This rejection prompts or allows many dedicated Christ followers to make poor decisions when it comes to planning for retirement age. The biggest, and most common, is the decision to not prioritize retirement savings. Even if a person has no plans to stop working, there will likely come a time when the amount of income a person can generate will be less than their expenses. Balanced retirement planning isn’t centered on long ocean cruises or playing golf on exclusive greens. Rather, it considers higher medical costs, increases in food and other living expenses due to inflation, and costs associated with visiting family or spending time with grandchildren.

The Bible does indeed honor old age. Proverbs 16:31 says, “Gray hair is a crown of splendor; it is attained in the way of righteousness.” Numbers chapter 8 provides guidance for the Levites and in verses 24-26, there are specific rules for a phased-down ministry for those Levites who are over 50 years of age.

The problem, for some, is being able to save for retirement while living paycheck-to-paycheck or while being dependent on the support of others which may fluctuate from month-to-month. A response to this scenario should vary based on family circumstances. Do you have others that you must support while in retirement age? Living “on faith” without a steady income may seem like a noble prospect, but God clearly commands that we take care of ourselves (2 Thessalonians 3:10) and our families (1 Timothy 5:8). Perhaps an adjustment to a support raising goal must be made to account for retirement savings or perhaps the addition of a small side income of some kind.

Small steps can lead to larger results. If you are not currently saving for retirement age, start today with $5 a week. Work up to $50 per month and then $100. Take it slow. Something is better than nothing. Make sure your money is, at minimum, earning a competitive interest rate. Interest rates fluctuate, but Bankrate.com offers a savings calculator and a list of the highest yielding savings accounts and CDs currently available. Another option for those just getting started is to utilize, responsibly of course, cash reward credit cards for as many purchases as possible (while paying off balances prior to interest accrual) and then place those cash rewards into an account for retirement savings.

Finally, there is a lot of attention on IRAs and 401Ks as popular tax shelters, but consider that a Roth IRA may be a better fit. Traditional IRAs and 401Ks delay tax income payments on contributions until withdrawals in retirement. A Roth IRA is taxed upfront, but withdrawals are tax free in retirement. If you are in a lower-income category now, why not pay the taxes now at a lower tax rate and while you are much more likely to have credits and deductions (from children, mortgage, education, etc…) at your disposal than you’ll have in retirement.

The post I Don’t Plan to Retire. Why Should I Save for Retirement? appeared first on The Rich Missionary.

The responsible use of the right credit cards can lead to rewards that add up quickly. Before thinking about earning rewards with these cards, keep in mind that no credit card can offer any reward worth paying finance charges (the term for interest charges on credit cards). If you’re not sure if credit cards are right for you, visit this related post on credit cards pros and cons.

Here are some of The Rich Missionary’s favorites. All of these cards are free of any annual fee. There are some good travel cards with an annual fee (sometimes the fee is worth it), but that’s for another post. Note that all of the names in bold font link directly to the bank offering the particular card. Be aware that if you search for a card online, many of the first links generated by search engines are ads and do not go directly to the issuing bank.

1. The Citi Bank Double Cash Card. This card offers a flat 2% rewards earned on all purchases regardless of the type of purchase (i.e. no category based rewards). This card is an excellent complement to a category card as it can be used for purchases that are not higher earning categories with other rewards cards. Technically, the card provides 1% rewards when purchases and the other 1% when those same purchases are paid, however for responsible cardholders who pay on time, there is little delay to receiving the full 2%. Like many rewards cards, there are a variety of redemption options including direct deposit of cash into any linked bank account (any account you use to make your payments on the card).
2. The Wells Fargo Autograph Card. Wells Fargo isn’t known for great customer service, but their new autograph card is one of the best cards on the market. Keep in mind that, generally speaking, customers are not required to have other financial products with a bank (such as a checking or savings account) to get approved for a credit card. This card offers 3% back on gas, travel, transit, restaurants, streaming services, and cell phone bills (all other purchases get 1%). And do you pay for insurance to protect your cell phone or worry how you would cover the cost of replacing a lost, damaged, or stolen phone? If you use the Autograph card to pay a cell phone bill, they will cover up to $600 with their cellular telephone protection plan. Many options for reward redemptions including statement credits.
3. The Discover Cash Back Card. Famous for their 5% cash-back categories, Discover offers rotating bonuses which change on a quarterly basis. Unfortunately, sometimes the categories are not relevant all customers and all other purchases only get 1%. However, especially when used alongside a flat-rate card, this card can really be a home run. Imagine getting 5% on gas or groceries (both categories during different quarters in 2023); those rewards really add up at the pump–with 5% back and gas at $3.50, that’s 17.5 cents back per gallon. The categories are capped at max rewards (for the 5%) of $75 per quarter (with no camp on 1% earnings). Cash rewards can be redeemed for gift cards, statement credits, and direct deposit.
4. The Capital One QuickSilver Card. This no-frills card offers a flat 1.5% cash rewards back on all purchases. A key benefit of this card is that there are no fees charges for international purchases, which makes it a great compliment to a good travel card (it’s always good to have at least two good cards for international travel in case one gets lost or locks up due to bank fears of unauthorized activity). Another benefit of the card is the banking features of Capital One and the ease of using the credit card alongside their checking and savings accounts. Capital One has an excellent user interface and offers some of the highest savings and CD rates available. Among other options, cash rewards can be redeemed as statement credits.
5. American Express Blue Cash Everyday Card. This category card offers 3% back on groceries, online purchases, and gas (on up to $6,000 of purchases annually). All other purchases and purchases in categories beyond $6k earn 1%. The card is currently offering a Disney Bundle credit that provides $7 back each month to customers subscribed to a Disney Bundle plan that is at least $12.99 per month. Again, this type of category card is best utilized in concert with a flat-rate reward card such as the Citi Double Cash or the Capital One QuickSilver.

Many of these cards also offer very nice reward bonuses for opening a new account. Unfortunately, they cannot be listed here because they change often based on the promotions of the issuing banks. However, know any of the terms of conditions of any card may have changed since this post was authored. Be sure to read details on the bank’s website and the cardholder agreement; The Rich Missionary is merely providing tips and is not responsible for any inaccurate content (too bad we have to even say this kinda stuff, but’s the litigious, “blame someone else” society we now share).

Finally, consider putting earned rewards toward something meaningful; perhaps a saving category that is currently underfunded such as a vacation fund, retirement savings, emergency fund, or a special project. Rewards can seem small on a daily, weekly, or monthly basis, but year over year, smart credit card users can save thousands of tax-free dollars by using credit over cash or debit for everyday purchases.

The post Favorite Reward Credit Cards with No Annual Fee appeared first on The Rich Missionary.

Maybe you’ve not been effected but are worried about the possibility. Or perhaps you’ve received notice that your personal information has been compromised in corporate data breach or that a credit monitoring scan found your sensitive info on the dark web.

While it is impossible to eliminate all risk, there are a number of steps individuals and families can take to mitigate the risk of loss due to ID theft. There are of course paid options, and these are good options. Purchasing a credit monitoring service that also comes with ID theft resolution and insurance is not a bad idea. Knowing that there will be dedicated specialists available to assist in the event of an incident can be comforting. Well-known companies offering these services include Lifelock by Norton and Discover, but there are many more and Trustpilot can be used to read reviews and evaluate the options. Another way to reduce the risk of ID theft is to use a VPN which makes it much harder for criminals to access your activity and information. However, while these plans may be helpful, they are often monthly subscriptions and can add up, especially for families who will enroll multiple individuals into the ID theft plans.

Fortunately, there are some no cost steps that can be taken and while they do not offer the same protection as some paid services, they can help to reduce risk.

1. Be cautious of personal information posted on social media, including information you believe is only visible to “friends.” Keep in mind that friends’ accounts could be hacked allowing the imposter to have full view of the information the user believe was private. It’s a good rule of thumb to accept that anything posted to social media is public information.
2. Don’t click any links or respond to emails or text messages that you do not recognize or expect. If you do get contacted by a company or friend you believe to legitimate, but are not expecting the contact, do not communicate until you are able to verify the communication is indeed coming from someone you know. For example, if you get an email from your bank or retailer prompting action, consider calling that bank or retailer first to inquire if they contact they initiated was legitimate.
3. Utilize and regularly check your credit through a free credit monitoring service. Most banks offer a free credit monitoring service that will display a credit or FICO score and recent activity on your credit account. If your current bank does not offer this service, consider opening an account with one that does. Capital One Bank, for example, offers fee-free checking and savings accounts and provides a credit monitoring service called “Creditwise.” Note that these services provide monitoring but do not offer ID theft resolution services for free.
4. The strongest step an individual can take for free is to place a fraud alert or credit freeze with the credit bureaus, Equifax, TransUnion, and Experian. A fraud alert lasts for one year (but is renewable) and notifies potential lenders of the possibility of fraud so that they can conduct a more extensive identity check. A fraud alert only has to be made at one of the credit bureaus and then that one credit bureau that you notify is responsible for notifying the other two credit bureaus. A credit freeze must be placed with each of the credit bureaus individually. When a credit freeze is in place, access to your credit report is restricted and therefore it would be near impossible for credit to be opened in your name. If a consumer wants to open a new account while their credit is frozen, they can schedule a “thaw” or temporarily “unfreeze” their credit while they apply for a new account. Once the new account is opened, the consumer then can refreeze their credit. While freezing credit can be inconvenient, it is doable and there are clear instructions on each of the credit bureaus’ websites to direct users through every step. Learn more about fraud alerts and credit freezes from the FTC.

Remember that there is no way to eliminate all risk. The goal of believers is to have faith in God’s provision and have a strong faith community can assist in times of need, while also taking responsible action to mitigate risk of loss.

The post I am Concerned About ID Theft. What Can I Do? (for free) appeared first on The Rich Missionary.

Can this be said of missionaries or is there a different standard? Are missionaries paid for their work or are they supported because of their needs? Here is a question to help us assess this issue. Suppose you are a missionary, receiving a salary derived from support raised funds. Suppose further that despite objections to lotteries, you nonetheless bought a lottery ticket and won several million dollars. Would you continue to receive support?

If an architect, or a waiter, or a pilot, or even a pastor won the lottery, but still came to work the next day, would they be denied wages because it was deemed that they did not need the money? Certainly not because their wages are for their work. This is no different for full-time vocational missionaries. They have dedicated themselves to a vocation, that is cross cultural evangelism or church planting or a related work, and they are worthy of their wages.

Missionaries should not be raising support because of their needs. There is nothing in the Bible to support the idea that capable men and women should be financially supported on a long term basis simply because they have “needs.” Paul is clear on this matter. Orphans and widows, and only widows who met specific criteria, are to be for cared on an ongoing basis. Those who are able to work should and those who choose not to work “should not eat.”

Church members should support missionaries, but not because of their needs, but because of their work. There should be no different judgement applied to the lifestyle of missionaries than that of the lifestyle of any other church member. The Bible makes no distinction between different roles in the church and the material benefits associated with each. Will missionaries make unique sacrifices for the Kingdom? Of course. But that is the nature of a body made up of different parts. Those different parts will have different experiences and different challenges. However, they will not be alone and those who are supported by the church for their vocational ministry work are worthy of their wages for the work they do.

The post Is Support for Your Work or Your Needs? appeared first on The Rich Missionary.

Upside – use app to claim offer get cash back on gas purchases and restaurants

Pro: Can be used with any credit/debit card of choice (so it can stack with a gas rewards credit card) 

Con: Occasionally a receipt is required to verify a purchase which can be inconvenient to obtain

Link: https://upside.app.link/3kDVxHCXPBb

(Use promo code 7EKJW5 to get an extra 15¢/gal bonus on your first purchase)

Exxon Mobile Rewards – use phone number at the pump to earn rewards

Pro: emails offer $1 or $1.50 in rewards on fill up which are usually good for 7 days or 14 days

Con: without a special offer, the rewards are minimal (however, these rewards can be stacked with any credit card and the Upside app)

Link: https://rewards.exxon.com/welcome/enrollment?ctid=e_emrp_3stepbn_text

(No referral program)

Online Shopping:

Swagbucks – earn cash back online by visiting Swagbucks shop before going to the online retailer.

Pro: multiple ways to earn “swagbucks” which can be redeemed for gift cards, debit cards, and PayPal cash. 

Con: Some reward activities can seem enticing but can be a poor use of time. 

Link: https://appm.swagbucks.com/?cmd=sb-register&rb=889803&cmp=197&cxid=2001-app

Raketun – earn cash back by visiting the website or app before shopping online

Pro: easy to use website and app 

Con: occasionally cash back is missed and a support request must be submitted

In Store Offers: 

Ibotta – earn cash back by claiming offers and submitting receipts 

Pro: savings can add up quickly on essential items at Walmart and grocery stores

Con: sometimes the savings from purchasing a store brand is better than the savings provided by Ibotta 

Link: https://ibotta.onelink.me/iUfE/1005cd3f?friend_code=agyenik

Fetch – earn rewards points redeemable for gift cards for buying from name brands 

Pro: great for those who have brand loyalty

Con: like Ibotta, it is possible to spend more than by buying private label products.

Link: https://referral.fetch.com/vvv3/referraltext?code=5KFWHE

Key to using these money saving programs: 

Companies have big marketing budgets to achieve a goal of getting consumers to BUY MORE than they planned. The phase “buy more to save more” exemplifies the objective of marketers. 

Smart customers can take advantage of discounts for products and services THEY ALREADY PLANNED ON BUYING. In others words, know what you want and need and then find the best way to get it with the best offer; don’t be swayed to buy a product simply because “it is a good deal.”

The post Life Hacks for Saving Money on Everyday Expenses  appeared first on The Rich Missionary.

What are the advantages of using credit? Fraud protection, rewards, and cashflow.

Fraud Protection

While debit cards also offer fraud protection, an unauthorized purchase on a debit card will immediately impact a customer’s checking account balance. Conversely, unauthorized credit card purchases have no immediate effect on balances and customers are protected by the fraud protection policies of the issuing bank. With increases in fraud attempts both on online and using physical devices on gas pumps, using a credit card gives customers peace of mind that if they a transaction is made without their knowledge, it will not immediately impact the balances of their checking or savings accounts.

Rewards

Perhaps the most valuable aspect of using credit cards are the rewards offered for opening new accounts and making purchases. There are several cards offering competitive rewards that do no charge annual fees. There are flat-rate cards that earn 2% on everything, category cards that offer consistent 3% rewards for certain spending categories, and rotating category cards offering 5% rewards on purchases. Most card rewards can be redeemed for cash, but many travel cards are redeemable for flights or hotel stays. If a household spends $12,000 annually on credit cards earning an average of 2%, they’ll earn $240 in rewards. Factoring for new account bonuses (which are often in the hundreds) and higher earning categories, it is possible to earn much more than the 2% average.

Cashflow

Just because money is available to pay for a purchase doesn’t mean that it is necessary to make an immediate payment. Banks cannot charge interest unless customers fail to pay the entire balance of a billing statement by the payment due date. To ensure they never have to pay interest or late fees, credit users can setup autopay that will automatically draft the desired bank account for any remaining statement balance. Most billing periods are about 30 days and they are followed by an industry average 21-day grace period between the issuance of billing statement and the payment due date. Therefore, depending on when an item is purchased, it is possible to have a delay in payment anywhere from 20 to 50 days. Spending $12,000 annually or $1000 monthly and delaying payment an average of 30 days would result in a net gain of $51 annually assuming the money was kept in a savings account with a competitive interest rate of 4.30% APY while awaiting payment.

Don’t Use Credit If You Can Do This

Good credit card users need to be able to manage their accounts properly. It is a good idea to login into credit card accounts at least once per week to maintain good control of the account any missed or incomplete payments. Remember, to avoid paying interest, card balances must be paid in full. Only paying the minimum payment will prevent the charge of late fees, but it will allow any remaining balance to accrue interest.

The post Are Credit Cards Good? appeared first on The Rich Missionary.

“Budgeting” is nice buzz word. It’s easy to talk about. Who doesn’t have a budget, right? But when the rubber meets the road, is your budget effective and do you have a way to practically apply your budgeting decisions?

The EveryDollar app is a part of Dave Ramsey brand. It is a free app that allows users to create a budget and then record transactions according to various income and spending categories. When setting up a budget, users can customize the types of categories and can determine whether they want to do all of their budgeting or just some of it in the app.

There is a paid version of the app which comes with a number of perks, including the ability to link with bank accounts for automatic transaction recordings.

Why is budgeting so important? When families are unaware of where their money goes, it becomes difficult to make good decisions. For example, if members of a family love coffee and it is determined that each month over $100 is spent on coffee out, it may be prudent to purchase an expensive home coffee or espresso machine that previously would have been deemed “too expensive,” but in light of the amount spent at coffee shops, it would actually be a significant savings in the long run. In this example, we see how budgeting is not necessarily about “cutting” pleasures, but rather making smart decisions that are good for long-term financial wellbeing.  

Knowledge vs. Guilt. The purpose of budgeting and tracking expenses is to provide insights and awareness of spending habits; it is not intended to be a guilt-trip for every purchase. Wise budgeting involves allocating money for discretionary spending and even a cushion for errors such as unrecorded transactions or unexpected minor expenses (it’s good to be prepared for large, unexpected expenses also, but this is for the conversation of saving). Finally, think about the difference between dieting and creating healthy habits. Like most diets, budgeting that is ideal, but unrealistic, will not last.

The post Best App for Budgeting appeared first on The Rich Missionary.