1 00:00:08,920 --> 00:00:11,400 S1: Blessed is the one who finds wisdom and the one 2 00:00:11,400 --> 00:00:15,000 S1: who gains understanding. For her, profit is better than silver 3 00:00:15,000 --> 00:00:19,560 S1: and her gain surpasses gold. Proverbs 313 and 14. I 4 00:00:19,560 --> 00:00:23,640 S1: am Rob West. Making wise financial decisions early in life 5 00:00:23,640 --> 00:00:27,640 S1: can set the stage for long term stability and generosity. 6 00:00:27,880 --> 00:00:32,000 S1: But where should students and young professionals begin today? Bob 7 00:00:32,040 --> 00:00:35,360 S1: Dole joins us to share some practical financial advice to 8 00:00:35,400 --> 00:00:38,479 S1: help young adults start their career on the right foot. 9 00:00:38,640 --> 00:00:42,879 S1: And then it's on to your calls at 800 525 7000. 10 00:00:43,159 --> 00:00:46,680 S1: This is faith and finance. Live biblical wisdom for your 11 00:00:46,680 --> 00:00:51,559 S1: financial journey. Well, it's always a pleasure to have my 12 00:00:51,560 --> 00:00:54,240 S1: friend Bob Dole with us. Bob is the CEO and 13 00:00:54,240 --> 00:00:58,400 S1: CIO at Crossmark Global Investments, an industry leading faith based 14 00:00:58,400 --> 00:01:01,590 S1: investment management firm. He also sits on the board of 15 00:01:01,590 --> 00:01:05,110 S1: directors at Kingdom Advisors and is a trusted voice on 16 00:01:05,110 --> 00:01:07,309 S1: the program. Bob, great to have you with us. 17 00:01:07,590 --> 00:01:09,470 S2: Thanks for including me in this session. 18 00:01:09,630 --> 00:01:13,550 S1: Bob. You manage investments worth billions, so it seems like 19 00:01:13,590 --> 00:01:15,950 S1: you might know a thing or two about making the 20 00:01:15,950 --> 00:01:18,630 S1: right financial decisions. And that's what I want to talk 21 00:01:18,630 --> 00:01:22,869 S1: about today and specifically about students and young adults. So 22 00:01:23,110 --> 00:01:28,030 S1: what decisions should students and young adults starting their careers 23 00:01:28,030 --> 00:01:31,910 S1: make right now to get them on a solid financial footing? 24 00:01:32,390 --> 00:01:35,030 S2: Well, as like so many things in life, Rob, have 25 00:01:35,030 --> 00:01:38,110 S2: a plan? Yeah. You aim at nothing. You're sure to 26 00:01:38,150 --> 00:01:41,470 S2: achieve it, as they say. But creating and sticking to 27 00:01:41,510 --> 00:01:45,550 S2: a budget for both income and expenses is the starting point. 28 00:01:45,709 --> 00:01:47,630 S2: And as you know better than me, faith has a 29 00:01:47,630 --> 00:01:51,070 S2: really good app to make that happen. Yes. Once you 30 00:01:51,070 --> 00:01:53,150 S2: get started on that, then you want to think about 31 00:01:53,150 --> 00:01:57,670 S2: an emergency fund for the tough times in life. General 32 00:01:57,820 --> 00:02:01,940 S2: suggestions are 3 to 6 months of expenses and needless 33 00:02:01,940 --> 00:02:04,540 S2: to say, Rob, I don't believe I have to say it. 34 00:02:04,540 --> 00:02:08,380 S2: Avoid debt credit card debt, especially with those high interest 35 00:02:08,419 --> 00:02:12,540 S2: rates when you pay off your credit card immediately. When 36 00:02:12,540 --> 00:02:14,859 S2: you focus on paying down your student loans, you're going 37 00:02:14,900 --> 00:02:15,940 S2: to be far better off. 38 00:02:15,980 --> 00:02:18,700 S1: Oh, that is so good. Yeah, compounding is a very 39 00:02:18,700 --> 00:02:22,100 S1: powerful force. It can work for you or against you. 40 00:02:22,580 --> 00:02:24,460 S1: The against you happens when you have a lot of 41 00:02:24,460 --> 00:02:27,140 S1: credit card debt for sure. So we want to certainly 42 00:02:27,139 --> 00:02:30,139 S1: avoid that. Now, unfortunately, Bob, as you well know, not 43 00:02:30,139 --> 00:02:33,620 S1: everyone follows that advice. So how can we learn from 44 00:02:33,660 --> 00:02:38,860 S1: others financial mistakes and then make wiser choices again? 45 00:02:38,860 --> 00:02:41,579 S2: Like so many things in life, just observe what other 46 00:02:41,580 --> 00:02:44,740 S2: people are doing. Those that are having success in this 47 00:02:44,740 --> 00:02:47,419 S2: area and those who are struggling. Most of us need 48 00:02:47,419 --> 00:02:49,780 S2: a mentor for various pieces of life and for a 49 00:02:49,780 --> 00:02:52,380 S2: lot of people, that's a great way to get going 50 00:02:52,380 --> 00:02:56,380 S2: on your finances. Uh, a financial advisor can give you 51 00:02:56,380 --> 00:02:59,090 S2: the guidance that you really need to get the job 52 00:02:59,090 --> 00:03:02,330 S2: done well here. Make sure that you keep aware of 53 00:03:02,330 --> 00:03:06,970 S2: and constantly check yourself for the common pitfalls in this 54 00:03:06,970 --> 00:03:11,050 S2: area of life. And that is overspending. You can get 55 00:03:11,050 --> 00:03:14,690 S2: in trouble real fast there and get into a vicious spiral. 56 00:03:14,970 --> 00:03:17,250 S2: Or not saving. You know, don't don't just, you know, 57 00:03:17,290 --> 00:03:21,370 S2: spend everything you have. You have a savings program. Um, 58 00:03:21,410 --> 00:03:25,210 S2: listening to this program, reading good books on the subject. Um, 59 00:03:25,210 --> 00:03:27,490 S2: I come back to follow the people that are going 60 00:03:27,530 --> 00:03:30,450 S2: to make a difference for you people. Be very willing 61 00:03:30,490 --> 00:03:33,970 S2: to help. And Faith fi has a great content in 62 00:03:33,970 --> 00:03:35,650 S2: its app on this subject as well. 63 00:03:35,690 --> 00:03:39,130 S1: Yeah. Bob, let's get personal for a second. Any mistakes 64 00:03:39,130 --> 00:03:42,970 S1: you made early on that you could share with our listeners? 65 00:03:43,290 --> 00:03:46,090 S2: Yeah. Not paying attention to it all. We thankfully, my 66 00:03:46,090 --> 00:03:49,290 S2: wife and I didn't have a conspicuous consumption problem as 67 00:03:49,290 --> 00:03:53,130 S2: many did. We actually, um, dishonored the Lord by, by 68 00:03:53,250 --> 00:03:55,800 S2: putting too much money in Barnes. We saved a lot 69 00:03:55,840 --> 00:03:58,680 S2: of money. I was busy on Wall Street. Leslie was 70 00:03:58,680 --> 00:04:01,440 S2: busy raising our kids. And, uh, a lot of money 71 00:04:01,440 --> 00:04:04,840 S2: accumulated that, uh, God had better uses for. We woke 72 00:04:04,840 --> 00:04:07,360 S2: up to that and became more generous givers. 73 00:04:07,400 --> 00:04:11,040 S1: I love that, Bob. Obviously, starting early is key, and 74 00:04:11,040 --> 00:04:13,440 S1: we're talking to students and young adults. I mean, the 75 00:04:13,440 --> 00:04:16,800 S1: power of being able to put aside even a little 76 00:04:16,839 --> 00:04:21,719 S1: bit consistently, especially when it's invested. It's a powerful force, 77 00:04:21,720 --> 00:04:22,279 S1: isn't it? 78 00:04:22,520 --> 00:04:26,560 S2: It is both that you're having the regular savings program 79 00:04:26,560 --> 00:04:29,760 S2: for investment. But as you mentioned earlier, the beauty of 80 00:04:29,760 --> 00:04:33,560 S2: compound interest. It can add up fast. And, uh, you know, 81 00:04:33,600 --> 00:04:35,800 S2: what you think's a little bit can become a whole 82 00:04:35,800 --> 00:04:37,400 S2: lot more as the years go by. 83 00:04:37,440 --> 00:04:40,720 S1: Yeah. And it's important to be consistent, what we call 84 00:04:40,720 --> 00:04:44,400 S1: dollar cost averaging. And don't worry about the market. The, 85 00:04:44,560 --> 00:04:47,200 S1: the secret is when the market's down, you buy more 86 00:04:47,200 --> 00:04:49,080 S1: shares with the same amount of money, right? 87 00:04:49,120 --> 00:04:51,920 S2: That's the beauty of dollar cost averaging. It does work. 88 00:04:52,160 --> 00:04:55,070 S1: We're talking to Bob Dole today. our good friend, he's 89 00:04:55,070 --> 00:04:59,310 S1: CEO and chief investment officer at Crossmark Global Investments, an 90 00:04:59,310 --> 00:05:01,910 S1: underwriter of this program and a real leader in the 91 00:05:01,910 --> 00:05:06,029 S1: area of faith based investing. Today, some sage advice for 92 00:05:06,029 --> 00:05:11,030 S1: young adults, those just getting started in their early careers. 93 00:05:11,029 --> 00:05:12,790 S1: You're not going to want to miss what Bob has 94 00:05:12,790 --> 00:05:16,029 S1: to share right around the corner. He's been there, done that. 95 00:05:16,310 --> 00:05:19,669 S1: He'll have more for you following this interview. Your questions 96 00:05:19,670 --> 00:05:23,950 S1: today at 800 525 7000. We'll be back with more 97 00:05:23,950 --> 00:05:36,590 S1: after this. Stick around. I'm so thankful you've joined us 98 00:05:36,589 --> 00:05:39,470 S1: today for Faith and Finance Live. I'm Rob West and 99 00:05:39,470 --> 00:05:42,790 S1: with me today is frequent contributor and good friend Bob Dole. 100 00:05:42,990 --> 00:05:47,310 S1: He's the CEO and CIO at Crossmark Global Investments. You 101 00:05:47,310 --> 00:05:51,589 S1: can learn more at crossmark. Global.com. Bob and his wife, Leslie, 102 00:05:51,589 --> 00:05:56,460 S1: have mentored countless individuals in many areas of life, especially 103 00:05:56,460 --> 00:06:02,020 S1: in financial stewardship. And today we're talking specifically about young adults, students, 104 00:06:02,020 --> 00:06:05,220 S1: and those in their early careers that are trying to 105 00:06:05,260 --> 00:06:09,620 S1: build a solid financial foundation. And Bob, that's not only 106 00:06:09,620 --> 00:06:13,700 S1: the financial literacy, the blocking and tackling, but also deepening 107 00:06:13,700 --> 00:06:16,380 S1: our understanding of God's heart as it relates to money, 108 00:06:16,380 --> 00:06:19,900 S1: because there is a lot in Scripture on this topic, right? 109 00:06:20,260 --> 00:06:23,380 S2: Starting with the fact that it's not our money. You know, 110 00:06:23,420 --> 00:06:25,180 S2: one of the big pitfalls, people say, well, this is 111 00:06:25,180 --> 00:06:27,779 S2: my money. I can do with it what I want. No, no, no, no. 112 00:06:27,820 --> 00:06:31,460 S2: Like everything in life, including our bodies, our brains, our time, 113 00:06:31,460 --> 00:06:33,779 S2: it's all on loan to us from God. And we're 114 00:06:33,779 --> 00:06:36,500 S2: to be good stewards. And that starts with our money. 115 00:06:36,540 --> 00:06:39,260 S1: Yeah, that's well said. Bob, you mentioned that one of 116 00:06:39,260 --> 00:06:41,940 S1: the things we should do to deepen our understanding of 117 00:06:41,940 --> 00:06:45,419 S1: biblical money management is not only to look for guidance 118 00:06:45,420 --> 00:06:49,300 S1: and perhaps a mentor, but be a reader, actively seek 119 00:06:49,339 --> 00:06:53,290 S1: out great content on this topic. And of course, Faith 120 00:06:53,290 --> 00:06:55,330 S1: VI is here for that. But what are a couple 121 00:06:55,370 --> 00:06:58,289 S1: of books that really shaped your thinking beyond God's word? 122 00:06:58,570 --> 00:07:01,890 S2: I point to Randy Alcorn, A l c o r n. 123 00:07:01,930 --> 00:07:04,250 S2: If people don't know who he is. Randy has written 124 00:07:04,250 --> 00:07:07,490 S2: so many books on. The treasure principle, for example, is 125 00:07:07,490 --> 00:07:10,369 S2: one of them. But any of Randy's books on this 126 00:07:10,370 --> 00:07:14,450 S2: subject can help anybody wherever they are starting point or 127 00:07:14,450 --> 00:07:18,450 S2: well advanced in the savings giving money process. 128 00:07:18,490 --> 00:07:21,050 S1: Yeah, I couldn't agree more. You know, beyond God's Word, 129 00:07:21,050 --> 00:07:24,210 S1: probably the book that shaped my thinking most significantly in 130 00:07:24,210 --> 00:07:28,130 S1: this topic was money, possessions, and Eternity from Randy Alcorn, 131 00:07:28,130 --> 00:07:28,650 S1: for sure. 132 00:07:28,690 --> 00:07:30,930 S2: I taught a Sunday school class on that and had 133 00:07:30,930 --> 00:07:31,810 S2: a great time. 134 00:07:31,930 --> 00:07:33,850 S1: Oh, I bet yeah, it's a little bit of a 135 00:07:33,850 --> 00:07:36,410 S1: thicker read. So you got to commit some time, but 136 00:07:36,410 --> 00:07:39,330 S1: it's well worth it. By the way, we sent that's 137 00:07:39,330 --> 00:07:43,170 S1: the book we send to every new certified Kingdom advisor. Uh, 138 00:07:43,170 --> 00:07:45,930 S1: when they earn the designation. That's how much we think 139 00:07:45,930 --> 00:07:48,610 S1: of of that book. Uh, Bob, you mentioned before the 140 00:07:48,610 --> 00:07:50,760 S1: break that one of the things you and Leslie learned 141 00:07:50,760 --> 00:07:55,920 S1: was it wasn't about spending frivolously necessarily, or incurring a 142 00:07:55,920 --> 00:07:58,240 S1: lot of credit card debt. It was as you were 143 00:07:58,240 --> 00:08:00,760 S1: working hard building your career on Wall Street, how much 144 00:08:00,760 --> 00:08:05,040 S1: you were socking away in bigger barns and, you know, 145 00:08:05,080 --> 00:08:08,360 S1: the opportunity that you missed to give generously, which you 146 00:08:08,360 --> 00:08:12,080 S1: and Leslie are now really thoughtful about. What would you 147 00:08:12,080 --> 00:08:17,360 S1: say to 20 year old Bob about generosity and giving? 148 00:08:17,560 --> 00:08:21,400 S1: What counsel would you give to perhaps lean into that 149 00:08:21,400 --> 00:08:23,080 S1: early and not miss that? 150 00:08:23,320 --> 00:08:26,880 S2: Yeah. To get started, to be generous. You know, I 151 00:08:26,920 --> 00:08:30,679 S2: love the line God prospers us. Not necessarily to increase 152 00:08:30,680 --> 00:08:34,719 S2: our standard of living, but our standard of giving. And 153 00:08:34,720 --> 00:08:37,439 S2: while we didn't spend more, as we earned more, we 154 00:08:37,480 --> 00:08:40,160 S2: saved it. And we should have wished Bob, at 20 155 00:08:40,160 --> 00:08:43,280 S2: years old, would have given more away. Talk to people 156 00:08:43,280 --> 00:08:47,040 S2: in your business that are older, that may have the 157 00:08:47,040 --> 00:08:50,070 S2: same income patterns as you do. What did they do? 158 00:08:50,110 --> 00:08:53,670 S2: What did they learn? This is the way to mature 159 00:08:53,710 --> 00:08:56,030 S2: faster than your years on this subject. 160 00:08:56,070 --> 00:08:59,550 S1: Yeah. And obviously there's a tension there and I think 161 00:08:59,550 --> 00:09:01,270 S1: that's a good thing. I mean, it'd be one thing 162 00:09:01,270 --> 00:09:03,270 S1: if God's word said, well, yeah, you're supposed to live 163 00:09:03,270 --> 00:09:06,670 S1: on 78.6% of your income and give the rest away. 164 00:09:06,670 --> 00:09:09,309 S1: It doesn't. But that requires that we get on our 165 00:09:09,309 --> 00:09:12,950 S1: knees and really have this conversation, especially if we're married between, 166 00:09:12,990 --> 00:09:15,790 S1: you know, our spouse and ourselves and the Lord, right? 167 00:09:16,070 --> 00:09:19,670 S2: Well said. And there are seasons of life, you know, 168 00:09:19,710 --> 00:09:22,630 S2: a student that, uh, is working hard to graduate from 169 00:09:22,630 --> 00:09:25,950 S2: college may not have a job. And so there are 170 00:09:25,950 --> 00:09:30,670 S2: different standards for that person than when somebody starts working, 171 00:09:30,670 --> 00:09:33,830 S2: when someone moves up the ladder a bit. So there 172 00:09:33,830 --> 00:09:36,510 S2: are seasons in life. God knows that he understands that. 173 00:09:36,510 --> 00:09:38,510 S2: And just like you said, get on your knees and 174 00:09:38,510 --> 00:09:39,709 S2: you'll help figure it out. 175 00:09:39,910 --> 00:09:42,870 S1: What happens in your heart and in your marriage when 176 00:09:42,870 --> 00:09:46,790 S1: you prioritize giving? Even in those early days where budgets 177 00:09:46,860 --> 00:09:48,940 S1: are tight and we don't have a lot of net worth. 178 00:09:49,340 --> 00:09:51,540 S2: Immediately, what comes to mind? Rob, is it is more 179 00:09:51,540 --> 00:09:54,500 S2: blessed to give than receive. Yeah, I know from some 180 00:09:54,500 --> 00:09:56,980 S2: of the things we've done over time that where we 181 00:09:56,980 --> 00:10:02,059 S2: did extend ourselves. God bless big time in the heart. 182 00:10:02,100 --> 00:10:05,260 S2: You know the joy that comes from it. Um, give 183 00:10:05,260 --> 00:10:05,900 S2: it a try. 184 00:10:06,020 --> 00:10:09,820 S1: Yeah. Bob, let's talk about investing for those who are 185 00:10:09,820 --> 00:10:12,940 S1: students and early in their career. Obviously, you've had a 186 00:10:12,980 --> 00:10:16,699 S1: long tenure on Wall Street managing billions of dollars. We 187 00:10:16,700 --> 00:10:19,620 S1: can see you on CNBC and Fox business. But you know, 188 00:10:19,660 --> 00:10:22,219 S1: for those who are just getting started, what would you 189 00:10:22,220 --> 00:10:25,540 S1: say to them about where to begin on their investment journey? 190 00:10:25,940 --> 00:10:29,900 S2: You already said it. Get started. The sooner you start, 191 00:10:29,900 --> 00:10:31,740 S2: the better off you're going to be. So what do 192 00:10:31,740 --> 00:10:34,300 S2: you start with? You might want to have a financial 193 00:10:34,300 --> 00:10:41,500 S2: advisor who can help direct you. Maybe part of a family. Um, look, uh, 194 00:10:41,540 --> 00:10:43,460 S2: if you have parents that are doing that sort of 195 00:10:43,500 --> 00:10:47,890 S2: thing or friends, uh, people often start with very simple 196 00:10:47,890 --> 00:10:51,450 S2: low cost index funds in order to get the job done. 197 00:10:51,490 --> 00:10:54,850 S2: Make sure what you're trying to invest lines up with 198 00:10:54,850 --> 00:10:57,329 S2: your long term goals. If you need this money for 199 00:10:57,330 --> 00:10:59,850 S2: college next year, you're going to have a different attitude 200 00:10:59,850 --> 00:11:02,530 S2: than if you're saving for retirement. 201 00:11:02,809 --> 00:11:06,089 S1: HMM. What would you have them know about the opportunity 202 00:11:06,090 --> 00:11:09,689 S1: that frankly didn't exist anywhere near the same way when 203 00:11:09,690 --> 00:11:11,929 S1: you and I were just starting out? But the opportunity 204 00:11:11,929 --> 00:11:13,929 S1: to align their values with their investments. 205 00:11:13,970 --> 00:11:17,810 S2: Yeah, the, the opportunity to say, look, I'm going to 206 00:11:17,850 --> 00:11:21,530 S2: invest in a way that's consistent with God's word and 207 00:11:21,530 --> 00:11:25,290 S2: consistent with the way I manage the rest of my life. 208 00:11:25,610 --> 00:11:28,050 S2: You know, you're not going to take take a knife 209 00:11:28,050 --> 00:11:31,010 S2: and stab somebody in the back. Why would you invest 210 00:11:31,010 --> 00:11:35,250 S2: in companies that make products that kill people? So a 211 00:11:35,290 --> 00:11:39,730 S2: thoughtful process. As Rob's hinted, the values based, faith based 212 00:11:39,730 --> 00:11:43,330 S2: side of money management is still small but is growing quickly. 213 00:11:43,370 --> 00:11:46,400 S2: Get yourself aligned to that. Figure that out. And of course, 214 00:11:46,400 --> 00:11:48,400 S2: I should have said this to your first question, Rob. 215 00:11:48,440 --> 00:11:54,319 S2: Taking advantage of employer sponsored programs, whether it's a retirement program, 216 00:11:54,320 --> 00:11:58,199 S2: matching contributions, don't neglect that, quote, free money. 217 00:11:58,240 --> 00:12:01,000 S1: Yeah. And then beyond that, the power of the Roth 218 00:12:01,000 --> 00:12:03,880 S1: IRA for that 20 year old over the next 45 219 00:12:03,880 --> 00:12:05,480 S1: years is incredible, isn't it? 220 00:12:05,520 --> 00:12:08,520 S2: It really is. And not to mention, like we said before, 221 00:12:08,640 --> 00:12:12,199 S2: the compounding factor is amazing. You know, some some have 222 00:12:12,200 --> 00:12:14,880 S2: called compounding the eighth wonder of the world. 223 00:12:15,040 --> 00:12:18,880 S1: Yeah. Bob, what about just rhythms and disciplines, you know, 224 00:12:18,920 --> 00:12:22,720 S1: sticking to our financial goals even when progress is slow, 225 00:12:22,720 --> 00:12:26,160 S1: it can seem that the journey is so long. Maybe I, 226 00:12:26,160 --> 00:12:28,719 S1: I give up and just enjoy too much of it. Now, 227 00:12:28,720 --> 00:12:30,319 S1: what would you say to our listeners? 228 00:12:30,520 --> 00:12:33,280 S2: You know, you have to have balance. Like in everything 229 00:12:33,280 --> 00:12:35,800 S2: in life, God wants us to enjoy things so we 230 00:12:35,800 --> 00:12:38,960 S2: don't have to be, um, sitting as a monk in 231 00:12:38,960 --> 00:12:42,559 S2: the corner, not spending any money. But at the same time, 232 00:12:42,750 --> 00:12:45,470 S2: we want to be able to have a bright future. 233 00:12:45,510 --> 00:12:47,910 S2: We don't know what the future brings, but we do 234 00:12:47,950 --> 00:12:50,670 S2: know if we try to take care of things, including 235 00:12:50,670 --> 00:12:54,150 S2: money according to God's principles, we're probably better off than 236 00:12:54,150 --> 00:12:56,589 S2: we would be if we ignored all that. So set 237 00:12:56,630 --> 00:13:00,069 S2: some goals, set some milestones. Have a celebration when you 238 00:13:00,110 --> 00:13:02,710 S2: hit a certain goal. It's always really good. 239 00:13:02,990 --> 00:13:05,630 S1: Bob. Just about 40s left for those who are just 240 00:13:05,630 --> 00:13:09,710 S1: starting out a new family, a young marriage, what would 241 00:13:09,710 --> 00:13:13,110 S1: you say about communication around money, specifically with your spouse? 242 00:13:13,110 --> 00:13:15,550 S1: Because we're two different people, aren't we? 243 00:13:15,910 --> 00:13:18,070 S2: We sure are. And there are a lot of studies 244 00:13:18,070 --> 00:13:21,870 S2: that show too many divorces come because of disagreement with money. 245 00:13:22,230 --> 00:13:26,550 S2: So the key is to communicate with each other, to repeat, 246 00:13:26,550 --> 00:13:30,230 S2: get on your knees together on this subject. You know, 247 00:13:30,270 --> 00:13:33,429 S2: set some goals. Um, if you have some goals and 248 00:13:33,429 --> 00:13:35,350 S2: you're on the same page with that, you can track 249 00:13:35,350 --> 00:13:36,390 S2: it pretty carefully. 250 00:13:36,429 --> 00:13:39,070 S1: MM, I love it. Well, Bob, we could talk about 251 00:13:39,070 --> 00:13:41,980 S1: this for days, but I really appreciate the nuggets of 252 00:13:41,980 --> 00:13:45,420 S1: wisdom you've shared with those listening today who are students 253 00:13:45,420 --> 00:13:49,300 S1: early in their careers. Start strong, get into God's Word 254 00:13:49,300 --> 00:13:52,179 S1: and heed Bob's counsel today. Thanks for being with us, 255 00:13:52,179 --> 00:13:52,700 S1: my friend. 256 00:13:52,740 --> 00:13:53,540 S2: My privilege. 257 00:13:53,740 --> 00:13:57,459 S1: That's Bob Dole, CEO and chief investment officer at Crossmark 258 00:13:57,460 --> 00:14:00,620 S1: Global Investments, a leader in faith based investing and a 259 00:14:00,620 --> 00:14:05,660 S1: frequent contributor to the program. You can learn more at crossmark. Global.com. 260 00:14:06,020 --> 00:14:08,780 S1: All right. Your calls are next. The number is 800 261 00:14:08,780 --> 00:14:15,059 S1: 525 7000. That's 800 525 7000. I'm Rob West, and 262 00:14:15,059 --> 00:14:18,220 S1: this is Faith and finance live. Biblical wisdom for your 263 00:14:18,220 --> 00:14:20,460 S1: financial journey. We'll be right back. 264 00:14:34,860 --> 00:14:37,940 S3: The opinions offered during this program represent the personal or 265 00:14:37,940 --> 00:14:42,369 S3: professional opinions of the participants given for informational purposes only. 266 00:14:42,570 --> 00:14:45,970 S3: Any information provided is not intended to replace advice from 267 00:14:45,970 --> 00:14:50,370 S3: a financial, medical, legal or other professional who understands your 268 00:14:50,370 --> 00:14:51,890 S3: specific situation. 269 00:14:59,250 --> 00:15:01,610 S1: Thanks for joining us today on Faith and Finance Live. 270 00:15:01,610 --> 00:15:04,290 S1: I'm Rob West. Well, looking forward to taking your calls 271 00:15:04,290 --> 00:15:10,930 S1: and questions today. 800 525 7000. That's 800 525 7000. 272 00:15:10,970 --> 00:15:13,450 S1: We've got lines open at the moment, so this is 273 00:15:13,450 --> 00:15:16,450 S1: a great time to call with any financial question. We'll 274 00:15:16,450 --> 00:15:18,610 S1: dive into that here in just a moment in the 275 00:15:18,610 --> 00:15:22,610 S1: news today. Sports betting is surging. As you guessed it, 276 00:15:22,610 --> 00:15:26,690 S1: March Madness is upon us. Americans are expected to wager 277 00:15:26,730 --> 00:15:34,210 S1: $3.3 billion legally on this year's NCAA tournament. That's a 54% 278 00:15:34,410 --> 00:15:39,000 S1: increase over three years. But new research highlights a growing 279 00:15:39,080 --> 00:15:42,200 S1: financial risk. A report from the Federal Reserve Bank of 280 00:15:42,200 --> 00:15:45,960 S1: New York found that states legalizing mobile sports betting are 281 00:15:45,960 --> 00:15:50,800 S1: seeing worsening credit health, including higher delinquency rates, especially among 282 00:15:50,800 --> 00:15:55,800 S1: people under 40. These effects can spill into nearby states 283 00:15:55,800 --> 00:15:59,920 S1: as well without legalized betting. Since 2018, more than 30 284 00:15:59,920 --> 00:16:06,440 S1: states have legalized sports betting, generating over $500 billion in wagers. 285 00:16:06,880 --> 00:16:11,320 S1: Separate research shows bankruptcy filings in those states may rise 286 00:16:11,320 --> 00:16:15,280 S1: by 25 to 30%. While placing a bet may seem 287 00:16:15,280 --> 00:16:19,160 S1: harmless to some. As believers, we're called to exercise wisdom 288 00:16:19,160 --> 00:16:23,600 S1: and self-control. We need to recognize that financial decisions are 289 00:16:23,600 --> 00:16:27,600 S1: ultimately spiritual ones. You know, when money becomes a source 290 00:16:27,600 --> 00:16:31,080 S1: of hope or escape, it can quietly shift our trust 291 00:16:31,080 --> 00:16:34,480 S1: away from the Lord. Scripture reminds us that whoever loves 292 00:16:34,480 --> 00:16:38,910 S1: money never has enough. We'll see that in Ecclesiastes five. 293 00:16:39,150 --> 00:16:42,350 S1: That points to the subtle pull of quick gain and 294 00:16:42,350 --> 00:16:46,190 S1: the risk it poses to our hearts and habits, you know. Instead, 295 00:16:46,190 --> 00:16:51,190 S1: Christians are encouraged to pursue contentment and faithful stewardship, using 296 00:16:51,190 --> 00:16:54,750 S1: resources in ways that honor God and serve others in 297 00:16:54,750 --> 00:16:59,510 S1: a culture increasingly drawn to risk and instant reward. Choosing 298 00:16:59,510 --> 00:17:05,310 S1: patience and discipline and generosity offers a countercultural witness, one 299 00:17:05,310 --> 00:17:09,990 S1: that reflects confidence not in chance, but in God's faithful provision. 300 00:17:10,070 --> 00:17:13,310 S1: This is obviously a growing challenge, and I would point 301 00:17:13,310 --> 00:17:15,470 S1: you to our website. We did a deep dive on 302 00:17:15,470 --> 00:17:20,590 S1: this topic recently with Pastor Kyle Worley, looking at the 303 00:17:20,630 --> 00:17:23,390 S1: what we called the real stakes of sports betting. That 304 00:17:23,390 --> 00:17:25,550 S1: was the name of the article. You'll find it at 305 00:17:25,550 --> 00:17:29,350 S1: faith fi.com. We really did a deep dive into the 306 00:17:29,350 --> 00:17:34,030 S1: growing problem that sports betting is alongside a biblical perspective. 307 00:17:34,030 --> 00:17:37,100 S1: How do you think? Well about this topic in light 308 00:17:37,140 --> 00:17:41,139 S1: of Scripture. Again, you can find that at our website faith.com. 309 00:17:41,180 --> 00:17:45,020 S1: Just search for the real stakes of sports betting. All right, 310 00:17:45,020 --> 00:17:47,619 S1: let's dive into your phone calls today. We've got lines 311 00:17:47,619 --> 00:17:51,900 S1: open 800 525 7000. You can call right now. Let's 312 00:17:51,900 --> 00:17:54,780 S1: go out to Virginia. Tammy, thanks for calling. Go ahead. 313 00:17:55,220 --> 00:17:59,619 S4: Good afternoon. Rob. Love your show. I'll be brief. I have, uh, 314 00:17:59,660 --> 00:18:03,020 S4: I am semi-retired. I'm working about 5.5 hours in a 315 00:18:03,020 --> 00:18:05,900 S4: cafeteria at school, which is a blessing for me. However, 316 00:18:05,900 --> 00:18:10,300 S4: I am approaching 65 in November. My question is, I 317 00:18:10,300 --> 00:18:14,820 S4: have insurance. I have dental, health and vision through my school, 318 00:18:15,260 --> 00:18:18,020 S4: and someone said that I still needed to sign up 319 00:18:18,020 --> 00:18:22,379 S4: on the Medicare insurance. And then some people say I don't. 320 00:18:22,700 --> 00:18:25,220 S4: Do I need to actually do that? And if I 321 00:18:25,220 --> 00:18:27,500 S4: still need to just sign up but not accept their 322 00:18:27,500 --> 00:18:31,300 S4: insurance or another insurance, how do I contact them? 323 00:18:32,140 --> 00:18:35,489 S1: Yeah. Tell me about the the insurance you've got in 324 00:18:35,490 --> 00:18:36,450 S1: place currently. 325 00:18:37,250 --> 00:18:40,130 S4: It is through my school and it's here in here 326 00:18:40,130 --> 00:18:43,130 S4: in Virginia and I have full coverage. I have an 327 00:18:43,130 --> 00:18:47,530 S4: HSA card and we get about 3000 plus on it. 328 00:18:47,770 --> 00:18:50,890 S4: And so, you know, my prescriptions are even down to 329 00:18:50,930 --> 00:18:53,770 S4: aspirins or cough syrup, whatever I would need, I can 330 00:18:53,770 --> 00:18:56,810 S4: pay with that little card. And then my other insurance 331 00:18:56,810 --> 00:19:00,369 S4: is really, really good. My vision and my dental is super, 332 00:19:00,369 --> 00:19:02,409 S4: super good. I've used it actually for the last couple 333 00:19:02,450 --> 00:19:05,330 S4: of years and it covers everything. And I'm basically generally 334 00:19:05,330 --> 00:19:08,290 S4: in really good health. I do not have high cholesterol, 335 00:19:08,290 --> 00:19:12,250 S4: no diabetes or anything like that. I'm a non-smoker. Non-drinker. 336 00:19:12,250 --> 00:19:16,370 S1: So got it. Yeah. Okay. Very good. That's really helpful. Um, 337 00:19:16,369 --> 00:19:19,890 S1: and you said you're already receiving Social Security. Is that right? 338 00:19:20,369 --> 00:19:22,930 S4: I am, I've been I had done some nerve damage 339 00:19:22,930 --> 00:19:24,610 S4: to my leg and had to leave my eight an 340 00:19:24,770 --> 00:19:27,530 S4: eight hour job. And the Lord has blessed me here 341 00:19:27,530 --> 00:19:30,129 S4: with this job that I have now. And and it is, 342 00:19:30,170 --> 00:19:32,010 S4: you know, working out really well for me. 343 00:19:32,410 --> 00:19:36,480 S1: Got it. All right. Well, because you're already receiving Social Security, 344 00:19:36,520 --> 00:19:39,720 S1: you'll be automatically enrolled in Medicare parts A and B 345 00:19:39,760 --> 00:19:43,359 S1: at 65. Uh, the decision is, do you keep the 346 00:19:43,359 --> 00:19:46,439 S1: part B or delay it? And I think that really 347 00:19:46,440 --> 00:19:50,200 S1: comes down to understanding your current coverage. So if you 348 00:19:50,200 --> 00:19:54,480 S1: have school insurance, like an employer plan, you mentioned an 349 00:19:54,480 --> 00:19:58,760 S1: HSA where you're getting about 3000 plus vision and dental. 350 00:19:59,000 --> 00:20:02,960 S1: That sounds like a high deductible health plan, an Hdhp. 351 00:20:03,000 --> 00:20:04,119 S1: Is that what that is? 352 00:20:04,840 --> 00:20:07,600 S4: I'm really not for sure. Rob, I apologize. 353 00:20:07,640 --> 00:20:11,160 S1: Yeah. That's okay because once Medicare starts, you can no 354 00:20:11,160 --> 00:20:16,280 S1: longer contribute to an HSA. Um, even enrolling in part 355 00:20:16,320 --> 00:20:21,479 S1: A disqualifies HSA contributions. Um, so if you're with an 356 00:20:21,520 --> 00:20:24,840 S1: employer that has 20 plus employees, then you can in 357 00:20:24,840 --> 00:20:29,960 S1: fact delay part B without penalty if you have ongoing coverage. 358 00:20:30,080 --> 00:20:33,670 S1: I think the question would be, is the coverage strong enough? 359 00:20:33,910 --> 00:20:35,630 S1: And you're going to want to look at premiums and 360 00:20:35,630 --> 00:20:40,150 S1: deductibles and network and so forth. Um, you could enroll 361 00:20:40,150 --> 00:20:43,310 S1: in Medicare. That's the most common key part A and 362 00:20:43,310 --> 00:20:46,429 S1: part B. And then consider adding a Medigap or a 363 00:20:46,430 --> 00:20:49,790 S1: Medicare Advantage and drop the employer health plan. If you 364 00:20:49,790 --> 00:20:53,270 S1: like it and you've got qualifying employer coverage, you could 365 00:20:53,270 --> 00:20:58,270 S1: decline part B and then enroll later. Once you separate 366 00:20:58,270 --> 00:21:03,470 S1: from service using the special enrollment period down the road 367 00:21:03,470 --> 00:21:06,830 S1: when you're no longer covered by an employer plan. Um, 368 00:21:06,830 --> 00:21:10,830 S1: so you do have that flexibility to consider either option 369 00:21:10,830 --> 00:21:14,670 S1: at this point, so long as you have qualifying existing coverage. 370 00:21:14,710 --> 00:21:15,590 S1: Does that make sense? 371 00:21:15,990 --> 00:21:18,429 S4: It does. It does. And that was so helpful. So 372 00:21:18,910 --> 00:21:20,310 S4: I thank you very much. 373 00:21:20,350 --> 00:21:23,310 S1: You're welcome. Thank you for calling today Tammy. We appreciate it. 374 00:21:23,510 --> 00:21:26,830 S1: 800 525 7000 is the number to call. We're going 375 00:21:26,869 --> 00:21:29,070 S1: to take a quick break. When we come back, we'll 376 00:21:29,070 --> 00:21:31,699 S1: head to Tennessee and talk to Wendy. She's been the 377 00:21:31,700 --> 00:21:35,459 S1: victim of identity theft and has some questions about her situation. 378 00:21:35,460 --> 00:21:37,699 S1: If you have a question, get in on the conversation. 379 00:21:37,700 --> 00:21:41,659 S1: We'd love to have you. 800 525 7000. Also on 380 00:21:41,660 --> 00:21:45,500 S1: our final segment today, uh, Jerry Boyer stops by our 381 00:21:45,500 --> 00:21:48,740 S1: resident economist. The market off at least the Dow Jones 382 00:21:48,780 --> 00:21:53,620 S1: 800 points today were in correction territory. We'll get Jerry's 383 00:21:53,619 --> 00:21:55,700 S1: take on that in the final segment. Stay with us. 384 00:22:06,420 --> 00:22:08,780 S1: Thanks for joining us today on Faith and Finance Live. 385 00:22:08,780 --> 00:22:11,580 S1: I'm Rob West. We're taking your calls and questions today. 386 00:22:11,580 --> 00:22:13,060 S1: You can call right now to get in on the 387 00:22:13,060 --> 00:22:19,580 S1: conversation 800 525 7000. That's 800 525 7000. You can 388 00:22:19,580 --> 00:22:21,940 S1: call right now. Let's head back to the phones. Tennessee 389 00:22:21,940 --> 00:22:24,100 S1: is where Wendy is located. Wendy, go right ahead. 390 00:22:26,260 --> 00:22:30,300 S5: Thank you. Rob your show. you such a blessing. So 391 00:22:30,300 --> 00:22:35,260 S5: thankful for your wisdom. About five years ago, I. My 392 00:22:35,260 --> 00:22:39,139 S5: identity was stolen. And so in that five years I 393 00:22:39,180 --> 00:22:44,540 S5: have gotten lots of notices saying, hey, you bought $3,000 394 00:22:44,540 --> 00:22:50,100 S5: at T-Mobile or hey, you owe us $10,000. And I 395 00:22:50,100 --> 00:22:52,860 S5: have no idea who these people are. And when I 396 00:22:52,859 --> 00:22:56,420 S5: try to call them and try to tell them that 397 00:22:56,420 --> 00:22:59,220 S5: they're just like, ma'am, we know it was you, and 398 00:22:59,220 --> 00:23:02,020 S5: this is how much you owe. Well, I worked with 399 00:23:02,020 --> 00:23:08,540 S5: Experian and TransUnion and Equifax to freeze my credit. I 400 00:23:08,580 --> 00:23:14,180 S5: have tried to challenge these, um, fictitious charges to me, 401 00:23:14,660 --> 00:23:17,740 S5: but they still keep coming and I still keep getting notifications, 402 00:23:17,740 --> 00:23:22,940 S5: like from banks and financial, um, uh, financial, uh, places 403 00:23:22,940 --> 00:23:25,820 S5: that say, hey, sorry, we can't loan you this money 404 00:23:25,820 --> 00:23:27,449 S5: at this time and I don't know what to do. 405 00:23:27,490 --> 00:23:28,730 S5: I'm at my wit's end. 406 00:23:29,210 --> 00:23:32,930 S1: Yeah. Boy, I'm so sorry. I know that's exhausting. Especially 407 00:23:32,930 --> 00:23:35,650 S1: when it keeps happening. Uh, you don't want to pay 408 00:23:35,650 --> 00:23:37,770 S1: it just to make it go away. You really do 409 00:23:37,810 --> 00:23:42,010 S1: want to to fight it. And if you pay fraudulent charges, 410 00:23:42,010 --> 00:23:44,970 S1: it can actually make things worse because it signals the 411 00:23:44,970 --> 00:23:50,250 S1: debt is valid, it encourages more fraudulent attempts, and you 412 00:23:50,250 --> 00:23:52,650 S1: lose some of your legal protections. I'm not an attorney, 413 00:23:52,650 --> 00:23:54,969 S1: but the end of the day, you know, the extent 414 00:23:54,970 --> 00:23:56,929 S1: to which this becomes a legal matter. You want to 415 00:23:56,970 --> 00:24:00,650 S1: seek legal counsel. But here's the steps that I would take, Wendy. 416 00:24:00,650 --> 00:24:03,410 S1: And this is obviously a growing problem. More and more 417 00:24:03,570 --> 00:24:07,369 S1: people are victims of identity theft. And especially as we 418 00:24:07,369 --> 00:24:10,330 S1: become more and more of a digital society. So number 419 00:24:10,330 --> 00:24:13,010 S1: one is if you haven't done this already, and you know, 420 00:24:13,050 --> 00:24:15,010 S1: you may have done some of these, but let me 421 00:24:15,010 --> 00:24:17,090 S1: just run through them. The first is to lock down 422 00:24:17,090 --> 00:24:19,850 S1: your credit immediately. So you want to do a credit 423 00:24:19,850 --> 00:24:22,770 S1: freeze with each of the bureaus. Have you done that yet? 424 00:24:24,130 --> 00:24:24,929 S5: Yes, sir. 425 00:24:25,119 --> 00:24:29,000 S1: Okay, so you have the PIN number on all three. Equifax, 426 00:24:29,000 --> 00:24:30,480 S1: Experian and TransUnion. 427 00:24:32,000 --> 00:24:32,639 S5: I do. 428 00:24:33,040 --> 00:24:33,679 S1: Okay, great. 429 00:24:33,920 --> 00:24:38,040 S5: I read an article actually on TV about about it. Okay. 430 00:24:38,080 --> 00:24:41,320 S1: That's excellent. Great. I'm glad to hear it. Well, that's 431 00:24:41,320 --> 00:24:43,760 S1: going to stop them from opening new accounts in your 432 00:24:43,760 --> 00:24:46,040 S1: name because they're not going to the lender is not 433 00:24:46,040 --> 00:24:48,560 S1: going to be able to access your credit report. Second 434 00:24:48,600 --> 00:24:53,560 S1: would be file an official identity theft report with the FTC. 435 00:24:53,920 --> 00:24:57,960 S1: That website is identity theft.gov. Have you done that? 436 00:24:59,440 --> 00:25:01,120 S5: No sir, I have not done that. 437 00:25:01,280 --> 00:25:02,800 S1: All right. I would do that. That's going to give 438 00:25:02,800 --> 00:25:05,600 S1: you a formal affidavit. It's also going to give you 439 00:25:05,600 --> 00:25:08,320 S1: a recovery plan. And it gives you some legal backing 440 00:25:08,320 --> 00:25:11,440 S1: when you're disputing charges. And then you want to dispute 441 00:25:11,440 --> 00:25:14,560 S1: every fraudulent charge. So anytime you get a call or 442 00:25:14,600 --> 00:25:17,320 S1: a bill, you're going to want to tell them it's fraud. 443 00:25:17,359 --> 00:25:20,400 S1: You're going to want to ask for a written validation 444 00:25:20,400 --> 00:25:22,560 S1: of the debt, and then you're going to want to 445 00:25:22,600 --> 00:25:27,870 S1: submit your FTC identity theft report. You are not responsible 446 00:25:27,869 --> 00:25:29,949 S1: for debts that are not yours, but you need to 447 00:25:29,990 --> 00:25:32,830 S1: follow those steps. Tell them it's fraudulent. Ask for a 448 00:25:32,830 --> 00:25:37,430 S1: written validation and submit it to identity theft.gov. You can 449 00:25:37,430 --> 00:25:42,470 S1: also place, in addition to the freeze, a fraud alert 450 00:25:42,630 --> 00:25:46,390 S1: on each of your credit files. It's a one year 451 00:25:46,430 --> 00:25:48,949 S1: fraud alert, and that's just going to tell lenders, or 452 00:25:48,950 --> 00:25:51,790 S1: at least put them on notice that you've been the 453 00:25:51,790 --> 00:25:55,190 S1: victim of identity theft, and therefore they need to always 454 00:25:55,190 --> 00:25:59,950 S1: verify identity before issuing credit. And then you may want 455 00:25:59,950 --> 00:26:04,150 S1: to consider credit monitoring. This is since it's happened multiple times, 456 00:26:04,150 --> 00:26:07,750 S1: use a service. Sometimes banks offer this free, but that's 457 00:26:07,750 --> 00:26:11,590 S1: going to provide that added layer of just evaluation to 458 00:26:11,630 --> 00:26:14,870 S1: see what's going on in the background, including out on 459 00:26:14,869 --> 00:26:17,790 S1: the dark web. And then going forward, you're going to 460 00:26:17,790 --> 00:26:22,030 S1: want to use things like strong, unique passwords. Don't repeat them. 461 00:26:22,230 --> 00:26:26,180 S1: Check your credit reports regularly and enable two factor authentication. 462 00:26:26,220 --> 00:26:29,100 S1: Don't ever give out any information over the phone. But 463 00:26:29,100 --> 00:26:31,980 S1: the bottom line this isn't something you pay to fix. 464 00:26:31,980 --> 00:26:35,700 S1: It's something you document. You dispute and you shut down 465 00:26:35,700 --> 00:26:37,580 S1: at the source. Does that make sense? 466 00:26:38,940 --> 00:26:41,580 S5: It does make sense. I have one question for you. 467 00:26:41,900 --> 00:26:45,460 S5: So if the first time it happened five years ago, 468 00:26:46,060 --> 00:26:51,900 S5: would someone be able to, um, use my identity and 469 00:26:51,900 --> 00:26:55,100 S5: there be accounts out there, even though, like, I locked 470 00:26:55,460 --> 00:26:58,380 S5: all of the, I locked my account, my number. I'm 471 00:26:58,380 --> 00:27:01,020 S5: not sure what the terminology is, but I did have 472 00:27:01,020 --> 00:27:05,380 S5: those locked. But like, I got a text this morning saying, hey, 473 00:27:05,420 --> 00:27:07,460 S5: you know, we'll negotiate for you to pay this bill. 474 00:27:07,460 --> 00:27:09,980 S5: And I'm like, I don't even know who you are. Yeah. 475 00:27:10,180 --> 00:27:13,420 S5: So like, can it still be happening from five years ago? 476 00:27:13,460 --> 00:27:16,660 S5: Like there was an account set up, there was a debt, 477 00:27:16,660 --> 00:27:19,139 S5: and now they're just now coming around to say, hey, Wendy. 478 00:27:19,619 --> 00:27:21,930 S6: Yeah, yeah. A couple of thoughts on that. 479 00:27:22,010 --> 00:27:25,129 S1: Number one, what is a credit freeze do? Well, that 480 00:27:25,130 --> 00:27:27,850 S1: stops new accounts from being opened in your name, and 481 00:27:27,850 --> 00:27:31,609 S1: it blocks lenders from pulling your credit report. That's powerful. 482 00:27:31,730 --> 00:27:34,770 S1: And it's your best defense. But here's what it does 483 00:27:34,770 --> 00:27:37,890 S1: not stop. It does not stop someone from using a 484 00:27:37,890 --> 00:27:41,570 S1: compromised account. So you may want to look at, you know, 485 00:27:41,609 --> 00:27:45,010 S1: changing passwords. You may even want to, you know, to 486 00:27:45,050 --> 00:27:47,489 S1: the extent you can identify which accounts of accounts have 487 00:27:47,490 --> 00:27:50,369 S1: been compromised, if they haven't already been changed with a 488 00:27:50,369 --> 00:27:53,250 S1: new account number, you may want to do that. Um, 489 00:27:53,450 --> 00:27:57,450 S1: and then, you know, they can commit non credit identity theft. 490 00:27:57,450 --> 00:28:01,690 S1: So medical identity theft tax refund fraud employment fraud. Those 491 00:28:01,690 --> 00:28:04,530 S1: don't always require a credit check. So the credit freeze 492 00:28:04,570 --> 00:28:07,210 S1: is not going to be helpful there. Um, I would 493 00:28:07,210 --> 00:28:11,250 S1: also say that it's very likely that some of the 494 00:28:11,250 --> 00:28:15,730 S1: text messages you're getting are unfounded. These are just people 495 00:28:15,730 --> 00:28:19,770 S1: phishing for you to respond and getting you to either 496 00:28:19,920 --> 00:28:23,119 S1: pay a bill that is not yours because they're using 497 00:28:23,160 --> 00:28:26,320 S1: fear tactics or just get you to give them your 498 00:28:26,320 --> 00:28:30,040 S1: personal information and there's no validity to them. The only 499 00:28:30,080 --> 00:28:32,200 S1: things you really need to be concerned about are not 500 00:28:32,200 --> 00:28:35,160 S1: things you hear about by text message or email, but 501 00:28:35,160 --> 00:28:37,239 S1: things that come to you in the mail from an 502 00:28:37,240 --> 00:28:41,280 S1: official source. You need to investigate that and things that 503 00:28:41,280 --> 00:28:44,840 S1: show up on your credit report, because that's directly tied 504 00:28:44,840 --> 00:28:48,320 S1: to your Social Security number, not somebody just trying to 505 00:28:48,360 --> 00:28:52,160 S1: act like they're a debt collector to get your personal information. 506 00:28:52,160 --> 00:28:54,880 S1: So that's why, especially in your case, I'd be pulling 507 00:28:54,880 --> 00:28:57,960 S1: credit reports at least four times a year from all 508 00:28:57,960 --> 00:28:58,840 S1: three bureaus. 509 00:29:01,640 --> 00:29:05,360 S5: Okay. Do you think it's safe to have passwords for 510 00:29:05,360 --> 00:29:08,680 S5: financial institutions saved in a smartphone? 511 00:29:09,440 --> 00:29:13,760 S1: No I don't. I would have an encrypted password manager. 512 00:29:13,960 --> 00:29:18,240 S1: So you could use LastPass. You could use one password. 513 00:29:18,440 --> 00:29:22,030 S1: The number one password. And then now you know, Apple 514 00:29:22,030 --> 00:29:26,550 S1: has their own secure password software. But I wouldn't just 515 00:29:26,550 --> 00:29:28,990 S1: put it in like a, an Apple note or a 516 00:29:28,990 --> 00:29:31,990 S1: Google note. I would put it in something secure that 517 00:29:31,990 --> 00:29:35,510 S1: has encryption, like the Apple password app or one of 518 00:29:35,510 --> 00:29:39,910 S1: those other encrypted apps. I wouldn't just keep it, you know, in, in, 519 00:29:40,110 --> 00:29:42,950 S1: you know, a typical note file that could be accessed 520 00:29:42,950 --> 00:29:43,950 S1: and compromised. 521 00:29:45,430 --> 00:29:48,590 S5: Okay, great. Thank you so much for your wisdom and 522 00:29:48,590 --> 00:29:51,270 S5: sharing it with all of us. We're very thankful. I'm 523 00:29:51,630 --> 00:29:53,750 S5: especially thankful to God bless you. 524 00:29:54,110 --> 00:29:56,070 S1: Well, and you too, Wendy, hang in there. And if 525 00:29:56,070 --> 00:29:57,950 S1: we can help further along the way, don't hesitate to 526 00:29:57,950 --> 00:30:01,790 S1: reach out. Lord bless you. 800 525 7000 is the 527 00:30:01,790 --> 00:30:03,390 S1: number to call. We're going to take another break here 528 00:30:03,390 --> 00:30:05,830 S1: in just a moment. When we come back, Jerry Boyer 529 00:30:05,870 --> 00:30:08,270 S1: stops by. Jerry's traveling today, but he's going to give 530 00:30:08,270 --> 00:30:10,270 S1: us a few minutes because we want to get his 531 00:30:10,270 --> 00:30:13,550 S1: take on what's going on in the markets right now. Uh, 532 00:30:13,550 --> 00:30:18,860 S1: the Dow Jones tumbling 800 points officially in correction territory. 533 00:30:19,140 --> 00:30:23,620 S1: The S&P 500 posted its fifth straight losing week. This 534 00:30:23,620 --> 00:30:26,420 S1: is all on the heels of more news coming out 535 00:30:26,420 --> 00:30:30,060 S1: of the Straits of Hormuz that a Chinese ship was 536 00:30:30,060 --> 00:30:34,460 S1: turned away. Obviously, the war with Iran, despite the president's 537 00:30:34,860 --> 00:30:39,900 S1: comments around there being some negotiations going on in earnest, 538 00:30:40,180 --> 00:30:44,300 S1: it's still dragging on and the market is getting impatient. We'll, uh, 539 00:30:44,300 --> 00:30:47,060 S1: we'll get Jerry's take on that and what that means 540 00:30:47,060 --> 00:30:49,500 S1: for the economy straight ahead. We'll also try to get 541 00:30:49,500 --> 00:30:51,820 S1: to a few more phone calls as well. This is 542 00:30:51,820 --> 00:30:54,180 S1: faith and finance live. I'm Rob West and we'll be 543 00:30:54,180 --> 00:31:07,380 S1: right back. Stay with us. Thanks for joining us today 544 00:31:07,380 --> 00:31:09,980 S1: on Faith and Finance Live. Jerry Boyer is here. It's 545 00:31:09,980 --> 00:31:12,900 S1: Friday and the market well it's selling off the, uh 546 00:31:13,300 --> 00:31:18,290 S1: the Dow Jones officially in correction territory, which is a 10% 547 00:31:18,290 --> 00:31:21,810 S1: drop from its recent high. We're certainly at that point, Jerry. 548 00:31:21,850 --> 00:31:25,410 S1: Is that a buying opportunity? Is there something more systemic 549 00:31:25,410 --> 00:31:27,530 S1: here that we should be concerned about going forward? 550 00:31:28,250 --> 00:31:31,930 S7: Yeah. I mean I'm optimistic about the economy over the 551 00:31:31,930 --> 00:31:35,930 S7: long run. Um buying opportunities. I mean valuations are more 552 00:31:36,090 --> 00:31:40,090 S7: obviously more attractive than they were before. Um, since I 553 00:31:40,290 --> 00:31:43,650 S7: I'm not really into like quick trade stuff. Um, I 554 00:31:43,650 --> 00:31:45,090 S7: would just say you have a set of rules and 555 00:31:45,090 --> 00:31:47,610 S7: you follow them, right? And you stay involved in the markets. 556 00:31:47,770 --> 00:31:51,090 S7: So to the degree that someone follows a valuation discipline, 557 00:31:51,090 --> 00:31:54,050 S7: which I think is probably a smart strategy when they 558 00:31:54,050 --> 00:31:57,210 S7: rebalance their portfolio, when they talk to their financial advisor, 559 00:31:57,210 --> 00:31:59,690 S7: advisors might run a rotate into some of the things 560 00:31:59,690 --> 00:32:03,490 S7: that have been suppressed. You know, where the valuations are down. Um, 561 00:32:03,530 --> 00:32:06,290 S7: and so in terms of my personal opinion, you know, 562 00:32:06,330 --> 00:32:08,770 S7: I look at how far down Microsoft is and how 563 00:32:08,770 --> 00:32:11,730 S7: it's gotten hit with the idea that, you know, AI 564 00:32:11,890 --> 00:32:15,240 S7: eats software. That's an idea that we've heard before. Um, 565 00:32:15,280 --> 00:32:17,920 S7: as somebody who's using AI a lot and using Microsoft 566 00:32:17,920 --> 00:32:21,480 S7: a lot. I think that story has gotten a little oversold. Um, 567 00:32:21,680 --> 00:32:26,719 S7: I think that AI is mostly adding wealth, not mostly 568 00:32:26,720 --> 00:32:29,840 S7: destroying wealth. And I think it's less of a threat 569 00:32:29,840 --> 00:32:33,920 S7: to existing software companies, um, than some people have said 570 00:32:33,920 --> 00:32:38,080 S7: in the financial media, especially the software companies like Microsoft 571 00:32:38,080 --> 00:32:41,280 S7: that are like really leaning into AI. So a story 572 00:32:41,280 --> 00:32:45,000 S7: gets going and then it like reinforces, right? Uh, and 573 00:32:45,000 --> 00:32:47,080 S7: then it kind of gets into the news and people say, oh, 574 00:32:47,120 --> 00:32:49,480 S7: I need to make a change based on that. And 575 00:32:49,480 --> 00:32:51,880 S7: generally that's like the worst time to make that change 576 00:32:51,880 --> 00:32:55,280 S7: once it's sifted down to that level. So whatever your 577 00:32:55,280 --> 00:32:58,400 S7: financial advisor is telling you, you know, my particular methodology 578 00:32:58,400 --> 00:33:01,840 S7: would tend to be buy what has good growth prospects 579 00:33:01,840 --> 00:33:05,560 S7: when it's on sale. Um, and so from that standpoint, 580 00:33:05,600 --> 00:33:07,960 S7: you know, when I'm on investment committee or in meetings 581 00:33:07,960 --> 00:33:10,720 S7: or something like that, you know, following those kind of 582 00:33:10,760 --> 00:33:13,830 S7: rules that would probably be leaning into what's been hit 583 00:33:13,830 --> 00:33:14,830 S7: pretty hard lately. 584 00:33:15,310 --> 00:33:18,270 S1: Yeah, that's well, said, Jerry. Let's, um, put a pin 585 00:33:18,270 --> 00:33:20,630 S1: in that AI discussion here for a second. Dig a 586 00:33:20,630 --> 00:33:24,150 S1: little deeper. You know, we've all been hearing a lot 587 00:33:24,150 --> 00:33:27,270 S1: of the commentary around this idea that, you know, there's 588 00:33:27,270 --> 00:33:30,310 S1: the possibility that in the in the very near term, 589 00:33:30,630 --> 00:33:36,670 S1: AI could essentially eliminate a good swath of the entry 590 00:33:36,710 --> 00:33:40,630 S1: level and near entry level white collar jobs, and that 591 00:33:40,630 --> 00:33:46,470 S1: that could result in unemployment that spikes to 10 to 20%. 592 00:33:46,710 --> 00:33:49,830 S1: What do you make of that thought I make? 593 00:33:49,990 --> 00:33:52,550 S7: So there's two parts to that, right? Um, you know, 594 00:33:52,590 --> 00:33:56,310 S7: entry level white collar jobs, them being hit and, and 595 00:33:56,310 --> 00:34:00,790 S7: the other is this really high, allegedly really high unemployment rate. Um, 596 00:34:00,790 --> 00:34:03,630 S7: I don't think those are the same thing whatsoever, right? 597 00:34:03,670 --> 00:34:07,470 S7: Because the vast majority who are employed are not new 598 00:34:07,470 --> 00:34:09,990 S7: entrants into the, into the labor market. Right? 599 00:34:09,989 --> 00:34:10,870 S1: That's very small. 600 00:34:10,870 --> 00:34:14,140 S7: Yeah, it's a very small swath of people who are 601 00:34:14,140 --> 00:34:16,660 S7: getting jobs would be people who are just would have 602 00:34:16,660 --> 00:34:19,140 S7: gotten jobs this year who are, say, fresh out of college. 603 00:34:19,140 --> 00:34:24,620 S7: So new entrant, white collar. So you could have like 0%, 604 00:34:25,020 --> 00:34:27,420 S7: I hope you know, I hope that doesn't happen, but 605 00:34:27,420 --> 00:34:30,939 S7: you could have like 0% hiring for that group and 606 00:34:30,940 --> 00:34:33,060 S7: it's not going to move the unemployment rate very high. 607 00:34:33,100 --> 00:34:35,980 S7: It was bad news for them. But you know, most 608 00:34:36,020 --> 00:34:37,980 S7: the vast majority of people who are employed are not 609 00:34:37,980 --> 00:34:40,980 S7: new entrants, but it is a tough environment for them, 610 00:34:40,980 --> 00:34:43,340 S7: to be sure. I mean, just, you know, in terms 611 00:34:43,340 --> 00:34:45,979 S7: of my own firm, we're, you know, leaning heavily into 612 00:34:46,020 --> 00:34:49,980 S7: AI and we probably would be looking at hiring now, 613 00:34:50,380 --> 00:34:54,819 S7: but instead we're looking at getting smarter with the existing tools. Yeah. 614 00:34:54,820 --> 00:34:56,860 S7: But on the on the other hand, that's not really 615 00:34:56,860 --> 00:34:58,859 S7: a hiring freeze. The thing that, you know, Susan and 616 00:34:58,860 --> 00:35:00,739 S7: I talk about this, we talk about it with the team, 617 00:35:00,739 --> 00:35:03,500 S7: we pray about it, which is instead of thinking of 618 00:35:03,500 --> 00:35:06,460 S7: this as a way of destroying jobs, how can we 619 00:35:06,460 --> 00:35:09,580 S7: get good enough at this new tool that we can 620 00:35:09,580 --> 00:35:12,770 S7: bring in a lot of people as new hires and 621 00:35:12,770 --> 00:35:17,250 S7: have it be an economically smart decision. So I really 622 00:35:17,250 --> 00:35:20,930 S7: wish the AI conversation wasn't how do we fire people 623 00:35:20,930 --> 00:35:24,210 S7: or not hire them and squeeze margins? I don't think 624 00:35:24,210 --> 00:35:26,850 S7: that's the best conversation. And I'm not saying morally it's 625 00:35:26,850 --> 00:35:29,930 S7: not the best conversation. I'm saying something else. I don't 626 00:35:29,930 --> 00:35:34,050 S7: think economically it's the best conversation. AI is if AI 627 00:35:34,050 --> 00:35:37,810 S7: is a productivity enhancer, then the challenge of our time 628 00:35:37,930 --> 00:35:40,370 S7: is not how to use it to fire people, it's 629 00:35:40,370 --> 00:35:43,009 S7: how to use it to hire people and have that 630 00:35:43,010 --> 00:35:47,410 S7: not be just like a benevolent charitable action, but a 631 00:35:47,410 --> 00:35:48,730 S7: smart business decision. 632 00:35:49,170 --> 00:35:51,610 S1: Yeah, that's well said, Jerry. Makes a lot of sense. 633 00:35:51,650 --> 00:35:53,810 S1: All right. Quickly back to the economy. And then I 634 00:35:53,810 --> 00:35:55,930 S1: want to get one update on what you've been working 635 00:35:55,930 --> 00:35:58,730 S1: on in corporate engagement. But just as you look at 636 00:35:58,730 --> 00:36:01,690 S1: where we find ourselves, obviously the fed is a part 637 00:36:01,690 --> 00:36:03,490 S1: of this. We've talked about that for a long time. 638 00:36:03,489 --> 00:36:06,049 S1: We've got inflation that perhaps is going to be a 639 00:36:06,050 --> 00:36:09,680 S1: bit more elevated than we expected. Now we've got this 640 00:36:09,680 --> 00:36:13,160 S1: blip on the radar here with the war. And, you know, 641 00:36:13,200 --> 00:36:17,400 S1: we've got several other issues that despite the good policy 642 00:36:17,400 --> 00:36:20,000 S1: coming out of the one big, beautiful bill that you 643 00:36:20,040 --> 00:36:23,560 S1: call the large, lovely law, I think, which I love, um, 644 00:36:23,960 --> 00:36:26,600 S1: you know, those might be working against each other and 645 00:36:26,600 --> 00:36:28,520 S1: maybe it's not such a great year, huh? 646 00:36:29,160 --> 00:36:32,279 S7: Yeah. So you can have some good economic fundamentals and 647 00:36:32,280 --> 00:36:36,760 S7: still have market problems because of uncertainty, for example, and war. Um, 648 00:36:36,760 --> 00:36:39,000 S7: and this is something you and I talked about earlier today, 649 00:36:39,120 --> 00:36:41,640 S7: there's this myth out there and it partly comes out 650 00:36:41,640 --> 00:36:45,080 S7: of Keynesian economics that war is good for the economy. 651 00:36:45,080 --> 00:36:48,320 S7: The American economy did so well. Or was it Japan 652 00:36:48,360 --> 00:36:52,320 S7: did so well after World War Two because we destroyed it? Um, 653 00:36:52,480 --> 00:36:54,600 S7: I don't mean to laugh like. I mean, I'm laughing 654 00:36:54,600 --> 00:36:58,279 S7: at the ridiculous, not the human cost. We destroyed the 655 00:36:58,280 --> 00:37:02,600 S7: Japanese industrial capacity so they could start over and build 656 00:37:02,600 --> 00:37:06,319 S7: new machinery. I'm sorry. That's just stupid. That's not how 657 00:37:06,320 --> 00:37:10,310 S7: it works. They could. They could have always, um, you know, um, 658 00:37:10,350 --> 00:37:14,990 S7: updated their technology. A war might be a necessary evil, 659 00:37:14,989 --> 00:37:16,710 S7: but it's not good for the economy. It's not good 660 00:37:16,710 --> 00:37:19,870 S7: for anybody's economy. And that's certainly true. And, and now 661 00:37:19,910 --> 00:37:23,510 S7: we're out of the part where America is just targeting 662 00:37:23,710 --> 00:37:27,270 S7: their weapon systems, right? Now we're now we're hitting steel. 663 00:37:27,310 --> 00:37:30,190 S7: Now we now we're hitting maybe some of the energy infrastructure. 664 00:37:30,190 --> 00:37:34,630 S7: We're talking about hitting, you know, the energy infrastructure harder. Um, that's, 665 00:37:34,910 --> 00:37:38,870 S7: that's destroying the productive capacity of the nation and that, 666 00:37:38,910 --> 00:37:42,030 S7: that's part of the world economy. Again, I'm not saying 667 00:37:42,070 --> 00:37:44,310 S7: it's not, I'm not qualified to say whether this war 668 00:37:44,310 --> 00:37:47,310 S7: is a good idea or a bad idea. As an economist, though, 669 00:37:47,310 --> 00:37:50,069 S7: I am qualified to say that to the degree you're 670 00:37:50,070 --> 00:37:55,230 S7: destroying productive infrastructure, you are hurting the economy. Now trade 671 00:37:55,230 --> 00:37:57,750 S7: that off about against, you know, the bad that Iran 672 00:37:57,750 --> 00:38:00,390 S7: does in the world, and people who are smarter than 673 00:38:00,390 --> 00:38:03,870 S7: I am can make those decisions. Um, so it's hard. It's, 674 00:38:04,070 --> 00:38:08,540 S7: I think the market's being down is signaling the harm 675 00:38:08,580 --> 00:38:13,180 S7: of a long, protracted war which could get escalated. I 676 00:38:13,180 --> 00:38:16,819 S7: think it's also signaling oil prices going up. And we 677 00:38:16,820 --> 00:38:19,780 S7: just heard a prediction they might get to $200 a barrel. 678 00:38:19,780 --> 00:38:22,700 S7: That seems a little overdone to me. But just the 679 00:38:22,860 --> 00:38:25,819 S7: I mean, that's a global recession right there. Um, so 680 00:38:25,860 --> 00:38:27,700 S7: I think that and it's also tends to be an 681 00:38:27,700 --> 00:38:31,740 S7: inflationary thing. So if we have this inflation coming through 682 00:38:31,780 --> 00:38:34,860 S7: in oil prices, the fed probably won't pump money into 683 00:38:34,860 --> 00:38:37,980 S7: the system giving us the stimulus. So it's hard to 684 00:38:38,020 --> 00:38:41,419 S7: know how much of the market correction is the underlying 685 00:38:41,460 --> 00:38:46,340 S7: destructiveness of war or the inflationary effects of war, which 686 00:38:46,340 --> 00:38:48,580 S7: the fed, which makes the means the fed can't cut 687 00:38:48,580 --> 00:38:50,700 S7: rates this year because as of right now, the market 688 00:38:50,700 --> 00:38:53,540 S7: expectation is we get no rate cuts this year. But 689 00:38:53,540 --> 00:38:56,380 S7: those valuations were dependent on the idea that the president 690 00:38:56,380 --> 00:38:57,980 S7: was going to get a new fed chairman in, and 691 00:38:57,980 --> 00:39:00,460 S7: he was going to push the fed chairman into cutting 692 00:39:00,460 --> 00:39:02,859 S7: rates and putting more money into the system that was 693 00:39:02,860 --> 00:39:06,730 S7: baked into the cake. Well, with oil over $100 a barrel. 694 00:39:07,090 --> 00:39:08,690 S7: You know, it doesn't seem like we're going to get 695 00:39:08,690 --> 00:39:12,489 S7: those fed rate cuts. And so to the degree that 696 00:39:12,489 --> 00:39:17,330 S7: the expectation of monetary stimulus was driving up stock prices, um, 697 00:39:17,610 --> 00:39:20,370 S7: as that expectation goes away, they come back down. 698 00:39:21,010 --> 00:39:24,210 S1: Yeah. Yeah, that's really well said, Jerry. All right. Quickly to, uh, 699 00:39:24,210 --> 00:39:26,569 S1: corporate engagement. I know you've been working with one of 700 00:39:26,570 --> 00:39:29,610 S1: the biggest investment banks in the world on something related 701 00:39:29,610 --> 00:39:31,810 S1: to corporate engagement. Give us an update. 702 00:39:32,050 --> 00:39:35,170 S7: Yeah. There's a Christian ministry that is an owner of 703 00:39:35,210 --> 00:39:37,690 S7: Goldman Sachs, Goldman Sachs stock. This is a company that, 704 00:39:37,690 --> 00:39:39,689 S7: by the way, has been moving in the right direction, 705 00:39:39,690 --> 00:39:43,410 S7: moving towards political neutrality. We, um, you know, we, uh, 706 00:39:43,410 --> 00:39:46,370 S7: congratulated them and thanked them for that. But there is 707 00:39:46,370 --> 00:39:48,810 S7: a history of being involved with the Human Rights Campaign, 708 00:39:49,010 --> 00:39:51,210 S7: which if it was really just about human rights, we 709 00:39:51,210 --> 00:39:53,689 S7: wouldn't have any objection if it was just about not 710 00:39:53,690 --> 00:39:57,490 S7: discriminating against gay people. Again, no objection, but it really 711 00:39:57,489 --> 00:40:01,050 S7: got into a lot of the bathroom wars and locker 712 00:40:01,050 --> 00:40:03,880 S7: room wars and puberty blockers and a whole lot of 713 00:40:03,880 --> 00:40:07,720 S7: stuff that's pretty unpopular and hard to defend as being, 714 00:40:07,760 --> 00:40:10,560 S7: you know, a core business interest of a multinational bank. 715 00:40:10,760 --> 00:40:14,000 S7: So we're negotiating with them about that and making some progress. 716 00:40:14,040 --> 00:40:15,960 S7: I think the other big issue is, do you remember 717 00:40:15,960 --> 00:40:19,480 S7: there was a big thing last year with Airbnb? There 718 00:40:19,480 --> 00:40:22,800 S7: were there was a proposal sent in by two conservative groups. 719 00:40:23,440 --> 00:40:27,920 S7: And they got they got signatures from Fedex and Airbnb 720 00:40:27,960 --> 00:40:30,160 S7: said we never got the proposals. Somehow they got a 721 00:40:30,160 --> 00:40:33,560 S7: proposal from a from a blue state pension plan and 722 00:40:33,560 --> 00:40:35,560 S7: put that on the ballot. But they said, we never 723 00:40:35,560 --> 00:40:37,759 S7: got these proposals. And we said, well, we've got a 724 00:40:37,760 --> 00:40:41,319 S7: Fedex signature. And they said, well, maybe Fedex forged it. 725 00:40:41,320 --> 00:40:43,759 S7: And it's like, well, here's the name. Is that the 726 00:40:43,760 --> 00:40:45,560 S7: guy who's in your who works in your mailroom? Yes. 727 00:40:45,560 --> 00:40:47,640 S7: That's the name of the guy in the mailroom. But 728 00:40:47,640 --> 00:40:51,680 S7: we never got it. Um, so, uh, those groups working 729 00:40:51,680 --> 00:40:54,839 S7: with Alliance Defending Freedom brought a lawsuit. And as of 730 00:40:54,840 --> 00:40:58,680 S7: last week, Airbnb said, okay, we're going to put those 731 00:40:58,760 --> 00:41:02,509 S7: on the ballot this year along with the new proposals 732 00:41:02,510 --> 00:41:05,430 S7: from this year. So we've got proposals. We've got two 733 00:41:05,430 --> 00:41:08,510 S7: proposals from the same group on the ballot the same year. 734 00:41:08,630 --> 00:41:12,149 S7: I've never seen that done before, so I would count 735 00:41:12,150 --> 00:41:14,790 S7: that as a victory. It was good lawyering from Alliance 736 00:41:14,790 --> 00:41:18,390 S7: Defending Freedom. They they stuck with it. Um, and the 737 00:41:18,390 --> 00:41:21,870 S7: proponents stuck with it. And um, now we're not likely 738 00:41:21,870 --> 00:41:23,790 S7: to win the vote. We can talk about that another 739 00:41:23,790 --> 00:41:26,070 S7: time because the vast majority of people who are aligned 740 00:41:26,070 --> 00:41:29,350 S7: with our values are voting the opposite way and don't 741 00:41:29,350 --> 00:41:32,270 S7: even know they're doing it, but we're on the ballot 742 00:41:32,270 --> 00:41:33,710 S7: and that helps set the agenda. 743 00:41:34,190 --> 00:41:36,230 S1: I love it, I love it. Great work Jerry. We're 744 00:41:36,230 --> 00:41:37,750 S1: going to have to leave it there. Have a great weekend, 745 00:41:37,750 --> 00:41:38,469 S1: my friend. 746 00:41:38,510 --> 00:41:39,150 S7: Same to you. 747 00:41:39,469 --> 00:41:42,990 S1: All right. That's Jerry Bowyer, our resident economist. Quickly to 748 00:41:43,030 --> 00:41:45,310 S1: George Adel. Thanks for your patience. We have just a 749 00:41:45,310 --> 00:41:46,390 S1: minute and a half. Go ahead. 750 00:41:48,110 --> 00:41:52,469 S8: Yes. I received Social Security and I received a pension. 751 00:41:52,790 --> 00:41:56,390 S8: And my concern is, how much am I supposed to 752 00:41:56,430 --> 00:42:00,109 S8: give to the Lord in tithes and offerings? 753 00:42:00,500 --> 00:42:03,899 S1: Yes, yes, I love that question because it comes from 754 00:42:03,900 --> 00:42:06,620 S1: a genuine desire to want to honor the Lord. Uh, 755 00:42:06,620 --> 00:42:10,540 S1: you know, Social Security and pensions reflect years of contributions 756 00:42:10,540 --> 00:42:14,700 S1: often combined with growth. So there's really two approaches. One 757 00:42:14,700 --> 00:42:17,939 S1: approach is the simple approach. And it's just tithe on 758 00:42:17,940 --> 00:42:22,340 S1: it as income as it's received, whether monthly or sporadically, 759 00:42:22,540 --> 00:42:26,660 S1: without separating principle from earnings. And just give as unto 760 00:42:26,700 --> 00:42:29,700 S1: the Lord. The second is to try to separate the 761 00:42:29,700 --> 00:42:32,300 S1: growth from the principle and a good rule of thumb 762 00:42:32,300 --> 00:42:37,300 S1: for Social Security and pensions, because you what you're receiving 763 00:42:37,300 --> 00:42:42,500 S1: often exceeds way, you know, significantly, the total payroll taxes 764 00:42:42,500 --> 00:42:46,259 S1: paid is just to say half of it represents my 765 00:42:46,260 --> 00:42:48,580 S1: increase and I tithe on it and the other half 766 00:42:48,580 --> 00:42:51,900 S1: is just being returned to me. What I paid in 5050. 767 00:42:51,940 --> 00:42:54,380 S1: I hope that helps. Thanks for your call. Faith in 768 00:42:54,380 --> 00:42:57,140 S1: finance is a partnership between Moody Radio and Faith VI. 769 00:42:57,180 --> 00:42:58,219 S1: Have a great weekend.