1 00:00:03,000 --> 00:00:06,439 S1: The following episode of Faith and Finance Live is prerecorded, 2 00:00:06,440 --> 00:00:09,440 S1: so please don't call in. We live in a world 3 00:00:09,440 --> 00:00:14,800 S1: overflowing with stuff and messages about stuff. Hi, I'm Rob West. 4 00:00:14,800 --> 00:00:18,120 S1: Everywhere you look, someone promises that the next purchase or 5 00:00:18,120 --> 00:00:22,840 S1: financial milestone will finally bring joy. But Scripture offers a 6 00:00:22,840 --> 00:00:26,440 S1: far better and far more freeing vision for how believers 7 00:00:26,440 --> 00:00:30,880 S1: relate to money and possessions. Today, we're talking about materialism 8 00:00:30,880 --> 00:00:33,559 S1: and putting things in their proper place. Then we have 9 00:00:33,560 --> 00:00:36,120 S1: some great calls lined up. But we won't be taking 10 00:00:36,120 --> 00:00:40,440 S1: your calls today because we're pre-recorded. This is faith and finance. 11 00:00:40,479 --> 00:00:48,400 S1: Live biblical wisdom for your financial decisions. We've all heard 12 00:00:48,400 --> 00:00:51,600 S1: the saying money can't buy happiness, but it's still easy 13 00:00:51,600 --> 00:00:54,800 S1: to live as if it can. When life feels overwhelming, 14 00:00:54,800 --> 00:00:59,000 S1: we often reach for the nearest distraction a purchase, an upgrade, 15 00:00:59,000 --> 00:01:01,910 S1: or a new financial goal that we hope will finally 16 00:01:01,910 --> 00:01:05,870 S1: bring peace. But Scripture never teaches that possessions are bad. 17 00:01:05,990 --> 00:01:09,670 S1: In fact, Paul says in first Timothy 617 that God 18 00:01:09,670 --> 00:01:15,350 S1: richly provides us with everything to enjoy. And Ecclesiastes 519 adds, 19 00:01:15,350 --> 00:01:19,190 S1: When God gives someone wealth and possessions and the ability 20 00:01:19,190 --> 00:01:22,750 S1: to enjoy them, this is a gift of God. Joy 21 00:01:22,750 --> 00:01:26,910 S1: in God's good gifts is not unspiritual. Beauty, comfort, and 22 00:01:26,910 --> 00:01:31,990 S1: experiences can all be received gratefully. The problem isn't things. 23 00:01:31,990 --> 00:01:35,710 S1: It's the place things occupy in our hearts. That's where 24 00:01:35,709 --> 00:01:39,870 S1: materialism begins. Not when we have things, but when things 25 00:01:39,870 --> 00:01:44,190 S1: begin to have us. Materialism is the subtle belief that 26 00:01:44,190 --> 00:01:50,030 S1: created things can give what only the creator can provide meaning, identity, security, 27 00:01:50,030 --> 00:01:54,390 S1: and purpose. Jesus understood this deeply. He talked about money 28 00:01:54,390 --> 00:01:57,870 S1: so much not because he worried about the money itself, 29 00:01:57,870 --> 00:02:01,460 S1: but because he cared for our hearts. Where your treasure is, 30 00:02:01,500 --> 00:02:04,740 S1: there your heart will be also, he said in Matthew six. 31 00:02:04,860 --> 00:02:08,660 S1: If material things become our deepest treasure, our hearts will 32 00:02:08,660 --> 00:02:12,260 S1: always be restless. Things were never designed to satisfy the 33 00:02:12,260 --> 00:02:16,060 S1: human soul. So how do we enjoy God's gifts without 34 00:02:16,060 --> 00:02:20,100 S1: becoming dependent on them? Well, first we recognize the difference 35 00:02:20,100 --> 00:02:24,859 S1: between enjoyment and dependence. Enjoyment says. Father, thank you for 36 00:02:24,860 --> 00:02:29,579 S1: this gift. Dependence says, if I lose this, I'll lose myself. 37 00:02:29,900 --> 00:02:35,900 S1: Enjoyment frees. Dependence enslaves. That's why gratitude is so powerful. 38 00:02:35,900 --> 00:02:39,980 S1: Gratitude acknowledges that every good thing ultimately flows from the 39 00:02:39,980 --> 00:02:42,899 S1: hand of a loving God. When we see everything as 40 00:02:42,900 --> 00:02:46,100 S1: a gift, we stop expecting it to carry weight. It 41 00:02:46,100 --> 00:02:50,260 S1: was never meant to bear. Generosity also breaks the grip 42 00:02:50,260 --> 00:02:53,980 S1: of materialism. When you give, you declare that your hope 43 00:02:53,980 --> 00:02:57,420 S1: is not in accumulation. You remember that God owns it 44 00:02:57,419 --> 00:03:00,220 S1: all and that your joy is rooted in him, not 45 00:03:00,220 --> 00:03:03,060 S1: in what you hold. But here's the nuance we want 46 00:03:03,100 --> 00:03:09,100 S1: to emphasize today. Rejecting materialism does not mean rejecting material things. 47 00:03:09,139 --> 00:03:12,980 S1: Christians are not called to asceticism. Scripture never tells us 48 00:03:12,980 --> 00:03:17,859 S1: that joy comes from owning nothing or refusing every good thing. Instead, 49 00:03:17,860 --> 00:03:22,540 S1: Scripture warns us against the illusion that anything, even abundance, 50 00:03:22,540 --> 00:03:27,220 S1: can become enough apart from God. That's why Ecclesiastes presents 51 00:03:27,220 --> 00:03:31,860 S1: both truths. God gives possessions and the ability to enjoy them. 52 00:03:31,860 --> 00:03:36,060 S1: That's grace. Yet whoever loves money never has enough. The 53 00:03:36,060 --> 00:03:40,700 S1: craving for more is never satisfied by feeding it. Contentment 54 00:03:40,700 --> 00:03:44,740 S1: doesn't come from changing your circumstances. It comes from anchoring 55 00:03:44,740 --> 00:03:49,020 S1: your joy in Jesus who never changes. So here are 56 00:03:49,020 --> 00:03:54,100 S1: three simple questions that can help keep materialism at bay. First, 57 00:03:54,100 --> 00:03:57,370 S1: do I enjoy this gift with gratitude? Or do I 58 00:03:57,370 --> 00:04:01,250 S1: feel anxious without it? Second, does this possession help me 59 00:04:01,250 --> 00:04:05,050 S1: love God and others or distract me from them? And third, 60 00:04:05,090 --> 00:04:08,410 S1: am I more excited about having this thing or about 61 00:04:08,410 --> 00:04:11,210 S1: how God may want me to use it? When we 62 00:04:11,210 --> 00:04:14,570 S1: put things in their proper place, they become blessings instead 63 00:04:14,570 --> 00:04:17,450 S1: of burdens. They point us to the God who provides 64 00:04:17,450 --> 00:04:20,489 S1: rather than pulling us away from him. And the irony 65 00:04:20,490 --> 00:04:24,289 S1: is this the less we depend on things for happiness, 66 00:04:24,290 --> 00:04:27,890 S1: the more we're actually free to enjoy them. Yes, things 67 00:04:27,890 --> 00:04:31,969 S1: are good. God made a world rich with color, beauty, taste, 68 00:04:31,970 --> 00:04:36,010 S1: and texture. He's given each of us resources and opportunities 69 00:04:36,010 --> 00:04:40,490 S1: to steward and enjoy. But things are not ultimate. They're 70 00:04:40,490 --> 00:04:43,570 S1: not a source of life. They're not our Savior. Only 71 00:04:43,610 --> 00:04:46,810 S1: God is. And when we get that right, when our 72 00:04:46,810 --> 00:04:49,610 S1: joy is rooted in the giver, not the gift, we 73 00:04:49,610 --> 00:04:53,130 S1: discover the contentment our hearts were made for. So as 74 00:04:53,130 --> 00:04:55,880 S1: we think about putting things in their proper place and 75 00:04:55,880 --> 00:04:59,159 S1: treasuring God above all else. Let me take a moment 76 00:04:59,160 --> 00:05:03,160 S1: to invite you into something that helps others do exactly that. 77 00:05:03,200 --> 00:05:05,920 S1: We're nearing the year end, and I want to remind you, 78 00:05:05,920 --> 00:05:08,480 S1: when you make a gift to faith buy, it will 79 00:05:08,480 --> 00:05:13,360 S1: be doubled. Just head to faith. And a gift of 80 00:05:13,360 --> 00:05:16,240 S1: any amount, as our thank you will ensure that you 81 00:05:16,240 --> 00:05:20,360 S1: receive my new devotional, Our Ultimate Treasure. Much more just 82 00:05:20,360 --> 00:05:35,480 S1: around the corner. Stay with us. Thanks for joining us 83 00:05:35,480 --> 00:05:38,360 S1: today on Faith and Finance Live. Hey, a quick email 84 00:05:38,400 --> 00:05:40,640 S1: before we head to the phones. This one comes to 85 00:05:40,640 --> 00:05:42,440 S1: us from Emily. By the way, if you have a 86 00:05:42,440 --> 00:05:44,960 S1: question you'd like, read on the air. We'd love to 87 00:05:44,960 --> 00:05:48,920 S1: hear from you. Send it along to ask Rob at Faith. 88 00:05:49,279 --> 00:05:53,310 S1: Com that's ask Rob at Faith. Dot com, Emily writes 89 00:05:53,310 --> 00:05:56,909 S1: I'm employed and currently receiving Social Security income. I tithe 90 00:05:56,910 --> 00:05:59,750 S1: on my salary. Should I also tithe on my Social 91 00:05:59,750 --> 00:06:03,510 S1: Security income? I love your program and listen at work. Thanks. 92 00:06:03,510 --> 00:06:06,550 S1: And Emily, thanks for this question. Clearly you're wanting to 93 00:06:06,589 --> 00:06:09,589 S1: be a generous sower. Be faithful in your giving to 94 00:06:09,630 --> 00:06:12,950 S1: the Lord, and I appreciate that. Um, here's my perspective. 95 00:06:12,950 --> 00:06:15,830 S1: First of all, the tithe is a great beginning point 96 00:06:15,830 --> 00:06:18,910 S1: for our giving. It's we're no longer under the Law 97 00:06:18,910 --> 00:06:22,070 S1: of Moses. And yet, uh, we I think we should 98 00:06:22,070 --> 00:06:24,390 S1: give proportionately. We see that in the, in the New 99 00:06:24,390 --> 00:06:28,470 S1: Testament for sure. We should give sacrificially. And so starting 100 00:06:28,470 --> 00:06:31,469 S1: with this idea that we would recognize God's ownership and 101 00:06:31,470 --> 00:06:34,909 S1: give in proportion to our income, the tithe is a 102 00:06:34,910 --> 00:06:38,510 S1: great principle to apply to that. Uh, so you would give, 103 00:06:38,550 --> 00:06:41,230 S1: in the case of a tie, the 10th of your increase. 104 00:06:41,230 --> 00:06:45,310 S1: The question is, is your Social Security increase? Uh, if 105 00:06:45,310 --> 00:06:48,270 S1: you tithe on your gross income throughout your working life, 106 00:06:48,270 --> 00:06:51,750 S1: clearly a portion of what you're getting from Social Security 107 00:06:51,750 --> 00:06:54,670 S1: is a return of what you put into the system. 108 00:06:54,670 --> 00:06:57,669 S1: The challenge is it would take an army of CPAs 109 00:06:57,670 --> 00:07:00,670 S1: to figure out what portion is yours, what portion was 110 00:07:00,670 --> 00:07:04,190 S1: your employer's contribution? Because remember, they paid half of the 111 00:07:04,190 --> 00:07:06,950 S1: FICA tax. And then what portion was the growth that 112 00:07:06,950 --> 00:07:09,550 S1: occurred while it was in there? And so I think 113 00:07:09,550 --> 00:07:12,950 S1: for that reason, I would probably take the perspective that 114 00:07:12,950 --> 00:07:15,510 S1: let's look at anything we receive from the Lord as 115 00:07:15,510 --> 00:07:18,510 S1: a gracious gift from the Lord, no matter what its 116 00:07:18,550 --> 00:07:23,470 S1: source was, whether it's SSI or Social Security or disability 117 00:07:23,470 --> 00:07:26,750 S1: or an inheritance or a paycheck. And just say, Lord, 118 00:07:26,750 --> 00:07:30,190 S1: I'm going to demonstrate my trust in you as my provider, 119 00:07:30,350 --> 00:07:33,270 S1: knowing that your provision is complete and I want to 120 00:07:33,270 --> 00:07:36,150 S1: be partnered with you in giving in proportion to how 121 00:07:36,150 --> 00:07:38,870 S1: you've prospered me, that would be the approach that I 122 00:07:38,870 --> 00:07:41,350 S1: would take, as opposed to trying to figure out what 123 00:07:41,350 --> 00:07:43,950 S1: portion falls into which bucket. But at the end of 124 00:07:43,950 --> 00:07:46,230 S1: the day, Emily, I realize that the heart behind this 125 00:07:46,230 --> 00:07:48,150 S1: is that you want to honor the Lord. And so 126 00:07:48,150 --> 00:07:50,780 S1: I would just be on your knees if you're married. 127 00:07:50,780 --> 00:07:53,020 S1: You and your husband. Just asking the Lord, what would 128 00:07:53,020 --> 00:07:55,020 S1: you have me to do? And I think as long 129 00:07:55,020 --> 00:07:56,940 S1: as you follow the leading of the Lord, you give 130 00:07:56,980 --> 00:08:01,260 S1: cheerfully as an act of worship. Uh, I don't think the, uh, 131 00:08:01,260 --> 00:08:03,860 S1: the percentage or checking a box is really the most 132 00:08:03,860 --> 00:08:06,260 S1: important thing. So hopefully that's helpful to you as you 133 00:08:06,260 --> 00:08:08,500 S1: think and pray through this. Now let's head to the 134 00:08:08,500 --> 00:08:12,540 S1: phone calls we have lined up. Uh, let's go to Aurora, Illinois. Hi, Jeremy. 135 00:08:12,580 --> 00:08:13,260 S1: Go ahead. Sir. 136 00:08:13,540 --> 00:08:14,300 S2: Hello. How are you? 137 00:08:14,660 --> 00:08:15,580 S1: Doing great. Thanks. 138 00:08:15,980 --> 00:08:17,940 S2: I know, uh, we, you know, we need to be 139 00:08:17,940 --> 00:08:19,860 S2: generous with our money, and which is what I want 140 00:08:19,860 --> 00:08:22,980 S2: to do with God's money. So I was looking into, uh, 141 00:08:23,220 --> 00:08:26,820 S2: a Saint Jude's hospital and also my local church. So 142 00:08:26,820 --> 00:08:28,820 S2: I just wanted to know if I could do both. 143 00:08:28,820 --> 00:08:31,140 S2: Or if I should just double down and donate it 144 00:08:31,140 --> 00:08:32,780 S2: to my local church. 145 00:08:33,340 --> 00:08:36,500 S1: Yeah. Very good. You know, I love a generous heart. 146 00:08:36,500 --> 00:08:38,500 S1: And I think you should give to the things that 147 00:08:38,500 --> 00:08:41,300 S1: align with your passions and God's heart. When we look 148 00:08:41,300 --> 00:08:44,980 S1: at Scripture, we clearly see the local church as God's 149 00:08:44,980 --> 00:08:48,060 S1: Plan A, and so I think we should be giving 150 00:08:48,210 --> 00:08:53,210 S1: systematically and proportionately first to the local church to support 151 00:08:53,210 --> 00:08:54,890 S1: the work of the local church. But I don't think 152 00:08:54,890 --> 00:08:57,410 S1: we should stop there. I think we should give beyond that. 153 00:08:57,410 --> 00:09:00,490 S1: In terms of my own giving, I like to align 154 00:09:00,490 --> 00:09:03,610 S1: that with the things I'm passionate about, but also in my, 155 00:09:04,090 --> 00:09:05,930 S1: you know, search of the scriptures. I think we should 156 00:09:05,929 --> 00:09:09,050 S1: prioritize those things that are on the heart of God 157 00:09:09,050 --> 00:09:11,330 S1: as well. So that would be the ministry of God's Word, 158 00:09:11,330 --> 00:09:15,210 S1: preaching and teaching and discipleship, the ministry of God's justice, 159 00:09:15,250 --> 00:09:18,930 S1: where you might, uh, you know, give to, uh, you know, 160 00:09:18,970 --> 00:09:22,930 S1: areas like human trafficking or other, you know, areas that 161 00:09:22,929 --> 00:09:26,090 S1: would align with that, uh, area in Scripture or perhaps 162 00:09:26,090 --> 00:09:29,530 S1: the ministry of God's mercy for the oppressed and widows 163 00:09:29,530 --> 00:09:32,650 S1: and orphans, people like that. So I think, you know, 164 00:09:32,690 --> 00:09:35,850 S1: as we consider our giving, I would kind of lean 165 00:09:35,850 --> 00:09:40,050 S1: toward first the local church, second to the things done 166 00:09:40,050 --> 00:09:42,530 S1: that we see in Scripture. But I don't think it's 167 00:09:42,530 --> 00:09:45,010 S1: wrong at all to give beyond that, even to what 168 00:09:45,010 --> 00:09:48,400 S1: you might consider more secular causes that are creating human 169 00:09:48,400 --> 00:09:52,040 S1: flourishing and meeting real needs, even the medical needs of 170 00:09:52,040 --> 00:09:55,119 S1: those around us. I would just make sure you're giving 171 00:09:55,160 --> 00:09:58,520 S1: to the church first before you consider those other things. 172 00:09:58,520 --> 00:09:59,600 S1: Does that make sense, though? 173 00:10:00,160 --> 00:10:01,040 S2: It does. Thank you. 174 00:10:01,400 --> 00:10:04,840 S1: Okay. Thanks for calling, Jeremy. New York Nick. Thanks for 175 00:10:04,840 --> 00:10:06,120 S1: your patience, sir. Go ahead. 176 00:10:07,400 --> 00:10:08,800 S3: Hey, Rob. How you doing, man? 177 00:10:08,840 --> 00:10:10,240 S1: I'm doing great. Thanks for your call. 178 00:10:10,679 --> 00:10:13,160 S3: Hey. You bet. Hey. Great. Um, great way to tee 179 00:10:13,160 --> 00:10:16,559 S3: it off. Because my question is actually all about mortgages 180 00:10:16,600 --> 00:10:20,960 S3: and expected interest rates. And most importantly, I'd say the 181 00:10:20,960 --> 00:10:26,240 S3: biblical principle of, uh, not being a slave to debt. And, uh, 182 00:10:26,240 --> 00:10:29,640 S3: I'm just faced with some options here. So I bought 183 00:10:29,640 --> 00:10:32,880 S3: a house a year ago. Um, did it just as 184 00:10:32,880 --> 00:10:38,320 S3: you just described. Um, thank God, where I paid over 20%. Um, 185 00:10:38,600 --> 00:10:42,360 S3: my mortgage payment is less than one third of my 186 00:10:42,360 --> 00:10:46,350 S3: take home pay, and I'm doing pretty good. I was 187 00:10:46,630 --> 00:10:49,870 S3: having in the back of my mind that I would 188 00:10:49,870 --> 00:10:54,429 S3: refinance when rates came down. And so I have been 189 00:10:54,429 --> 00:10:59,710 S3: stockpiling money in savings. Actually, I put it in T-bills 190 00:11:00,190 --> 00:11:03,150 S3: while I wait instead of putting it on the mortgage 191 00:11:03,150 --> 00:11:04,390 S3: principal directly. 192 00:11:04,590 --> 00:11:04,990 S1: Yeah. 193 00:11:05,030 --> 00:11:08,670 S3: And my question is, um, I'm trying to pay off 194 00:11:08,670 --> 00:11:12,390 S3: the house completely as fast as I can. So would 195 00:11:12,390 --> 00:11:17,150 S3: you suggest I pause putting 15% in my retirement to 196 00:11:17,190 --> 00:11:22,790 S3: accelerate that goal of being completely out of debt? Or 197 00:11:22,910 --> 00:11:28,110 S3: should I continue to faithfully contribute towards retirement as well 198 00:11:28,110 --> 00:11:30,150 S3: as do this at the same time? 199 00:11:30,590 --> 00:11:33,750 S1: Yeah. Boy, it's a great question. Talk to me about 200 00:11:33,750 --> 00:11:37,470 S1: your desire to be debt free. I understand that's really strong. 201 00:11:37,510 --> 00:11:41,390 S1: Is that out of just a desire to minimize the 202 00:11:41,390 --> 00:11:44,910 S1: amount of interest you pay and therefore really the financial 203 00:11:44,910 --> 00:11:47,990 S1: side of the equation is the primary driver, or is 204 00:11:47,990 --> 00:11:51,949 S1: there some conviction there that you just really feel like 205 00:11:51,990 --> 00:11:54,510 S1: you need to be out of debt as soon as possible? 206 00:11:54,510 --> 00:11:57,230 S1: You've thought through that, you've prayed through that, and that's 207 00:11:57,230 --> 00:11:59,710 S1: really the driver. I realize it could be some combination 208 00:11:59,710 --> 00:12:02,350 S1: of the two, but which side would you come down on? 209 00:12:04,950 --> 00:12:07,989 S3: I think you're right. It's a combination of the two. 210 00:12:08,750 --> 00:12:12,030 S3: I think that, you know, like there's there's two types 211 00:12:12,030 --> 00:12:14,430 S3: of people in this world, those who pay interest and 212 00:12:14,429 --> 00:12:15,590 S3: those who earn interest. 213 00:12:15,630 --> 00:12:16,270 S1: Right? 214 00:12:16,309 --> 00:12:19,350 S3: And sometimes we do both, but they work against each other. 215 00:12:19,390 --> 00:12:22,550 S3: So if I'm looking to build wealth. So, you know, 216 00:12:22,590 --> 00:12:25,350 S3: I can live life like nobody else and give like 217 00:12:25,350 --> 00:12:29,189 S3: nobody else in the future, then I'd like to not 218 00:12:29,190 --> 00:12:31,550 S3: be the type of person who pays interest. 219 00:12:31,590 --> 00:12:34,590 S1: Yeah, I hear some Dave Ramsey coming through there. Are 220 00:12:34,590 --> 00:12:36,110 S1: you are you a Dave Ramsey fan? 221 00:12:37,510 --> 00:12:39,109 S3: I am, all right. 222 00:12:39,150 --> 00:12:43,819 S1: That's great. Well Dave's a good friend. He he absolutely has. Um, 223 00:12:43,860 --> 00:12:45,580 S1: and I think he would, you know, what he would 224 00:12:45,580 --> 00:12:47,860 S1: say is get out of debt as soon as possible. And, and, 225 00:12:47,900 --> 00:12:49,820 S1: you know, I love that idea. I mean, I'm big 226 00:12:49,820 --> 00:12:52,660 S1: on getting out of debt and staying there, I think. Listen, 227 00:12:52,660 --> 00:12:55,420 S1: you've done a lot, right, Nick? Uh, I mean, you're 228 00:12:55,420 --> 00:12:59,500 S1: in a really strong financial position. I think. Now your opportunity. 229 00:12:59,500 --> 00:13:01,579 S1: And I'll send you something that I think could be 230 00:13:01,580 --> 00:13:04,179 S1: a great starting point in thinking and praying through this 231 00:13:04,179 --> 00:13:06,340 S1: here in a moment. But, uh, I think you're in 232 00:13:06,340 --> 00:13:09,740 S1: a position where you're probably going to or have the 233 00:13:09,740 --> 00:13:12,980 S1: potential to over accumulate. So I think it's going to 234 00:13:12,980 --> 00:13:16,260 S1: be important for you to begin to think and pray 235 00:13:16,260 --> 00:13:19,220 S1: through what your financial finish line is so that you 236 00:13:19,220 --> 00:13:22,780 S1: can accelerate that giving. Um, because I think, you know, 237 00:13:22,820 --> 00:13:24,820 S1: it's wise to save for the future. But I think 238 00:13:24,820 --> 00:13:27,500 S1: we all have to answer the question, how much is enough? 239 00:13:27,820 --> 00:13:31,180 S1: And that's both for lifestyle and accumulation. And just given 240 00:13:31,179 --> 00:13:33,900 S1: how quickly, you know, you've gotten yourself in a solid 241 00:13:33,900 --> 00:13:37,339 S1: position here, especially once that mortgage is gone. You know, 242 00:13:37,380 --> 00:13:39,939 S1: you've got your emergency fund, you're debt free. I suspect 243 00:13:39,940 --> 00:13:42,210 S1: you're going to stay there. Just hearing that conviction in 244 00:13:42,210 --> 00:13:44,450 S1: your voice. Um, you know, you're going to be able 245 00:13:44,450 --> 00:13:46,449 S1: to sock away a lot of money and you could 246 00:13:46,490 --> 00:13:49,010 S1: build that quickly. And I think quickly get to the 247 00:13:49,010 --> 00:13:51,170 S1: place where you say, do I really need all this? 248 00:13:51,210 --> 00:13:54,329 S1: Especially with the glide path on where you could end 249 00:13:54,330 --> 00:13:56,770 S1: up when you get to that retirement season of life. 250 00:13:56,770 --> 00:13:59,010 S1: So I would say, well, let me ask this. What 251 00:13:59,010 --> 00:14:00,730 S1: is the interest rate on that mortgage? 252 00:14:02,250 --> 00:14:04,890 S3: That's a great question. And that's definitely a factor. So 253 00:14:04,929 --> 00:14:06,970 S3: the interest is six and a half. 254 00:14:07,010 --> 00:14:07,290 S1: Okay. 255 00:14:07,330 --> 00:14:09,610 S3: So if it was only like you know 3 to 4, 256 00:14:09,650 --> 00:14:11,929 S3: you know I could see your point. But that's one 257 00:14:11,929 --> 00:14:15,050 S3: of the driving factors is yeah it's a high rate. 258 00:14:15,090 --> 00:14:18,370 S1: Exactly. So I would say go after it. I probably 259 00:14:18,370 --> 00:14:21,850 S1: wouldn't back down on the retirement plan. But any other surplus, 260 00:14:21,850 --> 00:14:24,610 S1: including the money that was in the T-bills, I'd put 261 00:14:24,610 --> 00:14:27,450 S1: that on the mortgage as soon as possible. Let's stay 262 00:14:27,450 --> 00:14:29,250 S1: on the line and we'll talk off the air. I'll 263 00:14:29,250 --> 00:14:35,610 S1: be right back. Hey, great to have you with us 264 00:14:35,610 --> 00:14:39,170 S1: today on Faith and Finance Live. I'm Rob West, your host. 265 00:14:39,170 --> 00:14:41,480 S1: Our team is away from the studio today, so don't 266 00:14:41,480 --> 00:14:44,480 S1: call in. But coming up a little later, we'll have 267 00:14:44,480 --> 00:14:47,880 S1: more of your questions right here on the program. Hey, 268 00:14:47,880 --> 00:14:51,600 S1: let me take a moment to mention the Faith fi app. 269 00:14:51,760 --> 00:14:53,720 S1: We'd love for you to download it. Just head to 270 00:14:53,760 --> 00:14:56,960 S1: your app store or wherever you download apps and search 271 00:14:56,960 --> 00:15:00,560 S1: for Faith fi. That's Faith fi. You can manage your money. 272 00:15:00,560 --> 00:15:05,120 S1: You can access the best content in biblical finance podcasts, articles, 273 00:15:05,120 --> 00:15:09,359 S1: and videos. You can also participate in our Faith fi community, 274 00:15:09,360 --> 00:15:12,520 S1: where you can post questions and get answers from others 275 00:15:12,520 --> 00:15:15,760 S1: on their stewardship journey. You'll find it in your app store. 276 00:15:15,760 --> 00:15:18,080 S1: Just search for Faith fi or if it's easier, head 277 00:15:18,080 --> 00:15:24,200 S1: to our website at Faith. That's Faith fi and you'll 278 00:15:24,200 --> 00:15:27,120 S1: see the app right there on the home page. Now 279 00:15:27,120 --> 00:15:29,800 S1: let's head back to the phone calls we have lined up. 280 00:15:29,800 --> 00:15:31,960 S1: I had a chance to finish up with Nick in 281 00:15:31,960 --> 00:15:34,880 S1: New York off the air here during the break. And 282 00:15:34,920 --> 00:15:38,040 S1: you know, the other question he raised is, you know, 283 00:15:38,080 --> 00:15:43,120 S1: he's been putting money aside in T-bills, his surplus that 284 00:15:43,120 --> 00:15:46,360 S1: eventually he wants to put toward the mortgage, thinking that, well, 285 00:15:46,360 --> 00:15:48,840 S1: I'm going to refinance. And, you know, a year or two, 286 00:15:48,880 --> 00:15:51,120 S1: once I can get down at least a point and 287 00:15:51,120 --> 00:15:55,200 S1: a half, maybe two points on that 6%, 6.5% interest rate, 288 00:15:55,200 --> 00:15:59,240 S1: I'm paying. So he's waiting until he gets down to, to, uh, perhaps, 289 00:15:59,280 --> 00:16:01,720 S1: you know, four and a half, maybe 5%. Well, that's 290 00:16:01,720 --> 00:16:03,760 S1: going to be a while. Uh, you know, that could 291 00:16:03,760 --> 00:16:07,000 S1: easily be two years, maybe less, but it certainly could 292 00:16:07,000 --> 00:16:09,880 S1: be two years. And what we talked about is, you know, 293 00:16:09,920 --> 00:16:12,680 S1: I don't think there's any reason to wait until the 294 00:16:12,680 --> 00:16:16,080 S1: refi that really should have no bearing on money that 295 00:16:16,080 --> 00:16:18,480 S1: you're going to put toward the mortgage, in fact, that 296 00:16:18,480 --> 00:16:21,880 S1: money toward the mortgage now, with the higher interest rate, 297 00:16:22,120 --> 00:16:25,400 S1: actually is going to give you more benefit than when 298 00:16:25,400 --> 00:16:27,560 S1: it's applied. Or if you wait and apply it to 299 00:16:27,600 --> 00:16:30,760 S1: that new mortgage, that's a lower interest rate. So he's 300 00:16:30,760 --> 00:16:33,320 S1: putting it in T-bills, he's paying tax on the interest. 301 00:16:33,320 --> 00:16:36,080 S1: And then he's going to put eventually that toward the mortgage. 302 00:16:36,080 --> 00:16:38,470 S1: Let's get that toward the mortgage now and save the 303 00:16:38,470 --> 00:16:42,390 S1: equivalent of today's interest rate, which is a 6.5%. So 304 00:16:42,670 --> 00:16:45,390 S1: he's going to move forward with that. He's also going 305 00:16:45,430 --> 00:16:48,550 S1: to think about, you know, I'm comfortable in his position 306 00:16:48,550 --> 00:16:52,750 S1: with him staying fully invested or contributing to a retirement plan, 307 00:16:52,750 --> 00:16:56,720 S1: which is that full 15%, because we usually say 10 308 00:16:56,720 --> 00:17:00,870 S1: to 15% toward the 401 K. I'm comfortable with maintaining 309 00:17:00,870 --> 00:17:03,350 S1: that and then just putting whatever surplus he has toward 310 00:17:03,350 --> 00:17:05,750 S1: the mortgage. But certainly if he wants to ratchet that 311 00:17:05,750 --> 00:17:09,110 S1: down and prioritize getting out of debt, including his mortgage, 312 00:17:09,310 --> 00:17:10,990 S1: I don't have any issue with that. I think that's 313 00:17:10,990 --> 00:17:13,350 S1: never a bad choice. See, this is one of those 314 00:17:13,350 --> 00:17:16,710 S1: where you know what? Either is a great option. It 315 00:17:16,710 --> 00:17:19,870 S1: really comes down to my values and my priorities in 316 00:17:19,910 --> 00:17:23,350 S1: terms of how I set goals, not anything else. So boy, 317 00:17:23,350 --> 00:17:26,469 S1: what a great conversation and appreciate Nick being on the 318 00:17:26,470 --> 00:17:30,150 S1: program today. Let's head to um. Tom is in Maryland 319 00:17:30,150 --> 00:17:31,630 S1: waiting patiently. Go ahead Tom. 320 00:17:32,430 --> 00:17:38,420 S4: Rob, your expertise overwhelms me, But, uh, couple weeks ago, 321 00:17:38,460 --> 00:17:40,699 S4: you talked to a gentleman. Sounds like he and I 322 00:17:40,700 --> 00:17:44,020 S4: are in the same boat. Uh, he was a he's 323 00:17:44,020 --> 00:17:48,500 S4: a veteran and pulled in $1,800 a month. I'm a veteran. 324 00:17:48,540 --> 00:17:52,419 S4: Pulling in 1900 a month. And without getting into a 325 00:17:52,420 --> 00:17:58,580 S4: bunch of weeds, uh, negligence on my part, I ended 326 00:17:58,580 --> 00:18:02,900 S4: up paying a penalty on my Social Security premium. The 327 00:18:02,900 --> 00:18:06,220 S4: question is, can I. Is there any way that this 328 00:18:06,220 --> 00:18:08,740 S4: penalty can be waived because of hardship? 329 00:18:09,500 --> 00:18:12,659 S1: Yeah. So you're talking about the premium related to Medicare 330 00:18:12,660 --> 00:18:14,180 S1: Part B, is that right? 331 00:18:14,740 --> 00:18:15,420 S4: Right. 332 00:18:15,619 --> 00:18:17,940 S1: And why did you have that? Was that because you 333 00:18:17,940 --> 00:18:19,780 S1: enrolled late or something else? 334 00:18:20,540 --> 00:18:21,340 S4: Exactly. 335 00:18:21,660 --> 00:18:26,060 S1: Okay. Yeah. Um, so yeah, I mean, with when with 336 00:18:26,060 --> 00:18:30,139 S1: regard to that late enrollment penalty, uh, there are some 337 00:18:30,140 --> 00:18:32,900 S1: cases where that can be waived, but it really depends 338 00:18:32,900 --> 00:18:37,369 S1: on the situation. Um, you know, essentially, if you, uh, 339 00:18:37,930 --> 00:18:42,570 S1: enrolled late because of incorrect advice from a federal government source, 340 00:18:42,609 --> 00:18:45,930 S1: you can request a waiver called Equitable Relief. Uh, it 341 00:18:45,930 --> 00:18:48,450 S1: could be reduced or waived if there was a delay 342 00:18:48,450 --> 00:18:52,810 S1: due to unusual circumstances, like an illness or a family 343 00:18:52,810 --> 00:18:56,370 S1: member's death or kind of a local disaster or something 344 00:18:56,369 --> 00:18:58,929 S1: like that. Um, but you would need to provide a 345 00:18:58,930 --> 00:19:02,449 S1: written explanation. Apart from that, you know, there's not a 346 00:19:02,450 --> 00:19:05,169 S1: whole lot you can do about it that I'm aware 347 00:19:05,170 --> 00:19:07,609 S1: of just because, you know, they give you that window 348 00:19:07,609 --> 00:19:09,890 S1: of time to get in. And if you don't, they 349 00:19:09,890 --> 00:19:13,129 S1: assess the penalty and there's a lot of people paying it, unfortunately, 350 00:19:13,130 --> 00:19:15,770 S1: which is why we try to make as as many 351 00:19:15,770 --> 00:19:19,330 S1: people aware of that window as possible. But it does 352 00:19:19,330 --> 00:19:23,210 S1: take a pretty significant extenuating circumstance that you would need 353 00:19:23,210 --> 00:19:26,250 S1: to document and request the waiver to see if they 354 00:19:26,250 --> 00:19:27,090 S1: would approve it. 355 00:19:27,530 --> 00:19:29,290 S4: Gotcha. Thank you so much, Rob. 356 00:19:29,330 --> 00:19:31,370 S1: All right, sir. God bless you. And we appreciate your 357 00:19:31,369 --> 00:19:34,850 S1: kind remarks about the program. Call anytime. Uh. Let's see. 358 00:19:34,890 --> 00:19:36,610 S1: Back to New York. Hi, Doug. Go ahead. 359 00:19:37,170 --> 00:19:39,290 S5: I was hoping you could help me with my frustration 360 00:19:39,290 --> 00:19:43,570 S5: regarding my 401 K. Okay. Had a couple noticeable losses 361 00:19:43,570 --> 00:19:46,690 S5: here for the Covid and the tariff situation. And it 362 00:19:46,690 --> 00:19:50,290 S5: seems when the stock market bounces back, I can never recover. 363 00:19:50,330 --> 00:19:53,410 S5: You know, close to the 100% that the stock market 364 00:19:53,410 --> 00:19:56,490 S5: bounces back to. And is that primarily where the mutual 365 00:19:56,490 --> 00:19:58,930 S5: funds are invested in the stocks or what are your 366 00:19:58,930 --> 00:19:59,729 S5: thoughts on that? 367 00:19:59,890 --> 00:20:03,810 S1: Yeah, totally is Doug. I mean, you know, when when 368 00:20:03,810 --> 00:20:07,090 S1: we look at the market, we we often say the 369 00:20:07,090 --> 00:20:09,770 S1: market did this or the market did that. The question is, 370 00:20:09,770 --> 00:20:11,929 S1: what part of the market are we looking at? And, 371 00:20:11,970 --> 00:20:14,250 S1: you know, a lot of times we'll look at either 372 00:20:14,290 --> 00:20:17,210 S1: the Dow Jones which is just 30 companies. We might 373 00:20:17,210 --> 00:20:20,090 S1: look at the S&P 500, which are the 500 large 374 00:20:20,130 --> 00:20:23,290 S1: cap stocks here in the US. Or we might say that, 375 00:20:23,330 --> 00:20:26,570 S1: you know, look at the Nasdaq, which is largely technology 376 00:20:26,570 --> 00:20:30,050 S1: based although it goes beyond that. But that's the highest concentration. 377 00:20:30,050 --> 00:20:33,000 S1: And so those represent sectors of the market. But there's 378 00:20:33,040 --> 00:20:35,480 S1: a whole, you know, other part of the market. I mean, 379 00:20:35,480 --> 00:20:39,480 S1: the Russell 3000 obviously is a much broader, uh, look 380 00:20:39,560 --> 00:20:43,440 S1: at a segment of the market. There's the bond market. So, yeah, 381 00:20:43,440 --> 00:20:46,639 S1: it really does come down to what sectors of the 382 00:20:46,640 --> 00:20:50,800 S1: market you're in. And that's going to really drive both. 383 00:20:50,840 --> 00:20:54,159 S1: You know how quickly you see it decline. Uh, given 384 00:20:54,160 --> 00:20:58,360 S1: the economic conditions and factors driving the declines and how 385 00:20:58,359 --> 00:21:01,760 S1: quickly we recover. So a good example of that would be, 386 00:21:01,800 --> 00:21:03,760 S1: you know, just the last several years, a lot of 387 00:21:03,800 --> 00:21:06,480 S1: the the run ups in the market have been around 388 00:21:06,480 --> 00:21:11,359 S1: the Magnificent Seven, um, largely tech driven because of AI 389 00:21:11,400 --> 00:21:14,119 S1: and some of the innovations, you know, these mega cap 390 00:21:14,119 --> 00:21:17,560 S1: companies that really, you know, were the driver of the market. Well, 391 00:21:17,560 --> 00:21:20,120 S1: they were the quickest to fall and, um, you know, 392 00:21:20,160 --> 00:21:23,520 S1: have not recovered as quickly either. And so, yeah, it's 393 00:21:23,520 --> 00:21:26,280 S1: ultimately going to come down to what mix of investments 394 00:21:26,280 --> 00:21:28,959 S1: do you do you have are they the right mix 395 00:21:28,960 --> 00:21:32,230 S1: for you And, you know, that's obviously going to have 396 00:21:32,230 --> 00:21:35,430 S1: everything to do with, you know, how quickly they recover 397 00:21:35,590 --> 00:21:38,550 S1: and why the market sold off in the first place. 398 00:21:38,550 --> 00:21:41,030 S1: So I think if you want to dive into this 399 00:21:41,070 --> 00:21:44,550 S1: more fully, it would take an advisor to really unpack 400 00:21:44,550 --> 00:21:46,949 S1: how you're invested. Stay on the line. We'll talk a 401 00:21:46,950 --> 00:21:48,709 S1: bit more off the air. Well, folks, we're going to 402 00:21:48,710 --> 00:21:50,750 S1: head to a break. But let me remind you, we're 403 00:21:50,750 --> 00:21:53,470 S1: out of the studio today. Our team is not here, 404 00:21:53,470 --> 00:21:56,109 S1: so don't call in. But much more to come just 405 00:21:56,109 --> 00:21:59,389 S1: around the corner on faith and finance. Live. Stick around. 406 00:22:04,990 --> 00:22:07,270 S1: Great to have you with us on faith and finance. Live. 407 00:22:07,270 --> 00:22:09,830 S1: I'm Rob West. Let me remind you that we're not 408 00:22:09,830 --> 00:22:12,750 S1: live today, so don't call in. But we have great 409 00:22:12,750 --> 00:22:16,310 S1: information lined up ahead in the program coming your way. Hey, 410 00:22:16,310 --> 00:22:18,750 S1: if you'd like to support our work here at Faith 411 00:22:18,750 --> 00:22:21,830 S1: and finance as a listener supported ministry, we don't do 412 00:22:21,830 --> 00:22:24,630 S1: this without you. The best way to do that is 413 00:22:24,630 --> 00:22:27,190 S1: through what we call our partner program. These are the 414 00:22:27,190 --> 00:22:30,180 S1: the folks that support us monthly. And boy, that goes 415 00:22:30,180 --> 00:22:33,060 S1: a long way to helping us reach more people with 416 00:22:33,060 --> 00:22:36,140 S1: this message and continuing not only to produce this program, 417 00:22:36,140 --> 00:22:39,900 S1: but all the resources we create on a monthly basis. 418 00:22:39,940 --> 00:22:41,659 S1: If you'd like to become a partner, just head to 419 00:22:41,660 --> 00:22:45,700 S1: our website Faith Faithful Comm. Click give at the top 420 00:22:45,700 --> 00:22:49,300 S1: of the page and a gift of $35 a month 421 00:22:49,300 --> 00:22:52,340 S1: or more. $400 or more a year will make you 422 00:22:52,340 --> 00:22:54,780 S1: a partner. What does that do for you? Well, not 423 00:22:54,780 --> 00:22:56,740 S1: only do you support the ministry and help us reach 424 00:22:56,740 --> 00:22:59,740 S1: more people, but we'll send you four copies of our 425 00:22:59,740 --> 00:23:03,420 S1: quarterly magazine, Faithful Steward. You're going to love it. It's amazing. 426 00:23:03,500 --> 00:23:06,380 S1: I just got issue two last week and it is gorgeous. 427 00:23:06,420 --> 00:23:09,899 S1: And the articles are incredible. Uh, all of our studies 428 00:23:09,900 --> 00:23:12,220 S1: and devotionals, when they come out, will be mailed to you. 429 00:23:12,220 --> 00:23:14,899 S1: Our new one, Wisdom Over Wealth, comes out here in 430 00:23:14,900 --> 00:23:18,100 S1: the next two weeks. Um, it's a deep dive into 431 00:23:18,100 --> 00:23:21,540 S1: the book of Ecclesiastes around the the money topics. It's 432 00:23:21,619 --> 00:23:24,540 S1: a rich teaching. You're going to love it. And you 433 00:23:24,540 --> 00:23:27,650 S1: also get full pro access to the Faith VI app, 434 00:23:27,650 --> 00:23:31,369 S1: which means you can connect up all of your accounts, uh, 435 00:23:31,369 --> 00:23:34,130 S1: to all of your credit cards and investment accounts and 436 00:23:34,130 --> 00:23:37,290 S1: your bank. You can use our money management system. You'll 437 00:23:37,290 --> 00:23:40,250 S1: be able to access digital versions of all of our 438 00:23:40,250 --> 00:23:43,930 S1: studies and devotions and our magazine coming this fall. All 439 00:23:43,930 --> 00:23:46,609 S1: of that is made available to our faith partners. If 440 00:23:46,609 --> 00:23:48,610 S1: you want to become one, just head to our website 441 00:23:49,970 --> 00:23:52,169 S1: and click give at the top of the page. All right. 442 00:23:52,170 --> 00:23:53,570 S1: We're going to head back to the phones here. We've 443 00:23:53,570 --> 00:23:56,290 S1: got two lines open. You can call right now 800 444 00:23:56,330 --> 00:24:00,409 S1: 525 7000. Uh let's go to Arkansas. Lynn, thanks so 445 00:24:00,410 --> 00:24:01,970 S1: much for your patience. Go right ahead. 446 00:24:03,210 --> 00:24:06,889 S6: Hi. Thank you. Yeah, I wanted to know when you 447 00:24:06,890 --> 00:24:10,409 S6: change insurance companies. Um, I had a claim for a 448 00:24:10,410 --> 00:24:15,250 S6: new roof, and my insurance went up quite a bit. Anyway, um, 449 00:24:15,369 --> 00:24:18,690 S6: and you are talking to a new company, and you're. 450 00:24:19,369 --> 00:24:22,850 S6: Do they know, uh, like, do they research on the 451 00:24:22,850 --> 00:24:25,650 S6: internet or something to see if you've had a claim 452 00:24:25,770 --> 00:24:28,890 S6: And are your rates higher because of that? 453 00:24:29,490 --> 00:24:34,730 S1: Interesting. Yeah. So you had a claim recently, is that right? 454 00:24:36,570 --> 00:24:39,369 S6: Uh, yeah. And what was funny about it was that 455 00:24:39,369 --> 00:24:42,010 S6: two roofers told me I didn't need a new roof, 456 00:24:42,010 --> 00:24:44,890 S6: but I had a leak, and they came out and said, 457 00:24:44,890 --> 00:24:48,169 S6: you need a new roof anyway. So I got it. 458 00:24:48,530 --> 00:24:52,450 S6: But then my rates went up and they went up 459 00:24:52,490 --> 00:24:56,010 S6: the month that I got my next payment, which was 460 00:24:56,010 --> 00:25:01,129 S6: quite a bit. I mean like 170 over what I 461 00:25:01,130 --> 00:25:03,410 S6: was paying, which was kind of a shock. 462 00:25:03,530 --> 00:25:07,650 S1: Got it. Yeah, that makes sense. Yeah. Unfortunately, when you 463 00:25:07,690 --> 00:25:12,770 S1: switch homeowners insurance companies, the new insurer will usually access 464 00:25:12,770 --> 00:25:17,410 S1: your claim history. There's a a national database called clue, 465 00:25:17,450 --> 00:25:23,330 S1: which is short for the Comprehensive Loss Underwriting Exchange. And 466 00:25:23,330 --> 00:25:26,639 S1: through that they can usually claim your claims history. I 467 00:25:26,640 --> 00:25:29,920 S1: think that goes back 5 to 7 years. So if 468 00:25:29,920 --> 00:25:32,880 S1: this was recent, you know, your roof claim would likely 469 00:25:33,240 --> 00:25:35,560 S1: show up with the date and the details and the 470 00:25:35,560 --> 00:25:38,680 S1: fact that it was from storm damage and so forth. Um, 471 00:25:38,720 --> 00:25:42,320 S1: you know, a single roof claim, especially for an unavoidable 472 00:25:42,320 --> 00:25:45,960 S1: weather damage like hail or wind or something like that, um, 473 00:25:46,000 --> 00:25:49,640 S1: you know, would likely not drastically raise your rates. Uh, 474 00:25:49,680 --> 00:25:52,160 S1: you know, those are seen as less risky than frequent 475 00:25:52,160 --> 00:25:56,320 S1: or maybe preventable claims. Um, you know, there could be 476 00:25:56,320 --> 00:25:59,160 S1: an increase. Obviously, you saw one with your previous employer 477 00:25:59,160 --> 00:26:01,800 S1: and it would be it could be factored in here. 478 00:26:01,800 --> 00:26:04,399 S1: But I think, you know, the key for you is 479 00:26:04,400 --> 00:26:10,400 S1: to shop around, um, really comparing quotes from multiple insurers. Now, remember, 480 00:26:10,440 --> 00:26:14,520 S1: the price is not the only issue to look at. Um, 481 00:26:14,560 --> 00:26:16,400 S1: because you want to make sure you're with somebody that 482 00:26:16,400 --> 00:26:19,480 S1: gets good reviews with regard to, you know, customer service 483 00:26:19,480 --> 00:26:21,920 S1: and that they, you know, will follow through quickly on 484 00:26:21,920 --> 00:26:25,950 S1: your claim and, you know, give you a good comprehensive coverage. 485 00:26:26,350 --> 00:26:28,830 S1: If you want to get a copy of your clue report, 486 00:26:28,830 --> 00:26:31,830 S1: you can actually get a free copy annually just to 487 00:26:31,869 --> 00:26:35,750 S1: see what the insurers will see. And I can give 488 00:26:35,750 --> 00:26:39,190 S1: you that phone number if you're interested. Um, but the 489 00:26:39,190 --> 00:26:42,350 S1: the other option I would throw out at you is, um, 490 00:26:42,390 --> 00:26:45,550 S1: you know, higher deductibles obviously can lower those premiums. That's 491 00:26:45,550 --> 00:26:47,310 S1: going to mean more out of pocket costs. So you're 492 00:26:47,310 --> 00:26:49,870 S1: going to want to have that money in your emergency fund. 493 00:26:49,869 --> 00:26:53,790 S1: But if you did and you don't have claims often, then, um, 494 00:26:53,790 --> 00:26:55,910 S1: you know, that that could save you some money over 495 00:26:55,910 --> 00:26:57,669 S1: the long haul. But yeah, let me give you that 496 00:26:57,670 --> 00:26:58,909 S1: phone number. Do you have a pen handy? 497 00:27:00,109 --> 00:27:00,909 S6: Yes. 498 00:27:00,910 --> 00:27:12,869 S1: All right. It's 86631280768663128076. And you can request that report. 499 00:27:14,109 --> 00:27:16,190 S6: And what is the report called? 500 00:27:16,350 --> 00:27:18,110 S7: What do I show you? 501 00:27:19,150 --> 00:27:23,340 S1: Uh, the clue report, which stands for Comprehensive Loss Underwriting 502 00:27:23,340 --> 00:27:26,740 S1: Exchange and you can get. My understanding is my team 503 00:27:26,740 --> 00:27:29,260 S1: is saying you can get one of those free annually. 504 00:27:30,460 --> 00:27:32,380 S6: Okay, great. Thank you very much. 505 00:27:32,500 --> 00:27:34,580 S1: All right. Thank you, Lynn, we appreciate your call. God 506 00:27:34,580 --> 00:27:37,619 S1: bless you. Uh, to Oklahoma. Hi, Larry. Go ahead. Sir. 507 00:27:38,380 --> 00:27:40,139 S8: Hey, Rob. Thanks for taking my call. 508 00:27:40,180 --> 00:27:40,740 S1: Yes, sir. 509 00:27:41,220 --> 00:27:45,820 S8: Uh, I have a non-profit property I'm wanting to sell 510 00:27:45,820 --> 00:27:47,900 S8: and given, and I'm going to give it, of course, 511 00:27:47,900 --> 00:27:53,139 S8: to another non-profit or a 300 1C3. Is there any, uh, 512 00:27:53,260 --> 00:27:55,540 S8: forms or anything I need to do, or is that 513 00:27:55,540 --> 00:27:58,260 S8: taken care of at the closing of the sale? I'm 514 00:27:58,300 --> 00:28:00,180 S8: I'm pretty green when it comes to stuff like this 515 00:28:00,180 --> 00:28:00,459 S8: right here. 516 00:28:00,500 --> 00:28:03,460 S1: Yeah. No problem. Help me with something, though. You said you. 517 00:28:03,500 --> 00:28:06,380 S1: I understand you want to sell it and give it, uh, 518 00:28:06,380 --> 00:28:09,500 S1: the proceeds or give the property before the sale to 519 00:28:09,540 --> 00:28:12,340 S1: a non-profit. We could talk about that. But you said 520 00:28:12,380 --> 00:28:15,180 S1: it's it's already a non-profit property. What do you mean 521 00:28:15,180 --> 00:28:15,699 S1: by that? 522 00:28:16,859 --> 00:28:20,540 S8: Yeah, it's basically it's a non-profit, uh, that has went 523 00:28:20,540 --> 00:28:24,300 S8: basically just dried up. And but with the property and 524 00:28:24,300 --> 00:28:26,380 S8: the buildings are there, I'm going to sell that and 525 00:28:26,380 --> 00:28:30,700 S8: take the proceeds and give it to a 500 1C3 organization. 526 00:28:31,100 --> 00:28:36,740 S1: Okay. All right. Uh, so that so it belongs essentially 527 00:28:36,859 --> 00:28:41,300 S1: to the, the nonprofit that you already had. Um, and 528 00:28:41,300 --> 00:28:43,500 S1: you're closing that down, is that right? 529 00:28:45,020 --> 00:28:46,420 S8: It's already closed down. Yes, sir. 530 00:28:46,580 --> 00:28:47,740 S9: Okay. Got it. 531 00:28:47,740 --> 00:28:51,300 S1: Yeah. Makes sense. Um, yeah, that's an interesting one. I 532 00:28:51,300 --> 00:28:55,780 S1: would certainly, uh, talk to your CPA about that. Um, 533 00:28:56,340 --> 00:29:00,300 S1: you know, because it's a little different in that it's already, 534 00:29:00,500 --> 00:29:06,700 S1: you know, owned by, um, a 500 1C3 under the IRS. So, 535 00:29:06,860 --> 00:29:10,060 S1: you know, it's going to be need to be sold, um, 536 00:29:10,060 --> 00:29:12,860 S1: you know, at a market value to avoid what's called 537 00:29:12,860 --> 00:29:15,980 S1: private inurement. But I think in this case, you know, 538 00:29:16,140 --> 00:29:19,010 S1: it's less of an issue because you're wanting to to 539 00:29:19,050 --> 00:29:21,970 S1: give it away. Um, do you know of a nonprofit 540 00:29:22,010 --> 00:29:24,450 S1: who will take the property itself, or are you wanting 541 00:29:24,450 --> 00:29:28,450 S1: to get it sold first? Um, you know, under the nonprofit, 542 00:29:28,450 --> 00:29:30,090 S1: and then just give the proceeds? 543 00:29:31,930 --> 00:29:34,970 S8: Well, the the, uh, the church I'm wanting to give 544 00:29:34,970 --> 00:29:38,610 S8: the proceeds to is a 500 1C3. And, you know, 545 00:29:38,650 --> 00:29:41,090 S8: because I haven't I'm still just doing the legwork on 546 00:29:41,090 --> 00:29:44,730 S8: all this right here. And like I said, I'm pretty green. Uh, 547 00:29:44,730 --> 00:29:46,570 S8: but I've been doing a lot of research and trying 548 00:29:46,570 --> 00:29:49,010 S8: to make sure I do all the right things, you know? 549 00:29:49,490 --> 00:29:50,690 S9: Yes. Okay. Yeah. 550 00:29:50,730 --> 00:29:54,450 S8: But we're going to go with a 500 1C3. 551 00:29:54,810 --> 00:29:55,250 S9: Yeah. 552 00:29:55,450 --> 00:29:58,730 S1: And have you, uh, talked to the church about that, 553 00:29:58,730 --> 00:30:00,370 S1: to let them know that that you want that to 554 00:30:00,410 --> 00:30:01,130 S1: come their way? 555 00:30:02,370 --> 00:30:04,850 S8: Yes. Well, I'm fixing to, but like I said, I 556 00:30:04,850 --> 00:30:06,330 S8: want to get my ducks in a row before I 557 00:30:06,330 --> 00:30:07,810 S8: actually announce it, you know? 558 00:30:07,850 --> 00:30:08,570 S9: Yeah. Got it. 559 00:30:08,850 --> 00:30:11,970 S1: Yeah. Got it. Uh, yeah. So the normally what would 560 00:30:11,970 --> 00:30:16,490 S1: happen is the non-profits board would would approve the dissolution. 561 00:30:16,490 --> 00:30:19,480 S1: Maybe that's already happened and then the transfer of the 562 00:30:19,480 --> 00:30:21,640 S1: property to the church. So you would want to have 563 00:30:21,640 --> 00:30:24,400 S1: a a board meeting. You document the decision in the 564 00:30:24,400 --> 00:30:28,240 S1: minutes and then pass a resolution. This can sounds more 565 00:30:28,240 --> 00:30:32,680 S1: formal than it is. Specifying the property transfer aligns with 566 00:30:32,680 --> 00:30:36,000 S1: the mission. And then, um, you know, you could you 567 00:30:36,040 --> 00:30:37,960 S1: could reach out to the church and let them know 568 00:30:37,960 --> 00:30:41,160 S1: that that decision had been made by the nonprofit's board, 569 00:30:41,480 --> 00:30:45,920 S1: and they can help you facilitate that direct transfer of 570 00:30:45,960 --> 00:30:48,760 S1: that donated of that property that's being donated to the 571 00:30:48,760 --> 00:30:51,760 S1: church via a deed transfer. You'd want to hire a 572 00:30:51,760 --> 00:30:54,240 S1: real estate attorney to help you with that. So I 573 00:30:54,240 --> 00:30:56,520 S1: think those are the steps. I've got to hit a break. 574 00:30:56,520 --> 00:30:58,200 S1: Stay on the line. We'll finish up off the air. 575 00:30:58,240 --> 00:31:06,160 S1: We'll be right back. I'm so thankful you're joining us 576 00:31:06,160 --> 00:31:09,040 S1: today on Faith and Finance Live. I'm Rob West. Hey, 577 00:31:09,080 --> 00:31:11,400 S1: just a quick reminder. Our team is away from the 578 00:31:11,400 --> 00:31:14,080 S1: studio today, so don't call in. But in just a 579 00:31:14,080 --> 00:31:16,630 S1: few moments, we're going to get to some questions that 580 00:31:16,630 --> 00:31:19,350 S1: we lined up in advance that I know you'll find 581 00:31:19,390 --> 00:31:22,150 S1: very interesting, but let me take a moment just to 582 00:31:22,190 --> 00:31:25,470 S1: invite you first to be a supporter of this ministry 583 00:31:25,510 --> 00:31:27,710 S1: here at Faith VI. You know, we bring you this 584 00:31:27,710 --> 00:31:31,990 S1: broadcast every day as a listener supported ministry only because 585 00:31:31,990 --> 00:31:35,870 S1: of your generous support. So maybe you listen regularly. Maybe 586 00:31:35,870 --> 00:31:38,110 S1: you've been able to apply some of the wisdom from 587 00:31:38,110 --> 00:31:41,550 S1: God's Word that you've heard in your financial life, or 588 00:31:41,670 --> 00:31:44,870 S1: it's just help you to be that wise and faithful steward, 589 00:31:44,910 --> 00:31:47,430 S1: and you'd like to be a part of our team. Well, 590 00:31:47,430 --> 00:31:49,910 S1: one way you can do that is by investing in 591 00:31:49,910 --> 00:31:52,670 S1: this work through a one time gift, or even by 592 00:31:52,670 --> 00:31:55,510 S1: becoming a Faith VI partner. And this is a really 593 00:31:55,510 --> 00:31:58,990 S1: important time between now and June the 30th, which is 594 00:31:58,990 --> 00:32:01,790 S1: the end of our fiscal year for us to stay 595 00:32:01,790 --> 00:32:05,070 S1: on track, finish out the budget year strong, and prepare 596 00:32:05,230 --> 00:32:07,950 S1: for another year of ministry. I just invite you to 597 00:32:08,110 --> 00:32:10,910 S1: join us on this journey. When you head to Faith 598 00:32:10,910 --> 00:32:13,790 S1: fi com and click give a gift of any amount 599 00:32:13,790 --> 00:32:16,230 S1: before June the 30th would be a big help. Again, 600 00:32:16,230 --> 00:32:19,470 S1: that's faith by com. And just click give and let 601 00:32:19,470 --> 00:32:22,630 S1: me say thank you in advance. Your gift will make 602 00:32:22,630 --> 00:32:25,990 S1: a huge difference. All right back to the phones we go. 603 00:32:26,390 --> 00:32:28,950 S1: Let's see out to Oregon. Hi, Jane. Thanks for your patience. 604 00:32:28,990 --> 00:32:29,550 S1: Go ahead. 605 00:32:29,950 --> 00:32:32,430 S10: I'm confused about this, so I hope I don't confuse 606 00:32:32,430 --> 00:32:33,630 S10: you in the process. 607 00:32:33,790 --> 00:32:34,310 S9: Okay. 608 00:32:34,350 --> 00:32:40,230 S10: But, yeah, um, I sell on eBay and I haven't 609 00:32:40,230 --> 00:32:45,190 S10: done my taxes for 2024 yet. And some couple of 610 00:32:45,190 --> 00:32:48,350 S10: months ago when I was starting to do them, um, 611 00:32:48,350 --> 00:32:50,750 S10: eBay had a flag up there and I think it 612 00:32:50,750 --> 00:32:54,150 S10: said something like, um, 1099 K is ready or something 613 00:32:54,150 --> 00:32:56,590 S10: like that K or something. It might have had more 614 00:32:56,910 --> 00:33:00,790 S10: letters after it. And so I click on that and 615 00:33:00,790 --> 00:33:04,590 S10: it says I didn't make enough money to, to have that. 616 00:33:05,190 --> 00:33:08,150 S10: What does that mean. I mean it's obviously money that 617 00:33:08,150 --> 00:33:09,790 S10: I made. Do I have to add that to my 618 00:33:09,790 --> 00:33:13,900 S10: Social Security or do I not not have to add it. 619 00:33:13,940 --> 00:33:16,060 S10: Is it going to be the same from now on? 620 00:33:16,100 --> 00:33:21,020 S10: I went online and all they do is confuse me more. Um, 621 00:33:21,060 --> 00:33:25,460 S10: but some things said there were different amounts or intimated 622 00:33:25,460 --> 00:33:28,700 S10: that there were different amounts for different years to come. 623 00:33:29,380 --> 00:33:32,220 S10: Can you clean that up a little bit for me? 624 00:33:32,460 --> 00:33:36,620 S1: Yeah. Uh, so essentially, um, you know, it sounds like 625 00:33:36,660 --> 00:33:40,620 S1: you're getting it's the 1099 K that would have your 626 00:33:40,620 --> 00:33:45,660 S1: 2024 sales. Yes you did. And so, um, you know, 627 00:33:45,700 --> 00:33:49,220 S1: they you had some sales activity, but it sounds like 628 00:33:49,220 --> 00:33:53,140 S1: maybe you didn't meet the IRS threshold. Um, you know, 629 00:33:53,180 --> 00:33:56,580 S1: they would normally issue a 1099 K if your gross 630 00:33:56,580 --> 00:34:01,740 S1: sales exceed $5,000. Uh, would be the typical way, uh, 631 00:34:01,740 --> 00:34:03,979 S1: that that would happen. Or if your state has a 632 00:34:04,020 --> 00:34:08,020 S1: lower threshold threshold. So it sounds like sounds like their 633 00:34:08,020 --> 00:34:12,930 S1: system flagged that you didn't qualify because your sales perhaps 634 00:34:12,930 --> 00:34:18,290 S1: were below 5000 and and no other, you know, triggers applied. Um, 635 00:34:18,330 --> 00:34:22,330 S1: but even without that 1099 K, you have to report 636 00:34:22,330 --> 00:34:29,170 S1: all taxable income from eBay on your 2024 return. Um, and, 637 00:34:29,210 --> 00:34:32,009 S1: you know, it's probably not a bad idea for you 638 00:34:32,010 --> 00:34:35,810 S1: to have a professional look this over. Um, you know, 639 00:34:35,850 --> 00:34:39,770 S1: if you're casually selling personal items like clearing out your closet, 640 00:34:39,770 --> 00:34:43,450 S1: it's considered hobby income. Uh, you know, you would report 641 00:34:43,450 --> 00:34:46,969 S1: your profits, um, you know, on your 1040 schedule, one 642 00:34:46,969 --> 00:34:50,370 S1: is other income. Um, but, you know, if this is 643 00:34:50,370 --> 00:34:53,450 S1: more of a business, um, you know, with intent to 644 00:34:53,489 --> 00:34:56,969 S1: make a profit, then you'd report the the net income 645 00:34:56,969 --> 00:34:59,969 S1: on schedule C, uh, but you do need to, you know, 646 00:35:00,010 --> 00:35:03,250 S1: track your sales. You can use their hub, their seller's 647 00:35:03,290 --> 00:35:07,770 S1: hub for that, and then download a transaction report, regardless 648 00:35:08,130 --> 00:35:10,760 S1: of whether or not you get that 10.99 K. 649 00:35:12,520 --> 00:35:17,439 S10: Okay. Okay. That's what I wanted to know. They were 650 00:35:17,440 --> 00:35:19,720 S10: not clear on that when I was trying to find 651 00:35:19,719 --> 00:35:23,240 S10: it on Irs.gov or whatever it is. 652 00:35:23,640 --> 00:35:26,040 S1: Okay. Got it. Yeah. I mean, the the key is, 653 00:35:26,239 --> 00:35:28,520 S1: you know, whenever you have income, you need to report it. 654 00:35:28,560 --> 00:35:31,319 S1: It may or may not be taxable depending upon what 655 00:35:31,320 --> 00:35:34,120 S1: you've earned and what other income sources you have. 656 00:35:35,160 --> 00:35:38,120 S10: Okay. Well, that's what I thought. But the way the 657 00:35:38,120 --> 00:35:41,920 S10: way they've approached me, like you don't need it. I'm going. What? 658 00:35:42,600 --> 00:35:43,200 S9: All right. 659 00:35:43,880 --> 00:35:46,239 S1: Thank you so much. God bless you, Jane. Appreciate you 660 00:35:46,239 --> 00:35:49,319 S1: being on the program. Let's see to Tennessee. Patricia, how 661 00:35:49,320 --> 00:35:50,080 S1: can I serve you? 662 00:35:50,680 --> 00:35:54,080 S11: Um, I am taking early retirement, and I understand that 663 00:35:54,080 --> 00:35:58,800 S11: I can only make 24,300 in earned income this year, 664 00:35:59,120 --> 00:36:01,160 S11: and it looks like I'm going to go over that 665 00:36:01,160 --> 00:36:05,560 S11: just a little bit. So I was wondering, how did 666 00:36:05,560 --> 00:36:11,150 S11: they tax that? Did they tax it. Anything over the 24,300. 667 00:36:11,390 --> 00:36:13,750 S11: Or did they text the whole thing? 668 00:36:14,390 --> 00:36:17,150 S1: Yeah. And so you're talking about Social Security? 669 00:36:18,110 --> 00:36:18,710 S11: Yes. 670 00:36:19,070 --> 00:36:24,350 S1: Yeah. Um, well, essentially what you're talking about there is, um, 671 00:36:24,390 --> 00:36:30,350 S1: so there's the penalty that reduces your benefit temporarily. You 672 00:36:30,350 --> 00:36:32,469 S1: will eventually get that back in the form of a 673 00:36:32,469 --> 00:36:36,149 S1: higher check once you reach full retirement age. But they're 674 00:36:36,150 --> 00:36:39,270 S1: going to reduce your benefit for one by $1 for 675 00:36:39,270 --> 00:36:43,229 S1: every $2 you go over that threshold. Um, so that's 676 00:36:43,230 --> 00:36:46,109 S1: the first issue is the penalty. And then there's the 677 00:36:46,110 --> 00:36:50,430 S1: issue of whether or not your Social Security benefits are taxable. 678 00:36:50,590 --> 00:36:53,670 S1: And that has to do with your total income. Which 679 00:36:53,710 --> 00:36:56,509 S1: issue are you calling about today, the penalty or the 680 00:36:56,510 --> 00:36:57,790 S1: taxes or both. 681 00:36:59,550 --> 00:37:00,830 S11: I guess both. 682 00:37:00,989 --> 00:37:01,430 S9: Yeah. 683 00:37:01,469 --> 00:37:05,950 S1: Okay. Um, and so uh, so that, do you understand 684 00:37:05,950 --> 00:37:10,469 S1: that issue around the, the temporary reduction in the benefit. 685 00:37:10,469 --> 00:37:14,350 S1: So every dollar every $2 you go over that threshold 686 00:37:14,550 --> 00:37:16,750 S1: you're going to they're going to reduce your benefit by 687 00:37:16,750 --> 00:37:20,710 S1: a dollar. Um, now that threshold goes up in the 688 00:37:20,750 --> 00:37:23,709 S1: in the last year before your full retirement age. But 689 00:37:23,710 --> 00:37:27,189 S1: prior to that it's a dollar for every $2 you 690 00:37:27,190 --> 00:37:30,629 S1: go over. But again, that's temporary because when you get 691 00:37:30,630 --> 00:37:34,150 S1: to full retirement age, uh, you will get that back 692 00:37:34,150 --> 00:37:36,469 S1: in the form of a higher check until you've been repaid. 693 00:37:36,510 --> 00:37:39,069 S1: And that is not a direct schedule for that. It's 694 00:37:39,070 --> 00:37:41,390 S1: probably going to take ten years or more to be 695 00:37:41,390 --> 00:37:44,630 S1: fully repaid back, but you will eventually get it. 696 00:37:46,070 --> 00:37:52,230 S11: So they're they're going to take back anything over the 24,300. 697 00:37:52,430 --> 00:37:52,990 S9: But one. 698 00:37:52,989 --> 00:37:54,029 S11: The whole 24. 699 00:37:54,469 --> 00:37:59,310 S1: Yeah. So anything beyond that threshold, the 24,000, they're going 700 00:37:59,350 --> 00:38:02,190 S1: to reduce your benefit by a dollar. For every $2 701 00:38:02,190 --> 00:38:03,150 S1: you go over. 702 00:38:03,910 --> 00:38:06,939 S11: Okay. Did they take it out of the Social Security check, 703 00:38:06,940 --> 00:38:08,540 S11: or did I do that at the end of the 704 00:38:08,540 --> 00:38:09,860 S11: year with taxes? 705 00:38:09,900 --> 00:38:13,140 S1: No. They're going to reduce the check after they see 706 00:38:13,460 --> 00:38:16,660 S1: what your total. You know, once you exceed that threshold 707 00:38:16,660 --> 00:38:19,580 S1: and you're reporting your income and they're getting, you know, 708 00:38:19,620 --> 00:38:22,660 S1: as they get that and they determine you've gone over, 709 00:38:22,780 --> 00:38:25,900 S1: then they're going to start withholding it automatically from your check. 710 00:38:27,460 --> 00:38:30,900 S11: Okay. Can I ask one more quick question about passive income? 711 00:38:31,100 --> 00:38:31,500 S9: Sure. 712 00:38:32,180 --> 00:38:38,900 S11: How is passive income? Um, added in with your Social Security? 713 00:38:39,260 --> 00:38:41,020 S11: Is it taxed at the same rate? 714 00:38:41,900 --> 00:38:42,660 S9: Yes. 715 00:38:42,660 --> 00:38:45,420 S1: Well, so, um, are you talking about in terms of 716 00:38:45,420 --> 00:38:49,140 S1: the total taxes you'll pay? Uh, you know, the taxes 717 00:38:49,140 --> 00:38:51,939 S1: on income, on Social Security have to do with something 718 00:38:51,940 --> 00:38:56,020 S1: called combined income. And so combined income is your adjusted 719 00:38:56,020 --> 00:39:01,900 S1: gross income from wages and investments plus nontaxable interest plus 720 00:39:01,900 --> 00:39:06,730 S1: half of your Social Security benefits. Um, so that then 721 00:39:07,130 --> 00:39:11,010 S1: you total all that together. And that's your combined income. 722 00:39:11,290 --> 00:39:15,730 S1: That will ultimately determine what percentage, if any, of your 723 00:39:16,370 --> 00:39:19,410 S1: Social Security is taxable. The most you'll have is up 724 00:39:19,410 --> 00:39:24,410 S1: to 85%. Um, but in terms of passive income, um, 725 00:39:24,530 --> 00:39:29,610 S1: you know, the, the nontaxable interest and the AGI, um, 726 00:39:29,690 --> 00:39:32,770 S1: you know, passive income. Normally when somebody says that they're 727 00:39:32,770 --> 00:39:37,530 S1: talking about rental income or dividends and interest or capital gains, um, 728 00:39:37,810 --> 00:39:41,290 S1: you know, all of that, uh, increases your AGI. So 729 00:39:41,290 --> 00:39:42,650 S1: it would be factored in. 730 00:39:44,530 --> 00:39:46,810 S11: Okay. I appreciate your help. Thank you so much. 731 00:39:46,850 --> 00:39:47,210 S9: All right. 732 00:39:47,210 --> 00:39:49,609 S1: God bless you. Thanks for calling today. Uh. Let's see. 733 00:39:49,650 --> 00:39:51,649 S1: Out to Texas. Hi, Robert. How can I help you? 734 00:39:53,090 --> 00:39:57,450 S12: Uh. Yes, sir. I owe $47,000 on my house. It's 735 00:39:57,450 --> 00:40:02,410 S12: probably worth around 75 to 80,000 now. Uh, my father 736 00:40:02,410 --> 00:40:06,000 S12: in law is thinking about moving in with his wife, 737 00:40:06,120 --> 00:40:08,239 S12: which is a weird situation, I know, but he only 738 00:40:08,239 --> 00:40:11,640 S12: owes 24,000 on his house. But there's a lot of 739 00:40:11,640 --> 00:40:15,319 S12: problems with it. If I sell my. I make 40,000 740 00:40:15,360 --> 00:40:18,520 S12: before taxes. If I sell my house for 75, do 741 00:40:18,520 --> 00:40:21,680 S12: I get taxed for the full 75 or just the 742 00:40:21,680 --> 00:40:25,320 S12: 30,000 I make from what I owe on it? 743 00:40:25,520 --> 00:40:29,320 S1: Yeah. So the the when you sell an appreciated asset 744 00:40:29,320 --> 00:40:34,240 S1: like a home, there's capital gains tax. Um, and so 745 00:40:34,239 --> 00:40:36,840 S1: the capital gain has nothing to do with whether or 746 00:40:36,840 --> 00:40:40,080 S1: not there's a mortgage on the property. It has everything 747 00:40:40,120 --> 00:40:43,440 S1: to do with how much you made on that home. 748 00:40:43,840 --> 00:40:47,800 S1: And when you put that profit, that capital gain, together 749 00:40:48,040 --> 00:40:51,480 S1: with all of your other income, then that will determine, 750 00:40:51,520 --> 00:40:53,200 S1: you know, whether or not you have a long term 751 00:40:53,200 --> 00:40:56,200 S1: capital gain and what the rate is. So are you 752 00:40:56,200 --> 00:40:58,200 S1: going to make a profit on it? 753 00:40:58,880 --> 00:41:01,440 S12: Um, I bought it for 50,000. Yes. 754 00:41:02,120 --> 00:41:05,080 S1: Okay. And you think, uh. And did you put money 755 00:41:05,080 --> 00:41:07,840 S1: into it to that improved the value of it over time? 756 00:41:08,560 --> 00:41:10,520 S12: No, I haven't done anything to improve it. 757 00:41:10,880 --> 00:41:13,440 S1: Okay. Um, and so you think you're going to make 758 00:41:13,440 --> 00:41:15,280 S1: about $30,000 on it? 759 00:41:15,520 --> 00:41:18,920 S12: Uh, in in theory, that would be a good goal. Yes. 760 00:41:19,440 --> 00:41:22,520 S1: Okay. All right. So I think, you know, that's really 761 00:41:22,520 --> 00:41:25,240 S1: the driver there. So you're going to put that 30. 762 00:41:25,280 --> 00:41:26,960 S1: Let's say you make 30. You're going to put that 763 00:41:26,960 --> 00:41:30,640 S1: together with your income. Do you file single or married. 764 00:41:31,120 --> 00:41:32,080 S12: Um married. 765 00:41:32,960 --> 00:41:36,040 S1: Okay. So if that gain plus all of your other 766 00:41:36,040 --> 00:41:41,400 S1: income together, taxable income minus deductions, if that goes over 767 00:41:41,400 --> 00:41:46,040 S1: 94,000 as married filing jointly, then you're going to pay 15% 768 00:41:46,040 --> 00:41:51,840 S1: on that gain. Um, if you're under 94,000, then, um, 769 00:41:51,840 --> 00:41:54,239 S1: you know, then you'll have zero. But that includes not 770 00:41:54,239 --> 00:41:57,000 S1: only all your income, but the gain itself. I hope 771 00:41:57,000 --> 00:41:59,480 S1: that helps. Robert, thanks for your call today, sir. God 772 00:41:59,480 --> 00:42:01,990 S1: bless you. Before we wrap up today, what a great 773 00:42:01,989 --> 00:42:04,989 S1: opportunity for me to remind you why we do what 774 00:42:04,989 --> 00:42:08,070 S1: we do. You see, this program each day is focused 775 00:42:08,070 --> 00:42:12,230 S1: on equipping you, providing you hope and encouragement, pointing you 776 00:42:12,230 --> 00:42:15,630 S1: back to God's Word in this high calling of being 777 00:42:15,630 --> 00:42:18,029 S1: a money manager for the King of Kings. You see, 778 00:42:18,030 --> 00:42:20,750 S1: you and I are stewards. God owns it all. We 779 00:42:20,750 --> 00:42:25,750 S1: don't have stewardship rights. We have stewardship responsibilities, and we 780 00:42:25,750 --> 00:42:28,190 S1: want to get that right. So we look to God's Word, 781 00:42:28,190 --> 00:42:30,469 S1: and we know that when we come together and share 782 00:42:30,469 --> 00:42:34,310 S1: our stories and ask questions and renew our minds with 783 00:42:34,310 --> 00:42:37,509 S1: the scriptures, well, we're going to eventually be on that 784 00:42:37,510 --> 00:42:41,670 S1: path to here one day. Well done, good and faithful servant. 785 00:42:41,790 --> 00:42:44,589 S1: That's our goal. Folks, we couldn't do this without the 786 00:42:44,590 --> 00:42:47,910 S1: amazing team we have here. Amy and Dan and Taylor 787 00:42:47,910 --> 00:42:50,270 S1: and Jim want to say a big thanks to everybody 788 00:42:50,270 --> 00:42:52,589 S1: here at Faith by Faith and finance. Live is a 789 00:42:52,590 --> 00:42:55,430 S1: partnership between Moody Radio and Faith vie, and we'll see 790 00:42:55,430 --> 00:42:56,270 S1: you next time.