SMI Visitor's Blog       

Welcome to the SMI Visitor's Blog where you'll find selected excerpts from our Member's Blog, plus occasional posts created especially for our visitors.

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Should you invest in gold?

By Matt Bell

Our shaky economy has generated a lot of interest in gold as an investment. The precious metal is widely seen as a trustworthy inflation hedge, and the threat of inflation continues to hover over the markets.

So, should you invest gold?  Or, if you already hold gold as part of your portfolio, should you add more? 

Answering those questions requires an understanding of the economic forces that impact the value of gold.  That is exactly what Sound Mind Investing Founder and Publisher Austin Pryor provides in the just-released eBook, “The Prudent Investor’s Guide to Owning Gold.”

Inflation 101

There are two main causes of inflation: changes in supply or demand, and changes related to the supply of money available.  The eBook focuses on the second cause.   

To understand inflation caused by changes in the money supply, you need to understand something many people take for granted: what is money? 

All kinds of things have been used as money throughout history, but over time gold and silver emerged as the preferred forms because they have six characteristics that make them particularly suitable for the job: intrinsic value, durability, divisibility, consistent quality, weight-based value, and relative scarcity (which allows a high value to be placed on a small amount).

The eBook traces the history of gold being used directly as money, to the use of gold substitutes (dollars) whose value was tied to and backed by gold (“the gold standard”), to the printing of more and more substitutes than there was actual gold backing the substitutes, to the end of the gold standard and the beginning of the era we now live in when governments are printing “as many dollars as they wish in order to satisfy their spending desires.”

Because of increased government spending on social programs and a costly war being waged in Afghanistan, many economists believe we are headed toward higher inflation.

Reasonable words for unreasonable times

Austin points out that during times of high inflation, tangible assets such as houses and productive farmland, needed commodities like oil, and precious metals such as gold and silver hold their value best.

“Among the variety of tangible-asset options, gold is of particular interest to many people because it has a centuries-long history of serving as money.” 

To understand more about investing in gold, including: the two types of gold investors, how much of your portfolio to devote to gold, and how to purchase gold, read “The Prudent Investor’s Guide to Owning Gold.” The eBook is available for just $2.99 (or less) through the following sources:

• Amazon
• Barnes & Noble
• iTunes
• Kobo Books
• eBookit.com
• Google Play
• Sony ReaderStore

 

Who else would benefit from this post? Why not forward a link? And if you haven’t done so already, you can subscribe to this blog. You’ll receive ideas and encouragement for using money well delivered straight to your e-mail inbox.

Money roundup: two simple but uncommon steps that lead to financial success, what employers want from new grads, and more

By Matt Bell

So many personal finance articles, so little time. Don’t worry. I read my way through a big stack of PF posts each week so you don’t have to. Here’s the short list of articles I think you’ll find useful.

Networking tips: how to go from awkward to awesome (Time).
If you’re in the hunt for a new job, you may have mixed feelings about networking – you realize it’s necessary, but it’s not usually a lot of fun. Here’s a good guide for stepping boldly into a room full of strangers.

How to talk about money with your spouse (NY Times).
Good advice for anyone seeking a little more financial harmony in their marriage. I especially like the “no shame, no blame” rule.

New study: Americans just don’t get credit scores (Main Street).
Too bad there’s still so much mystery shrouding this important topic. For those wanting the bottom line on building a great score, pay your bills on time and don’t use too much of your available credit.

7 things employers want from new grads (US News).
Yet another reminder to clean up your Facebook page.

Should allowances be tied to chores? (Wall Street Journal).
Ah, the perennial parenting debate. Which side are you on?

And from the blogosphere…

Should you combine finances after marriage? (Bible Money Matters).
Having interviewed several divorce attorneys for my book on money and marriage, I’m ever more convinced of the need for full financial disclosure before marriage and complete financial transparency after marriage. My vote? Absolutely combine your finances.

What is home title insurance – policy costs and what it covers (Money Crashers).
When making a big-ticket purchase like a house, it’s easy to overlook some of the comparatively small fees that come with the transaction. This article provides some helpful insights about how to reduce the cost of one such fee. And by the way, this “small” fee can easily top $1,000.

4 dangerous places to swipe your debit card (Give Me Back My Credit).
Some people say debit cards are always better than credit cards. This article begs to differ.

Two things that led to our financial success (One Money Design).
A great article, proving that wise money management doesn’t require a degree in rocket science, but it does require a degree of countercultural living.

The great things you already have (The Simple Dollar).
A moving reminder to press the pause button on our fast-paced lives often enough that we don’t miss the many simple blessings of each day.

Got a question or a response to any of the above? Be sure to leave a comment.
Who else would benefit from this post? Why not forward a link? And if you haven’t done so already, you can subscribe to this blog. You’ll receive ideas and encouragement for using money well delivered straight to your e-mail inbox.

When should you let your kids get a cell phone?

By Matt Bell

It’s true what people say – kids grow up really fast. One minute they’re taking their first steps, the next minute they’re asking for a cell phone.

The decision of when to allow a child to get a cell phone comes with financial ramifications and more. We haven’t had to make this decision yet, as our oldest child is only eight. However, judging by the stats, we should probably start preparing ourselves for the request.

How many kids have cell phones?

According to the Pew Research Center, 75% of kids 12-17 have a cell phone. The Kaiser Family Foundation has even more detailed info, reporting that 31% of 8-10 year olds own a cell phone, 69% of 11-14 year olds, and 85% of 15-18 year olds.

What’s the best age for a cell phone?

It didn’t take very much research to discover that this is a somewhat contentious issue. Parents who let their kids get a cell phone at the young end of the age spectrum can easily feel judged by those who say it’s best to wait. So, how do you decide?

Two factors seem to stand out.

When we need a way to get in touch. When kids get involved in more after-school activities, that may mean it’s time for a cell phone.

When they demonstrate responsibility. Cell phones can be expensive, so kids should have a proven track record of taking care of and not losing their things before being allowed to have a cell phone.

Who should own and pay for a child’s cell phone?

I believe a child should pay a portion of the cost, but not all, at least not at first. Since there are benefits to parents when their children have a cell phone, it makes sense for parents to pay a portion as well. Plus, especially if you are allowing a child younger than high school age to have a cell phone, they probably don’t earn much money.

Parent Steven Nash was quoted in a Kiplinger.com article, describing the arrangement he and his wife worked out with their 12-year-old daughter. They purchased a phone and drew up their own contract:

“The phone is a spare family phone, and not my daughter’s property. The texting option is disabled. If she wants to use the phone, she has to lease it (out of her allowance) for $4 per month. If she goes over a set amount of minutes per month, she owes me 25 cents for each. If the phone is lost, stolen or broken, that is it (she had the option to pay for insurance but declined). Her mother and I retain the option to retrieve and analyze the phone at any time.”

Nash’s daughter happily signed the contract.

Dave Briggs, author of the highly regarded DVD-based course, Raising Financially Freed-Up Kids, agrees with the idea of the parents maintaining ownership of the phone: “They have to use it wisely enough to prove they deserve to use 'mom and dad’s cell phone.'”

What restrictions should be in place?

Today’s cell phones can do much more than make and receive phone calls. So, which features should a parent allow?

Texting. Nearly 90 percent of teen cell phone users send text messages; one in three sends more than 100 text messages a day. Girls are more frequent users of all cell phone features than boys.

Just 14 percent of 7th to 12th graders say their parents restrict the number of texts they can send.

Three-fourths of teen cell phone users have phone plans with unlimited texting. They send and receive an average of 70 messages a day, whereas teens with limited plans send and receive an average of 10 a day.

Teens of parents who restrict their use of texting are less likely to report regretting a text they sent, sending sexually suggestive images, or being passengers in cars where the driver texted behind the wheel.

Given all of the above, I would opt to restrict the amount of texting our kids could do.

Internet access. I can’t think of any reason to give a child access to the Internet via a cell phone. It’s an unnecessary expense. Plus, with Kaiser Family Foundation research showing that kids are consuming a whopping seven and a half hours of media a day, they clearly don’t need another media portal. Kaiser also noted that kids who are heavy consumers of media earn poorer grades than those who are light users of media.

What type of phone should you get for your kids?

Of course, some kids will want an iPhone or whatever else is popular, but this is a good opportunity to teach delayed gratification. They can get the phone they really want when they’re on their own. For now, a kid’s cell phone should be primarily about being able to get in touch with their parents and vice versa.

What about you?

As Jude and I talked about this, we decided that we will probably allow our kids to have a cell phone when they hit junior high school – at least, that’s our thinking right now.

I’d love to hear from parents who have actually made these decisions. What’s the right age and why? Who should pay? What restrictions are warranted? And what phones and service providers do you recommend?

Money Roundup: Saving money in one of your biggest expense categories, proof that you can go to school without a loan, and more

There are lots of great personal finance articles out there, and I read many of them.  Here are 10 of the better ones I came across over the past week.

30 tips to save on food (Money Talks News)
Here’s how to hone your money-saving strategies for what is likely to be one of your biggest expense categories. 

49 percent of Americans saving zilch for retirement (CNNMoney)
If you’re part of the 49 percent and simply don’t have any money to save after paying all the bills, one tool that may help you free up some cash is a budget. Our Resources, including the Budget Quick Start Guide and Recommended Spending Guidelines, will help.

Marrying your finances: speak now or forever hold your peace (Financial Planning) 
It’s surprising how many people will move ahead with their wedding despite all the financial red flags.  Better to at least press the pause button long enough for the person with financial problems to get moving in a better direction.  Of course, reading a good book on Money and Marriage before the wedding day is a good idea as well.

Do you have enough home insurance coverage? (Bankrate.com)
Reading an insurance policy is no one’s idea of a good time, but if you ever need to file a claim, you’ll be glad to have chosen the right coverage.

Most employees leave 401(k)s on autopilot (MSNBC)
If you have a 401(k), 403(b), or other workplace retirement plan, SMI’s Personal Portfolio Tracker enables you to apply the highly successful Fund Upgrading strategy to your plan.

And from the blogosphere…

Helping you get a promotion (DINKS Finance)
Good advice for getting ahead.

Why you need to say no to yourself (Pick the Brain)
This echoes one of the many memorable ideas from the book “Good to Great” – the “stop doing list.”

Avoiding student loans gave me a head start in life (Get Rich Slowly)
With student loans now the norm, it’s encouraging to read about someone who went to school without borrowing money.

20 ways to outlive 106 billion people (Brip Blap)
Taking care of our health is a lot like taking care of our finances: they both have a lot to do with daily choices. 

7 ways to make big bucks at your garage sale (Five Cent Nickel)
During the first hour of a recent garage sale at our house, I heard someone offer my wife less for an item and was surprised to hear her say, “We’re not going to make any further discounts this early.”  I was then equally surprised to see the person pay our full asking price.  So, tip number 8 is “Don’t offer added discounts too early.”

Got a question or a response to any of the above?  Be sure to leave a comment.

Who else would benefit from this post?  Why not forward a link? And if you haven’t done so already, you can subscribe to this blog.  You’ll receive ideas and encouragement for using money well delivered straight to your e-mail inbox.

The art of simple living

Not long ago, a friend went through his closet and gave away literally half of his clothes. Rather than missing the items, he said life felt less complicated. Instead of feeling deprived, he felt freed up.

Jane Hammerslough, author of Dematerializing: Taming the Power of Possessions, describes how a roof repair gone wrong forced her family into a quick move to a small, sparsely furnished rental house for six months. She writes of their surprise that they didn’t miss much of what they left behind. Rather than feeling depressed by the “hideous living room” and “mismatched plates” in their temporary quarters, they felt liberated. And when they returned home, she felt “overwhelmed by the utter excess of stuff.” A purging of things soon followed.

She concluded that, “When ‘enough’ is always just a little more than you already have, you don’t have a lot of room left for the truly great pleasures of life: family, friends and the time to enjoy them.”

Making room for what matters

Of course, too much stuff can also leave too little room for God. With all the time required to shop for, use, store, clean, maintain, organize, insure, and worry about our stuff, there can be little time left for reading God’s Word, prayer, ministry, church, and reaching out to others. Is it any wonder that the Bible encourages simple living?

I do want to point out, friends, that time is of the essence. There is no time to waste, so don’t complicate your lives unnecessarily. Keep it simple—in marriage, grief, joy, whatever. Even in ordinary things—your daily routines of shopping, and so on. Deal as sparingly as possible with the things the world thrusts on you. This world as you see it is on its way out. – 1 Corinthians 7:29-31 (MSG)

In his classic book, Celebration of Discipline, Richard Foster argues that, “The majority of Christians have never seriously wrestled with the problem of simplicity, conveniently ignoring Jesus’ many words on the subject. The reason is simple: This Discipline directly challenges our vested interests in an affluent life-style.”

Simplicity is more than uncluttered closets

Of course, there is no clear line indicating exactly how much is enough. But one thing is for sure: simple living does not begin with a trip to The Container Store. Instead, Foster describes simplicity as “an inward reality that results in an outward lifestyle.” It’s “a life of joyful unconcern for possessions” and “the one thing that sufficiently reorients our lives so that possessions can be genuinely enjoyed without destroying us.”

Foster, who explores the meaning and practice of simplicity in more detail in his book, Freedom of Simplicity, says there are three heart attitudes related to possessions that lead to peace. “If what we have we receive as a gift, and if what we have is to be cared for by God, and if what we have is available to others, then we will possess freedom from anxiety.”

Once we have begun to cultivate those inner attitudes, what might the outer expression of those attitudes look like? Foster offers 10 suggestions:

1. Buy things for their usefulness rather than their status
2. Reject anything that is producing an addiction in you
3. Develop a habit of giving things away
4. Refuse to be propagandized by the custodians of modern gadgetry
5. Learn to enjoy things without owning them
6. Develop a deeper appreciation for the creation
7. Look with a healthy skepticism at all “buy now, pay later” schemes
8. Obey Jesus’ instructions about plain, honest speech
9. Reject anything that breeds the oppression of others
10. Shun anything that distracts you from seeking first the Kingdom of God

Moving toward simplicity

In our materialistic, over-marketing-messaged world, simplicity isn’t, well, so simple. But as Richard Foster emphasizes, it begins on the inside with the attitudes of our heart.

What have you found helpful in cultivating a simpler lifestyle?

Money roundup: the document everyone needs but no one wants, becoming a Priceline pro, and more

Every week, I scour the web, looking near and far for the most helpful, interesting, and otherwise worthy-of-your-time personal finance articles. Here’s what I found over the past week.

What Do Interviewers Notice First About You? (US News). Sure, you’ve practiced answering all the interview questions you can think of.  However, this article serves up an important reminder that before you say a word, you’ve already spoken volumes.

Retirement, Slipping Farther and Farther Away (NY Times). The good news is that people are developing more realistic expectations about when they might be able to retire. The bad news is that more people are counting on Social Security to be a “major source of income” in their later years. My advice about retirement is to prepare emotionally to never retire while preparing financially to retire at age 70.

Millennials Struggle With Financial Literacy (USA TODAY). If kids are going to learn about wise money management, parents will need to step up in their jobs as teachers and role models. One of the best resources for parents that I know of is Raising Financially Freed-Up Kids.

The Real Costs of Owning a Car (CNNMoney). Another great way to evaluate all the costs of owning a car is to use the True Cost to Own tool from Edmunds.com.

The Terrible Cost of Not Having a Will (Washington Post). All adults should have a will. And especially if you’re a parent, you can’t afford to put this off since a will is the document where you name a legal guardian for your children.

And from the blogosphere…

How My 9 Year-Old Saved For An iPad (Get Rich Slowly). This was one of my favorites from the annual Get Rich Slowly video contest.  Highly recommended for all parents of young children.

Beat the Bidding: Priceline Bidding Strategies for Hotels (Wealth Informatics). If you want to squeeze every last bit of a deal out of Priceline, here’s your guide.

10 Mother’s Day Gifts and Activities That Won’t Blow Your Budget (PT Money). Have you been taking all that your mom or wife does for granted? Watch this humorous (and convicting) Being Mom video.

Are You An Abstainer or a Moderator? (The Happiness Project). This article will guide you to a great insight about how you’re wired up, with plenty of implications for your spending habits.

How You Can Find the Best Gas Prices When Traveling (Christian PF). Some good tips, whether you’re on the road or just tooling around town. 

Got a question or a response to any of the above? Be sure to leave a comment.
Who else would benefit from this post? Why not forward a link? And if you haven’t done so already, you can subscribe to this blog. You’ll receive ideas and encouragement for using money well delivered straight to your e-mail inbox.

Adding Momentum to Your Investments

This is my first post on the Sound Mind Investing (SMI) Visitor’s blog and I thought I’d use the occasion to explain one of the reasons why I joined SMI. I told most of the story when I made the initial announcement to readers of Matt About Money. But there’s another very important reason and that has to do with SMI’s approach to investing.

Since SMI’s investment advice is the core of what it offers to its paying members, I had to be fully onboard with it in order to even consider joining the organization. Not only have I now joined the staff of SMI, but we are in the process of moving our family to Louisville where SMI is based. We are also in the process of applying SMI’s core Upgrading strategy to our own long-term investments.

Am I confident in the investment approach used by SMI? Absolutely! It has generated proven long-term results, I like the fact that it is a highly objective approach, and I am completely onboard with the mission that fuels SMI’s work: To help individuals understand and apply biblically based principles for making spending and investing decisions in order that:

1. Their future financial security would be strengthened, and
2. Their giving to worldwide missionary efforts for the cause of Christ would accelerate

SMI’s Core Strategy: Fund Upgrading

SMI takes a mechanical approach to investing known as Fund Upgrading or momentum investing. SMI Executive Editor Mark Biller explains: “Momentum is basically the idea that short-term performance – short-term past performance – is predictive of short-term future performance.”

You’ve probably heard the old adage that past performance is no guarantee of future returns. Biller says that’s absolutely true – when it comes to long periods of time.

“There is no correlation between the last five years’ winners and the next five years’ winners. But research has shown that the performance of the winners from the past year does tend to persist over the next 12 months or less. So, with Upgrading, we’re looking at performance from different intervals over the last year and then we’re trying to ride that performance, that momentum, into the future to capture that little bit of extra return.”

That “little bit of extra return” has given those following SMI’s Fund Upgrading strategy a very clear edge over the general market. From the beginning of 1999 through the end of 2011, the U.S. stock market delivered a total return of 42.4 percent. Fund upgrading delivered a 169.8 percent return.

Biller emphasizes that fund upgrading is not a silver bullet.There have been times when the strategy has lagged the market – two years out of the past 13 to be precise.

Keeping the Right Runner in the Race

Another common bit of investment advice is to find a good mutual or exchange-traded fund manager and stick with him or her over the long haul. SMI takes a different approach.

“What we do with Upgrading is, instead of that marathon runner idea, we’re doing more of a relay race,” Biller said. “We’ve got formulas that help us see, okay, who’s in synch with the market right now? We’re going to be in those funds. Then, as they get out of synch, we’re going to upgrade into new funds with managers who are in synch right now.”

While Fund Upgrading is an active investment strategy, it is not based on emotion or gut feel. It is highly objective.

“Our part of it is very mechanical. We’re using formulas. We’re ranking these funds. We don’t really care who’s managing the fund or really even how they’re managing the fund. It’s a very quantitative process for us.”

Nor is Fund Upgrading a market timing strategy.

“We’re not making a call on whether the market is going to do well or not. We’re staying fully invested in the market. We’re just moving from fund A to fund B. Market timing typically is when people are looking at market fundamentals and saying, okay, things are getting bad, I’m going to take my money out of the market. We’re never doing that. We’re not trying to make those types of predictive calls. We’re just following where the market’s going, but we’re staying in the market.”

An All-Weather Investment Strategy?

Since the recession of 2008 is still on many investors’ minds, I asked Biller whether Fund Upgrading tends to perform better or worse during bear markets, when stocks are in decline.

“In this most recent one, the 2008 financial crisis, momentum didn’t help at all,” he said. “Upgrading was about a point and a half behind the market. The market went down so fast, very few strategies held up. In the slower, more prolonged bear market that we had from 2000 to 2002, upgrading helped a lot. In 2000, the market lost a little less than 11 percent. Upgrading lost a little less than 3 percent. In 2001, the market was down another 11 percent. Upgrading actually gained almost 5 percent. And then in 2002, the market was down 22 percent and Upgrading was down about 14 percent. So, it really took the edge off of that bear market. Upgrading is not going to always add tremendous value. We recognize that; our readers recognize that. But it’s kind of the idea that by hitting singles every year you can score a bunch of runs. Every now and then we’ll hit a homerun and that’s great. We love homeruns, but we’re content to take singles. If you’re content to let the process work and let those gains accumulate and you can discipline yourself to not bail when things look rocky and when you’re scared, you can string these singles into some really impressive runs.”

There’s more information about Sound Mind Investing and its investment approach on the SMI Visitor Web site, where you’ll also see the three ways you can gain access to SMI’s investment advice. If you have questions, leave them in the comments section below.

SMI welcomes Matt and Jude Bell to our team

I'm very pleased to announce a new addition to the Sound Mind Investing staff! Personal finance writer/speaker Matt Bell joined our team effective the first of this month.

We have many worthy projects on the back burner due to a lack of staff capacity. We've been looking for someone who is a self-starter, creative, and has the skills and experience to manage a project from conceptualization through final implementation. We also need an experienced writer who is totally conversant with biblical principles of money management and familiar with all the financial and investing elements we teach. And naturally they also have to be sold out to our mission and goals. We've been looking since 2008. Such a person is not easy to find.

Now, in Matt, the Lord has wonderfully provided someone who can wear both of those hats. You can learn how it all came about at Matt's blog this morning as he makes this important announcement to his regular readers.

Writing and speaking about the practical applications of God’s timeless financial truths is one of Matt’s great passions. It was born out of his own personal finance trials and errors. Shortly after graduating from college, Matt received a $60,000 inheritance from an uncle. He used the money to create his dream job: a newsletter for vacationing golfers. It was everything Matt dreamed it would be—except profitable. In fact, two years after receiving the inheritance, he found himself with $20,000 of credit card debt.

As he puts it, “I went from living the life to living in my parents’ basement.” That painful season became a significant turning point, ultimately resulting in Matt placing his faith in Christ and becoming committed to learning and then teaching others how to manage money from a biblical perspective.

Matt served for many years in the Good Sense financial ministry founded by Willow Creek Community Church. In 2005, he left a successful corporate career to follow what he and his wife Jude sensed was God’s call to write and speak about biblical money management full-time. Matt is the author of three personal finance books published by NavPress: Money, Purpose, Joy (September 2008), Money Strategies for Tough Times (April 2009), and Money & Marriage (March 2011).

Matt has also been writing a popular blog called Matt About Money. Matt teaches biblical money management workshops at churches throughout the country, speaks on college campuses on behalf of Campus Crusade for Christ, and has been interviewed by USA TODAY, U.S. News & World Report, The Chicago Tribune, and many other media outlets.

Matt and his wife, Jude, are the parents of three young children. They will be relocating to Louisville from the Chicago area, but he's not waiting until he gets here to start helping out. His first contribution to SMI ("What To Do If You Can’t Pay Uncle Sam") appears in the current issue, and his blog posts will begin appearing here soon. We also have plans for developing online tutorials and videos once he gets settled in. All of us here are really excited to have Matt and Jude on board, and know our readers will benefit from his biblical perspective and teaching experience.

Checked your credit report lately?

Friday's revelation of another big breach of credit card information, this time by a little-known transaction processor, is a good reminder of this important task.

It's been three years since we last ran an article on how to pull your credit reports, so some of you may not have seen it before. The good news: it's very simple, doesn't take long at all, and it's free. Here's a link: Credit Check: Why You Should Get Copies of Your Credit Reports.

Personally, I check one of the reports every four months or so. Each of the three credit bureaus (Experian, Equifax, and TransUnion) lets you pull a free report once per year, providing you do so via the www.AnnualCreditReport.com website.

If you use a calendar program of some sort (Outlook, Google Calendar, etc.), this is super easy. Just set up a reminder for each of the three bureaus, spaced four months apart. (For example, you might set up Experian for April 1, Equifax for August 1, and TransUnion for December 1.) Then, when you get a reminder, check that bureau's report (it's a good idea to also pull your spouse's report, if you're married). Then reset your reminder for one year later and resume normal life.

Look, checking credit reports isn't fun. But it's not hard to do either, and the stakes are high. It's an easy way to help ensure your credit hasn't been compromised. An ounce of prevention along these lines is definitely better than the pound of cure involved with cleaning up a counterfeit credit card opened in your name that has run undetected for an extended period of time.

Who knows more about money, celebrities or the Bible?

In one of the more depressing things you'll read today, USA Today reports that more Americans would follow Donald Trump's financial wisdom than the Bible's. Perhaps even more sickening, one in ten Americans ages 18-34 would take financial advice from Kim Kardashian first before Trump or the Bible. (If you don't know who the Kardashians are, consider yourself fortunate.)

In a tiny glimmer of optimistic news from the survey, 1 in 4 Americans (24%) who do not follow what the Bible says about money think they would have more money if they followed its advice. So at least a handful of people who aren't benefiting from Godly wisdom regarding their finances recognize they'd be better off if they did.

Is it any wonder we have epic personal (and corporate) financial problems in this country?

This is precisely why we've been running excerpts from the Compass Navigating Your Finances God's Way small group study in SMI this year. It's important that we know and personally apply the abundant financial wisdom contained in Scripture.

Beyond that, those of us fortunate enough to have recognized the positive impact of biblical wisdom in this area can help others in our spheres of influence. As this survey shows, people are looking in all the wrong places for financial wisdom. Studies like this Compass study are pure gold for those in your church/workplace/neighborhood struggling with financial problems and wondering where to turn.

We love college basketball and to celebrate, we’re offering a Free 30-Day Trial Web Membership, giving you instant access to our market beating investing strategies.

You also get unlimited access to our web-only tools, including: Personal Portfolio Tracker, Income Portfolio Tool, Editors' Blog and Member Message Boards.

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