Repairing your credit isn't just about improving your financial situation—it's about restoring your integrity and honoring God with your finances. Remember, your faith defines you, not your credit score. As a child of God, you deserve love, forgiveness, and a bright future. Take these steps, stay the course, and watch…
Now is the time to review your credit reports for inaccuracies carefully. Even small errors can significantly impact your score. If you find an error, dispute it with the credit bureaus in writing and provide supporting documentation. It's crucial to keep a keen eye on your credit and know exactly…
Biblical tithing is more than just a 10% rule—it's about cultivating a generous heart. Start where you are; any amount given cheerfully and consistently honors God. Create a separate giving fund in your budget to prioritize generosity, gradually increasing your giving as God stretches your faith. Look for opportunities to…
Sharing your giving journey with a trusted friend or mentor can be a powerful motivator. It helps you understand the methods others use to reach their giving goals. Remember, growing in generosity is a journey. It's not about reaching a specific dollar amount or percentage but about allowing God to…
In this episode of the Ask Ralph Podcast, host Ralph Estep Jr. talks about the principles of biblical tithing and offers practical advice on how to develop a giving plan that aligns with both your faith and financial goals. Ralph addresses common concerns about tithing, including how to give when…
If you can't give 10% right now, that's okay. Start with 1% or 2%—whatever you can manage without putting yourself in financial jeopardy. The key is to make giving a priority and to do it consistently. Practical tip: Create a separate giving fund in your budget and treat it like…
Are you confident your home is fully protected? In this episode of the Ask Ralph Show, our host Ralph Estep Jr. demystifies the complex world of homeowners insurance. Responding to a listener's question, Ralph breaks down the eight essential types of coverage every homeowner should know. From dwelling protection to…
Living Expenses (ALE) coverage kicks in when your home becomes uninhabitable due to a covered peril, covering the increased costs of living elsewhere, like higher rent or transportation. This coverage can be crucial if you have to relocate but keep the same job with a longer commute. Pro tip: Understand…
Accidents can happen anytime, and if someone gets injured on your property and you're found liable, liability coverage helps protect you from legal and medical expenses. To be safer, especially if you have a pool, trampoline, or frequently host gatherings, consider increasing your liability coverage or even getting an umbrella…
Your property includes your cherished belongings like furniture, clothes, electronics, and even that vintage record collection. If these items are damaged or destroyed by a covered peril, personal property coverage replaces them. It's crucial to regularly discuss any changes with your agent and take inventory of your belongings to ensure…
When managing your finances, don't hesitate to seek guidance from trusted financial experts, mentors, and even your pastor. They can help you assess your current financial situation, explore options, and make decisions that align with your values. I'm here to support you, too—let's have a conference call to discuss your…
Creating a budget might not be the most exciting task, but it's essential for understanding where your money goes. Knowing your expenses helps you make informed financial decisions, especially when planning for a mortgage and other homeowner expenses. Check out my recent episode on hidden costs of homeownership to learn…
Calculating your debt-to-income ratio is crucial for mortgage eligibility. Aim for a ratio of 43% or lower. Ensure your mortgage payment (front ratio) is at least 28% of your income. For example, a $2,800 mortgage requires a $10,000 monthly income. Your total debts (back ratio) should be at most 43%…
Deciding whether to rent or buy a place is a major decision. It depends on various factors like your financial situation, long-term plans, and personal preferences. Both options have their pros and cons, making it important to weigh them carefully. Taking the time to consider your needs and goals can…
The Secure Act 2.0 raises the age for Required Minimum Distributions (RMDs) from 72 to 73, and for those born in 1960 or later, to 75. This extension allows your money more time to grow tax-deferred, boosting your retirement savings. Like letting bread rise, the longer your money stays in…
It may seem like RMDs are far off, but time flies, especially as we age. Early retirement planning is crucial for your financial future. Changes in policies, like the Secure Act 2.0, can impact your estate planning and wealth transfer to loved ones. Start planning now for a secure and…
In this episode of the Ask Ralph Podcast, Ralph Estep Jr. takes a look at the Secure Act 2.0 and what it means for your retirement plans. He explains the main changes from this law, like the new age rules for Required Minimum Distributions (RMDs) and easier catch-up contributions for…
The Secure Act 2.0 enhances retirement savings for those 50 and older with increased catch-up contributions. Starting in 2025, individuals aged 60 to 63 can contribute even more to their 401(k) and IRA accounts. This is a great chance to compensate for lost ground or boost your savings as retirement…
Maintaining stable credit is crucial for a healthy credit score. Closing accounts or carrying unusually high balances can negatively impact your score. As a former credit union executive, I valued stability in borrowers, and scoring models reflect this. High-risk borrowers often face higher interest rates due to risk-based lending. Keep…
Each new credit application can cause a small, temporary drop in your credit score, so applying selectively is essential. As a former credit union lending decision-maker, I scrutinized multiple applications for signs of underlying issues or financial stress. Be strategic and cautious to maintain a healthy credit score. #CreditScore #FinancialHealth…
In this episode of the Ask Ralph Podcast, host Ralph Estep Jr. addresses a common financial concern: how to boost your credit score quickly, especially if it has dropped below 700. Ralph answers a listener's question about unexpected drops in credit scores and provides practical, actionable advice on improving it.…
Late payments can significantly impact your credit score, making timely payments crucial. Set up automatic payments for at least the minimum amount due to avoid late fees and protect your credit. You can still make extra payments as needed, but automation ensures you're never late. #CreditScore #FinancialTips #AutomaticPayments #MoneyManagement
Just like you wouldn't trust your money to a bank with a leaky vault, don't trust your online banking to just anyone. Stick with well-known banks and credit unions with a solid security track record. Look for institutions that offer two-factor authentication, which adds an extra layer of security by…
I know you've heard this a million times but creating strong, unique passwords is extremely important. A strong password is at least 12 characters long and includes a mix of uppercase and lowercase letters, numbers, and symbols. Don't use the same password for multiple accounts—it's like using the same key…
