1 00:00:03,320 --> 00:00:07,440 S1: This faith and finance live is actually prerecorded, so please 2 00:00:07,440 --> 00:00:11,039 S1: don't call in. Every day we make decisions about money, 3 00:00:11,039 --> 00:00:14,200 S1: but not every decision is made on purpose. Hi, I'm 4 00:00:14,200 --> 00:00:17,279 S1: Rob West. When it comes to generosity, most of us 5 00:00:17,280 --> 00:00:20,000 S1: struggle with where to give, how much to give, and 6 00:00:20,000 --> 00:00:23,400 S1: whether it really makes a difference. Today, we'll explore why 7 00:00:23,440 --> 00:00:27,400 S1: intentional giving isn't just another financial habit. It's an act 8 00:00:27,400 --> 00:00:31,800 S1: of discipleship that connects our resources to God's redemptive work 9 00:00:31,800 --> 00:00:34,639 S1: in the world. Then we have some great calls lined up, 10 00:00:34,640 --> 00:00:38,280 S1: but please don't call in today because we're prerecorded. This 11 00:00:38,280 --> 00:00:42,920 S1: is faith and finance. Live biblical wisdom for your financial decisions. 12 00:00:46,200 --> 00:00:50,960 S1: There are endless needs around us local churches, global missions, ministries, 13 00:00:50,960 --> 00:00:55,360 S1: serving the poor organizations, strengthening families and sharing the gospel. 14 00:00:55,600 --> 00:00:59,840 S1: Faced with so many opportunities, it's easy to feel overwhelmed 15 00:00:59,840 --> 00:01:03,520 S1: or to default to reactive giving when a need appears 16 00:01:03,520 --> 00:01:07,160 S1: in front of us. But Scripture invites us into something deeper. 17 00:01:07,480 --> 00:01:11,720 S1: Ephesians 210 reminds us, for we are his workmanship, created 18 00:01:11,720 --> 00:01:15,960 S1: in Christ Jesus for good works, which God prepared beforehand 19 00:01:15,959 --> 00:01:20,520 S1: that we should walk in them. That means generosity isn't random. 20 00:01:20,520 --> 00:01:23,880 S1: It's part of the purpose God has written into our lives. 21 00:01:23,880 --> 00:01:27,520 S1: We're not just managing money, we're participating in his mission. 22 00:01:27,840 --> 00:01:31,520 S1: Intentional giving begins when we realize that our work and 23 00:01:31,520 --> 00:01:36,320 S1: income aren't just about survival or success. They're about joining 24 00:01:36,319 --> 00:01:39,800 S1: God in meeting needs and restoring the lives of others. 25 00:01:40,000 --> 00:01:43,240 S1: And when we give this way, generosity becomes one of 26 00:01:43,240 --> 00:01:46,200 S1: the most exciting things we do with our money. The 27 00:01:46,200 --> 00:01:50,360 S1: apostle Paul writes in one Timothy 618 and 19 that 28 00:01:50,360 --> 00:01:54,200 S1: believers are to do good, to be rich in good works, 29 00:01:54,200 --> 00:01:57,760 S1: to be generous and ready to share, storing up treasure 30 00:01:57,760 --> 00:02:02,440 S1: that leads to that which is truly life. Generosity connects 31 00:02:02,440 --> 00:02:06,960 S1: what we have now to what lasts forever. Every intentional gift, 32 00:02:06,960 --> 00:02:10,680 S1: every dollar aligned with God's heart is a present tense 33 00:02:10,680 --> 00:02:14,720 S1: glimpse of his kingdom breaking into this world. So how 34 00:02:14,720 --> 00:02:18,639 S1: do we practice intentional giving? First, we start with our 35 00:02:18,639 --> 00:02:23,480 S1: local church. God designed the church to reach communities, equip believers, 36 00:02:23,480 --> 00:02:28,160 S1: and advance the gospel. Supporting it isn't just tradition, it's 37 00:02:28,160 --> 00:02:32,040 S1: participation in his ongoing work. From there, we look for 38 00:02:32,040 --> 00:02:36,000 S1: additional opportunities to care for the vulnerable around us. Proverbs 39 00:02:36,040 --> 00:02:39,840 S1: 1917 says, whoever is generous to the poor lends to 40 00:02:39,880 --> 00:02:43,920 S1: the Lord. Whether through local outreaches, relief efforts, or helping 41 00:02:43,919 --> 00:02:47,840 S1: a neighbor in need, these gifts reflect God's compassion in 42 00:02:47,840 --> 00:02:52,520 S1: practical ways. We can also invest further in spreading the gospel. 43 00:02:52,520 --> 00:02:56,000 S1: Romans 1015 reminds us how beautiful are the feet of 44 00:02:56,000 --> 00:02:59,640 S1: those who bring good news. Every gift that helps someone 45 00:02:59,639 --> 00:03:03,959 S1: hear about the hope of Christ carries eternal impact. When 46 00:03:03,960 --> 00:03:07,959 S1: we give in this way, generosity becomes a testimony. Our 47 00:03:07,960 --> 00:03:10,760 S1: finances begin to tell a story about what we love, 48 00:03:10,760 --> 00:03:14,119 S1: what we value, and whom we trust. And here's what 49 00:03:14,120 --> 00:03:19,120 S1: makes intentional giving so powerful. It flows from grace, not guilt. 50 00:03:19,240 --> 00:03:22,079 S1: Scripture reminds us that giving isn't something we do to 51 00:03:22,120 --> 00:03:25,320 S1: earn God's favor. It's a response to the favor we've 52 00:03:25,320 --> 00:03:29,040 S1: already received. Each one must give as he has decided 53 00:03:29,040 --> 00:03:32,640 S1: in his heart. For God loves a cheerful giver. When 54 00:03:32,639 --> 00:03:36,480 S1: grace takes root, open hands follow. In other words, we 55 00:03:36,520 --> 00:03:40,080 S1: don't give to become generous people. We give because God 56 00:03:40,080 --> 00:03:44,120 S1: has already been generous to us. Jesus himself modeled this 57 00:03:44,320 --> 00:03:47,400 S1: though rich, he became poor so that we might share 58 00:03:47,400 --> 00:03:52,160 S1: in his riches. That's the foundation of all generosity, the gospel. 59 00:03:52,480 --> 00:03:57,320 S1: Intentional giving simply asks, Where is God inviting me to participate? 60 00:03:57,480 --> 00:04:00,760 S1: Who is he placed in my path? What opportunities has 61 00:04:00,760 --> 00:04:05,000 S1: he prepared for me in advance? Because you've been uniquely 62 00:04:05,000 --> 00:04:09,360 S1: positioned with your experiences, your relationships, and your resources to 63 00:04:09,400 --> 00:04:12,440 S1: make a difference in ways no one else can. When 64 00:04:12,440 --> 00:04:16,640 S1: generosity becomes intentional, it reshapes how we see our money. 65 00:04:16,800 --> 00:04:20,200 S1: It's no longer just income or savings. It becomes a 66 00:04:20,200 --> 00:04:24,240 S1: tool for kingdom impact. It reminds us of something profound. 67 00:04:24,240 --> 00:04:28,799 S1: Giving isn't just about changing someone else's life. It changes ours. 68 00:04:29,040 --> 00:04:33,120 S1: It loosens our grip on money, strengthens our trust in God, 69 00:04:33,120 --> 00:04:37,400 S1: and aligns our hearts with his purposes. In fact, this 70 00:04:37,400 --> 00:04:40,520 S1: is a major theme I explore in my new devotional. 71 00:04:40,560 --> 00:04:44,919 S1: Our Ultimate Treasure a 21 day Journey to Faithful Stewardship. 72 00:04:45,120 --> 00:04:49,200 S1: One of the days is devoted entirely to intentional giving, 73 00:04:49,200 --> 00:04:53,080 S1: helping you see how your generosity fits into God's bigger 74 00:04:53,080 --> 00:04:57,450 S1: story and how your finances can reflect his grace and purpose. 75 00:04:57,690 --> 00:05:00,370 S1: If you want to grow in that mindset, seeing every 76 00:05:00,370 --> 00:05:04,130 S1: dollar as an opportunity to participate in God's work. I'd 77 00:05:04,170 --> 00:05:06,610 S1: encourage you to pick up a copy. It's designed to 78 00:05:06,610 --> 00:05:09,529 S1: help you align your heart, your habits, and your money 79 00:05:09,529 --> 00:05:12,730 S1: with what matters most. You can purchase your copy or 80 00:05:12,730 --> 00:05:15,290 S1: place a bulk order for your church or small group 81 00:05:15,410 --> 00:05:35,850 S1: at viktorwrites.com. That's faith.com. We'll be right back. So glad 82 00:05:35,850 --> 00:05:38,530 S1: to have you with us today on Faith and Finance Live. 83 00:05:38,529 --> 00:05:41,330 S1: Our team is away today, so don't call in. But 84 00:05:41,330 --> 00:05:44,089 S1: we lined up some great questions in advance and we'll 85 00:05:44,089 --> 00:05:46,330 S1: be going to those here in just a moment. Let 86 00:05:46,330 --> 00:05:48,850 S1: me also remind you that the advice that I give 87 00:05:48,850 --> 00:05:52,409 S1: each day on this program is general in nature. We 88 00:05:52,730 --> 00:05:56,570 S1: offer principles and ideas that apply at a high level. 89 00:05:56,570 --> 00:05:59,970 S1: They are not personalized. So that's why you should always 90 00:06:00,010 --> 00:06:03,489 S1: seek professional financial advice. And if you'd like to find 91 00:06:03,490 --> 00:06:06,730 S1: a professional who shares your values, we of course here 92 00:06:06,730 --> 00:06:11,089 S1: at Faith and Finance Live recommend the Certified Kingdom Advisor designation. 93 00:06:11,089 --> 00:06:13,650 S1: These are men and women who've met high standards, and 94 00:06:13,650 --> 00:06:16,650 S1: they've been trained to bring a biblical worldview of financial 95 00:06:16,650 --> 00:06:19,970 S1: decision making. You can find one at faith fi.com. All right. 96 00:06:19,970 --> 00:06:21,450 S1: Let's head to the phones here. Today we're going to 97 00:06:21,450 --> 00:06:23,570 S1: head to Arkansas. Stephen, you'll be our first caller, sir. 98 00:06:23,610 --> 00:06:24,130 S1: Go ahead. 99 00:06:24,810 --> 00:06:27,370 S2: Oh yes, sir. Uh, I was calling in regard my 100 00:06:27,370 --> 00:06:31,730 S2: mother and my stepfather, they're in their early 80s. Uh, and, uh, 101 00:06:32,010 --> 00:06:37,330 S2: he's got 3600 shares of Walmart stock, and, uh, she's 102 00:06:37,330 --> 00:06:40,490 S2: not on the stock. And he thinks that when she, 103 00:06:40,529 --> 00:06:44,770 S2: upon his passing, it will automatically go to her, uh, 104 00:06:44,770 --> 00:06:48,330 S2: but she has her doubts, and I think he's tried 105 00:06:48,330 --> 00:06:51,610 S2: to get her name added to the stock, But I 106 00:06:51,650 --> 00:06:54,089 S2: hadn't been able to do that, and she's just wanted 107 00:06:54,089 --> 00:06:56,330 S2: me to call and see what they needed to do 108 00:06:56,330 --> 00:06:59,010 S2: to get her name added to that stock, or will 109 00:06:59,010 --> 00:07:01,130 S2: it just automatically revert to her? 110 00:07:01,250 --> 00:07:04,570 S1: Yeah, well, he needs to check or she does. Or 111 00:07:04,570 --> 00:07:08,730 S1: both of them. How the 3600 shares of Walmart are registered. 112 00:07:08,730 --> 00:07:12,170 S1: Here's the possibilities. Uh, it could be joint tenants with 113 00:07:12,170 --> 00:07:15,730 S1: right of survivorship. So if the stock is titled, you know, 114 00:07:15,770 --> 00:07:18,490 S1: John and Mary Smith, for example, joint tenants with right 115 00:07:18,530 --> 00:07:22,330 S1: of survivorship. Then when one spouse dies, the shares automatically 116 00:07:22,330 --> 00:07:25,130 S1: go to the surviving spouse. The stock does not go 117 00:07:25,130 --> 00:07:30,570 S1: through probate. Um, if it's tenants in common, then, uh, 118 00:07:30,570 --> 00:07:34,090 S1: when one dies, their half does not automatically go to 119 00:07:34,130 --> 00:07:38,170 S1: the spouse. It would pass according to their will or 120 00:07:38,170 --> 00:07:42,210 S1: if no will, according to the state intestacy laws, um, 121 00:07:42,450 --> 00:07:45,610 S1: and then may go through probate if it's individually owned 122 00:07:45,610 --> 00:07:50,250 S1: and his name only. Then they pass based on his will, 123 00:07:50,530 --> 00:07:53,890 S1: which needs to be up to date. Also, there could 124 00:07:53,890 --> 00:07:57,730 S1: be a transfer on death registration which says something like 125 00:07:57,730 --> 00:08:02,370 S1: John Smith. T o transfer on death, Mary Smith. And 126 00:08:02,370 --> 00:08:05,450 S1: then they would automatically pass outside of probate. So I 127 00:08:05,450 --> 00:08:09,210 S1: think what they need to do is, is check the 128 00:08:09,290 --> 00:08:14,410 S1: the brokerage statement, check the exact ownership wording, confirm whether 129 00:08:14,410 --> 00:08:18,970 S1: a Tod beneficiary is listed, and then review wills and 130 00:08:18,970 --> 00:08:22,290 S1: a trust if there is one to make sure that 131 00:08:22,290 --> 00:08:24,770 S1: they are up to date, because that would ensure that 132 00:08:24,770 --> 00:08:28,530 S1: even if it's not titled in her name either with 133 00:08:28,610 --> 00:08:32,689 S1: right of survivorship or Tod that you know, it would 134 00:08:32,690 --> 00:08:35,770 S1: still pass to her based on the last will and testament. 135 00:08:36,250 --> 00:08:38,689 S2: Okay. All right. I thank you for your help. 136 00:08:39,050 --> 00:08:42,449 S1: All right. Absolutely. I appreciate your call today. And if 137 00:08:42,450 --> 00:08:44,890 S1: we can help further there's further questions. Don't hesitate to 138 00:08:44,890 --> 00:08:47,690 S1: reach out. By the way, if they need a an 139 00:08:47,730 --> 00:08:52,130 S1: estate planning attorney to either update existing documents or to 140 00:08:52,170 --> 00:08:54,770 S1: fill in gaps that exist. You could always reach out 141 00:08:54,770 --> 00:08:57,490 S1: to a certified Kingdom advisor and ask for a referral 142 00:08:57,530 --> 00:09:01,330 S1: to a godly estate planning attorney. They'll all have one 143 00:09:01,330 --> 00:09:03,689 S1: that they work with and they can make that referral. 144 00:09:03,970 --> 00:09:07,010 S1: Finding a K locally is as simple as going to 145 00:09:07,090 --> 00:09:13,449 S1: find a c.com. That's find a c k a.com that 146 00:09:13,450 --> 00:09:17,570 S1: stands for Certified Kingdom Advisor to Chicago. Hi, Gladys, go ahead. 147 00:09:18,130 --> 00:09:20,610 S3: Hi, Rob. I just want to say thank you again 148 00:09:20,610 --> 00:09:23,650 S3: for your long standing faithfulness for this kingdom of God. 149 00:09:23,650 --> 00:09:28,689 S3: We're in. And and I do listen regularly. And I've 150 00:09:28,690 --> 00:09:33,050 S3: noticed that you advise against life insurance policies. Well, my 151 00:09:33,050 --> 00:09:37,929 S3: situation was in 2020, I opened up a life insurance policy. 152 00:09:37,970 --> 00:09:43,890 S3: My children are now grown independent. The policy was for $110,000, 153 00:09:44,210 --> 00:09:46,610 S3: and I checked because I was going to do what 154 00:09:46,610 --> 00:09:50,930 S3: you considered about switching it over, but there's like $30,000 155 00:09:50,929 --> 00:09:54,130 S3: into the policy. So what would be the best way 156 00:09:54,130 --> 00:09:57,890 S3: to move that $30,000 somewhere else? 157 00:09:58,250 --> 00:10:01,250 S1: Yeah. Let me clarify first though, because you started by saying, 158 00:10:01,250 --> 00:10:05,010 S1: I know you don't like life insurance. Let me just clarify. Absolutely. 159 00:10:05,010 --> 00:10:07,890 S1: Like life insurance. I think everybody needs life insurance. During 160 00:10:07,890 --> 00:10:11,330 S1: your working years, did you perhaps mention, uh, or were 161 00:10:11,330 --> 00:10:13,209 S1: you thinking whole life insurance? 162 00:10:13,410 --> 00:10:16,690 S3: Well, this was a universal policy. It was called a 163 00:10:16,730 --> 00:10:19,530 S3: flexible premium variable. Universal. 164 00:10:19,570 --> 00:10:23,610 S1: Okay. Got it. Yeah, yeah. So I recommend again, everybody 165 00:10:23,610 --> 00:10:26,730 S1: has insurance during their working years, but for most people, 166 00:10:26,730 --> 00:10:29,930 S1: and I mean that this isn't for everyone. For most people, 167 00:10:29,970 --> 00:10:33,130 S1: term insurance is the, the way you spend the least 168 00:10:33,130 --> 00:10:36,410 S1: amount of money to get the adequate coverage that you 169 00:10:36,410 --> 00:10:40,449 S1: really need. So you're not under-insured, you're properly insured, but 170 00:10:40,450 --> 00:10:43,410 S1: you're paying as little as possible. And I think that's 171 00:10:43,410 --> 00:10:45,850 S1: the ideal so that you have more to put away, 172 00:10:45,850 --> 00:10:48,850 S1: to give or to save or to put into your, 173 00:10:48,890 --> 00:10:52,130 S1: you know, retirement account, something like that. Where whole life 174 00:10:52,130 --> 00:10:56,330 S1: comes in is for somebody who has, you know, maybe a, 175 00:10:56,330 --> 00:10:59,170 S1: a business and they need to buy, sell agreement or 176 00:10:59,170 --> 00:11:02,290 S1: they have a lifelong dependent or, you know, something like that, 177 00:11:02,290 --> 00:11:07,250 S1: where there's a need beyond just your working life for insurance. 178 00:11:07,410 --> 00:11:10,130 S1: And so you protect that death benefit throughout your whole 179 00:11:10,130 --> 00:11:12,890 S1: life by having a whole life policy and in some 180 00:11:12,890 --> 00:11:17,449 S1: cases to, you know, use to accumulate cash value. So 181 00:11:17,570 --> 00:11:20,290 S1: for someone who, let's say is starting late on retirement 182 00:11:20,290 --> 00:11:23,010 S1: savings and they're trying to, you know, they can't put 183 00:11:23,010 --> 00:11:25,730 S1: enough away in a company sponsored plan. Well, a life 184 00:11:25,730 --> 00:11:28,610 S1: insurance policy is another way to save for retirement. In 185 00:11:28,610 --> 00:11:30,890 S1: your case, you've already got it. You've had it for 186 00:11:30,890 --> 00:11:33,690 S1: a long time and you've built up some cash value. 187 00:11:33,690 --> 00:11:36,770 S1: So you've got 30,000 in there. Do you still need 188 00:11:36,770 --> 00:11:39,569 S1: the death benefit? Gladys? Is there anyone depending upon you 189 00:11:39,570 --> 00:11:41,089 S1: for your income or something? 190 00:11:41,530 --> 00:11:42,849 S3: No, not at all. 191 00:11:42,890 --> 00:11:45,730 S1: Okay, so then the question is, you know, is it 192 00:11:45,730 --> 00:11:48,890 S1: best to take that 30,000 and put it somewhere else 193 00:11:48,890 --> 00:11:51,690 S1: and give up the death benefit, but also give up 194 00:11:51,690 --> 00:11:55,410 S1: the premiums that you're paying every year or just to 195 00:11:55,450 --> 00:11:59,170 S1: continue to ride with this policy, make the premium payments 196 00:11:59,170 --> 00:12:02,290 S1: and let the cash value grow. Assuming it's growing, what 197 00:12:02,290 --> 00:12:04,770 S1: are you spending per year in premiums? Anything? 198 00:12:05,690 --> 00:12:08,130 S3: Um, it's $107 a month. 199 00:12:08,450 --> 00:12:10,810 S1: Okay. And what is the death benefit today? 200 00:12:11,530 --> 00:12:14,250 S3: $110,000 death benefit. 201 00:12:14,530 --> 00:12:18,250 S1: All right. And is that 30,000 going down each year 202 00:12:18,250 --> 00:12:20,330 S1: or are they is that declining? 203 00:12:20,690 --> 00:12:24,290 S3: It will at some point start to decline. Right now 204 00:12:24,290 --> 00:12:27,410 S3: I'm just riding with it. But at some point the 205 00:12:27,410 --> 00:12:30,210 S3: premiums will go up as I get older. 206 00:12:30,410 --> 00:12:32,090 S1: Yeah. And what is your age now? 207 00:12:32,410 --> 00:12:34,090 S3: I'm 77. 208 00:12:34,090 --> 00:12:36,210 S1: Zero. And and are you in pretty good health? 209 00:12:36,690 --> 00:12:39,050 S3: Yes. So far I praise the Lord. 210 00:12:39,490 --> 00:12:42,650 S1: Praise the Lord. So you know, you're I mean, let's say, 211 00:12:43,290 --> 00:12:46,370 S1: you know, you live another 30 years. I mean, you're 212 00:12:46,370 --> 00:12:49,170 S1: going to spend a lot of money and eventually completely 213 00:12:49,170 --> 00:12:52,850 S1: erode all of that 30,000 in cash value. You know, 214 00:12:52,890 --> 00:12:56,170 S1: not to mention the increasing premiums over time. I mean, 215 00:12:56,210 --> 00:12:59,130 S1: right now you're spending 1200 a year, which is not 216 00:12:59,130 --> 00:13:02,730 S1: a whole lot. And you've got that $110,000 death benefit. 217 00:13:02,730 --> 00:13:05,250 S1: But I think the better question is, you know, what 218 00:13:05,250 --> 00:13:07,210 S1: else could you do with that money? If you got 219 00:13:07,210 --> 00:13:09,290 S1: rid of the 1200 a month that you're sending in 220 00:13:09,290 --> 00:13:13,330 S1: premiums and you got the 30,000 out that you could invest? 221 00:13:13,330 --> 00:13:16,210 S1: And let's say you put that 1200 a month somewhere else, 222 00:13:16,490 --> 00:13:19,010 S1: and you don't have to deal with the rising premiums 223 00:13:19,010 --> 00:13:22,770 S1: as you age, because let's assume the Lord tarries and 224 00:13:22,809 --> 00:13:24,330 S1: you're in good health. You're going to be with us 225 00:13:24,330 --> 00:13:27,130 S1: for quite a while, and the Lord's not done then. 226 00:13:27,170 --> 00:13:29,410 S1: You know, I kind of like you, you know, having 227 00:13:29,410 --> 00:13:32,410 S1: that money positioned elsewhere. If it's just going to be 228 00:13:32,410 --> 00:13:35,170 S1: dwindling down over time, does that make sense? 229 00:13:35,770 --> 00:13:36,410 S3: It does. 230 00:13:36,690 --> 00:13:39,530 S1: Yeah. So but I think the key is to perhaps 231 00:13:39,530 --> 00:13:42,300 S1: visit with an advisor who could just kind of look 232 00:13:42,300 --> 00:13:46,260 S1: at your overall financial picture and see how this universal 233 00:13:46,260 --> 00:13:49,580 S1: life policy fits in with everything else, and decide where 234 00:13:49,580 --> 00:13:52,260 S1: you would put the money before you go and cancel 235 00:13:52,260 --> 00:13:54,420 S1: the policy. I'd love for you to have a plan, 236 00:13:54,420 --> 00:13:57,300 S1: and for that plan to involve some counsel from an 237 00:13:57,340 --> 00:14:00,780 S1: advisor who understands you and everything going on in your life. 238 00:14:01,140 --> 00:14:03,620 S1: Do you have an advisor you could connect with who's 239 00:14:03,620 --> 00:14:06,260 S1: not just an insurance agent, but somebody who could really 240 00:14:06,260 --> 00:14:09,020 S1: help you just analyze everything that you have? 241 00:14:09,420 --> 00:14:11,700 S3: No, I was going to go to your website. 242 00:14:11,860 --> 00:14:14,699 S1: Okay. Yeah, that'd be good. There's some great certified Kingdom 243 00:14:14,700 --> 00:14:17,380 S1: advisors there in Chicago. Gladys and I know they'd be 244 00:14:17,420 --> 00:14:19,780 S1: happy to help you, even on a one time basis. 245 00:14:19,980 --> 00:14:22,340 S1: Just as you're trying to figure out where you go 246 00:14:22,340 --> 00:14:25,260 S1: from here. Hey, thanks for your kind remarks about the program. 247 00:14:25,260 --> 00:14:27,300 S1: May the Lord bless you. We'll be right back on 248 00:14:27,300 --> 00:14:37,260 S1: faith and finance live. Stick around. Thanks for joining us 249 00:14:37,260 --> 00:14:40,900 S1: today on Faith and Finance Live. Again, we're not here today. 250 00:14:40,940 --> 00:14:43,060 S1: Our team is away from the studio, so don't call in. 251 00:14:43,060 --> 00:14:46,380 S1: But we've got some great questions coming up. In fact, 252 00:14:46,380 --> 00:14:49,740 S1: let's go to one of those right now to Colorado. Candy, 253 00:14:49,780 --> 00:14:50,540 S1: how can I help? 254 00:14:51,060 --> 00:14:56,060 S4: Hi. Yes, we've been blessed to have two homes in 255 00:14:56,060 --> 00:14:59,260 S4: different states. And within the next like 3 to 4 years, 256 00:14:59,260 --> 00:15:02,540 S4: we're thinking about selling one of them. Not sure which one, 257 00:15:03,060 --> 00:15:06,740 S4: but you had mentioned the capital gain exemption. When you 258 00:15:06,740 --> 00:15:09,619 S4: sell a house where you don't have to pay taxes 259 00:15:09,620 --> 00:15:13,620 S4: on the capital gains. And I was wondering, you said 260 00:15:13,620 --> 00:15:16,300 S4: two of the last five years, do they have to 261 00:15:16,300 --> 00:15:17,340 S4: be consecutive? 262 00:15:18,260 --> 00:15:20,740 S1: They do not know. And this is a common area 263 00:15:20,740 --> 00:15:23,780 S1: of confusion. It does not have to be consecutive. So 264 00:15:23,780 --> 00:15:27,940 S1: it's a total of 24 months within the last 60 265 00:15:28,300 --> 00:15:31,340 S1: prior to the sale. Uh, so you have to have 266 00:15:31,340 --> 00:15:34,100 S1: owned the home for at least two years, lived in 267 00:15:34,100 --> 00:15:37,180 S1: it for your as your primary residence for at least 268 00:15:37,180 --> 00:15:41,180 S1: two years. But those two years can be any 24 269 00:15:41,180 --> 00:15:44,740 S1: months in the five year window before the sale. They 270 00:15:44,740 --> 00:15:47,060 S1: don't have to be back to back, but you can 271 00:15:47,060 --> 00:15:50,500 S1: only do this every two years. So if you do 272 00:15:50,540 --> 00:15:53,660 S1: it once and you meet the requirement of two out 273 00:15:53,700 --> 00:15:56,460 S1: of the last five, not consecutive, then you wouldn't be 274 00:15:56,460 --> 00:15:58,620 S1: able to do it again for another two years. 275 00:15:59,460 --> 00:16:03,700 S4: Okay. Sounds great. So we could flip flop states where 276 00:16:03,700 --> 00:16:05,940 S4: we reside in then, correct? 277 00:16:05,980 --> 00:16:09,660 S1: You could? Yes. As long as you establish. Yeah. You're 278 00:16:09,660 --> 00:16:13,060 S1: living there as your primary residence and it has to 279 00:16:13,060 --> 00:16:16,020 S1: be for 24 months out of five years. 280 00:16:16,460 --> 00:16:19,180 S4: Wonderful. Thank you so much for clarifying that and for 281 00:16:19,180 --> 00:16:19,980 S4: your program. 282 00:16:20,180 --> 00:16:22,300 S1: Well, thank you very much, I appreciate it. Let's go 283 00:16:22,300 --> 00:16:24,220 S1: to Canton, Ohio. Nancy. Go ahead. 284 00:16:24,980 --> 00:16:28,620 S4: Hi. Um, my husband and I, um, have five rental 285 00:16:28,620 --> 00:16:33,620 S4: properties and I'm 70 and he's 72. And, um, eventually, 286 00:16:33,660 --> 00:16:37,860 S4: probably when he's about 78, we wanted to dispose of 287 00:16:37,860 --> 00:16:42,100 S4: our properties. We do have three children. Um, I didn't 288 00:16:42,100 --> 00:16:45,460 S4: know if it's best to do it in one year or, um, 289 00:16:45,460 --> 00:16:50,140 S4: what you would suggest, um financially. Um, so that we 290 00:16:50,180 --> 00:16:50,940 S4: don't have to. 291 00:16:51,820 --> 00:16:55,020 S1: Yeah. Timing matters a lot here, Nancy. Not just for taxes, 292 00:16:55,020 --> 00:16:58,460 S1: but for Medicare. Because if you sold all, let's say extreme, 293 00:16:58,460 --> 00:17:01,060 S1: you sold all five rentals in one year, that would 294 00:17:01,060 --> 00:17:04,660 S1: massively increase your income and drive up your Medicare premiums. 295 00:17:04,740 --> 00:17:07,619 S1: Two years later, if you spread it out, which is 296 00:17:07,619 --> 00:17:09,500 S1: typically the way you'd want to do it, you know, 297 00:17:09,580 --> 00:17:12,139 S1: that's going to help to to not have that big 298 00:17:12,140 --> 00:17:16,219 S1: income spike. Because when you sell properties, they, you recognize 299 00:17:16,220 --> 00:17:20,900 S1: the capital gains, any depreciation recapture, any net rental income. 300 00:17:21,220 --> 00:17:23,179 S1: And if you were to do that in a single year, 301 00:17:23,180 --> 00:17:26,500 S1: your income could jump six figures even if the properties 302 00:17:26,500 --> 00:17:30,340 S1: aren't big. And then that's reported to Medicare. And the 303 00:17:30,340 --> 00:17:33,740 S1: Medicare premiums are based on income from two years earlier. 304 00:17:33,740 --> 00:17:37,380 S1: That's what's called Irma. Um, and so that would trigger 305 00:17:37,380 --> 00:17:41,340 S1: higher Medicare Part B and part D for one full year, 306 00:17:41,340 --> 00:17:44,939 S1: possibly thousands of dollars in extra costs. So spreading it 307 00:17:44,940 --> 00:17:48,100 S1: out over several years would help to keep your income lower. 308 00:17:48,140 --> 00:17:52,580 S1: Hopefully stay below the Irma thresholds, reduce your capital gains, 309 00:17:52,780 --> 00:17:56,619 S1: and then spread out any depreciation recapture as well. Um, 310 00:17:56,619 --> 00:17:59,780 S1: so what could you do? Well, you could stagger the sales. 311 00:18:00,020 --> 00:18:02,660 S1: You could do 1031 exchanges if you're going to reinvest 312 00:18:02,660 --> 00:18:04,979 S1: in other properties. The other thing to consider is if 313 00:18:04,980 --> 00:18:06,619 S1: you want to do any giving out of any of 314 00:18:06,619 --> 00:18:09,580 S1: these properties, you could give all or a portion of 315 00:18:09,580 --> 00:18:12,820 S1: any of these properties to a donor advised fund before 316 00:18:12,820 --> 00:18:15,980 S1: you sell. And then you don't have any capital gains 317 00:18:15,980 --> 00:18:20,619 S1: on that portion because it's sold inside the donor advised fund, 318 00:18:20,820 --> 00:18:23,180 S1: eliminating the capital gains. And then it just funds your 319 00:18:23,180 --> 00:18:26,140 S1: account that you can then direct to your favorite ministries 320 00:18:26,140 --> 00:18:27,940 S1: or your church. Does that make sense? 321 00:18:28,380 --> 00:18:30,220 S4: Yes it does. Thank you very much. 322 00:18:30,260 --> 00:18:33,780 S1: You're welcome. Betty's been waiting patiently in Oregon. Betty. Go ahead. 323 00:18:34,220 --> 00:18:37,100 S5: Thank you for taking my call. My question is, I'm 324 00:18:37,100 --> 00:18:40,580 S5: in the process of finally finishing a trust that I 325 00:18:40,580 --> 00:18:44,220 S5: started many, many years ago. And it's a two fold question. 326 00:18:44,260 --> 00:18:47,300 S5: Number one, what all do I need to put into 327 00:18:47,300 --> 00:18:51,899 S5: the trust in terms of of a financial stuff? And secondly, 328 00:18:51,940 --> 00:18:55,260 S5: since I started this a number of years ago, um, 329 00:18:55,300 --> 00:18:59,060 S5: and then just dropped it, life happened. Um, my home 330 00:18:59,380 --> 00:19:03,820 S5: and my checking account is in the trust and it's 331 00:19:03,859 --> 00:19:07,980 S5: under my name. So what do I need to do to, 332 00:19:08,020 --> 00:19:11,100 S5: to make it because I'm working with a different company, um, 333 00:19:11,420 --> 00:19:13,020 S5: to finally complete this. 334 00:19:13,540 --> 00:19:18,460 S1: Yeah, yeah. Very good. Well, a couple of thoughts there. Interestingly, 335 00:19:18,460 --> 00:19:21,219 S1: there's a lot of people that create trust but never 336 00:19:21,220 --> 00:19:24,540 S1: move assets into them. So we certainly don't want to 337 00:19:24,540 --> 00:19:28,540 S1: do that because, uh, a trust only works if it's funded. 338 00:19:28,540 --> 00:19:31,180 S1: And that means the assets have to be retitled in 339 00:19:31,180 --> 00:19:33,580 S1: the name of the trust. But the purpose is, as 340 00:19:33,580 --> 00:19:37,740 S1: you well know, to avoid probate. Provide smooth transition to death. 341 00:19:37,740 --> 00:19:42,020 S1: Keep things simple for heirs. So the real question is 342 00:19:42,020 --> 00:19:44,660 S1: what do you need to move into it? Which assets 343 00:19:44,660 --> 00:19:47,780 S1: make the most sense inside of a trust, and commonly 344 00:19:47,780 --> 00:19:49,899 S1: what you would see as a home or real estate 345 00:19:50,020 --> 00:19:55,700 S1: Non-retirement investment accounts. Reason being retirement investment accounts, you would 346 00:19:55,700 --> 00:19:59,940 S1: generally have a beneficiary and they exist outside of trusts. 347 00:20:00,060 --> 00:20:03,580 S1: And then checking or savings accounts if used for bill pay. 348 00:20:03,980 --> 00:20:05,859 S1: And it sounds like you've already done the house, the 349 00:20:05,859 --> 00:20:09,740 S1: checking account. That's very common. And that's fine. You know, 350 00:20:09,780 --> 00:20:12,820 S1: what you would not be putting into a trust is 351 00:20:13,140 --> 00:20:17,500 S1: retirement accounts and annuities in most cases. Those usually stay 352 00:20:17,500 --> 00:20:20,979 S1: in your name with the trust listed as the beneficiary, 353 00:20:21,460 --> 00:20:25,820 S1: if appropriate, not you. Um, the biggest issue, given that 354 00:20:25,820 --> 00:20:28,739 S1: you started this 15 years ago, and maybe this is 355 00:20:28,740 --> 00:20:31,580 S1: being addressed by whoever's kind of seeing this through to 356 00:20:31,700 --> 00:20:36,500 S1: completion is that laws change, family situations change, assets change. 357 00:20:36,500 --> 00:20:39,260 S1: So if you're not already involved in this, you may 358 00:20:39,260 --> 00:20:42,900 S1: want to have an estate attorney review it. Confirm the trustees, 359 00:20:42,900 --> 00:20:47,900 S1: the beneficiaries, the powers still reflect your wishes, and then 360 00:20:47,900 --> 00:20:51,540 S1: make sure any new assets are titled correctly. That's not 361 00:20:51,540 --> 00:20:54,660 S1: starting over. That would typically just be a simple amendment. 362 00:20:54,660 --> 00:20:55,660 S1: Does that make sense? 363 00:20:55,980 --> 00:20:59,180 S5: Yeah. So it would just be an amendment. I don't 364 00:20:59,180 --> 00:21:01,740 S5: think the first one was ever completed. It's just I 365 00:21:01,740 --> 00:21:04,740 S5: had started because like I said, my I know my 366 00:21:04,740 --> 00:21:08,619 S5: checking account and my home deed is in the trust 367 00:21:08,619 --> 00:21:12,580 S5: because it's listed as such. Um, on, on the documents, 368 00:21:12,660 --> 00:21:15,500 S5: you know, it's not addressed to me anymore. So address 369 00:21:15,500 --> 00:21:16,580 S5: to the trust name. 370 00:21:16,619 --> 00:21:18,939 S1: Got it, got it. Yeah. So you just need to 371 00:21:18,940 --> 00:21:22,580 S1: make sure that's completed and everything's in order. And that, uh, 372 00:21:22,580 --> 00:21:26,340 S1: it reflects the, you know, all of the most current 373 00:21:26,380 --> 00:21:29,420 S1: understanding of the law as well as your wishes and 374 00:21:29,420 --> 00:21:31,980 S1: that we complete getting everything moved over that needs to 375 00:21:31,980 --> 00:21:35,740 S1: be moved over. It sounds like maybe you're, you know, you're, uh, 80% 376 00:21:35,740 --> 00:21:37,179 S1: of the way there. We just need to kind of 377 00:21:37,220 --> 00:21:40,580 S1: finish this out. And it may be just buttoning up 378 00:21:40,580 --> 00:21:42,379 S1: a few things or it may be an amendment. It 379 00:21:42,380 --> 00:21:44,659 S1: really just depends on the status of it. So I'd, 380 00:21:44,700 --> 00:21:46,740 S1: I'd get back with an estate attorney and take a 381 00:21:46,740 --> 00:21:49,020 S1: look at that. Betty, thanks for your call today. We 382 00:21:49,020 --> 00:21:51,700 S1: appreciate you listening to the program. This is faith and 383 00:21:51,700 --> 00:21:54,300 S1: finance live. Much more to come just around the corner. 384 00:22:05,420 --> 00:22:07,380 S1: Great to have you with us today on faith and 385 00:22:07,380 --> 00:22:10,220 S1: Finance live. By the way, we're not live today. We're 386 00:22:10,220 --> 00:22:12,260 S1: away from the studio. So don't call in. But we 387 00:22:12,260 --> 00:22:15,740 S1: have some great questions that we lined up in advance. 388 00:22:15,740 --> 00:22:20,100 S1: By the way, this ministry is entirely listener supported. That 389 00:22:20,100 --> 00:22:23,060 S1: means we rely on your financial gifts and support to 390 00:22:23,100 --> 00:22:25,260 S1: do what we do on the air every day. If 391 00:22:25,260 --> 00:22:27,940 S1: you consider a gift, we'd certainly be grateful. Just head 392 00:22:27,940 --> 00:22:32,630 S1: to our website faith free.com. That's faith fi.com and click 393 00:22:32,670 --> 00:22:35,310 S1: the give button. Thanks in advance. All right, let's head 394 00:22:35,310 --> 00:22:37,590 S1: back to the phones. We're going to go to Virginia. David. 395 00:22:37,590 --> 00:22:38,109 S1: Go ahead. 396 00:22:39,150 --> 00:22:44,230 S6: Um, I've been listening to your show for a while now, and, um, 397 00:22:44,990 --> 00:22:48,190 S6: the Lord has shown me that, uh, my wife and 398 00:22:48,190 --> 00:22:52,070 S6: I need help. Uh, as of right now, we're in, um, 399 00:22:52,230 --> 00:22:55,109 S6: pretty bad shape. If, um, we're so far behind the 400 00:22:55,109 --> 00:22:57,230 S6: eight ball, if it rolled backwards, it would. It would 401 00:22:57,230 --> 00:23:03,189 S6: crush us. Um, we're both in our late 50s. We 402 00:23:03,190 --> 00:23:08,070 S6: both have good jobs, just acquired good jobs. Um, we 403 00:23:08,070 --> 00:23:11,710 S6: have great health care. Um, but we don't know all 404 00:23:11,710 --> 00:23:17,310 S6: the ins and outs about it. Um, we need help with, um, 405 00:23:17,710 --> 00:23:20,750 S6: everything like from the, from the get go, we have 406 00:23:20,750 --> 00:23:24,630 S6: not been good stewards at all. And, um, we need 407 00:23:24,630 --> 00:23:27,910 S6: somebody to dust us off, straighten us out, put us 408 00:23:27,910 --> 00:23:30,270 S6: on a path and say, okay, your money needs to 409 00:23:30,270 --> 00:23:32,750 S6: go here. You have this with this company. You can 410 00:23:32,750 --> 00:23:35,710 S6: do this. You can don't do this, do this. I mean, 411 00:23:35,950 --> 00:23:39,109 S6: we literally need from the very get go. 412 00:23:39,590 --> 00:23:41,710 S1: Yeah, that makes sense. David. Well, first of all, I 413 00:23:41,750 --> 00:23:45,389 S1: appreciate your transparency there. And I think, you know, we've 414 00:23:45,430 --> 00:23:49,830 S1: got to define reality and get clarity about where we're at. 415 00:23:49,869 --> 00:23:53,429 S1: Sounds like you've got that and then purpose ourselves to say, listen, 416 00:23:53,430 --> 00:23:55,950 S1: I want to live despite, you know, the mistakes I've 417 00:23:55,950 --> 00:23:58,550 S1: made and the choices I've made that I wish I 418 00:23:58,550 --> 00:24:01,230 S1: could go back and change. We can't. We've all got those. 419 00:24:01,350 --> 00:24:03,910 S1: The key is that you and your wife, you know, 420 00:24:03,950 --> 00:24:08,550 S1: come together in unity and pursue God's best for you. 421 00:24:08,550 --> 00:24:12,030 S1: Recognize your role as stewards or managers of God's resources 422 00:24:12,030 --> 00:24:14,350 S1: and then say, what is it? What does faithfulness look 423 00:24:14,350 --> 00:24:18,590 S1: like from this point forward? To really dial in our 424 00:24:18,590 --> 00:24:21,510 S1: lifestyle spending and live well within our means so we 425 00:24:21,510 --> 00:24:23,830 S1: can free up margin that allows us to, to do 426 00:24:23,830 --> 00:24:28,230 S1: some systematic, regular giving, but also to really prioritize saving 427 00:24:28,230 --> 00:24:31,949 S1: and putting that financial foundation under us. And it starts 428 00:24:31,950 --> 00:24:35,190 S1: with really some of those key pieces, you know, as 429 00:24:35,190 --> 00:24:37,950 S1: simple as you got to dial in that budget and 430 00:24:37,950 --> 00:24:40,350 S1: look at every, you know, dime that's going out and 431 00:24:40,350 --> 00:24:42,950 S1: make sure that it aligns with what's truly important to you. 432 00:24:42,950 --> 00:24:45,950 S1: And you may need to make some decisions to cut back. 433 00:24:46,190 --> 00:24:50,270 S1: Building up that emergency fund of 3 to 6 months expenses, uh, 434 00:24:50,270 --> 00:24:52,510 S1: you know, making sure you have your debt under control. 435 00:24:52,510 --> 00:24:54,310 S1: And if there's any consumer debt, what do we need 436 00:24:54,310 --> 00:24:57,110 S1: to do to get it paid off? And then, you know, 437 00:24:57,150 --> 00:24:59,909 S1: how do we leverage the assets we've got? So I 438 00:24:59,910 --> 00:25:02,630 S1: know you've got some, you know, perhaps an old 401 439 00:25:02,630 --> 00:25:06,830 S1: K or IRA. Is that positioned properly in terms of 440 00:25:07,070 --> 00:25:09,670 S1: the investments that are in there? Are they appropriate for 441 00:25:09,670 --> 00:25:13,230 S1: your age and risk tolerance? You know, for for somebody who's, 442 00:25:13,270 --> 00:25:16,390 S1: you know, in their upper 50s? Um, you know, we'd 443 00:25:16,390 --> 00:25:21,430 S1: probably want a 5050 portfolio where 50% of that's in stocks, 50% 444 00:25:21,430 --> 00:25:25,150 S1: in short and medium term bonds. And, you know, just 445 00:25:25,150 --> 00:25:27,550 S1: let that grow over the next, you know, ten years 446 00:25:27,550 --> 00:25:30,710 S1: plus as the Lord allows you to continue to work. 447 00:25:30,950 --> 00:25:33,830 S1: And then what do you need to do to accelerate 448 00:25:34,030 --> 00:25:37,830 S1: your savings goals and make sure that you've, you know, 449 00:25:37,869 --> 00:25:40,190 S1: you're putting as much away in a tax deferred environment 450 00:25:40,190 --> 00:25:42,550 S1: as you can. So you've got that nest egg to 451 00:25:42,590 --> 00:25:45,710 S1: supplement Social Security. And then there's the other elements as 452 00:25:45,710 --> 00:25:49,150 S1: well that an advisor could look at. What about insurance? 453 00:25:49,190 --> 00:25:51,510 S1: You know, what insurance options do you have through your 454 00:25:51,510 --> 00:25:55,070 S1: employers looking at, you know, your estate plan, just making 455 00:25:55,070 --> 00:25:58,030 S1: sure you have a valid will in place. You know, 456 00:25:58,070 --> 00:26:01,590 S1: talking about, you know, tax your tax strategy. And are 457 00:26:01,590 --> 00:26:04,230 S1: there ways to reduce taxes with both of you working? 458 00:26:04,230 --> 00:26:06,189 S1: And one of the primary ways is going to be 459 00:26:06,190 --> 00:26:09,869 S1: through your, uh, not only your charitable contributions, but through 460 00:26:09,910 --> 00:26:13,510 S1: your retirement savings on a tax deferred basis. So, you know, 461 00:26:13,550 --> 00:26:15,910 S1: all of that can be looked at through a comprehensive 462 00:26:15,910 --> 00:26:18,590 S1: financial plan. And so what I would do as a 463 00:26:18,590 --> 00:26:20,910 S1: next step is just reach out to a certified Kingdom 464 00:26:20,910 --> 00:26:26,750 S1: advisor there in Virginia. The website is find a.com. And 465 00:26:26,750 --> 00:26:29,750 S1: these are men and women who have met high standards 466 00:26:29,750 --> 00:26:33,869 S1: and experience and competence and pastor reference and client reference. And, 467 00:26:34,030 --> 00:26:36,710 S1: you know, they've had a regulatory review and they've been 468 00:26:36,710 --> 00:26:40,950 S1: trained to bring a biblical perspective of money management. Um, 469 00:26:41,030 --> 00:26:44,830 S1: and I would look at first and foremost, a comprehensive 470 00:26:44,830 --> 00:26:48,430 S1: financial plan, somebody just to evaluate everything you're doing and, 471 00:26:48,430 --> 00:26:51,750 S1: and make some recommendations and put a plan together that says, okay, 472 00:26:51,950 --> 00:26:55,630 S1: in order for us to maintain this lifestyle in retirement, 473 00:26:55,630 --> 00:26:57,630 S1: here's how long you need to work, here's how much 474 00:26:57,630 --> 00:26:59,270 S1: we need to save. Here's what you need to do 475 00:26:59,310 --> 00:27:02,910 S1: on your lifestyle spending. You know, here's where's the gaps 476 00:27:02,910 --> 00:27:06,389 S1: in the risk assessment with regard to insurance. And, you know, 477 00:27:06,390 --> 00:27:08,189 S1: here's what we need to do to, to, you know, 478 00:27:08,230 --> 00:27:11,310 S1: minimize the taxes that you're paying. All of those things 479 00:27:11,310 --> 00:27:14,830 S1: could be handled by that k a and then you 480 00:27:14,830 --> 00:27:17,950 S1: could move to the asset management side for those assets 481 00:27:17,950 --> 00:27:21,590 S1: you've already accumulated. Having somebody that could give oversight to 482 00:27:21,710 --> 00:27:25,150 S1: those and make sure that they're invested properly. Does that 483 00:27:25,150 --> 00:27:26,030 S1: all make sense though? 484 00:27:27,150 --> 00:27:31,630 S6: Um. Amen. And yes, I mean, yes it does. Okay. 485 00:27:32,109 --> 00:27:34,630 S6: But I don't like I don't know all the ins 486 00:27:34,630 --> 00:27:36,790 S6: and outs, but no, I, I get what you're saying 487 00:27:36,830 --> 00:27:39,110 S6: and that's I yeah. Thank you very much. 488 00:27:39,190 --> 00:27:41,510 S1: Well, and you don't need to. That's the good news. 489 00:27:42,270 --> 00:27:45,669 S1: That's exactly right. Find a c k.com and c k 490 00:27:45,710 --> 00:27:49,510 S1: stands for Certified Kingdom Advisor. There's about 1800 of them 491 00:27:49,510 --> 00:27:51,870 S1: in the US and Canada. I know there's a good 492 00:27:51,869 --> 00:27:54,830 S1: many of them in Virginia. And, uh, you know, I 493 00:27:54,830 --> 00:27:57,429 S1: interview 2 or 3. Find the one that's the best fit. But, 494 00:27:57,470 --> 00:28:01,390 S1: you know, Bible is very clear about seeking wise counsel. And, 495 00:28:01,430 --> 00:28:03,270 S1: you know, I think that's, that's where you need to 496 00:28:03,270 --> 00:28:06,110 S1: go next is to have somebody who can come alongside you, 497 00:28:06,390 --> 00:28:09,950 S1: who can help you gain clarity about where you're at, 498 00:28:09,990 --> 00:28:12,470 S1: where are we going? What's the plan that will get 499 00:28:12,470 --> 00:28:16,030 S1: us there? And how do we reflect our values as 500 00:28:16,030 --> 00:28:18,670 S1: Christ followers in the heart of God, in Scripture, in 501 00:28:18,670 --> 00:28:21,270 S1: all of it? That's what you need next. And that'll 502 00:28:21,310 --> 00:28:23,350 S1: bring you and your wife even closer together, I think 503 00:28:23,390 --> 00:28:25,830 S1: as well. Thanks for your call, David. Lord bless you. 504 00:28:25,990 --> 00:28:28,270 S1: Let's go to Indiana. Hi, Kevin. Go ahead. 505 00:28:28,750 --> 00:28:33,150 S7: Okay, so I'm 65 years old, self-employed, and my wife 506 00:28:33,150 --> 00:28:37,669 S7: is retired. And, um, uh, we got bumped up into 507 00:28:37,670 --> 00:28:41,270 S7: a higher tax bracket. So one of the things I'd 508 00:28:41,270 --> 00:28:43,510 S7: like to for you to talk about is how to 509 00:28:43,510 --> 00:28:48,110 S7: reduce our tax liability. And, um, we've got some cash 510 00:28:48,110 --> 00:28:53,310 S7: in the bank, um, that's drawn 3.5% in a money market. 511 00:28:53,750 --> 00:28:56,790 S7: And of course, that variable has come down quite a 512 00:28:56,790 --> 00:29:01,110 S7: bit from where it was. But, um, I'm just wondering, uh, 513 00:29:01,670 --> 00:29:06,950 S7: what we can do to, uh, correct those two, uh, issues. 514 00:29:07,070 --> 00:29:10,150 S1: Yeah. Well, it's a great question. Um, you know, what 515 00:29:10,150 --> 00:29:14,150 S1: I would say is, uh, you know, the first important 516 00:29:14,150 --> 00:29:19,270 S1: thing to understand is that moving down a tax bracket 517 00:29:19,270 --> 00:29:22,310 S1: is often misunderstood. And here's what I mean by that. 518 00:29:22,310 --> 00:29:25,070 S1: Being in a higher bracket does not mean all your 519 00:29:25,070 --> 00:29:29,230 S1: income is taxed at that rate. Only the dollars above 520 00:29:29,270 --> 00:29:34,150 S1: the bracket threshold are taxed higher. Uh, because we're in 521 00:29:34,150 --> 00:29:37,350 S1: a progressive system. So the first tranche is at the lowest. 522 00:29:37,350 --> 00:29:40,950 S1: And then as you move up, those higher brackets only 523 00:29:40,950 --> 00:29:44,030 S1: apply to those dollars that move into that bracket. It 524 00:29:44,030 --> 00:29:47,630 S1: doesn't move all of your, uh, you know, income up 525 00:29:47,630 --> 00:29:53,590 S1: to that highest bracket. So it's really about strategic tax control. Now, 526 00:29:53,910 --> 00:29:57,310 S1: you know, your income is high likely because of, of, 527 00:29:57,470 --> 00:30:01,830 S1: of W2 income. You're still working full time social Security, 528 00:30:02,110 --> 00:30:05,070 S1: you know, you've got money earning interest. So there's, you know, 529 00:30:05,070 --> 00:30:09,830 S1: 300,000 earning 3.5%. That's $10,000 a year in taxable interest. 530 00:30:09,830 --> 00:30:14,030 S1: Maybe you're taking other withdrawals from retirement accounts. So the 531 00:30:14,030 --> 00:30:18,959 S1: two key drivers will be the taxation of Social Security, 532 00:30:18,960 --> 00:30:22,920 S1: because when your income rises now, up to 85% of 533 00:30:22,920 --> 00:30:27,480 S1: your Social Security becomes taxable and working plus interest income 534 00:30:27,480 --> 00:30:32,040 S1: can trigger that. And then the taxable interest. So the 535 00:30:32,040 --> 00:30:35,080 S1: way to potentially lower that would be number one to 536 00:30:35,120 --> 00:30:38,719 S1: contribute more to pre-tax accounts. So you can max out 537 00:30:38,720 --> 00:30:42,520 S1: a 401 K or use catch up provisions for IRAs 538 00:30:42,520 --> 00:30:46,160 S1: or HSAs, a health savings account, if that's available to you. 539 00:30:46,200 --> 00:30:50,040 S1: You could also change where the 300,000 is invested. Let's 540 00:30:50,040 --> 00:30:52,080 S1: do this. I've got to take a break on the 541 00:30:52,080 --> 00:30:53,480 S1: other side. I'm going to give you a few other 542 00:30:53,480 --> 00:31:06,520 S1: thoughts and get your questions. We'll be right back. We're 543 00:31:06,520 --> 00:31:09,080 S1: so glad you've joined us for Faith and Finance live 544 00:31:09,080 --> 00:31:11,680 S1: today here in our final segment, let me remind you 545 00:31:11,720 --> 00:31:14,320 S1: not to call in because we're not live today, but 546 00:31:14,320 --> 00:31:17,000 S1: we'd love for you to stick around and enjoy the 547 00:31:17,000 --> 00:31:19,720 S1: rest of the program. Before the break, we were talking 548 00:31:19,760 --> 00:31:24,760 S1: to Kevin and Indiana 65, drawing Social Security, working full time. 549 00:31:24,800 --> 00:31:28,520 S1: They've got about 300,000 that's working for them. Uh, that 550 00:31:28,520 --> 00:31:33,480 S1: is drawing about 3.5% interest. And, um, wondering, you know, 551 00:31:33,520 --> 00:31:37,360 S1: with their yearly income, no debt. Uh, he's, he's up 552 00:31:37,360 --> 00:31:41,240 S1: in a higher tax bracket. How he could get that, uh, 553 00:31:41,240 --> 00:31:44,480 S1: pushed down, at least for that portion that has tripped 554 00:31:44,480 --> 00:31:47,600 S1: over into this highest bracket. And I was sharing before 555 00:31:47,600 --> 00:31:50,880 S1: the break that, you know, some of those strategies could include, uh, 556 00:31:50,880 --> 00:31:54,719 S1: number one, contributing to pre-tax accounts. Um, you know, so 557 00:31:54,720 --> 00:31:59,000 S1: that'd be HSAs, IRAs, 401 KS, where applicable, you could 558 00:31:59,000 --> 00:32:02,520 S1: change how the 300,000 is invested. Namely, you could look 559 00:32:02,520 --> 00:32:07,720 S1: at municipal bonds. Those are generally federally tax free. Um, 560 00:32:07,960 --> 00:32:13,520 S1: you could look at the option to suspend social Security, um, 561 00:32:13,520 --> 00:32:16,680 S1: if you wanted to, um, you know, go ahead and 562 00:32:16,680 --> 00:32:21,960 S1: voluntarily suspend your benefits and then earn delayed retirement credits. Um, 563 00:32:22,440 --> 00:32:25,120 S1: that would be an option once your full retirement age, 564 00:32:25,120 --> 00:32:28,120 S1: you can do that. Um, you know that. So that 565 00:32:28,120 --> 00:32:32,520 S1: would be something to consider, uh, charitable giving strategies. So putting, 566 00:32:32,560 --> 00:32:35,280 S1: you know, more money in a donor advised fund, which 567 00:32:35,280 --> 00:32:39,000 S1: could give you a large deduction in one year, and 568 00:32:39,000 --> 00:32:41,719 S1: then you could give it away over time as the 569 00:32:41,720 --> 00:32:45,040 S1: Lord surfaces those areas you want to give to, um, 570 00:32:45,040 --> 00:32:47,560 S1: you could take your time, but as the money goes 571 00:32:47,560 --> 00:32:50,240 S1: into the donor advised fund, you know, you get the 572 00:32:50,240 --> 00:32:54,240 S1: whole deduction at that moment for that tax year, even 573 00:32:54,240 --> 00:32:57,280 S1: if you don't yet know where you want it to go. Um, 574 00:32:57,760 --> 00:33:01,120 S1: you know, those would be the main opportunities that you'd have. Kevin, 575 00:33:01,120 --> 00:33:05,400 S1: give me your thoughts on all that though. Kevin, are 576 00:33:05,400 --> 00:33:08,840 S1: you still with us? All right. Looks like we lost Kevin. 577 00:33:08,840 --> 00:33:10,600 S1: I hope that was helpful to you. Kevin, if you 578 00:33:10,600 --> 00:33:13,160 S1: want to call back, you're welcome to. But thanks for 579 00:33:13,160 --> 00:33:16,560 S1: being on the program. Let's go to Minnesota. Kevin. Go ahead. 580 00:33:17,520 --> 00:33:19,240 S8: Hi. How are you guys today? 581 00:33:19,400 --> 00:33:20,280 S1: Good. Thank you. 582 00:33:20,840 --> 00:33:24,360 S8: A quick question. Um, four years ago, my mother passed 583 00:33:24,360 --> 00:33:26,960 S8: and left a very small inheritance to my daughter, who's 584 00:33:26,960 --> 00:33:31,280 S8: now 18. And at the time, um, I'm not gonna 585 00:33:31,320 --> 00:33:36,160 S8: say the financial institution, but it's local and they are, uh, 586 00:33:36,520 --> 00:33:39,120 S8: very well recognized place, but they said that they would 587 00:33:39,120 --> 00:33:42,600 S8: just put it in their general fund and it has 588 00:33:42,600 --> 00:33:47,960 S8: not done anything for her since then. Um, so, uh, 589 00:33:47,960 --> 00:33:53,520 S8: she's 18 now. I would like some advice on where 590 00:33:53,520 --> 00:33:55,440 S8: can we move this to? How do we move it 591 00:33:55,480 --> 00:34:00,360 S8: without penalties from them? Um, or into something that would 592 00:34:00,360 --> 00:34:04,240 S8: be beneficial for her because she wants to start contributing 593 00:34:04,240 --> 00:34:07,520 S8: now she's working full time and, and also going to 594 00:34:07,560 --> 00:34:08,720 S8: a secondary school. 595 00:34:08,719 --> 00:34:12,479 S1: So got it. Okay. Yeah. So I think the first 596 00:34:12,480 --> 00:34:17,000 S1: question is always, what is the goal? Uh, because at 18, 597 00:34:17,040 --> 00:34:20,240 S1: this is the perfect age to start building long term wealth, 598 00:34:20,239 --> 00:34:23,400 S1: but we've got to really clarify the purpose for this money. 599 00:34:23,440 --> 00:34:26,080 S1: It could be used for college expenses. It could be 600 00:34:26,080 --> 00:34:30,080 S1: used for a first car. This could be her emergency savings, or, 601 00:34:30,480 --> 00:34:33,080 S1: you know, this could be the beginning of long term 602 00:34:33,080 --> 00:34:36,840 S1: investments or even retirement. As long as she has earned income, 603 00:34:36,840 --> 00:34:40,280 S1: she could, you know, put this money in a Roth IRA. Um, 604 00:34:40,440 --> 00:34:42,880 S1: and that would be incredibly powerful if it grew for 605 00:34:42,880 --> 00:34:46,879 S1: the next 50 years, tax free. Uh, I could only 606 00:34:46,880 --> 00:34:50,200 S1: imagine what that could grow to, but she may have 607 00:34:50,239 --> 00:34:53,560 S1: other more pressing needs for this. That's going to help 608 00:34:53,560 --> 00:34:57,640 S1: her to start strong and avoid, you know, interest to 609 00:34:57,680 --> 00:34:59,839 S1: have to be paid on something like a college loan 610 00:34:59,840 --> 00:35:02,560 S1: or a car loan. So, um, you know, I think 611 00:35:02,560 --> 00:35:05,080 S1: that's really the first question here. Do you have some 612 00:35:05,080 --> 00:35:05,960 S1: thoughts on that? 613 00:35:06,400 --> 00:35:09,520 S8: Yeah. So what I would like to see her do that, 614 00:35:09,560 --> 00:35:13,160 S8: that I wasn't successful in doing is to invest for 615 00:35:13,160 --> 00:35:18,560 S8: the long term and for a retirement for her. I 616 00:35:18,600 --> 00:35:22,680 S8: don't think she's going to incur a whole lot of debt. 617 00:35:23,320 --> 00:35:26,040 S8: She will some, but I you know, and the amount 618 00:35:26,040 --> 00:35:29,200 S8: that she has to use right now is we put, 619 00:35:29,600 --> 00:35:34,120 S8: I believe it was $22,982 in there four years ago 620 00:35:34,160 --> 00:35:36,640 S8: or three years ago actually. And it's gained a whole 621 00:35:36,640 --> 00:35:38,280 S8: whopping 158 bucks. 622 00:35:38,400 --> 00:35:40,440 S1: Yeah. Yeah. Sorry. 623 00:35:40,480 --> 00:35:43,239 S8: So it's time to get it somewhere else and do 624 00:35:43,239 --> 00:35:45,920 S8: something with it. And I'm not having anybody manage it. 625 00:35:45,920 --> 00:35:50,120 S8: They the person I knew personally that works there, they're like, 626 00:35:50,120 --> 00:35:52,359 S8: oh yeah, just put it in here. And yeah, we 627 00:35:52,360 --> 00:35:54,920 S8: can work something with you later. And I'm like, yeah, okay. 628 00:35:55,280 --> 00:35:57,319 S1: Does she have a part time job or is she 629 00:35:57,320 --> 00:35:58,320 S1: planning to work? 630 00:35:58,360 --> 00:36:01,560 S8: Yes she is. So she's going to be going to, um, 631 00:36:01,600 --> 00:36:04,439 S8: a tech school and working at the same time. So 632 00:36:04,440 --> 00:36:07,720 S8: the work will be part time. Um, but she wants 633 00:36:07,719 --> 00:36:10,160 S8: to start giving, uh, to to that. 634 00:36:10,200 --> 00:36:12,359 S1: Great. Yeah. I mean, so the best thing to do, 635 00:36:12,360 --> 00:36:14,440 S1: because she has earned income would be to open a 636 00:36:14,440 --> 00:36:17,399 S1: Roth IRA. She could move, you know, the money out. 637 00:36:17,400 --> 00:36:19,040 S1: You'd have to call them and find out if there's 638 00:36:19,040 --> 00:36:22,040 S1: any penalties or lockups or anything like that. Hopefully not. 639 00:36:22,360 --> 00:36:25,839 S1: I'd open that Roth IRA at Fidelity or Schwab and 640 00:36:25,840 --> 00:36:28,480 S1: then either withdraw the money from what it's in now, 641 00:36:29,080 --> 00:36:32,080 S1: or just transfer it over. Make that her contribution for 642 00:36:32,080 --> 00:36:34,480 S1: the year, she'd need to have at least 3200 and 643 00:36:34,480 --> 00:36:37,399 S1: earned income for this tax year in order to make 644 00:36:37,400 --> 00:36:41,080 S1: that contribution. Um, and then she could add more to it. 645 00:36:41,080 --> 00:36:43,239 S1: You're just going to have to help her think about 646 00:36:43,239 --> 00:36:47,960 S1: how to distinguish between in terms of new contributions moving forward, 647 00:36:48,120 --> 00:36:51,040 S1: what is truly for the long term. That's the, you know, 648 00:36:51,080 --> 00:36:53,520 S1: going into her long term retirement plan that she's not 649 00:36:53,520 --> 00:36:57,720 S1: going to touch until after 59.5. And what she needs 650 00:36:57,719 --> 00:37:01,360 S1: to start putting aside in, you know, emergency funds or, 651 00:37:01,680 --> 00:37:06,279 S1: you know, money for spending, you know, expenses, um, lifestyle 652 00:37:06,280 --> 00:37:08,719 S1: spending while she's in college or a car or a, 653 00:37:08,760 --> 00:37:11,239 S1: you know, an apartment when she gets out. So you're 654 00:37:11,239 --> 00:37:13,000 S1: going to have to help her decide how much goes 655 00:37:13,000 --> 00:37:15,520 S1: in each of those buckets. But for the portion, that's 656 00:37:15,520 --> 00:37:18,280 S1: for the long term, the Roth is the ideal place 657 00:37:18,280 --> 00:37:21,240 S1: for that. And once you open that account and fund 658 00:37:21,239 --> 00:37:25,560 S1: it with the initial contribution and new contributions moving forward, um, 659 00:37:25,560 --> 00:37:27,600 S1: in terms of how to invest it, I'll give you 660 00:37:27,600 --> 00:37:31,000 S1: two options. One would be a robo advisor, uh, at 661 00:37:31,000 --> 00:37:35,239 S1: Schwab called the Schwab intelligent portfolios. It's very low cost 662 00:37:35,480 --> 00:37:39,880 S1: and it'll basically just, you know, automatically invest it for 663 00:37:39,880 --> 00:37:43,719 S1: her using low cost ETFs. Uh, so she'd own a 664 00:37:43,719 --> 00:37:47,360 S1: broad kind of swath of the market, largely stock oriented 665 00:37:47,360 --> 00:37:50,080 S1: because of her age. And as a part of the 666 00:37:50,120 --> 00:37:52,960 S1: opening of the account, she'll indicate or you'll help her 667 00:37:52,960 --> 00:37:57,160 S1: indicate this is for, you know, retirement 50 years from now. Um, 668 00:37:57,560 --> 00:37:59,520 S1: and the other option, if you want more of a 669 00:37:59,560 --> 00:38:01,520 S1: hands on approach would be to go to our friends 670 00:38:01,520 --> 00:38:07,520 S1: at sound mind investing.org, subscribe to the sound mind investing newsletter, 671 00:38:07,520 --> 00:38:10,759 S1: and then they'll give you in the print and or 672 00:38:10,760 --> 00:38:14,000 S1: the Digital sound mind investing newsletter, they'll give you the 673 00:38:14,000 --> 00:38:17,280 S1: funds to invest in, in their, in their strategy called 674 00:38:17,280 --> 00:38:20,640 S1: just the basics. And that would give you everything you need. 675 00:38:20,680 --> 00:38:23,080 S1: And either one of those could work well. One is 676 00:38:23,080 --> 00:38:27,320 S1: more of a kind of a robo smartphone app, automated solution, 677 00:38:27,320 --> 00:38:29,560 S1: and the other is just a little more hands on, 678 00:38:29,760 --> 00:38:32,240 S1: but would still take all the guesswork out. 679 00:38:33,400 --> 00:38:35,759 S8: And that's where we would roll this into Z, the 680 00:38:35,760 --> 00:38:37,200 S8: sound mind investing. 681 00:38:37,400 --> 00:38:40,120 S1: Well know that that would be sound mind investing would 682 00:38:40,120 --> 00:38:43,680 S1: be the where you get the funds to invest in 683 00:38:43,800 --> 00:38:46,799 S1: through their newsletter. But in either case, you'd want to 684 00:38:46,840 --> 00:38:50,360 S1: open the account at Fidelity or Schwab, the Roth IRA. 685 00:38:50,640 --> 00:38:53,719 S1: If you wanted to use the robo advisor, I'd use Schwab, 686 00:38:54,000 --> 00:38:57,520 S1: and then you'd use the Schwab Intelligent portfolios to actually 687 00:38:57,520 --> 00:38:59,879 S1: do the investments for you or for her. 688 00:38:59,920 --> 00:39:03,000 S8: Okay. All right. And she needs a minimum of how 689 00:39:03,000 --> 00:39:04,880 S8: much to start an account with one of them. 690 00:39:05,050 --> 00:39:09,169 S1: Well, there's basically no minimum. Um, so she just needs 691 00:39:09,170 --> 00:39:11,130 S1: to make sure she has at least as much earned 692 00:39:11,130 --> 00:39:13,450 S1: income as the total amount she puts into the Roth 693 00:39:13,450 --> 00:39:17,370 S1: for the year up to the contribution limit of 7000. 694 00:39:18,130 --> 00:39:22,130 S8: Correct. Okay. All right. Good, good. That's very helpful. Um, yeah. 695 00:39:22,130 --> 00:39:24,530 S8: So I guess all I have to do is figure 696 00:39:24,530 --> 00:39:28,290 S8: out what we can do, uh, with where it's at 697 00:39:28,290 --> 00:39:28,890 S8: right now. 698 00:39:28,930 --> 00:39:30,730 S1: Yeah. And just give them a call. They'll be able 699 00:39:30,730 --> 00:39:32,530 S1: to tell you if there's any issues with you moving 700 00:39:32,530 --> 00:39:34,890 S1: that out. And by the way, the, uh, contribution limit 701 00:39:34,890 --> 00:39:37,370 S1: for this year is 7500. So that'd be the max 702 00:39:37,370 --> 00:39:39,569 S1: you could put in. Hey, Kevin, you sound like a 703 00:39:39,570 --> 00:39:41,170 S1: great dad. Let me do this. Stay on the line. 704 00:39:41,170 --> 00:39:42,690 S1: I'm going to send you something that I think will 705 00:39:42,730 --> 00:39:45,969 S1: be a blessing to her. It's called Open Hands Finance. 706 00:39:45,969 --> 00:39:49,009 S1: It's a workbook with a podcast that goes with it 707 00:39:49,010 --> 00:39:51,450 S1: that will walk her through kind of all the key 708 00:39:51,489 --> 00:39:55,009 S1: building block ideas from a biblical perspective on how to 709 00:39:55,050 --> 00:39:58,410 S1: manage money God's way. And I think she'll love it. 710 00:39:58,450 --> 00:40:01,529 S1: It's built for somebody, you know, exactly her age, and 711 00:40:01,530 --> 00:40:03,330 S1: we'll send it to you as our gift. Okay. 712 00:40:04,250 --> 00:40:06,730 S8: I appreciate it. She's a numbers girl, so this will 713 00:40:06,770 --> 00:40:07,770 S8: be wonderful for her. 714 00:40:07,810 --> 00:40:10,250 S1: Awesome. It's called Open Hands Finance. It's coming your way. 715 00:40:10,290 --> 00:40:12,130 S1: Hang on the line. Our team will get your information. 716 00:40:12,130 --> 00:40:14,210 S1: Thanks for your call. Uh, looks like we have time 717 00:40:14,210 --> 00:40:17,129 S1: for one more. So let's go to Mississippi. Diane, you've 718 00:40:17,130 --> 00:40:18,730 S1: been waiting patiently there. Go ahead. 719 00:40:20,090 --> 00:40:23,410 S9: Hi. I'm 61. I'm married. I have I do have 720 00:40:23,410 --> 00:40:28,009 S9: $6,000 for emergency fund, and I have it in my 721 00:40:28,010 --> 00:40:30,290 S9: sock drawer. And I don't know if I should just 722 00:40:30,290 --> 00:40:33,370 S9: put it in a regular savings account. Or should I 723 00:40:33,370 --> 00:40:36,930 S9: get a CD that's good for a year, but then 724 00:40:36,930 --> 00:40:39,410 S9: I don't have it available for emergencies? 725 00:40:39,450 --> 00:40:41,969 S1: Yeah, yeah, it's a great question. So I would not 726 00:40:41,969 --> 00:40:44,330 S1: keep it in your sock drawer in terms of what 727 00:40:44,330 --> 00:40:46,569 S1: you would want to keep at home. Now, this is 728 00:40:46,570 --> 00:40:49,089 S1: a question that comes up a lot. I like the 729 00:40:49,090 --> 00:40:52,009 S1: idea of thinking in terms of a couple of weeks 730 00:40:52,010 --> 00:40:55,810 S1: worth of expenses. So let's say there was some sort 731 00:40:55,810 --> 00:40:59,810 S1: of disruption because of a a local weather event or 732 00:40:59,850 --> 00:41:03,770 S1: some disruption in the banking system. You know where you 733 00:41:03,770 --> 00:41:07,009 S1: bank or, you know, something that was, uh, you know, 734 00:41:07,050 --> 00:41:11,169 S1: maybe tech related. You know, some sort of widespread outage. 735 00:41:11,290 --> 00:41:14,570 S1: If you had a couple of weeks worth of expenses, uh, 736 00:41:14,570 --> 00:41:16,970 S1: that would probably be a good thing. But beyond that, 737 00:41:16,969 --> 00:41:20,250 S1: I would put your emergency fund in a bank, uh, 738 00:41:20,250 --> 00:41:22,890 S1: either locally or maybe you use our friends at Christian 739 00:41:22,890 --> 00:41:28,570 S1: Community Credit Union. You want safety, liquidity. So no CDs 740 00:41:28,570 --> 00:41:31,089 S1: and a good yield. Uh, if you wanted to check 741 00:41:31,130 --> 00:41:36,130 S1: out Christian Community Credit union, go to faith.com/banking. And, um, 742 00:41:36,130 --> 00:41:38,450 S1: they give you up to $400 as a faith by 743 00:41:38,489 --> 00:41:41,049 S1: listener as a bonus, not to mention the fact that 744 00:41:41,050 --> 00:41:43,730 S1: they're paying 4% on their money market, but whether it 745 00:41:43,730 --> 00:41:45,650 S1: was that or something else, I think a high yield 746 00:41:45,650 --> 00:41:49,250 S1: savings account or money market is the place for the money, 747 00:41:49,250 --> 00:41:51,770 S1: apart from what you'd keep at home. Equal to two 748 00:41:51,770 --> 00:41:54,650 S1: weeks worth of expenses. I hope that helps you. Thanks 749 00:41:54,650 --> 00:41:58,290 S1: for your call today. We appreciate you being on the program. Diane. Again, 750 00:41:58,290 --> 00:42:00,410 S1: that website folks, if you want to check out our 751 00:42:00,410 --> 00:42:03,970 S1: friends at Christian Community Credit Union. The largest Christian banking 752 00:42:03,969 --> 00:42:12,210 S1: solution in the country is faith fi banking.com/banking. Well, we're 753 00:42:12,210 --> 00:42:14,290 S1: about out of time today. Before we go, let me 754 00:42:14,290 --> 00:42:16,770 S1: remind us why we do what we do here on 755 00:42:16,770 --> 00:42:20,330 S1: this program. Every day we gather for faith and finance 756 00:42:20,370 --> 00:42:24,050 S1: live because we recognize we all have a high calling. 757 00:42:24,050 --> 00:42:27,770 S1: We're money managers for the King of Kings, which means 758 00:42:27,770 --> 00:42:32,770 S1: we're to be found faithful as we manage God's resources, faithfulness, 759 00:42:32,770 --> 00:42:36,930 S1: obedience over a long period of time, applying the wisdom 760 00:42:36,930 --> 00:42:39,570 S1: of God's Word to every area of our lives, and 761 00:42:39,570 --> 00:42:42,370 S1: that includes our finances. So thanks for being here today. 762 00:42:42,570 --> 00:42:44,930 S1: We love to do what we do in serving you 763 00:42:44,930 --> 00:42:48,170 S1: to be wise stewards of God's money. Want to say 764 00:42:48,170 --> 00:42:50,610 S1: thanks to my team today? Couldn't do it without them. 765 00:42:50,650 --> 00:42:53,690 S1: Faith and Finance Live is a partnership between Faith Fi 766 00:42:53,690 --> 00:42:56,969 S1: and Moody Radio. We'll see you next time. God bless you. 767 00:42:56,969 --> 00:42:57,450 S1: Bye bye.