1 00:00:08,600 --> 00:00:11,399 S1: If hope is only rooted in an outcome, then your 2 00:00:11,400 --> 00:00:15,120 S1: expectations will crush you. Hi, I'm Rob West. Those are 3 00:00:15,120 --> 00:00:17,759 S1: the words of Kathryn Wolfe, who knows this truth in 4 00:00:17,760 --> 00:00:21,320 S1: a deeply personal way. It just 26. She suffered a 5 00:00:21,320 --> 00:00:24,439 S1: massive stroke that forever changed her life. Yet God has 6 00:00:24,440 --> 00:00:28,400 S1: used her journey to bring hope to countless others. Today, 7 00:00:28,400 --> 00:00:32,280 S1: she shares how that hardship has reshaped her life, her faith, 8 00:00:32,280 --> 00:00:34,920 S1: and even her finances. And then it's on to your 9 00:00:34,920 --> 00:00:41,040 S1: calls at 805, two, five 7000. That's 805, two five, 7000. 10 00:00:41,080 --> 00:00:44,440 S1: This is faith and finance. Live. Biblical wisdom for your 11 00:00:44,440 --> 00:00:49,480 S1: financial journey. Boy, what a joy it is to have 12 00:00:49,479 --> 00:00:51,879 S1: Kathryn Wolfe with us on the program today. She's a 13 00:00:51,920 --> 00:00:55,959 S1: gifted communicator. She's the founder of the ministry Hope heals 14 00:00:55,960 --> 00:00:58,720 S1: and co-author with her husband, Jay, of the inspiring book 15 00:00:58,760 --> 00:01:02,670 S1: Hope heals. A true story of overwhelming loss and an 16 00:01:02,670 --> 00:01:06,830 S1: Overcoming love. Catherine. A privilege to have you with us today. 17 00:01:07,030 --> 00:01:10,430 S2: Hi. There is so wonderful to be here. Thank you 18 00:01:10,430 --> 00:01:11,430 S2: for having me. 19 00:01:11,630 --> 00:01:13,990 S1: I am so delighted. And you and I were just 20 00:01:13,990 --> 00:01:17,310 S1: chatting off air there for a moment. And I'll tell you, 21 00:01:17,350 --> 00:01:21,070 S1: my kids and my wife Julie were at Hope heals 22 00:01:21,069 --> 00:01:25,710 S1: the camp, uh, this summer, and they had an absolute ball. 23 00:01:25,709 --> 00:01:28,310 S1: We're going to have to talk about hope heals and 24 00:01:28,310 --> 00:01:30,229 S1: what you're doing through the ministry in a moment, but 25 00:01:30,230 --> 00:01:33,030 S1: I want to start by having you take us back. 26 00:01:33,030 --> 00:01:36,430 S1: Back in 2008, you were only 26 and caring for 27 00:01:36,430 --> 00:01:41,030 S1: your new baby when everything suddenly changed. Tell our audience 28 00:01:41,030 --> 00:01:42,590 S1: what unfolded in that moment. 29 00:01:43,030 --> 00:01:48,430 S2: Absolutely. Out of nowhere, with no medical history, no family history, 30 00:01:48,470 --> 00:01:53,790 S2: no symptoms prior, nothing. I was completely typically able bodied 31 00:01:53,870 --> 00:01:57,630 S2: one moment and the next moment I had a massive 32 00:01:57,790 --> 00:02:02,230 S2: brainstem stroke due to a birth defect. I never knew 33 00:02:02,270 --> 00:02:07,470 S2: that I had called an AVM an arterio venous malformation, 34 00:02:07,830 --> 00:02:12,030 S2: and that caused the massive stroke that would then leave 35 00:02:12,030 --> 00:02:17,149 S2: me after a 16 hour brain surgery. Extremely impaired. I 36 00:02:17,150 --> 00:02:22,030 S2: live with profound disabilities. Today I use a wheelchair. I 37 00:02:22,070 --> 00:02:26,149 S2: can no longer drive a car. I'm deaf in one ear. 38 00:02:26,630 --> 00:02:30,389 S2: I do not have use of most of my right hand. 39 00:02:30,590 --> 00:02:34,390 S2: My face is paralyzed and I have many other, um, 40 00:02:34,510 --> 00:02:41,149 S2: significant health challenges. But, um, I did live, and I'm 41 00:02:41,150 --> 00:02:41,910 S2: doing great. 42 00:02:42,590 --> 00:02:45,869 S1: Yeah, you sure are. And God is using you in 43 00:02:45,870 --> 00:02:49,070 S1: immense ways. Uh, your recovery, of course, has been a 44 00:02:49,110 --> 00:02:52,630 S1: long journey, and you've been very open about the challenges. Uh, 45 00:02:52,870 --> 00:02:55,790 S1: yet you've also shared that Jesus really met you, Catherine, 46 00:02:55,790 --> 00:02:58,500 S1: in that valley. How did you cling to your faith 47 00:02:58,500 --> 00:03:00,579 S1: when everything around you felt shattered? 48 00:03:01,220 --> 00:03:07,620 S2: Absolutely. Oh, in in so many very, very clear ways, actually, 49 00:03:07,660 --> 00:03:13,340 S2: it was almost as if the stroke clarified the years 50 00:03:13,540 --> 00:03:16,660 S2: of learning the truth of Jesus for me. It was 51 00:03:16,660 --> 00:03:20,460 S2: the moment that the pedal hit the metal. It was 52 00:03:20,460 --> 00:03:24,060 S2: my moment of going, this is no longer a drill. 53 00:03:24,700 --> 00:03:28,980 S2: And all of the deep scripture I've been immersed in 54 00:03:29,020 --> 00:03:33,220 S2: throughout my life, all of the deep teachings of Jesus, 55 00:03:33,460 --> 00:03:37,660 S2: all of the the I mean, every sermon I've heard 56 00:03:37,660 --> 00:03:40,540 S2: my whole life. I received Christ as a four year 57 00:03:40,580 --> 00:03:46,300 S2: old child and had spent many years, imperfectly, for sure, 58 00:03:46,300 --> 00:03:50,180 S2: walking with the Lord. So, um, I have a lot 59 00:03:50,180 --> 00:03:54,100 S2: of material through the years to work on. 60 00:03:54,490 --> 00:03:57,610 S1: Yes, ma'am. We all do. You share much of your 61 00:03:57,610 --> 00:04:00,490 S1: journey in your book Hope heals. For those who haven't 62 00:04:00,490 --> 00:04:02,650 S1: had a chance to read it yet, just give us. 63 00:04:02,650 --> 00:04:05,090 S1: And we've got about a minute till our first break here. 64 00:04:05,290 --> 00:04:07,650 S1: What is the main message you hope they walk away 65 00:04:07,650 --> 00:04:08,690 S1: with from that book? 66 00:04:08,850 --> 00:04:12,730 S2: Oh yes. Hope heals is really the memoir story of 67 00:04:12,730 --> 00:04:16,570 S2: what happened to me and how we learned to cope 68 00:04:16,570 --> 00:04:20,690 S2: in this new reality. And the message that is loud 69 00:04:20,690 --> 00:04:24,450 S2: and clear throughout that book and my other two books, 70 00:04:24,730 --> 00:04:28,890 S2: is that suffering is never the end of the story, 71 00:04:28,890 --> 00:04:33,290 S2: but rather suffering is the beginning of a new story 72 00:04:33,770 --> 00:04:38,609 S2: set a different way. Hope. Hope is the powerful truth 73 00:04:38,610 --> 00:04:43,250 S2: of acknowledging as believers that all is not well in 74 00:04:43,250 --> 00:04:48,410 S2: our stories, but deeply believing that all is not lost 75 00:04:48,410 --> 00:04:49,890 S2: at the very same time. 76 00:04:50,130 --> 00:04:53,720 S1: Mm. That is profound. Catherine, we are delighted that you're 77 00:04:53,720 --> 00:04:56,800 S1: here today. We're looking forward to continuing the conversation with 78 00:04:56,800 --> 00:05:00,000 S1: Catherine Wolf just around the corner. We'll talk about how 79 00:05:00,000 --> 00:05:03,599 S1: all of this intersects with your financial life. You know, 80 00:05:03,640 --> 00:05:08,200 S1: when it comes to medical difficulties and medical crises, they 81 00:05:08,200 --> 00:05:11,360 S1: can bring on incredible financial strain. Catherine will weigh in 82 00:05:11,360 --> 00:05:14,520 S1: on that. Plus, tell us about her incredible ministry. Hope 83 00:05:14,520 --> 00:05:18,040 S1: heals Catherine Wolff here today. She's the author of the 84 00:05:18,040 --> 00:05:20,360 S1: book Hope heals. And we've got a lot more to 85 00:05:20,400 --> 00:05:34,880 S1: come just around the corner. Stick around. I'm so glad 86 00:05:34,880 --> 00:05:37,520 S1: you're with us today on Faith and Finance Live. Our 87 00:05:37,520 --> 00:05:41,000 S1: guest today, Catherine Wolf. At just 26, she suffered a 88 00:05:41,000 --> 00:05:45,160 S1: massive stroke that forever changed her life. But God met 89 00:05:45,160 --> 00:05:48,360 S1: her there, and he has used her journey to bring 90 00:05:48,360 --> 00:05:52,719 S1: hope to countless others. Uh, Catherine, we were talking about 91 00:05:52,720 --> 00:05:56,000 S1: your book, Hope heals, and you've also written about what 92 00:05:56,000 --> 00:05:58,840 S1: you call treasures in the darkness. I'd love for you 93 00:05:58,839 --> 00:06:01,240 S1: to unpack that idea for our listeners today. 94 00:06:01,480 --> 00:06:06,839 S2: Absolutely. You're right. My third book is entitled treasures in 95 00:06:06,839 --> 00:06:11,080 S2: the dark, and it is Reflections on Finding Hope, even 96 00:06:11,080 --> 00:06:14,039 S2: in the deep darkness in our stories. And this whole 97 00:06:14,040 --> 00:06:19,560 S2: idea is based on the beautiful truth of Isaiah 45 three, 98 00:06:19,600 --> 00:06:23,839 S2: that he gives hidden treasure in the darkness, which is 99 00:06:23,839 --> 00:06:28,159 S2: stored in secret places, so that we may know that 100 00:06:28,160 --> 00:06:30,760 S2: he is God, the God of Israel, the God who 101 00:06:30,800 --> 00:06:35,680 S2: summons us by name. And I love the thought that 102 00:06:35,680 --> 00:06:38,520 S2: if we have to be in the deep darkness in 103 00:06:38,520 --> 00:06:42,840 S2: our stories, and we all do at some point. Yes. 104 00:06:42,880 --> 00:06:49,000 S2: That the Lord has special treasure for us there. And 105 00:06:49,320 --> 00:06:52,870 S2: when we're in the darkness, we might as well get 106 00:06:52,870 --> 00:06:57,870 S2: the treasure out. Don't waste the pain and let that 107 00:06:57,870 --> 00:07:02,550 S2: treasure those riches inform the way that we live the 108 00:07:02,550 --> 00:07:03,990 S2: rest of our lives. 109 00:07:04,270 --> 00:07:07,190 S1: Mhm. Well, one of those treasures for you certainly has 110 00:07:07,190 --> 00:07:10,950 S1: been the ministry that God gave you, uh, called Hope heals. 111 00:07:10,950 --> 00:07:13,430 S1: And I'd love for you to share a bit about that. 112 00:07:13,430 --> 00:07:15,870 S1: And as I mentioned at the top of the program, 113 00:07:15,870 --> 00:07:18,230 S1: my family has a special connection to it as well. 114 00:07:18,630 --> 00:07:24,429 S2: Absolutely. Hope heals has been, um, among the greatest joys 115 00:07:24,430 --> 00:07:28,310 S2: of my life. I just can't believe it's real. Hope 116 00:07:28,310 --> 00:07:34,470 S2: heals is our 500 1C3 faith based nonprofit where we 117 00:07:34,470 --> 00:07:40,070 S2: get to build sacred spaces of belonging and belovedness for 118 00:07:40,070 --> 00:07:47,150 S2: people affected by disability and invite them into Enter Ability community. 119 00:07:47,190 --> 00:07:50,540 S2: We do this through a summer camp that your sweet 120 00:07:50,540 --> 00:07:55,260 S2: family volunteered at, where we have families apply to a 121 00:07:55,260 --> 00:07:59,180 S2: lottery and come for free from all over the country 122 00:07:59,180 --> 00:08:06,700 S2: to experience resources and relationships. And it's glorious. And then 123 00:08:06,700 --> 00:08:10,420 S2: we also have a coffee shop here in Atlanta that 124 00:08:10,420 --> 00:08:15,420 S2: employs people with disabilities to work. It's called mend. Mend 125 00:08:15,460 --> 00:08:22,780 S2: is universally accessible, meaning everything is incredibly wheelchair friendly, wonderful 126 00:08:22,780 --> 00:08:28,100 S2: for adaptive devices, and made for people with disabilities to 127 00:08:28,100 --> 00:08:31,020 S2: feel like they have a place to come and belong. 128 00:08:31,060 --> 00:08:33,660 S2: It's glorious. You should come. 129 00:08:33,860 --> 00:08:36,059 S1: I'm going to. It's right here in Atlanta. So it's 130 00:08:36,059 --> 00:08:39,420 S1: in my backyard. I've got to get down there. And 131 00:08:39,420 --> 00:08:41,579 S1: let me just say, you mentioned my family went to 132 00:08:41,620 --> 00:08:45,260 S1: Hope heals your camp. Julie, my wife Mason, my now 133 00:08:45,260 --> 00:08:48,490 S1: freshman in college, and Abby, my junior in high school. 134 00:08:48,490 --> 00:08:50,210 S1: I think they're going to be there every year. I'm 135 00:08:50,210 --> 00:08:52,130 S1: going to have to go with them. They came home 136 00:08:52,130 --> 00:08:55,650 S1: just so overjoyed at how God met them there, and 137 00:08:55,650 --> 00:08:58,370 S1: just the chance they had to just pour into these 138 00:08:58,370 --> 00:09:03,089 S1: sweet children and families that had disabilities. And oh man, 139 00:09:03,090 --> 00:09:05,330 S1: it was incredible. Catherine. Well done. 140 00:09:05,850 --> 00:09:08,970 S2: Oh goodness. It is. It is the joy of my life. 141 00:09:08,970 --> 00:09:13,209 S2: I can't believe we get to go, much less founded it. 142 00:09:13,210 --> 00:09:14,449 S2: It's glorious. 143 00:09:14,490 --> 00:09:16,890 S1: I know it is. Well, I want to talk about 144 00:09:16,890 --> 00:09:21,650 S1: the financial aspect of these challenges because, you know, suffering 145 00:09:21,650 --> 00:09:24,770 S1: impacts every part of life as you're well aware, not 146 00:09:24,770 --> 00:09:25,650 S1: just our health. 147 00:09:25,690 --> 00:09:26,610 S2: Absolutely, yes. 148 00:09:26,650 --> 00:09:29,170 S1: And emotions, but even our finances. And I know you've 149 00:09:29,170 --> 00:09:33,490 S1: written about what you call invisible wheelchairs, those hidden struggles 150 00:09:33,490 --> 00:09:37,130 S1: that can hold people back, talk about financial hardship and 151 00:09:37,130 --> 00:09:38,890 S1: how that intersects with this. 152 00:09:39,290 --> 00:09:43,130 S2: Well, in multiple ways. First of all, so many times 153 00:09:43,130 --> 00:09:47,890 S2: when disability is in the family story, or there is 154 00:09:47,890 --> 00:09:52,890 S2: an event that leads to disability. The finances can be ravaged. 155 00:09:52,929 --> 00:09:57,930 S2: It's a tragedy. So many times many, many people in 156 00:09:57,929 --> 00:10:02,050 S2: the disability community have split every dollar they have to 157 00:10:02,090 --> 00:10:05,970 S2: try to get their person well. It's it's tragic. So 158 00:10:05,970 --> 00:10:10,250 S2: there is a need for much financial wisdom and planning 159 00:10:10,290 --> 00:10:15,730 S2: and definitely, um, I talk a ton about the wheelchairs 160 00:10:15,730 --> 00:10:17,890 S2: and each one of our stories that you don't have 161 00:10:17,890 --> 00:10:22,610 S2: to have a physical disability to be bogged down and 162 00:10:22,610 --> 00:10:26,250 S2: in deep constraints of the story. And of course, financial 163 00:10:26,570 --> 00:10:34,010 S2: instability is, um, definitely one of those that deeply, deeply, um, 164 00:10:34,090 --> 00:10:38,730 S2: holding you back and a deep vortex in your life. Yeah. Um. 165 00:10:38,770 --> 00:10:41,130 S2: For sure. It's a it's a tragedy. 166 00:10:41,450 --> 00:10:45,280 S1: For someone listening today. Catherine then finds themselves in that place, 167 00:10:45,280 --> 00:10:48,320 S1: and maybe they have their own financial strain as a 168 00:10:48,320 --> 00:10:51,440 S1: result of an event like this. What encouragement would you 169 00:10:51,440 --> 00:10:54,720 S1: offer to families who are dealing with medical debt specifically 170 00:10:54,720 --> 00:10:55,280 S1: right now? 171 00:10:56,040 --> 00:11:01,199 S2: Um, I would say there are pain and problems and 172 00:11:01,200 --> 00:11:05,560 S2: hardships of all kinds as we live in a fallen 173 00:11:05,559 --> 00:11:10,040 S2: world and a broken human beings. No one is exempt 174 00:11:10,040 --> 00:11:12,320 S2: from hard things. And I think there is such a 175 00:11:12,320 --> 00:11:18,240 S2: beautiful camaraderie in that, that everybody's going through something hard. 176 00:11:18,240 --> 00:11:22,640 S2: And maybe it is financial, maybe it's relational, maybe it's medical. 177 00:11:22,760 --> 00:11:26,520 S2: We're all dealing with hard things, and God has given 178 00:11:26,520 --> 00:11:30,079 S2: us each other for the healing. We can cling to 179 00:11:30,160 --> 00:11:33,600 S2: the body of Christ, to look to him and hold 180 00:11:33,600 --> 00:11:35,600 S2: on even when it's so hard. 181 00:11:36,080 --> 00:11:40,000 S1: Well, I know in your own life your entire life 182 00:11:40,000 --> 00:11:44,990 S1: was reshaped, no doubt. But that included finances in significant ways. 183 00:11:45,150 --> 00:11:48,110 S1: How have you? Kathryn surrendered that area to the Lord 184 00:11:48,110 --> 00:11:49,709 S1: and found his faithfulness there. 185 00:11:50,190 --> 00:11:55,030 S2: Oh, goodness. In every way. You know, I see surrender 186 00:11:55,429 --> 00:12:00,750 S2: as this beautiful gateway to a relief. You know, so 187 00:12:00,750 --> 00:12:06,630 S2: many people see surrendering anything as binding you up. It's 188 00:12:06,630 --> 00:12:10,910 S2: holding you back. It's preventing something. But I see surrendering 189 00:12:10,910 --> 00:12:14,550 S2: something as a relief. As God, you take it all. 190 00:12:14,590 --> 00:12:17,390 S2: You take the wheel here. And I think that is 191 00:12:17,670 --> 00:12:19,310 S2: the way for us all to live. 192 00:12:19,630 --> 00:12:22,510 S1: Yeah. I couldn't agree more. You know, plenty of people 193 00:12:22,510 --> 00:12:26,429 S1: listening today, Kathryn, feel their finances are shaky, even without 194 00:12:26,429 --> 00:12:29,310 S1: perhaps facing a major crisis. So I'd love for you 195 00:12:29,309 --> 00:12:32,750 S1: to finish today just by providing some encouragement to them 196 00:12:32,950 --> 00:12:35,750 S1: as they trust God in the midst of their uncertainty. 197 00:12:36,150 --> 00:12:42,179 S2: Absolutely. Trusting God means that we don't have to live 198 00:12:42,179 --> 00:12:46,020 S2: afraid about what will happen. It means we can live 199 00:12:46,100 --> 00:12:51,500 S2: deeply into the reality that, yes, everything may not feel 200 00:12:51,500 --> 00:12:57,260 S2: okay in this moment, but ultimately everything is okay because 201 00:12:57,260 --> 00:13:01,620 S2: we know Jesus. In fact, it may feel really hopeless 202 00:13:01,660 --> 00:13:04,980 S2: in your life in this moment. But do not lose 203 00:13:04,980 --> 00:13:10,579 S2: hope because the good things of God are inside of 204 00:13:10,580 --> 00:13:14,660 S2: you when you are in Jesus. They're not external. So 205 00:13:14,660 --> 00:13:18,380 S2: as hard as our circumstances may be, they are not 206 00:13:18,420 --> 00:13:21,780 S2: what determines what is good in our story. The good 207 00:13:21,780 --> 00:13:24,940 S2: things of God are the things already inside of us 208 00:13:24,940 --> 00:13:25,980 S2: when we know him. 209 00:13:26,260 --> 00:13:28,860 S1: Wow, what a great place for us to finish today. Well, 210 00:13:28,860 --> 00:13:31,500 S1: unfortunately we've come to the end of our time together. 211 00:13:31,500 --> 00:13:34,179 S1: But Catherine, what a gift it's been to have you 212 00:13:34,220 --> 00:13:37,420 S1: with us. Your story certainly shows us that God's power 213 00:13:37,420 --> 00:13:40,460 S1: is made perfect in And weakness, and we're so thankful 214 00:13:40,460 --> 00:13:42,540 S1: for your encouragement today. Lord bless you. 215 00:13:42,980 --> 00:13:45,179 S2: Oh bless you. Thank you. 216 00:13:45,740 --> 00:13:47,580 S1: Folks. If you want to check out Hope heals, go 217 00:13:47,580 --> 00:13:51,020 S1: to Hope heals.com. And if you're in the Atlanta area, 218 00:13:51,059 --> 00:13:55,980 S1: stop by Mend the Coffee Shop in Buckhead folks, this February, 219 00:13:56,020 --> 00:13:58,500 S1: we're thrilled to welcome Catherine as our speaker at our 220 00:13:58,500 --> 00:14:02,580 S1: conference for thousands of financial advisors. So if you work 221 00:14:02,580 --> 00:14:05,780 S1: with a certified Kingdom advisor, ask if they'll be there 222 00:14:05,780 --> 00:14:09,100 S1: to hear Catherine and many others who are equipping them 223 00:14:09,100 --> 00:14:12,140 S1: to serve you with excellence, they can learn more at 224 00:14:12,140 --> 00:14:17,620 S1: redeeming Money.com that's redeeming Money.com. All right, your calls are next. 225 00:14:17,620 --> 00:14:21,700 S1: The number 800 525 7000. Stick around. 226 00:14:33,100 --> 00:14:36,260 S3: The opinions offered during this program represent the personal or 227 00:14:36,260 --> 00:14:40,690 S3: professional opinions of the participants, given for informational purposes only. 228 00:14:40,850 --> 00:14:44,210 S3: Any information provided is not intended to replace advice from 229 00:14:44,210 --> 00:14:48,690 S3: a financial, medical, legal or other professional who understands your 230 00:14:48,690 --> 00:14:50,210 S3: specific situation. 231 00:14:58,410 --> 00:14:59,970 S1: Great to have you with us today on Faith and 232 00:14:59,970 --> 00:15:02,210 S1: finance live. I'm Rob West. Well, we're going to be 233 00:15:02,210 --> 00:15:04,890 S1: taking your calls and questions here in just a few moments. 234 00:15:04,890 --> 00:15:07,490 S1: So now is a great time to call. If you've 235 00:15:07,490 --> 00:15:09,490 S1: got a question and you want to get in on 236 00:15:09,490 --> 00:15:13,770 S1: the conversation today, just pick up the phone 800 525 237 00:15:13,810 --> 00:15:19,210 S1: 7000 is the number to call. Again, that's 800 525 7000. 238 00:15:19,250 --> 00:15:21,490 S1: Whether you're thinking about paying off some debt, getting that 239 00:15:21,490 --> 00:15:25,130 S1: credit score up, maybe here in December, you're thinking about 240 00:15:25,130 --> 00:15:29,890 S1: some giving strategies, perhaps giving appreciated assets or funding a 241 00:15:29,890 --> 00:15:33,370 S1: charitable gift annuity. Or maybe you have some stocks outside 242 00:15:33,370 --> 00:15:35,330 S1: of a retirement plan that have done well. You'd like 243 00:15:35,330 --> 00:15:38,800 S1: to give them away to be used in kingdom advancement 244 00:15:38,800 --> 00:15:41,480 S1: without paying any tax? Well, there's a way to do that. 245 00:15:41,480 --> 00:15:44,960 S1: Maybe it's investments. Whatever you're considering today, call right now 246 00:15:44,960 --> 00:15:50,040 S1: with lines. Open that number again. 800 525 7000. Uh, 247 00:15:50,040 --> 00:15:53,120 S1: before we, uh, talk about what's making news today, I 248 00:15:53,120 --> 00:15:55,280 S1: do have a quick favor to ask of you. I 249 00:15:55,280 --> 00:15:58,880 S1: don't ask favors very often, but I've got one. Uh, 250 00:15:58,880 --> 00:16:03,640 S1: we're conducting a nationwide, uh, research project here at Kingdom 251 00:16:03,640 --> 00:16:08,640 S1: Advisor studying the impact of certified Kingdom advisors on their clients, 252 00:16:08,640 --> 00:16:12,440 S1: the planning outcomes, how they define success, how they work 253 00:16:12,440 --> 00:16:17,760 S1: with their clients versus their non peers. And I need 254 00:16:17,800 --> 00:16:21,720 S1: a few more clients of Certified Kingdom advisors willing to 255 00:16:21,760 --> 00:16:27,720 S1: participate in this study. We're about 200 surveys completed short 256 00:16:27,720 --> 00:16:31,160 S1: for that particular group. So if you are listening today 257 00:16:31,160 --> 00:16:34,989 S1: and you are a client of a certified Kingdom advisor. 258 00:16:34,990 --> 00:16:39,030 S1: You've hired a K. That person is providing either investment 259 00:16:39,030 --> 00:16:42,350 S1: management or financial planning for you. Perhaps you heard of 260 00:16:42,390 --> 00:16:45,990 S1: K on this program and you connected one with one locally, 261 00:16:45,990 --> 00:16:48,550 S1: and you've been working together for some time. Well, I 262 00:16:48,550 --> 00:16:51,750 S1: need to ask you if you'd be willing to participate 263 00:16:51,750 --> 00:16:55,430 S1: in this survey. Again, we're about 200 surveys short and 264 00:16:55,430 --> 00:16:59,150 S1: everything closes on Friday of this week. And so we 265 00:16:59,150 --> 00:17:01,590 S1: need we need a bunch of folks that would be 266 00:17:01,590 --> 00:17:05,070 S1: willing to jump in and spend just ten minutes taking 267 00:17:05,070 --> 00:17:07,030 S1: this survey. So if that's you, if you're a client 268 00:17:07,030 --> 00:17:10,109 S1: of a K, a certified Kingdom advisor, just head over 269 00:17:10,109 --> 00:17:18,230 S1: to Faith. That's faith. And thanks for your willingness to 270 00:17:18,270 --> 00:17:21,030 S1: do that. It it means a lot. Uh, in the 271 00:17:21,030 --> 00:17:24,390 S1: news today, a growing number of Americans are turning to AI, 272 00:17:24,550 --> 00:17:29,470 S1: artificial intelligence for financial guidance. And experts say that trend 273 00:17:29,550 --> 00:17:34,470 S1: comes with real risks. According to a 2024 experience survey, 274 00:17:34,710 --> 00:17:38,990 S1: 1 in 3 respondents have used generative AI to learn 275 00:17:38,990 --> 00:17:44,710 S1: about money, with nearly all reporting positive experiences. But when 276 00:17:44,710 --> 00:17:50,030 S1: a simple investing question was asked to ChatGPT, such as 277 00:17:50,350 --> 00:17:54,710 S1: if I put $10,000 into Nvidia today, the chip maker, 278 00:17:55,109 --> 00:17:58,109 S1: what will it be worth in 2045? Well, the model 279 00:17:58,109 --> 00:18:04,390 S1: returned estimates ranging from $38,000 all the way to 164,000. Now, 280 00:18:04,390 --> 00:18:08,510 S1: financial professionals who reviewed the response said that not only 281 00:18:08,510 --> 00:18:11,429 S1: was the spread an issue, just how big of a 282 00:18:11,430 --> 00:18:15,310 S1: spread there was between those two numbers? AI tools can't 283 00:18:15,310 --> 00:18:21,110 S1: access real time stock prices or market conditions, and they 284 00:18:21,109 --> 00:18:25,310 S1: often ignore critical factors like volatility and taxes and dividends 285 00:18:25,310 --> 00:18:31,300 S1: and inflation that can turn projections into guesses dressed up 286 00:18:31,300 --> 00:18:35,460 S1: as formulas. Still, experts note AI has value. It excels 287 00:18:35,460 --> 00:18:41,100 S1: at explaining complex financial ideas, as long as users pair 288 00:18:41,140 --> 00:18:46,859 S1: its clarity with real data and sound tools before making decisions. 289 00:18:46,900 --> 00:18:48,780 S1: Of course, if you have financial questions, you can always 290 00:18:48,780 --> 00:18:53,140 S1: call the program here at 800 525 7000. I would 291 00:18:53,140 --> 00:18:55,100 S1: say beyond that, since we only have a couple of 292 00:18:55,100 --> 00:18:59,580 S1: minutes together when you call again, connecting with a certified 293 00:18:59,580 --> 00:19:02,660 S1: Kingdom advisor would be a better fit for somebody to 294 00:19:02,700 --> 00:19:05,860 S1: journey with you in your financial life. And here's what 295 00:19:05,859 --> 00:19:08,980 S1: I love about this. It really does underscore the value 296 00:19:09,220 --> 00:19:12,060 S1: I think, of a seeker. You know, long term AI 297 00:19:12,060 --> 00:19:14,700 S1: is going to continue to get better. It will occupy 298 00:19:14,700 --> 00:19:17,540 S1: a bigger and bigger part of our daily lives when 299 00:19:17,540 --> 00:19:21,179 S1: used properly. And it can be a helpful tool even 300 00:19:21,180 --> 00:19:23,780 S1: in financial planning. I think we will get to that point. 301 00:19:23,780 --> 00:19:25,780 S1: Here's what it can't do. I don't think it will 302 00:19:25,780 --> 00:19:28,220 S1: ever be able to think help you think about the 303 00:19:28,220 --> 00:19:32,010 S1: impact of your money journey on your faith. How will 304 00:19:32,050 --> 00:19:35,130 S1: the money you're passing on to your kids impact them? 305 00:19:35,130 --> 00:19:37,689 S1: How do you prepare them to be faithful stewards? How 306 00:19:37,690 --> 00:19:40,490 S1: do you set a finish line so you can give generously? 307 00:19:40,890 --> 00:19:42,889 S1: What does it look like to make sure that the 308 00:19:42,890 --> 00:19:45,530 S1: money that you have, that God has entrusted to you, 309 00:19:45,570 --> 00:19:49,730 S1: doesn't rival your heart for your devotion to him? Those 310 00:19:49,730 --> 00:19:52,209 S1: are the kinds of things that a k, a certified 311 00:19:52,210 --> 00:19:55,730 S1: Kingdom advisor who fears the Lord, understands the counsel of 312 00:19:55,730 --> 00:19:59,650 S1: Scripture will always be able to do that. AI can't. 313 00:19:59,810 --> 00:20:01,970 S1: So if you'd like to find a certified Kingdom Advisor 314 00:20:01,970 --> 00:20:08,250 S1: in your area, just head to find a find a.com. 315 00:20:08,570 --> 00:20:11,090 S1: All right, we're ready to start taking your calls and questions. 316 00:20:11,090 --> 00:20:16,370 S1: That number 800 525 7000. Let's begin in Florida today Tracy. 317 00:20:16,410 --> 00:20:16,929 S1: Go ahead. 318 00:20:18,530 --> 00:20:22,330 S4: Yes. Thank you for taking my call. Um, this year, um, sometime, 319 00:20:22,810 --> 00:20:27,090 S4: sometime this year, I invested in a business that didn't 320 00:20:27,090 --> 00:20:31,040 S4: go as well as planned. And I had major car repairs. 321 00:20:31,040 --> 00:20:35,479 S4: So as a result of that, I accumulated large credit 322 00:20:35,480 --> 00:20:42,960 S4: card debt. I have American Express, two American Express cards, 323 00:20:44,000 --> 00:20:49,359 S4: one for 8000 over 8000 in the other is over 10,000. 324 00:20:49,880 --> 00:20:54,359 S4: And I have a third card that's over. Excuse me, 325 00:20:55,560 --> 00:21:01,199 S4: that's over 5000. So I wanted my question is, should 326 00:21:01,200 --> 00:21:06,920 S4: I American Express, they have a financial relief program. Should 327 00:21:06,920 --> 00:21:11,560 S4: I take that route or should I take the route? Um, 328 00:21:13,320 --> 00:21:19,639 S4: going through, um, debt consolidation. Should I do debt consolidation? Yeah. 329 00:21:19,680 --> 00:21:22,680 S1: My preferred approach here, Tracy and I can understand this 330 00:21:22,680 --> 00:21:25,800 S1: happens when we have an event like this. My preferred 331 00:21:25,800 --> 00:21:29,239 S1: approach is not debt consolidation, where you take out a 332 00:21:29,240 --> 00:21:32,920 S1: new loan, it's debt management. My friends at the Christian 333 00:21:32,920 --> 00:21:38,040 S1: Credit Counselors would be great Christian credit counselors. Let's do this. 334 00:21:38,040 --> 00:21:40,639 S1: I'll explain. You know the benefits of that on the 335 00:21:40,640 --> 00:21:43,159 S1: other side of this break. But essentially, you'd have a 336 00:21:43,160 --> 00:21:46,689 S1: payment each month of somewhere between 2 and 3%, 500 337 00:21:46,690 --> 00:21:50,600 S1: to $750 a month on 25,000 in debt. But they'd 338 00:21:50,600 --> 00:21:54,240 S1: get that interest rate down dramatically. So stay on the line. 339 00:21:54,240 --> 00:21:56,040 S1: We'll talk a bit more in the next segment. We'll 340 00:21:56,040 --> 00:22:04,400 S1: be right back. Great to have you with us today 341 00:22:04,400 --> 00:22:07,000 S1: on Faith and Finance Live. I'm Rob West. We've got 342 00:22:07,000 --> 00:22:09,359 S1: some lines open. If you have a financial question call 343 00:22:09,400 --> 00:22:13,680 S1: right now 800 525 7000. Before the break we were 344 00:22:13,680 --> 00:22:17,520 S1: talking to Tracy in Florida. She's got three credit cards 345 00:22:17,520 --> 00:22:20,600 S1: because of a business that did not work out the 346 00:22:20,600 --> 00:22:24,040 S1: way she expected. The total of all the credit card 347 00:22:24,040 --> 00:22:28,150 S1: debt together is approaching $25,000. And she was wondering about 348 00:22:28,150 --> 00:22:32,390 S1: a debt consolidation. And Tracy, I'm not a fan of 349 00:22:32,390 --> 00:22:35,390 S1: debt consolidation, where you take out a new loan and 350 00:22:35,390 --> 00:22:38,070 S1: try to pay off the other loans. Oftentimes, even if 351 00:22:38,070 --> 00:22:42,430 S1: the rate comes down, it just extends the repayment period out. 352 00:22:42,670 --> 00:22:44,630 S1: And I would much prefer you just leave the debt 353 00:22:44,630 --> 00:22:48,350 S1: right where it is, slide it into a credit counseling program, 354 00:22:48,350 --> 00:22:53,149 S1: which each creditor offers, where the accounts will be closed 355 00:22:53,150 --> 00:22:56,990 S1: while they're in it. Um, the the payment will be 356 00:22:56,990 --> 00:22:59,630 S1: typically about 2 to 3% of the balance. So on 357 00:22:59,630 --> 00:23:03,390 S1: the full 25,000, you'd make one monthly payment to our 358 00:23:03,390 --> 00:23:05,830 S1: friends at Christian Credit Counselors. That's at least where I'd 359 00:23:05,830 --> 00:23:09,950 S1: recommend you go. So somewhere between probably 500 to $750 360 00:23:09,950 --> 00:23:12,790 S1: a month. But the really nice part is that payment 361 00:23:12,790 --> 00:23:15,790 S1: stays level. So you're sending a larger percent of the 362 00:23:15,790 --> 00:23:20,470 S1: balance every month. Secondly, the interest rates would be dropped. 363 00:23:20,470 --> 00:23:24,179 S1: So often that average rate of 22% is down somewhere 364 00:23:24,180 --> 00:23:29,100 S1: between 0 and 8% in the credit counseling program. And, 365 00:23:29,140 --> 00:23:30,580 S1: you know, that's going to allow you to pay this 366 00:23:30,619 --> 00:23:34,300 S1: off on average, about 80% faster. It will end up 367 00:23:34,300 --> 00:23:38,380 S1: improving your credit score over time because as those balances fall, 368 00:23:38,740 --> 00:23:41,459 S1: you know, it will show you as an on time payer. 369 00:23:41,619 --> 00:23:45,419 S1: It will also drop your credit utilization, meaning the amount 370 00:23:45,420 --> 00:23:48,540 S1: you have outstanding versus the total that you have available 371 00:23:48,540 --> 00:23:50,780 S1: to you. So, you know, that would be the way 372 00:23:50,780 --> 00:23:54,340 S1: that I would go. Christian credit counselors. But I want 373 00:23:54,380 --> 00:23:55,940 S1: to give you a chance to ask any follow up 374 00:23:55,940 --> 00:23:57,020 S1: questions on that. 375 00:23:58,420 --> 00:24:02,020 S4: No, that's excuse me. I'm sorry. That sounds good. So 376 00:24:02,060 --> 00:24:04,859 S4: are you recommending credit card consolidation? 377 00:24:05,580 --> 00:24:09,060 S1: Well, it's not. What? So normally when somebody says consolidation, 378 00:24:09,060 --> 00:24:12,420 S1: they're talking about taking a consolidation loan from a bank, 379 00:24:12,460 --> 00:24:15,260 S1: a new loan, and then paying off the credit cards 380 00:24:15,260 --> 00:24:18,860 S1: with that new loan. That's not what I would recommend. Instead, 381 00:24:19,140 --> 00:24:22,170 S1: I would go into a credit counseling Link program, and 382 00:24:22,170 --> 00:24:25,210 S1: you have to go through a nonprofit credit counseling agency. 383 00:24:25,490 --> 00:24:29,090 S1: And we've worked with our friends at Christian Credit Counselors 384 00:24:30,290 --> 00:24:33,649 S1: for decades. They've worked with thousands of our listeners, and 385 00:24:33,690 --> 00:24:36,210 S1: they just do a fabulous job. They're all Christ followers. 386 00:24:36,250 --> 00:24:39,210 S1: And that would be the program that I would recommend. 387 00:24:40,130 --> 00:24:42,530 S4: Okay, okay. Sounds good. Thank you. 388 00:24:42,770 --> 00:24:47,609 S1: Okay. Thanks for calling. Tracy. Uh, let's see, 800 525 7000. 389 00:24:47,650 --> 00:24:50,090 S1: We've got some lines open. If you have a question today, 390 00:24:50,090 --> 00:24:52,690 S1: go ahead and call right now. Tamarac, Florida I know 391 00:24:52,690 --> 00:24:53,929 S1: it well, Barbara. Go ahead. 392 00:24:54,850 --> 00:24:56,850 S5: Yes. Hi. How are you. 393 00:24:57,130 --> 00:24:58,490 S1: Doing? Great. Thanks for your call. 394 00:24:59,730 --> 00:25:01,810 S5: Okay. The reason I was calling today is I get 395 00:25:01,810 --> 00:25:03,970 S5: Social Security. Now. I was wondering, do I just get 396 00:25:03,970 --> 00:25:06,410 S5: automatic raises every year, or do I have to ask 397 00:25:06,410 --> 00:25:09,250 S5: for them or. I don't get any raises? And also, 398 00:25:09,250 --> 00:25:12,810 S5: do I pay taxes on that amount? Yeah. 399 00:25:13,330 --> 00:25:16,130 S1: Good question. So first part of that question is related 400 00:25:16,130 --> 00:25:20,450 S1: to something called a cost of living adjustments. Uh, And 401 00:25:20,450 --> 00:25:24,450 S1: you do get that automatically. So your Social Security benefit 402 00:25:24,450 --> 00:25:29,250 S1: does increase each year through cost of living adjustments. Every January, 403 00:25:29,530 --> 00:25:36,130 S1: benefits adjust based on inflation measured by the government. So 404 00:25:36,130 --> 00:25:39,250 S1: some years the increase is small, other years it's larger. 405 00:25:39,250 --> 00:25:44,369 S1: It's just all a function of the government's inflation gauge. 406 00:25:44,530 --> 00:25:47,170 S1: And then they use that to drive what are called 407 00:25:47,170 --> 00:25:51,170 S1: the Colas the cost of living adjustments. It comes automatically 408 00:25:51,210 --> 00:25:54,130 S1: even if you've, you know, only been on benefits for 409 00:25:54,130 --> 00:25:59,290 S1: one year. Um, one important note though is Medicare premiums, 410 00:25:59,810 --> 00:26:04,330 S1: if they're deducted from your check, can reduce how much 411 00:26:04,330 --> 00:26:08,450 S1: of the Cola you actually see because they rise most years. 412 00:26:08,450 --> 00:26:14,290 S1: The Medicare premiums uh, part B and D, and oftentimes 413 00:26:14,290 --> 00:26:18,210 S1: the increases in the Medicare premium are quite a bit 414 00:26:18,320 --> 00:26:21,399 S1: higher than the cost of living adjustment, so it may 415 00:26:21,440 --> 00:26:24,719 S1: almost entirely, if not more than that, erase the gains 416 00:26:24,720 --> 00:26:28,320 S1: you're getting. And it's because, you know, you're you're actually 417 00:26:28,320 --> 00:26:31,359 S1: getting hit. Even though you're getting the cost of living adjustment. 418 00:26:31,359 --> 00:26:33,680 S1: The Medicare premiums are going up as well. Does that 419 00:26:33,680 --> 00:26:34,280 S1: make sense? 420 00:26:35,040 --> 00:26:39,080 S5: Yes. Um, it hasn't gone up so far because of 421 00:26:39,080 --> 00:26:42,000 S5: the Medicare, but it just happens automatically. I mean, with that, 422 00:26:42,000 --> 00:26:42,680 S5: to every. 423 00:26:43,320 --> 00:26:46,680 S1: If you have it automatically deducted, yes, those increases on 424 00:26:46,680 --> 00:26:51,359 S1: Medicare would automatically come out. But so would the the 425 00:26:51,840 --> 00:26:55,080 S1: you know, the amount that's added to your check your 426 00:26:55,080 --> 00:26:57,960 S1: benefit by way of the cost of living adjustments. Both 427 00:26:57,960 --> 00:26:59,240 S1: would happen automatically. 428 00:27:00,440 --> 00:27:02,919 S5: I guess for me to know I should call them. 429 00:27:03,520 --> 00:27:05,600 S1: Yeah, that would be good. Or you can go online 430 00:27:05,600 --> 00:27:08,600 S1: my ssa.gov and you could see it all there and 431 00:27:08,600 --> 00:27:11,120 S1: you wouldn't have to wait. Uh, the second part was 432 00:27:11,119 --> 00:27:14,480 S1: your Social Security. Is it taxed? It can be. It 433 00:27:14,480 --> 00:27:17,550 S1: really depends on your total income, not just your benefit. 434 00:27:17,550 --> 00:27:21,310 S1: So the IRS looks at what's called combined income. It's 435 00:27:21,310 --> 00:27:26,590 S1: your adjusted gross income plus half of your Social security 50% 436 00:27:26,590 --> 00:27:30,030 S1: of your benefit. Are you a single filer or or 437 00:27:30,109 --> 00:27:30,870 S1: married filing. 438 00:27:30,869 --> 00:27:34,510 S5: Jointly married filing. Okay. 439 00:27:34,869 --> 00:27:38,950 S1: So if your combined income that is your adjusted gross 440 00:27:38,950 --> 00:27:43,310 S1: income on your tax return, plus half of your Social Security, 441 00:27:43,430 --> 00:27:48,590 S1: if the total of those two is under $32,000, then 442 00:27:48,590 --> 00:27:52,790 S1: you have no tax. If it's between 32 and 44, 443 00:27:53,470 --> 00:27:56,710 S1: then up to half of your Social Security would be taxable. 444 00:27:56,869 --> 00:28:01,470 S1: And if it's over 44 again, your combined income then 445 00:28:01,510 --> 00:28:05,710 S1: up to 85% of your benefit would be taxable. That 446 00:28:05,710 --> 00:28:08,629 S1: doesn't mean you lose 50 or 85%. It just means 447 00:28:08,630 --> 00:28:12,990 S1: that that percentage of your business is counted as taxable 448 00:28:12,990 --> 00:28:16,820 S1: income and taxed at your normal rate. Does that make sense? 449 00:28:18,100 --> 00:28:22,460 S5: Um huh. So where was I? My husband's income and mine, 450 00:28:22,500 --> 00:28:27,340 S5: because we filed jointly, would be included with that. Um. 451 00:28:28,340 --> 00:28:31,380 S1: That's correct. So that would be your adjusted gross income, 452 00:28:31,380 --> 00:28:35,740 S1: which is the the total of your income, like wages 453 00:28:35,740 --> 00:28:40,180 S1: and up to 50% of your social security, pensions, investments, 454 00:28:40,180 --> 00:28:44,580 S1: rental income. And then you subtract, uh, you know, your 455 00:28:44,860 --> 00:28:49,940 S1: deductions and then that produces what's called AGI. It's your 456 00:28:49,980 --> 00:28:54,700 S1: income after, uh, excuse me, it's not before deduction your 457 00:28:54,740 --> 00:28:59,620 S1: standard deduction, but it's it's, um, after adjustments. So, uh, 458 00:28:59,740 --> 00:29:04,540 S1: you know, business expenses, IRA contributions, HSA contributions, things like that, 459 00:29:04,700 --> 00:29:08,540 S1: that results in your adjusted gross income. If that AGI 460 00:29:08,580 --> 00:29:13,140 S1: number is below 32, none of your Social Security would 461 00:29:13,140 --> 00:29:17,780 S1: be taxable, but if it's 32 to 44,000, up to 50% 462 00:29:17,780 --> 00:29:20,420 S1: will over 4,485%. 463 00:29:21,780 --> 00:29:23,420 S5: And also I wanted to ask you, if I get 464 00:29:23,420 --> 00:29:25,380 S5: a job, would I be able to still get the 465 00:29:25,380 --> 00:29:27,940 S5: same amount of Social Security that I'm getting? 466 00:29:28,780 --> 00:29:31,500 S1: Yeah. As long as your full retirement age or older, 467 00:29:31,500 --> 00:29:32,500 S1: what is your age? 468 00:29:33,420 --> 00:29:34,100 S5: 70. 469 00:29:34,580 --> 00:29:37,020 S1: Okay. Yeah. So you can earn as much as you 470 00:29:37,020 --> 00:29:40,340 S1: want and it will never impact your benefit. The only 471 00:29:40,380 --> 00:29:42,900 S1: thing that would happen is you may find that because 472 00:29:42,900 --> 00:29:46,300 S1: your your income is going up, the portion of your 473 00:29:46,300 --> 00:29:49,739 S1: Social Security that's taxable could also go up. So you 474 00:29:49,740 --> 00:29:52,580 S1: may pay more in taxes, but you would not see 475 00:29:52,580 --> 00:29:55,860 S1: a reduction in your benefit just because you're working. You 476 00:29:55,860 --> 00:29:58,500 S1: can earn as much as you want. Once your full 477 00:29:58,500 --> 00:29:59,420 S1: retirement age. 478 00:30:00,740 --> 00:30:03,620 S5: Okay. And if I have questions I should ask the 479 00:30:03,620 --> 00:30:06,420 S5: tax person that prepares our taxes. 480 00:30:06,740 --> 00:30:09,420 S1: I would, that's always a great idea. Absolutely. 481 00:30:10,300 --> 00:30:11,980 S5: Okay. Thank you so much. That was. 482 00:30:12,060 --> 00:30:12,810 S6: All right Barbara. 483 00:30:13,090 --> 00:30:16,410 S1: Thank you for your call today. We appreciate it. Bye bye, folks. 484 00:30:16,450 --> 00:30:18,810 S1: We're taking your calls and questions here. We'll be back 485 00:30:18,810 --> 00:30:22,090 S1: with one more segment. Kevin, coming your way in Chicago. 486 00:30:22,290 --> 00:30:24,890 S1: We've got room for your questions as well. That number 487 00:30:24,930 --> 00:30:29,890 S1: 800 525 7000. Again, if you're a client of a 488 00:30:29,890 --> 00:30:33,090 S1: certified Kingdom advisor, I'm asking for your help. I'm still 489 00:30:33,090 --> 00:30:36,530 S1: looking for a couple of hundred folks that are clients 490 00:30:36,530 --> 00:30:39,489 S1: of Case that would complete a survey. We've got to 491 00:30:39,490 --> 00:30:41,330 S1: close it down Friday, and I need a couple of 492 00:30:41,370 --> 00:30:48,570 S1: hundred more on the website. Faith. That's faith. Com back 493 00:30:48,570 --> 00:31:00,970 S1: with more questions after this. Stay with us. Delighted you're 494 00:31:00,970 --> 00:31:03,170 S1: along with us today on Faith and finance live. I'm 495 00:31:03,170 --> 00:31:05,970 S1: Rob West. I may have room for one, maybe two 496 00:31:06,010 --> 00:31:08,930 S1: more questions before we round out the broadcast today. If 497 00:31:08,930 --> 00:31:13,720 S1: you have a financial question, that number is 800 525 7000. 498 00:31:13,760 --> 00:31:16,400 S1: Let's go to Chicago. Kevin, thanks for your patience. Go ahead. 499 00:31:17,200 --> 00:31:19,959 S7: Rob, thank you for taking my call. And thank you 500 00:31:19,960 --> 00:31:25,440 S7: for your wonderful show. Um, I am very familiar with, uh, 501 00:31:25,600 --> 00:31:29,680 S7: the charges for, uh, when you invest with Vanguard or 502 00:31:29,680 --> 00:31:33,600 S7: Fidelity Schwab. Or if you have somebody like Edelman or 503 00:31:33,640 --> 00:31:37,120 S7: Fisher Investments, uh, do your investing with you in terms 504 00:31:37,120 --> 00:31:40,360 S7: of their scales, but I never I haven't heard anything 505 00:31:40,360 --> 00:31:44,640 S7: about the Certified Kingdom advisors in terms of how how 506 00:31:44,640 --> 00:31:46,600 S7: do they charge? How do they get paid? 507 00:31:47,040 --> 00:31:49,400 S1: Yeah, it's a great question, Kevin. And there really is 508 00:31:49,400 --> 00:31:53,320 S1: not one approach because remember, these these folks are not 509 00:31:53,320 --> 00:31:56,320 S1: employed by us. We're a not for profit here at 510 00:31:56,320 --> 00:31:59,960 S1: Faith Fine Kingdom Advisors. They're at Merrill Lynch and Edward 511 00:31:59,960 --> 00:32:03,120 S1: Jones and LPL and independent and UBS. I mean, they're 512 00:32:03,120 --> 00:32:08,000 S1: all over the industry. They just earn the designation by 513 00:32:08,040 --> 00:32:11,590 S1: meeting our high standards of training and character and competence 514 00:32:11,590 --> 00:32:14,830 S1: and pastor and client reference and all the other requirements 515 00:32:14,990 --> 00:32:18,030 S1: that really allows them to hold themselves out as being 516 00:32:18,030 --> 00:32:22,590 S1: a specialist and bringing biblically wise, professional financial advice. But 517 00:32:22,590 --> 00:32:26,830 S1: the way they charge is totally dependent upon them. And 518 00:32:26,830 --> 00:32:29,630 S1: so what you're going to get is a good cross-section 519 00:32:29,670 --> 00:32:33,790 S1: of just how financial advisors get paid. The most common 520 00:32:33,790 --> 00:32:36,430 S1: way these days, which would be true, I think, of 521 00:32:36,430 --> 00:32:40,190 S1: Fisher and, you know, other active money managers would be 522 00:32:40,190 --> 00:32:44,190 S1: an AUM fee assets under management, where the adviser charges 523 00:32:44,230 --> 00:32:48,270 S1: a yearly percentage, often around 1% of the assets under 524 00:32:48,270 --> 00:32:53,150 S1: management per year to manage the investments. And, you know, 525 00:32:53,190 --> 00:32:58,310 S1: that's the most common way. There's also commission based. So 526 00:32:58,310 --> 00:33:02,590 S1: that's usually a mix where they offer some financial products 527 00:33:02,590 --> 00:33:05,790 S1: that may generate a commission like an insurance product or 528 00:33:05,790 --> 00:33:09,870 S1: an annuity or even mutual funds. And then if they 529 00:33:09,870 --> 00:33:13,950 S1: do this, you know, the advisor would disclose upfront, you know, 530 00:33:13,990 --> 00:33:18,350 S1: the compensation. Others might provide a fee only advice. Let's 531 00:33:18,350 --> 00:33:21,870 S1: say they're just comprehensive financial planners and don't do any 532 00:33:21,870 --> 00:33:25,430 S1: investment management. You would often pay a fixed fee, either 533 00:33:25,470 --> 00:33:29,310 S1: hourly or flat, for advice and a financial plan, but 534 00:33:29,310 --> 00:33:33,270 S1: there's no commissions, um, you know, and no ongoing fees 535 00:33:33,270 --> 00:33:36,390 S1: there as well. So, you know, those are typically the 536 00:33:36,390 --> 00:33:39,750 S1: way advisors are going to be paid that are wealth managers, 537 00:33:39,750 --> 00:33:45,030 S1: where they're offering investment management and or financial planning. And 538 00:33:45,030 --> 00:33:46,630 S1: it's going to vary, which is why I think it's 539 00:33:46,630 --> 00:33:49,390 S1: important as you're interviewing any advisor. And this would include 540 00:33:49,390 --> 00:33:52,590 S1: a sikayet that you ask very clearly, how do you 541 00:33:52,590 --> 00:33:55,550 S1: get paid and let the advisor explain that? Does that 542 00:33:55,550 --> 00:33:56,150 S1: make sense? 543 00:33:56,910 --> 00:33:58,630 S7: Absolutely. Thank you very much. 544 00:33:58,830 --> 00:33:59,230 S6: All right. 545 00:33:59,230 --> 00:34:01,310 S1: Thanks, Kevin. We appreciate your call today. By the way, 546 00:34:01,310 --> 00:34:03,550 S1: if you want to find a certified Kingdom advisor in 547 00:34:03,550 --> 00:34:09,140 S1: your area, just head to find a com. Uh. Chicago 548 00:34:09,180 --> 00:34:11,020 S1: is where we were. We're going to stay there and 549 00:34:11,020 --> 00:34:12,220 S1: talk to Paula. Go ahead. 550 00:34:13,300 --> 00:34:16,860 S8: Hi. Uh, I have a question regarding Social Security. Um, 551 00:34:17,340 --> 00:34:20,500 S8: my husband passed away. His social security was less than mine, 552 00:34:20,980 --> 00:34:23,219 S8: but I wanted to wait until I was 70 to 553 00:34:23,219 --> 00:34:25,299 S8: get the full amount and try to work and get 554 00:34:25,300 --> 00:34:30,259 S8: more income to increase my Social Security payment. Um, I 555 00:34:30,260 --> 00:34:32,859 S8: was reading an article that says that if you took 556 00:34:32,860 --> 00:34:36,420 S8: your husband's Social Security, when you get ready to get yours, 557 00:34:36,460 --> 00:34:42,020 S8: it will not increase. So, um, I'll be 70 next year. 558 00:34:42,700 --> 00:34:44,540 S8: And if that's true, I don't know if I should 559 00:34:44,540 --> 00:34:46,739 S8: cancel his and take mine. 560 00:34:48,140 --> 00:34:54,060 S1: Yes. Uh, yeah. So you're only your own retirement benefit. 561 00:34:54,420 --> 00:34:58,739 S1: Earns delayed credits up to age 70. So here's how 562 00:34:58,739 --> 00:35:03,780 S1: survivor's benefits work. Survivor's benefits max out at your full 563 00:35:03,780 --> 00:35:09,089 S1: retirement age, usually 66 or 67. So waiting past your 564 00:35:09,090 --> 00:35:13,730 S1: full retirement age does not increase the survivor benefit. Now 565 00:35:13,890 --> 00:35:19,690 S1: you can switch between survivor's benefits and your own retirement 566 00:35:20,170 --> 00:35:24,250 S1: benefit later if it helps maximize the total. This is 567 00:35:24,250 --> 00:35:30,690 S1: not available for spousal benefits where your spouse is living, 568 00:35:30,850 --> 00:35:34,330 S1: but for a survivor benefit, it is available. So a 569 00:35:34,330 --> 00:35:38,489 S1: common strategy is if your survivor benefit is larger than 570 00:35:38,489 --> 00:35:42,370 S1: your own, you can take your benefit early and then 571 00:35:42,370 --> 00:35:47,690 S1: switch to the full survivor benefit at your full retirement age. 572 00:35:47,930 --> 00:35:50,569 S1: If your own benefit will grow higher, then you can 573 00:35:50,570 --> 00:35:54,010 S1: take the survivor benefit first and then switch to your 574 00:35:54,010 --> 00:35:57,650 S1: own benefit at age 70, because your own benefit does 575 00:35:57,650 --> 00:36:01,170 S1: grow with delayed credits all the way up to age 70. 576 00:36:01,210 --> 00:36:02,210 S1: Does that make sense? 577 00:36:03,400 --> 00:36:05,000 S8: Okay, it makes sense. But I don't know what the 578 00:36:05,000 --> 00:36:06,000 S8: 870 is. 579 00:36:07,000 --> 00:36:09,880 S1: Age 70. Age 70? 580 00:36:10,040 --> 00:36:11,920 S6: Yeah, 70 years old. 581 00:36:12,360 --> 00:36:14,920 S8: Okay, that's what I was doing. And then when I 582 00:36:14,920 --> 00:36:17,120 S8: read the article, I was like, what? I'm not going 583 00:36:17,160 --> 00:36:17,920 S8: to be able to. 584 00:36:18,440 --> 00:36:19,440 S6: So have you started. 585 00:36:19,480 --> 00:36:21,000 S1: Taking your own benefit? 586 00:36:22,560 --> 00:36:25,760 S8: No, I'm taking his because his was much less than mine. 587 00:36:26,320 --> 00:36:28,320 S6: Okay. So you're taking his his. 588 00:36:28,320 --> 00:36:30,640 S1: Full survivor benefit, correct? 589 00:36:31,360 --> 00:36:31,880 S8: Yes. 590 00:36:32,400 --> 00:36:32,920 S6: Okay. 591 00:36:33,120 --> 00:36:34,800 S1: And what is your age now? 592 00:36:36,280 --> 00:36:38,800 S8: I'll be. I'm 69. I'll be 70 next year. 593 00:36:39,280 --> 00:36:39,640 S6: Okay. 594 00:36:39,680 --> 00:36:40,640 S8: At the end of the year. 595 00:36:41,200 --> 00:36:44,520 S1: Okay, great. Yes. Uh, so you you should be able 596 00:36:44,520 --> 00:36:50,000 S1: to switch, uh, to your own benefit, uh, at age 70. Now, 597 00:36:50,040 --> 00:36:52,520 S1: are you? So you're you're pretty sure that yours will 598 00:36:52,520 --> 00:36:53,840 S1: be higher. Is that right? 599 00:36:54,760 --> 00:36:55,280 S8: Yes. 600 00:36:55,640 --> 00:36:56,040 S6: Okay. 601 00:36:56,040 --> 00:36:59,640 S1: Yeah. So if you're 69 getting survivor's benefits, you can 602 00:36:59,640 --> 00:37:03,239 S1: you can switch to your own benefit at age 70. 603 00:37:03,520 --> 00:37:06,400 S1: And that's been not only was probably that higher to 604 00:37:06,440 --> 00:37:10,359 S1: begin with, but it's been getting delayed retirement credits all 605 00:37:10,360 --> 00:37:14,040 S1: the way up to age 70. And so, you know, 606 00:37:14,080 --> 00:37:17,000 S1: at that point, if you switch over to your own, 607 00:37:17,040 --> 00:37:20,480 S1: then you could take your larger benefit from that point forward. 608 00:37:21,719 --> 00:37:24,000 S8: Okay. That's what I was that's what I was doing 609 00:37:24,440 --> 00:37:27,360 S8: until I read the article. I thought maybe, um, okay. 610 00:37:27,600 --> 00:37:34,600 S8: And so when should I apply for the my benefit? Because, um, 611 00:37:35,120 --> 00:37:37,120 S8: my birthday is at the end of the year, and 612 00:37:37,120 --> 00:37:38,759 S8: I want to make sure that I have all of 613 00:37:38,760 --> 00:37:39,600 S8: my income. 614 00:37:40,480 --> 00:37:42,200 S6: Yeah. You just need to get you just need to 615 00:37:42,200 --> 00:37:42,920 S6: get past. 616 00:37:42,920 --> 00:37:44,480 S1: Your 70th birthday. 617 00:37:45,600 --> 00:37:48,440 S8: Okay. Second, apply for it after the 70th birthday. 618 00:37:48,760 --> 00:37:50,000 S6: That's right. And then. 619 00:37:50,040 --> 00:37:50,480 S8: Before. 620 00:37:50,880 --> 00:37:51,600 S6: Okay. No. 621 00:37:51,600 --> 00:37:55,359 S1: And then, uh, well, in terms of when to actually 622 00:37:55,360 --> 00:37:58,640 S1: alert them, um, you know, I would, uh, you could 623 00:37:58,640 --> 00:38:02,350 S1: call them and see, I'm not sure if there's any benefit. 624 00:38:02,390 --> 00:38:05,190 S1: I mean, the key is you want to you start 625 00:38:05,190 --> 00:38:09,509 S1: the benefits at 70 years, your birthday or or older. 626 00:38:09,950 --> 00:38:12,509 S1: Whether or not you can begin that process early, you 627 00:38:12,510 --> 00:38:14,390 S1: may want to reach out to them and ask that question. 628 00:38:14,390 --> 00:38:15,990 S1: That's a good question. I'm not sure. 629 00:38:16,670 --> 00:38:19,230 S8: Yeah, I'd rather do it later. That's what I was saying, 630 00:38:19,230 --> 00:38:24,390 S8: just in case they get the full income. Because if 631 00:38:24,390 --> 00:38:27,350 S8: I applied for six months before, then I won't get 632 00:38:27,350 --> 00:38:30,310 S8: the six months worth of additional income. 633 00:38:30,590 --> 00:38:32,030 S6: That's right, because it's actually. 634 00:38:32,030 --> 00:38:35,509 S1: One 1/12 of 8% every month. And so you do 635 00:38:35,510 --> 00:38:38,350 S1: want to wait until you are at your 70th birthday. 636 00:38:38,350 --> 00:38:40,670 S1: But from that point forward, there's no reason to wait. 637 00:38:41,790 --> 00:38:43,509 S8: Okay. Thank you so. 638 00:38:43,510 --> 00:38:44,669 S6: Much. All right. 639 00:38:44,670 --> 00:38:47,230 S1: Thanks for your call today. We appreciate it. Uh. Let's see, 640 00:38:47,270 --> 00:38:50,190 S1: Texas is where Daryl is located. Go ahead. Sir. 641 00:38:51,110 --> 00:38:53,189 S9: Hey. Yes, sir. Thank you for taking my call. I've 642 00:38:53,190 --> 00:38:56,110 S9: got a question. So I started your on Social Security 643 00:38:56,150 --> 00:39:00,020 S9: at 62, and I just turned 65 and they started 644 00:39:00,060 --> 00:39:04,020 S9: taking Medicare out of my Social Security. But I have 645 00:39:04,060 --> 00:39:07,259 S9: VA care. And so when I called in the Social 646 00:39:07,260 --> 00:39:11,739 S9: Security Administration, they stated to me that they don't consider 647 00:39:11,780 --> 00:39:15,540 S9: VA a legitimate health care. And so they took the 648 00:39:15,540 --> 00:39:18,860 S9: money out anyway, which I don't understand. And I called 649 00:39:18,860 --> 00:39:22,660 S9: back and they keep telling me the same thing, which 650 00:39:23,260 --> 00:39:26,940 S9: doesn't make sense to me because millions of vets are 651 00:39:26,940 --> 00:39:28,060 S9: on VA health care. 652 00:39:28,620 --> 00:39:35,060 S1: Yeah, yeah, it's a good question. So, uh, Medicare premiums, um, 653 00:39:36,100 --> 00:39:39,060 S1: they don't. So when you turn 65 and you're already 654 00:39:39,060 --> 00:39:42,859 S1: receiving Social Security, they, you're automatically enrolled in A and 655 00:39:42,860 --> 00:39:46,020 S1: B part A is free, B has the monthly premium 656 00:39:46,219 --> 00:39:49,580 S1: and they automatically deduct it unless the person opts out. 657 00:39:49,620 --> 00:39:54,100 S1: Now VA care does not replace Medicare. Uh, the VA 658 00:39:54,140 --> 00:39:58,969 S1: encourages veterans to keep part B because it's not guaranteed 659 00:39:58,969 --> 00:40:03,650 S1: in every situation. Um, and so, you know, it gives you, uh, 660 00:40:03,650 --> 00:40:05,850 S1: Medicare is going to give you the ability to receive 661 00:40:05,850 --> 00:40:09,489 S1: care outside of VA. But if you don't want Medicare 662 00:40:09,489 --> 00:40:14,009 S1: Part B, you can request to drop it. Uh, but again, 663 00:40:14,050 --> 00:40:17,250 S1: you know, it's it's generally not recommended from the VA 664 00:40:17,650 --> 00:40:20,970 S1: because if you change your mind later, you would face 665 00:40:20,969 --> 00:40:24,570 S1: late enrollment penalties for the rest of your life. Uh, 666 00:40:24,650 --> 00:40:28,050 S1: and you may have some gaps outside in your coverage 667 00:40:28,050 --> 00:40:30,410 S1: outside of VA. So you just need to to look 668 00:40:30,410 --> 00:40:32,370 S1: at that before you make that decision. 669 00:40:33,290 --> 00:40:35,690 S9: Okay. So what exactly is part B? 670 00:40:37,330 --> 00:40:40,930 S1: Uh, part B on Medicare. Yeah. That covers the doctor's 671 00:40:40,930 --> 00:40:44,290 S1: visits and outpatient medical care. So that's, uh, you know, 672 00:40:44,330 --> 00:40:50,130 S1: doctor visits, specialist visits, outpatient tests, MRIs and x rays, 673 00:40:50,130 --> 00:40:54,570 S1: some preventative care, you know, if you needed medical equipment, um, 674 00:40:54,610 --> 00:40:56,239 S1: you know, those kinds of things. 675 00:40:57,200 --> 00:41:00,800 S9: Okay. Okay. Well, I appreciate you taking my call and 676 00:41:00,800 --> 00:41:01,879 S9: explaining that for me. 677 00:41:02,400 --> 00:41:05,239 S1: Uh, absolutely. And listen, I'm grateful for your service to 678 00:41:05,280 --> 00:41:08,000 S1: our country, and we appreciate you being a part of 679 00:41:08,000 --> 00:41:13,040 S1: the program. Call anytime. Lord bless you. Uh, 800 525 7000. 680 00:41:13,080 --> 00:41:16,560 S1: Let's go to, uh, quickly to Eric in Chicago. Go ahead. 681 00:41:18,640 --> 00:41:19,400 S10: How are you doing? 682 00:41:19,719 --> 00:41:20,320 S1: Good. Thanks. 683 00:41:20,360 --> 00:41:20,919 S10: Can you hear me? 684 00:41:21,239 --> 00:41:21,640 S1: Yes, sir. 685 00:41:21,719 --> 00:41:27,240 S10: Okay. Uh, my question was, uh, I'm just 60. So, uh, 686 00:41:28,000 --> 00:41:33,680 S10: it's when I turn 62 and I filed for my benefit, uh, 687 00:41:34,000 --> 00:41:38,040 S10: when I turned, when I turned 65 and 70 with it. 688 00:41:38,360 --> 00:41:40,680 S10: With it. An increase to that? 689 00:41:41,080 --> 00:41:43,600 S1: Yeah, it's a good question. So if you take it 690 00:41:43,600 --> 00:41:46,920 S1: at 62, you're going to lock in a permanent reduction 691 00:41:47,239 --> 00:41:50,520 S1: because that's the earliest stage you can file. So your 692 00:41:50,520 --> 00:41:54,200 S1: benefit at 62 is going to be about 30% lower 693 00:41:54,520 --> 00:41:57,000 S1: than waiting to full retirement age, which is going to be, 694 00:41:57,040 --> 00:42:00,200 S1: at this point, age 70 for you. Uh, so you 695 00:42:00,200 --> 00:42:02,680 S1: just need to to be aware of that, that that's, 696 00:42:02,719 --> 00:42:05,400 S1: you know, ultimately what, uh, what you're going to be doing, 697 00:42:05,640 --> 00:42:08,319 S1: you know, so if your full retirement benefit, you know, 698 00:42:08,360 --> 00:42:12,200 S1: was was a thousand, uh, a month at 67, it's 699 00:42:12,200 --> 00:42:15,520 S1: only going to be 700 to 750. And that reduction 700 00:42:15,520 --> 00:42:18,320 S1: is permanent. So I would I would delay that as, 701 00:42:18,320 --> 00:42:20,600 S1: as long as you can because you may need that 702 00:42:20,600 --> 00:42:23,439 S1: extra money down the road. And uh, and you can't 703 00:42:23,440 --> 00:42:27,319 S1: reverse that, uh, that reduction. Eric, thanks for your call today. Well, folks, 704 00:42:27,320 --> 00:42:28,920 S1: that's going to do it for us. Big thanks to 705 00:42:28,960 --> 00:42:32,239 S1: my team today. Josh Taylor to here on Omar. Plus, 706 00:42:32,239 --> 00:42:34,719 S1: everybody here at Faith by Faith in finance Live is 707 00:42:34,719 --> 00:42:37,760 S1: a partnership between Moody Radio and Faith fi. Hey, Faith 708 00:42:37,760 --> 00:42:40,080 S1: Fi is not yet funded. Between now and the end 709 00:42:40,080 --> 00:42:45,239 S1: of the year, every gift is doubled. Just had to give. 710 00:42:46,000 --> 00:42:48,120 S1: We'll thank you in advance for that. We'll see you 711 00:42:48,120 --> 00:42:49,240 S1: next time. Bye bye.