Dear Pastor’s Wallet, My only debt is my mortgage, a 30/5 ARM with 23 years remaining. I am saving 15% of my pre-tax income toward retirement, have an emergency fund and am saving towards large expenses like my kids’ college, a new car, etc. However, I still have some extra money at the end of the month. Should I pay down my mortgage or invest it in a brokerage account? I have been at my current post for several years and ...
If you’re a pastor, you know that your ministerial housing allowance is perhaps the biggest financial benefit of being in the ministry. It allows you to avoid paying taxes on all of your housing expenses, including things like cable television and landscaping. Because of this, one of the most common questions pastors ask is if they can keep taking a housing allowance in retirement. The answer? It depends on where your money is coming from. Unfortunately, one of the most common pieces ...
A federal judge has ruled that the cash housing allowance for clergy is unconstitutional. What happens next and what does this mean for you? View post
As a pastor, one of your greatest earthly rewards is the clergy housing allowance. Though it’s nothing compared to the rewards you’re piling up in heaven, it is definitely something that should not be overlooked. Here are some things to remember as you prepare your 2018 clergy housing allowance request: View post
What can you do to get your offer noticed if you don't have a huge pile of cash? View post
I recently received a message from a reader wondering what she should do with her extra income. Should she put the extra into retirement or towards paying off her house early? She was having a disagreement with a family member and wanted to hear my take on the issue. Well, here it is: View post
Estimated mortgage payments listed on popular websites can be very misleading. Mortgage payments consist of a lot more than just principal and interest. View post