With every house I financed in Florida, came the requirement from the lender that I purchase flood insurance. I really had little idea what flood insurance was or why I needed it when I bought my first home back in the mid 1980’s. If you have been following the news in recent weeks, you no doubt are aware of the flooding in the midwest. Mortgage lenders regularly rely on government statistics and 100 year flood zone maps in making the decision on whether to require a borrower to maintain this insurance. The frequency and magnitude of the flooding in the... Read more →

You may consider it odd, but Dave Ramsey and I have both been writing and speaking on the topic of Christian finance for more than twenty years, but until ten days ago we had never met. I received a personal e mail from Dave a few weeks ago inviting me to visit his offices in Nashville and get an inside look at his operation. There is a very funny backstory here that I must share to give context to our meeting. Dave had become aware of some negative blog posts about him and the blogger had a very similar website... Read more →

The health insurance mandate is here. Starting in 2014 every American family will be required to carry health insurance or face a tax penalty. There are some exemptions for financial hardships, but the big one for Christians is the ability to opt out with a medical expense sharing plan. I wrote a comprehensive article on the topic of Christian health insurance alternatives which led me on my own journey of changing how I buy health insurance. Now I pay about $120 monthly for my 'share' in a Christian medical sharing group based out of Melbourne, Florida (the company I am... Read more →

It appears that the theme of saving money seems to really be going over well with our readers and that is the focus of this week's article. When it comes to saving money many times we miss the opportunity that may be right under our nose in the so called 'must pay' monthly bills. These are the important items that we must keep paying and are too important to even consider dropping. This would include our monthly insurance premiums. We can't go without insurance right? Well, in some cases you can. In other cases you can make some changes to... Read more →

It is called Pay As You Drive and offers a discount of up to 30%. The insurance company sends you a small device that you plug in inside your car. The device monitors your driving habits. This includes how many miles you drive, your speed, acceleration, and braking (beware that hard breaking is not viewed favorably). After 30 days of monitoring your driving you learn what your rate will be. It is interesting to note that Pay As You Drive is also available in Japan, Australia, Canada, South Africa, and the United Kingdom. The concept sounds good, and I am... Read more →

In this episode Jim Paris interviews Howard Russell of Christian Healthcare Ministries. This new and innovative approach to healthcare is growing in popularity and is much less expensive than traditional health insurance. Jim also discusses the new scandal involving Tax Masters. Two state's attorneys general now suing the tax debt negotiator for for deceptive practices. Hosted By James L. Paris Editor-In-Chief of www.ChristianMoney.com The show is live on Fridays from Noon to 1 pm Eastern www.jimparislive.com Download From iTunes Helping you make the most of God’s money! James L. Paris Editor-In-Chief ChristianMoney.com Follow Me on Twitter Twitter.com/jameslparis Christian Financial Advice... Read more →

It is growing in popularity among Christians and presents a biblical and innovative way to manage medical expenses. It is called ‘Christian healthcare sharing’ and they are emphatic in pointing out that it is not insurance. The idea is simple; Christians join the group and agree to make monthly contributions. The money is pooled and used to pay the eligible medical expenses of members. Even though these programs are not insurance, they say that their sharing arrangement meets the requirements of the new health insurance mandate (ObamaCare). The major players: Christian Care Ministry, also known as Medi-Share (My top recommendation)... Read more →

For those that are clumsy, forgetful, or prone to accidents, an insurance plan to cover your iPhone may be a reasonable consideration. When you consider that used iPhones are going for $300 to $500 on e Bay, damaging or losing your phone is certainly more than just a minor nuisance. While researching this article I was very surprised to learn how many different insurance options there are for iPhones and the significant differences between coverage from one company to the next. Let me first point out that I usually decline extended warranties and the like that are pushed at electronics... Read more →

I have been reading some alarming reports lately suggesting that in some areas of the country as many as 1 in 5 drivers are uninsured. There is also the issue of underinsured drivers as well. In both cases, due to the slumping economy and illegal immigration, the number of drivers on the road without adequate coverage is on the rise. What Is Uninsured/Underinsured Motorist Coverage? Uninsured motorist coverage is a feature you can add to your auto insurance that pays you if you are in an accident and the other driver does not have insurance, or the amount of insurance... Read more →

The world of financial planning is filled with so-called Rules Of Thumb. Many of these quick principles are useful and provide a way to make complicated concepts easy and memorable. One such rule is used in determining your life insurance needs by multiplying your income by 10. So, if you earn $40,000 per year you should have $400,000 of life insurance in place. The idea behind this life insurance rule of thumb was that a surviving spouse/family could invest the policy proceeds and earn 10% per year on it (replacing the lost income). I remember the days of double-digit stock... Read more →

I heard a story recently about a man that needed a medical procedure, but because he did not have health insurance he wanted to shop around and get the best price. While at first glance, the idea of shopping for medical services based on price seems a little odd, it really shouldn’t be. We consider price in virtually all other areas of our financial expenditures, why not medical services? The answer is that since someone else is usually paying the bill, the issue of price is rarely a concern of the patient. As this gentleman attempted to price shop for... Read more →

One of my least favorite activities is sitting in the waiting room of my doctor’s office. About a month ago, I ended up waiting more than two hours for an appointment with my eye doctor. There is a new way of consulting with your doctor. It is called Telemedicine and provides access to doctors, nurses, and specialists, by phone and via the Internet. Imagine being able to talk to your doctor over the telephone or even on a video conference using Skype. Services such as ConsultADoctor provide this option. In addition to the convenience, the cost may be substantially less... Read more →

Each mention of the oil leak story in the Gulf brings with it a list of all of the tourist related businesses being affected. The most notable are the oceanfront resorts that have lost up to 50% of their income, even in cases where there is no oil at all on their beach. Just as millions of Americans prepare to take their summer vacations, this crisis has caused more than a few to change their plans. But what about those that bought travel insurance? You know, that coverage you are always told you should buy just in case. It turns... Read more →

This is my dog Sport and I love him very much. Most of the day he lays at my feet in my home office while I am working. My family is fortunate that Sport has had very few medical issues. We have had him since he was a puppy and he is now 12. I was listening to a financial talk show this past week and a caller raised the question of ‘pet insurance’ as she began to describe a $3,000 knee procedure that her dog was in need of. I was very interested. First, since I did not know... Read more →

>While I was working as a financial advisor for nearly 20 years, the most difficult part of my job was helping families when they had lost a loved one. The most tragic of these circumstances involved the death of a primary wage earner with a surviving spouse and young children. For some, their concerns were how to invest the life insurance proceeds, for others their problems were much more serious. I have encountered dozens of cases where a mother is left with 2, 3, or 4 children and the father has unexpectedly died. No sooner than a few days after... Read more →