1 00:00:08,440 --> 00:00:11,520 S1: Is it possible to have everything and still be missing 2 00:00:11,520 --> 00:00:14,800 S1: the one thing that matters most? Hi, I'm Rob West. 3 00:00:15,040 --> 00:00:18,200 S1: The Bible gives us powerful examples of people who look 4 00:00:18,200 --> 00:00:22,840 S1: successful by every measure, yet walked away empty. Today, Bob 5 00:00:22,840 --> 00:00:26,320 S1: Shenk helps us see how Jesus challenges our definition of 6 00:00:26,320 --> 00:00:29,800 S1: wealth and invites us into something far greater. And then 7 00:00:29,800 --> 00:00:32,920 S1: we'll take your phone calls on anything financial at 800 8 00:00:32,920 --> 00:00:38,120 S1: 525 7000. This is faith and finance. Live biblical wisdom 9 00:00:38,120 --> 00:00:43,159 S1: for your financial journey. Well, our guest today is my 10 00:00:43,159 --> 00:00:46,360 S1: friend Bob Shenk, the founder of the Master's program, a 11 00:00:46,360 --> 00:00:49,919 S1: mentoring and leadership development initiative. Every now and then you 12 00:00:49,920 --> 00:00:52,120 S1: get the chance to interview a goat, one of the 13 00:00:52,120 --> 00:00:55,360 S1: greatest of all time. And I put Bob in that category. Bob, 14 00:00:55,360 --> 00:00:56,800 S1: great to have you here, my friend. 15 00:00:56,960 --> 00:00:58,520 S2: Honored to be with you, Rob. 16 00:00:58,840 --> 00:01:02,710 S1: Bob, you have an incredible article in our Faithful Steward 17 00:01:02,710 --> 00:01:07,510 S1: magazine that begins with a simple insight across political, cultural, 18 00:01:07,510 --> 00:01:11,910 S1: and generational lines. Most people still want to be rich. 19 00:01:12,190 --> 00:01:14,750 S1: Why is that desire so universal? 20 00:01:14,790 --> 00:01:18,709 S2: I think we've been wired with the desire for more, 21 00:01:18,950 --> 00:01:22,190 S2: and that isn't a result of sin. It's a result 22 00:01:22,190 --> 00:01:25,869 S2: of the way we, God made us. He was from 23 00:01:25,870 --> 00:01:30,709 S2: the beginning committed to multiplication and directed Adam and Eve 24 00:01:31,390 --> 00:01:36,390 S2: into a multiplying mindset. And so you can't be about 25 00:01:36,390 --> 00:01:41,630 S2: multiplication without a desire for more. And so the enemy 26 00:01:41,630 --> 00:01:45,509 S2: knowing that, directs us toward more of the wrong thing. Uh, 27 00:01:45,550 --> 00:01:48,670 S2: God always wants us to be directed toward more of 28 00:01:48,670 --> 00:01:50,550 S2: the best things. Yes. 29 00:01:50,830 --> 00:01:53,830 S1: Wow. That's so well said. And you note in the 30 00:01:53,830 --> 00:01:58,190 S1: article that even when people pursue wealth seriously and responsibly, 31 00:01:58,190 --> 00:02:03,290 S1: this sense of arrival often remains just out of reach. Bob, 32 00:02:03,290 --> 00:02:06,169 S1: why do you think that even hitting a net worth 33 00:02:06,210 --> 00:02:09,330 S1: goal rarely satisfies the way we expect it to? 34 00:02:09,370 --> 00:02:12,690 S2: Well, I think that, um, part of our redemption is 35 00:02:12,690 --> 00:02:16,690 S2: that God has put longings, uh, in our soul that 36 00:02:16,690 --> 00:02:19,970 S2: were not there before and things that might have been 37 00:02:19,970 --> 00:02:25,329 S2: more satisfying before our redemption became real, um, become less 38 00:02:25,370 --> 00:02:32,130 S2: capable of satisfying the newfound, uh, longings that a redeemed 39 00:02:32,169 --> 00:02:35,090 S2: soul brings to the table. And the Holy Spirit will 40 00:02:35,090 --> 00:02:39,369 S2: not allow me to become comfortable or satisfied with something 41 00:02:39,370 --> 00:02:43,570 S2: less than what he intends to make possible by God's 42 00:02:43,570 --> 00:02:44,810 S2: design in my life. 43 00:02:44,970 --> 00:02:47,570 S1: Oh, that is very well said. Now we're going to 44 00:02:47,570 --> 00:02:50,130 S1: begin to unpack this story of the rich young ruler, 45 00:02:50,130 --> 00:02:52,810 S1: which is so profound, a man who seemed to have 46 00:02:52,810 --> 00:02:56,250 S1: everything going for him wealth and youth and of course, 47 00:02:56,250 --> 00:02:59,880 S1: authority and And responsibility. Bob, why do you think that 48 00:02:59,880 --> 00:03:02,400 S1: account still resonates so deeply today? 49 00:03:03,360 --> 00:03:07,320 S2: Um, the Gospels break into, uh, the four gospels. Uh, 50 00:03:07,320 --> 00:03:12,360 S2: John stands apart as thematic. Uh, Matthew, Mark, and Luke, uh, 51 00:03:12,360 --> 00:03:18,080 S2: give us a timeline of Jesus, principally his ministry. Three years, 52 00:03:18,080 --> 00:03:21,040 S2: but the rich young ruler shows up in all three 53 00:03:21,040 --> 00:03:25,079 S2: of those synoptic gospels. Um, the story is important enough 54 00:03:25,080 --> 00:03:28,720 S2: that God repeats it over and over and over again. 55 00:03:28,960 --> 00:03:32,639 S2: I think it resonates with us because we are, uh, 56 00:03:32,639 --> 00:03:38,080 S2: among those who have, um, the ability to get beyond 57 00:03:38,120 --> 00:03:43,440 S2: accumulation for just survival purposes and getting to the place 58 00:03:43,440 --> 00:03:47,760 S2: where we have abundance that is beyond our need for 59 00:03:47,760 --> 00:03:53,119 S2: operating capital and for, uh, family sustenance and putting us 60 00:03:53,120 --> 00:03:56,830 S2: in a danger zone where my heart is going to 61 00:03:56,830 --> 00:04:01,390 S2: be measured by what I am intending to do with 62 00:04:01,390 --> 00:04:04,670 S2: what I've got in what the Bible would call the 63 00:04:04,670 --> 00:04:08,230 S2: treasure category. And treasure exists as soon as I have 64 00:04:08,230 --> 00:04:12,550 S2: more than I can justifiably explain in terms of need 65 00:04:12,550 --> 00:04:13,910 S2: and responsibility. 66 00:04:14,230 --> 00:04:18,549 S1: Yeah, set the stage for this story and what's about 67 00:04:18,550 --> 00:04:21,390 S1: to happen. We're going to unpack it in detail after 68 00:04:21,390 --> 00:04:24,190 S1: the break. But what's really going on here? 69 00:04:24,390 --> 00:04:27,590 S2: Well, there's a guy and he's one of the last 70 00:04:27,589 --> 00:04:31,830 S2: of the old covenant players. Uh, the old covenant keep 71 00:04:31,830 --> 00:04:35,789 S2: the law with faith as the motivator, and you would 72 00:04:35,790 --> 00:04:40,710 S2: satisfy God's expectations, requirements to go into his kingdom. And 73 00:04:40,710 --> 00:04:43,909 S2: so this guy has met all those standards. Question is, 74 00:04:43,910 --> 00:04:45,469 S2: what's left to be done? 75 00:04:45,910 --> 00:04:48,950 S1: HMM. And there is something profound. And Jesus puts his 76 00:04:48,950 --> 00:04:52,190 S1: finger on it. We'll unpack that just around the corner. 77 00:04:52,190 --> 00:04:56,210 S1: We're talking about being rich in what really matters today. 78 00:04:56,450 --> 00:04:59,330 S1: Our friend Bob Schenk, the founder of the master's program, 79 00:04:59,330 --> 00:05:02,330 S1: is here. Much more to come. Just around the corner. 80 00:05:02,370 --> 00:05:04,770 S1: You're not going to want to go anywhere. This is 81 00:05:04,770 --> 00:05:08,570 S1: faith and finance. I'm Rob West and we're just getting started. 82 00:05:08,610 --> 00:05:10,770 S1: A lot of practical lessons for you today from the 83 00:05:10,770 --> 00:05:28,250 S1: rich young ruler. We'll be right back. The richest life 84 00:05:28,250 --> 00:05:31,290 S1: is the one that keeps eternity in view and uses 85 00:05:31,290 --> 00:05:35,370 S1: every resource in service of Christ. We're joined today by 86 00:05:35,370 --> 00:05:38,930 S1: our friend Bob Schenk. He's the founder of the master's program. 87 00:05:38,930 --> 00:05:41,130 S1: He has an article in the latest issue of Our 88 00:05:41,130 --> 00:05:44,810 S1: Faithful Steward magazine. We're talking about the rich young ruler 89 00:05:44,810 --> 00:05:48,330 S1: and being rich in what really matters. And Bob, I 90 00:05:48,330 --> 00:05:51,810 S1: want to dig deep into this story. The question the 91 00:05:51,810 --> 00:05:55,440 S1: rich young ruler asked Jesus is striking, What must I 92 00:05:55,480 --> 00:06:00,440 S1: do to inherit eternal life? And you suggest Jesus recognized 93 00:06:00,440 --> 00:06:03,440 S1: something deeper beneath it. What do you think was really 94 00:06:03,440 --> 00:06:04,360 S1: going on in his heart? 95 00:06:04,400 --> 00:06:07,120 S2: Well, I think there was a longing that he had. 96 00:06:07,160 --> 00:06:10,360 S2: Having met the minimums, this was a man who was 97 00:06:10,360 --> 00:06:16,240 S2: never satisfied to do just enough. His professional success in 98 00:06:16,279 --> 00:06:20,200 S2: the financial achievements that he had demonstrated, that he was 99 00:06:20,200 --> 00:06:25,479 S2: always swinging for the possible and not satisfied with the minimal. 100 00:06:25,880 --> 00:06:31,760 S2: And Jesus really went beyond the question of eternal life 101 00:06:32,000 --> 00:06:34,400 S2: in his follow up question, when he said, if you 102 00:06:34,400 --> 00:06:37,400 S2: want to be perfect. And he then went on to 103 00:06:37,440 --> 00:06:44,120 S2: give this multi-point counsel to satisfy that urge, that longing 104 00:06:44,120 --> 00:06:48,480 S2: that was not satisfied with just meeting the minimums. And 105 00:06:48,480 --> 00:06:52,000 S2: it's fascinating. I've just found, Rob, that for most people 106 00:06:52,200 --> 00:06:55,270 S2: when they come to this passage. It's almost like we 107 00:06:55,270 --> 00:06:59,110 S2: put a fast forward on it, because it's familiar enough 108 00:06:59,110 --> 00:07:02,150 S2: that we don't need to read the details again. And 109 00:07:02,150 --> 00:07:07,790 S2: I've queried thousands of people in auditoriums around the country 110 00:07:07,790 --> 00:07:11,030 S2: to ask, what did Jesus tell the rich young ruler? 111 00:07:11,070 --> 00:07:14,310 S2: And I always find that the only thing they recount 112 00:07:14,310 --> 00:07:19,550 S2: is sell your possessions, give to the poor, and follow me. Yes. 113 00:07:19,590 --> 00:07:23,230 S2: And to slow it down and to read exactly what 114 00:07:23,230 --> 00:07:29,750 S2: Jesus said, adds a component that is most often raced 115 00:07:29,750 --> 00:07:35,470 S2: past without consideration. All three accounts of the story give 116 00:07:35,470 --> 00:07:38,950 S2: this narrative where Jesus said, if you want to be perfect, 117 00:07:38,950 --> 00:07:43,870 S2: and that was not sinless, perfect meaning, fully mature, fully developed. 118 00:07:44,310 --> 00:07:48,790 S2: Here was his direction. Sell your possessions, give to the poor. 119 00:07:49,270 --> 00:07:52,330 S2: Then you will have treasure in heaven. And then come 120 00:07:52,370 --> 00:07:58,330 S2: follow me. And we seem by the enemy's scrub of the, uh, 121 00:07:58,370 --> 00:08:03,490 S2: details in our consciousness. To have dropped that treasure in 122 00:08:03,490 --> 00:08:07,930 S2: heaven offer that Jesus built into his answer. And I've 123 00:08:07,930 --> 00:08:12,330 S2: just discovered that there's a longing to create treasure. Now, 124 00:08:12,330 --> 00:08:16,330 S2: that word treasure in the original text is the word thesaurus. 125 00:08:16,330 --> 00:08:20,610 S2: It's the word from which we get the accumulation of 126 00:08:20,930 --> 00:08:24,890 S2: words in abundance. Uh, most of us have a few 127 00:08:24,930 --> 00:08:30,530 S2: thousand words in our personal use thesaurus. Uh, gives us 128 00:08:30,530 --> 00:08:34,650 S2: the depth and breadth of the words of availability. Treasure 129 00:08:34,650 --> 00:08:40,370 S2: is the abundance. And Jesus never trounced treasure. What he 130 00:08:40,370 --> 00:08:45,450 S2: encouraged was to move treasure from the uncertain environment of 131 00:08:45,450 --> 00:08:50,570 S2: this world, where it's vulnerable into the eternal sphere, where 132 00:08:50,570 --> 00:08:54,480 S2: it's secured, protected, guarded and waiting for us on the 133 00:08:54,480 --> 00:08:58,000 S2: other side. And so the the issue was the men 134 00:08:58,000 --> 00:09:01,760 S2: in sin because he was rich. The issue was where 135 00:09:01,760 --> 00:09:06,760 S2: did he want that richness, that abundance to be archived 136 00:09:06,760 --> 00:09:11,800 S2: for him? And he was counting on the earthly storehouse 137 00:09:11,800 --> 00:09:14,840 S2: to be the place where it could be trusted. Jesus 138 00:09:14,840 --> 00:09:18,560 S2: was offering him a better solution and he turned him down. 139 00:09:19,800 --> 00:09:25,360 S1: I love this idea of the completeness or wholeness, not flawlessness. 140 00:09:25,360 --> 00:09:28,680 S1: And it's this idea that Jesus puts his finger on 141 00:09:28,840 --> 00:09:31,800 S1: the one attachment in the rich young rulers life that 142 00:09:31,800 --> 00:09:36,320 S1: was preventing wholehearted devotion. That is powerful. You explained that 143 00:09:36,320 --> 00:09:41,040 S1: Jesus was ultimately challenging. Who truly owned the rich young 144 00:09:41,040 --> 00:09:45,280 S1: ruler's wealth? And this question of ownership is so central 145 00:09:45,280 --> 00:09:47,079 S1: when it comes to money and faith, isn't it? 146 00:09:47,240 --> 00:09:50,470 S2: I think that if you really measured the way most 147 00:09:50,470 --> 00:09:53,470 S2: of us go about life. There's a core belief that 148 00:09:53,470 --> 00:09:57,110 S2: while we're here, it's ours. And when we get past 149 00:09:57,110 --> 00:10:01,150 S2: this life into eternity, it's all God's. Yes. And an 150 00:10:01,150 --> 00:10:05,670 S2: honest evaluation of what Jesus described about his kingdom is 151 00:10:05,670 --> 00:10:09,230 S2: that while we're here, it's all God's. And what we 152 00:10:09,230 --> 00:10:13,550 S2: do with God's resources while we're here will determine what 153 00:10:13,550 --> 00:10:15,910 S2: we will have waiting for us on the other side, 154 00:10:15,910 --> 00:10:21,550 S2: where private ownership will finally be real, but it will 155 00:10:21,550 --> 00:10:25,910 S2: not be universal. That private ownership will go toward the 156 00:10:25,910 --> 00:10:29,870 S2: people who, through faithfulness as stewards of God's resources in 157 00:10:29,870 --> 00:10:34,150 S2: this life, proved himself worthy to be able to have 158 00:10:34,150 --> 00:10:38,030 S2: money of their own, as Jesus described it in that 159 00:10:38,030 --> 00:10:42,630 S2: amazing story of the unjust steward or unjust manager in 160 00:10:42,630 --> 00:10:43,470 S2: Luke 16. 161 00:10:43,510 --> 00:10:46,830 S1: Yeah, that's well said. There's another parable, though, that has 162 00:10:47,230 --> 00:10:49,730 S1: direct application here, and it's the parable of the rich 163 00:10:49,770 --> 00:10:53,370 S1: fool in Luke 12, who of course, built bigger barns. 164 00:10:53,570 --> 00:10:56,410 S1: How does that story connect here with the rich young ruler? 165 00:10:56,690 --> 00:11:00,170 S2: I believe the rich young ruler was an example of 166 00:11:00,170 --> 00:11:04,890 S2: the Luke 12 rich fool in action. Um. There was 167 00:11:04,890 --> 00:11:10,770 S2: nothing wrong with having barns suitable for one's agricultural needs, 168 00:11:10,770 --> 00:11:17,010 S2: and the typical Jewish barn was big enough to archive the, um, 169 00:11:17,210 --> 00:11:20,490 S2: yield from last year's harvest that was necessary for next 170 00:11:20,490 --> 00:11:24,010 S2: year's planting, as well as what the family would need 171 00:11:24,010 --> 00:11:28,050 S2: in the intervening year between harvests and the men in 172 00:11:28,050 --> 00:11:32,809 S2: Luke 12 got crossways with God when he created bigger 173 00:11:32,809 --> 00:11:37,530 S2: barns that were beyond his need for um, business, capital 174 00:11:37,530 --> 00:11:42,850 S2: and family maintenance, and became a means by which he 175 00:11:42,850 --> 00:11:46,210 S2: no longer had to work and maintain the partnership with 176 00:11:46,210 --> 00:11:50,120 S2: the God of Heaven who would bring the rain and 177 00:11:50,240 --> 00:11:54,720 S2: keep the the vermin at bay? And partner with us 178 00:11:54,720 --> 00:12:00,160 S2: in our ongoing, um, income production. And so this bigger 179 00:12:00,160 --> 00:12:05,520 S2: barns business is the creation of a treasure, uh, storehouse 180 00:12:05,520 --> 00:12:10,960 S2: in this world that God disallowed that God's plan was always, 181 00:12:10,960 --> 00:12:13,880 S2: I'm going to provide all that you need for your 182 00:12:13,880 --> 00:12:18,840 S2: family this year and for your capitalization next year. Yeah. 183 00:12:18,880 --> 00:12:22,360 S2: And then take the, the beyond blessing that I'm going 184 00:12:22,360 --> 00:12:26,720 S2: to provide to you and distribute it because undistributed assets 185 00:12:26,720 --> 00:12:29,240 S2: are irrelevant. But this is a guy who said, you 186 00:12:29,240 --> 00:12:32,360 S2: know what, I'm going to use those, um, resources that 187 00:12:32,360 --> 00:12:36,520 S2: go beyond need and capitalization, and I'm going to use 188 00:12:36,520 --> 00:12:41,640 S2: those to buy myself an, a, um, a future that 189 00:12:41,640 --> 00:12:45,360 S2: will not require any effort or faithfulness on my part. 190 00:12:45,720 --> 00:12:50,230 S2: And God said, that's a foul. That will be um, 191 00:12:50,429 --> 00:12:54,429 S2: the penalty will be the shortening of your life because 192 00:12:54,429 --> 00:12:56,470 S2: that's not the way I planned for the game to 193 00:12:56,470 --> 00:12:57,229 S2: be played. 194 00:12:57,270 --> 00:13:00,230 S1: Um, Bob just 30s left. Tie a bow on this. 195 00:13:00,270 --> 00:13:03,430 S1: If someone wants to be rich in the right things 196 00:13:03,429 --> 00:13:05,350 S1: and at the right time, what does it look like 197 00:13:05,350 --> 00:13:07,229 S1: to start to shift our mindset? 198 00:13:07,590 --> 00:13:11,030 S2: We know from our life as investors that the longer 199 00:13:11,030 --> 00:13:15,110 S2: we're willing to lock up our resources, the more return 200 00:13:15,110 --> 00:13:18,790 S2: we can expect to gain. And the greatest long term 201 00:13:18,790 --> 00:13:22,830 S2: investment that God would see available to us is to 202 00:13:22,870 --> 00:13:24,230 S2: invest in his kingdom. 203 00:13:24,350 --> 00:13:29,190 S1: Wow. Powerful Bob. Amazing. We're so thankful for you, my friend, 204 00:13:29,190 --> 00:13:31,710 S1: and grateful for your time today. Thanks for being here. 205 00:13:31,950 --> 00:13:32,630 S2: Thank you. 206 00:13:32,870 --> 00:13:35,630 S1: That's Bob shank, the founder of the master's program. You 207 00:13:35,630 --> 00:13:38,110 S1: can read more on this topic in Bob's article in 208 00:13:38,110 --> 00:13:41,430 S1: the latest issue of our Faithful Steward magazine. Become a 209 00:13:41,429 --> 00:13:43,670 S1: partner and get every issue when you go to Faith 210 00:13:44,030 --> 00:13:48,250 S1: Dot Slash partner. We'll be back with your questions after this. 211 00:13:48,250 --> 00:13:52,650 S1: The number 800 525 7000. Or if you'd prefer to 212 00:13:52,690 --> 00:13:56,770 S1: email your questions send it to us at ask rob@me.com. 213 00:13:56,929 --> 00:14:00,329 S1: I'm Rob Weston, you're listening to Faith and Finance Biblical 214 00:14:00,330 --> 00:14:03,850 S1: Wisdom for your financial decisions. We'll be right back after 215 00:14:03,850 --> 00:14:04,490 S1: this break. 216 00:14:14,929 --> 00:14:17,770 S3: The opinions offered during this program represent the personal or 217 00:14:17,770 --> 00:14:21,850 S3: professional opinions of the participants, given for informational purposes only. 218 00:14:22,010 --> 00:14:25,290 S3: Any information provided is not intended to replace advice from 219 00:14:25,290 --> 00:14:29,130 S3: a financial, medical, legal or other professional who understands your 220 00:14:29,130 --> 00:14:30,570 S3: specific situation. 221 00:14:38,530 --> 00:14:41,090 S1: Well, thanks for joining us today on Faith and Finance Live. 222 00:14:41,090 --> 00:14:44,210 S1: I'm Rob West. Really looking forward to taking your calls 223 00:14:44,210 --> 00:14:47,200 S1: and questions today, helping you think about how to apply 224 00:14:47,240 --> 00:14:50,400 S1: biblical wisdom to your financial decisions. You know where we 225 00:14:50,400 --> 00:14:52,960 S1: started today with Bob Schenck. My good friend of the 226 00:14:52,960 --> 00:14:56,120 S1: master's program on the rich young ruler is really such 227 00:14:56,120 --> 00:14:58,600 S1: a big idea that we need to think about. And 228 00:14:58,600 --> 00:15:02,200 S1: we connected it to really some of the themes that 229 00:15:02,200 --> 00:15:04,960 S1: we see in the parable of the Rich fool, which 230 00:15:05,360 --> 00:15:09,280 S1: really explores at the end of that parable, this idea, 231 00:15:09,520 --> 00:15:12,920 S1: what does it mean to make God or ultimate treasure? 232 00:15:12,960 --> 00:15:15,880 S1: It's a powerful idea. And what does it mean to 233 00:15:15,920 --> 00:15:19,840 S1: live rich toward God? Um, and you know, that's something 234 00:15:19,840 --> 00:15:22,080 S1: when you think about it in this parable of the 235 00:15:22,080 --> 00:15:26,520 S1: rich fool specifically, Jesus is inviting us into so much 236 00:15:26,520 --> 00:15:30,120 S1: more than giving money or possessions away. And I think 237 00:15:30,120 --> 00:15:32,520 S1: this is clearly true with the rich young ruler as well. 238 00:15:32,560 --> 00:15:35,360 S1: He's calling us to store up treasures in heaven by 239 00:15:35,400 --> 00:15:38,479 S1: giving our hearts to him and making God our riches. 240 00:15:38,800 --> 00:15:41,840 S1: I love the way pastor and author John Piper puts 241 00:15:41,840 --> 00:15:44,550 S1: this around this idea of rich toward God. Here's what 242 00:15:44,550 --> 00:15:47,830 S1: he says. Rich toward God means moving toward God as 243 00:15:47,830 --> 00:15:51,870 S1: our riches. Rich toward God means counting God. Greater riches 244 00:15:52,070 --> 00:15:56,150 S1: than anything on earth. Rich toward God means using earthly 245 00:15:56,150 --> 00:16:00,550 S1: riches to show how much you value God. You see, 246 00:16:00,590 --> 00:16:03,590 S1: Jesus is inviting you to make him the desire of 247 00:16:03,590 --> 00:16:06,630 S1: your heart every moment of every day. And the question 248 00:16:06,630 --> 00:16:08,910 S1: that you and I have to ask is, Will we 249 00:16:08,950 --> 00:16:12,870 S1: surrender our life, our plans, and our finances to him? 250 00:16:13,230 --> 00:16:16,150 S1: Will we allow him to be our ultimate treasure? Because 251 00:16:16,150 --> 00:16:19,950 S1: once we make that decision, that game changing decision, to 252 00:16:19,950 --> 00:16:23,110 S1: surrender our lives to Jesus, because our lives have been 253 00:16:23,110 --> 00:16:25,750 S1: paid for with a price, Jesus shed blood on the cross. 254 00:16:25,750 --> 00:16:28,670 S1: When we place our trust in him, we will have 255 00:16:28,670 --> 00:16:31,790 S1: eternal life. We'll have a right standing before God the 256 00:16:31,790 --> 00:16:35,870 S1: Father will be in relationship with him. And that's the 257 00:16:35,870 --> 00:16:39,390 S1: beginning point. Beyond that, it's stewardship. It's understanding that God 258 00:16:39,390 --> 00:16:43,210 S1: owns everything. He is our provider. We're managers of his resources. 259 00:16:43,210 --> 00:16:45,290 S1: And so we want to be found faithful as we 260 00:16:45,290 --> 00:16:48,530 S1: live within our means and avoid debt and give generously 261 00:16:48,530 --> 00:16:51,130 S1: and have margin and set long term goals. And that's 262 00:16:51,130 --> 00:16:53,090 S1: what we want to help you do on this program 263 00:16:53,090 --> 00:16:56,010 S1: each day. We realize there's things you're encountering in your 264 00:16:56,010 --> 00:16:59,010 S1: financial life as you live and give and oh, and 265 00:16:59,010 --> 00:17:02,130 S1: grow God's money. And we want to help intersect with those, 266 00:17:02,130 --> 00:17:05,690 S1: give you some confidence, point you back to God's Word. Uh, 267 00:17:06,010 --> 00:17:08,970 S1: for peace of mind as you make those decisions. So 268 00:17:08,970 --> 00:17:11,410 S1: if there's something you're wrestling with in your financial life, 269 00:17:11,410 --> 00:17:16,129 S1: call right now, the number is 800 525 7000. That's 270 00:17:16,130 --> 00:17:20,250 S1: 800 525 7000. We've got lines open. We're ready for 271 00:17:20,250 --> 00:17:23,210 S1: you at the moment. We just need you. Lastly, 800 272 00:17:23,250 --> 00:17:26,490 S1: 525 7000. All right. Let's dive in. We're going to 273 00:17:26,490 --> 00:17:28,490 S1: begin in Missouri today. Peggy. Go ahead. 274 00:17:29,050 --> 00:17:31,970 S4: Hello there. Thank you for taking my call. First of all, 275 00:17:31,970 --> 00:17:34,570 S4: I wanted to tell you I really appreciate Bob. I 276 00:17:34,570 --> 00:17:38,410 S4: believe it's what he had to say. I think about 277 00:17:38,450 --> 00:17:42,119 S4: that shank. Okay. Sorry. I'm still praying about that to 278 00:17:42,160 --> 00:17:45,600 S4: process that. I've never heard of it put that way. Oh, 279 00:17:45,920 --> 00:17:48,040 S4: I really appreciate that and I'll be looking into that. 280 00:17:48,040 --> 00:17:50,120 S4: I'm thankful for your app so I can go back 281 00:17:50,119 --> 00:17:51,600 S4: and look into that. 282 00:17:51,640 --> 00:17:54,160 S1: Well, there you go. It's all there and it'll be 283 00:17:54,200 --> 00:17:56,440 S1: you can check out the interview in the app for sure. 284 00:17:57,000 --> 00:17:59,680 S4: Well, yes, I'm very thankful for that. Got a question 285 00:17:59,680 --> 00:18:02,720 S4: for you. I've got some property in South Carolina that 286 00:18:02,720 --> 00:18:06,760 S4: I'm wanting to find a realtor to sell. And then 287 00:18:06,760 --> 00:18:10,360 S4: after I sell that, I'm about 90% of that profits 288 00:18:10,400 --> 00:18:13,560 S4: the profits I'm wanting to give to a charitable organization. 289 00:18:13,560 --> 00:18:16,439 S4: And I'm wondering if there is anyone that you recommend 290 00:18:16,480 --> 00:18:17,840 S4: that can help me with that. 291 00:18:18,160 --> 00:18:20,399 S1: You know, what's amazing is and I, I do a 292 00:18:20,400 --> 00:18:24,640 S1: couple of hours of live radio a day and, um, uh, 293 00:18:24,680 --> 00:18:27,360 S1: so I've already talked to several callers today and you 294 00:18:27,400 --> 00:18:31,840 S1: are now the third caller that has property that has appreciated, 295 00:18:31,840 --> 00:18:34,320 S1: that has a desire to give it away to God's kingdom, 296 00:18:34,320 --> 00:18:38,040 S1: which I love. That's amazing. Peggy. And there is a 297 00:18:38,040 --> 00:18:41,590 S1: way to do that that will be most effective for 298 00:18:41,590 --> 00:18:45,550 S1: you to minimize taxes, get the the largest, uh, charitable 299 00:18:45,550 --> 00:18:48,910 S1: deduction you can possibly give. But most importantly, get more 300 00:18:48,910 --> 00:18:53,230 S1: money into the kingdom. So here's the key idea. When 301 00:18:53,230 --> 00:18:57,150 S1: it comes to giving away really any appreciated asset is 302 00:18:57,150 --> 00:19:00,790 S1: you want to give it before the sale. And you 303 00:19:00,790 --> 00:19:02,950 S1: might say, well, wait a minute, how does that work? Well, 304 00:19:03,150 --> 00:19:06,429 S1: you have the ability to donate a property or a 305 00:19:06,430 --> 00:19:08,990 S1: portion of a property. Let's say, you know, you, you 306 00:19:09,030 --> 00:19:10,990 S1: wanted to give half of it away and, and the 307 00:19:10,990 --> 00:19:12,950 S1: other half you were going to use for something else. 308 00:19:12,990 --> 00:19:16,030 S1: You could give 50% of the property if you wanted 309 00:19:16,030 --> 00:19:18,869 S1: to or the whole thing to what's called a donor 310 00:19:18,869 --> 00:19:23,110 S1: advised fund. And so this is like a charitable checking account. 311 00:19:23,310 --> 00:19:26,310 S1: You would gift that or you would give the whatever 312 00:19:26,310 --> 00:19:28,790 S1: portion of that property prior to the sale to the 313 00:19:28,830 --> 00:19:32,270 S1: donor advised fund. So the donor advised fund now owns 314 00:19:32,430 --> 00:19:36,190 S1: that part of this property so that when it's sold, 315 00:19:36,430 --> 00:19:39,930 S1: that percentage that is in the donor advised fund at 316 00:19:39,930 --> 00:19:43,689 S1: the closing table, they'd immediately wire that percentage to the 317 00:19:43,730 --> 00:19:46,530 S1: donor advised fund. Now, what does that do? Well, it's 318 00:19:46,530 --> 00:19:49,330 S1: going to miss all the capital gains because you gave 319 00:19:49,330 --> 00:19:52,370 S1: it before you sold it and you gave it charitably. 320 00:19:52,369 --> 00:19:55,610 S1: You never pay any capital gains on that portion. So 321 00:19:55,609 --> 00:19:59,370 S1: you're maximizing your charitable contribution. And then once the money's 322 00:19:59,369 --> 00:20:02,090 S1: put in the donor advised fund, well, now you can 323 00:20:02,090 --> 00:20:05,250 S1: give it away wherever you want to. Any 501 C3, 324 00:20:05,290 --> 00:20:09,010 S1: your church, any Christian ministry, and you do it in 325 00:20:09,010 --> 00:20:11,609 S1: a tax advantaged way, and you don't have to do 326 00:20:11,609 --> 00:20:13,250 S1: it all at once if you know where you want 327 00:20:13,250 --> 00:20:15,730 S1: it to go. You could, but you could also leave 328 00:20:15,730 --> 00:20:18,570 S1: it in there and then just be thoughtful and strategic 329 00:20:18,609 --> 00:20:22,770 S1: about how you grant it out from the donor advised 330 00:20:22,770 --> 00:20:25,930 S1: fund sponsor. And I would recommend you use our friends 331 00:20:25,930 --> 00:20:29,970 S1: at the National Christian Foundation. Reason being, they do donor 332 00:20:29,970 --> 00:20:32,290 S1: advised funds. You could set one up on their website 333 00:20:32,290 --> 00:20:36,810 S1: in kf.com in five minutes. They call it a giving fund, 334 00:20:37,130 --> 00:20:40,399 S1: but the. When you put money in a donor advised fund, 335 00:20:40,400 --> 00:20:44,000 S1: technically you've lost control over it because you've put it 336 00:20:44,000 --> 00:20:47,360 S1: in that fund and now you tell the donor advised 337 00:20:47,359 --> 00:20:49,960 S1: fund sponsor where you want it to go. But it's 338 00:20:49,960 --> 00:20:54,000 S1: possible that the wrong donor advised fund sponsor could say, well, 339 00:20:54,000 --> 00:20:56,320 S1: we'll let you send it to any 500 1C3, but 340 00:20:56,320 --> 00:20:59,560 S1: not the ones on this list. And it might be 341 00:20:59,560 --> 00:21:02,720 S1: the Christian ministries you want to give to. And the 342 00:21:02,720 --> 00:21:05,520 S1: National Christian Foundation would never stand in the way of that. 343 00:21:05,520 --> 00:21:07,840 S1: But let me stop there. Does that all make sense? 344 00:21:08,119 --> 00:21:10,760 S4: Okay. Yes, it does, and I'm writing it down. It 345 00:21:10,760 --> 00:21:13,639 S4: most certainly does. Very interesting. Thank you. 346 00:21:13,800 --> 00:21:16,120 S1: So it's a very effective strategy. Here's what I'm going 347 00:21:16,119 --> 00:21:17,479 S1: to do. Hang on the line. You and I will 348 00:21:17,480 --> 00:21:18,880 S1: talk a bit more off the air, and I'll make 349 00:21:18,880 --> 00:21:21,280 S1: sure you have the specifics on where you need to 350 00:21:21,280 --> 00:21:24,960 S1: go from here. But the big idea is give, then sell, 351 00:21:25,240 --> 00:21:28,720 S1: don't sell, then give. Because if you sell first you 352 00:21:28,760 --> 00:21:31,560 S1: got to pay the capital gains and then give it away. 353 00:21:31,560 --> 00:21:34,840 S1: If you give first. You don't ever have capital gains. 354 00:21:34,840 --> 00:21:37,189 S1: This is faith and finance live. We'll be right back. 355 00:21:44,430 --> 00:21:45,989 S1: Great to have you with us today on Faith and 356 00:21:45,990 --> 00:21:48,630 S1: Finance Live. We've got lines open today. We're taking your 357 00:21:48,630 --> 00:21:54,909 S1: questions at 800 525 7000. Again, that's 800 525 7000. 358 00:21:54,950 --> 00:21:57,830 S1: Call with any financial question. Uh, let's head back to 359 00:21:57,869 --> 00:22:01,149 S1: the phones and talk to Michaela in Florida. Go ahead. 360 00:22:01,910 --> 00:22:04,869 S5: Hi. Um, my first question was, you were just talking 361 00:22:04,869 --> 00:22:07,870 S5: about having faith in God and, you know, not saving too, 362 00:22:07,910 --> 00:22:09,670 S5: too much just to rely on him. So I was 363 00:22:09,670 --> 00:22:13,190 S5: curious how that works with saving for retirement. Like, can 364 00:22:13,230 --> 00:22:15,790 S5: we still save for retirement and what would that look like? 365 00:22:15,830 --> 00:22:18,830 S1: Yeah, it's a great question, Michaela, and I'm so glad 366 00:22:18,830 --> 00:22:21,110 S1: you asked because really everything we do here on this 367 00:22:21,109 --> 00:22:24,590 S1: program is about seeing how our faith intersects with our 368 00:22:24,590 --> 00:22:27,830 S1: whole life. But as it relates to this program, specifically 369 00:22:28,230 --> 00:22:32,030 S1: our role in managing God's money. And, you know, I 370 00:22:32,030 --> 00:22:34,590 S1: think at the end of the day, as we approach 371 00:22:34,590 --> 00:22:38,780 S1: both retirement and giving. It shifts our trust from our 372 00:22:38,780 --> 00:22:42,659 S1: resources to our provider. You know, when we're planning for retirement, 373 00:22:42,660 --> 00:22:47,340 S1: faith doesn't replace wise preparation. I think it reorients it. 374 00:22:47,380 --> 00:22:50,980 S1: If Scripture calls us to steward diligently, but it also 375 00:22:50,980 --> 00:22:54,140 S1: reminds us that our security is never found in our 376 00:22:54,140 --> 00:23:00,459 S1: financial situation. Retirement isn't about reaching a number that guarantees, uh, 377 00:23:00,460 --> 00:23:03,300 S1: you know, uh, peace of mind, so to speak. It's 378 00:23:03,300 --> 00:23:07,260 S1: about faithfully managing what God has entrusted to us while 379 00:23:07,300 --> 00:23:10,940 S1: trusting him with the future. So we plan wisely. We 380 00:23:10,940 --> 00:23:14,380 S1: do our part diligently, but we rest in God's provision. 381 00:23:14,380 --> 00:23:19,180 S1: And when finances are tight, you know, it can feel overwhelming. 382 00:23:19,460 --> 00:23:23,140 S1: But Scripture brings both. I think freedom and clarity. Here's 383 00:23:23,140 --> 00:23:27,260 S1: what the Apostle Paul says in second Corinthians 812. For 384 00:23:27,300 --> 00:23:30,540 S1: if the readiness is there, it is acceptable according to 385 00:23:30,580 --> 00:23:34,139 S1: what a person has, not according to what he does 386 00:23:34,140 --> 00:23:37,320 S1: not have. So God isn't asking you to give what 387 00:23:37,320 --> 00:23:41,200 S1: you don't have. He's inviting you to respond faithfully with 388 00:23:41,200 --> 00:23:44,040 S1: what you do have. So that means that we again, 389 00:23:44,080 --> 00:23:46,640 S1: we plan and we prepare, and we realize that we're 390 00:23:46,640 --> 00:23:50,159 S1: to be workers and be productive throughout our life. And 391 00:23:50,160 --> 00:23:52,200 S1: that's going to change over time. And there may come 392 00:23:52,240 --> 00:23:55,080 S1: a period in the fourth quarter of life where you 393 00:23:55,119 --> 00:23:58,600 S1: are redirected away from paid work, but you still have 394 00:23:58,720 --> 00:24:00,719 S1: as long as you're here with breath in your lungs, 395 00:24:00,720 --> 00:24:02,760 S1: an opportunity to take what God has given you and 396 00:24:02,760 --> 00:24:07,360 S1: invest in people for God's glory and and serve him fully. 397 00:24:07,760 --> 00:24:12,240 S1: And the giving component really should never come from guilt 398 00:24:12,240 --> 00:24:15,480 S1: or pressure, but from a willing heart. That's, I think, 399 00:24:15,520 --> 00:24:18,360 S1: shaped by grace. The grace that's been extended to us 400 00:24:18,359 --> 00:24:21,400 S1: should be our motivation. So you start where you can, 401 00:24:21,400 --> 00:24:24,400 S1: even if it's small and if you as you prioritize 402 00:24:24,400 --> 00:24:27,480 S1: your needs and seek wise counsel, keep in mind that 403 00:24:27,480 --> 00:24:30,920 S1: generosity isn't measured by the size of the gift. But 404 00:24:30,920 --> 00:24:33,240 S1: I think it's really about the posture of the heart. 405 00:24:33,710 --> 00:24:35,990 S1: And if you know that God is your provider, then 406 00:24:36,150 --> 00:24:40,510 S1: even in lean seasons, he's forming your heart to depend 407 00:24:40,510 --> 00:24:43,550 S1: on him in every season of life. But let me 408 00:24:43,550 --> 00:24:45,070 S1: stop there and get your thoughts on that. 409 00:24:45,109 --> 00:24:48,190 S5: Well, that actually answers both of my questions. Um, yeah, 410 00:24:48,230 --> 00:24:51,149 S5: I've been really struggling with the whole tithing thing because like, 411 00:24:51,190 --> 00:24:54,830 S5: I always hear 10%, 10% and sometimes that's hard. So, 412 00:24:54,869 --> 00:24:58,510 S5: but that I think answers my question just, um, to 413 00:24:58,550 --> 00:25:00,190 S5: make sure that my heart's in the right place with 414 00:25:00,190 --> 00:25:01,230 S5: it kind of is that. 415 00:25:01,270 --> 00:25:04,070 S1: Yeah, I think that's exactly right. Yeah. I mean, we 416 00:25:04,070 --> 00:25:06,750 S1: can look to the Old Testament tithe and, and we 417 00:25:06,750 --> 00:25:11,150 S1: can certainly pull pull ideas from that principles. I like 418 00:25:11,150 --> 00:25:13,590 S1: the fact that we might say we're going to start 419 00:25:13,590 --> 00:25:16,470 S1: with the tithe. I mean, the author, Randy Alcorn calls 420 00:25:16,470 --> 00:25:18,750 S1: it the training wheels of giving. And so, you know, 421 00:25:18,790 --> 00:25:22,510 S1: I think if we can prioritize a systematic, proportionate gift 422 00:25:22,510 --> 00:25:26,109 S1: as God provides increase, that's great. And we should start 423 00:25:26,109 --> 00:25:28,870 S1: with the local church. But at the end of the day, 424 00:25:28,910 --> 00:25:31,590 S1: you're exactly right. When we when we look to our 425 00:25:31,590 --> 00:25:35,340 S1: giving and we look to to the New Testament. We 426 00:25:35,340 --> 00:25:38,540 S1: see that, you know, in the New Testament, there's really 427 00:25:38,540 --> 00:25:42,940 S1: in all the main teachings about money. The word tithe 428 00:25:42,940 --> 00:25:45,900 S1: is not mentioned once. And so what we what we 429 00:25:45,900 --> 00:25:48,180 S1: do is we look and we see in the New 430 00:25:48,180 --> 00:25:51,300 S1: Testament that that God cares more about our character and 431 00:25:51,300 --> 00:25:55,899 S1: our heart posture than a specific number or percentage of giving. 432 00:25:55,900 --> 00:25:59,260 S1: And I think biblical generosity is really more than rules 433 00:25:59,260 --> 00:26:05,100 S1: or percentages. It's a fully surrendered life of godliness, which includes, 434 00:26:05,140 --> 00:26:08,420 S1: you know, honoring him with our giving. But giving is 435 00:26:08,420 --> 00:26:12,220 S1: a response to God's grace. It's given freely and joyfully. 436 00:26:12,220 --> 00:26:16,260 S1: It's proportionate to our financial status, and it's directed to 437 00:26:16,300 --> 00:26:18,780 S1: those causes on the heart of God, starting with the 438 00:26:18,780 --> 00:26:23,100 S1: local church. But it's not about being legalistic or, you know, 439 00:26:23,140 --> 00:26:25,860 S1: feeling pressured to do something, if that makes sense. 440 00:26:26,420 --> 00:26:28,540 S5: It does. And actually, thank you so much for that. 441 00:26:28,540 --> 00:26:30,739 S5: I think I needed to hear that and then let 442 00:26:30,740 --> 00:26:33,399 S5: me just make sure I understand. So and this is 443 00:26:33,400 --> 00:26:36,200 S5: probably going to sound like a silly question, but, um, 444 00:26:36,359 --> 00:26:38,400 S5: God wanting us to rely on him doesn't mean we 445 00:26:38,400 --> 00:26:42,120 S5: cannot save for retirement, right? Like that's still okay to do. 446 00:26:42,520 --> 00:26:46,560 S1: I think that's exactly right. Yeah. Because we plan diligently, 447 00:26:46,560 --> 00:26:49,239 S1: but we trust God for the outcome. And so I 448 00:26:49,240 --> 00:26:51,600 S1: think that means we do our part. And clearly what 449 00:26:51,600 --> 00:26:54,720 S1: we see in Scripture is that we're to be savers. 450 00:26:54,760 --> 00:26:57,120 S1: You know, there's precious treasure and oil in the house 451 00:26:57,119 --> 00:26:59,840 S1: of the wise is what Proverbs says, but the foolish 452 00:26:59,840 --> 00:27:02,720 S1: person swallows it up, which means we need to take 453 00:27:02,720 --> 00:27:05,040 S1: a portion of what God gives us to to us 454 00:27:05,040 --> 00:27:08,280 S1: today and set it aside for the future. Uh, you know, 455 00:27:08,320 --> 00:27:11,840 S1: for for Joseph, uh, you know, he put 20% aside 456 00:27:12,040 --> 00:27:15,479 S1: and that's what ultimately was there for the famine. So 457 00:27:15,520 --> 00:27:18,880 S1: there's repeatedly, we see this in Scripture, that part of 458 00:27:18,880 --> 00:27:22,040 S1: wise stewardship means taking a portion of what we have 459 00:27:22,040 --> 00:27:25,480 S1: today and not consuming it all. Now we give first, 460 00:27:25,520 --> 00:27:28,720 S1: we enjoy it, we provide, we live on it. But 461 00:27:28,720 --> 00:27:32,070 S1: we also set something aside for the future, and we 462 00:27:32,070 --> 00:27:34,470 S1: trust God for the outcome. We don't trust our bank 463 00:27:34,510 --> 00:27:38,310 S1: account because God is ultimately our provider. But that doesn't 464 00:27:38,310 --> 00:27:42,270 S1: in any way negate the responsibility of wise stewardship, which 465 00:27:42,270 --> 00:27:47,070 S1: is to be systematic, to invest and save for the future, 466 00:27:47,190 --> 00:27:50,429 S1: including for retirement, because we recognize there may come a 467 00:27:50,430 --> 00:27:53,590 S1: day where you and I are unable to work for pay, 468 00:27:53,910 --> 00:27:57,430 S1: and that's where our savings can support whatever God given 469 00:27:57,430 --> 00:27:59,310 S1: lifestyle we believe he's called us to. 470 00:27:59,790 --> 00:28:01,750 S5: Perfect. Well, thank you so much for that insight. I 471 00:28:01,750 --> 00:28:02,710 S5: really appreciate it. 472 00:28:02,869 --> 00:28:05,030 S1: All right, Michaela, thanks for your call. Let me do this. 473 00:28:05,030 --> 00:28:06,950 S1: I want to send you a copy of my new devotional. 474 00:28:06,950 --> 00:28:09,550 S1: It's called Our Ultimate Treasure. And I'd love for you 475 00:28:09,550 --> 00:28:12,990 S1: to take the next 21 days and just allow God 476 00:28:12,990 --> 00:28:16,230 S1: to his allow His Word to speak into your life 477 00:28:16,230 --> 00:28:18,630 S1: through this devotional. I think it'll be an encouragement to 478 00:28:18,630 --> 00:28:21,310 S1: you and hopefully even answer some of the questions that 479 00:28:21,310 --> 00:28:23,189 S1: you have. So if you stay on the line, our 480 00:28:23,190 --> 00:28:25,950 S1: team will get your information and we'll put, uh, put 481 00:28:25,950 --> 00:28:28,790 S1: the devotional, our ultimate treasure in the mail to you. Okay. 482 00:28:28,830 --> 00:28:29,500 S5: Thank you. 483 00:28:29,820 --> 00:28:31,899 S1: All right. Happy to do it. Thanks for your call today. 484 00:28:32,220 --> 00:28:34,340 S1: Let's go to Franklin, Tennessee. Rob. Go ahead. 485 00:28:35,340 --> 00:28:39,180 S6: Um, I am walking through my, uh, helping my son 486 00:28:39,180 --> 00:28:42,380 S6: and his wife buy their first home. And my question is, 487 00:28:42,420 --> 00:28:46,180 S6: is PMI insurance for any first time home buyer if 488 00:28:46,180 --> 00:28:48,660 S6: the down payment is less than 20%? 489 00:28:49,620 --> 00:28:53,620 S1: Yeah. Yeah, it's a good question. And the answer is yes. 490 00:28:53,660 --> 00:28:56,340 S1: I mean, P and I PMI is required if the 491 00:28:56,380 --> 00:29:00,380 S1: down payment is under 20%. That's going to protect the lender. 492 00:29:00,500 --> 00:29:03,459 S1: Doesn't do anything to help your son and daughter in law. 493 00:29:03,620 --> 00:29:06,540 S1: It's for the lender and it's added to the monthly payment. 494 00:29:06,700 --> 00:29:11,900 S1: And on a conventional loan under 20% PMI is required 20% 495 00:29:11,900 --> 00:29:15,940 S1: or more equity PMI goes away. Um you know there's 496 00:29:15,940 --> 00:29:19,940 S1: a few exceptions where the lender pays the PMI, uh, 497 00:29:20,660 --> 00:29:24,340 S1: you know, with an FHA loan, the mortgage insurance is 498 00:29:24,340 --> 00:29:28,720 S1: regarded as is required regardless of the down payment. But 499 00:29:28,720 --> 00:29:33,360 S1: for most people, PMI is only until you reach 20% 500 00:29:33,360 --> 00:29:38,040 S1: equity and then you can request removal. It's automatically removed 501 00:29:38,040 --> 00:29:41,360 S1: at around 22%. So you want to avoid it if 502 00:29:41,360 --> 00:29:44,880 S1: you can. Just because a bigger down payment means obviously 503 00:29:44,880 --> 00:29:49,360 S1: more equity, a lower mortgage payment, but also that PMI 504 00:29:49,760 --> 00:29:51,760 S1: monthly payment doesn't do anything for you. 505 00:29:53,440 --> 00:29:54,560 S6: Okay. Thank you. 506 00:29:55,160 --> 00:29:58,080 S1: All right. You're welcome. Thanks for calling today. Lord bless you. 507 00:29:58,400 --> 00:30:00,520 S1: Well we're going to take another break. When we come back, 508 00:30:00,520 --> 00:30:02,960 S1: we'll tackle a few more questions today if you'd like 509 00:30:02,960 --> 00:30:06,600 S1: to get in on the conversation, we've got room for you. 805. 510 00:30:06,640 --> 00:30:10,880 S1: Two five, 7000. Hey, Faith and Finance Live is listener supported, 511 00:30:10,880 --> 00:30:13,280 S1: and we're looking between now and the end of May 512 00:30:13,320 --> 00:30:16,400 S1: for another couple of hundred faith fi partners, those that 513 00:30:16,400 --> 00:30:19,240 S1: will support the ministry at $35 a month. And we've 514 00:30:19,240 --> 00:30:21,680 S1: got some incredible gifts for you when you do, including 515 00:30:21,680 --> 00:30:26,480 S1: our new field guides. Learn more at faith fi.com/give. We'll 516 00:30:26,480 --> 00:30:36,270 S1: be right back. Thanks for joining us today on Faith 517 00:30:36,270 --> 00:30:38,470 S1: and Finance Live here in our final segment. We'll get 518 00:30:38,470 --> 00:30:40,670 S1: to as many calls as we can. Let's head right 519 00:30:40,670 --> 00:30:44,709 S1: back to the phones. Tanya is Illinois. Tanya. Go ahead. Hi, Tanya. 520 00:30:44,710 --> 00:30:45,510 S1: How can I help? 521 00:30:46,390 --> 00:30:48,990 S7: Yes, sir. Thank you. This Mr. Roberts. 522 00:30:49,030 --> 00:30:49,950 S1: It sure is. 523 00:30:50,910 --> 00:30:53,590 S7: Thank you. Uh, as I explained to your producer, who 524 00:30:53,590 --> 00:30:56,870 S7: is so very kind, uh, she's spot on on wording 525 00:30:56,870 --> 00:31:00,190 S7: it the correct way. Um, I've saved up. I usually 526 00:31:00,190 --> 00:31:02,950 S7: try to save a dollar a day. Just my grandson 527 00:31:02,950 --> 00:31:06,110 S7: in the closet. And so at Christmas, at least he'll 528 00:31:06,110 --> 00:31:11,470 S7: have $365. But, um, we kind of saved, uh, maybe 529 00:31:11,470 --> 00:31:15,070 S7: about $2,000. And he's always showing me the stock market 530 00:31:15,070 --> 00:31:18,469 S7: stuff that I know nothing about. Embarrassingly so. Um, but 531 00:31:18,470 --> 00:31:21,510 S7: I just wanted to know where should I put the 2000? 532 00:31:21,790 --> 00:31:24,070 S7: I don't want to just bury it as it's said 533 00:31:24,070 --> 00:31:27,100 S7: in the scripture. I just wanted to know. And you 534 00:31:27,100 --> 00:31:31,700 S7: can disconnect me, uh, once you answer it, but I 535 00:31:31,700 --> 00:31:35,460 S7: just wanted to know. What should I do? He's 11, and, uh, 536 00:31:35,660 --> 00:31:37,900 S7: he thinks he's the next Mr. Rob West, I guess, 537 00:31:37,900 --> 00:31:38,300 S7: but he's. 538 00:31:38,300 --> 00:31:39,980 S8: Always showing me the stock market. 539 00:31:40,420 --> 00:31:43,180 S1: Well, I'm going to be going on vacation here pretty soon, 540 00:31:43,180 --> 00:31:45,100 S1: so maybe we can get him plugged in to host 541 00:31:45,100 --> 00:31:48,940 S1: the show. And, um. Hey, let me ask you a question. 542 00:31:48,940 --> 00:31:51,660 S1: First of all, congratulations. I love the fact that you've 543 00:31:51,660 --> 00:31:55,020 S1: been diligent in your saving, and now you've got this 544 00:31:55,060 --> 00:31:57,220 S1: sum of money you put away and you're wanting to 545 00:31:57,220 --> 00:31:59,500 S1: put it to work. And sounds like he's on the 546 00:31:59,500 --> 00:32:01,740 S1: right track with kind of how he's thinking about it 547 00:32:01,740 --> 00:32:04,980 S1: as well, which is amazing. Um, yeah, the, the starting 548 00:32:04,980 --> 00:32:08,500 S1: place is always to define what is the money for. 549 00:32:08,780 --> 00:32:12,460 S1: And here's some examples. You could say, listen, I want 550 00:32:12,460 --> 00:32:15,620 S1: this to be earmarked for education. And if so, then 551 00:32:15,620 --> 00:32:20,140 S1: there's a specific investment option that's probably best. If you said, no, 552 00:32:20,140 --> 00:32:24,780 S1: I just want it maybe for general future needs and 553 00:32:24,780 --> 00:32:27,400 S1: I want it to be flexible. Well, that would lead 554 00:32:27,400 --> 00:32:31,280 S1: us to another type of account. If it's very short 555 00:32:31,320 --> 00:32:33,240 S1: term because you think you're going to need it, let's 556 00:32:33,240 --> 00:32:35,800 S1: say in the next 12 months or he will. Then 557 00:32:35,800 --> 00:32:39,800 S1: we'd do something altogether different. So give me your best 558 00:32:39,800 --> 00:32:42,960 S1: thought on what is this money for specifically? 559 00:32:43,200 --> 00:32:47,760 S7: Okay. And to be honest, we haven't marked it for anything, 560 00:32:47,800 --> 00:32:52,640 S7: to be quite honest. So I, I that's why I 561 00:32:52,640 --> 00:32:54,880 S7: was just reaching out to you. He seems to be 562 00:32:54,880 --> 00:32:58,040 S7: into this investing thing wanting to invest. And I'm like, well, 563 00:32:58,040 --> 00:33:00,920 S7: I don't even know if they'll take $2,000 to invest. 564 00:33:00,960 --> 00:33:03,880 S1: Oh, yeah. Yeah, there's plenty of options for $2,000. All right. 565 00:33:03,880 --> 00:33:07,240 S1: So let's not earmark it just for college and let's 566 00:33:07,240 --> 00:33:09,960 S1: keep it a little more flexible. But let's agree that 567 00:33:09,960 --> 00:33:12,680 S1: this is money. We're thinking that we have at least 568 00:33:12,680 --> 00:33:15,360 S1: a five year time horizon on. Do you think that's true? 569 00:33:15,400 --> 00:33:16,920 S7: Yes, sir. That is exactly true. 570 00:33:17,320 --> 00:33:21,800 S1: Okay, great. So I think investing it is right now, 571 00:33:21,800 --> 00:33:25,950 S1: if you wanted to, you know, have him pick the 572 00:33:25,950 --> 00:33:28,670 S1: investments because he wanted to be able to, you know, 573 00:33:28,710 --> 00:33:31,390 S1: pick a company or two that maybe he knows and 574 00:33:31,390 --> 00:33:34,430 S1: loves and be able to follow it and be a 575 00:33:34,430 --> 00:33:37,030 S1: part owner of that company. You know, that would be 576 00:33:37,030 --> 00:33:39,110 S1: one way to go, but you're not going to be 577 00:33:39,110 --> 00:33:43,830 S1: very diversified. The success of this, the growth of this, uh, 578 00:33:43,870 --> 00:33:48,110 S1: $2,000 would be entirely dependent upon the success of one 579 00:33:48,110 --> 00:33:50,990 S1: particular company, which means, although it might be a good 580 00:33:50,990 --> 00:33:53,990 S1: education for him, it's not going to be very diversified. 581 00:33:53,990 --> 00:33:58,910 S1: So your risk goes up. The best approach to $2,000 582 00:33:58,910 --> 00:34:02,870 S1: is what's called a robo advisor, which just simply means 583 00:34:02,870 --> 00:34:06,590 S1: it's created for small accounts. So people who are just 584 00:34:06,590 --> 00:34:11,070 S1: getting started with investing. It's very low cost. It's very 585 00:34:11,070 --> 00:34:15,790 S1: simple to use and it's very highly diversified because if 586 00:34:15,830 --> 00:34:19,790 S1: you've heard of stock market indexes like the Dow Jones 30, 587 00:34:20,150 --> 00:34:23,940 S1: the 30 biggest companies in the US or the S&P 500, 588 00:34:23,980 --> 00:34:28,259 S1: the 500 largest companies or the Russell 2000. Those are 589 00:34:28,260 --> 00:34:32,100 S1: what are called indexes. And they track a broad swath 590 00:34:32,100 --> 00:34:35,940 S1: of of companies that make up largely the US stock market. 591 00:34:36,260 --> 00:34:39,379 S1: And what these robo advisors do, and I'll give you 592 00:34:39,380 --> 00:34:42,500 S1: two of them to look at, is they ask you 593 00:34:42,500 --> 00:34:44,660 S1: a series of questions about how much risk you want 594 00:34:44,700 --> 00:34:47,180 S1: to take and what your time horizon is and what 595 00:34:47,180 --> 00:34:48,980 S1: the purpose of the money is. And then when you 596 00:34:48,980 --> 00:34:51,860 S1: get to the end of the questionnaire, they essentially build 597 00:34:51,860 --> 00:34:55,859 S1: the investment strategy for you using their algorithms and they 598 00:34:55,860 --> 00:35:00,379 S1: use these indexes. So you'll just basically basically capture the 599 00:35:00,380 --> 00:35:03,820 S1: broad moves of the market without you having to pick 600 00:35:03,820 --> 00:35:07,180 S1: any individual companies. And if the overall market does well, 601 00:35:07,180 --> 00:35:09,900 S1: the account will grow. And if the market is down 602 00:35:09,900 --> 00:35:12,779 S1: because we're in a recession, well, your account will be down. 603 00:35:12,780 --> 00:35:15,540 S1: But over time you should do well as long as 604 00:35:15,540 --> 00:35:18,739 S1: you have the right time horizon of 5 to 10 605 00:35:18,739 --> 00:35:21,759 S1: years at a minimum. Uh, the two that I would 606 00:35:21,760 --> 00:35:24,799 S1: look at would be one which is called the Schwab 607 00:35:24,840 --> 00:35:29,880 S1: Intelligent Portfolios, Schwab Intelligent Portfolios. You could just do a 608 00:35:29,880 --> 00:35:32,759 S1: search for that in your search engine. The other one 609 00:35:32,760 --> 00:35:37,319 S1: is called fidelity. Go Geo and Schwab and Fidelity are 610 00:35:37,320 --> 00:35:40,919 S1: two of the biggest brokerage firms very highly rated in 611 00:35:40,920 --> 00:35:45,240 S1: the country. And the intelligent portfolios for Schwab and Go 612 00:35:45,239 --> 00:35:49,240 S1: for fidelity are the two robo advisors that essentially provide 613 00:35:49,239 --> 00:35:54,279 S1: this low cost automated investing for very small accounts. Does 614 00:35:54,280 --> 00:35:55,040 S1: that make sense? 615 00:35:55,080 --> 00:35:57,279 S7: Yes, sir. It does. So just let me just say 616 00:35:57,280 --> 00:36:00,080 S7: it one more time. So you really quickly Schwab intelligence 617 00:36:00,080 --> 00:36:05,640 S7: portfolios and fidelity go. And they would invest in the 618 00:36:05,680 --> 00:36:09,440 S7: Dow Jones with the 30 companies or whatever you just said. 619 00:36:09,719 --> 00:36:13,160 S7: And they are considered robo advisors. Is that does that 620 00:36:13,160 --> 00:36:13,560 S7: sound right? 621 00:36:13,600 --> 00:36:16,640 S1: That's right. Now you would have a much broader diversified 622 00:36:16,640 --> 00:36:19,480 S1: portfolio than even the Dow 30. That's just an example 623 00:36:19,480 --> 00:36:21,310 S1: of the type of index that would be in there. 624 00:36:21,310 --> 00:36:25,030 S1: But yes, you will own a wide swath of the market, 625 00:36:25,070 --> 00:36:29,270 S1: a mixture of stocks and bonds, both international and domestic. 626 00:36:29,270 --> 00:36:31,510 S1: And that's that's what you want. You, you would want 627 00:36:31,510 --> 00:36:34,550 S1: them to build that portfolio and let it just grow 628 00:36:34,550 --> 00:36:37,469 S1: over time. And every time you add something to it, 629 00:36:37,510 --> 00:36:40,549 S1: if on a monthly basis you had another 25 or $50, 630 00:36:40,550 --> 00:36:43,270 S1: you could put it in and it would automatically reinvest 631 00:36:43,270 --> 00:36:45,870 S1: anything you add to it. Now, the last thing that 632 00:36:45,870 --> 00:36:48,549 S1: I would say is, I'll probably recommend that you put 633 00:36:48,550 --> 00:36:53,709 S1: this in your name and not your grandson's. Um, you would, 634 00:36:53,710 --> 00:36:56,310 S1: you could do a custodial account. The problem with that 635 00:36:56,310 --> 00:36:59,990 S1: is at the age of 18, it would become his money. 636 00:36:59,989 --> 00:37:02,629 S1: Whether or not he was spiritually or financially mature enough 637 00:37:02,630 --> 00:37:05,029 S1: to handle it. And we all hope and pray that 638 00:37:05,030 --> 00:37:07,950 S1: he would be. But if he wasn't, you would still 639 00:37:07,950 --> 00:37:10,790 S1: have to give him the money. Uh, whereas if you 640 00:37:10,830 --> 00:37:14,189 S1: make the account in your name and put it to work, 641 00:37:14,190 --> 00:37:16,509 S1: you could still earmark it for him. So you know 642 00:37:16,510 --> 00:37:19,149 S1: in your mind that it's set aside for him. But 643 00:37:19,150 --> 00:37:21,980 S1: you would choose the age and the date and the 644 00:37:21,980 --> 00:37:25,180 S1: time to turn the money over to him based on 645 00:37:25,219 --> 00:37:27,300 S1: your own discernment. Does that make sense? 646 00:37:27,580 --> 00:37:32,219 S7: Yes, sir. Quickly. Uh, Mr. West, just asking. Staying right 647 00:37:32,219 --> 00:37:35,419 S7: there in that context. Would, uh, could I put his 648 00:37:35,420 --> 00:37:39,700 S7: name on there? Like, for the, um, I guess for 649 00:37:40,540 --> 00:37:41,980 S7: to inherit it if something. 650 00:37:42,020 --> 00:37:42,660 S8: Ah, yes. 651 00:37:42,700 --> 00:37:46,460 S1: Yes, ma'am. You could establish what's called a beneficiary so 652 00:37:46,460 --> 00:37:49,140 S1: that if you passed away, it would absolutely become his. 653 00:37:49,140 --> 00:37:51,819 S1: It would be a custodial account until he reached the 654 00:37:51,820 --> 00:37:54,740 S1: age of majority. But it would pass outside of your 655 00:37:54,739 --> 00:37:58,299 S1: estate directly to him. That's called a beneficiary. What I 656 00:37:58,300 --> 00:38:01,620 S1: was talking about is the titling of the account. So 657 00:38:01,620 --> 00:38:03,620 S1: long as you're alive, I'd put it in your name. 658 00:38:03,620 --> 00:38:04,860 S1: So you control it. 659 00:38:04,900 --> 00:38:08,540 S7: Yes, sir. And, um, I did want a copy of 660 00:38:08,540 --> 00:38:13,060 S7: your ultimate treasure. Uh, 21 day. 661 00:38:13,420 --> 00:38:15,339 S1: Well, you got one. I'm going to send. 662 00:38:15,340 --> 00:38:16,020 S8: It to you, but I. 663 00:38:16,020 --> 00:38:18,480 S7: Wasn't expecting to give it. Get it free if you 664 00:38:18,520 --> 00:38:20,920 S7: weren't giving. You had a certain amount. I don't mind 665 00:38:20,960 --> 00:38:22,160 S7: giving a donation. 666 00:38:22,200 --> 00:38:24,200 S1: You don't have any choice. I'm going to give it 667 00:38:24,200 --> 00:38:26,000 S1: to you free whether you like it or not. 668 00:38:28,560 --> 00:38:30,680 S8: Thank you so much. All right. 669 00:38:30,719 --> 00:38:33,840 S7: I've been listening to you guys since the days of Mr. Paquette. 670 00:38:33,920 --> 00:38:35,560 S7: I should be a millionaire, but. 671 00:38:35,560 --> 00:38:36,879 S8: I guess not. 672 00:38:36,880 --> 00:38:39,720 S7: Quite catching it the way I need to. But it's. 673 00:38:39,920 --> 00:38:42,800 S7: You know, it's not my skill set, but I'm learning 674 00:38:43,360 --> 00:38:44,240 S7: so well. 675 00:38:44,280 --> 00:38:46,040 S8: So very much for your time. There's someone else. 676 00:38:46,360 --> 00:38:47,040 S7: Before you go. 677 00:38:47,440 --> 00:38:51,440 S1: If you've trusted Jesus as your savior. Tanya, you are rich. So, uh, 678 00:38:51,440 --> 00:38:54,480 S1: so we appreciate your call today. And thank you for 679 00:38:54,480 --> 00:38:58,200 S1: blessing us with this conversation. Call anytime. Stay on the line. 680 00:38:58,200 --> 00:39:00,680 S1: We'll get your information. Let's finish up today in Florida 681 00:39:00,680 --> 00:39:01,640 S1: and go ahead. 682 00:39:01,680 --> 00:39:05,840 S9: Yes. My question is, um, I inherited my mom's home 683 00:39:06,120 --> 00:39:09,760 S9: through a lady bird deed, and I just sold just 684 00:39:09,760 --> 00:39:13,520 S9: sold the home. And I was wanting to know. I 685 00:39:13,560 --> 00:39:16,480 S9: have a couple of questions. Number one, where is a 686 00:39:16,480 --> 00:39:20,470 S9: good place to invest it. I've been told annuity annuities. 687 00:39:20,750 --> 00:39:23,310 S9: And another thing, if I have to pay capital gain 688 00:39:23,310 --> 00:39:26,270 S9: on it as it was in a Lady Bird deed, 689 00:39:26,590 --> 00:39:29,630 S9: my name was already on it. Um, and the other 690 00:39:29,630 --> 00:39:32,629 S9: thing is I wanted to pay a tithe on it. 691 00:39:32,630 --> 00:39:34,710 S9: So I'm just those are my three questions. 692 00:39:35,030 --> 00:39:37,270 S1: Yes, ma'am. Those are great. Uh, I'll get to as 693 00:39:37,270 --> 00:39:38,670 S1: much of that as we can. We're going to be 694 00:39:38,670 --> 00:39:40,990 S1: out of time here in just a moment. Uh, first question. 695 00:39:40,989 --> 00:39:44,709 S1: Does the lady bird deed change anything? No. Generally not. 696 00:39:44,750 --> 00:39:47,989 S1: A lady bird deed still allows for what's called a 697 00:39:47,989 --> 00:39:50,910 S1: step up in basis. And a step up in basis 698 00:39:50,910 --> 00:39:54,750 S1: means that the cost basis for this asset, a piece 699 00:39:54,750 --> 00:39:58,150 S1: of property, uh, is the market value as of the 700 00:39:58,150 --> 00:40:01,190 S1: date of death when you inherited it. And so your 701 00:40:01,190 --> 00:40:07,430 S1: capital gain is simply the selling price minus the stepped 702 00:40:07,430 --> 00:40:11,189 S1: up basis. What the new basis as of the market value, 703 00:40:11,230 --> 00:40:13,669 S1: as of the date of death, any growth from that 704 00:40:13,670 --> 00:40:16,380 S1: point until you sell it, you would have to pay 705 00:40:16,620 --> 00:40:19,700 S1: capital gains on that. If it's more than if you've 706 00:40:19,700 --> 00:40:21,899 S1: held it for more than a year, then it would 707 00:40:21,900 --> 00:40:26,100 S1: be a long term capital gain. In most cases, that's 15%. Uh, 708 00:40:26,100 --> 00:40:28,740 S1: in terms of a tithe on it, if you wanted 709 00:40:28,739 --> 00:40:30,779 S1: to give off of the increase, which is what a 710 00:40:30,780 --> 00:40:34,100 S1: tithe is, you would determine what that gain is. And 711 00:40:34,100 --> 00:40:36,460 S1: so the same amount that would be taxable as a 712 00:40:36,460 --> 00:40:39,660 S1: capital gain, you, you would take a 10th of that 713 00:40:39,660 --> 00:40:42,219 S1: and you'd give it, um, if you wanted to give 714 00:40:42,219 --> 00:40:45,100 S1: more than that. And that would be perfectly appropriate. And 715 00:40:45,100 --> 00:40:48,220 S1: maybe you wanted to go back to the original cost basis. Well, 716 00:40:48,219 --> 00:40:50,940 S1: that would be a much larger amount. But for tax 717 00:40:50,940 --> 00:40:54,460 S1: purposes at least, the gain is the growth from the 718 00:40:54,460 --> 00:40:57,899 S1: date of death to the date that you sold it. And, 719 00:40:57,940 --> 00:41:00,859 S1: you know, whatever difference is there in terms of what 720 00:41:00,900 --> 00:41:02,459 S1: to do with it, how much money are we talking 721 00:41:02,460 --> 00:41:03,299 S1: about roughly? 722 00:41:03,540 --> 00:41:08,660 S9: Well, I've got 193,000. Okay. I had 241, but I 723 00:41:08,700 --> 00:41:10,740 S9: paid some things and did some work on the house. 724 00:41:11,140 --> 00:41:13,460 S1: Yeah. So what I would do is connect with a 725 00:41:13,460 --> 00:41:16,520 S1: certified Kingdom advisor there in Florida, I'd go to find 726 00:41:16,600 --> 00:41:20,680 S1: a c k a.com. Find a c k. I'd probably 727 00:41:20,680 --> 00:41:22,839 S1: interview 2 or 3. Find the one that you feel 728 00:41:22,840 --> 00:41:25,920 S1: like is the best fit for you, and that advisor 729 00:41:25,960 --> 00:41:29,000 S1: could help you think through how this fits into your 730 00:41:29,000 --> 00:41:32,520 S1: overall plan. And an annuity may be the right choice 731 00:41:32,520 --> 00:41:35,239 S1: if you want the peace of mind. But I would 732 00:41:35,239 --> 00:41:38,560 S1: prefer you just have that advisor invested for you so 733 00:41:38,560 --> 00:41:40,959 S1: you wouldn't lose access to the money like you do 734 00:41:40,960 --> 00:41:44,800 S1: with an annuity. And you could get, I think, over time, 735 00:41:44,800 --> 00:41:49,279 S1: better growth. Does that make sense? Yes, yes. Okay. That 736 00:41:49,280 --> 00:41:53,040 S1: website again, find a c k.com. You're welcome. And thanks 737 00:41:53,040 --> 00:41:55,440 S1: for your call today. That's going to do it for us. 738 00:41:55,480 --> 00:41:58,120 S1: My team is amazing. And they're here pushing all the 739 00:41:58,160 --> 00:42:00,480 S1: buttons and talking to folks. And I love when when 740 00:42:00,480 --> 00:42:05,400 S1: you call them out because they deserve it. Taylor, Tyra, Josh, Omar, 741 00:42:05,400 --> 00:42:08,080 S1: and everybody here at Faith by Faith and finance live 742 00:42:08,080 --> 00:42:10,319 S1: as a partnership between Moody Radio and Faith. Hi. Come 743 00:42:10,320 --> 00:42:12,160 S1: back and join us tomorrow. We'll see you then. Bye bye.