1 00:00:08,880 --> 00:00:12,719 S1: Jonathan Edwards once said, true legacy consists not of what 2 00:00:12,720 --> 00:00:16,360 S1: we leave behind, but of what we instill in others. Hi, 3 00:00:16,360 --> 00:00:19,759 S1: I'm Rob West. We often think about leaving behind money 4 00:00:19,760 --> 00:00:23,080 S1: and assets, but Scripture calls us to think bigger. What 5 00:00:23,079 --> 00:00:26,600 S1: we pass on isn't just wealth, but wisdom, character, and 6 00:00:26,600 --> 00:00:29,560 S1: a legacy of faithfulness. Today we'll talk about how to 7 00:00:29,600 --> 00:00:33,400 S1: prepare the next steward and why it's crucial to intentionally 8 00:00:33,400 --> 00:00:36,760 S1: pass on wisdom before wealth. And then we'll take your 9 00:00:36,760 --> 00:00:41,559 S1: calls at 800 525, 7000. This is faith and finance. 10 00:00:41,600 --> 00:00:51,479 S1: Live biblical wisdom for your financial decisions. There's a natural 11 00:00:51,479 --> 00:00:53,880 S1: desire in all of us to provide for the people 12 00:00:53,880 --> 00:00:57,440 S1: we love, whether it's children, grandchildren, or others God has 13 00:00:57,440 --> 00:01:00,100 S1: entrusted to our care. We want to leave them in 14 00:01:00,100 --> 00:01:02,620 S1: a better position than we were. And that's not a 15 00:01:02,620 --> 00:01:06,779 S1: bad desire. In fact, Proverbs 1322 says, A good man 16 00:01:06,780 --> 00:01:11,340 S1: leaves an inheritance to his children's children. But here's the tension. 17 00:01:11,380 --> 00:01:15,979 S1: The Bible never defines inheritance as merely financial. In fact, 18 00:01:16,180 --> 00:01:19,580 S1: when wealth is passed on without wisdom, it can become 19 00:01:19,580 --> 00:01:22,780 S1: more of a burden than a blessing. That's why Proverbs 20 00:01:22,780 --> 00:01:27,660 S1: 2021 says, an inheritance gained hastily in the beginning will 21 00:01:27,660 --> 00:01:30,580 S1: not be blessed in the end. The goal isn't just 22 00:01:30,580 --> 00:01:35,540 S1: to transfer assets, it's to transfer stewardship, because ultimately your 23 00:01:35,540 --> 00:01:39,220 S1: heirs aren't just recipients. They're future managers of what belongs 24 00:01:39,220 --> 00:01:43,740 S1: to God. That changes everything. You see, throughout Scripture, inheritance 25 00:01:43,740 --> 00:01:48,460 S1: is deeply tied to identity and responsibility. In the Old Testament, 26 00:01:48,460 --> 00:01:52,300 S1: land wasn't just property. It was tied to covenant calling 27 00:01:52,300 --> 00:01:57,140 S1: and faithfulness. Families didn't just receive something, they were entrusted 28 00:01:57,140 --> 00:02:00,170 S1: with was something. And the same is true today. If 29 00:02:00,170 --> 00:02:03,810 S1: we pass on wealth without preparing the heart, we risk 30 00:02:03,810 --> 00:02:07,330 S1: setting someone up for confusion or even harm. But if 31 00:02:07,330 --> 00:02:12,130 S1: we invest in their spiritual formation, their understanding of stewardship, 32 00:02:12,130 --> 00:02:15,089 S1: and their trust in God as the true provider, then 33 00:02:15,090 --> 00:02:18,410 S1: what we leave behind becomes a tool for kingdom impact. 34 00:02:18,570 --> 00:02:21,690 S1: So how do we prepare the next steward? Well, first 35 00:02:21,690 --> 00:02:24,690 S1: we model it. More is caught than taught the way 36 00:02:24,690 --> 00:02:27,609 S1: you handle money right now. How you spend, save, give 37 00:02:27,610 --> 00:02:31,090 S1: and trust. God is shaping the next generation, whether you 38 00:02:31,090 --> 00:02:35,090 S1: realize it or not. Your financial life is telling a story. 39 00:02:35,330 --> 00:02:38,850 S1: Is it a story of fear or faith? Of accumulation 40 00:02:38,850 --> 00:02:43,290 S1: or generosity, of control or surrender? Because long before your 41 00:02:43,290 --> 00:02:48,570 S1: children or grandchildren receive anything from you, they're learning from you. Second, 42 00:02:48,610 --> 00:02:52,490 S1: we must communicate intentionally. One of the biggest mistakes families 43 00:02:52,490 --> 00:02:56,990 S1: make is avoiding conversations about money, values, and Values in legacy, 44 00:02:57,150 --> 00:03:01,630 S1: but silence creates confusion. Deuteronomy six six and seven reminds 45 00:03:01,630 --> 00:03:04,150 S1: us to talk about God's ways. When you sit in 46 00:03:04,150 --> 00:03:06,470 S1: your house and when you walk by the way. That 47 00:03:06,470 --> 00:03:10,030 S1: includes how we think about money. Talk about why you give. 48 00:03:10,070 --> 00:03:13,350 S1: Talk about how you make decisions. Talk about what you 49 00:03:13,389 --> 00:03:17,630 S1: hope they'll carry forward, not just financially, but spiritually. Help 50 00:03:17,630 --> 00:03:21,470 S1: them see that money is not the goal. It's a tool. Third, 51 00:03:21,510 --> 00:03:25,870 S1: we train, not just transfer. Psalm 78 reminds us to 52 00:03:25,910 --> 00:03:29,510 S1: tell the coming generation the glorious deeds of the Lord, 53 00:03:29,510 --> 00:03:32,790 S1: so that they should set their hope in God. Faithfulness 54 00:03:32,830 --> 00:03:36,270 S1: is learned over time. That means giving the next generation 55 00:03:36,310 --> 00:03:41,350 S1: opportunities to see, practice, and participate in stewardship now, not 56 00:03:41,350 --> 00:03:44,670 S1: just someday. It might look like helping a child budget 57 00:03:44,670 --> 00:03:49,150 S1: their allowance, inviting a teenager into family, giving decisions, or 58 00:03:49,150 --> 00:03:53,710 S1: walking alongside an adult as they navigate financial choices. We're 59 00:03:53,710 --> 00:03:57,570 S1: not just preparing them to receive. We're preparing them to steward. 60 00:03:57,850 --> 00:04:01,410 S1: And finally, we trust God with the outcome. This is 61 00:04:01,410 --> 00:04:05,890 S1: where it gets deeply personal. Because even with the best preparation, 62 00:04:05,890 --> 00:04:09,250 S1: you can't control what someone else will do. At some point, 63 00:04:09,250 --> 00:04:12,610 S1: we release what we've taught, modeled, and invested, and we 64 00:04:12,610 --> 00:04:15,690 S1: entrust it to God. That's true not only of money, 65 00:04:15,690 --> 00:04:19,290 S1: but of the people we love. Psalm 24 one reminds us, 66 00:04:19,290 --> 00:04:22,490 S1: the earth is the Lord's and the fullness thereof. That 67 00:04:22,490 --> 00:04:26,890 S1: includes your resources and your legacy. You are not the owner. 68 00:04:26,890 --> 00:04:29,290 S1: You're the steward. And the same will be true for 69 00:04:29,290 --> 00:04:32,770 S1: the next generation. So instead of asking, how much should 70 00:04:32,770 --> 00:04:36,250 S1: I leave behind? Maybe a better question is how well 71 00:04:36,290 --> 00:04:39,570 S1: am I preparing the one who will receive it? Because 72 00:04:39,570 --> 00:04:43,610 S1: the greatest inheritance you can leave isn't what's in your accounts. 73 00:04:43,610 --> 00:04:47,050 S1: It's a heart that treasures God above all. It's a 74 00:04:47,050 --> 00:04:50,050 S1: life that says God owns it all. I am his 75 00:04:50,050 --> 00:04:54,470 S1: steward and everything I have is meant to serve his purposes. 76 00:04:54,670 --> 00:04:57,950 S1: That's the kind of legacy that impacts your children and 77 00:04:57,950 --> 00:05:01,710 S1: your children's children. And that's exactly what we unpack in 78 00:05:01,710 --> 00:05:05,430 S1: my new devotional. Our Ultimate Treasure a 21 day Journey 79 00:05:05,430 --> 00:05:08,190 S1: to Faithful Stewardship. You can pick up a copy for 80 00:05:08,190 --> 00:05:10,989 S1: yourself or receive a discount when you place a bulk 81 00:05:10,990 --> 00:05:17,350 S1: order for your church or small group@fyi.com slash. That's faith fi.com. 82 00:05:18,870 --> 00:05:20,469 S1: We'll be right back. Stick around. 83 00:05:35,190 --> 00:05:38,430 S2: The opinions offered during this program represent the personal or 84 00:05:38,430 --> 00:05:42,870 S2: professional opinions of the participants given for informational purposes only. 85 00:05:43,150 --> 00:05:46,589 S2: Any information provided is not intended to replace advice from 86 00:05:46,589 --> 00:05:50,870 S2: a financial, medical, legal or other professional who understands your 87 00:05:50,870 --> 00:05:52,419 S2: specific situation. 88 00:05:59,940 --> 00:06:01,540 S1: Great to have you with us today on Faith and 89 00:06:01,540 --> 00:06:04,219 S1: Finance Live. I'm Rob West. Well, it's time to turn 90 00:06:04,220 --> 00:06:07,100 S1: the corner and take your calls and questions today. If 91 00:06:07,140 --> 00:06:08,940 S1: you've got something on your mind, we'd love to hear 92 00:06:08,940 --> 00:06:14,099 S1: from you. That number 800 525, 7000. We've already got 93 00:06:14,140 --> 00:06:16,980 S1: to call here and we've got room for plenty more. 94 00:06:16,980 --> 00:06:19,140 S1: So if you've got a question today, go ahead and 95 00:06:19,140 --> 00:06:26,380 S1: call right now 800 525 7000. Again, that's 800 525 7000. 96 00:06:26,580 --> 00:06:30,980 S1: The Nasdaq closing modestly higher today, but the Dow Jones 97 00:06:30,980 --> 00:06:35,620 S1: and the S&P 500 off the S&P slightly off the 98 00:06:35,660 --> 00:06:39,700 S1: Dow Jones off about one half of 1%. But the 99 00:06:39,700 --> 00:06:43,460 S1: S&P 500, despite being down slightly, did post the best 100 00:06:43,460 --> 00:06:48,380 S1: week since November. After this fragile I will say Iran 101 00:06:48,420 --> 00:06:52,640 S1: ceasefire deal. The vice president is en route. Praying for 102 00:06:52,640 --> 00:06:56,640 S1: a productive weekend. The market processing all of that and 103 00:06:56,880 --> 00:07:01,120 S1: also digesting some economic data out an inflation report, the 104 00:07:01,120 --> 00:07:06,200 S1: first one that factored in these higher energy prices. That 105 00:07:06,200 --> 00:07:09,040 S1: number was of course elevated as a result. Although I 106 00:07:09,040 --> 00:07:12,440 S1: will say when you strip out energy, the inflation data 107 00:07:12,440 --> 00:07:16,200 S1: came in a little softer than expected. That's good news. 108 00:07:16,240 --> 00:07:19,960 S1: Inflation being down. But a lot of data coming in. 109 00:07:19,960 --> 00:07:24,040 S1: Consumer sentiment hits a record low as a result of 110 00:07:24,040 --> 00:07:28,600 S1: inflation fears and the Iran war. That's not unexpected. The 111 00:07:28,600 --> 00:07:30,560 S1: big question is where does it all head from here? 112 00:07:30,560 --> 00:07:35,200 S1: How do we progress with the negotiations on this cease fire? 113 00:07:35,240 --> 00:07:37,760 S1: Could it be the end of the war and a 114 00:07:37,920 --> 00:07:41,640 S1: true opening of the Strait of Hormuz as an international 115 00:07:41,640 --> 00:07:46,320 S1: waterway without Iran's influence and oversight? How will all that 116 00:07:46,320 --> 00:07:48,480 S1: play out in the economy? We have the makings of 117 00:07:48,480 --> 00:07:51,620 S1: a really strong economy that was poised to do well. 118 00:07:51,660 --> 00:07:57,140 S1: On the heels of bigger than expected tax refund, tax refunds, 119 00:07:57,180 --> 00:08:03,500 S1: a productive environment, uh, economically and from a regulatory standpoint, 120 00:08:03,540 --> 00:08:06,380 S1: a lot of the things in the one big, beautiful bill, 121 00:08:06,420 --> 00:08:10,420 S1: really creating a great environment for economic expansion. But we've 122 00:08:10,420 --> 00:08:13,300 S1: got a lot of these hiccups along the way. And 123 00:08:13,300 --> 00:08:16,620 S1: I don't mean to minimize them. They're significant, but we'll 124 00:08:16,620 --> 00:08:18,180 S1: have to see how they all play out in the 125 00:08:18,180 --> 00:08:21,820 S1: days ahead. Nevertheless, we realize there's things going on in 126 00:08:21,820 --> 00:08:24,900 S1: your financial life that are specific, and they have to 127 00:08:24,900 --> 00:08:27,060 S1: do with your own little mini economy. And so we 128 00:08:27,060 --> 00:08:29,980 S1: want to tackle those today. Uh, call right now. We'll 129 00:08:29,980 --> 00:08:34,860 S1: get to those here in just a moment. 800 525 7000. Again, 130 00:08:34,860 --> 00:08:39,260 S1: that number is 800 525 7000. We'll look forward to 131 00:08:39,380 --> 00:08:42,700 S1: hearing with you and dive into those questions here in 132 00:08:42,700 --> 00:08:44,980 S1: just a moment. Uh, in fact, let's go ahead and 133 00:08:44,980 --> 00:08:47,100 S1: do that now. We're going to begin in Mississippi today. 134 00:08:47,140 --> 00:08:48,800 S1: Haley will be first up. Go ahead. 135 00:08:50,640 --> 00:08:56,240 S3: Yes, ma'am. Um, my question is, uh, I need a 136 00:08:56,800 --> 00:08:59,440 S3: I'm trying to do some home improvements on my on 137 00:08:59,480 --> 00:09:05,320 S3: my home, and I I'm, I'm getting a lot of, uh, 138 00:09:05,480 --> 00:09:09,959 S3: credit card debts or among other things, I guess. Um, 139 00:09:10,200 --> 00:09:13,160 S3: and I was just trying to find out how, uh, 140 00:09:13,600 --> 00:09:16,800 S3: to go about getting a home equity loan. 141 00:09:17,400 --> 00:09:22,320 S1: Mhm. Yeah, yeah. Let's tackle that first part. Uh, before 142 00:09:22,320 --> 00:09:24,480 S1: we talk about the home equity loan and that is 143 00:09:24,480 --> 00:09:27,240 S1: the credit card debt, if you're in quite a bit of, 144 00:09:27,559 --> 00:09:30,960 S1: of credit card debt, um, what is the purpose of 145 00:09:30,960 --> 00:09:33,200 S1: the home equity loan? Are you using that to pay 146 00:09:33,200 --> 00:09:37,079 S1: off the credit cards or is that solely for these 147 00:09:37,080 --> 00:09:39,080 S1: improvements you need to do? Or how are you thinking 148 00:09:39,080 --> 00:09:39,800 S1: about that? 149 00:09:40,400 --> 00:09:43,240 S3: No, I was thinking about paying off the debt and 150 00:09:43,280 --> 00:09:47,750 S3: then using the rest to for the home improvements. 151 00:09:48,270 --> 00:09:52,350 S1: Yeah, I really don't love that strategy. And here's why. 152 00:09:52,390 --> 00:09:54,750 S1: I certainly understand what you're trying to accomplish. Get out 153 00:09:54,750 --> 00:09:57,829 S1: from under that high interest credit card debt. And with 154 00:09:57,830 --> 00:09:59,510 S1: the home equity line of credit, if you have a 155 00:09:59,510 --> 00:10:02,870 S1: good credit score and equity in the home because of 156 00:10:02,870 --> 00:10:05,550 S1: the collateral you're giving them, you should be able to 157 00:10:05,550 --> 00:10:07,829 S1: get a lower interest rate. The challenge is just what 158 00:10:07,830 --> 00:10:11,110 S1: I said. You're giving them collateral, which means you're taking 159 00:10:11,110 --> 00:10:15,350 S1: something that is unsecured, meaning yes, you signed on it 160 00:10:15,350 --> 00:10:19,189 S1: based on your good faith ability to repay. And if 161 00:10:19,190 --> 00:10:21,110 S1: you don't, they could come after you in the form 162 00:10:21,110 --> 00:10:24,350 S1: of a judgment. They could even seek a garnishment of 163 00:10:24,350 --> 00:10:28,110 S1: wages potentially if, uh, if a court rules and puts 164 00:10:28,150 --> 00:10:31,670 S1: a judgment in place. But that's about it. Whereas as 165 00:10:31,670 --> 00:10:35,949 S1: soon as you transfer that unsecured debt and secure it 166 00:10:35,950 --> 00:10:38,830 S1: to your home, you've shifted it on to your house. 167 00:10:38,830 --> 00:10:41,750 S1: And if you struggle to make that new loan payment, 168 00:10:41,750 --> 00:10:45,610 S1: the bank could foreclose on your home. So that really 169 00:10:45,610 --> 00:10:48,650 S1: is challenging. The other thing that I've just found, Haley, 170 00:10:48,650 --> 00:10:51,929 S1: is that, you know, that I'll call it quick fix 171 00:10:51,929 --> 00:10:57,050 S1: to the credit card. Debt often does not involve making 172 00:10:57,050 --> 00:11:00,930 S1: the hard decisions that allows you to right size your 173 00:11:00,929 --> 00:11:04,689 S1: budget so that you never get back there again. And 174 00:11:04,690 --> 00:11:08,010 S1: what I find in more cases than not is somebody 175 00:11:08,010 --> 00:11:11,010 S1: will get either what they call a consolidation loan, like 176 00:11:11,050 --> 00:11:13,370 S1: a bank loan to pay off their credit cards or 177 00:11:13,809 --> 00:11:16,850 S1: use a home equity loan of sorts. Pay off the 178 00:11:16,850 --> 00:11:20,410 S1: credit cards, and then they continue to spend beyond their means. 179 00:11:20,410 --> 00:11:22,490 S1: And they call me back six months later and say, 180 00:11:22,490 --> 00:11:25,690 S1: guess what? The credit card debts back. Except now I 181 00:11:25,690 --> 00:11:29,050 S1: have a home equity loan and I'm really struggling. And 182 00:11:29,050 --> 00:11:32,890 S1: so for that reason, I think keeping this unsecured, meaning 183 00:11:32,890 --> 00:11:36,090 S1: not tied to your home and doing it in a 184 00:11:36,090 --> 00:11:38,770 S1: way that, yes, helps you get out of debt quicker 185 00:11:38,850 --> 00:11:42,730 S1: by getting the interest rates down, but really focusing on 186 00:11:42,870 --> 00:11:45,750 S1: right sizing your budget so that once you pay the 187 00:11:45,750 --> 00:11:49,230 S1: credit card debts off, you never go back there. That 188 00:11:49,230 --> 00:11:51,590 S1: would be my preferred way. And then if you did 189 00:11:51,590 --> 00:11:55,030 S1: get a home equity loan, but only after you're making 190 00:11:55,030 --> 00:11:58,750 S1: progress toward the credit cards with a balanced budget. And 191 00:11:58,750 --> 00:12:01,550 S1: if you believe that, you know, you can see where 192 00:12:01,550 --> 00:12:04,630 S1: you can fit this additional home equity loan or line 193 00:12:04,670 --> 00:12:08,030 S1: of credit into your budget, that you would only use 194 00:12:08,030 --> 00:12:11,589 S1: that for, you know, improvements. You know, if you had 195 00:12:11,590 --> 00:12:15,110 S1: a major maintenance issue where, you know, it's going to 196 00:12:15,110 --> 00:12:18,910 S1: continue to, uh, you know, cause harm to the home, 197 00:12:18,910 --> 00:12:21,870 S1: even maybe put you in an unsafe situation, you need 198 00:12:21,870 --> 00:12:24,390 S1: to get that repair done. If you don't have the money, 199 00:12:24,429 --> 00:12:26,550 S1: a home equity loan could be the way to do it. 200 00:12:26,950 --> 00:12:29,870 S1: I would reserve using your home equity for things that 201 00:12:29,870 --> 00:12:34,110 S1: are attached to the home itself, like improvements or or 202 00:12:34,150 --> 00:12:37,590 S1: major repairs. With the credit card debt, I would use 203 00:12:37,590 --> 00:12:41,150 S1: our friends at Christian credit counselors. Um, in fact, I 204 00:12:41,150 --> 00:12:43,570 S1: just talked to a listener this morning. He said I 205 00:12:43,929 --> 00:12:46,690 S1: had 30,000 in credit card debt. I was hopeless, I 206 00:12:46,690 --> 00:12:49,209 S1: didn't think I'd ever pay it off. I heard you 207 00:12:49,210 --> 00:12:52,010 S1: talk about Christian credit counselors. I got connected with him. 208 00:12:52,010 --> 00:12:54,449 S1: And would you believe that I'm on a track right 209 00:12:54,450 --> 00:12:57,010 S1: now to have this paid off in five years, and 210 00:12:57,050 --> 00:12:59,530 S1: I'm so encouraged, and I just want to share this 211 00:12:59,530 --> 00:13:02,250 S1: with others. And that's the kind of thing they do 212 00:13:02,250 --> 00:13:05,050 S1: because they'll get the interest rates down. You'll pay it 213 00:13:05,050 --> 00:13:08,410 S1: off on average 80% faster, but the debt will stay 214 00:13:08,410 --> 00:13:11,170 S1: right where it is at each of those creditors. And 215 00:13:11,170 --> 00:13:14,770 S1: you pay through Christian credit counselors and and get that 216 00:13:14,770 --> 00:13:17,209 S1: paid off that way. The way to, uh, to get 217 00:13:17,210 --> 00:13:25,210 S1: connected with them is faith fi.com/cbc faith fi.com/cc. But give 218 00:13:25,210 --> 00:13:26,770 S1: me your thoughts on all that. I know I've thrown 219 00:13:26,770 --> 00:13:27,449 S1: a lot at you. 220 00:13:28,929 --> 00:13:31,930 S3: Well, what you, what you said is basically what I've 221 00:13:31,929 --> 00:13:34,449 S3: been trying to do, trying to pay, you know, pay 222 00:13:34,450 --> 00:13:37,610 S3: it down and pay it off. But, uh, it's like 223 00:13:37,610 --> 00:13:40,160 S3: my time is running out on me. That's why, that's 224 00:13:40,160 --> 00:13:44,280 S3: why I was concerned about, um, you know, trying to 225 00:13:44,280 --> 00:13:47,959 S3: get the loan to help pay it off. Yeah. And, um, 226 00:13:48,000 --> 00:13:52,559 S3: but I wasn't, uh, I didn't, I didn't want the loan. 227 00:13:53,240 --> 00:13:58,920 S3: I mean, I didn't want the loan to be tied in. 228 00:13:59,160 --> 00:14:01,080 S3: I just want, I kind of wanted to pay it 229 00:14:01,080 --> 00:14:05,319 S3: off and then pay them out, you know, pay, you know, 230 00:14:05,360 --> 00:14:07,840 S3: pay the homage. Because see, right now, I don't owe 231 00:14:07,840 --> 00:14:09,120 S3: anything on my home. 232 00:14:09,559 --> 00:14:13,040 S1: Yeah. Okay. Well that's great. Yeah. The downside is if 233 00:14:13,040 --> 00:14:15,520 S1: for some reason you couldn't make that payment because of 234 00:14:15,520 --> 00:14:19,040 S1: something unforeseen, you're putting your home at risk. And there's 235 00:14:19,080 --> 00:14:22,120 S1: expenses related to getting that home equity loan in place. 236 00:14:22,120 --> 00:14:24,880 S1: So I would use Christian credit counselors for the credit 237 00:14:24,880 --> 00:14:27,800 S1: card debt and use the home equity for home improvements. 238 00:14:27,840 --> 00:14:36,640 S1: Stay on the line. We'll talk a bit more. Well, 239 00:14:36,640 --> 00:14:39,340 S1: Jerry Bowyer will be buying our final segment today to 240 00:14:39,580 --> 00:14:43,580 S1: weigh in on the markets, this inflation report, consumer sentiment, 241 00:14:43,580 --> 00:14:48,420 S1: and the ongoing negotiations beginning this weekend around Iran and 242 00:14:48,420 --> 00:14:52,180 S1: the US. How all that's weighing on the economy. Jerry Bowyer, 243 00:14:52,220 --> 00:14:55,540 S1: our resident economist, buy in our final segment today to 244 00:14:55,580 --> 00:14:58,140 S1: give us his thoughts. You'll want to hear that for sure. 245 00:14:58,500 --> 00:15:02,100 S1: You know, we talk to all kinds of listeners every day. 246 00:15:02,100 --> 00:15:04,460 S1: We talk to those who are in a situation where 247 00:15:04,460 --> 00:15:07,460 S1: they have an abundance and just wanting to be found faithful. 248 00:15:07,460 --> 00:15:10,980 S1: We talked to plenty who are struggling. And, you know, 249 00:15:11,020 --> 00:15:14,860 S1: we got a call yesterday from a listener. Um, I 250 00:15:14,900 --> 00:15:16,780 S1: didn't have the privilege of speaking to this person, but 251 00:15:16,780 --> 00:15:20,500 S1: my team did and said he was just so gracious 252 00:15:20,500 --> 00:15:25,340 S1: and really asked a question related to those who are 253 00:15:25,340 --> 00:15:28,540 S1: listening to the broadcast and just find themselves in a 254 00:15:28,540 --> 00:15:32,540 S1: difficult spot and wanted to just know, what are your 255 00:15:32,540 --> 00:15:35,220 S1: thoughts on those of us who don't feel like we 256 00:15:35,220 --> 00:15:37,760 S1: can do some of the things you're talking about because 257 00:15:37,760 --> 00:15:41,880 S1: of our limited means. And we hear this often. And 258 00:15:41,880 --> 00:15:44,720 S1: I would just say this, you know, for many people today, 259 00:15:44,720 --> 00:15:48,880 S1: the issue isn't just budgeting, it's that the income simply 260 00:15:48,880 --> 00:15:52,120 S1: isn't enough to cover the basics. You know, we've heard 261 00:15:52,120 --> 00:15:56,200 S1: from our own certified Christian financial counselors across the country 262 00:15:56,680 --> 00:15:59,000 S1: who are seeing this firsthand all the time. People are 263 00:15:59,000 --> 00:16:04,080 S1: working hard, making sacrifices and still feeling like they can't 264 00:16:04,080 --> 00:16:06,920 S1: get ahead. And I want you to know a few things. 265 00:16:07,240 --> 00:16:11,080 S1: Number one, we see you and we hear you. And yes, 266 00:16:11,080 --> 00:16:14,640 S1: we often talk about biblical principles like saving and avoiding 267 00:16:14,640 --> 00:16:17,600 S1: debt and living with margin. And those are wise principles, 268 00:16:17,600 --> 00:16:20,880 S1: to be sure. And they're rooted in God's Word. But 269 00:16:20,880 --> 00:16:23,360 S1: we also recognize here at Faith fi that for many, 270 00:16:23,440 --> 00:16:27,880 S1: especially in a high cost environment, those things can feel 271 00:16:27,880 --> 00:16:31,720 S1: out of reach. And even in Scripture, many people live 272 00:16:31,760 --> 00:16:35,440 S1: day to day trusting God for daily provision. So if 273 00:16:35,500 --> 00:16:37,380 S1: that's where you are, I want you to know you're 274 00:16:37,380 --> 00:16:40,260 S1: not alone and you're not failing. And I think that's 275 00:16:40,260 --> 00:16:42,900 S1: a key idea. You know, when it comes to giving, 276 00:16:42,900 --> 00:16:46,340 S1: for instance, the apostle Paul reminds us in second Corinthians 277 00:16:46,340 --> 00:16:49,900 S1: eight that we give according to what we have, not 278 00:16:49,940 --> 00:16:53,020 S1: what we don't have. And Scripture also calls us to 279 00:16:53,180 --> 00:16:56,060 S1: care for our families and meet our obligations. So there's 280 00:16:56,060 --> 00:16:58,740 S1: a balance. We're not called to give in a way 281 00:16:58,740 --> 00:17:03,460 S1: that creates harm or deepens financial strain. And at Faith five, 282 00:17:03,460 --> 00:17:08,020 S1: we celebrate small steps. If you could set aside $5, 283 00:17:08,020 --> 00:17:12,700 S1: that's a win. If you're making progress even slowly, that matters. 284 00:17:13,140 --> 00:17:15,460 S1: And let me just gently encourage you on one point. 285 00:17:15,460 --> 00:17:19,780 S1: If possible, try to avoid relying on credit cards for necessities. 286 00:17:19,820 --> 00:17:22,700 S1: You know, with today's interest rates, that can quickly create 287 00:17:22,900 --> 00:17:26,020 S1: a cycle that is very hard to escape. But I 288 00:17:26,020 --> 00:17:29,500 S1: want you to hear me clearly. Your faithfulness is not 289 00:17:29,500 --> 00:17:33,660 S1: measured by your income. It's not measured by your savings. 290 00:17:33,930 --> 00:17:37,210 S1: It's certainly not measured by your net worth. Jesus made 291 00:17:37,210 --> 00:17:41,490 S1: it clear in Luke 21 that the widow's offering was 292 00:17:41,490 --> 00:17:45,050 S1: something he celebrated because God looks at the heart. And 293 00:17:45,050 --> 00:17:47,530 S1: whether you have plenty or you feel like you're just 294 00:17:47,530 --> 00:17:51,210 S1: barely getting by, we are all pursuing the same thing. 295 00:17:51,250 --> 00:17:54,650 S1: To hear well done, good and faithful servant. And that 296 00:17:54,650 --> 00:17:58,250 S1: has everything to do with faithfulness and nothing to do 297 00:17:58,250 --> 00:18:01,729 S1: with the size of your account. If you're in that 298 00:18:01,730 --> 00:18:04,129 S1: place right now and you're doing your best but still 299 00:18:04,130 --> 00:18:07,010 S1: struggling to make ends meet, I'd love to point you 300 00:18:07,010 --> 00:18:09,810 S1: to a helpful resource. You know, our friends at Compass 301 00:18:09,810 --> 00:18:13,169 S1: Financial Ministry, founded by Howard Dayton, the former host of 302 00:18:13,170 --> 00:18:16,770 S1: this program, have created a study. It's a video study 303 00:18:16,770 --> 00:18:19,810 S1: and a workbook. It's called Making Ends Meet. And it 304 00:18:19,810 --> 00:18:23,530 S1: was actually designed specifically for those in this situation and 305 00:18:23,570 --> 00:18:27,450 S1: walks through what Scripture says about navigating the real day 306 00:18:27,450 --> 00:18:30,530 S1: to day challenges of getting by. And if you have 307 00:18:30,530 --> 00:18:33,270 S1: the ability to buy it, you could head to Compass Financial. 308 00:18:33,710 --> 00:18:37,270 S1: Com click on the store again. That resource is called 309 00:18:37,310 --> 00:18:40,070 S1: Making ends Meet. Let me just say, if you don't 310 00:18:40,070 --> 00:18:41,790 S1: have the ability to buy it, if you're in a 311 00:18:41,790 --> 00:18:45,630 S1: position where you just literally are trying to, uh, to 312 00:18:45,670 --> 00:18:48,670 S1: squeeze out every dollar, call us today before the end 313 00:18:48,670 --> 00:18:50,550 S1: of the show and let us know that you'd like 314 00:18:50,790 --> 00:18:54,310 S1: us to send you, um, making ends meet resource and 315 00:18:54,310 --> 00:18:56,710 S1: we'd be happy to send it to you as our gift. 316 00:18:56,710 --> 00:18:58,629 S1: But I want you to know that, you know, when 317 00:18:58,630 --> 00:19:02,590 S1: we give our lives to Jesus, it's about stewardship and 318 00:19:02,590 --> 00:19:05,790 S1: it's about what have we done with what we've been given. 319 00:19:05,830 --> 00:19:09,790 S1: However little or however much you have, the goal is faithfulness. 320 00:19:09,790 --> 00:19:13,270 S1: And if you're struggling today, we see you. We're with you. 321 00:19:13,390 --> 00:19:16,510 S1: We want to celebrate the progress that you're making, and 322 00:19:16,510 --> 00:19:18,709 S1: we want to be here to encourage you. And we 323 00:19:18,710 --> 00:19:21,389 S1: recognize it can be difficult, but God is your provider. 324 00:19:21,390 --> 00:19:23,950 S1: You can be assured of that. He will not abdicate 325 00:19:23,950 --> 00:19:27,590 S1: that to anyone or any thing else. And we can 326 00:19:27,590 --> 00:19:30,429 S1: trust him. And that doesn't mean we're going to be 327 00:19:30,830 --> 00:19:33,170 S1: in an easy situation all the time. There will be 328 00:19:33,170 --> 00:19:38,090 S1: times where it's difficult. And in those difficult seasons, our 329 00:19:38,090 --> 00:19:40,530 S1: hope and prayer is that not only through our encouragement, 330 00:19:40,530 --> 00:19:43,570 S1: but through the body of Christ rallying around you, that 331 00:19:43,570 --> 00:19:46,689 S1: there could be hope and help along the way. So 332 00:19:46,890 --> 00:19:50,250 S1: I hope if that's the position you're in today, um, 333 00:19:50,410 --> 00:19:53,690 S1: this was was encouraging to you and helpful. And if 334 00:19:53,690 --> 00:19:55,730 S1: we can serve you in any way, please don't hesitate 335 00:19:55,730 --> 00:19:58,330 S1: to call. Let's head back to the phones to Ohio. 336 00:19:58,330 --> 00:19:59,250 S1: CJ go ahead. 337 00:19:59,930 --> 00:20:03,890 S4: Yes. Um, I've been retired for quite a while and 338 00:20:03,890 --> 00:20:06,410 S4: I have a 401 K in the company that I 339 00:20:06,410 --> 00:20:10,410 S4: work for, but I'd rather um, is it okay if 340 00:20:10,410 --> 00:20:13,410 S4: I transfer that for one K to an IRA so 341 00:20:13,410 --> 00:20:17,370 S4: that I can donate that, um, tax, uh, retired minimum 342 00:20:17,369 --> 00:20:19,609 S4: distribution to my church? 343 00:20:20,650 --> 00:20:23,490 S1: Yes. It's a great question and I love the direction 344 00:20:23,490 --> 00:20:26,369 S1: you're thinking here. Uh, so if the goal is to 345 00:20:26,410 --> 00:20:31,070 S1: avoid paying taxes on the withdrawals from that pre-tax account, 346 00:20:31,070 --> 00:20:33,950 S1: currently in a 401 K. The tool to do that 347 00:20:33,950 --> 00:20:37,790 S1: is just what you said. It's the qualified charitable distribution. 348 00:20:38,150 --> 00:20:42,030 S1: At age 82, you absolutely qualify because you have to 349 00:20:42,030 --> 00:20:45,350 S1: be 70.5 or older, and that allows you to give 350 00:20:45,390 --> 00:20:48,790 S1: directly from your retirement account to your church or charity 351 00:20:49,070 --> 00:20:53,710 S1: and avoid paying income tax on that amount, which would 352 00:20:53,710 --> 00:20:58,070 S1: be required with any other withdrawal. Now, it can only 353 00:20:58,070 --> 00:21:00,070 S1: be done. And I think you you mentioned this, but 354 00:21:00,070 --> 00:21:02,189 S1: just to make sure this is clear can only be 355 00:21:02,190 --> 00:21:05,550 S1: done from an IRA. So typically what would happen is 356 00:21:05,550 --> 00:21:10,270 S1: you would roll the 401 K to a rollover traditional IRA. 357 00:21:10,830 --> 00:21:13,430 S1: And then once you get it in the IRA, you 358 00:21:13,430 --> 00:21:17,230 S1: can then make direct gifts from the IRA to your church. 359 00:21:17,230 --> 00:21:20,750 S1: That's the cleanest and most common way. Don't ever let 360 00:21:20,750 --> 00:21:22,510 S1: that money come to you. It needs to go straight 361 00:21:22,510 --> 00:21:26,350 S1: from your the custodian of your IRA to your church. 362 00:21:26,550 --> 00:21:29,739 S1: It's going to count toward your required minimum and it 363 00:21:29,740 --> 00:21:33,580 S1: will not be included in your taxable income. So I 364 00:21:33,580 --> 00:21:37,100 S1: think that's a fabulous idea. CJ and I would wholeheartedly 365 00:21:37,380 --> 00:21:39,980 S1: endorse it. Stay on the line. I'd like to chat 366 00:21:39,980 --> 00:21:41,460 S1: with you and just make sure you don't have any 367 00:21:41,460 --> 00:21:43,980 S1: follow up questions as we hit this break here. But 368 00:21:43,980 --> 00:21:47,060 S1: thanks for your call today. We appreciate it. Eileen. Jeremy, 369 00:21:47,060 --> 00:21:48,980 S1: coming your way after the break. Stay with us. This 370 00:21:48,980 --> 00:22:01,300 S1: is Faith and finance live. We'll be right back. Well, 371 00:22:01,300 --> 00:22:04,340 S1: as we head toward May the 31st, we're looking to 372 00:22:04,380 --> 00:22:07,419 S1: grow the number of Faith V partners that we have. 373 00:22:07,420 --> 00:22:10,540 S1: What are partners? Well, these are folks that come alongside 374 00:22:10,540 --> 00:22:13,900 S1: us with monthly or annual support of at least $35 375 00:22:13,900 --> 00:22:18,220 S1: a month or $400 a year. And partners really are 376 00:22:18,700 --> 00:22:23,220 S1: a key community that helps us equip God's people to 377 00:22:23,260 --> 00:22:27,240 S1: manage his money, his way, and your generosity through the 378 00:22:27,240 --> 00:22:31,760 S1: partner program really fuels this ministry that equips God's people 379 00:22:31,760 --> 00:22:35,320 S1: with biblical wisdom for lifelong faithfulness. You would be a 380 00:22:35,320 --> 00:22:38,000 S1: key part of helping us bring this broadcast every day. 381 00:22:38,280 --> 00:22:41,439 S1: Produce all of our resources and as a way of 382 00:22:41,440 --> 00:22:44,200 S1: saying thank you. When you become a partner, we send 383 00:22:44,200 --> 00:22:47,040 S1: you a ministry update. In fact. If you are a partner, 384 00:22:47,040 --> 00:22:49,040 S1: you should have received it in the mail. Or maybe 385 00:22:49,040 --> 00:22:51,439 S1: it's coming in the next couple of days, but we 386 00:22:51,440 --> 00:22:54,480 S1: do a quarterly update on the ministry. I share a 387 00:22:54,480 --> 00:22:57,280 S1: bit of an insider's perspective on all that God is 388 00:22:57,280 --> 00:23:01,000 S1: doing at the ministry. We share with you our latest resources. 389 00:23:01,000 --> 00:23:04,400 S1: So for issues of our magazine Faithful Steward, which is 390 00:23:04,400 --> 00:23:09,879 S1: beautiful and just full of incredible, insightful articles on wise 391 00:23:09,880 --> 00:23:13,440 S1: money management, uh, any new studies or devotionals we produce 392 00:23:13,440 --> 00:23:15,800 S1: are mailed to your door. You get a pro access 393 00:23:15,840 --> 00:23:19,880 S1: subscription to the Faith V app and our new field guide. 394 00:23:19,880 --> 00:23:22,680 S1: So we're working on a brand new product category that 395 00:23:22,680 --> 00:23:25,899 S1: comes out in June. It's called our Field guides, and 396 00:23:25,940 --> 00:23:30,660 S1: these are Scripture anchored resources that help God's people explore 397 00:23:30,700 --> 00:23:34,460 S1: really important questions through a biblical framework. So our first 398 00:23:34,460 --> 00:23:36,939 S1: field guide is on the topic of how much money 399 00:23:36,940 --> 00:23:40,020 S1: is enough, and it's going to help readers define enough, 400 00:23:40,020 --> 00:23:44,140 S1: not by comparison or culture, but by contentment and stewardship. 401 00:23:44,180 --> 00:23:46,740 S1: It's going to have clear biblical teaching. It's going to 402 00:23:46,740 --> 00:23:51,700 S1: have guided exercises to apply the truth to your financial context, 403 00:23:51,700 --> 00:23:55,139 S1: as well as real life case studies. How much is enough? 404 00:23:55,140 --> 00:23:57,859 S1: Was the first one. The one right after that will 405 00:23:57,859 --> 00:24:00,619 S1: be how do you prepare the next steward with thoughtful 406 00:24:00,619 --> 00:24:04,660 S1: exercises to prepare the next steward coming after you? And 407 00:24:04,660 --> 00:24:07,219 S1: then after that, how do we give intentionally? Those are 408 00:24:07,220 --> 00:24:10,180 S1: the types of resources we're producing, and we send them 409 00:24:10,180 --> 00:24:12,419 S1: to our Faith V partners. So if you'd like to 410 00:24:12,460 --> 00:24:15,300 S1: learn more, we'd certainly be grateful if you became a partner. 411 00:24:15,300 --> 00:24:21,300 S1: Just go to faith viktorwrites.com that's faith f i.com/give. All right, 412 00:24:21,300 --> 00:24:23,840 S1: let's head back to the phones. Eileen is in Florida. 413 00:24:23,840 --> 00:24:26,040 S1: And Eileen, I understand you have a comment. Go ahead. 414 00:24:27,080 --> 00:24:31,000 S5: Yes, I do, I. My parents took out an insurance 415 00:24:31,000 --> 00:24:34,320 S5: policy for me when I was young with principal finance group. 416 00:24:34,640 --> 00:24:38,200 S5: And at a certain point they apparently went public. Then 417 00:24:38,200 --> 00:24:41,560 S5: they turned the shares over to a company called Computershare 418 00:24:41,560 --> 00:24:46,080 S5: to manage. I did quarterly dividend checks and it was 419 00:24:46,520 --> 00:24:49,679 S5: continuing to increase. All of a sudden it stopped in 420 00:24:49,680 --> 00:24:58,360 S5: September of 2025. So I called my principal insurance person. 421 00:24:58,359 --> 00:25:02,159 S5: They referred me to Computershare's and then they referred me 422 00:25:02,160 --> 00:25:07,600 S5: to unclaimed Florida properties. I didn't receive a letter from 423 00:25:07,840 --> 00:25:12,199 S5: Computershare until September 20th. They said they had sent a 424 00:25:12,200 --> 00:25:18,920 S5: letter December 4th, 2024, letting me know that I had 425 00:25:18,920 --> 00:25:21,480 S5: to send it back in or they would be turned 426 00:25:21,520 --> 00:25:25,630 S5: over to unclaimed property. I never received that letter. I 427 00:25:25,630 --> 00:25:27,550 S5: asked them to send me a copy. I looked at 428 00:25:27,550 --> 00:25:31,270 S5: it and I for sure would have responded. So my 429 00:25:31,270 --> 00:25:36,429 S5: comment is beware with Computershare. What they finally said to 430 00:25:36,470 --> 00:25:40,750 S5: me is, well, you have to have activity on your account. 431 00:25:41,109 --> 00:25:45,510 S5: And they said like going online to your account or 432 00:25:45,750 --> 00:25:50,869 S5: and not deposit. And um, if I'm not depositing a 433 00:25:50,869 --> 00:25:57,990 S5: check then that's an inactivity. But my insurance person had offered, well, 434 00:25:57,990 --> 00:26:00,390 S5: don't you want to direct deposit it? Otherwise I would 435 00:26:00,430 --> 00:26:04,109 S5: have kept on doing a hard check. They also said 436 00:26:04,109 --> 00:26:08,030 S5: you need to register the account online and talk to 437 00:26:08,070 --> 00:26:10,950 S5: an agent once a year. Any of those things would 438 00:26:10,950 --> 00:26:16,909 S5: keep your file active. So I just want to make 439 00:26:16,950 --> 00:26:20,390 S5: your listeners aware of this. It was my shares were 440 00:26:20,450 --> 00:26:26,250 S5: turned over to unclaimed property and that was. I filled 441 00:26:26,250 --> 00:26:30,050 S5: out a claim October 10th and I got the check 442 00:26:30,090 --> 00:26:34,449 S5: February 11th of this year. Wow. So it took a 443 00:26:34,490 --> 00:26:37,689 S5: long time to get it. And the amount that computers 444 00:26:37,690 --> 00:26:40,810 S5: share I would be getting was not the amount I 445 00:26:40,970 --> 00:26:48,330 S5: received from unclaimed property. It was $924 less. And also 446 00:26:48,770 --> 00:26:55,730 S5: to let your listeners know that, um, let's see, uh, 447 00:26:55,730 --> 00:26:58,530 S5: there was one more thing I was going to say. Um. 448 00:27:01,170 --> 00:27:02,770 S1: Well, you think about that for a second, but let 449 00:27:02,770 --> 00:27:05,609 S1: me just affirm what you're saying here because you're right. Yes. 450 00:27:05,609 --> 00:27:08,490 S1: So what happens there is if if it becomes inactive 451 00:27:08,490 --> 00:27:13,170 S1: and Computershare is one of the larger financial services company 452 00:27:13,330 --> 00:27:17,929 S1: that handles what are called what's called share registry, stock transfers, 453 00:27:18,130 --> 00:27:24,590 S1: corporate trust operations. And if they become inactive. And again, yeah, 454 00:27:24,630 --> 00:27:27,830 S1: you didn't see the letter or they never sent it. Regardless, 455 00:27:27,830 --> 00:27:30,990 S1: they deemed it inactive. That is a normal protocol. They 456 00:27:30,990 --> 00:27:33,070 S1: turn it over to the state and then you've got 457 00:27:33,070 --> 00:27:36,669 S1: to go through their unclaimed property program. Each state has one. 458 00:27:36,910 --> 00:27:40,670 S1: Florida unclaimed property is, um, you know, they have their 459 00:27:40,670 --> 00:27:45,190 S1: own website. I think it's FL treasure hunt.gov. But um, yeah, 460 00:27:45,230 --> 00:27:48,909 S1: you can search the unclaimed property database and then submit 461 00:27:48,910 --> 00:27:53,670 S1: the claim online with proof of identification. And then, um, 462 00:27:53,670 --> 00:27:55,990 S1: you know, they, they would just send it out to you, 463 00:27:55,990 --> 00:27:58,870 S1: but obviously they've, you know, held back some fees or 464 00:27:58,869 --> 00:28:01,469 S1: something like that. But what was your final thought there? 465 00:28:02,230 --> 00:28:05,550 S5: My final thought was to say that in the meantime, 466 00:28:05,790 --> 00:28:10,070 S5: when I went ahead and put in the claim, I 467 00:28:10,070 --> 00:28:13,590 S5: received 11 different letters from lawyers saying, I can help 468 00:28:13,590 --> 00:28:16,070 S5: you get your unclaimed property. Of course they're going to 469 00:28:16,070 --> 00:28:16,950 S5: take a cut. 470 00:28:17,070 --> 00:28:17,889 S1: Of course. 471 00:28:17,930 --> 00:28:22,210 S5: Listeners know it's free. If you go straight to your 472 00:28:22,210 --> 00:28:25,889 S5: state's unclaimed property that there is no fee. 473 00:28:26,410 --> 00:28:27,490 S1: Yeah, that's great. 474 00:28:27,570 --> 00:28:28,690 S5: Florida. There isn't. 475 00:28:28,730 --> 00:28:32,370 S1: So yeah, that's great. Well, you make a great point here. 476 00:28:32,369 --> 00:28:35,970 S1: And I think this is something absolutely people should do. 477 00:28:36,010 --> 00:28:37,929 S1: And there is one for each state. And so I 478 00:28:37,930 --> 00:28:40,490 S1: would start there. But thanks for that Eileen. I'm sure 479 00:28:40,490 --> 00:28:42,890 S1: there's somebody out there today who needed to hear that. 480 00:28:43,050 --> 00:28:46,090 S1: And we always love when listeners call with helpful advice. 481 00:28:46,090 --> 00:28:48,890 S1: We appreciate you. Let's go to Indiana, Jeremy. Go ahead. 482 00:28:50,010 --> 00:28:51,770 S6: Yeah. Thanks for taking my call. I just had a 483 00:28:51,770 --> 00:28:54,490 S6: question about I want to save money for my kiddos. 484 00:28:54,530 --> 00:28:57,850 S6: It's a coworker told me about u t m a 485 00:28:57,890 --> 00:29:00,890 S6: accounts and I was wanting to know exactly how they work, 486 00:29:00,890 --> 00:29:02,690 S6: what they are, if it's a good option. Do you 487 00:29:02,690 --> 00:29:03,770 S6: know of a better option? 488 00:29:04,570 --> 00:29:08,930 S1: Yeah. Is this just saving generally for any use or 489 00:29:08,930 --> 00:29:10,650 S1: is it specifically for college. 490 00:29:11,610 --> 00:29:12,490 S6: For any use? 491 00:29:12,770 --> 00:29:17,000 S1: Okay. Yeah. Um, yeah. So the only downside of the Utma, 492 00:29:17,000 --> 00:29:20,200 S1: which stands for Uniform Transfers to Minor Act, is that 493 00:29:20,200 --> 00:29:23,080 S1: it's a custodial account, so it's set up by an 494 00:29:23,080 --> 00:29:27,640 S1: adult for a child. The only challenge is it transfers 495 00:29:27,640 --> 00:29:31,120 S1: fully to the child at the age of majority, which 496 00:29:31,120 --> 00:29:34,040 S1: depends on your state. It could be 18 or 21. 497 00:29:34,400 --> 00:29:38,479 S1: The downside to that is if they're not spiritually or 498 00:29:38,480 --> 00:29:41,800 S1: financially mature enough to handle it, they can spend it 499 00:29:41,800 --> 00:29:44,880 S1: however they want. There is no parental control. You lose 500 00:29:44,880 --> 00:29:49,360 S1: control whatsoever to that money. And so a lot of 501 00:29:49,360 --> 00:29:53,600 S1: folks instead will set up an account in the parent's name, 502 00:29:53,840 --> 00:29:56,760 S1: either individually in your name or joint with your wife, 503 00:29:57,120 --> 00:30:00,120 S1: and then earmark it for the child, put the money 504 00:30:00,120 --> 00:30:03,600 S1: in it, invest it, and then you choose the time 505 00:30:03,600 --> 00:30:05,560 S1: and place that you turn it over to the child 506 00:30:05,560 --> 00:30:07,680 S1: when you feel like they're ready for it. The other 507 00:30:07,680 --> 00:30:10,760 S1: benefit to that is if you if the child does 508 00:30:10,760 --> 00:30:14,360 S1: qualify or you qualify for any financial aid, it's better 509 00:30:14,360 --> 00:30:17,660 S1: for it to be your asset than the child's asset, 510 00:30:17,660 --> 00:30:20,860 S1: because it's counted against you at a higher level in 511 00:30:20,900 --> 00:30:24,380 S1: terms of the expected family contribution. Does that make sense? 512 00:30:25,420 --> 00:30:28,660 S6: Yeah it does. So can I start a UTI Emmaa 513 00:30:28,700 --> 00:30:30,860 S6: account in my own name than you're saying? 514 00:30:31,260 --> 00:30:34,300 S1: No you can't. So you would create a joint or 515 00:30:34,340 --> 00:30:37,860 S1: an individual account in your name? The Utma is a 516 00:30:37,860 --> 00:30:40,020 S1: custodial account. It has to be for the benefit of 517 00:30:40,020 --> 00:30:43,820 S1: a child. But you would just go to Fidelity or Schwab, 518 00:30:43,860 --> 00:30:46,380 S1: open a brokerage account in your name or joint with 519 00:30:46,380 --> 00:30:49,020 S1: your wife. And just in your mind, no, it's for 520 00:30:49,020 --> 00:30:51,780 S1: your child, but you control it. Stay on the line. 521 00:30:51,780 --> 00:31:02,860 S1: We'll talk a bit more. We'll be right back. Great 522 00:31:02,860 --> 00:31:04,660 S1: to have you with us today on Faith and Finance 523 00:31:04,660 --> 00:31:08,700 S1: Live 800 525 7000 is the number to call. It's 524 00:31:08,700 --> 00:31:13,360 S1: 800 525 7000. Let's go to Illinois. Vanessa, How can 525 00:31:13,360 --> 00:31:13,840 S1: I help? 526 00:31:14,480 --> 00:31:17,400 S7: Hi. Good afternoon, and thank you very much for taking 527 00:31:17,400 --> 00:31:21,640 S7: my call. Sure. I, I my husband and I are 528 00:31:21,640 --> 00:31:27,040 S7: both retired. Uh, our home is completely paid off. Um, 529 00:31:27,320 --> 00:31:33,360 S7: we are looking to do some home improvement, uh, around 530 00:31:33,840 --> 00:31:37,880 S7: the home. Of course, uh, and wanting to know what 531 00:31:37,920 --> 00:31:39,880 S7: steps we need to take. 532 00:31:40,400 --> 00:31:44,000 S1: Yes. Yeah. Your best option is probably going to be 533 00:31:44,000 --> 00:31:47,120 S1: a home equity line of credit. What's the difference between 534 00:31:47,120 --> 00:31:49,200 S1: a line of credit and a home equity loan? Well, 535 00:31:49,200 --> 00:31:52,280 S1: a line of credit allows you to be approved for 536 00:31:52,280 --> 00:31:55,560 S1: a certain amount that you can draw from, but you 537 00:31:55,560 --> 00:31:57,560 S1: don't have to take it out until you need it. 538 00:31:57,920 --> 00:32:00,600 S1: And then as you pay it back, it becomes available 539 00:32:00,600 --> 00:32:02,880 S1: to you during the draw period. So let's say the 540 00:32:02,880 --> 00:32:05,640 S1: draw period is ten years. And let's say you get 541 00:32:05,640 --> 00:32:09,440 S1: $100,000 line of credit, and then you start a construction 542 00:32:09,440 --> 00:32:12,020 S1: project and you know, in the first month you need 543 00:32:12,060 --> 00:32:15,180 S1: 10,000 and the next month you need 10,000. And then, 544 00:32:15,220 --> 00:32:17,660 S1: you know, two months later, you need another 10,000. You 545 00:32:17,660 --> 00:32:20,100 S1: could just pull it out of the line of credit 546 00:32:20,100 --> 00:32:23,420 S1: as you need it to pay your contractors. And then 547 00:32:23,420 --> 00:32:26,820 S1: typically during the draw period, you pay interest only. You 548 00:32:26,820 --> 00:32:29,580 S1: don't have to. But that's all that's required. And then 549 00:32:29,580 --> 00:32:33,020 S1: at some point that draw period would close. And then 550 00:32:33,020 --> 00:32:36,700 S1: there's an amortized payback, which just means like any loan, 551 00:32:36,980 --> 00:32:39,700 S1: you would have a set amount you have to pay 552 00:32:39,700 --> 00:32:43,620 S1: every month. And if it's 15 year amortization, then it 553 00:32:43,620 --> 00:32:45,700 S1: would be set up so that at the end of 554 00:32:45,700 --> 00:32:48,780 S1: the 15th year you would have paid it off in full. 555 00:32:49,100 --> 00:32:51,300 S1: And so that's the benefit of the line of credit 556 00:32:51,300 --> 00:32:53,660 S1: is you have access to the money. You don't pay 557 00:32:53,700 --> 00:32:57,260 S1: any any interest unless you use it. And you can 558 00:32:57,260 --> 00:32:59,140 S1: pull it out as you need it. You can pay 559 00:32:59,140 --> 00:33:01,780 S1: it back and then get it again. And so that's 560 00:33:01,780 --> 00:33:05,540 S1: usually the way people go. The other aspect of a 561 00:33:05,540 --> 00:33:07,740 S1: home equity line of credit is that they generally have 562 00:33:07,740 --> 00:33:11,130 S1: what's called a variable interest rate, which means the interest 563 00:33:11,130 --> 00:33:15,090 S1: rate moves with the prevailing rates. Well, when when rates 564 00:33:15,090 --> 00:33:18,570 S1: were really low, that was a negative. Um, when rates 565 00:33:18,570 --> 00:33:21,610 S1: are high like they are now, that's a positive. Because 566 00:33:21,610 --> 00:33:24,010 S1: what that means is as rates come down over the 567 00:33:24,010 --> 00:33:27,690 S1: next few years and they're expected to, the interest rate 568 00:33:27,690 --> 00:33:30,690 S1: you have on this line of credit will come down 569 00:33:30,690 --> 00:33:34,010 S1: with rates. Now most lenders will allow you to give 570 00:33:34,170 --> 00:33:39,450 S1: 80 to 85% of the value of your home, including 571 00:33:39,450 --> 00:33:43,490 S1: your existing mortgage, if you have one. And, um, and then, 572 00:33:43,650 --> 00:33:45,610 S1: you know, you just want to look for either a 573 00:33:45,610 --> 00:33:50,130 S1: bank or a credit union that has, uh, an attractive rate. 574 00:33:50,490 --> 00:33:53,090 S1: You're probably going to want to be as close to 575 00:33:53,130 --> 00:33:59,010 S1: prime as possible. So the prime rate, uh, today I 576 00:33:59,010 --> 00:34:02,130 S1: believe is let me just look and see where it's at. Uh, 577 00:34:02,130 --> 00:34:05,370 S1: six and three quarters. So a lot of times you'll 578 00:34:05,370 --> 00:34:07,970 S1: go to a bank and they'll say we're prime plus one. 579 00:34:07,970 --> 00:34:10,670 S1: So that'd be in the case of today. Six and 580 00:34:10,670 --> 00:34:14,270 S1: three quarters plus one, seven and three quarters. And then 581 00:34:14,270 --> 00:34:17,310 S1: it will come down as interest rates come down. So 582 00:34:17,310 --> 00:34:20,029 S1: you want to compare the rates between the banks and 583 00:34:20,030 --> 00:34:22,230 S1: the credit unions. And then the other thing you want 584 00:34:22,270 --> 00:34:26,350 S1: to compare is the the closing costs. Um, now a 585 00:34:26,350 --> 00:34:29,750 S1: lot of the banks will do no closing costs. Now 586 00:34:29,750 --> 00:34:32,350 S1: you'll have to, you know, keep it open for a 587 00:34:32,350 --> 00:34:34,950 S1: certain period of time because, you know, they're paying some 588 00:34:34,950 --> 00:34:37,750 S1: of the expenses. But if you can find one without 589 00:34:37,750 --> 00:34:40,150 S1: any closing costs, then, you know, you don't have to 590 00:34:40,150 --> 00:34:43,470 S1: pay for the appraisal and you don't have any origination 591 00:34:43,469 --> 00:34:46,470 S1: fees or anything like that. Um, so I would shop 592 00:34:46,469 --> 00:34:49,630 S1: this around, um, in terms of the big banks, I 593 00:34:49,630 --> 00:34:51,830 S1: think some of the best right now would be Bank 594 00:34:51,830 --> 00:34:56,270 S1: of America and Truist. But often times local credit unions 595 00:34:56,270 --> 00:34:58,950 S1: will have the best rates and fees. Uh, if you 596 00:34:58,950 --> 00:34:59,790 S1: can find one. 597 00:35:00,469 --> 00:35:03,190 S7: Okay. Thank you very much. 598 00:35:03,510 --> 00:35:06,430 S1: Okay. Vanessa, thank you for your call today. We appreciate it. Uh, 599 00:35:06,430 --> 00:35:09,130 S1: let's go down to Florida. Bernice, how can I help? 600 00:35:09,890 --> 00:35:11,050 S8: Hi. How are you doing? 601 00:35:11,410 --> 00:35:12,050 S1: Good, thanks. 602 00:35:12,090 --> 00:35:16,250 S8: So our family's income unexpectedly got cut in about a 603 00:35:16,250 --> 00:35:20,530 S8: half due to a merger and acquisition. And our mortgage 604 00:35:20,570 --> 00:35:24,450 S8: is about 38% of our take home pay. And so 605 00:35:24,450 --> 00:35:30,890 S8: I just was typically do 10% on gross for tithes. 606 00:35:32,010 --> 00:35:37,770 S8: Just kind of wanting your thoughts on going down to 10% next. 607 00:35:37,770 --> 00:35:41,129 S8: And also we have a five, two, nine. How about 608 00:35:41,170 --> 00:35:44,770 S8: in terms of like pausing those just to kind of 609 00:35:44,810 --> 00:35:45,890 S8: keep ourselves? 610 00:35:46,250 --> 00:35:49,410 S1: Sure. Yeah. I'm so sorry to hear that. Uh, is 611 00:35:49,410 --> 00:35:52,770 S1: there any prospect of that being restored or is that 612 00:35:52,770 --> 00:35:55,089 S1: going to require a change in employer? 613 00:35:55,969 --> 00:35:58,250 S8: Yes, it would require a change in employer, but that's 614 00:35:58,250 --> 00:36:00,290 S8: currently looking at options. 615 00:36:00,450 --> 00:36:03,290 S1: Yeah. Okay. Well, the good news is, I mean, it's 616 00:36:03,290 --> 00:36:08,469 S1: a relatively robust job market. Now, that's only as good 617 00:36:08,469 --> 00:36:11,229 S1: as the job that you can find that in the area. 618 00:36:11,270 --> 00:36:12,989 S1: You want to find it paying what you want to pay. 619 00:36:13,030 --> 00:36:15,550 S1: I realize, but it's not like we're in a really 620 00:36:15,550 --> 00:36:20,509 S1: challenging high unemployment job market. So, um, ultimately, let's make 621 00:36:20,510 --> 00:36:23,270 S1: this a matter of prayer and make that, uh, finding 622 00:36:23,270 --> 00:36:27,510 S1: that next job, you know, a major focus. In the meantime, 623 00:36:27,510 --> 00:36:30,629 S1: I know this is a pretty heavy shift and you're 624 00:36:30,630 --> 00:36:34,190 S1: bearing the responsibility of this. So the goal right now 625 00:36:34,190 --> 00:36:37,950 S1: is stability, not perfection. So I would start by prioritizing 626 00:36:37,950 --> 00:36:44,550 S1: the essentials housing, utilities, food, um, you know, transportation and insurance. Um, 627 00:36:44,590 --> 00:36:48,830 S1: since your mortgage is, you know, around 38%, that's tight, 628 00:36:48,830 --> 00:36:52,790 S1: but not unmanageable. It just means everything else has to flex. 629 00:36:53,070 --> 00:36:56,950 S1: So I would work on that bare bones budget zero based. 630 00:36:56,950 --> 00:36:59,230 S1: And so kind of strip everything out except the big 631 00:36:59,230 --> 00:37:02,350 S1: for gas in the car, food on the table, utilities 632 00:37:02,350 --> 00:37:06,540 S1: and housing And, you know, assign every dollar a job 633 00:37:06,860 --> 00:37:12,700 S1: and pause or reduce non-essentials. Dining out. Extras. Subscriptions. Call 634 00:37:12,700 --> 00:37:16,259 S1: your lenders if you have to proactively and see if 635 00:37:16,260 --> 00:37:20,420 S1: they have any temporary relief or hardship options. And, you know, 636 00:37:20,460 --> 00:37:23,419 S1: really build a four walls mindset where you're focused on 637 00:37:23,420 --> 00:37:27,820 S1: needs versus wants. You know, I would say regarding the tithe, um, 638 00:37:27,820 --> 00:37:31,020 S1: continue seeking the Lord, but remember, God sees your heart 639 00:37:31,020 --> 00:37:34,020 S1: and your situation. Um, you know, I would point you 640 00:37:34,020 --> 00:37:37,339 S1: to second Corinthians nine seven and I would just say 641 00:37:37,340 --> 00:37:41,460 S1: some believers really temporarily adjust giving during a hardship while 642 00:37:41,460 --> 00:37:45,980 S1: staying faithful and trusting God and in prayer and, you know, 643 00:37:46,020 --> 00:37:50,420 S1: increase your margin where possible. So, you know, look for 644 00:37:50,420 --> 00:37:56,419 S1: temporary side income, selling unused items, negotiating bills. Maybe reach 645 00:37:56,460 --> 00:38:00,380 S1: out to your local church. They might have support or benevolence. 646 00:38:00,620 --> 00:38:02,480 S1: I think this season is really going to be to 647 00:38:02,480 --> 00:38:05,920 S1: be about faithful stewardship, under pressure and recognizing God as 648 00:38:05,920 --> 00:38:10,880 S1: your provider, even in the midst of the difficulty. And ultimately, 649 00:38:10,920 --> 00:38:13,680 S1: he sees your heart and and it all belongs to 650 00:38:13,719 --> 00:38:16,000 S1: him anyway. So I wouldn't get too hung up on 651 00:38:16,040 --> 00:38:18,920 S1: that giving up. Just do what you can. And I 652 00:38:18,920 --> 00:38:21,680 S1: would keep some regular giving, but it might need to 653 00:38:21,680 --> 00:38:23,840 S1: come way down just for you to be able to 654 00:38:23,840 --> 00:38:25,880 S1: balance everything. Does that make sense? 655 00:38:26,760 --> 00:38:29,920 S8: It does. Yeah. I was just definitely struggling between whether 656 00:38:29,920 --> 00:38:33,360 S8: to keep it at the gross or just for the 657 00:38:34,040 --> 00:38:39,160 S8: temporary period. So. Okay. All right. Thank you so very much. 658 00:38:39,440 --> 00:38:42,080 S1: You're welcome. Bernice, thank you for calling. Hey, would it 659 00:38:42,080 --> 00:38:45,719 S1: be helpful to you to have a certified Christian financial counselor? 660 00:38:45,760 --> 00:38:48,520 S1: That wouldn't cost you anything? Just come alongside you to 661 00:38:48,560 --> 00:38:49,799 S1: take a look at things. 662 00:38:50,360 --> 00:38:51,080 S9: Oh, sure. 663 00:38:51,520 --> 00:38:54,120 S1: All right, let's do that. I'll, um. If you stay 664 00:38:54,120 --> 00:38:56,400 S1: on the line, I'll have my team get you connected, 665 00:38:56,400 --> 00:38:58,920 S1: and we'll have somebody reach out to you and just 666 00:38:58,920 --> 00:39:01,080 S1: help you with the, uh, the budget and maybe give 667 00:39:01,180 --> 00:39:03,740 S1: you a few ideas on how you can manage through. 668 00:39:03,780 --> 00:39:06,580 S1: While you're waiting for your income to be restored. So 669 00:39:06,580 --> 00:39:07,980 S1: stay on the line and we're going to pick up 670 00:39:07,980 --> 00:39:10,379 S1: the cost of that. Thanks for your call today. Let's 671 00:39:10,380 --> 00:39:12,020 S1: go to Indiana. Hi, Lea. Go ahead. 672 00:39:13,140 --> 00:39:16,819 S10: Yes, my name is Lea and I listen to you 673 00:39:16,820 --> 00:39:21,379 S10: every morning on AFR. Awesome. Um, and you just seem 674 00:39:21,380 --> 00:39:24,700 S10: like the, the right person to, to call about this 675 00:39:24,900 --> 00:39:29,540 S10: so quickly. It may not be something you can answer 676 00:39:29,540 --> 00:39:31,939 S10: in detail, but maybe you can point me in the 677 00:39:31,940 --> 00:39:38,380 S10: direction it has to do with, um, cyber scam. Possibly. Um, 678 00:39:39,100 --> 00:39:46,020 S10: you're familiar with Crypto.com and their wallet subsidiary on chain 679 00:39:47,020 --> 00:39:50,620 S10: and we had done considerable amount of. I'm sorry. 680 00:39:51,180 --> 00:39:51,940 S1: No. Go ahead. 681 00:39:52,900 --> 00:39:57,219 S10: Yeah. We had done considerable amount of trading there and 682 00:39:57,260 --> 00:40:03,760 S10: accumulated a sizable amount and we went to withdrawal and 683 00:40:03,760 --> 00:40:08,799 S10: they wanted, um, uh, three months worth of bank statements 684 00:40:08,800 --> 00:40:12,840 S10: and so forth. And, you know, kind of our whole pedigree, 685 00:40:13,520 --> 00:40:19,880 S10: which we supplied and they responded back that, um, they were, 686 00:40:19,920 --> 00:40:24,440 S10: that we were under review and they were concerned about 687 00:40:24,560 --> 00:40:28,120 S10: money laundering, which I'm not even smart enough to do 688 00:40:28,120 --> 00:40:32,440 S10: that if I knew how. Um, and that, uh, it 689 00:40:32,440 --> 00:40:38,200 S10: would require, uh, $200,000 to open the, or to, to 690 00:40:38,680 --> 00:40:42,160 S10: basically unfreeze the account. So I didn't know if you 691 00:40:42,160 --> 00:40:46,319 S10: could help me or knew anybody involved in cyber security 692 00:40:46,360 --> 00:40:50,800 S10: that you could point me to. And I just through 693 00:40:50,800 --> 00:40:53,160 S10: all the years of listening to you, I just thought 694 00:40:54,040 --> 00:40:58,080 S10: you would be somebody that I would feel confident in. 695 00:40:58,190 --> 00:41:02,669 S10: and and be more than happy to take any suggestions 696 00:41:02,670 --> 00:41:03,510 S10: you might have. 697 00:41:04,270 --> 00:41:06,310 S1: Well thank you. And I'm so sorry, Lee, that you're 698 00:41:06,310 --> 00:41:09,310 S1: walking through this. I know this is, uh, weighing heavily 699 00:41:09,310 --> 00:41:12,069 S1: on you. Um, let me just say, this has all 700 00:41:12,070 --> 00:41:15,550 S1: the signs of a crypto scam. The request for 200,000 701 00:41:15,590 --> 00:41:19,110 S1: to unfreeze an account is a major red flag. Legitimate 702 00:41:19,110 --> 00:41:22,469 S1: platforms do not ever require you to pay money to 703 00:41:22,510 --> 00:41:25,910 S1: withdraw your own funds. Uh, so the idea that they're 704 00:41:25,910 --> 00:41:29,270 S1: claiming a money laundering review and they're putting pressure on 705 00:41:29,350 --> 00:41:34,989 S1: you and requiring a large payment, those are classic scam tactics. Uh, 706 00:41:34,989 --> 00:41:38,989 S1: Crypto.com is a legitimate platform. But what happens is, and 707 00:41:38,989 --> 00:41:43,870 S1: I'm just speculating here, scammers will often impersonate real companies 708 00:41:44,230 --> 00:41:48,350 S1: and create fake websites or apps that look identical. So 709 00:41:48,350 --> 00:41:52,430 S1: my first question to you would be, is this a 710 00:41:52,430 --> 00:41:57,450 S1: fake platform posing as Crypto.com or a scammer who gained 711 00:41:57,450 --> 00:42:01,609 S1: access and is controlling the communication. You absolutely don't want 712 00:42:01,650 --> 00:42:05,049 S1: to put any money in. Stop all communication and you 713 00:42:05,050 --> 00:42:08,370 S1: want to contact the company directly. Go to the official 714 00:42:08,370 --> 00:42:14,130 S1: website of Crypto.com, use the verified contact info and then 715 00:42:14,130 --> 00:42:17,210 S1: ask them if there is a real hold on the account. 716 00:42:17,530 --> 00:42:21,129 S1: But if someone asks you to pay money to unlock funds, 717 00:42:21,489 --> 00:42:25,690 S1: it's almost always a fraud scheme. Um, and then next 718 00:42:25,690 --> 00:42:30,330 S1: I would report this to the FTC, Federal Trade Commission, uh, 719 00:42:30,530 --> 00:42:36,770 S1: report fraud, ftc.gov or the, uh, FBI, internet crime complaint center. 720 00:42:36,770 --> 00:42:40,609 S1: It's ic3.gov. Uh, let's, uh, let's talk a bit more 721 00:42:40,610 --> 00:42:43,130 S1: off the air. Stay right there. Faith and Finance Live 722 00:42:43,130 --> 00:42:45,770 S1: is a partnership between Moody radio and Faith fi. Big 723 00:42:45,770 --> 00:42:49,529 S1: thanks to my amazing team today. Taylor, Tyra, Josh, Dan, 724 00:42:49,610 --> 00:42:52,130 S1: everybody here at Faith fi. Come back and join us 725 00:42:52,130 --> 00:42:53,290 S1: next time. We'll see you then.