband and some of the properties don't have your name on the titles, should you hire an attorney?
  • If you have a spare $25,000 from the sale of a house, what are the best steps to invest this money?
  • if you're in your early 60's with no debt, a paid house but not much savings, would it be good idea to buy land and build a house as retirement investment?
  • What are the financial differences between leaving assets via a will and leaving them in a trust?
  • What are the advantages of using a Spendthrift trust?

Be sure to check out our new website at MoneyWiseLive.org to connect with a MoneyWise Coach or access our books, videos, or any of our free helpful resources.  Thanks for your prayerful and financial support that helps keep MoneyWise Live on the air.  And if you'd like to help, just click the Donate tab at the top of the page.