S1: For you know how like a father with his children,
S1: we exhorted each one of you and encouraged you and
S1: charged you to walk in a manner worthy of God,
S1: who calls you into his own kingdom and glory. First
S1: Thessalonians 211 and 12. Hi, I'm Rob West. With Father's
S1: Day approaching, we're asking a deeper question what kind of
S1: legacy are we leaving as men, as dads, and as
S1: stewards of what God has entrusted to us? Jonathan Lewis
S1: from fathers for fathers is here to talk about that.
S1: Today we're talking fatherhood, faith and financial discipleship that shapes generations.
S1: Then on to your calls at 800, 500, 25, 7000.
S1: This is faith and finance. Live biblical wisdom for your
S1: financial journey. Well, I'm delighted to have my friend Jonathan
S1: Lewis with us today. He's president of Eastport Financial Group
S1: and the founder of fathers for fathers. He's a great friend.
S1: Fathers for fathers is a faith based organization that restores hope, healing,
S1: and purpose in the lives of men, especially fathers. Jonathan,
S1: great to have you here.
S2: It's great to be here. Rob.
S1: We've been talking about this for a long time.
S2: Yeah, I like your studio, man. Do you know it?
S1: I'm glad that you're on the other end of the
S1: mic today. And I'm even more excited about our topic,
S1: especially with Father's Day just around the corner. So I
S1: want to back up. And why don't we start by
S1: just giving you a chance to share a bit about
S1: your story, and how God used that story to ultimately
S1: allow you to launch the ministry.
S2: Yeah. I mean, um, revelation 1211 says they'll know us
S2: by the blood of the lamb and our testimony. And so, um,
S2: you know, 34 years ago, if you told a 15
S2: year old kid when he dragged his dead dad to
S2: a beach in the North Atlantic in Nova Scotia, that
S2: God would, 34 years later, take that story and all
S2: the brokenness that ensued in the wake of that and
S2: turned it into such a victory story with fathers fathers,
S2: that 15 year old kid wouldn't have believed you and
S2: probably wouldn't have cared because I was so broken up
S2: over the loss of my dad and the guilt that
S2: I carried onto that beach that day that I had
S2: not successfully been able to save him. And there was
S2: a lot of wreckage in the wake of those years. Rob. Um,
S2: you know, I couch surfed, uh, slept in my car,
S2: bounced around somehow, by the grace of God, did not
S2: end up in some kind of an institution. Uh, other
S2: than the Canadian Armed Forces. That was the institution I
S2: ended up in, and that probably saved me and taught
S2: me discipline. And fast forward to today. Uh, and all
S2: those war wounds and scars, um, have given me a
S2: tremendous energy to go after men and, um, to really
S2: dig deep with them, not take a passive victim mindset
S2: set answer as a brush off. And my wife would say,
S2: Jonathan is like a hot knife through butter when it
S2: comes to broken men. And I know it's because the
S2: Holy Spirit and just the fact that I love these guys,
S2: and I can see them for what they are.
S1: What does success look like, Jonathan, for dads that are
S1: listening today, that they want to be successful. But it's
S1: more than that. They really want to be a faithful father.
S2: Mhm. Well first of all your story is not done
S2: if you're still breathing. And for some guys they might
S2: be questioning whether they even want to do that. I
S2: can remember a period of my life where I was
S2: so low that the pain was so deep. I thought
S2: the only way to stop the pain was to end
S2: my life. And so for the guys listening, if you're
S2: out there and you're really struggling with, I don't know
S2: how to do this. I don't know how to be
S2: a dad. I don't even know how to get the
S2: energy to want to live my life or go to work.
S2: You can do it, but you can't do it alone.
S2: That's the hard rub here, guys. Um, we are wired
S2: to want to withdraw and, uh, and try and do
S2: it on our own. 84% of men rob out there
S2: would say they don't have one guy to talk to.
S2: Did you know that stat? No. That is disturbing. Yeah. Um,
S2: and so you're not alone. But you need to reach out.
S2: You need to try and find guys. And for the
S2: guys that have an element of their footing. And maybe
S2: you've grown up in the church, or maybe you have
S2: a good group. I would encourage you to look for
S2: these guys. They're not hard to spot. And don't take
S2: the first 12 no's, uh, as a brush off. Lean
S2: in on them. They want to be pursued. They're just broken.
S1: Well, we're going to continue to unpack this. There's a
S1: lot to talk about today. What is that faithful father
S1: role look like? What if you're carrying shame and regret?
S1: Where do you go from here? What if you feel
S1: like you've missed your chance? And then let's press into
S1: the stewardship aspect of it. What does it look like
S1: to really, uh, articulate and model biblical financial stewardship? And
S1: that certainly includes financial stewardship. But it goes beyond that
S1: into how we model values and priorities and trust in God.
S1: We're talking with Jonathan Lewis today. He's the president of
S1: Eastport Financial Group, but he's also the founder of fathers
S1: for fathers. If you want to learn more, just head
S1: to their website. Fathers. forefathers.org. Again, fathers for fathers. We'll
S1: be back much more right around the corner as we
S1: think about Fathers Day coming up on Sunday. We'll be
S1: right back. So glad to have you with us today
S1: on Faith and Finance live. I'm Rob West with me today.
S1: My friend Jonathan Lewis. He's the founder of fathers for fathers,
S1: a faith based organization that restores hope, healing and purpose
S1: in the lives of men, especially fathers. And Jonathan, with
S1: Father's Day right around the corner. Obviously, this is something
S1: on the minds and the hearts of a lot of
S1: our listeners. And you mentioned something before the break. You
S1: said many men carry silent shame or regret as it
S1: relates to their role as fathers. How do you encourage
S1: dads who feel like they've failed, or maybe they've missed
S1: their chance?
S2: Um, well, the funny thing is, is, um, I always
S2: remind them that their story is not over. Um, you know,
S2: in our immersive study, we're working on, um, especially for
S2: our American audience, uh, football is is always a good analogy.
S2: And we basically say to guys, hey, the day you
S2: were born, you were born onto a football field and
S2: you can't get off the field, you can't leave the game.
S2: You got to play. And the question is, is which
S2: team are you going to play for? And the terrible
S2: rub is you're born playing for the other team, the
S2: wrong team. Let's call it the red and black team. Um,
S2: but there's this invitation to come over and play for
S2: the winning team. And I think often guys suffer from
S2: passivity and victimhood, and we just get caught in our
S2: own internal dialogue where we beat ourselves down and we
S2: start rehearsing our failures. And it's it's amazing how we
S2: can spend all our time in our own depreciation room,
S2: literally beating ourselves up, instead of actually recognizing a lot
S2: of God given strengths that God's given us. And so
S2: it's never too late to peel off the jersey and say,
S2: I want to play for the other team. It does
S2: require contrition, Rob. It requires, uh, acknowledging that you've made
S2: some mistakes and it requires a substitute. Someone has to
S2: be willing to put on that jersey for you. And thankfully,
S2: Jesus Christ already said I already did that. You just
S2: got to accept the offer. And so the challenge is, uh,
S2: to get in the game and get in the game, uh,
S2: on the right side of the field.
S1: And often that involves starting small, taking that next step.
S1: You talk about restoring purpose and responsibility. What's a small
S1: step a father can take today? Who's hearing you talk
S1: and saying, I want that to live more intentionally?
S2: All right, well, I'm going to pick on, uh, on
S2: the guys that fit my profile. So I'm. I'm a
S2: divorced dad. In the US alone, there's 24 million men
S2: who are not in their kids lives. So, uh, and
S2: it is painful. Um, I've talked to thousands of men
S2: who are not actively engaged in their kids lives. And
S2: you know what the common theme is, Rob? They want
S2: to be.
S1: Yeah.
S2: They don't want to be an absent dad. Um, and
S2: they will start telling you all the reasons why they
S2: can't be there or they've messed up, or there's just
S2: no way. Uh, and what I can say emphatically. And
S2: I have faced this. God will honor you when you
S2: honor him. And the apostle Paul wrote a letter to Timothy.
S2: He said, you're less than a believer who doesn't provide
S2: for your own family. So, for example, uh, there's some hard,
S2: hard truths here. If you're a dad who's not in
S2: your kids lives, but you also haven't been supporting their
S2: mom start. Yeah, right. Own it. Um, if you are
S2: a man who, um, has battled with some sin in
S2: your life and you've kept it secret, don't do it anymore.
S2: Find a guy who's a mentor who who loves you,
S2: and get clear and confess that sin to him. Um.
S2: It's hard. It's hard because here's the problem. And this
S2: is why you don't want to do it. Because then
S2: you have to do something after that. And it's called
S2: be accountable and change. So you have to want to
S2: get in the fight, get in the game. But we
S2: can't keep going like this. Um, you know, if you
S2: look at the downstream of all the issues that are
S2: going on in our society, you could pretty much trace
S2: them all back to the pandemic. And I call it
S2: a pandemic of fatherlessness. And so, guys, my plea this
S2: whole ministry is about encouraging you, not beating you up,
S2: but encouraging you to get the gloves on and get
S2: in the game. And if you're out, get back in. Right.
S2: Brush yourself off. My dad, when I was growing up,
S2: he used to say, you're fine, rub some dirt in it.
S2: Which we all know is a way to stop the bleeding.
S2: There's a there's a bit of truth there. You're fine.
S2: Rub some dirt in it. But get yourself around guys
S2: that are spiritually mature and they'll encourage you. But you've
S2: got to be willing to be accountable.
S1: Yeah. Boy, that's so good. Uh, let's combine this with
S1: your day job. I mentioned at the outset of the
S1: program that you are the president of Eastport Financial Group.
S1: So you counsel families entrusted with much to hold it
S1: loosely and to see that as a part of their
S1: role as a steward of God's resources, to give it generously,
S1: to invest it strategically. Combine that with this role of
S1: being intentional as a dad, what does that look like
S1: to really model financial stewardship in your legacy?
S2: Yeah, I mean, to me, stewardship is, uh, all one
S2: and the same. So whether you're being generous with money
S2: and not generous with love or generous with your spirit,
S2: generous with your time, then you're missing the point. And so, uh,
S2: you know, people always hear me talk about Ephesians 526. Uh,
S2: Paul's imploring, uh, men and women to be mutually submitted
S2: to each other. Um, you know, he says to the men,
S2: love your wives as Christ loved the church, being prepared
S2: to present her on the day of judgment. And guys
S2: will always say, oh, yeah, well, no, I love my wife.
S2: And if there was a proverbial bullet, I would take
S2: it for her. It's like, no, that's not what he's
S2: talking about. Though. Jesus died for the church. He wants
S2: you to die to your flesh. So if you really
S2: want to be a man of God who's going to
S2: steward everything he's entrusted you with, well, it starts with
S2: your wife first, right? Or the mother of your children.
S2: But one way or the other, you gotta you gotta
S2: steward that. And the way you steward it is dying
S2: to your flesh. I talked to a bunch of guys
S2: in a men's retreat last weekend about the appreciation room
S2: and the depreciation room of our wives. Board up the
S2: depreciation room, write the list down, light it on fire.
S2: And you should only be spending time in the appreciation
S2: room for that woman. And then from there, the stewardship
S2: trickles down. Um, you know, make sure you're managing your
S2: finances well for your family. Make sure you're living up
S2: to the expectations. Um, go to work. Right. Paul said
S2: work is good. I hate to say it, but the
S2: apostle Paul said, if you don't work, you don't eat.
S2: I actually agree with that. Like so. It's about stepping
S2: up and stewarding everything God has entrusted us with.
S1: Mm. That's so good. Um. I'd love for you. We're
S1: about out of time here today, but I'd love for
S1: you to pray for the dads that are listening right now. Uh,
S1: on the radio. Some of them discouraged. Uh, some feel
S1: like they have failed. Uh, others feel like they're getting
S1: it done. But there's more. And I'd love for you
S1: just to pray a blessing over them as we prepare
S1: for Father's Day this weekend.
S2: Thanks, man. Heavenly father, um, there's always some guy out
S2: there that this is meant for. He probably doesn't. Maybe
S2: he doesn't listen to this channel and he's just tuned
S2: into it or whatever. And here he finds himself with
S2: some crazy guy from northeastern Canada praying for him right now.
S2: And Lord, I just pray that your Holy Spirit through
S2: me would touch his heart. I pray that you would
S2: challenge him in, uh, what you, uh, would like to
S2: see him do, how he would step up. Only he
S2: knows that right now. Lord, whether it's in the area
S2: of fatherhood or his finances or. I don't know, Lord,
S2: he could be, um, having wandering eyes. And you're convicting
S2: him right now. I pray that that he would really
S2: cry out to you. And I know you'll meet him.
S2: You say that I pray Romans eight over the men
S2: listening to this, uh, the very end of that chapter,
S2: Paul says, what can separate us from you, Lord? And
S2: he goes on to say, nothing. Nothing can separate us.
S2: And so, Lord, draw these men in. Let them know
S2: that even their sin does not separate them from your love. Uh,
S2: and I pray that they would just bring that in, uh,
S2: and they would recognize that Jesus Christ was sent by
S2: you on the greatest rescue mission of all time. And
S2: what's scandalous, Lord, is you would have sent Jesus if
S2: it was just one guy. Well, that's scandalous grace, Lord.
S2: And I thank you that you sent him for all
S2: of us. Amen.
S1: Amen. Jonathan. Grateful for you. Happy Father's Day, my friend.
S2: Thank you.
S1: That's Jonathan Lewis. He's with fathers for fathers. If you
S1: want to learn more, head to their website. Fathers for fathers.org. Again,
S1: that's fathers for fathers. A lot of resources there that
S1: you can take advantage of. I hope you'll heed that
S1: counsel and be encouraged today as we prepare for Father's Day.
S1: Just a couple of days down the road. A quick
S1: break and back with your questions after this. 800 525 7000.
S1: That's 800 525 7000. I'm Rob West and this is
S1: Faith in finance live. We'll be right back.
S3: The opinions offered during this program represent the personal or
S3: professional opinions of the participants are given for informational purposes only.
S3: Any information provided is not intended to replace advice from
S3: a financial, medical, legal or other professional who understands your
S3: specific situation.
S1: Great to have you with us today on Faith in finance. Live.
S1: I'm Rob West. We're so glad you're along with us today.
S1: Looking forward to taking your calls and questions today. The
S1: number 800 525 7000. We've got lines open today. That's
S1: 800 525 7000. We'd love to tackle whatever is on
S1: your mind going on in your financial life today. We'll
S1: also a little later in the broadcast in our final
S1: segment will be taking your, um, well, not only your
S1: phone calls, but Jerry Boyer will call in to us.
S1: Jerry joins us each Friday in the final segment with
S1: his update on the markets, and certainly a lot going
S1: on in the markets in the wake of the Israeli
S1: Iranian conflict. As a result of that market selling off today,
S1: the Dow Jones closing down nearly 800 points, the Nasdaq
S1: off 250 points, about between 1 and 2% across all
S1: of the major indexes. So not a whole lot. But
S1: as the attacks escalate there between Israel and Iran will
S1: certainly be keeping a close eye on the markets. And
S1: Jerry will weigh in on all of that straight ahead
S1: before we head to the phones today. We're always interested
S1: in what's happening in the news. And as you might expect,
S1: that's the headline in the news related to the sell
S1: off there. We did see a spike in oil prices,
S1: about 7% as a result of of what's happening. Largely
S1: the oil fields in Iran have been spared. They have
S1: not been going after those. Obviously, if they did, that
S1: could cause further increases. But we'll certainly keep an eye
S1: on all of that. All right, let's head to the phones.
S1: We do have calls coming in, but we've got some
S1: lines open so you can call right now with your
S1: questions 800 525 7000. We're going to begin in Chicago today. Hi, Bernie.
S1: Go ahead.
S4: Oh hey lovely a lovely show. Um, yeah. My question
S4: is I have a two flat apartment building I'm going
S4: to sell for 650. I have one that I'm interested
S4: in buying for 640, but I'm wondering what else would
S4: I have to pay other than the purchase price? Like
S4: to buy and sell at the same time? What am
S4: I looking at as far as like, taxes or anything?
S1: Sure. Uh, are you doing a 1031 exchange on this, Bernie,
S1: were you push any capital gains forward to the second property?
S4: Uh, I didn't know about that. Yeah, I didn't even see.
S1: Yeah, that's probably something to think about, because when you
S1: sell a property, if it's Appreciated. And this is not
S1: your primary residence. This is an investment property. You have
S1: the ability to push that forward through what's called a
S1: 1031 exchange. You'd need to meet the IRS rules and deadlines.
S1: You have to identify it in a certain period of time,
S1: and then you have to close on it within 180
S1: days of the sale of the other property. But if
S1: it's a similar type of property, you would essentially be
S1: able to take any capital gains that you owe where
S1: you've had an increase in the first property, which would
S1: normally be subject to capital gains, because it's not your
S1: primary residence, and you can essentially roll that over into
S1: the next property, you will have to pay it at
S1: some point. But the nice thing is it gives you
S1: more of your capital to move into that next property,
S1: because it's a similar type of property. So that would
S1: be something to look into. On the selling side. I mean,
S1: you'd have the, uh, the real estate fees and the commissions,
S1: usually 5 to 6%, uh, closing costs. You're going to
S1: have escrow fees, transfer taxes, recording fees, any mortgage payoff fees,
S1: although those aren't very common. And then when you're buying,
S1: you've got any loan origination, usually 1 to 2% of
S1: the new loan amount. Appraisals and inspections. Title insurance and
S1: legal fees. Any environmental or zoning reviews which are sometimes
S1: required for older buildings and then escrow reserves. So those
S1: would be, you know, the general kind of list on
S1: the selling and the purchase side. I think the key
S1: for you is to, you know, perhaps look into that
S1: 1031 so you could get more of your capital rolled
S1: into that next property without having to pay any taxes.
S4: Oh, I see. Because the property was left to my
S4: brother and myself from my mom, and there's no mortgage
S4: on it. Um.
S1: Got it. Okay. Yeah. So there's probably not any capital
S1: gains there to speak of then, because, uh, did she
S1: pass away recently?
S4: Uh, it's been 15 years now.
S1: Okay, so you've held it since she passed?
S4: Yeah, we've been living there, my brother and I. We
S4: lived there our whole life, and we just, you know,
S4: stayed in the property. He lives upstairs, I live downstairs.
S1: Ah, okay. Yeah. So this is your primary residence, and then, uh,
S1: so on the sale, you would your CPA, you should
S1: be able to take each on your own portion. Uh,
S1: you know, the equivalent of of your own, uh, exclusion there.
S1: Because when you sell your, your primary residence, as long
S1: as you've lived there, two out of the last five years,
S1: you'd have between 250 and 500,000, depending on whether you
S1: file single or married filing jointly of gain that you
S1: could exclude from any capital gains taxes. Um, and so
S1: it could be that you don't have any capital gains.
S1: And therefore the 1031 is is unnecessary.
S4: Okay. And it says usually one and 2% is what
S4: the real estate takes for selling and buying.
S5: Is that usually.
S1: No, usually 5 to 6%. Um, for the real estate commissions.
S1: And the question would just be whether, you know, you pay, uh,
S1: all of it, uh, as the seller or whether the
S1: buyer's agent pays a portion of it. Uh, but usually
S1: that all in fee is 5 to 6%, um, you know,
S1: for the sale. And then when you're buying, uh, if
S1: you're not using a mortgage, then you wouldn't have that,
S1: but you'd have, uh, you know, the appraisal and inspection,
S1: the title insurance and and legal and then any escrow reserves.
S4: Oh I see. And then is that closing costs? Is
S4: that is that what that would be?
S1: Yes, sir. Uh, yeah. So if you don't, uh, those
S1: would all be a part of the closing costs. The
S1: only additional thing you would have is if you didn't
S1: have enough equity to roll in to your next purchase,
S1: and you had to take out a mortgage, then you'd
S1: have the the loan origination fee. But that's generally, you know,
S1: the list of, uh, of expenses that are related to
S1: closing costs. So hopefully that helps. All the best to
S1: you in this, this sale and eventual purchase of your
S1: next property. We appreciate your call today and thanks for
S1: your kind remarks about the program. Call anytime. We're going
S1: to take a quick break when we come back alleys
S1: in Mississippi. We do have lines open though. If you
S1: have a question, go ahead and call right now. Anything
S1: financial 800 525 7000. This is faith in finance. Live.
S1: We'll be right back. Great to have you with us
S1: today on Faith and finance live. I'm Rob West taking
S1: your calls and questions today. If you have a question,
S1: something going on in your financial life, go right now
S1: 800 525 7000. That's the number to call 800 525 7000.
S1: Let's head to Mississippi. Hi, Ali. Go ahead.
S6: Hi. Thank you for taking my call. Sure I am. Um, well,
S6: I was a teacher, and so I just felt like
S6: the Lord was leading me to, um. Stop. And so
S6: I have some money in the, like, in the retirement fund,
S6: but I was really. And he's leading me to go
S6: to seminary. So I was, um, really praying about this
S6: and really struggling about what to do. Should I just
S6: leave the money in there, or should I take it
S6: out and just pay off my debt like there's I
S6: only have like 35,000 in there because I took some
S6: out to help my mom to take care of my mom,
S6: and she's passed away now. So I have 35 left
S6: in there and my debt is about 20,000. So I
S6: was just wondering, um, should I just leave it in
S6: there or take it out and pay off the debt
S6: and for school?
S1: Yeah. So a couple of questions. Um, what type of
S1: debt do you have?
S6: Um, my car. I have car and then some credit
S6: cards because I did a lot of my medical stuff
S6: onto my credit cards.
S1: Got it. What are the ballots? What? Do you own
S1: the car. And then what's the total on the credit cards?
S6: Um, the credit cards right now are about 11,000. And
S6: then my car. I've almost paid it off. It's like
S6: 5000 left. For about four. 4200 left.
S1: Okay. About 4000 on the car. All right. And you
S1: said you have about 35,000 in a retirement. Do you
S1: have any liquid savings?
S6: I do not. I do not.
S1: Okay. All right. And what is going to be your
S1: source of income in retirement?
S6: Um, well, I'm going to have to find a new job. Um,
S6: so I haven't really, uh, found a job yet, so, um,
S6: that's my next thing that I need to. That I'm
S6: going to do.
S1: Okay. Very good. And what did you say about seminary?
S1: What were you thinking there?
S6: Um, the counseling program.
S1: Okay. All right. And what would the cost be on that?
S6: Um, it's going to be about 20,000 because I got
S6: some scholarships. Yeah.
S1: Okay. And how would you pay for that?
S6: Um, I got scholarships and then, um, just the. They
S6: put you on a payment plan.
S1: Okay. Yeah. Well, certainly I love the idea of going
S1: to seminary. I think I would probably and certainly this
S1: is between you and the Lord. So ultimately, you need
S1: to make this call. I would be just careful about getting,
S1: you know, moving too quickly without putting a more solid
S1: financial foundation under you. I would be hesitant, you know,
S1: for you to go into seminary. Just kind of what
S1: I'm based on what I'm hearing about your financial situation
S1: at this point. Uh, because, you know, right now we
S1: need to get out from under that credit card debt,
S1: but you're about to be in a position where you
S1: don't have any income. Now, obviously, you can go look
S1: for another job, and that's great. And I'm delighted to
S1: hear that. That's what you're thinking. That would be obviously
S1: a lot on top of seminary, the fact that you
S1: have no savings in the 11,000, in credit card debt
S1: with only 35,000 in retirement, and that's going to be
S1: costly money. So you're not going to have the 10%
S1: penalty to pull any portion of that 35,000 out. But
S1: it is all going to be taxable to you. So,
S1: you know, say you're in the 22% bracket, uh, you know,
S1: that 35,000, you're going to have $7,700 of that if
S1: you pull the whole thing out, you know, just in
S1: federal taxes that you would owe. So, uh, you know,
S1: I'd much rather you leave that there. You quickly try
S1: to find another job. Live modestly so we can focus
S1: on getting $1,000 in savings. And once you have 1000
S1: in savings, let's take every available dollar and go after
S1: those credit cards. In fact, I'd reach out to our
S1: friends at Christian Credit Counselors. Let's let them help you
S1: get those interest rates down. And now, you know, by
S1: you getting another job, living modestly, really just, you know,
S1: living on the bare minimum to the best that you
S1: can hopefully, you know, a year from now, maybe a
S1: couple of years from now, all of a sudden the
S1: credit card debt is gone. We get that emergency fund
S1: up to 3 to 6 months expenses. And now, you know,
S1: we're in a much different position. The only other thing
S1: that you know, just causes me some concern is just
S1: that there's not anything else to speak of there in
S1: the way of assets. And so if you do get
S1: to a point where you're unable to work, you know,
S1: we don't really have anything to fall back on. Now,
S1: at some point I'm assuming you'll have Social Security. Um, and,
S1: you know, you could live on that. Um, and so
S1: I certainly understand that, but I think at least at
S1: this point, I don't feel great about you adding another
S1: $20,000 in expenses, on top of the fact that the
S1: the job situation is questionable right now. We've got this,
S1: you know, pretty significant credit card debt, which is probably
S1: at 2,022% interest and then no savings to speak of
S1: without a whole lot in the way of retirement assets.
S1: So I think if it were me again, you need
S1: to pray through this and make this call. I'd say,
S1: all right, I'm going to wait probably a couple of
S1: years on even considering seminary. Let me get the credit
S1: cards into a credit counseling program, let me get that
S1: next job, and let me focus on trying to slowly
S1: build up that emergency fund while I'm paying off the
S1: credit cards. And then once all that's taken care of,
S1: now we're starting to look to what God has next
S1: for you. Does that make sense, though?
S6: It does. It does. Yes. Thank you so much.
S1: Yeah. You're welcome. Ali, listen, I'm excited about what God
S1: has for you in this next season. I think we
S1: just got to, you know, follow the steps and and
S1: just be really thoughtful and prayerful about considering kind of
S1: the timing of all of this as you're working hard
S1: to try to get a more solid financial foundation under you.
S1: God is your provider. I'm confident he will. But I
S1: think we need to use the finances as part of
S1: evidence of God's leading, and I don't think he would
S1: lead you to do anything that's going to require you
S1: to take on more debt. Um, you know, certainly not
S1: impoverish yourself, uh, as a result of it. So thanks
S1: for calling today. If we can assist you further, don't
S1: hesitate to reach out. Let's go to Illinois. Hi, Rose.
S1: Go ahead.
S7: Hey, Rob.
S8: Thanks for taking my call. I've got a medicaid question,
S8: so I've got a family member that has a fatal disease,
S8: and she's. At this point, um, needs more care. Than what?
S8: What we can give her. She's living with a with
S8: my sister in law right now. She has. No. We
S8: were thinking maybe we could put her or get her
S8: into Medicaid, if possible. Um, who would be responsible for
S8: that bill?
S1: Hmm. Well, what would generally happen is, you know, if you, uh,
S1: went to a medicaid approved facility, um, you would not
S1: be responsible for it. So unless you were to, you know,
S1: take on financial responsibility. If Medicaid is not approved, the
S1: family is generally not legally responsible for the bill unless
S1: they've signed something agreeing to be. So here's how it
S1: would work. Typically, you know, medical debt stays with the individual,
S1: not the family. Spouses in some states may be responsible
S1: under spousal responsibility laws, but if no assets exist, the
S1: provider would then, you know, write off the debt. Um,
S1: they would try to recoup from the estate of the
S1: person Medicaid would if they pay out. But if there's
S1: no assets there, then there's nothing for them to collect on. But,
S1: you know, I would think that the key here for
S1: you all, as you pursue some of these Medicaid approved
S1: facilities would be just be careful that you don't, you know,
S1: take financial responsibility, uh, unless you tend to take unless
S1: you intend to take on that liability. So you just
S1: really want to be careful about those forms that you're
S1: signing when you, you know, move her into that facility.
S1: Does that make sense?
S8: Okay. It does. Thank you. Thanks for your help.
S1: Yeah, you're very welcome. Thanks, Rose. Well, we're going to
S1: take another break here when we come back. Jerry Boyer
S1: stops by and we'll get his take on the markets.
S1: The markets selling off today as a result of, uh,
S1: what's going on between Israel and Iran? Late this afternoon, it's, uh,
S1: it's escalating market closing down about 700 points on the
S1: Dow Jones, uh, off 1% on the Nasdaq. About the
S1: same for the S&P 500. Uh, Jerry will weigh in
S1: on that. We'll get an update on corporate engagement as well.
S1: Some of his work there. Peggy's waiting patiently in Illinois
S1: as well. We'll get to her call. This is faith
S1: in finance. Live. We'll be right back. Thanks for joining
S1: us today on Faith in finance live. I'm Rob West.
S1: We'll head back to the phones here in just a moment.
S1: But first here in the final segment today on a Friday.
S1: Jerry Boyer is with us. Jerry is our resident economist.
S1: He's the president of Boyer Research, very active, leading the
S1: charge in many ways across the country in the area
S1: of corporate engagement. We'll get an update on that. But first, Jerry,
S1: the market selling off today, although, you know, fairly modestly.
S1: I mean the Dow Jones off about 2%. The other
S1: broad market index is down closer to 1% off today.
S1: All of that, I assume as a result of what's
S1: going on between Iran and Israel. Huh.
S9: Yeah, I think that's the major driver, obviously. But what's
S9: interesting is how little they're off, right? I mean, this
S9: is a war. This is a middle eastern war. Um,
S9: you know, and I listened to a lot of financial news, um,
S9: you know, on podcasts. I mean, I watch it, but
S9: mostly I mow the lawn and listen to the financial channels. Um, and, um,
S9: you know, I hear a lot of markets are down
S9: 700 points. Oh, wait 1%. Okay. I mean, that's kind
S9: of a normal day, isn't it? Um, you know, that's
S9: that's a day where the fed chairman, you know, you know,
S9: kind of frowns a little bit. Um, you know, when
S9: he's walking into the office and they think maybe they're
S9: going to, you know, maybe they're going to hike rates.
S9: I mean, that's this is within normal. Um, and I
S9: think that reflects the fact that, um, I don't think
S9: markets think there's a whole lot of uncertainty here. Israel
S9: has tremendous technological advantage. Uh, Israel also has us, you know,
S9: as a very close ally. Uh, the president kept his
S9: distance a little bit, but after it worked, he he
S9: kind of came back in and said, oh, yes. Uh,
S9: you know, um, I knew about this for a long time. Uh,
S9: so maybe he was playing 17 chess. I've heard some
S9: podcasters suggest that, well, he did that so that the
S9: Iranian generals would feel safe so that they wouldn't leave headquarters. Okay, whatever. Um.
S9: Who knows? Um, but the bottom line is, okay, so
S9: you look at the shekel, right? That's the currency in Israel. Yeah.
S9: You know, before this, uh, a shekel would buy you
S9: about 28.5 cents. Um, now, after this, the shekel buys
S9: you $0.28. In other words, 0.5. The shekels down 0.5. Okay. Um,
S9: so markets are not registering a lot of risk. They
S9: don't think Israel's going to lose. They don't think there's
S9: going to be a regional major war. They don't think
S9: this is going to be much disruption to the global economy.
S9: And I think they're probably right about that. Um, you know,
S9: so you see gold's up, but not a whole lot.
S9: The dollar is up. That's unusual when usually when gold's up,
S9: that means the dollar is down because basically it's like, oh,
S9: we're being inflationary. So you want to get out of
S9: the dollar into something hard like gold. When when people
S9: are buying gold and they're also buying the dollar. That's
S9: more like Haven. That's. Mhm. Things are a little uncertain.
S9: Why don't I put a little gold. And the dollar
S9: is still the reserve currency of the world. Sort of.
S9: Um so I think the markets are registering, um, you know,
S9: a kind of a normal conflict where we think we
S9: know the, the output, uh, or, excuse me, the outcome
S9: of that. Um, the other thing that happened today was
S9: there was a pretty strong consumer sentiment survey that came out, um,
S9: and I mean, actually a lot stronger than people would
S9: have expected. Um, so I think that probably the wider
S9: market's down because, remember, the world's upside down. If consumers
S9: are happy, the Fed's not going to cut rates and
S9: the Fed's not going to cut rates, then it's not
S9: going to bail out the market. Um, but that's not
S9: really the major driver. I would say in general when
S9: you're talking about the economy, you had people who said
S9: trade wars are great. This is going to be the
S9: golden age. Uh, but markets reacted as though it's not
S9: going to be so great. You other had other people
S9: who said Trump doesn't have any idea what he's doing. Um,
S9: he's completely clueless. This is terrible. It's going to collapse
S9: the global economy. Um, and the market is acting like
S9: the trade war was a not very good, you know,
S9: kind of a general bad idea. Um, but not destroying
S9: the economy. Um, and the economic data that's been coming
S9: out is generally, you know, um, unemployment claims are up
S9: a fair amount, but not a lot. Um, economic growth
S9: statistics are down a little bit, but not a lot
S9: in my opinion. The trade war was bad for the economy,
S9: but it mostly ended very quickly. And so its effects
S9: will not not be very large. Um, and I think
S9: that that's why markets are, you know, still pretty high
S9: even after, you know, the uncertainty trade with this war.
S1: Yeah. Uh, Gerry, circling back for a moment to Iran
S1: and Israel, you made a comment this morning that, you know,
S1: removing this threat of Iran having nuclear weapons is probably
S1: in terms of risk. That's a much more risky scenario.
S1: The Iran having nuclear weapons than what we're experiencing right now.
S1: So long term, this actually brings more stability to the
S1: region potentially. Huh.
S9: I think that's right. So why are markets down at all?
S9: I think because you just never know when there's a
S9: war there. As Queen Elizabeth said, wars have uncertain outcomes. Uh, so,
S9: you know, some crazy guy shoots Archduke the, you know,
S9: the son of or was it nephew or whatever of
S9: Archduke Archduke Ferdinand? Uh, you know, a century ago and. Oh,
S9: that's nothing. Oh, no, no, that's World War one, right?
S9: So sometimes things get out of control and I think
S9: markets are accounting for the, you know, the maybe the
S9: possibility that things will get out of control. But let's
S9: run let's run a counterfactual. Let's say that this week,
S9: instead of the news saying Israel hit, um, Iranian nuclear
S9: facilities instead, they said Iran has just successfully tested a
S9: nuclear bomb. Yeah. How would markets be reacting to that
S9: versus Israel. They wouldn't be down 700. They'd be down 7000. Right? Right.
S9: Oil wouldn't be up 13%. Oil would be double or
S9: triple up. So in so in general I'm going to
S9: say um, again, wars can have uncertain outcomes. But this
S9: looks like in the long run a risk reducer. Um,
S9: and I think I think the short term market reaction
S9: is going to, you know, ride this out. Um, it's
S9: a little bit like October 7th. The markets reacted as
S9: though Israel's going to win. And they have I mean,
S9: they've defeated Hamas. Um, and I think markets are reacting
S9: as though Israel is going to win this one as well.
S9: And I think they're right about that.
S1: That's helpful. Jerry, we've got about a minute left. Um,
S1: I'd love for you to hear on the tail end
S1: of earnings season. I know you and your team have
S1: been busy. Give us just a quick report on what
S1: you've been working on.
S9: Well, we're talking to companies constantly. Uh, Israel is one
S9: of the issues, by the way. So there was an example, uh,
S9: a company called Airbnb did something really odd a few
S9: years ago. They said, you can book, you can book
S9: a house someplace, but you can't book one in the
S9: West Bank. Well, why? Well, because we do not building
S9: islands which are stolen from other people. Now, I don't know.
S9: I mean, I've read the book of Genesis. You know,
S9: I think Israel has a pretty long standing claim to
S9: that bit of property. Um, and, you know, even if
S9: even if that's not your authority. Okay, fine. The United
S9: Nations gave them control in 1948. Uh, and they're recognized
S9: by all, almost all the nations of the world. So
S9: I think it's legit. I think they lived there. Um,
S9: and so people built houses with their own hands on
S9: the West Bank, and some of them want to run
S9: them out to people who want to come visit the
S9: Holy Land. And Airbnb said, oh, no, no, you know,
S9: that's profiting off this, this stealing of land, while at
S9: the same time they were advertising that you can go
S9: rent houses in Cuba when people literally were kicked out
S9: of their houses by the communist government at gunpoint. But
S9: those are okay. Well, that bad, bad, bad optics. Uh,
S9: so we helped the Heritage Foundation bring a proposal about that. Interestingly, um,
S9: Airbnb put out their, um, their proxy statement, and it
S9: wasn't there. And we said, well, you know, why not?
S9: And they said, we never got it. And we said, well,
S9: wait a minute, we have a receipt from Fedex. Um,
S9: and we and we gave them the name, we said,
S9: is that a name that's familiar to you? Oh, yeah.
S9: That's the head of our mailroom. That's the head of
S9: your mailroom. We've got a signature from Fedex. Okay. Uh,
S9: you're saying you never got it? I mean, don't you
S9: mean that you got it on the first floor, but
S9: it never made it to the 10th floor. And isn't
S9: that your problem? Rather than the shareholders problem? Who have
S9: a right to, you know, to hold you accountable and. Oh,
S9: by the way, um, the Connecticut pension plan, a blue
S9: state pension plan. You got their mail and you have
S9: a proposal from them on the ballot. Then it turned
S9: out that there was a proposal from another conservative group,
S9: and they lost that one, too, or whatever. Signed for
S9: by the same person. Uh, doesn't look so good. Um,
S9: the dog ate my homework is not really going to work.
S9: So Heritage Foundation is litigating against them on that. And
S9: I think that's going to be a very important case
S9: that corporations can't say, yeah, all shareholders are equal, but
S9: some shareholders are more equal than others. If you're losing
S9: all the stuff from conservative groups but you're not from
S9: liberal groups, um, that's pretty fishy. And you've got some
S9: explaining to do. And also, do they really they really
S9: want to have be having a conversation about why they
S9: tried to boycott Israel now. I mean, how does that look? Um, so, uh,
S9: you know, another real quick one. Lululemon is one we
S9: engage with a lot this week. Lululemon is a retailer.
S9: They gave a bunch of money to organizations that basically
S9: made comments in favor of looting and in favor of
S9: defunding the police. Uh, so we're just saying to them,
S9: how can that be good for a retailer to say
S9: we're giving your shareholder money to groups that are endorsing looting,
S9: like BLM, also endorsing Hamas? And by the way, how
S9: does that look now when large parts of Los Angeles
S9: are burning? How much shareholder money of many corporations has
S9: funded the groups that are now burning down neighborhoods in
S9: Los Angeles? And don't their rights count to the people
S9: whose stores are being burned down? Is it all about
S9: supporting protesters and activists? Don't ordinary middle class people who
S9: deserve to not have their houses burned down, or be
S9: able to not have giant rocks dropped on their cars
S9: when they're driving on the interstate? Don't don't they have
S9: any rights as well? So that's a conversation that we're
S9: having with Lululemon. There was a press conference. There was
S9: a proposal, a speech given at the board. Uh, now,
S9: they did drop funding for those groups. And we're saying, okay,
S9: that's great. Now, can we talk about never making mistakes
S9: like that again? Um, you know, about not being gullible
S9: in the future. So those are kind of I'd say
S9: those are the big highlights of the past week.
S1: Yeah, interesting. And that was just the last week. Jerry,
S1: I always appreciate your time. Thanks for joining us, my friend. Yeah.
S1: Sounds like it. Happy Father's Day, Jerry.
S9: And to you, happy Father's Day to you. God bless.
S1: All right. And you as well. That's Jerry Bowyer. He's
S1: our resident economist. He joins us each Friday with his
S1: market commentary and economic update. Peggy in Illinois, stay right there.
S1: I know you've been waiting patiently as soon as the
S1: program is over, I'd love to jump on the phone
S1: with you and see how I can help you. I
S1: apologize we didn't get you on the air today. Well, folks,
S1: that's going to do it for us today. Hey, if
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