1 00:00:04,200 --> 00:00:07,160 S1: The following program was pre-recorded so our phone lines are 2 00:00:07,160 --> 00:00:07,960 S1: not open. 3 00:00:08,440 --> 00:00:10,960 S2: What does the future of Faith VI look like and 4 00:00:10,960 --> 00:00:13,640 S2: how will it help believers live as faithful stewards in 5 00:00:13,640 --> 00:00:16,880 S2: the year ahead? Hi, I'm Rob West. As we step 6 00:00:16,880 --> 00:00:19,560 S2: into a new year, we're thinking deeply about how to 7 00:00:19,600 --> 00:00:22,840 S2: serve you better, how to equip you with more practical tools, 8 00:00:22,840 --> 00:00:26,040 S2: biblical wisdom, and ways to grow as a faithful steward. 9 00:00:26,040 --> 00:00:28,960 S2: And we have big plans for it. Afton Phillips joins 10 00:00:28,960 --> 00:00:31,960 S2: us to talk about the future of Faith VI. Then 11 00:00:31,960 --> 00:00:34,239 S2: we have some great questions lined up for you. But 12 00:00:34,240 --> 00:00:37,800 S2: don't call in today because we're prerecorded. This is faith 13 00:00:37,800 --> 00:00:46,240 S2: and finance. Live. Biblical wisdom for your financial journey. Well, 14 00:00:46,240 --> 00:00:48,519 S2: our guest today is Afton Phillips. She's our head of 15 00:00:48,520 --> 00:00:51,080 S2: content here at Faith VI. She plays a key role 16 00:00:51,080 --> 00:00:55,040 S2: in shaping everything you hear, see and read across this ministry. 17 00:00:55,040 --> 00:00:57,760 S2: And Afton is always great to have you in the studio. 18 00:00:58,040 --> 00:00:59,950 S3: Thanks, Rob. It's great to be here. 19 00:01:00,150 --> 00:01:02,750 S2: All right. We're going to start with the big picture today. 20 00:01:02,790 --> 00:01:05,110 S2: This past year, as you well know, has been a 21 00:01:05,150 --> 00:01:08,589 S2: season of remarkable growth here at Faith VI on the radio, 22 00:01:08,590 --> 00:01:11,470 S2: in the app and through our partners. So why don't 23 00:01:11,470 --> 00:01:13,789 S2: you take us back and help us understand what God's 24 00:01:13,790 --> 00:01:14,470 S2: been up to? 25 00:01:14,510 --> 00:01:18,070 S3: Absolutely. We have seen huge growth this past year, and 26 00:01:18,069 --> 00:01:20,070 S3: I just got some of these numbers, but we've seen 27 00:01:20,069 --> 00:01:26,190 S3: huge listener growth specifically on our podcast. We've gained 50,000 listeners, 28 00:01:26,510 --> 00:01:32,309 S3: totaling in more than 880,000 podcast listeners, which is really incredible. And, 29 00:01:32,350 --> 00:01:35,270 S3: you know, we're broadcasting, as you know, on over 2000 30 00:01:35,270 --> 00:01:38,110 S3: radio stations this year. So it's just a reminder that 31 00:01:38,110 --> 00:01:42,470 S3: people are really looking for this timeless biblical financial wisdom. And, 32 00:01:42,630 --> 00:01:45,150 S3: you know, another thing that we are really tracking closely 33 00:01:45,150 --> 00:01:49,750 S3: is our partner program. We've grown by almost 600 partners 34 00:01:49,750 --> 00:01:53,110 S3: this year. We're just so grateful because these partners give 35 00:01:53,110 --> 00:01:55,150 S3: to us monthly or annually, and they really help us 36 00:01:55,150 --> 00:01:59,580 S3: expand this ministry and reach more people with this hope filled, 37 00:01:59,580 --> 00:02:03,779 S3: Scripture centered guidance. Um, as a team, you know this already, 38 00:02:03,780 --> 00:02:06,660 S3: but we've added new team members behind the scenes and 39 00:02:06,660 --> 00:02:08,780 S3: you may not ever hear their names on the show, 40 00:02:08,780 --> 00:02:11,179 S3: but they're here and they're helping us reach even more 41 00:02:11,180 --> 00:02:14,220 S3: people than ever before. We launched a brand new website 42 00:02:14,220 --> 00:02:17,620 S3: this year with all original content, and it's really just 43 00:02:17,620 --> 00:02:20,340 S3: been an amazing year of God's provision and momentum. 44 00:02:20,340 --> 00:02:23,220 S2: It's so true. It's remarkable to see in such a 45 00:02:23,260 --> 00:02:25,380 S2: short period of time how our team has grown and 46 00:02:25,380 --> 00:02:28,179 S2: how we're reaching more people, and we love the stories 47 00:02:28,180 --> 00:02:31,340 S2: of the people being impacted. So thanks for sending those 48 00:02:31,340 --> 00:02:33,940 S2: and sharing those. When you call into the program. Now, 49 00:02:33,980 --> 00:02:38,100 S2: of course, often this kind of momentum comes with vision, 50 00:02:38,100 --> 00:02:41,500 S2: fresh vision. So as you look forward to the year ahead, 51 00:02:41,500 --> 00:02:43,540 S2: I'd love to know what excites you most. 52 00:02:43,860 --> 00:02:46,180 S3: We want to reach more people with this message than 53 00:02:46,180 --> 00:02:50,380 S3: ever before. So we've been brainstorming and inventing new avenues 54 00:02:50,380 --> 00:02:53,740 S3: for our resources to take. And, you know, obviously, the 55 00:02:53,740 --> 00:02:57,020 S3: thing I'm probably most excited about is our newest devotional, 56 00:02:57,020 --> 00:02:59,740 S3: Our Ultimate Treasure, written by you, Rob. This is just 57 00:02:59,740 --> 00:03:01,980 S3: going to be an incredible resource for those who want 58 00:03:01,980 --> 00:03:06,900 S3: to understand this message of financial biblical stewardship. It releases 59 00:03:06,900 --> 00:03:10,360 S3: February 2026, but anyone who becomes a partner by December 60 00:03:10,360 --> 00:03:13,180 S3: 31st will receive it as a thank you. So that's 61 00:03:13,180 --> 00:03:17,060 S3: really the thing I'm really hugely excited about. Another offering 62 00:03:17,060 --> 00:03:19,300 S3: I'm excited about this next year is an all new 63 00:03:19,300 --> 00:03:22,460 S3: faith by app experience, and the team has been working 64 00:03:22,460 --> 00:03:25,780 S3: so hard on this for months. But it's going to 65 00:03:25,820 --> 00:03:30,100 S3: make practically managing your money easier than ever. But more importantly, 66 00:03:30,340 --> 00:03:33,459 S3: we're adding this brand new feature called Financial Rhythms that 67 00:03:33,460 --> 00:03:35,780 S3: I know we could talk about all day, but these 68 00:03:35,780 --> 00:03:40,180 S3: rhythms allow users to really, truly change their habits in 69 00:03:40,180 --> 00:03:43,380 S3: a way that realigns your heart with God's on a 70 00:03:43,380 --> 00:03:49,620 S3: consistent basis every day, offering daily devotions with biblical financial wisdom. 71 00:03:49,820 --> 00:03:52,220 S3: I'm just so excited about all that's going to happen 72 00:03:52,220 --> 00:03:53,740 S3: on the app this year. 73 00:03:54,060 --> 00:03:56,690 S2: It's going to be amazing, I'll tell you. Chad and 74 00:03:56,690 --> 00:03:59,930 S2: the team of our developers, not to mention our content 75 00:03:59,930 --> 00:04:04,130 S2: team and the design team. It's all coming together in faith. 76 00:04:04,170 --> 00:04:07,330 S2: 55.0 the official name of it. And it will hit 77 00:04:07,330 --> 00:04:09,690 S2: the app stores early next year and you are going 78 00:04:09,690 --> 00:04:10,170 S2: to love it. 79 00:04:10,210 --> 00:04:12,210 S3: It's going to be amazing. And, you know, I mean, 80 00:04:12,210 --> 00:04:14,130 S3: there's a ton I'm excited about, so I'll just keep going. 81 00:04:14,130 --> 00:04:16,409 S3: You stop me whenever, you know we need to move on. 82 00:04:16,410 --> 00:04:20,289 S3: But we're releasing every quarter. Our magazine Faithful steward with 83 00:04:20,290 --> 00:04:24,409 S3: all original content. But this year we've just brainstormed our 84 00:04:24,410 --> 00:04:28,570 S3: first ever special edition of the magazine, and this one 85 00:04:28,570 --> 00:04:32,450 S3: is going to dive specifically the entire issue into women 86 00:04:32,450 --> 00:04:33,290 S3: and wealth. 87 00:04:33,610 --> 00:04:36,850 S2: Yeah, it's going to be incredible. And there's some research 88 00:04:36,850 --> 00:04:39,730 S2: coming out early next year. A study that was done 89 00:04:39,730 --> 00:04:43,809 S2: nationwide called women, wealth and Faith. We were a part 90 00:04:43,810 --> 00:04:45,970 S2: of it. It was much bigger than us. We were 91 00:04:45,970 --> 00:04:48,210 S2: just one piece of it. But this issue is going 92 00:04:48,250 --> 00:04:51,170 S2: to celebrate all those findings and then give you some 93 00:04:51,170 --> 00:04:55,840 S2: really thoughtful content about women and money, and just how 94 00:04:55,960 --> 00:05:00,000 S2: a growing number of our listeners are finding themselves managing 95 00:05:00,000 --> 00:05:04,039 S2: God's resources in larger quantities all the time. So this 96 00:05:04,040 --> 00:05:06,760 S2: is just scratching the surface on what's coming next year. 97 00:05:06,760 --> 00:05:09,440 S2: When we come back after this break, we'll continue to 98 00:05:09,480 --> 00:05:13,560 S2: unpack some of the new offerings, including our digital studies 99 00:05:13,560 --> 00:05:17,600 S2: and a brand new product category. You'll hear about it 100 00:05:17,600 --> 00:05:20,119 S2: right after this break. Don't go anywhere. This is faith 101 00:05:20,120 --> 00:05:39,040 S2: and finance live. We'll be right back. So where are 102 00:05:39,040 --> 00:05:41,040 S2: we headed? Here at Faith five. Well, we want to 103 00:05:41,040 --> 00:05:43,480 S2: share that with you. Today. We're talking the future of 104 00:05:43,480 --> 00:05:46,400 S2: Faith five with Afton Phillips. Afton is our head of 105 00:05:46,400 --> 00:05:48,799 S2: content here at Faith five. She plays a key role 106 00:05:48,800 --> 00:05:52,159 S2: in shaping everything you hear on this broadcast, everything you 107 00:05:52,160 --> 00:05:55,590 S2: see in our studies and devotionals and our magazines and 108 00:05:55,630 --> 00:05:59,550 S2: on the web, everything you read across the ministry often touches. 109 00:05:59,589 --> 00:06:02,510 S2: And we're really talking about some of the great things 110 00:06:02,510 --> 00:06:05,950 S2: that are happening. We celebrated in the last segment all 111 00:06:05,950 --> 00:06:09,430 S2: the incredible progress we made in the past year, but 112 00:06:09,430 --> 00:06:12,390 S2: we're looking forward now to next year. A new Faith 113 00:06:12,390 --> 00:06:16,110 S2: VI app coming out, my new devotional, our Ultimate Treasure. 114 00:06:16,150 --> 00:06:18,910 S2: New issues of Faithful Steward. But often I know one 115 00:06:18,910 --> 00:06:21,590 S2: of the things you're really excited about is a brand 116 00:06:21,589 --> 00:06:24,910 S2: new product category here at Faith VI. So tell us 117 00:06:24,910 --> 00:06:25,390 S2: about it. 118 00:06:25,710 --> 00:06:28,070 S3: Yeah, we wanted to launch something that would really help 119 00:06:28,070 --> 00:06:32,470 S3: people practically and tangibly answer the questions they ask most. 120 00:06:32,470 --> 00:06:35,590 S3: And we actually asked a group of financial advisors. They 121 00:06:35,589 --> 00:06:37,710 S3: came to the office one day and we were asking them, 122 00:06:37,750 --> 00:06:40,950 S3: you know, what are the top three questions your clients 123 00:06:40,990 --> 00:06:45,950 S3: ask all the time? And they consistently said these three questions. 124 00:06:45,950 --> 00:06:49,150 S3: How much is enough? How do I give intentionally and 125 00:06:49,150 --> 00:06:51,630 S3: how do I prepare the next steward? And I think 126 00:06:51,630 --> 00:06:53,910 S3: it really just got our wheels turning. Like, okay, what 127 00:06:53,910 --> 00:06:56,710 S3: can we provide that really helps people work through how 128 00:06:56,710 --> 00:07:00,469 S3: to answer that question from a biblical perspective. So in 2026, 129 00:07:00,470 --> 00:07:04,469 S3: we're launching something called Faith by Field Guides. And these 130 00:07:04,710 --> 00:07:09,350 S3: are workbook style guides. They provide some thoughtful financial reflection. 131 00:07:09,350 --> 00:07:12,550 S3: There's something you can do practically on your own, or 132 00:07:12,550 --> 00:07:15,350 S3: with a mentor or partner or even a financial advisor. 133 00:07:15,630 --> 00:07:19,230 S3: And hopefully they help people process through these decisions from 134 00:07:19,230 --> 00:07:24,190 S3: a biblical standpoint, helping them find clarity without adding pressure. 135 00:07:24,670 --> 00:07:27,230 S2: Yeah, and I love that they're workbook style, because in 136 00:07:27,230 --> 00:07:30,950 S2: our mind, there's a biblical framing or perspective at the beginning, 137 00:07:30,950 --> 00:07:33,630 S2: but then actual worksheets where you're actually going to work 138 00:07:33,630 --> 00:07:36,510 S2: through each of these issues and then be better prepared 139 00:07:36,510 --> 00:07:38,550 S2: either to implement what you come up with on your 140 00:07:38,550 --> 00:07:41,990 S2: own or take it to your Certified Kingdom advisor. But 141 00:07:42,390 --> 00:07:44,750 S2: I'd love for you to just articulate in your own 142 00:07:44,750 --> 00:07:47,630 S2: mind what gap do you see these faith by field 143 00:07:47,630 --> 00:07:50,740 S2: guides filling for Christians who want to grow as stewards. 144 00:07:50,940 --> 00:07:55,260 S3: You know, everybody might answer these questions slightly differently for 145 00:07:55,260 --> 00:07:59,500 S3: their unique situation and context. And I think that's something 146 00:07:59,500 --> 00:08:02,260 S3: beautiful about these guides. It's going to ask questions. It's 147 00:08:02,260 --> 00:08:06,220 S3: going to provide wisdom. It's going to provide biblical support, 148 00:08:06,220 --> 00:08:09,020 S3: but it's really going to let each of our listeners 149 00:08:09,260 --> 00:08:12,060 S3: figure out the next right step for them, and what 150 00:08:12,100 --> 00:08:14,140 S3: God's calling them to do next. 151 00:08:14,180 --> 00:08:17,140 S2: Yeah, I mean, our studies and our devotionals and certainly 152 00:08:17,140 --> 00:08:21,020 S2: the magazine faithful steward leaned toward hard issues. There are, 153 00:08:21,020 --> 00:08:24,540 S2: of course, deeply biblical, but these really are meant to 154 00:08:24,580 --> 00:08:27,620 S2: fill that need around a next step. What do I 155 00:08:27,620 --> 00:08:31,500 S2: do in this area? Defining enough, equipping the next steward. 156 00:08:31,500 --> 00:08:33,380 S2: So we can't wait to put these in your hands. 157 00:08:33,380 --> 00:08:37,460 S2: And often we're building them for a variety of uses, right? 158 00:08:37,460 --> 00:08:40,260 S2: In terms of how somebody would actually put them into practice. 159 00:08:40,300 --> 00:08:43,220 S3: Absolutely. And really there's a hundred ways they could probably 160 00:08:43,220 --> 00:08:45,820 S3: be used. But I mean, just off the top of 161 00:08:45,820 --> 00:08:48,100 S3: my head, I'm like, you could really use these as 162 00:08:48,210 --> 00:08:50,690 S3: just a tool for your personal reflection. You know, you 163 00:08:50,690 --> 00:08:52,650 S3: could sit down and use this as just something that 164 00:08:52,650 --> 00:08:55,969 S3: you're going to go through on your own, almost like 165 00:08:55,970 --> 00:08:59,090 S3: a devotional, but in a really practical sense. You could 166 00:08:59,090 --> 00:09:01,690 S3: also integrate these into a small group at your church 167 00:09:01,690 --> 00:09:04,730 S3: or a Bible study, or if your church offers stewardship 168 00:09:04,730 --> 00:09:07,130 S3: classes or a series, these would be such a great 169 00:09:07,130 --> 00:09:10,890 S3: companion resource for any kind of work in your church 170 00:09:10,890 --> 00:09:13,530 S3: that is around this topic. They'd also be a great 171 00:09:13,530 --> 00:09:16,170 S3: guide for couples. That's something that comes up a lot in. 172 00:09:16,170 --> 00:09:17,930 S3: What we talk about is how to get couples on 173 00:09:17,929 --> 00:09:20,449 S3: the same page about what's next and what this means 174 00:09:20,450 --> 00:09:23,410 S3: for them. So I could totally see them being used 175 00:09:23,770 --> 00:09:27,090 S3: for couples. And actually, maybe the best way they could 176 00:09:27,090 --> 00:09:30,689 S3: be used is alongside a financial advisor, specifically one who's 177 00:09:30,690 --> 00:09:34,370 S3: trained with this same biblical approach to money, which, you know, 178 00:09:34,410 --> 00:09:36,610 S3: we talk about all the time, is a certified Kingdom advisor, 179 00:09:36,610 --> 00:09:40,250 S3: someone who's been trained in this exact biblical approach. This 180 00:09:40,250 --> 00:09:43,209 S3: would be such a great resource to work on alongside. 181 00:09:43,210 --> 00:09:47,080 S2: Their called Faith by Field Guides. And they're coming in 2026, 182 00:09:47,080 --> 00:09:49,480 S2: so be on the lookout for them. All right. After 183 00:09:49,480 --> 00:09:51,600 S2: you mentioned the Faith VI app and the new version 184 00:09:51,600 --> 00:09:55,000 S2: that's coming out in January. And I know in addition 185 00:09:55,000 --> 00:09:58,840 S2: to the intelligence around the rhythms and the new spending 186 00:09:58,840 --> 00:10:02,240 S2: plan features is really about the content that's going to 187 00:10:02,240 --> 00:10:04,880 S2: show up inside the Faith VI app. That's brand new 188 00:10:04,880 --> 00:10:05,720 S2: as well, right? 189 00:10:05,920 --> 00:10:09,000 S3: Yes. We've got big plans for content in the app 190 00:10:09,000 --> 00:10:11,200 S3: in the next year. I mean, in addition to the 191 00:10:11,200 --> 00:10:14,640 S3: financial rhythms that we kind of unpacked already, we're going 192 00:10:14,679 --> 00:10:19,440 S3: to have full studies and devotionals designed for interactive deep 193 00:10:19,440 --> 00:10:22,880 S3: learning within the app, just an entire library of things 194 00:10:22,880 --> 00:10:25,720 S3: that you can choose from. We're also going to create 195 00:10:25,720 --> 00:10:28,240 S3: audio versions. So if you want to listen to one 196 00:10:28,240 --> 00:10:30,880 S3: of our studies or devotionals on the go, that can 197 00:10:30,880 --> 00:10:33,240 S3: be an option with the VI app. And a big 198 00:10:33,240 --> 00:10:35,559 S3: part too, is that we're going to begin to integrate 199 00:10:35,559 --> 00:10:38,840 S3: the articles that release every quarter in Faithful Steward magazine. 200 00:10:38,840 --> 00:10:42,480 S3: They're going to be available as digital versions in the app. 201 00:10:42,600 --> 00:10:46,270 S2: I love it after we talk a lot about practices here, 202 00:10:46,270 --> 00:10:49,949 S2: and the rhythms are really designed to help you form 203 00:10:49,950 --> 00:10:53,750 S2: habits related to your stewardship. So talk for a second 204 00:10:53,750 --> 00:10:58,190 S2: about how these practices that we're creating actually help people, 205 00:10:58,230 --> 00:11:01,510 S2: particularly someone who might feel overwhelmed by money decisions. 206 00:11:01,670 --> 00:11:04,790 S3: Sure. Our goal is always to provide resources and content 207 00:11:04,790 --> 00:11:08,469 S3: that's biblical but also practical. And I think the resources 208 00:11:08,470 --> 00:11:11,949 S3: that we create, they help break down these big decisions 209 00:11:11,950 --> 00:11:16,030 S3: into manageable steps so people don't feel alone or overwhelmed. 210 00:11:16,230 --> 00:11:20,110 S3: They connect biblical truth with real life application that makes 211 00:11:20,110 --> 00:11:23,150 S3: the biblical wisdom feel practical and doable. And at the 212 00:11:23,150 --> 00:11:26,110 S3: same time, hopefully we're just here to encourage you along 213 00:11:26,110 --> 00:11:29,790 S3: the way that you know, you're you're prayerfully reflecting on 214 00:11:29,790 --> 00:11:32,390 S3: what's right for you and aligning your heart with God's. 215 00:11:32,390 --> 00:11:33,710 S3: And we're here to cheer you on. 216 00:11:33,750 --> 00:11:36,470 S2: That's well said. Now, none of this would happen without 217 00:11:36,470 --> 00:11:40,069 S2: our generous faith by partners. So as we begin to 218 00:11:40,110 --> 00:11:42,830 S2: wrap up here today, what would you want them to know? 219 00:11:42,830 --> 00:11:45,830 S2: And particularly, what can Faith five partners look forward to 220 00:11:45,870 --> 00:11:46,630 S2: in the year ahead? 221 00:11:46,990 --> 00:11:49,510 S3: Man, I'm just so grateful for our faith by partners. 222 00:11:49,510 --> 00:11:51,350 S3: If I could write a letter to every single one, 223 00:11:51,350 --> 00:11:54,630 S3: just letting them know what their generosity is allowing us 224 00:11:54,630 --> 00:11:57,670 S3: to create, I would, because it's just creating some really 225 00:11:57,670 --> 00:12:00,950 S3: incredible things. They're really the backbone of our ministry, and 226 00:12:01,350 --> 00:12:04,350 S3: they're a community that God is using in really meaningful ways. 227 00:12:04,350 --> 00:12:09,110 S3: So faith partners, their support allows us to create every resource, 228 00:12:09,110 --> 00:12:13,270 S3: every broadcast you hear, every app feature. It's made possible 229 00:12:13,270 --> 00:12:16,950 S3: by faith partners. It's an investment in real change for 230 00:12:16,950 --> 00:12:18,829 S3: real families. And we hear it all the time on 231 00:12:18,830 --> 00:12:19,350 S3: this show. 232 00:12:19,390 --> 00:12:21,790 S2: Yeah, we sure do. And of course, there are some 233 00:12:21,790 --> 00:12:24,790 S2: listening right now that love the program. Listen regularly. And 234 00:12:24,790 --> 00:12:26,670 S2: they're saying, wait a minute, I need to be a 235 00:12:26,670 --> 00:12:29,110 S2: faith partner, so why don't you share how they can 236 00:12:29,110 --> 00:12:29,870 S2: become one? 237 00:12:29,870 --> 00:12:33,150 S3: Absolutely. So when you become a faith partner, we actually 238 00:12:33,150 --> 00:12:35,830 S3: give you a ton of benefits. It's just our way 239 00:12:35,830 --> 00:12:38,950 S3: of saying thank you for allowing us to create these resources. 240 00:12:38,950 --> 00:12:43,579 S3: So if you go to Faith five. Slash give. You 241 00:12:43,580 --> 00:12:45,940 S3: can become a faith fight partner, which will allow you 242 00:12:45,940 --> 00:12:49,540 S3: to get a series of benefits, including full access to 243 00:12:49,580 --> 00:12:52,780 S3: the Faith fight app, our quarterly Faithful Steward magazine, and 244 00:12:52,780 --> 00:12:56,300 S3: every new Devo and book that we release will ship 245 00:12:56,300 --> 00:12:58,380 S3: them right to your door. All you have to do 246 00:12:58,380 --> 00:13:03,179 S3: is go to COVID-19 and give at least 35 a month, 247 00:13:03,179 --> 00:13:04,820 S3: or over 400 a year. 248 00:13:04,860 --> 00:13:08,500 S2: We've got just about 20s left. What's one thing you're 249 00:13:08,540 --> 00:13:10,860 S2: hoping and praying for our listeners in the New Year? 250 00:13:11,300 --> 00:13:14,020 S3: You know, I just really hope that our listeners are 251 00:13:14,020 --> 00:13:17,740 S3: able to grow in confidence as stewards of God's resources, 252 00:13:17,740 --> 00:13:20,620 S3: that they can rest in his faithfulness. I think something 253 00:13:20,620 --> 00:13:24,380 S3: that's really been resonating with me is just managing God's 254 00:13:24,380 --> 00:13:27,140 S3: money God's way. That's what we're here to do, and 255 00:13:27,140 --> 00:13:28,900 S3: we're here to help you do that as well. 256 00:13:28,940 --> 00:13:32,059 S2: Afton, you are a gift to this ministry. We're so 257 00:13:32,059 --> 00:13:34,260 S2: thankful for you, and I appreciate you being here today. 258 00:13:34,260 --> 00:13:35,620 S3: Thanks for having me, Rob. 259 00:13:35,700 --> 00:13:38,699 S2: Folks, the future is bright here at Faith. Five more resources, 260 00:13:38,700 --> 00:13:43,130 S2: more reach, and more ways to equip believers for faithful stewardship. Remember, 261 00:13:43,130 --> 00:13:46,290 S2: when you give $400 a year or $35 a month, 262 00:13:46,330 --> 00:13:50,770 S2: you'll receive our quarterly Faithful Steward Magazine two devotionals each year, 263 00:13:50,770 --> 00:13:54,170 S2: including my new one, Our Ultimate Treasure, plus access to 264 00:13:54,210 --> 00:13:57,050 S2: premium tools in the Faith fi app. And the exciting 265 00:13:57,050 --> 00:14:01,490 S2: part is, every gift is doubled between now and December 31st, 266 00:14:01,530 --> 00:14:06,170 S2: up to $175,000 because of some generous friends. We're not 267 00:14:06,170 --> 00:14:08,650 S2: there yet, but you can help us reach the goal. 268 00:14:08,650 --> 00:14:14,970 S2: Just head to faith. Com. That's faithful. All right, we're 269 00:14:14,970 --> 00:14:17,450 S2: gonna head to a break, so don't go anywhere. Still 270 00:14:17,450 --> 00:14:19,490 S2: a lot more to come, even though we're not here 271 00:14:19,490 --> 00:14:21,970 S2: to take your calls live today. But we have plenty 272 00:14:21,970 --> 00:14:24,010 S2: of calls that we lined up in advance. And we'll 273 00:14:24,010 --> 00:14:35,530 S2: get to those just around the corner. So glad to 274 00:14:35,530 --> 00:14:38,130 S2: have you with us today on Faith and Finance Live. 275 00:14:38,130 --> 00:14:41,000 S2: Our team is away today, so don't call in. But 276 00:14:41,000 --> 00:14:43,720 S2: we lined up some great questions in advance and we'll 277 00:14:43,720 --> 00:14:45,960 S2: be going to those here in just a moment. Let 278 00:14:45,960 --> 00:14:48,440 S2: me also remind you that the advice that I give 279 00:14:48,480 --> 00:14:52,000 S2: each day on this program is general in nature. We 280 00:14:52,280 --> 00:14:56,120 S2: offer principles and ideas that apply at a high level. 281 00:14:56,120 --> 00:14:59,560 S2: They are not personalized. So that's why you should always 282 00:14:59,600 --> 00:15:03,080 S2: seek professional financial advice. And if you'd like to find 283 00:15:03,080 --> 00:15:06,320 S2: a professional who shares your values, we of course, here 284 00:15:06,320 --> 00:15:10,720 S2: at Faith and Finance Live recommend the Certified Kingdom Advisor designation. 285 00:15:10,720 --> 00:15:13,280 S2: These are men and women who've met high standards, and 286 00:15:13,280 --> 00:15:16,240 S2: they've been trained to bring a biblical worldview of financial 287 00:15:16,240 --> 00:15:19,680 S2: decision making. You can find one at Faith comm. All right. 288 00:15:19,680 --> 00:15:22,080 S2: We're gonna head to the phones here. Uh, let's start 289 00:15:22,080 --> 00:15:24,720 S2: today in Pennsylvania. Donna, go right ahead. 290 00:15:25,040 --> 00:15:27,359 S4: My husband and I have two daughters in their 30s, 291 00:15:27,400 --> 00:15:30,440 S4: and neither has a long term financial plan at this point. 292 00:15:30,760 --> 00:15:33,720 S4: And we want to encourage them to do this by 293 00:15:33,760 --> 00:15:36,190 S4: opening a Roth for each of them with 2 or 294 00:15:36,190 --> 00:15:39,360 S4: $3000 so that they can add to it, see it grow, 295 00:15:39,560 --> 00:15:43,200 S4: see the benefit and simplicity of long term planning. But 296 00:15:43,240 --> 00:15:46,160 S4: there are several things we don't know. Uh, could I 297 00:15:46,160 --> 00:15:47,400 S4: ask you those questions? 298 00:15:47,440 --> 00:15:48,680 S2: Absolutely. Yeah. 299 00:15:49,120 --> 00:15:51,520 S4: Okay, well, what we don't know. One is whether you 300 00:15:51,520 --> 00:15:53,680 S4: think this is a good idea, but let's save that one. 301 00:15:53,720 --> 00:15:56,880 S4: The next one is whether we can open it for them, 302 00:15:57,000 --> 00:16:00,080 S4: or would simply give them the money to open it themselves, 303 00:16:00,120 --> 00:16:02,240 S4: you know, sort of make a family party out of it? 304 00:16:02,360 --> 00:16:05,080 S2: Yes. Yep. Any other questions? Or those? The two? 305 00:16:05,840 --> 00:16:08,120 S4: Yeah, I have one more. Whether this gift from us 306 00:16:08,120 --> 00:16:12,000 S4: would be a tax liability for them counted as income. Um, 307 00:16:12,000 --> 00:16:14,160 S4: and if so, do you have any recommendations for us 308 00:16:14,200 --> 00:16:16,040 S4: on how to handle that the best way? 309 00:16:16,320 --> 00:16:19,000 S2: Awesome. Yeah, those are great. Well, first of all, Donna, 310 00:16:19,000 --> 00:16:21,680 S2: I love how you and your husband are thinking about 311 00:16:21,880 --> 00:16:25,360 S2: not only getting them started with some seed money for 312 00:16:25,360 --> 00:16:29,320 S2: the long term, but really modeling this idea that, you 313 00:16:29,320 --> 00:16:31,640 S2: know what, we should be living within our means to 314 00:16:31,680 --> 00:16:35,000 S2: have margin that allows us to fund these longer term goals, 315 00:16:35,000 --> 00:16:38,990 S2: whether that's increased giving or long term savings, or maybe 316 00:16:38,990 --> 00:16:41,990 S2: paying off student loan debt saving for a home purchase. 317 00:16:42,190 --> 00:16:45,110 S2: All of those things happen when we order our lives 318 00:16:45,110 --> 00:16:47,430 S2: in such a way that we've got some surplus that 319 00:16:47,430 --> 00:16:50,830 S2: we could put toward those goals. And to your question, 320 00:16:50,830 --> 00:16:54,270 S2: I absolutely love the Roth IRA. I think it's a 321 00:16:54,630 --> 00:16:59,990 S2: really one of the most powerful compounding tools available, because 322 00:16:59,990 --> 00:17:02,990 S2: you put in the after tax dollars, but then that's 323 00:17:02,990 --> 00:17:06,470 S2: going to grow tax free for the next, let's call 324 00:17:06,470 --> 00:17:10,030 S2: it 40 years until they start to think about needing 325 00:17:10,070 --> 00:17:13,230 S2: to or maybe 35 years before they start to need 326 00:17:13,230 --> 00:17:16,430 S2: to pull that out, maybe to supplement Social Security in 327 00:17:16,470 --> 00:17:19,350 S2: that season of life. And so all those years of 328 00:17:19,350 --> 00:17:22,390 S2: compounded growth are going to be tax free, which is 329 00:17:22,390 --> 00:17:26,629 S2: just amazing and will be a real blessing to them 330 00:17:26,630 --> 00:17:30,590 S2: down the road. Um, in terms of your ability to 331 00:17:30,630 --> 00:17:34,149 S2: do that, um, you know, if your kids are adults 332 00:17:34,150 --> 00:17:37,580 S2: and they are 18 or older. They'll need to open 333 00:17:37,580 --> 00:17:40,899 S2: the Roth IRA in their own names. You can't open 334 00:17:40,900 --> 00:17:43,820 S2: it for them, but you can gift them the money 335 00:17:43,820 --> 00:17:47,580 S2: to fund it. So, you know, you could transfer that 336 00:17:47,580 --> 00:17:50,180 S2: money to them. And I love your idea of let's 337 00:17:50,180 --> 00:17:53,780 S2: make it a party and kind of do it all together. Um, 338 00:17:53,900 --> 00:17:57,220 S2: but that gift is not going to be taxable to 339 00:17:57,260 --> 00:18:00,660 S2: you or them, because you have the ability to gift 340 00:18:00,660 --> 00:18:05,820 S2: any individual up to $18,000 tax free. You don't even 341 00:18:05,820 --> 00:18:08,419 S2: have to tell the IRS about it. And between you 342 00:18:08,420 --> 00:18:11,540 S2: and your husband, you can each do 18,000. And this 343 00:18:11,540 --> 00:18:14,419 S2: is for as many individuals as you want. So between 344 00:18:14,420 --> 00:18:16,139 S2: the two of you, you could actually give them up 345 00:18:16,140 --> 00:18:20,060 S2: to 36,000. And you know, the contribution limit obviously is 346 00:18:20,060 --> 00:18:23,260 S2: quite a bit lower than that at 7000. So what 347 00:18:23,260 --> 00:18:24,980 S2: you would do is you'd decide how much you want 348 00:18:25,020 --> 00:18:27,260 S2: to gift them. You'd make it clear to them why 349 00:18:27,260 --> 00:18:30,420 S2: you're doing it, what it's for, and perhaps even get 350 00:18:30,420 --> 00:18:33,380 S2: with them, you know, to open it together. You make 351 00:18:33,380 --> 00:18:36,889 S2: the transfer. It's not taxable. It goes into the Roth IRA. 352 00:18:37,210 --> 00:18:39,290 S2: The only decision you're going to have to make beyond 353 00:18:39,290 --> 00:18:41,570 S2: that is where do we open the Roth. And that's 354 00:18:41,570 --> 00:18:44,850 S2: going to be driven by how you want it managed. 355 00:18:45,090 --> 00:18:48,890 S2: And what's often a great solution here is what's called 356 00:18:48,890 --> 00:18:52,170 S2: a robo advisor, which is for folks who are just 357 00:18:52,170 --> 00:18:54,850 S2: getting started. It's a very low cost. It's going to 358 00:18:54,850 --> 00:18:58,250 S2: give them a nice, broad, diversified approach using something called 359 00:18:58,290 --> 00:19:01,770 S2: index funds, which is going to mirror the broad moves 360 00:19:01,770 --> 00:19:04,770 S2: of the market in a way that's appropriate and suitable 361 00:19:04,770 --> 00:19:07,930 S2: for their age and risk tolerance, which is probably pretty 362 00:19:07,930 --> 00:19:10,570 S2: aggressive just because they have so much time for this 363 00:19:10,570 --> 00:19:14,490 S2: to grow. And unfortunately, there's not today, a faith based 364 00:19:14,490 --> 00:19:17,889 S2: investing robo advisor. There's one coming as early as the 365 00:19:17,890 --> 00:19:20,369 S2: first quarter of next year. But if you wanted to 366 00:19:20,369 --> 00:19:23,170 S2: do it before the end of the year, I would 367 00:19:23,170 --> 00:19:28,570 S2: suggest you look at either betterment or the Schwab Intelligent Portfolios. 368 00:19:28,810 --> 00:19:32,370 S2: Unless you had another plan already in mind for where 369 00:19:32,369 --> 00:19:35,250 S2: you would open it in terms of the custodian. Um, 370 00:19:35,250 --> 00:19:39,250 S2: but but to your question about, is this a great move? Yes. 371 00:19:39,490 --> 00:19:43,050 S2: Will there be any tax implications? No. And and they 372 00:19:43,050 --> 00:19:44,690 S2: do need to be the ones to open it. Is 373 00:19:44,690 --> 00:19:45,570 S2: that helpful though? 374 00:19:46,490 --> 00:19:48,770 S4: It is so helpful. It makes me so happy to 375 00:19:48,810 --> 00:19:50,930 S4: know that we can do this without harming them in 376 00:19:50,930 --> 00:19:52,409 S4: terms of their own taxes. 377 00:19:52,650 --> 00:19:53,290 S5: Oh, thank. 378 00:19:53,330 --> 00:19:54,250 S4: You so much. 379 00:19:54,609 --> 00:19:55,690 S5: It's very exciting. 380 00:19:55,730 --> 00:19:58,770 S2: Good. Well, I'm so thrilled to hear that. Let's do this. Uh, 381 00:19:58,770 --> 00:20:01,010 S2: stay on the line. I'm going to send you two 382 00:20:01,010 --> 00:20:05,050 S2: copies of the book. Master. Your money. Uh, for you. 383 00:20:05,130 --> 00:20:07,370 S2: You said there was two adult children, right? 384 00:20:07,730 --> 00:20:08,250 S4: That's right. 385 00:20:08,250 --> 00:20:08,450 S5: Yes. 386 00:20:08,490 --> 00:20:12,169 S2: Okay, so Ron Blue's book, master, your Money is a classic. Uh, 387 00:20:12,170 --> 00:20:14,810 S2: when you have that party to open those accounts, I 388 00:20:14,810 --> 00:20:17,290 S2: want you to give them that book. Uh, it's one 389 00:20:17,290 --> 00:20:19,409 S2: that I read in college, and it kind of shaped 390 00:20:19,410 --> 00:20:23,930 S2: my thinking and was the beginning point of my passion 391 00:20:23,930 --> 00:20:26,530 S2: around the intersection of faith and finance. I think they'll 392 00:20:26,530 --> 00:20:29,770 S2: really enjoy it. And, um, you sound like great parents. 393 00:20:29,770 --> 00:20:31,090 S2: Call any time. Okay. 394 00:20:31,520 --> 00:20:33,639 S4: Yeah. Rob, thank you so much. You've been a great help. 395 00:20:33,680 --> 00:20:34,120 S4: Have a great. 396 00:20:34,119 --> 00:20:35,160 S5: Day. All right. You too. 397 00:20:35,200 --> 00:20:38,560 S2: Hold the line. Sherry is in New Mexico. Sherry? Go ahead. 398 00:20:39,040 --> 00:20:42,439 S6: Hi, Rob. I have a question on Social Security. 399 00:20:42,640 --> 00:20:43,160 S5: Okay. 400 00:20:43,200 --> 00:20:47,200 S6: I heard that you can't have too much savings on 401 00:20:47,200 --> 00:20:52,440 S6: Social Security. I heard that, um, singles can only have 402 00:20:52,480 --> 00:20:58,040 S6: up to 2000, and couples can only have up to 3000. Otherwise, 403 00:20:58,040 --> 00:21:00,639 S6: it can be taken away from you. I was wondering if. 404 00:21:00,800 --> 00:21:01,800 S6: If that's true. 405 00:21:02,240 --> 00:21:05,880 S2: Yeah. Uh, there is some truth to that, but there's 406 00:21:06,000 --> 00:21:09,760 S2: some confusion going on here. It's not related to Social security. 407 00:21:09,800 --> 00:21:14,440 S2: Regular social security. What you're describing is something called SSI, 408 00:21:14,920 --> 00:21:18,159 S2: which is a completely different program for those with low 409 00:21:18,160 --> 00:21:24,920 S2: income and limited resources. So it's Supplemental Security Income. And 410 00:21:24,920 --> 00:21:30,350 S2: that does have limits. 2000 for individuals, 3000 for couples, 411 00:21:30,350 --> 00:21:34,909 S2: but if you're receiving regular Social Security retirement, you can 412 00:21:34,910 --> 00:21:39,590 S2: save and invest freely without losing any benefits. There are 413 00:21:39,590 --> 00:21:44,190 S2: no income or savings limits on regular Social Security. 414 00:21:44,710 --> 00:21:45,430 S6: Oh, okay. 415 00:21:45,950 --> 00:21:48,310 S2: Is that helpful? Did you have a follow up question? 416 00:21:48,550 --> 00:21:50,070 S6: That's okay. Not today. Thank you. 417 00:21:50,109 --> 00:21:50,629 S5: Okay. 418 00:21:50,670 --> 00:21:53,310 S2: Very good. Thanks for calling. Call back anytime, Sherry. Lord 419 00:21:53,310 --> 00:21:55,710 S2: bless you. Much more to come. Just around the corner. 420 00:21:55,710 --> 00:22:06,030 S2: Stick around. Grateful you've tuned in to Faith and finance live. 421 00:22:06,030 --> 00:22:08,510 S2: I'm Rob West, your host. This is where we recognize 422 00:22:08,510 --> 00:22:11,150 S2: that God owns it all. You're a steward or a 423 00:22:11,150 --> 00:22:13,990 S2: manager of God's resources. And money is a tool to 424 00:22:14,030 --> 00:22:17,590 S2: accomplish God's purposes. Hey, we're away from the studio today, 425 00:22:17,590 --> 00:22:19,910 S2: so don't call in. But we lined up some great 426 00:22:19,910 --> 00:22:24,030 S2: questions in advance that I know you will enjoy. In fact, 427 00:22:24,350 --> 00:22:26,670 S2: let's go ahead and take one of those right now. 428 00:22:27,190 --> 00:22:29,300 S2: Let's head to Texas. Joe, how can I help you? 429 00:22:30,619 --> 00:22:32,820 S7: Yes, sir. Thank you for taking my call. 430 00:22:32,980 --> 00:22:33,420 S2: Of course. 431 00:22:33,460 --> 00:22:39,260 S7: I, uh, plan on retiring at 70. I'm 66 and 432 00:22:39,260 --> 00:22:43,260 S7: four months right now, and I can, uh, take full 433 00:22:43,260 --> 00:22:47,020 S7: retirement at 66. In ten months. Would it be a 434 00:22:47,020 --> 00:22:51,220 S7: good idea to take my retirement and go ahead? And I'm. 435 00:22:51,540 --> 00:22:56,820 S7: I'm going to work 40 hours a week till I'm 70. Okay. My, uh, 436 00:22:56,820 --> 00:23:03,740 S7: Social Security in, uh, IUL or, uh, IBC or in my, uh, 437 00:23:03,780 --> 00:23:05,300 S7: Edward Jones account. 438 00:23:05,340 --> 00:23:06,260 S5: Yeah. Got it. 439 00:23:06,300 --> 00:23:07,180 S7: The whole check. 440 00:23:07,420 --> 00:23:07,940 S5: All right. 441 00:23:07,940 --> 00:23:11,580 S2: Very good. Well, yeah, certainly, once you hit full retirement age, 442 00:23:11,580 --> 00:23:13,820 S2: you're going to get your full benefit based on your 443 00:23:13,820 --> 00:23:18,500 S2: high 35, your highest 35 years of earnings. And the 444 00:23:18,500 --> 00:23:20,820 S2: benefit is or one of the benefits of waiting to 445 00:23:20,859 --> 00:23:23,620 S2: full retirement age is not only to get your full check, 446 00:23:23,820 --> 00:23:27,609 S2: but you can work full time and collect Social Security 447 00:23:27,609 --> 00:23:30,209 S2: with no earnings limit or penalty. So no matter how 448 00:23:30,210 --> 00:23:33,650 S2: much money you make, you'll still collect your full benefit, 449 00:23:33,650 --> 00:23:35,850 S2: which would not have been the case. You would have 450 00:23:35,850 --> 00:23:39,409 S2: had an earnings limit prior to full retirement age, so 451 00:23:39,850 --> 00:23:42,690 S2: you certainly don't have to wait until age 70. Now, 452 00:23:42,690 --> 00:23:46,369 S2: what are the benefits of waiting past full retirement age 453 00:23:46,369 --> 00:23:50,770 S2: until as late as age 70? Well, if you do 454 00:23:50,810 --> 00:23:55,250 S2: delay it, your benefit grows by 8% per year through 455 00:23:55,290 --> 00:24:00,250 S2: age 70 thanks to delayed retirement credits. And you're not 456 00:24:00,250 --> 00:24:04,410 S2: going to get 8% guaranteed anywhere else. You may get 8% 457 00:24:04,410 --> 00:24:06,890 S2: in your Edward Jones account or more, but it's not 458 00:24:06,890 --> 00:24:10,130 S2: going to be guaranteed. It is with Social Security. And 459 00:24:10,130 --> 00:24:12,850 S2: if you're continuing to work, meaning you don't need the money, 460 00:24:12,850 --> 00:24:15,730 S2: you are just going to sock it away, you know? 461 00:24:15,770 --> 00:24:18,450 S2: Then in my view, you might as well wait and 462 00:24:18,450 --> 00:24:21,970 S2: get that 80, that 8% a year guaranteed, because that 463 00:24:21,970 --> 00:24:26,410 S2: could mean a check as much as 32% higher than 464 00:24:26,410 --> 00:24:30,130 S2: claiming at full retirement age, which is really a nice 465 00:24:30,130 --> 00:24:33,689 S2: inflation protected boost for life because all the cost of 466 00:24:33,690 --> 00:24:36,210 S2: living adjustments in the future are going to be based 467 00:24:36,210 --> 00:24:40,330 S2: on that higher amount. Now you need to be able to, 468 00:24:40,570 --> 00:24:44,570 S2: you know, live long enough to enjoy that. So typically 469 00:24:44,570 --> 00:24:48,530 S2: the where where that break even occurs is around 12 years. 470 00:24:48,690 --> 00:24:51,810 S2: So you'd have to live until at least age 82, 471 00:24:52,130 --> 00:24:56,689 S2: which by the way, once you reach age 65, your 472 00:24:56,690 --> 00:25:00,410 S2: life expectancy as a male is in fact 82. Um, 473 00:25:00,570 --> 00:25:02,850 S2: and as long as you live to at least age 82, 474 00:25:02,890 --> 00:25:05,770 S2: you're in good health, you've got longevity in your family, 475 00:25:06,050 --> 00:25:08,649 S2: then you will be paid back in the form of 476 00:25:08,690 --> 00:25:11,970 S2: that higher check for all the money you did not 477 00:25:11,970 --> 00:25:16,770 S2: collect between 66 and 10 months and 70. And then 478 00:25:16,770 --> 00:25:20,490 S2: from that point forward, you enjoy. You enjoy that 32% 479 00:25:20,530 --> 00:25:23,290 S2: higher check for the rest of your life. Now there's 480 00:25:23,290 --> 00:25:25,280 S2: a question there because none of us know the day 481 00:25:25,280 --> 00:25:27,280 S2: or the hour. The Lord is going to call us home. 482 00:25:27,480 --> 00:25:30,160 S2: And if you died before that, you'd obviously be leaving 483 00:25:30,160 --> 00:25:32,880 S2: money on the table. But I just think for somebody 484 00:25:32,880 --> 00:25:35,439 S2: in your spot where this is going to be a 485 00:25:35,440 --> 00:25:39,840 S2: meaningful part of your retirement income and you don't need 486 00:25:39,840 --> 00:25:42,879 S2: the money, I kind of like getting that higher check 487 00:25:42,880 --> 00:25:46,639 S2: locked in, but I don't think there's a wrong decision here, Joe. 488 00:25:46,680 --> 00:25:48,560 S2: Especially if you're not going to spend it. You're going 489 00:25:48,600 --> 00:25:50,240 S2: to sock it away and invest it. But give me 490 00:25:50,240 --> 00:25:51,320 S2: your thoughts on all that. 491 00:25:52,240 --> 00:25:55,119 S7: Yeah. So that actually that's what I planned on doing 492 00:25:55,119 --> 00:25:59,520 S7: was just socking it away up. I'm in excellent health. 493 00:25:59,520 --> 00:26:02,040 S7: I'm not on any kind of meds. And we do 494 00:26:02,040 --> 00:26:06,200 S7: have longevity in my family. My mom recently passed away 495 00:26:06,200 --> 00:26:07,280 S7: at 93. 496 00:26:07,520 --> 00:26:08,560 S5: Okay. Yeah. 497 00:26:08,600 --> 00:26:09,959 S7: And I mean. 498 00:26:10,840 --> 00:26:14,040 S2: Yeah, I'm I'm like you, my my grandmother passed away 499 00:26:14,040 --> 00:26:18,119 S2: at 104, and, uh, so I, I understand that and, 500 00:26:18,160 --> 00:26:20,560 S2: you know, I would just say, you know, if you 501 00:26:20,560 --> 00:26:24,830 S2: live past 82, you will have collected 100% of you 502 00:26:24,830 --> 00:26:27,630 S2: of what you would have received by starting at full 503 00:26:27,630 --> 00:26:31,910 S2: retirement age, and you get that 32% higher paycheck. Now 504 00:26:31,910 --> 00:26:34,270 S2: you might say, well, but that money I socked away 505 00:26:34,310 --> 00:26:37,550 S2: could have been growing. And that's true. But it's you know, 506 00:26:37,590 --> 00:26:40,510 S2: there's a question as to how will it do. And 507 00:26:40,510 --> 00:26:44,270 S2: it could grow. It could actually decline in the market. Um, 508 00:26:44,310 --> 00:26:48,590 S2: you know, that's where I think this nice 8% increase 509 00:26:48,590 --> 00:26:51,870 S2: guaranteed is not something to just gloss over. 510 00:26:52,750 --> 00:26:58,190 S7: Right, right. Well, how about, uh, IBC or a IUL? 511 00:26:59,270 --> 00:27:02,590 S2: Yeah. Well, again, you know, I just think, uh, you know, 512 00:27:02,630 --> 00:27:06,150 S2: with an index, universal life, uh, I mean, it's tied 513 00:27:06,150 --> 00:27:09,910 S2: to the performance of a market index. Um, but a 514 00:27:09,910 --> 00:27:13,109 S2: portion of it's going toward insurance costs. And at your age, 515 00:27:13,109 --> 00:27:15,110 S2: that's going to be pretty steep. And I just don't 516 00:27:15,109 --> 00:27:18,590 S2: think you need that life insurance at this point. So 517 00:27:18,590 --> 00:27:21,900 S2: I'd rather you either delay it, let the soul let 518 00:27:21,900 --> 00:27:25,340 S2: the Social Security Administration give you the increases, or just 519 00:27:25,340 --> 00:27:28,060 S2: drop that in your Edward Jones account and invest it 520 00:27:28,060 --> 00:27:30,940 S2: in a way that's appropriate for your age and risk tolerance, 521 00:27:31,020 --> 00:27:33,379 S2: rather than mixing it up with the cost of a 522 00:27:33,380 --> 00:27:34,940 S2: pricey insurance policy. 523 00:27:35,820 --> 00:27:37,460 S7: Oh, okay. All right then. 524 00:27:37,900 --> 00:27:38,459 S2: All right. 525 00:27:38,500 --> 00:27:40,980 S7: Yeah, that sounds good. Thank you so much. 526 00:27:41,020 --> 00:27:42,820 S2: You're welcome. Joe. Hey, stay on the line. I want 527 00:27:42,820 --> 00:27:44,380 S2: to send you a gift. I'm going to send you 528 00:27:44,380 --> 00:27:46,900 S2: the latest issue of our magazine, Faithful steward. I think 529 00:27:46,900 --> 00:27:49,139 S2: it'll be an encouragement to you. And we appreciate you 530 00:27:49,140 --> 00:27:51,979 S2: being on the program today. Let's go to Mississippi. Robert, 531 00:27:51,980 --> 00:27:52,780 S2: how can I help? 532 00:27:53,260 --> 00:27:54,540 S8: Hey. How are you doing today? 533 00:27:54,580 --> 00:27:55,700 S2: Doing well, thank you sir. 534 00:27:56,300 --> 00:28:01,140 S8: Uh, yeah. Um, question. I have a, uh, 401 over 535 00:28:01,140 --> 00:28:05,060 S8: the last, oh, ten, 12 years. I've borrowed from it, uh, 536 00:28:05,859 --> 00:28:13,020 S8: about three times, paying myself back interest. Um. My question is, 537 00:28:13,020 --> 00:28:15,979 S8: because I hate paying interest on loans, like borrowing a 538 00:28:15,980 --> 00:28:19,460 S8: car or buying a car. So is that a good 539 00:28:19,460 --> 00:28:24,140 S8: idea compared to other options. Just getting a regular loan. Um. 540 00:28:24,700 --> 00:28:27,460 S2: Yeah. I mean, I'm not a huge fan, and here's why. 541 00:28:27,500 --> 00:28:31,180 S2: I mean, number one is you've got the lost investment growth, 542 00:28:31,420 --> 00:28:34,260 S2: so the money you borrow isn't invested while it's out. 543 00:28:34,260 --> 00:28:37,179 S2: So you could miss years of compounding, and especially if 544 00:28:37,220 --> 00:28:39,700 S2: we're in a period like we were the last, you know, 545 00:28:39,740 --> 00:28:43,020 S2: several years and the couple of decades before that where 546 00:28:43,020 --> 00:28:45,540 S2: the market's done. Well, you know, you're missing out on 547 00:28:45,580 --> 00:28:49,180 S2: that compounded growth, which is significant, especially on a tax 548 00:28:49,180 --> 00:28:53,219 S2: deferred environment. You've got tax risk if you leave your job. 549 00:28:53,220 --> 00:28:55,580 S2: So if you retire or quit or laid off before 550 00:28:55,580 --> 00:28:58,300 S2: the loan is repaid, it's going to all become taxable 551 00:28:58,300 --> 00:29:02,100 S2: plus a penalty if you're under 59.5. You've also got 552 00:29:02,300 --> 00:29:05,420 S2: what I would call double taxation on the interest. So 553 00:29:05,420 --> 00:29:08,780 S2: here's what I mean. You're repaying the loan with after 554 00:29:08,820 --> 00:29:11,500 S2: tax dollars. And then you're going to pay the tax 555 00:29:11,500 --> 00:29:14,740 S2: again when you withdraw that money in retirement. So it's 556 00:29:14,740 --> 00:29:17,500 S2: kind of being taxed twice. And a lot of people 557 00:29:17,500 --> 00:29:21,850 S2: don't realize that and then you've got reduced contributions. So 558 00:29:21,850 --> 00:29:26,650 S2: some some borrowers pause new contributions while they're repaying, and 559 00:29:26,650 --> 00:29:29,010 S2: then they're missing out on the potential for the employer 560 00:29:29,010 --> 00:29:31,410 S2: match and the growth. Now you may say, well, I 561 00:29:31,410 --> 00:29:33,450 S2: wasn't planning on doing that. And so then that would 562 00:29:33,450 --> 00:29:37,090 S2: would come off the table. But that's what happens a lot. Um, 563 00:29:37,450 --> 00:29:40,410 S2: so I would just prefer to do this even though 564 00:29:40,410 --> 00:29:42,810 S2: it's not terrible. And you're right, you are paying interest 565 00:29:42,810 --> 00:29:46,370 S2: to yourself. And that's better than paying 22% credit card 566 00:29:46,370 --> 00:29:51,090 S2: interest to another, uh, institution. But for the reasons I mentioned, 567 00:29:51,090 --> 00:29:53,770 S2: this is just not my go to. It's not as 568 00:29:53,770 --> 00:29:56,730 S2: great as it sounds at face value. Does that make sense? 569 00:29:56,930 --> 00:30:01,570 S8: Okay, yeah. So if I like, um, have an auto loan, uh, for, 570 00:30:01,690 --> 00:30:05,250 S8: you know, 5 or 6%, it's definitely worth going through 571 00:30:05,250 --> 00:30:05,770 S8: the bank. 572 00:30:06,290 --> 00:30:07,890 S2: Yeah. I mean, if you have an auto loan at 573 00:30:07,890 --> 00:30:10,090 S2: 5 or 6%, I'd just leave that right where it 574 00:30:10,090 --> 00:30:13,490 S2: is and just ride it out. And, you know, unless 575 00:30:13,490 --> 00:30:15,090 S2: you're talking about getting a new car and so you're 576 00:30:15,090 --> 00:30:16,330 S2: wondering how to pay for it. 577 00:30:16,650 --> 00:30:19,960 S8: Yes, I'm thinking about getting a new pickup truck, so. 578 00:30:20,000 --> 00:30:22,080 S2: Got it, got it. Yeah. No, I'd rather you just 579 00:30:22,080 --> 00:30:25,400 S2: get a straight loan with the with the pickup truck 580 00:30:25,400 --> 00:30:27,920 S2: as the collateral. And you just try to keep your 581 00:30:27,920 --> 00:30:31,320 S2: lifestyle lean with plenty of margin, and maybe you try 582 00:30:31,320 --> 00:30:34,800 S2: to accelerate those payments, but I would far prefer that 583 00:30:34,800 --> 00:30:38,160 S2: than you having this money out of that 401 K 584 00:30:38,200 --> 00:30:42,960 S2: not compounding, not growing, paying it back with after tax money. 585 00:30:43,400 --> 00:30:45,400 S2: You know, I would much prefer you just get a 586 00:30:45,400 --> 00:30:47,520 S2: standard loan and try to pay it off as quick 587 00:30:47,520 --> 00:30:50,000 S2: as you can. Robert, thanks for your call, my friend. 588 00:30:50,000 --> 00:30:52,840 S2: Call anytime. Hey folks, we're going to pause now for 589 00:30:52,840 --> 00:30:55,280 S2: a brief break, but we'll be back with much more 590 00:30:55,280 --> 00:31:09,280 S2: on today's Faith and finance live. Thanks for joining us 591 00:31:09,280 --> 00:31:12,200 S2: today on Faith and Finance Live. Before we head back 592 00:31:12,200 --> 00:31:14,560 S2: to the phones, let me just remind you here at 593 00:31:14,600 --> 00:31:17,350 S2: year end, this is a critical time of year for 594 00:31:17,350 --> 00:31:20,870 S2: us in terms of listener support. If you love the ministry, 595 00:31:20,870 --> 00:31:23,870 S2: maybe you listen regularly or you've been able to apply 596 00:31:23,870 --> 00:31:27,710 S2: something you've heard to your financial life. We'd invite you 597 00:31:27,710 --> 00:31:30,270 S2: to support the work of faith and finance here at 598 00:31:30,310 --> 00:31:34,670 S2: year end before December 31st. Every gift is doubled up 599 00:31:34,670 --> 00:31:40,150 S2: to $175,000 because of some generous friends. And with every 600 00:31:40,150 --> 00:31:43,110 S2: gift as a thank you, we'll send you my new devotional, 601 00:31:43,150 --> 00:31:49,470 S2: Our Ultimate Treasure in the New Year. Just head to faith. Give. 602 00:31:49,510 --> 00:31:54,910 S2: Again that website faithfully give. All right, let's head back 603 00:31:54,910 --> 00:31:57,270 S2: to the phones. Let's go to Texas. Hi, Laura. How 604 00:31:57,270 --> 00:31:57,910 S2: can I help? 605 00:31:59,150 --> 00:32:03,430 S9: Hi, Rob. Um, on the other side of my husband's death, 606 00:32:03,430 --> 00:32:07,070 S9: I woke up and realized I had nothing, which we 607 00:32:07,110 --> 00:32:13,230 S9: had multimillions before. So I'm in a situation where I 608 00:32:13,270 --> 00:32:17,550 S9: sold all all that I could and bought a small home. 609 00:32:17,910 --> 00:32:22,950 S9: And so all my asset is in my home. And, um, 610 00:32:22,990 --> 00:32:27,710 S9: I heard Harlan, um, speak with you recently. And so 611 00:32:27,710 --> 00:32:31,350 S9: I met with one of his agents, and they they 612 00:32:31,470 --> 00:32:34,110 S9: showed that I could just do really well if I 613 00:32:34,110 --> 00:32:38,670 S9: did a reverse mortgage. But in talking with some of 614 00:32:38,670 --> 00:32:42,229 S9: my family and my only child who's in real estate, 615 00:32:42,270 --> 00:32:46,830 S9: it's just like the worst of the worst to do. Um, 616 00:32:47,670 --> 00:32:51,110 S9: and they told me to check with Dave Ramsey. Well, 617 00:32:51,110 --> 00:32:55,670 S9: he is adamantly against reverse mortgage, and so I'm kind 618 00:32:55,710 --> 00:32:57,310 S9: of wondering why. 619 00:32:57,830 --> 00:33:00,470 S2: Yeah, it's a great question. Let me ask you a 620 00:33:00,510 --> 00:33:02,390 S2: couple of follow up questions, and I'd love to weigh 621 00:33:02,390 --> 00:33:05,350 S2: into this. Um, what is the home worth? 622 00:33:06,950 --> 00:33:15,620 S9: Um, value is probably 450. Okay. And I have about 18,000, um, 623 00:33:15,620 --> 00:33:19,340 S9: that I had to take out on a HELOC for, uh, 624 00:33:19,340 --> 00:33:20,459 S9: some damages. 625 00:33:20,740 --> 00:33:25,340 S2: Okay. Got it. Yeah. And you're living on Social Security alone? 626 00:33:26,180 --> 00:33:26,940 S9: Correct. 627 00:33:26,980 --> 00:33:29,460 S2: Okay. And what other assets do you have? 628 00:33:32,100 --> 00:33:35,420 S9: Uh. That's it. Okay. Well, I shouldn't say that. I 629 00:33:35,460 --> 00:33:42,140 S9: do have about 20,000 in, um. Uh, it was in 630 00:33:42,140 --> 00:33:44,780 S9: a CD, but it came due, and so I haven't 631 00:33:45,060 --> 00:33:47,540 S9: done anything with it in my checking, which I need 632 00:33:47,540 --> 00:33:48,460 S9: to do something. 633 00:33:48,500 --> 00:33:51,580 S2: Yeah. And are you able to live on Social Security alone, 634 00:33:51,580 --> 00:33:53,580 S2: or are you having to pull from that account with 635 00:33:53,580 --> 00:33:54,700 S2: the 20,000? 636 00:33:55,460 --> 00:33:58,260 S9: No, I'm able to live on it alone, but it's 637 00:33:58,260 --> 00:33:59,140 S9: very tight. 638 00:33:59,180 --> 00:34:01,900 S2: Yeah, yeah. No, I understand and and I'll get into 639 00:34:01,940 --> 00:34:04,300 S2: Dave for in a moment. And I like Dave a lot. 640 00:34:04,340 --> 00:34:08,219 S2: We're friends. Um, I, I'm familiar with his philosophy on this, 641 00:34:08,219 --> 00:34:11,020 S2: and I'll talk about why that is. Uh, but what 642 00:34:11,020 --> 00:34:14,450 S2: were your kids concerns as you describe, especially the one 643 00:34:14,450 --> 00:34:15,290 S2: in real estate? 644 00:34:16,370 --> 00:34:20,290 S9: Um, just just that all I know is, oh, it's 645 00:34:20,290 --> 00:34:23,610 S9: the worst thing ever. You don't ever want to do that. But, 646 00:34:23,969 --> 00:34:27,609 S9: you know, I also have to weigh out that this 647 00:34:27,610 --> 00:34:31,170 S9: is my asset that they'll receive, too. And if, if, 648 00:34:31,210 --> 00:34:35,010 S9: if and I hope that it's not the case that it's, 649 00:34:35,050 --> 00:34:38,330 S9: you know, because of it being an asset for, for 650 00:34:38,370 --> 00:34:40,410 S9: them upon my death. Um, yeah. 651 00:34:40,450 --> 00:34:42,730 S2: You know, well, I would love for you to press 652 00:34:42,730 --> 00:34:45,290 S2: into that a little bit more because it's the worst 653 00:34:45,290 --> 00:34:48,890 S2: thing ever is fine as long as there's a because. 654 00:34:48,930 --> 00:34:50,890 S2: And then they explain to you why they don't want 655 00:34:50,890 --> 00:34:54,050 S2: you to get this. Um, listen, I love the idea 656 00:34:54,050 --> 00:34:56,370 S2: of getting out of debt and staying there. I think 657 00:34:56,370 --> 00:34:59,650 S2: that's great. I think the Bible is pretty clear. There's 658 00:34:59,650 --> 00:35:04,170 S2: a lot of warnings in Scripture around debt, especially surety, 659 00:35:04,170 --> 00:35:08,330 S2: where you're obligating yourself personally. Uh, you know, that's not 660 00:35:08,370 --> 00:35:11,200 S2: what a home equity conversion mortgage is. Mortgages. Today's reverse 661 00:35:11,200 --> 00:35:15,840 S2: mortgages are non-recourse, meaning the only collateral for the loan 662 00:35:15,840 --> 00:35:20,480 S2: ever is the home, and you don't have to use it. 663 00:35:20,480 --> 00:35:23,399 S2: You also can make a payment, but you don't have to. 664 00:35:23,440 --> 00:35:28,120 S2: It's optional. Most people, especially in your situation where, um, 665 00:35:28,480 --> 00:35:31,439 S2: you know, you've, uh, are able even though it's tight 666 00:35:31,480 --> 00:35:34,120 S2: to live on, Social Security will get a line of 667 00:35:34,120 --> 00:35:37,120 S2: credit where you can use it as you need it. 668 00:35:37,120 --> 00:35:39,040 S2: Let's say you needed a home repair. You wanted to 669 00:35:39,040 --> 00:35:41,319 S2: take a trip or something like that. You could tap 670 00:35:41,320 --> 00:35:45,040 S2: the home equity or the tap the line of credit, 671 00:35:45,040 --> 00:35:48,759 S2: but you wouldn't have to necessarily take a monthly check. Um, 672 00:35:48,800 --> 00:35:51,480 S2: because although that's an option, it doesn't sound like you 673 00:35:51,480 --> 00:35:54,000 S2: need that. And so basically that would allow you to 674 00:35:54,080 --> 00:35:57,359 S2: systematically tap into that equity over time to give you 675 00:35:57,360 --> 00:36:00,920 S2: a little more breathing room, because from a planning standpoint, 676 00:36:00,920 --> 00:36:02,719 S2: we have to look at what are the assets that 677 00:36:02,719 --> 00:36:05,399 S2: you have and you really don't have any. I mean, 678 00:36:05,400 --> 00:36:08,160 S2: you've got this, uh, this home that you want to 679 00:36:08,160 --> 00:36:11,189 S2: stay in. It sounds like, um, you know, as long 680 00:36:11,190 --> 00:36:14,109 S2: as you can. And you got the 20,000. And apart 681 00:36:14,110 --> 00:36:16,549 S2: from that, if something comes out of left field, I 682 00:36:16,590 --> 00:36:19,350 S2: can appreciate that. The kids would love for you to stay, 683 00:36:19,390 --> 00:36:21,350 S2: you know, completely out of debt. But that's really the 684 00:36:21,350 --> 00:36:24,350 S2: only asset you have. And the reverse mortgage is what 685 00:36:24,350 --> 00:36:28,310 S2: allows you to tap into that. With tax free equity 686 00:36:28,310 --> 00:36:31,750 S2: coming out now, it's going to grow over time with 687 00:36:31,750 --> 00:36:34,830 S2: interest and fees. But so is your house. Typically your 688 00:36:34,830 --> 00:36:37,390 S2: house is going to continue to appreciate. And at the 689 00:36:37,390 --> 00:36:40,030 S2: end of the day, you know, it will just mean 690 00:36:40,030 --> 00:36:42,029 S2: that the kids get a little less. But I would 691 00:36:42,030 --> 00:36:45,910 S2: imagine if pressed, they would be more concerned about you 692 00:36:45,910 --> 00:36:48,549 S2: being able to live this fourth quarter of life with 693 00:36:48,550 --> 00:36:51,149 S2: a little more freedom and flexibility and not feeling so 694 00:36:51,150 --> 00:36:55,069 S2: squeezed financially than they would getting every dollar out of 695 00:36:55,070 --> 00:36:57,150 S2: the house, because I would imagine they wouldn't want to 696 00:36:57,150 --> 00:36:58,950 S2: keep it. They would just sell it and take the 697 00:36:58,950 --> 00:37:01,790 S2: proceeds and split it, unless you decide to give it 698 00:37:01,790 --> 00:37:04,629 S2: away or a combination of the two. And so I 699 00:37:04,630 --> 00:37:07,950 S2: can't imagine why they wouldn't want if this is the 700 00:37:07,950 --> 00:37:11,430 S2: only option to give you that breathing room you're looking for, 701 00:37:11,710 --> 00:37:14,750 S2: they wouldn't want you to do that now. You mentioned Dave. 702 00:37:15,070 --> 00:37:17,190 S2: You know, in terms of Dave's concerns with this, I 703 00:37:17,190 --> 00:37:19,750 S2: think it all stems from and I don't want to 704 00:37:19,750 --> 00:37:21,790 S2: speak for him, but I'll just tell you general ideas 705 00:37:21,790 --> 00:37:25,350 S2: that I've heard him say. It speaks from his broader principle. 706 00:37:25,350 --> 00:37:28,509 S2: Debt is never your friend. And I would typically agree 707 00:37:28,510 --> 00:37:30,710 S2: with that. I mean, debt mortgage is the future. And 708 00:37:30,710 --> 00:37:32,509 S2: so that's why we want to get out of debt. 709 00:37:32,510 --> 00:37:36,670 S2: That's why there's clear warnings in Scripture. I think specifically 710 00:37:36,670 --> 00:37:38,989 S2: he would point to the the high fees. And I 711 00:37:38,989 --> 00:37:44,030 S2: will say that, uh, home equity conversion mortgages between the, 712 00:37:44,030 --> 00:37:48,790 S2: the mortgage interest, the closing costs, the mortgage insurance premium, 713 00:37:49,150 --> 00:37:53,030 S2: it is more expensive than a traditional mortgage or HELOC. 714 00:37:53,350 --> 00:37:56,069 S2: So we just have to acknowledge that including you have 715 00:37:56,070 --> 00:37:58,549 S2: a 2% fee up front that goes to the FHA, 716 00:37:58,830 --> 00:38:01,989 S2: but that's what's going to make this non-recourse, meaning you 717 00:38:01,989 --> 00:38:04,029 S2: can never owe more than your home is worth, and 718 00:38:04,030 --> 00:38:06,980 S2: you can stay there for the rest of your life. Uh, second, 719 00:38:07,020 --> 00:38:10,779 S2: he would say that it erodes home equity and family legacy, 720 00:38:10,980 --> 00:38:14,219 S2: meaning it's going to reduce what can be passed on 721 00:38:14,260 --> 00:38:18,060 S2: to heirs. But I would say, again, I think if pressed, 722 00:38:18,060 --> 00:38:20,299 S2: your kids would probably say I would expect them to 723 00:38:20,340 --> 00:38:23,420 S2: say they would far prefer you have a little bit 724 00:38:23,420 --> 00:38:25,779 S2: more breathing room in your budget in this season of 725 00:38:25,780 --> 00:38:29,500 S2: life than they would squeezing every dollar out of the 726 00:38:29,540 --> 00:38:33,219 S2: the home equity that you're passing. And then third, and 727 00:38:33,219 --> 00:38:36,259 S2: there's some legitimacy to this, that he would say that 728 00:38:36,260 --> 00:38:39,779 S2: it probably creates a false sense of security, meaning, you know, 729 00:38:39,820 --> 00:38:44,500 S2: it's seen as free money and it encourages overspending. And 730 00:38:44,500 --> 00:38:46,459 S2: I would agree with that. And so I would say, 731 00:38:46,460 --> 00:38:50,780 S2: don't go into this unless you really feel confident that, 732 00:38:50,820 --> 00:38:53,940 S2: you know, you're going to be really disciplined about how 733 00:38:53,940 --> 00:38:56,700 S2: you tap it and use it, because I would agree, 734 00:38:56,700 --> 00:38:58,779 S2: I wouldn't want you just to kind of run up 735 00:38:58,780 --> 00:39:02,580 S2: a huge mortgage for you to spend frivolously and erode 736 00:39:02,580 --> 00:39:05,570 S2: all of that equity. I'd want it to truly be there, 737 00:39:05,610 --> 00:39:08,410 S2: kind of as your buffer, so to speak. But let 738 00:39:08,410 --> 00:39:10,450 S2: me stop there, because I've thrown a lot at you, Laura, 739 00:39:10,450 --> 00:39:12,050 S2: and just get your thoughts on all that. 740 00:39:12,810 --> 00:39:15,610 S9: Well, that's where I am. I'm a I'm a debt 741 00:39:15,690 --> 00:39:20,170 S9: phobic person. And so the HELOC that I have, um, 742 00:39:20,210 --> 00:39:23,850 S9: has a, I think an $80,000 line of credit. I 743 00:39:23,890 --> 00:39:30,330 S9: haven't used anything except for the, um, 20 that I originally, um, 744 00:39:30,330 --> 00:39:35,529 S9: got for water erosion that was damaging the house when 745 00:39:35,530 --> 00:39:40,370 S9: I first moved. Um, and I moved near my my children, 746 00:39:40,410 --> 00:39:43,689 S9: my child and, and grandchildren, um, so I could be 747 00:39:43,690 --> 00:39:49,129 S9: close to them. Um, but I don't have card debt. 748 00:39:49,130 --> 00:39:52,290 S9: I don't have any other debt except this HELOC. Um, 749 00:39:52,290 --> 00:39:57,770 S9: but I'm really, you know, I'm strained in, um, like, 750 00:39:58,130 --> 00:40:00,850 S9: I have an old car. It's a great car, but 751 00:40:00,850 --> 00:40:04,399 S9: it's an old car, and it needs work. I have 752 00:40:04,400 --> 00:40:07,120 S9: some health issues that I need to deal with, and 753 00:40:07,160 --> 00:40:09,640 S9: I just feel like, oh, what do I do? 754 00:40:09,960 --> 00:40:13,120 S2: Yeah, yeah, I totally get it. Well, I hope that's 755 00:40:13,160 --> 00:40:15,000 S2: at least given you a few things to think about. 756 00:40:15,000 --> 00:40:18,200 S2: I know the team at movement is all about education, 757 00:40:18,200 --> 00:40:20,319 S2: and so maybe the next step is to have a 758 00:40:20,320 --> 00:40:24,279 S2: conversation with you and your kids. I mean, obviously it's 759 00:40:24,280 --> 00:40:25,839 S2: your call at the end of the day, but if 760 00:40:25,840 --> 00:40:28,040 S2: you want them to at least have a place where 761 00:40:28,040 --> 00:40:31,800 S2: they can ask questions and understand it, there's a lot of, uh, 762 00:40:31,920 --> 00:40:35,120 S2: you know, people out there just because the reverse mortgages 763 00:40:35,120 --> 00:40:37,680 S2: of ten and 20 years ago were, were very different 764 00:40:37,680 --> 00:40:41,520 S2: than the home equity conversion mortgage today. And it got 765 00:40:41,520 --> 00:40:44,560 S2: a bad rap for good reason. But a lot of 766 00:40:44,600 --> 00:40:48,239 S2: that stigma still carries forward to today. And people just 767 00:40:48,239 --> 00:40:51,400 S2: don't understand these products. And maybe if they were had, 768 00:40:51,440 --> 00:40:53,239 S2: you know, an opportunity to talk through it a little 769 00:40:53,280 --> 00:40:55,600 S2: bit further, they could get comfortable with it if that 770 00:40:55,600 --> 00:40:57,600 S2: was important to you. But at the end of the day, 771 00:40:57,600 --> 00:41:00,360 S2: I would just ask the Lord to give you wisdom here. Uh, 772 00:41:00,360 --> 00:41:02,319 S2: hopefully I've given you a few more things to think 773 00:41:02,320 --> 00:41:05,080 S2: about as you consider this decision, because it's an important one, 774 00:41:05,080 --> 00:41:06,400 S2: and I don't want to minimize that. 775 00:41:07,200 --> 00:41:10,479 S9: Right, right. Okay. Well, thank you so much. And thank 776 00:41:10,480 --> 00:41:11,280 S9: you for what you do. 777 00:41:11,480 --> 00:41:14,839 S2: Absolutely, Laura. God bless you. Thanks for calling. Uh, 800 778 00:41:14,840 --> 00:41:18,880 S2: 525 7000. Let's stay in Texas. Uh, dace. Go ahead. 779 00:41:20,239 --> 00:41:23,080 S10: Uh, what is the author's name of the two books 780 00:41:23,080 --> 00:41:27,480 S10: that you recommended, the earlier caller that they give their 781 00:41:27,480 --> 00:41:28,480 S10: adult children? 782 00:41:28,680 --> 00:41:32,560 S2: Yeah, it's called Master Your Money, and it's written by 783 00:41:32,600 --> 00:41:36,640 S2: Ron Blue, who's one of my mentors. Um, one of 784 00:41:36,640 --> 00:41:40,120 S2: the co-founders here of Kingdom Advisors, along with Larry Burkett. 785 00:41:40,280 --> 00:41:44,000 S2: Just a wonderful, godly man who, along with Larry Burkett 786 00:41:44,000 --> 00:41:47,200 S2: and Howard Dayton, I would say, Ron, uh, you know, 787 00:41:47,239 --> 00:41:50,480 S2: those three men, God used to really kind of lay 788 00:41:50,480 --> 00:41:54,359 S2: the groundwork for a biblical approach to personal finance, uh, 789 00:41:54,360 --> 00:41:57,680 S2: back in the 70s and 80s. And the classic book 790 00:41:57,680 --> 00:41:59,879 S2: is called Master Your Money Day, so I'd be happy 791 00:41:59,880 --> 00:42:02,910 S2: to send you a few copies. How many adult children 792 00:42:02,910 --> 00:42:03,510 S2: do you have? 793 00:42:04,750 --> 00:42:05,310 S10: Uh, two. 794 00:42:05,630 --> 00:42:07,590 S2: All right. I'm going to send you a couple of copies. 795 00:42:07,590 --> 00:42:10,110 S2: My gift to you. You can pass it along. Okay. 796 00:42:11,230 --> 00:42:13,350 S10: I appreciate that. God bless you. 797 00:42:13,510 --> 00:42:15,989 S2: All right. And bless you as well, sir. Uh, thanks 798 00:42:15,989 --> 00:42:18,430 S2: for calling today. Stay on the line. Uh, we'll get 799 00:42:18,430 --> 00:42:20,710 S2: two days, two copies of that book again. Master Your 800 00:42:20,710 --> 00:42:22,950 S2: Money by Ron Blue. You can buy it wherever you 801 00:42:22,950 --> 00:42:25,830 S2: buy books. Well, folks, it's been a joy to be 802 00:42:25,830 --> 00:42:29,790 S2: along with you today. Thanks for inviting us into your story. 803 00:42:29,989 --> 00:42:32,230 S2: What a joy it is to encourage you with God's 804 00:42:32,230 --> 00:42:35,630 S2: Word as you seek to be that wise and faithful steward. 805 00:42:35,630 --> 00:42:39,109 S2: Our goal that you'd see God as your ultimate treasure. 806 00:42:39,469 --> 00:42:41,430 S2: Let me say thanks to my team today. I couldn't 807 00:42:41,430 --> 00:42:44,629 S2: do it without them. Amy, Dan, Gabby, tea and Jim 808 00:42:44,630 --> 00:42:47,589 S2: Faith and Finance lives a partnership between Moody Radio and 809 00:42:47,590 --> 00:42:50,549 S2: Faith fi. Have a wonderful day and come back and 810 00:42:50,550 --> 00:42:53,149 S2: join us next time for another edition of Faith and 811 00:42:53,150 --> 00:42:54,070 S2: Finance live.