1 00:00:03,000 --> 00:00:06,720 S1: Today's faith and finance live is actually not live. So 2 00:00:06,720 --> 00:00:08,400 S1: our phone lines are not open. 3 00:00:08,720 --> 00:00:13,080 S2: Counterfeits mislead precisely because they look convincing. And the same 4 00:00:13,080 --> 00:00:17,000 S2: is true of spiritual sayings that sound biblical but aren't. Hi, 5 00:00:17,000 --> 00:00:20,880 S2: I'm Rob West. When familiar phrases replace scripture, they can 6 00:00:20,880 --> 00:00:24,440 S2: quietly distort how we think about God, stewardship, and even 7 00:00:24,440 --> 00:00:28,240 S2: money itself. Today we'll talk with Taylor Standridge about how 8 00:00:28,240 --> 00:00:32,280 S2: those counterfeit verses can shape the way we view money, risk, 9 00:00:32,280 --> 00:00:35,760 S2: success and dependence on God and how Scripture gives us 10 00:00:35,760 --> 00:00:38,800 S2: clarity and freedom. Then we have some great calls lined up. 11 00:00:38,800 --> 00:00:42,400 S2: But please don't call in today because we're prerecorded. This 12 00:00:42,400 --> 00:00:46,480 S2: is faith and finance. Live biblical wisdom for your financial journey. 13 00:00:48,720 --> 00:00:52,120 S2: Taylor Standridge serves as our production manager here at Faith fi, 14 00:00:52,240 --> 00:00:54,560 S2: and he was the lead writer for both look at 15 00:00:54,560 --> 00:00:58,480 S2: the sparrows, a 21 day devotional on financial fear and anxiety, 16 00:00:58,680 --> 00:01:02,230 S2: and our new devotional, Our Ultimate Treasure A 21 Day 17 00:01:02,270 --> 00:01:05,830 S2: Journey to Faithful Stewardship. He's also a regular contributor to 18 00:01:05,870 --> 00:01:08,990 S2: our Faithful Steward Magazine. Taylor, great to have you on 19 00:01:08,990 --> 00:01:09,750 S2: the mic today. 20 00:01:10,030 --> 00:01:11,430 S3: Hey, thanks so much for having me. 21 00:01:11,790 --> 00:01:15,230 S2: Taylor. You've written an article called Counterfeit Verses in the 22 00:01:15,230 --> 00:01:18,429 S2: latest issue of Faithful Steward, and you take us all 23 00:01:18,430 --> 00:01:21,430 S2: the way back to Genesis three where the enemy asks 24 00:01:21,430 --> 00:01:25,390 S2: Eve this question, Did God really say? Why is that 25 00:01:25,390 --> 00:01:29,070 S2: moment such a significant place to begin this particular discussion? 26 00:01:29,470 --> 00:01:32,429 S3: Yeah, well, I think Genesis three shows that the enemy's 27 00:01:32,430 --> 00:01:36,309 S3: first tactic wasn't about specifically creating something that was so 28 00:01:36,350 --> 00:01:40,509 S3: blatantly untrue, it was distorting what was true. So when 29 00:01:40,510 --> 00:01:44,030 S3: the enemy is asking, did God really say he's not 30 00:01:44,030 --> 00:01:48,230 S3: really questioning the rule, he's undermining God's character. He's actually 31 00:01:48,230 --> 00:01:50,590 S3: communicating to Adam and Eve, I think God is holding 32 00:01:50,590 --> 00:01:53,190 S3: back on you. He's trying to establish himself as the 33 00:01:53,190 --> 00:01:56,590 S3: good guy. And so that moment reframes God from being 34 00:01:56,590 --> 00:01:59,180 S3: this generous father, saying, look at what all you have 35 00:01:59,180 --> 00:02:02,940 S3: to eat to this restrictive authority of, oh, why can't 36 00:02:02,940 --> 00:02:05,820 S3: I have that? And so once Adam and Eve doubted 37 00:02:05,820 --> 00:02:09,660 S3: God's goodness, disobedience follows. Naturally. They take the bite of 38 00:02:09,660 --> 00:02:11,419 S3: the fruit from the tree of the knowledge of good 39 00:02:11,419 --> 00:02:13,820 S3: and evil. So that's the pattern we still see today. 40 00:02:13,860 --> 00:02:18,260 S3: Most financial lies, whether it's cultural narratives or counterfeit verses, 41 00:02:18,260 --> 00:02:20,739 S3: as what I say in the article, they begin with 42 00:02:20,740 --> 00:02:24,820 S3: these subtle distortions, these half truths that sound biblical, they're 43 00:02:24,820 --> 00:02:28,820 S3: spiritual or they're wise. But I think, like I said earlier, 44 00:02:28,820 --> 00:02:32,419 S3: it's way more effective to just simply distort what is 45 00:02:32,460 --> 00:02:36,260 S3: actually true than inventing something that is straight up out there. Yes, 46 00:02:36,300 --> 00:02:38,220 S3: because it sounds so close enough to the truth to 47 00:02:38,260 --> 00:02:40,660 S3: feel safe. It's like a ship that veers off course 48 00:02:40,660 --> 00:02:43,420 S3: only one degree. You know, early on it looks harmless. 49 00:02:43,620 --> 00:02:45,740 S3: A ship that is going the same direction. You probably 50 00:02:45,740 --> 00:02:49,100 S3: can't tell they're going different directions, but over time, that 51 00:02:49,100 --> 00:02:51,179 S3: one ship is going to end up way further away 52 00:02:51,180 --> 00:02:54,660 S3: from its destination. So starting in Genesis three is reminding 53 00:02:54,660 --> 00:02:57,419 S3: us that this is an old strategy. This is what 54 00:02:57,419 --> 00:02:59,740 S3: he's been doing since the beginning. It helps us see 55 00:02:59,740 --> 00:03:03,020 S3: that the spiritual battle beneath modern ideas about wealth, success 56 00:03:03,020 --> 00:03:05,340 S3: and fear and provision, that is what is at the 57 00:03:05,340 --> 00:03:09,300 S3: heart of every counterfeit is this simple question Can God 58 00:03:09,300 --> 00:03:10,380 S3: really be trusted? 59 00:03:10,740 --> 00:03:13,540 S2: Hmm. Well, I think that's well said. And I think 60 00:03:13,540 --> 00:03:15,899 S2: one of the things that makes this so challenging is 61 00:03:15,900 --> 00:03:19,980 S2: that these phrases often sound perfectly harmless at first. Do 62 00:03:19,980 --> 00:03:23,700 S2: you think that's what makes counterfeit versus so convincing for 63 00:03:23,700 --> 00:03:24,700 S2: many believers? 64 00:03:24,900 --> 00:03:27,579 S3: Oh, I think that's precisely the danger, because they rarely 65 00:03:27,580 --> 00:03:29,780 S3: show up with sort of this warning label they are 66 00:03:29,820 --> 00:03:32,980 S3: borrowing from the biblical language. They're appealing to our emotions. 67 00:03:32,980 --> 00:03:36,020 S3: They're often addressing these real desires that we have about 68 00:03:36,060 --> 00:03:39,540 S3: hope and comfort, identity and purpose. And that's why they 69 00:03:39,540 --> 00:03:43,820 S3: feel harmless. But what makes them convincing is precisely their familiarity. 70 00:03:43,820 --> 00:03:46,619 S3: It's their subtlety. They're so close to Scripture that they 71 00:03:46,620 --> 00:03:48,820 S3: feel true. And a lot of cases, they might even 72 00:03:48,860 --> 00:03:52,260 S3: be Scripture, but they're pulled from their context. So Christians 73 00:03:52,260 --> 00:03:55,530 S3: are often misled by these ideas that seem almost biblical, 74 00:03:55,530 --> 00:03:57,570 S3: and that almost is where the enemy does his most 75 00:03:57,570 --> 00:04:00,809 S3: effective work. So the goal isn't to make people suspicious 76 00:04:00,810 --> 00:04:04,010 S3: of everything by warning them of these counterfeit verses, but 77 00:04:04,010 --> 00:04:07,690 S3: to teach people discernment to help believers and followers of 78 00:04:07,690 --> 00:04:10,410 S3: Jesus recognize when a truth has been nudged a degree 79 00:04:10,410 --> 00:04:13,450 S3: off course like that ship, because over time, that small 80 00:04:13,450 --> 00:04:16,330 S3: deviation can really lead us far from the heart of God. 81 00:04:16,810 --> 00:04:19,289 S2: Yeah, I think that's exactly right. Well, we're going to 82 00:04:19,330 --> 00:04:22,450 S2: begin to unpack some of these counterfeit verses after the break. 83 00:04:22,450 --> 00:04:27,170 S2: But first, you use this comparison to counterfeit money and 84 00:04:27,170 --> 00:04:29,970 S2: even reference the film. Catch Me If you Can in 85 00:04:29,970 --> 00:04:33,330 S2: this article. Tell us why that illustration helps us to 86 00:04:33,370 --> 00:04:34,330 S2: understand this. 87 00:04:34,650 --> 00:04:37,050 S3: Well, it's such a fascinating movie because what struck me 88 00:04:37,050 --> 00:04:39,930 S3: about this, Frank Abagnale Jr is the main character, and 89 00:04:39,930 --> 00:04:43,250 S3: he succeeds not by inventing new money, but by copying 90 00:04:43,250 --> 00:04:46,970 S3: the real checks that he is often making counterfeits of. 91 00:04:46,970 --> 00:04:49,410 S3: So he's studying the real thing in great detail in 92 00:04:49,410 --> 00:04:53,010 S3: his forgeries are so convincing that he knows all the 93 00:04:53,010 --> 00:04:56,360 S3: details by instinct, whether that's the texture, the ink, the 94 00:04:56,360 --> 00:04:58,880 S3: signatures and the watermarks. And so why I pull from 95 00:04:58,880 --> 00:05:02,159 S3: that is that no one knows the genuine check more 96 00:05:02,160 --> 00:05:03,600 S3: than Frank Abagnale Jr. 97 00:05:03,960 --> 00:05:06,760 S2: Hmm. Well, what a great illustration. All right, folks, when 98 00:05:06,760 --> 00:05:08,600 S2: we come back from this break, we're going to dive 99 00:05:08,600 --> 00:05:13,000 S2: into some of these counterfeit sayings and verses. Taylor Standridge 100 00:05:13,000 --> 00:05:16,520 S2: here today, our production manager and regular contributor here at 101 00:05:16,520 --> 00:05:19,920 S2: Faith fi. He's the author of the article Counterfeit Verses 102 00:05:20,120 --> 00:05:22,920 S2: in the latest issue of Faithful Steward. Much more right 103 00:05:22,920 --> 00:05:39,920 S2: around the corner. Stick around. Are there sayings that sound 104 00:05:39,920 --> 00:05:44,119 S2: biblical but really are counterfeit? Well, this often happens with 105 00:05:44,120 --> 00:05:47,360 S2: God's Word and especially in the area of money with 106 00:05:47,360 --> 00:05:51,720 S2: us today. Taylor Standridge, Production Manager and regular contributor here 107 00:05:51,720 --> 00:05:55,270 S2: at Faith fi, we're talking about his article in the 108 00:05:55,270 --> 00:06:00,390 S2: recent issue of our magazine Faithful Steward, called Counterfeit Verses. 109 00:06:00,430 --> 00:06:02,790 S2: And Taylor, before we dive into a few of these, 110 00:06:02,790 --> 00:06:06,110 S2: one of the key illustrations you use to set this 111 00:06:06,110 --> 00:06:10,870 S2: article up and Faithful Steward, is this idea of studying 112 00:06:10,870 --> 00:06:14,630 S2: the real thing so that we know what's counterfeit. And 113 00:06:14,630 --> 00:06:17,229 S2: that's exactly what happened in this movie. Catch Me If 114 00:06:17,230 --> 00:06:20,349 S2: you Can, that you referenced in the article. What else 115 00:06:20,350 --> 00:06:22,830 S2: might you share with us about how this really sets 116 00:06:22,830 --> 00:06:24,190 S2: up our conversation today? 117 00:06:24,470 --> 00:06:27,350 S3: Yeah, well, in the movie, Frank Abagnale Jr is pulling 118 00:06:27,350 --> 00:06:30,670 S3: off this range of identities and ultimately steals millions by 119 00:06:30,670 --> 00:06:33,190 S3: the age of 19. He's pretending to be a pilot, 120 00:06:33,230 --> 00:06:37,270 S3: a doctor, a lawyer, a professor. And so he is 121 00:06:37,270 --> 00:06:40,110 S3: cashing these checks that look so genuine because he has 122 00:06:40,110 --> 00:06:42,190 S3: studied the genuine so well. And by the end of 123 00:06:42,190 --> 00:06:45,349 S3: the movie, we see that Frank Abagnale Jr is hired 124 00:06:45,350 --> 00:06:48,070 S3: by the FBI. And at first I'm like, why on 125 00:06:48,070 --> 00:06:50,590 S3: earth would you hire this criminal to work in your 126 00:06:50,589 --> 00:06:54,190 S3: currency department. And then I realized that he knows the 127 00:06:54,190 --> 00:06:56,510 S3: genuine one better than anybody else. He has been doing 128 00:06:56,510 --> 00:06:59,110 S3: this for so long, and so I think that illustration 129 00:06:59,110 --> 00:07:02,150 S3: really helps us think about Scripture, because banks don't train 130 00:07:02,150 --> 00:07:05,590 S3: tellers by examining every possible fake. They are training them 131 00:07:05,589 --> 00:07:09,070 S3: by handing them the real currency until that authentic look 132 00:07:09,070 --> 00:07:12,390 S3: and feel becomes instinctive. So in that same way, our 133 00:07:12,390 --> 00:07:15,470 S3: goal isn't to become paranoid about every new idea. It's 134 00:07:15,470 --> 00:07:17,950 S3: to become so deeply familiar with the Word of God 135 00:07:17,950 --> 00:07:21,070 S3: that when you know the real thing. Discernment comes naturally 136 00:07:21,070 --> 00:07:23,270 S3: so that when the enemy does say, Did God really 137 00:07:23,270 --> 00:07:25,950 S3: say we can respond with boldness and say, yes, this 138 00:07:25,950 --> 00:07:27,830 S3: is precisely what the Word of God says. 139 00:07:28,070 --> 00:07:29,790 S2: Well, I know you're going to take us into Scripture 140 00:07:29,790 --> 00:07:33,590 S2: today as we explore a few of these counterfeit phrases 141 00:07:33,590 --> 00:07:36,630 S2: and verses from God's Word, let's talk about one of 142 00:07:36,630 --> 00:07:40,310 S2: the most common examples you highlight, and that is this quote. 143 00:07:40,350 --> 00:07:44,310 S2: Money is the root of all evil. How does misquoting 144 00:07:44,310 --> 00:07:47,670 S2: that verse shape the way we view and think about money? 145 00:07:47,950 --> 00:07:51,260 S3: Yeah, well, I think this misquote will rewire our entire 146 00:07:51,260 --> 00:07:53,780 S3: theology of money. Because if money is the root of 147 00:07:53,780 --> 00:07:56,300 S3: all evil, then the logical conclusion of that is that 148 00:07:56,300 --> 00:07:59,060 S3: the less money you have, the holier you must be, 149 00:07:59,220 --> 00:08:03,220 S3: and wealth becomes inherently suspicious, and abundance becomes something that 150 00:08:03,220 --> 00:08:07,500 S3: is spiritually dangerous. And stewardship feels like we're compromising our convictions. 151 00:08:07,500 --> 00:08:10,140 S3: But Paul's language is actually far more convicting. The love 152 00:08:10,140 --> 00:08:12,780 S3: of money in first Timothy 610 says that the issue 153 00:08:12,780 --> 00:08:16,060 S3: is not possession, but devotion to it. You can be 154 00:08:16,060 --> 00:08:20,220 S3: wealthy and worshipful or poor and idolatrous. So the counterfeit 155 00:08:20,220 --> 00:08:23,140 S3: puts the spotlight on money, but the real verse puts 156 00:08:23,140 --> 00:08:26,820 S3: it on the heart. And that matters because Scripture consistently 157 00:08:26,820 --> 00:08:29,860 S3: talks about money as something that God uses for our 158 00:08:29,860 --> 00:08:33,340 S3: provision for opportunities of generosity, to love our neighbor, to 159 00:08:33,380 --> 00:08:36,620 S3: participate in his Kingdom work. And when we misquote that, 160 00:08:36,660 --> 00:08:38,860 S3: we end up with a faith that is allergic to 161 00:08:38,900 --> 00:08:42,540 S3: God's wisdom, that's afraid to budget, we're afraid to risk 162 00:08:42,540 --> 00:08:44,660 S3: it in our investments, or to save it or plan 163 00:08:44,660 --> 00:08:48,060 S3: it because those things feel worldly. But the Bible does 164 00:08:48,170 --> 00:08:52,050 S3: not demonize money, it is actually discipling our affections. 165 00:08:52,370 --> 00:08:56,610 S2: Hmm. Wow, that's really helpful. All right, this next one, uh, 166 00:08:56,610 --> 00:08:59,689 S2: some folks may be surprised to hear it's not actually 167 00:08:59,690 --> 00:09:02,890 S2: in the Bible. And it's this phrase God helps those 168 00:09:02,890 --> 00:09:06,650 S2: who help themselves. Why is that especially problematic? 169 00:09:07,050 --> 00:09:09,970 S3: Well, I think it flips the gospel completely upside down 170 00:09:09,970 --> 00:09:14,130 S3: because it makes self-sufficiency the starting point and God the 171 00:09:14,130 --> 00:09:18,010 S3: finishing touch. But Scripture consistently shows us the opposite. God 172 00:09:18,010 --> 00:09:20,809 S3: meets us in our need, not in our strength. And 173 00:09:20,809 --> 00:09:23,730 S3: from Abraham to Israel all the way to the disciples, 174 00:09:23,850 --> 00:09:27,689 S3: the pattern is grace first, obedience second, because grace is 175 00:09:27,690 --> 00:09:29,809 S3: what enables that in the first place. So when we 176 00:09:29,809 --> 00:09:32,930 S3: apply that to stewardship, that counterfeit creates a lot of 177 00:09:32,929 --> 00:09:36,689 S3: pressure and pride. And if I'm doing well financially, it 178 00:09:36,690 --> 00:09:39,410 S3: must mean that I've earned God's favor. But if I'm struggling, 179 00:09:39,410 --> 00:09:41,730 S3: I must not be trying hard enough. And it turns 180 00:09:41,730 --> 00:09:45,130 S3: money into sort of this scoreboard of spiritual worth. But 181 00:09:45,130 --> 00:09:48,760 S3: if we look at that idea Biblically, stewardship is not 182 00:09:48,760 --> 00:09:52,120 S3: about self rescue. It's about dependence on God. When we 183 00:09:52,120 --> 00:09:55,040 S3: manage resources that God has entrusted to us, when we're 184 00:09:55,040 --> 00:09:58,680 S3: guided by his wisdom, empowered by his grace. The real 185 00:09:58,679 --> 00:10:02,160 S3: verse beneath that counterfeit isn't help yourself, but what John 186 00:10:02,160 --> 00:10:06,000 S3: 15 five says. Apart from me, you can do nothing. 187 00:10:06,200 --> 00:10:09,040 S3: So good stewardship begins not with relying on ourselves, but 188 00:10:09,040 --> 00:10:10,839 S3: with surrender and trust. 189 00:10:10,960 --> 00:10:13,520 S2: Yeah, and the challenge with so many of these, Taylor, 190 00:10:13,520 --> 00:10:18,120 S2: is the culture just reinforces these ideas. But when we 191 00:10:18,120 --> 00:10:20,880 S2: put it up against Scripture, we see clearly these are 192 00:10:20,880 --> 00:10:24,160 S2: not what God intended. All right. This next one might 193 00:10:24,160 --> 00:10:28,000 S2: sound comforting on the surface, and it's God won't give 194 00:10:28,000 --> 00:10:30,440 S2: you more than you can handle. What's the danger with 195 00:10:30,440 --> 00:10:31,120 S2: that idea? 196 00:10:31,600 --> 00:10:34,040 S3: Yeah, well, I think like the previous one, it relocates 197 00:10:34,040 --> 00:10:37,080 S3: the weight of life back onto our shoulders because it 198 00:10:37,120 --> 00:10:39,760 S3: implies that the goal of life is to tough it out, 199 00:10:39,760 --> 00:10:42,240 S3: to dig deeper and to prove that we're capable. But 200 00:10:42,240 --> 00:10:46,630 S3: Scripture is actually, once again, revealing the opposite pattern. God 201 00:10:46,630 --> 00:10:49,709 S3: is often allowing situations we cannot handle so that we 202 00:10:49,710 --> 00:10:52,309 S3: can learn to depend on him. This is explicit in 203 00:10:52,309 --> 00:10:55,510 S3: second Corinthians one when Paul is saying plainly, we were 204 00:10:55,510 --> 00:10:58,910 S3: so utterly burdened beyond our strength. And then Paul says, 205 00:10:58,910 --> 00:11:01,590 S3: why that God allowed this to happen, that we might 206 00:11:01,590 --> 00:11:04,870 S3: not rely on ourselves, but on God. When we believe 207 00:11:04,870 --> 00:11:09,150 S3: that counterfeit suffering becomes a performance issue, like, why can't 208 00:11:09,150 --> 00:11:11,990 S3: I handle this? What is wrong with me? It breeds 209 00:11:11,990 --> 00:11:15,510 S3: pressure and shame. But the biblical truth is so much 210 00:11:15,510 --> 00:11:19,110 S3: more helpful and hopeful. God does not promise we'll always 211 00:11:19,150 --> 00:11:21,710 S3: be strong. He always promises that he will be near 212 00:11:21,710 --> 00:11:25,189 S3: and with us. So the point is not to be self-sufficient, 213 00:11:25,190 --> 00:11:28,429 S3: but to have communion with God, to learn that grace 214 00:11:28,470 --> 00:11:30,950 S3: meets us precisely where our strength ends. 215 00:11:31,190 --> 00:11:34,150 S2: Taylor, that is so good. All right, let's do one more, 216 00:11:34,150 --> 00:11:36,110 S2: and then we'll begin to tie a bow on this. 217 00:11:36,510 --> 00:11:40,069 S2: This one sounds harmless, but you point out it can 218 00:11:40,070 --> 00:11:43,830 S2: drift toward passivity. And it's a phrase that says let 219 00:11:43,950 --> 00:11:46,910 S2: go and let God talk to us about that one. 220 00:11:46,910 --> 00:11:48,950 S3: Yeah, well, I think this one needs the most nuance, 221 00:11:48,950 --> 00:11:51,590 S3: because there are verses in Scripture that talk about being 222 00:11:51,590 --> 00:11:53,870 S3: still and knowing that I am God. And I love 223 00:11:53,870 --> 00:11:56,790 S3: that message, because it's helpful when it reminds us to 224 00:11:56,830 --> 00:12:00,270 S3: stop trying to cling to control. But that problem arises, 225 00:12:00,270 --> 00:12:02,990 S3: and that distortion happens when it drifts into a few 226 00:12:02,990 --> 00:12:06,790 S3: of the Christian life in which surrender replaces obedience. So 227 00:12:06,830 --> 00:12:10,750 S3: in Scripture, trust in action are never separated. Noah builds 228 00:12:10,750 --> 00:12:13,790 S3: the ark, Abraham walks out of air. Ruth Gleans from 229 00:12:13,790 --> 00:12:17,830 S3: Boaz's field in the early church gives grace is actually 230 00:12:17,830 --> 00:12:21,870 S3: empowering our participation, not merely passivity. So when we look 231 00:12:21,870 --> 00:12:24,750 S3: at that in stewardship, that counterfeit can sound like God 232 00:12:24,750 --> 00:12:26,630 S3: will take care of my finances. So I don't need 233 00:12:26,630 --> 00:12:30,350 S3: to budget, plan, give intentionally, or seek counsel. But biblical 234 00:12:30,350 --> 00:12:35,590 S3: trust doesn't eliminate responsibility. It rightly orders it and prioritizes it. 235 00:12:35,590 --> 00:12:37,990 S3: So we act because God is faithful, not so that 236 00:12:37,990 --> 00:12:39,790 S3: we don't need him. You know, I like the way 237 00:12:39,790 --> 00:12:42,430 S3: that J.I. Packer put it. The Christian's motto should not 238 00:12:42,540 --> 00:12:44,940 S3: be let go and let God, but trust God and 239 00:12:44,940 --> 00:12:45,660 S3: get going. 240 00:12:46,140 --> 00:12:49,300 S2: Haha, that is so good! Well Taylor, these are so 241 00:12:49,300 --> 00:12:51,380 S2: helpful and I bet eye opening for many of our 242 00:12:51,380 --> 00:12:55,780 S2: listeners today. So if these counterfeit sayings show up everywhere, 243 00:12:55,900 --> 00:12:59,260 S2: how do we start developing the discernment to spot them? 244 00:12:59,700 --> 00:13:02,540 S3: Yeah, well, I think like the Frank Abagnale story, discernment 245 00:13:02,540 --> 00:13:06,540 S3: begins with familiarity. Counterfeits thrive when we only know Scripture 246 00:13:06,540 --> 00:13:09,980 S3: in fragments or slogans. But the more we read and 247 00:13:09,980 --> 00:13:12,860 S3: study and meditate on the story of the Bible, the 248 00:13:12,860 --> 00:13:16,140 S3: more instinctive it becomes to sense when something is off. 249 00:13:16,300 --> 00:13:19,740 S3: It's less about hunting for errors, and it's more about recognizing, 250 00:13:19,780 --> 00:13:22,740 S3: like John ten says, the voice of our shepherd. And 251 00:13:22,740 --> 00:13:25,740 S3: I think community also matters. The New Testament assumes that 252 00:13:25,740 --> 00:13:30,380 S3: we are learning this truth together through teaching, correction, worship, 253 00:13:30,460 --> 00:13:33,540 S3: and sometimes someone else hears that distortion before we do so. 254 00:13:33,860 --> 00:13:36,819 S3: Also remember, the goal is not cynicism. It's to be 255 00:13:36,820 --> 00:13:40,340 S3: confident in what we believe. We don't study counterfeits all day. 256 00:13:40,380 --> 00:13:43,010 S3: We merely immerse ourselves in truth so that when the 257 00:13:43,010 --> 00:13:45,810 S3: counterfeit shows up, the Spirit of God can tell us, 258 00:13:45,809 --> 00:13:46,890 S3: that's not from me. 259 00:13:47,290 --> 00:13:50,130 S2: Oh, this has been so helpful. Well, folks, if we 260 00:13:50,130 --> 00:13:53,050 S2: want to steward money wisely, we have to first steward 261 00:13:53,050 --> 00:13:56,130 S2: the truth of God wisely. Taylor, thanks so much for 262 00:13:56,130 --> 00:13:57,050 S2: being with us today. 263 00:13:57,330 --> 00:13:58,890 S3: Well, thank you, Rob, I appreciate it. 264 00:13:59,130 --> 00:14:02,650 S2: That's Taylor Standridge, our production manager and regular contributor here 265 00:14:02,650 --> 00:14:05,569 S2: at Faith VI. He's so key to everything we do. 266 00:14:05,730 --> 00:14:08,610 S2: He's the author of the article Counterfeit Verses in the 267 00:14:08,610 --> 00:14:12,250 S2: latest issue of Faithful Steward, our quarterly magazine for Faith 268 00:14:12,250 --> 00:14:16,449 S2: v partners, to receive your copy and enjoy additional partner benefits. 269 00:14:16,490 --> 00:14:23,130 S2: Just go to faith. That's faith. We'll be right back. 270 00:14:34,570 --> 00:14:38,330 S1: You're listening to Faith and finance live. This program is prerecorded, 271 00:14:38,330 --> 00:14:41,200 S1: so we're not available to answer your calls, but you 272 00:14:41,200 --> 00:14:45,960 S1: can email us your questions at Ask at Wycombe. 273 00:14:46,560 --> 00:14:49,720 S2: Let's go to Angie in Texas. Go right ahead. 274 00:14:50,680 --> 00:14:54,400 S4: Hello. Thank you for taking my call. Um, my daughter 275 00:14:54,400 --> 00:15:01,440 S4: is 19, and, um, we just. Her father and I 276 00:15:01,480 --> 00:15:05,560 S4: just want to get her set up on the right track. 277 00:15:05,560 --> 00:15:10,080 S4: On managing her money. Well, um, you know, as she 278 00:15:10,080 --> 00:15:13,760 S4: becomes more independent. I mean, she's living with us right now, 279 00:15:13,760 --> 00:15:16,440 S4: but we want to set her up for success when 280 00:15:16,440 --> 00:15:19,200 S4: she no longer lives with us. With us. So we 281 00:15:19,200 --> 00:15:22,320 S4: want to get her on a plan, like, okay, she 282 00:15:22,320 --> 00:15:26,520 S4: will pay us, um, a certain amount for rent every month, 283 00:15:26,520 --> 00:15:29,560 S4: but we will keep it in a savings account for her. 284 00:15:30,320 --> 00:15:33,120 S4: And then when she does plan to move out, we 285 00:15:33,120 --> 00:15:34,960 S4: will give it back to her. But just not sure 286 00:15:34,960 --> 00:15:37,120 S4: how to set that up. Like, what percentage of her 287 00:15:37,120 --> 00:15:41,280 S4: income should that look like? And also a budgeting tool 288 00:15:41,280 --> 00:15:44,560 S4: she can use to keep track of her income and 289 00:15:44,560 --> 00:15:48,600 S4: her expenses. And also like where should we put that 290 00:15:48,600 --> 00:15:52,000 S4: money that we collect from her each month, like so 291 00:15:52,000 --> 00:15:54,040 S4: it can earn interest and she can use it in 292 00:15:54,080 --> 00:15:55,160 S4: about a year or two? 293 00:15:55,560 --> 00:15:58,600 S2: Gotcha. Yeah, that's really helpful. And, Angie, are you all 294 00:15:58,600 --> 00:16:01,720 S2: covering the cost of her education or is she expected 295 00:16:01,720 --> 00:16:02,440 S2: to pay that? 296 00:16:03,280 --> 00:16:06,560 S4: Uh, we are asking her to pay that. She's been 297 00:16:06,560 --> 00:16:07,560 S4: paid in so far. 298 00:16:08,000 --> 00:16:10,360 S2: Okay. So is that coming out of the 500 every 299 00:16:10,360 --> 00:16:11,280 S2: two weeks as well? 300 00:16:12,160 --> 00:16:12,680 S4: Yes. 301 00:16:12,920 --> 00:16:16,640 S2: Okay. So how much does she have left after, you know, 302 00:16:16,640 --> 00:16:19,680 S2: the 133 a month for the auto insurance and then 303 00:16:19,720 --> 00:16:20,960 S2: her school expenses? 304 00:16:22,000 --> 00:16:25,760 S4: Oh, her school expenses. I'm not sure exactly how much 305 00:16:25,960 --> 00:16:28,560 S4: is a community college, so, um. 306 00:16:28,920 --> 00:16:31,720 S2: But she is paying the tuition out of that 500 307 00:16:31,800 --> 00:16:34,760 S2: every two weeks. Yeah. All right, all right. And then 308 00:16:34,800 --> 00:16:37,910 S2: your plan is to have her start offsetting some of 309 00:16:37,910 --> 00:16:41,830 S2: the expenses at home with a, you know, a fixed amount. 310 00:16:42,390 --> 00:16:44,590 S2: But you all would set that aside to give back 311 00:16:44,590 --> 00:16:47,190 S2: to her once she moves out. Would you let her 312 00:16:47,230 --> 00:16:49,750 S2: know that? Would that be something she would be aware of, 313 00:16:49,750 --> 00:16:51,790 S2: or is that something you'd surprise her with? What are 314 00:16:51,790 --> 00:16:52,310 S2: you thinking? 315 00:16:53,390 --> 00:16:57,190 S4: No, I was going to let her know up front. Yeah, okay. 316 00:16:57,230 --> 00:16:58,390 S4: You're going to get this back? 317 00:16:58,750 --> 00:17:01,790 S2: Yeah. And have you all had that conversation yet, or 318 00:17:01,790 --> 00:17:03,830 S2: are you just thinking through and planning for it now? 319 00:17:04,630 --> 00:17:08,310 S4: We have had this conversation and she's actually on board 320 00:17:08,310 --> 00:17:10,950 S4: with it. She's kind of excited to get started. 321 00:17:11,190 --> 00:17:13,430 S2: Yeah, I mean, it's kind of a forced savings. And 322 00:17:13,430 --> 00:17:15,510 S2: I like I like that a lot. I mean, I 323 00:17:15,510 --> 00:17:17,909 S2: think the key is, you know, whenever we do something 324 00:17:17,910 --> 00:17:21,950 S2: like this, we want to, you know, have good, clear communication, 325 00:17:21,950 --> 00:17:25,229 S2: being transparent. Um, you know, I think the idea would 326 00:17:25,230 --> 00:17:28,070 S2: be to put it in a separate savings account, maybe even, 327 00:17:28,109 --> 00:17:31,869 S2: you know, link that to, uh, you know, her, uh, 328 00:17:31,869 --> 00:17:34,710 S2: money management app, and we'll talk about what to use 329 00:17:34,710 --> 00:17:38,300 S2: there so she can see it grow, which would be encouraging. Um, 330 00:17:38,540 --> 00:17:40,540 S2: you know, I think it's going to give her a 331 00:17:40,580 --> 00:17:43,580 S2: win later when you give her the full balance, and 332 00:17:43,580 --> 00:17:45,820 S2: she can use that for a security deposit or an 333 00:17:45,820 --> 00:17:48,739 S2: emergency buffer or something like that. I think the key 334 00:17:48,780 --> 00:17:51,340 S2: at this point is to work on that spending plan, 335 00:17:51,340 --> 00:17:54,459 S2: which will be a really important process for her to 336 00:17:54,500 --> 00:17:58,540 S2: understand as well. Um, you know, I'm thinking you're not 337 00:17:58,540 --> 00:18:02,340 S2: looking for market rent. Of course. Um, even for one room, 338 00:18:02,340 --> 00:18:04,980 S2: you're probably saying, you know, we're going to charge somewhere 339 00:18:04,980 --> 00:18:08,980 S2: between 10 and 25% of your take home pay, which 340 00:18:08,980 --> 00:18:13,100 S2: builds responsibility without crushing the momentum. Uh, but I think 341 00:18:13,100 --> 00:18:16,180 S2: the key factor is how much of that, you know, 342 00:18:16,180 --> 00:18:19,980 S2: $1,000 a month is, is being, uh, you know, needs 343 00:18:19,980 --> 00:18:24,220 S2: to be allocated toward, uh, tuition at the community college. 344 00:18:24,220 --> 00:18:26,340 S2: And that's got to factor in to see if, you know, 345 00:18:26,380 --> 00:18:31,459 S2: something like my suggestion of 10%, uh, of her total income, 346 00:18:31,500 --> 00:18:34,570 S2: you know, gets paid out to you guys $100 That 347 00:18:34,609 --> 00:18:37,250 S2: that you then, you know, put into that savings account. 348 00:18:37,369 --> 00:18:39,770 S2: But I think, you know, the idea is right. I 349 00:18:39,770 --> 00:18:42,290 S2: think it makes a lot of sense. And I'd be 350 00:18:42,330 --> 00:18:45,090 S2: happy to give you, um, you know, six months in 351 00:18:45,130 --> 00:18:48,650 S2: the Faith fi app, which would allow her to, you know, 352 00:18:48,690 --> 00:18:52,970 S2: have the ability to connect her checking and savings account. Uh, 353 00:18:52,970 --> 00:18:56,890 S2: all her transactions would download automatically. She could set up 354 00:18:56,890 --> 00:19:00,490 S2: different envelopes, um, to be able to, you know, build 355 00:19:00,490 --> 00:19:05,210 S2: a basic budget. So even, you know, where she's allocating that, uh, 356 00:19:05,210 --> 00:19:09,090 S2: you know, that money for the insurance every month. Um, 357 00:19:09,090 --> 00:19:11,450 S2: so that when that bill comes every six months, she's 358 00:19:11,450 --> 00:19:13,890 S2: got that money sitting there and she can write that 359 00:19:13,890 --> 00:19:17,490 S2: check because she's been saving 133, and you could even 360 00:19:17,490 --> 00:19:20,369 S2: link the savings account that you guys are using, uh, 361 00:19:20,410 --> 00:19:23,290 S2: you know, for the the rent payment, if you will, 362 00:19:23,330 --> 00:19:25,770 S2: so she can see that growing. And I think that 363 00:19:25,770 --> 00:19:28,410 S2: would really get her started. Plus inside the app, all 364 00:19:28,410 --> 00:19:31,010 S2: the content that's there I think will be helpful to her, 365 00:19:31,130 --> 00:19:34,010 S2: even the new daily rhythms that we're building in that, 366 00:19:34,050 --> 00:19:36,770 S2: you know, allow her to see her transactions for the 367 00:19:36,770 --> 00:19:39,689 S2: the day before, but also be reminded of, you know, 368 00:19:39,730 --> 00:19:44,690 S2: just a 62nd devotional thought around stewardship will hopefully begin 369 00:19:44,690 --> 00:19:47,650 S2: to instill some of these key principles in. So I 370 00:19:47,650 --> 00:19:49,889 S2: like the path that you're on. Is that helpful at all? 371 00:19:50,650 --> 00:19:54,690 S4: Absolutely. She was also considering getting a credit card just 372 00:19:54,690 --> 00:19:58,609 S4: to get her credit score on the right track. Or 373 00:19:58,650 --> 00:20:00,250 S4: is that established one? 374 00:20:00,290 --> 00:20:01,690 S2: Yeah. Yeah. 375 00:20:01,730 --> 00:20:02,649 S4: Is that wise? 376 00:20:02,690 --> 00:20:04,610 S2: I like that plan. I mean, you've got a couple 377 00:20:04,650 --> 00:20:06,410 S2: of ways you can go there. One is you could 378 00:20:06,410 --> 00:20:08,369 S2: take one of your cards and add her as an 379 00:20:08,369 --> 00:20:12,170 S2: authorized user. But just keep in mind the good data 380 00:20:12,170 --> 00:20:14,610 S2: flows to her credit report. So does the bad. So 381 00:20:14,609 --> 00:20:17,449 S2: if you happen to miss a payment or something goes awry, 382 00:20:17,490 --> 00:20:20,370 S2: that would spill over to her credit report too. But 383 00:20:20,410 --> 00:20:22,770 S2: a lot of people use that strategy of an authorized 384 00:20:22,770 --> 00:20:24,970 S2: user to be able to build credit. The second option, 385 00:20:24,970 --> 00:20:26,890 S2: and this is what we've done with our son. He 386 00:20:26,890 --> 00:20:29,690 S2: started out with a debit card. And, you know, we 387 00:20:29,730 --> 00:20:32,600 S2: taught him how to build a basic plan in high 388 00:20:32,600 --> 00:20:36,720 S2: school and and use the debit card and tracking his expenses. 389 00:20:36,720 --> 00:20:39,280 S2: And then when he went off to college, we did, uh, 390 00:20:39,320 --> 00:20:41,560 S2: you know, he got a credit card, which is easy 391 00:20:41,560 --> 00:20:44,520 S2: to do these days. Um, it's a Capital One card, 392 00:20:44,520 --> 00:20:48,160 S2: and he uses it for one budgeted charge every month. 393 00:20:48,160 --> 00:20:51,280 S2: Something he was planning on that he's paying in full. 394 00:20:51,440 --> 00:20:54,320 S2: It hits the account. He pays it off by the, uh, 395 00:20:54,440 --> 00:20:56,000 S2: the due date. In fact, he has it set up 396 00:20:56,000 --> 00:20:59,080 S2: as an automatic payment, so he's never going to miss it. 397 00:20:59,080 --> 00:21:01,480 S2: And then that gets reported back to his credit file 398 00:21:01,480 --> 00:21:03,960 S2: with him being an on time payer, the only risk 399 00:21:03,960 --> 00:21:07,600 S2: there is that you've got a child who's undisciplined and 400 00:21:07,640 --> 00:21:09,960 S2: they don't use it just for that one budgeted item 401 00:21:09,960 --> 00:21:12,870 S2: that they pay off every month. They see that 3 402 00:21:12,869 --> 00:21:17,360 S2: or 500 or $1,000 limit and they start charging it up. Um, 403 00:21:17,400 --> 00:21:20,080 S2: but I think, you know, if they've exercised discipline, they're 404 00:21:20,080 --> 00:21:22,760 S2: able to to kind of keep it just to those 405 00:21:22,760 --> 00:21:26,040 S2: few budgeted transactions that get paid in full. You know, 406 00:21:26,080 --> 00:21:28,840 S2: that's a good thing to start teaching responsibility. But then 407 00:21:28,840 --> 00:21:32,389 S2: also to your point, to start building credit. And I 408 00:21:32,390 --> 00:21:35,389 S2: think Capital One has the the best options right now 409 00:21:35,390 --> 00:21:36,990 S2: for students. 410 00:21:37,710 --> 00:21:39,590 S4: Got it. Okay. Thank you. 411 00:21:39,830 --> 00:21:41,870 S2: All right. Very good. Well listen let's do this. You 412 00:21:41,869 --> 00:21:43,909 S2: stay on the line. Our team will get your information. 413 00:21:43,910 --> 00:21:46,750 S2: We'll get her a six month pro subscription to the 414 00:21:47,190 --> 00:21:49,310 S2: app just to get her started and see if that 415 00:21:49,630 --> 00:21:52,390 S2: works for her. And if we can help further along 416 00:21:52,390 --> 00:21:54,869 S2: the way. Don't hesitate to reach out. Angie, thanks for 417 00:21:54,869 --> 00:21:56,830 S2: your call today. We appreciate you being on the program. 418 00:21:57,150 --> 00:21:59,070 S2: We'll be right back with much more. Stay with us. 419 00:22:05,030 --> 00:22:06,830 S2: So glad to have you with us today on Faith 420 00:22:06,830 --> 00:22:10,190 S2: and Finance Live. Our team is away today, so don't 421 00:22:10,190 --> 00:22:13,030 S2: call in. But we lined up some great questions in 422 00:22:13,030 --> 00:22:15,070 S2: advance and we'll be going to those here in just 423 00:22:15,070 --> 00:22:17,750 S2: a moment. Let me also remind you that the advice 424 00:22:17,750 --> 00:22:21,030 S2: that I give each day on this program is general 425 00:22:21,030 --> 00:22:25,389 S2: in nature. We offer principles and ideas that apply at 426 00:22:25,390 --> 00:22:28,820 S2: a high level. They are not personalized, so that's why 427 00:22:28,820 --> 00:22:32,500 S2: you should always seek professional financial advice. And if you'd 428 00:22:32,500 --> 00:22:35,340 S2: like to find a professional who shares your values, we 429 00:22:35,420 --> 00:22:38,140 S2: of course, here at Faith and Finance Live recommend the 430 00:22:38,140 --> 00:22:41,740 S2: Certified Kingdom Advisor designation. These are men and women who've 431 00:22:41,740 --> 00:22:44,820 S2: met high standards, and they've been trained to bring a 432 00:22:44,820 --> 00:22:49,020 S2: biblical worldview of financial decision making. You can find 1@faith.com. 433 00:22:49,300 --> 00:22:51,020 S2: All right. Now we're going to get back to the 434 00:22:51,020 --> 00:22:53,940 S2: phone calls we lined up in advance today. Let's go 435 00:22:53,940 --> 00:22:55,620 S2: to New Hampshire. John go ahead. 436 00:22:56,580 --> 00:22:59,100 S5: Just looking for your advice on what you think of 437 00:22:59,100 --> 00:23:03,980 S5: this situation. So I am 56. My wife is 55. Um, 438 00:23:05,380 --> 00:23:08,899 S5: we have two different four. 1S1 is from a job 439 00:23:08,900 --> 00:23:12,899 S5: that I had many years ago that's been sitting idle, um, 440 00:23:12,900 --> 00:23:15,100 S5: over the past eight years. It looks like it's grown 441 00:23:15,100 --> 00:23:20,140 S5: about 12.5%. Um, and it's up to 310,000 at this point. 442 00:23:20,460 --> 00:23:23,140 S5: I still work. And in that 401 K with my 443 00:23:23,140 --> 00:23:28,610 S5: current job, I have 268,000. Um, my question to you 444 00:23:28,609 --> 00:23:31,210 S5: is I was I'm concerned with the way the market's 445 00:23:31,250 --> 00:23:36,129 S5: going up and down and just wondering if that 310,000 446 00:23:36,170 --> 00:23:39,489 S5: I could pull out. And I've heard you mention the 447 00:23:39,490 --> 00:23:43,690 S5: annuities through. Uh gainbridge. And I checked into that yesterday 448 00:23:44,170 --> 00:23:49,490 S5: and wondering with the 5.3 interest rate at ten years, uh, 449 00:23:49,490 --> 00:23:54,330 S5: looks like I could increase that by 216,000. And then 450 00:23:54,369 --> 00:23:56,650 S5: at least I know that it's guaranteed as opposed to, 451 00:23:56,690 --> 00:23:59,970 S5: you know, maybe the market crashes in the next, you know, 452 00:24:00,010 --> 00:24:03,290 S5: ten years. And at least I have something. So just 453 00:24:03,290 --> 00:24:05,689 S5: wondering what your thought on putting that into an annuity 454 00:24:05,730 --> 00:24:06,730 S5: for ten years would be. 455 00:24:07,090 --> 00:24:09,929 S2: Yeah. And what is the value of that right now. 456 00:24:10,690 --> 00:24:13,570 S5: Uh, right now it's 310,000 in that account. 457 00:24:13,770 --> 00:24:17,450 S2: Okay. Yeah. So at a at a 5% return, I mean, 458 00:24:17,450 --> 00:24:22,050 S2: we're talking about, you know, 16,000 or so per year, roughly. Um, 459 00:24:22,369 --> 00:24:25,530 S2: and then, you know, that would increase over ten years. Um, 460 00:24:26,010 --> 00:24:28,850 S2: I think the key is, you know, looking at your 461 00:24:28,890 --> 00:24:32,090 S2: overall goals and objectives, um, you know, the fact that 462 00:24:32,090 --> 00:24:35,850 S2: you're still working and longevity risk is probably the biggest 463 00:24:35,850 --> 00:24:38,609 S2: risk you have. You know, my preference would be for 464 00:24:38,609 --> 00:24:41,489 S2: somebody in your situation, especially because you're still building your 465 00:24:41,490 --> 00:24:45,649 S2: retirement assets. I mean, I understand your thought around the 466 00:24:45,650 --> 00:24:49,530 S2: potential for market risk, and that's always real. But I 467 00:24:49,530 --> 00:24:54,810 S2: would prefer you manage that through a diversified portfolio, perhaps, 468 00:24:54,930 --> 00:24:59,570 S2: you know, dialing up your fixed income portion, but keeping 469 00:24:59,570 --> 00:25:02,170 S2: it in that 401 K, or perhaps for that one, 470 00:25:02,170 --> 00:25:06,490 S2: that's with the previous employer rolling that out to an IRA. Um, 471 00:25:06,530 --> 00:25:10,609 S2: you know, annuities can be used effectively. You know, if 472 00:25:10,609 --> 00:25:15,170 S2: you're really looking for guarantees that pay a fixed amount, 473 00:25:15,530 --> 00:25:18,010 S2: you know, but over time, inflation is going to erode 474 00:25:18,010 --> 00:25:21,010 S2: that purchasing power. And I just want to make sure 475 00:25:21,010 --> 00:25:23,650 S2: that you can keep up with that and that you 476 00:25:23,650 --> 00:25:26,560 S2: don't lose access to the money. I realize you're talking 477 00:25:26,560 --> 00:25:29,080 S2: about just a ten year annuity, but you know, the 478 00:25:29,080 --> 00:25:31,880 S2: reason you could do something like this is because you 479 00:25:31,880 --> 00:25:34,800 S2: can keep it in a tax deferred environment. If your 480 00:25:34,800 --> 00:25:39,840 S2: primary objective is peace of mind and a stable return. 481 00:25:40,000 --> 00:25:43,080 S2: You know, there's something called a sequence of returns. Uh, 482 00:25:43,240 --> 00:25:47,080 S2: you know, protection where, you know, if retirement is near 483 00:25:47,080 --> 00:25:51,400 S2: or already started, you know, that shields, uh, a portion 484 00:25:51,400 --> 00:25:54,720 S2: of your investments from a market downturn and those early 485 00:25:54,720 --> 00:26:00,560 S2: market losses can hurt retirees. Um, and certainly more than workers, 486 00:26:00,560 --> 00:26:02,879 S2: although you are continuing to work. So that's maybe the 487 00:26:02,880 --> 00:26:07,720 S2: strongest argument for the annuity alongside the simplicity and the 488 00:26:07,720 --> 00:26:11,480 S2: tax deferral preservation. But I think the the reason against 489 00:26:11,480 --> 00:26:15,560 S2: it would be number one, there's concentration risk. So having, 490 00:26:15,600 --> 00:26:18,600 S2: you know, 60% of your retirement assets in one annuity 491 00:26:19,119 --> 00:26:23,070 S2: means you're heavily relying on one insurer. Um, you know, 492 00:26:23,109 --> 00:26:29,470 S2: you're in a one interest rate environment, um, with limited flexibility. 493 00:26:29,510 --> 00:26:31,950 S2: You have that lock up period, which is a loss 494 00:26:31,950 --> 00:26:35,310 S2: of liquidity. I realize you're limiting that to ten years, 495 00:26:35,310 --> 00:26:37,869 S2: but it's still there. I think the biggest risk is 496 00:26:37,869 --> 00:26:42,350 S2: probably inflation risk. So at a 5.1% nominal rate, that 497 00:26:42,350 --> 00:26:45,670 S2: may look good today, but your purchasing power is eroding 498 00:26:45,670 --> 00:26:49,870 S2: over time. And unless that annuity has an inflation rider, 499 00:26:49,990 --> 00:26:53,510 S2: which is, you know, often not the case, um, then 500 00:26:53,550 --> 00:26:55,709 S2: you know, that's not going to look as attractive in 501 00:26:55,710 --> 00:26:59,350 S2: the future. And then you've got the opportunity cost, which 502 00:26:59,350 --> 00:27:03,510 S2: is that that money is no longer participating in market 503 00:27:03,510 --> 00:27:07,390 S2: growth and equity recovery. And so it reduces your long 504 00:27:07,430 --> 00:27:12,389 S2: term upside. Um, which I realize, yes, with that you're 505 00:27:12,390 --> 00:27:15,710 S2: taking risk. But I think that can be managed with 506 00:27:15,750 --> 00:27:19,590 S2: a portfolio that's properly diversified with an appropriate allocation to 507 00:27:19,630 --> 00:27:23,540 S2: fixed income. So, you know, my preference would be, um, 508 00:27:23,540 --> 00:27:25,500 S2: you know, for somebody in your season of life who's 509 00:27:25,500 --> 00:27:28,300 S2: still working, you're still looking to, you know, grow your 510 00:27:28,300 --> 00:27:31,140 S2: retirement nest egg because you're not, you know, where you'd 511 00:27:31,140 --> 00:27:33,580 S2: ultimately like to be, despite the fact that, you know, 512 00:27:33,660 --> 00:27:36,580 S2: the market could take a downturn, we could hit a recession. 513 00:27:36,619 --> 00:27:39,220 S2: Most economists feel like, you know, we're in a pretty 514 00:27:39,220 --> 00:27:41,580 S2: good place, even though we have some long term issues 515 00:27:41,580 --> 00:27:46,220 S2: around debt and the demographics, you know, with technology enhancements, 516 00:27:46,220 --> 00:27:49,740 S2: with the deregulation that's going on, the low tax environment, 517 00:27:49,940 --> 00:27:52,740 S2: we're probably going to see this economy continue to to 518 00:27:52,780 --> 00:27:55,420 S2: charge forward. In fact, the early signs are that growth 519 00:27:55,420 --> 00:27:59,020 S2: is is headed higher. That bodes well for corporate earnings 520 00:27:59,020 --> 00:28:01,700 S2: and ultimately the stock market. So I think having an 521 00:28:01,700 --> 00:28:05,020 S2: advisor where you would roll that old 401 to an 522 00:28:05,020 --> 00:28:08,540 S2: IRA that could then build that portfolio, manage the risk, 523 00:28:08,540 --> 00:28:11,300 S2: but also give you more upside potential is a little 524 00:28:11,300 --> 00:28:14,660 S2: more attractive to me, um, you know, than dropping it 525 00:28:14,660 --> 00:28:18,580 S2: into a guaranteed fixed annuity at this point, that might 526 00:28:18,580 --> 00:28:21,739 S2: be something you would consider down the road, you know, 527 00:28:21,780 --> 00:28:24,859 S2: when you're fully in retirement, but I would probably advise 528 00:28:24,900 --> 00:28:26,659 S2: against it right now. But let me stop there and 529 00:28:26,660 --> 00:28:28,140 S2: get your thoughts on all that, John. 530 00:28:28,900 --> 00:28:32,100 S5: Uh, yeah. Okay. That's that wasn't what I was expecting 531 00:28:32,140 --> 00:28:36,780 S5: to say. I hadn't really considered the inflation erosion. So. Yeah. Um, 532 00:28:37,020 --> 00:28:39,940 S5: so you're basically saying maybe go visit a K. 533 00:28:40,500 --> 00:28:43,420 S2: Yeah, I think so. And primarily just, you know, the 534 00:28:43,420 --> 00:28:45,860 S2: idea would be that you'd have an advisor that you'd, 535 00:28:45,860 --> 00:28:48,260 S2: you'd sit down with, you'd do some planning around what 536 00:28:48,260 --> 00:28:51,580 S2: is your ultimate, you know, retirement nest egg goal, what 537 00:28:51,580 --> 00:28:54,140 S2: do you need to get to so that, you know, 538 00:28:54,180 --> 00:28:56,660 S2: it could be converted to an income stream at an 539 00:28:56,660 --> 00:29:01,700 S2: appropriate withdrawal rate, that alongside your other retirement income streams, 540 00:29:01,700 --> 00:29:05,380 S2: namely Social Security, maybe other things, I don't know. Um, 541 00:29:05,420 --> 00:29:07,380 S2: at least, you know, you have a plan for how 542 00:29:07,380 --> 00:29:11,380 S2: you're going to fund your retirement lifestyle, whatever that is. 543 00:29:11,580 --> 00:29:14,660 S2: You know, when that time comes and you know that 544 00:29:14,700 --> 00:29:16,780 S2: I think will give you some peace of mind to know, okay, 545 00:29:16,820 --> 00:29:19,410 S2: here's what we ultimately need to get to. and then 546 00:29:19,410 --> 00:29:22,410 S2: it's just a matter of managing the risk and return 547 00:29:22,410 --> 00:29:26,050 S2: to make sure that you're not unnecessarily, you know, risky 548 00:29:26,050 --> 00:29:29,210 S2: in terms of your portfolio mix, but you're still giving 549 00:29:29,210 --> 00:29:32,650 S2: yourself that upside potential beyond, you know, what you might 550 00:29:32,650 --> 00:29:36,330 S2: be locking into in that guaranteed fixed annuity, especially without 551 00:29:36,330 --> 00:29:40,650 S2: the inflation rider. So I think that's at least worth considering. 552 00:29:40,650 --> 00:29:42,370 S2: At the end of the day, you need to decide 553 00:29:42,370 --> 00:29:44,170 S2: what's going to give me the peace of mind. And 554 00:29:44,210 --> 00:29:45,890 S2: you know, you are the steward. So you've got to 555 00:29:45,890 --> 00:29:48,570 S2: make that call. And, you know, I wouldn't say that 556 00:29:48,570 --> 00:29:51,490 S2: this is something that would be foolish. I just think 557 00:29:51,490 --> 00:29:55,050 S2: there's other factors to consider. But it does mean you 558 00:29:55,050 --> 00:29:57,570 S2: being willing to bear a little more market risk along 559 00:29:57,570 --> 00:29:59,770 S2: the way. So the good news is you've got time 560 00:29:59,770 --> 00:30:01,650 S2: on your side. I mean, we need to probably be 561 00:30:01,650 --> 00:30:05,330 S2: thinking about this portfolio lasting another 3 to 4 decades. 562 00:30:05,330 --> 00:30:07,330 S2: So that's good news in the sense that even if 563 00:30:07,330 --> 00:30:09,410 S2: we were to get into a recession, you had a 564 00:30:09,410 --> 00:30:12,850 S2: major market pullback. You know, that portion of the portfolio 565 00:30:12,850 --> 00:30:17,250 S2: that was, uh, you know, open to stocks, um, or 566 00:30:17,360 --> 00:30:20,160 S2: in invested in stocks, you wouldn't touch it. You know, 567 00:30:20,200 --> 00:30:23,120 S2: you wouldn't draw that income out. You wouldn't sell any 568 00:30:23,120 --> 00:30:25,440 S2: of those stocks. You'd wait for them to come back. And, 569 00:30:25,600 --> 00:30:28,880 S2: you know, at least historically speaking, the market always does recover, 570 00:30:28,920 --> 00:30:32,520 S2: regardless of how bad the situation was. That led to 571 00:30:32,560 --> 00:30:35,800 S2: the the pullback or even the crash. So, um, anyway, 572 00:30:35,800 --> 00:30:37,600 S2: I hope that gives you a few things to think about. John, 573 00:30:37,600 --> 00:30:39,080 S2: if you did want to reach out to a couple 574 00:30:39,120 --> 00:30:41,880 S2: of certified Kingdom advisors there in New Hampshire, you could 575 00:30:41,880 --> 00:30:45,800 S2: go to find a.com. We appreciate your call today, sir. 576 00:30:45,840 --> 00:30:46,600 S2: Lord bless you. 577 00:30:46,840 --> 00:30:51,040 S1: You're listening to Faith and Finance Live. Today's broadcast is prerecorded, 578 00:30:51,040 --> 00:30:53,640 S1: so please keep that in mind. We're going to pause 579 00:30:53,680 --> 00:30:56,000 S1: now for a brief break. Then we'll be back after 580 00:30:56,000 --> 00:30:59,080 S1: that with more on Faith and finance live. 581 00:31:04,800 --> 00:31:07,280 S2: Thanks for joining us today on Faith and Finance Live 582 00:31:07,280 --> 00:31:09,400 S2: here in our final segment of the broadcast today. Let 583 00:31:09,400 --> 00:31:11,920 S2: me remind you, our team is not here, so don't 584 00:31:11,920 --> 00:31:14,960 S2: call in. But we lined up some great questions in advance. 585 00:31:14,960 --> 00:31:18,310 S2: We'll get to those in just a moment. Before we do, 586 00:31:18,470 --> 00:31:21,470 S2: let me remind you, if you haven't downloaded the Faith 587 00:31:21,470 --> 00:31:23,710 S2: fi app, we'd love for you to check it out. 588 00:31:24,070 --> 00:31:26,390 S2: It's got three sections in it. The first is the 589 00:31:26,390 --> 00:31:31,110 S2: money management system based on Larry Burkett's digital envelope system. 590 00:31:31,150 --> 00:31:33,270 S2: It helps you manage God's money in a way where 591 00:31:33,270 --> 00:31:36,310 S2: you know exactly what's left in each envelope at any 592 00:31:36,350 --> 00:31:39,709 S2: point during the month. There's also our learn tab, where 593 00:31:39,710 --> 00:31:43,150 S2: you can access the best content in biblical finance to 594 00:31:43,190 --> 00:31:45,950 S2: grow in your understanding of God's way of handling money, 595 00:31:45,950 --> 00:31:49,310 S2: and our community, where you can post questions, get comments 596 00:31:49,310 --> 00:31:53,350 S2: and ideas from other stewards on the journey. So download 597 00:31:53,350 --> 00:32:00,350 S2: it today on our website. faith.com. Just click app to Safford, Arizona. Arnold. 598 00:32:00,350 --> 00:32:00,950 S2: Go ahead. 599 00:32:01,430 --> 00:32:06,790 S6: Yes, Rob, I'm concerned about taking from a traditional IRA $575,000, 600 00:32:06,790 --> 00:32:09,950 S6: putting it into a Roth and being able to pay 601 00:32:09,950 --> 00:32:13,150 S6: the taxes, you know, doing it in five splits for 602 00:32:13,150 --> 00:32:16,390 S6: five years. and then after the five years, am I 603 00:32:16,390 --> 00:32:18,430 S6: correct that I would not pay any money if I 604 00:32:18,470 --> 00:32:21,430 S6: got interest on that money made from a traditional to 605 00:32:21,470 --> 00:32:22,110 S6: a Roth? 606 00:32:22,470 --> 00:32:25,510 S2: That's correct, because once it's in the Roth, now it's 607 00:32:25,510 --> 00:32:29,150 S2: growing tax free and you don't have any required minimums, 608 00:32:29,150 --> 00:32:31,790 S2: so you wouldn't have to take anything out. I guess 609 00:32:31,790 --> 00:32:34,310 S2: the only question would just be, are there other ways 610 00:32:34,310 --> 00:32:37,510 S2: to get that money out without ever paying any tax? 611 00:32:37,510 --> 00:32:39,710 S2: Because you're going to have a pretty steep tax bill, 612 00:32:39,950 --> 00:32:43,230 S2: you know, adding $100,000 a year for the next five years, 613 00:32:43,470 --> 00:32:47,110 S2: that would now be subject to federal and state income tax. So, 614 00:32:47,110 --> 00:32:52,030 S2: for instance, with the current giving that you're doing, what about, 615 00:32:52,070 --> 00:32:54,550 S2: you know, if you're doing some some charitable giving to 616 00:32:54,590 --> 00:32:58,550 S2: your church or other ministries out of after tax accounts 617 00:32:58,550 --> 00:33:02,670 S2: like from checking or savings, what if you replace that 618 00:33:02,670 --> 00:33:06,670 S2: with money from your IRA through a qualified charitable distribution, 619 00:33:07,070 --> 00:33:09,790 S2: and then, you know, you'd get that money out without 620 00:33:09,790 --> 00:33:12,469 S2: ever paying tax on it? So that might be a 621 00:33:12,470 --> 00:33:15,020 S2: way to take a portion of it to kind of 622 00:33:15,060 --> 00:33:18,500 S2: earmark for your your giving. And that way you're not, 623 00:33:18,700 --> 00:33:21,580 S2: you know, putting as much through, you know, your federal 624 00:33:21,580 --> 00:33:24,580 S2: tax return and state and having to pay tax on it. 625 00:33:24,580 --> 00:33:25,540 S2: Does that make sense? 626 00:33:26,060 --> 00:33:28,780 S6: Yeah, I already looked into that quality charitable thing. I 627 00:33:28,780 --> 00:33:32,340 S6: think it's 95,000, but that's not. But my question was 628 00:33:32,340 --> 00:33:34,219 S6: after the five years that I left the money in 629 00:33:34,260 --> 00:33:37,380 S6: there from switching over from an IRA to a Roth, 630 00:33:37,700 --> 00:33:39,900 S6: there would not be no more future taxes on that money. 631 00:33:39,900 --> 00:33:40,700 S6: Is that correct? 632 00:33:40,740 --> 00:33:42,900 S2: That's correct. Yeah, because you would have already paid it. 633 00:33:42,900 --> 00:33:46,020 S2: You've accommodated for the five year rule. So that's important. 634 00:33:46,140 --> 00:33:48,140 S2: You can't take it out. But as long as it's 635 00:33:48,140 --> 00:33:50,620 S2: in there for five years and you've paid the tax, 636 00:33:50,780 --> 00:33:53,540 S2: now that money is growing in whatever you invested in, 637 00:33:53,540 --> 00:33:57,220 S2: whether it's earning interest in a brokered CD or it's 638 00:33:57,220 --> 00:33:59,900 S2: in stocks and bonds or mutual funds or gold, whatever 639 00:33:59,900 --> 00:34:02,540 S2: it is. Yeah, there's no tax to be paid on 640 00:34:02,540 --> 00:34:04,380 S2: the gains from that point forward. 641 00:34:04,420 --> 00:34:07,140 S6: Okay. That you answered my question because as long as 642 00:34:07,140 --> 00:34:10,700 S6: I stay under 206,000 for the year, making that split 643 00:34:11,140 --> 00:34:13,010 S6: my Medicare don't go up either. 644 00:34:13,570 --> 00:34:16,330 S2: Ah I see. Yeah. In the future. Now would while 645 00:34:16,330 --> 00:34:19,850 S2: you're recognizing that income. But you mean beyond the five years. 646 00:34:20,250 --> 00:34:21,290 S6: Right. Beyond the five years. 647 00:34:21,330 --> 00:34:21,569 S2: Yeah. 648 00:34:21,570 --> 00:34:23,689 S6: Yeah. Right now. Very good. I know I got to stay. 649 00:34:23,690 --> 00:34:25,690 S6: I gotta stay under 206 total. 650 00:34:25,730 --> 00:34:28,569 S2: Okay. All right, well, you listen, you're on it. It 651 00:34:28,570 --> 00:34:30,770 S2: sounds like you've done a great job. I would confirm 652 00:34:30,770 --> 00:34:33,169 S2: all this with your CPA. You just don't ever want 653 00:34:33,170 --> 00:34:35,730 S2: to have any surprises here. But I sound like you're 654 00:34:35,730 --> 00:34:38,810 S2: on the right track, so great question today. Let's go 655 00:34:38,810 --> 00:34:40,610 S2: to Indiana. Hi, Joe. How can I help? 656 00:34:42,370 --> 00:34:44,489 S7: Hi, Rob. Thanks for taking my call. I have a 657 00:34:44,489 --> 00:34:48,570 S7: quick question about special needs trust. Setting up a special 658 00:34:48,570 --> 00:34:52,730 S7: needs trust for my grandson. Uh, I would like to 659 00:34:52,730 --> 00:34:57,810 S7: advise my son on doing this, um, setting up two 660 00:34:57,810 --> 00:35:02,890 S7: primary trustees. Him and his wife are divorced. Um, but 661 00:35:02,890 --> 00:35:07,490 S7: they have a working business type relationship. And then a 662 00:35:07,530 --> 00:35:14,480 S7: secondary trustee being the the brother of my grandson who 663 00:35:14,520 --> 00:35:18,919 S7: has special needs. What's the process for setting it up? 664 00:35:18,920 --> 00:35:26,040 S7: And then long story. Uh, he's on SSDI. Um, and he. 665 00:35:26,600 --> 00:35:28,839 S7: I'd like to set up a Trump account for him 666 00:35:28,840 --> 00:35:33,319 S7: as well. He turns 19 just two months before the 667 00:35:33,320 --> 00:35:36,840 S7: Trump accounts are, uh, available. 668 00:35:37,520 --> 00:35:41,360 S2: Okay. Got it. Uh, yeah. So the special needs trust, 669 00:35:41,360 --> 00:35:43,640 S2: I think, could be a great option here. This is 670 00:35:43,640 --> 00:35:47,839 S2: essentially holding assets for people with disabilities. It's not going 671 00:35:47,880 --> 00:35:51,680 S2: to count as their assets for benefit eligibility, which is 672 00:35:51,680 --> 00:35:55,080 S2: really key to be able to take advantage of government 673 00:35:55,080 --> 00:35:59,200 S2: assistance but also have the ability to, you know, have 674 00:35:59,239 --> 00:36:04,000 S2: these assets for his, you know, benefit well into the future. Um, 675 00:36:04,480 --> 00:36:08,160 S2: and so, you know, this really matters because if money 676 00:36:08,160 --> 00:36:12,069 S2: is left to a special needs child, a lifelong dependent. 677 00:36:12,270 --> 00:36:15,190 S2: You know, they can lose SSI and Medicaid, and those 678 00:36:15,390 --> 00:36:17,990 S2: benefits can take years to restore. And so this trust 679 00:36:17,989 --> 00:36:21,030 S2: prevents that. You're going to want to get an attorney 680 00:36:21,030 --> 00:36:24,430 S2: involved in in setting that up. This is not something 681 00:36:24,430 --> 00:36:27,630 S2: you'd you'd want to do on your own. And so 682 00:36:27,790 --> 00:36:30,950 S2: I would go to an estate attorney who has experience 683 00:36:31,070 --> 00:36:35,550 S2: in special needs trusts and get that created. And then, um, 684 00:36:35,550 --> 00:36:38,790 S2: you know, usually, um, you know, you would then grant 685 00:36:38,790 --> 00:36:41,390 S2: the money or gift the money to the individual or 686 00:36:41,390 --> 00:36:44,350 S2: it could be left at death, but that would fund 687 00:36:44,350 --> 00:36:48,670 S2: the special needs trust and and preserve access to those funds. 688 00:36:48,710 --> 00:36:52,910 S2: There's also something called an able account abl. Um, you know, 689 00:36:52,950 --> 00:36:55,709 S2: which can work alongside a special needs trust. A little 690 00:36:55,710 --> 00:36:59,430 S2: easier and simpler to set up. Um, there are, you know, 691 00:36:59,469 --> 00:37:03,509 S2: contribution limits and then a total cap, but there's a 692 00:37:03,510 --> 00:37:06,830 S2: little more flexibility in terms of what the money can 693 00:37:06,830 --> 00:37:11,230 S2: be used for, um, you know, versus the special needs trust, 694 00:37:11,230 --> 00:37:14,110 S2: which has some very specific rules. So the able account 695 00:37:14,110 --> 00:37:16,510 S2: can be used for day to day expenses and housing 696 00:37:16,510 --> 00:37:19,710 S2: and food. And, you know, they're really simple to administer. 697 00:37:19,910 --> 00:37:22,669 S2: And a lot of times these working in concert with 698 00:37:22,670 --> 00:37:25,230 S2: one another can be really effective. But you could talk 699 00:37:25,230 --> 00:37:27,350 S2: through all that with the, uh, the attorney. Does that 700 00:37:27,350 --> 00:37:27,990 S2: make sense? 701 00:37:29,550 --> 00:37:33,110 S7: It does. Does the Trump account make any sense for 702 00:37:33,150 --> 00:37:34,670 S7: for this situation or. No. 703 00:37:35,070 --> 00:37:39,110 S2: Yeah. I mean, uh, the law has passed and, uh, 704 00:37:39,110 --> 00:37:42,549 S2: you know, the banks and brokerages, uh, are kind of 705 00:37:42,590 --> 00:37:45,870 S2: preparing to get these going, but, uh, once active, then 706 00:37:45,870 --> 00:37:50,230 S2: you can put up into $5,000 per year. And that 707 00:37:50,230 --> 00:37:55,230 S2: would help him build some additional tax free savings for adulthood. 708 00:37:55,270 --> 00:37:56,710 S2: So I like that a lot. 709 00:37:58,510 --> 00:38:01,549 S7: Very good. Yeah. Well thank you Rob okay. 710 00:38:01,590 --> 00:38:03,830 S2: You're welcome. Uh, you can get more information if you 711 00:38:03,830 --> 00:38:09,460 S2: haven't been to the website. Uh, It's just Trump accounts.gov. 712 00:38:09,739 --> 00:38:11,620 S2: And that will give you kind of all the details 713 00:38:11,620 --> 00:38:14,300 S2: on how these are going to work. Uh coming later 714 00:38:14,300 --> 00:38:18,339 S2: this year Trump accounts gov. Thanks for your call today Joe. 715 00:38:18,380 --> 00:38:21,500 S2: Lord bless you. Uh let's go out to Louisiana. Hi, Ruth. 716 00:38:21,540 --> 00:38:22,100 S2: Go ahead. 717 00:38:23,739 --> 00:38:27,700 S8: Hi. Uh, I have a question about, um, I have 718 00:38:27,700 --> 00:38:33,180 S8: my daughter and son on my checking and savings account, 719 00:38:33,700 --> 00:38:37,100 S8: and my daughter and her husband have a business. It's 720 00:38:37,100 --> 00:38:40,339 S8: not doing very well. And I just, you know, if 721 00:38:40,340 --> 00:38:44,380 S8: it winds up in bankruptcy. Uh, is there any way 722 00:38:45,060 --> 00:38:49,259 S8: my daughter being on my account, would that affect my money? 723 00:38:50,380 --> 00:38:53,339 S2: Yeah, it's a good question. Um, you know, I would 724 00:38:53,340 --> 00:38:56,820 S2: get some legal counsel on that. Uh, just to talk 725 00:38:56,820 --> 00:38:59,460 S2: through all the implications there. You know, when a person 726 00:38:59,460 --> 00:39:02,580 S2: files for bankruptcy, the court trustee looks for assets to 727 00:39:02,660 --> 00:39:06,330 S2: pay off creditors. And because your daughter's name is on 728 00:39:06,330 --> 00:39:10,290 S2: the account, a trustee may legally presume she owns 50% 729 00:39:10,290 --> 00:39:14,370 S2: or even a 100% of that money. And there are 730 00:39:14,370 --> 00:39:17,050 S2: ways to, you know, kind of push back against that. 731 00:39:17,050 --> 00:39:20,570 S2: And you could prove the money belongs entirely to you. Um, 732 00:39:20,690 --> 00:39:23,970 S2: and there would be a process there, but I wouldn't 733 00:39:23,969 --> 00:39:27,650 S2: just automatically take her name off the account just before 734 00:39:27,850 --> 00:39:30,930 S2: she follows files, the court could view that as a 735 00:39:30,930 --> 00:39:34,489 S2: fraudulent transfer. And so I would, you know, reach out 736 00:39:34,489 --> 00:39:37,450 S2: to an attorney and get some counsel on the best 737 00:39:37,450 --> 00:39:40,050 S2: way to handle this. What are the implications of it? 738 00:39:40,170 --> 00:39:43,370 S2: Could it be attached to this bankruptcy? And how do 739 00:39:43,370 --> 00:39:46,450 S2: you need to proceed from here. And that that legal counsel, 740 00:39:46,450 --> 00:39:48,569 S2: I think, will be really critical in making sure you 741 00:39:48,570 --> 00:39:51,410 S2: follow the right steps so that, um, you know, you 742 00:39:51,410 --> 00:39:54,690 S2: can protect yourself, but but do everything according to the 743 00:39:54,690 --> 00:39:55,490 S2: law as well. 744 00:39:56,770 --> 00:39:59,609 S8: But it hasn't been done yet. So you think it 745 00:39:59,610 --> 00:40:03,840 S8: would be wise to just take her off of my account. 746 00:40:03,880 --> 00:40:06,600 S2: Yeah, I would get some some legal counsel on that. 747 00:40:06,640 --> 00:40:09,080 S2: I am not an attorney, and so I'd be hesitant 748 00:40:09,080 --> 00:40:12,400 S2: to advise you on that. Just because the sequence of 749 00:40:12,400 --> 00:40:15,520 S2: all of this is, is really important. Obviously, her intent 750 00:40:15,680 --> 00:40:18,839 S2: is to file and, um, and, you know, it could 751 00:40:18,840 --> 00:40:21,080 S2: be that the attorney says, yeah, you're you're in the 752 00:40:21,080 --> 00:40:23,440 S2: clear to just go ahead and remove her. That was, 753 00:40:23,680 --> 00:40:26,319 S2: you know, not the the desire really. Her name was 754 00:40:26,320 --> 00:40:30,120 S2: on that account just for efficiency purposes. Um, and it 755 00:40:30,120 --> 00:40:33,080 S2: was never, you know, her money. Uh, and you could 756 00:40:33,120 --> 00:40:35,920 S2: kind of establish that. But I would want to make 757 00:40:35,920 --> 00:40:38,359 S2: sure in terms of how you go about this, just 758 00:40:38,360 --> 00:40:41,640 S2: given that she's headed toward filing and there wouldn't be 759 00:40:41,640 --> 00:40:44,160 S2: a whole lot of time between, you know, you removing 760 00:40:44,160 --> 00:40:46,880 S2: her and her filing. I just would want you to 761 00:40:46,920 --> 00:40:50,040 S2: know the implications of that before anybody does anything. 762 00:40:51,520 --> 00:40:56,279 S8: Well, I don't think anything like filing or anything. I 763 00:40:56,280 --> 00:41:00,319 S8: think that's just what might happen down the line. So 764 00:41:00,320 --> 00:41:03,319 S8: I was trying to be, you know, do what I 765 00:41:03,400 --> 00:41:05,400 S8: should do. Got it. Yeah. 766 00:41:05,400 --> 00:41:08,479 S2: So that's not imminent. She's just considering that that may 767 00:41:08,480 --> 00:41:09,440 S2: come down the road. 768 00:41:09,960 --> 00:41:11,480 S8: Well, I am more so. 769 00:41:11,520 --> 00:41:12,439 S9: Ah. Got it. 770 00:41:12,680 --> 00:41:16,280 S8: Her I think you know, I've just thought. Oh goodness. 771 00:41:16,280 --> 00:41:17,239 S8: I hadn't thought of that. 772 00:41:17,239 --> 00:41:17,759 S9: Yes. 773 00:41:18,040 --> 00:41:21,839 S2: Well I think just getting some counsel from an attorney, um, 774 00:41:22,000 --> 00:41:24,560 S2: to advise you, you know, if that does happen down 775 00:41:24,560 --> 00:41:26,920 S2: the road, what are the implications of that? And given 776 00:41:26,920 --> 00:41:29,879 S2: that this is not imminent, you know, that attorney may say, no, 777 00:41:29,880 --> 00:41:31,680 S2: you're in the clear. Just go ahead and take her off. 778 00:41:31,680 --> 00:41:33,879 S2: And and you know, that was the intent. You're going 779 00:41:33,920 --> 00:41:35,680 S2: to need to get her to sign off on that 780 00:41:35,680 --> 00:41:40,759 S2: if you do, just because she's legally entitled to this account. 781 00:41:40,760 --> 00:41:43,520 S2: But I would imagine just given what, you know, the 782 00:41:43,520 --> 00:41:45,960 S2: intent was there, she'd probably be glad to do that. 783 00:41:45,960 --> 00:41:48,960 S2: And and that might just clear this up for the future. Ruth, 784 00:41:48,960 --> 00:41:51,759 S2: I appreciate your call today. I know this, uh, this 785 00:41:51,760 --> 00:41:54,520 S2: can be a sticky situation when it involves money and 786 00:41:54,520 --> 00:41:56,719 S2: family members. And so we'll ask the Lord to give 787 00:41:56,719 --> 00:41:59,120 S2: you some wisdom as you navigate that. Thanks for being 788 00:41:59,120 --> 00:42:01,670 S2: on the program. Before we wrap up today, what a 789 00:42:01,670 --> 00:42:04,790 S2: great opportunity for me to remind you why we do 790 00:42:04,790 --> 00:42:07,549 S2: what we do. You see, this program each day is 791 00:42:07,550 --> 00:42:12,070 S2: focused on equipping you, providing you hope and encouragement, pointing 792 00:42:12,070 --> 00:42:15,270 S2: you back to God's Word in this high calling of 793 00:42:15,270 --> 00:42:17,989 S2: being a money manager for the King of Kings. You see, 794 00:42:17,989 --> 00:42:20,710 S2: you and I are stewards. God owns it all. We 795 00:42:20,710 --> 00:42:25,710 S2: don't have stewardship rights. We have stewardship responsibilities, and we 796 00:42:25,710 --> 00:42:28,190 S2: want to get that right. So we look to God's Word, 797 00:42:28,190 --> 00:42:30,430 S2: and we know that when we come together and share 798 00:42:30,430 --> 00:42:34,270 S2: our stories and ask questions and renew our minds with 799 00:42:34,270 --> 00:42:37,509 S2: the scriptures, well, we're going to eventually be on that 800 00:42:37,510 --> 00:42:41,630 S2: path to here one day. Well done, good and faithful servant. 801 00:42:41,790 --> 00:42:44,589 S2: That's our goal. Folks, we couldn't do this without the 802 00:42:44,590 --> 00:42:47,910 S2: amazing team we have here. Amy and Dan and Taylor 803 00:42:47,910 --> 00:42:50,230 S2: and Jim want to say a big thanks to everybody 804 00:42:50,230 --> 00:42:52,589 S2: here at Faith by Faith and finance. Live is a 805 00:42:52,590 --> 00:42:55,430 S2: partnership between Moody Radio and Faith vie, and we'll see 806 00:42:55,430 --> 00:42:56,230 S2: you next time.