1 00:00:08,680 --> 00:00:11,920 S1: Wise counsel is a gift, especially when it helps us 2 00:00:11,920 --> 00:00:15,720 S1: steward money with clarity and purpose. Hi, I'm Rob West. 3 00:00:16,000 --> 00:00:19,239 S1: Scripture tells us that safety and wisdom are found not 4 00:00:19,239 --> 00:00:22,680 S1: in going it alone, but in listening well. Today, Sharon 5 00:00:22,680 --> 00:00:26,120 S1: Epps joins us to talk about why wise counsel matters, 6 00:00:26,120 --> 00:00:28,720 S1: how to discern the right voices and what it looks 7 00:00:28,720 --> 00:00:31,640 S1: like to seek help with humility and faith. And then 8 00:00:31,640 --> 00:00:35,880 S1: it's on to your calls at 800 525 7000. This 9 00:00:35,880 --> 00:00:42,240 S1: is faith and finance. Biblical wisdom for your financial decisions. Well, 10 00:00:42,240 --> 00:00:45,280 S1: our guest today is Sharon Epps, president of Kingdom Advisors 11 00:00:45,280 --> 00:00:47,880 S1: and a frequent voice here at Faith by Sharon. Great 12 00:00:47,880 --> 00:00:48,839 S1: to have you in the studio. 13 00:00:48,880 --> 00:00:49,920 S2: Well, thank you, Rob. 14 00:00:50,080 --> 00:00:54,280 S1: Sharon, Proverbs 1114 says that where there is no guidance, 15 00:00:54,320 --> 00:00:57,680 S1: a people falls, but in an abundance of counselors there 16 00:00:57,680 --> 00:01:01,560 S1: is safety. So why is godly counsel such a safeguard 17 00:01:01,560 --> 00:01:04,880 S1: for believers as they navigate financial decisions? 18 00:01:04,920 --> 00:01:08,080 S2: Well, there are so many instances in Scripture where God 19 00:01:08,120 --> 00:01:12,920 S2: uses his people to give wise counsel, and so certainly 20 00:01:12,920 --> 00:01:16,400 S2: Scripture is the ultimate truth. But when we talk to 21 00:01:16,440 --> 00:01:19,720 S2: wise counselors who speak from the power of the Holy 22 00:01:19,720 --> 00:01:23,360 S2: Spirit in Scripture, we can learn what God might have 23 00:01:23,360 --> 00:01:26,280 S2: from us. It also protects us from blind spots and 24 00:01:26,280 --> 00:01:28,640 S2: emotional decision making. As you know, that's one of the 25 00:01:28,640 --> 00:01:31,720 S2: reasons we believe that you need a financial advisor, a 26 00:01:31,720 --> 00:01:35,360 S2: third party that can help you with your decision making. 27 00:01:35,520 --> 00:01:39,319 S2: And it helps us to hear God in a new way, 28 00:01:39,360 --> 00:01:42,160 S2: not just from our own lenses, but from the lenses 29 00:01:42,160 --> 00:01:45,280 S2: of others who are deeply steeped in God's Word. And then, 30 00:01:45,280 --> 00:01:49,000 S2: of course, finally, humility. Um, it humbles us to seek 31 00:01:49,000 --> 00:01:50,240 S2: wisdom from others. 32 00:01:50,480 --> 00:01:54,080 S1: I completely agree. Now, many people feel pressure to figure 33 00:01:54,120 --> 00:01:56,200 S1: everything out on their own. So what would you say 34 00:01:56,200 --> 00:01:59,110 S1: to someone who's hesitant to ask for help because it 35 00:01:59,110 --> 00:02:00,830 S1: might feel like a sign of weakness. 36 00:02:00,870 --> 00:02:03,950 S2: Well, let me be transparent here. That's me. I like 37 00:02:03,950 --> 00:02:07,070 S2: to figure things out myself. Yes. But what I've really 38 00:02:07,070 --> 00:02:11,390 S2: learned is that's rooted in pride. It is thinking that 39 00:02:11,389 --> 00:02:14,790 S2: I know everything or that I can figure out things. 40 00:02:14,790 --> 00:02:19,750 S2: And we actually act in faith when we ask for help. 41 00:02:19,870 --> 00:02:23,070 S2: And quite frankly, we give a blessing to other people 42 00:02:23,070 --> 00:02:25,670 S2: to allow them to use what God's given them to 43 00:02:25,710 --> 00:02:28,790 S2: help us. And so that's why trusted voices are so 44 00:02:28,790 --> 00:02:33,310 S2: helpful in our life to help us avoid missed opportunities 45 00:02:33,310 --> 00:02:35,230 S2: or missteps. 46 00:02:35,750 --> 00:02:38,230 S1: That's exactly right. Now, I love when we can look 47 00:02:38,230 --> 00:02:41,590 S1: to God's Word to see this on display. The story 48 00:02:41,590 --> 00:02:44,750 S1: of Rehoboam in first Kings 12 shows the danger of 49 00:02:44,750 --> 00:02:48,190 S1: listening to the wrong voices. So what lessons can we 50 00:02:48,190 --> 00:02:52,070 S1: pull out of this story on how we make financial decisions? 51 00:02:52,190 --> 00:02:55,350 S2: Well, it certainly is easy to listen for people that 52 00:02:55,350 --> 00:02:59,070 S2: agree with us. Yeah. And that's exactly what Rehoboam did. 53 00:02:59,070 --> 00:03:02,470 S2: He listened to voices that affirmed what he wanted instead 54 00:03:02,470 --> 00:03:04,470 S2: of offering the truth. And just a little side note, 55 00:03:04,470 --> 00:03:07,190 S2: the more power that you have, the more likely people 56 00:03:07,190 --> 00:03:09,790 S2: are going to give you what they think you want 57 00:03:09,790 --> 00:03:12,510 S2: to know. And so it's important to be sure that 58 00:03:12,510 --> 00:03:16,190 S2: that power dynamic is considered when you're thinking about counsel 59 00:03:16,190 --> 00:03:19,549 S2: or wise advice. And so we need to prioritize godly 60 00:03:19,550 --> 00:03:23,430 S2: and seasoned voices over peers who might just say what 61 00:03:23,430 --> 00:03:25,830 S2: we want to hear. It keeps us aligned with God's 62 00:03:25,830 --> 00:03:28,750 S2: purposes and even needs to challenge us. 63 00:03:28,790 --> 00:03:32,510 S1: Yeah, let's get really practical. So what does seeking wise 64 00:03:32,510 --> 00:03:36,470 S1: counsel actually look like in everyday financial decisions? 65 00:03:36,510 --> 00:03:39,070 S2: Well, I mentioned it earlier. I think a professional advisor 66 00:03:39,070 --> 00:03:42,270 S2: is a key who can help you integrate that biblical 67 00:03:42,270 --> 00:03:45,870 S2: wisdom into planning, which is certainly a certified Kingdom advisor. 68 00:03:45,870 --> 00:03:48,630 S2: I think we need mentors who have walked ahead of 69 00:03:48,630 --> 00:03:51,990 S2: us that can help us navigate new seasons of life. 70 00:03:52,150 --> 00:03:57,430 S2: And I think peer friends who will speak with integrity, honesty. 71 00:03:57,470 --> 00:03:59,870 S2: Be willing to call us out when we might be 72 00:03:59,870 --> 00:04:03,830 S2: out of line. And I think sometimes we need conversation 73 00:04:03,830 --> 00:04:06,990 S2: over coffee, like conversation, and other times we need deep 74 00:04:06,990 --> 00:04:10,310 S2: spiritual counsel and ask the Lord for wisdom, which you need. 75 00:04:10,830 --> 00:04:13,550 S1: Let's put this in practice right now, Sharon, and allow 76 00:04:13,550 --> 00:04:18,310 S1: you to be that wise counsel for someone who's overwhelmed 77 00:04:18,310 --> 00:04:21,550 S1: right now by a financial decision they need to make. 78 00:04:21,670 --> 00:04:22,830 S1: What would you offer to them? 79 00:04:22,870 --> 00:04:25,070 S2: Well, the first thing I would say is don't go alone. 80 00:04:25,190 --> 00:04:28,470 S2: I think Satan likes to isolate us. And then the 81 00:04:28,470 --> 00:04:31,310 S2: problem just grows bigger and bigger and bigger. And so 82 00:04:31,350 --> 00:04:34,669 S2: invite trusted spiritual friends into the process. And if you 83 00:04:34,670 --> 00:04:37,870 S2: don't have them, go to your pastor or another spiritual 84 00:04:37,870 --> 00:04:40,830 S2: leader and ask them to help connect you to someone 85 00:04:40,830 --> 00:04:43,430 S2: who can guide you wisely. And of course, take it 86 00:04:43,430 --> 00:04:46,510 S2: to the Lord. He is our best counselor, no doubt. 87 00:04:46,510 --> 00:04:48,670 S1: That reminds me of James one five if any of 88 00:04:48,670 --> 00:04:51,870 S1: you lacks wisdom, let him ask God, who gives generously 89 00:04:51,870 --> 00:04:55,630 S1: to all without reproach. Sharon, thank you for your wise 90 00:04:55,630 --> 00:04:57,150 S1: counsel today and for being here. 91 00:04:57,190 --> 00:04:58,670 S2: Always a pleasure. Thank you. 92 00:04:58,710 --> 00:05:01,750 S1: That's Sharon Epps, president of Kingdom Advisors. Now, if you're 93 00:05:01,750 --> 00:05:05,750 S1: looking for wise financial counsel, consider working with a certified 94 00:05:05,750 --> 00:05:10,310 S1: Kingdom advisor, a financial professional trained to integrate biblical wisdom 95 00:05:10,310 --> 00:05:13,830 S1: with sound financial planning and investing. You can find one 96 00:05:13,830 --> 00:05:18,750 S1: in your area at. Find a. Com that's find a. 97 00:05:20,870 --> 00:05:23,390 S1: Back with your questions after this, stick around. 98 00:05:35,350 --> 00:05:38,430 S3: The opinions offered during this program represent the personal or 99 00:05:38,430 --> 00:05:42,870 S3: professional opinions of the participants, given for informational purposes only. 100 00:05:42,990 --> 00:05:46,430 S3: Any information provided is not intended to replace advice from 101 00:05:46,430 --> 00:05:50,830 S3: a financial, medical, legal, or other professional who understands your 102 00:05:50,830 --> 00:05:52,430 S3: specific situation. 103 00:06:00,900 --> 00:06:03,260 S1: Great to have you with us today on faith and finance. Well, 104 00:06:03,260 --> 00:06:05,180 S1: if you want to manage money God's way, you've come 105 00:06:05,180 --> 00:06:08,539 S1: to the right place. That's our focus each day equipping you, 106 00:06:08,660 --> 00:06:11,940 S1: encouraging you, cheering you on as you take what God 107 00:06:11,940 --> 00:06:14,900 S1: has entrusted to you, whatever that is. And our goal 108 00:06:14,900 --> 00:06:18,500 S1: is to be found faithful. Remember, if you're faithful with little, 109 00:06:18,500 --> 00:06:21,539 S1: you will be faithful with much. So whatever passes through 110 00:06:21,580 --> 00:06:24,580 S1: your hands and mind, we want to hold it loosely. 111 00:06:24,740 --> 00:06:27,140 S1: Give it back to the Lord. Use it for his 112 00:06:27,140 --> 00:06:30,860 S1: glory and his purposes, which includes enjoyment and provision, but 113 00:06:30,860 --> 00:06:33,500 S1: also giving. You know, I think some of the big 114 00:06:33,500 --> 00:06:37,820 S1: ideas are first, we have to recognize that we're stewards, 115 00:06:37,820 --> 00:06:40,700 S1: not owners. Second, we need to be steeped in God's Word, 116 00:06:40,700 --> 00:06:43,820 S1: understand the counsel of Scripture. There is so much there. 117 00:06:43,940 --> 00:06:46,140 S1: You can look at so many of these stories and 118 00:06:46,140 --> 00:06:49,860 S1: take away really meaty and big ideas around our giving 119 00:06:49,860 --> 00:06:53,219 S1: from the Apostle Paul and around margin from the story 120 00:06:53,220 --> 00:06:56,220 S1: in the book of Ruth, of Boaz and the gleaning. 121 00:06:56,220 --> 00:06:58,900 S1: You can look at Joseph and how he saved for 122 00:06:58,900 --> 00:07:01,460 S1: the future. We can look at Jesus and how he 123 00:07:01,500 --> 00:07:05,460 S1: gave gave everything, and our response to the grace extended 124 00:07:05,460 --> 00:07:08,420 S1: to us should just be a a generous life. I mean, 125 00:07:08,460 --> 00:07:10,980 S1: we can understand through the counsel of Scripture, the way 126 00:07:11,020 --> 00:07:14,100 S1: we're to order our lives and to manage God's money, 127 00:07:14,100 --> 00:07:17,140 S1: because that's really what it is. And when we accept 128 00:07:17,140 --> 00:07:19,660 S1: that role as steward, it changes everything. And then I 129 00:07:19,660 --> 00:07:22,380 S1: think along the way we need to make some key decisions. 130 00:07:22,380 --> 00:07:25,460 S1: Number one, how much is enough? What is enough for? 131 00:07:25,500 --> 00:07:27,940 S1: For us, for each of us. And I can't tell 132 00:07:27,940 --> 00:07:30,060 S1: you the answer to that. You have to discover that. 133 00:07:30,060 --> 00:07:32,739 S1: But what is the lifestyle God has called you to? 134 00:07:32,780 --> 00:07:34,940 S1: We need to draw a line in the sand and say, okay, 135 00:07:35,180 --> 00:07:37,860 S1: this is it. And anything I receive beyond that, I'm 136 00:07:37,860 --> 00:07:40,740 S1: going to return to the Lord. And ultimately, once you 137 00:07:40,740 --> 00:07:44,580 S1: know your lifestyle enough, well, it makes it pretty easy to, uh, 138 00:07:44,620 --> 00:07:48,980 S1: to formulate your accumulation enough as well. How much is 139 00:07:48,980 --> 00:07:51,500 S1: enough for your balance sheet. Beyond that, we need to 140 00:07:51,500 --> 00:07:54,420 S1: prepare the next steward and transfer wisdom before wealth. A 141 00:07:54,420 --> 00:07:58,700 S1: legacy of faith, telling stories, passing values and characters. We 142 00:07:58,700 --> 00:08:01,300 S1: need to be in character. We need to be intentional 143 00:08:01,300 --> 00:08:04,980 S1: about that. And if we pass wealth before wisdom, well, 144 00:08:04,980 --> 00:08:07,300 S1: we've got a real problem there. And then we need 145 00:08:07,300 --> 00:08:11,260 S1: to direct wealth for kingdom purposes. And that happens both 146 00:08:11,260 --> 00:08:14,820 S1: in our charitable giving. It also happens through our investments, 147 00:08:14,820 --> 00:08:17,420 S1: as we align our values and our faith with the 148 00:08:17,420 --> 00:08:23,100 S1: deployment of capital into God honoring investments, businesses, companies that 149 00:08:23,100 --> 00:08:27,060 S1: are blessing their neighbors and and providing goods and services 150 00:08:27,060 --> 00:08:30,940 S1: to create human flourishing. That's the biblical model for how 151 00:08:30,940 --> 00:08:33,780 S1: we manage God's resources. But when we do that, boy, 152 00:08:33,820 --> 00:08:37,059 S1: the joy that comes from that is just simply amazing. 153 00:08:37,059 --> 00:08:39,140 S1: You may have been listening just a couple of days 154 00:08:39,140 --> 00:08:42,059 S1: ago here on the show, and a 70 year old 155 00:08:42,100 --> 00:08:45,500 S1: woman called, she said, Rob, I've been listening for a while. 156 00:08:45,500 --> 00:08:48,940 S1: I heard about the qualified charitable distribution. she said. So 157 00:08:48,940 --> 00:08:51,860 S1: I've been starting to give bigger gifts than I've ever 158 00:08:51,860 --> 00:08:54,179 S1: given before out of my IRA to my local church. 159 00:08:54,179 --> 00:08:56,699 S1: And she was literally laughing as she was telling the story, 160 00:08:56,700 --> 00:08:59,220 S1: because there was just so much joy that was welling 161 00:08:59,220 --> 00:09:02,340 S1: up inside her that she was able to give at 162 00:09:02,340 --> 00:09:05,460 S1: a hilarious level and partner with her church and all 163 00:09:05,460 --> 00:09:08,980 S1: that they were doing. That's the promise and the benefit 164 00:09:09,220 --> 00:09:13,179 S1: of ultimately being able to handle money God's way. Well, 165 00:09:13,179 --> 00:09:14,980 S1: we want to help you do that wherever you're at 166 00:09:14,980 --> 00:09:16,860 S1: in your journey. If you're trying to get out of debt, 167 00:09:16,900 --> 00:09:18,700 S1: we're here for you. If you want to set up 168 00:09:18,700 --> 00:09:20,819 S1: that spending plan, let's talk about that. If you want 169 00:09:20,860 --> 00:09:23,980 S1: to invest or give or prepare the next steward, whatever 170 00:09:23,980 --> 00:09:27,140 S1: you've got going on, go ahead and call right now. 171 00:09:27,140 --> 00:09:29,700 S1: We would love to be able to serve you today. 172 00:09:29,700 --> 00:09:37,179 S1: The number is 800 525 7000. That's 800 525 7000. 173 00:09:37,220 --> 00:09:39,940 S1: Our team is standing by and we will get you 174 00:09:39,940 --> 00:09:42,180 S1: on the air quickly and see if we can help 175 00:09:42,179 --> 00:09:44,740 S1: you tackle whatever you're facing. Again, lines are open. We'll 176 00:09:44,780 --> 00:09:47,410 S1: begin taking those calls here in just a moment. That 177 00:09:47,410 --> 00:09:53,690 S1: number 800 525 7000. Stocks climbing modestly today. But we 178 00:09:53,690 --> 00:09:56,969 S1: did open with an all time high yet again on 179 00:09:56,970 --> 00:10:01,290 S1: the S&P 500 quickly rising above 7000 for the very 180 00:10:01,290 --> 00:10:03,730 S1: first time. We have since come off that. But we're 181 00:10:03,770 --> 00:10:09,089 S1: hovering right there 6978 uh, as, uh, new excitement over 182 00:10:09,130 --> 00:10:15,330 S1: artificial intelligence is boosting tech shares. That's, uh, ahead of this, uh, 183 00:10:15,330 --> 00:10:19,370 S1: or that was ahead of the Federal Reserve's decision on 184 00:10:19,370 --> 00:10:22,690 S1: interest rates. Since then, we have learned that the fed 185 00:10:22,730 --> 00:10:26,970 S1: has held their key interest rates steady. That was widely expected. 186 00:10:27,330 --> 00:10:32,610 S1: And they're saying the economic view is improving. Uh, Powell, uh, 187 00:10:32,610 --> 00:10:36,570 S1: talked about what they were expecting as the fed looked out. 188 00:10:36,570 --> 00:10:39,809 S1: And so often, as was the case today, uh, the 189 00:10:39,809 --> 00:10:44,770 S1: comments from the Federal Reserve, uh, are more important almost 190 00:10:44,770 --> 00:10:48,410 S1: than the decision. Um, what we heard from, uh, the 191 00:10:48,410 --> 00:10:52,729 S1: comments today was that available indicator suggests that economic activity 192 00:10:52,770 --> 00:10:56,050 S1: has been expanding at a solid pace. We've been hearing 193 00:10:56,170 --> 00:10:59,410 S1: that from the Trump administration. Clearly, uh, that's what the 194 00:10:59,410 --> 00:11:02,610 S1: fed is seeing as well. Uh, job gains have remained 195 00:11:02,610 --> 00:11:06,530 S1: low in the unemployment rate, has shown signs of stabilization. 196 00:11:06,530 --> 00:11:10,250 S1: That's a good thing. We had starting to see signs 197 00:11:10,250 --> 00:11:13,410 S1: that maybe unemployment was going to tick up. Uh, they 198 00:11:13,410 --> 00:11:16,890 S1: did comment, though, that inflation remains somewhat elevated. That just 199 00:11:16,890 --> 00:11:20,850 S1: simply means they haven't gotten down to their 2% target. Uh, 200 00:11:20,850 --> 00:11:24,170 S1: we're still hovering around that 2.7 number. You put all 201 00:11:24,170 --> 00:11:27,370 S1: that together, the economy moving along in a good clip, 202 00:11:27,490 --> 00:11:31,010 S1: inflation a little higher than expected. That means no interest 203 00:11:31,010 --> 00:11:34,330 S1: rate decreases, at least right now and probably not in 204 00:11:34,330 --> 00:11:37,490 S1: the near future. But we'll certainly keep an eye on that. Uh, 205 00:11:37,490 --> 00:11:40,930 S1: the market, uh, again, about flat today, not moving really 206 00:11:40,929 --> 00:11:45,690 S1: significantly up or down in either direction, But good news 207 00:11:45,690 --> 00:11:48,089 S1: just about the overall health of the economy, that is 208 00:11:48,090 --> 00:11:51,210 S1: for sure. And again, we will continue to look at that. Also. 209 00:11:51,210 --> 00:11:54,050 S1: Jerry Bowyer will be by on Friday. We'll get Jerry's 210 00:11:54,050 --> 00:11:57,410 S1: analysis on all of that. I did want to mention, 211 00:11:57,450 --> 00:12:01,290 S1: you know, we talk about being able to manage money 212 00:12:01,330 --> 00:12:04,290 S1: God's way. And then one of the byproducts of that, 213 00:12:04,290 --> 00:12:07,050 S1: when we hold it loosely, is that we have more 214 00:12:07,050 --> 00:12:09,329 S1: to give away. And certainly when you set a finish line, 215 00:12:09,330 --> 00:12:13,170 S1: that's one of the key outcomes there. Um, you know, 216 00:12:13,210 --> 00:12:17,930 S1: is having a lifestyle cap. That just simply means that 217 00:12:17,929 --> 00:12:23,250 S1: as God provides more, we guard against just automatically raising 218 00:12:23,370 --> 00:12:26,490 S1: our standard of living. And, you know, it's so often 219 00:12:26,530 --> 00:12:30,890 S1: the the natural fallout of bringing more money in is 220 00:12:30,929 --> 00:12:33,929 S1: we just automatically begin increasing our standard of living. We 221 00:12:33,929 --> 00:12:36,770 S1: need to guard against that. Well, when we have more 222 00:12:36,770 --> 00:12:39,010 S1: to give away, we start to look for those places 223 00:12:39,010 --> 00:12:41,970 S1: that are on the heart of God. And this quarter 224 00:12:41,970 --> 00:12:45,210 S1: we're partnering with Cross International, and I wanted to just 225 00:12:45,210 --> 00:12:48,970 S1: call this to your attention again. This is an incredible ministry, 226 00:12:49,370 --> 00:12:52,490 S1: doing work all over the globe to provide food and 227 00:12:52,490 --> 00:12:57,370 S1: clean water and education and other essential care for vulnerable 228 00:12:57,370 --> 00:13:02,650 S1: kids in Malawi, Zambia, Uganda and other countries. Our goal 229 00:13:02,650 --> 00:13:08,330 S1: is to provide this care for 250 children this quarter, 230 00:13:08,490 --> 00:13:12,490 S1: as we partner with you and Cross International, every $62 231 00:13:12,490 --> 00:13:16,290 S1: given helps one child for 12 months with the nutritional 232 00:13:16,290 --> 00:13:19,090 S1: needs they need, and we would love for you to 233 00:13:19,130 --> 00:13:21,090 S1: partner with us. We're not yet at our goal. We're 234 00:13:21,130 --> 00:13:23,929 S1: making good progress, but we would like to try to 235 00:13:23,970 --> 00:13:26,410 S1: get a little bit closer. So if you'd like to 236 00:13:26,410 --> 00:13:29,329 S1: learn more about the amazing work of Cross International and 237 00:13:29,330 --> 00:13:34,130 S1: perhaps partner with us, just head to faith. That's Faith 238 00:13:36,010 --> 00:13:39,569 S1: cross and you can join with us and support some 239 00:13:39,570 --> 00:13:42,410 S1: incredible kids all over the globe who are in need, 240 00:13:42,650 --> 00:13:44,490 S1: and we want to share the love of Christ with 241 00:13:44,490 --> 00:13:46,970 S1: them and meet their physical needs at the same time. Again, 242 00:13:46,970 --> 00:13:51,770 S1: that website. All right. We're going to take your questions 243 00:13:51,770 --> 00:13:54,050 S1: just around the corner. We're going to begin in Florida 244 00:13:54,050 --> 00:13:56,850 S1: with Craig. He wants to talk about the tithe. We'd 245 00:13:56,850 --> 00:13:59,530 S1: love to do that. Uh, Steven's got a 403 B, 246 00:13:59,570 --> 00:14:01,930 S1: and he wants to invest in a way that aligns 247 00:14:01,929 --> 00:14:04,130 S1: with his values. Wondering how to do that? We're going 248 00:14:04,170 --> 00:14:06,809 S1: to tackle that question. Then we'll head to, well, we'll 249 00:14:06,809 --> 00:14:09,490 S1: stay in Florida and talk to Betty. Plus, perhaps your 250 00:14:09,490 --> 00:14:15,209 S1: question again, that number 800 525 7000, helping you apply 251 00:14:15,210 --> 00:14:18,290 S1: God's wisdom to your financial decisions so you can live 252 00:14:18,330 --> 00:14:21,330 S1: as a faithful steward. This is faith and finance live. 253 00:14:21,330 --> 00:14:37,010 S1: We'll be right back. Hey, thanks for joining us today 254 00:14:37,010 --> 00:14:39,450 S1: on Faith and Finance Live. I'm Rob West. We're taking 255 00:14:39,450 --> 00:14:44,480 S1: your calls and questions 800 525 7000. Let's head to Florida. Craig. 256 00:14:44,480 --> 00:14:45,000 S1: Go ahead. 257 00:14:46,160 --> 00:14:50,840 S4: Thank you for taking my call. My question is, do 258 00:14:50,840 --> 00:14:57,000 S4: we tithe off of our, um, business gross income or 259 00:14:57,040 --> 00:14:59,720 S4: only the salary take from our business? 260 00:15:00,120 --> 00:15:03,760 S1: Yeah, it's a great question. So there isn't one biblically 261 00:15:03,760 --> 00:15:09,840 S1: mandated formula. I would say faithfulness and clarity matter more 262 00:15:09,840 --> 00:15:12,840 S1: than math. So in Scripture, the tithe is described as 263 00:15:12,840 --> 00:15:17,560 S1: the first fruits of increase. Proverbs three nine, which leads 264 00:15:17,560 --> 00:15:21,800 S1: some business owners to tithe on gross income before expenses 265 00:15:21,800 --> 00:15:24,680 S1: and taxes or payroll, and seeing it as an act 266 00:15:24,680 --> 00:15:27,920 S1: of trust and and worship. Depending on your business, that 267 00:15:27,920 --> 00:15:29,680 S1: may or may not be possible. I mean, think about 268 00:15:29,680 --> 00:15:32,040 S1: a grocery store, for instance. I mean, they have a 269 00:15:32,040 --> 00:15:35,640 S1: very slim margin on everything that comes across that register. 270 00:15:35,640 --> 00:15:38,880 S1: If they were to tithe on the gross amount, they'd 271 00:15:38,880 --> 00:15:41,200 S1: probably go out of business. And so if we look 272 00:15:41,240 --> 00:15:45,520 S1: at true increase, that would be for a business at 273 00:15:45,560 --> 00:15:50,479 S1: least on the net income, what remains after legitimate business 274 00:15:50,480 --> 00:15:54,480 S1: expenses and payroll and, and other expenses that it takes 275 00:15:54,480 --> 00:15:57,880 S1: to run the business viewing that, you know, your true 276 00:15:57,880 --> 00:16:03,200 S1: increase would be what's left over. Um, and so, you know, 277 00:16:03,240 --> 00:16:07,280 S1: I think it's important to distinguish, though, between, um, you know, 278 00:16:07,320 --> 00:16:10,440 S1: what is truly an increase and what is, is needed 279 00:16:10,440 --> 00:16:12,880 S1: to run the business. Now, a lot of people will 280 00:16:12,880 --> 00:16:17,760 S1: put themselves on a salary and, you know, then you'll 281 00:16:17,760 --> 00:16:21,280 S1: tithe on that, um, you know, as you receive it, 282 00:16:21,280 --> 00:16:24,160 S1: almost like, you know, it's just your regular income and 283 00:16:24,160 --> 00:16:27,720 S1: your personal finances, but then, you know, you'll either have 284 00:16:27,720 --> 00:16:32,200 S1: retained profit or you might have distributions that come out. Um, 285 00:16:32,640 --> 00:16:35,880 S1: and that would be as a business where you could say, okay, 286 00:16:36,240 --> 00:16:38,680 S1: at a certain time, a year, maybe once a year. 287 00:16:38,680 --> 00:16:41,320 S1: When you prepare your business tax return, you could say 288 00:16:41,600 --> 00:16:45,080 S1: based on the operations of the last 12 months, what 289 00:16:45,080 --> 00:16:49,080 S1: is truly the prophet that has stayed with the business 290 00:16:49,360 --> 00:16:51,640 S1: over and above all the expenses? And then you could 291 00:16:51,640 --> 00:16:54,080 S1: calculate a tithe and then make a gift out of 292 00:16:54,080 --> 00:16:57,640 S1: the business. So often that's what folks will do. You know, 293 00:16:57,680 --> 00:17:02,040 S1: whatever's coming to you as, as wages or compensation, you 294 00:17:02,080 --> 00:17:05,920 S1: handle that as a personal gift. And then whatever's left 295 00:17:05,920 --> 00:17:08,240 S1: in the business, whether or not it flows to your 296 00:17:08,240 --> 00:17:11,000 S1: tax return because it's an S Corp or not, you 297 00:17:11,000 --> 00:17:13,560 S1: could you could view that profit, whether it's paid to 298 00:17:13,600 --> 00:17:16,000 S1: you or kept in the business as something that you 299 00:17:16,000 --> 00:17:18,120 S1: would also tithe on. Does that make sense? 300 00:17:19,160 --> 00:17:21,080 S4: Perfect sense. Thank you so much. 301 00:17:21,520 --> 00:17:24,600 S1: All right. Thanks, Craig. Appreciate your call today. Let's stay 302 00:17:24,600 --> 00:17:25,919 S1: in Florida. Betty. Go ahead. 303 00:17:27,119 --> 00:17:31,000 S5: Uh, yes. Rob, thanks for taking my call. I have 304 00:17:31,040 --> 00:17:34,119 S5: an 18 year old, 19 year old niece that, uh, 305 00:17:34,119 --> 00:17:38,990 S5: I want to start, to put in the first initial 306 00:17:39,390 --> 00:17:45,870 S5: $1,000 to an IRA for her to start learning budgeting and, 307 00:17:46,390 --> 00:17:49,909 S5: you know, just a few facts of life. So the 308 00:17:49,910 --> 00:17:52,949 S5: question is, what direction should I reach out to a 309 00:17:52,950 --> 00:17:58,109 S5: Kingdom advisor or just go with like a fidelity company 310 00:17:58,109 --> 00:18:00,670 S5: or a nationwide? 311 00:18:01,150 --> 00:18:04,310 S1: Yeah, yeah, it's a great question, Betty. Um, I love 312 00:18:04,310 --> 00:18:07,030 S1: the idea that you want to seed this account. She 313 00:18:07,030 --> 00:18:09,190 S1: does have earned income. Is that right? 314 00:18:10,070 --> 00:18:12,550 S5: Well, she's working a part time job, going to school, 315 00:18:12,550 --> 00:18:15,909 S5: so it's not really a job that will, uh, take 316 00:18:15,910 --> 00:18:19,710 S5: money out and deposit it into an IRA for her. 317 00:18:19,869 --> 00:18:22,950 S5: We would, you know, have to take between her tithing 318 00:18:22,950 --> 00:18:25,790 S5: and taking a little bit of money out and applying 319 00:18:25,790 --> 00:18:28,790 S5: it to an IRA. I'm just trying to get it started. 320 00:18:28,910 --> 00:18:32,109 S1: Sure. Yeah. And you could put that money in for her. 321 00:18:32,109 --> 00:18:34,590 S1: She wouldn't have to put it in out of her wages, 322 00:18:34,590 --> 00:18:36,990 S1: but she would need to have at least if you 323 00:18:36,990 --> 00:18:39,470 S1: were going to put in. $1,000, she would need to 324 00:18:39,470 --> 00:18:43,190 S1: have at least $1,000 in wages during the year in 325 00:18:43,190 --> 00:18:45,470 S1: order to qualify. Even if you were the one making 326 00:18:45,470 --> 00:18:47,990 S1: the deposit. But it sounds like she would have enough 327 00:18:47,990 --> 00:18:49,189 S1: to cover that. Correct? 328 00:18:49,830 --> 00:18:51,270 S5: That is correct. 329 00:18:51,470 --> 00:18:54,310 S1: Okay, great. And so that would allow you to fund 330 00:18:54,310 --> 00:18:57,230 S1: that IRA on her behalf. I would probably recommend a 331 00:18:57,230 --> 00:18:59,590 S1: Roth IRA just because she's young. And you're going to 332 00:18:59,590 --> 00:19:04,110 S1: get some really powerful benefits from that tax free growth 333 00:19:04,310 --> 00:19:09,110 S1: over the next, let's say, 40 plus years. So that's amazing. Um, 334 00:19:09,430 --> 00:19:11,550 S1: and so I love that idea. Now, in terms of 335 00:19:11,550 --> 00:19:15,070 S1: the mutual fund or the investments, you know, unless she 336 00:19:15,070 --> 00:19:17,830 S1: was wanting to, you know, have some fun in the 337 00:19:17,830 --> 00:19:20,670 S1: sense that, you know, she wanted to pick a company 338 00:19:20,670 --> 00:19:23,950 S1: that was, you know, a business that she likes or 339 00:19:23,990 --> 00:19:26,510 S1: a brand that she likes, and she wants to kind 340 00:19:26,550 --> 00:19:29,470 S1: of follow the company and track it, you know, which 341 00:19:29,950 --> 00:19:33,150 S1: often will mean she's not properly diversified. But when you're 342 00:19:33,150 --> 00:19:35,070 S1: just starting out, it's kind of a fun way to 343 00:19:35,109 --> 00:19:38,629 S1: get acquainted with investing. You know, if she wanted to 344 00:19:38,630 --> 00:19:40,830 S1: do that, then she'd buy, you know, pick a couple 345 00:19:40,869 --> 00:19:43,550 S1: of stocks that she knows and and maybe just follow 346 00:19:43,550 --> 00:19:46,909 S1: it through. A better approach, though, is for her to 347 00:19:46,950 --> 00:19:49,629 S1: get properly diversified. And that's why I like either the 348 00:19:49,630 --> 00:19:52,550 S1: mutual fund or the exchange traded fund option, because with 349 00:19:52,590 --> 00:19:55,429 S1: a small amount of money that would give her a 350 00:19:55,470 --> 00:19:58,990 S1: wide exposure to a number of companies, make sure she 351 00:19:59,030 --> 00:20:01,629 S1: doesn't have all of her eggs in one basket. And, 352 00:20:01,670 --> 00:20:04,949 S1: you know, just watch it grow over time. Um, in 353 00:20:04,990 --> 00:20:08,590 S1: terms of which you know how to select the mutual fund, 354 00:20:08,590 --> 00:20:11,110 S1: I'll give you a couple of options. Option one would 355 00:20:11,109 --> 00:20:13,909 S1: be you could go to our friends at Sound Mind Investing, 356 00:20:15,230 --> 00:20:19,550 S1: and the Sound Mind Investing newsletter has a strategy called 357 00:20:19,550 --> 00:20:24,670 S1: Just the Basics, and they will actually recommend which mutual 358 00:20:24,670 --> 00:20:29,070 S1: funds to buy and an account an IRA at Fidelity 359 00:20:29,070 --> 00:20:32,230 S1: or Schwab would have access to all the mutual funds 360 00:20:32,230 --> 00:20:34,990 S1: they're going to recommend. So you'd open the IRA at 361 00:20:34,990 --> 00:20:38,950 S1: Fidelity or Schwab, you deposit $1,000, and then you could 362 00:20:38,950 --> 00:20:42,270 S1: go to sound mind investing just the basics and pick 363 00:20:42,270 --> 00:20:45,310 S1: those mutual funds, a couple of growth mutual funds or 364 00:20:45,310 --> 00:20:48,389 S1: maybe one and and then put that money in it 365 00:20:48,390 --> 00:20:51,390 S1: and just let it go. The other option is what's 366 00:20:51,390 --> 00:20:56,710 S1: called a robo advisor, where essentially it uses indexes just 367 00:20:56,710 --> 00:21:00,190 S1: to capture the broad moves of the stock market. And 368 00:21:00,190 --> 00:21:02,590 S1: you could use a robo advisor. And if you did that, 369 00:21:02,590 --> 00:21:06,030 S1: I would go to the Schwab Intelligent Portfolios. So I 370 00:21:06,030 --> 00:21:08,950 S1: think either of those options could work well for you, Betty. 371 00:21:08,990 --> 00:21:09,990 S1: Does that make sense? 372 00:21:10,869 --> 00:21:14,510 S5: Yes it does. It's all coming to to mind now. 373 00:21:14,550 --> 00:21:18,630 S5: I couldn't quite remember from past, uh, radio shows that 374 00:21:18,630 --> 00:21:19,550 S5: you'd had, but. 375 00:21:19,710 --> 00:21:20,070 S1: Okay. 376 00:21:20,109 --> 00:21:22,470 S5: Yeah. Now I'm in agreement, so. Thank you. 377 00:21:22,750 --> 00:21:25,750 S1: Excellent. Open that account, deposit the money, and then either 378 00:21:25,750 --> 00:21:29,630 S1: sound mind investing or subscribe to the newsletter. Use just 379 00:21:29,630 --> 00:21:33,900 S1: the basics or the Schwab Intelligent Portfolios. Either of those 380 00:21:33,900 --> 00:21:37,940 S1: is kind of a turnkey solution. They'll be very low cost. 381 00:21:37,940 --> 00:21:40,780 S1: And man, your your granddaughter is going to be thrilled 382 00:21:40,780 --> 00:21:43,700 S1: not only now or excuse me, your niece, but down 383 00:21:43,700 --> 00:21:45,660 S1: the road when she's got quite a nest egg. This 384 00:21:45,660 --> 00:21:48,140 S1: will be a real blessing. Betty, thanks for your call today. 385 00:21:48,140 --> 00:21:51,140 S1: Lord bless you. This is faith and finance live. I'm 386 00:21:51,140 --> 00:21:53,179 S1: Rob West. We're going to take a quick break and 387 00:21:53,180 --> 00:21:54,900 S1: then we'll be back with much more right after this. 388 00:21:54,900 --> 00:22:09,820 S1: Stay with us. Thanks for joining us today on Faith 389 00:22:09,820 --> 00:22:12,859 S1: and Finance Live I'm Rob West. We've got four lines 390 00:22:12,859 --> 00:22:17,620 S1: open 800 525 7000. Let's go to, uh, Illinois. Lourdes. 391 00:22:17,660 --> 00:22:18,180 S1: Go ahead. 392 00:22:19,940 --> 00:22:24,180 S6: Hi, Rob. Thank you so much. Um, I received a, uh, 393 00:22:24,220 --> 00:22:28,660 S6: early retirement package, and now that money went into direct 394 00:22:28,780 --> 00:22:34,900 S6: deposit that I had set up with my employer. It's 395 00:22:34,900 --> 00:22:38,060 S6: not receiving any good interest. I do have a money 396 00:22:38,060 --> 00:22:44,260 S6: market account in a separate bank that receives a higher interest. 397 00:22:44,460 --> 00:22:48,139 S6: How much money can I transfer without that money getting 398 00:22:48,180 --> 00:22:51,500 S6: taxed again since that money was already taxed once? 399 00:22:52,900 --> 00:22:55,980 S1: Yeah. Um, so this was not in a retirement account. 400 00:22:55,980 --> 00:22:58,940 S1: This was taxable income that you received, is that right? 401 00:22:58,940 --> 00:23:00,060 S6: Correct. Yes. 402 00:23:00,100 --> 00:23:03,459 S1: Okay. Yeah. So, um, you know, the only way to 403 00:23:03,500 --> 00:23:07,300 S1: get it into a tax deferred environment, um, so that 404 00:23:07,300 --> 00:23:11,820 S1: you could invest it and not pay taxes on it, um, again, 405 00:23:11,859 --> 00:23:14,340 S1: would be for you to put it in some sort 406 00:23:14,340 --> 00:23:17,139 S1: of retirement account, like you could contribute to an IRA 407 00:23:17,180 --> 00:23:20,460 S1: as long as you have earned income. Um, but are 408 00:23:20,460 --> 00:23:24,700 S1: you talking about, uh, taxes on the investment returns and 409 00:23:24,700 --> 00:23:25,699 S1: the interest. 410 00:23:26,980 --> 00:23:33,100 S6: Taxes on any money that I'm transferring into a money market. 411 00:23:33,100 --> 00:23:39,300 S6: So this money is is my my living expenses for 412 00:23:39,300 --> 00:23:43,500 S6: the next nine months before I can qualify to apply 413 00:23:43,540 --> 00:23:46,620 S6: for Social Security, but I see a bank account. 414 00:23:46,660 --> 00:23:49,740 S1: Yeah, yeah. So if this is taxable income that you 415 00:23:49,780 --> 00:23:52,060 S1: already paid tax on, the fact that you move it 416 00:23:52,060 --> 00:23:55,140 S1: from your savings account to a money market is not 417 00:23:55,140 --> 00:23:58,820 S1: a taxable event. You can move this after tax money 418 00:23:58,820 --> 00:24:04,979 S1: between accounts without creating any kind of tax consequence. The 419 00:24:04,980 --> 00:24:08,180 S1: only time taxes would come into play here is if 420 00:24:08,220 --> 00:24:12,420 S1: you earn interest on it in the savings account, or 421 00:24:12,420 --> 00:24:15,980 S1: through the money market, or you invest it and you 422 00:24:15,980 --> 00:24:18,980 S1: have a gain, meaning you buy an investment at one price, 423 00:24:18,980 --> 00:24:21,620 S1: you sell it for a higher price. You'd pay taxes 424 00:24:21,619 --> 00:24:25,180 S1: on the gain. But apart from you having gains or 425 00:24:25,380 --> 00:24:29,020 S1: interest you. Moving it from savings into money market is 426 00:24:29,020 --> 00:24:30,820 S1: not going to create a taxable event. 427 00:24:31,859 --> 00:24:34,500 S6: Okay, great. So even if it's two different banks. 428 00:24:34,940 --> 00:24:37,020 S1: Oh right. Yeah. You can move it to as many 429 00:24:37,020 --> 00:24:38,980 S1: banks as you want. And that will not create any 430 00:24:38,980 --> 00:24:40,300 S1: kind of tax whatsoever. 431 00:24:41,220 --> 00:24:43,220 S6: Wonderful. Thank you very much. 432 00:24:43,420 --> 00:24:46,700 S1: Okay. You're welcome. Thanks for calling today. Let's head to 433 00:24:46,740 --> 00:24:48,700 S1: well we'll stay in Illinois Barbara. Go ahead. 434 00:24:49,540 --> 00:24:52,939 S7: Hi, Rob. Thank you for taking my call. I was 435 00:24:52,940 --> 00:24:57,620 S7: calling to see what is a structured annuity. 436 00:24:58,660 --> 00:25:01,620 S1: Ah, yes. Um, tell me a little bit more, just 437 00:25:01,619 --> 00:25:03,619 S1: in terms of where where are you hearing about a 438 00:25:03,619 --> 00:25:05,859 S1: structured annuity and what is your situation? 439 00:25:06,340 --> 00:25:10,660 S7: Okay. I'm hearing about it from my insurance representative. I 440 00:25:10,660 --> 00:25:17,620 S7: have a life insurance, and she was telling me that in, um, 2029, 441 00:25:17,940 --> 00:25:22,300 S7: my life insurance would be expired. It would be, you know, 442 00:25:22,340 --> 00:25:27,290 S7: up for renewal. But I thought it was 2052. But anyway, 443 00:25:27,890 --> 00:25:31,210 S7: she was saying that I could open up a structure 444 00:25:31,210 --> 00:25:34,690 S7: annuity account and that would cover, you know, I put 445 00:25:34,690 --> 00:25:38,690 S7: money in it, but that would cover, um, my, you know, 446 00:25:38,730 --> 00:25:43,650 S7: life insurance if I, you know, needed any life insurance left. 447 00:25:43,730 --> 00:25:47,890 S7: I was planning on canceling it when I turned 73 anyway, 448 00:25:48,050 --> 00:25:51,050 S7: because my kids are all grown. I would be paying 449 00:25:51,090 --> 00:25:56,929 S7: $850 in when I turn 73 for that insurance, and 450 00:25:56,970 --> 00:25:58,410 S7: I just think it's ludicrous. 451 00:25:58,450 --> 00:26:01,050 S1: So, yeah, I would agree with you. You know, I 452 00:26:01,050 --> 00:26:05,050 S1: think insurance is necessary only while it's necessary. And then, 453 00:26:05,210 --> 00:26:07,609 S1: you know, when we're no longer, uh, you know, in 454 00:26:07,609 --> 00:26:11,330 S1: a situation where we need to cover the income, if 455 00:26:11,330 --> 00:26:14,449 S1: we were to pass away for a spouse or a 456 00:26:14,450 --> 00:26:17,530 S1: lifelong dependent, um, you know, then we don't need the 457 00:26:17,530 --> 00:26:22,770 S1: life insurance any longer. Uh, basically, a structured annuity is 458 00:26:23,170 --> 00:26:29,689 S1: an annuity where your return follows a formula. So oftentimes 459 00:26:29,690 --> 00:26:33,250 S1: it means it's a fixed indexed annuity where it's indexed 460 00:26:33,250 --> 00:26:38,450 S1: to a certain market index. And usually the upside is limited. 461 00:26:38,450 --> 00:26:41,370 S1: So you might get you know a certain portion of 462 00:26:41,369 --> 00:26:44,290 S1: the upside of that index. But then it gets to 463 00:26:44,330 --> 00:26:47,570 S1: a cap and then you don't get any more. And 464 00:26:47,609 --> 00:26:51,170 S1: the insurance company keeps the rest. But in exchange they 465 00:26:51,170 --> 00:26:54,730 S1: provide what's called a buffered or a limited downside exposure. 466 00:26:54,730 --> 00:26:58,369 S1: So they put a floor on your ability to lose money. 467 00:26:58,850 --> 00:27:02,570 S1: And then it's guaranteed depending on the insurance company not 468 00:27:02,570 --> 00:27:06,889 S1: the stock market. So you get you get market linked growth, 469 00:27:07,369 --> 00:27:11,250 S1: but you get this downside protection. But to your point, 470 00:27:11,250 --> 00:27:13,850 S1: you don't really need insurance. I don't hear at this 471 00:27:13,850 --> 00:27:17,609 S1: point you're beyond the the point where you need insurance, 472 00:27:17,609 --> 00:27:20,410 S1: because if you were to pass away, that's not going 473 00:27:20,450 --> 00:27:24,169 S1: to leave somebody else in a financial hardship because your 474 00:27:24,170 --> 00:27:27,610 S1: income is gone, because whatever assets you've accumulated would be 475 00:27:27,609 --> 00:27:31,170 S1: available for any loved ones at that point. And so 476 00:27:31,170 --> 00:27:34,490 S1: I would prefer that you just, you know, take whatever 477 00:27:34,490 --> 00:27:38,050 S1: assets you have and, you know, just invest those in 478 00:27:38,050 --> 00:27:40,810 S1: a way that gives you still full access to the money. 479 00:27:41,050 --> 00:27:45,730 S1: Doesn't link anything to an expensive insurance product and, you know, 480 00:27:45,770 --> 00:27:50,730 S1: allows you to manage that either yourself or with an advisor, um, 481 00:27:50,730 --> 00:27:53,290 S1: in a way that can grow it, but still, you know, 482 00:27:53,330 --> 00:27:55,050 S1: give you full access to it if you need it. 483 00:27:55,090 --> 00:27:56,010 S1: Does that make sense? 484 00:27:56,530 --> 00:27:58,370 S7: It makes a lot of sense. And that's what I 485 00:27:58,369 --> 00:28:01,090 S7: was thinking. I didn't jump into it. I told her 486 00:28:01,090 --> 00:28:03,410 S7: I would do my research on it and I would 487 00:28:03,410 --> 00:28:04,570 S7: ask you. I gave her. 488 00:28:04,570 --> 00:28:06,490 S8: Your. Okay, great. 489 00:28:06,530 --> 00:28:08,810 S7: You know what? You thought about it? Because I just 490 00:28:08,810 --> 00:28:12,690 S7: didn't feel right with her saying that to me, you know? So. 491 00:28:12,730 --> 00:28:16,129 S7: And I have investments, so I, you know, I really 492 00:28:16,130 --> 00:28:19,609 S7: don't need to, you know, do another one. 493 00:28:20,050 --> 00:28:22,490 S1: I totally agree. I mean, I think, you know, the 494 00:28:22,530 --> 00:28:25,810 S1: downsides are real here. You've got, uh, you know, you've 495 00:28:25,850 --> 00:28:28,450 S1: got a lot of fees, you've got complexity, you've got 496 00:28:28,450 --> 00:28:32,369 S1: the limited upside, you've got what are called liquidity restrictions. So, 497 00:28:32,530 --> 00:28:35,290 S1: you know, you've got lockup periods and then you've got 498 00:28:35,290 --> 00:28:38,530 S1: insurer risk where you're relying on the guaranteed of the 499 00:28:38,650 --> 00:28:41,330 S1: guarantee of the insurance company. And, you know, it may 500 00:28:41,330 --> 00:28:44,730 S1: or may not be a strong insurance company. So I 501 00:28:44,730 --> 00:28:47,410 S1: think your plan is a better one in this, especially 502 00:28:47,410 --> 00:28:49,290 S1: in this season of life where you no longer have 503 00:28:49,290 --> 00:28:51,770 S1: a need for life insurance. So, Barbara, if I can 504 00:28:51,770 --> 00:28:53,970 S1: help you further with anything, don't hesitate to reach out. 505 00:28:53,970 --> 00:28:58,690 S1: Thanks for your call today. Uh, 800 525 7000. Let's, uh. Well, 506 00:28:58,690 --> 00:29:01,730 S1: we'll head back down to Tampa, Florida. Gordon. Go ahead. 507 00:29:03,170 --> 00:29:06,850 S9: Yeah. Rob. Uh, I have a question. Uh, looks like, uh, 508 00:29:06,850 --> 00:29:09,170 S9: our attorney has given us word that we are now 509 00:29:09,170 --> 00:29:12,290 S9: going to have a settlement on an accident that we 510 00:29:12,290 --> 00:29:19,440 S9: had in 2025. So my question is, what do we 511 00:29:19,640 --> 00:29:26,600 S9: do for tax purposes when that, uh, settlement actually becomes ours? 512 00:29:26,600 --> 00:29:29,560 S9: And then, uh, of course, whenever you get a settlement, 513 00:29:29,560 --> 00:29:33,880 S9: you have all kinds of deductions with medical and attorneys 514 00:29:33,880 --> 00:29:34,600 S9: and all that. 515 00:29:35,200 --> 00:29:35,720 S1: Yeah. 516 00:29:35,760 --> 00:29:38,320 S9: Yeah. My question is, uh, do I have to declare 517 00:29:38,320 --> 00:29:42,080 S9: that for tax purposes as income? And then, uh, if 518 00:29:42,080 --> 00:29:44,680 S9: it is, then of course we would, you know, want 519 00:29:44,680 --> 00:29:46,360 S9: to give some tithe on that. So how do we 520 00:29:46,360 --> 00:29:47,040 S9: do all that. 521 00:29:47,280 --> 00:29:53,600 S1: Yeah. Great question. Normally car accident settlements are not taxable. Uh, 522 00:29:53,600 --> 00:29:56,960 S1: and here's where that generally breaks down. If it's for 523 00:29:56,960 --> 00:30:02,440 S1: physical injuries or medical expenses or pain and suffering, you know, 524 00:30:02,480 --> 00:30:06,440 S1: these amounts would typically be excluded from income and therefore 525 00:30:06,440 --> 00:30:11,320 S1: not taxed when it's potentially taxable is if it includes 526 00:30:11,320 --> 00:30:15,200 S1: things like lost wages. So it's treated as income and 527 00:30:15,200 --> 00:30:18,560 S1: therefore would be subject to income tax or if it's 528 00:30:18,560 --> 00:30:23,200 S1: punitive damages or interest. Those kinds of things. Do you 529 00:30:23,200 --> 00:30:25,600 S1: have a good feel for what this is for? 530 00:30:26,840 --> 00:30:32,360 S9: Uh, well, it was, uh, his the other driver's fault. And, uh, so, uh, 531 00:30:32,360 --> 00:30:35,800 S9: we went through an attorney, and he has gone and 532 00:30:35,840 --> 00:30:39,320 S9: found out that my insurance, he had nothing. And my 533 00:30:39,320 --> 00:30:42,320 S9: insurance company is what we're settling with. 534 00:30:42,800 --> 00:30:45,600 S1: Got it. Okay, let's do this. Um, I want to 535 00:30:45,600 --> 00:30:47,600 S1: give you a complete answer here. And I'm up against 536 00:30:47,600 --> 00:30:49,800 S1: this break. And I know you're wanting to talk about 537 00:30:49,800 --> 00:30:52,120 S1: some giving as a part of this potentially as well. 538 00:30:52,120 --> 00:30:54,480 S1: So stay right there and we'll pick up this conversation 539 00:30:54,480 --> 00:31:05,600 S1: right on the other side. We'll be right back. Helping 540 00:31:05,600 --> 00:31:08,600 S1: you manage God's money. This is faith and finance live. 541 00:31:08,640 --> 00:31:11,240 S1: Before the break we were talking to Gordon in Tampa. 542 00:31:11,240 --> 00:31:13,680 S1: He's scheduled to get a settlement from a car accident 543 00:31:13,680 --> 00:31:17,520 S1: from an at fault driver who was uninsured. His insurance 544 00:31:17,520 --> 00:31:20,960 S1: company is paying out, and he's wondering how to handle 545 00:31:20,960 --> 00:31:23,640 S1: the tax treatment on that. And as I was saying, 546 00:31:23,640 --> 00:31:26,720 S1: regardless of where the payment is coming from, it really 547 00:31:26,720 --> 00:31:28,440 S1: is going to come down to in terms of how 548 00:31:28,440 --> 00:31:32,640 S1: the IRS views these as to what the purpose of 549 00:31:32,640 --> 00:31:35,120 S1: the settlement is for. So, you know, the parts that 550 00:31:35,120 --> 00:31:39,200 S1: are generally excluded from income would be physical injuries, medical expenses, 551 00:31:39,200 --> 00:31:43,760 S1: pain and suffering. The taxable portion would be that which 552 00:31:43,760 --> 00:31:47,760 S1: is allocated to ordinary income lost wages. So Gordon saying 553 00:31:47,760 --> 00:31:49,800 S1: that part is very small. Most of it would be 554 00:31:49,800 --> 00:31:52,680 S1: in those first three categories. So I think the key 555 00:31:52,720 --> 00:31:55,080 S1: there is, you know, you're just going to want to 556 00:31:55,080 --> 00:31:58,760 S1: have a written breakdown showing, you know, the payment and 557 00:31:58,760 --> 00:32:02,280 S1: what was related to physical injury, pain and suffering and 558 00:32:02,280 --> 00:32:05,440 S1: then that small portion for lost wages. So you know, 559 00:32:05,440 --> 00:32:08,360 S1: if you have a clear allocation from your insurance company 560 00:32:08,360 --> 00:32:11,440 S1: that is going to result in fewer IRS problems down 561 00:32:11,440 --> 00:32:15,720 S1: the road, don't panic if a 1099 shows up. Sometimes 562 00:32:15,720 --> 00:32:18,600 S1: they'll issue it even for the full amount. Doesn't mean 563 00:32:18,600 --> 00:32:22,600 S1: it's all fully taxable. A CPA can properly report the 564 00:32:22,640 --> 00:32:26,680 S1: non taxable portion as excluded income, but you are going 565 00:32:26,680 --> 00:32:29,040 S1: to want to keep those records. The settlement agreement, the 566 00:32:29,040 --> 00:32:32,840 S1: medical bills, the reports any correspondence things like that. And 567 00:32:32,840 --> 00:32:34,959 S1: you are going to want to have a CPA you 568 00:32:34,960 --> 00:32:37,760 S1: know handle this for you just to make sure that 569 00:32:37,760 --> 00:32:41,239 S1: everything is is filed properly so that you don't have 570 00:32:41,240 --> 00:32:44,640 S1: to pay any tax on anything that should not be taxable. Um, 571 00:32:44,640 --> 00:32:47,040 S1: you know, the way I would view this in terms 572 00:32:47,040 --> 00:32:49,640 S1: of if you're wanting to give a tithe based on 573 00:32:49,640 --> 00:32:52,400 S1: the increase, I don't really see this as an increase. 574 00:32:52,400 --> 00:32:56,480 S1: It's really the insurance making you whole for, you know, 575 00:32:56,520 --> 00:33:00,160 S1: what was lost, uh, as a part of the, the wreck. So, 576 00:33:00,200 --> 00:33:03,280 S1: you know, from a technical perspective, this really isn't an increase. 577 00:33:03,320 --> 00:33:07,040 S1: It's just more restitution, if you will. Um, and so 578 00:33:07,080 --> 00:33:10,240 S1: it's it's never a bad idea to give and give generously. 579 00:33:10,240 --> 00:33:12,680 S1: But in terms of the tithe, I would not see 580 00:33:12,680 --> 00:33:14,750 S1: that applying to what you described here. 581 00:33:15,350 --> 00:33:16,630 S9: Okay. Thank you so much. 582 00:33:16,910 --> 00:33:18,870 S1: All right. Appreciate it. Gordon, thanks for your call today. 583 00:33:18,870 --> 00:33:20,670 S1: Let's go to Iowa. Jamie. Go ahead. 584 00:33:21,590 --> 00:33:27,190 S10: Hi. Yes, I have a question. Um, we have our, uh, 585 00:33:27,230 --> 00:33:31,590 S10: trust our estate, uh, figured out and everything. Went to 586 00:33:31,590 --> 00:33:36,150 S10: a trust attorney. And we have two grown sons, and 587 00:33:36,870 --> 00:33:40,350 S10: we are. We just don't know what to do. They 588 00:33:40,710 --> 00:33:45,630 S10: they don't seem to really get along very well. Is 589 00:33:45,630 --> 00:33:48,310 S10: it wise for us to have just one of them 590 00:33:48,350 --> 00:33:52,710 S10: be our power of attorney or whatever it is, overseer 591 00:33:52,750 --> 00:33:55,990 S10: of our assets, or should they both be? 592 00:33:56,510 --> 00:34:00,430 S1: Yeah. Um, so this is a revocable trust, is that right? 593 00:34:00,790 --> 00:34:01,790 S10: Correct. 594 00:34:01,830 --> 00:34:05,550 S1: Okay. So this is the trustee role that we're talking about. 595 00:34:05,550 --> 00:34:07,910 S1: And I think, yeah, the short answer is yes. I 596 00:34:07,910 --> 00:34:12,189 S1: think naming both sons as co-trustees can be a bad 597 00:34:12,190 --> 00:34:15,270 S1: idea when they don't get along. Uh, so the goal 598 00:34:15,270 --> 00:34:20,310 S1: of a trust is smooth administration and preserved relationships. And 599 00:34:20,310 --> 00:34:23,830 S1: so I would just say having a single trustee, one 600 00:34:23,830 --> 00:34:26,390 S1: of the two or a neutral third party is usually 601 00:34:26,390 --> 00:34:31,390 S1: the better choice because co-trustees who don't work well together 602 00:34:31,830 --> 00:34:36,549 S1: can create delay or conflict unnecessarily. Um, because remember, with 603 00:34:36,550 --> 00:34:40,310 S1: a co-trustee every decision is going to require agreement. Um, 604 00:34:40,310 --> 00:34:43,870 S1: most trusts require co-trustees to sign checks together and agree 605 00:34:43,870 --> 00:34:47,029 S1: on distributions, and if they don't agree, then everything gets 606 00:34:47,070 --> 00:34:49,469 S1: kind of stopped in its tracks. And that can turn 607 00:34:49,469 --> 00:34:52,350 S1: into more cost, because then you got to get lawyers 608 00:34:52,350 --> 00:34:56,069 S1: involved and trust funds pay legal fees and you could 609 00:34:56,070 --> 00:34:59,230 S1: have resentment grow things like that. So I would say 610 00:34:59,230 --> 00:35:01,630 S1: their name, one son is the trustee or use a 611 00:35:01,630 --> 00:35:03,870 S1: professional or corporate trustee. 612 00:35:04,750 --> 00:35:08,230 S10: Okay. All right. All right. Thank you so much, Rob. 613 00:35:08,270 --> 00:35:10,670 S1: All right. You're welcome. Thanks for your call today. Uh, 614 00:35:10,670 --> 00:35:14,510 S1: let's see, let's head to, uh, Maryland and Rich. Go ahead. 615 00:35:16,469 --> 00:35:20,030 S11: Uh, hi, Rob. Thanks so much for your ministry. Um, 616 00:35:20,150 --> 00:35:23,670 S11: I just wanted to ask, uh, my wife and I 617 00:35:23,670 --> 00:35:28,350 S11: are both in our 70s, and we are, um, talking 618 00:35:28,350 --> 00:35:32,830 S11: about how to divide our state. And particularly amongst we 619 00:35:32,830 --> 00:35:37,230 S11: have three children. And then, uh, we just, uh, began 620 00:35:37,230 --> 00:35:42,390 S11: at a new church and also, uh, a couple ministries 621 00:35:42,390 --> 00:35:46,190 S11: that we support. And I know it's, it's it's probably 622 00:35:46,190 --> 00:35:50,390 S11: very individualized. And as for each person, but, uh, can 623 00:35:50,390 --> 00:35:54,150 S11: you give us any guidelines on that or any resources 624 00:35:54,150 --> 00:35:58,430 S11: about how to make how to make a logical decision 625 00:35:58,630 --> 00:36:02,310 S11: about that and percentages and so forth? 626 00:36:02,469 --> 00:36:04,910 S1: Yeah. Well, it's a great question. I love that you're 627 00:36:04,910 --> 00:36:07,509 S1: thinking about this. And the big idea here is we 628 00:36:07,510 --> 00:36:11,310 S1: want to make sure the next steward is chosen and prepared. 629 00:36:11,510 --> 00:36:14,950 S1: And that preparedness idea is a key one. And the 630 00:36:14,950 --> 00:36:18,310 S1: big idea there is we want to pass wisdom before wealth, right? 631 00:36:18,350 --> 00:36:23,549 S1: Because as Ecclesiastes tells us, wisdom preserves wealth does not, uh, 632 00:36:23,590 --> 00:36:26,310 S1: even though both are good. Uh, or they can be. 633 00:36:26,350 --> 00:36:30,709 S1: And so understanding, you know, whether the next steward is 634 00:36:30,710 --> 00:36:33,509 S1: prepared for this and that the money can be the 635 00:36:33,510 --> 00:36:37,390 S1: fuel to propel them in whatever direction they're going, whether 636 00:36:37,390 --> 00:36:39,310 S1: that's to the Lord or away from it. And you 637 00:36:39,310 --> 00:36:42,109 S1: just need to think through, you know, what's the worst 638 00:36:42,110 --> 00:36:44,190 S1: thing that can happen if I leave the money now, 639 00:36:44,310 --> 00:36:47,710 S1: if they're both, you know, in a situation where they're 640 00:36:47,710 --> 00:36:51,910 S1: demonstrating financial responsibility and spiritual maturity and you really just 641 00:36:51,910 --> 00:36:55,110 S1: wanting to include, uh, the ministries on your heart, including 642 00:36:55,110 --> 00:36:58,430 S1: your local church in your estate, one very simple way 643 00:36:58,430 --> 00:37:02,750 S1: to do it is just to treat the the giving category, 644 00:37:02,750 --> 00:37:05,549 S1: the ministry category as a child. And so if you 645 00:37:05,550 --> 00:37:09,260 S1: have three kids, you'd add, uh, essentially a fourth child, 646 00:37:09,260 --> 00:37:12,300 S1: which would be, you know, this kind of giving category. 647 00:37:12,500 --> 00:37:17,180 S1: And you split it four ways. And that fourth, uh, portion, 648 00:37:17,180 --> 00:37:21,140 S1: the 25%, you know, could be allocated, you know, to 649 00:37:21,140 --> 00:37:24,900 S1: your church and another ministry in whatever percentages you want. 650 00:37:25,060 --> 00:37:26,899 S1: So that's kind of a simple way to do it. 651 00:37:26,940 --> 00:37:29,140 S1: I mean, beyond that, you know, I think you could 652 00:37:29,140 --> 00:37:31,660 S1: step back and just say, what do we feel like 653 00:37:31,660 --> 00:37:33,980 S1: is the appropriate amount to leave to our kids? And 654 00:37:33,980 --> 00:37:36,779 S1: that's ultimately a call you need to make. Um, do 655 00:37:36,780 --> 00:37:40,020 S1: we treat them all, you know, equally? And I think, 656 00:37:40,060 --> 00:37:43,220 S1: you know, one of the principles Ron Blue teaches is 657 00:37:43,380 --> 00:37:46,739 S1: if you love your kids equally, you will treat them uniquely. 658 00:37:46,780 --> 00:37:48,500 S1: And a lot of people struggle with that because it 659 00:37:48,500 --> 00:37:50,900 S1: just doesn't seem fair. But it's the idea that, you know, 660 00:37:50,940 --> 00:37:52,819 S1: some kids may be in a situation where they need 661 00:37:52,820 --> 00:37:56,739 S1: more than others, just based on life circumstances and a 662 00:37:56,739 --> 00:38:01,020 S1: whole variety of things. Um, but in terms of the percentages, 663 00:38:01,060 --> 00:38:05,460 S1: you know, just allocating with the ministry component, being a 664 00:38:05,460 --> 00:38:08,020 S1: fourth child is a really simple way to do it. 665 00:38:08,020 --> 00:38:09,540 S1: But give me your thoughts on all that. 666 00:38:11,420 --> 00:38:16,420 S11: Yeah, that's something I hadn't really thought about. Um, that 667 00:38:16,420 --> 00:38:19,419 S11: sounds good. And then, uh, the new church that we're 668 00:38:19,420 --> 00:38:22,620 S11: going to, you would, uh, do that as another child? 669 00:38:22,620 --> 00:38:23,940 S11: I think you said also. 670 00:38:24,460 --> 00:38:26,980 S1: Well, you could or you could just say this fourth 671 00:38:27,180 --> 00:38:29,660 S1: piece of the inheritance. I mean, the you know, if 672 00:38:29,660 --> 00:38:32,900 S1: you were to divide it into four, you know, one, uh, 673 00:38:32,940 --> 00:38:36,020 S1: fourth to each child and then that fourth component is 674 00:38:36,020 --> 00:38:38,900 S1: your giving component, and then you would have to decide 675 00:38:38,900 --> 00:38:43,420 S1: how to split that fourth among your church in another ministry. Um, 676 00:38:43,739 --> 00:38:45,939 S1: or you could divide it five ways. I mean, that 677 00:38:45,940 --> 00:38:48,060 S1: that would be up to you. Let me do this. 678 00:38:48,060 --> 00:38:50,219 S1: I want to send you the best book to help 679 00:38:50,219 --> 00:38:53,379 S1: you just kind of think and process through these decisions 680 00:38:53,380 --> 00:38:56,100 S1: is a book by one of my mentors, Ron Blue. 681 00:38:56,340 --> 00:38:59,859 S1: It's called Splitting Heirs. And it's it's less about the 682 00:38:59,860 --> 00:39:03,299 S1: technical side of estate planning and more about the, you know, 683 00:39:03,340 --> 00:39:07,740 S1: the decisions that go into wealth transfer from a biblical perspective. 684 00:39:07,739 --> 00:39:09,420 S1: And I think if you and your wife kind of 685 00:39:09,460 --> 00:39:12,140 S1: read through this book, it might give you some other ideas. Okay. 686 00:39:13,500 --> 00:39:15,219 S11: Okay. That sounds good. 687 00:39:15,739 --> 00:39:18,379 S1: Awesome. You hang on the line and you will get 688 00:39:18,380 --> 00:39:20,419 S1: your information, and we'll send that out as our gift 689 00:39:20,420 --> 00:39:21,180 S1: to you. Okay? 690 00:39:22,540 --> 00:39:23,900 S11: Okay. Thanks so much, Rob. 691 00:39:24,060 --> 00:39:26,779 S1: All right. Take care. Call anytime. Uh, let's quickly go 692 00:39:26,780 --> 00:39:28,540 S1: to Indiana. Hi, Nancy. Go ahead. 693 00:39:29,739 --> 00:39:32,580 S12: Hey, how are you, hun? I want to know how 694 00:39:32,580 --> 00:39:36,940 S12: to bring my, uh, mortgage, uh, down. I have a 695 00:39:36,940 --> 00:39:40,419 S12: payment now of 1254, and I'd like to reduce that. Uh, 696 00:39:40,420 --> 00:39:43,700 S12: the amount that I owe is 89,000. Uh, I have 697 00:39:43,700 --> 00:39:48,740 S12: a 3.5%. I do have cash that I could put 698 00:39:48,739 --> 00:39:53,219 S12: onto my principal. Would that bring the mortgage down? Um, 699 00:39:53,860 --> 00:39:55,219 S12: depending on how much it is. 700 00:39:55,620 --> 00:39:58,780 S1: It it wouldn't. Unfortunately, it wouldn't bring the payment down. 701 00:39:58,780 --> 00:40:01,820 S1: It would save you a bundle in interest, because every 702 00:40:01,820 --> 00:40:05,460 S1: dollar you put toward principal is going to save you 703 00:40:05,460 --> 00:40:07,900 S1: interest on that money over the life of the loan. 704 00:40:07,940 --> 00:40:11,300 S1: The problem with an amortized mortgage is that the payment 705 00:40:11,300 --> 00:40:14,900 S1: schedule is set in advance, and although you can prepay 706 00:40:14,940 --> 00:40:18,580 S1: the mortgage until you pay it off in full, they 707 00:40:18,580 --> 00:40:22,540 S1: don't ever re amortize the payment. So, you know, if 708 00:40:22,540 --> 00:40:24,739 S1: you pay it, if you put 50,000 on it and 709 00:40:24,739 --> 00:40:29,020 S1: you pay it down from 89,000 to 39,000, your payment 710 00:40:29,020 --> 00:40:32,460 S1: is still going to be $154 a month until you 711 00:40:32,460 --> 00:40:34,660 S1: pay it off and you don't want to refinance it 712 00:40:34,660 --> 00:40:39,300 S1: because you double your interest rate or almost double. So 713 00:40:39,460 --> 00:40:41,819 S1: I like the idea of you prepaying it. It's just 714 00:40:41,820 --> 00:40:45,260 S1: not going to help you bring that mortgage payment down, 715 00:40:45,260 --> 00:40:48,420 S1: because that's just not how an amortized mortgage works. 716 00:40:48,620 --> 00:40:51,900 S12: Yeah, yeah. Because it has gone up because of taxes 717 00:40:52,260 --> 00:40:55,100 S12: and the value of the house. So, you know, it 718 00:40:55,100 --> 00:40:57,740 S12: goes that way. It just doesn't go the other way. 719 00:40:57,940 --> 00:41:00,739 S1: That's exactly right. Although you may find that this is 720 00:41:00,739 --> 00:41:03,969 S1: the year I just got my, uh, you know, property 721 00:41:04,330 --> 00:41:08,810 S1: tax bill. And for the first year in the last four, uh, 722 00:41:09,090 --> 00:41:13,529 S1: escrows are going down because, you know, home valuations have 723 00:41:13,530 --> 00:41:16,330 S1: started to come down a little bit. Um, and so 724 00:41:16,330 --> 00:41:18,850 S1: you may find that this is, uh, that first year 725 00:41:18,850 --> 00:41:21,730 S1: where you get a little bit of a reprieve, uh, 726 00:41:21,730 --> 00:41:24,890 S1: at least for property taxes, maybe not homeowner's insurance. 727 00:41:25,570 --> 00:41:30,529 S12: Mhm. Okay. So would you recommend maybe putting having a 728 00:41:30,530 --> 00:41:33,370 S12: separate account just to put extra money in it each 729 00:41:33,370 --> 00:41:37,170 S12: month in case my, my mortgage payment starts to rise? 730 00:41:38,090 --> 00:41:40,569 S1: It's not a bad idea. Yeah. Because you wouldn't want 731 00:41:40,570 --> 00:41:42,250 S1: to be. If you're on a fixed income, you wouldn't 732 00:41:42,250 --> 00:41:44,089 S1: want to be caught off guard. And I think that's 733 00:41:44,090 --> 00:41:46,650 S1: one of the roles of the emergency fund. And so 734 00:41:46,810 --> 00:41:49,970 S1: maybe you just try to get that emergency fund fully funded, 735 00:41:49,969 --> 00:41:52,610 S1: which I would consider to be at least six months 736 00:41:52,610 --> 00:41:55,850 S1: worth of expenses. And then you if you had to, 737 00:41:55,890 --> 00:41:58,770 S1: you could supplement your mortgage payment, you know, out of 738 00:41:58,770 --> 00:42:01,130 S1: your emergency fund. Maybe your goal is to try to 739 00:42:01,130 --> 00:42:03,970 S1: get that up to a year's worth of expenses. And 740 00:42:04,010 --> 00:42:08,090 S1: you know, it covers not only things that are unexpected, but, um, 741 00:42:08,090 --> 00:42:11,130 S1: you know, a potentially a rise in housing prices. But 742 00:42:11,170 --> 00:42:13,690 S1: I think we're going to level off, if not continue 743 00:42:13,690 --> 00:42:16,569 S1: to pull back just slightly given how red hot this 744 00:42:16,570 --> 00:42:19,410 S1: housing market has been. So I think you're probably at 745 00:42:19,410 --> 00:42:21,810 S1: the top end for a while of what you, uh, 746 00:42:21,810 --> 00:42:25,490 S1: will be paying on that, uh, taxes and insurance portion 747 00:42:25,489 --> 00:42:26,570 S1: of your payment. Okay. 748 00:42:27,570 --> 00:42:28,969 S12: Okay. Thank you so much. 749 00:42:29,210 --> 00:42:31,930 S1: All right. Thanks for your call, Nancy. Lord bless you. Well, 750 00:42:31,930 --> 00:42:33,850 S1: that's going to do it for us today, folks. Uh, 751 00:42:33,850 --> 00:42:37,290 S1: have an amazing team that does an incredible job each 752 00:42:37,290 --> 00:42:40,129 S1: day of making sure, uh, we can bring you this 753 00:42:40,130 --> 00:42:43,649 S1: broadcast and do it with excellence. Dan, to hear our 754 00:42:43,650 --> 00:42:46,050 S1: call screeners today couldn't do it without them. Plus, Taylor 755 00:42:46,050 --> 00:42:48,850 S1: and everybody here at Faith by Faith and Finance Live 756 00:42:48,850 --> 00:42:51,290 S1: is a partnership between Moody Radio and Faith fi. Come 757 00:42:51,290 --> 00:42:53,250 S1: back and join us tomorrow. We'll see you then. Buh bye.