1 00:00:03,040 --> 00:00:07,240 S1: This faith and finance live is actually prerecorded, so please 2 00:00:07,240 --> 00:00:11,480 S1: don't call in. We love because he first loved us first. 3 00:00:11,480 --> 00:00:15,960 S1: John 419. Hi, I'm Rob West. Those six words beautifully 4 00:00:16,000 --> 00:00:19,640 S1: capture the foundation of our relationship with God. We can 5 00:00:19,640 --> 00:00:23,440 S1: only love and give because he first gave to us today. 6 00:00:23,480 --> 00:00:26,400 S1: Sharon Epps joins us for a fascinating discussion on the 7 00:00:26,400 --> 00:00:29,720 S1: generosity of women in the Bible. Then we have some 8 00:00:29,720 --> 00:00:32,360 S1: great calls lined up. But we won't be taking your 9 00:00:32,360 --> 00:00:36,800 S1: live calls today because we're prerecorded. This is faith and finance. Live. 10 00:00:36,840 --> 00:00:44,680 S1: Biblical wisdom for your financial decisions. Well, it's always one 11 00:00:44,680 --> 00:00:47,560 S1: of my favorite times when Sharon Epps takes the time 12 00:00:47,560 --> 00:00:51,680 S1: to join us. She's busy as president of Kingdom Advisors, 13 00:00:51,680 --> 00:00:55,240 S1: and we're so grateful for her insights. She's been studying 14 00:00:55,240 --> 00:00:59,990 S1: the women who financially supported Jesus and were named in 15 00:00:59,990 --> 00:01:02,710 S1: Luke chapter eight. And Sharon, it's great to have you here. 16 00:01:02,790 --> 00:01:06,550 S2: Well, it's wonderful to be here. I'm excited to unpack 17 00:01:06,590 --> 00:01:09,230 S2: the first few verses of Luke eight as it talks 18 00:01:09,230 --> 00:01:12,590 S2: about the women who actually supported Jesus. And could I 19 00:01:12,590 --> 00:01:14,670 S2: just read the Word of God for a moment? Yeah. 20 00:01:14,830 --> 00:01:18,430 S2: Soon afterward, he went through cities and villages, proclaiming and 21 00:01:18,430 --> 00:01:21,229 S2: bringing the good news of the Kingdom of God. And 22 00:01:21,230 --> 00:01:23,630 S2: the 12 were with him, and also some women who 23 00:01:23,670 --> 00:01:28,030 S2: had been healed of evil spirits and infirmities. Mary called Magdalene, 24 00:01:28,030 --> 00:01:31,270 S2: from whom seven demons had gone out, and Joanna, the 25 00:01:31,270 --> 00:01:35,630 S2: wife of Chuza, Herod's household manager, and Susanna and many 26 00:01:35,630 --> 00:01:38,789 S2: others who provided for them out of their means. Now 27 00:01:38,790 --> 00:01:42,069 S2: listen to that last phrase these women provided for this 28 00:01:42,069 --> 00:01:47,230 S2: traveling entourage out of their own means. Take a particular 29 00:01:47,230 --> 00:01:49,630 S2: note of one of the women. Her name was Joanna. 30 00:01:49,830 --> 00:01:53,270 S2: She was the wife of King Herod's household manager, and 31 00:01:53,270 --> 00:01:56,310 S2: in this position, Joanna would have had wealth and a 32 00:01:56,310 --> 00:02:00,220 S2: royal lifestyle. But we also see that Jesus met her 33 00:02:00,220 --> 00:02:02,620 S2: in a weakened state. The Bible says that these women 34 00:02:02,620 --> 00:02:06,340 S2: had been healed of spiritual or physical infirmities. So in 35 00:02:06,340 --> 00:02:09,780 S2: this context, we see that Joanna's first act of generosity 36 00:02:09,780 --> 00:02:12,660 S2: was actually receiving from Jesus rather than giving. 37 00:02:12,700 --> 00:02:16,100 S1: Oh, that's an interesting observation. Why do you think Luke 38 00:02:16,100 --> 00:02:17,420 S1: records that fact, Sharon? 39 00:02:17,460 --> 00:02:19,700 S2: Well, I think it's probably to remind us that money 40 00:02:19,700 --> 00:02:22,420 S2: doesn't solve all of our problems and that we must 41 00:02:22,419 --> 00:02:24,540 S2: receive before we have anything to give. 42 00:02:24,580 --> 00:02:25,540 S3: Yeah. That's right. 43 00:02:25,580 --> 00:02:28,340 S1: Before we can give money, we have to first have money. 44 00:02:28,340 --> 00:02:32,739 S1: But this idea of receiving first isn't limited to just money, 45 00:02:32,740 --> 00:02:33,139 S1: is it? 46 00:02:33,180 --> 00:02:35,739 S2: It really isn't. I mean, at the most fundamental level, 47 00:02:35,740 --> 00:02:38,020 S2: we must receive the breath of God before we have life. 48 00:02:38,060 --> 00:02:41,500 S2: That's right. We have to receive intelligence and skills and abilities. 49 00:02:41,500 --> 00:02:44,220 S2: We receive love from God and our family. And in fact, 50 00:02:44,220 --> 00:02:47,419 S2: in first Corinthians, Paul says, what do you have that 51 00:02:47,419 --> 00:02:51,860 S2: you did not receive? And the answer is, of course, nothing. 52 00:02:52,180 --> 00:02:55,940 S2: We often fail to recognize that giving by design starts 53 00:02:55,940 --> 00:03:00,100 S2: with receiving, we receive, then we give. And that process 54 00:03:00,100 --> 00:03:01,620 S2: creates a virtuous cycle. 55 00:03:01,620 --> 00:03:05,220 S1: Oh, that's so good. Let's talk about Joanna a bit more. 56 00:03:05,380 --> 00:03:07,900 S1: What do you think motivated her generosity? 57 00:03:08,060 --> 00:03:09,980 S2: Well, wouldn't you think it has to be her love 58 00:03:09,980 --> 00:03:12,700 S2: for Jesus and just gratitude for what he did for her, 59 00:03:12,740 --> 00:03:15,260 S2: for sure. Um, later in Luke 24, we actually find 60 00:03:15,260 --> 00:03:18,780 S2: that she's heartbroken and confused at the empty tomb. She 61 00:03:18,780 --> 00:03:23,060 S2: was there when the women encountered the two angels, and 62 00:03:23,060 --> 00:03:26,540 S2: she remembered the words of Jesus when they were at 63 00:03:26,540 --> 00:03:30,900 S2: the tomb. And it was she, Mary Magdalene, and Mary, 64 00:03:30,900 --> 00:03:34,060 S2: the mother of James, that went and told the apostles 65 00:03:34,060 --> 00:03:38,060 S2: what they saw. And her response was, I want to 66 00:03:38,060 --> 00:03:40,220 S2: tell others what Jesus has done for me. 67 00:03:40,220 --> 00:03:44,060 S1: Oh, wow. Yeah, that's an awesome biblical account. Well, we 68 00:03:44,060 --> 00:03:46,500 S1: always want to apply this to what we can take away. 69 00:03:46,500 --> 00:03:48,740 S1: So what lessons would you share with our audience here? 70 00:03:48,780 --> 00:03:51,220 S2: Well, I think for me, the thing I've been really 71 00:03:51,220 --> 00:03:54,820 S2: reflecting on is that generosity is a journey and it 72 00:03:54,860 --> 00:03:58,690 S2: involves our relationship with Christ as it grows deeper. Our 73 00:03:58,690 --> 00:04:02,010 S2: response to his love grows as well. And so Joanna 74 00:04:02,010 --> 00:04:06,330 S2: shows us this sacrificial kind of giving that's an expression 75 00:04:06,330 --> 00:04:10,090 S2: of extravagant love for Jesus. And my prayers that I 76 00:04:10,130 --> 00:04:13,410 S2: continue to receive so well, so that I can be 77 00:04:13,410 --> 00:04:16,529 S2: a conduit of Christ's love through generosity. 78 00:04:16,570 --> 00:04:17,050 S1: Wow. 79 00:04:17,089 --> 00:04:19,570 S2: And I'd really like to make it even practical. I 80 00:04:19,610 --> 00:04:22,529 S2: guess I'll just share where the Lord's had me in 81 00:04:22,570 --> 00:04:26,170 S2: asking some questions of myself. Um, first of all, what 82 00:04:26,170 --> 00:04:29,289 S2: is something that I need to recognize that I receive 83 00:04:29,290 --> 00:04:33,610 S2: from Christ before I can be an extravagant giver? Um, 84 00:04:33,610 --> 00:04:35,930 S2: so often I think we look at just what we 85 00:04:35,970 --> 00:04:38,690 S2: hold in our hand as mine. Yes. But am I 86 00:04:38,690 --> 00:04:42,370 S2: recognizing that it's a gift from Christ and ask myself, secondly, 87 00:04:42,370 --> 00:04:46,290 S2: am I safe or sacrificial in my giving? Yeah. And 88 00:04:46,290 --> 00:04:50,530 S2: then thirdly, what does my current giving indicate about how 89 00:04:50,529 --> 00:04:52,770 S2: well I've actually received. 90 00:04:52,970 --> 00:04:56,320 S1: Mhm. Those are powerful folks. I would challenge you as well. 91 00:04:56,360 --> 00:04:59,320 S1: Ask those questions to yourself today. I'll do it. And 92 00:04:59,320 --> 00:05:01,800 S1: let's see where the Lord might take us. Sharon, these 93 00:05:01,800 --> 00:05:05,640 S1: are powerful observations from God's Word about the women who 94 00:05:05,680 --> 00:05:08,120 S1: financially supported Jesus. Thanks for your time today. 95 00:05:08,160 --> 00:05:08,920 S2: Glad to be here. 96 00:05:09,040 --> 00:05:12,400 S1: That's Sharon Epps. She's president of Kingdom Advisors, a frequent 97 00:05:12,400 --> 00:05:16,320 S1: and much appreciated contributor here at Faith and finance. Now, 98 00:05:16,320 --> 00:05:18,680 S1: we're not here to take your calls live today, but 99 00:05:18,680 --> 00:05:21,120 S1: we have plenty of calls that we lined up in advance. 100 00:05:21,120 --> 00:05:23,440 S1: And we'll get to those just around the corner. Don't 101 00:05:23,440 --> 00:05:34,960 S1: go anywhere. So thankful to have you with us today 102 00:05:34,960 --> 00:05:37,960 S1: on Faith and Finance live. I'm Rob West, by the way. 103 00:05:38,120 --> 00:05:40,720 S1: Our team is not here today. We're away from the studio, 104 00:05:40,720 --> 00:05:43,240 S1: so don't call in. But we've got some great questions 105 00:05:43,240 --> 00:05:45,360 S1: that we lined up in advance. We'll get to those 106 00:05:45,520 --> 00:05:48,400 S1: in just a bit. You know, I'm reminded as we 107 00:05:48,400 --> 00:05:51,000 S1: think about the role of money in our lives that 108 00:05:51,000 --> 00:05:54,710 S1: we need to counteract the messages of this world. We 109 00:05:54,710 --> 00:05:57,550 S1: need to operate from a biblical worldview. And when we 110 00:05:57,550 --> 00:06:00,430 S1: look to Scripture, I think we really see three big 111 00:06:00,430 --> 00:06:03,669 S1: ideas around the role of money. The first is money 112 00:06:03,670 --> 00:06:06,110 S1: is a tool. Yeah, we use it to buy things 113 00:06:06,110 --> 00:06:08,589 S1: for ourselves and others, and we use it to accomplish 114 00:06:08,589 --> 00:06:11,390 S1: God's purposes. But it's also a tool in the sense 115 00:06:11,390 --> 00:06:15,110 S1: that God uses money in my life to teach me 116 00:06:15,190 --> 00:06:19,630 S1: to rely on him. It's a daily demonstration of my faith. 117 00:06:19,630 --> 00:06:22,710 S1: It reveals where I've placed my trust and what I value. 118 00:06:22,710 --> 00:06:25,430 S1: So it's a tool. It's also a test. You know, 119 00:06:25,470 --> 00:06:28,190 S1: having too much or not enough can be a test. 120 00:06:28,190 --> 00:06:32,589 S1: Are we going to live with contentment? Will we choose contentment? 121 00:06:32,589 --> 00:06:35,350 S1: Are we going to rely on money in place of God? 122 00:06:35,470 --> 00:06:38,390 S1: It's a test in our lives, but it's also a testimony, 123 00:06:38,430 --> 00:06:41,950 S1: especially our willingness to trust God when we have little 124 00:06:41,950 --> 00:06:45,750 S1: or perhaps to share generously when we have much that 125 00:06:45,750 --> 00:06:50,470 S1: provides witness to an unbelieving world, even our faith to 126 00:06:50,510 --> 00:06:53,909 S1: handle money God's way in the midst of uncertain times. 127 00:06:53,910 --> 00:06:57,070 S1: That itself can be a great testimony to the world. 128 00:06:57,070 --> 00:07:00,310 S1: So money is a tool. It's also a test, and 129 00:07:00,310 --> 00:07:03,910 S1: it's a testimony that God uses to both provide for 130 00:07:03,910 --> 00:07:06,190 S1: my needs, as well as to grow me up in 131 00:07:06,190 --> 00:07:09,190 S1: my faith and rely more heavily on him. I hope 132 00:07:09,190 --> 00:07:11,870 S1: that's an encouragement to you today. Let's dive in. We're 133 00:07:11,870 --> 00:07:15,110 S1: going to begin today in Louisiana. Susie, go right ahead. 134 00:07:15,470 --> 00:07:19,190 S4: Thank you so much for taking my call. Sure. It's, um, 135 00:07:19,670 --> 00:07:25,190 S4: it's about a HELOC loan. I didn't know how it works. And, uh, 136 00:07:25,190 --> 00:07:28,870 S4: so I currently have one on this house that I, 137 00:07:29,270 --> 00:07:32,989 S4: I live in. I have a judgment of possession on 138 00:07:32,990 --> 00:07:39,270 S4: the house. My husband passed away very suddenly, and, uh, 139 00:07:39,510 --> 00:07:43,270 S4: so he and his first wife, uh, she passed away 140 00:07:43,310 --> 00:07:47,430 S4: as well a few years ago. They had signed for 141 00:07:47,430 --> 00:07:54,460 S4: this loan. And now she's gone and he's gone. And, uh, 142 00:07:54,620 --> 00:07:59,340 S4: I believe he was paying like, $500 a month. And, uh, 143 00:07:59,340 --> 00:08:02,260 S4: it was a lot for me because I still don't 144 00:08:02,260 --> 00:08:04,580 S4: know what my financial picture is going to look like 145 00:08:04,580 --> 00:08:07,980 S4: now that he's gone. And my sister in law, she 146 00:08:07,980 --> 00:08:11,780 S4: reduced it to $200 a month. But after I started 147 00:08:11,780 --> 00:08:14,580 S4: thinking about it, I just don't know if that was 148 00:08:14,580 --> 00:08:17,500 S4: the thing to do. And I went to the bank 149 00:08:17,820 --> 00:08:20,780 S4: and they still haven't been able to tell me all 150 00:08:20,820 --> 00:08:24,020 S4: the particulars. I don't know where to start and I 151 00:08:24,020 --> 00:08:26,220 S4: need to ask them some questions. So I was hoping 152 00:08:26,220 --> 00:08:28,180 S4: you could tell me what kind of questions I need 153 00:08:28,180 --> 00:08:30,540 S4: to ask my bank about that. 154 00:08:30,580 --> 00:08:34,179 S1: Yeah. Well, um, I realize the, uh, the weight of 155 00:08:34,179 --> 00:08:38,060 S1: this because there's legal estate and financial issues that are 156 00:08:38,059 --> 00:08:42,340 S1: all intertwined here, um, you know, and you've got a 157 00:08:42,340 --> 00:08:46,380 S1: mix of these issues related to inheritance and debt responsibility 158 00:08:46,380 --> 00:08:49,290 S1: and and then, you know, we've got your own challenges 159 00:08:49,290 --> 00:08:53,570 S1: with regard to that judgment of possession. Um, so first 160 00:08:53,570 --> 00:08:57,170 S1: of all, uh, the home equity line of credit is, 161 00:08:57,170 --> 00:09:00,370 S1: of course, a loan secured by the property. And even 162 00:09:00,370 --> 00:09:04,290 S1: though your husband, uh, and his first wife have passed away, 163 00:09:04,290 --> 00:09:07,569 S1: the debt, of course, doesn't disappear. Uh, so your name 164 00:09:07,570 --> 00:09:10,050 S1: is on that helocs at this point, is that right? 165 00:09:11,170 --> 00:09:12,170 S4: It is not. 166 00:09:12,330 --> 00:09:16,410 S1: Okay. All right. Um, but it is attached to your home. 167 00:09:16,770 --> 00:09:19,210 S4: It is attached to my home. And I believe that 168 00:09:19,210 --> 00:09:22,130 S4: they're wanting now for me to sign, you know, sign 169 00:09:22,130 --> 00:09:25,370 S4: on that loan. And I don't know what to do is, 170 00:09:25,410 --> 00:09:31,370 S4: I mean, can can that be renegotiated or. I don't know. So. 171 00:09:31,410 --> 00:09:34,650 S4: So a HELOC, is that like they give you a 172 00:09:34,650 --> 00:09:37,890 S4: line of credit? Because I think what it was was 173 00:09:37,890 --> 00:09:43,130 S4: like 40, 40 something thousand dollars was the loan. And uh, 174 00:09:43,130 --> 00:09:46,130 S4: the house, I believe at the time, four years ago 175 00:09:46,170 --> 00:09:53,280 S4: was like 186,000. Uh, the value and, uh, he had 176 00:09:53,320 --> 00:09:57,840 S4: borrowed it for, uh, home improvement. He added a room. 177 00:09:58,080 --> 00:10:02,040 S4: He turned his, uh, the garage or the double carport 178 00:10:02,040 --> 00:10:07,760 S4: into a large living room with an office and a small, uh, 179 00:10:08,600 --> 00:10:14,439 S4: room for his tools. But, um, I mean, how does 180 00:10:14,440 --> 00:10:17,120 S4: that work? Is that a line of credit? 181 00:10:17,960 --> 00:10:20,200 S1: Yes, it it is. Absolutely. 182 00:10:20,679 --> 00:10:23,760 S4: And he. Okay. So if he doesn't use it all, 183 00:10:24,200 --> 00:10:27,719 S4: what happens to that portion that he has not used? 184 00:10:27,720 --> 00:10:31,040 S4: Can that be can that be put back. You know, 185 00:10:31,080 --> 00:10:34,040 S4: can that be given back to the bank. I don't understand. 186 00:10:34,080 --> 00:10:38,240 S1: Yeah, yeah. Well, it sounds like this loan is secured 187 00:10:38,240 --> 00:10:42,200 S1: by your property that you own. Did you own that 188 00:10:42,200 --> 00:10:45,280 S1: jointly with your husband and then it transferred to you 189 00:10:45,390 --> 00:10:47,310 S1: as the owner. Are you the only one on the 190 00:10:47,309 --> 00:10:48,070 S1: deed of that? 191 00:10:48,070 --> 00:10:52,510 S4: That property at the prison? Yes I am. 192 00:10:52,790 --> 00:10:56,750 S1: Okay. So the HELOC and these are legal matters. So 193 00:10:56,750 --> 00:10:58,030 S1: at the end of the day, you need to talk 194 00:10:58,030 --> 00:11:01,429 S1: to the bank. You're right. And perhaps an attorney. But 195 00:11:01,710 --> 00:11:05,390 S1: essentially the HELOC is a lien against the property not 196 00:11:05,390 --> 00:11:09,710 S1: necessarily against you personally. Um, so because your husband and 197 00:11:09,710 --> 00:11:13,510 S1: his first wife took out the HELOC, the lender's claim 198 00:11:13,510 --> 00:11:17,510 S1: is against the property, not you. Uh, however, now that 199 00:11:17,510 --> 00:11:21,949 S1: you own the property through inheritance or transfer or survivorship, 200 00:11:22,309 --> 00:11:25,709 S1: you own it subject to that lien, meaning the bank 201 00:11:25,750 --> 00:11:29,429 S1: still has rights to the collateral. So even though you 202 00:11:29,429 --> 00:11:33,070 S1: don't owe the debt personally, the property itself still secures 203 00:11:33,070 --> 00:11:36,710 S1: the debt. That means the lender can foreclose to recover 204 00:11:36,750 --> 00:11:39,790 S1: what's owed, and you want to avoid that at all costs. 205 00:11:39,870 --> 00:11:43,150 S1: You know, at all costs. Um, but they can't come 206 00:11:43,150 --> 00:11:47,310 S1: after you personally for payment unless you sign a new agreement. 207 00:11:47,309 --> 00:11:49,990 S1: And if they're wanting you to sign, you know they're 208 00:11:50,030 --> 00:11:54,069 S1: wanting a living borrower to take responsibility for repayment. Otherwise, 209 00:11:54,070 --> 00:11:58,309 S1: they can't easily collect. Um, and so by asking you 210 00:11:58,309 --> 00:12:01,630 S1: to sign, they're effectively saying, we'll let you keep the 211 00:12:01,630 --> 00:12:04,829 S1: line open, but we need you to assume the debt. 212 00:12:04,830 --> 00:12:07,670 S1: And if you sign, you're now going to become personally 213 00:12:07,670 --> 00:12:11,429 S1: liable for the balance. And that's, you know, a significant 214 00:12:11,670 --> 00:12:14,950 S1: legal and financial step. So I wouldn't sign anything unless 215 00:12:14,950 --> 00:12:18,870 S1: you fully understand what you're agreeing to. Now, if you 216 00:12:18,870 --> 00:12:22,830 S1: don't sign, um, then the bank can close the line. 217 00:12:22,830 --> 00:12:26,350 S1: And that's typically what would happen because the two borrowers 218 00:12:26,350 --> 00:12:30,310 S1: are now deceased, and then they can demand repayment from 219 00:12:30,309 --> 00:12:34,670 S1: the estate or through foreclosure on the property. And then 220 00:12:34,670 --> 00:12:37,429 S1: you could lose the home if the estate or you 221 00:12:37,670 --> 00:12:41,270 S1: doesn't pay the balance. Um, and so that might be 222 00:12:41,270 --> 00:12:44,059 S1: the reason, you know, that you would you would in 223 00:12:44,059 --> 00:12:47,140 S1: fact agree to take this on, because now you could 224 00:12:47,140 --> 00:12:50,579 S1: keep the line open, not be forced to sell the property, 225 00:12:50,580 --> 00:12:54,140 S1: which would be perhaps your only way, you know, to 226 00:12:54,179 --> 00:12:58,380 S1: cover whatever's outstanding. Um, but at the end of the day, 227 00:12:58,380 --> 00:13:00,860 S1: I think your next step is to really go to 228 00:13:00,860 --> 00:13:05,219 S1: a real estate or a probate attorney, uh, to evaluate 229 00:13:05,220 --> 00:13:07,860 S1: both the title, you know, the property title and the 230 00:13:07,860 --> 00:13:12,179 S1: estate law and help you determine, especially given what you 231 00:13:12,179 --> 00:13:16,980 S1: said about your own challenges with regard, uh, you know, 232 00:13:17,020 --> 00:13:20,940 S1: to the debts that you have, uh, specifically around the 233 00:13:20,980 --> 00:13:25,460 S1: judgment of possession, because, you know, that means that a 234 00:13:25,460 --> 00:13:29,780 S1: court probably has ruled in favor of another party granting 235 00:13:29,780 --> 00:13:33,100 S1: them legal possession of the property, which is often a 236 00:13:33,100 --> 00:13:36,620 S1: prelude to a foreclosure. Well, that means if that's true, 237 00:13:36,620 --> 00:13:39,380 S1: that time is short. So you want to contact the 238 00:13:39,380 --> 00:13:42,650 S1: court clerk immediately and find out what's the status of 239 00:13:42,650 --> 00:13:45,610 S1: the judgment. Call the lender to find out you know 240 00:13:45,650 --> 00:13:47,930 S1: what options you have, and then get with an attorney 241 00:13:47,970 --> 00:13:52,290 S1: who specializes in foreclosure defense who can help you navigate 242 00:13:52,290 --> 00:13:55,490 S1: all of these issues, your own judgment of possession as 243 00:13:55,490 --> 00:13:57,570 S1: well as the Pelosi. Does that make sense? 244 00:13:58,730 --> 00:14:03,330 S4: Well, I, I got kind of lost there because I 245 00:14:03,330 --> 00:14:06,090 S4: thought the judgment of possession meant that, that the house 246 00:14:06,090 --> 00:14:09,490 S4: was given to me solely because there's nobody else. I mean, 247 00:14:09,490 --> 00:14:12,969 S4: he had no children. They didn't have children. 248 00:14:13,010 --> 00:14:16,209 S1: Let me clarify that with you here during the break here, 249 00:14:16,210 --> 00:14:17,610 S1: because I've got to hit a break here. I want 250 00:14:17,650 --> 00:14:19,770 S1: to make sure I understand what you're saying with that 251 00:14:19,770 --> 00:14:22,770 S1: judgment of possession. Stay right there. This is faith and finance. 252 00:14:22,770 --> 00:14:35,810 S1: We'll be right back. So glad to have you with 253 00:14:35,810 --> 00:14:39,130 S1: us today on faith and finance live. I'm Rob West. Hey. 254 00:14:39,170 --> 00:14:41,560 S1: Our team is away from the studio today, so don't 255 00:14:41,560 --> 00:14:44,920 S1: call in. But we lined up some great questions in 256 00:14:44,920 --> 00:14:47,640 S1: advance that I know you will enjoy. I had a 257 00:14:47,640 --> 00:14:50,400 S1: chance to clarify a few things with Suzy and Louisiana 258 00:14:50,440 --> 00:14:53,400 S1: off the air. So there are not other debts. I 259 00:14:53,400 --> 00:14:55,960 S1: was thinking she was saying there was a a judgment 260 00:14:55,960 --> 00:14:59,160 S1: that had come through or was pending related to other 261 00:14:59,160 --> 00:15:01,760 S1: debts that she owed that was not that were not 262 00:15:01,760 --> 00:15:04,400 S1: in good standing. And that's not the case. All debts 263 00:15:04,400 --> 00:15:07,960 S1: have been cleared. She is under the impression this property 264 00:15:07,960 --> 00:15:12,000 S1: that was, uh, she was a party to with her husband, 265 00:15:12,000 --> 00:15:16,440 S1: her late husband, who, uh, had a first wife, um, 266 00:15:16,720 --> 00:15:19,880 S1: and he's now deceased, along with his first wife. Um, 267 00:15:20,080 --> 00:15:23,480 S1: she is under the impression that the probate court has 268 00:15:23,840 --> 00:15:27,600 S1: given her solely this property. The only debt outstanding on 269 00:15:27,600 --> 00:15:30,200 S1: is this home equity line of credit. And she's just 270 00:15:30,200 --> 00:15:33,720 S1: wondering how to engage the bank. And she needs somebody 271 00:15:33,720 --> 00:15:36,080 S1: who can help her review her options that the bank 272 00:15:36,120 --> 00:15:39,280 S1: is presenting to her, which is going to be either 273 00:15:39,560 --> 00:15:44,200 S1: signing to take personal responsibility for that and hopefully negotiating 274 00:15:44,240 --> 00:15:46,880 S1: favorable terms so that she can continue to pay on 275 00:15:46,880 --> 00:15:51,520 S1: it until it's paid off. Getting her own loan, either 276 00:15:51,560 --> 00:15:54,120 S1: a home equity line of credit or a small first 277 00:15:54,120 --> 00:15:58,400 S1: mortgage that she could then, of course, negotiate the terms 278 00:15:58,400 --> 00:16:00,840 S1: that are favorable to her with her new loan that 279 00:16:00,840 --> 00:16:02,720 S1: could be used to pay off the home equity line 280 00:16:02,760 --> 00:16:05,000 S1: of credit. Or, of course, she could sell the property 281 00:16:05,000 --> 00:16:07,280 S1: and pay it out of the proceeds. But in either case, 282 00:16:07,280 --> 00:16:10,720 S1: she wants to initiate that process sooner rather than later. 283 00:16:10,720 --> 00:16:13,520 S1: Because if it's in a default status, she doesn't know 284 00:16:13,520 --> 00:16:16,760 S1: the status of it. The collateral for that loan is 285 00:16:16,760 --> 00:16:19,080 S1: her property that she now owns, free and clear. And 286 00:16:19,080 --> 00:16:22,200 S1: so it's obviously in her very best interest to get 287 00:16:22,200 --> 00:16:26,040 S1: this moving, get in good communication with the lender, and 288 00:16:26,040 --> 00:16:28,840 S1: then either pay it off through a new loan or 289 00:16:29,000 --> 00:16:32,440 S1: take it on herself. Um, because she's got a lot 290 00:16:32,440 --> 00:16:36,000 S1: at stake with it being attached to this, this property 291 00:16:36,000 --> 00:16:39,070 S1: that she's living in. So Suzy's going to follow through 292 00:16:39,070 --> 00:16:41,470 S1: on that and keep us posted. Suzy, thanks for your 293 00:16:41,470 --> 00:16:44,270 S1: call today. Let's go to Ohio, Tony. Go ahead sir. 294 00:16:44,630 --> 00:16:47,390 S5: Yes, thanks for taking my call and thanks for all 295 00:16:47,390 --> 00:16:50,030 S5: your help over the years. I've got a question here, 296 00:16:50,030 --> 00:16:53,270 S5: and I mean, before I say this, God has been 297 00:16:53,270 --> 00:16:57,390 S5: very good. My business is done extremely well, which is 298 00:16:57,750 --> 00:17:00,430 S5: hence the, I should say, the good problem I have. 299 00:17:00,990 --> 00:17:05,150 S5: So I'm being told that I should probably start looking 300 00:17:05,150 --> 00:17:08,790 S5: at going into real estate. Um, right now I'm in 301 00:17:08,830 --> 00:17:14,630 S5: the 37% tax bracket at this point. Um, and I've got, 302 00:17:14,670 --> 00:17:16,590 S5: I've got a CPA and a bunch of folks that 303 00:17:16,590 --> 00:17:18,710 S5: I'm working with. And one of the things that I've 304 00:17:18,710 --> 00:17:21,790 S5: been told is I need to probably get an SBA loan, 305 00:17:22,310 --> 00:17:23,710 S5: and I kind of wanted to first of all, just 306 00:17:23,710 --> 00:17:28,710 S5: understand how that all works. Um, they've already identified a business, 307 00:17:28,950 --> 00:17:32,470 S5: so this would be a business property, um, looking to 308 00:17:32,510 --> 00:17:36,780 S5: that's currently fully occupied. Um, that they're looking for me 309 00:17:36,780 --> 00:17:38,740 S5: to purchase. So I kind of wanted to understand. I've 310 00:17:38,740 --> 00:17:43,140 S5: never done that before. I've never owned, uh, real estate, uh, ever. 311 00:17:43,540 --> 00:17:45,540 S5: So I kind of wanted to understand a little bit 312 00:17:45,580 --> 00:17:50,860 S5: how that works and what I need for, uh, collateral, um, 313 00:17:50,859 --> 00:17:53,659 S5: for starters. And then I have another question around donor 314 00:17:53,660 --> 00:17:54,420 S5: advised fund. 315 00:17:54,740 --> 00:17:58,859 S1: Okay. Got it. Yeah. And, uh, and specifically tell me 316 00:17:58,859 --> 00:18:00,740 S1: about this property that you're looking at. 317 00:18:01,660 --> 00:18:07,020 S5: Yeah. So it's an office property, um, in my area. Um, 318 00:18:07,020 --> 00:18:11,420 S5: it's fully rented out. The, uh, it's up for sale 319 00:18:11,420 --> 00:18:15,380 S5: right now. According to the listing website. Um, it's been 320 00:18:15,380 --> 00:18:17,660 S5: on the market for about 70 something days. The asking 321 00:18:17,660 --> 00:18:23,219 S5: price is approximately 450 grand. Um, that's the most that 322 00:18:23,220 --> 00:18:26,500 S5: I know about it. Uh, it's fully occupied, and it 323 00:18:26,500 --> 00:18:29,899 S5: looks well maintained and all that sense. I guess the 324 00:18:29,900 --> 00:18:31,860 S5: owner just wants to sell it at this point. 325 00:18:32,020 --> 00:18:36,330 S1: Got it. Okay. Very good. Yeah. So obviously you've done well. Um, 326 00:18:36,330 --> 00:18:38,290 S1: and you said you really don't have a whole lot 327 00:18:38,290 --> 00:18:42,090 S1: of experience or any in being, uh, you know, invested 328 00:18:42,090 --> 00:18:44,410 S1: in real estate or being a landlord, is that right? 329 00:18:45,369 --> 00:18:46,210 S5: Never. Yeah. 330 00:18:46,250 --> 00:18:49,290 S1: Okay. All right. Very good. Well, you mentioned an SBA loan, 331 00:18:49,290 --> 00:18:52,330 S1: so let's start there. Um, you know, that isn't money 332 00:18:52,330 --> 00:18:55,330 S1: directly from the government. It's made available by a bank 333 00:18:55,330 --> 00:18:59,169 S1: or a credit union. But the SBA, the Small Business Administration, 334 00:18:59,170 --> 00:19:03,369 S1: guarantees a portion of the loan, usually up to 85%. 335 00:19:03,369 --> 00:19:06,409 S1: And that makes lenders more willing to lend, especially to 336 00:19:06,450 --> 00:19:10,409 S1: small business owners who might not otherwise qualify for traditional 337 00:19:10,410 --> 00:19:14,290 S1: commercial financing. There's two kinds of that are that are 338 00:19:14,290 --> 00:19:18,570 S1: relevant here. The SBA seven loan. That's the most common 339 00:19:18,570 --> 00:19:22,570 S1: that could be used for buying owner occupied real estate 340 00:19:22,570 --> 00:19:26,689 S1: or working capital or equipment or things like that. Terms 341 00:19:26,690 --> 00:19:29,609 S1: of up to 25 years for real estate, ten years 342 00:19:29,609 --> 00:19:33,650 S1: for equipment or working capital. And it's usually the prime 343 00:19:33,650 --> 00:19:36,850 S1: rate plus 2 or 3% above that. And then there's 344 00:19:36,850 --> 00:19:40,890 S1: another type of loan from the SBA specifically for buying 345 00:19:40,930 --> 00:19:45,490 S1: fixed assets like commercial real estate or large equipment. It's 346 00:19:45,490 --> 00:19:50,050 S1: half a bank loan and then half an SBA backed 347 00:19:50,090 --> 00:19:53,810 S1: loan through another type of company. And then you usually 348 00:19:53,810 --> 00:19:58,650 S1: have a down payment and it's long term fixed rate financing. Um, 349 00:19:58,650 --> 00:20:01,369 S1: you know, in terms of this property, uh, you know, 350 00:20:01,410 --> 00:20:04,129 S1: this fully rented office building, I think there's, you know, 351 00:20:04,170 --> 00:20:07,410 S1: kind of two directions. You could go here if you 352 00:20:07,410 --> 00:20:11,570 S1: plan to use, you know, at least 51% of it, uh, 353 00:20:11,570 --> 00:20:15,570 S1: for your own business, then it qualifies as owner occupied. Otherwise, 354 00:20:15,570 --> 00:20:19,169 S1: it's an investment property. And if it's fully rented and 355 00:20:19,170 --> 00:20:21,370 S1: you just want it as an investment, that's not going 356 00:20:21,410 --> 00:20:26,250 S1: to be SBA eligible. They only finance owner occupied properties. 357 00:20:26,609 --> 00:20:30,450 S1: And so you'd need a commercial investment loan, which typically 358 00:20:30,450 --> 00:20:33,320 S1: is going to require 25 to 30% down and it's 359 00:20:33,320 --> 00:20:36,320 S1: going to have a higher rate. But the property's rental 360 00:20:36,320 --> 00:20:38,600 S1: income and value are going to be, you know, significant 361 00:20:38,600 --> 00:20:42,600 S1: underwriting factors. Um, in terms of the collateral, uh, the 362 00:20:42,600 --> 00:20:45,640 S1: property itself is the main collateral, of course. And then 363 00:20:45,640 --> 00:20:49,000 S1: they may take a personal guarantee. Um, but sometimes they 364 00:20:49,000 --> 00:20:53,040 S1: require additional collateral like business assets or savings. So you're 365 00:20:53,040 --> 00:20:56,600 S1: going to need to be ready for appraisal and environmental reports, maybe, and, 366 00:20:56,880 --> 00:21:01,120 S1: you know, full financial documentation, a personal financial statement, that 367 00:21:01,119 --> 00:21:03,760 S1: kind of thing. So let me stop there and just 368 00:21:03,760 --> 00:21:04,960 S1: see what questions you have. 369 00:21:05,640 --> 00:21:09,160 S5: Um, yeah. So I think that that's that's very helpful. 370 00:21:09,200 --> 00:21:12,840 S5: So you're saying that, um, for me to qualify for 371 00:21:12,840 --> 00:21:16,440 S5: the first option, the half you said half SBA and 372 00:21:16,440 --> 00:21:19,639 S5: then half, I guess a bank loan, I'd have to 373 00:21:19,680 --> 00:21:22,080 S5: occupy 51% of the building. 374 00:21:24,080 --> 00:21:26,040 S1: Yeah. So are you looking at this as just a 375 00:21:26,040 --> 00:21:29,280 S1: pure investment play, or are you actually going to operate 376 00:21:29,280 --> 00:21:31,389 S1: a business out of part of this property. 377 00:21:31,830 --> 00:21:33,830 S5: I am going to operate a business out of it 378 00:21:33,830 --> 00:21:36,550 S5: as well. I'm not sure if it's going to be 51% 379 00:21:36,550 --> 00:21:38,270 S5: of the buildings, but I am going to operate my 380 00:21:38,270 --> 00:21:39,310 S5: business out of it as well. 381 00:21:39,510 --> 00:21:42,830 S1: Yeah. Got it. Okay. Yes. So it does my understanding 382 00:21:42,830 --> 00:21:45,830 S1: it doesn't need to be at least 51% of the property. 383 00:21:45,830 --> 00:21:48,949 S1: Otherwise it's deemed just a pure investment and then SBA 384 00:21:48,990 --> 00:21:51,870 S1: would not qualify. I know you had other questions. Stay there. 385 00:21:51,869 --> 00:21:53,710 S1: We'll get to that after the break. This is faith 386 00:21:53,710 --> 00:22:05,669 S1: and finance. We'll be right back. So glad to have 387 00:22:05,670 --> 00:22:08,510 S1: you with us today on Faith and Finance Live. Our 388 00:22:08,510 --> 00:22:11,390 S1: team is away today, so don't call in. But we 389 00:22:11,430 --> 00:22:13,750 S1: lined up some great questions in advance and we'll be 390 00:22:13,750 --> 00:22:16,030 S1: going to those here in just a moment. Let me 391 00:22:16,030 --> 00:22:18,710 S1: also remind you that the advice that I give each 392 00:22:18,710 --> 00:22:22,590 S1: day on this program is general in nature. We offer 393 00:22:22,590 --> 00:22:26,310 S1: principles and ideas that apply at a high level. They 394 00:22:26,310 --> 00:22:29,980 S1: are not personalized. So that's why you should always seek 395 00:22:29,980 --> 00:22:33,219 S1: professional financial advice. And if you'd like to find a 396 00:22:33,220 --> 00:22:36,459 S1: professional who shares your values, we of course, here at 397 00:22:36,460 --> 00:22:40,619 S1: Faith and Finance Live recommend the Certified Kingdom Advisor designation. 398 00:22:40,700 --> 00:22:43,260 S1: These are men and women who've met high standards, and 399 00:22:43,260 --> 00:22:46,260 S1: they've been trained to bring a biblical worldview of financial 400 00:22:46,260 --> 00:22:50,020 S1: decision making. You can find 1@faith.com. All right. Let's head 401 00:22:50,020 --> 00:22:52,420 S1: back to the phones. Uh, Tony called before the break 402 00:22:52,420 --> 00:22:56,100 S1: from Ohio. He's a 49, working full time. He's a 403 00:22:56,100 --> 00:22:58,659 S1: business owner. He's had some great success. He does have 404 00:22:58,859 --> 00:23:02,340 S1: a tax, um, burden that he's looking for, a way 405 00:23:02,340 --> 00:23:06,300 S1: to to lessen. He's in a a top tax bracket. Um, 406 00:23:06,340 --> 00:23:08,780 S1: he's also considering getting into real estate. And you had 407 00:23:08,780 --> 00:23:12,780 S1: asked about that 51% rule with regard to, you know, 408 00:23:12,820 --> 00:23:17,100 S1: if you're going into a real estate property, an investment property, 409 00:23:17,260 --> 00:23:20,540 S1: but you're also going to be there in terms of 410 00:23:20,540 --> 00:23:25,420 S1: being owner occupied. The SBA requires that business occupy 51% 411 00:23:25,420 --> 00:23:28,570 S1: of the property in order to qualify for that SBA 412 00:23:28,609 --> 00:23:32,689 S1: real estate loan. And so basically, it's designed to help 413 00:23:32,690 --> 00:23:36,290 S1: small businesses own real estate. They operate from not become 414 00:23:36,290 --> 00:23:39,890 S1: landlords or investors. So that's why, you know, they say 415 00:23:39,890 --> 00:23:42,970 S1: that 51% of the square footage has to be used 416 00:23:42,970 --> 00:23:47,129 S1: for that purpose to be owner occupied. And it's basically, 417 00:23:47,369 --> 00:23:50,610 S1: you know, you physically have to use 51% or more 418 00:23:50,609 --> 00:23:54,290 S1: of the total rentable space for your own operations, and 419 00:23:54,290 --> 00:23:58,929 S1: then you could rent out to other tenants the remaining 49%. Now, 420 00:23:59,210 --> 00:24:01,610 S1: I'm certainly not an expert on SBA loans. It might 421 00:24:01,609 --> 00:24:04,810 S1: be behoove you to get with somebody who is who 422 00:24:04,810 --> 00:24:07,450 S1: could help you just think through. Are there other avenues 423 00:24:07,450 --> 00:24:10,810 S1: or strategies you could use to acquire this property if 424 00:24:10,810 --> 00:24:14,010 S1: you're not planning to take that much? Um, but just 425 00:24:14,010 --> 00:24:16,169 S1: generally speaking, that needs to be something that's on your 426 00:24:16,170 --> 00:24:19,890 S1: radar because those issues are real. I know you had 427 00:24:19,930 --> 00:24:23,850 S1: a follow up question, Tony, related to a donor advised fund. 428 00:24:23,850 --> 00:24:24,649 S1: Go ahead with that. 429 00:24:25,410 --> 00:24:28,570 S5: Yes. So, um, and I think you touched on it earlier. 430 00:24:28,570 --> 00:24:32,450 S5: So I have a, I have a significant tax bill. Um, 431 00:24:32,690 --> 00:24:35,330 S5: and I'm trying to see again also planned for my 432 00:24:35,369 --> 00:24:39,370 S5: giving next year. Yeah. Um, so I am looking to 433 00:24:39,410 --> 00:24:42,210 S5: contribute to a donor advised fund. But my main concern 434 00:24:42,250 --> 00:24:45,650 S5: the question is could this a significant amount, um, what 435 00:24:45,650 --> 00:24:47,690 S5: kind of. And I certainly want this to go to my, 436 00:24:47,730 --> 00:24:51,490 S5: my local church and charities, uh, that I really want 437 00:24:51,490 --> 00:24:54,410 S5: to contribute to. But again, I know you've indicated that 438 00:24:54,410 --> 00:24:58,050 S5: once you give it, it's giving. So my concern is 439 00:24:58,050 --> 00:25:02,450 S5: how much control do I actually have once I've given 440 00:25:02,450 --> 00:25:04,530 S5: it to in this case NCF given. 441 00:25:04,690 --> 00:25:07,330 S1: Yeah. Well, it's a great question. I'm so glad you're 442 00:25:07,330 --> 00:25:09,850 S1: asking it because what a lot of people don't realize, 443 00:25:09,850 --> 00:25:15,010 S1: although the The Donor Advised fund is my favorite giving tool, 444 00:25:15,050 --> 00:25:17,250 S1: think of it like a charitable checking account. You can 445 00:25:17,250 --> 00:25:20,170 S1: put cash in it, you can put assets into it. 446 00:25:20,210 --> 00:25:24,600 S1: Business interest. It's a great place for you to, you know, 447 00:25:24,640 --> 00:25:29,040 S1: give appreciated assets before they're sold. Once it hits the account, 448 00:25:29,080 --> 00:25:31,240 S1: even while it's in the donor advised fund, you can 449 00:25:31,240 --> 00:25:34,200 S1: invest it while you're waiting to give it away. And 450 00:25:34,200 --> 00:25:38,359 S1: then you have advisory privileges, meaning you can recommend which 451 00:25:38,359 --> 00:25:41,520 S1: charities to support when and how much you can do 452 00:25:41,520 --> 00:25:45,440 S1: that in your name or anonymously. But you're hitting on 453 00:25:45,440 --> 00:25:49,159 S1: a key point and that is this once you contribute 454 00:25:49,160 --> 00:25:52,000 S1: to a donor advised fund, and this is how you 455 00:25:52,000 --> 00:25:56,480 S1: can get an immediate charitable contribution receipt for that gift 456 00:25:56,480 --> 00:26:00,119 S1: even before it's given away. Once you contribute, you've made 457 00:26:00,119 --> 00:26:04,080 S1: an irrevocable gift to the sponsoring charity, what's called the 458 00:26:04,160 --> 00:26:08,560 S1: donor advised fund sponsor. They own the funds. That's why 459 00:26:08,560 --> 00:26:12,000 S1: there's an immediate tax deduction. And then you retain, according 460 00:26:12,040 --> 00:26:15,640 S1: to the law what are called advisory privileges. And the 461 00:26:15,640 --> 00:26:19,919 S1: sponsor has to approve the grant, ensuring that the recipient 462 00:26:19,920 --> 00:26:24,350 S1: is a qualified 500 1C3. C3. But here's the key part. 463 00:26:24,590 --> 00:26:28,270 S1: And that it aligns with the sponsor's policies. And they 464 00:26:28,270 --> 00:26:32,949 S1: can determine what those policies are, which is precisely why 465 00:26:33,590 --> 00:26:36,270 S1: I'm a big advocate of you having a fund at 466 00:26:36,270 --> 00:26:40,830 S1: the National Christian Foundation, because that's why they exist. You know, 467 00:26:40,869 --> 00:26:45,909 S1: NCF is really there, and the main reason believers choose 468 00:26:46,070 --> 00:26:50,590 S1: the National Christian Foundation is because they're all about biblically 469 00:26:50,590 --> 00:26:56,149 S1: aligned giving. So they're absolutely going to approve grants only, uh, 470 00:26:56,150 --> 00:26:59,670 S1: you know, to 501 C3 organizations whose work doesn't conflict 471 00:26:59,670 --> 00:27:02,550 S1: with Christian values and make it easy for you to 472 00:27:02,590 --> 00:27:06,510 S1: give to your church and ministries and mission organizations. And 473 00:27:06,510 --> 00:27:09,429 S1: since it was founded back in the 70s by Larry 474 00:27:09,430 --> 00:27:12,790 S1: Burkett and Ron Blue and Terry Parker, it has not 475 00:27:12,790 --> 00:27:16,350 S1: had one ounce of mission drift in terms of what 476 00:27:16,350 --> 00:27:21,510 S1: it's for. And literally more than $20 billion has flowed through, uh, 477 00:27:21,580 --> 00:27:25,820 S1: NCF to more than 40,000 charities and ministries and churches. 478 00:27:26,100 --> 00:27:29,140 S1: And so I would say if you're choosing between, you know, 479 00:27:29,180 --> 00:27:33,619 S1: the big players out there like Fidelity Charitable or Schwab Charitable, 480 00:27:33,740 --> 00:27:36,220 S1: that's why I would always go with NCF. And it's 481 00:27:36,220 --> 00:27:39,500 S1: precisely for this reason that you're calling out Tony. And 482 00:27:39,500 --> 00:27:42,340 S1: that is, you can have confidence that you're never going 483 00:27:42,380 --> 00:27:45,780 S1: to be kind of stopped in your tracks when you, 484 00:27:46,300 --> 00:27:49,179 S1: you know, recommend or advise on a grant out to 485 00:27:49,180 --> 00:27:51,180 S1: a Christian ministry. Does that make sense? 486 00:27:52,859 --> 00:27:55,060 S5: Yes it does. Thank you very much. Yeah, I think 487 00:27:55,100 --> 00:27:55,860 S5: that's it. I'm good. 488 00:27:55,900 --> 00:27:57,780 S1: Thank you. Awesome. Thank you. Tony. By the way, folks, 489 00:27:57,780 --> 00:27:59,899 S1: if you'd like to open a donor advised fund with 490 00:27:59,900 --> 00:28:02,540 S1: the National Christian Foundation, it's quick and easy to do. 491 00:28:02,580 --> 00:28:07,420 S1: Just head to our website. Faith. Com again that stands 492 00:28:07,420 --> 00:28:14,020 S1: for National Christian foundation.com slash. You can open your giving 493 00:28:14,020 --> 00:28:15,980 S1: fund today. And by the way this is a great 494 00:28:15,980 --> 00:28:18,180 S1: time of year to do it. All right to Virginia 495 00:28:18,180 --> 00:28:19,379 S1: Maggie how can I help. 496 00:28:22,380 --> 00:28:27,379 S6: I am calling because. Good morning. I'm calling because in 2020. Hi. 497 00:28:27,859 --> 00:28:30,540 S6: Good morning. I'm calling because in 2024, my husband and 498 00:28:30,540 --> 00:28:35,060 S6: I needed to move into an Ada condo. And sadly, 499 00:28:35,060 --> 00:28:39,660 S6: we traded our 2.25% mortgage rate on our home for 500 00:28:39,660 --> 00:28:42,860 S6: a 7% rate on the condo. And so I was 501 00:28:42,860 --> 00:28:46,020 S6: wondering two things. One, it seems like interest rates are 502 00:28:46,020 --> 00:28:49,940 S6: coming down. I was wondering if you had I know it's, 503 00:28:49,980 --> 00:28:53,620 S6: you know, guessing, but an idea like how low and 504 00:28:53,620 --> 00:28:58,100 S6: how they might go or when that might be. And two, importantly, 505 00:28:58,260 --> 00:29:00,860 S6: at what point is it worth it to refinance? Because 506 00:29:00,900 --> 00:29:02,660 S6: the 7% is really killing us. 507 00:29:02,940 --> 00:29:08,020 S1: Yeah. Yeah, exactly. Um, and where are you at right now? Uh, 508 00:29:08,020 --> 00:29:08,900 S1: on your rate. 509 00:29:10,540 --> 00:29:11,460 S6: 7%. 510 00:29:11,700 --> 00:29:15,020 S1: Okay. 7%. Uh, yeah. So you're going to want to 511 00:29:15,060 --> 00:29:17,540 S1: wait until. I mean, my general rule of thumb is 512 00:29:17,540 --> 00:29:22,610 S1: at least 1%, preferably 1.5% lower. So for you, that's 513 00:29:22,610 --> 00:29:25,530 S1: going to be, you know, five and a half to 6% 514 00:29:26,010 --> 00:29:29,850 S1: on interest rates. And you also, in addition to saving 515 00:29:29,850 --> 00:29:33,130 S1: 1 to 1.5%, you really want to be able to 516 00:29:33,170 --> 00:29:36,090 S1: commit to staying in that property for at least five years. 517 00:29:36,290 --> 00:29:39,810 S1: And that's going to ensure that the cost of that refinance, 518 00:29:39,810 --> 00:29:42,930 S1: which can run, you know, 3% or more of the 519 00:29:42,930 --> 00:29:46,850 S1: mortgage balance, is going to be able to be recouped 520 00:29:46,850 --> 00:29:49,650 S1: through the interest savings. Because remember, when you start a 521 00:29:49,650 --> 00:29:52,370 S1: new loan over the majority of it's going to interest, 522 00:29:52,610 --> 00:29:55,690 S1: you want to save at least the expense that you 523 00:29:55,690 --> 00:29:58,610 S1: incurred for the refi or it's not worth it. You 524 00:29:58,610 --> 00:30:01,490 S1: might as well have just stuck with the the current, uh, 525 00:30:01,650 --> 00:30:04,810 S1: you know, interest rate that you have. Now, the question is, 526 00:30:04,810 --> 00:30:07,050 S1: when are we going to hit that? Well nobody knows. 527 00:30:07,090 --> 00:30:10,290 S1: I mean, we could look at some estimates. Um, you know, 528 00:30:10,330 --> 00:30:14,410 S1: I think the last I saw was that Fannie Mae, uh, 529 00:30:14,410 --> 00:30:18,680 S1: was projecting. You know, perhaps we're at 6.3 by the 530 00:30:18,680 --> 00:30:23,360 S1: end of 2025, and maybe just under 6% by the 531 00:30:23,360 --> 00:30:28,000 S1: end of 2026. Um, which is still above 5.5%, which 532 00:30:28,000 --> 00:30:32,280 S1: is my ideal 1.5% lower, but but under but greater 533 00:30:32,280 --> 00:30:35,680 S1: than 1% lower, which would, I think, put it in play. Uh, 534 00:30:35,720 --> 00:30:38,600 S1: there are others that are not as optimistic. Some think 535 00:30:38,600 --> 00:30:42,280 S1: that we'll still be hovering, you know, in the mid 60s. 536 00:30:42,280 --> 00:30:44,480 S1: So I think at this point the key is for 537 00:30:44,480 --> 00:30:47,280 S1: you just to wait it out, pay as much toward 538 00:30:47,280 --> 00:30:50,640 S1: principle as possible and keep watching those rates. Thanks for 539 00:30:50,640 --> 00:30:52,719 S1: your call, Maggie. God bless you. We'll be right back. 540 00:31:05,120 --> 00:31:07,600 S7: This is our final segment of a faith and finance 541 00:31:07,640 --> 00:31:11,000 S7: live program that we previously recorded. Thanks so much for 542 00:31:11,000 --> 00:31:13,240 S7: being with us today, and we hope you'll stick around 543 00:31:13,240 --> 00:31:15,510 S7: and enjoy the rest of the program. Am. 544 00:31:16,870 --> 00:31:18,430 S1: Uh, back to the phones. We go. Let's go out 545 00:31:18,430 --> 00:31:20,070 S1: to Michigan. Hi, Carol. Go ahead. 546 00:31:20,590 --> 00:31:23,550 S8: Hi. Thanks for taking my call. Yes, ma'am. I had 547 00:31:23,550 --> 00:31:27,070 S8: a question about. I had a question about independent living 548 00:31:27,310 --> 00:31:30,030 S8: after you turn a certain age. I'm 58 years old 549 00:31:30,030 --> 00:31:34,030 S8: right now. I'm on disability. I only get about $1,300 550 00:31:34,070 --> 00:31:36,830 S8: a month. And that's before Medicare is taken out. And 551 00:31:36,830 --> 00:31:38,950 S8: I'm able to work part time right now out of 552 00:31:38,950 --> 00:31:42,590 S8: my home. I guess what I'm wondering is, and I'm married, 553 00:31:42,630 --> 00:31:45,510 S8: wondering if something would happen to my husband or if 554 00:31:45,510 --> 00:31:48,390 S8: I was left alone. What would be the best option 555 00:31:48,390 --> 00:31:51,510 S8: for me? Obviously, I would probably sell my house, and 556 00:31:51,510 --> 00:31:54,390 S8: I believe I could wind up with maybe 200,000 or 557 00:31:54,390 --> 00:31:58,070 S8: so after taxes and realtor fees and whatnot, but I'm 558 00:31:58,070 --> 00:32:01,110 S8: wondering where would be the best place for me to go. 559 00:32:01,270 --> 00:32:03,910 S8: The steps would be, and how I would handle a 560 00:32:03,910 --> 00:32:05,270 S8: situation like that. 561 00:32:05,430 --> 00:32:07,670 S1: Yeah, yeah, I think it's a great question and I'm 562 00:32:07,710 --> 00:32:09,670 S1: glad to hear you thinking about that. Now, you know, 563 00:32:09,750 --> 00:32:12,430 S1: we know that the data says that as men we 564 00:32:12,430 --> 00:32:16,270 S1: will predecease our wives. and I think, you know, so 565 00:32:16,270 --> 00:32:19,070 S1: often at least I hear from so many widows on 566 00:32:19,070 --> 00:32:22,950 S1: this program that, you know, find themselves after a husband 567 00:32:22,950 --> 00:32:25,670 S1: passes away, especially if he's been the one. And this 568 00:32:25,670 --> 00:32:27,469 S1: certainly isn't always the case. But if he's been the 569 00:32:27,470 --> 00:32:30,310 S1: one who's managed the financial affairs, a lot of times 570 00:32:30,510 --> 00:32:34,110 S1: widows will feel just have a lot of questions and feel, 571 00:32:34,310 --> 00:32:38,870 S1: you know, ill prepared to manage their finances moving forward. 572 00:32:38,870 --> 00:32:41,469 S1: And so I think leaning into that right now, Carol, 573 00:32:41,470 --> 00:32:44,110 S1: and having a plan to understand not only what assets 574 00:32:44,270 --> 00:32:46,470 S1: as the Lord entrusted to you, but kind of what 575 00:32:46,470 --> 00:32:48,830 S1: would your next steps be? I think the first thing 576 00:32:48,830 --> 00:32:52,030 S1: would be just to establish a reasonable budget to determine 577 00:32:52,350 --> 00:32:55,430 S1: what you have available to you. Did you say you're 578 00:32:55,430 --> 00:32:57,630 S1: both collecting Social Security right now? 579 00:32:58,110 --> 00:33:01,830 S8: No, neither one of us are. I'm only 58. He's 61. 580 00:33:02,070 --> 00:33:06,350 S8: I get disability, disability, I got disability. Um, yeah. If 581 00:33:06,350 --> 00:33:08,790 S8: I ever wound up getting his Social Security, it would 582 00:33:08,790 --> 00:33:11,470 S8: be a little bit more than mine. Mine's 1300. It 583 00:33:11,470 --> 00:33:14,620 S8: would probably go up to maybe 2200, but that's another 584 00:33:14,620 --> 00:33:16,100 S8: nine years away for me. 585 00:33:16,140 --> 00:33:16,540 S1: Yeah. 586 00:33:16,700 --> 00:33:17,060 S8: Yeah. 587 00:33:17,340 --> 00:33:20,420 S1: Okay. And is he continuing to work? 588 00:33:20,980 --> 00:33:22,100 S8: Yes. Yeah. Okay. 589 00:33:22,260 --> 00:33:25,900 S1: Yeah. And are you all putting money aside every month 590 00:33:25,940 --> 00:33:26,900 S1: toward retirement? 591 00:33:27,780 --> 00:33:30,900 S8: It's really hard to do that. I hardly make anything. 592 00:33:30,900 --> 00:33:32,700 S8: And he doesn't make a lot. And I have a 593 00:33:32,740 --> 00:33:36,580 S8: lot of medical expenses, so it's almost impossible. And then 594 00:33:36,580 --> 00:33:38,100 S8: when we do, we need to use it for car 595 00:33:38,100 --> 00:33:39,300 S8: repairs and whatnot. 596 00:33:39,540 --> 00:33:42,420 S1: Okay. And so other than the 200,000, you think you 597 00:33:42,420 --> 00:33:44,860 S1: could net from the house? What what other assets do 598 00:33:44,860 --> 00:33:45,860 S1: you have currently? 599 00:33:46,380 --> 00:33:48,420 S8: I mean, that's pretty much that would be it. I 600 00:33:48,420 --> 00:33:51,860 S8: don't have any, like, retirement accounts. I mean, I took 601 00:33:51,860 --> 00:33:55,060 S8: my retirement out and I have well, actually, I had 602 00:33:55,060 --> 00:33:58,060 S8: 30,000 in gold and silver, so I guess that would 603 00:33:58,060 --> 00:33:59,820 S8: be another asset. 604 00:33:59,860 --> 00:34:04,220 S1: Yeah. Yeah. Very good. Well, here's the reality is, I mean, 605 00:34:04,260 --> 00:34:06,060 S1: you know, the key would be for you all to 606 00:34:06,100 --> 00:34:09,460 S1: wait as long as you can to take Social Security. 607 00:34:09,700 --> 00:34:12,250 S1: You know, and I think the key for him is 608 00:34:12,610 --> 00:34:16,130 S1: the longer he can work, the better. And the same. 609 00:34:16,170 --> 00:34:18,610 S1: You know, I know you're on disability, but I think 610 00:34:18,650 --> 00:34:22,330 S1: the extent to which you all can delay collecting Social Security, 611 00:34:22,370 --> 00:34:24,650 S1: even if he could wait all the way to age 70, 612 00:34:24,890 --> 00:34:27,570 S1: that would be ideal, because he could get his check 613 00:34:27,610 --> 00:34:33,170 S1: up 25% or thereabouts, higher than what he's scheduled to 614 00:34:33,210 --> 00:34:36,330 S1: get as at full retirement age, which would help because 615 00:34:36,330 --> 00:34:39,010 S1: if he's, you know, scheduled to get 1200 a month 616 00:34:39,170 --> 00:34:41,569 S1: at full retirement age, that would, you know, might take 617 00:34:41,570 --> 00:34:45,850 S1: that up to $2,750, which could be a pretty significant 618 00:34:46,130 --> 00:34:48,489 S1: game changer for you just to have what you need 619 00:34:48,489 --> 00:34:51,330 S1: to cover your bills. And you would get that as 620 00:34:51,330 --> 00:34:54,689 S1: survivor's benefits. And then obviously, if you sold the home, 621 00:34:54,690 --> 00:34:57,770 S1: you'd have the couple hundred thousand dollars. And, you know, 622 00:34:57,810 --> 00:35:01,290 S1: that could be converted to an income stream as well, 623 00:35:01,570 --> 00:35:03,850 S1: you know, which would be, you know, probably you could 624 00:35:03,850 --> 00:35:07,529 S1: pull 8000 a year or about $650 a month. So 625 00:35:07,530 --> 00:35:10,560 S1: if you put all those together, you know, that's uh, 626 00:35:10,560 --> 00:35:13,080 S1: 650 a month. And then if you were to add 627 00:35:13,120 --> 00:35:16,680 S1: 2700 from his Social Security, if he waited to 70, 628 00:35:16,719 --> 00:35:19,399 S1: that gives you 3300 a month. So that would give 629 00:35:19,400 --> 00:35:21,960 S1: you an option. I mean, if you ended up spending 630 00:35:21,960 --> 00:35:25,240 S1: those assets down because you needed some sort of care, 631 00:35:25,280 --> 00:35:28,440 S1: whether that's in-home care or full nursing care or something 632 00:35:28,440 --> 00:35:31,640 S1: in between, you know, then that's where Medicaid would kick 633 00:35:31,640 --> 00:35:36,080 S1: in and you could go to a medicaid approved, you know, 634 00:35:36,120 --> 00:35:39,880 S1: independent living or nursing home facility. You know, if you 635 00:35:39,880 --> 00:35:43,200 S1: needed care. And they would, you know, cover that once 636 00:35:43,200 --> 00:35:45,560 S1: your assets had been spent down. So I think the 637 00:35:45,560 --> 00:35:47,759 S1: key for you all is just to delay, as long 638 00:35:47,760 --> 00:35:50,759 S1: as you can keep your lifestyle at a minimum, try 639 00:35:50,760 --> 00:35:53,880 S1: to save when possible. Uh, I realize you have, you know, 640 00:35:53,880 --> 00:35:57,000 S1: a lot of expenses, including medical expenses, but, you know, 641 00:35:57,040 --> 00:36:01,040 S1: getting that Social Security up as high as possible and 642 00:36:01,080 --> 00:36:03,200 S1: staying out of debt or getting out of debt if 643 00:36:03,239 --> 00:36:06,720 S1: you have some debt now and then ultimately liquidating that, 644 00:36:06,719 --> 00:36:09,670 S1: that home, you know, would probably give you the ability 645 00:36:09,670 --> 00:36:11,669 S1: to at least either stay there and cover your bills 646 00:36:11,670 --> 00:36:15,750 S1: from Social Security or loan or sell the house. Use 647 00:36:15,750 --> 00:36:19,109 S1: that plus Social Security, you know, to live. And if 648 00:36:19,110 --> 00:36:21,230 S1: at some point you needed some additional care, you could 649 00:36:21,230 --> 00:36:22,670 S1: get that. Does that make sense? 650 00:36:23,070 --> 00:36:25,549 S8: Yeah it does. And I was just curious to one 651 00:36:25,550 --> 00:36:29,270 S8: quick question. You had mentioned reverse mortgages before, I think, 652 00:36:29,310 --> 00:36:31,830 S8: on here. And you gave a number and it was 653 00:36:31,830 --> 00:36:34,390 S8: movement or something like that. 654 00:36:34,430 --> 00:36:37,950 S1: Yeah. So movement is an underwriter of this program, and 655 00:36:37,989 --> 00:36:41,230 S1: they do specialize in the area of reverse mortgages. And 656 00:36:41,230 --> 00:36:43,069 S1: that could be an option as well where if you 657 00:36:43,070 --> 00:36:46,989 S1: wanted to stay there, essentially you could convert that to 658 00:36:46,989 --> 00:36:49,029 S1: an income stream and then stay there for the rest 659 00:36:49,030 --> 00:36:50,910 S1: of your life. As long as you pay the taxes 660 00:36:50,910 --> 00:36:54,109 S1: and the insurance, you'd never have a payment. And that 661 00:36:54,110 --> 00:36:56,710 S1: would be another way to boost your income. The website 662 00:36:56,710 --> 00:37:03,670 S1: is movement. Movement. Thank you for your call today, Carol. 663 00:37:03,670 --> 00:37:06,830 S1: We appreciate you being on the program. Let's go to Texas. Terri, 664 00:37:06,870 --> 00:37:08,350 S1: thanks for your patience. Go ahead. 665 00:37:09,430 --> 00:37:09,910 S8: Hello. 666 00:37:10,150 --> 00:37:11,430 S1: Hi, there. How can I help you? 667 00:37:12,110 --> 00:37:15,870 S9: Uh. Two questions. Can you explain how a fixed annuity works? 668 00:37:16,630 --> 00:37:24,430 S9: And I have and tod on every asset that I own. 669 00:37:24,750 --> 00:37:25,870 S9: Do I need a will? 670 00:37:26,390 --> 00:37:30,430 S1: Mhm. Yeah. Very good. Uh, so a fixed annuity is 671 00:37:30,430 --> 00:37:36,790 S1: an insurance product that provides guaranteed interest and predictable income. 672 00:37:36,790 --> 00:37:40,150 S1: That's why people buy them. If somebody buys them, uh, 673 00:37:40,230 --> 00:37:43,509 S1: you give an insurance company a lump sum or a 674 00:37:43,510 --> 00:37:47,870 S1: series of payments, you choose, and in return, they guarantee 675 00:37:48,030 --> 00:37:52,350 S1: a set rate of interest for, uh, you know, a 676 00:37:52,469 --> 00:37:57,870 S1: period of time, um, or guaranteed income for life. And 677 00:37:57,870 --> 00:38:02,589 S1: it's designed for safety and stability, not growth. The key 678 00:38:02,590 --> 00:38:04,990 S1: points are, I mean, you get modest growth, but that's 679 00:38:04,989 --> 00:38:07,140 S1: that's not why people tend to buy them, because you 680 00:38:07,140 --> 00:38:10,540 S1: can historically do better outside of an annuity product. But 681 00:38:10,540 --> 00:38:13,380 S1: somebody who wants to transfer that risk to an insurance 682 00:38:13,380 --> 00:38:16,980 S1: company and is happy with the rate of return and 683 00:38:16,980 --> 00:38:20,500 S1: then can eventually, you know, convert that to an income stream, 684 00:38:20,820 --> 00:38:24,339 S1: you know, that's usually why they buy them. Um, now 685 00:38:24,340 --> 00:38:27,980 S1: there's a deferred a fixed annuity that earns a guaranteed 686 00:38:27,980 --> 00:38:30,980 S1: rate for a term. There's an immediate fixed annuity where 687 00:38:30,980 --> 00:38:33,620 S1: you put a lump sum in, and they immediately just 688 00:38:33,620 --> 00:38:36,700 S1: start paying you an income for the rest of your life. Um, 689 00:38:36,900 --> 00:38:41,020 S1: or there's tax deferred growth where the earnings aren't taxed 690 00:38:41,180 --> 00:38:44,260 S1: until they're withdrawn. Now, the second part of your question 691 00:38:44,260 --> 00:38:47,620 S1: was related to your estate plan. You've got a transfer 692 00:38:47,620 --> 00:38:50,740 S1: on death for your investment accounts. You've got a payable 693 00:38:50,780 --> 00:38:54,180 S1: on death pod for your bank accounts and a lady 694 00:38:54,180 --> 00:38:58,420 S1: bird deed for your home. All avoid probate. That's great. 695 00:38:58,420 --> 00:39:00,339 S1: That's going to keep it out of probate, which is 696 00:39:00,340 --> 00:39:05,370 S1: time and expense, and automatically transfer the assets to your name. Beneficiaries. 697 00:39:05,530 --> 00:39:08,290 S1: I'll say yes. You need a will because that's going 698 00:39:08,330 --> 00:39:13,450 S1: to cover everything not already titled with beneficiaries. What is that? 699 00:39:13,450 --> 00:39:20,250 S1: Personal property, vehicles, digital assets, anything you've overlooked. Um, and 700 00:39:20,250 --> 00:39:23,370 S1: you'd also want to name an executor that can express 701 00:39:23,370 --> 00:39:28,290 S1: final wishes like charitable gifts or personal bequests. So although 702 00:39:28,290 --> 00:39:30,330 S1: I think you're well planned, and I like the fact 703 00:39:30,330 --> 00:39:33,089 S1: that you have all those things, a simple will is 704 00:39:33,090 --> 00:39:35,609 S1: still wise because there's going to be a few other 705 00:39:35,610 --> 00:39:37,930 S1: things that fall outside of that. And if you don't 706 00:39:37,930 --> 00:39:41,049 S1: want people kind of, you know, you know, trying to 707 00:39:41,050 --> 00:39:43,930 S1: figure out where you wanted them to go, uh, it's 708 00:39:43,930 --> 00:39:46,489 S1: helpful to have that will as the catch all. Is 709 00:39:46,489 --> 00:39:47,170 S1: that helpful? 710 00:39:48,450 --> 00:39:50,610 S9: It is. I just want to make sure my bases 711 00:39:50,610 --> 00:39:55,009 S9: were covered. Everything. I don't imagine my kids wanting any 712 00:39:55,010 --> 00:39:58,330 S9: of the quote unquote personal items. All I hear about 713 00:39:58,330 --> 00:40:00,969 S9: these days is kids groaning about having to clean out 714 00:40:00,969 --> 00:40:02,090 S9: their parents houses. 715 00:40:03,080 --> 00:40:06,080 S1: Yes. Well, you might be surprised. There may be some 716 00:40:06,080 --> 00:40:08,800 S1: things they want to have and hang on to, but 717 00:40:08,800 --> 00:40:11,120 S1: I think in either case it just, you know, it 718 00:40:11,120 --> 00:40:13,560 S1: makes things simpler because there's not a lot of questions 719 00:40:13,560 --> 00:40:16,480 S1: that they're having to nail down. Everything's been outlined. And 720 00:40:16,480 --> 00:40:21,560 S1: it's it's very simple and fairly cost effective. Uh, to do. Uh, also, 721 00:40:21,600 --> 00:40:24,879 S1: you did not mention a health care power of attorney 722 00:40:25,040 --> 00:40:27,480 S1: or a living will. Those two things would be helpful 723 00:40:27,480 --> 00:40:29,680 S1: if you don't have them. So you can name the 724 00:40:29,680 --> 00:40:33,760 S1: person and make specifically medically related decisions on your behalf. 725 00:40:33,760 --> 00:40:36,399 S1: So hopefully that helps you. Terry, thanks for your call today. 726 00:40:36,400 --> 00:40:38,440 S1: Lord bless you. Uh, we're going to stay in Texas 727 00:40:38,440 --> 00:40:39,640 S1: and talk to Jeff. Go ahead. 728 00:40:41,520 --> 00:40:44,319 S10: I hear you talk about people's debt on here a 729 00:40:44,320 --> 00:40:46,520 S10: bit here and there, and I have some that I've 730 00:40:46,520 --> 00:40:49,440 S10: started accumulating and wanting to get your thoughts on it, 731 00:40:49,480 --> 00:40:51,759 S10: on what to do with it. I got, uh, got 732 00:40:51,760 --> 00:40:54,520 S10: about 12 K of credit card debt I've had for 733 00:40:54,520 --> 00:40:58,080 S10: a couple of years, and now I've got some, uh, 734 00:40:58,080 --> 00:41:01,520 S10: medical debt that's come up about ten k, and I'm 735 00:41:01,520 --> 00:41:04,360 S10: going to need to spend about five K fairly soon 736 00:41:04,400 --> 00:41:08,680 S10: on some home repair. Um, now I've also got a 737 00:41:08,719 --> 00:41:14,160 S10: $35,000 auto loan, but I'm not really concerned about that. Um, 738 00:41:14,320 --> 00:41:17,200 S10: maybe I should be, but I was just wondering, you know, 739 00:41:17,239 --> 00:41:22,160 S10: I've got, uh, um, some money in my house. You know, 740 00:41:22,239 --> 00:41:24,680 S10: it's a HELOC loan. The way to go or. 741 00:41:25,040 --> 00:41:27,600 S1: Yeah, I would say. And unfortunately, I have just a 742 00:41:27,600 --> 00:41:30,240 S1: little bit of time here. I would say for the, 743 00:41:30,280 --> 00:41:32,839 S1: you know, home renovation, that that'd be the only place 744 00:41:32,840 --> 00:41:35,960 S1: I'd want the HELOC with the medical debt. I'd negotiate 745 00:41:35,960 --> 00:41:38,319 S1: with them directly. They're very willing to work with you 746 00:41:38,320 --> 00:41:40,839 S1: and set up a payment plan, the auto loan. I'd 747 00:41:40,840 --> 00:41:43,279 S1: leave that right there and not attach it to your house. 748 00:41:43,320 --> 00:41:45,600 S1: Just keep your lifestyle at a minimum and pay it 749 00:41:45,600 --> 00:41:47,800 S1: as quickly as you can. And then with the credit 750 00:41:47,800 --> 00:41:50,440 S1: card debt, I certainly wouldn't take unsecured debt and secure 751 00:41:50,440 --> 00:41:52,879 S1: it to your home. I'd use a debt management and 752 00:41:52,880 --> 00:41:58,480 S1: call Christian credit counselors or go online Christian credit counselors.org. So, uh, 753 00:41:58,480 --> 00:42:00,319 S1: that's the way I would handle that. I'd want to 754 00:42:00,430 --> 00:42:02,310 S1: keep as much of that off the house as possible, 755 00:42:02,310 --> 00:42:05,630 S1: with the exception of maybe the home improvement. Unfortunately, I'm 756 00:42:05,630 --> 00:42:07,830 S1: out of time, Jeff, but I appreciate your call today, sir. 757 00:42:07,870 --> 00:42:10,150 S1: Lord bless you folks here at the end of the year. 758 00:42:10,150 --> 00:42:12,350 S1: This is a really important time for us to hear 759 00:42:12,350 --> 00:42:15,310 S1: from you as a listener supported ministry. Good news. We 760 00:42:15,310 --> 00:42:18,630 S1: have some incredible folks that are matching every gift to 761 00:42:18,670 --> 00:42:20,750 S1: faith by between now and the end of the year, 762 00:42:21,070 --> 00:42:24,550 S1: every gift doubled up to 175,000 when you go to faith. 763 00:42:27,469 --> 00:42:29,910 S1: By the way, if you get up over $400, that'll 764 00:42:29,910 --> 00:42:32,550 S1: make you a partner. You'll get all of our resources, 765 00:42:32,550 --> 00:42:35,910 S1: our magazine and pro access to the Faith V app. Plus, 766 00:42:35,910 --> 00:42:38,629 S1: every gift qualifies you to get my new devotional, Our 767 00:42:38,670 --> 00:42:41,310 S1: Ultimate Treasure, early next year. Well, that's going to do 768 00:42:41,310 --> 00:42:43,790 S1: it for us today. Faith and Finance Live is a 769 00:42:43,790 --> 00:42:46,590 S1: partnership between Moody Radio and Faith V. Thank you to 770 00:42:46,630 --> 00:42:50,310 S1: my amazing broadcast team. I couldn't do this without them. 771 00:42:50,310 --> 00:42:51,910 S1: I hope you have a great rest of your day 772 00:42:51,910 --> 00:42:55,070 S1: and we'll see you next time on Faith and Finance live.