S1: This faith and finance live is actually prerecorded, so please
S1: don't call in. Bob Goff once said, we won't be
S1: distracted by comparison if we're captivated by purpose. Hi, I'm
S1: Rob West. Comparison tempts us to measure our success against
S1: someone else's life. But when we understand who we are
S1: in Christ and why God has entrusted us with resources,
S1: money becomes a tool for our purpose rather than a scorecard.
S1: Jim Rasmussen joins us today to help us escape the
S1: comparison trap. Then we have some great calls lined up,
S1: but please don't call in today because we're prerecorded. This
S1: is faith and finance. Live biblical wisdom for your financial journey.
S1: Joining us today is my friend Jim Rasmussen, co-founder and
S1: brand ambassador at Pando Wealth and a Certified Kingdom advisor.
S1: Jim brings a valuable perspective on helping individuals and families
S1: approach financial decisions with both wisdom and purpose. Jim, great
S1: to have you here.
S2: It's great to be here. Rob.
S1: Jim, you've coached hundreds of chick fil A operators, and
S1: I know that's been a specialty of your business. Although
S1: Panda wealth is expanding and serving a lot more folks now.
S1: But what have you learned about where comparison tends to
S1: take root in a leader's life specifically?
S2: Well, working with all of the families that we serve
S2: across the country, I've seen that this is a problem
S2: that is happening everywhere. And in my experience, the comparison
S2: usually starts in that business world where we think about sales,
S2: and then we start to compare a little bit more
S2: about the individual line items to feel good about. Well,
S2: I might have done better with food or labor, etc.,
S2: but it's really about the bottom line profits. How can
S2: we make more? And so that's where it just kind
S2: of starts to take root. And then it goes to
S2: the personal side.
S1: Well that's right, comparison can affect anyone. But Jim, what
S1: makes high earners especially vulnerable to this trap?
S2: What I see is our culture seems to reward or encourage.
S2: That net worth is equal to your self-worth. And when
S2: I look at a lot of these business owners, they're
S2: taught really well how to run a business. But the
S2: whole purpose of a business is to actually fuel your
S2: financial plan. And then your financial plan is to fuel
S2: your life plan. And how many of us or them
S2: are actually sitting there thinking about their life plan, which
S2: then if you have no financial plan, you have all
S2: this cash, you start to just look around and go, well,
S2: maybe I should copy what other people are doing because
S2: they're smarter and further ahead than me.
S1: Mhm. Yeah. And so we get caught in, I know
S1: you've talked about this loop that we have where, you know,
S1: instead of it being around, you know, how do I
S1: beat next month? It really should be about what is
S1: God calling me to and how can my finances be
S1: in service to that, right?
S2: Absolutely.
S1: Yeah. Uh, first Peter 410 calls us to use whatever
S1: God has entrusted to us to serve others as faithful
S1: stewards of his grace. Jim, how does that idea shift
S1: our focus from Comparison to stewardship.
S2: Well, what you start to see is every resource is
S2: a gift and it's here to serve. It's not here
S2: to actually be a trophy that you put on display
S2: for everybody else. You are literally trying to be the
S2: vessel that God's using to reach other people. And when
S2: you can do that, you start to think about not
S2: how much can I give, but how much do I keep?
S2: And that allows you to start thinking about, well, who
S2: can I bless with this? How can I have an
S2: impact for the kingdom in this way?
S1: Mhm. Yeah. And so it quickly becomes about generosity, holding
S1: what we have, loosely giving it generously, you know, how
S1: does that shift begin to occur in someone's mindset as
S1: they think about their role as stewards, not owners?
S2: A lot of people go from believing that I deserve this,
S2: or I've waited a long time and so I can
S2: control what I've got because I've earned it. And all
S2: of a sudden you start to release some of those, uh,
S2: assumptions and beliefs that you've grown up with. And so
S2: you start to hear how your kids or family might say, hey,
S2: everyone has one, why can't I? Why can't we go
S2: on a nice vacation? All of a sudden? It becomes,
S2: we're doing things differently. We're following our life plan of
S2: what God's called us to, and that's a gift that
S2: each of us have uniquely and individually.
S1: Yeah, it sure is. Jim, do you encourage your clients
S1: to really think about a lifestyle cap or a finish
S1: line as you're working with them?
S2: We try to ask them what their finish line is
S2: and how much it's going to be enough. But then
S2: we start to also ask, okay, there's only really three questions.
S2: How much do you need? How much do the kids need?
S2: And then what does God want me to do with
S2: the rest?
S1: Mhm. What about that question? How much do I need?
S1: Because it would be great if God's Word said you
S1: should live on 62.4% of your income. It doesn't. Which
S1: means it's between us and the Lord. How do you
S1: encourage people to go through that process to figure it out?
S2: What we typically want to try to do is say,
S2: seek God first. Yeah, ultimately, that's the issue.
S1: Mhm. Well, it's a matter of prayer and discernment. And
S1: if you're married, you need to do that together. Jim
S1: Rasmussen's here today. We're talking about comparison and the trap
S1: of having more. And striving for more and missing God's
S1: best for our financial lives. We'll continue to unpack this
S1: and what it looks like for you and me and
S1: Jim right around the corner. This is faith in finance.
S1: Live biblical wisdom for your financial decisions. Back with much
S1: more right after this. Stick around. The cure for comparison
S1: isn't having more. It's remembering who you are in Christ
S1: and why God entrusted you with what you have. We're
S1: talking the comparison trap with my friend Jim Rasmussen today.
S1: He's co-founder and brand ambassador at Pando Wealth and a
S1: certified Kingdom advisor. Jim, you've seen identity shift from I
S1: AM in Christ to I am the person who has
S1: achieved or acquired this. Uh, what early warning sign reveals
S1: that our identity is beginning to drift.
S2: Typically, if we start talking with others and we start
S2: to name material things that we have. Oh, I just
S2: bought a lake house. Oh, I have a nice car. Oh,
S2: I got new clothes. Oh, I went on a nice trip.
S2: We start to talk about material things versus what is
S2: God doing in our lives?
S1: Yeah, boy, that's a common trap that we can all
S1: get into. Uh, you know, some listeners may wonder, isn't
S1: it wise to learn from someone else's investment strategy? So,
S1: you know, as we think about our own investments, what
S1: can go wrong when we simply copy someone else's portfolio,
S1: for example.
S2: It can seem like a good idea at first because
S2: others seem to be further ahead or going where it
S2: looks flashy and exciting. But what we need is permission
S2: to actually go where God's called us. And if we're
S2: driving from Atlanta to New York, we need to go
S2: on 85 North. If we copy somebody else's driving habits
S2: and they're going west out I-20 or south down 85,
S2: we're not going to get to where God's leading us.
S2: And so to me is you can miss somebody's time
S2: horizon mismatch. You can figure out that you might actually
S2: be riskier than you should be. And so you're going
S2: to have more anxiety because your portfolio changes a lot.
S2: There's a lot of unintended consequences that happen when you
S2: start to just copy or follow the crowd.
S1: How does your prayer life play into this idea of contentment, Jim?
S2: Well, you all of a sudden see that when you're
S2: looking at your finances, prayers move more from, hey, I
S2: am thankful. I'm grateful for what I have. And you
S2: start looking at, hey, I might want this nicer house,
S2: this nicer car. So you can see that the shift
S2: when you start to think with gratitude and following what
S2: God has for your plan, you'll see a shift in
S2: your prayers that focus from inward to more outward. How
S2: can I be helpful with others and serve others with
S2: what I have and what I do?
S1: Yeah. You know, I think taking that inventory, perhaps a
S1: gratitude journal of sorts where, you know, I know for
S1: a season in my life, I finished every day just
S1: writing down 1 or 2 things I was grateful for.
S1: And the shift that happens when you acknowledge that and
S1: see God's faithfulness and provision in your life can be
S1: a game changer. Have you ever experienced that?
S2: I haven't sat down and journaled as much, but what
S2: I've started to do is more prayer life. And one
S2: of the things that has made a big impact on
S2: me is just praying. Psalms 13923 through 24. That one says,
S2: search me, O God. Know my heart. Test me and
S2: know my anxious thoughts. See if there is any offensive
S2: way in me and lead me in the way to everlasting.
S1: Mhm. Wow.
S2: To me, that is where you have to pay attention
S2: to the tension, and then God will surface things that
S2: have brought you closer to the comparison trap that you
S2: need to address and remove, so that you can move
S2: more towards the generosity and gratitude mindset that will then
S2: produce fruit of the Holy Spirit.
S1: That's well said. I know you often in your work
S1: with your clients, give families permission to act on what
S1: God may be leading them to do. Now, I know
S1: that may be a supporting ministry project. Maybe it's taking
S1: a family trip they've postponed out of guilt. What changes
S1: when they finally embrace that freedom?
S2: You can hear an audible sigh of relief. You can
S2: see their shoulders drop. If you're on Zoom, you really
S2: can just see a weight lifted, and they no longer
S2: are sitting there thinking, oh, I wish I could. They
S2: know they can. So it's just a a long dream
S2: will get booked for a vacation that they've been wanting
S2: to do. I just had one recently, last week that
S2: saw the statistics of 98% success dropped to 93% success.
S2: And he says, is that a big deal? I'm going
S2: go be generous because we want you to be generous.
S2: So it was just he said, thank you because I
S2: really want to grow the kingdom of God. And it
S2: was just an impact that we get to say yes to.
S1: That's powerful. Let's press into that a bit more, because
S1: I know at the heart of so many of these
S1: planning decisions and giving decisions is this idea of will
S1: I have enough? And you encourage people to think, Will
S1: what I have last long enough? What's the difference between
S1: those two ideas?
S2: Some of those. It goes from the accumulation to more
S2: of a distribution. It's really thinking, okay, God has been here.
S2: And when we're trying to say how much is enough,
S2: they're trying to plan every single accident or thing that
S2: could happen in their life downfall, which means they ultimately
S2: plan God out of their lives. And that to me
S2: is concerning because God can't show up if you've planned
S2: everything out for him. So we want to kind of
S2: see where's the responsible piece of that and asking, will
S2: it last long enough for what you're doing helps them
S2: stop chasing more and more and more.
S1: Mhm. That's good. Uh, as we look to God's Word
S1: and we talk about this comparison trap. Jesus command in
S1: Matthew 633 is to seek God's kingdom first. How does
S1: that help us break free from this cycle of comparison?
S2: When you start to seek God first, you start to
S2: realize that you have a life plan. Earlier I said,
S2: we don't have one, but you do. And when you
S2: have that, you then know the financial plan is to
S2: help you accomplish it. You get to say no faster
S2: to the things that you're being bombarded with. That means
S2: your purpose comes before your purchase. That means your contentment
S2: is going to cool any kind of impulse buys that
S2: are coming your way. You're going to start to see
S2: an eternal return on your investment. You're going to start
S2: to think more generosity and gratitude because you can say
S2: no to things faster. When you know you're on purpose.
S1: Yeah. Do you find that that's a struggle for people
S1: to really dial into their purpose?
S2: It is very hard because we have to sit still
S2: and talk with God, and in this world, we are
S2: to go, go, go constantly bombarded by emails and pictures
S2: on social media. And we get into this. Well, gosh,
S2: I should be doing all of that.
S1: Yeah. Yeah, absolutely. So then what is one practical step
S1: listeners can take this week to, to do what you're saying,
S1: which is to realign their hearts and their finances with
S1: God's priorities.
S2: A couple of things that I was thinking of is, first,
S2: go back to praying and reading Psalms 13923 through 24.
S2: Search me, O God. You could also just have an
S2: honest conversation with your spouse. If you're married or a
S2: close friend, and ask, what do you see in my
S2: life that I'm too close to it to see? Would
S2: you help me just become a better steward of what
S2: I have?
S1: Mhm. What about, uh, counteracting FOMO? The fear of missing out?
S1: Any thoughts there?
S2: Well, a lot of thing is, is that every person
S2: is thinking about themselves. They're not thinking about you. And
S2: so to me is giving you permission to say you're
S2: not missing out on anything. Seek God first, and he
S2: will remove that fear faster than anything.
S1: Yeah. Obviously, you're a certified Kingdom advisor, Jim, and I'd
S1: love for you just to speak from your perspective to
S1: the role of a CKA as you come alongside your
S1: clients to both give them permission, challenge them where appropriate,
S1: and even provide accountability when you're invited into that.
S2: Oh, absolutely. The best thing is, is that we get
S2: to come back and we understand that we're all here
S2: for an internal perspective. When you have a long term perspective,
S2: you make a better decision today. And we want to
S2: be that trusted advisor, just like every certified Kingdom advisor
S2: that you can realize. It's not about the money. It's
S2: not about anything except you seeking God's purpose in your
S2: life and then helping you steward that in a way
S2: that helps you accomplish it. So having somebody that's not
S2: there to sell you or convince you to just give
S2: them money and talk to you later, having a relationship
S2: versus a transaction, yes, is vital.
S1: Oh. So good. Well, Jim, this has been really rich.
S1: I'll tell you, this whole idea of the comparison trap,
S1: especially now with social media, is just so rampant. And really,
S1: at the end of the day, it's an issue of
S1: the heart. So much more than the money. You've given us.
S1: So many things to think about today. Really appreciate your time.
S1: Thanks for stopping by.
S2: Thank you Rob.
S1: Folks, the cure for comparison isn't having more. It's remembering
S1: who you are in Christ and faithfully stewarding what God
S1: has entrusted to you. If you want to learn more
S1: about Pando Wealth, go to Pando wealth.com. That's Pando wealth.com.
S1: If you'd like to find a certified Kingdom advisor like
S1: Jim in your area, go to find a seeker.com. Back
S1: with your questions after this. 800 525 7000. That's 800
S1: 525 7000. Or if you'd prefer to email your question,
S1: send it to us at ask@faithfully.com. We'll be right back.
S1: Great to have you with us today on Faith and
S1: Finance Live. I'm Rob West. Our team is away from
S1: the studio today. We're not here, so don't call in.
S1: But we lined up some great questions in advance and
S1: we'll get to those in just a moment first. You know,
S1: as I look at the scriptures, one of the big
S1: ideas that literally jumps off the page when you look
S1: at this area of finance in light of a biblical worldview,
S1: is the idea of contentment. We should foster an attitude
S1: of contentment. And I think that's the first understanding is
S1: that it is, in fact, an attitude. Matthew 633 says,
S1: but seek first the kingdom of God and His righteousness,
S1: and all these things will be added to you. If
S1: our aim is the kingdom, then that changes our perspective.
S1: It makes it focused on the eternal, not the temporal.
S1: And that's a game changer. Well then, from an attitude,
S1: we learn that contentment is in fact learned by. The
S1: Apostle Paul said it this way, not that I'm speaking
S1: of being in need, for I have learned in whatever
S1: situation I am to be content. That's Philippians 411. So
S1: it's a learned behavior. It's also a choice. You know,
S1: I can choose to be content in every circumstance, rich
S1: or poor, happy or sad, easy or difficult. Because as
S1: Christ followers, well, our position in Christ never changes. And
S1: I think that's an important reminder for us today. And
S1: perhaps it could change your whole approach to your money.
S1: All right, let's get to our calls today that we've
S1: lined up for you. We're going to go to Michigan. Sue,
S1: how can I help you?
S3: Hi. Um, we have a little bit of a problem. Um,
S3: we have a daughter. Uh, a middle daughter just got married,
S3: and the younger daughter was living with her, um, in
S3: her house, and so she moved back in with us
S3: while we've been trying to help her find a place,
S3: a house of her own, um, and everything, her being single,
S3: she doesn't have a younger sister to go in with
S3: her or anybody she knows that could, um, you know,
S3: rent part of the house with or whatever. Um, everything
S3: is out of her price range. Everything that is in
S3: her price range, um, either sells before we even get
S3: to go through it. Yeah. Or um, has so many
S3: repairs and I, she'll be at the max that she
S3: can go. So a piece of property came up for sale.
S3: That's what we did for her sister. Same thing was
S3: happening to her. She bought a piece of property. She
S3: kept living with us, paid on the property. And, um,
S3: then when she was able to and interest rates were
S3: still low, they moved. They built a tiny house and
S3: moved in together. A piece of property came up, but
S3: she doesn't quite have enough money to put down on it.
S3: Not even sure this is a great idea other than
S3: I know it's out there for the price you can afford.
S3: We have somebody from the church that's willing to build
S3: you as a retired builder said that you get a
S3: small house. I'll try to keep it in your range
S3: to for you to be able to afford it. I
S3: know new would be great because typically you don't have
S3: all the huge repairs. However, the down payment she needs
S3: help with we have. Our house is not paid off
S3: because I had a stroke six years ago and at
S3: 49 we weren't prepared for that and we had to
S3: borrow against the house again. And we have quite a
S3: large payment. We have three months, a little over three
S3: months cash, but that would eat some up. And we
S3: have two old vehicles that are 16 years old and
S3: an engine just blew on one of them. So we
S3: are going to have to use some of that money
S3: for the engine. I guess I'm looking for an unbiased opinion. Uh, yeah.
S3: She doesn't want to live here forever. We don't want
S3: her to, but obviously, we don't know the future. Uh,
S3: we had a roof, uh, water heater, and our air
S3: conditioner and heater go all in the same year, so.
S3: And that was last year. So we know what can happen.
S3: And I'm scared, you know?
S1: Yeah. Yeah. Well, I appreciate all that background, Sue. And
S1: you sound like a wonderful mom, and I love your
S1: heart to help your daughter. Um, I think the, the
S1: thing that I'm concerned about, as you just described your situation,
S1: is that your own finances are already under strain. And so,
S1: you know, you've shared that you're carrying this additional loan
S1: because of a medical issue, you've got a major vehicle expense,
S1: you've had, uh, you know, health challenges, uh, issues with
S1: the home. And so I think just, you know, despite
S1: your desire to help, and I love that. And if
S1: you had said, we're in a position to do it,
S1: what do you think about us blessing our our child
S1: with a down payment? I'd say, yeah, that's great. But
S1: I think, you know, if it's going to put you
S1: in a position where, you know, another unexpected expense could
S1: put you all into a tailspin beyond, you know, what
S1: you're already in right now. You know, it really is,
S1: you know, could endanger you financially. And so, you know,
S1: I think just given the circumstances, I think, you know,
S1: perhaps she just waits this out. Maybe you all focus
S1: on getting beyond some of these immediate concerns, maybe trying
S1: to build back up. I realize there's an opportunity right
S1: now with something in front of you, but I don't
S1: want to make a difficult situation worse by you all
S1: moving on something to to buy it further, putting you
S1: in a, in a situation where just given all that
S1: you've got on your plate right now, now you're dealing
S1: with less liquidity. And then on top of that, despite,
S1: you know, the, the gracious offer from this builder at church,
S1: you know, often there are cost overruns, there are unexpected expenses.
S1: You know, we've got geopolitical issues going on that affect,
S1: you know, construction prices. And, you know, let's say, you know,
S1: something ends up coming in more than we expect. I mean, we,
S1: we kind of need to go into it thinking there
S1: could be 15 to 20% overages beyond, you know, what's
S1: being promised despite, you know, the best intentions of this builder.
S1: And if she's already kind of right up against the
S1: edge and then all of a sudden it goes even higher,
S1: we could end up in a situation where both of you,
S1: you know, went from, you know, stable to a really
S1: desperate situation because all of a sudden now you have
S1: an obligation you weren't counting on, or at least less cash.
S1: And she's in a property that, although it's new, you know,
S1: is out of her price range. And, you know, now
S1: she's just starting out, but she's kind of underwater every month.
S1: I just it doesn't feel like the right environment, despite
S1: how good this offer might be for you all to
S1: move on this. And so I would encourage you to
S1: just slow down. Let's trust the Lord that he's got
S1: an incredible plan for her, uh, in terms of housing
S1: and her future. But we also want to be good
S1: stewards in the process and not get ahead of the
S1: finances in the provision. That's right there. Let's you and
S1: I talk a bit more off the air. We'll be
S1: right back. Hey, great to have you with us today
S1: on Faith and Finance Live. I'm Rob West, your host.
S1: Our team is away from the studio today, so don't
S1: call in. But coming up a little later, we'll have more.
S1: Let's head back to the phone calls we have on
S1: the program. Hey, let me take a moment to mention
S1: the Faith Fi app. We'd love for you to download it.
S1: Just head to your app Store or wherever you download
S1: apps and search for faith Fi. That's faith. Fi, you
S1: can manage your money. You can access the best content
S1: in biblical finance, podcasts, articles and videos. You can also
S1: participate in our faith fi community, where you can post
S1: questions and get answers from others on their stewardship journey.
S1: You'll find it in your App Store. Just search for
S1: faith Fi. Or if it's easier, head to our website
S1: at faith fi.com. That's faith fi.com, and you'll see the
S1: app right there on the home page. Now let's head
S1: back to the phone calls we have lined up. Let's
S1: go to Texas and Kathy. Go right ahead.
S4: Hi, Rob. Thank you so much for your ministry.
S1: Absolutely. Thank you for calling today. And for that.
S4: I have a question. I was gifted some money by
S4: my father. My mother passed away and he inherited everything.
S4: He gifted some money to me and I want to
S4: know how to best use it. um, and be a
S4: good steward of it, of course. But, um, we, uh,
S4: my husband and I have quite a bit of debt and, uh,
S4: nearing retirement, and I didn't know if we should put
S4: part of it into a CD or some kind of
S4: investment or just focus on repaying our debt and, um,
S4: you know, gifting the 10%, of course.
S1: Yeah. Very good. I love that you're thinking about, you know,
S1: giving as unto the Lord, uh, on this. Um, and
S1: tell me a little bit more about the debt that
S1: you have, Cathy.
S4: So my husband's business failed and, um, we, um, are
S4: about $140,000 in debt. We do have a house that
S4: we are still mortgaged, and we have one vehicle that
S4: we're still paying for. It's been in the shop for
S4: the past month and a half because there was a recall.
S4: And um, so we have some issues with that. I
S4: didn't know if we needed to pay the vehicle off,
S4: if that would be the best way to go or
S4: work on some personal.
S1: So the 140,000, is that all the related to the business,
S1: or is that kind of rolling other debts in as well?
S4: Um, most of it is actually personal loans because um
S4: we used a lot of credit cards and we paid
S4: those off with loans.
S1: I see.
S4: That's where that debt comes from.
S1: So the 140,000 is basically all personal loans. And that
S1: doesn't include your mortgage or anything else.
S4: Right.
S1: Okay. Yeah. And what is the interest rate roughly on
S1: the loan or loans.
S4: Around 10%.
S1: Okay. Yeah. Um, that really needs to be our priority. Uh, because,
S1: you know, you're not going to do 10%, certainly not
S1: guaranteed 10%, which is the return you'll get on every
S1: dollar of personal loan debt you pay off. That's equal
S1: to a 10% return. You're not going to get a
S1: guaranteed 10% return anywhere else. So you certainly wouldn't want
S1: to invest this money while you're carrying that debt. I
S1: realize it's a it's a big number, and it probably
S1: feels like we're never going to pay it off, but
S1: we've just got to make steady progress. So I think,
S1: you know, the priority order is, you know, let's replenish
S1: your emergency fund. If you if you don't have one.
S1: And let's try to get up to six months worth
S1: of expenses in liquid savings. So you've got something to
S1: fall back on if the unexpected comes. And, you know,
S1: hopefully we've broken the cycle of using the credit cards.
S1: And I realized there was a single event that occurred
S1: that led to that. But we want to make sure
S1: that we don't have to go back there. But once
S1: that's in place, I think, you know, the key for
S1: you all is to just start making steady progress toward
S1: that 140 140,000. Um, what what do you have coming, um, uh,
S1: following the passing of your mom.
S4: So we have, um, about 75,000.
S1: Okay. Yeah. And so do you have anything in emergency
S1: savings currently?
S4: No, we do not.
S1: Okay. And what do you all typically spend in a
S1: month's time?
S4: Um, with the debt. It's usually about, uh, right under $10,000.
S1: Okay. Yeah. So and are you able to, I mean,
S1: do you have enough income coming? That is it like
S1: right up to the edge or in some months, are
S1: you spending more or do you have any margin kind
S1: of where are you at monthly?
S4: So, um, I don't know how, but God has provided
S4: and we are able to pay right now, but there
S4: were a few months where we don't even know how, yeah.
S4: How possibly we could pay our debt and we did. So, um,
S4: we're really working on trying to be better stewards and.
S1: Um, and is the personal loan, is there multiple loans? Like,
S1: could you pay off one of them or is it
S1: kind of all okay? Yeah. So that might be the
S1: way to go because that's going to eliminate a payment.
S1: So you're probably going to want to snowball these where
S1: you go, assuming they're, you know, you could go smallest
S1: to largest balance. And, you know, maybe we, we take and,
S1: and put, uh, you know, 30, 000 aside in emergency
S1: savings and then take the rest and just start, you know,
S1: paying off one loan at a time. Here's what I'd
S1: like to do. Um, I'd like to provide if you'd
S1: be willing to take advantage of it, uh, a few
S1: sessions with a certified Christian financial counselor. And this is
S1: somebody who's trained in stewardship and budgets and debt repayment.
S1: This is what they do. And, and for many of them,
S1: they're retired. This is their ministry. Um, but I'd love
S1: for one of our certified Christian financial counselors to come
S1: alongside you guys. We're going to pay for it so
S1: it won't cost you anything, Cathy. But essentially they'll work
S1: with you to look at your income and expenses, help
S1: you develop a budget, maybe think long and hard about
S1: where your money is going because you have a great income.
S1: I mean, you all are making a lot of money,
S1: but we need to rein it in and make sure
S1: that we've got a good priority order. And that may
S1: mean stripping the budget down to the basics and then
S1: kind of rebuilding it with a focus on how quickly
S1: can we get out of debt. Because once this debt
S1: is paid off, you're in a whole different situation. Now
S1: we can turn our attention to, you know, building for
S1: the future so that, you know, your, your husband at
S1: some point, you know, may be able to, you know,
S1: redirect toward what God has for him next and you
S1: as well paid or unpaid in retirement. So, you know,
S1: I think getting you on a track where you've got
S1: a third party who can bring some objective, uh, you know,
S1: analysis to your spending, help you develop that plan could
S1: really get you pointed in the right direction. How does
S1: that sound though?
S4: Amazing. And thank you so much for doing that.
S1: Oh, I'd be delighted to. So let's do this. I'm
S1: going to have you hold the line. My team is
S1: going to get your information. We'll get a certified Christian
S1: financial counselor in touch with you and and then give
S1: me a call back after you finish all those sessions
S1: and let me know where you landed. I'd love to
S1: celebrate with you. Listen, it's not going to be a
S1: quick fix. It's going to take time. It's going to
S1: take some sacrifice on your part. You guys are going
S1: to need to rethink that spending plan. But, um, you know,
S1: this is what's necessary for you to live as a
S1: faithful steward. It's something, you know, we all have to
S1: do in saying, all right, Lord, thank you for what
S1: you've provided for me. It all comes from you. Now,
S1: how can I be a careful steward of what you've
S1: given me day to day, month to month doesn't mean
S1: you can't ever enjoy it. We want you to enjoy it.
S1: That's part of God's plan, but we want to make
S1: sure that it reflects what's truly important to you and
S1: that you're moving toward a stronger financial foundation. God bless you, Cathy.
S1: Thanks for your call. Hey, before we head to this break,
S1: just a quick reminder, our team is away from the
S1: studio today, so don't call in. We did line up
S1: some great questions in advance, and when we come back
S1: from this break, we'll have an opportunity to hear some
S1: of those questions. Let me also remind you that if
S1: you have a question you'd like to get in front
S1: of us and get an answer to, you can always
S1: send it in electronically. That's right. The way to send
S1: an electronic question is just to head to Moody radio.org/finance.
S1: You'll see the form there on that page where you
S1: can submit your question. We try to get to a
S1: few of those each week on the air again, Moody radio.org/finance.
S1: Back with more on faith and finance. Live right after this.
S1: Stick around.
S5: This is our final segment of a faith and finance
S5: live program that we previously recorded. Thanks so much for
S5: being with us today, and we hope you'll stick around
S5: and enjoy the rest of the program.
S1: Hey, do you love the program? Well, if so, we
S1: can't bring you this program each day without your listener
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S1: Let's try to get to as many calls as we
S1: can here in this final segment today. Let's go out
S1: to Louisiana. Tony, thanks for your patience. Go ahead.
S6: Yes, sir. Um, both my husband and I are approaching 65,
S6: and we both qualify for Social Security because we pay in.
S6: We've been told at 65, we need to start taking it,
S6: even though, God willing, we will continue to work. Um,
S6: because we both love our jobs and want to stay working.
S6: But also I work at a school and I qualify
S6: for teacher retirement. So I'm wondering, like, would I need
S6: like a certified Christian counselor or like a CKA if
S6: that's two different things? Or who would I need to
S6: talk to about? Like, would I take Social Security? Would
S6: it be better to take teacher retirement and how, how
S6: someone that could point me in the right direction on
S6: how to yes, utilize our retirement?
S1: Yes. Well, I love this. Thanks for that background, Tony.
S1: And I love that you and your husband love your work.
S1: You know God created us to be workers and what
S1: a gift it is when we can do things we
S1: love that we were wired to do, to be productive,
S1: to bless others, and to do that in a way
S1: that just brings enjoyment and glory to God when we
S1: use our gifts and talents for him. So that's just fabulous.
S1: And I love that you're thinking about your future and
S1: what is the right time to take Social Security, and
S1: how does that play into the other retirement assets that
S1: you have? What a gift that you're in that place. Uh,
S1: to answer your question, yes. Um, this is where a
S1: certified Kingdom advisor could be really helpful because you're not
S1: necessarily looking for investment management at this point, although you
S1: may be in the future, you're really looking for what
S1: we would call comprehensive financial planning. So this is, uh,
S1: probably a certified Kingdom advisor who's also a certified financial planner.
S1: And many are that would come in and on a
S1: one time engagement where, you know, you do a planning
S1: session and, you know, maybe you meet 1 or 2
S1: times and then they would come back to you with
S1: a comprehensive financial plan, and then maybe you'd check in
S1: once a year or a couple of times a year
S1: after that. Um, they could really analyze your situation, look
S1: at your income and your expenses. What assets do you have?
S1: You know, look at your Social Security record in terms
S1: of what's coming to you. Hear more about your plans
S1: and where God is leading, leading you all and what
S1: your desires are in the future in terms of any,
S1: you know, major savings projects, uh, you know, how long
S1: you plan to work all of those things and then
S1: come back with an analysis on, yeah, here's the best
S1: time to take Social Security because, you know, it starts
S1: with your full retirement age where you can get, you know,
S1: what is coming to you, the full amount of what's
S1: coming to you based on your work record and what's
S1: called your high 35. And, um, you know, that's your
S1: 35 highest years of earnings that determines your monthly benefit.
S1: And unless you wait until that full retirement age, which
S1: is probably close to or at 67, You're not going
S1: to get that full amount. But then if you wait
S1: beyond that and a lot of times it makes sense
S1: to do that. If you're working and you're in good
S1: health and you have longevity in your family, you can
S1: get an 8% increase to that check every year until
S1: age 70. So you could get, you know, checks 25%
S1: higher than what you were going to get at full
S1: retirement age for the rest of your life, which if
S1: you live into your 90s and a lot of people do,
S1: could be really helpful down the road to have that,
S1: you know, that increased check. It'll take you about 12
S1: years to get paid back for it. Um, but then
S1: from that point, you, you know, you're just, you're making
S1: more money from social Security. Um, now if you decided
S1: to take it early, then you're going to get, you know,
S1: less and that would all be a part of the analysis.
S1: So yeah, I would head to find acka.com. Tony. You
S1: can find a certified Kingdom advisor and just tell them
S1: you're looking for retirement planning. And that really is what
S1: your need is. And they would typically do that on
S1: a flat fee, you know, per engagement basis.
S6: Okay. Thank you so very much. I'll do that.
S1: Excellent. Lord bless you, Tony. Call anytime if I can help.
S1: And again, that website is find acka.com. Uh, let's go
S1: to Missouri. Dennis, how can I help?
S7: Bless your ministry. I hope you and everybody is doing fine.
S1: Thank you.
S7: I'm a faith buy. I just joined Faith fire recently
S7: and I'm also I'm also a tither. I'm retired military,
S7: retired civil service. I'm a disabled vet. I served 20
S7: years in the military. And, and I've got an interesting situation. Okay.
S7: The VA has recently upped my disability payment to a
S7: very large amount. And it's called a judiciary or some
S7: kind of account that my daughter manages. And it's supposed
S7: to take care of all my needs. But I also
S7: have a retired civil service, retired military, and I draw
S7: Social Security. So I've got enough money is I don't
S7: have any credit card debt to speak of. Uh, I
S7: think I'm up maybe one small one, but I don't otherwise,
S7: I don't have any credit card debt. The situation I'm
S7: in is I'm in a rental property and the VA
S7: has offered to or has granted me two loans or
S7: two grants to improve my rental property where I live
S7: because I'm legally blind. And they're saying that there may
S7: be things I need being a disabled vet, uh, such
S7: as ramps because I use a walker and other things
S7: within the house. Well, my daughter is telling me that recently.
S7: I'm sorry. Recently, I bought my daughter a car because
S7: she needed one. Uh, I'll be paying that off for her.
S7: So my, uh, free income right now is 5400 a month. Uh,
S7: so I'm making, I'll be making the car payments out
S7: of that, and I hope to pay the car off,
S7: like in a few months. And, uh, from my daughter saying,
S7: rather than continue to rent. Why don't you just buy
S7: a piece of land and put a prefab house on it?
S7: And I got to thinking about it and she said
S7: there would be money, your rent money you would pay.
S7: Now you'd be making on that rental property. You buy it.
S7: That would be an investment for you. Well, I got
S7: to thinking about it, but I thought, well, I got
S7: to put in a septic and a well and a
S7: water line and foundation and, and all that sort of stuff.
S7: And plus I'll be making house payments and there'll be
S7: taxes on the property. And I'm wondering, would I be
S7: better off just to stay where I'm at because my
S7: rent is 500 a month, which is a very good price.
S7: I can easily afford that. That comes out. I take
S7: that out of my VA disability pay. And if I just, uh,
S7: I'm retired, so I'm not and I can't work. So
S7: I'm wondering, should I just stay where I'm at rather
S7: than invest in a new house on my age?
S1: Yeah. Wow. That's great. Well, first of all, Dennis, thank
S1: you for all that background information. Thank you for your
S1: encouragement about the program here and for being a partner. Uh, also,
S1: thank you for your service to our nation. Uh, what
S1: a gift that is. And we are incredibly grateful. Um,
S1: you know, based on what you've shared, I love the
S1: fact that you're in a very strong financial position with
S1: no consumer debt, stable income from your VA benefits and
S1: civil service. You know, as you said, you're paying a
S1: low $500 a month in rent. I mean, that's a
S1: very positive situation. And I would say to your point,
S1: you know, don't buy just because you can, uh, you know,
S1: buying land and putting a prefab home on it is
S1: more complicated than many people realize. You mentioned some of
S1: the complexities beyond the land and the, the home. You know,
S1: we're talking about the septic system, the utilities, the site prep,
S1: the permits, the insurance, the the property taxes, the maintenance. Um,
S1: you know, I think considering your accessibility needs, you want
S1: to make sure that, you know, you have a place
S1: that's going to meet those needs. I love that they're
S1: giving you that grant to do that. Um, and you know,
S1: those grants are a blessing. And if you can make
S1: your current rentals safer and more accessible, your landlord is
S1: willing to cooperate. Uh, and you can keep that low rent. Um,
S1: I think that's, uh, that's worth serious consideration, uh, just
S1: to stay right where you are. I know your daughter
S1: loves you and wants the best for you, but I
S1: think at the end of the day, the decision needs
S1: to serve your needs and lifestyle, not necessarily just be
S1: considered a, quote, good investment, if that makes you no sense.
S7: Well, I talk with the landlord and they've told me
S7: that I can stay in this rental property as long
S7: as I want. And, uh, the payments are not going
S7: to go up as far as, uh, as far as
S7: I know. And I figured, well, that might be VA
S7: my VA disability that the VA has given me is
S7: a large, large amount and that takes care of everything.
S1: Yeah. Yeah. I mean, from what you've you've shared here, Dennis,
S1: I mean, I don't think you can go wrong either direction,
S1: but just my observation is I don't hear a financial
S1: problem to solve. I hear someone who's in a stable,
S1: affordable housing situation. And unless there's a strong lifestyle reason
S1: to move, I'd be inclined to enjoy the simplicity. Keep
S1: building your savings. Avoid taking on the cost and responsibility
S1: of developing a property at this stage of life. Continue
S1: giving and blessing the people you love, just like you
S1: did with this automobile. The verse that comes to mind
S1: is is Proverbs 1516 better a little with the fear
S1: of the Lord than great wealth, with turmoil. And sometimes
S1: the best investment isn't the one with the highest potential return,
S1: especially in this season of life. It's the one that
S1: provides the greatest peace and stability and freedom. Does that
S1: make sense?
S7: Yeah it does. I, I just don't want to create
S7: any more problems. And right now my lifestyle is very simple. My,
S7: my bills are virtually nothing. So I kind of think
S7: maybe I should just stay where I'm at. I am
S7: able to put away about 1500 a month in savings.
S8: Love it. Yeah. That's great.
S1: Well, I think that's the answer to your question, Dennis.
S1: At least for now, I just stay put and enjoy
S1: this unique situation you have with a very accommodating landlord
S1: with a very reasonable price. Uh, something really good about, uh,
S1: keeping life simple. And, uh, that's what I'm hearing from
S1: you again, thank you for your service to our nation,
S1: my friend, and for being a faith by partner. We're grateful.
S1: God bless you, folks. If you'd like to support our work,
S1: just head to faith.com/give. Hey, faith in finance is a
S1: ministry of Faith, Fi and Moody Radio. Thanks to my
S1: team today and we'll see you tomorrow. Come back and
S1: join us then. Bye bye.