WEBVTT - Stewarding Fatherhood Well 0:00:08.200 --> 0:00:10.640 For you know how like a father with his children, 0:00:10.640 --> 0:00:13.560 we exhorted each one of you and encouraged you and 0:00:13.560 --> 0:00:16.120 charged you to walk in a manner worthy of God, 0:00:16.120 --> 0:00:19.040 who calls you into his own kingdom and glory. First 0:00:19.040 --> 0:00:22.960 Thessalonians 211 and 12. Hi, I'm Rob West. With Father's 0:00:23.000 --> 0:00:26.239 Day approaching, we're asking a deeper question what kind of 0:00:26.239 --> 0:00:29.360 legacy are we leaving as men, as dads, and as 0:00:29.360 --> 0:00:33.120 stewards of what God has entrusted to us? Jonathan Lewis 0:00:33.120 --> 0:00:35.960 from fathers for fathers is here to talk about that. 0:00:35.960 --> 0:00:41.600 Today we're talking fatherhood, faith and financial discipleship that shapes generations. 0:00:41.600 --> 0:00:45.400 Then on to your calls at 800, 500, 25, 7000. 0:00:45.440 --> 0:00:48.480 This is faith and finance. Live biblical wisdom for your 0:00:48.479 --> 0:00:53.400 financial journey. Well, I'm delighted to have my friend Jonathan 0:00:53.400 --> 0:00:57.080 Lewis with us today. He's president of Eastport Financial Group 0:00:57.080 --> 0:01:00.910 and the founder of fathers for fathers. He's a great friend. 0:01:00.910 --> 0:01:05.550 Fathers for fathers is a faith based organization that restores hope, healing, 0:01:05.550 --> 0:01:09.430 and purpose in the lives of men, especially fathers. Jonathan, 0:01:09.430 --> 0:01:10.590 great to have you here. 0:01:10.590 --> 0:01:12.069 It's great to be here. Rob. 0:01:12.069 --> 0:01:13.950 We've been talking about this for a long time. 0:01:14.069 --> 0:01:16.470 Yeah, I like your studio, man. Do you know it? 0:01:17.069 --> 0:01:18.910 I'm glad that you're on the other end of the 0:01:18.910 --> 0:01:21.790 mic today. And I'm even more excited about our topic, 0:01:21.790 --> 0:01:25.270 especially with Father's Day just around the corner. So I 0:01:25.270 --> 0:01:27.350 want to back up. And why don't we start by 0:01:27.350 --> 0:01:29.670 just giving you a chance to share a bit about 0:01:29.670 --> 0:01:33.550 your story, and how God used that story to ultimately 0:01:33.550 --> 0:01:35.030 allow you to launch the ministry. 0:01:35.190 --> 0:01:38.910 Yeah. I mean, um, revelation 1211 says they'll know us 0:01:38.910 --> 0:01:42.750 by the blood of the lamb and our testimony. And so, um, 0:01:43.069 --> 0:01:45.669 you know, 34 years ago, if you told a 15 0:01:45.709 --> 0:01:48.710 year old kid when he dragged his dead dad to 0:01:48.750 --> 0:01:52.310 a beach in the North Atlantic in Nova Scotia, that 0:01:52.310 --> 0:01:55.670 God would, 34 years later, take that story and all 0:01:55.670 --> 0:01:58.860 the brokenness that ensued in the wake of that and 0:01:58.860 --> 0:02:02.780 turned it into such a victory story with fathers fathers, 0:02:02.820 --> 0:02:05.780 that 15 year old kid wouldn't have believed you and 0:02:05.780 --> 0:02:09.820 probably wouldn't have cared because I was so broken up 0:02:09.820 --> 0:02:12.980 over the loss of my dad and the guilt that 0:02:12.980 --> 0:02:15.260 I carried onto that beach that day that I had 0:02:15.260 --> 0:02:18.980 not successfully been able to save him. And there was 0:02:18.980 --> 0:02:22.340 a lot of wreckage in the wake of those years. Rob. Um, 0:02:22.460 --> 0:02:25.340 you know, I couch surfed, uh, slept in my car, 0:02:26.100 --> 0:02:29.540 bounced around somehow, by the grace of God, did not 0:02:29.540 --> 0:02:32.820 end up in some kind of an institution. Uh, other 0:02:32.820 --> 0:02:35.420 than the Canadian Armed Forces. That was the institution I 0:02:35.419 --> 0:02:38.419 ended up in, and that probably saved me and taught 0:02:38.419 --> 0:02:41.899 me discipline. And fast forward to today. Uh, and all 0:02:41.900 --> 0:02:45.780 those war wounds and scars, um, have given me a 0:02:45.780 --> 0:02:51.100 tremendous energy to go after men and, um, to really 0:02:51.100 --> 0:02:55.460 dig deep with them, not take a passive victim mindset 0:02:55.460 --> 0:02:59.880 set answer as a brush off. And my wife would say, 0:02:59.880 --> 0:03:02.560 Jonathan is like a hot knife through butter when it 0:03:02.560 --> 0:03:05.200 comes to broken men. And I know it's because the 0:03:05.200 --> 0:03:08.480 Holy Spirit and just the fact that I love these guys, 0:03:08.480 --> 0:03:10.080 and I can see them for what they are. 0:03:11.160 --> 0:03:14.080 What does success look like, Jonathan, for dads that are 0:03:14.080 --> 0:03:17.040 listening today, that they want to be successful. But it's 0:03:17.040 --> 0:03:19.639 more than that. They really want to be a faithful father. 0:03:20.040 --> 0:03:22.240 Mhm. Well first of all your story is not done 0:03:22.240 --> 0:03:24.639 if you're still breathing. And for some guys they might 0:03:24.639 --> 0:03:26.640 be questioning whether they even want to do that. I 0:03:26.639 --> 0:03:29.200 can remember a period of my life where I was 0:03:29.200 --> 0:03:31.799 so low that the pain was so deep. I thought 0:03:31.800 --> 0:03:33.799 the only way to stop the pain was to end 0:03:33.840 --> 0:03:36.480 my life. And so for the guys listening, if you're 0:03:36.480 --> 0:03:38.560 out there and you're really struggling with, I don't know 0:03:38.560 --> 0:03:39.840 how to do this. I don't know how to be 0:03:39.840 --> 0:03:41.160 a dad. I don't even know how to get the 0:03:41.160 --> 0:03:44.080 energy to want to live my life or go to work. 0:03:44.360 --> 0:03:46.880 You can do it, but you can't do it alone. 0:03:47.160 --> 0:03:50.560 That's the hard rub here, guys. Um, we are wired 0:03:50.560 --> 0:03:53.880 to want to withdraw and, uh, and try and do 0:03:53.880 --> 0:03:57.630 it on our own. 84% of men rob out there 0:03:57.670 --> 0:03:59.710 would say they don't have one guy to talk to. 0:03:59.950 --> 0:04:03.070 Did you know that stat? No. That is disturbing. Yeah. Um, 0:04:03.350 --> 0:04:07.310 and so you're not alone. But you need to reach out. 0:04:07.310 --> 0:04:09.470 You need to try and find guys. And for the 0:04:09.470 --> 0:04:13.270 guys that have an element of their footing. And maybe 0:04:13.270 --> 0:04:15.430 you've grown up in the church, or maybe you have 0:04:15.510 --> 0:04:17.789 a good group. I would encourage you to look for 0:04:17.790 --> 0:04:20.510 these guys. They're not hard to spot. And don't take 0:04:20.510 --> 0:04:24.430 the first 12 no's, uh, as a brush off. Lean 0:04:24.430 --> 0:04:28.110 in on them. They want to be pursued. They're just broken. 0:04:28.830 --> 0:04:30.870 Well, we're going to continue to unpack this. There's a 0:04:30.870 --> 0:04:34.750 lot to talk about today. What is that faithful father 0:04:34.750 --> 0:04:37.630 role look like? What if you're carrying shame and regret? 0:04:37.630 --> 0:04:39.430 Where do you go from here? What if you feel 0:04:39.430 --> 0:04:42.789 like you've missed your chance? And then let's press into 0:04:43.190 --> 0:04:46.230 the stewardship aspect of it. What does it look like 0:04:46.430 --> 0:04:51.870 to really, uh, articulate and model biblical financial stewardship? And 0:04:51.870 --> 0:04:55.420 that certainly includes financial stewardship. But it goes beyond that 0:04:55.460 --> 0:04:59.339 into how we model values and priorities and trust in God. 0:04:59.380 --> 0:05:02.500 We're talking with Jonathan Lewis today. He's the president of 0:05:02.540 --> 0:05:05.580 Eastport Financial Group, but he's also the founder of fathers 0:05:05.580 --> 0:05:07.900 for fathers. If you want to learn more, just head 0:05:07.900 --> 0:05:14.900 to their website. Fathers. forefathers.org. Again, fathers for fathers. We'll 0:05:14.900 --> 0:05:17.900 be back much more right around the corner as we 0:05:18.020 --> 0:05:21.419 think about Fathers Day coming up on Sunday. We'll be 0:05:21.420 --> 0:05:33.300 right back. So glad to have you with us today 0:05:33.300 --> 0:05:36.419 on Faith and Finance live. I'm Rob West with me today. 0:05:36.420 --> 0:05:40.260 My friend Jonathan Lewis. He's the founder of fathers for fathers, 0:05:40.300 --> 0:05:45.060 a faith based organization that restores hope, healing and purpose 0:05:45.100 --> 0:05:49.820 in the lives of men, especially fathers. And Jonathan, with 0:05:49.860 --> 0:05:53.890 Father's Day right around the corner. Obviously, this is something 0:05:53.930 --> 0:05:55.890 on the minds and the hearts of a lot of 0:05:55.890 --> 0:05:58.610 our listeners. And you mentioned something before the break. You 0:05:58.610 --> 0:06:03.089 said many men carry silent shame or regret as it 0:06:03.130 --> 0:06:06.290 relates to their role as fathers. How do you encourage 0:06:06.290 --> 0:06:08.610 dads who feel like they've failed, or maybe they've missed 0:06:08.610 --> 0:06:09.370 their chance? 0:06:10.050 --> 0:06:13.169 Um, well, the funny thing is, is, um, I always 0:06:13.170 --> 0:06:17.690 remind them that their story is not over. Um, you know, 0:06:17.730 --> 0:06:21.169 in our immersive study, we're working on, um, especially for 0:06:21.170 --> 0:06:25.570 our American audience, uh, football is is always a good analogy. 0:06:25.570 --> 0:06:27.850 And we basically say to guys, hey, the day you 0:06:27.890 --> 0:06:30.770 were born, you were born onto a football field and 0:06:30.770 --> 0:06:33.130 you can't get off the field, you can't leave the game. 0:06:33.170 --> 0:06:35.890 You got to play. And the question is, is which 0:06:35.890 --> 0:06:38.729 team are you going to play for? And the terrible 0:06:38.730 --> 0:06:41.650 rub is you're born playing for the other team, the 0:06:41.650 --> 0:06:44.969 wrong team. Let's call it the red and black team. Um, 0:06:44.970 --> 0:06:47.570 but there's this invitation to come over and play for 0:06:47.570 --> 0:06:52.080 the winning team. And I think often guys suffer from 0:06:52.080 --> 0:06:54.600 passivity and victimhood, and we just get caught in our 0:06:54.600 --> 0:06:57.680 own internal dialogue where we beat ourselves down and we 0:06:57.680 --> 0:07:01.000 start rehearsing our failures. And it's it's amazing how we 0:07:01.000 --> 0:07:04.400 can spend all our time in our own depreciation room, 0:07:04.680 --> 0:07:09.400 literally beating ourselves up, instead of actually recognizing a lot 0:07:09.400 --> 0:07:12.160 of God given strengths that God's given us. And so 0:07:12.160 --> 0:07:15.120 it's never too late to peel off the jersey and say, 0:07:15.120 --> 0:07:17.960 I want to play for the other team. It does 0:07:17.960 --> 0:07:23.840 require contrition, Rob. It requires, uh, acknowledging that you've made 0:07:23.840 --> 0:07:28.240 some mistakes and it requires a substitute. Someone has to 0:07:28.400 --> 0:07:30.880 be willing to put on that jersey for you. And thankfully, 0:07:30.880 --> 0:07:34.080 Jesus Christ already said I already did that. You just 0:07:34.080 --> 0:07:37.680 got to accept the offer. And so the challenge is, uh, 0:07:37.680 --> 0:07:40.440 to get in the game and get in the game, uh, 0:07:40.440 --> 0:07:41.920 on the right side of the field. 0:07:42.280 --> 0:07:46.600 And often that involves starting small, taking that next step. 0:07:46.640 --> 0:07:50.630 You talk about restoring purpose and responsibility. What's a small 0:07:50.630 --> 0:07:53.710 step a father can take today? Who's hearing you talk 0:07:53.710 --> 0:07:56.790 and saying, I want that to live more intentionally? 0:07:56.830 --> 0:07:58.510 All right, well, I'm going to pick on, uh, on 0:07:58.550 --> 0:08:01.310 the guys that fit my profile. So I'm. I'm a 0:08:01.310 --> 0:08:06.230 divorced dad. In the US alone, there's 24 million men 0:08:06.270 --> 0:08:09.110 who are not in their kids lives. So, uh, and 0:08:09.110 --> 0:08:13.710 it is painful. Um, I've talked to thousands of men 0:08:13.750 --> 0:08:16.030 who are not actively engaged in their kids lives. And 0:08:16.030 --> 0:08:18.510 you know what the common theme is, Rob? They want 0:08:18.550 --> 0:08:18.990 to be. 0:08:19.190 --> 0:08:19.470 Yeah. 0:08:19.510 --> 0:08:22.430 They don't want to be an absent dad. Um, and 0:08:22.430 --> 0:08:25.750 they will start telling you all the reasons why they 0:08:25.750 --> 0:08:28.830 can't be there or they've messed up, or there's just 0:08:28.830 --> 0:08:32.630 no way. Uh, and what I can say emphatically. And 0:08:32.630 --> 0:08:37.230 I have faced this. God will honor you when you 0:08:37.230 --> 0:08:40.710 honor him. And the apostle Paul wrote a letter to Timothy. 0:08:40.710 --> 0:08:42.870 He said, you're less than a believer who doesn't provide 0:08:42.870 --> 0:08:46.770 for your own family. So, for example, uh, there's some hard, 0:08:46.809 --> 0:08:49.370 hard truths here. If you're a dad who's not in 0:08:49.370 --> 0:08:52.570 your kids lives, but you also haven't been supporting their 0:08:52.570 --> 0:08:57.370 mom start. Yeah, right. Own it. Um, if you are 0:08:57.370 --> 0:09:00.810 a man who, um, has battled with some sin in 0:09:00.809 --> 0:09:03.570 your life and you've kept it secret, don't do it anymore. 0:09:03.809 --> 0:09:06.689 Find a guy who's a mentor who who loves you, 0:09:06.850 --> 0:09:09.690 and get clear and confess that sin to him. Um. 0:09:09.890 --> 0:09:12.490 It's hard. It's hard because here's the problem. And this 0:09:12.490 --> 0:09:14.010 is why you don't want to do it. Because then 0:09:14.010 --> 0:09:15.970 you have to do something after that. And it's called 0:09:15.970 --> 0:09:20.089 be accountable and change. So you have to want to 0:09:20.290 --> 0:09:22.450 get in the fight, get in the game. But we 0:09:22.450 --> 0:09:26.010 can't keep going like this. Um, you know, if you 0:09:26.010 --> 0:09:28.449 look at the downstream of all the issues that are 0:09:28.450 --> 0:09:31.010 going on in our society, you could pretty much trace 0:09:31.010 --> 0:09:34.170 them all back to the pandemic. And I call it 0:09:34.170 --> 0:09:39.570 a pandemic of fatherlessness. And so, guys, my plea this 0:09:39.570 --> 0:09:42.530 whole ministry is about encouraging you, not beating you up, 0:09:42.530 --> 0:09:44.640 but encouraging you to get the gloves on and get 0:09:44.640 --> 0:09:48.080 in the game. And if you're out, get back in. Right. 0:09:48.120 --> 0:09:50.640 Brush yourself off. My dad, when I was growing up, 0:09:50.640 --> 0:09:52.640 he used to say, you're fine, rub some dirt in it. 0:09:53.080 --> 0:09:55.040 Which we all know is a way to stop the bleeding. 0:09:55.320 --> 0:09:57.200 There's a there's a bit of truth there. You're fine. 0:09:57.200 --> 0:09:59.680 Rub some dirt in it. But get yourself around guys 0:09:59.679 --> 0:10:02.200 that are spiritually mature and they'll encourage you. But you've 0:10:02.200 --> 0:10:03.719 got to be willing to be accountable. 0:10:03.760 --> 0:10:07.120 Yeah. Boy, that's so good. Uh, let's combine this with 0:10:07.120 --> 0:10:09.679 your day job. I mentioned at the outset of the 0:10:09.679 --> 0:10:13.720 program that you are the president of Eastport Financial Group. 0:10:13.720 --> 0:10:17.400 So you counsel families entrusted with much to hold it 0:10:17.400 --> 0:10:19.760 loosely and to see that as a part of their 0:10:19.760 --> 0:10:22.559 role as a steward of God's resources, to give it generously, 0:10:22.559 --> 0:10:27.120 to invest it strategically. Combine that with this role of 0:10:27.160 --> 0:10:30.280 being intentional as a dad, what does that look like 0:10:30.480 --> 0:10:34.160 to really model financial stewardship in your legacy? 0:10:34.200 --> 0:10:37.520 Yeah, I mean, to me, stewardship is, uh, all one 0:10:37.520 --> 0:10:40.640 and the same. So whether you're being generous with money 0:10:40.840 --> 0:10:44.150 and not generous with love or generous with your spirit, 0:10:44.150 --> 0:10:47.990 generous with your time, then you're missing the point. And so, uh, 0:10:48.190 --> 0:10:51.429 you know, people always hear me talk about Ephesians 526. Uh, 0:10:51.429 --> 0:10:55.270 Paul's imploring, uh, men and women to be mutually submitted 0:10:55.270 --> 0:10:58.990 to each other. Um, you know, he says to the men, 0:10:59.030 --> 0:11:01.790 love your wives as Christ loved the church, being prepared 0:11:01.790 --> 0:11:04.470 to present her on the day of judgment. And guys 0:11:04.470 --> 0:11:06.430 will always say, oh, yeah, well, no, I love my wife. 0:11:06.429 --> 0:11:08.790 And if there was a proverbial bullet, I would take 0:11:08.790 --> 0:11:10.270 it for her. It's like, no, that's not what he's 0:11:10.270 --> 0:11:13.350 talking about. Though. Jesus died for the church. He wants 0:11:13.350 --> 0:11:15.750 you to die to your flesh. So if you really 0:11:15.750 --> 0:11:17.470 want to be a man of God who's going to 0:11:17.470 --> 0:11:19.830 steward everything he's entrusted you with, well, it starts with 0:11:19.830 --> 0:11:23.829 your wife first, right? Or the mother of your children. 0:11:23.830 --> 0:11:25.829 But one way or the other, you gotta you gotta 0:11:25.870 --> 0:11:28.510 steward that. And the way you steward it is dying 0:11:28.510 --> 0:11:29.990 to your flesh. I talked to a bunch of guys 0:11:29.990 --> 0:11:32.510 in a men's retreat last weekend about the appreciation room 0:11:32.510 --> 0:11:35.470 and the depreciation room of our wives. Board up the 0:11:35.470 --> 0:11:37.990 depreciation room, write the list down, light it on fire. 0:11:37.990 --> 0:11:40.980 And you should only be spending time in the appreciation 0:11:40.980 --> 0:11:44.059 room for that woman. And then from there, the stewardship 0:11:44.059 --> 0:11:47.699 trickles down. Um, you know, make sure you're managing your 0:11:47.700 --> 0:11:50.060 finances well for your family. Make sure you're living up 0:11:50.059 --> 0:11:54.140 to the expectations. Um, go to work. Right. Paul said 0:11:54.140 --> 0:11:55.420 work is good. I hate to say it, but the 0:11:55.420 --> 0:11:56.980 apostle Paul said, if you don't work, you don't eat. 0:11:57.020 --> 0:12:00.260 I actually agree with that. Like so. It's about stepping 0:12:00.260 --> 0:12:03.380 up and stewarding everything God has entrusted us with. 0:12:03.700 --> 0:12:06.620 Mm. That's so good. Um. I'd love for you. We're 0:12:06.620 --> 0:12:08.500 about out of time here today, but I'd love for 0:12:08.500 --> 0:12:11.420 you to pray for the dads that are listening right now. Uh, 0:12:11.420 --> 0:12:14.620 on the radio. Some of them discouraged. Uh, some feel 0:12:14.620 --> 0:12:17.820 like they have failed. Uh, others feel like they're getting 0:12:17.820 --> 0:12:20.700 it done. But there's more. And I'd love for you 0:12:20.740 --> 0:12:23.580 just to pray a blessing over them as we prepare 0:12:23.580 --> 0:12:25.140 for Father's Day this weekend. 0:12:25.179 --> 0:12:30.339 Thanks, man. Heavenly father, um, there's always some guy out 0:12:30.340 --> 0:12:32.699 there that this is meant for. He probably doesn't. Maybe 0:12:32.700 --> 0:12:34.580 he doesn't listen to this channel and he's just tuned 0:12:34.580 --> 0:12:38.220 into it or whatever. And here he finds himself with 0:12:38.220 --> 0:12:42.770 some crazy guy from northeastern Canada praying for him right now. 0:12:42.770 --> 0:12:45.090 And Lord, I just pray that your Holy Spirit through 0:12:45.130 --> 0:12:48.250 me would touch his heart. I pray that you would 0:12:48.250 --> 0:12:52.130 challenge him in, uh, what you, uh, would like to 0:12:52.130 --> 0:12:54.250 see him do, how he would step up. Only he 0:12:54.250 --> 0:12:56.250 knows that right now. Lord, whether it's in the area 0:12:56.250 --> 0:12:59.809 of fatherhood or his finances or. I don't know, Lord, 0:12:59.809 --> 0:13:03.570 he could be, um, having wandering eyes. And you're convicting 0:13:03.570 --> 0:13:05.929 him right now. I pray that that he would really 0:13:05.929 --> 0:13:08.010 cry out to you. And I know you'll meet him. 0:13:08.010 --> 0:13:10.730 You say that I pray Romans eight over the men 0:13:10.730 --> 0:13:13.290 listening to this, uh, the very end of that chapter, 0:13:13.290 --> 0:13:15.689 Paul says, what can separate us from you, Lord? And 0:13:15.690 --> 0:13:18.290 he goes on to say, nothing. Nothing can separate us. 0:13:18.290 --> 0:13:20.929 And so, Lord, draw these men in. Let them know 0:13:20.929 --> 0:13:25.890 that even their sin does not separate them from your love. Uh, 0:13:25.890 --> 0:13:28.370 and I pray that they would just bring that in, uh, 0:13:28.370 --> 0:13:31.449 and they would recognize that Jesus Christ was sent by 0:13:31.450 --> 0:13:34.730 you on the greatest rescue mission of all time. And 0:13:34.730 --> 0:13:38.430 what's scandalous, Lord, is you would have sent Jesus if 0:13:38.429 --> 0:13:42.910 it was just one guy. Well, that's scandalous grace, Lord. 0:13:42.910 --> 0:13:44.870 And I thank you that you sent him for all 0:13:44.870 --> 0:13:46.429 of us. Amen. 0:13:46.470 --> 0:13:50.470 Amen. Jonathan. Grateful for you. Happy Father's Day, my friend. 0:13:50.470 --> 0:13:51.030 Thank you. 0:13:51.550 --> 0:13:54.310 That's Jonathan Lewis. He's with fathers for fathers. If you 0:13:54.309 --> 0:13:58.510 want to learn more, head to their website. Fathers for fathers.org. Again, 0:13:58.510 --> 0:14:03.350 that's fathers for fathers. A lot of resources there that 0:14:03.350 --> 0:14:06.030 you can take advantage of. I hope you'll heed that 0:14:06.030 --> 0:14:09.510 counsel and be encouraged today as we prepare for Father's Day. 0:14:09.510 --> 0:14:11.550 Just a couple of days down the road. A quick 0:14:11.550 --> 0:14:16.349 break and back with your questions after this. 800 525 7000. 0:14:16.390 --> 0:14:21.070 That's 800 525 7000. I'm Rob West and this is 0:14:21.070 --> 0:14:23.510 Faith in finance live. We'll be right back. 0:14:30.550 --> 0:14:33.910 The opinions offered during this program represent the personal or 0:14:33.910 --> 0:14:38.820 professional opinions of the participants are given for informational purposes only. 0:14:39.060 --> 0:14:42.660 Any information provided is not intended to replace advice from 0:14:42.660 --> 0:14:47.380 a financial, medical, legal or other professional who understands your 0:14:47.380 --> 0:14:48.820 specific situation. 0:14:56.620 --> 0:14:59.260 Great to have you with us today on Faith in finance. Live. 0:14:59.260 --> 0:15:01.860 I'm Rob West. We're so glad you're along with us today. 0:15:01.860 --> 0:15:05.380 Looking forward to taking your calls and questions today. The 0:15:05.380 --> 0:15:10.260 number 800 525 7000. We've got lines open today. That's 0:15:10.260 --> 0:15:14.500 800 525 7000. We'd love to tackle whatever is on 0:15:14.500 --> 0:15:17.420 your mind going on in your financial life today. We'll 0:15:17.420 --> 0:15:19.780 also a little later in the broadcast in our final 0:15:19.780 --> 0:15:23.260 segment will be taking your, um, well, not only your 0:15:23.260 --> 0:15:26.220 phone calls, but Jerry Boyer will call in to us. 0:15:26.420 --> 0:15:28.780 Jerry joins us each Friday in the final segment with 0:15:28.780 --> 0:15:31.980 his update on the markets, and certainly a lot going 0:15:31.980 --> 0:15:36.250 on in the markets in the wake of the Israeli 0:15:36.450 --> 0:15:41.770 Iranian conflict. As a result of that market selling off today, 0:15:41.770 --> 0:15:46.170 the Dow Jones closing down nearly 800 points, the Nasdaq 0:15:46.170 --> 0:15:50.090 off 250 points, about between 1 and 2% across all 0:15:50.130 --> 0:15:53.690 of the major indexes. So not a whole lot. But 0:15:54.170 --> 0:15:58.370 as the attacks escalate there between Israel and Iran will 0:15:58.370 --> 0:16:00.530 certainly be keeping a close eye on the markets. And 0:16:00.530 --> 0:16:03.450 Jerry will weigh in on all of that straight ahead 0:16:03.850 --> 0:16:06.170 before we head to the phones today. We're always interested 0:16:06.170 --> 0:16:09.490 in what's happening in the news. And as you might expect, 0:16:09.490 --> 0:16:13.490 that's the headline in the news related to the sell 0:16:13.530 --> 0:16:17.090 off there. We did see a spike in oil prices, 0:16:17.090 --> 0:16:21.930 about 7% as a result of of what's happening. Largely 0:16:21.930 --> 0:16:26.290 the oil fields in Iran have been spared. They have 0:16:26.290 --> 0:16:28.890 not been going after those. Obviously, if they did, that 0:16:28.890 --> 0:16:32.400 could cause further increases. But we'll certainly keep an eye 0:16:32.400 --> 0:16:34.600 on all of that. All right, let's head to the phones. 0:16:34.600 --> 0:16:36.920 We do have calls coming in, but we've got some 0:16:36.920 --> 0:16:38.720 lines open so you can call right now with your 0:16:38.720 --> 0:16:44.720 questions 800 525 7000. We're going to begin in Chicago today. Hi, Bernie. 0:16:44.760 --> 0:16:45.360 Go ahead. 0:16:46.000 --> 0:16:50.200 Oh hey lovely a lovely show. Um, yeah. My question 0:16:50.200 --> 0:16:52.440 is I have a two flat apartment building I'm going 0:16:52.440 --> 0:16:55.640 to sell for 650. I have one that I'm interested 0:16:55.640 --> 0:16:59.520 in buying for 640, but I'm wondering what else would 0:16:59.520 --> 0:17:04.240 I have to pay other than the purchase price? Like 0:17:04.480 --> 0:17:07.320 to buy and sell at the same time? What am 0:17:07.320 --> 0:17:09.880 I looking at as far as like, taxes or anything? 0:17:10.960 --> 0:17:14.520 Sure. Uh, are you doing a 1031 exchange on this, Bernie, 0:17:14.520 --> 0:17:17.720 were you push any capital gains forward to the second property? 0:17:20.000 --> 0:17:24.000 Uh, I didn't know about that. Yeah, I didn't even see. 0:17:25.119 --> 0:17:28.280 Yeah, that's probably something to think about, because when you 0:17:28.280 --> 0:17:31.750 sell a property, if it's Appreciated. And this is not 0:17:31.750 --> 0:17:35.750 your primary residence. This is an investment property. You have 0:17:35.750 --> 0:17:38.790 the ability to push that forward through what's called a 0:17:38.790 --> 0:17:43.870 1031 exchange. You'd need to meet the IRS rules and deadlines. 0:17:43.910 --> 0:17:46.070 You have to identify it in a certain period of time, 0:17:46.070 --> 0:17:48.270 and then you have to close on it within 180 0:17:48.270 --> 0:17:51.149 days of the sale of the other property. But if 0:17:51.150 --> 0:17:54.230 it's a similar type of property, you would essentially be 0:17:54.230 --> 0:17:57.830 able to take any capital gains that you owe where 0:17:57.830 --> 0:18:00.670 you've had an increase in the first property, which would 0:18:00.670 --> 0:18:03.190 normally be subject to capital gains, because it's not your 0:18:03.190 --> 0:18:06.910 primary residence, and you can essentially roll that over into 0:18:06.910 --> 0:18:09.310 the next property, you will have to pay it at 0:18:09.310 --> 0:18:11.550 some point. But the nice thing is it gives you 0:18:11.550 --> 0:18:14.869 more of your capital to move into that next property, 0:18:14.869 --> 0:18:18.150 because it's a similar type of property. So that would 0:18:18.150 --> 0:18:21.630 be something to look into. On the selling side. I mean, 0:18:21.630 --> 0:18:25.350 you'd have the, uh, the real estate fees and the commissions, 0:18:25.350 --> 0:18:29.100 usually 5 to 6%, uh, closing costs. You're going to 0:18:29.100 --> 0:18:34.420 have escrow fees, transfer taxes, recording fees, any mortgage payoff fees, 0:18:34.420 --> 0:18:37.340 although those aren't very common. And then when you're buying, 0:18:37.540 --> 0:18:40.739 you've got any loan origination, usually 1 to 2% of 0:18:40.740 --> 0:18:44.780 the new loan amount. Appraisals and inspections. Title insurance and 0:18:44.780 --> 0:18:49.459 legal fees. Any environmental or zoning reviews which are sometimes 0:18:49.460 --> 0:18:53.379 required for older buildings and then escrow reserves. So those 0:18:53.380 --> 0:18:57.140 would be, you know, the general kind of list on 0:18:57.140 --> 0:18:59.980 the selling and the purchase side. I think the key 0:18:59.980 --> 0:19:02.460 for you is to, you know, perhaps look into that 0:19:02.460 --> 0:19:05.820 1031 so you could get more of your capital rolled 0:19:05.820 --> 0:19:08.500 into that next property without having to pay any taxes. 0:19:09.940 --> 0:19:12.540 Oh, I see. Because the property was left to my 0:19:12.540 --> 0:19:15.860 brother and myself from my mom, and there's no mortgage 0:19:15.859 --> 0:19:16.980 on it. Um. 0:19:17.300 --> 0:19:20.860 Got it. Okay. Yeah. So there's probably not any capital 0:19:20.859 --> 0:19:23.580 gains there to speak of then, because, uh, did she 0:19:23.580 --> 0:19:24.859 pass away recently? 0:19:26.340 --> 0:19:28.080 Uh, it's been 15 years now. 0:19:28.440 --> 0:19:31.359 Okay, so you've held it since she passed? 0:19:32.320 --> 0:19:34.560 Yeah, we've been living there, my brother and I. We 0:19:34.560 --> 0:19:36.520 lived there our whole life, and we just, you know, 0:19:36.560 --> 0:19:39.680 stayed in the property. He lives upstairs, I live downstairs. 0:19:39.920 --> 0:19:44.000 Ah, okay. Yeah. So this is your primary residence, and then, uh, 0:19:44.000 --> 0:19:46.720 so on the sale, you would your CPA, you should 0:19:46.720 --> 0:19:50.920 be able to take each on your own portion. Uh, 0:19:50.920 --> 0:19:55.280 you know, the equivalent of of your own, uh, exclusion there. 0:19:55.280 --> 0:19:58.000 Because when you sell your, your primary residence, as long 0:19:58.000 --> 0:20:00.280 as you've lived there, two out of the last five years, 0:20:00.520 --> 0:20:03.840 you'd have between 250 and 500,000, depending on whether you 0:20:03.840 --> 0:20:07.840 file single or married filing jointly of gain that you 0:20:07.840 --> 0:20:12.040 could exclude from any capital gains taxes. Um, and so 0:20:12.040 --> 0:20:14.320 it could be that you don't have any capital gains. 0:20:14.320 --> 0:20:17.480 And therefore the 1031 is is unnecessary. 0:20:19.040 --> 0:20:21.600 Okay. And it says usually one and 2% is what 0:20:21.600 --> 0:20:24.200 the real estate takes for selling and buying. 0:20:24.760 --> 0:20:25.870 Is that usually. 0:20:25.869 --> 0:20:30.790 No, usually 5 to 6%. Um, for the real estate commissions. 0:20:30.790 --> 0:20:34.230 And the question would just be whether, you know, you pay, uh, 0:20:34.230 --> 0:20:37.870 all of it, uh, as the seller or whether the 0:20:37.869 --> 0:20:41.310 buyer's agent pays a portion of it. Uh, but usually 0:20:41.310 --> 0:20:44.750 that all in fee is 5 to 6%, um, you know, 0:20:44.790 --> 0:20:47.870 for the sale. And then when you're buying, uh, if 0:20:47.869 --> 0:20:49.990 you're not using a mortgage, then you wouldn't have that, 0:20:49.990 --> 0:20:53.270 but you'd have, uh, you know, the appraisal and inspection, 0:20:53.270 --> 0:20:57.350 the title insurance and and legal and then any escrow reserves. 0:20:59.190 --> 0:21:02.190 Oh I see. And then is that closing costs? Is 0:21:02.190 --> 0:21:03.470 that is that what that would be? 0:21:04.470 --> 0:21:07.430 Yes, sir. Uh, yeah. So if you don't, uh, those 0:21:07.430 --> 0:21:09.149 would all be a part of the closing costs. The 0:21:09.150 --> 0:21:11.470 only additional thing you would have is if you didn't 0:21:11.470 --> 0:21:14.270 have enough equity to roll in to your next purchase, 0:21:14.270 --> 0:21:15.910 and you had to take out a mortgage, then you'd 0:21:15.950 --> 0:21:19.709 have the the loan origination fee. But that's generally, you know, 0:21:19.790 --> 0:21:23.389 the list of, uh, of expenses that are related to 0:21:23.780 --> 0:21:26.899 closing costs. So hopefully that helps. All the best to 0:21:26.900 --> 0:21:30.380 you in this, this sale and eventual purchase of your 0:21:30.380 --> 0:21:32.899 next property. We appreciate your call today and thanks for 0:21:32.900 --> 0:21:35.820 your kind remarks about the program. Call anytime. We're going 0:21:35.859 --> 0:21:38.220 to take a quick break when we come back alleys 0:21:38.220 --> 0:21:40.740 in Mississippi. We do have lines open though. If you 0:21:40.740 --> 0:21:43.020 have a question, go ahead and call right now. Anything 0:21:43.060 --> 0:21:49.139 financial 800 525 7000. This is faith in finance. Live. 0:21:49.140 --> 0:22:01.260 We'll be right back. Great to have you with us 0:22:01.260 --> 0:22:04.220 today on Faith and finance live. I'm Rob West taking 0:22:04.220 --> 0:22:06.740 your calls and questions today. If you have a question, 0:22:06.740 --> 0:22:09.500 something going on in your financial life, go right now 0:22:09.500 --> 0:22:16.220 800 525 7000. That's the number to call 800 525 7000. 0:22:16.220 --> 0:22:18.580 Let's head to Mississippi. Hi, Ali. Go ahead. 0:22:19.900 --> 0:22:26.130 Hi. Thank you for taking my call. Sure I am. Um, well, 0:22:26.130 --> 0:22:28.530 I was a teacher, and so I just felt like 0:22:28.530 --> 0:22:32.290 the Lord was leading me to, um. Stop. And so 0:22:32.330 --> 0:22:36.490 I have some money in the, like, in the retirement fund, 0:22:37.050 --> 0:22:40.050 but I was really. And he's leading me to go 0:22:40.050 --> 0:22:43.970 to seminary. So I was, um, really praying about this 0:22:43.970 --> 0:22:46.570 and really struggling about what to do. Should I just 0:22:47.210 --> 0:22:49.570 leave the money in there, or should I take it 0:22:49.570 --> 0:22:51.889 out and just pay off my debt like there's I 0:22:51.890 --> 0:22:55.170 only have like 35,000 in there because I took some 0:22:55.210 --> 0:22:58.410 out to help my mom to take care of my mom, 0:22:58.410 --> 0:23:01.129 and she's passed away now. So I have 35 left 0:23:01.130 --> 0:23:04.850 in there and my debt is about 20,000. So I 0:23:04.850 --> 0:23:07.290 was just wondering, um, should I just leave it in 0:23:07.290 --> 0:23:08.770 there or take it out and pay off the debt 0:23:08.810 --> 0:23:10.250 and for school? 0:23:10.650 --> 0:23:13.409 Yeah. So a couple of questions. Um, what type of 0:23:13.410 --> 0:23:14.290 debt do you have? 0:23:15.810 --> 0:23:19.570 Um, my car. I have car and then some credit 0:23:19.570 --> 0:23:23.359 cards because I did a lot of my medical stuff 0:23:23.400 --> 0:23:24.639 onto my credit cards. 0:23:25.040 --> 0:23:27.720 Got it. What are the ballots? What? Do you own 0:23:27.760 --> 0:23:29.960 the car. And then what's the total on the credit cards? 0:23:31.280 --> 0:23:34.040 Um, the credit cards right now are about 11,000. And 0:23:34.040 --> 0:23:36.680 then my car. I've almost paid it off. It's like 0:23:36.680 --> 0:23:40.640 5000 left. For about four. 4200 left. 0:23:41.280 --> 0:23:44.040 Okay. About 4000 on the car. All right. And you 0:23:44.040 --> 0:23:47.119 said you have about 35,000 in a retirement. Do you 0:23:47.119 --> 0:23:48.600 have any liquid savings? 0:23:50.160 --> 0:23:51.640 I do not. I do not. 0:23:51.680 --> 0:23:54.480 Okay. All right. And what is going to be your 0:23:54.520 --> 0:23:56.320 source of income in retirement? 0:23:57.400 --> 0:24:00.760 Um, well, I'm going to have to find a new job. Um, 0:24:00.760 --> 0:24:05.080 so I haven't really, uh, found a job yet, so, um, 0:24:05.119 --> 0:24:07.840 that's my next thing that I need to. That I'm 0:24:07.840 --> 0:24:08.480 going to do. 0:24:09.200 --> 0:24:12.200 Okay. Very good. And what did you say about seminary? 0:24:12.200 --> 0:24:13.280 What were you thinking there? 0:24:14.640 --> 0:24:17.080 Um, the counseling program. 0:24:17.600 --> 0:24:20.540 Okay. All right. And what would the cost be on that? 0:24:21.700 --> 0:24:24.860 Um, it's going to be about 20,000 because I got 0:24:24.859 --> 0:24:26.860 some scholarships. Yeah. 0:24:27.140 --> 0:24:28.780 Okay. And how would you pay for that? 0:24:30.420 --> 0:24:33.740 Um, I got scholarships and then, um, just the. They 0:24:33.740 --> 0:24:35.100 put you on a payment plan. 0:24:35.619 --> 0:24:38.860 Okay. Yeah. Well, certainly I love the idea of going 0:24:38.859 --> 0:24:42.060 to seminary. I think I would probably and certainly this 0:24:42.060 --> 0:24:44.660 is between you and the Lord. So ultimately, you need 0:24:44.660 --> 0:24:49.500 to make this call. I would be just careful about getting, 0:24:49.540 --> 0:24:52.899 you know, moving too quickly without putting a more solid 0:24:52.900 --> 0:24:57.220 financial foundation under you. I would be hesitant, you know, 0:24:57.260 --> 0:25:00.580 for you to go into seminary. Just kind of what 0:25:00.580 --> 0:25:04.500 I'm based on what I'm hearing about your financial situation 0:25:04.500 --> 0:25:07.100 at this point. Uh, because, you know, right now we 0:25:07.100 --> 0:25:09.220 need to get out from under that credit card debt, 0:25:09.220 --> 0:25:11.860 but you're about to be in a position where you 0:25:11.859 --> 0:25:14.540 don't have any income. Now, obviously, you can go look 0:25:14.540 --> 0:25:17.129 for another job, and that's great. And I'm delighted to 0:25:17.130 --> 0:25:20.290 hear that. That's what you're thinking. That would be obviously 0:25:20.290 --> 0:25:22.850 a lot on top of seminary, the fact that you 0:25:22.850 --> 0:25:25.530 have no savings in the 11,000, in credit card debt 0:25:25.530 --> 0:25:28.729 with only 35,000 in retirement, and that's going to be 0:25:28.730 --> 0:25:31.450 costly money. So you're not going to have the 10% 0:25:31.450 --> 0:25:35.250 penalty to pull any portion of that 35,000 out. But 0:25:35.250 --> 0:25:37.409 it is all going to be taxable to you. So, 0:25:37.570 --> 0:25:42.170 you know, say you're in the 22% bracket, uh, you know, 0:25:42.210 --> 0:25:46.530 that 35,000, you're going to have $7,700 of that if 0:25:46.530 --> 0:25:48.650 you pull the whole thing out, you know, just in 0:25:48.650 --> 0:25:51.330 federal taxes that you would owe. So, uh, you know, 0:25:51.369 --> 0:25:54.730 I'd much rather you leave that there. You quickly try 0:25:54.770 --> 0:25:59.050 to find another job. Live modestly so we can focus 0:25:59.050 --> 0:26:03.169 on getting $1,000 in savings. And once you have 1000 0:26:03.170 --> 0:26:06.649 in savings, let's take every available dollar and go after 0:26:06.650 --> 0:26:08.609 those credit cards. In fact, I'd reach out to our 0:26:08.609 --> 0:26:12.730 friends at Christian Credit Counselors. Let's let them help you 0:26:12.770 --> 0:26:16.080 get those interest rates down. And now, you know, by 0:26:16.080 --> 0:26:19.639 you getting another job, living modestly, really just, you know, 0:26:19.680 --> 0:26:21.560 living on the bare minimum to the best that you 0:26:21.560 --> 0:26:24.520 can hopefully, you know, a year from now, maybe a 0:26:24.520 --> 0:26:26.399 couple of years from now, all of a sudden the 0:26:26.400 --> 0:26:29.720 credit card debt is gone. We get that emergency fund 0:26:29.720 --> 0:26:32.840 up to 3 to 6 months expenses. And now, you know, 0:26:32.880 --> 0:26:35.600 we're in a much different position. The only other thing 0:26:35.600 --> 0:26:39.720 that you know, just causes me some concern is just 0:26:39.720 --> 0:26:42.959 that there's not anything else to speak of there in 0:26:42.960 --> 0:26:44.640 the way of assets. And so if you do get 0:26:44.640 --> 0:26:46.919 to a point where you're unable to work, you know, 0:26:46.960 --> 0:26:49.400 we don't really have anything to fall back on. Now, 0:26:49.440 --> 0:26:53.240 at some point I'm assuming you'll have Social Security. Um, and, 0:26:53.280 --> 0:26:56.320 you know, you could live on that. Um, and so 0:26:56.320 --> 0:26:58.760 I certainly understand that, but I think at least at 0:26:58.760 --> 0:27:02.240 this point, I don't feel great about you adding another 0:27:02.240 --> 0:27:06.960 $20,000 in expenses, on top of the fact that the 0:27:06.960 --> 0:27:10.479 the job situation is questionable right now. We've got this, 0:27:10.520 --> 0:27:13.520 you know, pretty significant credit card debt, which is probably 0:27:13.670 --> 0:27:17.910 at 2,022% interest and then no savings to speak of 0:27:17.910 --> 0:27:19.990 without a whole lot in the way of retirement assets. 0:27:20.030 --> 0:27:22.750 So I think if it were me again, you need 0:27:22.750 --> 0:27:25.149 to pray through this and make this call. I'd say, 0:27:25.150 --> 0:27:27.350 all right, I'm going to wait probably a couple of 0:27:27.350 --> 0:27:30.590 years on even considering seminary. Let me get the credit 0:27:30.590 --> 0:27:33.150 cards into a credit counseling program, let me get that 0:27:33.190 --> 0:27:36.150 next job, and let me focus on trying to slowly 0:27:36.150 --> 0:27:38.350 build up that emergency fund while I'm paying off the 0:27:38.350 --> 0:27:41.790 credit cards. And then once all that's taken care of, 0:27:41.950 --> 0:27:43.990 now we're starting to look to what God has next 0:27:43.990 --> 0:27:45.590 for you. Does that make sense, though? 0:27:46.670 --> 0:27:49.030 It does. It does. Yes. Thank you so much. 0:27:49.190 --> 0:27:52.430 Yeah. You're welcome. Ali, listen, I'm excited about what God 0:27:52.430 --> 0:27:54.110 has for you in this next season. I think we 0:27:54.109 --> 0:27:57.070 just got to, you know, follow the steps and and 0:27:57.070 --> 0:28:00.909 just be really thoughtful and prayerful about considering kind of 0:28:00.950 --> 0:28:04.109 the timing of all of this as you're working hard 0:28:04.310 --> 0:28:07.030 to try to get a more solid financial foundation under you. 0:28:07.070 --> 0:28:09.790 God is your provider. I'm confident he will. But I 0:28:09.790 --> 0:28:13.100 think we need to use the finances as part of 0:28:13.660 --> 0:28:16.459 evidence of God's leading, and I don't think he would 0:28:16.460 --> 0:28:18.139 lead you to do anything that's going to require you 0:28:18.140 --> 0:28:21.060 to take on more debt. Um, you know, certainly not 0:28:21.100 --> 0:28:24.540 impoverish yourself, uh, as a result of it. So thanks 0:28:24.540 --> 0:28:26.740 for calling today. If we can assist you further, don't 0:28:26.740 --> 0:28:29.820 hesitate to reach out. Let's go to Illinois. Hi, Rose. 0:28:29.859 --> 0:28:30.419 Go ahead. 0:28:31.580 --> 0:28:32.180 Hey, Rob. 0:28:32.580 --> 0:28:34.980 Thanks for taking my call. I've got a medicaid question, 0:28:35.020 --> 0:28:37.580 so I've got a family member that has a fatal disease, 0:28:37.580 --> 0:28:42.060 and she's. At this point, um, needs more care. Than what? 0:28:42.340 --> 0:28:45.700 What we can give her. She's living with a with 0:28:45.700 --> 0:28:48.860 my sister in law right now. She has. No. We 0:28:48.860 --> 0:28:51.580 were thinking maybe we could put her or get her 0:28:51.620 --> 0:28:55.780 into Medicaid, if possible. Um, who would be responsible for 0:28:55.820 --> 0:28:56.500 that bill? 0:28:57.340 --> 0:29:01.820 Hmm. Well, what would generally happen is, you know, if you, uh, 0:29:01.820 --> 0:29:06.740 went to a medicaid approved facility, um, you would not 0:29:06.740 --> 0:29:11.090 be responsible for it. So unless you were to, you know, 0:29:11.130 --> 0:29:16.010 take on financial responsibility. If Medicaid is not approved, the 0:29:16.010 --> 0:29:19.490 family is generally not legally responsible for the bill unless 0:29:19.490 --> 0:29:22.650 they've signed something agreeing to be. So here's how it 0:29:22.650 --> 0:29:26.130 would work. Typically, you know, medical debt stays with the individual, 0:29:26.130 --> 0:29:29.810 not the family. Spouses in some states may be responsible 0:29:29.810 --> 0:29:34.850 under spousal responsibility laws, but if no assets exist, the 0:29:34.850 --> 0:29:38.650 provider would then, you know, write off the debt. Um, 0:29:38.650 --> 0:29:41.130 they would try to recoup from the estate of the 0:29:41.130 --> 0:29:44.450 person Medicaid would if they pay out. But if there's 0:29:44.450 --> 0:29:47.450 no assets there, then there's nothing for them to collect on. But, 0:29:47.570 --> 0:29:49.450 you know, I would think that the key here for 0:29:49.450 --> 0:29:52.490 you all, as you pursue some of these Medicaid approved 0:29:52.490 --> 0:29:56.130 facilities would be just be careful that you don't, you know, 0:29:56.170 --> 0:30:01.130 take financial responsibility, uh, unless you tend to take unless 0:30:01.130 --> 0:30:03.970 you intend to take on that liability. So you just 0:30:03.970 --> 0:30:06.210 really want to be careful about those forms that you're 0:30:06.210 --> 0:30:09.230 signing when you, you know, move her into that facility. 0:30:09.270 --> 0:30:10.230 Does that make sense? 0:30:10.270 --> 0:30:13.030 Okay. It does. Thank you. Thanks for your help. 0:30:13.070 --> 0:30:15.590 Yeah, you're very welcome. Thanks, Rose. Well, we're going to 0:30:15.590 --> 0:30:18.950 take another break here when we come back. Jerry Boyer 0:30:18.990 --> 0:30:21.750 stops by and we'll get his take on the markets. 0:30:21.750 --> 0:30:25.630 The markets selling off today as a result of, uh, 0:30:25.630 --> 0:30:30.110 what's going on between Israel and Iran? Late this afternoon, it's, uh, 0:30:30.110 --> 0:30:33.750 it's escalating market closing down about 700 points on the 0:30:33.750 --> 0:30:37.590 Dow Jones, uh, off 1% on the Nasdaq. About the 0:30:37.590 --> 0:30:40.550 same for the S&P 500. Uh, Jerry will weigh in 0:30:40.550 --> 0:30:43.150 on that. We'll get an update on corporate engagement as well. 0:30:43.150 --> 0:30:46.350 Some of his work there. Peggy's waiting patiently in Illinois 0:30:46.350 --> 0:30:48.310 as well. We'll get to her call. This is faith 0:30:48.310 --> 0:30:57.630 in finance. Live. We'll be right back. Thanks for joining 0:30:57.630 --> 0:31:00.030 us today on Faith in finance live. I'm Rob West. 0:31:00.030 --> 0:31:02.430 We'll head back to the phones here in just a moment. 0:31:02.430 --> 0:31:05.430 But first here in the final segment today on a Friday. 0:31:05.670 --> 0:31:08.500 Jerry Boyer is with us. Jerry is our resident economist. 0:31:08.540 --> 0:31:12.219 He's the president of Boyer Research, very active, leading the 0:31:12.220 --> 0:31:15.620 charge in many ways across the country in the area 0:31:15.620 --> 0:31:18.460 of corporate engagement. We'll get an update on that. But first, Jerry, 0:31:18.500 --> 0:31:22.100 the market selling off today, although, you know, fairly modestly. 0:31:22.140 --> 0:31:26.100 I mean the Dow Jones off about 2%. The other 0:31:26.100 --> 0:31:29.860 broad market index is down closer to 1% off today. 0:31:30.300 --> 0:31:33.620 All of that, I assume as a result of what's 0:31:33.620 --> 0:31:35.620 going on between Iran and Israel. Huh. 0:31:36.460 --> 0:31:40.060 Yeah, I think that's the major driver, obviously. But what's 0:31:40.060 --> 0:31:42.620 interesting is how little they're off, right? I mean, this 0:31:42.620 --> 0:31:45.220 is a war. This is a middle eastern war. Um, 0:31:45.260 --> 0:31:48.300 you know, and I listened to a lot of financial news, um, 0:31:48.820 --> 0:31:50.380 you know, on podcasts. I mean, I watch it, but 0:31:50.420 --> 0:31:56.100 mostly I mow the lawn and listen to the financial channels. Um, and, um, 0:31:56.100 --> 0:31:58.820 you know, I hear a lot of markets are down 0:31:59.180 --> 0:32:03.340 700 points. Oh, wait 1%. Okay. I mean, that's kind 0:32:03.340 --> 0:32:06.090 of a normal day, isn't it? Um, you know, that's 0:32:06.090 --> 0:32:09.729 that's a day where the fed chairman, you know, you know, 0:32:09.770 --> 0:32:13.489 kind of frowns a little bit. Um, you know, when 0:32:13.490 --> 0:32:15.610 he's walking into the office and they think maybe they're 0:32:15.610 --> 0:32:17.250 going to, you know, maybe they're going to hike rates. 0:32:17.290 --> 0:32:20.050 I mean, that's this is within normal. Um, and I 0:32:20.050 --> 0:32:23.010 think that reflects the fact that, um, I don't think 0:32:23.010 --> 0:32:25.810 markets think there's a whole lot of uncertainty here. Israel 0:32:25.810 --> 0:32:31.610 has tremendous technological advantage. Uh, Israel also has us, you know, 0:32:31.770 --> 0:32:34.410 as a very close ally. Uh, the president kept his 0:32:34.410 --> 0:32:37.850 distance a little bit, but after it worked, he he 0:32:37.890 --> 0:32:40.210 kind of came back in and said, oh, yes. Uh, 0:32:40.610 --> 0:32:43.610 you know, um, I knew about this for a long time. Uh, 0:32:43.730 --> 0:32:50.010 so maybe he was playing 17 chess. I've heard some 0:32:50.010 --> 0:32:53.250 podcasters suggest that, well, he did that so that the 0:32:53.250 --> 0:32:57.650 Iranian generals would feel safe so that they wouldn't leave headquarters. Okay, whatever. Um. 0:32:58.050 --> 0:33:01.610 Who knows? Um, but the bottom line is, okay, so 0:33:01.610 --> 0:33:05.360 you look at the shekel, right? That's the currency in Israel. Yeah. 0:33:05.760 --> 0:33:08.479 You know, before this, uh, a shekel would buy you 0:33:08.480 --> 0:33:13.760 about 28.5 cents. Um, now, after this, the shekel buys 0:33:13.760 --> 0:33:20.160 you $0.28. In other words, 0.5. The shekels down 0.5. Okay. Um, 0:33:20.680 --> 0:33:24.080 so markets are not registering a lot of risk. They 0:33:24.080 --> 0:33:26.400 don't think Israel's going to lose. They don't think there's 0:33:26.400 --> 0:33:29.440 going to be a regional major war. They don't think 0:33:29.440 --> 0:33:32.280 this is going to be much disruption to the global economy. 0:33:32.280 --> 0:33:35.880 And I think they're probably right about that. Um, you know, 0:33:36.040 --> 0:33:38.720 so you see gold's up, but not a whole lot. 0:33:38.880 --> 0:33:42.800 The dollar is up. That's unusual when usually when gold's up, 0:33:42.800 --> 0:33:45.440 that means the dollar is down because basically it's like, oh, 0:33:45.480 --> 0:33:47.360 we're being inflationary. So you want to get out of 0:33:47.360 --> 0:33:50.080 the dollar into something hard like gold. When when people 0:33:50.080 --> 0:33:53.720 are buying gold and they're also buying the dollar. That's 0:33:53.720 --> 0:33:56.800 more like Haven. That's. Mhm. Things are a little uncertain. 0:33:56.840 --> 0:33:58.520 Why don't I put a little gold. And the dollar 0:33:58.520 --> 0:34:00.520 is still the reserve currency of the world. Sort of. 0:34:00.800 --> 0:34:05.270 Um so I think the markets are registering, um, you know, 0:34:05.310 --> 0:34:07.510 a kind of a normal conflict where we think we 0:34:07.510 --> 0:34:10.190 know the, the output, uh, or, excuse me, the outcome 0:34:10.230 --> 0:34:13.070 of that. Um, the other thing that happened today was 0:34:13.070 --> 0:34:17.630 there was a pretty strong consumer sentiment survey that came out, um, 0:34:17.950 --> 0:34:20.310 and I mean, actually a lot stronger than people would 0:34:20.350 --> 0:34:24.310 have expected. Um, so I think that probably the wider 0:34:24.310 --> 0:34:28.310 market's down because, remember, the world's upside down. If consumers 0:34:28.310 --> 0:34:30.950 are happy, the Fed's not going to cut rates and 0:34:30.950 --> 0:34:32.549 the Fed's not going to cut rates, then it's not 0:34:32.550 --> 0:34:35.589 going to bail out the market. Um, but that's not 0:34:35.590 --> 0:34:38.310 really the major driver. I would say in general when 0:34:38.310 --> 0:34:41.590 you're talking about the economy, you had people who said 0:34:41.630 --> 0:34:43.549 trade wars are great. This is going to be the 0:34:43.590 --> 0:34:46.750 golden age. Uh, but markets reacted as though it's not 0:34:46.750 --> 0:34:49.350 going to be so great. You other had other people 0:34:49.350 --> 0:34:52.710 who said Trump doesn't have any idea what he's doing. Um, 0:34:52.710 --> 0:34:55.750 he's completely clueless. This is terrible. It's going to collapse 0:34:55.750 --> 0:35:00.450 the global economy. Um, and the market is acting like 0:35:00.489 --> 0:35:03.129 the trade war was a not very good, you know, 0:35:03.170 --> 0:35:07.410 kind of a general bad idea. Um, but not destroying 0:35:07.410 --> 0:35:11.170 the economy. Um, and the economic data that's been coming 0:35:11.170 --> 0:35:15.010 out is generally, you know, um, unemployment claims are up 0:35:15.050 --> 0:35:18.330 a fair amount, but not a lot. Um, economic growth 0:35:18.330 --> 0:35:21.730 statistics are down a little bit, but not a lot 0:35:22.130 --> 0:35:26.250 in my opinion. The trade war was bad for the economy, 0:35:26.410 --> 0:35:30.130 but it mostly ended very quickly. And so its effects 0:35:30.130 --> 0:35:33.609 will not not be very large. Um, and I think 0:35:33.610 --> 0:35:35.969 that that's why markets are, you know, still pretty high 0:35:36.010 --> 0:35:39.090 even after, you know, the uncertainty trade with this war. 0:35:39.969 --> 0:35:43.570 Yeah. Uh, Gerry, circling back for a moment to Iran 0:35:43.570 --> 0:35:46.529 and Israel, you made a comment this morning that, you know, 0:35:46.570 --> 0:35:51.170 removing this threat of Iran having nuclear weapons is probably 0:35:51.530 --> 0:35:57.690 in terms of risk. That's a much more risky scenario. 0:35:57.920 --> 0:36:01.680 The Iran having nuclear weapons than what we're experiencing right now. 0:36:01.680 --> 0:36:04.960 So long term, this actually brings more stability to the 0:36:04.960 --> 0:36:06.400 region potentially. Huh. 0:36:06.440 --> 0:36:09.160 I think that's right. So why are markets down at all? 0:36:09.160 --> 0:36:11.359 I think because you just never know when there's a 0:36:11.360 --> 0:36:16.120 war there. As Queen Elizabeth said, wars have uncertain outcomes. Uh, so, 0:36:16.560 --> 0:36:19.480 you know, some crazy guy shoots Archduke the, you know, 0:36:19.520 --> 0:36:21.719 the son of or was it nephew or whatever of 0:36:21.719 --> 0:36:26.040 Archduke Archduke Ferdinand? Uh, you know, a century ago and. Oh, 0:36:26.040 --> 0:36:28.440 that's nothing. Oh, no, no, that's World War one, right? 0:36:28.480 --> 0:36:30.520 So sometimes things get out of control and I think 0:36:30.520 --> 0:36:33.040 markets are accounting for the, you know, the maybe the 0:36:33.040 --> 0:36:35.719 possibility that things will get out of control. But let's 0:36:35.719 --> 0:36:39.440 run let's run a counterfactual. Let's say that this week, 0:36:39.640 --> 0:36:45.120 instead of the news saying Israel hit, um, Iranian nuclear 0:36:45.120 --> 0:36:51.879 facilities instead, they said Iran has just successfully tested a 0:36:51.880 --> 0:36:57.190 nuclear bomb. Yeah. How would markets be reacting to that 0:36:58.110 --> 0:37:04.070 versus Israel. They wouldn't be down 700. They'd be down 7000. Right? Right. 0:37:04.310 --> 0:37:07.310 Oil wouldn't be up 13%. Oil would be double or 0:37:07.310 --> 0:37:10.950 triple up. So in so in general I'm going to 0:37:10.950 --> 0:37:14.350 say um, again, wars can have uncertain outcomes. But this 0:37:14.350 --> 0:37:18.030 looks like in the long run a risk reducer. Um, 0:37:18.310 --> 0:37:20.510 and I think I think the short term market reaction 0:37:20.510 --> 0:37:23.509 is going to, you know, ride this out. Um, it's 0:37:23.510 --> 0:37:25.830 a little bit like October 7th. The markets reacted as 0:37:25.830 --> 0:37:28.589 though Israel's going to win. And they have I mean, 0:37:28.590 --> 0:37:32.150 they've defeated Hamas. Um, and I think markets are reacting 0:37:32.150 --> 0:37:34.230 as though Israel is going to win this one as well. 0:37:34.350 --> 0:37:35.750 And I think they're right about that. 0:37:36.350 --> 0:37:38.549 That's helpful. Jerry, we've got about a minute left. Um, 0:37:38.550 --> 0:37:40.509 I'd love for you to hear on the tail end 0:37:40.510 --> 0:37:42.710 of earnings season. I know you and your team have 0:37:42.710 --> 0:37:45.310 been busy. Give us just a quick report on what 0:37:45.310 --> 0:37:46.190 you've been working on. 0:37:47.110 --> 0:37:50.350 Well, we're talking to companies constantly. Uh, Israel is one 0:37:50.350 --> 0:37:53.190 of the issues, by the way. So there was an example, uh, 0:37:53.190 --> 0:37:56.180 a company called Airbnb did something really odd a few 0:37:56.180 --> 0:38:00.220 years ago. They said, you can book, you can book 0:38:00.260 --> 0:38:02.700 a house someplace, but you can't book one in the 0:38:02.700 --> 0:38:06.819 West Bank. Well, why? Well, because we do not building 0:38:06.860 --> 0:38:10.379 islands which are stolen from other people. Now, I don't know. 0:38:10.420 --> 0:38:13.020 I mean, I've read the book of Genesis. You know, 0:38:13.060 --> 0:38:17.340 I think Israel has a pretty long standing claim to 0:38:17.380 --> 0:38:20.540 that bit of property. Um, and, you know, even if 0:38:20.580 --> 0:38:22.940 even if that's not your authority. Okay, fine. The United 0:38:22.940 --> 0:38:26.580 Nations gave them control in 1948. Uh, and they're recognized 0:38:26.580 --> 0:38:28.500 by all, almost all the nations of the world. So 0:38:28.500 --> 0:38:30.980 I think it's legit. I think they lived there. Um, 0:38:31.219 --> 0:38:33.580 and so people built houses with their own hands on 0:38:33.580 --> 0:38:35.020 the West Bank, and some of them want to run 0:38:35.020 --> 0:38:37.100 them out to people who want to come visit the 0:38:37.140 --> 0:38:40.219 Holy Land. And Airbnb said, oh, no, no, you know, 0:38:40.260 --> 0:38:43.660 that's profiting off this, this stealing of land, while at 0:38:43.660 --> 0:38:46.939 the same time they were advertising that you can go 0:38:46.940 --> 0:38:49.739 rent houses in Cuba when people literally were kicked out 0:38:49.739 --> 0:38:52.580 of their houses by the communist government at gunpoint. But 0:38:52.580 --> 0:38:56.370 those are okay. Well, that bad, bad, bad optics. Uh, 0:38:56.370 --> 0:39:01.490 so we helped the Heritage Foundation bring a proposal about that. Interestingly, um, 0:39:01.489 --> 0:39:06.049 Airbnb put out their, um, their proxy statement, and it 0:39:06.050 --> 0:39:08.530 wasn't there. And we said, well, you know, why not? 0:39:08.530 --> 0:39:11.530 And they said, we never got it. And we said, well, 0:39:11.530 --> 0:39:15.610 wait a minute, we have a receipt from Fedex. Um, 0:39:15.610 --> 0:39:17.170 and we and we gave them the name, we said, 0:39:17.210 --> 0:39:18.650 is that a name that's familiar to you? Oh, yeah. 0:39:18.650 --> 0:39:20.569 That's the head of our mailroom. That's the head of 0:39:20.570 --> 0:39:23.330 your mailroom. We've got a signature from Fedex. Okay. Uh, 0:39:23.730 --> 0:39:25.689 you're saying you never got it? I mean, don't you 0:39:25.690 --> 0:39:27.529 mean that you got it on the first floor, but 0:39:27.530 --> 0:39:29.049 it never made it to the 10th floor. And isn't 0:39:29.050 --> 0:39:31.370 that your problem? Rather than the shareholders problem? Who have 0:39:31.370 --> 0:39:34.250 a right to, you know, to hold you accountable and. Oh, 0:39:34.250 --> 0:39:36.890 by the way, um, the Connecticut pension plan, a blue 0:39:36.930 --> 0:39:38.850 state pension plan. You got their mail and you have 0:39:38.850 --> 0:39:41.330 a proposal from them on the ballot. Then it turned 0:39:41.330 --> 0:39:44.010 out that there was a proposal from another conservative group, 0:39:44.010 --> 0:39:47.089 and they lost that one, too, or whatever. Signed for 0:39:47.090 --> 0:39:50.330 by the same person. Uh, doesn't look so good. Um, 0:39:50.370 --> 0:39:52.759 the dog ate my homework is not really going to work. 0:39:52.760 --> 0:39:57.279 So Heritage Foundation is litigating against them on that. And 0:39:57.280 --> 0:40:00.280 I think that's going to be a very important case 0:40:00.280 --> 0:40:04.000 that corporations can't say, yeah, all shareholders are equal, but 0:40:04.000 --> 0:40:07.120 some shareholders are more equal than others. If you're losing 0:40:07.120 --> 0:40:10.120 all the stuff from conservative groups but you're not from 0:40:10.120 --> 0:40:14.319 liberal groups, um, that's pretty fishy. And you've got some 0:40:14.320 --> 0:40:17.520 explaining to do. And also, do they really they really 0:40:17.520 --> 0:40:19.799 want to have be having a conversation about why they 0:40:19.800 --> 0:40:25.160 tried to boycott Israel now. I mean, how does that look? Um, so, uh, 0:40:25.160 --> 0:40:27.359 you know, another real quick one. Lululemon is one we 0:40:27.360 --> 0:40:30.040 engage with a lot this week. Lululemon is a retailer. 0:40:30.120 --> 0:40:33.120 They gave a bunch of money to organizations that basically 0:40:33.120 --> 0:40:35.759 made comments in favor of looting and in favor of 0:40:35.800 --> 0:40:38.799 defunding the police. Uh, so we're just saying to them, 0:40:38.800 --> 0:40:41.040 how can that be good for a retailer to say 0:40:41.200 --> 0:40:45.840 we're giving your shareholder money to groups that are endorsing looting, 0:40:45.960 --> 0:40:49.359 like BLM, also endorsing Hamas? And by the way, how 0:40:49.360 --> 0:40:51.820 does that look now when large parts of Los Angeles 0:40:51.820 --> 0:40:56.220 are burning? How much shareholder money of many corporations has 0:40:56.219 --> 0:40:58.980 funded the groups that are now burning down neighborhoods in 0:40:58.980 --> 0:41:01.700 Los Angeles? And don't their rights count to the people 0:41:01.700 --> 0:41:05.219 whose stores are being burned down? Is it all about 0:41:05.340 --> 0:41:09.500 supporting protesters and activists? Don't ordinary middle class people who 0:41:09.500 --> 0:41:11.540 deserve to not have their houses burned down, or be 0:41:11.580 --> 0:41:14.980 able to not have giant rocks dropped on their cars 0:41:14.980 --> 0:41:17.219 when they're driving on the interstate? Don't don't they have 0:41:17.219 --> 0:41:20.740 any rights as well? So that's a conversation that we're 0:41:20.739 --> 0:41:22.859 having with Lululemon. There was a press conference. There was 0:41:22.860 --> 0:41:26.219 a proposal, a speech given at the board. Uh, now, 0:41:26.219 --> 0:41:28.460 they did drop funding for those groups. And we're saying, okay, 0:41:28.460 --> 0:41:31.060 that's great. Now, can we talk about never making mistakes 0:41:31.060 --> 0:41:34.260 like that again? Um, you know, about not being gullible 0:41:34.260 --> 0:41:36.219 in the future. So those are kind of I'd say 0:41:36.219 --> 0:41:38.140 those are the big highlights of the past week. 0:41:38.380 --> 0:41:41.260 Yeah, interesting. And that was just the last week. Jerry, 0:41:41.300 --> 0:41:46.300 I always appreciate your time. Thanks for joining us, my friend. Yeah. 0:41:46.340 --> 0:41:49.170 Sounds like it. Happy Father's Day, Jerry. 0:41:49.570 --> 0:41:52.290 And to you, happy Father's Day to you. God bless. 0:41:52.489 --> 0:41:54.969 All right. And you as well. That's Jerry Bowyer. He's 0:41:54.969 --> 0:41:57.489 our resident economist. He joins us each Friday with his 0:41:57.489 --> 0:42:01.810 market commentary and economic update. Peggy in Illinois, stay right there. 0:42:01.810 --> 0:42:03.810 I know you've been waiting patiently as soon as the 0:42:03.810 --> 0:42:05.609 program is over, I'd love to jump on the phone 0:42:05.610 --> 0:42:07.609 with you and see how I can help you. 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