1 00:00:04,840 --> 00:00:16,799 S1: Markets may appear. If there's one word that defines our culture, 2 00:00:16,800 --> 00:00:21,000 S1: it's more. More upgrades, more comfort, more square footage. Yet 3 00:00:21,000 --> 00:00:23,919 S1: with all that, more so many of us feel less 4 00:00:23,920 --> 00:00:27,960 S1: satisfied than ever. Hi, I'm Rob West. That's because contentment 5 00:00:27,960 --> 00:00:31,040 S1: doesn't come from what's next. It's shaped in the heart 6 00:00:31,040 --> 00:00:35,040 S1: right where we are. Today we're talking about choosing contentment 7 00:00:35,080 --> 00:00:38,920 S1: not as something accidental, but something Scripture says we can learn. 8 00:00:38,920 --> 00:00:42,960 S1: And then it's on to your calls at 800 525 7000. 9 00:00:43,159 --> 00:00:46,440 S1: This is faith and finance. Live. Biblical wisdom for your 10 00:00:46,440 --> 00:00:54,160 S1: financial decisions. Let's be honest. We're all tempted to believe 11 00:00:54,160 --> 00:00:58,720 S1: the next purchase, promotion, milestone, or change will finally make 12 00:00:58,720 --> 00:01:01,800 S1: us feel settled. But this longing for just a little 13 00:01:01,800 --> 00:01:06,000 S1: more is as old as humanity itself. Ecclesiastes tells us 14 00:01:06,000 --> 00:01:10,080 S1: that King Solomon denied himself nothing his eyes desired. Yet 15 00:01:10,120 --> 00:01:14,399 S1: he concluded it was all meaningless, a chasing after the wind. 16 00:01:14,560 --> 00:01:17,679 S1: Even the richest man in the ancient world discovered that 17 00:01:17,680 --> 00:01:22,319 S1: satisfaction cannot be bought, achieved, or accumulated. It slips through 18 00:01:22,319 --> 00:01:25,560 S1: our fingers the moment we reach for it. Paul understood 19 00:01:25,560 --> 00:01:28,720 S1: this too. In Philippians 411 he writes, I have learned 20 00:01:28,720 --> 00:01:32,119 S1: in whatever situation I am to be content. Notice that 21 00:01:32,120 --> 00:01:37,600 S1: word learned. Contentment isn't natural. It doesn't come from circumstances. 22 00:01:37,600 --> 00:01:41,800 S1: It's cultivated through walking with Christ. And Paul explains the 23 00:01:41,840 --> 00:01:44,959 S1: secret to this kind of contentment I can do all 24 00:01:44,959 --> 00:01:48,720 S1: things through Christ who strengthens me. That verse isn't about 25 00:01:48,720 --> 00:01:53,880 S1: achieving goals or maximizing performance, it's about persevering with trust. 26 00:01:54,040 --> 00:01:56,840 S1: Paul wrote those words from prison, not from a moment 27 00:01:56,840 --> 00:02:01,040 S1: of victory. He was saying, Christ gives me strength to rest, 28 00:02:01,080 --> 00:02:04,160 S1: to trust, and to be content, whether I have plenty 29 00:02:04,160 --> 00:02:08,760 S1: or very little. Contentment is the fruit of relationship with Jesus. 30 00:02:08,760 --> 00:02:11,800 S1: It's not found in having everything. It's found in knowing 31 00:02:11,840 --> 00:02:15,239 S1: the one who is everything. As my new devotional, Our 32 00:02:15,280 --> 00:02:19,880 S1: Ultimate Treasure puts it, contentment begins with recognizing we have 33 00:02:19,880 --> 00:02:23,120 S1: a shepherd who provides. The Lord is my shepherd. I 34 00:02:23,120 --> 00:02:26,639 S1: have all that I need. Contentment starts with identity. We 35 00:02:26,639 --> 00:02:29,800 S1: are his sheep. We live under his watch. We live 36 00:02:29,800 --> 00:02:33,440 S1: within his provision. And because of that, we have enough. 37 00:02:33,720 --> 00:02:37,839 S1: Hebrews 13 five adds another beautiful layer be content with 38 00:02:37,840 --> 00:02:40,320 S1: what you have, for he has said, I will never 39 00:02:40,320 --> 00:02:43,240 S1: leave you nor forsake you. In other words, the root 40 00:02:43,240 --> 00:02:46,960 S1: of contentment is God's presence, not our possessions. If he 41 00:02:46,960 --> 00:02:50,440 S1: is with us, then we're never without what we truly need. 42 00:02:50,639 --> 00:02:55,000 S1: But the devotional highlights something else surprising and incredibly practical. 43 00:02:55,160 --> 00:03:01,470 S1: Gratitude is the engine of contentment Wherever gratitude grows, contentment thrives. 44 00:03:01,590 --> 00:03:04,310 S1: When we pause to say thank you, the heart shifts 45 00:03:04,310 --> 00:03:08,630 S1: from craving what's next to appreciating what's now. From longing 46 00:03:08,630 --> 00:03:12,230 S1: for more to recognizing what God has already given, from 47 00:03:12,230 --> 00:03:16,710 S1: scarcity to sufficiency. When we leave everything in God's hands, 48 00:03:16,710 --> 00:03:20,669 S1: we eventually start seeing God's hand in everything. So how 49 00:03:20,669 --> 00:03:23,630 S1: do we begin choosing contentment? Well, it can be as 50 00:03:23,630 --> 00:03:27,790 S1: simple as keeping a gratitude journal. Writing down three blessings 51 00:03:27,790 --> 00:03:31,350 S1: each morning or evening. Not grand things, just real things. 52 00:03:31,389 --> 00:03:34,150 S1: A warm cup of coffee. A quiet moment. A roof 53 00:03:34,150 --> 00:03:37,470 S1: over your head. Breath in your lungs. A conversation that 54 00:03:37,470 --> 00:03:41,910 S1: uplifted you. Let small joys accumulate until they reshape the heart. 55 00:03:42,110 --> 00:03:45,150 S1: Maybe it looks like pausing before buying something new and 56 00:03:45,150 --> 00:03:47,990 S1: thanking God for something you already have. Maybe it looks 57 00:03:47,990 --> 00:03:51,630 S1: like turning off the endless scroll that feeds comparison. Maybe 58 00:03:51,670 --> 00:03:54,430 S1: it means naming God's provision out loud in front of 59 00:03:54,430 --> 00:03:58,230 S1: your kids, your spouse, or your own anxious heart. Contentment 60 00:03:58,230 --> 00:04:01,430 S1: is not a destination. It's a daily path. It's not 61 00:04:01,470 --> 00:04:05,630 S1: discovered in perfect circumstances, but in a surrendered heart. When 62 00:04:05,630 --> 00:04:09,150 S1: we learn to say, Jesus, you are enough, we discover 63 00:04:09,150 --> 00:04:12,590 S1: that true abundance is not tied to income. It's tethered 64 00:04:12,590 --> 00:04:15,070 S1: to our shepherd. And if you want to go deeper 65 00:04:15,070 --> 00:04:17,990 S1: into what that looks like to choose contentment each day, 66 00:04:18,270 --> 00:04:21,710 S1: that's exactly why I wrote Our Ultimate Treasure. It's a 67 00:04:21,710 --> 00:04:26,030 S1: 21 day devotional designed to guide you toward faithful stewardship. 68 00:04:26,310 --> 00:04:29,790 S1: You can pre-order your physical copy or place a bulk 69 00:04:29,790 --> 00:04:33,710 S1: order by visiting Faith. Com and click shop, and you'll 70 00:04:33,710 --> 00:04:36,589 S1: be able to access the digital version of our ultimate 71 00:04:36,630 --> 00:04:39,430 S1: Treasure in the Faith V app later this month. When 72 00:04:39,430 --> 00:04:42,510 S1: you become a faithful partner, Faith V partners are listeners 73 00:04:42,510 --> 00:04:45,670 S1: who support the ministry with a gift of $35 a 74 00:04:45,670 --> 00:04:50,550 S1: month or $400 a year. Partners receive exclusive benefits, including 75 00:04:50,589 --> 00:04:54,429 S1: our quarterly magazine, Faithful Steward, Premium access to the Faith 76 00:04:54,430 --> 00:04:58,870 S1: V app, exclusive ministry updates and every study and devotional 77 00:04:58,870 --> 00:05:01,390 S1: we release in the future. To learn more or to 78 00:05:01,470 --> 00:05:09,469 S1: join us, just visit Faith that's Faithful. Friends in a 79 00:05:09,470 --> 00:05:13,830 S1: world constantly whispering more. Jesus invites us to rest in 80 00:05:13,830 --> 00:05:17,349 S1: him and say, I have enough because he is enough. 81 00:05:17,510 --> 00:05:21,670 S1: That's real contentment, and it's available to every believer who 82 00:05:21,670 --> 00:05:26,190 S1: chooses to trust the Shepherd who never leaves and never forsakes. 83 00:05:26,390 --> 00:05:29,270 S1: We'll be right back with your questions after this. Stick around. 84 00:05:39,550 --> 00:05:42,630 S2: The opinions offered during this program represent the personal or 85 00:05:42,630 --> 00:05:47,030 S2: professional opinions of the participants, given for informational purposes only. 86 00:05:47,190 --> 00:05:50,630 S2: Any information provided is not intended to replace advice from 87 00:05:50,630 --> 00:05:54,990 S2: a financial, medical, legal, or other professional who understands your 88 00:05:54,990 --> 00:05:56,670 S2: specific situation. 89 00:06:03,350 --> 00:06:05,110 S1: Great to have you with us today on Faith and 90 00:06:05,110 --> 00:06:08,270 S1: finance live I'm Rob West. Wow. Looking forward to taking 91 00:06:08,270 --> 00:06:11,510 S1: your calls and questions today. As we get into what 92 00:06:11,510 --> 00:06:14,510 S1: you're thinking about in your financial life, here's our heart. 93 00:06:14,550 --> 00:06:16,190 S1: We want to help you live as a wise and 94 00:06:16,190 --> 00:06:20,390 S1: faithful steward as you manage God's resources. We all have 95 00:06:20,390 --> 00:06:23,550 S1: that high calling on a daily basis, but we don't 96 00:06:23,589 --> 00:06:26,110 S1: often think about it in that light. So part of 97 00:06:26,110 --> 00:06:27,670 S1: what we want to do each day is help you 98 00:06:27,670 --> 00:06:30,630 S1: think about it that way. Understand the heart of God 99 00:06:30,630 --> 00:06:34,229 S1: as it relates to your role as a steward of 100 00:06:34,230 --> 00:06:38,470 S1: God's resources. We steward once we give our lives to Jesus, everything, 101 00:06:38,510 --> 00:06:42,190 S1: our time and our relationships. We're stewards of God's Word. 102 00:06:42,190 --> 00:06:46,469 S1: And yes, we're stewards of the financial resources entrusted to us. 103 00:06:46,470 --> 00:06:48,630 S1: So our goal each day is to help you think 104 00:06:48,630 --> 00:06:52,589 S1: about that, put it under the Lordship of Christ, and 105 00:06:52,710 --> 00:06:56,350 S1: recognize he is our ultimate treasure and money. Well, it's 106 00:06:56,350 --> 00:06:59,110 S1: a tool to accomplish God's purposes. So today, whether you're 107 00:06:59,110 --> 00:07:01,670 S1: thinking about paying off some debt or maybe you're thinking 108 00:07:01,670 --> 00:07:04,470 S1: about investing for the future, whatever is going on in 109 00:07:04,470 --> 00:07:07,550 S1: your financial life, we'd love to process that with you. 110 00:07:07,550 --> 00:07:09,590 S1: So call right now. We've got some lines open. We're 111 00:07:09,590 --> 00:07:14,190 S1: ready for you. 800 525 7000. Again, that number is 112 00:07:14,190 --> 00:07:19,070 S1: 800 525 7000. Coming up in our final segment today, 113 00:07:19,110 --> 00:07:22,190 S1: Bob Dole stops by. Boy. So much going on in 114 00:07:22,190 --> 00:07:27,030 S1: the markets today. The market reacted from the president's Truth 115 00:07:27,630 --> 00:07:33,030 S1: Social post about capping interest rates, perhaps a year of 116 00:07:33,030 --> 00:07:36,830 S1: no more than 10% on credit cards. Uh, the financials 117 00:07:36,830 --> 00:07:39,470 S1: sold off today on that news. We also found out 118 00:07:39,470 --> 00:07:44,750 S1: that the Federal Reserve chairman, uh, was in a federal probe, uh, 119 00:07:44,750 --> 00:07:47,110 S1: that moving the markets as well as a lot of 120 00:07:47,110 --> 00:07:50,590 S1: folks weighing in on, uh, the Fed's independence, and they're 121 00:07:50,590 --> 00:07:55,860 S1: being risk associated with the president entering into that conversation 122 00:07:56,100 --> 00:07:59,460 S1: on top of mortgage interest rates. In fact, let's talk 123 00:07:59,500 --> 00:08:02,940 S1: about that for a moment. Because mortgage rates fell sharply 124 00:08:02,940 --> 00:08:07,060 S1: on Friday, they dropped below 6% for the first time 125 00:08:07,060 --> 00:08:11,420 S1: in years after President Trump directed his administration to buy 126 00:08:11,460 --> 00:08:16,179 S1: $200 billion in mortgage bonds. The average 30 year fixed 127 00:08:16,180 --> 00:08:22,380 S1: rate slid to 5.99, down from 6.21% a day earlier. 128 00:08:22,420 --> 00:08:27,660 S1: That's the lowest level since February of 2023. 15 year 129 00:08:27,660 --> 00:08:33,740 S1: rates also fell to just above 5.5%. Such swift moves 130 00:08:33,740 --> 00:08:38,780 S1: are unusual. Mortgage rates typically shift only fractions of a percent. 131 00:08:39,179 --> 00:08:43,340 S1: President Trump said the bond purchases would reduce borrowing costs 132 00:08:43,340 --> 00:08:48,780 S1: and make homeownership more affordable. Federal Housing Finance Authority Chief 133 00:08:49,059 --> 00:08:52,300 S1: Bill Pulte confirmed that Fannie Mae and Freddie Mac would 134 00:08:52,300 --> 00:08:56,420 S1: execute the plan and had actually already begun buying. Now, 135 00:08:56,420 --> 00:08:59,980 S1: if it's fully implemented, the purchases would nearly double their 136 00:08:59,980 --> 00:09:04,620 S1: mortgage bond holdings. Economists say lower rates could support home 137 00:09:04,660 --> 00:09:10,180 S1: building and sales, but note the plan's limits. Only about 1.4% 138 00:09:10,179 --> 00:09:15,580 S1: of the $14.5 trillion mortgage market would be affected, and 139 00:09:15,580 --> 00:09:19,940 S1: many homeowners have low existing rates, and they may stay 140 00:09:19,940 --> 00:09:24,060 S1: in their homes. Now, falling mortgage rates may ease pressure 141 00:09:24,059 --> 00:09:28,500 S1: on some families and genuinely create opportunities in the housing market. 142 00:09:28,500 --> 00:09:31,500 S1: But we just always want to remind you why stewardship 143 00:09:31,500 --> 00:09:36,780 S1: means staying patient. Avoiding fear or haste. Making decisions that 144 00:09:36,780 --> 00:09:40,020 S1: fit your family's long term calling before the Lord. Not 145 00:09:40,020 --> 00:09:44,140 S1: just the headlines. Nevertheless, this could present an opportunity for 146 00:09:44,140 --> 00:09:47,300 S1: those waiting on the sidelines. Uh, the fact that we're 147 00:09:47,300 --> 00:09:50,340 S1: seeing now a five handle is pretty significant, even if 148 00:09:50,340 --> 00:09:54,940 S1: it's just slightly below 6%. We'll see and get Bob 149 00:09:54,940 --> 00:09:57,780 S1: Dole's take in the final segment, whether this will hold 150 00:09:57,780 --> 00:10:00,780 S1: and whether we may see further rate declines in the 151 00:10:00,780 --> 00:10:03,579 S1: days ahead. But a lot moving the markets today and 152 00:10:03,580 --> 00:10:06,140 S1: a lot to talk about when Bob Dole joins us 153 00:10:06,140 --> 00:10:08,300 S1: in just a bit. All right. We're ready to begin 154 00:10:08,300 --> 00:10:10,660 S1: taking your calls and questions. We do have some lines open. 155 00:10:10,660 --> 00:10:12,740 S1: So if you've got a question you can call right 156 00:10:12,740 --> 00:10:18,420 S1: now 800 525 7000. Let's begin in Illinois today. Linda 157 00:10:18,420 --> 00:10:18,940 S1: go ahead. 158 00:10:18,980 --> 00:10:21,460 S3: Hello, Rob. Thank you for taking my call. 159 00:10:21,660 --> 00:10:22,260 S4: I love your. 160 00:10:22,300 --> 00:10:27,500 S3: Program. Um, what housing option do you have for someone 161 00:10:27,500 --> 00:10:32,220 S3: who's living on on mutual funds? Um, I don't have 162 00:10:32,260 --> 00:10:36,620 S3: any income coming in. I have many health challenges and 163 00:10:36,620 --> 00:10:40,860 S3: a long work ethic that will keep me from gaining employment. Now, 164 00:10:41,220 --> 00:10:46,580 S3: my monthly expenses are 2024 a month. Um, so those 165 00:10:46,580 --> 00:10:49,780 S3: funds are going to be depleted within the next two 166 00:10:49,780 --> 00:10:54,260 S3: years or so. Okay. I'm 60 years old, and I. 167 00:10:54,860 --> 00:10:58,940 S3: I will try to file for Social Security disability. I'm sorry. 168 00:10:58,980 --> 00:11:02,420 S3: I was denied disability for regular social Security. That would 169 00:11:02,420 --> 00:11:05,500 S3: come out to only 700 a month. So I'm looking 170 00:11:05,500 --> 00:11:10,620 S3: for housing options and medical affordable Medicare health insurance. 171 00:11:10,940 --> 00:11:11,580 S4: Yes. 172 00:11:12,020 --> 00:11:15,500 S1: Well, it's wise, Linda, to be thinking and asking these 173 00:11:15,500 --> 00:11:18,900 S1: questions before your savings are gone. You know, planning ahead 174 00:11:18,900 --> 00:11:20,460 S1: is going to give you more options than if you 175 00:11:20,500 --> 00:11:23,699 S1: wait until a crisis point. I think there's a few 176 00:11:23,700 --> 00:11:26,900 S1: things to understand here. First of all, most housing assistance 177 00:11:26,900 --> 00:11:31,900 S1: programs look at both income and assets. But the eligibility 178 00:11:31,900 --> 00:11:36,780 S1: rules vary widely by program and by state. Some programs 179 00:11:36,780 --> 00:11:40,340 S1: require assets to be spent down first. Others focus more 180 00:11:40,340 --> 00:11:45,620 S1: heavily on current income programs like section eight. Housing vouchers 181 00:11:45,620 --> 00:11:51,370 S1: and other subsidized housing options typically prioritize income But long 182 00:11:51,370 --> 00:11:56,210 S1: waitlists are possible, so it's really important that you apply early. 183 00:11:56,690 --> 00:12:01,090 S1: Some nonprofit and local housing programs are more flexible and 184 00:12:01,090 --> 00:12:05,890 S1: can offer transitional support, so could be rent assistance, even 185 00:12:05,890 --> 00:12:11,449 S1: senior housing options before your savings are fully depleted. And 186 00:12:11,450 --> 00:12:15,810 S1: then I would say downsizing, relocating to a lower cost 187 00:12:15,809 --> 00:12:19,530 S1: area or moving into shared or age restricted housing can 188 00:12:19,570 --> 00:12:24,090 S1: sometimes stabilize costs before assistance is needed. But I think 189 00:12:24,090 --> 00:12:26,330 S1: the most important step you can take now is to 190 00:12:26,370 --> 00:12:30,370 S1: get informed locally. So I would contact as a next step, 191 00:12:30,370 --> 00:12:34,569 S1: if you haven't already, your local housing authority, uh, you 192 00:12:34,570 --> 00:12:38,130 S1: would want to reach out to, you know, uh, Area 193 00:12:38,170 --> 00:12:43,410 S1: Agency on Aging and even a nonprofits in your area 194 00:12:43,690 --> 00:12:47,689 S1: to understand what programs exist. They're going to be able 195 00:12:47,690 --> 00:12:51,650 S1: to help you understand how eligibility is determined and how 196 00:12:51,650 --> 00:12:55,010 S1: long the wait list might be. That way, you're positioning 197 00:12:55,010 --> 00:12:59,730 S1: yourself proactively rather than reactively. Have you looked into any 198 00:12:59,730 --> 00:13:01,370 S1: of these local options yet? 199 00:13:01,410 --> 00:13:06,130 S3: No, I haven't because I thought they were, um, income based. 200 00:13:06,130 --> 00:13:10,330 S3: You had to be low income. Um, so no, I 201 00:13:10,330 --> 00:13:11,650 S3: haven't looked at them. 202 00:13:12,530 --> 00:13:12,890 S4: Okay. 203 00:13:12,929 --> 00:13:16,050 S1: Yeah, I think that would be a good next step. So, 204 00:13:16,290 --> 00:13:20,130 S1: you know, in the, um, you know, public housing offers 205 00:13:20,130 --> 00:13:23,929 S1: rental units that are owned and managed by local public 206 00:13:23,929 --> 00:13:29,290 S1: housing authority. And the rent is typically based on your income. Um, 207 00:13:29,330 --> 00:13:32,970 S1: and so that's going to help low income families and seniors. Uh, 208 00:13:32,970 --> 00:13:36,050 S1: there's also a voucher program which is the section eight. 209 00:13:36,330 --> 00:13:39,210 S1: And so that's going to help low income renters pay 210 00:13:39,210 --> 00:13:43,610 S1: for private market housing. Um, but again, those wait lists, 211 00:13:43,650 --> 00:13:46,930 S1: you know, can be longer. And then there's uh, federally 212 00:13:46,970 --> 00:13:51,250 S1: subsidized options as well. So I would probably reach out 213 00:13:51,250 --> 00:13:54,810 S1: to your local housing authority. You could go to, uh, 214 00:13:54,970 --> 00:13:59,490 S1: I housing search for the state of Illinois. Um, you 215 00:13:59,490 --> 00:14:03,610 S1: could call the local public housing authority, search by your 216 00:14:03,650 --> 00:14:07,890 S1: city and county for section eight, and then you could call, uh, 217 00:14:07,890 --> 00:14:12,730 S1: 211 on your phone. That's the hotline for housing and 218 00:14:12,730 --> 00:14:16,490 S1: social services. And just begin that conversation to find out 219 00:14:16,490 --> 00:14:20,090 S1: what options exist for you. But, Linda, keep us posted 220 00:14:20,210 --> 00:14:23,050 S1: along the way. We certainly will ask our faith and 221 00:14:23,050 --> 00:14:24,890 S1: finance community to be praying for you as well. I 222 00:14:24,890 --> 00:14:26,770 S1: know this is a lot weighing on you. Thanks for 223 00:14:26,770 --> 00:14:36,530 S1: your call. We'll be right back. Thanks for joining us 224 00:14:36,530 --> 00:14:39,010 S1: today on Faith and Finance Live. I'm Rob West. We're 225 00:14:39,010 --> 00:14:43,250 S1: taking your calls and questions 800 525 7000 is the 226 00:14:43,250 --> 00:14:46,770 S1: number to call. Uh, let's head to Madisonville, Kentucky. Kathy. 227 00:14:46,810 --> 00:14:47,290 S1: Go ahead. 228 00:14:47,330 --> 00:14:49,690 S5: Hi. I just had a question about long term care insurance. 229 00:14:49,690 --> 00:14:51,090 S5: Does that cover assisted living? 230 00:14:51,850 --> 00:14:56,690 S1: Uh, yes. It does fall under long term care because 231 00:14:56,690 --> 00:15:00,810 S1: it provides ongoing help with activities of daily living, which 232 00:15:00,810 --> 00:15:06,170 S1: is really the litmus test for, uh, long term care policies. So, 233 00:15:06,370 --> 00:15:10,210 S1: you know, these are things like bathing, dressing, medication management, 234 00:15:10,210 --> 00:15:14,770 S1: meals supervision. So if the services are expected to last 235 00:15:14,770 --> 00:15:18,570 S1: longer than 90 days, now that is not the same 236 00:15:18,570 --> 00:15:22,370 S1: as a nursing home. And, you know, the difference matters 237 00:15:22,370 --> 00:15:25,970 S1: a lot for payment. But at the end of the day, yes, 238 00:15:26,010 --> 00:15:29,690 S1: long assisted living does fall under a long term care 239 00:15:29,690 --> 00:15:33,130 S1: insurance policy. Was there a specific question though related to 240 00:15:33,170 --> 00:15:34,890 S1: that or does that is that helpful? 241 00:15:34,930 --> 00:15:36,330 S5: Yeah, I just want to know if I covered that. 242 00:15:36,330 --> 00:15:37,890 S5: So like if you had to be in assisted living 243 00:15:37,930 --> 00:15:39,610 S5: like say five years, it would cover that. 244 00:15:39,970 --> 00:15:43,370 S1: Uh, depends on the limitations of the policy. Do you 245 00:15:43,370 --> 00:15:46,210 S1: already have a policy in force, long term care insurance? 246 00:15:46,250 --> 00:15:48,010 S5: No, I don't have anything yet. I was just trying 247 00:15:48,010 --> 00:15:49,250 S5: to understand how it all worked. 248 00:15:49,450 --> 00:15:53,250 S1: Okay. Yeah. So it really depends on the limitations of 249 00:15:53,250 --> 00:15:56,890 S1: the policy. But, uh, yes, long term care insurance often 250 00:15:56,890 --> 00:16:02,250 S1: does cover, uh, assisted living. Uh, you know, ultimately, you know, 251 00:16:02,290 --> 00:16:05,730 S1: a triggering effect for a long term care insurance policy 252 00:16:05,730 --> 00:16:11,010 S1: would be two or more of the activities of daily living. And, 253 00:16:11,050 --> 00:16:13,610 S1: you know, then you have an elimination period. So that 254 00:16:13,610 --> 00:16:16,250 S1: would be a waiting period. So that might be 60 255 00:16:16,250 --> 00:16:21,010 S1: or 90 days. And then beyond that the policy has 256 00:16:21,010 --> 00:16:23,930 S1: a benefit period. So it might be okay, you've got 257 00:16:23,930 --> 00:16:26,290 S1: an elimination period for the first 90 days you'd have 258 00:16:26,290 --> 00:16:28,810 S1: to cover out of pocket. And then the benefit period 259 00:16:28,810 --> 00:16:32,370 S1: might be three years. Uh, again, this would all be 260 00:16:32,370 --> 00:16:35,290 S1: different based on the policy you get. And the longer 261 00:16:35,290 --> 00:16:38,410 S1: the benefit period and the shorter the elimination period, the 262 00:16:38,410 --> 00:16:41,010 S1: more expensive the policy is going to be. But let's 263 00:16:41,010 --> 00:16:43,050 S1: say it had a three year benefit period than at 264 00:16:43,050 --> 00:16:46,450 S1: the end of three years. The policy would stop paying out. 265 00:16:46,450 --> 00:16:49,239 S1: And then in your example, if you were there five years, 266 00:16:49,280 --> 00:16:51,200 S1: you know, you would have to come out of pocket 267 00:16:51,200 --> 00:16:52,800 S1: at that point, if that makes sense. 268 00:16:52,840 --> 00:16:54,880 S5: Okay. Yeah. I just didn't know what it covered. I 269 00:16:54,880 --> 00:16:57,120 S5: was just trying to get an idea how it works. 270 00:16:57,480 --> 00:17:00,600 S1: Yeah, absolutely. Was there any follow up questions to that? 271 00:17:00,640 --> 00:17:02,840 S5: I just don't like how expensive it is, a long 272 00:17:02,880 --> 00:17:05,560 S5: term care policy. I mean, I know what lowest the 273 00:17:05,560 --> 00:17:07,119 S5: highest I mean, how much are they really average? 274 00:17:07,160 --> 00:17:12,000 S1: Yeah. So what is your age? 56 okay. Yeah. So 275 00:17:12,000 --> 00:17:14,760 S1: this is a good time to be looking at it 276 00:17:14,800 --> 00:17:19,600 S1: between 55 and 65. Um, you know, if you have 277 00:17:19,600 --> 00:17:24,959 S1: modest inflation protection, uh, you know, typically these policies are 278 00:17:24,960 --> 00:17:29,119 S1: going to be somewhere around, you know, 1500 to $4000 279 00:17:29,119 --> 00:17:33,359 S1: a year. Uh, for someone age 55. Again, it's depending 280 00:17:33,359 --> 00:17:36,919 S1: upon the benefit package. So what is that elimination period? 281 00:17:36,920 --> 00:17:39,720 S1: The waiting period. What is the benefit period? How long 282 00:17:39,720 --> 00:17:43,359 S1: does it pay out? And then what is your health status? 283 00:17:43,400 --> 00:17:45,239 S1: A lot of that's going to have to do, you 284 00:17:45,240 --> 00:17:49,209 S1: know with ultimately what you pay, but that that 1500 285 00:17:49,210 --> 00:17:54,160 S1: to 3000 would be a reasonably sized policy with some 286 00:17:54,160 --> 00:17:58,000 S1: modest inflation protection. You know, where it's it's paying out 287 00:17:58,000 --> 00:18:02,720 S1: a reasonable what they call daily benefit amount. Um, you know, 288 00:18:02,760 --> 00:18:06,280 S1: which would be, you know, somewhere, uh, you know, covering 289 00:18:06,480 --> 00:18:10,920 S1: typical care that, that somebody needs for, you know, most 290 00:18:10,920 --> 00:18:13,920 S1: of services, whether it's in-home care or nursing care. 291 00:18:13,960 --> 00:18:15,120 S5: Okay. All right. Thank you. 292 00:18:15,440 --> 00:18:17,560 S1: Okay. Sure. Thanks for your call today. Lord bless you. 293 00:18:17,600 --> 00:18:19,359 S1: Let's go to Ohio, Charlie. Go ahead. 294 00:18:19,640 --> 00:18:22,800 S6: Hi. Thank you for taking my question. Um, I'm wondering, 295 00:18:22,840 --> 00:18:25,800 S6: I'm 45 years old, and I'm looking to buy a house, 296 00:18:25,800 --> 00:18:28,520 S6: and I would need to get a 30 year loan. 297 00:18:29,040 --> 00:18:31,520 S6: So I'm wondering if that's a wise investment for the 298 00:18:31,520 --> 00:18:36,160 S6: future when I'm older. I think retirement age is, like 67. Yeah. 299 00:18:36,200 --> 00:18:37,840 S6: So I'm not sure what to do. 300 00:18:38,359 --> 00:18:40,640 S1: Yeah, it's a good question. You know, more and more 301 00:18:40,640 --> 00:18:44,640 S1: retirees are entering that season of life with a mortgage 302 00:18:44,640 --> 00:18:47,280 S1: still in place. I mean, if you can be at 303 00:18:47,320 --> 00:18:50,360 S1: a point where, you know, by the time you're entering retirement, 304 00:18:50,359 --> 00:18:52,400 S1: your own is your home is owned free and clear, 305 00:18:52,400 --> 00:18:55,080 S1: that would be great because that would take that largest, 306 00:18:55,119 --> 00:18:58,600 S1: what's most for most people, their largest expense off the table, 307 00:18:58,600 --> 00:19:01,200 S1: which just makes it a little easier to balance the budget. 308 00:19:01,440 --> 00:19:04,040 S1: If that's not possible, then, you know you may have 309 00:19:04,040 --> 00:19:06,760 S1: to carry it into that retirement season of life for 310 00:19:06,760 --> 00:19:09,840 S1: a period of time. So if you're planning to transition 311 00:19:09,840 --> 00:19:13,240 S1: to what God has for you next at, let's say, 65, 312 00:19:13,520 --> 00:19:16,720 S1: and maybe that doesn't involve paid work, uh, you know, 313 00:19:16,760 --> 00:19:19,480 S1: you would have 20 years to do that. Now, when 314 00:19:19,480 --> 00:19:22,000 S1: you go to price out a 20 year mortgage, you 315 00:19:22,000 --> 00:19:24,280 S1: may say, well, this is more than I can afford. 316 00:19:24,280 --> 00:19:26,960 S1: Reasonably and typically the rule of thumb we look at 317 00:19:26,960 --> 00:19:29,920 S1: there is no more than 25 to 30% of your 318 00:19:29,920 --> 00:19:32,840 S1: take home pay so that you've got enough left for 319 00:19:32,840 --> 00:19:36,440 S1: everything else. Um, but if that's not possible, then yeah, 320 00:19:36,440 --> 00:19:38,719 S1: I think it's reasonable to say I'm going to take 321 00:19:38,720 --> 00:19:41,520 S1: out a new 30 year loan. Uh, maybe you pay 322 00:19:41,520 --> 00:19:44,120 S1: it like it's a 20 year loan, and they could 323 00:19:44,240 --> 00:19:45,919 S1: tell you how much extra you need to pay a 324 00:19:45,920 --> 00:19:48,760 S1: month to pay it off in 20 years. But the 325 00:19:48,760 --> 00:19:50,520 S1: nice thing would be if you ever had to, you 326 00:19:50,520 --> 00:19:55,680 S1: could drop down to that lower 30 year required monthly payment, 327 00:19:55,920 --> 00:19:58,919 S1: and if you had to extend that payback ten years 328 00:19:58,920 --> 00:20:02,920 S1: into retirement, well, then, you know, that's just what you do. Uh, 329 00:20:02,920 --> 00:20:05,160 S1: or at that point, maybe you sell it, pay off 330 00:20:05,160 --> 00:20:08,840 S1: the loan, and downsize. Perhaps that's another option. But I 331 00:20:08,880 --> 00:20:13,400 S1: wouldn't say at 45, getting a 30 year loan is 332 00:20:13,560 --> 00:20:16,880 S1: something you just need to avoid altogether. I would just 333 00:20:16,880 --> 00:20:19,880 S1: say do everything you can to try to prepay that, 334 00:20:19,920 --> 00:20:22,480 S1: even if it's sending just one extra payment a year, 335 00:20:22,480 --> 00:20:26,240 S1: if possible, out of surplus, so that you accelerate that payoff, 336 00:20:26,280 --> 00:20:27,440 S1: if that makes sense. 337 00:20:28,480 --> 00:20:30,200 S6: Yes, that makes sense. Thank you so much. 338 00:20:30,520 --> 00:20:32,639 S1: Okay. All right. I appreciate your call today. Thanks for 339 00:20:32,640 --> 00:20:36,560 S1: being on the program. Uh, 800 525 7000 is the 340 00:20:36,560 --> 00:20:39,520 S1: number to call. Let's go to Orlando. Blair. Go ahead. 341 00:20:39,560 --> 00:20:43,159 S7: Hey, thanks for taking my call. My question is, um, 342 00:20:43,320 --> 00:20:46,640 S7: with the market being up like it is. Uh, I'm 343 00:20:47,040 --> 00:20:52,440 S7: 66 and, uh, thought is of paying off my mortgage. Uh, 344 00:20:52,760 --> 00:20:56,000 S7: we can afford it, uh, monthly and all that. So 345 00:20:56,000 --> 00:20:58,160 S7: that's not the issue, but I just feel like I'm 346 00:20:58,160 --> 00:21:00,800 S7: playing with house money with the market right now and 347 00:21:00,840 --> 00:21:03,760 S7: wondering if, uh, it would be wise to pay the 348 00:21:03,760 --> 00:21:08,160 S7: house off, and, uh, it would maybe take about less 349 00:21:08,160 --> 00:21:10,680 S7: than 10% of what's in the 401 K right now 350 00:21:10,720 --> 00:21:13,399 S7: to finish doing that, or to keep the money in 351 00:21:13,400 --> 00:21:15,359 S7: the market and keep making monthly payments. 352 00:21:15,960 --> 00:21:18,959 S1: Yeah. Uh. Makes sense. Great question. What is the balance 353 00:21:18,960 --> 00:21:19,840 S1: on that mortgage? 354 00:21:20,640 --> 00:21:22,959 S7: It's it's about 111,000. 355 00:21:23,320 --> 00:21:26,520 S1: Okay. Yeah. And you said pulling that 40%. 356 00:21:26,560 --> 00:21:27,720 S7: Yeah. Go ahead. I'm sorry. 357 00:21:27,960 --> 00:21:30,880 S1: No it's fine. You said pulling. That would take about 10%. 358 00:21:30,880 --> 00:21:31,600 S1: Is that right? 359 00:21:31,960 --> 00:21:32,480 S7: Yes. 360 00:21:32,920 --> 00:21:36,480 S1: Okay, good. Let's do this. I'm up against a break here, Blair. 361 00:21:36,480 --> 00:21:38,520 S1: But when we come back, I'd be delighted to give 362 00:21:38,520 --> 00:21:41,160 S1: you my thoughts on this. Uh, so you stay right there. 363 00:21:41,160 --> 00:21:43,670 S1: We'll tackle this on the other side. This is Faith 364 00:21:43,670 --> 00:21:46,430 S1: and finance live on Moody Radio. Coming right back with 365 00:21:46,430 --> 00:21:56,430 S1: more questions. Stay with us. Great to have you with 366 00:21:56,430 --> 00:21:59,030 S1: us today on Faith and finance live. I'm Rob West. 367 00:21:59,030 --> 00:22:01,070 S1: We're taking your calls and questions. We've got a few 368 00:22:01,070 --> 00:22:05,189 S1: lines open at 800 525 7000. Before the break, we 369 00:22:05,190 --> 00:22:08,909 S1: were talking to Blair in Orlando. He's retired. Uh, he 370 00:22:08,910 --> 00:22:12,830 S1: and his wife have about 1.6 million in investments. They 371 00:22:12,830 --> 00:22:16,510 S1: owe about 111,000, uh, on their mortgage at a very 372 00:22:16,510 --> 00:22:20,750 S1: low rate, around 3%. And wondering just given the performance 373 00:22:20,750 --> 00:22:24,109 S1: of these investments, did more than, you know, 20% last 374 00:22:24,109 --> 00:22:26,389 S1: year if he should kind of take some off the table, 375 00:22:26,430 --> 00:22:27,950 S1: go ahead and pay off the home. So they own 376 00:22:27,950 --> 00:22:31,389 S1: it free and clear and, um, you know, use that to, uh, 377 00:22:31,390 --> 00:22:34,390 S1: to get out of debt completely. And, Blair, you certainly 378 00:22:34,390 --> 00:22:37,510 S1: could go that direction. Um, you know, I think at 379 00:22:37,510 --> 00:22:39,790 S1: the end of the day, this is both a math equation, 380 00:22:39,790 --> 00:22:43,230 S1: but it's more than that. There's tax implications, and then 381 00:22:43,230 --> 00:22:47,270 S1: there's just your convictions spiritually and a peace of mind 382 00:22:47,270 --> 00:22:51,550 S1: element as well. From a purely financial standpoint, you know, 383 00:22:51,630 --> 00:22:54,030 S1: one way to solve for this, just given the performance 384 00:22:54,030 --> 00:22:56,869 S1: of the portfolio, is rather than just paying off the 385 00:22:56,869 --> 00:23:00,030 S1: home and keeping the investments the way they are, you 386 00:23:00,030 --> 00:23:03,510 S1: could begin to get more conservative with the investments. So, 387 00:23:03,550 --> 00:23:07,669 S1: you know, move more toward fixed income and less toward stocks, 388 00:23:07,830 --> 00:23:11,590 S1: just as a way of preserving the capital that you have. And, 389 00:23:11,630 --> 00:23:14,350 S1: you know, taking less risk. So if the market was 390 00:23:14,350 --> 00:23:17,190 S1: down 20 or 30% because we were in a recession, 391 00:23:17,230 --> 00:23:21,070 S1: you your portfolio wouldn't be down that much. And then 392 00:23:21,070 --> 00:23:24,510 S1: just continue paying on this mortgage over time, even if 393 00:23:24,510 --> 00:23:27,390 S1: you want to accelerate it by sending a little extra 394 00:23:27,430 --> 00:23:29,990 S1: each year. But you wouldn't take it all out at once, 395 00:23:29,990 --> 00:23:33,870 S1: which would create a tax situation. Because, you know, if 396 00:23:33,869 --> 00:23:39,070 S1: you're taking $111,000 distribution in one year, that's going to 397 00:23:39,109 --> 00:23:43,350 S1: increase your income by 111,000, which is undoubtedly going to 398 00:23:43,390 --> 00:23:47,510 S1: push more of your income into a higher tax bracket. 399 00:23:47,670 --> 00:23:50,150 S1: So there's going to be a cost to that. Um, 400 00:23:50,150 --> 00:23:52,310 S1: so I think one approach is you leave everything like 401 00:23:52,310 --> 00:23:54,869 S1: it is. You just keep paying off that mortgage, just 402 00:23:54,869 --> 00:23:57,710 S1: like you are now knowing that, uh, that's, you know, 403 00:23:57,750 --> 00:24:01,070 S1: inexpensive money, if you will, because it's at a very 404 00:24:01,070 --> 00:24:04,470 S1: low interest rate and then get more conservative in the portfolio. 405 00:24:04,510 --> 00:24:07,989 S1: The second option is you say, no, we really do 406 00:24:08,030 --> 00:24:09,669 S1: want to be debt free. Even if we were to 407 00:24:09,670 --> 00:24:12,510 S1: get more conservative on the portfolio, we'd like to just 408 00:24:12,510 --> 00:24:15,150 S1: get this behind us. Then you may want to look 409 00:24:15,150 --> 00:24:18,030 S1: at pulling the money out over at least two tax years, 410 00:24:18,270 --> 00:24:21,310 S1: if not three. And then I think the third scenario 411 00:24:21,310 --> 00:24:23,869 S1: is we just feel a conviction from the Lord to 412 00:24:23,910 --> 00:24:26,230 S1: be out of debt. And I would say, just take 413 00:24:26,230 --> 00:24:27,990 S1: the money, pay it off and be done with it 414 00:24:27,990 --> 00:24:30,350 S1: and don't look back. And I think any of these 415 00:24:30,350 --> 00:24:32,950 S1: are viable options. I think it's just a matter of 416 00:24:32,950 --> 00:24:35,350 S1: thinking through your priorities. But give me your thoughts on 417 00:24:35,350 --> 00:24:35,869 S1: all that. 418 00:24:36,109 --> 00:24:39,550 S7: Yeah, no. That's good. And one thing I neglected to 419 00:24:39,590 --> 00:24:43,109 S7: to bring up was that we would have about 40% 420 00:24:43,109 --> 00:24:45,630 S7: of that, that we would not have to pull out 421 00:24:45,630 --> 00:24:49,670 S7: of the 401 K. Uh, we just have some cash 422 00:24:49,670 --> 00:24:52,230 S7: sitting on the side that we could use and not 423 00:24:52,230 --> 00:24:54,790 S7: get hit with a tax burden on that piece. 424 00:24:55,230 --> 00:24:58,390 S1: Yeah. Yeah. So that's nice. Obviously. So that would reduce 425 00:24:58,390 --> 00:25:01,230 S1: the amount that you're pulling out to about 70,000. But 426 00:25:01,230 --> 00:25:04,229 S1: still all of that would be subject, you know, to 427 00:25:04,270 --> 00:25:07,310 S1: taxable income. And keep in mind a big windfall like 428 00:25:07,310 --> 00:25:10,670 S1: that could trigger something called the Irma uh, which has 429 00:25:10,670 --> 00:25:12,350 S1: to do with your Medicare premiums. 430 00:25:12,390 --> 00:25:15,350 S7: Okay. That's not an angle we thought of. So I 431 00:25:15,350 --> 00:25:16,270 S7: appreciate that. 432 00:25:16,630 --> 00:25:20,030 S1: Yeah, absolutely. That that would look back and that wouldn't 433 00:25:20,030 --> 00:25:22,870 S1: hit you for a couple of years because the, uh, 434 00:25:22,869 --> 00:25:26,270 S1: the Irma, the income related monthly adjustment is based on 435 00:25:26,510 --> 00:25:30,550 S1: your adjusted, your modified adjusted gross income from two years prior, 436 00:25:30,830 --> 00:25:34,230 S1: but two years from the year you pull that money out, 437 00:25:34,350 --> 00:25:36,550 S1: you could find yourself, you know, with a with a 438 00:25:36,590 --> 00:25:40,190 S1: considerably higher premium for that year. Now, it would eventually 439 00:25:40,190 --> 00:25:43,230 S1: drop back down, but not without you, you know, having 440 00:25:43,230 --> 00:25:44,430 S1: a cost related to it. 441 00:25:44,470 --> 00:25:47,070 S7: Okay, great. Thank you. That is the kind of advice 442 00:25:47,070 --> 00:25:49,710 S7: we were looking for. So, um, we've been going back 443 00:25:49,710 --> 00:25:51,990 S7: and forth and praying about this, and this helps us. 444 00:25:51,990 --> 00:25:52,950 S7: Thank you very much. 445 00:25:53,150 --> 00:25:55,310 S1: Absolutely. Blair, listen, all the best to you, my friend. 446 00:25:55,310 --> 00:25:57,710 S1: We appreciate your call today. Lord bless you. Uh, let's 447 00:25:57,710 --> 00:25:59,949 S1: go to, uh. Well, we'll stay in Florida. Many. How 448 00:25:59,950 --> 00:26:02,270 S1: can I help many? Are you there? All right. I'm 449 00:26:02,270 --> 00:26:04,070 S1: not hearing you. So we're going to put you on hold, 450 00:26:04,070 --> 00:26:06,550 S1: see if we can get that taken care of. And 451 00:26:06,550 --> 00:26:08,909 S1: let's go over to Tampa. Esther. Go ahead. 452 00:26:09,430 --> 00:26:12,830 S8: Hi. Um, thanks for taking my call. Yes. Of course. 453 00:26:14,710 --> 00:26:15,310 S1: Go ahead. 454 00:26:17,470 --> 00:26:17,910 S8: Hello. 455 00:26:18,350 --> 00:26:20,390 S1: Hi. We've got you now. Can you hear me? 456 00:26:20,390 --> 00:26:21,430 S8: Yes I can. Sorry about. 457 00:26:21,430 --> 00:26:23,190 S1: That. Okay, great. That's okay. How can I help. 458 00:26:23,190 --> 00:26:25,949 S8: You to my vehicle? Yeah. No problem. Um, I have 459 00:26:25,950 --> 00:26:30,150 S8: a question regarding, uh, chapter 13. I've never filed chapter 13, 460 00:26:30,150 --> 00:26:33,830 S8: but due to the income of the household, we don't 461 00:26:33,830 --> 00:26:36,710 S8: qualify for chapter seven. Uh, there was a loan that 462 00:26:36,710 --> 00:26:41,980 S8: was taken out a couple years ago, um, our vehicle was, um, 463 00:26:42,220 --> 00:26:46,660 S8: put in as collateral. The vehicle, um, died on us, 464 00:26:47,100 --> 00:26:50,219 S8: and we wanted to, you know, go back to the 465 00:26:50,220 --> 00:26:53,979 S8: loan and see if they can deduct the $2,500 that 466 00:26:53,980 --> 00:26:57,820 S8: they they said it would be valued at, um, and 467 00:26:57,940 --> 00:27:01,460 S8: then we needed another vehicle because we both worked. And 468 00:27:01,460 --> 00:27:04,100 S8: so we kind of stopped paying on the loan. Now 469 00:27:04,100 --> 00:27:06,979 S8: we're being sued for the remaining balance. And so I 470 00:27:06,980 --> 00:27:10,580 S8: don't know if it's better to do chapter 13 because 471 00:27:10,580 --> 00:27:13,900 S8: there's lawyer fees involved, and it brings up the total 472 00:27:13,940 --> 00:27:17,859 S8: amount that will owe or debt consolidation maybe. 473 00:27:18,220 --> 00:27:21,500 S1: Yes. Uh, makes a lot of sense. And at the 474 00:27:21,500 --> 00:27:23,139 S1: end of the day, you are going to need some 475 00:27:23,140 --> 00:27:26,020 S1: some legal advice. And I'm not an attorney. And so 476 00:27:26,020 --> 00:27:28,940 S1: I would always encourage you to get the counsel of 477 00:27:28,940 --> 00:27:32,580 S1: an attorney, basically, when, you know, here's when chapter 13 478 00:27:32,580 --> 00:27:35,900 S1: makes sense. Uh, if you have regular income, you want 479 00:27:35,940 --> 00:27:39,940 S1: to stop the lawsuit immediately. You know, typically it's where 480 00:27:39,940 --> 00:27:42,300 S1: you have multiple debts. In your case, it sounds like 481 00:27:42,300 --> 00:27:45,419 S1: there's just one, you know, you're behind on the payments. 482 00:27:45,420 --> 00:27:47,859 S1: You just need time to catch up. But you want 483 00:27:47,859 --> 00:27:51,660 S1: the protection from the garnishment or the collections. And so 484 00:27:51,700 --> 00:27:56,660 S1: filing automatically stops the lawsuit. There's a stay, and then 485 00:27:56,660 --> 00:28:00,580 S1: the auto loan would become a part of the bankruptcy plan. 486 00:28:00,980 --> 00:28:04,380 S1: And then you could repay perhaps only a portion of 487 00:28:04,380 --> 00:28:07,140 S1: the of the debt. You could stretch the payments out 488 00:28:07,140 --> 00:28:10,139 S1: over 3 to 5 years, but you get the structured 489 00:28:10,140 --> 00:28:12,740 S1: repayment and the court protection. It's going to be on 490 00:28:12,740 --> 00:28:16,100 S1: your credit report for seven years. It's going to require, 491 00:28:16,140 --> 00:28:19,340 S1: you know, consistent plan payments. And of course, to your 492 00:28:19,340 --> 00:28:23,540 S1: point is legal fees. Now with a consolidation, you have 493 00:28:23,540 --> 00:28:27,540 S1: to have good enough credit to qualify stable income. You've 494 00:28:27,540 --> 00:28:30,300 S1: got to make sure the lawsuit hasn't progressed too far. 495 00:28:30,660 --> 00:28:33,780 S1: And then you need a creditor that's willing to settle. 496 00:28:33,980 --> 00:28:37,940 S1: But once a lawsuit is filed, Often creditors are less 497 00:28:37,940 --> 00:28:42,900 S1: willing to negotiate, and the consolidation lenders don't want to 498 00:28:42,940 --> 00:28:45,820 S1: lend at that point. That doesn't give you protection from 499 00:28:45,820 --> 00:28:49,180 S1: garnishment either. And so, you know, that's ultimately going to 500 00:28:49,180 --> 00:28:53,620 S1: come down to, uh, you know, which option you go with. 501 00:28:53,620 --> 00:28:55,900 S1: And that's where I think you need some legal counsel, 502 00:28:55,900 --> 00:28:59,220 S1: somebody to kind of walk alongside you. And just given 503 00:28:59,220 --> 00:29:02,380 S1: the reality of this situation and how it's progressed to 504 00:29:02,420 --> 00:29:05,100 S1: this point, you know, what option is better for you, 505 00:29:05,100 --> 00:29:06,140 S1: if that makes sense? 506 00:29:06,180 --> 00:29:08,780 S8: Okay. Well, thank you so much. God bless you guys. 507 00:29:08,820 --> 00:29:11,460 S1: Okay. I appreciate you, Esther. I know this is a lot. 508 00:29:11,500 --> 00:29:13,580 S1: You'll get through it. And, um, you know, if you 509 00:29:13,580 --> 00:29:16,060 S1: don't have an attorney, maybe call your church and see 510 00:29:16,060 --> 00:29:21,380 S1: if there's a church member there who specializes in bankruptcy, uh, representation. 511 00:29:21,380 --> 00:29:24,100 S1: But somebody who shares your values, who could come alongside 512 00:29:24,100 --> 00:29:27,020 S1: you and give you some wise counsel, call back anytime 513 00:29:27,020 --> 00:29:29,219 S1: if we can help. Uh, sounds like mini is back 514 00:29:29,220 --> 00:29:30,460 S1: with us in Florida. Go ahead. 515 00:29:30,500 --> 00:29:32,420 S9: Hey, um. Good afternoon. Can you hear me? 516 00:29:32,620 --> 00:29:33,660 S1: I sure can, yeah. 517 00:29:33,940 --> 00:29:37,500 S9: Oh, good. Hi. So my question is, um, so my 518 00:29:37,500 --> 00:29:43,860 S9: husband has retired, so we still file joint income, but, um, 519 00:29:43,980 --> 00:29:49,380 S9: he is when he wants to claim anything like, uh, disability, 520 00:29:49,420 --> 00:29:52,660 S9: they will tell him that, uh, he can't because of 521 00:29:52,660 --> 00:29:56,219 S9: my income. So my question is, should we be filing 522 00:29:56,260 --> 00:29:57,820 S9: joint or not? 523 00:29:58,340 --> 00:30:01,260 S1: Yeah. Great question. Let's do this. Uh, we're going to 524 00:30:01,260 --> 00:30:04,020 S1: take a quick break. When we come back, uh, I'll 525 00:30:04,020 --> 00:30:06,380 S1: weigh in on that, give you my thoughts on, you know, 526 00:30:06,420 --> 00:30:09,700 S1: whether there's an option there that might make more, uh, 527 00:30:10,260 --> 00:30:13,380 S1: at least options available to him. Uh, based on your 528 00:30:13,380 --> 00:30:15,900 S1: filing status. So many. Stay right there. Coming up in 529 00:30:15,900 --> 00:30:19,340 S1: our final segment, Bob Dole stops by as well. We'll get, uh, 530 00:30:19,340 --> 00:30:21,180 S1: Bob's take on a few of the things that have 531 00:30:21,180 --> 00:30:24,380 S1: been moving the markets as of late, namely credit card 532 00:30:24,380 --> 00:30:28,740 S1: interest rates, mortgage rates and the Federal Reserve. Stay with us. 533 00:30:28,740 --> 00:30:39,060 S1: We'll be right back. Thanks for joining us today on 534 00:30:39,060 --> 00:30:42,060 S1: Faith and finance. Live. Just around the corner, Bob Dole 535 00:30:42,060 --> 00:30:44,620 S1: stops by. We got a list of things to get 536 00:30:44,620 --> 00:30:47,820 S1: Bob's insights on related to the markets and the economy. 537 00:30:47,820 --> 00:30:49,820 S1: We'll do that here in just a moment. Before the break, 538 00:30:49,820 --> 00:30:52,420 S1: we were talking to many in Florida. She and her 539 00:30:52,420 --> 00:30:57,940 S1: husband currently file their taxes jointly. He's retired. She works. Uh. 540 00:30:58,500 --> 00:31:02,700 S1: He's finding he often does not qualify for disability or 541 00:31:02,740 --> 00:31:06,980 S1: other government benefits because of her income. And she's wondering 542 00:31:06,980 --> 00:31:11,060 S1: if they filed separately whether that would have any bearing 543 00:31:11,060 --> 00:31:15,260 S1: on his ability to qualify. And the bottom line is, 544 00:31:15,300 --> 00:31:21,180 S1: you know, filing taxes, married, filing separately, many usually does 545 00:31:21,180 --> 00:31:26,100 S1: not help a spouse qualify for most government benefits. Typically, 546 00:31:26,100 --> 00:31:32,180 S1: government programs look at household income, not how taxes are filed. So, 547 00:31:32,380 --> 00:31:36,530 S1: you know, the tax filing status is an IRS concept, basically, 548 00:31:36,650 --> 00:31:40,610 S1: whereas disability and public benefit programs use their own rules. 549 00:31:40,930 --> 00:31:45,530 S1: So the filing status would not change your household income 550 00:31:45,850 --> 00:31:50,969 S1: and therefore the the counting rules would not get any better. 551 00:31:51,010 --> 00:31:53,730 S1: Now disability programs, I will say there is a big 552 00:31:53,730 --> 00:31:56,210 S1: distinction there in the sense that, you know, if you're 553 00:31:56,210 --> 00:32:00,610 S1: talking SSDI, that's not income based, that's based on your 554 00:32:00,610 --> 00:32:04,890 S1: work history and disability. So a spousal income would not 555 00:32:04,890 --> 00:32:09,050 S1: matter and therefore the filing status would not matter either. 556 00:32:09,250 --> 00:32:13,410 S1: If it's something like SSI, Supplemental Security Income, that's both 557 00:32:13,410 --> 00:32:17,570 S1: income and asset based. So your spousal income is going 558 00:32:17,570 --> 00:32:22,490 S1: to be counted automatically. And then most government programs follow 559 00:32:22,690 --> 00:32:26,130 S1: household income rules as well. So I would say at 560 00:32:26,130 --> 00:32:28,330 S1: the end of the day you're probably not, you know, 561 00:32:28,370 --> 00:32:31,410 S1: going to find any change with regard to what he 562 00:32:31,410 --> 00:32:35,210 S1: qualifies for if you were to change that tax filing status. 563 00:32:35,210 --> 00:32:36,130 S1: Does that make sense? 564 00:32:36,650 --> 00:32:40,890 S9: Yes, yes. Okay. So okay, so even if we're separate, um, 565 00:32:41,490 --> 00:32:44,330 S9: the household income will automatically include me. 566 00:32:44,530 --> 00:32:48,250 S1: That's exactly right. Yeah. Unfortunately, I wish I had better news, 567 00:32:48,250 --> 00:32:50,969 S1: but I appreciate your call today. Call any time if 568 00:32:50,970 --> 00:32:54,410 S1: you have other questions. Well, Bob is here. I'll tell you, Bob, the, uh, 569 00:32:54,410 --> 00:32:57,490 S1: the market looked like it was going to sell off today, but, uh, 570 00:32:57,530 --> 00:33:00,250 S1: we ended up shrugging off all of this news to 571 00:33:00,690 --> 00:33:03,970 S1: close up across the board. Let's take each of them. Uh, 572 00:33:03,970 --> 00:33:07,170 S1: the president saying over the weekend that he was going to, uh, 573 00:33:07,250 --> 00:33:10,810 S1: try to impose a one year curb on, uh, the 574 00:33:10,810 --> 00:33:14,450 S1: max interest rates that credit card companies could charge. The 575 00:33:14,890 --> 00:33:17,410 S1: banks didn't like. It came out with a joint statement 576 00:33:17,410 --> 00:33:20,810 S1: against it, saying that would dramatically reduce the number of, uh, 577 00:33:21,010 --> 00:33:24,610 S1: borrowing options available to consumers. So what do you make 578 00:33:24,610 --> 00:33:25,290 S1: of all that? 579 00:33:26,090 --> 00:33:28,890 S10: Yeah, I think it would slow the economy as a 580 00:33:28,890 --> 00:33:32,250 S10: lot of lending would cease to happen because of the 581 00:33:32,330 --> 00:33:35,410 S10: cap on rates, I'd say beyond that, a lot of 582 00:33:35,410 --> 00:33:39,090 S10: the discussion today is the president cannot do that solo. 583 00:33:39,330 --> 00:33:42,489 S10: It would require passage by Congress, which I think is 584 00:33:42,490 --> 00:33:43,450 S10: pretty questionable. 585 00:33:43,770 --> 00:33:48,250 S1: Yeah. Uh, obviously he's all about affordability right now, and 586 00:33:48,250 --> 00:33:51,170 S1: he's trying to pull any lever he can. Is there 587 00:33:51,170 --> 00:33:54,770 S1: some merit to trying to, you know, bring Usery back 588 00:33:54,770 --> 00:33:58,170 S1: or cap interest rates? That does make sense for both sides. 589 00:33:58,730 --> 00:34:02,250 S10: Probably not. Market forces tend to be the best way 590 00:34:02,250 --> 00:34:06,370 S10: to let this happen. Uh, as as, you know, and, um, 591 00:34:06,890 --> 00:34:09,730 S10: there are some rates that are crazy high and people 592 00:34:09,730 --> 00:34:12,210 S10: should try to avoid those. And, uh, back to the 593 00:34:12,210 --> 00:34:14,730 S10: principles that you talk about all the time. Pay your 594 00:34:14,730 --> 00:34:16,690 S10: debt so you don't have to face that kind of thing. 595 00:34:17,010 --> 00:34:19,649 S1: Yeah, that's exactly right. Uh, Bob. All right, let's talk 596 00:34:19,650 --> 00:34:22,850 S1: about the fed, obviously. Uh, we found out last week 597 00:34:22,850 --> 00:34:26,610 S1: that Fed Chairman Powell is, uh, going to be a 598 00:34:26,610 --> 00:34:30,649 S1: part of a probe looking into whether or not, uh, 599 00:34:30,650 --> 00:34:35,009 S1: he made misleading statements when he was testifying before Congress. Obviously, 600 00:34:35,010 --> 00:34:37,129 S1: a lot of folks on both sides of the aisle 601 00:34:37,170 --> 00:34:39,850 S1: don't like this. Think the the Trump that Trump is 602 00:34:39,850 --> 00:34:43,970 S1: meddling and putting the independence of the fed at risk. 603 00:34:43,969 --> 00:34:44,930 S1: What do you make of that? 604 00:34:45,370 --> 00:34:47,370 S10: Well, that's exactly what he's trying to do. He's trying 605 00:34:47,370 --> 00:34:51,689 S10: to jawbone strong arm the fed in general. And the 606 00:34:51,690 --> 00:34:56,170 S10: current chair in particular. Um, as you know, his term 607 00:34:56,170 --> 00:35:00,049 S10: ends in May, but he can have a seat for 608 00:35:00,050 --> 00:35:03,049 S10: another couple of years. And I think the president is 609 00:35:03,050 --> 00:35:06,770 S10: trying to say to Fed Chair Powell, look, you may 610 00:35:06,770 --> 00:35:09,089 S10: make it to May, but we don't want you there afterwards. 611 00:35:09,210 --> 00:35:12,129 S10: And he's trying to make life difficult, but I think 612 00:35:12,170 --> 00:35:14,730 S10: it will only cause Chair Powell to dig in deeper 613 00:35:14,730 --> 00:35:17,090 S10: and do his job to serve the American people. 614 00:35:17,330 --> 00:35:20,170 S1: Yeah, yeah. That's right. Uh. All right, what about mortgage 615 00:35:20,170 --> 00:35:22,930 S1: interest rates? Obviously a lot going on there. Explain to 616 00:35:22,930 --> 00:35:25,770 S1: us what's happening behind the scenes and how you think 617 00:35:25,770 --> 00:35:26,650 S1: that will play out. 618 00:35:26,690 --> 00:35:31,960 S10: Well, given what the president is attempting to do with 619 00:35:31,960 --> 00:35:37,279 S10: various lines of credit and investment. He's trying to make 620 00:35:37,360 --> 00:35:40,800 S10: sure that mortgage rates, which have come down some already, 621 00:35:40,800 --> 00:35:43,879 S10: as you know, come down some more to make that 622 00:35:43,880 --> 00:35:48,600 S10: whole affordability issue for a house a little less onerous. Uh, 623 00:35:48,600 --> 00:35:52,800 S10: I'm dubious that the president will be able to do that. 624 00:35:52,960 --> 00:35:55,480 S10: And or if he is just going to make that 625 00:35:55,480 --> 00:35:58,680 S10: much difference. Having said that, Rob, as you pointed out 626 00:35:58,719 --> 00:36:02,960 S10: when we talked earlier, those mortgage rates have dipped below 6%. 627 00:36:03,080 --> 00:36:05,360 S10: That I did not expect that to happen. 628 00:36:06,320 --> 00:36:09,080 S1: Yeah. What about just generally, Bob, as you look at 629 00:36:09,080 --> 00:36:12,720 S1: this market? I know you said you like what you're seeing, 630 00:36:12,719 --> 00:36:17,080 S1: for all intents and purposes, despite some weakness that exists. Uh, 631 00:36:17,080 --> 00:36:20,680 S1: you're seeing a pretty good year play out. But anything 632 00:36:20,960 --> 00:36:22,720 S1: you're looking at as of right now. 633 00:36:23,200 --> 00:36:25,880 S10: Uh, you know, I put in my, uh, written statements. 634 00:36:25,880 --> 00:36:30,040 S10: I am watching like a hawk. Two things. One, The 635 00:36:30,080 --> 00:36:36,360 S10: earnings progression if 2026 estimates for earnings keep drifting higher 636 00:36:36,680 --> 00:36:40,720 S10: and the fed does not talk about raising rates, they're 637 00:36:40,719 --> 00:36:44,399 S10: neutral or positive in terms of lowering rates. The stock 638 00:36:44,400 --> 00:36:47,000 S10: market with those two conditions I think is likely to 639 00:36:47,000 --> 00:36:48,240 S10: continue to creep higher. 640 00:36:48,280 --> 00:36:50,759 S1: Yeah. Very good. All right. We'll take it. Bob, thanks 641 00:36:50,760 --> 00:36:51,760 S1: for your time today. 642 00:36:51,800 --> 00:36:52,880 S10: Have a great week. Bye bye. 643 00:36:52,920 --> 00:36:55,879 S1: All right. That's Bob Dole. He's CEO and CIO of 644 00:36:55,880 --> 00:36:59,960 S1: Crossmark Global Investments. You can learn more at crossmark. Global.com. 645 00:36:59,960 --> 00:37:03,280 S1: Let's finish out the broadcast today Illinois. Mary. Go ahead. 646 00:37:04,360 --> 00:37:06,080 S11: Hi. Can you hear me? 647 00:37:06,280 --> 00:37:07,680 S1: Yes, ma'am. How can I help? 648 00:37:08,800 --> 00:37:13,360 S11: Oh, so I'm actually calling on behalf of my mom. Um, 649 00:37:13,880 --> 00:37:16,600 S11: my dad passed a couple of years ago, and we 650 00:37:16,600 --> 00:37:19,880 S11: are going to. Or she is actually going to receive 651 00:37:19,880 --> 00:37:27,160 S11: a sizeable settlement, um, maybe around 300,000. And so she's 652 00:37:27,160 --> 00:37:30,000 S11: just got a ton of questions about what to do 653 00:37:30,000 --> 00:37:33,720 S11: with it. I know she wants to possibly put something 654 00:37:33,719 --> 00:37:38,120 S11: aside for the grandchildren, but I her receiving that amount 655 00:37:38,120 --> 00:37:42,680 S11: of money, how is that going to affect her and her, um, 656 00:37:42,960 --> 00:37:48,960 S11: insurance and her taxes? Um, yeah. We just need some guidance. 657 00:37:49,239 --> 00:37:51,719 S1: Yeah, well, I think these are all the right questions 658 00:37:51,719 --> 00:37:54,799 S1: to ask. And I think the big idea is to 659 00:37:54,840 --> 00:37:57,680 S1: really be thoughtful. Um, you know, step one is really 660 00:37:57,680 --> 00:38:01,000 S1: to pause, just like you're doing before making any big 661 00:38:01,200 --> 00:38:04,000 S1: financial moves. So I would say, don't rush. Put it 662 00:38:04,000 --> 00:38:07,280 S1: in a safe liquid account first. So a high yield 663 00:38:07,280 --> 00:38:12,080 S1: savings or money market give herself time 60 to 90 664 00:38:12,080 --> 00:38:14,680 S1: days to make a plan, and she's going to want 665 00:38:14,719 --> 00:38:17,799 S1: to avoid pressure from family. I'm not saying you're pressuring her, 666 00:38:17,800 --> 00:38:22,120 S1: but anybody who might, um, you know or can't miss investments, 667 00:38:22,120 --> 00:38:25,120 S1: it's amazing when, uh, you know, you have a large 668 00:38:25,120 --> 00:38:27,319 S1: lump sum come your way, how people come out of 669 00:38:27,360 --> 00:38:30,400 S1: the woodwork with ideas on what you should do with it. 670 00:38:30,440 --> 00:38:36,160 S1: Second is handle the taxes. Now, often settlements are not taxable, 671 00:38:36,160 --> 00:38:40,400 S1: but they may be so non-taxable. Examples would be like, 672 00:38:40,560 --> 00:38:46,640 S1: you know, personal injury or medical expense compensation. If though it's, uh, 673 00:38:46,640 --> 00:38:51,239 S1: lost wages or interest or punitive damages, that may in 674 00:38:51,239 --> 00:38:53,840 S1: fact be taxable. So she's going to want to talk 675 00:38:53,840 --> 00:38:56,799 S1: with a CPA or tax professional. And if there are 676 00:38:56,800 --> 00:39:00,000 S1: taxes due, hopefully there aren't. She'll want to set those 677 00:39:00,000 --> 00:39:03,799 S1: aside before any spending or gifting. And then third, I 678 00:39:03,800 --> 00:39:05,479 S1: think she's going to want to look at her own 679 00:39:05,480 --> 00:39:08,759 S1: financial condition. Does she have an emergency fund? Does she 680 00:39:08,760 --> 00:39:12,280 S1: have any high interest debt? Is she retired or nearing 681 00:39:12,280 --> 00:39:16,520 S1: nearing retirement? What about medical expenses or long term care? 682 00:39:16,520 --> 00:39:19,400 S1: So she'll want to think through that in terms of 683 00:39:19,400 --> 00:39:21,960 S1: money for the grandkids if she's willing to earmark it 684 00:39:21,960 --> 00:39:26,000 S1: for college. A 529 plan could be a great option 685 00:39:26,000 --> 00:39:29,759 S1: where the amount she puts in could be invested, it 686 00:39:29,760 --> 00:39:33,600 S1: would grow tax free. She keeps control over it and 687 00:39:33,600 --> 00:39:36,440 S1: she can even change the beneficiaries. If you know one 688 00:39:36,440 --> 00:39:40,680 S1: of the children didn't need the cost of college covered. Um, 689 00:39:40,719 --> 00:39:44,040 S1: so she has that control over the account and, you know, 690 00:39:44,080 --> 00:39:47,480 S1: it could set them up really well to be able to, uh, 691 00:39:47,480 --> 00:39:51,080 S1: to fund the cost of education down the road. And 692 00:39:51,080 --> 00:39:54,680 S1: then if she just wanted to make some outright cash gifts, uh, 693 00:39:54,680 --> 00:39:57,359 S1: she could do that as well. And that would not 694 00:39:57,360 --> 00:40:00,840 S1: be taxable. So, uh, you know, I think the idea 695 00:40:00,840 --> 00:40:05,320 S1: behind really stopping praying, thinking through her plan, uh, would 696 00:40:05,320 --> 00:40:07,640 S1: be key. And the last thing I might say is, 697 00:40:07,920 --> 00:40:10,839 S1: you know, connecting with a certified Kingdom advisor in her 698 00:40:10,840 --> 00:40:13,919 S1: area could be another great option. Uh, the website is 699 00:40:13,920 --> 00:40:18,720 S1: find a com. These are men and women who understand 700 00:40:18,760 --> 00:40:22,960 S1: biblical financial wisdom. They've met high standards in training and 701 00:40:22,960 --> 00:40:27,149 S1: character and competence and pastor and client references. And she 702 00:40:27,150 --> 00:40:29,950 S1: could find one there in Illinois that is a good 703 00:40:29,950 --> 00:40:32,509 S1: fit to come alongside her and help her put a 704 00:40:32,510 --> 00:40:35,630 S1: more robust financial plan in place and make some of 705 00:40:35,630 --> 00:40:38,950 S1: these decisions. But is that helpful, though at all, Mary? 706 00:40:39,310 --> 00:40:42,270 S11: Oh, very helpful, but what was that website again? 707 00:40:42,510 --> 00:40:48,310 S1: Yes, ma'am. It's find a c.com. C stands for Certified 708 00:40:48,310 --> 00:40:51,870 S1: Kingdom Advisor. So find a com. 709 00:40:54,030 --> 00:41:00,550 S11: Certified Kingdom advisor. Wonderful, wonderful. Now could her receiving this 710 00:41:00,550 --> 00:41:07,270 S11: lump sum of money affect, um, like her um, Medicare. 711 00:41:07,310 --> 00:41:11,030 S11: You know, her health care coverage because now her income 712 00:41:11,070 --> 00:41:15,149 S11: has changed. Yes. Out of pocket for sure. 713 00:41:15,390 --> 00:41:17,230 S1: Uh, what did you say her age was? 714 00:41:18,590 --> 00:41:20,150 S11: She is 83. 715 00:41:21,110 --> 00:41:26,670 S1: Okay. Yeah. So she is, uh, is currently on Medicare. Um, 716 00:41:26,670 --> 00:41:31,750 S1: so in terms of this settlement, um, it doesn't affect 717 00:41:31,750 --> 00:41:37,149 S1: Medicare eligibility. It could affect something called Irma, which is 718 00:41:37,150 --> 00:41:41,350 S1: the income related monthly adjustment amount. So, you know, it 719 00:41:41,350 --> 00:41:45,710 S1: could add an extra surcharge to both her Medicare Part 720 00:41:45,750 --> 00:41:50,509 S1: B and part D premium. And that looks at your 721 00:41:50,510 --> 00:41:54,910 S1: modified adjusted gross income from two years prior. So if 722 00:41:54,910 --> 00:41:59,149 S1: she got the settlement in 2026, it would affect her 723 00:41:59,150 --> 00:42:03,549 S1: Medicare premiums in 2028. So it is something to be 724 00:42:03,550 --> 00:42:05,710 S1: aware of and plan for. It's not going to affect 725 00:42:05,710 --> 00:42:07,870 S1: her right away, but she doesn't want to be caught 726 00:42:07,870 --> 00:42:10,790 S1: by surprise down the road. I hope that helps. Mary, 727 00:42:10,790 --> 00:42:12,710 S1: thanks for your call today. We appreciate you being on 728 00:42:12,710 --> 00:42:15,670 S1: the program. Hey, big thanks to my team today. Thank 729 00:42:15,670 --> 00:42:18,390 S1: you for, uh, all of the folks that put in 730 00:42:18,390 --> 00:42:21,630 S1: the hard work to make this possible today. Omar, Tahira, 731 00:42:21,630 --> 00:42:24,550 S1: Josh and Taylor. We'll see you next time. God bless you.