WEBVTT - Investing vs. Gambling: What’s The Difference? 0:00:04.400 --> 0:00:07.400 The following programme was pre-recorded so our phone lines are 0:00:07.400 --> 0:00:08.160 not open. 0:00:08.480 --> 0:00:13.440 In today's world of cryptocurrency, sports betting apps and volatile markets, 0:00:13.440 --> 0:00:16.920 it's common to hear people suggest that investing is just 0:00:16.920 --> 0:00:20.840 another form of gambling. Hi, I'm Rob West. While investing 0:00:20.840 --> 0:00:24.279 in gambling, both involve putting money at risk. They're not 0:00:24.280 --> 0:00:28.480 the same. Not financially, not morally, and certainly not biblically. 0:00:28.600 --> 0:00:31.000 That's up first today. And then we'll have some great 0:00:31.000 --> 0:00:33.839 calls that we've lined up. But since this program is 0:00:33.840 --> 0:00:37.080 not live today, please hold your calls until we're back 0:00:37.080 --> 0:00:40.720 in the studio. This is faith in finance. Live. Biblical 0:00:40.720 --> 0:00:47.560 wisdom for your financial journey. At a surface level, investing 0:00:47.560 --> 0:00:51.760 in gambling both involve uncertain outcomes, but the nature and 0:00:51.760 --> 0:00:55.480 purpose of the risk involved couldn't be more different. Investing 0:00:55.480 --> 0:01:00.390 involves taking thoughtful, calculated risks to support growth, contribute to 0:01:00.430 --> 0:01:04.190 the economy and provide for the future. Farmers plant seeds 0:01:04.190 --> 0:01:08.270 without knowing exactly what the harvest will bring. Business owners 0:01:08.270 --> 0:01:12.869 launch ventures and faith. Ecclesiastes 11 one encourages this kind 0:01:12.870 --> 0:01:16.590 of forward looking activity. Cast your bread upon the waters, 0:01:16.590 --> 0:01:20.350 for you will find it after many days. Investing is similar. 0:01:20.430 --> 0:01:25.670 It's about patience, planning, and trusting God while using resources wisely. 0:01:25.750 --> 0:01:28.710 It's not a shortcut to wealth, but a long term 0:01:28.709 --> 0:01:33.270 effort to steward God's provision well. Gambling, however, is a 0:01:33.270 --> 0:01:36.430 zero sum game. In order for one person to win, 0:01:36.430 --> 0:01:40.870 others must lose, and the losses are often devastating. Gambling 0:01:40.870 --> 0:01:45.590 exploits rather than builds, often targeting the financially vulnerable and 0:01:45.590 --> 0:01:49.510 preying on their desperation. Scripture calls us to seek justice 0:01:49.510 --> 0:01:53.270 and protect the vulnerable. Learn to do right. Seek justice. 0:01:53.270 --> 0:01:58.860 Defend the oppressed. That's Isaiah 117. The gambling industry profits 0:01:58.860 --> 0:02:02.660 by doing the opposite. As Proverbs ten two puts it, 0:02:02.700 --> 0:02:07.220 ill gotten gains do not profit anyone, but righteousness rescues 0:02:07.220 --> 0:02:11.139 from death. One of the clearest differences between investing and 0:02:11.139 --> 0:02:15.180 gambling is the impact each has on the world around us. 0:02:15.460 --> 0:02:18.900 Wise investing is not only beneficial to the investor, it 0:02:18.900 --> 0:02:22.220 benefits others too. When you invest in a company, you're 0:02:22.220 --> 0:02:26.340 helping to fund its operations, fuel innovation, and provide jobs. 0:02:26.460 --> 0:02:32.100 Investing helps businesses grow, communities flourish, and economies strengthen. It's 0:02:32.100 --> 0:02:35.340 one way we can participate in the broader work of 0:02:35.340 --> 0:02:39.220 human flourishing. Faithful investing can be an expression of loving 0:02:39.220 --> 0:02:43.820 your neighbor. It involves allocating resources to support businesses that 0:02:43.820 --> 0:02:47.340 provide real goods and services, and it has a ripple 0:02:47.340 --> 0:02:51.500 effect far beyond your personal return. Like the faithful servants 0:02:51.500 --> 0:02:55.380 in Jesus parable of the talents, investors aim to multiply 0:02:55.380 --> 0:02:58.220 what's been entrusted to them for the good of others 0:02:58.220 --> 0:03:02.060 and the glory of God. Gambling, however, often thrives at 0:03:02.060 --> 0:03:06.220 the cost of others losses. The system is built on imbalance. 0:03:06.340 --> 0:03:10.500 One person's gain depends on many others losses. It preys 0:03:10.500 --> 0:03:16.220 disproportionately on the vulnerable, offering false hope while encouraging addiction, debt, 0:03:16.220 --> 0:03:21.780 and despair. Isaiah 117 commands learn to do right. Seek justice. 0:03:21.820 --> 0:03:26.579 Defend the oppressed. Gambling systems do the opposite, profiting off 0:03:26.620 --> 0:03:31.299 injustice and deepening cycles of poverty. Gambling is often fueled 0:03:31.300 --> 0:03:35.820 by discontentment, a restless craving for more. A belief that 0:03:35.820 --> 0:03:38.940 life will finally be better if we just get lucky. 0:03:39.220 --> 0:03:42.100 It lures us to risk what we have for what 0:03:42.100 --> 0:03:44.900 we think we need. But the Bible warns us, keep 0:03:44.900 --> 0:03:47.300 your lives free from the love of money, and be 0:03:47.300 --> 0:03:50.380 content with what you have, because God has said, never 0:03:50.380 --> 0:03:53.620 will I leave you. Never will I forsake you. Yet 0:03:53.620 --> 0:03:59.090 discontentment isn't limited to gamblers. It can poison our investing too. 0:03:59.330 --> 0:04:03.490 Even legitimate investment decisions can be corrupted by greed, fear, 0:04:03.490 --> 0:04:06.490 or the desire to keep up with others. We can 0:04:06.530 --> 0:04:09.810 hoard in the name of saving or obsess over returns 0:04:09.810 --> 0:04:13.410 as if our security depends on them. That's why Christians 0:04:13.410 --> 0:04:17.050 must always ask, why am I investing? Am I trusting 0:04:17.050 --> 0:04:21.330 in God or in my portfolio? This isn't just about money. 0:04:21.450 --> 0:04:25.289 It's about discipleship. Jesus taught that we cannot serve both 0:04:25.290 --> 0:04:29.890 God and money in Matthew 624. Gambling often turns money 0:04:29.890 --> 0:04:33.970 into a God, feeding our anxiety and covetousness rather than 0:04:34.010 --> 0:04:38.450 cultivating peace and gratitude. When done in faith, investing is 0:04:38.450 --> 0:04:41.810 an act of trust in God's provision. It acknowledges that 0:04:41.810 --> 0:04:44.890 we live in a broken world full of uncertainty, but 0:04:44.890 --> 0:04:49.010 we still move forward wisely, patiently and generously. It says 0:04:49.010 --> 0:04:51.330 I will use what God has given me to plan 0:04:51.330 --> 0:04:54.599 for the future, care for others, and grow what he's 0:04:54.600 --> 0:04:57.800 entrusted to me. When done with the right heart, posture 0:04:57.800 --> 0:05:00.839 investing can be a part of seeking God's kingdom. It's 0:05:00.839 --> 0:05:04.240 a tool, not a treasure. But gambling tempts us to 0:05:04.279 --> 0:05:08.960 seek fortune without faithfulness, to pursue gain without giving, and 0:05:08.960 --> 0:05:13.279 to trust luck instead of trusting the Lord. Whether we're investing, saving, 0:05:13.279 --> 0:05:16.600 or giving, may we always remember that true security is 0:05:16.600 --> 0:05:20.120 not found in earthly returns, but in the eternal riches 0:05:20.120 --> 0:05:23.240 of Christ. I hope that's an encouragement to you today. 0:05:23.440 --> 0:05:26.600 I'm Rob West and this is Faith and finance live. 0:05:26.600 --> 0:05:27.600 We'll be right back. 0:05:35.040 --> 0:05:38.920 You're listening to Faith and finance live. This program is prerecorded, 0:05:38.920 --> 0:05:41.760 so we're not available to answer your calls, but you 0:05:41.760 --> 0:05:46.640 can email us your questions at at Philly.com. 0:05:46.800 --> 0:05:48.520 Hey, before we head to the phones, I want to 0:05:48.560 --> 0:05:50.839 answer one of your emails. By the way, we receive 0:05:50.839 --> 0:05:53.470 these emails all the time at and ask Rob at 0:05:53.470 --> 0:05:56.750 Faith Philly.com. Feel free to send your question along to 0:05:56.790 --> 0:06:03.110 be read on the air. Again, ask rob@faith.com. That's faith fi.com. 0:06:03.150 --> 0:06:06.029 This one comes to us from Christie. She writes hi Rob, 0:06:06.029 --> 0:06:08.670 I love listening to your show. I'm in my 20s 0:06:08.710 --> 0:06:11.310 and I'm saving up for a house. I'm not sure 0:06:11.310 --> 0:06:14.990 about the best way to invest my current savings. Should 0:06:14.990 --> 0:06:17.670 I buy a CD or invest in the stock market? 0:06:17.670 --> 0:06:20.870 I'd appreciate any advice. Thanks so much. You know, I 0:06:20.870 --> 0:06:23.950 think Christie, the key here is your time horizon. So 0:06:23.950 --> 0:06:26.590 if you're planning on buying this house, let's say in 0:06:26.589 --> 0:06:29.950 less than five years, then I don't want you investing 0:06:29.950 --> 0:06:32.429 in the stock market. We really need a five plus 0:06:32.430 --> 0:06:35.990 year time horizon. So I love that you're saving. And 0:06:36.029 --> 0:06:38.870 I realize it may take some time, but you're likely 0:06:38.870 --> 0:06:40.909 going to want to save that in a high yield 0:06:40.910 --> 0:06:44.470 savings account. If you have some money already put aside, 0:06:44.589 --> 0:06:46.750 you could lock it up in a 15 or 18 0:06:46.750 --> 0:06:49.670 month CD and get a little bit more interest. But 0:06:49.670 --> 0:06:52.150 you don't want to invest it because the key is 0:06:52.150 --> 0:06:55.029 to have that money available when you're ready to make 0:06:55.029 --> 0:06:57.750 the purchase. The problem with investing in the stock market 0:06:57.750 --> 0:06:59.910 is those stocks may be down. At the time. We 0:06:59.910 --> 0:07:02.229 just don't know what would be going on at that moment. 0:07:02.430 --> 0:07:04.830 And you may have to sell them at a loss. 0:07:04.830 --> 0:07:08.190 By the way, make your savings target 20% for a 0:07:08.230 --> 0:07:10.950 down payment at a minimum. And then let's make sure 0:07:10.950 --> 0:07:14.630 that mortgage payment, including taxes and insurance, is no more 0:07:14.670 --> 0:07:17.950 than 25% of your take home pay. That's going to 0:07:17.990 --> 0:07:21.950 ensure that you have enough left for everything else. But 0:07:21.950 --> 0:07:25.310 you can do this. Stay at it, save diligently, and 0:07:25.310 --> 0:07:28.590 you will be ready to make that purchase in no time. 0:07:28.590 --> 0:07:31.510 And again, don't buy too much house even though these 0:07:31.510 --> 0:07:34.910 prices are still pretty high. Uh, let's see in the news. 0:07:34.910 --> 0:07:39.150 In light of so many scams affecting seniors today. Uh, 0:07:39.150 --> 0:07:42.910 one of which continues to be a problem among seniors. 0:07:43.150 --> 0:07:47.510 And it's the Medicare marketing misrepresentation. I know it's a 0:07:47.630 --> 0:07:50.420 long name. Let me explain. A caller usually claims to 0:07:50.420 --> 0:07:54.380 be from Medicare and offers expanded benefits by answering a 0:07:54.380 --> 0:07:58.900 few questions and giving consent. However, behind that friendly quote, 0:07:58.940 --> 0:08:03.580 Medicare employee is actually an insurance agent looking to make 0:08:03.580 --> 0:08:07.660 a sale. Now, this, of course, violates Medicare rules, but 0:08:07.660 --> 0:08:11.300 it unfortunately happens more often than it should. A 2022 0:08:11.340 --> 0:08:16.780 Senate Finance Committee report revealed that frequent instances of agents 0:08:16.780 --> 0:08:21.300 was occurring, and they were changing seniors health plans without 0:08:21.300 --> 0:08:25.340 their informed consent. While Medicare is a federal program, brokers 0:08:25.340 --> 0:08:30.500 and agents help seniors navigate the complex enrollment process. However, 0:08:30.500 --> 0:08:34.260 since they aren't compensated for each person they enroll, some 0:08:34.260 --> 0:08:37.140 may be tempted to put profits over the best interests 0:08:37.140 --> 0:08:40.620 of seniors, and these brokers are subject to oversight. But 0:08:40.620 --> 0:08:45.700 violations do occur and the consequences can be significant. Seniors 0:08:45.700 --> 0:08:49.130 often don't realize what's happening until weeks later, when they 0:08:49.250 --> 0:08:53.209 find themselves facing higher costs or having to switch doctors 0:08:53.210 --> 0:08:57.329 and facilities. So it's important to know that Medicare employees 0:08:57.370 --> 0:09:02.850 never make unsolicited calls to seniors about their benefits. Likewise, 0:09:02.850 --> 0:09:06.449 brokers and agents are not allowed to make unsolicited calls 0:09:06.450 --> 0:09:10.690 or leave flyers at home unless they've requested an appointment. 0:09:10.690 --> 0:09:13.449 So if you're unsure about a call, hang up and 0:09:13.450 --> 0:09:17.970 reach out to Medicare directly. If you think you or 0:09:18.010 --> 0:09:21.450 a loved one has been a victim of misrepresentation, just 0:09:21.450 --> 0:09:25.610 contact your state's senior Medicare patrol to report the fraud. 0:09:26.130 --> 0:09:29.890 That's a national resource center that provides valuable resources to 0:09:29.929 --> 0:09:33.970 help protect you and your loved ones from deceptive practices. 0:09:34.170 --> 0:09:37.130 Medicare is, of course, a lifeline for millions of seniors, 0:09:37.130 --> 0:09:41.690 but the system can be confusing, so be cautious. Ask questions. 0:09:41.730 --> 0:09:45.090 Never give out personal information over the phone to someone 0:09:45.090 --> 0:09:48.440 you don't know. You know what? By staying vigilant, you 0:09:48.440 --> 0:09:51.560 can protect yourself from fraud and ensure you get the 0:09:51.559 --> 0:09:54.120 coverage that's right for you. Listen, this is going to 0:09:54.120 --> 0:09:58.400 come in all shapes and sizes. So it could come 0:09:58.400 --> 0:10:00.760 by email. It could come by a phone call. It 0:10:00.760 --> 0:10:03.680 could be somebody saying they're from the IRS or somebody 0:10:03.679 --> 0:10:07.160 that says you won sweepstakes. I mean, it could be any, 0:10:07.559 --> 0:10:10.880 you know, type of scam. The key is it always 0:10:10.880 --> 0:10:14.720 comes down to don't give information over the computer, over 0:10:14.720 --> 0:10:18.320 the phone to people that contact you if they're legitimate. 0:10:18.320 --> 0:10:23.360 They shouldn't be asking for that unless you requested the information. Uh, 0:10:23.360 --> 0:10:27.760 so hang up. Call someone directly. Uh, find the direct 0:10:27.760 --> 0:10:31.680 channel to contact that vendor that they claim they're from. 0:10:31.880 --> 0:10:34.840 And don't respond to somebody who's reaching out to you, 0:10:34.880 --> 0:10:37.840 no matter what form of communication it is. So hopefully 0:10:37.840 --> 0:10:41.080 that's helpful to you today. I know this is increasingly 0:10:41.080 --> 0:10:44.840 becoming difficult for folks, especially seniors, who can get confused 0:10:44.840 --> 0:10:48.510 about these things, especially when technology is involved. So if 0:10:48.510 --> 0:10:51.150 that's you, just be vigilant. And if you have somebody 0:10:51.150 --> 0:10:53.710 in your life who needs you to walk alongside them, 0:10:53.710 --> 0:10:55.590 just keep them up to date on the latest scams 0:10:55.590 --> 0:10:58.950 so they can spot these sooner rather than later. All right, 0:10:58.950 --> 0:11:02.230 let's dive into those phone calls. Let's begin in Florida today. 0:11:02.230 --> 0:11:04.790 And we'll welcome Joshua to the broadcast. Go ahead. 0:11:05.429 --> 0:11:09.510 Yes. Thank you for taking my call. Um, I have 0:11:09.510 --> 0:11:13.829 this question because I have a 403 B, uh, in 0:11:13.870 --> 0:11:18.270 an organization which is not increasing that much. And I 0:11:18.270 --> 0:11:23.950 was mentioned to do a, an annuity. Um, and I 0:11:23.950 --> 0:11:26.949 was going to transfer $25,000 to that, but it's going 0:11:26.990 --> 0:11:30.470 to be locked for ten years. So, um, I have 0:11:30.470 --> 0:11:33.790 concern with that because if I have an emergency, it 0:11:33.790 --> 0:11:37.190 will be an issue. But the other thing is there 0:11:37.190 --> 0:11:39.350 are some fees. I don't know if they're going to 0:11:39.350 --> 0:11:43.510 be charging some fees, monthly fee on that based on the, 0:11:43.550 --> 0:11:47.310 on And that, uh, contract. So I don't know if 0:11:47.309 --> 0:11:49.950 this will be the right move for me to do that. 0:11:49.990 --> 0:11:53.310 Or if there's another way that I can, uh, do it. 0:11:53.790 --> 0:11:55.270 Financial stability. 0:11:55.550 --> 0:11:57.950 It's a great question, Joshua, and I'm delighted to hear 0:11:57.950 --> 0:12:01.069 that you are thinking about the future. Putting something aside 0:12:01.230 --> 0:12:04.189 on a systematic basis is the very best way to 0:12:04.230 --> 0:12:07.910 build wealth. So you have something alongside Social Security, assuming 0:12:07.950 --> 0:12:10.790 you paid into the system FICA taxes long enough to 0:12:10.830 --> 0:12:14.390 qualify for Social Security, that's never intended to cover more 0:12:14.390 --> 0:12:18.230 than 35 to 40% of your pre-retirement income. So having 0:12:18.230 --> 0:12:21.110 something else that you can use to convert to an 0:12:21.110 --> 0:12:24.430 income stream throughout the rest of your life, no matter 0:12:24.429 --> 0:12:27.429 what God calls you to in that season, is critical, 0:12:27.590 --> 0:12:31.630 and you're your most powerful wealth building tool. Is your 0:12:31.630 --> 0:12:35.030 income today, so long as you live below your means 0:12:35.030 --> 0:12:37.950 and you have a surplus to put aside, and putting 0:12:37.950 --> 0:12:41.190 that into a tax deferred environment like a 403 B 0:12:41.429 --> 0:12:44.340 is a great option. now in terms of the money 0:12:44.340 --> 0:12:47.300 that's already in there. If this is a 403 be 0:12:47.340 --> 0:12:51.219 set up by your employer, your church, and you're still employed, 0:12:51.380 --> 0:12:52.860 you're not going to be able to move it out 0:12:52.900 --> 0:12:55.500 of there. But is that the case? You're still with 0:12:55.500 --> 0:12:57.699 the church that's set up the 403 B that you're 0:12:57.700 --> 0:12:59.260 participating in, is that right? 0:13:00.340 --> 0:13:01.620 No. I'm retired. 0:13:02.140 --> 0:13:02.860 Oh you're retired. 0:13:03.700 --> 0:13:08.180 Yeah. Just to have that for if anything happened, my 0:13:08.179 --> 0:13:11.820 kids can handle my situation with my wife because it 0:13:11.820 --> 0:13:16.219 will be my wife at $25,000 and myself $25,000. And 0:13:16.220 --> 0:13:19.339 I'm going to have a $15,000 in a savings account 0:13:19.340 --> 0:13:23.300 for six months. Secure. So. But I want something to 0:13:23.340 --> 0:13:27.059 grow with the $25,000 that I have because it's not growing. 0:13:27.620 --> 0:13:29.020 Not much right now. I see. 0:13:29.020 --> 0:13:31.500 That. I see. Very good. So are you living on 0:13:31.500 --> 0:13:34.420 Social Security alone? Is that enough to cover your bills? 0:13:35.220 --> 0:13:40.460 So far, God has been faithful. And yes, I have covered. 0:13:40.820 --> 0:13:43.690 Okay. Very good. Yeah. You've got a couple of options here. 0:13:43.730 --> 0:13:46.650 I mean, my preference would be because this is in 0:13:46.690 --> 0:13:49.090 a 403 B, you don't need to worry about the 0:13:49.090 --> 0:13:52.770 tax consequences. You would roll it to an IRA. And 0:13:52.770 --> 0:13:55.410 at that point you've got probably got three options in 0:13:55.410 --> 0:13:57.090 terms of how to invest it. And this would be 0:13:57.090 --> 0:14:00.170 my preference over an annuity because of the reasons you 0:14:00.170 --> 0:14:04.890 mentioned less returns, higher costs, less access to the money. 0:14:04.890 --> 0:14:08.170 One would be, um, a robo advisor like the Schwab 0:14:08.170 --> 0:14:12.050 Intelligent Portfolios. The other would be, um, some of the 0:14:12.050 --> 0:14:15.290 faith based investing mutual funds. And a third would be 0:14:15.330 --> 0:14:18.890 sound mind investing. Org. Let's do this. I'll unpack each 0:14:18.890 --> 0:14:20.970 of those after the break. Stay right there. Just a 0:14:20.970 --> 0:14:23.730 quick reminder. We're not here today, so don't call in. 0:14:23.730 --> 0:14:25.570 But we're going to head to a break and much 0:14:25.570 --> 0:14:35.410 more coming just after this. Stay with us. Great to 0:14:35.410 --> 0:14:37.810 have you with us today on faith and finance live. 0:14:37.810 --> 0:14:40.320 By the way, we're not live today. We're away from 0:14:40.320 --> 0:14:42.760 the studio, so don't call in. But we have some 0:14:42.760 --> 0:14:46.080 great questions that we lined up in advance. By the way, 0:14:46.360 --> 0:14:50.520 this ministry is entirely listener supported. That means we rely 0:14:50.520 --> 0:14:53.320 on your financial gifts and support to do what we 0:14:53.320 --> 0:14:56.040 do on the air every day. If you consider a gift, 0:14:56.080 --> 0:14:59.120 we'd certainly be grateful. Just head to our website, faith five. 0:14:59.640 --> 0:15:04.120 That's Faith 5.com and click the give button. Thanks in advance. 0:15:04.280 --> 0:15:06.800 All right, let's head back to the phones now. Before 0:15:06.800 --> 0:15:09.920 the break, we were talking to Joshua. He's retired as 0:15:09.920 --> 0:15:13.160 a pastor as 25,000. That was in a 403 B. 0:15:13.320 --> 0:15:15.400 He doesn't need it. By God's grace, he's been able 0:15:15.400 --> 0:15:18.880 to live modestly on Social Security alone. He's wanting to 0:15:18.880 --> 0:15:21.400 get it out of the 403 B and perhaps see 0:15:21.400 --> 0:15:24.600 it grow a little bit more effectively. Someone had suggested 0:15:24.600 --> 0:15:28.440 an annuity. He had some caution around it. I agreed 0:15:28.600 --> 0:15:31.920 in that, you know, the downside of an annuity is, uh, 0:15:31.960 --> 0:15:36.520 you're adding complexity. There's additional fees, you lose access to 0:15:36.560 --> 0:15:39.240 the money, in part because if you want to get 0:15:39.240 --> 0:15:41.720 to it, you're going to have surrender penalties beyond a 0:15:41.720 --> 0:15:46.680 certain percentage each year. And often you're sacrificing return potential. 0:15:47.240 --> 0:15:50.440 The upside is you can transfer the risk to the 0:15:50.440 --> 0:15:54.040 insurance company. So some folks say, listen, above all else, 0:15:54.040 --> 0:15:55.880 I just want to know that I can have a 0:15:55.920 --> 0:15:59.080 guaranteed return, and I'm willing to give up some other 0:15:59.080 --> 0:16:02.320 things for that. And that's where an annuity can make 0:16:02.320 --> 0:16:05.840 sense in this situation. So what I'd recommend, Joshua, is 0:16:05.840 --> 0:16:07.760 that you roll it out to an IRA that's not 0:16:07.760 --> 0:16:10.320 a taxable event, but then you have to decide how 0:16:10.320 --> 0:16:12.960 it's going to be invested. And I think you've got 0:16:12.960 --> 0:16:16.320 a few options there. There's some wonderful mutual fund families 0:16:16.320 --> 0:16:20.240 that are faith aligned. So they would exclude companies that 0:16:20.240 --> 0:16:23.400 are misaligned with your Christian values. They'd seek out other 0:16:23.400 --> 0:16:27.240 companies that not only have a compelling value to shareholders to, 0:16:27.520 --> 0:16:31.200 you know, provide risk adjusted returns for the for the 0:16:31.200 --> 0:16:34.840 mutual fund, but also they're promoting human flourishing. And it 0:16:34.840 --> 0:16:37.350 could be a great option for you. You probably have 0:16:37.350 --> 0:16:41.670 heard about Timothy. Plan a wonderful fun family Eventide one 0:16:41.670 --> 0:16:45.870 ascent Guidestone so many others that are just doing incredible work. 0:16:46.190 --> 0:16:48.510 If you wanted a list of those mutual funds that 0:16:48.510 --> 0:16:51.910 you could invest in, if you rolled the 403 B 0:16:51.950 --> 0:16:54.830 to an IRA at, let's say, Fidelity or Schwab, they 0:16:54.830 --> 0:16:57.470 would all allow you to have access to these fund families. 0:16:57.470 --> 0:17:01.550 You could download a list of them at Faith and investing. 0:17:04.190 --> 0:17:09.910 That's faith and investing. Uh, the other option is you 0:17:09.910 --> 0:17:14.310 could check out our friends at Sound Mind Investing org, 0:17:14.790 --> 0:17:18.270 and they could help you make the investment selections. The 0:17:18.270 --> 0:17:21.510 third option is you could use what's called a robo advisor. 0:17:21.830 --> 0:17:25.950 And I would probably recommend the Schwab Intelligent Portfolios. You'd 0:17:25.950 --> 0:17:28.870 open an IRA at Schwab, you'd roll the 403 B 0:17:28.910 --> 0:17:31.270 over to it, and then you'd invest it in the 0:17:31.270 --> 0:17:34.949 Schwab Intelligent Portfolios. And basically you'd answer a series of 0:17:34.950 --> 0:17:38.420 questions about your age and your goals and your risk tolerance. 0:17:38.420 --> 0:17:41.659 And then the algorithm would build a very low cost, 0:17:41.660 --> 0:17:45.940 but very high quality portfolio that just captures the broad 0:17:45.940 --> 0:17:49.220 moves of largely the bond market because you're in a 0:17:49.220 --> 0:17:53.619 retirement season, but with some smaller allocation to stocks. But again, 0:17:53.619 --> 0:17:57.540 not picking individual stocks, just using the big indexes. So 0:17:57.540 --> 0:18:00.619 you'd get the broad moves of the stock and bond market, 0:18:00.619 --> 0:18:04.100 but it's very cost effective. Um, so all three of 0:18:04.100 --> 0:18:07.620 those I think could be compelling options for you to explore. 0:18:07.660 --> 0:18:08.740 Is that helpful though? 0:18:09.619 --> 0:18:13.739 Yes it is. It is because we're it's been a 0:18:13.780 --> 0:18:16.620 while that we are trying to sign the contract, but 0:18:16.780 --> 0:18:18.140 I have a concern with that. 0:18:18.140 --> 0:18:20.740 So yeah. Well, this would give you a lot more 0:18:20.740 --> 0:18:24.619 flexibility over being able to access the money, invest it 0:18:24.619 --> 0:18:26.140 the way you want to and have a lot more 0:18:26.140 --> 0:18:30.100 control over the fees as well. And so I think perhaps, 0:18:30.140 --> 0:18:32.780 you know, your discernment that this is not the right 0:18:32.780 --> 0:18:35.810 direction is something you ought to pay attention to. And listen, 0:18:35.810 --> 0:18:37.450 if down the road you decide you want to put 0:18:37.450 --> 0:18:40.170 into an annuity, you'd always have that option. But once 0:18:40.170 --> 0:18:42.449 you sign this contract, you're going to be kind of 0:18:42.490 --> 0:18:45.010 stuck there for the time being. So hey, thanks for 0:18:45.010 --> 0:18:47.369 your call today. All the best to you, sir. Uh, 0:18:47.369 --> 0:18:52.970 let's see, we started today by talking about scams, particularly 0:18:52.970 --> 0:18:58.810 scams that are taking place with regard to Medicare marketing misrepresentation, 0:18:58.810 --> 0:19:02.770 where insurance agents are calling and claim to be from 0:19:02.770 --> 0:19:09.090 Medicare offering expanded benefits, but ultimately their insurance agents looking 0:19:09.090 --> 0:19:12.410 to make a sale. Certainly not all insurance agents by 0:19:12.410 --> 0:19:15.410 any means are unscrupulous. Not saying that at all. I'm 0:19:15.410 --> 0:19:18.730 just saying this is a more common practice that we're seeing, 0:19:19.010 --> 0:19:21.889 and it really is unethical the way it's going down. 0:19:21.890 --> 0:19:24.810 But just I think that's a good warning. That's more 0:19:24.810 --> 0:19:28.970 general in nature to the rise in scams, especially those 0:19:28.970 --> 0:19:32.209 that are connected to the IRS and Medicare as it 0:19:32.210 --> 0:19:35.570 relates to seniors. Maggie in Texas, I understand you have 0:19:35.570 --> 0:19:37.250 an experience with this. Go right ahead. 0:19:38.210 --> 0:19:41.730 Yes. Yes, sir. I am just had a little bit 0:19:41.730 --> 0:19:45.170 different version of the sales pitch, I'm pretty sure. And 0:19:45.170 --> 0:19:47.250 I kind of felt pressured, and I kind of figured 0:19:47.250 --> 0:19:50.330 that's what it was. But, um, just the other day, 0:19:50.810 --> 0:19:54.169 I was sitting in McDonald's, um, and I think I 0:19:54.170 --> 0:19:56.810 was actually eating something or drinking coffee, I don't know, 0:19:56.850 --> 0:20:00.370 early morning. And a lady came. There were other tables around, 0:20:00.609 --> 0:20:04.010 nicely dressed, and she asked if she could sit at 0:20:04.010 --> 0:20:07.130 my table. And I said, sure, you know. And I thought, oh, 0:20:07.170 --> 0:20:09.850 this is another person the Lord is bringing for me 0:20:09.850 --> 0:20:13.409 to share that Jesus is coming soon. Yeah, sure. You know, 0:20:13.609 --> 0:20:17.290 be ready. Meaning be ready, um, soon. Meaning when it 0:20:17.290 --> 0:20:20.170 starts to happen, you better be ready. Um, the Lord 0:20:20.210 --> 0:20:22.609 kind of gave me a ministry. And so she sat 0:20:22.609 --> 0:20:26.770 there and she. When she saw that I wasn't really 0:20:26.770 --> 0:20:31.880 interested in opening the table up for conversation, She pulled 0:20:31.880 --> 0:20:34.359 her computer out and I asked her, are you from 0:20:34.400 --> 0:20:38.080 from here? And she said, no, she's from was from 0:20:38.080 --> 0:20:42.040 Fort Worth. Her card said, but anyway, this she says 0:20:42.080 --> 0:20:44.679 under her name and I won't give the name of, uh, 0:20:44.840 --> 0:20:49.720 herself or the company, but underneath her name it says 0:20:49.720 --> 0:20:54.520 insurance broker. And then at the bottom, in smaller letters, 0:20:54.720 --> 0:21:03.040 Medicare plans, comma, cancer and hospital plans, comma annuities, life, health, dental, vision. 0:21:03.280 --> 0:21:06.120 And when I when she asked me I said, well 0:21:06.119 --> 0:21:08.560 I have a plan. I'm I'm okay with I don't 0:21:08.560 --> 0:21:10.439 think I'm going to get anything better. And I told 0:21:10.440 --> 0:21:12.879 her the name of the company, you know, and that 0:21:12.880 --> 0:21:15.399 it was an advantage plan. And she said, oh, well, 0:21:15.400 --> 0:21:17.720 I could get you a better version. And she was 0:21:17.720 --> 0:21:20.720 really interested in talking about that, but I felt pressured, 0:21:20.880 --> 0:21:23.680 and I have good reason. I have a ton of things. 0:21:23.680 --> 0:21:25.840 In fact, I have so many questions. I have enough 0:21:25.840 --> 0:21:28.520 to keep your line busy for weeks. But a lot 0:21:28.560 --> 0:21:30.470 of it, a lot of it I can do on 0:21:30.470 --> 0:21:33.310 my own. I need to do some sorting and list 0:21:33.350 --> 0:21:36.710 listing and prioritizing, but I have so much to do. 0:21:36.710 --> 0:21:39.390 I feel like I'm drowning sometimes with trying to get 0:21:39.390 --> 0:21:43.630 my own, my own. But I felt pressured. And, you know, 0:21:43.869 --> 0:21:48.190 I think that I think I think I'm answering my 0:21:48.190 --> 0:21:51.550 own question is that if you feel a little bit pressured, 0:21:51.550 --> 0:21:53.510 that's probably the Holy Spirit saying. 0:21:53.550 --> 0:21:55.869 I think you're exactly right. I hate to cut you off. 0:21:55.869 --> 0:21:57.469 I've got to hit a hard break, but we'll be 0:21:57.470 --> 0:22:06.430 right back. So glad to have you with us today 0:22:06.430 --> 0:22:09.790 on Faith and Finance Live. I'm Rob West. Quick email 0:22:09.830 --> 0:22:12.149 before we head back to the phones. This one comes 0:22:12.150 --> 0:22:14.030 to us from Emily. By the way, if you have 0:22:14.030 --> 0:22:16.510 a question you'd like, read on the air. We'd love 0:22:16.510 --> 0:22:19.670 to hear from you. Send it along to ask Rob 0:22:19.910 --> 0:22:24.910 at Faith Philly.com. That's ask Rob at Faith. Emily writes, 0:22:24.910 --> 0:22:28.550 I'm employed and currently receiving Social Security income. I tithe 0:22:28.619 --> 0:22:31.460 on my salary? Should I also tithe on my Social 0:22:31.460 --> 0:22:35.179 Security income? I love your program and listen at work. Thanks. 0:22:35.180 --> 0:22:38.220 And Emily, thanks for this question. Clearly you're wanting to 0:22:38.220 --> 0:22:41.260 be a generous sower. Be faithful in your giving to 0:22:41.260 --> 0:22:44.580 the Lord, and I appreciate that. Um, here's my perspective. 0:22:44.580 --> 0:22:47.500 First of all, the tithe is a great beginning point 0:22:47.500 --> 0:22:50.580 for our giving. It's we're no longer under the Law 0:22:50.580 --> 0:22:53.740 of Moses. And yet, uh, we I think we should 0:22:53.740 --> 0:22:56.060 give proportionately. We see that in the, in the New 0:22:56.060 --> 0:23:00.100 Testament for sure. We should give sacrificially. And so starting 0:23:00.100 --> 0:23:03.100 with this idea that we would recognize God's ownership and 0:23:03.100 --> 0:23:06.540 give in proportion to our income, the tithe is a 0:23:06.540 --> 0:23:10.180 great principle to apply to that. Uh, so you would give, 0:23:10.220 --> 0:23:12.900 in the case of a tie, the 10th of your increase. 0:23:12.900 --> 0:23:16.940 The question is, is your Social Security increase? Uh, if 0:23:16.980 --> 0:23:19.939 you tithe on your gross income throughout your working life, 0:23:19.940 --> 0:23:23.300 clearly a portion of what you're getting from Social Security 0:23:23.300 --> 0:23:26.260 is a return of what you put into the system. 0:23:26.260 --> 0:23:29.369 The challenge is it would take an army of CPAs 0:23:29.410 --> 0:23:32.370 to figure out what portion is yours, what portion was 0:23:32.369 --> 0:23:35.850 your employer's contribution? Because remember, they paid half of the 0:23:35.850 --> 0:23:38.610 FICA tax. And then what portion was the growth that 0:23:38.609 --> 0:23:41.210 occurred while it was in there? And so I think 0:23:41.210 --> 0:23:44.570 for that reason, I would probably take the perspective that 0:23:44.609 --> 0:23:47.130 let's look at anything we receive from the Lord as 0:23:47.130 --> 0:23:50.210 a gracious gift from the Lord, no matter what its 0:23:50.250 --> 0:23:55.129 source was, whether it's SSI or Social Security or disability 0:23:55.130 --> 0:23:58.410 or an inheritance or a paycheck. And just say, Lord, 0:23:58.410 --> 0:24:01.850 I'm going to demonstrate my trust in you as my provider, 0:24:02.010 --> 0:24:04.929 knowing that your provision is complete. And I want to 0:24:04.930 --> 0:24:07.810 be partnered with you in giving in proportion to how 0:24:07.810 --> 0:24:10.530 you've prospered me. That would be the approach that I 0:24:10.530 --> 0:24:13.010 would take, as opposed to trying to figure out what 0:24:13.010 --> 0:24:15.609 portion falls into which bucket. But at the end of 0:24:15.609 --> 0:24:17.890 the day, Emily, I realize that the heart behind this 0:24:17.890 --> 0:24:19.810 is that you want to honor the Lord. And so 0:24:19.810 --> 0:24:22.369 I would just be on your knees if you're married, 0:24:22.369 --> 0:24:24.610 you and your husband just asking the Lord, what would 0:24:24.609 --> 0:24:26.770 you have me to do? And I think as long 0:24:26.770 --> 0:24:28.690 as you follow the leading of the Lord, you give 0:24:28.730 --> 0:24:32.929 cheerfully as an act of worship. I don't think the 0:24:32.930 --> 0:24:35.530 the percentage or checking a box is really the most 0:24:35.530 --> 0:24:37.889 important thing. So hopefully that's helpful to you as you 0:24:37.890 --> 0:24:40.490 think and pray through this. All right. Let's head back 0:24:40.490 --> 0:24:43.850 to the phones. Let's go back out to Texas. Hi, George. 0:24:43.850 --> 0:24:44.570 Go ahead sir. 0:24:45.130 --> 0:24:46.650 Hey Rob, how are you doing today? 0:24:46.690 --> 0:24:47.730 I'm well, thank you. 0:24:48.210 --> 0:24:50.490 I don't know how much information she gave you on me. 0:24:50.490 --> 0:24:52.570 Or if you have questions for me or. I do 0:24:52.570 --> 0:24:53.929 have some questions for you. 0:24:53.970 --> 0:24:55.810 Just give us a quick overview of what's going on 0:24:55.810 --> 0:24:57.010 in your life here, George. 0:24:57.290 --> 0:25:00.450 Well, I'm a 76 year old. I call it retired. 0:25:00.490 --> 0:25:03.369 I actually retired from a job and then on a Friday, 0:25:03.369 --> 0:25:05.770 went back to work pretty much full time on the Monday. 0:25:05.770 --> 0:25:08.889 So anyway, I've been working on it off since the retirement, 0:25:08.890 --> 0:25:10.970 so I'm kind of pretty tired trying to work two 0:25:11.010 --> 0:25:14.690 three days a week, sometimes five days, sometimes two, you know, 0:25:14.730 --> 0:25:17.729 so it's quite variable. So a couple of questions I 0:25:17.730 --> 0:25:20.810 have concerning that. I guess what is the best way 0:25:20.810 --> 0:25:26.200 for me to handle Social Security taxes and withholding taxes. Uh, 0:25:26.200 --> 0:25:29.720 since I'm basically contract labor now and they don't take 0:25:29.720 --> 0:25:33.200 that out of my check every month. So what percent 0:25:33.200 --> 0:25:35.520 of each should I set aside? Maybe. Or should I 0:25:35.560 --> 0:25:40.840 send in, uh, like a quarterly report to Uncle Sam? Uh. 0:25:42.040 --> 0:25:46.240 Yeah, it's a great question. And, uh, you know, typically 0:25:46.240 --> 0:25:48.800 you're going to want to set aside, uh, you know, 0:25:48.840 --> 0:25:52.040 on average, I think about 25 to 30% of your 0:25:52.040 --> 0:25:55.840 income to pay taxes. Uh, it's going to ultimately come 0:25:55.840 --> 0:25:58.080 down to your effective tax rate. And that's harder to 0:25:58.119 --> 0:26:00.800 determine in the first year because of the change and 0:26:00.800 --> 0:26:04.120 so forth. But, um, you know, if it's mainly kind 0:26:04.119 --> 0:26:07.040 of side jobs and so forth. Uh, I mean, I 0:26:07.040 --> 0:26:12.240 think that 30% number would typically be a good starting point, uh, 0:26:12.240 --> 0:26:16.679 which you may want to do is visit with a CPA, um, 0:26:17.119 --> 0:26:19.479 just to, you know, kind of run through all of 0:26:19.480 --> 0:26:23.750 this and determine your tax bracket, any deductions and credits 0:26:23.750 --> 0:26:26.390 for which you'd qualify, you know, based on the work 0:26:26.390 --> 0:26:30.950 that you're doing, because, you know, as an independent contractor, 0:26:31.070 --> 0:26:33.750 you know, you're going to have that self-employment tax, which, 0:26:33.790 --> 0:26:35.670 you know, when you're an employee, you're used to half 0:26:35.670 --> 0:26:39.110 of that being covered by your employer. But when you're self-employed, 0:26:39.109 --> 0:26:43.190 you owe the full 15.3% self-employment tax on your net 0:26:43.190 --> 0:26:47.630 earnings to cover Social Security and Medicare. And then obviously, 0:26:47.670 --> 0:26:51.430 you know, the federal and possibly state income tax. And then, yes, 0:26:51.430 --> 0:26:54.510 to your point about quarterly payments, you are going to 0:26:54.510 --> 0:26:57.670 want to make estimated tax payments, which would be made 0:26:57.670 --> 0:27:04.270 quarterly to the IRS and your state agency if that's applicable. Um, 0:27:04.310 --> 0:27:06.430 just so you don't get hit with any penalties because 0:27:06.430 --> 0:27:08.070 the IRS doesn't want to wait and get it all 0:27:08.070 --> 0:27:10.429 at once, you know, at the end of the at 0:27:10.430 --> 0:27:12.429 the end of the year when you file your return. 0:27:12.470 --> 0:27:14.510 So I would say if you start right up front 0:27:14.510 --> 0:27:19.390 with that 30% number, probably on the upper end, 35%, 0:27:19.390 --> 0:27:22.100 and then do some tax planning, maybe you go sit 0:27:22.100 --> 0:27:24.699 with a CPA who's going to file your taxes, at 0:27:24.700 --> 0:27:26.979 least for the first year. Now that you've made so 0:27:26.980 --> 0:27:30.100 many changes just to ensure that, number one, you're paying 0:27:30.100 --> 0:27:33.100 the right amount. But number two, you're taking full advantage 0:27:33.100 --> 0:27:36.740 of every deduction available to you, which obviously there's a 0:27:36.740 --> 0:27:40.220 lot more liberty there as a self-employed individual where you 0:27:40.220 --> 0:27:43.780 have documented and and reasonable business costs that you can 0:27:43.780 --> 0:27:46.500 deduct from your income. But is that helpful? 0:27:47.060 --> 0:27:49.540 It sure is. And can I ask something real quick? Again, 0:27:49.780 --> 0:27:51.820 kind of dovetailing to that. You know, when I was 0:27:51.820 --> 0:27:55.179 working full time and they were taking X number of 0:27:55.180 --> 0:27:59.780 dollars out of my check and putting into the 401 K, 0:28:00.020 --> 0:28:04.540 which was of course tax deferred, they don't do that anymore. 0:28:04.660 --> 0:28:07.220 I guess I want to get back into maybe setting 0:28:07.220 --> 0:28:11.340 some more aside into my investment accounts that have to 0:28:11.340 --> 0:28:13.140 do that myself now. So yeah. 0:28:13.260 --> 0:28:15.700 Exactly right. So you've got a couple of options. The 0:28:15.700 --> 0:28:19.780 simplest and quickest would be probably a Roth IRA. Or 0:28:19.780 --> 0:28:21.699 if you want the deduction like you had in your 0:28:21.700 --> 0:28:24.820 401 K, you could use a traditional IRA. And if 0:28:24.820 --> 0:28:26.860 you're over the age of 50 then you could put 0:28:26.859 --> 0:28:30.900 in 8000 for the year 2024. And then as soon 0:28:30.900 --> 0:28:34.300 as we roll into 25, you could do another 8000. Now, 0:28:34.340 --> 0:28:37.460 if you have the ability to do more than 8000 0:28:37.500 --> 0:28:41.360 a year or 16,000 over the next several months, between 0:28:41.360 --> 0:28:45.420 24 and 25, then as a self-employed person, you'd want 0:28:45.460 --> 0:28:49.620 to look at something called a Sep IRA, which is 0:28:49.620 --> 0:28:55.220 basically just like a traditional IRA, except it's for self-employed individuals. 0:28:56.100 --> 0:28:59.540 And that Sep IRA would allow you to put in 0:28:59.580 --> 0:29:01.739 far more than the 8000 you could put in up 0:29:01.740 --> 0:29:05.780 to 25% of your total compensation, or a max of 0:29:05.780 --> 0:29:11.340 69,000 for the year 2024, whichever is less. So that 0:29:11.340 --> 0:29:13.340 would be an option. And you can have a Sep 0:29:13.340 --> 0:29:18.140 IRA alongside a traditional IRA. So you know, whereas with 0:29:18.180 --> 0:29:21.170 the the Roth and the traditional, you can only put 0:29:21.170 --> 0:29:25.250 in 8000 combined between the two of them. Um, but 0:29:25.250 --> 0:29:28.490 with a Sep, you could put in the full 8000 0:29:28.530 --> 0:29:32.290 into a traditional and then put in another, uh, up 0:29:32.290 --> 0:29:36.969 to 69,000 or 25% of your compensation, whichever is less. 0:29:37.050 --> 0:29:39.490 And those are very easy to open. I'd probably open 0:29:39.490 --> 0:29:44.010 one at Fidelity or Schwab, start making a regular contribution. 0:29:44.010 --> 0:29:45.850 And then you could just, you know, invest those in 0:29:45.850 --> 0:29:48.530 a high quality, low cost mutual fund of some kind. 0:29:48.570 --> 0:29:49.490 Does that make sense? 0:29:50.210 --> 0:29:54.490 Sure does. One thing you said 69,000 or what percentage. 0:29:54.530 --> 0:29:59.370 Or 25% of your total comp? Uh, whichever is less. 0:29:59.610 --> 0:30:02.610 Okay, great. Yeah. Okay. Those are a lot of things 0:30:02.610 --> 0:30:04.650 to think about and get in order. 0:30:04.850 --> 0:30:05.530 All right. 0:30:05.810 --> 0:30:08.330 Okay. Thank you. And y'all have a great day. 0:30:08.450 --> 0:30:11.610 Absolutely. George, thank you for your call, sir. Lord bless you. Yeah. 0:30:11.650 --> 0:30:13.570 Before we head to our break, you know, as I 0:30:13.570 --> 0:30:17.719 read scripture, I see this big idea jumping off the 0:30:17.720 --> 0:30:21.720 page around contentment. You know, I think as we consider 0:30:21.720 --> 0:30:24.440 our role as stewards of God's money, we need to 0:30:24.480 --> 0:30:28.160 foster this attitude that the apostle Paul talked about, and 0:30:28.160 --> 0:30:31.520 that is contentment. Remember, he said that it's learned. I've 0:30:31.520 --> 0:30:33.600 learned to be content. He was in a time of 0:30:33.600 --> 0:30:36.240 plenty and in a time of need, and he learned 0:30:36.240 --> 0:30:39.560 to be content in either of those. Contentment is a choice. 0:30:39.680 --> 0:30:42.880 And when we increase our contentment, well, then we can 0:30:42.880 --> 0:30:45.680 focus on what God has given us and not on 0:30:45.680 --> 0:30:48.200 what he's given others. I hope that's an encouragement to 0:30:48.200 --> 0:30:51.040 you today. Again, we're not here today. We're away from 0:30:51.040 --> 0:30:53.840 the studio, so don't call in. But just around the corner. 0:30:53.840 --> 0:30:56.560 We have some more questions to tackle. I know you're 0:30:56.560 --> 0:30:58.480 going to enjoy the calls we have coming up. Stay 0:30:58.480 --> 0:30:59.880 with us. We'll be right back. 0:31:05.000 --> 0:31:08.160 The opinions offered during this program represent the personal or 0:31:08.160 --> 0:31:12.600 professional opinions of the participants, given for informational purposes only. 0:31:12.680 --> 0:31:16.270 Any information provided is not intended to replace advice from 0:31:16.270 --> 0:31:20.670 a financial, medical, legal or other professional who understands your 0:31:20.670 --> 0:31:22.150 specific situation. 0:31:29.470 --> 0:31:31.950 We're so glad you've joined us for Faith and Finance 0:31:31.950 --> 0:31:34.630 Live today here in our final segment, let me remind 0:31:34.630 --> 0:31:37.270 you not to call in because we're not live today, 0:31:37.270 --> 0:31:39.910 but we'd love for you to stick around and enjoy 0:31:39.910 --> 0:31:43.790 the rest of the program. Let's go to Saul in Mississippi. 0:31:43.830 --> 0:31:44.470 Go ahead. 0:31:45.270 --> 0:31:50.270 Yes. Hi. Um, I'm about $26,000 in credit card debt. Now, 0:31:50.510 --> 0:31:53.510 my husband walks out on us, and for a while 0:31:53.510 --> 0:31:56.830 he was paying the bills. But then he stopped. Um, 0:31:56.830 --> 0:31:59.870 we now have a court order that, you know, makes 0:31:59.870 --> 0:32:04.310 it better. But in that meantime, we did rack up 0:32:04.310 --> 0:32:09.870 some debt. Um, I'm almost to the limit on the cards. Yeah. 0:32:09.910 --> 0:32:13.990 And my credit score used to be, like, 780, but 0:32:13.990 --> 0:32:18.550 now it's quite a bit lower. Um, and we need. Well, 0:32:18.550 --> 0:32:21.670 we're going to need, um, I mean, like, we're doing 0:32:21.710 --> 0:32:26.670 fine without any major expenses, but now with having to 0:32:26.710 --> 0:32:31.630 pay extra lawyer fees, and, you know, we're looking at 0:32:31.630 --> 0:32:34.150 getting the roof on the house replaced in the next 0:32:34.150 --> 0:32:37.550 year or so. Yeah. Um, I'm wondering what the best 0:32:37.550 --> 0:32:39.870 option is for, you know, do we take a home 0:32:39.870 --> 0:32:43.709 equity line on our house or, um, what do we do? 0:32:44.070 --> 0:32:47.590 Yeah, boy. So I'm so sorry. I know this is 0:32:47.590 --> 0:32:49.870 a lot, and it's weighing on you, and there's just 0:32:49.870 --> 0:32:52.910 so many things going on here. And certainly the financial 0:32:52.910 --> 0:32:56.990 piece of this is adding additional pressure and stress. And 0:32:56.990 --> 0:33:00.350 so we need to ask the Lord to intervene here. Um, 0:33:00.390 --> 0:33:03.910 obviously we can pray toward a restoration of the marriage 0:33:03.910 --> 0:33:07.390 that would be preeminent. But regardless of how this plays out, 0:33:07.390 --> 0:33:11.950 we trust him as your provider and sustainer. And, um, 0:33:11.990 --> 0:33:14.380 we need to just, you know, take one step at 0:33:14.380 --> 0:33:16.700 a time here, and you need people around you who 0:33:16.700 --> 0:33:20.660 can give you wise counsel and encouragement. And we'd love 0:33:20.660 --> 0:33:24.380 to help to provide that as you navigate this. Here's 0:33:24.380 --> 0:33:27.740 what I'd like to do. I'd like to give you 0:33:27.740 --> 0:33:32.700 the gift of a Christian financial counselor, a certified Christian 0:33:32.700 --> 0:33:37.020 financial counselor who could walk alongside you over several sessions 0:33:37.020 --> 0:33:40.460 just to try to get everything documented in terms of 0:33:40.460 --> 0:33:43.219 where do you stand? What is the income you have? 0:33:43.260 --> 0:33:46.460 What are the expenses you have? What debts do you have? 0:33:46.660 --> 0:33:49.580 Kind of. Where are we at in the process of 0:33:49.580 --> 0:33:52.540 figuring out who's going to be responsible for what? Assuming 0:33:52.540 --> 0:33:55.780 you do end up getting divorced and just, you know, 0:33:55.820 --> 0:33:59.220 taking this one month at a time as you navigate this. 0:33:59.260 --> 0:34:01.420 We'll cover the cost of that if you'd be willing 0:34:01.460 --> 0:34:04.220 to take advantage of it. And this would be a trained, 0:34:04.260 --> 0:34:07.620 godly financial counselor who would work with you over the phone, 0:34:07.620 --> 0:34:10.859 over a series of meetings just to try to get 0:34:10.860 --> 0:34:14.330 everything in place and help you put a plan together. 0:34:14.330 --> 0:34:17.250 Because often when we're going through something as traumatic as 0:34:17.250 --> 0:34:20.330 this is, everything just becomes cloudy. It's hard to make 0:34:20.330 --> 0:34:23.810 a decision. You know, it's hard to see the path forward. 0:34:23.890 --> 0:34:27.250 And so having somebody who's trained in this area, who, 0:34:27.290 --> 0:34:29.930 you know, shares your values and can encourage you spiritually 0:34:29.930 --> 0:34:32.210 and pray for you, but also help you make the 0:34:32.210 --> 0:34:36.370 right financial moves. You know, I think would be really helpful. 0:34:36.370 --> 0:34:39.410 Is that something you'd take advantage of if we provided it? 0:34:39.930 --> 0:34:41.090 Oh, definitely. 0:34:41.610 --> 0:34:45.410 Okay. Um, let's do that. So, uh, I'm going to 0:34:45.410 --> 0:34:48.130 have you, uh, hold the line. We're going to get 0:34:48.130 --> 0:34:50.810 your information, and we're going to get one of our 0:34:50.810 --> 0:34:53.930 certified Christian financial counselors in touch with you, just to 0:34:53.930 --> 0:34:55.890 kind of help you put a plan together on where 0:34:55.890 --> 0:34:58.650 you go from here. And, uh, hopefully that'll give you 0:34:58.650 --> 0:35:02.530 some clarity and some encouragement. Um, and then this will all, 0:35:02.570 --> 0:35:04.730 you know, play out over time and become clear as 0:35:04.730 --> 0:35:07.969 to how this proceeds. But just be sure to call 0:35:07.969 --> 0:35:09.930 us after you get on the other side of this. 0:35:10.080 --> 0:35:12.839 and we want to hear God's, uh, the testimony of 0:35:12.840 --> 0:35:15.960 the Lord's faithfulness to you. And and we know it's 0:35:15.960 --> 0:35:18.120 it's certainly going to be challenging, but he's going to 0:35:18.120 --> 0:35:20.720 walk every step with you. He said he'll never leave 0:35:20.719 --> 0:35:23.600 us or forsake us, and we can trust in that. 0:35:23.600 --> 0:35:26.480 And this is a difficult season, and we'll have those 0:35:26.480 --> 0:35:29.520 in this, in this world. But, um, the Lord is 0:35:29.520 --> 0:35:31.480 right there with us. And so you can be confident 0:35:31.480 --> 0:35:34.399 in that today. And we, uh, hope we can play 0:35:34.400 --> 0:35:36.759 a small part in just being an encouragement to you 0:35:36.760 --> 0:35:39.560 and helping you get some wise counsel. So stay right there. 0:35:39.560 --> 0:35:41.560 We'll get your information and get somebody in touch with 0:35:41.560 --> 0:35:43.640 you and won't cost you a penny. We'll take care 0:35:43.640 --> 0:35:46.600 of everything. God bless you. Thanks for calling today. Uh, 0:35:46.600 --> 0:35:49.120 let's go to Texas. Hi, Dorothy. Go ahead. 0:35:49.520 --> 0:35:50.200 Hello, there. 0:35:50.440 --> 0:35:50.840 Hi. 0:35:51.120 --> 0:35:54.800 I, I am trying to play catch up with my 0:35:54.880 --> 0:35:58.640 retirement accounts, and so I was told that you can 0:35:58.640 --> 0:36:02.239 put 8000 a year. Is that per account or is 0:36:02.239 --> 0:36:03.600 that across all accounts? 0:36:03.840 --> 0:36:07.319 It's per person. So per Social Security number. If you're 0:36:07.320 --> 0:36:10.750 talking about an IRA you can put in over the 0:36:10.750 --> 0:36:14.670 age of 50, up to 8000 across all of your IRAs. 0:36:14.670 --> 0:36:17.509 So if you had one IRA or five IRAs, you 0:36:17.510 --> 0:36:21.270 can't put in more than 8000 total per person for 0:36:21.310 --> 0:36:22.350 that tax year. 0:36:24.310 --> 0:36:31.550 Okay. Okay. And, um, so how can we put away more? 0:36:31.870 --> 0:36:36.110 I unfortunately, you know, the consequences of an ill spent 0:36:36.150 --> 0:36:38.950 youth have really only been saving for about ten years, 0:36:38.989 --> 0:36:41.669 so I need to I need to double down. And 0:36:41.670 --> 0:36:44.990 I am in a position that I can, um, as soon, 0:36:45.150 --> 0:36:48.029 you know, I have a good job now so I 0:36:48.030 --> 0:36:52.029 can pay more in another something. But I really don't 0:36:52.030 --> 0:36:53.470 know anything about investments. 0:36:53.750 --> 0:36:56.670 Yeah. No problem. Uh, you come to the right place. 0:36:56.830 --> 0:37:00.149 So let's talk about what options you have available to you. 0:37:00.150 --> 0:37:03.150 So we mentioned the first one. That's an IRA. Uh, 0:37:03.550 --> 0:37:05.029 are you married, Dorothy? 0:37:05.989 --> 0:37:09.390 Uh, yes, I am. My husband is currently retired already 0:37:09.430 --> 0:37:12.580 and he has a fixed income. I have a 4 0:37:12.580 --> 0:37:15.430 or 5 seven B. I work for the school district. 0:37:15.430 --> 0:37:19.550 I also have a TRS account that they fund, you know, 0:37:20.310 --> 0:37:22.310 take money out of my check. And then I also 0:37:22.310 --> 0:37:25.549 have a Roth IRA. So I was really hoping that 0:37:25.550 --> 0:37:26.190 I could pay. 0:37:27.430 --> 0:37:29.350 Yes, I think we lost you there for a second, 0:37:29.350 --> 0:37:33.669 but I've got most of that. Um, so that's helpful. Now, uh, 0:37:33.670 --> 0:37:37.989 a retired spouse can, uh, you know, contribute to an 0:37:37.989 --> 0:37:42.750 IRA as a spousal IRA, which it's not joined. IRAs 0:37:42.790 --> 0:37:45.390 are still in one person's name, but as long as 0:37:45.430 --> 0:37:49.590 at least one spouse has enough earned income to cover 0:37:49.590 --> 0:37:53.990 both contributions so that, you know, self-employment or, uh, you know, 0:37:54.030 --> 0:37:57.670 you working as long as you have at least 16,000 0:37:57.710 --> 0:38:02.030 in earned income, then you could both contribute to that 0:38:02.030 --> 0:38:05.350 Roth IRA or a retirement plan that is going to 0:38:05.350 --> 0:38:09.859 be available to you. Um, obviously that tres you're going 0:38:09.900 --> 0:38:11.859 to get what you get out of that. If you 0:38:11.860 --> 0:38:16.740 have the ability to do salary deferral into a 457 plan. Um, 0:38:16.780 --> 0:38:19.940 you know, that would be the next best option. Um, 0:38:20.260 --> 0:38:22.500 which would be, you know, you can put in quite 0:38:22.500 --> 0:38:26.339 a bit of money in that 457 plan. Uh, would 0:38:26.380 --> 0:38:34.420 either be 23,000 or 100% of your compensation. Um, so, 0:38:34.580 --> 0:38:36.219 you know, that would be an option. And then if 0:38:36.219 --> 0:38:39.580 you're over 50, you can put in another 7500. So 0:38:39.580 --> 0:38:42.900 that would allow you to put in up to 30,500 0:38:42.940 --> 0:38:46.100 in that 457. Uh, as a catch up. So I 0:38:46.100 --> 0:38:50.779 think between your, your teacher's retirement and the 457 that 0:38:50.780 --> 0:38:54.899 you're participating in and perhaps increasing the contribution to get 0:38:54.900 --> 0:38:56.900 up to the max if you have the ability to 0:38:56.900 --> 0:39:01.700 do that, and the 16,000 between the two IRAs for 0:39:01.700 --> 0:39:03.500 you and your husband, so long as you have at 0:39:03.540 --> 0:39:08.050 least 16,000in earned income. So even though he's not working, 0:39:08.050 --> 0:39:10.810 he could do that as a spouse. Uh, you guys, 0:39:10.850 --> 0:39:13.170 you know, can put away quite a bit of money. Um, 0:39:13.170 --> 0:39:18.570 you know, that's $46,000 right there just for 2024. Between 0:39:18.570 --> 0:39:22.290 the 457 B and the two IRAs. So hopefully that 0:39:22.290 --> 0:39:24.970 helps you. I know we lost you there. And unfortunately 0:39:25.170 --> 0:39:27.250 we're not able to get a follow up from you. But, um, 0:39:27.250 --> 0:39:29.770 if you have further questions, don't hesitate to call in 0:39:29.770 --> 0:39:32.250 the future. Lord bless you. Well, folks, we've covered a 0:39:32.290 --> 0:39:34.490 lot of ground today. You know, as we think about 0:39:34.489 --> 0:39:38.009 managing money God's way. Uh, the key is that we 0:39:38.010 --> 0:39:41.290 need to first, I think, recognize that God owns it all. 0:39:41.330 --> 0:39:45.890 And that sounds simple. And yet it's a profound idea, 0:39:46.010 --> 0:39:49.250 because when we recognize God's ownership and the Bible is 0:39:49.250 --> 0:39:51.770 very clear, Psalm 24 one, the earth is the Lord's 0:39:51.770 --> 0:39:54.049 and everything in it, then it allows us to put 0:39:54.050 --> 0:39:58.490 everything in its proper context. We become stewards or managers 0:39:58.690 --> 0:40:01.130 that reflect the heart of the master and the management 0:40:01.130 --> 0:40:04.520 of the master's resources. But our money now becomes a 0:40:04.520 --> 0:40:08.239 tool to accomplish God's purposes. It's not an end. It's 0:40:08.239 --> 0:40:10.280 a means to an end. And it's not the meaning 0:40:10.280 --> 0:40:13.120 of life, but it can add meaning to our lives 0:40:13.400 --> 0:40:16.359 as we see it as really a tool to not 0:40:16.360 --> 0:40:19.400 only provide for our families, which is biblical, but perhaps 0:40:19.400 --> 0:40:23.400 to this bigger idea of being invited into a story 0:40:23.400 --> 0:40:28.719 that's much bigger than us and that's that God's grand generosity, adventure, 0:40:28.760 --> 0:40:33.040 you know, generosity just explodes off of every page. That's 0:40:33.040 --> 0:40:36.240 really what the Bible is. It's a generosity story, and 0:40:36.280 --> 0:40:38.440 it can be best summed up in those nine words, 0:40:38.440 --> 0:40:41.640 For God so loved the world he gave. And so 0:40:41.840 --> 0:40:46.160 as image bearers of Christ, uh, of of God himself, 0:40:46.280 --> 0:40:49.920 we have the ability to be most like him, I believe, 0:40:49.920 --> 0:40:53.040 when we're giving and when we hold his provision loosely. 0:40:53.040 --> 0:40:54.960 And that's what we want to do. Each day on 0:40:54.960 --> 0:40:58.600 this program is take the opportunity to say, God, how 0:40:58.600 --> 0:41:03.480 can we reflect your handiwork and majesty and glorify you 0:41:03.520 --> 0:41:07.080 through the use of your resources. Because when you own 0:41:07.080 --> 0:41:10.719 it all and you do now, every spending decision becomes 0:41:10.719 --> 0:41:13.839 a spiritual decision. And here's the reality, folks. When we 0:41:13.840 --> 0:41:15.640 take a step back and we look at how we're 0:41:15.680 --> 0:41:20.040 allocating God's money, what we realize is that we're telling 0:41:20.040 --> 0:41:23.560 a story about what's most important to us in the 0:41:23.560 --> 0:41:26.560 way we allocate God's money. The late Larry Burkett used 0:41:26.560 --> 0:41:28.920 to say this. He would say, the way we handle 0:41:28.920 --> 0:41:32.440 money is actually the clearest indicator into what's going on 0:41:32.440 --> 0:41:35.320 in our lives spiritually. Now, for some of us, that 0:41:35.520 --> 0:41:37.680 is stops us in our tracks and we say, uh oh, 0:41:37.719 --> 0:41:40.279 I don't I don't like the sound of that. And 0:41:40.280 --> 0:41:42.880 yet it's an opportunity for each of us to say, 0:41:43.080 --> 0:41:45.760 regardless of the the mistakes we've made in the past 0:41:45.760 --> 0:41:48.520 or the decisions we've made in our financial life from 0:41:48.520 --> 0:41:51.279 this point forward, I want to be found faithful. What 0:41:51.280 --> 0:41:54.759 is faithfulness? It's obedience in the same direction over a 0:41:54.800 --> 0:41:57.440 long period of time. And when it comes to our money, 0:41:57.480 --> 0:41:59.759 we have an opportunity to go to God's Word, to 0:41:59.800 --> 0:42:02.589 renew our minds, to get into the scriptures and see 0:42:02.590 --> 0:42:06.350 what he has for us in those 2350 verses and 0:42:06.350 --> 0:42:09.230 those parables, more than half of them that deal with money, 0:42:09.230 --> 0:42:11.830 and we can see the heart of God and how 0:42:11.830 --> 0:42:15.270 we should be rich toward God and handle money in 0:42:15.270 --> 0:42:17.430 such a way that it's evident that God is our 0:42:17.430 --> 0:42:20.630 treasure and not our money. Remember in Mark four in 0:42:20.670 --> 0:42:23.790 the parable of the sower, Jesus, when he was explaining 0:42:23.830 --> 0:42:26.590 to the disciples what choked out the word from bearing 0:42:26.590 --> 0:42:29.870 a 30, 60, 100 fold return? He said it was 0:42:29.870 --> 0:42:33.110 the deceitfulness of riches and the cares of this world 0:42:33.110 --> 0:42:37.030 and the desires for other things. Let's not let that 0:42:37.030 --> 0:42:40.310 be true about us in the way we handle God's money. 0:42:40.310 --> 0:42:43.590 Let's hold it loosely. Let's give it generously, and let's 0:42:43.590 --> 0:42:46.390 use it to honor the King of Kings. And let's 0:42:46.390 --> 0:42:48.630 do that together on this program each day. Thanks for 0:42:48.630 --> 0:42:51.230 being along with us today. Hey, faith in Finance Live 0:42:51.270 --> 0:42:54.390 is a ministry of Faith, fi and Moody Radio. Thanks 0:42:54.390 --> 0:42:56.669 to my team today and we'll see you tomorrow. Come 0:42:56.670 --> 0:42:57.549 back and join us then. 0:42:57.550 --> 0:42:57.990 Bye bye.