MoneyWise Live


Are You in Financial Bondage?

October 25, 2018

All your bills are paid, you’ve got money in the bank and freedom to enjoy some of the nicer things in life. In fact, life is pretty good.  But something’s not right and you can’t quite put your finger on it.  Could it be that despite a comfortable lifestyle you’re still in financial bondage? And if you were, how would you know?  Rob West has a checklist of danger signs. 

  • When we hear the term "financial bondage," the verse that always comes to mind is Proverbs 22:7, "the borrower is slave to the lender." Is there another lesson for this MoneyWise Live audience?
  • So what are the danger signs to warn us of this kind of financial bondage?
  • If everyone is thinking they might be in some sort of financial bondage, how do we know?
  • What are some more tangible, outward signs?
  • Finally, what can we do about financial bondage?

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

  • Should you delay investing in a retirement account in order to pay a mortgage down?
  • If you have $3,000 and want to put it somewhere, should you consider a CD, money market or a bank savings account?
  • What are the fees one should expect when working with a Financial Advisor and are Kingdom Advisors any more or less?
  • If you're about to retire and have and pension plan from a previous employer along with a current 401(k), what should you do with the previous pension?
  • If you're wanting to get into a side business but have a mortgage and some debt, should you pay the debt first or try to tackle both at the same time?
  • If you have PMI on your current home mortgage and it's at 135% of the home value and have seen it set at 70%, is there a way to negotiate a lower PMI rate?
  • If you're disabled and unemployed with no debt but have been recently blessed with $30,000, how should you invest?
  • If you've recently been widowed, have about 15 years until retirement, had lots of medical bills but are now debt-free, how should you go about saving for retirement?

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