Christian Finance Blog
Spiritually Prosperous, Financially Rich!

Oprah and Suze Orman are giving away FREE digital copies of Suze’s newest book, Women & Money! Just go to the download page and you can download the English or Spanish version for free! But the download only lasts until February 14, 2008 at 8 pm EST so hurry!

Today President Bush is expected to sign the now $170 billion economic stimulus passed by Congress recently. He hopes that this will prevent a recession or lessen the impact. I’m not sure if it will work or not, but it sure will help a whole ton of low to middle income people. I’m not complaining about the free money!

Some changes to this bill from the $150 billion one was that tax breaks for equipment purchases by businesses, payments to disabled veterans and senior citizens were added. That’s where the extra $20 billion came from.

The rebate checks still range from $600 (for individual taxpayers) to $1,200 (for couples) plus $300 tax credit per dependent child under 17. The income cap (AGI – adjusted gross income) is also still at $75,000 for individuals and $150,000 for joint filers. If you don’t owe any income tax but had at least $3,000 in earned income or Social Security benefits you can qualify for $300 per person or $600 per couple. Also, you might be able to receive partial money if you go over the income limits. You will lose 5% over the income limit up to a certain amount.

You must file a federal tax return for the year 2007 to be eligible for the tax rebate even if you are not required to. You can expect the checks to start showing up between May and early July if you meet the April 15th tax deadline!

So what are you going to do with your tax rebate? Just leave a nice comment! I’m going to pay down debt and save some of it!

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Today is the first birthday of Christian Finance Blog! On February 11, 2007, this blog was born as a voice in the personal finance space with a Christian perspective.

I can’t believe it’s already been one year! I pray that it is just the beginning and that this blog will be blessed with many more years to come! Keep on reading and tell your friends about the blog! You are the reason I write what I write! God Bless!

Here are some great posts from one year ago this month:

Get Out of Debt with an Emergency Fund
Do you carry 10 or more credit cards?
My Checking Account: Washington Mutual (WaMu)
Verse of the Day: Don’t Co-sign!!
Did You Know These Bible Facts?

10 For we are His workmanship, created in Christ Jesus for good works, which God prepared beforehand that we should walk in them.

Ephesians 2:10 (NKJV)

10 For we are God’s masterpiece. He has created us anew in Christ Jesus, so we can do the good things he planned for us long ago.

Ephesians 2:10 (NLT)

From the Life Application Bible:

We are God’s masterpiece (work of art, workmanship). Our salvation is something only God can do. It is his powerful, creative work in us. If God considers us his masterpieces, we dare not treat ourselves or others with disrespect or as inferior work.

The Fed recently cut the federal funds rate (the rate that affects consumer loans such as home equity lines of credit, auto loans, and credit cards) by a half percent after cutting it by three-quarters of a percent on January 22 in an emergency meeting. The federal funds rates now stands at 3% which is the lowest it has been in two years. The discount rate (the rate at which banks borrow from the Fed) was also cut half a percent to 3.5%.

What does this mean to you and me? The rate cuts means lower rates for borrowers but also lower rates for savers. Average 30 year mortgage rates now stand at 5.49% which is also the lowest in two years. If you’re looking to buy a home, it seems like now’s the time to buy with home prices considerably lower than even a couple years ago in some markets. It may also be time to refinance your existing home mortgage if you can save at least one percentage point or more.

You should also see lower rates for your variable credit cards. If you don’t, give your credit card company a quick call and ask them to lower the rate. If they don’t, ask for the retention department and threaten closing your account and transferring balances elsewhere. The retention department has the power to lower the rate for you. Of course, this doesn’t affect you if you pay off your credit balances off each month.

But these rate cuts also mean lower rates for your emergency cash savings in CDs and savings accounts. ING Direct now stands at 3.40% and Electric Orange is at 2.25% for balances up to $49,999 (if you want a free $25 for opening an account, let me know). FNBO Direct (which is where most of my emergency fund now sits) is at a still-great rate of 4.30%. WaMu’s online savings account now stands at 4.25%. HSBC Direct stands at 3.80%. You can check out Bankrate.com for the latest rates. But your emergency fund is not designed to make you money; it’s just there for an emergency and it’s nice to earn a little interest on it. But if you already have your 6 to 9 month emergency fund in place, it may be time to look at longer-term investments in the stock market. I absolutely love Roth IRAs and an index fund within a Roth IRA is perfect for most people! If you have a 401K offered by your employer, it may be time to increase your contributions.

One last thing to remember. Just because the rates are lower doesn’t mean you have to borrow. Remember that the goal is to save more and not spend or borrow more. But at the same time, there may be some opportunities to save some money. God Bless!

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23 Work brings profit, but mere talk leads to poverty!

Proverbs 14:23 (NLT)

This verse is talking about work and how it can bring profits. In this country, we are mostly paid for our time. Many are paid by the hour. The more hours you work, the more money you make. It’s a simple concept. The verse also talks about what leads to poverty. “Mere talk” leads to poverty! And that’s the truth!

We can’t expect to sit on the couch all day and night, watching tv and believe God for a job. It says that faith without works is dead. We need to believe God but we also need to do our part. If we’re believing God for a job and never fill out one job application, how do you expect God to move on your behalf? It’s a give and take relationship that we should have with God. Now I’m not saying that God doesn’t work miracles and that sometimes He works in mysterious ways, but God said it in His Word! Put your faith in action!

The proposed $150 billion “economic stimulus package” by President Bush is promising rebates of between $300 and $1200 or more to the low and middle class people of the United States to help kickstart the economy by giving money to those who are most likely to spend it. Why don’t you go against the current and actually save it instead of spending it?

Here are the quick facts on the proposed plan:

1. Most single taxpayers will receive a $600 check
2. Dual-income households will receive $1200.
3. For each child (dependent) you will receive $300 each.
4. Workers who made at least $3,000 but didn’t pay taxes will receive $300 ($600 for those married and filing jointly).
5. Income limitations are $75,000 for single taxpayers and $150,000 for couples.
6. Apparently all of this is based on your 2006 tax return.

The legislation has not passed yet, although it most likely will and is being pushed strongly by President Bush. But if and when it does pass, you can expect your rebate checks to come in May or June of this year (2008). Just file your 2007 taxes just like normal.

All I can say is to not act like you’ve already got the money and spend an extra $600 on something you don’t need! I’ll probably get $600 as a single taxpayer and I’ll most likely just boost my emergency savings or pay down debt or both. All I know is that I’m not going to act like I have it and spend it before I get it. It will be a welcome surprise in my budget come May or June!

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8 “I know all the things you do, and I have opened a door for you that no one can close. You have little strength, yet you obeyed my word and did not deny me.

Revelation 3:8 (NLT)

8 “I know your works. See, I have set before you an open door, and no one can shut it; for you have a little strength, have kept My word, and have not denied My name.

Revelation 3:8 (NKJV)

It says in this wonderful verse that God is going open a door for you that no man can shut. It says that God knows and sees all the things that you do and have done in your life and that he is a rewarder to those who diligently seek Him. God is faithful. If you keep His word and don’t deny Him by giving Him everything you have, he will reward you openly. Open doors will begin to come before you and supernatural blessings will follow! It’s in His word!

I hope that everyone had a happy holiday season and is ready to tackle another new year! I believe this year can be your turnaround year! Let this be your year of new beginnings! With a new year brings new goals, new life situations, and a fresh outlook on life. Don’t let this year be just another year. With that being said, here are my top money goals for 2008:

1. Save more, spend less. One of the golden rules to becoming wealthy is spending less than you make. Live on less than you make and you can use the extra to pay down debt or invest for your future. If you can’t do this, you need to make more money!

2. Pay down debt. Yes, even a personal finance blogger like me has debt! But I have a plan to get out of debt and although I won’t be debt-free this year, I’m still making progress. I want to pay off my car within a couple years. I’m sick of a car payment…

3. Beef up my emergency fund. I have an emergency savings account that’s not quite up to 6 months of expenses. I want to achieve that this year and some extra. I currently have my emergency fund at FNBO Direct (currently at 5.05%) and ING Direct (currently at 4.10%). If you want a free $25 bonus for opening an ING account with at least $250 to start your emergency fund, make sure to contact me.

4. Start saving for Christmas now. Christmas is not an emergency! Christmas happens to land on December 25 every year and yet many people end up charging Christmas on their plastic credit cards and end up paying way too much in interest. Start saving now and pay cash! I plan on doing that starting right now.

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6 For promotion cometh neither from the east, nor from the west, nor from the south. 7 But God is the judge: he putteth down one, and setteth up another.

Psalm 75:6-7 (KJV)

This Bible verse reminds us that God is always in control. If you’re being considered for a promotion at your current job or a different job for a different company, remember that it’s God who decides who really gets promoted. It is really not up to the hiring director, HR person, or president of a company to decide who gets the promotion. God is the ultimate judge and decision maker. Don’t forget that God will bless you if you’ve been faithful to Him so continue to pray and believe God for it!

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Here’s to another year of supernatural blessings and favor for all of my readers! Happy New Year! I hope you continue to read as we start this new year! I call the year of 2008 the year to accelerate! Christian Finance Blog will turn one in February! I can’t believe it’s gone that fast. God Bless!

11 For there is born to you this day in the city of David a Savior, who is Christ the Lord.

Luke 2:11 (NKJV)

Just wishing everyone a Merry Christmas and a very happy and prosperous New Year! Remember the reason for the season is Jesus. Some of us forget that it’s the birth of our Savior and Lord Jesus Christ that we celebrate. So did you remember to wish Jesus a happy birthday this morning? Happy Birthday Jesus!

From the Nelson Study Bible:

The city of David here refers to Bethlehem. In other passages, the phrase means Jerusalem (see 2 Sam. 5:7). Savior…Christ…Lord: These three titles together summarize the saving work of Jesus and His sovereign position. What God was called in 1:47, Savior, Jesus is called here. The word Christ means “Anointed,” referring to Jesus’ royal, messianic position. The word Lord was the title of a ruler. The meaning of the word is defined by Peter in Acts 2:30-36. Jesus is destined to sit and distribute salvations benefits from God’s side, ruling with the Father.

If you’re looking for a new checking account or need to have an additional one, here’s some more incentive. Now through February 29, 2008, if you open a checking account with Bank of America, they will deposit $100 within 90 days of opening the account. The best way to do it is to open it online as then MyAccess Checking is absolutely free with no monthly maintenance fees, no minimum balance requirements, and no direct deposit requirements! That’s what I like! You must open with at least $100 to be eligible for the bonus. That’s a 100% return almost instantly.

This is not eligible for existing customers or for student checking. If you open at a local branch, use offer code AOU2612. It comes with free online banking with bill pay, Bank of America Visa debit/check card with Keep the Change program and unlimited check writing. So if you need a new checking account or even if you don’t, it’s an easy way to get a free hundred dollars! Be aware that they will 1099 you as interest income.

Just think of it as an early Christmas present from me to you! Merry Christmas and remember the reason for the season!

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Since ING Direct purchased and acquired ShareBuilder on November 19, 2007 for $220 million, everyone was wondering what changes would come about. Well, there’s good news! Not only did they change the color scheme, but the price for real-time trades has gone down to $9.95 per trade rather than the old $15.95. That’s a 35% discount! This price brings ShareBuilder in line with other discount online brokers, but it still does not beat free stock trades with Zecco. Contact me if you want to open a Zecco account for a FREE $25 bonus!

ING Direct is the country’s largest direct bank with assets of $77 billion with about six million customers. I contacted media relations for ING regarding the changes that would come about due to the acquisition but they have not gotten back to me yet. I’m interested to see if there will be more changes since I am a customer for both ShareBuilder and ING Direct. It would be great if there were instant transfers from ING accounts to/from ShareBuilder just like the transfers between Electric Orange (checking) and Orange Savings.

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