WEBVTT - Escaping the Comparison Trap 0:00:02.920 --> 0:00:07.119 This faith and finance live is actually prerecorded, so please 0:00:07.120 --> 0:00:10.480 don't call in. Bob Goff once said, we won't be 0:00:10.480 --> 0:00:15.320 distracted by comparison if we're captivated by purpose. Hi, I'm 0:00:15.320 --> 0:00:19.360 Rob West. Comparison tempts us to measure our success against 0:00:19.360 --> 0:00:22.239 someone else's life. But when we understand who we are 0:00:22.239 --> 0:00:25.840 in Christ and why God has entrusted us with resources, 0:00:25.840 --> 0:00:29.960 money becomes a tool for our purpose rather than a scorecard. 0:00:30.200 --> 0:00:33.280 Jim Rasmussen joins us today to help us escape the 0:00:33.280 --> 0:00:36.639 comparison trap. Then we have some great calls lined up, 0:00:36.640 --> 0:00:40.080 but please don't call in today because we're prerecorded. This 0:00:40.080 --> 0:00:44.400 is faith and finance. Live biblical wisdom for your financial journey. 0:00:48.000 --> 0:00:51.120 Joining us today is my friend Jim Rasmussen, co-founder and 0:00:51.120 --> 0:00:55.000 brand ambassador at Pando Wealth and a Certified Kingdom advisor. 0:00:55.000 --> 0:00:59.160 Jim brings a valuable perspective on helping individuals and families 0:00:59.160 --> 0:01:03.030 approach financial decisions with both wisdom and purpose. Jim, great 0:01:03.030 --> 0:01:03.710 to have you here. 0:01:03.910 --> 0:01:04.910 It's great to be here. Rob. 0:01:05.069 --> 0:01:09.510 Jim, you've coached hundreds of chick fil A operators, and 0:01:09.510 --> 0:01:11.910 I know that's been a specialty of your business. Although 0:01:11.910 --> 0:01:15.390 Panda wealth is expanding and serving a lot more folks now. 0:01:15.390 --> 0:01:19.550 But what have you learned about where comparison tends to 0:01:19.590 --> 0:01:22.149 take root in a leader's life specifically? 0:01:22.590 --> 0:01:24.990 Well, working with all of the families that we serve 0:01:24.990 --> 0:01:27.190 across the country, I've seen that this is a problem 0:01:27.190 --> 0:01:30.470 that is happening everywhere. And in my experience, the comparison 0:01:30.470 --> 0:01:33.990 usually starts in that business world where we think about sales, 0:01:33.990 --> 0:01:36.030 and then we start to compare a little bit more 0:01:36.030 --> 0:01:38.389 about the individual line items to feel good about. Well, 0:01:38.390 --> 0:01:40.509 I might have done better with food or labor, etc., 0:01:40.790 --> 0:01:43.990 but it's really about the bottom line profits. How can 0:01:44.030 --> 0:01:46.230 we make more? And so that's where it just kind 0:01:46.270 --> 0:01:48.510 of starts to take root. And then it goes to 0:01:48.550 --> 0:01:49.630 the personal side. 0:01:49.910 --> 0:01:53.510 Well that's right, comparison can affect anyone. But Jim, what 0:01:53.510 --> 0:01:57.070 makes high earners especially vulnerable to this trap? 0:01:57.310 --> 0:02:00.540 What I see is our culture seems to reward or encourage. 0:02:00.540 --> 0:02:03.340 That net worth is equal to your self-worth. And when 0:02:03.340 --> 0:02:05.500 I look at a lot of these business owners, they're 0:02:05.500 --> 0:02:07.700 taught really well how to run a business. But the 0:02:07.700 --> 0:02:10.260 whole purpose of a business is to actually fuel your 0:02:10.260 --> 0:02:12.780 financial plan. And then your financial plan is to fuel 0:02:12.780 --> 0:02:15.220 your life plan. And how many of us or them 0:02:15.220 --> 0:02:17.860 are actually sitting there thinking about their life plan, which 0:02:17.860 --> 0:02:20.579 then if you have no financial plan, you have all 0:02:20.580 --> 0:02:23.300 this cash, you start to just look around and go, well, 0:02:23.340 --> 0:02:25.180 maybe I should copy what other people are doing because 0:02:25.180 --> 0:02:26.900 they're smarter and further ahead than me. 0:02:27.139 --> 0:02:29.980 Mhm. Yeah. And so we get caught in, I know 0:02:29.980 --> 0:02:33.260 you've talked about this loop that we have where, you know, 0:02:33.300 --> 0:02:36.139 instead of it being around, you know, how do I 0:02:36.180 --> 0:02:39.179 beat next month? It really should be about what is 0:02:39.180 --> 0:02:41.980 God calling me to and how can my finances be 0:02:41.980 --> 0:02:43.300 in service to that, right? 0:02:43.340 --> 0:02:44.300 Absolutely. 0:02:44.340 --> 0:02:48.140 Yeah. Uh, first Peter 410 calls us to use whatever 0:02:48.139 --> 0:02:51.340 God has entrusted to us to serve others as faithful 0:02:51.340 --> 0:02:54.700 stewards of his grace. Jim, how does that idea shift 0:02:54.700 --> 0:02:58.220 our focus from Comparison to stewardship. 0:02:58.500 --> 0:03:01.140 Well, what you start to see is every resource is 0:03:01.139 --> 0:03:03.900 a gift and it's here to serve. It's not here 0:03:03.900 --> 0:03:05.780 to actually be a trophy that you put on display 0:03:05.780 --> 0:03:08.820 for everybody else. You are literally trying to be the 0:03:08.820 --> 0:03:11.620 vessel that God's using to reach other people. And when 0:03:11.620 --> 0:03:14.140 you can do that, you start to think about not 0:03:14.139 --> 0:03:16.540 how much can I give, but how much do I keep? 0:03:16.820 --> 0:03:18.780 And that allows you to start thinking about, well, who 0:03:18.780 --> 0:03:20.820 can I bless with this? How can I have an 0:03:20.820 --> 0:03:23.139 impact for the kingdom in this way? 0:03:23.180 --> 0:03:27.580 Mhm. Yeah. And so it quickly becomes about generosity, holding 0:03:27.620 --> 0:03:31.579 what we have, loosely giving it generously, you know, how 0:03:31.580 --> 0:03:35.619 does that shift begin to occur in someone's mindset as 0:03:35.620 --> 0:03:38.140 they think about their role as stewards, not owners? 0:03:38.700 --> 0:03:41.140 A lot of people go from believing that I deserve this, 0:03:41.140 --> 0:03:43.180 or I've waited a long time and so I can 0:03:43.180 --> 0:03:45.860 control what I've got because I've earned it. And all 0:03:45.860 --> 0:03:49.420 of a sudden you start to release some of those, uh, 0:03:49.460 --> 0:03:52.500 assumptions and beliefs that you've grown up with. And so 0:03:52.500 --> 0:03:56.250 you start to hear how your kids or family might say, hey, 0:03:56.290 --> 0:03:58.410 everyone has one, why can't I? Why can't we go 0:03:58.410 --> 0:04:00.810 on a nice vacation? All of a sudden? It becomes, 0:04:00.850 --> 0:04:04.090 we're doing things differently. We're following our life plan of 0:04:04.090 --> 0:04:07.330 what God's called us to, and that's a gift that 0:04:07.330 --> 0:04:09.650 each of us have uniquely and individually. 0:04:09.690 --> 0:04:12.330 Yeah, it sure is. Jim, do you encourage your clients 0:04:12.330 --> 0:04:15.010 to really think about a lifestyle cap or a finish 0:04:15.010 --> 0:04:16.370 line as you're working with them? 0:04:16.370 --> 0:04:18.450 We try to ask them what their finish line is 0:04:18.490 --> 0:04:20.690 and how much it's going to be enough. But then 0:04:20.690 --> 0:04:24.409 we start to also ask, okay, there's only really three questions. 0:04:24.410 --> 0:04:26.970 How much do you need? How much do the kids need? 0:04:26.970 --> 0:04:28.930 And then what does God want me to do with 0:04:28.930 --> 0:04:29.690 the rest? 0:04:29.730 --> 0:04:32.650 Mhm. What about that question? How much do I need? 0:04:32.690 --> 0:04:35.290 Because it would be great if God's Word said you 0:04:35.290 --> 0:04:38.890 should live on 62.4% of your income. It doesn't. Which 0:04:38.890 --> 0:04:41.250 means it's between us and the Lord. How do you 0:04:41.250 --> 0:04:44.610 encourage people to go through that process to figure it out? 0:04:44.890 --> 0:04:47.130 What we typically want to try to do is say, 0:04:47.290 --> 0:04:50.890 seek God first. Yeah, ultimately, that's the issue. 0:04:51.170 --> 0:04:54.760 Mhm. Well, it's a matter of prayer and discernment. And 0:04:54.760 --> 0:04:57.359 if you're married, you need to do that together. Jim 0:04:57.360 --> 0:05:01.839 Rasmussen's here today. We're talking about comparison and the trap 0:05:02.080 --> 0:05:06.239 of having more. And striving for more and missing God's 0:05:06.240 --> 0:05:10.000 best for our financial lives. We'll continue to unpack this 0:05:10.040 --> 0:05:13.000 and what it looks like for you and me and 0:05:13.000 --> 0:05:15.960 Jim right around the corner. This is faith in finance. 0:05:15.960 --> 0:05:19.760 Live biblical wisdom for your financial decisions. Back with much 0:05:19.760 --> 0:05:36.200 more right after this. Stick around. The cure for comparison 0:05:36.200 --> 0:05:39.279 isn't having more. It's remembering who you are in Christ 0:05:39.279 --> 0:05:43.000 and why God entrusted you with what you have. We're 0:05:43.000 --> 0:05:46.799 talking the comparison trap with my friend Jim Rasmussen today. 0:05:46.800 --> 0:05:50.440 He's co-founder and brand ambassador at Pando Wealth and a 0:05:50.440 --> 0:05:56.270 certified Kingdom advisor. Jim, you've seen identity shift from I 0:05:56.310 --> 0:05:59.349 AM in Christ to I am the person who has 0:05:59.350 --> 0:06:04.190 achieved or acquired this. Uh, what early warning sign reveals 0:06:04.190 --> 0:06:06.710 that our identity is beginning to drift. 0:06:07.150 --> 0:06:09.589 Typically, if we start talking with others and we start 0:06:09.589 --> 0:06:12.110 to name material things that we have. Oh, I just 0:06:12.110 --> 0:06:14.430 bought a lake house. Oh, I have a nice car. Oh, 0:06:14.470 --> 0:06:16.790 I got new clothes. Oh, I went on a nice trip. 0:06:16.950 --> 0:06:20.310 We start to talk about material things versus what is 0:06:20.310 --> 0:06:21.510 God doing in our lives? 0:06:21.910 --> 0:06:25.550 Yeah, boy, that's a common trap that we can all 0:06:25.550 --> 0:06:29.469 get into. Uh, you know, some listeners may wonder, isn't 0:06:29.470 --> 0:06:33.469 it wise to learn from someone else's investment strategy? So, 0:06:33.510 --> 0:06:36.710 you know, as we think about our own investments, what 0:06:36.710 --> 0:06:40.310 can go wrong when we simply copy someone else's portfolio, 0:06:40.310 --> 0:06:41.190 for example. 0:06:41.190 --> 0:06:43.150 It can seem like a good idea at first because 0:06:43.190 --> 0:06:46.630 others seem to be further ahead or going where it 0:06:46.630 --> 0:06:49.990 looks flashy and exciting. But what we need is permission 0:06:49.990 --> 0:06:52.070 to actually go where God's called us. And if we're 0:06:52.070 --> 0:06:54.430 driving from Atlanta to New York, we need to go 0:06:54.430 --> 0:06:57.990 on 85 North. If we copy somebody else's driving habits 0:06:57.990 --> 0:07:01.110 and they're going west out I-20 or south down 85, 0:07:01.150 --> 0:07:03.830 we're not going to get to where God's leading us. 0:07:03.830 --> 0:07:06.510 And so to me is you can miss somebody's time 0:07:06.510 --> 0:07:09.710 horizon mismatch. You can figure out that you might actually 0:07:09.710 --> 0:07:12.110 be riskier than you should be. And so you're going 0:07:12.110 --> 0:07:14.750 to have more anxiety because your portfolio changes a lot. 0:07:14.790 --> 0:07:17.630 There's a lot of unintended consequences that happen when you 0:07:17.630 --> 0:07:20.110 start to just copy or follow the crowd. 0:07:20.430 --> 0:07:23.710 How does your prayer life play into this idea of contentment, Jim? 0:07:24.110 --> 0:07:26.510 Well, you all of a sudden see that when you're 0:07:26.510 --> 0:07:30.550 looking at your finances, prayers move more from, hey, I 0:07:30.590 --> 0:07:33.710 am thankful. I'm grateful for what I have. And you 0:07:33.710 --> 0:07:37.390 start looking at, hey, I might want this nicer house, 0:07:37.390 --> 0:07:40.070 this nicer car. So you can see that the shift 0:07:40.070 --> 0:07:42.870 when you start to think with gratitude and following what 0:07:42.910 --> 0:07:45.270 God has for your plan, you'll see a shift in 0:07:45.270 --> 0:07:49.190 your prayers that focus from inward to more outward. How 0:07:49.190 --> 0:07:51.740 can I be helpful with others and serve others with 0:07:51.740 --> 0:07:53.180 what I have and what I do? 0:07:53.220 --> 0:07:57.100 Yeah. You know, I think taking that inventory, perhaps a 0:07:57.660 --> 0:08:01.020 gratitude journal of sorts where, you know, I know for 0:08:01.020 --> 0:08:03.380 a season in my life, I finished every day just 0:08:03.380 --> 0:08:05.739 writing down 1 or 2 things I was grateful for. 0:08:05.940 --> 0:08:08.780 And the shift that happens when you acknowledge that and 0:08:08.780 --> 0:08:11.660 see God's faithfulness and provision in your life can be 0:08:11.660 --> 0:08:14.060 a game changer. Have you ever experienced that? 0:08:14.260 --> 0:08:16.540 I haven't sat down and journaled as much, but what 0:08:16.540 --> 0:08:18.900 I've started to do is more prayer life. And one 0:08:18.900 --> 0:08:20.740 of the things that has made a big impact on 0:08:20.780 --> 0:08:26.580 me is just praying. Psalms 13923 through 24. That one says, 0:08:26.580 --> 0:08:30.340 search me, O God. Know my heart. Test me and 0:08:30.340 --> 0:08:33.500 know my anxious thoughts. See if there is any offensive 0:08:33.500 --> 0:08:36.780 way in me and lead me in the way to everlasting. 0:08:36.820 --> 0:08:37.660 Mhm. Wow. 0:08:37.700 --> 0:08:40.059 To me, that is where you have to pay attention 0:08:40.059 --> 0:08:43.220 to the tension, and then God will surface things that 0:08:43.220 --> 0:08:45.700 have brought you closer to the comparison trap that you 0:08:45.700 --> 0:08:48.530 need to address and remove, so that you can move 0:08:48.530 --> 0:08:52.050 more towards the generosity and gratitude mindset that will then 0:08:52.050 --> 0:08:54.729 produce fruit of the Holy Spirit. 0:08:54.770 --> 0:08:57.690 That's well said. I know you often in your work 0:08:57.690 --> 0:09:01.010 with your clients, give families permission to act on what 0:09:01.050 --> 0:09:03.650 God may be leading them to do. Now, I know 0:09:03.650 --> 0:09:06.730 that may be a supporting ministry project. Maybe it's taking 0:09:06.730 --> 0:09:11.089 a family trip they've postponed out of guilt. What changes 0:09:11.090 --> 0:09:13.170 when they finally embrace that freedom? 0:09:13.290 --> 0:09:16.449 You can hear an audible sigh of relief. You can 0:09:16.450 --> 0:09:19.570 see their shoulders drop. If you're on Zoom, you really 0:09:19.570 --> 0:09:23.130 can just see a weight lifted, and they no longer 0:09:23.170 --> 0:09:26.449 are sitting there thinking, oh, I wish I could. They 0:09:26.450 --> 0:09:29.610 know they can. So it's just a a long dream 0:09:29.610 --> 0:09:32.490 will get booked for a vacation that they've been wanting 0:09:32.490 --> 0:09:35.209 to do. I just had one recently, last week that 0:09:35.210 --> 0:09:38.850 saw the statistics of 98% success dropped to 93% success. 0:09:38.850 --> 0:09:40.770 And he says, is that a big deal? I'm going 0:09:41.010 --> 0:09:44.410 go be generous because we want you to be generous. 0:09:44.410 --> 0:09:47.600 So it was just he said, thank you because I 0:09:47.600 --> 0:09:49.880 really want to grow the kingdom of God. And it 0:09:49.880 --> 0:09:52.160 was just an impact that we get to say yes to. 0:09:52.280 --> 0:09:54.960 That's powerful. Let's press into that a bit more, because 0:09:54.960 --> 0:09:56.840 I know at the heart of so many of these 0:09:56.840 --> 0:10:00.640 planning decisions and giving decisions is this idea of will 0:10:00.640 --> 0:10:05.160 I have enough? And you encourage people to think, Will 0:10:05.200 --> 0:10:08.520 what I have last long enough? What's the difference between 0:10:08.520 --> 0:10:09.640 those two ideas? 0:10:09.640 --> 0:10:11.880 Some of those. It goes from the accumulation to more 0:10:11.880 --> 0:10:16.320 of a distribution. It's really thinking, okay, God has been here. 0:10:16.320 --> 0:10:18.559 And when we're trying to say how much is enough, 0:10:18.600 --> 0:10:22.520 they're trying to plan every single accident or thing that 0:10:22.520 --> 0:10:25.400 could happen in their life downfall, which means they ultimately 0:10:25.400 --> 0:10:28.160 plan God out of their lives. And that to me 0:10:28.160 --> 0:10:30.440 is concerning because God can't show up if you've planned 0:10:30.440 --> 0:10:32.840 everything out for him. So we want to kind of 0:10:32.880 --> 0:10:36.320 see where's the responsible piece of that and asking, will 0:10:36.320 --> 0:10:38.680 it last long enough for what you're doing helps them 0:10:38.679 --> 0:10:41.040 stop chasing more and more and more. 0:10:41.440 --> 0:10:44.680 Mhm. That's good. Uh, as we look to God's Word 0:10:44.880 --> 0:10:49.710 and we talk about this comparison trap. Jesus command in 0:10:49.710 --> 0:10:53.670 Matthew 633 is to seek God's kingdom first. How does 0:10:53.670 --> 0:10:56.990 that help us break free from this cycle of comparison? 0:10:57.309 --> 0:10:59.430 When you start to seek God first, you start to 0:10:59.470 --> 0:11:02.070 realize that you have a life plan. Earlier I said, 0:11:02.070 --> 0:11:04.270 we don't have one, but you do. And when you 0:11:04.270 --> 0:11:06.230 have that, you then know the financial plan is to 0:11:06.230 --> 0:11:08.790 help you accomplish it. You get to say no faster 0:11:08.790 --> 0:11:11.470 to the things that you're being bombarded with. That means 0:11:11.470 --> 0:11:14.430 your purpose comes before your purchase. That means your contentment 0:11:14.429 --> 0:11:16.990 is going to cool any kind of impulse buys that 0:11:16.990 --> 0:11:18.710 are coming your way. You're going to start to see 0:11:18.710 --> 0:11:21.870 an eternal return on your investment. You're going to start 0:11:21.870 --> 0:11:26.230 to think more generosity and gratitude because you can say 0:11:26.230 --> 0:11:29.510 no to things faster. When you know you're on purpose. 0:11:29.550 --> 0:11:32.470 Yeah. Do you find that that's a struggle for people 0:11:32.470 --> 0:11:34.309 to really dial into their purpose? 0:11:34.350 --> 0:11:36.989 It is very hard because we have to sit still 0:11:36.990 --> 0:11:39.070 and talk with God, and in this world, we are 0:11:39.070 --> 0:11:42.390 to go, go, go constantly bombarded by emails and pictures 0:11:42.390 --> 0:11:45.790 on social media. And we get into this. Well, gosh, 0:11:45.830 --> 0:11:46.990 I should be doing all of that. 0:11:47.030 --> 0:11:50.910 Yeah. Yeah, absolutely. So then what is one practical step 0:11:50.910 --> 0:11:53.750 listeners can take this week to, to do what you're saying, 0:11:53.750 --> 0:11:56.350 which is to realign their hearts and their finances with 0:11:56.350 --> 0:11:57.510 God's priorities. 0:11:57.590 --> 0:11:59.430 A couple of things that I was thinking of is, first, 0:11:59.429 --> 0:12:03.390 go back to praying and reading Psalms 13923 through 24. 0:12:03.429 --> 0:12:05.950 Search me, O God. You could also just have an 0:12:05.950 --> 0:12:08.350 honest conversation with your spouse. If you're married or a 0:12:08.350 --> 0:12:10.950 close friend, and ask, what do you see in my 0:12:10.950 --> 0:12:13.990 life that I'm too close to it to see? Would 0:12:13.990 --> 0:12:16.670 you help me just become a better steward of what 0:12:16.670 --> 0:12:17.310 I have? 0:12:17.670 --> 0:12:21.790 Mhm. What about, uh, counteracting FOMO? The fear of missing out? 0:12:21.830 --> 0:12:22.710 Any thoughts there? 0:12:23.110 --> 0:12:25.630 Well, a lot of thing is, is that every person 0:12:25.630 --> 0:12:28.630 is thinking about themselves. They're not thinking about you. And 0:12:28.630 --> 0:12:31.110 so to me is giving you permission to say you're 0:12:31.110 --> 0:12:34.110 not missing out on anything. Seek God first, and he 0:12:34.110 --> 0:12:36.790 will remove that fear faster than anything. 0:12:36.830 --> 0:12:41.110 Yeah. Obviously, you're a certified Kingdom advisor, Jim, and I'd 0:12:41.110 --> 0:12:44.180 love for you just to speak from your perspective to 0:12:44.500 --> 0:12:47.380 the role of a CKA as you come alongside your 0:12:47.380 --> 0:12:51.179 clients to both give them permission, challenge them where appropriate, 0:12:51.179 --> 0:12:54.420 and even provide accountability when you're invited into that. 0:12:54.460 --> 0:12:57.220 Oh, absolutely. The best thing is, is that we get 0:12:57.220 --> 0:12:59.500 to come back and we understand that we're all here 0:12:59.500 --> 0:13:03.340 for an internal perspective. When you have a long term perspective, 0:13:03.380 --> 0:13:05.740 you make a better decision today. And we want to 0:13:05.740 --> 0:13:09.180 be that trusted advisor, just like every certified Kingdom advisor 0:13:09.179 --> 0:13:11.820 that you can realize. It's not about the money. It's 0:13:11.820 --> 0:13:15.940 not about anything except you seeking God's purpose in your 0:13:15.940 --> 0:13:18.580 life and then helping you steward that in a way 0:13:18.580 --> 0:13:21.900 that helps you accomplish it. So having somebody that's not 0:13:21.900 --> 0:13:25.540 there to sell you or convince you to just give 0:13:25.540 --> 0:13:28.780 them money and talk to you later, having a relationship 0:13:28.820 --> 0:13:31.340 versus a transaction, yes, is vital. 0:13:31.580 --> 0:13:35.100 Oh. So good. Well, Jim, this has been really rich. 0:13:35.140 --> 0:13:37.940 I'll tell you, this whole idea of the comparison trap, 0:13:37.940 --> 0:13:42.930 especially now with social media, is just so rampant. And really, 0:13:42.929 --> 0:13:44.209 at the end of the day, it's an issue of 0:13:44.210 --> 0:13:46.810 the heart. So much more than the money. You've given us. 0:13:46.809 --> 0:13:49.730 So many things to think about today. Really appreciate your time. 0:13:49.730 --> 0:13:50.810 Thanks for stopping by. 0:13:50.809 --> 0:13:51.569 Thank you Rob. 0:13:51.809 --> 0:13:55.449 Folks, the cure for comparison isn't having more. It's remembering 0:13:55.450 --> 0:13:58.730 who you are in Christ and faithfully stewarding what God 0:13:58.730 --> 0:14:00.890 has entrusted to you. If you want to learn more 0:14:00.890 --> 0:14:06.929 about Pando Wealth, go to Pando wealth.com. That's Pando wealth.com. 0:14:06.970 --> 0:14:09.370 If you'd like to find a certified Kingdom advisor like 0:14:09.370 --> 0:14:13.530 Jim in your area, go to find a seeker.com. Back 0:14:13.530 --> 0:14:18.770 with your questions after this. 800 525 7000. That's 800 0:14:18.809 --> 0:14:23.170 525 7000. Or if you'd prefer to email your question, 0:14:23.170 --> 0:14:27.090 send it to us at ask@faithfully.com. We'll be right back. 0:14:34.690 --> 0:14:36.370 Great to have you with us today on Faith and 0:14:36.370 --> 0:14:39.170 Finance Live. I'm Rob West. Our team is away from 0:14:39.170 --> 0:14:41.800 the studio today. We're not here, so don't call in. 0:14:41.800 --> 0:14:44.560 But we lined up some great questions in advance and 0:14:44.600 --> 0:14:47.160 we'll get to those in just a moment first. You know, 0:14:47.200 --> 0:14:49.240 as I look at the scriptures, one of the big 0:14:49.240 --> 0:14:52.360 ideas that literally jumps off the page when you look 0:14:52.360 --> 0:14:55.640 at this area of finance in light of a biblical worldview, 0:14:55.640 --> 0:14:59.880 is the idea of contentment. We should foster an attitude 0:14:59.880 --> 0:15:03.240 of contentment. And I think that's the first understanding is 0:15:03.240 --> 0:15:07.200 that it is, in fact, an attitude. Matthew 633 says, 0:15:07.200 --> 0:15:10.120 but seek first the kingdom of God and His righteousness, 0:15:10.320 --> 0:15:12.920 and all these things will be added to you. If 0:15:12.920 --> 0:15:17.640 our aim is the kingdom, then that changes our perspective. 0:15:17.640 --> 0:15:21.000 It makes it focused on the eternal, not the temporal. 0:15:21.000 --> 0:15:23.800 And that's a game changer. Well then, from an attitude, 0:15:23.800 --> 0:15:27.360 we learn that contentment is in fact learned by. The 0:15:27.360 --> 0:15:29.880 Apostle Paul said it this way, not that I'm speaking 0:15:29.880 --> 0:15:32.720 of being in need, for I have learned in whatever 0:15:32.720 --> 0:15:38.000 situation I am to be content. That's Philippians 411. So 0:15:38.000 --> 0:15:41.440 it's a learned behavior. It's also a choice. You know, 0:15:41.480 --> 0:15:44.920 I can choose to be content in every circumstance, rich 0:15:44.920 --> 0:15:48.800 or poor, happy or sad, easy or difficult. Because as 0:15:48.800 --> 0:15:53.920 Christ followers, well, our position in Christ never changes. And 0:15:53.920 --> 0:15:56.640 I think that's an important reminder for us today. And 0:15:56.640 --> 0:15:59.920 perhaps it could change your whole approach to your money. 0:16:00.080 --> 0:16:02.080 All right, let's get to our calls today that we've 0:16:02.080 --> 0:16:04.320 lined up for you. We're going to go to Michigan. Sue, 0:16:04.360 --> 0:16:05.200 how can I help you? 0:16:06.120 --> 0:16:10.520 Hi. Um, we have a little bit of a problem. Um, 0:16:10.880 --> 0:16:14.520 we have a daughter. Uh, a middle daughter just got married, 0:16:14.520 --> 0:16:19.400 and the younger daughter was living with her, um, in 0:16:19.400 --> 0:16:23.400 her house, and so she moved back in with us 0:16:23.400 --> 0:16:25.600 while we've been trying to help her find a place, 0:16:25.960 --> 0:16:31.560 a house of her own, um, and everything, her being single, 0:16:32.000 --> 0:16:35.520 she doesn't have a younger sister to go in with 0:16:35.520 --> 0:16:39.030 her or anybody she knows that could, um, you know, 0:16:39.070 --> 0:16:43.590 rent part of the house with or whatever. Um, everything 0:16:43.590 --> 0:16:45.950 is out of her price range. Everything that is in 0:16:45.950 --> 0:16:51.350 her price range, um, either sells before we even get 0:16:51.350 --> 0:16:55.110 to go through it. Yeah. Or um, has so many 0:16:55.110 --> 0:16:59.190 repairs and I, she'll be at the max that she 0:16:59.190 --> 0:17:03.510 can go. So a piece of property came up for sale. 0:17:03.510 --> 0:17:06.510 That's what we did for her sister. Same thing was 0:17:06.510 --> 0:17:09.350 happening to her. She bought a piece of property. She 0:17:09.390 --> 0:17:13.790 kept living with us, paid on the property. And, um, 0:17:14.230 --> 0:17:17.510 then when she was able to and interest rates were 0:17:17.510 --> 0:17:21.830 still low, they moved. They built a tiny house and 0:17:22.510 --> 0:17:26.310 moved in together. A piece of property came up, but 0:17:26.310 --> 0:17:30.149 she doesn't quite have enough money to put down on it. 0:17:30.150 --> 0:17:33.230 Not even sure this is a great idea other than 0:17:33.230 --> 0:17:35.899 I know it's out there for the price you can afford. 0:17:36.060 --> 0:17:38.740 We have somebody from the church that's willing to build 0:17:38.740 --> 0:17:41.900 you as a retired builder said that you get a 0:17:42.140 --> 0:17:45.100 small house. I'll try to keep it in your range 0:17:45.380 --> 0:17:47.180 to for you to be able to afford it. I 0:17:47.180 --> 0:17:50.860 know new would be great because typically you don't have 0:17:50.859 --> 0:17:55.060 all the huge repairs. However, the down payment she needs 0:17:55.060 --> 0:17:59.940 help with we have. Our house is not paid off 0:17:59.940 --> 0:18:03.580 because I had a stroke six years ago and at 0:18:03.580 --> 0:18:07.699 49 we weren't prepared for that and we had to 0:18:07.740 --> 0:18:10.899 borrow against the house again. And we have quite a 0:18:10.900 --> 0:18:14.780 large payment. We have three months, a little over three 0:18:14.780 --> 0:18:20.660 months cash, but that would eat some up. And we 0:18:20.660 --> 0:18:24.500 have two old vehicles that are 16 years old and 0:18:24.500 --> 0:18:27.020 an engine just blew on one of them. So we 0:18:27.020 --> 0:18:28.500 are going to have to use some of that money 0:18:28.500 --> 0:18:36.930 for the engine. I guess I'm looking for an unbiased opinion. Uh, yeah. 0:18:37.010 --> 0:18:39.570 She doesn't want to live here forever. We don't want 0:18:39.609 --> 0:18:44.850 her to, but obviously, we don't know the future. Uh, 0:18:45.090 --> 0:18:48.650 we had a roof, uh, water heater, and our air 0:18:48.650 --> 0:18:51.530 conditioner and heater go all in the same year, so. 0:18:52.330 --> 0:18:57.050 And that was last year. So we know what can happen. 0:18:57.050 --> 0:18:58.810 And I'm scared, you know? 0:18:58.850 --> 0:19:02.530 Yeah. Yeah. Well, I appreciate all that background, Sue. And 0:19:02.530 --> 0:19:04.730 you sound like a wonderful mom, and I love your 0:19:04.730 --> 0:19:07.929 heart to help your daughter. Um, I think the, the 0:19:07.930 --> 0:19:11.170 thing that I'm concerned about, as you just described your situation, 0:19:11.170 --> 0:19:15.970 is that your own finances are already under strain. And so, 0:19:16.010 --> 0:19:18.929 you know, you've shared that you're carrying this additional loan 0:19:18.930 --> 0:19:22.770 because of a medical issue, you've got a major vehicle expense, 0:19:22.770 --> 0:19:26.770 you've had, uh, you know, health challenges, uh, issues with 0:19:26.810 --> 0:19:29.770 the home. And so I think just, you know, despite 0:19:29.770 --> 0:19:32.090 your desire to help, and I love that. And if 0:19:32.130 --> 0:19:34.489 you had said, we're in a position to do it, 0:19:34.530 --> 0:19:36.969 what do you think about us blessing our our child 0:19:36.970 --> 0:19:39.690 with a down payment? I'd say, yeah, that's great. But 0:19:39.690 --> 0:19:41.570 I think, you know, if it's going to put you 0:19:41.570 --> 0:19:46.609 in a position where, you know, another unexpected expense could 0:19:46.609 --> 0:19:49.330 put you all into a tailspin beyond, you know, what 0:19:49.330 --> 0:19:53.330 you're already in right now. You know, it really is, 0:19:53.369 --> 0:19:56.930 you know, could endanger you financially. And so, you know, 0:19:56.970 --> 0:20:01.050 I think just given the circumstances, I think, you know, 0:20:01.090 --> 0:20:04.850 perhaps she just waits this out. Maybe you all focus 0:20:04.850 --> 0:20:08.570 on getting beyond some of these immediate concerns, maybe trying 0:20:08.570 --> 0:20:11.690 to build back up. I realize there's an opportunity right 0:20:11.690 --> 0:20:14.210 now with something in front of you, but I don't 0:20:14.210 --> 0:20:17.290 want to make a difficult situation worse by you all 0:20:17.290 --> 0:20:21.530 moving on something to to buy it further, putting you 0:20:21.730 --> 0:20:24.369 in a, in a situation where just given all that 0:20:24.369 --> 0:20:26.370 you've got on your plate right now, now you're dealing 0:20:26.369 --> 0:20:30.450 with less liquidity. And then on top of that, despite, 0:20:30.490 --> 0:20:35.159 you know, the, the gracious offer from this builder at church, 0:20:35.200 --> 0:20:39.320 you know, often there are cost overruns, there are unexpected expenses. 0:20:39.520 --> 0:20:42.879 You know, we've got geopolitical issues going on that affect, 0:20:42.920 --> 0:20:46.560 you know, construction prices. And, you know, let's say, you know, 0:20:46.600 --> 0:20:49.680 something ends up coming in more than we expect. I mean, we, 0:20:49.680 --> 0:20:51.520 we kind of need to go into it thinking there 0:20:51.520 --> 0:20:55.560 could be 15 to 20% overages beyond, you know, what's 0:20:55.560 --> 0:20:59.880 being promised despite, you know, the best intentions of this builder. 0:21:00.080 --> 0:21:02.120 And if she's already kind of right up against the 0:21:02.119 --> 0:21:04.359 edge and then all of a sudden it goes even higher, 0:21:04.520 --> 0:21:07.320 we could end up in a situation where both of you, 0:21:07.760 --> 0:21:11.400 you know, went from, you know, stable to a really 0:21:11.400 --> 0:21:13.800 desperate situation because all of a sudden now you have 0:21:13.800 --> 0:21:16.760 an obligation you weren't counting on, or at least less cash. 0:21:17.080 --> 0:21:21.879 And she's in a property that, although it's new, you know, 0:21:21.920 --> 0:21:24.840 is out of her price range. And, you know, now 0:21:24.840 --> 0:21:28.119 she's just starting out, but she's kind of underwater every month. 0:21:28.119 --> 0:21:31.390 I just it doesn't feel like the right environment, despite 0:21:31.390 --> 0:21:33.909 how good this offer might be for you all to 0:21:33.950 --> 0:21:36.550 move on this. And so I would encourage you to 0:21:36.590 --> 0:21:39.350 just slow down. Let's trust the Lord that he's got 0:21:39.350 --> 0:21:42.950 an incredible plan for her, uh, in terms of housing 0:21:42.950 --> 0:21:45.550 and her future. But we also want to be good 0:21:45.550 --> 0:21:48.310 stewards in the process and not get ahead of the 0:21:48.310 --> 0:21:51.709 finances in the provision. That's right there. Let's you and 0:21:51.710 --> 0:21:53.189 I talk a bit more off the air. We'll be 0:21:53.190 --> 0:22:05.950 right back. Hey, great to have you with us today 0:22:05.950 --> 0:22:09.190 on Faith and Finance Live. I'm Rob West, your host. 0:22:09.190 --> 0:22:11.470 Our team is away from the studio today, so don't 0:22:11.470 --> 0:22:14.670 call in. But coming up a little later, we'll have more. 0:22:14.869 --> 0:22:16.869 Let's head back to the phone calls we have on 0:22:16.869 --> 0:22:19.750 the program. Hey, let me take a moment to mention 0:22:19.790 --> 0:22:23.149 the Faith Fi app. We'd love for you to download it. 0:22:23.150 --> 0:22:25.750 Just head to your app Store or wherever you download 0:22:25.750 --> 0:22:29.739 apps and search for faith Fi. That's faith. Fi, you 0:22:29.740 --> 0:22:32.700 can manage your money. You can access the best content 0:22:32.700 --> 0:22:36.980 in biblical finance, podcasts, articles and videos. You can also 0:22:36.980 --> 0:22:40.100 participate in our faith fi community, where you can post 0:22:40.100 --> 0:22:44.100 questions and get answers from others on their stewardship journey. 0:22:44.100 --> 0:22:46.460 You'll find it in your App Store. Just search for 0:22:46.460 --> 0:22:49.420 faith Fi. Or if it's easier, head to our website 0:22:49.420 --> 0:22:54.660 at faith fi.com. That's faith fi.com, and you'll see the 0:22:54.660 --> 0:22:57.340 app right there on the home page. Now let's head 0:22:57.340 --> 0:22:59.859 back to the phone calls we have lined up. Let's 0:22:59.859 --> 0:23:02.580 go to Texas and Kathy. Go right ahead. 0:23:03.180 --> 0:23:06.020 Hi, Rob. Thank you so much for your ministry. 0:23:06.619 --> 0:23:08.980 Absolutely. Thank you for calling today. And for that. 0:23:09.619 --> 0:23:12.940 I have a question. I was gifted some money by 0:23:12.940 --> 0:23:16.780 my father. My mother passed away and he inherited everything. 0:23:17.260 --> 0:23:23.500 He gifted some money to me and I want to 0:23:23.540 --> 0:23:28.570 know how to best use it. um, and be a 0:23:28.570 --> 0:23:33.130 good steward of it, of course. But, um, we, uh, 0:23:33.130 --> 0:23:37.370 my husband and I have quite a bit of debt and, uh, 0:23:37.609 --> 0:23:40.850 nearing retirement, and I didn't know if we should put 0:23:40.850 --> 0:23:44.530 part of it into a CD or some kind of 0:23:44.570 --> 0:23:50.610 investment or just focus on repaying our debt and, um, 0:23:51.170 --> 0:23:54.410 you know, gifting the 10%, of course. 0:23:54.850 --> 0:23:57.690 Yeah. Very good. I love that you're thinking about, you know, 0:23:57.730 --> 0:24:01.810 giving as unto the Lord, uh, on this. Um, and 0:24:01.810 --> 0:24:03.490 tell me a little bit more about the debt that 0:24:03.490 --> 0:24:04.449 you have, Cathy. 0:24:04.970 --> 0:24:10.850 So my husband's business failed and, um, we, um, are 0:24:10.890 --> 0:24:16.410 about $140,000 in debt. We do have a house that 0:24:16.410 --> 0:24:22.410 we are still mortgaged, and we have one vehicle that 0:24:22.650 --> 0:24:25.250 we're still paying for. It's been in the shop for 0:24:25.250 --> 0:24:29.169 the past month and a half because there was a recall. 0:24:29.170 --> 0:24:32.890 And um, so we have some issues with that. I 0:24:32.890 --> 0:24:36.689 didn't know if we needed to pay the vehicle off, 0:24:36.850 --> 0:24:39.010 if that would be the best way to go or 0:24:39.250 --> 0:24:40.890 work on some personal. 0:24:40.930 --> 0:24:45.170 So the 140,000, is that all the related to the business, 0:24:45.170 --> 0:24:48.410 or is that kind of rolling other debts in as well? 0:24:49.570 --> 0:24:54.810 Um, most of it is actually personal loans because um 0:24:55.410 --> 0:24:58.409 we used a lot of credit cards and we paid 0:24:58.410 --> 0:25:00.609 those off with loans. 0:25:01.250 --> 0:25:01.770 I see. 0:25:02.130 --> 0:25:03.410 That's where that debt comes from. 0:25:03.450 --> 0:25:06.649 So the 140,000 is basically all personal loans. And that 0:25:06.650 --> 0:25:08.690 doesn't include your mortgage or anything else. 0:25:09.330 --> 0:25:10.210 Right. 0:25:10.250 --> 0:25:13.610 Okay. Yeah. And what is the interest rate roughly on 0:25:13.650 --> 0:25:15.050 the loan or loans. 0:25:15.890 --> 0:25:17.290 Around 10%. 0:25:17.690 --> 0:25:23.129 Okay. Yeah. Um, that really needs to be our priority. Uh, because, 0:25:23.170 --> 0:25:26.840 you know, you're not going to do 10%, certainly not 0:25:26.840 --> 0:25:30.200 guaranteed 10%, which is the return you'll get on every 0:25:30.200 --> 0:25:33.680 dollar of personal loan debt you pay off. That's equal 0:25:33.680 --> 0:25:36.040 to a 10% return. You're not going to get a 0:25:36.040 --> 0:25:40.080 guaranteed 10% return anywhere else. So you certainly wouldn't want 0:25:40.520 --> 0:25:44.120 to invest this money while you're carrying that debt. I 0:25:44.119 --> 0:25:46.240 realize it's a it's a big number, and it probably 0:25:46.240 --> 0:25:48.160 feels like we're never going to pay it off, but 0:25:48.200 --> 0:25:50.840 we've just got to make steady progress. So I think, 0:25:50.880 --> 0:25:54.280 you know, the priority order is, you know, let's replenish 0:25:54.320 --> 0:25:57.120 your emergency fund. If you if you don't have one. 0:25:57.119 --> 0:25:59.280 And let's try to get up to six months worth 0:25:59.280 --> 0:26:02.840 of expenses in liquid savings. So you've got something to 0:26:02.880 --> 0:26:05.320 fall back on if the unexpected comes. And, you know, 0:26:05.359 --> 0:26:07.920 hopefully we've broken the cycle of using the credit cards. 0:26:07.920 --> 0:26:10.280 And I realized there was a single event that occurred 0:26:10.280 --> 0:26:12.919 that led to that. But we want to make sure 0:26:12.920 --> 0:26:15.280 that we don't have to go back there. But once 0:26:15.280 --> 0:26:18.280 that's in place, I think, you know, the key for 0:26:18.280 --> 0:26:21.760 you all is to just start making steady progress toward 0:26:21.760 --> 0:26:27.590 that 140 140,000. Um, what what do you have coming, um, uh, 0:26:27.590 --> 0:26:29.190 following the passing of your mom. 0:26:30.910 --> 0:26:34.590 So we have, um, about 75,000. 0:26:34.869 --> 0:26:38.390 Okay. Yeah. And so do you have anything in emergency 0:26:38.430 --> 0:26:39.470 savings currently? 0:26:40.230 --> 0:26:41.510 No, we do not. 0:26:41.790 --> 0:26:44.189 Okay. And what do you all typically spend in a 0:26:44.190 --> 0:26:44.990 month's time? 0:26:45.630 --> 0:26:50.390 Um, with the debt. It's usually about, uh, right under $10,000. 0:26:50.710 --> 0:26:55.669 Okay. Yeah. So and are you able to, I mean, 0:26:55.710 --> 0:26:57.870 do you have enough income coming? That is it like 0:26:57.869 --> 0:26:59.950 right up to the edge or in some months, are 0:26:59.950 --> 0:27:02.550 you spending more or do you have any margin kind 0:27:02.550 --> 0:27:03.750 of where are you at monthly? 0:27:05.150 --> 0:27:10.470 So, um, I don't know how, but God has provided 0:27:10.470 --> 0:27:14.190 and we are able to pay right now, but there 0:27:14.190 --> 0:27:18.710 were a few months where we don't even know how, yeah. 0:27:19.270 --> 0:27:24.100 How possibly we could pay our debt and we did. So, um, 0:27:24.100 --> 0:27:27.340 we're really working on trying to be better stewards and. 0:27:28.100 --> 0:27:31.500 Um, and is the personal loan, is there multiple loans? Like, 0:27:31.500 --> 0:27:33.619 could you pay off one of them or is it 0:27:33.660 --> 0:27:36.580 kind of all okay? Yeah. So that might be the 0:27:36.580 --> 0:27:38.860 way to go because that's going to eliminate a payment. 0:27:38.859 --> 0:27:40.980 So you're probably going to want to snowball these where 0:27:40.980 --> 0:27:44.220 you go, assuming they're, you know, you could go smallest 0:27:44.220 --> 0:27:47.700 to largest balance. And, you know, maybe we, we take and, 0:27:47.940 --> 0:27:52.260 and put, uh, you know, 30, 000 aside in emergency 0:27:52.260 --> 0:27:54.899 savings and then take the rest and just start, you know, 0:27:54.940 --> 0:27:57.340 paying off one loan at a time. Here's what I'd 0:27:57.340 --> 0:28:00.500 like to do. Um, I'd like to provide if you'd 0:28:00.540 --> 0:28:03.460 be willing to take advantage of it, uh, a few 0:28:03.780 --> 0:28:07.419 sessions with a certified Christian financial counselor. And this is 0:28:07.420 --> 0:28:11.780 somebody who's trained in stewardship and budgets and debt repayment. 0:28:11.780 --> 0:28:13.820 This is what they do. And, and for many of them, 0:28:13.820 --> 0:28:17.380 they're retired. This is their ministry. Um, but I'd love 0:28:17.380 --> 0:28:19.900 for one of our certified Christian financial counselors to come 0:28:20.020 --> 0:28:22.500 alongside you guys. We're going to pay for it so 0:28:22.500 --> 0:28:25.860 it won't cost you anything, Cathy. But essentially they'll work 0:28:25.859 --> 0:28:28.659 with you to look at your income and expenses, help 0:28:28.660 --> 0:28:31.740 you develop a budget, maybe think long and hard about 0:28:31.740 --> 0:28:34.540 where your money is going because you have a great income. 0:28:34.580 --> 0:28:36.340 I mean, you all are making a lot of money, 0:28:36.340 --> 0:28:38.860 but we need to rein it in and make sure 0:28:38.860 --> 0:28:41.500 that we've got a good priority order. And that may 0:28:41.500 --> 0:28:45.340 mean stripping the budget down to the basics and then 0:28:45.380 --> 0:28:48.620 kind of rebuilding it with a focus on how quickly 0:28:48.620 --> 0:28:50.540 can we get out of debt. Because once this debt 0:28:50.580 --> 0:28:53.460 is paid off, you're in a whole different situation. Now 0:28:53.460 --> 0:28:56.540 we can turn our attention to, you know, building for 0:28:56.540 --> 0:28:59.340 the future so that, you know, your, your husband at 0:28:59.340 --> 0:29:02.060 some point, you know, may be able to, you know, 0:29:02.100 --> 0:29:04.900 redirect toward what God has for him next and you 0:29:04.900 --> 0:29:08.700 as well paid or unpaid in retirement. So, you know, 0:29:08.740 --> 0:29:10.940 I think getting you on a track where you've got 0:29:10.940 --> 0:29:14.220 a third party who can bring some objective, uh, you know, 0:29:14.260 --> 0:29:17.260 analysis to your spending, help you develop that plan could 0:29:17.260 --> 0:29:19.610 really get you pointed in the right direction. How does 0:29:19.610 --> 0:29:20.330 that sound though? 0:29:21.850 --> 0:29:24.770 Amazing. And thank you so much for doing that. 0:29:24.810 --> 0:29:26.810 Oh, I'd be delighted to. So let's do this. I'm 0:29:26.810 --> 0:29:28.690 going to have you hold the line. My team is 0:29:28.690 --> 0:29:31.290 going to get your information. We'll get a certified Christian 0:29:31.290 --> 0:29:33.850 financial counselor in touch with you and and then give 0:29:33.890 --> 0:29:36.290 me a call back after you finish all those sessions 0:29:36.290 --> 0:29:38.209 and let me know where you landed. I'd love to 0:29:38.250 --> 0:29:40.090 celebrate with you. Listen, it's not going to be a 0:29:40.090 --> 0:29:42.410 quick fix. It's going to take time. It's going to 0:29:42.410 --> 0:29:44.410 take some sacrifice on your part. You guys are going 0:29:44.450 --> 0:29:49.090 to need to rethink that spending plan. But, um, you know, 0:29:49.170 --> 0:29:51.650 this is what's necessary for you to live as a 0:29:51.650 --> 0:29:54.010 faithful steward. It's something, you know, we all have to 0:29:54.010 --> 0:29:57.130 do in saying, all right, Lord, thank you for what 0:29:57.130 --> 0:29:59.730 you've provided for me. It all comes from you. Now, 0:29:59.730 --> 0:30:02.290 how can I be a careful steward of what you've 0:30:02.330 --> 0:30:04.810 given me day to day, month to month doesn't mean 0:30:04.810 --> 0:30:06.850 you can't ever enjoy it. We want you to enjoy it. 0:30:06.850 --> 0:30:09.130 That's part of God's plan, but we want to make 0:30:09.130 --> 0:30:12.010 sure that it reflects what's truly important to you and 0:30:12.010 --> 0:30:16.330 that you're moving toward a stronger financial foundation. God bless you, Cathy. 0:30:16.330 --> 0:30:18.520 Thanks for your call. Hey, before we head to this break, 0:30:18.520 --> 0:30:20.600 just a quick reminder, our team is away from the 0:30:20.600 --> 0:30:23.280 studio today, so don't call in. We did line up 0:30:23.280 --> 0:30:25.640 some great questions in advance, and when we come back 0:30:25.640 --> 0:30:28.200 from this break, we'll have an opportunity to hear some 0:30:28.200 --> 0:30:31.400 of those questions. Let me also remind you that if 0:30:31.440 --> 0:30:33.920 you have a question you'd like to get in front 0:30:33.920 --> 0:30:36.480 of us and get an answer to, you can always 0:30:36.480 --> 0:30:39.400 send it in electronically. That's right. The way to send 0:30:39.400 --> 0:30:44.680 an electronic question is just to head to Moody radio.org/finance. 0:30:44.680 --> 0:30:47.040 You'll see the form there on that page where you 0:30:47.040 --> 0:30:50.160 can submit your question. We try to get to a 0:30:50.160 --> 0:30:55.600 few of those each week on the air again, Moody radio.org/finance. 0:30:55.800 --> 0:30:58.560 Back with more on faith and finance. Live right after this. 0:30:58.560 --> 0:30:59.280 Stick around. 0:31:05.040 --> 0:31:07.560 This is our final segment of a faith and finance 0:31:07.600 --> 0:31:10.959 live program that we previously recorded. Thanks so much for 0:31:10.960 --> 0:31:13.200 being with us today, and we hope you'll stick around 0:31:13.200 --> 0:31:15.320 and enjoy the rest of the program. 0:31:16.350 --> 0:31:18.950 Hey, do you love the program? Well, if so, we 0:31:18.950 --> 0:31:21.870 can't bring you this program each day without your listener 0:31:21.870 --> 0:31:24.990 support as a not for profit ministry. Faith fi that 0:31:24.990 --> 0:31:29.270 brings you this episode each day, plus our studies and devotionals, 0:31:29.270 --> 0:31:32.550 our magazine, our app, all the resources we provide because 0:31:32.550 --> 0:31:35.310 of your generous support and the partner program is the 0:31:35.310 --> 0:31:38.350 way to come alongside us monthly at $35 or one 0:31:38.390 --> 0:31:41.030 time a year at 400 or more to stand with 0:31:41.030 --> 0:31:45.710 us financially, but also to get some encouraging resources delivered 0:31:45.710 --> 0:31:48.910 to your door. Partners receive four issues of our magazine 0:31:48.910 --> 0:31:52.190 Faithful Steward. Every new study or devotional or field guide 0:31:52.190 --> 0:31:54.910 that comes out mailed to your door, pro access to 0:31:54.910 --> 0:31:57.590 the Faith Fi app, and a quarterly ministry update so 0:31:57.590 --> 0:32:01.190 you can celebrate God at work through this ministry. Just 0:32:01.190 --> 0:32:05.150 head to Faith fi.com/give to learn more. We're looking for 0:32:05.150 --> 0:32:10.750 several more partners yet this month. Faith fi.com/give. All right. 0:32:10.750 --> 0:32:12.270 Let's try to get to as many calls as we 0:32:12.270 --> 0:32:14.150 can here in this final segment today. Let's go out 0:32:14.150 --> 0:32:16.630 to Louisiana. Tony, thanks for your patience. Go ahead. 0:32:16.950 --> 0:32:21.870 Yes, sir. Um, both my husband and I are approaching 65, 0:32:22.270 --> 0:32:26.270 and we both qualify for Social Security because we pay in. 0:32:26.470 --> 0:32:29.750 We've been told at 65, we need to start taking it, 0:32:29.750 --> 0:32:33.870 even though, God willing, we will continue to work. Um, 0:32:33.910 --> 0:32:36.630 because we both love our jobs and want to stay working. 0:32:37.030 --> 0:32:40.710 But also I work at a school and I qualify 0:32:40.750 --> 0:32:45.030 for teacher retirement. So I'm wondering, like, would I need 0:32:45.070 --> 0:32:48.590 like a certified Christian counselor or like a CKA if 0:32:48.590 --> 0:32:50.830 that's two different things? Or who would I need to 0:32:50.870 --> 0:32:54.190 talk to about? Like, would I take Social Security? Would 0:32:54.190 --> 0:32:57.790 it be better to take teacher retirement and how, how 0:32:58.430 --> 0:33:02.350 someone that could point me in the right direction on 0:33:02.350 --> 0:33:07.590 how to yes, utilize our retirement? 0:33:07.630 --> 0:33:10.870 Yes. Well, I love this. Thanks for that background, Tony. 0:33:10.870 --> 0:33:13.070 And I love that you and your husband love your work. 0:33:13.140 --> 0:33:15.380 You know God created us to be workers and what 0:33:15.420 --> 0:33:17.580 a gift it is when we can do things we 0:33:17.580 --> 0:33:21.060 love that we were wired to do, to be productive, 0:33:21.100 --> 0:33:24.220 to bless others, and to do that in a way 0:33:24.220 --> 0:33:27.300 that just brings enjoyment and glory to God when we 0:33:27.300 --> 0:33:30.660 use our gifts and talents for him. So that's just fabulous. 0:33:30.900 --> 0:33:33.660 And I love that you're thinking about your future and 0:33:33.660 --> 0:33:36.660 what is the right time to take Social Security, and 0:33:36.660 --> 0:33:38.860 how does that play into the other retirement assets that 0:33:38.860 --> 0:33:42.140 you have? What a gift that you're in that place. Uh, 0:33:42.140 --> 0:33:45.300 to answer your question, yes. Um, this is where a 0:33:45.300 --> 0:33:48.780 certified Kingdom advisor could be really helpful because you're not 0:33:48.780 --> 0:33:51.979 necessarily looking for investment management at this point, although you 0:33:51.980 --> 0:33:54.540 may be in the future, you're really looking for what 0:33:54.540 --> 0:33:58.620 we would call comprehensive financial planning. So this is, uh, 0:33:58.820 --> 0:34:02.580 probably a certified Kingdom advisor who's also a certified financial planner. 0:34:02.580 --> 0:34:05.219 And many are that would come in and on a 0:34:05.220 --> 0:34:08.660 one time engagement where, you know, you do a planning 0:34:08.660 --> 0:34:10.820 session and, you know, maybe you meet 1 or 2 0:34:10.820 --> 0:34:12.529 times and then they would come back to you with 0:34:12.530 --> 0:34:15.489 a comprehensive financial plan, and then maybe you'd check in 0:34:15.489 --> 0:34:17.370 once a year or a couple of times a year 0:34:17.370 --> 0:34:21.450 after that. Um, they could really analyze your situation, look 0:34:21.450 --> 0:34:24.490 at your income and your expenses. What assets do you have? 0:34:24.730 --> 0:34:27.529 You know, look at your Social Security record in terms 0:34:27.530 --> 0:34:30.330 of what's coming to you. Hear more about your plans 0:34:30.330 --> 0:34:32.890 and where God is leading, leading you all and what 0:34:32.890 --> 0:34:36.050 your desires are in the future in terms of any, 0:34:36.090 --> 0:34:39.529 you know, major savings projects, uh, you know, how long 0:34:39.570 --> 0:34:41.729 you plan to work all of those things and then 0:34:41.730 --> 0:34:45.050 come back with an analysis on, yeah, here's the best 0:34:45.050 --> 0:34:49.529 time to take Social Security because, you know, it starts 0:34:49.530 --> 0:34:52.250 with your full retirement age where you can get, you know, 0:34:52.290 --> 0:34:54.689 what is coming to you, the full amount of what's 0:34:54.690 --> 0:34:57.850 coming to you based on your work record and what's 0:34:57.850 --> 0:35:01.049 called your high 35. And, um, you know, that's your 0:35:01.050 --> 0:35:05.050 35 highest years of earnings that determines your monthly benefit. 0:35:05.050 --> 0:35:07.649 And unless you wait until that full retirement age, which 0:35:07.650 --> 0:35:10.839 is probably close to or at 67, You're not going 0:35:10.840 --> 0:35:12.680 to get that full amount. But then if you wait 0:35:12.680 --> 0:35:14.879 beyond that and a lot of times it makes sense 0:35:14.880 --> 0:35:17.520 to do that. If you're working and you're in good 0:35:17.560 --> 0:35:20.520 health and you have longevity in your family, you can 0:35:20.520 --> 0:35:23.320 get an 8% increase to that check every year until 0:35:23.320 --> 0:35:26.520 age 70. So you could get, you know, checks 25% 0:35:26.560 --> 0:35:28.600 higher than what you were going to get at full 0:35:28.600 --> 0:35:31.319 retirement age for the rest of your life, which if 0:35:31.320 --> 0:35:33.399 you live into your 90s and a lot of people do, 0:35:33.440 --> 0:35:36.600 could be really helpful down the road to have that, 0:35:36.640 --> 0:35:39.560 you know, that increased check. It'll take you about 12 0:35:39.560 --> 0:35:43.160 years to get paid back for it. Um, but then 0:35:43.160 --> 0:35:45.720 from that point, you, you know, you're just, you're making 0:35:45.719 --> 0:35:49.160 more money from social Security. Um, now if you decided 0:35:49.160 --> 0:35:51.040 to take it early, then you're going to get, you know, 0:35:51.080 --> 0:35:53.840 less and that would all be a part of the analysis. 0:35:53.840 --> 0:35:58.600 So yeah, I would head to find acka.com. Tony. You 0:35:58.600 --> 0:36:01.120 can find a certified Kingdom advisor and just tell them 0:36:01.120 --> 0:36:04.399 you're looking for retirement planning. And that really is what 0:36:04.400 --> 0:36:06.719 your need is. And they would typically do that on 0:36:06.719 --> 0:36:09.750 a flat fee, you know, per engagement basis. 0:36:10.430 --> 0:36:14.110 Okay. Thank you so very much. I'll do that. 0:36:14.150 --> 0:36:17.029 Excellent. Lord bless you, Tony. Call anytime if I can help. 0:36:17.030 --> 0:36:21.469 And again, that website is find acka.com. Uh, let's go 0:36:21.469 --> 0:36:23.030 to Missouri. Dennis, how can I help? 0:36:23.510 --> 0:36:26.830 Bless your ministry. I hope you and everybody is doing fine. 0:36:26.870 --> 0:36:27.510 Thank you. 0:36:27.750 --> 0:36:31.509 I'm a faith buy. I just joined Faith fire recently 0:36:31.870 --> 0:36:37.629 and I'm also I'm also a tither. I'm retired military, 0:36:37.670 --> 0:36:41.950 retired civil service. I'm a disabled vet. I served 20 0:36:41.950 --> 0:36:47.950 years in the military. And, and I've got an interesting situation. Okay. 0:36:47.989 --> 0:36:51.390 The VA has recently upped my disability payment to a 0:36:51.390 --> 0:36:55.230 very large amount. And it's called a judiciary or some 0:36:55.230 --> 0:36:58.630 kind of account that my daughter manages. And it's supposed 0:36:58.630 --> 0:37:02.230 to take care of all my needs. But I also 0:37:02.230 --> 0:37:05.670 have a retired civil service, retired military, and I draw 0:37:05.670 --> 0:37:10.109 Social Security. So I've got enough money is I don't 0:37:10.110 --> 0:37:13.230 have any credit card debt to speak of. Uh, I 0:37:13.230 --> 0:37:16.270 think I'm up maybe one small one, but I don't otherwise, 0:37:16.270 --> 0:37:19.589 I don't have any credit card debt. The situation I'm 0:37:19.590 --> 0:37:22.430 in is I'm in a rental property and the VA 0:37:22.469 --> 0:37:27.110 has offered to or has granted me two loans or 0:37:27.150 --> 0:37:31.710 two grants to improve my rental property where I live 0:37:32.030 --> 0:37:34.950 because I'm legally blind. And they're saying that there may 0:37:34.989 --> 0:37:38.470 be things I need being a disabled vet, uh, such 0:37:38.469 --> 0:37:41.030 as ramps because I use a walker and other things 0:37:41.030 --> 0:37:45.550 within the house. Well, my daughter is telling me that recently. 0:37:45.550 --> 0:37:47.990 I'm sorry. Recently, I bought my daughter a car because 0:37:47.989 --> 0:37:51.990 she needed one. Uh, I'll be paying that off for her. 0:37:52.750 --> 0:37:58.470 So my, uh, free income right now is 5400 a month. Uh, 0:37:58.830 --> 0:38:01.310 so I'm making, I'll be making the car payments out 0:38:01.310 --> 0:38:03.589 of that, and I hope to pay the car off, 0:38:03.630 --> 0:38:08.020 like in a few months. And, uh, from my daughter saying, 0:38:08.020 --> 0:38:11.380 rather than continue to rent. Why don't you just buy 0:38:11.420 --> 0:38:15.940 a piece of land and put a prefab house on it? 0:38:16.739 --> 0:38:19.580 And I got to thinking about it and she said 0:38:19.860 --> 0:38:22.939 there would be money, your rent money you would pay. 0:38:22.980 --> 0:38:27.060 Now you'd be making on that rental property. You buy it. 0:38:27.060 --> 0:38:30.859 That would be an investment for you. Well, I got 0:38:30.860 --> 0:38:32.820 to thinking about it, but I thought, well, I got 0:38:32.820 --> 0:38:35.580 to put in a septic and a well and a 0:38:35.580 --> 0:38:40.300 water line and foundation and, and all that sort of stuff. 0:38:40.780 --> 0:38:43.299 And plus I'll be making house payments and there'll be 0:38:43.300 --> 0:38:47.299 taxes on the property. And I'm wondering, would I be 0:38:47.300 --> 0:38:49.980 better off just to stay where I'm at because my 0:38:49.980 --> 0:38:53.140 rent is 500 a month, which is a very good price. 0:38:53.300 --> 0:38:56.460 I can easily afford that. That comes out. I take 0:38:56.460 --> 0:39:01.500 that out of my VA disability pay. And if I just, uh, 0:39:01.739 --> 0:39:04.850 I'm retired, so I'm not and I can't work. So 0:39:04.890 --> 0:39:07.970 I'm wondering, should I just stay where I'm at rather 0:39:07.969 --> 0:39:10.610 than invest in a new house on my age? 0:39:11.010 --> 0:39:13.729 Yeah. Wow. That's great. Well, first of all, Dennis, thank 0:39:13.730 --> 0:39:15.930 you for all that background information. Thank you for your 0:39:15.930 --> 0:39:19.690 encouragement about the program here and for being a partner. Uh, also, 0:39:19.690 --> 0:39:22.290 thank you for your service to our nation. Uh, what 0:39:22.330 --> 0:39:26.689 a gift that is. And we are incredibly grateful. Um, 0:39:27.010 --> 0:39:29.370 you know, based on what you've shared, I love the 0:39:29.370 --> 0:39:32.010 fact that you're in a very strong financial position with 0:39:32.010 --> 0:39:35.290 no consumer debt, stable income from your VA benefits and 0:39:35.290 --> 0:39:38.489 civil service. You know, as you said, you're paying a 0:39:38.489 --> 0:39:41.330 low $500 a month in rent. I mean, that's a 0:39:41.810 --> 0:39:46.770 very positive situation. And I would say to your point, 0:39:46.969 --> 0:39:49.969 you know, don't buy just because you can, uh, you know, 0:39:50.010 --> 0:39:52.290 buying land and putting a prefab home on it is 0:39:52.290 --> 0:39:55.890 more complicated than many people realize. You mentioned some of 0:39:55.890 --> 0:39:58.770 the complexities beyond the land and the, the home. You know, 0:39:58.810 --> 0:40:01.650 we're talking about the septic system, the utilities, the site prep, 0:40:01.690 --> 0:40:06.000 the permits, the insurance, the the property taxes, the maintenance. Um, 0:40:06.000 --> 0:40:09.239 you know, I think considering your accessibility needs, you want 0:40:09.280 --> 0:40:10.879 to make sure that, you know, you have a place 0:40:10.880 --> 0:40:12.719 that's going to meet those needs. I love that they're 0:40:12.719 --> 0:40:16.239 giving you that grant to do that. Um, and you know, 0:40:16.280 --> 0:40:18.839 those grants are a blessing. And if you can make 0:40:18.840 --> 0:40:22.160 your current rentals safer and more accessible, your landlord is 0:40:22.160 --> 0:40:26.880 willing to cooperate. Uh, and you can keep that low rent. Um, 0:40:26.880 --> 0:40:31.080 I think that's, uh, that's worth serious consideration, uh, just 0:40:31.080 --> 0:40:33.160 to stay right where you are. I know your daughter 0:40:33.160 --> 0:40:36.239 loves you and wants the best for you, but I 0:40:36.239 --> 0:40:38.080 think at the end of the day, the decision needs 0:40:38.080 --> 0:40:43.000 to serve your needs and lifestyle, not necessarily just be 0:40:43.000 --> 0:40:46.560 considered a, quote, good investment, if that makes you no sense. 0:40:47.920 --> 0:40:50.919 Well, I talk with the landlord and they've told me 0:40:50.920 --> 0:40:53.239 that I can stay in this rental property as long 0:40:53.239 --> 0:40:56.879 as I want. And, uh, the payments are not going 0:40:56.880 --> 0:40:58.680 to go up as far as, uh, as far as 0:40:58.680 --> 0:41:02.080 I know. And I figured, well, that might be VA 0:41:03.040 --> 0:41:06.279 my VA disability that the VA has given me is 0:41:06.280 --> 0:41:10.120 a large, large amount and that takes care of everything. 0:41:10.560 --> 0:41:14.480 Yeah. Yeah. I mean, from what you've you've shared here, Dennis, 0:41:14.520 --> 0:41:16.360 I mean, I don't think you can go wrong either direction, 0:41:16.360 --> 0:41:19.759 but just my observation is I don't hear a financial 0:41:19.760 --> 0:41:23.200 problem to solve. I hear someone who's in a stable, 0:41:23.200 --> 0:41:27.560 affordable housing situation. And unless there's a strong lifestyle reason 0:41:27.560 --> 0:41:31.280 to move, I'd be inclined to enjoy the simplicity. Keep 0:41:31.480 --> 0:41:35.880 building your savings. Avoid taking on the cost and responsibility 0:41:35.880 --> 0:41:39.200 of developing a property at this stage of life. Continue 0:41:39.200 --> 0:41:41.359 giving and blessing the people you love, just like you 0:41:41.360 --> 0:41:44.399 did with this automobile. The verse that comes to mind 0:41:44.440 --> 0:41:47.520 is is Proverbs 1516 better a little with the fear 0:41:47.520 --> 0:41:51.000 of the Lord than great wealth, with turmoil. And sometimes 0:41:51.000 --> 0:41:53.880 the best investment isn't the one with the highest potential return, 0:41:53.880 --> 0:41:56.319 especially in this season of life. It's the one that 0:41:56.320 --> 0:41:59.600 provides the greatest peace and stability and freedom. Does that 0:41:59.600 --> 0:42:00.160 make sense? 0:42:00.630 --> 0:42:04.670 Yeah it does. I, I just don't want to create 0:42:04.670 --> 0:42:09.070 any more problems. And right now my lifestyle is very simple. My, 0:42:09.110 --> 0:42:12.589 my bills are virtually nothing. So I kind of think 0:42:12.590 --> 0:42:15.029 maybe I should just stay where I'm at. I am 0:42:15.070 --> 0:42:18.190 able to put away about 1500 a month in savings. 0:42:18.350 --> 0:42:20.150 Love it. Yeah. That's great. 0:42:20.270 --> 0:42:22.670 Well, I think that's the answer to your question, Dennis. 0:42:22.710 --> 0:42:25.030 At least for now, I just stay put and enjoy 0:42:25.030 --> 0:42:29.029 this unique situation you have with a very accommodating landlord 0:42:29.030 --> 0:42:32.989 with a very reasonable price. Uh, something really good about, uh, 0:42:32.989 --> 0:42:36.229 keeping life simple. And, uh, that's what I'm hearing from 0:42:36.230 --> 0:42:38.270 you again, thank you for your service to our nation, 0:42:38.270 --> 0:42:41.190 my friend, and for being a faith by partner. We're grateful. 0:42:41.510 --> 0:42:43.629 God bless you, folks. If you'd like to support our work, 0:42:43.630 --> 0:42:47.310 just head to faith.com/give. Hey, faith in finance is a 0:42:47.310 --> 0:42:50.509 ministry of Faith, Fi and Moody Radio. Thanks to my 0:42:50.510 --> 0:42:52.710 team today and we'll see you tomorrow. Come back and 0:42:52.710 --> 0:42:53.830 join us then. Bye bye.