1 00:00:09,000 --> 00:00:11,560 S1: Faith shapes every part of our lives, not just what 2 00:00:11,560 --> 00:00:15,520 S1: we believe, but how we spend, save, invest and give. Hi, 3 00:00:15,520 --> 00:00:19,960 S1: I'm Rob West. Every financial decision is ultimately a spiritual one, 4 00:00:19,960 --> 00:00:24,200 S1: revealing what we value, trust, and treasure most. Today, Afton 5 00:00:24,200 --> 00:00:27,520 S1: Phillips joins me to explore how faith transforms the way 6 00:00:27,520 --> 00:00:32,320 S1: we manage money, inspired by our new devotional, Our Ultimate Treasure. 7 00:00:32,320 --> 00:00:34,440 S1: And then it's on to your phone calls at 800 8 00:00:34,440 --> 00:00:41,159 S1: 525 7000. That's 800 525 7000. This is faith and finance. Live. 9 00:00:41,400 --> 00:00:47,320 S1: Biblical wisdom for your financial decisions. Well, it is always 10 00:00:47,320 --> 00:00:50,440 S1: a treat to have our head of content, Afton Phillips 11 00:00:50,440 --> 00:00:53,120 S1: in the studio. Afton, really great to have you back. 12 00:00:53,120 --> 00:00:55,240 S2: It's great to be here, Rob, though I feel like 13 00:00:55,240 --> 00:00:58,600 S2: I should be interviewing you since you wrote our new devotional, 14 00:00:58,640 --> 00:01:00,560 S2: Our Ultimate treasure. But I'll do my best. 15 00:01:00,600 --> 00:01:03,120 S1: Well, we did that once, and you were a great interviewer. 16 00:01:03,120 --> 00:01:06,520 S1: But no, I get to ask the questions today. And 17 00:01:06,520 --> 00:01:09,320 S1: to be fair, you've been involved with this devotional from 18 00:01:09,319 --> 00:01:12,080 S1: the very beginning, really helping to shape it from the 19 00:01:12,080 --> 00:01:14,880 S1: first idea all the way to the final pages. So 20 00:01:14,920 --> 00:01:17,360 S1: I know you really understand the heart behind it, and 21 00:01:17,360 --> 00:01:19,199 S1: you played a key role in crafting it. 22 00:01:19,360 --> 00:01:21,280 S2: Well, you know, it's funny. You know, when I first 23 00:01:21,280 --> 00:01:24,039 S2: started working here at Faith fi, I listened to the 24 00:01:24,040 --> 00:01:26,280 S2: radio and I kept thinking, man, I just want to 25 00:01:26,319 --> 00:01:29,080 S2: take all of these really core concepts, and I want 26 00:01:29,120 --> 00:01:31,160 S2: to put it somewhere where people can read it. They 27 00:01:31,160 --> 00:01:34,160 S2: can come back to it whenever they want. So really, 28 00:01:34,200 --> 00:01:36,120 S2: it all started with the idea that we want to 29 00:01:36,160 --> 00:01:39,520 S2: help our readers see that money isn't just about math, 30 00:01:39,520 --> 00:01:41,720 S2: it's really about our hearts. And you say that on 31 00:01:41,720 --> 00:01:45,160 S2: the show all the time. Our money decisions reflect who 32 00:01:45,160 --> 00:01:47,800 S2: we trust and who we serve, and those are those 33 00:01:47,800 --> 00:01:50,680 S2: foundational principles that we wanted to put in this 21 34 00:01:50,680 --> 00:01:53,440 S2: day journey. Things like God owns it all and money 35 00:01:53,440 --> 00:01:56,520 S2: issues are heart issues. Um, so that was really our 36 00:01:56,520 --> 00:01:59,350 S2: goal with this devotional was to package all those truths 37 00:01:59,350 --> 00:02:03,270 S2: and put it in this reflective devotional format. Because really, 38 00:02:03,270 --> 00:02:04,990 S2: if money issues are hard issues, then the way we 39 00:02:04,990 --> 00:02:08,510 S2: address them isn't with formulas or quick fixes. It's through 40 00:02:08,550 --> 00:02:11,670 S2: time in God's word and prayer and reflection. And that's 41 00:02:11,669 --> 00:02:13,950 S2: really what I hope happens for everyone who journeys through 42 00:02:13,950 --> 00:02:16,710 S2: these 21 days. It draws them closer to Christ. It 43 00:02:16,710 --> 00:02:19,390 S2: helps them see their financial decisions through a new lens, 44 00:02:19,389 --> 00:02:22,230 S2: and it reminds them that our true treasure is really 45 00:02:22,230 --> 00:02:23,270 S2: found in Christ. 46 00:02:23,310 --> 00:02:26,590 S1: Well, I really appreciate it how you challenged our team 47 00:02:26,590 --> 00:02:29,829 S1: when you came here, and you have taken our content 48 00:02:29,830 --> 00:02:32,669 S1: creation to a whole new level, but you challenged us 49 00:02:32,669 --> 00:02:36,150 S1: to really nail down these bottom lines, to really think 50 00:02:36,150 --> 00:02:40,350 S1: deeply about what are those statements, those key ideas that 51 00:02:40,350 --> 00:02:43,350 S1: really serve as the foundation to the ministry here at 52 00:02:43,350 --> 00:02:47,950 S1: Faith fi. And I think this devotional absolutely, uh, takes 53 00:02:47,950 --> 00:02:50,430 S1: that to another level. And folks, you are really going 54 00:02:50,470 --> 00:02:53,510 S1: to enjoy getting your hands on this. Now, after an 55 00:02:53,510 --> 00:02:56,870 S1: early in the devotional, we say that God doesn't measure 56 00:02:56,870 --> 00:03:00,790 S1: success by what we store up, but by what we surrender. 57 00:03:00,790 --> 00:03:03,870 S1: So talk about how that truth plays out in everyday 58 00:03:03,870 --> 00:03:04,950 S1: life in your mind. 59 00:03:05,190 --> 00:03:07,590 S2: This is one of my favorite days in the devotional 60 00:03:07,630 --> 00:03:10,390 S2: because I think we all feel this. We all feel 61 00:03:10,389 --> 00:03:12,429 S2: like we're a little tempted to just think, if I 62 00:03:12,430 --> 00:03:15,390 S2: have a little more, a little more savings, more security, 63 00:03:15,430 --> 00:03:18,950 S2: more success than it would kind of finally quiet us down. 64 00:03:18,950 --> 00:03:21,750 S2: We would find that sense of peace. And, you know, 65 00:03:21,790 --> 00:03:23,710 S2: all of us have gotten caught up in that chase, 66 00:03:23,710 --> 00:03:26,150 S2: and it doesn't really matter what our bank account says 67 00:03:26,150 --> 00:03:28,950 S2: or if we finally reach that job we wanted or 68 00:03:29,110 --> 00:03:31,190 S2: if we finally, you know, get that thing in our 69 00:03:31,190 --> 00:03:34,150 S2: home that we really wanted, that peace never really seems 70 00:03:34,150 --> 00:03:37,190 S2: to arrive. I think we've all felt that. And that's 71 00:03:37,190 --> 00:03:39,590 S2: why I think the greatest measure of success isn't in 72 00:03:39,590 --> 00:03:41,710 S2: what we have or what we don't have, but it's 73 00:03:41,710 --> 00:03:44,830 S2: really in who we're becoming. Are we growing to look 74 00:03:44,830 --> 00:03:50,190 S2: more like Christ? Are we exemplifying the fruits of the spirit? Love, joy, peace, patience? 75 00:03:50,190 --> 00:03:53,670 S2: Are those becoming more evident in our lives? And you 76 00:03:53,670 --> 00:03:57,270 S2: say this in the book, that real success is about surrender, 77 00:03:57,510 --> 00:04:00,030 S2: and it's the idea of releasing what we're holding on to, 78 00:04:00,070 --> 00:04:03,750 S2: the control and the fear and the comfort and allowing 79 00:04:03,750 --> 00:04:06,070 S2: Christ to shape our hearts and our minds. And when 80 00:04:06,070 --> 00:04:09,870 S2: we do that, our finances become less about what we're building, 81 00:04:09,870 --> 00:04:12,630 S2: and it's more about who we're becoming in him. 82 00:04:12,990 --> 00:04:15,510 S1: That is so well said, and I think captures the 83 00:04:15,550 --> 00:04:18,950 S1: real heart behind the book and a really powerful way. Now, 84 00:04:18,950 --> 00:04:21,869 S1: one of my favorite parts is the section on work. 85 00:04:21,870 --> 00:04:24,750 S1: It reminds us that work is not a curse, but 86 00:04:24,750 --> 00:04:26,910 S1: a calling. So I'd love for you to reflect for 87 00:04:26,910 --> 00:04:30,510 S1: a moment on how this devotional helps readers rediscover a 88 00:04:30,510 --> 00:04:33,390 S1: sense of God given purpose and what they do every day. 89 00:04:33,630 --> 00:04:36,310 S2: Man. Yeah. You know, it's funny because we explored this 90 00:04:36,310 --> 00:04:39,550 S2: idea in issue three of Faithful Steward Magazine with Tom Nelson, 91 00:04:39,589 --> 00:04:41,830 S2: which I'm sure if we have some repeat listeners, they 92 00:04:41,830 --> 00:04:44,150 S2: remember Tom Nelson coming on here to talk about this. 93 00:04:44,150 --> 00:04:46,630 S2: But we loved that idea so much. It did just 94 00:04:46,630 --> 00:04:48,789 S2: feel like, man, we've got to put this in the devotional, 95 00:04:48,830 --> 00:04:51,510 S2: because when we think of work, sometimes we think of 96 00:04:51,510 --> 00:04:54,620 S2: it as something we have to do something that's, you know, 97 00:04:54,660 --> 00:04:58,219 S2: it's necessary, it's burdensome. But from the beginning, work was 98 00:04:58,220 --> 00:05:00,860 S2: designed as a good thing that we get to do 99 00:05:00,860 --> 00:05:03,220 S2: to be a part of God's redemptive work in the world. 100 00:05:03,220 --> 00:05:06,260 S1: That is so well said, folks. This new devotional, due 101 00:05:06,300 --> 00:05:09,420 S1: out in January, is really the heart of faith. By 102 00:05:09,820 --> 00:05:13,380 S1: helping you go on a 21 day journey to faithful stewardship. 103 00:05:13,420 --> 00:05:16,140 S1: Captain Phillips is here today. She's our head of content, 104 00:05:16,140 --> 00:05:19,220 S1: and we'll talk much more about this brand new devotional 105 00:05:19,220 --> 00:05:22,100 S1: just around the corner. Don't go anywhere. We'll be right back. 106 00:05:35,060 --> 00:05:38,020 S1: One of the things I've experienced in hosting this show 107 00:05:38,020 --> 00:05:41,300 S1: for many years now is that our financial journey is 108 00:05:41,300 --> 00:05:44,980 S1: one of the key ways God shapes our spiritual journey, 109 00:05:44,980 --> 00:05:49,380 S1: because the use of money is highly spiritual and money issues, well, 110 00:05:49,380 --> 00:05:53,300 S1: they're heart issues. Today we're talking about our brand new devotional, 111 00:05:53,339 --> 00:05:57,060 S1: Our Ultimate Treasure. Afton Phillips, our head of content, joins 112 00:05:57,060 --> 00:05:59,940 S1: me in the studio today, and we're unpacking some of 113 00:05:59,940 --> 00:06:03,140 S1: the big themes and really the heart behind this new 114 00:06:03,140 --> 00:06:06,220 S1: devotional that we're so excited to put in your hands 115 00:06:06,220 --> 00:06:09,219 S1: when it comes out early next year. Afton, great to 116 00:06:09,220 --> 00:06:10,260 S1: have you back with us today. 117 00:06:10,260 --> 00:06:11,460 S2: Thanks for having me, Rob. 118 00:06:11,460 --> 00:06:15,100 S1: Well, after the devotional also emphasizes the importance of living 119 00:06:15,100 --> 00:06:18,540 S1: with margin. So talk about why margin is such a 120 00:06:18,540 --> 00:06:19,859 S1: central theme throughout this. 121 00:06:19,900 --> 00:06:22,820 S2: It's a really great question, because margin is really the 122 00:06:22,820 --> 00:06:25,700 S2: thread that runs through a lot of this devotional. Margin 123 00:06:25,700 --> 00:06:28,620 S2: creates space for God to move in our hearts, and 124 00:06:28,620 --> 00:06:30,820 S2: when we live up to the edge, whether it's with 125 00:06:30,820 --> 00:06:33,620 S2: money or with our time or even I love this 126 00:06:33,620 --> 00:06:37,780 S2: one our energy. We leave no room for us to pause, 127 00:06:37,820 --> 00:06:40,940 S2: to listen or to respond. And so when we build 128 00:06:40,940 --> 00:06:44,220 S2: in that space, we can hold our decisions with open hands. 129 00:06:44,220 --> 00:06:47,260 S2: And we're we're ready whenever God places an opportunity in 130 00:06:47,260 --> 00:06:51,500 S2: front of us for generosity or rest or trust. And really, 131 00:06:51,500 --> 00:06:54,580 S2: margin isn't about restriction, it's about stewardship. And you say 132 00:06:54,580 --> 00:06:57,460 S2: this all the time. It allows us to be faithful 133 00:06:57,460 --> 00:06:59,979 S2: managers of what God has entrusted to us. 134 00:07:00,020 --> 00:07:03,339 S1: Yeah, well, community is another key part of all of this. 135 00:07:03,339 --> 00:07:07,779 S1: And we actually devoted an entire day to seeking wise counsel. 136 00:07:07,820 --> 00:07:10,740 S1: So talk about why that's such an essential part of 137 00:07:10,740 --> 00:07:12,540 S1: faithful biblical stewardship. 138 00:07:12,580 --> 00:07:15,980 S2: You know, finances can feel really personal, and they may 139 00:07:16,020 --> 00:07:18,140 S2: be something we want to keep to ourselves. But if 140 00:07:18,140 --> 00:07:20,820 S2: there's one thing I've learned from this program, it's how 141 00:07:20,820 --> 00:07:24,340 S2: many people want to understand these principles more deeply. That's 142 00:07:24,340 --> 00:07:27,540 S2: why people call to this show every day. And that's 143 00:07:27,540 --> 00:07:29,700 S2: such a good reminder that we're really not meant to 144 00:07:29,740 --> 00:07:33,420 S2: navigate money alone. And when we invite wise counsel into 145 00:07:33,420 --> 00:07:35,900 S2: our lives, we begin to see things that we might 146 00:07:35,940 --> 00:07:38,780 S2: have missed. That's part of what I love about this devotional. 147 00:07:38,780 --> 00:07:41,500 S2: It gives readers a way to bring biblical wisdom into 148 00:07:41,500 --> 00:07:45,140 S2: their everyday financial decisions, even if they've never called into 149 00:07:45,140 --> 00:07:47,220 S2: the show, and even if they never want to. So 150 00:07:47,460 --> 00:07:49,410 S2: of course, that's a great thing. We'd love for you 151 00:07:49,410 --> 00:07:51,450 S2: to get the devotional. But another thing we talk about 152 00:07:51,490 --> 00:07:53,090 S2: on the show all the time is working with a 153 00:07:53,090 --> 00:07:57,250 S2: certified Kingdom advisor, someone who understands these same biblical principles 154 00:07:57,250 --> 00:07:59,090 S2: that are in this book that we wrote about and 155 00:07:59,090 --> 00:08:02,930 S2: helping you apply them to your unique situation. And if 156 00:08:02,930 --> 00:08:06,970 S2: you want, you can find one near you anytime at findacode.com. 157 00:08:07,010 --> 00:08:10,410 S1: It is so true. And it's why we created the designation, 158 00:08:10,410 --> 00:08:13,450 S1: because we knew that you could only go so far 159 00:08:13,450 --> 00:08:16,610 S1: on your own. You really need somebody to journey with you. 160 00:08:16,610 --> 00:08:19,809 S1: But not just anybody. Somebody who has the experience and 161 00:08:19,810 --> 00:08:22,490 S1: also understands the heart of God in Scripture as it 162 00:08:22,530 --> 00:08:26,050 S1: relates to money management. And that's the caixa, the only 163 00:08:26,050 --> 00:08:29,170 S1: industry designation to find men and women who have the 164 00:08:29,170 --> 00:08:33,090 S1: experience and the competency, but also the character and the 165 00:08:33,090 --> 00:08:36,730 S1: biblical training to come alongside you in your financial journey. Again, 166 00:08:36,770 --> 00:08:40,970 S1: that's find. Com now often one of the other themes 167 00:08:40,970 --> 00:08:42,930 S1: that's so near and dear to my heart and it 168 00:08:42,970 --> 00:08:47,569 S1: runs throughout the devotional is the idea of generosity but generosity, 169 00:08:47,610 --> 00:08:51,050 S1: not driven by guilt, but by gratitude. So talk about 170 00:08:51,090 --> 00:08:55,170 S1: understanding God's grace and how that transforms the way we give. 171 00:08:55,210 --> 00:08:57,370 S2: Well, man, we could have written an entire devotional just 172 00:08:57,370 --> 00:09:01,330 S2: about generosity, couldn't we? Yeah, we talked about this so much. 173 00:09:01,850 --> 00:09:05,530 S2: Generosity is really at the core of this entire devotional. 174 00:09:05,530 --> 00:09:07,290 S2: It's a thread through the whole thing, and it's really 175 00:09:07,290 --> 00:09:08,410 S2: at the core of what it means to be a 176 00:09:08,410 --> 00:09:13,050 S2: faithful steward. Specifically, in this devotional, we explore why we 177 00:09:13,050 --> 00:09:15,930 S2: give and how we give, and we begin to see 178 00:09:15,970 --> 00:09:18,650 S2: generosity not as something we have to do, but as 179 00:09:18,650 --> 00:09:21,370 S2: something we get to do. And it's about grace, and 180 00:09:21,370 --> 00:09:24,650 S2: it's about what we received and how that really is 181 00:09:24,650 --> 00:09:28,890 S2: an overflow into how we give and how we help others. 182 00:09:28,890 --> 00:09:32,850 S2: So every act of generosity ultimately becomes an act of worship. 183 00:09:33,050 --> 00:09:36,730 S1: Yeah, that's exactly right. I mean, we have been given much, 184 00:09:36,730 --> 00:09:39,170 S1: and we were created in the image of the ultimate giver, 185 00:09:39,210 --> 00:09:42,250 S1: God himself. So I like to think we're most like 186 00:09:42,250 --> 00:09:45,010 S1: him when we're giving. And really, the act of giving 187 00:09:45,170 --> 00:09:49,210 S1: calibrates our hearts to the father's will. Often, one of 188 00:09:49,210 --> 00:09:51,650 S1: the other things that I love about this devotional is 189 00:09:51,650 --> 00:09:54,370 S1: just how it was put together. Because not only are 190 00:09:54,370 --> 00:09:58,890 S1: there these really thoughtful, scripture filled devotionals each day around 191 00:09:58,890 --> 00:10:02,290 S1: the key themes in Scripture on faithful stewardship, but we 192 00:10:02,290 --> 00:10:04,929 S1: also have a reflection section, so I would love for 193 00:10:04,929 --> 00:10:07,370 S1: you to talk for a second about how it was 194 00:10:07,370 --> 00:10:10,410 S1: constructed and what we're hoping the reader does, not only 195 00:10:10,410 --> 00:10:13,450 S1: as they read, but as they reflect and pray and think. 196 00:10:13,770 --> 00:10:16,410 S2: Yeah, I think that's something that makes this devotional so 197 00:10:16,450 --> 00:10:19,569 S2: unique is, you know, we want you to interact with this. 198 00:10:19,610 --> 00:10:22,290 S2: We want you to really apply it to your everyday life. 199 00:10:22,290 --> 00:10:24,650 S2: And I think after you read just a quick devotional, 200 00:10:24,650 --> 00:10:27,050 S2: sometimes you're kind of like, okay, I'm not. I kind 201 00:10:27,090 --> 00:10:29,050 S2: of know what to do with this. I might not know. 202 00:10:29,050 --> 00:10:31,610 S2: And I think we've really tried to create a guided 203 00:10:31,610 --> 00:10:36,290 S2: experience so that you are reading the scripture, you're reading 204 00:10:36,290 --> 00:10:40,410 S2: Rob's reflection of that scripture, and then you're really taking 205 00:10:40,410 --> 00:10:42,929 S2: some time to just be a little more introspective and 206 00:10:42,929 --> 00:10:45,560 S2: to really think about what this means for me. And 207 00:10:45,600 --> 00:10:47,240 S2: some of the questions we've written in there, I think 208 00:10:47,240 --> 00:10:49,880 S2: might be fairly challenging for people. You know, they're not 209 00:10:49,880 --> 00:10:53,240 S2: your average devotional questions. They really are asking you to 210 00:10:53,280 --> 00:10:55,719 S2: take a beat and to really think about what this 211 00:10:55,720 --> 00:10:56,760 S2: means for your life. 212 00:10:56,880 --> 00:10:59,400 S1: And then each day has a prayer, because we want 213 00:10:59,400 --> 00:11:01,760 S1: you to really sit with this and sit before the 214 00:11:01,760 --> 00:11:05,400 S1: Lord and actually pray through these big ideas that we're sharing. Right? 215 00:11:05,480 --> 00:11:08,040 S2: Absolutely. And you know, one thing I really love about 216 00:11:08,040 --> 00:11:11,680 S2: the devotional is also the design. It's absolutely beautiful. But, 217 00:11:11,720 --> 00:11:13,320 S2: you know, part of what we wanted to do there 218 00:11:13,320 --> 00:11:17,640 S2: is show some photography, beautiful photography, but pull something out 219 00:11:17,679 --> 00:11:21,480 S2: of each of those images that is unexpected. And it's 220 00:11:21,480 --> 00:11:24,839 S2: kind of a mirror to what we do with our finances. 221 00:11:24,840 --> 00:11:27,240 S2: It's like you can see something and take it at 222 00:11:27,240 --> 00:11:30,840 S2: face value. Or when you've been given this biblical perspective 223 00:11:30,840 --> 00:11:35,240 S2: of finances, it really shapes and changes how you live 224 00:11:35,240 --> 00:11:37,320 S2: and what you do with that information, and you just 225 00:11:37,320 --> 00:11:39,840 S2: see things differently. You get a new perspective. 226 00:11:40,400 --> 00:11:43,560 S1: Our art director, Ashley Shuger did an amazing job pulling 227 00:11:43,559 --> 00:11:45,960 S1: all of this together. But so take one of those 228 00:11:45,960 --> 00:11:48,679 S1: days for example, like the day on work and just 229 00:11:48,679 --> 00:11:50,959 S1: describe the photo. And then what we did with the 230 00:11:50,960 --> 00:11:53,120 S1: illustration to give it new meaning. 231 00:11:53,400 --> 00:11:55,640 S2: Yeah, for the day on work, I think what we've 232 00:11:55,640 --> 00:11:58,360 S2: got is like this really beautiful picture of a desk. 233 00:11:58,360 --> 00:12:00,360 S2: And I know that sounds boring, but just go with me. 234 00:12:00,400 --> 00:12:03,440 S2: It's it's gorgeous. It's a really great visual of a desk. And, 235 00:12:03,480 --> 00:12:06,079 S2: you know, instead of having just, like, computers and paperwork 236 00:12:06,080 --> 00:12:08,600 S2: on it, what's been illustrated on top of this desk 237 00:12:08,600 --> 00:12:12,280 S2: is this idea of flourishing and growing. And so there's 238 00:12:12,320 --> 00:12:15,360 S2: these flowers that are just kind of like blooming from 239 00:12:15,360 --> 00:12:18,199 S2: the desk. And it really just gives you this moment 240 00:12:18,200 --> 00:12:22,120 S2: to think like, man, my work matters. It is a 241 00:12:22,120 --> 00:12:25,880 S2: part of bringing God's redemptive story into the world. It's 242 00:12:25,880 --> 00:12:28,880 S2: not just typing on a laptop. It's so much more. 243 00:12:29,120 --> 00:12:31,160 S1: You know, the other thing that we did, and we 244 00:12:31,160 --> 00:12:33,400 S1: do this with all of our devotionals, is really think 245 00:12:33,400 --> 00:12:37,280 S1: about the experience of opening it. And it's a unique size. 246 00:12:37,280 --> 00:12:41,600 S1: It's hardback, it's got linen, it's debossed. I mean, we 247 00:12:41,600 --> 00:12:43,960 S1: see this not only as something you'll enjoy and read 248 00:12:43,960 --> 00:12:45,959 S1: through and pray through, but it could sit on your 249 00:12:45,960 --> 00:12:46,880 S1: coffee table, right? 250 00:12:46,920 --> 00:12:49,240 S2: Absolutely. That was a big goal of ours. We want 251 00:12:49,240 --> 00:12:51,400 S2: this to be something that you're proud to have on 252 00:12:51,400 --> 00:12:54,760 S2: your desk or at home in your office space. It's 253 00:12:54,760 --> 00:12:58,360 S2: also a great gift, especially if you, you know, have 254 00:12:58,360 --> 00:13:01,040 S2: older kids. This would be such a great gift to 255 00:13:01,080 --> 00:13:04,480 S2: give because it feels unique and it feels just it's 256 00:13:04,480 --> 00:13:06,880 S2: really an excellent book, both inside and out. 257 00:13:06,920 --> 00:13:09,840 S1: We've got just about 45 seconds left. Let's finish today 258 00:13:09,840 --> 00:13:13,040 S1: often where the devotional concludes. And that is with a 259 00:13:13,040 --> 00:13:17,360 S1: focus on eternal rewards, the reminder that our ultimate treasure 260 00:13:17,360 --> 00:13:21,480 S1: is Christ Himself. Share your thoughts on that final devotional. 261 00:13:21,520 --> 00:13:23,360 S2: Yeah, it really goes back to the title a little 262 00:13:23,400 --> 00:13:26,079 S2: bit to our ultimate treasure. And I think this was 263 00:13:26,080 --> 00:13:28,120 S2: such a powerful way to close the devotional, because it 264 00:13:28,120 --> 00:13:31,960 S2: brings us back to the idea of just what truly lasts. 265 00:13:32,120 --> 00:13:34,640 S2: And when we invest our money and our lives and 266 00:13:34,640 --> 00:13:37,560 S2: the things that will only matter in a thousand years. 267 00:13:37,600 --> 00:13:40,520 S2: I mean, just think about that. What right now will 268 00:13:40,520 --> 00:13:42,960 S2: matter in a thousand years because we're not going to 269 00:13:42,960 --> 00:13:46,959 S2: be here. So what are we investing in that doesn't fade? 270 00:13:47,120 --> 00:13:49,920 S2: Earthly wealth comes and goes, but our relationship with Christ 271 00:13:49,920 --> 00:13:53,000 S2: endures forever. And the way we show love to others 272 00:13:53,000 --> 00:13:55,960 S2: because of his love for us, that's eternal treasure. 273 00:13:55,960 --> 00:13:58,200 S1: That is so true and a great way to finish. Afton, 274 00:13:58,200 --> 00:13:59,160 S1: thanks for being here today. 275 00:13:59,200 --> 00:14:00,280 S2: Absolutely. Thanks for having me. 276 00:14:00,280 --> 00:14:02,480 S1: That was Afton Phillips, our head of content here at 277 00:14:02,480 --> 00:14:05,160 S1: Faith five. Folks, if you want to experience our ultimate 278 00:14:05,160 --> 00:14:07,640 S1: treasure for yourself, we'd love to send it to you 279 00:14:07,640 --> 00:14:09,960 S1: as a part of our Faith five Partner Program. When 280 00:14:09,960 --> 00:14:13,000 S1: you give $35 a month or a one time gift 281 00:14:13,000 --> 00:14:17,440 S1: of $400 or more, you'll receive year long benefits, including 282 00:14:17,440 --> 00:14:23,960 S1: our new studies and devotionals. Just go to faith. That's faith. Com. 283 00:14:25,200 --> 00:14:26,160 S1: We'll be right back. 284 00:14:35,400 --> 00:14:38,630 S3: The opinions offered during this program represent the personal or 285 00:14:38,630 --> 00:14:42,950 S3: professional opinions of the participants, given for informational purposes only. 286 00:14:43,110 --> 00:14:46,510 S3: Any information provided is not intended to replace advice from 287 00:14:46,510 --> 00:14:50,950 S3: a financial, medical, legal, or other professional who understands your 288 00:14:50,950 --> 00:14:52,470 S3: specific situation. 289 00:15:02,670 --> 00:15:03,830 S4: Great to have you with us today. 290 00:15:03,830 --> 00:15:06,630 S1: On Faith and finance. Live. I'm Rob West. Well, we're 291 00:15:06,630 --> 00:15:09,150 S1: looking forward to taking your calls and questions here in 292 00:15:09,150 --> 00:15:13,590 S1: just a moment. That number to call 800 525 7000. 293 00:15:13,630 --> 00:15:19,070 S1: That's 800 525 7000. Looking forward to running the questions 294 00:15:19,070 --> 00:15:22,150 S1: you have through the lens of biblical wisdom, helping you 295 00:15:22,150 --> 00:15:25,310 S1: think about how to apply God's truth to the practical 296 00:15:25,310 --> 00:15:28,230 S1: decisions and choices you make every day. Uh, before we 297 00:15:28,270 --> 00:15:30,750 S1: head to the phones in the news today, national home 298 00:15:30,750 --> 00:15:35,030 S1: prices have inched down compared with last year. According to 299 00:15:35,190 --> 00:15:39,910 S1: Parcel labs. They fall in 1.4% over the past three months. 300 00:15:39,910 --> 00:15:44,990 S1: This is the first softening since mid 2023, when rising 301 00:15:44,990 --> 00:15:49,830 S1: mortgage rates created an affordability shock and slowed demand. Even so, 302 00:15:49,870 --> 00:15:54,150 S1: today's decline is modest nothing like the deep drop during 303 00:15:54,150 --> 00:15:59,750 S1: the 2006 to 2012 housing crisis. Inventory remains low but 304 00:15:59,750 --> 00:16:05,430 S1: is gradually rising, with active listings up 13% from last November. 305 00:16:05,630 --> 00:16:09,590 S1: Some markets are seeing notable declines. Those would be, well, Austin, 306 00:16:09,590 --> 00:16:15,110 S1: for instance, down 12%, Denver off 5%, while others like Cleveland, 307 00:16:15,110 --> 00:16:19,150 S1: Chicago and New York are posting some modest gains. Builders 308 00:16:19,150 --> 00:16:23,230 S1: report weak demand and continue to offer incentives, and homebuilder 309 00:16:23,230 --> 00:16:28,270 S1: sentiment remains negative, with mortgage rates largely unchanged in recent months. 310 00:16:28,390 --> 00:16:30,750 S1: We are going to see mortgage rates dip ever so 311 00:16:30,750 --> 00:16:34,390 S1: slightly on the heels of yesterday's rate cut of 25 312 00:16:34,630 --> 00:16:38,590 S1: basis points. The market certainly liked it. We'll see whether 313 00:16:38,590 --> 00:16:41,030 S1: the mortgage rates were already out ahead of it a 314 00:16:41,030 --> 00:16:44,390 S1: bit or whether we'll see a decline. But whatever it 315 00:16:44,390 --> 00:16:47,110 S1: will be, it will be modest. Here's the thing if 316 00:16:47,150 --> 00:16:50,030 S1: you've been on the sidelines waiting for that opportune time 317 00:16:50,390 --> 00:16:52,830 S1: to purchase a home, you're still not going to find 318 00:16:52,830 --> 00:16:57,070 S1: those rates are fairly attractive for you. We're not going 319 00:16:57,070 --> 00:16:59,910 S1: to get anywhere close to the 2 or 3% rates 320 00:16:59,910 --> 00:17:03,910 S1: we became accustomed to a number of years ago. Um, 321 00:17:03,950 --> 00:17:08,230 S1: we probably will not see a five handle in 2026. 322 00:17:08,230 --> 00:17:11,030 S1: If we do, it'll be high fives. So be sure 323 00:17:11,030 --> 00:17:15,790 S1: when you, uh, are thinking about refinancing, you save at 324 00:17:15,830 --> 00:17:19,070 S1: least a point and a half before you consider doing that. 325 00:17:19,310 --> 00:17:21,870 S1: All right, uh, we want to head to the phones today. 326 00:17:21,869 --> 00:17:25,830 S1: We're going to begin in Lancaster, PA. And, Sally, go 327 00:17:25,830 --> 00:17:26,350 S1: right ahead. 328 00:17:27,550 --> 00:17:29,909 S5: Hi, Rob. I just wanted to tell you that I 329 00:17:30,109 --> 00:17:36,179 S5: really appreciate your ministries And to have been listening for years. Um, 330 00:17:36,340 --> 00:17:42,580 S5: my husband is 66, in March and I am 64 tomorrow. 331 00:17:42,900 --> 00:17:46,100 S5: And we're not retired, but one to soon. We hope 332 00:17:46,100 --> 00:17:49,060 S5: to buy a house at auction next week and currently 333 00:17:49,100 --> 00:17:51,540 S5: own a home that is debt free that would not 334 00:17:51,540 --> 00:17:55,659 S5: be ready to sell until like March or April. April. 335 00:17:56,340 --> 00:17:58,980 S5: And we do have the 10% down that we need 336 00:17:58,980 --> 00:18:02,700 S5: for auction, but it's not going to leave a lot 337 00:18:02,740 --> 00:18:06,980 S5: in our emergency fund, although we do have retirement accounts 338 00:18:07,220 --> 00:18:10,700 S5: and we just weren't sure how to go about, uh, 339 00:18:11,619 --> 00:18:17,940 S5: financing this new place in the interim. So I didn't 340 00:18:17,940 --> 00:18:22,020 S5: know if you had any, uh. Um. 341 00:18:23,220 --> 00:18:26,340 S6: Way of the home you're looking to buy is at 342 00:18:26,340 --> 00:18:28,020 S6: auction next week. Is that right? 343 00:18:28,140 --> 00:18:29,060 S5: That's correct. 344 00:18:29,460 --> 00:18:32,820 S6: Okay. And so you currently own a home? So what 345 00:18:32,820 --> 00:18:35,500 S6: would you use for the purchase on that auction? 346 00:18:36,460 --> 00:18:40,580 S5: It's, uh, a good bit of our emergency fund. 347 00:18:41,420 --> 00:18:44,300 S6: Okay. Yeah. And so, what are you looking to spend? 348 00:18:44,340 --> 00:18:45,780 S6: Have you established a budget? 349 00:18:46,700 --> 00:18:51,619 S5: We thought, uh, we're hoping to purchase the house for 350 00:18:51,619 --> 00:18:54,260 S5: the same amount that we would sell this house. 351 00:18:55,100 --> 00:18:58,340 S6: Okay. I see. Um, but you'd be able to have 352 00:18:58,340 --> 00:19:00,540 S6: the cash in your emergency fund to buy it free 353 00:19:00,540 --> 00:19:02,220 S6: and clear that. 354 00:19:02,260 --> 00:19:05,060 S5: Uh, no. To put the 10% down. 355 00:19:05,660 --> 00:19:08,340 S6: Oh, only 10%. I'm sorry I missed that. So are 356 00:19:08,340 --> 00:19:12,260 S6: you looking for options on how to finance the other 90%? 357 00:19:12,619 --> 00:19:16,659 S5: That's correct. And they do, uh, offer, like, a a 358 00:19:16,780 --> 00:19:20,379 S5: bridge lane. But the auctioneer, we would have to sell 359 00:19:20,380 --> 00:19:23,580 S5: the home that we live in through that auctioneer. And 360 00:19:23,580 --> 00:19:26,820 S5: we didn't want to be tied in like that, just 361 00:19:26,820 --> 00:19:32,740 S5: in case we would choose to use a realtor or, Uh. Yeah, 362 00:19:32,780 --> 00:19:34,620 S5: he's a realtor to sell this house. 363 00:19:35,300 --> 00:19:38,740 S6: Yeah. Exactly. Right. Well, uh, you know, it's a common 364 00:19:38,740 --> 00:19:42,660 S6: situation where you need funds before your current home can sell. 365 00:19:42,940 --> 00:19:46,740 S6: A bridge loan is one option. Uh, but there's plenty 366 00:19:46,740 --> 00:19:51,700 S6: of safer opportunities. The challenge is, I'm just concerned that, 367 00:19:51,740 --> 00:19:54,020 S6: you know, if you try to to push this and 368 00:19:54,020 --> 00:19:57,900 S6: you don't have a viable option, you know, I mean, 369 00:19:57,940 --> 00:20:00,140 S6: one one option would be a lot of folks might 370 00:20:00,140 --> 00:20:03,980 S6: use a line of credit on a paid off home, uh, 371 00:20:04,100 --> 00:20:07,540 S6: you know, to, to pull the funds from the challenge 372 00:20:07,540 --> 00:20:10,939 S6: is if that primary home doesn't sell, uh, you know, 373 00:20:10,980 --> 00:20:13,660 S6: you're in a situation now where you're carrying a large 374 00:20:13,660 --> 00:20:17,540 S6: mortgage you didn't have previously, and, you know, you could put, uh, 375 00:20:17,540 --> 00:20:19,940 S6: put your home at risk if for some reason, you 376 00:20:19,940 --> 00:20:23,500 S6: don't have the ability to service that, uh, just given 377 00:20:23,500 --> 00:20:25,700 S6: how quickly this is coming up. I think that's one 378 00:20:25,700 --> 00:20:28,449 S6: of our challenges here, is you really don't have a 379 00:20:28,450 --> 00:20:31,090 S6: whole lot of time to put, you know, the various 380 00:20:31,090 --> 00:20:34,250 S6: pieces in place to be able to go out and 381 00:20:34,250 --> 00:20:36,210 S6: get a loan. And I agree with you. I don't 382 00:20:36,210 --> 00:20:41,050 S6: like you being tied into that auctioneer just because you 383 00:20:41,050 --> 00:20:42,810 S6: know you're going to end up paying more on that 384 00:20:42,810 --> 00:20:45,850 S6: bridge loan in terms of interest. And you know what, 385 00:20:45,850 --> 00:20:49,209 S6: if on the back end for the the next one, 386 00:20:49,250 --> 00:20:51,290 S6: you know, there ends up being a lot of fees 387 00:20:51,330 --> 00:20:55,250 S6: and you know, other expenses that you know would not 388 00:20:55,250 --> 00:20:59,130 S6: be customary. So I think I would prefer you just 389 00:20:59,170 --> 00:21:02,570 S6: kind of hit the pause button here. Slow down. Let's 390 00:21:02,570 --> 00:21:06,050 S6: get the various pieces in place before we go ahead 391 00:21:06,050 --> 00:21:07,810 S6: with this, just to make sure that you have the 392 00:21:07,810 --> 00:21:12,050 S6: options that you need. And maybe what you'll find is that, 393 00:21:12,090 --> 00:21:15,330 S6: you know, auction is really for somebody who has the liquidity. 394 00:21:15,609 --> 00:21:17,610 S6: You all don't. So maybe we need to go more 395 00:21:17,609 --> 00:21:19,690 S6: of a conventional route. Does that make sense? 396 00:21:20,210 --> 00:21:20,930 S7: Yes. 397 00:21:21,410 --> 00:21:24,810 S5: So if we had, um, you know, enough of money 398 00:21:24,810 --> 00:21:29,090 S5: in the Thrift Savings Plan. But then if we pulled that, 399 00:21:29,850 --> 00:21:32,369 S5: we would have to pay taxes on it. Is that correct? 400 00:21:32,690 --> 00:21:34,890 S6: Oh, yeah. I mean, that would be expensive money. Not 401 00:21:34,890 --> 00:21:37,730 S6: only is it no longer there growing tax deferred for 402 00:21:37,730 --> 00:21:41,330 S6: your future, but it would create a large taxable event 403 00:21:41,369 --> 00:21:44,090 S6: which would make it very expensive. Let's do this. We 404 00:21:44,090 --> 00:21:46,530 S6: can talk a bit more off the air. Stay right there, Sally. 405 00:21:46,530 --> 00:21:49,090 S6: Appreciate your call. This is faith and finance. Live a 406 00:21:49,090 --> 00:21:51,290 S6: quick break and back with much more. Stay with us. 407 00:22:04,890 --> 00:22:06,490 S6: Great to have you with us today on faith and 408 00:22:06,490 --> 00:22:09,130 S6: finance live. I'm Rob West. We're taking your calls and 409 00:22:09,130 --> 00:22:13,570 S6: questions today at 800 525 7000. All the lines full. 410 00:22:13,570 --> 00:22:15,930 S6: So let's head right back to the phones. We'll go 411 00:22:15,930 --> 00:22:18,730 S6: out to West Chicago. Mel, go right ahead. 412 00:22:20,570 --> 00:22:24,129 S8: You were talking to a lady from Tennessee about a 529. 413 00:22:24,410 --> 00:22:27,970 S8: And one of the things you said was, uh, IRS 414 00:22:28,010 --> 00:22:31,610 S8: allows 18,000, uh, per person. What were you talking about? 415 00:22:32,490 --> 00:22:36,090 S6: Uh, yeah. Great question. So I'm referring to what's called 416 00:22:36,090 --> 00:22:41,129 S6: the annual gift tax exclusion. Uh, Mel, that's the amount 417 00:22:41,170 --> 00:22:46,850 S6: each person can give to any individual per year without 418 00:22:46,850 --> 00:22:50,810 S6: having to file a gift tax return. So you can 419 00:22:50,810 --> 00:22:55,690 S6: give up to $18,000 per year per individual. And normally 420 00:22:55,730 --> 00:22:59,369 S6: each year that number grows slightly. So it will be 421 00:22:59,369 --> 00:23:02,609 S6: higher next year. But that's the amount that you can 422 00:23:02,609 --> 00:23:06,969 S6: give to any individual and not let the IRS know. Now, 423 00:23:06,970 --> 00:23:10,530 S6: if you go above that, uh, then you still don't 424 00:23:10,530 --> 00:23:12,690 S6: have to pay any tax on it. You just would 425 00:23:12,690 --> 00:23:15,290 S6: have to file a gift tax return, because the IRS 426 00:23:15,330 --> 00:23:19,650 S6: is going to remove that from your lifetime exclusion, which 427 00:23:19,690 --> 00:23:22,930 S6: today sits at north of $13 million. So you're not 428 00:23:22,930 --> 00:23:25,600 S6: going to get there anytime soon. But that's what I 429 00:23:25,600 --> 00:23:26,560 S6: was referring to. 430 00:23:27,119 --> 00:23:28,440 S8: Okay, that's. Thanks a lot. 431 00:23:29,160 --> 00:23:31,800 S6: Okay. Thank you for your call today. Lord bless you. Uh. 432 00:23:31,800 --> 00:23:34,440 S6: Let's see. Indiana is where Zach's located. Go ahead. 433 00:23:35,400 --> 00:23:38,320 S9: Yeah. Thanks, Rob. Um, we are in the market for 434 00:23:38,320 --> 00:23:41,680 S9: a new car, and I'm trying to figure out we 435 00:23:41,680 --> 00:23:44,400 S9: have a stock account that we got through inheritance. It's 436 00:23:44,400 --> 00:23:48,120 S9: not a retirement account. Um, it's mostly invested in stocks, 437 00:23:48,119 --> 00:23:50,560 S9: but I would just need to sell some of those. Um, 438 00:23:51,240 --> 00:23:54,440 S9: I'm trying to decide if it's best to use that 439 00:23:54,440 --> 00:23:58,119 S9: money that's in the stocks for this purchase or, um, 440 00:23:58,160 --> 00:24:02,080 S9: finance through the dealer. Um, because I did see something 441 00:24:02,080 --> 00:24:05,919 S9: about something in the one big beautiful bill about a, um, 442 00:24:07,119 --> 00:24:11,040 S9: a car built in the United States has some sort 443 00:24:11,040 --> 00:24:13,200 S9: of tax deduction at the end of the year on 444 00:24:13,240 --> 00:24:14,359 S9: the financing fees. 445 00:24:15,280 --> 00:24:18,840 S6: Yeah, yeah. Uh. Good question. So you're right. I mean, 446 00:24:18,880 --> 00:24:22,800 S6: since the money came from an inherited Non-retirement account. The 447 00:24:22,800 --> 00:24:26,280 S6: taxes wouldn't you wouldn't have any taxes unless from the 448 00:24:26,280 --> 00:24:30,200 S6: time you inherited it. Those investments have appreciated and then 449 00:24:30,200 --> 00:24:33,600 S6: you'd have capital gains on the sale. I wouldn't want 450 00:24:33,600 --> 00:24:37,200 S6: you to drain any emergency fund or any, you know, 451 00:24:37,240 --> 00:24:41,680 S6: emergency margin that you need. Um, and if you believe 452 00:24:41,680 --> 00:24:45,760 S6: the investments aren't expected to earn meaningfully more than the 453 00:24:45,760 --> 00:24:49,800 S6: interest rate on the car, then I think you could absolutely, 454 00:24:50,040 --> 00:24:53,560 S6: you know, pull cash from that account. Uh, that then 455 00:24:53,600 --> 00:24:55,960 S6: would allow you not to have any monthly payment. You'd 456 00:24:56,000 --> 00:24:59,399 S6: have no interest cost. It's simple. You're debt free at 457 00:24:59,440 --> 00:25:03,400 S6: that point, but it reduces your invested balance from 70 458 00:25:03,600 --> 00:25:06,360 S6: down to 30. So the real cost there is the 459 00:25:06,359 --> 00:25:09,960 S6: opportunity cost of what that money could earn. If you 460 00:25:10,000 --> 00:25:15,080 S6: continue with either those investments that you inherited or some 461 00:25:15,080 --> 00:25:18,680 S6: other mix of investments that's appropriate for your age and 462 00:25:18,680 --> 00:25:21,199 S6: risk tolerance. I think you would use that option if 463 00:25:21,240 --> 00:25:24,720 S6: you prefer simplicity and no debt, or you don't have 464 00:25:24,720 --> 00:25:27,840 S6: a high expected return on the portfolio, or you just 465 00:25:27,840 --> 00:25:31,400 S6: want to avoid tight cash flow because now you're adding 466 00:25:31,480 --> 00:25:34,960 S6: a new car payment. Uh, in terms of the, uh, 467 00:25:34,960 --> 00:25:39,160 S6: you know, one big, beautiful bill, uh, you know, I'm 468 00:25:39,200 --> 00:25:44,239 S6: not familiar with specifically any benefits that came out of 469 00:25:44,280 --> 00:25:47,520 S6: that related to deductibility. There may be some you might 470 00:25:47,520 --> 00:25:50,560 S6: want to talk to a CPA about that. But I 471 00:25:50,560 --> 00:25:53,239 S6: think it really comes down to, you know, do you 472 00:25:53,240 --> 00:25:55,000 S6: want to, you know, do you have the ability in 473 00:25:55,000 --> 00:25:58,840 S6: your budget to cash flow the debt service and go 474 00:25:58,840 --> 00:26:01,160 S6: ahead and pay the interest because you'd rather keep that 475 00:26:01,160 --> 00:26:04,679 S6: money invested or because it's outside of a retirement account, 476 00:26:04,680 --> 00:26:08,640 S6: you don't think you'll, you know, do terribly well. And 477 00:26:08,640 --> 00:26:12,119 S6: interest rates are still pretty high right now, especially on cars. 478 00:26:12,320 --> 00:26:14,680 S6: You know, you've got that money. You might as well 479 00:26:14,720 --> 00:26:17,439 S6: remain debt free. And then maybe you take what you 480 00:26:17,440 --> 00:26:20,590 S6: would have put toward the debt service and then reinvest 481 00:26:20,590 --> 00:26:24,190 S6: that preferably in a retirement account to to get that 482 00:26:24,190 --> 00:26:26,910 S6: growing in a tax deferred basis. Does that make sense? 483 00:26:27,790 --> 00:26:32,190 S9: It does. Yeah. I think um the money is growing, 484 00:26:32,230 --> 00:26:35,150 S9: I manage it and it is growing. And I hate 485 00:26:35,150 --> 00:26:38,390 S9: to lose all that. Um, we would still pay the 486 00:26:38,390 --> 00:26:42,190 S9: payments out of that account, but it would obviously come out, uh, 487 00:26:42,390 --> 00:26:43,429 S9: over time. 488 00:26:44,470 --> 00:26:47,550 S6: Yeah. Yeah, yeah. And so I think that's, you know, 489 00:26:47,590 --> 00:26:49,670 S6: at the end of the day, that's really the decision 490 00:26:49,670 --> 00:26:54,109 S6: is do you have a real conviction around being debt free, 491 00:26:54,109 --> 00:26:56,390 S6: and if so, it's a good use of the funds. 492 00:26:56,390 --> 00:26:58,790 S6: If not. And you can, you know, pay this off 493 00:26:58,790 --> 00:27:01,630 S6: in a relatively short period of time, five years or less. 494 00:27:01,790 --> 00:27:03,710 S6: You've got the cash flow to do it. You may 495 00:27:03,710 --> 00:27:07,070 S6: decide just to keep this money growing and compounding for 496 00:27:07,070 --> 00:27:10,390 S6: the future. You know, you're willing to pay some interest 497 00:27:10,550 --> 00:27:12,950 S6: on that car loan because it's not going to strain 498 00:27:12,950 --> 00:27:15,430 S6: your budget. And, you know, you can get it paid 499 00:27:15,430 --> 00:27:18,150 S6: off relatively quickly and then hopefully drive that car for 500 00:27:18,150 --> 00:27:19,350 S6: many years beyond that. 501 00:27:20,310 --> 00:27:22,870 S9: Okay, great. I think that answers my questions. 502 00:27:23,790 --> 00:27:25,949 S6: Excellent. Well, I appreciate your call today. Lord bless you. 503 00:27:25,950 --> 00:27:29,109 S6: Thanks for being on the program. Let's head to Missouri. Dewey, 504 00:27:29,150 --> 00:27:29,950 S6: how can I help? 505 00:27:31,230 --> 00:27:34,790 S10: Uh, I've got a question about, uh, maximum that can 506 00:27:34,790 --> 00:27:37,389 S10: go into a 403 B if there is any, for 507 00:27:37,430 --> 00:27:41,790 S10: a 80 year old person who doesn't need the earned income. 508 00:27:41,790 --> 00:27:44,270 S10: But it can go directly to the 403 B. Is 509 00:27:44,270 --> 00:27:45,630 S10: there any limit on that? 510 00:27:46,869 --> 00:27:53,149 S6: Yeah, it's a great question. Um, you know, essentially for 2025, uh, 511 00:27:53,150 --> 00:27:55,910 S6: you can put up to, uh, well over the age 512 00:27:55,910 --> 00:28:01,270 S6: of 50, you'd be able to put in $31,000. Um, and, 513 00:28:01,310 --> 00:28:04,430 S6: you know, there is no issue, uh, as long as 514 00:28:04,430 --> 00:28:08,030 S6: you're doing it through salary deferral, um, you would be 515 00:28:08,070 --> 00:28:10,790 S6: able to, you know, put as much as you want 516 00:28:10,830 --> 00:28:14,390 S6: up to that limit, uh, in that, uh, that 403 517 00:28:14,430 --> 00:28:17,550 S6: b um, so you're still working. You've got access to it. 518 00:28:17,910 --> 00:28:20,190 S6: You would just want to work with your HR department 519 00:28:20,430 --> 00:28:22,950 S6: to let them know that, you know, you want to 520 00:28:22,990 --> 00:28:24,590 S6: max out that contribution. 521 00:28:25,630 --> 00:28:27,669 S10: Sure. Very good. Thank you so much. 522 00:28:28,390 --> 00:28:31,190 S6: Absolutely. Thanks for your call today. Lord bless you. Uh, 523 00:28:31,270 --> 00:28:33,030 S6: out to Missouri. Ben. Go ahead. 524 00:28:34,470 --> 00:28:37,990 S11: Hey, um, so we came up with, uh, we're wanting 525 00:28:37,990 --> 00:28:44,230 S11: to build a house here in the spring. And our house, uh, total. 526 00:28:44,550 --> 00:28:50,550 S11: Our contractor is saying about 350 or 350,000, and, um, 527 00:28:51,150 --> 00:28:55,110 S11: we've got two loans right now. Um, we've got a 528 00:28:55,110 --> 00:28:58,350 S11: land loan that's got about 40,000 on it, and then 529 00:28:58,350 --> 00:29:02,510 S11: we've got a pickup loan, which we've talked about, um, 530 00:29:03,190 --> 00:29:06,030 S11: read or, you know, selling it and trying to find 531 00:29:06,070 --> 00:29:11,070 S11: something cheaper at a smaller payment. Um, we've got 36,000 532 00:29:11,110 --> 00:29:16,380 S11: saved up and we've got um, about 35,000 left on 533 00:29:16,380 --> 00:29:22,180 S11: our pickup. Um, left a payoff. We're. Like I said, 534 00:29:22,180 --> 00:29:24,020 S11: we're wanting to build a house here in the spring 535 00:29:24,020 --> 00:29:27,340 S11: or as soon as possible. Where is the best way to. 536 00:29:27,380 --> 00:29:31,380 S11: Where's the best place to put that money? Either pay 537 00:29:31,420 --> 00:29:35,580 S11: off the land loan first, or do you use it 538 00:29:35,580 --> 00:29:40,100 S11: as a down payment for a house? Um, we talked 539 00:29:40,100 --> 00:29:42,940 S11: to our credit union that were wanting to go through, 540 00:29:43,340 --> 00:29:44,900 S11: and they said it'd be better to use it as 541 00:29:44,900 --> 00:29:47,460 S11: a down payment because you're just paying interest during the 542 00:29:47,460 --> 00:29:50,380 S11: construction phase. But in my opinion, I would think it'd 543 00:29:50,420 --> 00:29:54,260 S11: be better to get rid of that land loan debt. Um, 544 00:29:54,300 --> 00:29:57,140 S11: because it's at like 8% interest. 545 00:29:57,900 --> 00:30:01,060 S6: Yeah. And what is the interest rate on the car? 546 00:30:02,220 --> 00:30:05,820 S11: Uh, it's about the same. It's like 7.8 and about 8%. 547 00:30:06,580 --> 00:30:09,860 S6: Yeah. Okay. Uh, I mean, and what's your timing on 548 00:30:09,860 --> 00:30:12,060 S6: the construction? I mean, would you have the ability to 549 00:30:12,100 --> 00:30:17,340 S6: kind of pay off or pay down aggressively these two 8% debts. 550 00:30:17,540 --> 00:30:20,780 S6: And then, you know, start rebuilding savings up for the 551 00:30:20,780 --> 00:30:23,580 S6: home construction down payment and take your time. Or is 552 00:30:23,580 --> 00:30:25,740 S6: this something that really needs to happen in a relatively 553 00:30:25,740 --> 00:30:26,820 S6: short period of time? 554 00:30:28,020 --> 00:30:32,100 S11: Um, the house we're in is not the most it's 555 00:30:32,380 --> 00:30:34,940 S11: starting to have some problems that, uh, got some health 556 00:30:34,940 --> 00:30:39,540 S11: problems starting, um, okay. And I don't know, you know, 557 00:30:39,780 --> 00:30:45,180 S11: we've got enough equity. Our, um, our, uh, land is 558 00:30:45,180 --> 00:30:48,500 S11: worth ten acres or. It's. Yeah, it's ten acres. And we, 559 00:30:48,980 --> 00:30:52,700 S11: you know, we've got probably. I think they said it 560 00:30:52,700 --> 00:30:53,700 S11: was 8080. 561 00:31:00,740 --> 00:31:02,380 S4: Great time to be with us today on Faith and 562 00:31:02,380 --> 00:31:03,220 S4: finance live. 563 00:31:03,220 --> 00:31:03,660 S6: I'm Rob. 564 00:31:03,660 --> 00:31:05,420 S4: West. We are taking the calls and. 565 00:31:05,420 --> 00:31:08,140 S1: Questions that are coming in today. We've got a lot 566 00:31:08,140 --> 00:31:09,940 S1: of them. Before the break we were talking to Ben 567 00:31:09,940 --> 00:31:12,380 S1: in Missouri. They're wanting to build a home. They have 568 00:31:12,380 --> 00:31:16,300 S1: 36,000 saved. They want to know their best options on 569 00:31:16,300 --> 00:31:19,220 S1: how to use that money, either as a down payment 570 00:31:19,220 --> 00:31:24,140 S1: for the construction that will begin here shortly. And they really, 571 00:31:24,140 --> 00:31:26,540 S1: based on some challenges they're having in their current home, 572 00:31:26,540 --> 00:31:30,460 S1: want to proceed quickly. They also have two additional loans, uh, 573 00:31:30,780 --> 00:31:34,860 S1: both at about 8%. Uh, one is a land loan 574 00:31:34,940 --> 00:31:40,020 S1: at 40,000. The other is an automobile loan at 35,000. And, 575 00:31:40,220 --> 00:31:43,740 S1: you know, in terms of this, uh, 36,000, is this 576 00:31:43,740 --> 00:31:46,220 S1: the extent, Ben, of your savings or do you have 577 00:31:46,220 --> 00:31:48,180 S1: an emergency fund separate from this? 578 00:31:49,220 --> 00:31:52,180 S11: Um, we've got an $1,000 emergency fund. 579 00:31:53,420 --> 00:31:56,620 S1: Okay. Yeah. So so not a whole lot there. You know, 580 00:31:56,660 --> 00:31:59,980 S1: I'm just a little hesitant, um, you know, with you 581 00:32:00,020 --> 00:32:04,940 S1: guys proceeding without much cushion, especially if you take 100% 582 00:32:04,940 --> 00:32:08,780 S1: of this and put it toward the house. Um, you know, 583 00:32:08,820 --> 00:32:11,970 S1: you're you're still carrying all the debt at a relatively 584 00:32:11,970 --> 00:32:14,530 S1: high interest rate. We don't have really much to fall 585 00:32:14,530 --> 00:32:17,209 S1: back on. Talk to me about your budget. What do 586 00:32:17,210 --> 00:32:20,410 S1: you have in terms of any kind of surplus at 587 00:32:20,410 --> 00:32:21,250 S1: the end of the month? 588 00:32:22,690 --> 00:32:30,050 S11: Um, right now we usually have about 5 or $600 589 00:32:30,050 --> 00:32:33,930 S11: left over, um, and sometimes more than that. 590 00:32:35,170 --> 00:32:38,170 S1: Okay. And what is have you talked to a lender 591 00:32:38,170 --> 00:32:40,650 S1: about the construction loan and are they willing to go 592 00:32:40,650 --> 00:32:41,810 S1: up to 100%? 593 00:32:43,370 --> 00:32:49,570 S11: Um, yeah. There it does. It does sound like it's 594 00:32:49,570 --> 00:32:53,770 S11: going to be you know, they said about $2,200 per 595 00:32:53,770 --> 00:32:56,489 S11: month plus the escrow, which is going to get up 596 00:32:56,490 --> 00:32:59,610 S11: to probably about 2800 a month. 597 00:32:59,970 --> 00:33:04,050 S1: Yeah. Wow. Yeah. Yeah. I just feel like I mean, 598 00:33:04,050 --> 00:33:06,209 S1: I hear what you're saying on the on the current place. 599 00:33:06,210 --> 00:33:08,890 S1: I feel like, you know, we just need to to 600 00:33:08,930 --> 00:33:11,010 S1: take our time here. The last thing I'd want you 601 00:33:11,010 --> 00:33:13,570 S1: to do is you guys to get stretched too thin. 602 00:33:13,610 --> 00:33:16,690 S1: Maybe it ends up taking longer to sell your current place. 603 00:33:16,730 --> 00:33:21,210 S1: Maybe construction goes longer. Construction prices are elevated. We don't 604 00:33:21,210 --> 00:33:24,770 S1: have much in the way of emergency fund. I feel like, 605 00:33:25,090 --> 00:33:27,170 S1: you know, you guys need to just maybe take a 606 00:33:27,170 --> 00:33:31,010 S1: step back, pray through this, be willing to to kind 607 00:33:31,050 --> 00:33:33,890 S1: of push this down the road a bit. And let's 608 00:33:33,890 --> 00:33:37,170 S1: just focus on getting your financial house in order, getting 609 00:33:37,170 --> 00:33:41,130 S1: more emergency savings built, paying down this debt service. You know, 610 00:33:41,170 --> 00:33:43,410 S1: if you could pay off one of the loans, then 611 00:33:43,410 --> 00:33:45,640 S1: we could build up the emergency fund a 3 to 612 00:33:45,640 --> 00:33:48,650 S1: 6 months expenses. Then we could start saving for a 613 00:33:48,650 --> 00:33:52,250 S1: more meaningful down payment. Maybe at that point, interest rates 614 00:33:52,250 --> 00:33:55,410 S1: are down a little bit lower. Construction prices are a 615 00:33:55,410 --> 00:33:58,210 S1: little bit more favorable at that point, and that's the 616 00:33:58,210 --> 00:34:00,130 S1: time to build. Now I realize you need to keep 617 00:34:00,130 --> 00:34:02,650 S1: your current home in good working order so you don't 618 00:34:02,650 --> 00:34:05,810 S1: create further damage or any kind of, you know, potential 619 00:34:05,810 --> 00:34:09,850 S1: health hazard to yourself. Um, but I feel like you 620 00:34:09,850 --> 00:34:12,770 S1: all kind of doubling down on that and getting a 621 00:34:12,770 --> 00:34:15,770 S1: more solid financial foundation before you take on a major 622 00:34:15,770 --> 00:34:19,690 S1: project like construction, which, again, you know, even with the 623 00:34:19,690 --> 00:34:22,730 S1: best of intentions, those costs can have overruns. They can 624 00:34:22,730 --> 00:34:25,609 S1: take more time. And, um, you know, I just wouldn't 625 00:34:25,610 --> 00:34:29,930 S1: want you to put both properties at risk. Um, you know, 626 00:34:30,130 --> 00:34:32,810 S1: if for some reason you got into a situation where 627 00:34:32,810 --> 00:34:35,650 S1: you just didn't have enough to cover the debt service, 628 00:34:35,650 --> 00:34:36,970 S1: does that all make sense, though? 629 00:34:37,489 --> 00:34:38,730 S11: Yeah. Yeah it does. 630 00:34:39,170 --> 00:34:42,370 S1: Yeah. Okay. I know that's probably not what you want 631 00:34:42,370 --> 00:34:45,049 S1: to hear. At the very least, I'd just kind of 632 00:34:45,090 --> 00:34:47,730 S1: slow down, take your time on it. If you would 633 00:34:47,730 --> 00:34:50,450 S1: like to meet with a certified Christian financial counselor, Ben, 634 00:34:50,489 --> 00:34:52,489 S1: you and your wife to kind of work through each 635 00:34:52,489 --> 00:34:54,890 S1: of these scenarios, I'd be happy to offer that just 636 00:34:54,890 --> 00:34:57,610 S1: as our gift to you. So I'll put you on hold. 637 00:34:57,610 --> 00:34:59,529 S1: Let my team know if that's something you'd want to 638 00:34:59,530 --> 00:35:02,530 S1: take advantage of. If it is, we'll cover the cost 639 00:35:02,570 --> 00:35:05,170 S1: to have you meet with somebody a few times and 640 00:35:05,170 --> 00:35:07,890 S1: maybe walk through each of these scenarios. Look at your 641 00:35:07,890 --> 00:35:11,130 S1: actual spending plan and give you some some guidance here. 642 00:35:11,370 --> 00:35:13,729 S1: I just want to, you know, be a resource to 643 00:35:13,730 --> 00:35:15,810 S1: you to make sure you guys get to a good 644 00:35:15,810 --> 00:35:17,810 S1: decision here, because I don't want you to call me 645 00:35:17,810 --> 00:35:20,689 S1: back six months from now and saying, Rob, we've gotten 646 00:35:20,690 --> 00:35:23,129 S1: in over our heads and maybe getting somebody to go 647 00:35:23,130 --> 00:35:25,569 S1: a little bit deeper with you. We'll get you to 648 00:35:25,610 --> 00:35:28,570 S1: the best decision in either case, whether that's to proceed 649 00:35:28,570 --> 00:35:30,810 S1: or wait. So stay on the line. Ben, our team 650 00:35:30,810 --> 00:35:33,410 S1: will get your information, and we'd be happy to help 651 00:35:33,410 --> 00:35:36,930 S1: if we can. God bless you, sir. Let's go to Birmingham. David. 652 00:35:36,930 --> 00:35:37,450 S1: Go ahead. 653 00:35:39,489 --> 00:35:39,649 S10: Uh. 654 00:35:39,690 --> 00:35:43,930 S12: Yes, sir. Um, I'm going to get an inheritance at 655 00:35:43,930 --> 00:35:47,090 S12: some point in the future. Um, and it's from a 656 00:35:47,090 --> 00:35:53,810 S12: traditional IRA Roth IRA and I have to take a 657 00:35:53,810 --> 00:35:57,489 S12: withdrawal every year for ten years. And each year that 658 00:35:57,489 --> 00:36:02,610 S12: I take that withdrawal, the withdrawal is taxed at 20%. Um, 659 00:36:03,280 --> 00:36:08,080 S12: what my question is, is what should I do, uh, 660 00:36:08,080 --> 00:36:10,680 S12: with the money that I get that, you know, after 661 00:36:10,680 --> 00:36:14,919 S12: the tax, in order to reinvest that and get that 662 00:36:14,920 --> 00:36:15,840 S12: money back? 663 00:36:17,520 --> 00:36:20,960 S1: Yeah, yeah. Well, uh, so you don't need the money, 664 00:36:20,960 --> 00:36:22,360 S1: is that right? Is that what I'm hearing? 665 00:36:23,480 --> 00:36:24,840 S12: Right, right. 666 00:36:24,840 --> 00:36:27,560 S1: Yeah. Yeah. I mean, there really is no way to 667 00:36:27,600 --> 00:36:31,200 S1: get it out. Uh, unless you're 70.5 or older and 668 00:36:31,200 --> 00:36:34,040 S1: want to give it away without you paying the tax 669 00:36:34,040 --> 00:36:38,319 S1: on it. And you're right, as a non-spouse beneficiary, you've 670 00:36:38,320 --> 00:36:40,680 S1: got now that ten year rule in place where you're 671 00:36:40,680 --> 00:36:42,160 S1: going to have to get it out of there within 672 00:36:42,160 --> 00:36:45,640 S1: ten years. First thing is, you probably want to look, uh, 673 00:36:45,640 --> 00:36:48,239 S1: you know, work with a CPA on what is, you know, 674 00:36:48,280 --> 00:36:52,640 S1: the right, uh, rhythm to pull that money out. So 675 00:36:52,640 --> 00:36:55,520 S1: you minimize the taxes. It all has to be out 676 00:36:55,520 --> 00:36:57,880 S1: within ten years, but you don't have to take it 677 00:36:57,880 --> 00:37:00,799 S1: out over ten years, you know, a little bit each year, 678 00:37:00,800 --> 00:37:03,239 S1: but you may want to, just to make sure that 679 00:37:03,239 --> 00:37:05,920 S1: no portion of it gets up into a higher tax 680 00:37:05,920 --> 00:37:09,880 S1: bracket in terms of, you know, rebuilding or, or kind 681 00:37:09,920 --> 00:37:13,560 S1: of taking advantage of, of opportunities. I mean, the first 682 00:37:13,560 --> 00:37:18,040 S1: opportunity would be, um, you know, if you're still working, um, 683 00:37:18,200 --> 00:37:23,880 S1: maxing out your employer plan 401 403 TSB, that's the 684 00:37:23,880 --> 00:37:27,919 S1: very best way to quote unquote, replace taxable withdrawals is 685 00:37:27,920 --> 00:37:32,759 S1: to increase what you're saving pre-tax or in a Roth, uh, 686 00:37:32,760 --> 00:37:35,959 S1: you know, in a workplace plan. And that lets more 687 00:37:35,960 --> 00:37:39,480 S1: of your regular income grow tax deferred or tax free 688 00:37:39,480 --> 00:37:43,280 S1: while you're forced to take the inherited IRA out. Um, 689 00:37:43,640 --> 00:37:46,160 S1: separate from that, if you didn't have a workplace plan, 690 00:37:46,160 --> 00:37:49,359 S1: you could just fund a straight Roth IRA. So long 691 00:37:49,360 --> 00:37:52,359 S1: as you have earned income and you're not over the 692 00:37:52,360 --> 00:37:56,239 S1: income limit, and then you'd have future tax free withdrawals, 693 00:37:56,239 --> 00:37:59,480 S1: you'd want to get that money invested and let it grow. Um, 694 00:37:59,520 --> 00:38:02,080 S1: anything beyond that, you'd probably just want to put in 695 00:38:02,080 --> 00:38:05,440 S1: a straight taxable brokerage account. It's simple. You can put 696 00:38:05,440 --> 00:38:08,279 S1: it in a diversified portfolio. And even though you don't 697 00:38:08,280 --> 00:38:11,239 S1: have any tax savings because the gains are going to 698 00:38:11,239 --> 00:38:15,279 S1: be taxed. Um, you know, as you have them, it 699 00:38:15,280 --> 00:38:17,680 S1: does give you flexibility and it gives you the ability 700 00:38:17,680 --> 00:38:20,040 S1: to grow it over time. As long as you have 701 00:38:20,040 --> 00:38:22,840 S1: a time horizon of at least five years. Better yet, ten. 702 00:38:23,040 --> 00:38:24,200 S1: Does that make sense, though? 703 00:38:25,760 --> 00:38:27,280 S12: Uh, yes, sir. It does. 704 00:38:28,880 --> 00:38:31,480 S1: Okay. I mean, there's not any silver bullet I can 705 00:38:31,480 --> 00:38:33,880 S1: offer there. So I think, you know, the first question 706 00:38:33,880 --> 00:38:38,160 S1: is what retirement options do you have? And I'd start 707 00:38:38,160 --> 00:38:40,560 S1: there first. And once you exhaust those, if you have 708 00:38:40,560 --> 00:38:44,000 S1: anything left. Now we're into just a straight taxable brokerage 709 00:38:44,000 --> 00:38:46,960 S1: account trying to pick some good, high quality investments. 710 00:38:48,320 --> 00:38:51,200 S12: Okay. You said to take the money and put it 711 00:38:51,200 --> 00:38:54,520 S12: into an employer plan. Uh, 401 K. 712 00:38:55,520 --> 00:38:55,840 S1: Yeah. 713 00:38:56,560 --> 00:38:57,839 S12: Is that correct? 714 00:38:59,230 --> 00:39:01,589 S1: If you have one available to you and you're not 715 00:39:01,590 --> 00:39:04,150 S1: currently maxing it out. Yeah, I like that a lot. 716 00:39:05,510 --> 00:39:08,710 S12: Okay, well I'm at 10%. I'm not maxing it out. 717 00:39:08,750 --> 00:39:12,910 S12: But um, okay, that that sounds like a good option. 718 00:39:13,790 --> 00:39:15,390 S1: Yeah, I mean that that would be great. Do you 719 00:39:15,390 --> 00:39:17,430 S1: have a only a traditional option or do you have 720 00:39:17,430 --> 00:39:18,790 S1: a Roth option as well? 721 00:39:20,350 --> 00:39:23,870 S12: I have a I have a Roth option okay. 722 00:39:24,270 --> 00:39:26,830 S1: So if you're currently putting into the traditional, you may 723 00:39:26,870 --> 00:39:29,589 S1: want to take this additional money and and split it 724 00:39:29,590 --> 00:39:32,150 S1: over to the Roth. So you've got both buckets working 725 00:39:32,150 --> 00:39:35,910 S1: for you. Uh, you could put in up to $31,000. 726 00:39:35,910 --> 00:39:41,069 S1: So 23,500, uh, for your employer contribution. But if you're 727 00:39:41,070 --> 00:39:44,190 S1: 50 or older, you get to add 7500 to that. 728 00:39:44,190 --> 00:39:47,710 S1: So you could put in up to 31,000. Um, and 729 00:39:47,710 --> 00:39:50,629 S1: if you're between ages 60 and 63, you get the 730 00:39:50,630 --> 00:39:55,670 S1: super catch up, which allows you to get up to 34,750. 731 00:39:55,670 --> 00:39:58,670 S1: So that would be a way to, you know, get 732 00:39:58,670 --> 00:40:01,830 S1: more money working for you to get a current deduction 733 00:40:02,190 --> 00:40:06,150 S1: by putting more in to the traditional 401 K, or 734 00:40:06,190 --> 00:40:08,549 S1: if you want to cover the tax and put it 735 00:40:08,550 --> 00:40:10,549 S1: in the Roth and get it growing tax free, you 736 00:40:10,550 --> 00:40:11,950 S1: can have that option as well. 737 00:40:13,110 --> 00:40:15,190 S12: Okay. That's that's what I want to do is just 738 00:40:15,190 --> 00:40:19,029 S12: get it working fine. You know, figure out the best 739 00:40:19,030 --> 00:40:20,509 S12: way to to get that going. 740 00:40:21,390 --> 00:40:24,149 S1: Yep. Sounds great. Well I hope that helps. Thanks for 741 00:40:24,150 --> 00:40:26,950 S1: calling your call today. We appreciate you being on the program. 742 00:40:26,989 --> 00:40:29,470 S1: Lord bless you. Let's go to Kansas City quickly. Jim, 743 00:40:29,469 --> 00:40:31,070 S1: I've got about a minute left. Go ahead. 744 00:40:34,190 --> 00:40:40,390 S13: Well, my question has been, uh, regarding the new, uh, upcoming, uh, 745 00:40:40,390 --> 00:40:44,989 S13: what they call it the stablecoin act and Genius act. And, uh, 746 00:40:44,989 --> 00:40:47,830 S13: what do you think about that in regards and, and 747 00:40:47,830 --> 00:40:51,030 S13: the influence of it on finances or finances? 748 00:40:52,230 --> 00:40:55,870 S1: Yeah. Uh, yeah. I mean, how familiar are you with 749 00:40:55,870 --> 00:40:57,750 S1: stablecoins and what they are? 750 00:40:59,590 --> 00:41:02,989 S13: Uh, nothing really, except they are like a, you know, 751 00:41:03,030 --> 00:41:05,509 S13: like a Bitcoin type of base. I mean, I don't 752 00:41:05,510 --> 00:41:08,910 S13: know what they call them blockchains and stuff and that's 753 00:41:08,910 --> 00:41:09,390 S13: about it. 754 00:41:09,430 --> 00:41:09,870 S12: Yeah. 755 00:41:10,430 --> 00:41:13,710 S1: Yeah, yeah. I mean, most of these proposals, whether it's 756 00:41:13,710 --> 00:41:18,509 S1: the stablecoin framework or the digital asset market structure bills 757 00:41:18,950 --> 00:41:21,390 S1: or what you're calling the Genius Act, they all really 758 00:41:21,390 --> 00:41:26,069 S1: point to the same goal. It's for it's requiring stablecoins 759 00:41:26,070 --> 00:41:29,590 S1: to be backed by real assets. They're trying to reduce 760 00:41:29,590 --> 00:41:34,069 S1: fraud and collapse risk like we saw with many of 761 00:41:34,070 --> 00:41:39,270 S1: the crypto failures. So they're setting rules for audits and transparency. 762 00:41:39,310 --> 00:41:43,870 S1: And they're defining who can issue stablecoins, usually banks or 763 00:41:44,070 --> 00:41:47,870 S1: heavily regulated companies. They're trying to make them less risky 764 00:41:48,070 --> 00:41:51,430 S1: and more like money market funds and less like a 765 00:41:51,430 --> 00:41:56,100 S1: speculative cryptocurrency. So how does this affect your personal finances? 766 00:41:56,140 --> 00:41:59,300 S1: For most people, it won't. I mean, stablecoin laws don't 767 00:41:59,300 --> 00:42:03,900 S1: change retirement accounts or taxes or Social Security or investments. 768 00:42:04,060 --> 00:42:07,500 S1: These laws only matter, really, if you're investing in crypto 769 00:42:07,780 --> 00:42:11,860 S1: or you hold stablecoins or you're using crypto for payments. 770 00:42:11,900 --> 00:42:14,379 S1: So I would say I'd just stay the course with 771 00:42:14,380 --> 00:42:18,380 S1: building an emergency fund, giving generously, living within your means, 772 00:42:18,380 --> 00:42:21,420 S1: and investing for the long term. And at the end 773 00:42:21,420 --> 00:42:24,580 S1: of the day, this is headed toward a more regulatory 774 00:42:24,620 --> 00:42:27,980 S1: sound environment. Jim, thanks for your call today. Lord bless you, 775 00:42:27,980 --> 00:42:30,180 S1: my friend. Well, that's going to do it for us today, folks. 776 00:42:30,180 --> 00:42:33,580 S1: So glad you're along with us. Thanks for joining us. 777 00:42:33,620 --> 00:42:37,940 S1: Grateful for my amazing team here. Lisa Taylor, Josh Omar 778 00:42:37,940 --> 00:42:40,380 S1: and everybody at Faith by Faith and Finance Live is 779 00:42:40,380 --> 00:42:43,380 S1: a partnership between Moody Radio and Faith fi. You can 780 00:42:43,420 --> 00:42:48,340 S1: give to Faith fi at faith.com/give every gift double between 781 00:42:48,340 --> 00:42:50,060 S1: now and the end of the year and come back 782 00:42:50,060 --> 00:42:51,940 S1: and join us tomorrow. We'll see you then. Bye bye.