1 00:00:03,080 --> 00:00:06,960 S1: Today's version of faith and finance live is actually not live, 2 00:00:06,960 --> 00:00:08,160 S1: so don't call in. 3 00:00:08,640 --> 00:00:12,160 S2: High yield savings rates have dipped a bit since early spring, 4 00:00:12,280 --> 00:00:14,920 S2: but they're still strong enough that locking one in for 5 00:00:14,920 --> 00:00:17,680 S2: a season could be a wise move. Hi, I'm Rob 6 00:00:17,680 --> 00:00:21,120 S2: West after several quarter point rate cuts by the Federal 7 00:00:21,120 --> 00:00:25,360 S2: Reserve since March, savings yields have eased slightly. Even so, 8 00:00:25,400 --> 00:00:29,040 S2: many online banks continue to offer returns far above what 9 00:00:29,040 --> 00:00:32,960 S2: you'll find at most brick and mortar institutions. We'll unpack 10 00:00:32,960 --> 00:00:35,239 S2: what that means for you today. Then we have some 11 00:00:35,240 --> 00:00:37,800 S2: great questions lined up for you. But don't call in 12 00:00:37,800 --> 00:00:41,879 S2: today because we're pre-recorded. This is faith and finance. Live. 13 00:00:42,040 --> 00:00:48,360 S2: Biblical wisdom for your financial decisions. When it comes to 14 00:00:48,400 --> 00:00:53,080 S2: building financial stability, savings and investments serve very different purposes. 15 00:00:53,120 --> 00:00:55,480 S2: A savings account is where you keep money that must 16 00:00:55,520 --> 00:01:00,110 S2: remain safe and accessible. Your emergency fund. Your short term 17 00:01:00,110 --> 00:01:02,550 S2: needs and the dollars you rely on in the next 18 00:01:02,550 --> 00:01:06,870 S2: few years. Savings won't produce investment level growth, but the 19 00:01:06,870 --> 00:01:10,110 S2: interest they do earn still plays an important role. Every 20 00:01:10,110 --> 00:01:13,550 S2: bit of growth helps preserve your purchasing power and strengthens 21 00:01:13,550 --> 00:01:16,790 S2: your financial footing over time. Over the past few years, 22 00:01:16,790 --> 00:01:21,750 S2: inflation surged well above the Federal Reserve's 2% target. To 23 00:01:21,830 --> 00:01:25,590 S2: counter that, the fed raised the federal funds rate aggressively 24 00:01:25,709 --> 00:01:30,190 S2: as those short term rates climbed. Savings yields, especially at 25 00:01:30,190 --> 00:01:33,910 S2: online banks, rose right along with them earlier this year. 26 00:01:33,910 --> 00:01:37,590 S2: Many high yield accounts paid between 4 and 3 quarters 27 00:01:37,590 --> 00:01:42,710 S2: and 5%, sometimes more, giving savers an unusual opportunity to 28 00:01:42,750 --> 00:01:46,590 S2: earn meaningful interest on cash that would otherwise sit idle. 29 00:01:46,830 --> 00:01:51,230 S2: Since then, we've had 325 basis point rate cuts as 30 00:01:51,230 --> 00:01:55,430 S2: inflation has cooled. Those cuts have nudged savings yields lower, 31 00:01:55,430 --> 00:02:00,300 S2: but not dramatically. Yet today's rates remain historically strong and 32 00:02:00,300 --> 00:02:03,900 S2: far more generous than those offered by traditional banks. And 33 00:02:03,900 --> 00:02:08,260 S2: because banks rarely adjust their yields immediately after a fed announcement, 34 00:02:08,260 --> 00:02:12,580 S2: there's usually a window, sometimes several weeks, when consumers can 35 00:02:12,620 --> 00:02:16,500 S2: still take advantage of higher rates before they drift downward. 36 00:02:16,700 --> 00:02:19,740 S2: If you've been meaning to move your savings, this brief 37 00:02:19,740 --> 00:02:23,500 S2: pause and rate adjustments can work to your advantage. Now, 38 00:02:23,500 --> 00:02:26,660 S2: a savings account isn't locked in the way a CD is, 39 00:02:26,660 --> 00:02:29,700 S2: but moving your money into a competitive, high yield account 40 00:02:29,740 --> 00:02:34,420 S2: today allows you to benefit while rates gradually settle. Banks 41 00:02:34,419 --> 00:02:38,940 S2: tend to change yields cautiously, often watching one another before 42 00:02:38,980 --> 00:02:43,060 S2: making adjustments. That slower pace creates a kind of buffer, 43 00:02:43,060 --> 00:02:46,140 S2: one that gives you time to act before the broader 44 00:02:46,139 --> 00:02:49,940 S2: market shifts. And for many families, knowing that your savings 45 00:02:49,940 --> 00:02:52,980 S2: are earning a strong, reliable return allows you to plan 46 00:02:52,980 --> 00:02:56,780 S2: with greater confidence, whether you're bracing for an unexpected expense 47 00:02:56,980 --> 00:03:00,420 S2: or setting aside money for opportunities God may bring your way. 48 00:03:00,660 --> 00:03:04,020 S2: When your savings work a little harder, it reduces pressure 49 00:03:04,020 --> 00:03:06,740 S2: and builds peace of mind. So how does this fit 50 00:03:06,740 --> 00:03:10,860 S2: into your broader financial plan? First, your emergency fund should 51 00:03:10,860 --> 00:03:13,580 S2: be in a savings account, ideally one that offers a 52 00:03:13,580 --> 00:03:17,820 S2: competitive yield. Keeping 3 to 6 months expenses on hand 53 00:03:17,860 --> 00:03:21,619 S2: helps you weather financial surprises without turning to debt. And 54 00:03:21,620 --> 00:03:26,019 S2: the more your savings earn, the faster that cushion grows. Second, 55 00:03:26,060 --> 00:03:28,899 S2: any money you'll need in the next 2 to 5 years, 56 00:03:28,900 --> 00:03:32,020 S2: whether a home down payment, a major repair, or a 57 00:03:32,020 --> 00:03:36,220 S2: planned purchase should stay protected from market volatility. A high 58 00:03:36,260 --> 00:03:41,100 S2: yield savings account offers both safety and reasonable earnings. Third, 59 00:03:41,340 --> 00:03:44,300 S2: this is a great moment to compare what you're earning 60 00:03:44,300 --> 00:03:48,100 S2: with what's available elsewhere. Some traditional banks still pay as 61 00:03:48,100 --> 00:03:54,180 S2: little as 0.01%, essentially nothing, while online banks regularly offer 62 00:03:54,180 --> 00:03:57,570 S2: rates dozens of times higher if you're not earning a 63 00:03:57,570 --> 00:04:01,570 S2: competitive yield. Switching may be worth it. Sites like Bank 64 00:04:01,570 --> 00:04:05,090 S2: rate and NerdWallet can help you compare what different banks 65 00:04:05,090 --> 00:04:09,290 S2: are offering, not only identifying the highest current rates, but 66 00:04:09,290 --> 00:04:14,450 S2: also providing reliability scores, customer reviews and safety ratings, so 67 00:04:14,450 --> 00:04:18,370 S2: you can choose institutions that are both competitive and trustworthy. 68 00:04:18,610 --> 00:04:22,490 S2: Money market accounts are another solid option. Many pay competitive 69 00:04:22,490 --> 00:04:26,609 S2: rates and offer more flexibility than CDs, including the ability 70 00:04:26,610 --> 00:04:29,650 S2: to write checks. Just keep an eye on minimum balance 71 00:04:29,650 --> 00:04:35,130 S2: requirements and don't overlook credit unions as not for profit institutions. 72 00:04:35,130 --> 00:04:38,770 S2: They often return earnings to members through stronger rates and 73 00:04:38,770 --> 00:04:42,970 S2: lower fees. One great example is Adelphi Christian Banking, a 74 00:04:42,970 --> 00:04:46,890 S2: credit union we know well. They offer competitive yields and 75 00:04:46,890 --> 00:04:50,770 S2: invest in gospel focused ministry work around the world. You 76 00:04:50,770 --> 00:04:57,360 S2: can learn more at Faith. Banking. That's faith banking. As 77 00:04:57,360 --> 00:05:00,800 S2: you consider where to place your savings, remember, stewardship isn't 78 00:05:00,800 --> 00:05:05,480 S2: simply about maximizing returns. It's about managing God's resources with 79 00:05:05,480 --> 00:05:10,120 S2: intention and care. Saving consistently month after month, year after 80 00:05:10,120 --> 00:05:13,839 S2: year is slow, faithful work, and choosing a wise savings 81 00:05:13,839 --> 00:05:17,120 S2: vehicle supports that journey. All right, we're going to head 82 00:05:17,120 --> 00:05:19,520 S2: to a break, so don't go anywhere. Still a lot 83 00:05:19,520 --> 00:05:21,599 S2: more to come, even though we're not here to take 84 00:05:21,600 --> 00:05:24,159 S2: your calls live today. But we have plenty of calls 85 00:05:24,160 --> 00:05:26,000 S2: that we lined up in advance, and we'll get to 86 00:05:26,040 --> 00:05:35,640 S2: those just around the corner. I'm so glad you've joined 87 00:05:35,640 --> 00:05:38,360 S2: us today on Faith and Finance Live. I'm Rob West. 88 00:05:38,360 --> 00:05:40,640 S2: This is where we help you see God is your 89 00:05:40,640 --> 00:05:44,799 S2: ultimate treasure and money, a tool to accomplish his purposes. 90 00:05:44,960 --> 00:05:47,200 S2: A quick reminder our team is away from the studio, 91 00:05:47,200 --> 00:05:49,320 S2: so don't call in. You will get to hear some 92 00:05:49,320 --> 00:05:53,190 S2: great questions we lined up in advance. And speaking of questions, 93 00:05:53,190 --> 00:05:57,150 S2: we do receive questions periodically on our website, Moody Radio.com, 94 00:05:58,750 --> 00:06:00,710 S2: and we try to tackle a few of those each week. 95 00:06:00,710 --> 00:06:03,070 S2: Let's do one of those right now. This comes from Javier. 96 00:06:03,110 --> 00:06:07,390 S2: He writes our mortgage has an interest rate of 6.7%, 97 00:06:07,390 --> 00:06:12,230 S2: and we have about $75,000 in savings. We're thinking of 98 00:06:12,230 --> 00:06:15,910 S2: using a chunk of our savings to either pay down 99 00:06:15,910 --> 00:06:19,510 S2: our mortgage or to invest. What would be a better 100 00:06:19,510 --> 00:06:22,230 S2: use of our savings? Well, first thing I would say, Javier, 101 00:06:22,230 --> 00:06:25,310 S2: is make sure you preserve at least 3 to 6 102 00:06:25,310 --> 00:06:29,029 S2: months expenses as what we call your emergency fund. I 103 00:06:29,029 --> 00:06:32,270 S2: wouldn't want you to invest or pay down debt with that, 104 00:06:32,270 --> 00:06:35,590 S2: because that needs to be available for the unexpected. But 105 00:06:35,589 --> 00:06:38,750 S2: if you've got that covered and you have money left over, 106 00:06:38,790 --> 00:06:40,710 S2: I think we want to back up and say, okay, 107 00:06:40,750 --> 00:06:43,110 S2: what are my values and priorities as a Christ follower? 108 00:06:43,110 --> 00:06:45,790 S2: What's important to us? Where is God leading us, and 109 00:06:45,790 --> 00:06:48,510 S2: how can we align money as a tool to accomplish 110 00:06:48,710 --> 00:06:52,670 S2: those purposes? Both are productive uses. I love you paying 111 00:06:52,670 --> 00:06:56,270 S2: down debt. I also like you investing for the future. 112 00:06:56,390 --> 00:06:59,430 S2: I would start with do you have any convictions around this? 113 00:06:59,430 --> 00:07:02,190 S2: For instance, do you feel the Lord leading you to 114 00:07:02,230 --> 00:07:05,469 S2: be debt free? And if so, I would say prioritizing 115 00:07:05,470 --> 00:07:08,390 S2: paying off that mortgage is a great use. In fact, 116 00:07:08,430 --> 00:07:11,310 S2: you're going to get a guaranteed return equal to the 117 00:07:11,310 --> 00:07:15,150 S2: interest rate on that mortgage, which is 6.7%. That's a 118 00:07:15,150 --> 00:07:19,270 S2: great return, guaranteed. Could you do better in the market? Possibly. 119 00:07:19,310 --> 00:07:22,790 S2: Now remember, if you're in a taxable environment, whatever you earn, 120 00:07:22,910 --> 00:07:25,630 S2: you've got to reduce it by the taxes that you'll 121 00:07:25,630 --> 00:07:28,550 S2: have to pay. And that is your real return. And 122 00:07:28,670 --> 00:07:32,270 S2: so you could go either way I would say perhaps 123 00:07:33,030 --> 00:07:35,910 S2: you split it maybe between the two. Or again, if 124 00:07:35,910 --> 00:07:38,510 S2: you have a conviction about being debt free, go that route. 125 00:07:38,670 --> 00:07:41,390 S2: If you feel like you don't have enough invested in, 126 00:07:41,390 --> 00:07:44,910 S2: you're trying to catch up a bit. Perhaps you try 127 00:07:44,950 --> 00:07:47,390 S2: to get that into a tax deferred or a tax 128 00:07:47,430 --> 00:07:52,140 S2: free environment by contributing to a Roth or a traditional IRA. 129 00:07:52,180 --> 00:07:55,300 S2: I think either of those could be great options. Again, 130 00:07:55,300 --> 00:07:58,860 S2: not a right or wrong answer here. The key is stop. 131 00:07:58,900 --> 00:08:00,940 S2: Talk about it with your spouse. If you're married, pray 132 00:08:00,940 --> 00:08:03,460 S2: about it and then make a good decision. You really 133 00:08:03,460 --> 00:08:06,460 S2: can't go wrong here. Either would be a really productive 134 00:08:06,500 --> 00:08:09,300 S2: use of this money. All right. Now we're going to 135 00:08:09,300 --> 00:08:11,540 S2: get to the phone calls we lined up in just 136 00:08:11,540 --> 00:08:14,660 S2: a moment. But first in the news, a new survey 137 00:08:14,660 --> 00:08:20,340 S2: by the financial technology firm Happy Money highlights a troubling paradox. 138 00:08:20,500 --> 00:08:23,700 S2: While many Americans say they're concerned about credit card debt, 139 00:08:23,900 --> 00:08:27,900 S2: far fewer are taking concrete steps to address it. The 140 00:08:27,900 --> 00:08:31,940 S2: study found that 42% of U.S. adults report being worried 141 00:08:32,100 --> 00:08:34,900 S2: about their credit card balances, yet more than 1 in 142 00:08:34,900 --> 00:08:38,140 S2: 5 admitted they've done nothing to reduce those balances in 143 00:08:38,140 --> 00:08:41,700 S2: the last six months. Here's what the survey revealed. Debt 144 00:08:41,740 --> 00:08:45,220 S2: ranks high on the worry list. Managing credit card debt 145 00:08:45,220 --> 00:08:50,050 S2: was the third most common financial priority at 36%, just 146 00:08:50,050 --> 00:08:57,850 S2: behind building savings at 40% and covering day to day expenses. 42%. 147 00:08:58,290 --> 00:09:03,569 S2: Some are making changes among those taking action 39% reduced 148 00:09:03,570 --> 00:09:07,090 S2: discretionary spending. That's spending on things that you don't get 149 00:09:07,090 --> 00:09:09,210 S2: a bill for every month. But we still spend money 150 00:09:09,210 --> 00:09:16,010 S2: on 28% postponed major purchases, and another 28% created or 151 00:09:16,010 --> 00:09:20,010 S2: followed a budget to make some changes. Uh, they're seeing 152 00:09:20,010 --> 00:09:23,930 S2: mixed strategies. Uh, nearly as many people tapped into their 153 00:09:23,929 --> 00:09:27,530 S2: savings to pay off debt as those who simply left 154 00:09:27,530 --> 00:09:33,170 S2: their balances untouched. Untouched. A move that may solve one problem. Well, 155 00:09:33,170 --> 00:09:36,130 S2: why create while creating another? It's always best to have 156 00:09:36,130 --> 00:09:39,809 S2: 3 to 6 months living expenses in your emergency fund. 157 00:09:40,050 --> 00:09:42,890 S2: If you're having trouble managing credit card debt, we urge 158 00:09:42,890 --> 00:09:46,850 S2: you to contact our friends at Christian Credit Counselors. That's 159 00:09:46,960 --> 00:09:53,880 S2: Christian credit counselors. They can help you put yourself on 160 00:09:53,880 --> 00:09:56,080 S2: a debt management program that will allow you to pay 161 00:09:56,080 --> 00:09:59,760 S2: off the debt 80% faster. Here's how it works. You 162 00:09:59,800 --> 00:10:02,680 S2: get those interest rates down, you make one level payment. 163 00:10:02,679 --> 00:10:05,160 S2: You don't take out a new loan and you don't 164 00:10:05,160 --> 00:10:08,880 S2: stop paying, which is what debt settlement is. Stays right there. 165 00:10:08,880 --> 00:10:11,800 S2: But the combination of that level payment not declining as 166 00:10:11,800 --> 00:10:15,320 S2: the balance is declining and the much lower interest rate, 167 00:10:15,320 --> 00:10:18,480 S2: instead of 22% or higher, you're going to be down 168 00:10:18,480 --> 00:10:21,679 S2: between 0 and 8, usually perhaps as high as 12. 169 00:10:21,679 --> 00:10:25,840 S2: So Christian credit counselors.org is the place to go. Financial 170 00:10:25,840 --> 00:10:30,760 S2: experts warn that ignoring high interest debt is risky, since 171 00:10:30,760 --> 00:10:34,680 S2: small balances can grow quickly, especially at these average interest 172 00:10:34,720 --> 00:10:37,559 S2: rates if you choose to go it alone. Even small, 173 00:10:37,559 --> 00:10:41,280 S2: consistent steps like cutting back on extras or using the 174 00:10:41,280 --> 00:10:45,160 S2: snowball method, that's where you you go smallest to largest balance, 175 00:10:45,160 --> 00:10:48,350 S2: not interest rate, because that plan that you're going to 176 00:10:48,350 --> 00:10:50,550 S2: finish is the one that's best for you. And when 177 00:10:50,550 --> 00:10:53,630 S2: you can see those early wins along the way, the 178 00:10:53,630 --> 00:10:56,710 S2: data says you're more likely to see it through. Uh, 179 00:10:56,710 --> 00:11:00,270 S2: just that extra payment or that snowball method can build 180 00:11:00,270 --> 00:11:04,110 S2: some momentum and and help you regain financial stability. I 181 00:11:04,150 --> 00:11:06,950 S2: hope that's an encouragement to you today. Now let's head 182 00:11:06,950 --> 00:11:09,390 S2: to the phone calls we have lined up. Uh, we're 183 00:11:09,390 --> 00:11:11,790 S2: going to begin in Arkansas with Glenn. Go ahead sir. 184 00:11:12,270 --> 00:11:16,150 S3: Thank you. Rob. Uh, I've got some money that's invested 185 00:11:16,150 --> 00:11:20,110 S3: with one of the major investment companies in the nation. Uh, 186 00:11:20,470 --> 00:11:25,350 S3: it was a investment of my mother, and my sister 187 00:11:25,350 --> 00:11:27,910 S3: and I were both on it, and my mother passed away. 188 00:11:28,110 --> 00:11:33,349 S3: So now that account has been divided into two separate accounts. 189 00:11:33,630 --> 00:11:36,270 S3: One for me and one for my sister. Yeah. Um, 190 00:11:36,470 --> 00:11:38,910 S3: I have been listening to you, and you've got me 191 00:11:38,910 --> 00:11:43,470 S3: convinced on this, uh, faith based investment, so I've kind 192 00:11:43,470 --> 00:11:45,630 S3: of had a little control of it, you know? It's, uh, 193 00:11:45,750 --> 00:11:49,190 S3: when it was all together, but I just couldn't make 194 00:11:49,230 --> 00:11:53,470 S3: myself make that change without consulting everybody else. But now 195 00:11:53,790 --> 00:11:58,750 S3: I'm wondering, can I get this large company to do 196 00:11:58,790 --> 00:12:02,630 S3: place based investing, or should I move the account? 197 00:12:02,830 --> 00:12:06,150 S2: Yeah. Well, Glenn, I'm delighted to hear that you're thinking 198 00:12:06,150 --> 00:12:09,109 S2: this through. And I can totally understand the challenge when, 199 00:12:09,150 --> 00:12:12,229 S2: you know, you were had a portfolio where you were just, 200 00:12:12,270 --> 00:12:15,030 S2: you know, not solely the stakeholder there. There was others 201 00:12:15,030 --> 00:12:17,870 S2: that would need to provide that input. And so I 202 00:12:17,870 --> 00:12:20,469 S2: would agree with you, just in terms of the opportunity 203 00:12:20,470 --> 00:12:24,310 S2: and the desire to have that alignment with your values, 204 00:12:24,309 --> 00:12:26,510 S2: what type of account is it? Is it a trust 205 00:12:26,510 --> 00:12:27,989 S2: or some other type of account? 206 00:12:28,910 --> 00:12:32,589 S3: No, it's an individual account for me now. Okay. It 207 00:12:32,590 --> 00:12:35,230 S3: was actually my mother's account, but my sister and I 208 00:12:35,230 --> 00:12:37,990 S3: both were on the account, so it was just a 209 00:12:37,990 --> 00:12:41,429 S3: matter of issuing a death certificate, and then they were 210 00:12:41,429 --> 00:12:42,429 S3: able to split it. 211 00:12:42,540 --> 00:12:44,740 S2: Got it. And who is the custodian? 212 00:12:46,380 --> 00:12:47,700 S3: Uh, Edward Jones. 213 00:12:47,980 --> 00:12:51,219 S2: Edward Jones. Okay. Yeah. I mean, there are some incredible 214 00:12:51,220 --> 00:12:55,900 S2: Edward Jones advisors with the Certified Kingdom Advisor designation that 215 00:12:55,940 --> 00:12:59,580 S2: really specialize in this type of faith based investments. I 216 00:12:59,580 --> 00:13:04,179 S2: was just. Well, in fact, Edward Jones, um, sometime in 217 00:13:04,179 --> 00:13:06,700 S2: the next 30 days, because of how committed they are 218 00:13:06,700 --> 00:13:10,540 S2: to this space, will be the firm, uh, with the 219 00:13:10,540 --> 00:13:13,860 S2: most certified kingdom advisors of any of them across the country, 220 00:13:13,860 --> 00:13:17,220 S2: which is just a sign to their commitment. Uh, so 221 00:13:17,220 --> 00:13:19,540 S2: you do have the ability to leave it right where 222 00:13:19,540 --> 00:13:22,699 S2: it is and get access to every bit of, uh, 223 00:13:22,740 --> 00:13:25,140 S2: you know, what you would need to begin to swap 224 00:13:25,140 --> 00:13:28,179 S2: out those investments where it fits your your values, but 225 00:13:28,179 --> 00:13:30,700 S2: also aligned with your goals and risk tolerance. The key 226 00:13:30,740 --> 00:13:33,740 S2: would be to find an Edward Jones advisor that really 227 00:13:33,740 --> 00:13:36,979 S2: has the ability to bring that into his or her strategy. 228 00:13:36,980 --> 00:13:39,940 S2: So what I would do is just go to faith. 229 00:13:40,260 --> 00:13:44,490 S2: Com that's faith. Philly.com. Click Find a professional. And when 230 00:13:44,490 --> 00:13:47,610 S2: you do that, search for a K, you can say, 231 00:13:47,610 --> 00:13:50,890 S2: I want to limit the results to only those advisors 232 00:13:50,890 --> 00:13:53,690 S2: that do faith based investing. And we do have the 233 00:13:53,690 --> 00:13:55,850 S2: ability for you to filter in that way. And then 234 00:13:55,850 --> 00:14:00,010 S2: everybody you get, you would know, could absolutely evaluate what 235 00:14:00,010 --> 00:14:03,090 S2: you have and then begin to move you into other things. 236 00:14:03,090 --> 00:14:06,050 S2: And as you look at each of their profiles, you 237 00:14:06,050 --> 00:14:09,570 S2: could start with just those at Ed Jones. And, you know, 238 00:14:09,610 --> 00:14:11,570 S2: that would allow you to leave the portfolio right where 239 00:14:11,570 --> 00:14:14,370 S2: it is now. You also may decide to make a change. 240 00:14:14,370 --> 00:14:17,130 S2: If you find an advisor that's a better fit, you 241 00:14:17,130 --> 00:14:20,170 S2: could certainly interview 2 or 3. So bottom line is 242 00:14:20,210 --> 00:14:23,170 S2: doesn't have to move. I love the direction you're headed. 243 00:14:23,210 --> 00:14:25,650 S2: Faith Viacom is the place to go. Stay on the line. 244 00:14:25,650 --> 00:14:27,170 S2: I want to see if you have any other questions. 245 00:14:27,170 --> 00:14:29,410 S2: We'll follow up off the air. We'll be right back. 246 00:14:38,810 --> 00:14:42,120 S1: This is faith and in finance. Live with Rob West. Hey, 247 00:14:42,120 --> 00:14:44,960 S1: if you hear a phone number mentioned today, please ignore 248 00:14:45,000 --> 00:14:48,360 S1: that number and don't call us because today's broadcast was 249 00:14:48,360 --> 00:14:52,040 S1: previously recorded. But we think the upcoming information will help 250 00:14:52,040 --> 00:14:54,400 S1: you and make you a wise steward of what God's 251 00:14:54,400 --> 00:14:56,920 S1: given you. So please stay tuned. 252 00:14:58,000 --> 00:15:00,800 S2: Helping you live out a biblical worldview as it relates 253 00:15:00,800 --> 00:15:03,760 S2: to this show in the area of money management. You 254 00:15:03,760 --> 00:15:07,280 S2: know God owns everything that changes everything about how we 255 00:15:07,280 --> 00:15:11,640 S2: should handle it because it's his money. It's both hopeful 256 00:15:11,640 --> 00:15:17,000 S2: and humbling. Humbling because we realize it's it's not ours. 257 00:15:17,040 --> 00:15:19,200 S2: And so we realize that it's God that gives us 258 00:15:19,200 --> 00:15:22,560 S2: not only the ability to to make wealth, but the 259 00:15:22,560 --> 00:15:26,480 S2: ability to steward it wisely. We're told in Scripture actually 260 00:15:26,480 --> 00:15:29,800 S2: comes from him. That's humbling that it's not ours in 261 00:15:29,800 --> 00:15:32,760 S2: the first place, but it's hopeful because we know it 262 00:15:32,760 --> 00:15:37,760 S2: all doesn't depend upon us. God is our provider. Our responsibility, then, 263 00:15:37,800 --> 00:15:40,240 S2: is faithfulness. Well, we want to help you be a 264 00:15:40,240 --> 00:15:42,680 S2: faithful steward here each day on this program. Uh, by 265 00:15:42,680 --> 00:15:44,520 S2: the way, I had a chance to visit with Glen 266 00:15:44,560 --> 00:15:46,360 S2: a bit more off the air. And this is something 267 00:15:46,360 --> 00:15:49,640 S2: we're seeing more and more of where Christians are saying, listen, 268 00:15:50,000 --> 00:15:53,000 S2: I'm done with, uh, these investments that might be in 269 00:15:53,000 --> 00:15:55,640 S2: companies that are creating abortion drugs. If I'm in a 270 00:15:55,640 --> 00:15:59,240 S2: pharmaceutical company, maybe I'm investing in a tech company that 271 00:15:59,240 --> 00:16:03,480 S2: has streaming content that's bringing pornography into people's homes. Maybe 272 00:16:03,480 --> 00:16:08,080 S2: I'm invested in an index that opens that owns DraftKings. Uh, 273 00:16:08,160 --> 00:16:12,320 S2: you know, basically gambling, uh, you know, through sports betting. And, 274 00:16:12,360 --> 00:16:15,960 S2: you know, that's one of the just tremendously growing areas. 275 00:16:15,960 --> 00:16:18,520 S2: I mean, if you've seen their annual revenue, it's through 276 00:16:18,520 --> 00:16:21,040 S2: the roof. Well, you know, at face value, you might 277 00:16:21,040 --> 00:16:23,880 S2: say this is a great investment. Yeah. But at what cost? 278 00:16:24,040 --> 00:16:25,920 S2: And more and more Christians are saying, I don't want 279 00:16:25,920 --> 00:16:28,320 S2: to be invested in these companies. And it's not just 280 00:16:28,320 --> 00:16:31,440 S2: about avoiding the companies that are misaligned. It's about embracing 281 00:16:31,440 --> 00:16:35,640 S2: the companies that are promoting human flourishing, that have kingdom values, 282 00:16:35,640 --> 00:16:39,790 S2: perhaps even seeking seeking a kingdom outcome. Uh, you know, 283 00:16:39,830 --> 00:16:42,790 S2: in a lot of the the private investments. Well, it 284 00:16:42,830 --> 00:16:46,910 S2: more and more Christian advisors are, you know, moving, uh, 285 00:16:46,910 --> 00:16:50,270 S2: to this type of approach. Uh, you know, Glenn happens 286 00:16:50,270 --> 00:16:53,830 S2: to be with Edward Jones. They're about to be the largest, uh, 287 00:16:53,830 --> 00:16:55,910 S2: firm in the country in terms of the number of 288 00:16:55,910 --> 00:16:59,990 S2: certified Kingdom advisors. And many of them are offering, you know, 289 00:17:00,030 --> 00:17:02,790 S2: either in part or in full faith based investments. So 290 00:17:02,790 --> 00:17:06,990 S2: Glenn's going to share, uh, this thriving community inside that 291 00:17:06,990 --> 00:17:10,350 S2: particular firm with his advisor and say, hey, have you 292 00:17:10,350 --> 00:17:13,470 S2: checked this out? Get plugged in. There's resources available because 293 00:17:13,470 --> 00:17:16,030 S2: this is important to me. And I'll tell you, there's 294 00:17:16,030 --> 00:17:19,150 S2: nothing that gets the attention of advisor like his or 295 00:17:19,150 --> 00:17:22,590 S2: her client calling, saying, I think we're missing something here. 296 00:17:22,590 --> 00:17:25,350 S2: Can we talk? Well, maybe that's you. Maybe you need 297 00:17:25,350 --> 00:17:28,389 S2: to encourage your advisor to get plugged in to, uh, 298 00:17:28,430 --> 00:17:32,550 S2: what's going on with Christian advice and investing, uh, specifically 299 00:17:32,550 --> 00:17:35,389 S2: serving God's people. All right. Let's head back to the phones. 300 00:17:35,390 --> 00:17:37,500 S2: So we're going to go to North Carolina. Welcome Dustin 301 00:17:37,500 --> 00:17:38,419 S2: to the show. Go ahead. 302 00:17:38,980 --> 00:17:44,700 S4: Hey Rob. Um, recently over the last few years, me 303 00:17:44,700 --> 00:17:47,300 S4: and my wife have been trying to think about our 304 00:17:47,300 --> 00:17:49,820 S4: next move, and we kind of wanted to get out 305 00:17:49,859 --> 00:17:53,220 S4: of where we were at and move to another neighborhood 306 00:17:53,220 --> 00:17:58,740 S4: in our area, and, um, and we, we recently, well, 307 00:17:58,740 --> 00:18:02,379 S4: we we found a home, but then we, for a 308 00:18:02,380 --> 00:18:06,899 S4: few reasons, decided at the last minute to, um, get 309 00:18:06,940 --> 00:18:10,260 S4: out of the deal and stay put where we were at. Yes. 310 00:18:10,300 --> 00:18:13,979 S4: Because we didn't want to be slave to the lender 311 00:18:13,980 --> 00:18:19,140 S4: and and have that mortgage over our head every month. And, um, 312 00:18:19,140 --> 00:18:22,939 S4: so we've reassessed our plan and we want to, you know, 313 00:18:23,380 --> 00:18:27,580 S4: check it again and maybe five more years, but with 314 00:18:27,619 --> 00:18:31,540 S4: home appreciation and cost of living increases and all that, 315 00:18:31,580 --> 00:18:34,649 S4: we want to be able to grow the down payment 316 00:18:34,650 --> 00:18:37,570 S4: that we were going to use for this house. Yeah. Uh, 317 00:18:37,570 --> 00:18:39,850 S4: as much as we can and add to it, but 318 00:18:39,850 --> 00:18:42,770 S4: still be able to access it and roughly, you know, 319 00:18:42,810 --> 00:18:45,689 S4: 5 to 10 years. Yeah. And we're just trying to 320 00:18:45,690 --> 00:18:49,369 S4: figure out, you know, what's the best vehicle, um, to 321 00:18:49,410 --> 00:18:52,690 S4: use that we have a Roth IRA and my 41K 322 00:18:52,690 --> 00:18:56,330 S4: and our Roth is in Timothy plan. Yeah. And, um, 323 00:18:56,450 --> 00:18:58,649 S4: so we're just trying to figure out what would this 324 00:18:58,650 --> 00:19:03,530 S4: particular money's. What's the best way to grow it in 325 00:19:03,530 --> 00:19:04,970 S4: this amount of time frame? 326 00:19:05,210 --> 00:19:08,410 S2: Yeah, yeah. Well, I mean, generally when you tell me 327 00:19:08,450 --> 00:19:10,970 S2: savings for a home, I would say, well, we need 328 00:19:10,970 --> 00:19:14,170 S2: to stay, you know, in the high yield savings and 329 00:19:14,170 --> 00:19:17,330 S2: the money markets and the short term CDs, because generally 330 00:19:17,330 --> 00:19:20,570 S2: it's about, you know, the return of your money, not 331 00:19:20,570 --> 00:19:23,370 S2: the return on your money, meaning you want really high 332 00:19:23,369 --> 00:19:26,930 S2: degree of safety but yet earn some interest. But when 333 00:19:26,930 --> 00:19:30,050 S2: you say 5 to 10 years, that does give us 334 00:19:30,050 --> 00:19:33,409 S2: the ability to say, okay, we could take some risk 335 00:19:33,410 --> 00:19:35,690 S2: with this and put it to work in, you know, 336 00:19:35,730 --> 00:19:38,649 S2: a balanced portfolio of stocks and bonds. And, you know, 337 00:19:38,690 --> 00:19:40,770 S2: maybe you use Timothy or some of the other faith 338 00:19:40,810 --> 00:19:43,850 S2: based investments. But let me just check that with what 339 00:19:43,850 --> 00:19:47,330 S2: you're thinking. Is that what you had in mind? Basically, 340 00:19:47,609 --> 00:19:50,010 S2: you know, putting this money in a taxable account, meaning 341 00:19:50,010 --> 00:19:53,850 S2: any capital gains that we have would be taxable along 342 00:19:53,850 --> 00:19:56,770 S2: the way. You know, hopefully you'd hold each investment for 343 00:19:56,770 --> 00:19:58,850 S2: at least a year. So we're not short term but 344 00:19:58,850 --> 00:20:01,690 S2: long term capital gains. But are you wanting to take 345 00:20:01,690 --> 00:20:03,930 S2: some risk or are you really wanted to take stay 346 00:20:03,930 --> 00:20:06,450 S2: at the most conservative end of the spectrum? 347 00:20:07,410 --> 00:20:10,330 S4: We were kind of wanting to take some risk on this, 348 00:20:10,650 --> 00:20:15,850 S4: these particular monies. Yeah. We had looked at, um, something 349 00:20:15,890 --> 00:20:22,530 S4: like a guidestone. Uh, it's an exchange traded fund. Yeah. Um, 350 00:20:23,010 --> 00:20:27,250 S4: something like that. We want something that's not not got 351 00:20:27,290 --> 00:20:30,570 S4: high cost involved, but yeah, we were wanting to take 352 00:20:30,570 --> 00:20:34,879 S4: a little bit more, more risk than just, um, right 353 00:20:34,880 --> 00:20:37,880 S4: now it's in a high yield savings account, and it's 354 00:20:37,920 --> 00:20:41,560 S4: only getting like three and a three and three quarters. Yeah. 355 00:20:41,600 --> 00:20:43,879 S2: Got it. Yeah. I mean, I like that a lot. 356 00:20:43,920 --> 00:20:47,119 S2: I think there's, uh, you know, that's a great opportunity. 357 00:20:47,119 --> 00:20:51,320 S2: And I mean something either guidestone like what you just described. 358 00:20:51,320 --> 00:20:55,200 S2: Perhaps you know, something at Timothy. You know, even something 359 00:20:55,200 --> 00:20:58,160 S2: like the Eventide, which is another one of these world class, 360 00:20:58,160 --> 00:21:03,359 S2: faith based mutual fund managers, their dividend growth fund, um, 361 00:21:03,640 --> 00:21:07,640 S2: is is really, you know, a diversified equity fund. So 362 00:21:07,640 --> 00:21:10,880 S2: largely stocks. But it's in companies that have the ability 363 00:21:10,880 --> 00:21:15,200 S2: to increase dividends over the long term and impact the 364 00:21:15,200 --> 00:21:18,119 S2: world for good. Uh, but but again, it's a focus 365 00:21:18,119 --> 00:21:20,520 S2: on dividend paying stocks, which could be a great option 366 00:21:20,520 --> 00:21:22,879 S2: for you. A little more stable, not the high flying 367 00:21:22,920 --> 00:21:26,080 S2: growth stocks, but gives you the ability to grow. It's 368 00:21:26,119 --> 00:21:29,520 S2: actually done. You know, really well I mean, um, I 369 00:21:29,520 --> 00:21:33,630 S2: mean it's it's got a phenomenal track record. Um, you know, 370 00:21:33,670 --> 00:21:36,510 S2: over the last one, three and five years. So I 371 00:21:36,510 --> 00:21:38,510 S2: think those could be great. I think the key is 372 00:21:38,510 --> 00:21:41,150 S2: whether you want to do this yourself or you want 373 00:21:41,150 --> 00:21:43,710 S2: to get an advisor to kind of look across all 374 00:21:43,710 --> 00:21:47,310 S2: the portfolios, somebody who does faith based investments to come 375 00:21:47,310 --> 00:21:50,230 S2: alongside you and actually with your input, you know, make 376 00:21:50,230 --> 00:21:53,629 S2: those decisions or if you want to do it yourself. 377 00:21:53,630 --> 00:21:56,149 S2: So let's talk about that a bit more off the air. 378 00:21:56,190 --> 00:21:57,070 S2: We'll be right back. 379 00:22:05,030 --> 00:22:06,830 S1: Hey, it's great to have you with us on Faith 380 00:22:06,830 --> 00:22:10,270 S1: and Finance Live. But today we are pre-recorded and we 381 00:22:10,270 --> 00:22:13,350 S1: won't be taking your calls. However, we've lined up some 382 00:22:13,350 --> 00:22:16,310 S1: calls in advance that we think you'll find helpful, so 383 00:22:16,310 --> 00:22:19,109 S1: stay tuned and enjoy the rest of the program. 384 00:22:20,150 --> 00:22:22,230 S2: Hey, before we head back to the phones, let's take 385 00:22:22,230 --> 00:22:25,070 S2: a few more emails today. These come into us all 386 00:22:25,070 --> 00:22:29,060 S2: the time at ask Rob at Faith. That's ask Rob 387 00:22:29,060 --> 00:22:32,660 S2: at Faith fi. This one comes to us from CJ. 388 00:22:32,700 --> 00:22:35,780 S2: He writes we use three credit cards and pay them 389 00:22:35,780 --> 00:22:38,740 S2: off every month. One for gas, one for groceries and 390 00:22:38,740 --> 00:22:42,340 S2: one for bills. Since we proved we could handle credit, 391 00:22:42,340 --> 00:22:46,060 S2: they raised our spending limits. With so much identity theft, 392 00:22:46,060 --> 00:22:49,420 S2: we're thinking of closing the accounts. Is there an amount 393 00:22:49,420 --> 00:22:53,180 S2: of time we should allow between closing each card? We 394 00:22:53,180 --> 00:22:56,500 S2: don't want to mess up our excellent credit score as well. CJ. 395 00:22:56,540 --> 00:22:59,460 S2: First of all, I appreciate that you've managed this credit 396 00:22:59,460 --> 00:23:04,260 S2: so wisely. Um, it wouldn't really hurt your credit to 397 00:23:04,300 --> 00:23:08,460 S2: dramatically to close these accounts. I'd probably do one every 398 00:23:08,460 --> 00:23:11,980 S2: six months. That's going to lessen any kind of minimal 399 00:23:11,980 --> 00:23:14,980 S2: impact you would have. I will tell you, though, that 400 00:23:14,980 --> 00:23:18,380 S2: if you're managing this wisely and you're getting rewards on 401 00:23:18,380 --> 00:23:22,500 S2: these cards, uh, one way to handle, uh, the potential 402 00:23:22,500 --> 00:23:26,260 S2: for identity theft, if you wanted to continue to use them, uh, 403 00:23:26,260 --> 00:23:28,450 S2: would be to freeze your credit at each of the 404 00:23:28,450 --> 00:23:32,650 S2: three credit reporting bureaus Equifax, TransUnion and Experian. It's free 405 00:23:32,650 --> 00:23:35,010 S2: of charge. You do have to do it individually at 406 00:23:35,010 --> 00:23:37,450 S2: each of the three. You can do it online, but 407 00:23:37,450 --> 00:23:40,730 S2: that would prevent thieves from opening accounts in your name 408 00:23:40,730 --> 00:23:43,649 S2: without the Pin number. And when they can't provide the 409 00:23:43,650 --> 00:23:46,649 S2: pin number, they would be stopped in their tracks. So yes, 410 00:23:46,650 --> 00:23:49,170 S2: you can close those accounts if you want to. And again, 411 00:23:49,170 --> 00:23:51,649 S2: I do one every six months, but if you wanted 412 00:23:51,650 --> 00:23:53,970 S2: to continue to use them, you continue to pay them 413 00:23:53,970 --> 00:23:56,649 S2: off every month. And you like the rewards you're getting 414 00:23:56,650 --> 00:24:00,730 S2: either cash back or maybe travel rewards, then freezing your 415 00:24:00,730 --> 00:24:04,690 S2: credit might give you an alternate approach to protecting yourself 416 00:24:04,690 --> 00:24:07,290 S2: from identity theft. Thanks for writing to us. And then 417 00:24:07,290 --> 00:24:11,130 S2: from an anonymous writer. This is a concerned mom, she says. 418 00:24:11,130 --> 00:24:15,129 S2: My son needs help with paying back credit cards and loans. 419 00:24:15,250 --> 00:24:17,930 S2: Is there a free service to help? Thank you very much. 420 00:24:17,970 --> 00:24:21,170 S2: And yes, there is a service to help. My preferred 421 00:24:21,170 --> 00:24:24,650 S2: way to pay off credit card debt in particular, is 422 00:24:24,650 --> 00:24:27,490 S2: through what's called debt management. Our friends at Christian Credit 423 00:24:27,490 --> 00:24:33,330 S2: Counselors can help him get the interest rates reduced and 424 00:24:33,330 --> 00:24:36,730 S2: pay this off 80% faster. Here's how. When you go 425 00:24:36,730 --> 00:24:39,929 S2: into credit counseling or what's called debt management, each of 426 00:24:39,930 --> 00:24:44,770 S2: the creditors have a pre-negotiated lower interest rate. Now, the 427 00:24:44,770 --> 00:24:47,650 S2: accounts will be closed when they're put into the program. 428 00:24:47,650 --> 00:24:51,130 S2: But through the combination of that lower interest rate combined 429 00:24:51,130 --> 00:24:54,490 S2: with a level monthly payment, which simply means as the 430 00:24:54,490 --> 00:24:57,930 S2: balance comes down, because more is going to principal with 431 00:24:57,930 --> 00:25:00,490 S2: that level payment, you're actually going to get a snowball 432 00:25:00,490 --> 00:25:04,450 S2: effect in the process. The combination of those two things, 433 00:25:04,450 --> 00:25:07,450 S2: the snowball effect through the lower payment and the reduced 434 00:25:07,450 --> 00:25:09,970 S2: interest rate is going to allow you to pay this 435 00:25:09,970 --> 00:25:13,850 S2: back up to 80% faster. The great thing is, you're 436 00:25:13,850 --> 00:25:17,130 S2: honoring God by paying the debt in full, and it's 437 00:25:17,130 --> 00:25:19,129 S2: a great service for you to take advantage of. So 438 00:25:19,130 --> 00:25:20,930 S2: if you want to contact them, you can reach out 439 00:25:20,930 --> 00:25:25,960 S2: to our friends again at Christian Credit Counselors. are there 440 00:25:25,960 --> 00:25:29,320 S2: all believers? They've worked with hundreds and hundreds of our listeners. 441 00:25:29,320 --> 00:25:33,439 S2: So again, it's Christian credit counselors. And thanks for writing 442 00:25:33,480 --> 00:25:35,360 S2: to us. All right. Let's head back to the phones. 443 00:25:35,400 --> 00:25:36,960 S2: Tony in Ohio, how can I help? 444 00:25:37,440 --> 00:25:40,320 S5: Hey, Rob, thanks for taking my call. Um, I just 445 00:25:40,320 --> 00:25:45,960 S5: have a quick question with regards to, uh, captive insurance company. 446 00:25:46,000 --> 00:25:49,600 S5: So I have an S Corp, uh, that, by the 447 00:25:49,600 --> 00:25:53,320 S5: grace of God, has done extremely well. So now I've 448 00:25:53,320 --> 00:25:56,800 S5: gone from, uh, a couple of hundred thousand to looking 449 00:25:56,800 --> 00:26:00,879 S5: at potentially one point something million in AGI this year. 450 00:26:00,920 --> 00:26:01,320 S2: Wow. 451 00:26:01,600 --> 00:26:05,120 S5: So I've been we've been doing, um, we've been doing the, uh, 452 00:26:05,119 --> 00:26:08,840 S5: the typical cash balance and all the other things. So, 453 00:26:08,880 --> 00:26:13,800 S5: but doing some research and came across Captive Insurance Company 454 00:26:13,840 --> 00:26:15,840 S5: and it was one of the things that was recommended 455 00:26:15,840 --> 00:26:18,800 S5: as a tax strategy. So I wanted to get your 456 00:26:18,800 --> 00:26:22,800 S5: advice on that. And then also potentially setting up a, 457 00:26:23,790 --> 00:26:27,470 S5: donor advised fund. And what would the benefits of that 458 00:26:27,470 --> 00:26:31,709 S5: be for, uh, for charitable giving in the future? Obviously 459 00:26:31,750 --> 00:26:34,390 S5: I'm a tither and all that good stuff. So that's 460 00:26:34,390 --> 00:26:35,310 S5: really my question. 461 00:26:35,350 --> 00:26:38,109 S2: Well, I love those those are great questions. And, um, 462 00:26:38,109 --> 00:26:41,750 S2: you know, the donor advised fund is one of the, uh, often, 463 00:26:41,750 --> 00:26:46,830 S2: I think, overlooked giving tools that really everybody should be 464 00:26:46,950 --> 00:26:50,190 S2: aware of and many should be using. Uh, yeah. Let's 465 00:26:50,190 --> 00:26:53,310 S2: talk about this, uh, captive insurance company, because that is 466 00:26:53,350 --> 00:26:56,630 S2: a little more complicated. But but can be an effective 467 00:26:56,630 --> 00:27:03,109 S2: strategy because basically it's risk management that's legitimate and a 468 00:27:03,109 --> 00:27:06,070 S2: tax strategy, but it's only for businesses with, what I'll say, 469 00:27:06,109 --> 00:27:10,150 S2: substantial revenue and insurable risk. And so the reason it's 470 00:27:10,150 --> 00:27:12,830 S2: a tax strategy is because the premiums paid by the 471 00:27:12,830 --> 00:27:16,510 S2: S corp to the captive can be deductible as a 472 00:27:16,510 --> 00:27:20,830 S2: business expense. And then the captive can accumulate the underwriting 473 00:27:21,020 --> 00:27:25,660 S2: Profits and investment income at potentially favorable tax rates. And 474 00:27:25,660 --> 00:27:28,899 S2: then it gives you control over risk management and the 475 00:27:28,900 --> 00:27:33,660 S2: insurance design. Um, in terms of the cautions or the risks, 476 00:27:33,660 --> 00:27:36,780 S2: I would say it's, you know, it's very complex and 477 00:27:36,780 --> 00:27:38,699 S2: it can be costly. So it could be, you know, 478 00:27:38,740 --> 00:27:42,380 S2: somewhere between 50 and 150,000 a year to maintain. You know, 479 00:27:42,420 --> 00:27:45,139 S2: it's usually therefore only worth it if you have a 480 00:27:45,140 --> 00:27:49,379 S2: larger business. We're talking millions in revenue, which to your point, 481 00:27:49,380 --> 00:27:53,020 S2: you're there, um, IRS scrutiny, uh, you know, these have 482 00:27:53,020 --> 00:27:55,780 S2: been abused as tax shelters. So the IRS watches them 483 00:27:55,780 --> 00:27:59,740 S2: pretty closely. So you have to have genuine insurable risks 484 00:27:59,740 --> 00:28:03,940 S2: and properly priced premiums. And then there's some liquidity risk 485 00:28:03,940 --> 00:28:07,420 S2: in that the money paid into the captive isn't easily accessible. Really. 486 00:28:07,460 --> 00:28:12,100 S2: It has to be available for claims. Um, in terms 487 00:28:12,100 --> 00:28:15,419 S2: of the process, you'd have to start with a feasibility study. 488 00:28:15,780 --> 00:28:18,780 S2: And so you'd want to engage some professionals to analyze 489 00:28:18,780 --> 00:28:23,540 S2: whether your business risks and cash flow justify the captive. 490 00:28:23,540 --> 00:28:26,220 S2: And so that really would be my next step is 491 00:28:26,220 --> 00:28:30,300 S2: to find that advisor who has some specialty in this area, uh, 492 00:28:30,300 --> 00:28:33,020 S2: that could, you know, help you explore that. Because if 493 00:28:33,020 --> 00:28:36,939 S2: they determine it's feasible and you can justify it, then, 494 00:28:36,980 --> 00:28:40,020 S2: you know, they would set up the separate legal entity 495 00:28:40,020 --> 00:28:42,500 S2: and then it has to be approved by the insurance regulator, 496 00:28:42,500 --> 00:28:45,380 S2: and then it has to be, you know, funded through 497 00:28:45,380 --> 00:28:48,140 S2: the premiums to the captive. And you have to keep 498 00:28:48,140 --> 00:28:52,180 S2: proper reserves. And then, you know, usually requires an outside 499 00:28:52,380 --> 00:28:56,180 S2: captive manager and then the actuaries and compliance and all 500 00:28:56,180 --> 00:28:58,620 S2: that stuff. So again, it's not for the faint of heart, 501 00:28:58,620 --> 00:29:01,300 S2: but it can be a great strategy. Um, I think 502 00:29:01,300 --> 00:29:04,180 S2: you just need to get some professional guidance. Uh, in 503 00:29:04,220 --> 00:29:06,540 S2: terms of the donor advised fund, I mean, think about 504 00:29:06,540 --> 00:29:09,660 S2: this like a charitable checking account. So the money goes 505 00:29:09,660 --> 00:29:11,900 S2: into the donor advised fund. When it does, it's been 506 00:29:11,900 --> 00:29:13,620 S2: given away, which is why you go ahead and get 507 00:29:13,620 --> 00:29:17,979 S2: the the charitable contribution or the charitable deduction as soon 508 00:29:17,980 --> 00:29:20,850 S2: as you put the money in and really, you no 509 00:29:20,850 --> 00:29:25,010 S2: longer technically control it. Now, what happens is it's then 510 00:29:25,010 --> 00:29:28,490 S2: controlled by the donor advised fund sponsor. So let's say 511 00:29:28,530 --> 00:29:32,970 S2: National Christian Foundation. Technically, you've given the money to them, 512 00:29:32,970 --> 00:29:35,050 S2: but then you have the ability as the one who 513 00:29:35,050 --> 00:29:37,930 S2: set up the donor advised fund to recommend grants out, 514 00:29:38,290 --> 00:29:41,290 S2: and then they, you know, pass it on to those ministries. 515 00:29:41,290 --> 00:29:43,570 S2: And they make it really easy to do. You know, 516 00:29:43,610 --> 00:29:46,530 S2: typically you just log into your account and with a 517 00:29:46,530 --> 00:29:49,010 S2: few clicks of a button, the money goes out and 518 00:29:49,010 --> 00:29:51,890 S2: you can send it anonymously or it can come under 519 00:29:51,890 --> 00:29:56,970 S2: your name, but you're the one making those recommendations. And 520 00:29:56,970 --> 00:29:59,250 S2: that's why it's important to be with a donor advised 521 00:29:59,250 --> 00:30:02,010 S2: fund sponsor that you can trust somebody who's not going to, 522 00:30:02,250 --> 00:30:04,090 S2: even if today they say, oh yeah, you can give 523 00:30:04,090 --> 00:30:06,490 S2: it to anybody you want. It doesn't mean they couldn't 524 00:30:06,490 --> 00:30:09,330 S2: come back and say, well, we've decided, you know, only 525 00:30:09,330 --> 00:30:13,850 S2: ministries who aren't on the, you know, the list of 526 00:30:13,850 --> 00:30:17,520 S2: hate groups, you know, which we know what that means. So, 527 00:30:17,560 --> 00:30:19,440 S2: you know, I think that's where you need to really 528 00:30:19,440 --> 00:30:22,000 S2: be with a donor advised fund sponsor who aligns with 529 00:30:22,000 --> 00:30:25,880 S2: your values. That's why I'd recommend NCF comm, founded by 530 00:30:25,920 --> 00:30:28,720 S2: Ron Blue and Larry Burkett. But it's a great strategy 531 00:30:28,720 --> 00:30:31,880 S2: because you can do some bunching where basically you could 532 00:30:31,880 --> 00:30:35,280 S2: put in, you know, quite a bit more, uh, right 533 00:30:35,280 --> 00:30:37,040 S2: up front, even if you want to give it away 534 00:30:37,040 --> 00:30:40,240 S2: over a couple of years and get up above some 535 00:30:40,240 --> 00:30:44,240 S2: of those, uh, you know, limits in terms of itemizing 536 00:30:44,240 --> 00:30:47,760 S2: and being able to take more tax benefit. And then, 537 00:30:47,800 --> 00:30:49,880 S2: you know, through those clicks of a button, you give 538 00:30:49,880 --> 00:30:53,040 S2: it away at your leisure as the Lord leads. So anyway, 539 00:30:53,040 --> 00:30:54,640 S2: I've thrown a lot at you. I want to get 540 00:30:54,640 --> 00:30:56,719 S2: your thoughts. So stay right there. We'll come back to 541 00:30:56,720 --> 00:30:58,640 S2: you after the break, bill. Coming your way as well. 542 00:30:58,640 --> 00:31:05,920 S2: We'll be right back. So glad to have you with 543 00:31:05,920 --> 00:31:08,960 S2: us today on Faith and Finance Live. Our team is 544 00:31:08,960 --> 00:31:11,840 S2: away today, so don't call in. But we lined up 545 00:31:11,840 --> 00:31:14,040 S2: some great questions in advance and we'll be going to 546 00:31:14,080 --> 00:31:16,950 S2: those here in just a moment. Let me also remind 547 00:31:16,950 --> 00:31:19,070 S2: you that the advice that I give each day on 548 00:31:19,070 --> 00:31:23,990 S2: this program is general in nature. We offer principles and 549 00:31:24,070 --> 00:31:27,790 S2: ideas that apply at a high level. They are not personalized. 550 00:31:27,790 --> 00:31:31,630 S2: So that's why you should always seek professional financial advice. 551 00:31:31,670 --> 00:31:34,390 S2: And if you'd like to find a professional who shares 552 00:31:34,390 --> 00:31:37,270 S2: your values, we of course, here at Faith and Finance 553 00:31:37,270 --> 00:31:41,150 S2: Live recommend the Certified Kingdom Advisor designation. These are men 554 00:31:41,150 --> 00:31:44,310 S2: and women who've met high standards, and they've been trained 555 00:31:44,310 --> 00:31:47,190 S2: to bring a biblical worldview of financial decision making. You 556 00:31:47,190 --> 00:31:49,990 S2: can find one at Faith comm. Uh, let's see, before 557 00:31:49,990 --> 00:31:52,270 S2: the break, we were talking to Tony in Ohio about 558 00:31:52,270 --> 00:31:55,030 S2: a captive insurance company for an S Corp and a 559 00:31:55,070 --> 00:31:58,350 S2: donor advised fund. Tony, any follow up questions or thoughts 560 00:31:58,350 --> 00:31:58,910 S2: on that? 561 00:32:00,550 --> 00:32:03,230 S5: Oh, no. I think on the captive one, I think 562 00:32:03,270 --> 00:32:05,550 S5: I think I'm good on that. I think you kind 563 00:32:05,550 --> 00:32:08,030 S5: of pointed out the risk on that. So I mean, 564 00:32:08,030 --> 00:32:09,989 S5: I want to be careful with that one. Yeah. The 565 00:32:10,030 --> 00:32:12,230 S5: donor advised fund, I guess the other follow up question 566 00:32:12,230 --> 00:32:15,430 S5: I have with that is so is that different from 567 00:32:15,470 --> 00:32:19,750 S5: a charitable trust? Uh, that's the other question I have. 568 00:32:19,790 --> 00:32:20,870 S5: Or are they the same thing? 569 00:32:21,390 --> 00:32:26,830 S2: Uh, no, they are definitely different. Um, so basically, you know, 570 00:32:26,870 --> 00:32:30,790 S2: they're two different giving vehicles. Again, that donor advised fund 571 00:32:30,790 --> 00:32:35,510 S2: is like a charitable investment account. Um, whereas a charitable trust, 572 00:32:35,550 --> 00:32:40,070 S2: like a charitable charitable remainder or lead trust is more complex. 573 00:32:40,070 --> 00:32:44,630 S2: It's a legal entity that can provide you income, uh, 574 00:32:44,710 --> 00:32:50,030 S2: either to you or heirs, while ultimately benefiting charities. So you, 575 00:32:50,070 --> 00:32:52,510 S2: you know, you can't move money from a charitable trust 576 00:32:52,510 --> 00:32:55,830 S2: into a donor advised fund, but sometimes you can name 577 00:32:55,830 --> 00:32:59,910 S2: a donor advised fund as one of the charitable beneficiaries. But, um, 578 00:33:00,190 --> 00:33:03,430 S2: you know, it's charitable. Trust is more complex, often used 579 00:33:03,430 --> 00:33:06,510 S2: for larger gifts and estate planning. The great thing about 580 00:33:06,510 --> 00:33:10,190 S2: the donor advised fund is, you know, you can set 581 00:33:10,190 --> 00:33:12,110 S2: it up in five minutes. I mean, if you went 582 00:33:12,110 --> 00:33:16,860 S2: to NCF. Com and clicked on Giving Fund five minutes later. 583 00:33:16,900 --> 00:33:19,100 S2: You know you'd have a donor advised fund in place 584 00:33:19,100 --> 00:33:21,260 S2: and you could start making gifts to it. And the 585 00:33:21,260 --> 00:33:23,140 S2: great thing is, not only do you can you give 586 00:33:23,180 --> 00:33:26,340 S2: cash to it, but you can donate, you know, stocks 587 00:33:26,340 --> 00:33:29,660 S2: to your donor advised fund. You can give a business interest, 588 00:33:29,700 --> 00:33:32,580 S2: like a portion of your business, to your donor advised fund. 589 00:33:32,820 --> 00:33:35,500 S2: So either you know the profits or the sale of 590 00:33:35,500 --> 00:33:39,060 S2: the business could be not subject to capital gains because 591 00:33:39,060 --> 00:33:42,180 S2: that portion has been given to your donor advised fund. 592 00:33:42,380 --> 00:33:44,860 S2: You know, you could put livestock in a donor advised 593 00:33:44,860 --> 00:33:48,180 S2: fund technically, and then when it's sold, you know, everything 594 00:33:48,220 --> 00:33:52,020 S2: flows through it. So it's a really flexible tool and 595 00:33:52,020 --> 00:33:55,700 S2: it basically costs very little. It costs nothing to set 596 00:33:55,700 --> 00:33:57,700 S2: it up and very little to keep it going. 597 00:33:59,340 --> 00:34:02,979 S5: Gotcha. So as long as I use a trusted entity 598 00:34:03,020 --> 00:34:07,820 S5: entity like a NCF given, then I can in some 599 00:34:07,820 --> 00:34:11,580 S5: way advise or dictate where the money goes to, is 600 00:34:11,580 --> 00:34:12,330 S5: what you're saying? 601 00:34:12,370 --> 00:34:16,490 S2: Yes. That's right. So you're making a in IRS terms, 602 00:34:16,530 --> 00:34:19,649 S2: a grant recommendation because again, you've given the money away. 603 00:34:19,650 --> 00:34:22,130 S2: But as long as you have a sponsor who aligns 604 00:34:22,130 --> 00:34:24,930 S2: with your values. I mean, the purpose of donor advised 605 00:34:24,930 --> 00:34:28,330 S2: funds is for the giver to be able to essentially, 606 00:34:28,489 --> 00:34:33,250 S2: you know, the grants always initiate with the donor, not 607 00:34:33,250 --> 00:34:36,850 S2: the sponsor. But on paper, the legal owner of the 608 00:34:36,850 --> 00:34:40,570 S2: money because you've already received the deduction is the sponsor. 609 00:34:40,810 --> 00:34:42,810 S2: But the whole purpose of them is for you to 610 00:34:42,810 --> 00:34:45,410 S2: be able to advise on how and when the money 611 00:34:45,969 --> 00:34:48,730 S2: goes out. You can also invest it so you could 612 00:34:48,730 --> 00:34:51,009 S2: put it in the donor advised fund, put it in 613 00:34:51,010 --> 00:34:55,169 S2: some investment, basically mutual funds let it grow and that 614 00:34:55,170 --> 00:34:57,570 S2: gives you more to give away over time. So there's 615 00:34:57,570 --> 00:35:01,210 S2: so much flexibility with these donor advised funds. But I 616 00:35:01,210 --> 00:35:02,969 S2: think it is important for you to be with a 617 00:35:02,969 --> 00:35:05,250 S2: sponsor who aligns with your values. 618 00:35:06,170 --> 00:35:08,250 S5: Got it. Okay. All right. Well thank you so much 619 00:35:08,530 --> 00:35:09,210 S5: I appreciate it. 620 00:35:09,250 --> 00:35:11,480 S2: Absolutely Tony. Call any time, my friend. Thanks for being 621 00:35:11,480 --> 00:35:14,800 S2: on the program today. To Alabama. Hi, Elizabeth. Go ahead. 622 00:35:15,440 --> 00:35:18,120 S6: Hi. First, I'd like to thank you for your ministry. 623 00:35:18,160 --> 00:35:21,600 S6: I accidentally found it and have just. I feel like 624 00:35:21,600 --> 00:35:23,719 S6: I've learned a lot. I did not know that you 625 00:35:23,719 --> 00:35:26,920 S6: could set up an hour, a required minimum distribution to 626 00:35:26,960 --> 00:35:28,320 S6: go to charity. That was. 627 00:35:28,320 --> 00:35:29,360 S7: Oh, yeah. Great. 628 00:35:30,040 --> 00:35:33,040 S6: Okay, my question today is also about a trust. 629 00:35:33,280 --> 00:35:33,680 S7: Okay. 630 00:35:33,719 --> 00:35:36,680 S6: Um, I would like a trust to go into effect 631 00:35:36,680 --> 00:35:42,400 S6: at my death to distribute money monthly. Um, or I 632 00:35:42,480 --> 00:35:46,279 S6: guess monthly to avoid a lump sum because I have 633 00:35:46,280 --> 00:35:50,040 S6: a child who would go through a lump sum immediately. 634 00:35:50,200 --> 00:35:51,160 S7: Yes. Um. 635 00:35:51,480 --> 00:35:56,400 S6: And not wisely. So my question about that is, um, 636 00:35:57,000 --> 00:36:01,000 S6: your administrator, how is the manager of this trust paid? 637 00:36:01,000 --> 00:36:04,359 S6: Are they paid with each distribution? Are they paid monthly 638 00:36:04,360 --> 00:36:08,120 S6: or are they paid a percentage? How do they get 639 00:36:08,120 --> 00:36:10,790 S6: an income from the trust. 640 00:36:10,830 --> 00:36:15,029 S2: Yeah. It varies is the best way to say it. 641 00:36:15,070 --> 00:36:18,390 S2: Let me explain. So the person who manages a trust 642 00:36:18,390 --> 00:36:22,750 S2: is called a trustee, and their compensation is spelled out 643 00:36:22,750 --> 00:36:27,069 S2: in the trust document generally. Uh, so sometimes it's a 644 00:36:27,070 --> 00:36:31,029 S2: flat fee or an hourly rate. More often it's a 645 00:36:31,030 --> 00:36:38,870 S2: small annual percentage of the trust's assets, commonly around 1%. Uh, so, 646 00:36:39,030 --> 00:36:41,830 S2: you know, you could have an individual, you could also 647 00:36:41,830 --> 00:36:45,430 S2: have a professional trustee, like a bank or a trust company. 648 00:36:45,710 --> 00:36:48,629 S2: They tend to charge a little bit more. Uh, and 649 00:36:48,630 --> 00:36:51,510 S2: sometimes if you have a family member, they might waive 650 00:36:51,510 --> 00:36:55,549 S2: payment or take a very modest fee. But it you know, 651 00:36:55,590 --> 00:36:57,590 S2: there are a number of ways to do it. Again, 652 00:36:57,590 --> 00:37:00,549 S2: it could be, you know, annual fee, it could be hourly. 653 00:37:01,030 --> 00:37:03,630 S2: You know, it's often the percentage. And certainly with a 654 00:37:03,630 --> 00:37:07,069 S2: professional trustee it's typically a percentage. And a lot of 655 00:37:07,110 --> 00:37:09,270 S2: that just generally comes down to how much is in 656 00:37:09,310 --> 00:37:11,950 S2: there and the complexity of it. I mean, if you're talking, 657 00:37:12,190 --> 00:37:15,109 S2: you know, writing a monthly check, uh, you know, to 658 00:37:15,150 --> 00:37:19,509 S2: an air, um, based on the trust document guidelines, then, 659 00:37:19,550 --> 00:37:21,190 S2: you know, it's not going to really be a whole lot. 660 00:37:21,190 --> 00:37:23,989 S2: So it might be just a nominal annual fee for 661 00:37:24,030 --> 00:37:27,069 S2: that person's time. Uh, but all that is, is spelled 662 00:37:27,070 --> 00:37:29,550 S2: out in the trust document. And your estate planning attorney 663 00:37:29,590 --> 00:37:32,790 S2: who sets it up based on the complexity and the 664 00:37:32,790 --> 00:37:35,390 S2: size of it, could advise you on how to do it. 665 00:37:35,510 --> 00:37:37,109 S2: And a lot of that, again, is going to come 666 00:37:37,110 --> 00:37:39,469 S2: down to, is it somebody who's personally known to you 667 00:37:39,469 --> 00:37:42,549 S2: or a family member or is it a professional trustee? 668 00:37:43,710 --> 00:37:47,069 S6: Okay. Great. Super. Well, that answers my question. 669 00:37:47,070 --> 00:37:47,870 S7: So all right. 670 00:37:48,670 --> 00:37:49,750 S6: I appreciate the help. 671 00:37:49,750 --> 00:37:50,870 S7: Thank you. Absolutely. 672 00:37:50,870 --> 00:37:53,149 S2: You are so welcome, Elizabeth. Thank you for your call today. 673 00:37:53,150 --> 00:37:54,670 S2: We appreciate it. By the way. Stay on the line. 674 00:37:54,670 --> 00:37:56,990 S2: I'm going to send you a copy of our new 675 00:37:57,150 --> 00:38:00,350 S2: faithful Steward magazine, and I think you'll enjoy it. I 676 00:38:00,350 --> 00:38:03,390 S2: hopefully it'll be a blessing to you. Thanks for calling today. Uh, 677 00:38:03,430 --> 00:38:07,060 S2: let's head to, uh, Bill in Texas. bill. Go right ahead. 678 00:38:07,700 --> 00:38:09,700 S8: Quick question. I know you're running out of time, but 679 00:38:09,700 --> 00:38:13,020 S8: I have a managed account with a broker here, a 680 00:38:13,020 --> 00:38:18,819 S8: national broker. We live in Dallas, and it has. It's 681 00:38:18,820 --> 00:38:23,940 S8: a combination. I'm 71, retired. When we first started this, uh, 682 00:38:23,940 --> 00:38:25,859 S8: it was a result of an inheritance. My sister and 683 00:38:25,860 --> 00:38:29,940 S8: I from my father, he had about, oh, $850,000 in 684 00:38:29,940 --> 00:38:33,660 S8: a managed account, and, uh, was split in half. My 685 00:38:33,660 --> 00:38:35,739 S8: sister went her her way, and I went my way. 686 00:38:35,739 --> 00:38:37,859 S8: And we when we first started, my wife and I 687 00:38:37,860 --> 00:38:42,020 S8: said a 5050 balance would be pretty conservative for us. 688 00:38:42,060 --> 00:38:45,419 S8: I leaned more on the conservative conservative end. Just because 689 00:38:45,420 --> 00:38:48,419 S8: I'm retirement now and the stock market, I don't want, 690 00:38:48,460 --> 00:38:51,259 S8: you know, kind of risky. So and then over the 691 00:38:51,260 --> 00:38:54,820 S8: last couple of years, the advisor moved it more towards a, 692 00:38:56,140 --> 00:39:02,380 S8: oh 40, 42% equities. The other 50 plus in uh, uh, 693 00:39:02,980 --> 00:39:07,090 S8: bonds and cash. You know cash account. Yeah. And so 694 00:39:07,090 --> 00:39:10,850 S8: we use we use this and it's grown. We when 695 00:39:10,850 --> 00:39:15,609 S8: we started back in 2018 it had about 100 430,000. 696 00:39:15,650 --> 00:39:19,370 S8: Today it has about 420,000. And how we use this 697 00:39:19,370 --> 00:39:22,890 S8: is to support our retirement income. So $1,500 a month 698 00:39:22,930 --> 00:39:26,850 S8: goes into a cash account that has check writing privileges. 699 00:39:27,410 --> 00:39:29,890 S8: We use that 1500 a month to support, you know, 700 00:39:29,969 --> 00:39:34,210 S8: to help supplement Social Security. We have a savings account 701 00:39:34,210 --> 00:39:36,770 S8: with fidelity and other things. Have an annuity that pays 702 00:39:36,770 --> 00:39:39,890 S8: for 50 a month, something like that. But my question 703 00:39:39,890 --> 00:39:44,049 S8: for you is, is do you think and it's as 704 00:39:44,050 --> 00:39:47,169 S8: far as this managed account, I'm referring to it, that 705 00:39:47,170 --> 00:39:51,170 S8: 1500 comes to about 4.2% a year. And they they 706 00:39:51,210 --> 00:39:55,609 S8: say the 4% rule I guess is still pretty, pretty wise. 707 00:39:55,770 --> 00:39:56,170 S7: Yeah. 708 00:39:56,450 --> 00:39:58,730 S8: So that's about 18. That's about 18,000 a year we 709 00:39:58,730 --> 00:40:02,690 S8: pull out of that. And but we also have to 710 00:40:02,730 --> 00:40:07,359 S8: go into that account for like sometimes our property taxes, 711 00:40:07,400 --> 00:40:10,920 S8: you know, about $6,000 a year. We have a wedding 712 00:40:10,920 --> 00:40:14,160 S8: coming up and we're the we're the parents of the bride. And, 713 00:40:14,800 --> 00:40:17,440 S8: you know, we take on a lot of that cost traditionally. 714 00:40:17,760 --> 00:40:20,839 S8: And so we'll pull that from, from this managed account too. 715 00:40:20,880 --> 00:40:23,880 S8: But we've been blessed in the fact that, no, it 716 00:40:23,880 --> 00:40:27,480 S8: hasn't gone from 430 to 600,000, but it still stayed 717 00:40:27,480 --> 00:40:30,200 S8: at about the four 2430 over the last six years, 718 00:40:30,200 --> 00:40:33,239 S8: even though we've been pulling money out. And I'm just 719 00:40:33,280 --> 00:40:35,719 S8: asking you, do you think that's a prudent. Is that 720 00:40:35,719 --> 00:40:38,560 S8: a wise way to help supplement our retirement income, or 721 00:40:38,600 --> 00:40:40,719 S8: is there other options we should think about? 722 00:40:41,120 --> 00:40:44,800 S2: Yeah. Uh, no. I love everything you just said here, because, 723 00:40:44,840 --> 00:40:47,400 S2: number one, I think you're right. You're right there at 724 00:40:47,440 --> 00:40:53,440 S2: that 4.2 4.3% range with 18,000 a year on 420,000. 725 00:40:53,480 --> 00:40:56,160 S2: You know that I would say that that rate is 726 00:40:56,160 --> 00:41:00,360 S2: still considered a stay safe starting point in retirement planning. Um, 727 00:41:00,600 --> 00:41:03,439 S2: you know, I think the you've proven that out by 728 00:41:03,440 --> 00:41:05,200 S2: the fact that you've been able to do that and 729 00:41:05,200 --> 00:41:07,799 S2: take a little bit extra along the way. Uh, you know, 730 00:41:07,840 --> 00:41:10,400 S2: for some other things as it has come up and 731 00:41:10,400 --> 00:41:14,760 S2: basically generally preserve the balance, which was the goal even with, 732 00:41:14,800 --> 00:41:18,640 S2: you know, inflation and things costing more than they have previously. 733 00:41:18,800 --> 00:41:20,399 S2: And I think you're right. I mean, I would have 734 00:41:20,400 --> 00:41:24,360 S2: said a starting point on the mix at 70 years old. 735 00:41:24,400 --> 00:41:25,960 S2: You know, we used to use the rule of 100. 736 00:41:26,000 --> 00:41:28,799 S2: Now we use 110 because people are living longer. But 737 00:41:28,800 --> 00:41:32,360 S2: 110 minus your age is what you should have in equities. 738 00:41:32,360 --> 00:41:35,799 S2: That's 40%. And that's what you've got 40 and equities 739 00:41:35,800 --> 00:41:38,680 S2: 60 and fixed income and bonds. The only thing I 740 00:41:38,680 --> 00:41:41,800 S2: might consider is adding a little precious metal allocation, somewhere 741 00:41:41,800 --> 00:41:45,240 S2: between 5 and 10% out of the fixed income portion. 742 00:41:45,239 --> 00:41:47,919 S2: But I think you're on the right track. I love 743 00:41:47,920 --> 00:41:50,399 S2: the plan. I don't have any issues with it whatsoever. 744 00:41:50,920 --> 00:41:53,080 S8: Thank you so much, Rob. I really appreciate your time. 745 00:41:53,280 --> 00:41:56,000 S2: Absolutely. God bless you, my friend. Hey, before we wrap 746 00:41:56,000 --> 00:41:58,720 S2: up today, let me remind you, you know, financial decision 747 00:41:58,760 --> 00:42:04,870 S2: making can often seem overwhelming. Seemingly endless decisions about money. 748 00:42:04,870 --> 00:42:07,950 S2: But we can boil it down into something perhaps a 749 00:42:07,950 --> 00:42:12,029 S2: bit more simple. All we can do with money is live, give, 750 00:42:12,030 --> 00:42:14,629 S2: owe and grow. There's the money we spend on our lifestyle, 751 00:42:14,630 --> 00:42:17,710 S2: the money we owe for debt and taxes, the money 752 00:42:17,710 --> 00:42:19,950 S2: we grow for the future and the money we give 753 00:42:19,950 --> 00:42:23,870 S2: to the Lord's work. And all of those are addressed 754 00:42:23,870 --> 00:42:27,310 S2: in Scripture. Every one of those have principles that we 755 00:42:27,310 --> 00:42:29,069 S2: can pull out of God's Word, our hope and prayers 756 00:42:29,070 --> 00:42:31,069 S2: that we can help you do that on this program 757 00:42:31,270 --> 00:42:34,270 S2: each day. Before we go, let me remind you, this 758 00:42:34,270 --> 00:42:36,670 S2: is a critical time of year for us to hear 759 00:42:36,670 --> 00:42:39,830 S2: from you as a listener supported ministry. We have a 760 00:42:39,870 --> 00:42:42,430 S2: goal between now and the end of the year. And 761 00:42:42,430 --> 00:42:48,149 S2: the exciting part is every gift is doubled up to $175,000. 762 00:42:48,190 --> 00:42:52,270 S2: Just head to faith. Hey, faith and Finance Live is 763 00:42:52,270 --> 00:42:55,350 S2: a ministry of faith, fi and Moody Radio. Thanks to 764 00:42:55,390 --> 00:42:57,710 S2: my team today and we'll see you tomorrow. Come back 765 00:42:57,710 --> 00:42:58,830 S2: and join us then. Bye bye.