1 00:00:02,600 --> 00:00:06,240 S1: Today's Faith and finance live is actually pre-recorded, so our 2 00:00:06,240 --> 00:00:09,879 S1: phone lines are not open. Jim Eliot once wrote he 3 00:00:09,880 --> 00:00:12,600 S1: is no fool who gives up what he cannot keep 4 00:00:12,800 --> 00:00:16,239 S1: to gain what he cannot lose. Hi, I'm Rob West. 5 00:00:16,520 --> 00:00:18,840 S1: Generous might not be the first word that comes to 6 00:00:18,880 --> 00:00:21,960 S1: mind when you think about pro athletes, but Kirk Cousins 7 00:00:21,960 --> 00:00:25,800 S1: is rewriting that playbook. The three time Pro Bowl quarterback 8 00:00:25,800 --> 00:00:29,840 S1: in the NFL is using his platform and resources for 9 00:00:29,840 --> 00:00:33,640 S1: eternal impact. Today, we'll hear how his faith shapes everything 10 00:00:33,640 --> 00:00:37,280 S1: from football to finances. And we have some great calls 11 00:00:37,280 --> 00:00:39,880 S1: lined up. But we won't be taking your live calls 12 00:00:39,880 --> 00:00:43,840 S1: today because we're pre-recorded. This is faith and finance live. 13 00:00:44,040 --> 00:00:50,639 S1: Biblical wisdom for your financial journey. Well, Kirk Cousins has 14 00:00:50,640 --> 00:00:54,760 S1: spent 14 seasons throwing touchdown passes in the NFL. But 15 00:00:54,760 --> 00:00:57,800 S1: even more significant is how his faith in Christ has 16 00:00:57,800 --> 00:01:00,790 S1: shaped every part of his life. From how he plays 17 00:01:00,790 --> 00:01:03,670 S1: the game to how he stewards his finances. It all 18 00:01:03,670 --> 00:01:06,270 S1: flows from his walk with Jesus and Kirk. What a 19 00:01:06,270 --> 00:01:07,789 S1: treat to have you in the studio today. 20 00:01:07,830 --> 00:01:10,390 S2: Oh, it's great to be here. Thanks for the opportunity, Kirk. 21 00:01:10,550 --> 00:01:13,310 S1: I'd love to go back and maybe start with your upbringing. 22 00:01:13,310 --> 00:01:15,470 S1: I know you've mentioned before that you were a PK, 23 00:01:15,510 --> 00:01:18,670 S1: a pastor's kid, and maybe you start there. How did 24 00:01:18,670 --> 00:01:21,789 S1: growing up in a ministry home influence your perspective on 25 00:01:21,790 --> 00:01:24,470 S1: faith and finances from an early age? 26 00:01:24,510 --> 00:01:27,589 S2: Yeah, my dad really handled the finances, the numbers, if 27 00:01:27,590 --> 00:01:29,750 S2: you will. But I would say my mom was the 28 00:01:29,750 --> 00:01:32,509 S2: one who had the spiritual gift of hospitality. And so 29 00:01:32,510 --> 00:01:36,750 S2: she really modeled for me generosity. And I remember when 30 00:01:36,750 --> 00:01:38,430 S2: I was in middle school and high school and I'd 31 00:01:38,470 --> 00:01:40,470 S2: be going out with friends, my mom would say, do 32 00:01:40,470 --> 00:01:43,229 S2: you need any money? And I would say, no, I'm good. 33 00:01:43,230 --> 00:01:44,670 S2: I think we'll be fine. I got, you know, five, 34 00:01:44,709 --> 00:01:46,949 S2: ten bucks in my wallet. That'll be enough. And she'd 35 00:01:46,990 --> 00:01:49,910 S2: hand me two 20s and take these. And so there 36 00:01:49,910 --> 00:01:53,670 S2: was just a holding it loosely, uh, that I think 37 00:01:53,670 --> 00:01:56,590 S2: I saw in my parents that, uh, you know, we 38 00:01:56,590 --> 00:01:59,820 S2: were we had budgets and we were stringent on not 39 00:01:59,820 --> 00:02:02,660 S2: overspending for ourselves. But I also felt like my parents 40 00:02:02,660 --> 00:02:06,460 S2: were pretty extravagant when it came to being generous towards others. 41 00:02:06,500 --> 00:02:09,620 S2: And that was caught, not just taught. And that's probably 42 00:02:09,620 --> 00:02:12,299 S2: more important that it's caught than taught. And so I'm 43 00:02:12,340 --> 00:02:14,380 S2: grateful that my parents modeled it in a way that 44 00:02:14,380 --> 00:02:17,380 S2: I could just observe and then go put into practice myself. 45 00:02:17,419 --> 00:02:20,820 S1: Yeah, absolutely. Well, modeling is obviously one of the key 46 00:02:20,820 --> 00:02:24,579 S1: ways that we learn, even though we understand that kind 47 00:02:24,580 --> 00:02:27,019 S1: of our approach to money is often hardwired at those 48 00:02:27,020 --> 00:02:31,299 S1: early ages. What mom and dad do has huge implications. 49 00:02:31,300 --> 00:02:34,619 S1: And that then allowed you to be grounded as you 50 00:02:34,660 --> 00:02:38,540 S1: found yourself, uh, as a young athlete with more and 51 00:02:38,540 --> 00:02:40,860 S1: more money coming in. Of course, life in the NFL 52 00:02:40,900 --> 00:02:45,660 S1: brings plenty of pressure and public attention and often significant wealth. 53 00:02:45,660 --> 00:02:48,299 S1: How has that helped you to stay rooted in your 54 00:02:48,300 --> 00:02:49,700 S1: faith amidst all of that? 55 00:02:49,940 --> 00:02:52,620 S2: Yes, I remember when I was first drafted, I didn't 56 00:02:52,620 --> 00:02:55,540 S2: know how paychecks worked and how it would all go 57 00:02:55,540 --> 00:02:57,540 S2: and the cash flow. I've certainly learned a lot over 58 00:02:57,540 --> 00:02:59,860 S2: the last 14 years, but when I was a rookie, 59 00:02:59,860 --> 00:03:02,180 S2: I got my first check, which was called a signing bonus, 60 00:03:02,180 --> 00:03:04,980 S2: which is a large percentage of your entire contract for 61 00:03:04,980 --> 00:03:07,940 S2: four years. That is given right up front. And the 62 00:03:07,940 --> 00:03:10,820 S2: check was several hundred thousand dollars. And as a college 63 00:03:10,820 --> 00:03:13,140 S2: kid who had really only made minimum wage at a 64 00:03:13,139 --> 00:03:15,940 S2: local golf course picking up driving range balls, I hadn't 65 00:03:15,940 --> 00:03:18,419 S2: really seen a paycheck bigger than maybe three digits at 66 00:03:18,419 --> 00:03:21,139 S2: the most. So yeah, um, I called my dad. I said, dad, 67 00:03:21,139 --> 00:03:23,420 S2: what do I do with a check this large that has, 68 00:03:23,460 --> 00:03:26,780 S2: you know, six figures before the decimal? And he said, Kirk, 69 00:03:26,820 --> 00:03:29,500 S2: I don't know, because I've never gotten a check like 70 00:03:29,500 --> 00:03:32,580 S2: that either. So we started kind of this journey of 71 00:03:32,580 --> 00:03:34,780 S2: what do we do with that? And certainly it was, 72 00:03:34,820 --> 00:03:37,380 S2: you know, great to to have a base and to know, 73 00:03:37,420 --> 00:03:41,020 S2: you know, certainly you give you tithe, um, you know, 74 00:03:41,060 --> 00:03:44,340 S2: and you save and you live on the rest. And um, 75 00:03:44,380 --> 00:03:46,460 S2: but I certainly had to practice it from right away, 76 00:03:46,460 --> 00:03:49,860 S2: my first check after being drafted. And, uh, and then 77 00:03:49,860 --> 00:03:51,820 S2: it's been a stewardship journey ever since. 78 00:03:52,020 --> 00:03:54,620 S1: Well, and, you know, you look around, you and your 79 00:03:54,620 --> 00:03:58,130 S1: peers were probably handling it quite differently. I mean, and 80 00:03:58,130 --> 00:04:00,570 S1: it can be challenging, right? When you get a check 81 00:04:00,570 --> 00:04:03,170 S1: like that at a young age and just wondering, how 82 00:04:03,170 --> 00:04:07,369 S1: do I maintain this lifestyle that's expected from me and 83 00:04:07,410 --> 00:04:09,610 S1: yet be a faithful steward at the same time? How 84 00:04:09,610 --> 00:04:11,170 S1: did you navigate that tension? 85 00:04:11,530 --> 00:04:14,170 S2: Well, I think, um, you know, first of all, being 86 00:04:14,170 --> 00:04:16,970 S2: a professional athlete, you know, there's an end game. You know, 87 00:04:17,050 --> 00:04:19,530 S2: we have diminishing returns as we get older. And so 88 00:04:19,529 --> 00:04:21,930 S2: there is a need to save probably more than someone 89 00:04:21,930 --> 00:04:25,130 S2: who's coming into success. And they feel like their business 90 00:04:25,130 --> 00:04:27,250 S2: is something that is built to last. I think as 91 00:04:27,250 --> 00:04:29,090 S2: a professional athlete, you know, it isn't built to last, 92 00:04:29,089 --> 00:04:32,290 S2: it's built to diminish. And so we're pretty, um, we're 93 00:04:32,290 --> 00:04:35,210 S2: pretty good with saving. I think the harder part is 94 00:04:35,210 --> 00:04:37,210 S2: knowing that when you give it, if you're working a 95 00:04:37,210 --> 00:04:40,289 S2: job that is that is diminishing, it's scary to give 96 00:04:40,290 --> 00:04:43,170 S2: it because you're saying, I'm approaching a cliff career wise, 97 00:04:43,170 --> 00:04:45,890 S2: that's going to end. What do I do if I'm 98 00:04:45,930 --> 00:04:48,370 S2: giving it away? You know what's next? And I think 99 00:04:48,370 --> 00:04:51,290 S2: that's where faith comes in. And allowing room for God 100 00:04:51,290 --> 00:04:53,210 S2: to show up and to have a plan and to 101 00:04:53,210 --> 00:04:54,440 S2: direct your steps. 102 00:04:54,440 --> 00:04:57,080 S1: Well, we're going to unpack that after the break. Kirk 103 00:04:57,080 --> 00:04:59,880 S1: will share the journey of generosity he's been on with 104 00:04:59,880 --> 00:05:03,279 S1: his wife, Julie, how they think about stewardship and how 105 00:05:03,279 --> 00:05:07,080 S1: he's used this incredible platform as an NFL quarterback to 106 00:05:07,120 --> 00:05:11,159 S1: bring God glory. This is faith and finance. I'm Rob West, 107 00:05:11,200 --> 00:05:15,000 S1: NFL quarterback Kirk Cousins in the studio today. We're talking 108 00:05:15,000 --> 00:05:18,880 S1: about his stewardship journey. And we're just getting started. Stick around. 109 00:05:34,960 --> 00:05:37,520 S1: Thanks for joining us today on Faith and Finance Live. 110 00:05:37,720 --> 00:05:41,560 S1: With me today NFL quarterback Kirk Cousins. Kirk's talking to 111 00:05:41,560 --> 00:05:45,000 S1: us today about his journey of generosity and the role 112 00:05:45,000 --> 00:05:48,919 S1: we each have as stewards of God's resources. Kirk. Our 113 00:05:48,920 --> 00:05:52,200 S1: goal as stewards is faithfulness with what God has entrusted 114 00:05:52,200 --> 00:05:55,190 S1: to us. And more than anything, it's about our hearts. 115 00:05:55,190 --> 00:05:57,830 S1: And not just checking the box on a list of 116 00:05:57,830 --> 00:05:59,990 S1: money management do's and don'ts, right? 117 00:06:00,029 --> 00:06:02,550 S2: Right. No, I don't think that's the abundant life Jesus 118 00:06:02,550 --> 00:06:04,870 S2: speaks of. And I've been tempted to do that, to 119 00:06:04,910 --> 00:06:06,909 S2: just say, well, God wants me to tithe. He wants 120 00:06:06,910 --> 00:06:09,590 S2: me to give. I'll check those boxes. I'll do that, 121 00:06:09,589 --> 00:06:12,070 S2: and then I'll be good. That's really not the Christian life. 122 00:06:12,070 --> 00:06:15,590 S2: That's religion. And, um, when you read Jesus parables and 123 00:06:15,589 --> 00:06:18,590 S2: he teaches about the man who found treasure in a field, 124 00:06:18,589 --> 00:06:21,750 S2: sold all he had, and went and bought the field. Yes. 125 00:06:21,910 --> 00:06:25,150 S2: Once you find the treasure, the rest of the decisions 126 00:06:25,150 --> 00:06:28,150 S2: are just. That's just logical. Why wouldn't you go sell 127 00:06:28,150 --> 00:06:30,029 S2: everything you have and go buy the field? If there's 128 00:06:30,070 --> 00:06:32,070 S2: a treasure in there that's worth a thousand times more 129 00:06:32,070 --> 00:06:35,030 S2: than anything you could be saving. Yes. Um, the problem is, 130 00:06:35,070 --> 00:06:38,390 S2: is we many times are told. Hey, there's this treasure here. 131 00:06:38,390 --> 00:06:41,270 S2: You should go sell all you have to go get 132 00:06:41,270 --> 00:06:43,469 S2: the treasure. But we never really see it as a 133 00:06:43,470 --> 00:06:46,270 S2: treasure ourselves. So we say, okay, I'll go sell what 134 00:06:46,270 --> 00:06:48,230 S2: I have. That's what I'm supposed to do. We need 135 00:06:48,230 --> 00:06:51,070 S2: to first discover the treasure. Yes. And see the treasure 136 00:06:51,150 --> 00:06:53,349 S2: for what it is that Jesus has an abundant life 137 00:06:53,350 --> 00:06:55,390 S2: for us, and he wants us to experience the kingdom 138 00:06:55,390 --> 00:06:58,470 S2: of heaven. So that's the first step. And then the 139 00:06:58,470 --> 00:07:02,430 S2: financial decisions really stem from there. But I've often put 140 00:07:02,430 --> 00:07:04,230 S2: it in the wrong order where, okay, I'll go make 141 00:07:04,230 --> 00:07:06,950 S2: the right financial decisions and then things will align. It's like, well, 142 00:07:06,990 --> 00:07:09,470 S2: first go find your heart to be in the right 143 00:07:09,470 --> 00:07:12,110 S2: place and seek Jesus as the treasure. And the only 144 00:07:12,110 --> 00:07:14,870 S2: logical choice is to have your finances follow that well. 145 00:07:14,870 --> 00:07:16,870 S1: And if you get to that place that you're describing 146 00:07:16,870 --> 00:07:20,630 S1: and I completely agree, it is ultimately about surrender, then 147 00:07:20,670 --> 00:07:24,429 S1: you can face some of these tensions and struggles around. Well, 148 00:07:24,430 --> 00:07:26,870 S1: I do have a career that's diminishing. You know, there 149 00:07:26,870 --> 00:07:30,270 S1: is a a lifespan as an NFL quarterback. And yet 150 00:07:30,270 --> 00:07:34,110 S1: I can continue to give generously even though I feel it. 151 00:07:34,110 --> 00:07:36,870 S1: And maybe there's some uncertainty around it because I know 152 00:07:36,870 --> 00:07:38,670 S1: God is ultimately my provider. 153 00:07:38,710 --> 00:07:42,670 S2: I've kind of enjoyed the moments that require more faith financially, 154 00:07:42,670 --> 00:07:46,070 S2: because I feel that the pressure goes back on God. Yeah, 155 00:07:46,110 --> 00:07:49,429 S2: so it's okay. God's provided and I don't know what's next, 156 00:07:49,430 --> 00:07:51,860 S2: but I know if I give or if I put 157 00:07:51,860 --> 00:07:55,180 S2: it back into a vehicle that God has to steward 158 00:07:55,180 --> 00:07:58,700 S2: and use. The pressure's off of me, so I can 159 00:07:58,700 --> 00:08:00,940 S2: also view it that way, which helps to say, okay, 160 00:08:00,980 --> 00:08:02,460 S2: now the ball is back in God's court and he's 161 00:08:02,460 --> 00:08:04,900 S2: got to do something with it. In that meantime, while 162 00:08:04,900 --> 00:08:06,620 S2: you're waiting to see what God does, it can be 163 00:08:06,620 --> 00:08:09,820 S2: a little stressful. But, um, that is a big faith 164 00:08:09,860 --> 00:08:12,780 S2: thing for me, and I almost enjoy that challenge. But, um, 165 00:08:12,860 --> 00:08:16,500 S2: certainly from a lifestyle standpoint of of what is something 166 00:08:16,500 --> 00:08:18,900 S2: that God's given us to enjoy. Yeah. And then what 167 00:08:18,900 --> 00:08:22,700 S2: starts to become self-indulgent and excessive? That's an interesting balance 168 00:08:22,700 --> 00:08:25,020 S2: that we all have to walk as Christians. And each 169 00:08:25,020 --> 00:08:27,700 S2: person has to discern for themselves and for their family 170 00:08:27,700 --> 00:08:30,700 S2: and in their relationship with God. What is wise. But 171 00:08:30,700 --> 00:08:33,060 S2: I think that's something that tension will never go away 172 00:08:33,059 --> 00:08:35,100 S2: as long as we're here on this earth feeling like, 173 00:08:35,420 --> 00:08:37,740 S2: was this too much or am I being too strict? 174 00:08:37,740 --> 00:08:39,740 S2: And should I give myself some grace? I think that's 175 00:08:39,740 --> 00:08:42,260 S2: the part that there's no set formula. We just have 176 00:08:42,260 --> 00:08:44,100 S2: to walk with God and let the Holy Spirit lead us. 177 00:08:44,100 --> 00:08:45,620 S1: I love that you know, it would be easy if 178 00:08:45,620 --> 00:08:49,610 S1: the Bible said you're to live on 68.2% of your income. 179 00:08:49,610 --> 00:08:52,250 S1: It's not there. But that's good because it drives you 180 00:08:52,250 --> 00:08:54,250 S1: to your knees for you to say, Lord, what would 181 00:08:54,250 --> 00:08:56,930 S1: you have me to do? How have you worked that out? 182 00:08:56,929 --> 00:08:59,010 S1: How have you and your wife defined enough? 183 00:08:59,290 --> 00:09:02,330 S2: We're still defining it. I do think that God has 184 00:09:02,330 --> 00:09:05,330 S2: given us all things to enjoy, and so we want 185 00:09:05,330 --> 00:09:08,250 S2: to enjoy what he's given us. Um, I think it's 186 00:09:08,250 --> 00:09:10,290 S2: also important that when you save, you know, I've had 187 00:09:10,290 --> 00:09:12,490 S2: this conversation with my brother, with my dad. Both of 188 00:09:12,490 --> 00:09:15,370 S2: them are in ministry and they're very wise on these topics. 189 00:09:15,650 --> 00:09:17,530 S2: I like to bounce ideas off of them along with 190 00:09:17,530 --> 00:09:21,490 S2: many other people. At some point. Money is a tool. Yes, 191 00:09:21,650 --> 00:09:25,010 S2: it's it's a test. It's a testimony. It's those three T's. 192 00:09:25,010 --> 00:09:28,209 S2: But money is a tool such that if it's just 193 00:09:28,210 --> 00:09:30,730 S2: being put into a snowball, that can just get bigger 194 00:09:30,730 --> 00:09:33,410 S2: and bigger and bigger as you invest it, that's not 195 00:09:33,410 --> 00:09:36,530 S2: really a tool. That's just becoming a bigger snowball. That's right. 196 00:09:36,570 --> 00:09:38,410 S2: I guess to make us feel like we have more 197 00:09:38,410 --> 00:09:41,170 S2: control over our lives. So while I believe in maybe 198 00:09:41,170 --> 00:09:43,770 S2: growing that snowball somewhat, I also believe in growing the 199 00:09:43,770 --> 00:09:45,969 S2: snowball for an end game. There has to be an 200 00:09:45,970 --> 00:09:49,280 S2: end purpose to growing the snowball. And, uh, and so 201 00:09:49,280 --> 00:09:51,040 S2: that's where, you know, I think we have to check 202 00:09:51,040 --> 00:09:53,439 S2: ourselves and say, am I trying to grow this bigger 203 00:09:53,480 --> 00:09:55,280 S2: for a purpose, to have an end game, or am 204 00:09:55,280 --> 00:09:57,240 S2: I just growing this bigger just so I can have 205 00:09:57,240 --> 00:10:00,160 S2: more control and feel better about myself? And I think 206 00:10:00,160 --> 00:10:01,959 S2: that again, goes back to the heart, because we could 207 00:10:02,000 --> 00:10:05,199 S2: both be trying to grow our what we steward, but 208 00:10:05,200 --> 00:10:07,520 S2: the heart behind growing it could be very different between 209 00:10:07,520 --> 00:10:08,040 S2: two people. 210 00:10:08,080 --> 00:10:11,400 S1: Absolutely. Well, and even more so for a married couple, 211 00:10:11,440 --> 00:10:14,560 S1: because we have different money personalities. You know, one might 212 00:10:14,559 --> 00:10:16,880 S1: be more inclined to hold it a little tighter. They 213 00:10:16,880 --> 00:10:20,000 S1: like the security aspect. Another might be more inclined to 214 00:10:20,040 --> 00:10:22,880 S1: give it away. How have you all found that path 215 00:10:22,880 --> 00:10:23,960 S1: forward as a couple? 216 00:10:24,000 --> 00:10:26,080 S2: I was advised when I was only in my second 217 00:10:26,080 --> 00:10:27,960 S2: year in the pros, by a very wise man who 218 00:10:27,960 --> 00:10:32,160 S2: had given away, um, probably nine figures at that time. 219 00:10:32,160 --> 00:10:33,880 S2: And I asked him, you know, tell me some things 220 00:10:33,880 --> 00:10:36,000 S2: you've learned about your giving journey, because he would tell 221 00:10:36,000 --> 00:10:37,400 S2: you there were things I did right. There were things 222 00:10:37,400 --> 00:10:39,559 S2: I did wrong. And one line that just stuck out 223 00:10:39,559 --> 00:10:42,959 S2: with me immediately was, he said, always give in unity 224 00:10:42,960 --> 00:10:47,030 S2: with your wife. And I wrote that down because it 225 00:10:47,230 --> 00:10:49,309 S2: was something I probably would be tempted to not do. 226 00:10:49,309 --> 00:10:51,630 S2: I would be tempted to go off and say, well, 227 00:10:51,630 --> 00:10:53,710 S2: I disagree, Julie, we're going to do this. And so 228 00:10:53,910 --> 00:10:55,710 S2: that always stuck with me. And it's something when my 229 00:10:55,710 --> 00:10:58,350 S2: wife says, I don't feel comfortable with that or I 230 00:10:58,350 --> 00:11:01,469 S2: do feel comfortable with this, I really try to listen 231 00:11:01,470 --> 00:11:03,990 S2: and apply that and pray about it, and especially if 232 00:11:03,990 --> 00:11:05,870 S2: I disagree, to really think about and pray about it. 233 00:11:05,870 --> 00:11:09,750 S2: Because many times the spousal consent, the support of your 234 00:11:09,750 --> 00:11:11,990 S2: wife is another way for the Holy Spirit to speak. 235 00:11:11,990 --> 00:11:14,350 S2: And so I try to make sure that if we're giving, 236 00:11:14,350 --> 00:11:17,469 S2: especially in more sizable ways, that we're not just on 237 00:11:17,470 --> 00:11:19,949 S2: the same page, but that we're really in lockstep as 238 00:11:19,950 --> 00:11:22,030 S2: to feeling like this is wise and this is what 239 00:11:22,030 --> 00:11:23,189 S2: the Lord is leading us to do. 240 00:11:23,230 --> 00:11:26,350 S1: Yeah. Ron Blue has taught for many years. We need 241 00:11:26,350 --> 00:11:28,550 S1: to decide how much is enough for us, how much 242 00:11:28,550 --> 00:11:30,630 S1: is enough for the kids, and then what do we 243 00:11:30,630 --> 00:11:33,830 S1: do with the rest? How are you handling that with 244 00:11:33,830 --> 00:11:36,630 S1: regard to inheritance and the kids, and even going back 245 00:11:36,630 --> 00:11:39,630 S1: to your mom and dad modeling that for your boys? 246 00:11:39,670 --> 00:11:42,230 S2: Yeah, we set up a family office a few years ago, 247 00:11:42,230 --> 00:11:44,670 S2: and so those conversations became very real as we put 248 00:11:44,670 --> 00:11:47,230 S2: together the estate plan and factor in, you know, what 249 00:11:47,230 --> 00:11:49,630 S2: are the rules around estate plans, and does the government 250 00:11:49,630 --> 00:11:51,670 S2: take a certain percentage up to a certain amount? And 251 00:11:51,710 --> 00:11:55,510 S2: talking through all those conversations. But um, we we first 252 00:11:55,510 --> 00:11:58,430 S2: of all, our boys are young. And so we want 253 00:11:58,429 --> 00:12:00,910 S2: to kind of see how they develop, you know, would 254 00:12:00,910 --> 00:12:03,790 S2: it be very wise to give them a lot of assets? 255 00:12:03,830 --> 00:12:05,670 S2: It very well may be. And in that sense, we 256 00:12:05,670 --> 00:12:09,829 S2: want to plan accordingly. If, heaven forbid, one of them, 257 00:12:09,830 --> 00:12:11,550 S2: it would not be wise to do that. We also 258 00:12:11,590 --> 00:12:14,190 S2: want our plan to basically say, we would love to 259 00:12:14,190 --> 00:12:16,190 S2: give it to you, but that would not be wise. 260 00:12:16,190 --> 00:12:18,790 S2: It's not being stewarded properly. So in the years ahead, 261 00:12:18,790 --> 00:12:20,750 S2: as we raise them, you know, we certainly need to 262 00:12:20,790 --> 00:12:23,870 S2: invest in them. But our hope and prayer is that 263 00:12:23,870 --> 00:12:26,950 S2: we look around and we say, there's no wiser place 264 00:12:26,950 --> 00:12:28,910 S2: to put this money in the hands of someone than 265 00:12:28,950 --> 00:12:31,350 S2: of our own kids. That's really the goal as a parent, 266 00:12:31,350 --> 00:12:32,670 S2: is that we would get the end of our lives 267 00:12:32,670 --> 00:12:34,630 S2: and say, we don't want it to go into anybody's 268 00:12:34,630 --> 00:12:36,589 S2: hands but theirs because of how wise we feel they 269 00:12:36,590 --> 00:12:39,829 S2: are and how well they'll steward it. Um, but then certainly, 270 00:12:39,870 --> 00:12:42,070 S2: you know, we want to give heavily to our foundation 271 00:12:42,070 --> 00:12:44,620 S2: when we pass, and I think our boys will have 272 00:12:44,660 --> 00:12:47,180 S2: will have enough to, you know, do what they want 273 00:12:47,220 --> 00:12:49,020 S2: to do in life as far as their giving and 274 00:12:49,020 --> 00:12:52,060 S2: their kingdom impact. And whatever's left we'd love to give 275 00:12:52,059 --> 00:12:54,460 S2: to our foundation and then have that not only be 276 00:12:54,460 --> 00:12:57,420 S2: given to kingdom work, but also probably go to zero. Yeah. 277 00:12:57,460 --> 00:12:59,500 S2: Shortly after our death. So it doesn't live on in 278 00:12:59,500 --> 00:13:02,580 S2: perpetuity and reach intentions we never had for it. 279 00:13:02,620 --> 00:13:05,340 S1: I love it, but I think you're prioritizing passing wisdom 280 00:13:05,340 --> 00:13:07,500 S1: before wealth, and that's the key. We've got just a 281 00:13:07,500 --> 00:13:10,180 S1: minute left in terms of what to do with the rest. 282 00:13:10,220 --> 00:13:12,660 S1: You mentioned your foundation. What's something you and Julie are 283 00:13:12,660 --> 00:13:14,540 S1: most excited about giving to right now? 284 00:13:14,580 --> 00:13:16,900 S2: I went to a Christian high school, and I was 285 00:13:16,900 --> 00:13:19,100 S2: a public school kid all the way through sixth grade 286 00:13:19,100 --> 00:13:21,060 S2: and then went to a public school for college. So 287 00:13:21,059 --> 00:13:24,940 S2: I kind of had this public school education that sandwiched 288 00:13:24,940 --> 00:13:27,860 S2: the middle, being Christian education from seventh grade to 12th grade, 289 00:13:27,860 --> 00:13:30,140 S2: and it had a very profound impact on my life. 290 00:13:30,140 --> 00:13:33,500 S2: And so my high school, Holland Christian, is one that 291 00:13:33,780 --> 00:13:35,620 S2: just has always tugged at my heart since the day 292 00:13:35,620 --> 00:13:38,220 S2: I was drafted into pro sports. And it's only grown. 293 00:13:38,220 --> 00:13:41,650 S2: And I desire over the long haul to really continue 294 00:13:41,650 --> 00:13:45,570 S2: to support my high school, to support Christian education, to 295 00:13:45,610 --> 00:13:48,930 S2: really give, you know, teachers the resources they need to 296 00:13:48,970 --> 00:13:52,689 S2: try to make it affordable to go to Christian schools. And, um, 297 00:13:52,850 --> 00:13:54,290 S2: and so that's a passion of mine. 298 00:13:54,450 --> 00:13:56,930 S1: I love it. Well, Kirk, this has been a treat. 299 00:13:56,929 --> 00:13:58,930 S1: I'd love to have you back sometime. We've just scratched 300 00:13:58,929 --> 00:14:01,290 S1: the surface, but really grateful for your time today. 301 00:14:01,290 --> 00:14:01,850 S2: Thank you. 302 00:14:02,210 --> 00:14:07,010 S1: That's Kirk Cousins husband, father, NFL quarterback and a faithful steward. 303 00:14:07,210 --> 00:14:09,570 S1: And if you'd like to join us in helping more 304 00:14:09,570 --> 00:14:13,490 S1: families grow as faithful stewards, now's a great time. Every 305 00:14:13,490 --> 00:14:17,329 S1: gift made before December 31st will be doubled through a 306 00:14:17,330 --> 00:14:21,370 S1: generous matching opportunity. You can become a faith v partner 307 00:14:21,370 --> 00:14:25,850 S1: or give at faith. Five comments. We'll be right back. 308 00:14:35,130 --> 00:14:38,330 S1: Thanks for joining us today on Faith and Finance Live. Again, 309 00:14:38,330 --> 00:14:40,800 S1: we're not here today. Our team is away from the studio, 310 00:14:40,800 --> 00:14:43,720 S1: so don't call in. But we've got some great questions 311 00:14:43,720 --> 00:14:46,680 S1: coming up. Let's go to Texas. Hi, Brett. Go ahead. 312 00:14:47,240 --> 00:14:52,280 S3: Uh, yeah. So this is probably like a 101 economy question, 313 00:14:52,280 --> 00:14:54,560 S3: but I've never understood it. I'm a tech guy, so 314 00:14:54,920 --> 00:14:57,840 S3: maybe you can help give some explanation to make sense. 315 00:14:58,080 --> 00:15:00,200 S3: And it's based on kind of back with ever since 316 00:15:00,200 --> 00:15:02,080 S3: I was growing up, it was like, oh, I remember 317 00:15:02,080 --> 00:15:06,120 S3: when a loaf of bread cost this much. Uh, and, 318 00:15:06,320 --> 00:15:09,960 S3: you know, so it's this idea that why don't these 319 00:15:09,960 --> 00:15:14,000 S3: prices stabilize? Because your prices, it's like a game of 320 00:15:14,000 --> 00:15:16,880 S3: ratcheting up. Yeah, yeah, prices of things go up, then 321 00:15:16,880 --> 00:15:18,920 S3: your salary goes up. And so maybe you can kind 322 00:15:18,920 --> 00:15:21,000 S3: of explain that. I've asked that question a number of 323 00:15:21,000 --> 00:15:22,800 S3: times and never got a real clear answer, at least 324 00:15:22,800 --> 00:15:24,400 S3: one that I understood. So I'll let you take it 325 00:15:24,400 --> 00:15:25,800 S3: from there and I'll hang up. 326 00:15:26,120 --> 00:15:30,520 S1: Awesome. Well, I appreciate that question. Um, and you know, 327 00:15:30,800 --> 00:15:33,960 S1: the idea of why prices rise is a good one. 328 00:15:33,960 --> 00:15:37,600 S1: And it kind of goes back to economics 101. I mean, 329 00:15:37,640 --> 00:15:40,840 S1: what you may remember from economics is this idea of 330 00:15:40,840 --> 00:15:44,520 S1: supply and demand. So at the most basic level, prices 331 00:15:44,520 --> 00:15:49,360 S1: rise when demand exceeds supply. So if more people want 332 00:15:49,400 --> 00:15:53,400 S1: houses and cars or eggs than are available, other sellers 333 00:15:53,400 --> 00:15:56,280 S1: can charge more. And then when supply catches up, like 334 00:15:56,280 --> 00:15:59,440 S1: when new homes or crops are produced, then prices can 335 00:15:59,440 --> 00:16:02,760 S1: fall again. And this tug of war never ends. Which 336 00:16:02,760 --> 00:16:06,040 S1: is why the economy doesn't, you know, quote, settle into 337 00:16:06,040 --> 00:16:10,000 S1: one steady price level. And then when you got inflation 338 00:16:10,000 --> 00:16:12,560 S1: and the money supply. I mean, that's the other factor here. 339 00:16:12,560 --> 00:16:17,520 S1: So inflation happens when the purchasing power of money declines. 340 00:16:17,520 --> 00:16:20,400 S1: In other words, each dollar buys a little bit less 341 00:16:20,400 --> 00:16:23,280 S1: than it used to. And that usually happens when there's 342 00:16:23,280 --> 00:16:27,920 S1: more money circulating in the economy than there are goods 343 00:16:27,920 --> 00:16:32,600 S1: and services to buy. And the Federal Reserve controls the 344 00:16:32,600 --> 00:16:36,200 S1: money supply in the interest rates. And they've just kind 345 00:16:36,240 --> 00:16:40,470 S1: of been on this endless cycle of money creation. And 346 00:16:40,470 --> 00:16:43,190 S1: so then you've got more money just kind of sloshing 347 00:16:43,190 --> 00:16:46,670 S1: around in the system, and they don't actually physically run 348 00:16:46,670 --> 00:16:50,830 S1: the printing presses. They actually do it by buying and 349 00:16:50,830 --> 00:16:54,630 S1: selling on their balance sheet. So it's literally, you know, 350 00:16:54,670 --> 00:16:57,830 S1: a couple of entries on a computer where they'll buy 351 00:16:57,830 --> 00:17:01,750 S1: or sell to create more money that the banks ultimately buy. 352 00:17:01,750 --> 00:17:05,150 S1: And that just kind of puts it into the system. And, 353 00:17:05,190 --> 00:17:07,750 S1: you know, so you take Covid, the stimulus, there would 354 00:17:07,750 --> 00:17:10,909 S1: be a great example or or what they've called quantitative easing, 355 00:17:10,910 --> 00:17:14,670 S1: but it's essentially the expansion of the money supply by 356 00:17:14,670 --> 00:17:17,430 S1: the Federal Reserve, which we could talk for hours about 357 00:17:17,430 --> 00:17:19,950 S1: the role of the fed and how they've misused that 358 00:17:19,950 --> 00:17:22,550 S1: and mismanaged it and that they shouldn't, you know, be 359 00:17:22,550 --> 00:17:25,990 S1: manipulating the market like they are and that really there 360 00:17:25,990 --> 00:17:29,990 S1: should be no inflation, to your point. But because they've, 361 00:17:30,109 --> 00:17:33,669 S1: you know, continued to expand the money supply, prices have 362 00:17:33,670 --> 00:17:37,419 S1: been rising across the board because there's more money circulating 363 00:17:37,420 --> 00:17:40,700 S1: in the economy than there are goods and services to buy, 364 00:17:41,060 --> 00:17:44,700 S1: and prices also rise when the cost of making things 365 00:17:44,700 --> 00:17:47,660 S1: goes up. So, you know, you've got labor costs, meaning 366 00:17:47,660 --> 00:17:51,859 S1: higher wages and benefits, energy costs, oil and gas and electricity, 367 00:17:51,900 --> 00:17:56,220 S1: materials and shipping costs. So when businesses face higher expenses, 368 00:17:56,220 --> 00:17:59,580 S1: they usually pass those on to consumers. And then finally 369 00:17:59,580 --> 00:18:04,780 S1: there's expectations and behavior. So sometimes inflation feeds on itself. 370 00:18:04,940 --> 00:18:08,580 S1: If people expect prices to keep rising then they buy 371 00:18:08,580 --> 00:18:12,780 S1: sooner or demand higher wages. And that pushes prices even higher. 372 00:18:13,020 --> 00:18:16,060 S1: And then finally I would say you've got global factors 373 00:18:16,060 --> 00:18:19,980 S1: like wars and pandemics and trade disruptions that affect global 374 00:18:19,980 --> 00:18:23,020 S1: supply chains. And when you have fewer goods coming in 375 00:18:23,020 --> 00:18:26,740 S1: or higher shipping costs, that means prices rise at home. 376 00:18:26,740 --> 00:18:30,139 S1: So there's a lot of factors that go into it. 377 00:18:30,140 --> 00:18:33,620 S1: And the economy is always moving because our economy is 378 00:18:33,619 --> 00:18:37,649 S1: made up of millions of daily decisions, right? People buying 379 00:18:37,690 --> 00:18:41,050 S1: and selling and hiring and investing and prices and wages 380 00:18:41,050 --> 00:18:46,369 S1: are constantly adjusting based on that supply and demand factor. Um, 381 00:18:46,770 --> 00:18:48,730 S1: but I think at the end of the day, what 382 00:18:48,730 --> 00:18:53,370 S1: we're experiencing here, this, you know, inflation that's just become 383 00:18:53,369 --> 00:18:57,490 S1: the norm, which again, is really not the base case, 384 00:18:57,490 --> 00:18:59,770 S1: not the way it should be. But at the end 385 00:18:59,770 --> 00:19:03,050 S1: of the day, it's really all a function of our 386 00:19:03,050 --> 00:19:07,210 S1: Federal Reserve. And just this constant expansion of the money 387 00:19:07,210 --> 00:19:12,490 S1: supply which has caused prices to go up. And, you know, 388 00:19:12,530 --> 00:19:14,490 S1: it's really not the way it should be. And if 389 00:19:14,490 --> 00:19:16,889 S1: we were on the gold standard, you know, that would 390 00:19:16,890 --> 00:19:19,890 S1: that would rectify a lot of this. And again, you know, 391 00:19:19,930 --> 00:19:22,130 S1: that's uh, there's, there's a lot more that we could 392 00:19:22,130 --> 00:19:25,690 S1: talk about behind that, but hopefully that's a helpful explanation 393 00:19:25,690 --> 00:19:28,370 S1: of kind of what's going on behind the scenes as 394 00:19:28,369 --> 00:19:31,210 S1: these prices change. And, you know, the the one who's 395 00:19:31,210 --> 00:19:34,850 S1: the best on this topic is our resident economist, Jerry Bowyer. 396 00:19:34,850 --> 00:19:36,649 S1: And maybe the next time we have Jerry on, we 397 00:19:36,650 --> 00:19:39,650 S1: can have him do kind of a deeper dive on 398 00:19:39,930 --> 00:19:43,250 S1: why should we not have inflation? And if that's the 399 00:19:43,250 --> 00:19:47,170 S1: way it should be, why is that not the reality? 400 00:19:47,210 --> 00:19:49,290 S1: What is the role of the fed in that, and 401 00:19:49,290 --> 00:19:51,929 S1: what would it take for us to get back to 402 00:19:51,970 --> 00:19:55,330 S1: that place where we just didn't always see prices rising? 403 00:19:55,369 --> 00:19:56,970 S1: Let me see if, uh, if we can get Jerry 404 00:19:57,010 --> 00:19:59,530 S1: to kind of unpack that in greater detail next time 405 00:19:59,530 --> 00:20:01,370 S1: we have him on. Hey, thanks for your call today. 406 00:20:01,369 --> 00:20:04,370 S1: We appreciate it. Uh, let's see. We'll go, uh, up 407 00:20:04,369 --> 00:20:06,929 S1: to Texas and welcome Glenn. Go ahead. 408 00:20:07,490 --> 00:20:09,490 S4: Thank you for all that you do. I really appreciate 409 00:20:09,490 --> 00:20:11,730 S4: your show and all the advice you give to everybody. 410 00:20:11,730 --> 00:20:14,330 S4: And it's a great podcast to listen to each day. 411 00:20:14,570 --> 00:20:15,490 S1: Thank you so much. 412 00:20:16,410 --> 00:20:18,209 S4: So a couple weeks ago and I'm not sure I 413 00:20:18,210 --> 00:20:19,770 S4: got all this correct, but a couple of weeks ago 414 00:20:19,770 --> 00:20:22,490 S4: you were talking about the opportunity that students have now 415 00:20:22,490 --> 00:20:25,810 S4: for getting on the, uh, the track for Sikayet. And 416 00:20:25,810 --> 00:20:27,850 S4: I wanted to find out more about that and how 417 00:20:27,890 --> 00:20:31,210 S4: a university might be able to embark on that and 418 00:20:31,250 --> 00:20:33,320 S4: have an offering that would allow students to get on 419 00:20:33,359 --> 00:20:33,920 S4: that track. 420 00:20:34,200 --> 00:20:36,080 S1: Yeah, I'm so glad you asked about that. It's one 421 00:20:36,080 --> 00:20:38,280 S1: of the most exciting things that's going on right now 422 00:20:38,280 --> 00:20:41,080 S1: in what we call the industry of Christian financial advice. 423 00:20:41,480 --> 00:20:44,520 S1: Let me do this. If you, um, I'm going to 424 00:20:44,520 --> 00:20:47,680 S1: give you two next steps, because we're now up to 425 00:20:47,720 --> 00:20:54,280 S1: ten universities that are offering CFP and training undergraduate students 426 00:20:54,520 --> 00:20:57,040 S1: to be ready to sit for the Certified Financial planner 427 00:20:57,040 --> 00:21:00,280 S1: and the Certified Kingdom Advisor coming out of their program. 428 00:21:00,480 --> 00:21:04,520 S1: And our Kingdom Advisors, the 4000 that we serve are 429 00:21:04,520 --> 00:21:07,680 S1: hiring them as fast as they graduate. It's amazing. And 430 00:21:07,680 --> 00:21:11,320 S1: these students are being prepared to enter the business with 431 00:21:11,320 --> 00:21:14,119 S1: God's Word and impact on their minds from day one. 432 00:21:14,280 --> 00:21:16,160 S1: I mean, I could talk for hours about how exciting 433 00:21:16,160 --> 00:21:18,760 S1: this is. So if you have a school that wants 434 00:21:18,760 --> 00:21:21,679 S1: to know more, two things one. Go to Kingdom Advisors. 435 00:21:22,760 --> 00:21:26,400 S1: Click at the top on industry Leader and then Universities 436 00:21:26,400 --> 00:21:31,030 S1: Kingdom Advisors. Com industry leader and universities All the programs 437 00:21:31,030 --> 00:21:33,910 S1: are listed there, so you'll see Taylor and Mount Vernon 438 00:21:33,910 --> 00:21:37,390 S1: and Liberty and Indiana Wesleyan, Charleston Southern. Viola. They're all 439 00:21:37,390 --> 00:21:40,510 S1: there at Kingdom Advisors comm. The second thing is I'm 440 00:21:40,510 --> 00:21:42,510 S1: going to ask you to hold. My team will get 441 00:21:42,510 --> 00:21:45,470 S1: your information, and I'll get our director of universities in 442 00:21:45,470 --> 00:21:48,070 S1: touch with you. And she can tell you exactly what 443 00:21:48,070 --> 00:21:50,030 S1: you need to know. If you want to introduce this 444 00:21:50,030 --> 00:21:53,270 S1: idea to a Christian school that you're connected to. Glenn, 445 00:21:53,270 --> 00:21:55,109 S1: thanks for asking the question. It was a great one. 446 00:21:55,109 --> 00:22:05,910 S1: We'll be right back. So glad to have you with 447 00:22:05,910 --> 00:22:09,030 S1: us today on Faith and Finance Live. Our team is 448 00:22:09,030 --> 00:22:11,869 S1: away today, so don't call in. But we lined up 449 00:22:11,869 --> 00:22:14,070 S1: some great questions in advance and we'll be going to 450 00:22:14,070 --> 00:22:16,869 S1: those here in just a moment. Let me also remind 451 00:22:16,869 --> 00:22:18,989 S1: you that the advice that I give each day on 452 00:22:18,990 --> 00:22:23,990 S1: this program is general in nature. We offer principles and 453 00:22:24,030 --> 00:22:27,790 S1: ideas that apply at a high level. They are not personalized. 454 00:22:27,790 --> 00:22:31,700 S1: So that's why you should always seek professional financial advice. 455 00:22:31,700 --> 00:22:34,419 S1: And if you'd like to find a professional who shares 456 00:22:34,420 --> 00:22:37,300 S1: your values, we of course, here at Faith and Finance 457 00:22:37,300 --> 00:22:41,180 S1: Live recommend the Certified Kingdom Advisor designation. These are men 458 00:22:41,180 --> 00:22:44,340 S1: and women who've met high standards, and they've been trained 459 00:22:44,340 --> 00:22:47,139 S1: to bring a biblical worldview of financial decision making. You 460 00:22:47,140 --> 00:22:50,420 S1: can find one at Faith comm. Let's go to Texas, George. 461 00:22:50,460 --> 00:22:50,939 S1: Go ahead. 462 00:22:51,780 --> 00:22:53,580 S5: Uh, yes. God bless you. 463 00:22:53,859 --> 00:22:55,460 S1: Thank you. And you too. 464 00:22:55,500 --> 00:23:00,340 S5: Thank you. Uh, I'm I'm 55, and I have an annuity, 465 00:23:00,380 --> 00:23:04,860 S5: which is just sitting there, you know, uh, and it 466 00:23:04,859 --> 00:23:10,340 S5: has roughly 222,000. I'm waiting for the anniversary, which is 467 00:23:10,340 --> 00:23:12,740 S5: now on the 21st of this month, to see how 468 00:23:12,740 --> 00:23:17,620 S5: much it gained this year. Uh, also have a 401 469 00:23:17,660 --> 00:23:25,860 S5: K with roughly 60,000 and an IRA with almost 199,000. 470 00:23:25,900 --> 00:23:31,810 S5: My question is. I'm planning on early retire. Uh, 57. 471 00:23:31,810 --> 00:23:33,770 S5: Because I have to take care of my parents. They 472 00:23:33,770 --> 00:23:38,930 S5: live in Puerto Rico and they're in their 80s, mid 80s. 473 00:23:39,730 --> 00:23:44,530 S5: My question to you is how much at 59.5, should 474 00:23:44,530 --> 00:23:50,250 S5: I take as early withdrawals without taxing again because they're 475 00:23:50,250 --> 00:23:52,650 S5: going to take, uh, the 20%, right. 476 00:23:53,170 --> 00:23:57,330 S1: Uh, well, if you're under 59.5, it'll be a 10% 477 00:23:57,330 --> 00:24:00,010 S1: penalty and then it'll be taxable on top of that. 478 00:24:00,010 --> 00:24:03,490 S1: So whatever your marginal rate is will be added to 479 00:24:03,530 --> 00:24:04,650 S1: that 10%. 480 00:24:05,570 --> 00:24:06,850 S5: Yeah. No I'm saying uh. 481 00:24:07,130 --> 00:24:09,410 S3: 59.5 okay. 482 00:24:09,450 --> 00:24:10,450 S1: At 59.5. 483 00:24:10,490 --> 00:24:11,609 S5: Uh, Abel. Right. 484 00:24:11,650 --> 00:24:14,409 S1: Got it. Yes. Yeah. So you're going to wait until then? 485 00:24:15,609 --> 00:24:18,650 S5: Yes. Because I'm going to sell my house. So I 486 00:24:18,650 --> 00:24:24,250 S5: have right now roughly like 160,000 plus plus my savings, 487 00:24:24,250 --> 00:24:29,250 S5: which are close to 45,000. Uh, I think I can 488 00:24:29,250 --> 00:24:31,929 S5: live there because, uh, I mean, I will get a, 489 00:24:31,970 --> 00:24:34,169 S5: you know, a part time to at least cover my, 490 00:24:34,410 --> 00:24:38,210 S5: my health insurance for me and my wife. Uh, because 491 00:24:38,210 --> 00:24:43,730 S5: my wife has also an IRA and a 401 K. Yeah. But, um, 492 00:24:44,250 --> 00:24:48,570 S5: my concern is if I'm. How much can I take 493 00:24:48,609 --> 00:24:53,250 S5: a year yearly at 59.5 and stay, you know, kind 494 00:24:53,290 --> 00:24:58,130 S5: of like under the radar without pain. Besides the the 495 00:24:58,130 --> 00:25:01,370 S5: withhold that it's it's normal. Right. What is it, 20% 496 00:25:01,369 --> 00:25:02,490 S5: I think is right. 497 00:25:02,930 --> 00:25:06,330 S1: Yeah. It just depends upon your plan, administrator, whether they're 498 00:25:06,330 --> 00:25:08,929 S1: going to ask you to automatically withhold that. But at 499 00:25:08,930 --> 00:25:10,250 S1: the end of the day, it's going to be a 500 00:25:10,250 --> 00:25:15,210 S1: function of the tax bracket. So, you know, if you're, um, 501 00:25:15,410 --> 00:25:18,730 S1: you know, married filing jointly, you know, you would look 502 00:25:18,810 --> 00:25:21,810 S1: at the, uh, tax bracket. Are you you are married. 503 00:25:21,810 --> 00:25:22,530 S1: Is that right? 504 00:25:23,210 --> 00:25:23,970 S5: Yes, yes. 505 00:25:24,080 --> 00:25:27,040 S1: Okay. Yeah. So, you know, you would look at that. 506 00:25:27,040 --> 00:25:29,800 S1: And so you've got two options. Number one is you've 507 00:25:29,840 --> 00:25:33,280 S1: got the rule of 55, uh, which just means if 508 00:25:33,280 --> 00:25:37,879 S1: you separate from your employer at or after age 55, 509 00:25:38,080 --> 00:25:42,640 S1: you can withdraw from your current employer's 401 K without 510 00:25:42,640 --> 00:25:47,080 S1: the 10% early withdrawal penalty. So not a previous 401 511 00:25:47,119 --> 00:25:51,840 S1: K with a previous employer, not an IRA or an annuity. 512 00:25:51,840 --> 00:25:54,040 S1: But if you have a 401 K or your wife 513 00:25:54,040 --> 00:25:58,520 S1: does and you separate or she separates from employment at 514 00:25:58,520 --> 00:26:00,920 S1: or after the age of 55, you can go ahead 515 00:26:00,920 --> 00:26:06,080 S1: and start withdrawing from that 401 K without the 10% penalty. Um, 516 00:26:06,160 --> 00:26:08,439 S1: you would still owe, of course, the ordinary income tax 517 00:26:08,440 --> 00:26:11,119 S1: like you would with all these other accounts. And then, 518 00:26:11,160 --> 00:26:13,240 S1: you know, you can withdraw as little or as much 519 00:26:13,359 --> 00:26:16,640 S1: as you need in terms of the married filing jointly, 520 00:26:16,680 --> 00:26:20,080 S1: you know, federal tax brackets, you know, if you're somewhere 521 00:26:20,280 --> 00:26:25,550 S1: total taxable income between 94,000 and 201,000. When you put 522 00:26:25,550 --> 00:26:29,510 S1: your wages alongside all of your withdrawals for the year, 523 00:26:29,630 --> 00:26:33,629 S1: that would put you in the 22% bracket. Um, and then, 524 00:26:33,670 --> 00:26:37,429 S1: you know, taxable income is, of course, after subtracting the 525 00:26:37,590 --> 00:26:41,709 S1: standard deduction, which is about 30,000 for married couples. So 526 00:26:41,710 --> 00:26:43,870 S1: you'd be able to have that standard deduction. And then 527 00:26:43,869 --> 00:26:46,940 S1: if you're, you know, income is somewhere in that 94 528 00:26:46,940 --> 00:26:49,670 S1: to 201 range, you're going to end up paying regardless 529 00:26:49,670 --> 00:26:52,550 S1: of what the withholding is, whether or not they withhold anything. 530 00:26:52,590 --> 00:26:55,950 S1: What you're ultimately going to owe is probably around 22%. 531 00:26:56,190 --> 00:26:57,110 S1: Does that make sense? 532 00:26:57,470 --> 00:26:59,750 S5: Okay. Yes, absolutely. 533 00:26:59,950 --> 00:27:02,790 S1: Yeah. So if you wanted to stay in the 12% bracket, 534 00:27:02,790 --> 00:27:05,110 S1: you'd need to be, you know, for that portion, you'd 535 00:27:05,109 --> 00:27:09,149 S1: need to be under 94,000. Um, and then, you know, 536 00:27:09,190 --> 00:27:12,350 S1: when you go above that, it'll, it'll jump up, uh, 537 00:27:12,510 --> 00:27:15,909 S1: to that next bracket. So I think the key for you, 538 00:27:15,950 --> 00:27:17,710 S1: you know, at this point, as you begin to look 539 00:27:17,710 --> 00:27:20,990 S1: at it, is just really to be, you know, well planned, 540 00:27:20,990 --> 00:27:24,859 S1: determine your annual income target. That's going to be calculating 541 00:27:24,859 --> 00:27:29,379 S1: your basic living expenses, subtracting any other income sources. Um, 542 00:27:29,580 --> 00:27:33,660 S1: you know, and then ultimately, you know, looking at ideally 543 00:27:33,660 --> 00:27:36,020 S1: you would have a draw rate of no more than 544 00:27:36,020 --> 00:27:38,820 S1: 4 to 5%. You know, if you take the total 545 00:27:38,820 --> 00:27:42,180 S1: of all of your investments, you draw no more than 546 00:27:42,180 --> 00:27:44,580 S1: 4 to 5%. Now, if you're going to convert that 547 00:27:44,580 --> 00:27:48,540 S1: annuity to an income stream, well, then that would be 548 00:27:48,580 --> 00:27:51,540 S1: solved for part of your monthly need. And then whatever 549 00:27:51,540 --> 00:27:53,859 S1: you still need above and beyond that to cover your 550 00:27:53,859 --> 00:27:57,450 S1: living expenses. Ideally, you would not take more than 4 551 00:27:57,450 --> 00:28:01,020 S1: to 5%, you know, from, uh, from those accounts, regardless 552 00:28:01,020 --> 00:28:03,620 S1: of which account you take it from, uh, you just 553 00:28:03,619 --> 00:28:06,260 S1: want to try to stay under that and then use 554 00:28:06,260 --> 00:28:10,340 S1: that annuity strategically, because you may want to, you know, 555 00:28:10,740 --> 00:28:14,460 S1: try to wait and begin those income payments later at 556 00:28:14,460 --> 00:28:19,420 S1: maybe 60 or 62. Um, and that way, you know, you, 557 00:28:19,540 --> 00:28:22,139 S1: you know, could build that up and see that monthly 558 00:28:22,140 --> 00:28:24,699 S1: check be even higher. Does that all make sense, though? 559 00:28:25,740 --> 00:28:30,060 S5: Yes. And this annuity, I can't touch it for seven years. So. 560 00:28:30,100 --> 00:28:30,459 S1: Okay. 561 00:28:30,859 --> 00:28:34,140 S5: So until I reach 62, I can't touch it. So 562 00:28:34,180 --> 00:28:37,139 S5: for me, it's like it doesn't exist. Yeah. It's there. 563 00:28:37,180 --> 00:28:41,420 S5: Also my IRA. But my, my most concern was because 564 00:28:41,460 --> 00:28:46,060 S5: my financial advisor from the IUL and and then the 565 00:28:46,060 --> 00:28:49,900 S5: own that is running the other two he disagreed. He 566 00:28:49,900 --> 00:28:54,220 S5: said no, he wants me to take money out of 567 00:28:54,260 --> 00:28:58,140 S5: the IRA to put it in the IOL. And because 568 00:28:58,140 --> 00:29:01,340 S5: he thinks that the he says that the the brackets 569 00:29:01,340 --> 00:29:04,180 S5: are going to be, you know, going to get worse 570 00:29:04,820 --> 00:29:08,739 S5: as the time goes by. But I told him, you 571 00:29:08,740 --> 00:29:10,340 S5: know what? No, I'm not going to touch it. I'm 572 00:29:10,340 --> 00:29:12,340 S5: not going to take anything out of out of my 573 00:29:12,380 --> 00:29:16,140 S5: IRA right now because it's going to get added. It's 574 00:29:16,140 --> 00:29:18,970 S5: going to be added to to my income Gum plus 575 00:29:18,970 --> 00:29:21,810 S5: all the because he said that you can't do a 576 00:29:21,810 --> 00:29:27,570 S5: conversion and you won't pay penalties. Just, uh, just the taxes. 577 00:29:27,970 --> 00:29:31,890 S1: Yeah. You know, I'm not a big fan of that. Um, 578 00:29:31,890 --> 00:29:34,570 S1: you know, just because, uh, you know, the nature of 579 00:29:34,570 --> 00:29:38,450 S1: the IU is such that the growth is capped, you 580 00:29:38,450 --> 00:29:43,770 S1: pay significant ongoing insurance costs, and the products are complex. And, 581 00:29:43,810 --> 00:29:47,050 S1: you know, often you lose access to the money. I mean, 582 00:29:47,090 --> 00:29:48,690 S1: you may have a portion of it you can take 583 00:29:48,690 --> 00:29:51,489 S1: out each year, but, um, I would only look at 584 00:29:51,490 --> 00:29:55,050 S1: that if you needed permanent life insurance. Most people don't 585 00:29:55,090 --> 00:29:59,410 S1: like for dependent care or estate liquidity. Uh, you know, 586 00:29:59,450 --> 00:30:02,530 S1: but I think you've already got that annuity. Let's let 587 00:30:02,530 --> 00:30:06,410 S1: that ride. You can eventually convert that into an income stream. 588 00:30:06,530 --> 00:30:08,290 S1: And I think, uh, you know, for the rest of 589 00:30:08,330 --> 00:30:11,250 S1: that money, let's just keep it invested wisely. Try to 590 00:30:11,290 --> 00:30:14,970 S1: minimize the draw rate, staying under that 5% a year 591 00:30:15,170 --> 00:30:17,170 S1: and let that just continue to grow and be a 592 00:30:17,280 --> 00:30:20,200 S1: source of funding that you can also tap into for 593 00:30:20,200 --> 00:30:23,400 S1: larger amounts if you needed it. And then eventually, you 594 00:30:23,400 --> 00:30:25,920 S1: know you'll have Social Security, and then you'll also have 595 00:30:25,920 --> 00:30:29,719 S1: that annuity that can provide a guaranteed monthly income stream 596 00:30:29,720 --> 00:30:32,320 S1: for life. And the combination of all those should put 597 00:30:32,320 --> 00:30:33,200 S1: you in a good spot. 598 00:30:34,000 --> 00:30:36,080 S5: Okay. Well, thank you so much. 599 00:30:36,120 --> 00:30:38,840 S1: All right. You're welcome sir. Appreciate your call and Lord 600 00:30:38,840 --> 00:30:41,120 S1: bless you. I know it honors the Lord for you 601 00:30:41,120 --> 00:30:43,160 S1: to care for your parents in this season of life. 602 00:30:43,160 --> 00:30:45,800 S1: And so I'm delighted to hear you're doing that. Hey, 603 00:30:45,800 --> 00:30:48,800 S1: call anytime if you have further questions. Just a quick reminder. 604 00:30:48,800 --> 00:30:51,160 S1: We're not here today, so don't call in. But we're 605 00:30:51,160 --> 00:30:53,400 S1: going to head to a break and much more coming 606 00:30:53,400 --> 00:30:55,080 S1: just after this. Stay with us. 607 00:31:05,080 --> 00:31:07,600 S6: This is our final segment of a Faith and finance 608 00:31:07,600 --> 00:31:10,959 S6: Live program that we previously recorded. Thanks so much for 609 00:31:10,960 --> 00:31:13,200 S6: being with us today, and we hope you'll stick around 610 00:31:13,200 --> 00:31:15,360 S6: and enjoy the rest of the program. 611 00:31:16,310 --> 00:31:19,190 S1: We know the ultimate source of truth is is found 612 00:31:19,190 --> 00:31:21,830 S1: in God's Word. And that includes this topic of money. 613 00:31:21,830 --> 00:31:25,310 S1: Would you believe that, uh, almost a quarter of what 614 00:31:25,390 --> 00:31:29,070 S1: Jesus talked about had connections to money? Half the parables. 615 00:31:29,110 --> 00:31:31,910 S1: I mean, we see a lot throughout Scripture in the 616 00:31:31,910 --> 00:31:36,390 S1: Old and New Testament, some big themes related to money 617 00:31:36,550 --> 00:31:40,469 S1: and money management. Um, why is that? Well, I believe 618 00:31:40,470 --> 00:31:43,950 S1: it's not because God needs our money. We've already established 619 00:31:43,950 --> 00:31:45,870 S1: and we do all the time here on this program. 620 00:31:45,870 --> 00:31:48,590 S1: It all belongs to him, right? The cattle on a 621 00:31:48,590 --> 00:31:52,390 S1: thousand hills. The earth is the Lord's and the fullness thereof. Uh, 622 00:31:52,390 --> 00:31:56,790 S1: all who dwell therein. Everything belongs to him, and is 623 00:31:56,830 --> 00:32:00,030 S1: for his glory and his purposes. And so what does 624 00:32:00,030 --> 00:32:02,150 S1: that mean for us? Well, it means that we have 625 00:32:02,150 --> 00:32:06,590 S1: to accept our role as manager or steward. What? The 626 00:32:06,590 --> 00:32:10,590 S1: Bible translate, uh, as household manager of the King of 627 00:32:10,590 --> 00:32:14,030 S1: Kings resources. Well, that's a really high calling. We want 628 00:32:14,030 --> 00:32:18,270 S1: to understand that role and responsibility, realizing that money is 629 00:32:18,270 --> 00:32:20,630 S1: a good gift from God. It's one of his good 630 00:32:20,630 --> 00:32:26,550 S1: creations entrusted to us for us to provide and enjoy 631 00:32:26,550 --> 00:32:28,550 S1: and to use to bring him glory. And I think, 632 00:32:28,550 --> 00:32:33,870 S1: to give generously, even to deploy as as capital to bring, uh, 633 00:32:33,910 --> 00:32:38,270 S1: funding to business, which is also a part of God's plan, uh, 634 00:32:38,310 --> 00:32:41,750 S1: for goods and services. It's not not any accident. I 635 00:32:41,750 --> 00:32:45,390 S1: don't think that we talk about business providing goods and services, 636 00:32:45,390 --> 00:32:49,270 S1: things that should be good for human flourishing and for mankind. 637 00:32:49,310 --> 00:32:53,430 S1: Services serving one another. Well, the way we supply capital 638 00:32:53,470 --> 00:32:56,910 S1: to business, going back to the 14 and 1500s, starting 639 00:32:56,910 --> 00:33:02,590 S1: with the maritime trade, was through investment. Well, there's a conferred, 640 00:33:02,590 --> 00:33:07,830 S1: I think, ethical responsibility there when we're taking the capital 641 00:33:07,870 --> 00:33:11,030 S1: God has entrusted to us, putting it to work in business. 642 00:33:11,350 --> 00:33:13,540 S1: And how should we think about that? What company should 643 00:33:13,540 --> 00:33:16,340 S1: we be invested in? What company should we avoid? How 644 00:33:16,340 --> 00:33:19,620 S1: should we use our influence with those companies? Uh, you know, 645 00:33:19,660 --> 00:33:23,979 S1: there's a a whole worldview that needs to, as a 646 00:33:23,980 --> 00:33:27,220 S1: Christ follower, be applied to every facet of our lives, 647 00:33:27,220 --> 00:33:29,140 S1: but that includes our money. We want to help you 648 00:33:29,140 --> 00:33:31,340 S1: with that each day on this program. So let's do 649 00:33:31,340 --> 00:33:33,940 S1: that together to Texas high summer. Go ahead. 650 00:33:33,980 --> 00:33:37,500 S7: Yes. I was just wondering, um, the best way to 651 00:33:37,900 --> 00:33:46,180 S7: invest $5,000 for my daughter and, uh, the best biblical, 652 00:33:46,220 --> 00:33:50,219 S7: you know, way to invest it for her future. She's 12. 653 00:33:50,500 --> 00:33:53,180 S1: I love that. That's a great idea. So when you 654 00:33:53,180 --> 00:33:57,979 S1: say I want to invest for my daughter $5,000, that's great. Uh, 655 00:33:57,980 --> 00:34:00,980 S1: she's 12, and you said I want to do it biblically. 656 00:34:01,020 --> 00:34:02,940 S1: Tell me what you're thinking there. Are you wanting to 657 00:34:02,940 --> 00:34:06,060 S1: make sure the investments align with your biblical values? 658 00:34:06,580 --> 00:34:11,100 S7: Yes, sir. Yes. And just for it to grow and 659 00:34:11,100 --> 00:34:14,810 S7: and and I'm sure, you know, we're going to add 660 00:34:14,810 --> 00:34:18,210 S7: to it. And just what what overall would be the 661 00:34:18,250 --> 00:34:19,410 S7: best outlook for that. 662 00:34:19,450 --> 00:34:22,049 S1: Yeah. Excellent. So the first question is what type of 663 00:34:22,050 --> 00:34:24,250 S1: account to put it in before we even get to 664 00:34:24,250 --> 00:34:27,770 S1: the investment selection. Uh, and the big question there when 665 00:34:27,770 --> 00:34:30,810 S1: it comes to kids is, uh, do we want to 666 00:34:30,850 --> 00:34:34,690 S1: earmark this money specifically for college or not? And I 667 00:34:34,690 --> 00:34:36,609 S1: don't think there's a right or wrong answer there, but 668 00:34:36,610 --> 00:34:40,010 S1: that really is the first question, because that will determine 669 00:34:40,010 --> 00:34:42,450 S1: which direction we go with the type of account. Have 670 00:34:42,450 --> 00:34:43,490 S1: you thought about that? 671 00:34:43,650 --> 00:34:47,609 S7: Um, yeah, it would be in probably for college. I 672 00:34:47,610 --> 00:34:51,569 S7: don't know if she is going to try and pursue 673 00:34:51,610 --> 00:34:54,330 S7: a sports scholarship for her future or. 674 00:34:54,650 --> 00:34:55,090 S1: Okay. 675 00:34:55,610 --> 00:34:58,610 S7: You know, for, for college, but I just. 676 00:34:58,969 --> 00:35:02,890 S1: Yeah. Excellent. Well, if you wanted for college, there is 677 00:35:02,890 --> 00:35:05,850 S1: an opportunity to get the money back on a pro 678 00:35:05,850 --> 00:35:12,040 S1: rata basis if she gets scholarship awards and grants. And 679 00:35:12,040 --> 00:35:13,600 S1: so you would be able to get it back now 680 00:35:13,600 --> 00:35:16,560 S1: if she decided not to go to college because she 681 00:35:16,800 --> 00:35:20,600 S1: started a business or, you know, something else other then 682 00:35:20,719 --> 00:35:23,600 S1: that money would be in there and, you know, you'd 683 00:35:23,600 --> 00:35:25,719 S1: you'd have to pay some tax and a penalty on 684 00:35:25,719 --> 00:35:29,480 S1: it to get it out. Uh, or you could systematically 685 00:35:29,480 --> 00:35:32,440 S1: roll it over to a Roth IRA for her up 686 00:35:32,440 --> 00:35:36,960 S1: to $35,000. And that would happen over multiple years, um, 687 00:35:37,360 --> 00:35:40,760 S1: where she would then have the beginning of a retirement 688 00:35:40,760 --> 00:35:43,960 S1: account that could grow for, you know, 40 or 50 689 00:35:43,960 --> 00:35:46,879 S1: years and amount to a lot of money, uh, which 690 00:35:46,880 --> 00:35:50,200 S1: would be great. But if you if you said, you know, no, Rob, 691 00:35:50,200 --> 00:35:52,239 S1: I'd rather this money, you know, just kind of be 692 00:35:52,239 --> 00:35:55,680 S1: available for any purpose than I would keep it outside 693 00:35:55,680 --> 00:35:57,719 S1: of a, of a college plan. So let's talk about 694 00:35:57,719 --> 00:36:01,160 S1: both options if you want to go the college route. Um, 695 00:36:01,160 --> 00:36:05,640 S1: I like the 529 college savings plan. Uh, so what 696 00:36:05,640 --> 00:36:08,830 S1: I would do is head to a website, For college, 697 00:36:10,030 --> 00:36:13,790 S1: and they could help you determine which state's plan would 698 00:36:13,790 --> 00:36:16,590 S1: be best for you, because you don't have to use 699 00:36:16,590 --> 00:36:20,070 S1: the Texas 529. And the reason you may not want 700 00:36:20,070 --> 00:36:24,630 S1: to is there may be another state that has better returns. Um, 701 00:36:24,630 --> 00:36:27,910 S1: so it's kind of like a 401 KH5 29 plan 702 00:36:27,910 --> 00:36:31,310 S1: has a menu of investment options inside the plan, and 703 00:36:31,310 --> 00:36:34,029 S1: some of them, at least historically speaking, have performed better 704 00:36:34,030 --> 00:36:36,750 S1: than others. And saving for college will help you determine 705 00:36:36,750 --> 00:36:40,710 S1: which state's plan to use. But again, that money is 706 00:36:40,710 --> 00:36:44,469 S1: earmarked for college. And so it grows tax free as 707 00:36:44,469 --> 00:36:47,589 S1: long as you use it for qualified educational expenses. If 708 00:36:47,590 --> 00:36:51,150 S1: you decide not to and there's not scholarships or grants 709 00:36:51,150 --> 00:36:53,870 S1: or awards, uh, then you'd either have to pay the 710 00:36:53,870 --> 00:36:56,230 S1: tax in a penalty, or you could roll it to 711 00:36:56,270 --> 00:36:58,750 S1: a Roth if you decided you wanted to keep the 712 00:36:58,750 --> 00:37:03,070 S1: money just kind of available for any purpose. I'd probably 713 00:37:03,070 --> 00:37:05,670 S1: just put it in a brokerage account in your name, 714 00:37:05,670 --> 00:37:09,630 S1: or you and your husband's name. um, and earmark it 715 00:37:09,630 --> 00:37:12,270 S1: for your daughter. Uh, the reason being, if you did 716 00:37:12,270 --> 00:37:15,430 S1: a custodial account, it automatically becomes her money at the 717 00:37:15,430 --> 00:37:18,430 S1: age of majority. So let's say age 18. If she's 718 00:37:18,430 --> 00:37:21,989 S1: not spiritually or financially mature enough to handle it, you 719 00:37:21,989 --> 00:37:24,150 S1: may not want her to have the money, but you 720 00:37:24,150 --> 00:37:26,750 S1: wouldn't have a choice at that point. So I'd probably 721 00:37:26,750 --> 00:37:29,870 S1: keep it in a brokerage account in your name. And 722 00:37:29,870 --> 00:37:32,750 S1: then you could use one of the faith based investing 723 00:37:32,750 --> 00:37:39,390 S1: mutual funds, like the Timothy Plan or Eventide or One Ascent. Um, and, uh, 724 00:37:39,390 --> 00:37:41,870 S1: you know, just put that money in, add to it 725 00:37:41,870 --> 00:37:44,910 S1: systematically whenever you want and just let it grow. And 726 00:37:44,910 --> 00:37:46,750 S1: then you could decide when to give it to her. 727 00:37:46,750 --> 00:37:48,830 S1: But if you if you do really just kind of 728 00:37:48,870 --> 00:37:50,989 S1: coming full circle here and I'll get your thoughts if 729 00:37:50,989 --> 00:37:53,230 S1: you do think you know what, we're probably just going 730 00:37:53,230 --> 00:37:55,310 S1: to end up using this for college. I like the 731 00:37:55,310 --> 00:37:58,110 S1: 529 because it would be able to grow tax free, 732 00:37:58,510 --> 00:38:00,669 S1: and that's a real benefit. But give me your thoughts 733 00:38:00,670 --> 00:38:01,350 S1: on all that. 734 00:38:01,989 --> 00:38:06,620 S7: Um, well, I've been writing it all down And I 735 00:38:06,660 --> 00:38:10,980 S7: do believe that I'm going to get with my husband 736 00:38:10,980 --> 00:38:14,340 S7: and give him, give him, let him know what I 737 00:38:14,780 --> 00:38:19,219 S7: what you have, the ideas you give me and see 738 00:38:19,219 --> 00:38:22,779 S7: what what he thinks about that because, um. Yeah, that 739 00:38:22,780 --> 00:38:24,100 S7: was good. Good. Awesome. 740 00:38:24,700 --> 00:38:27,379 S1: Excellent. Well, if you guys have questions as you talk 741 00:38:27,380 --> 00:38:30,060 S1: it through summer, don't hesitate to call back. And I'd 742 00:38:30,100 --> 00:38:32,940 S1: be happy to help. Lord bless you. Thanks for calling today. Uh, 743 00:38:32,940 --> 00:38:34,940 S1: to Virginia. Hi, Ann. How can I help? 744 00:38:35,660 --> 00:38:38,580 S8: I'm going to try to explain this. Um, my husband 745 00:38:38,580 --> 00:38:42,300 S8: and I are retired, and he. We're in the process 746 00:38:42,300 --> 00:38:45,620 S8: of moving monies from a Roth into or from an 747 00:38:45,620 --> 00:38:49,460 S8: IRA into a Roth. And so our CPA has explained 748 00:38:49,460 --> 00:38:53,300 S8: that we can put, um, some monies into a charitable 749 00:38:53,300 --> 00:38:57,500 S8: gift account to help offset some of the tax that 750 00:38:57,500 --> 00:39:01,819 S8: will be paid. Um, then they suggest that we can 751 00:39:01,820 --> 00:39:08,290 S8: use charitable gift monies to pay our regular tithe, and 752 00:39:08,290 --> 00:39:12,250 S8: something inside of me seems gray about that. I feel 753 00:39:12,250 --> 00:39:16,610 S8: like we've received a benefit from putting those monies into 754 00:39:16,650 --> 00:39:20,970 S8: a charitable gift account, and the tithing needs to be 755 00:39:21,010 --> 00:39:24,930 S8: off of new monies. Um, just want to know your 756 00:39:24,930 --> 00:39:27,730 S8: thoughts if I'm explaining it correctly. 757 00:39:27,770 --> 00:39:30,170 S1: No, I appreciate that. So you've got if I understand correctly, 758 00:39:30,170 --> 00:39:32,850 S1: the money is in the IRA right now, correct? 759 00:39:32,850 --> 00:39:33,450 S8: Correct. 760 00:39:33,489 --> 00:39:34,890 S1: Okay. How much do you have in there? 761 00:39:35,570 --> 00:39:39,770 S8: Um, it's quite a bit. Okay. Um, and we're doing 762 00:39:39,770 --> 00:39:42,850 S8: it in, in chunks. Um. Different years. 763 00:39:43,210 --> 00:39:46,250 S1: Okay. Uh, and you're then going to move it to 764 00:39:46,290 --> 00:39:49,089 S1: a Roth, or did you say a charitable gift annuity 765 00:39:49,090 --> 00:39:51,050 S1: or what is it going into from. 766 00:39:51,050 --> 00:39:53,810 S8: The money, the monies? We're in the process of trying 767 00:39:53,810 --> 00:39:58,250 S8: to get the IRA into a Roth, all those monies 768 00:39:58,250 --> 00:40:01,450 S8: into Roth, just to since we're retired, taking care of 769 00:40:01,489 --> 00:40:04,319 S8: that tax, Amount. 770 00:40:04,680 --> 00:40:05,080 S1: Okay. 771 00:40:05,120 --> 00:40:08,520 S8: And some of the monies, um, putting. I'm not real 772 00:40:08,560 --> 00:40:12,040 S8: sure I'm the one on the outside listening to them talk. Um, 773 00:40:12,520 --> 00:40:16,080 S8: but they're they're suggesting that we put these monies into 774 00:40:16,080 --> 00:40:20,120 S8: charitable gifts, not the not the Roth or other finances 775 00:40:20,120 --> 00:40:23,879 S8: or other monies from somewhere else. And they say, well, 776 00:40:23,880 --> 00:40:26,120 S8: if we put these monies in charitable gifts, then you 777 00:40:26,120 --> 00:40:29,680 S8: can use those to pay your tithe every month or 778 00:40:29,680 --> 00:40:32,520 S8: week or whenever we do that. And I just look 779 00:40:32,560 --> 00:40:36,960 S8: at them and I it just seems, uh, like a 780 00:40:36,960 --> 00:40:39,680 S8: gray area to me. I feel like we receive a 781 00:40:39,680 --> 00:40:44,760 S8: benefit tax benefit or we receive something by putting monies 782 00:40:45,320 --> 00:40:48,440 S8: from our finances into charitable gifts. I feel like the 783 00:40:48,440 --> 00:40:54,520 S8: charitable gift monies need to go to other charitable, charitable things, 784 00:40:54,560 --> 00:40:57,680 S8: versus I feel like the tithe needs to come off 785 00:40:57,680 --> 00:40:58,879 S8: of new income. 786 00:40:59,400 --> 00:41:02,160 S1: Got it. Yeah. You know, here's the reality And I 787 00:41:02,160 --> 00:41:04,120 S1: don't understand all the pieces that are moving here. And 788 00:41:04,120 --> 00:41:06,560 S1: I want to make sure they're considering what's called a 789 00:41:06,719 --> 00:41:10,480 S1: qualified charitable distribution. Because if you guys are at least 70.5, 790 00:41:10,520 --> 00:41:13,560 S1: you can take money out of the IRA and go 791 00:41:13,560 --> 00:41:16,239 S1: straight to your church or your charity of choice or 792 00:41:16,239 --> 00:41:19,080 S1: ministry and never pay any tax on it. So it 793 00:41:19,080 --> 00:41:22,320 S1: doesn't need to be converted to a Roth. Um, but 794 00:41:22,320 --> 00:41:24,120 S1: here's the way I look at I think the heart 795 00:41:24,120 --> 00:41:27,239 S1: of your question is you and your husband before the 796 00:41:27,239 --> 00:41:30,400 S1: Lord decide how much you want to give, and then 797 00:41:30,440 --> 00:41:33,520 S1: where you pull those assets from and whether or not 798 00:41:33,520 --> 00:41:36,000 S1: you're doing in a tax advantaged way. I think it's 799 00:41:36,000 --> 00:41:39,360 S1: just good stewardship. So I wouldn't divide up the buckets. 800 00:41:39,360 --> 00:41:41,239 S1: I would just decide, how much do we want to 801 00:41:41,239 --> 00:41:44,360 S1: give based on the increase we have, the new income, 802 00:41:44,360 --> 00:41:48,200 S1: the assets we have, and let's decide on an annual basis. 803 00:41:48,200 --> 00:41:50,280 S1: And then as the Lord leads, we can change that 804 00:41:50,280 --> 00:41:52,200 S1: how much we want to give and then decide from 805 00:41:52,200 --> 00:41:54,560 S1: a planning standpoint, okay, how do we want to do it? 806 00:41:54,560 --> 00:41:55,719 S1: And how do we do it in a way that's 807 00:41:55,719 --> 00:41:58,839 S1: tax advantaged? That's the way I would approach it. But 808 00:41:58,840 --> 00:42:04,070 S1: also ask your advisor about a qualified charitable distribution. Fortunately, 809 00:42:04,070 --> 00:42:06,310 S1: I'm out of time and thanks for your call today. Hey, 810 00:42:06,310 --> 00:42:08,870 S1: before we round out the broadcast today, let me remind you, 811 00:42:08,870 --> 00:42:11,310 S1: this is a critical time of year for us to 812 00:42:11,350 --> 00:42:14,549 S1: hear from you as a listener supported ministry. We have 813 00:42:14,550 --> 00:42:17,070 S1: a goal between now and the end of the year. 814 00:42:17,070 --> 00:42:20,670 S1: And the exciting part is every gift is doubled up 815 00:42:20,670 --> 00:42:25,750 S1: to $175,000 because of some generous friends. We're not there yet, 816 00:42:25,750 --> 00:42:27,989 S1: but you can help us reach the goal. Just head 817 00:42:27,989 --> 00:42:34,990 S1: to faith. That's faith. And with a gift of any amount, 818 00:42:34,989 --> 00:42:38,190 S1: we'll send you my new devotional, Our Ultimate Treasure, when 819 00:42:38,190 --> 00:42:40,709 S1: it comes out early next year. Hey, a big thanks 820 00:42:40,710 --> 00:42:44,109 S1: to my team today. Taylor, Amy, Devin and everybody here 821 00:42:44,110 --> 00:42:47,150 S1: at Faith. Fi, we don't do this without that amazing 822 00:42:47,150 --> 00:42:49,710 S1: group of men and women. May God bless you and 823 00:42:49,710 --> 00:42:51,110 S1: we'll see you next time.