1 00:00:08,520 --> 00:00:13,560 S1: Money can make us anxious, fearful, generous, or joyful, often 2 00:00:13,560 --> 00:00:16,920 S1: all in the same week. I am blessed, but Scripture 3 00:00:16,920 --> 00:00:20,920 S1: insists wealth can never give us security or control. So 4 00:00:20,920 --> 00:00:24,360 S1: what can it do? Doctor Russell James the third helps 5 00:00:24,360 --> 00:00:27,240 S1: us rethink wealth from the ground up. What is it? 6 00:00:27,280 --> 00:00:31,000 S1: What's it for and how joyful stewardship helps us take 7 00:00:31,000 --> 00:00:33,839 S1: hold of life that is truly life. Then it's on 8 00:00:33,840 --> 00:00:38,320 S1: to your calls at 800 525 7000. This is faith 9 00:00:38,320 --> 00:00:46,000 S1: and finance. Live biblical wisdom for your financial journey. Well, 10 00:00:46,000 --> 00:00:48,800 S1: today we're joined by Doctor Russell James the third, who 11 00:00:48,800 --> 00:00:52,879 S1: serves as the foundation chair of personal financial planning and 12 00:00:52,880 --> 00:00:56,960 S1: charitable giving at Texas Tech University. He's also the author 13 00:00:56,960 --> 00:01:01,310 S1: of A Christian's Guide to Joyful Wealth management. Doctor James, 14 00:01:01,310 --> 00:01:02,950 S1: great to have you with us today. 15 00:01:03,230 --> 00:01:04,510 S2: Glad to be here. Thanks. 16 00:01:05,110 --> 00:01:08,390 S1: You open your book by grounding the whole discussion in 17 00:01:08,390 --> 00:01:13,070 S1: what Scripture says wealth actually is. The apostle Paul reminds us, 18 00:01:13,069 --> 00:01:17,390 S1: there's one thing we absolutely cannot do with money. So 19 00:01:17,390 --> 00:01:19,870 S1: I'd love for you to share what that is. And 20 00:01:19,910 --> 00:01:23,870 S1: why does beginning there reshape the entire conversation? 21 00:01:24,310 --> 00:01:27,190 S2: Yeah. So the book just walks through the same arguments 22 00:01:27,190 --> 00:01:30,150 S2: that Paul makes in first Timothy six, and he starts 23 00:01:30,150 --> 00:01:32,830 S2: out by letting us know, you can't take it with 24 00:01:32,830 --> 00:01:34,950 S2: you when you go. You know, we don't get to 25 00:01:34,990 --> 00:01:39,630 S2: keep it. We leave it behind eventually. Now that reality 26 00:01:39,670 --> 00:01:43,470 S2: reframes money as temporary, what it means is that we 27 00:01:43,470 --> 00:01:47,590 S2: are stewards, if not by faith, then just by biology. 28 00:01:47,910 --> 00:01:51,590 S2: When you start there, it reshapes how you think about 29 00:01:51,590 --> 00:01:55,310 S2: every financial decision. I mean, how would you react if 30 00:01:55,310 --> 00:01:59,260 S2: the first question your financial advisor asked you was, So 31 00:01:59,460 --> 00:02:02,740 S2: how would you prefer to lose your wealth? Well, that 32 00:02:02,740 --> 00:02:06,180 S2: sounds strange, but it is reality. We are going to 33 00:02:06,220 --> 00:02:08,460 S2: lose it. The only question is how. 34 00:02:08,740 --> 00:02:11,500 S1: MM. Yeah, that is exactly right. And that really is 35 00:02:11,500 --> 00:02:15,980 S1: a game changing idea. When we start there, it really 36 00:02:15,980 --> 00:02:20,059 S1: changes everything about how we view and handle and ultimately 37 00:02:20,060 --> 00:02:24,460 S1: steward what God has entrusted to us. Uh, now you 38 00:02:24,460 --> 00:02:27,260 S1: go on to say that even believers can end up 39 00:02:27,260 --> 00:02:30,540 S1: chasing the wrong goal with their money. And, and so 40 00:02:30,580 --> 00:02:33,580 S1: in your mind, what is that goal? And why does 41 00:02:33,580 --> 00:02:35,460 S1: it seem so compelling to us? 42 00:02:35,940 --> 00:02:39,180 S2: Well, until we lose it at death, we've actually only 43 00:02:39,180 --> 00:02:43,700 S2: got four wealth management options and each are described in scripture. 44 00:02:43,700 --> 00:02:50,899 S2: Those four options are binge, berry, toil or enjoy. Now, binging, 45 00:02:50,940 --> 00:02:53,660 S2: of course, doesn't end well. We see that from Solomon's 46 00:02:53,660 --> 00:02:58,060 S2: experiments or the prodigal son, Barry, means we just stack 47 00:02:58,210 --> 00:03:00,850 S2: it up and protect it. But just to die with 48 00:03:00,850 --> 00:03:03,850 S2: it now. Toil is probably worse. That means we just 49 00:03:03,850 --> 00:03:08,010 S2: keep hustling nonstop to stack up even more just to 50 00:03:08,050 --> 00:03:11,210 S2: die with that. This is the idea that we're toiling 51 00:03:11,210 --> 00:03:14,730 S2: just to get rich. Yeah. One problem with that plan, 52 00:03:14,770 --> 00:03:17,690 S2: you never get there. You'll just redefine what it means 53 00:03:17,690 --> 00:03:21,610 S2: to be rich. That toiling get rich is a bad goal. 54 00:03:21,650 --> 00:03:24,810 S2: Burying it just to hide and protect it. Just to 55 00:03:24,850 --> 00:03:26,930 S2: die with it. That's not really the way to live 56 00:03:26,930 --> 00:03:30,730 S2: life either. It has that promise of control. But that's 57 00:03:30,730 --> 00:03:33,730 S2: not something wealth can deliver to you. It doesn't give 58 00:03:33,730 --> 00:03:37,410 S2: you that kind of security. Right now, wealth holding is 59 00:03:37,410 --> 00:03:40,370 S2: uncertain and subject to disappearing, but there is a guarantee 60 00:03:40,410 --> 00:03:43,650 S2: that comes with wealth, and that is it's guaranteed to 61 00:03:43,730 --> 00:03:48,170 S2: end when safety becomes the goal outside of God. It 62 00:03:48,170 --> 00:03:50,650 S2: displaces our trust in God. 63 00:03:50,930 --> 00:03:53,490 S1: HMM. Well, let's dig a little bit deeper on that, 64 00:03:53,490 --> 00:03:56,450 S1: because one theme that really stands out in your book 65 00:03:56,450 --> 00:03:59,920 S1: is fear. Fear and saving could be fear in spending, 66 00:03:59,920 --> 00:04:04,200 S1: even giving. So from a biblical perspective, how does fear 67 00:04:04,200 --> 00:04:05,760 S1: affect the way we handle money? 68 00:04:06,120 --> 00:04:08,520 S2: Yeah. So we've been looking at the options of binging 69 00:04:08,520 --> 00:04:12,680 S2: or burying or toiling to bury even more. Most Christian 70 00:04:12,680 --> 00:04:18,200 S2: stewardship teaching focuses on not binging. That's sticking to a 71 00:04:18,200 --> 00:04:21,400 S2: budget to watch out for credit card debt. And that's important. 72 00:04:21,400 --> 00:04:26,360 S2: And it's great. But Jesus actually told more stories about 73 00:04:26,360 --> 00:04:30,800 S2: the burying bad stewards. And notice in both the parable 74 00:04:30,800 --> 00:04:33,679 S2: of the talents and the parable of the minas, the 75 00:04:33,680 --> 00:04:38,520 S2: explanation given by the burying bad stewards for their actions. 76 00:04:38,720 --> 00:04:44,920 S2: It was the same because I was afraid. Fear often 77 00:04:44,920 --> 00:04:49,599 S2: leads people towards self-protection outside of God. It narrows attention 78 00:04:49,600 --> 00:04:53,920 S2: to worst case scenarios. And, um, it can distort our 79 00:04:53,920 --> 00:04:55,760 S2: view of God's provision. 80 00:04:56,100 --> 00:04:58,540 S1: Well, this is so helpful. We're going to continue and 81 00:04:58,540 --> 00:05:02,100 S1: unpack this just around the corner. And we'll not only 82 00:05:02,100 --> 00:05:05,340 S1: talk a bit more about fear, but also what does 83 00:05:05,339 --> 00:05:09,300 S1: it look like to handle God's wealth joyfully? And where 84 00:05:09,300 --> 00:05:13,260 S1: does generosity fit into this conversation? We're talking today with 85 00:05:13,260 --> 00:05:17,260 S1: Doctor Russell James the third, what money can't do and 86 00:05:17,260 --> 00:05:19,779 S1: what it can. A lot more to come. Just around 87 00:05:19,779 --> 00:05:35,220 S1: the corner on faith and finance live. Stick around. Scripture 88 00:05:35,220 --> 00:05:38,940 S1: talks about taking hold of life that is truly life. 89 00:05:38,940 --> 00:05:41,700 S1: What does it mean to handle God's money in a 90 00:05:41,700 --> 00:05:45,540 S1: way that's generous and joyful? You know, wealth can never 91 00:05:45,540 --> 00:05:49,539 S1: give us security or control, despite what the world may 92 00:05:49,580 --> 00:05:53,340 S1: tell us. And today we're talking with Doctor Russell James 93 00:05:53,339 --> 00:05:58,969 S1: to really understand how we can joyfully manage God's money. 94 00:05:59,170 --> 00:06:02,850 S1: Doctor James serves as the C.H. Foundation Chair of personal, 95 00:06:02,850 --> 00:06:07,849 S1: financial planning and charitable giving at Texas Tech University. And 96 00:06:07,890 --> 00:06:11,690 S1: Doctor James, before the break, we were talking about fear 97 00:06:11,690 --> 00:06:14,330 S1: and the role that fear can play and how we 98 00:06:14,330 --> 00:06:17,890 S1: manage money, and that fear often pushes us to hoard 99 00:06:17,890 --> 00:06:21,130 S1: rather than enjoy or share. So why do you think 100 00:06:21,130 --> 00:06:26,010 S1: Scripture takes such a strong stance against simply piling up wealth? 101 00:06:26,330 --> 00:06:28,890 S2: Well, part of it is it's about where we're putting 102 00:06:28,890 --> 00:06:33,330 S2: our trust. Wealth holding is temporary. It disappears during life 103 00:06:33,330 --> 00:06:37,450 S2: and definitely at the end of life. Oftentimes that hoarding 104 00:06:37,450 --> 00:06:41,250 S2: can replace trust in God with the promise of control. 105 00:06:41,490 --> 00:06:44,170 S2: But there are problems with it. Number one, it can't 106 00:06:44,170 --> 00:06:47,770 S2: deliver that kind of control because it's uncertain and subject 107 00:06:47,770 --> 00:06:51,250 S2: to disappearing. And the other is it's just no way 108 00:06:51,250 --> 00:06:55,000 S2: to live. The purpose of God's rich provision is for 109 00:06:55,040 --> 00:06:59,520 S2: enjoyment and we can't have enjoyment if we're just hoarding it. 110 00:06:59,720 --> 00:07:02,679 S1: I love that, and, you know, often we struggle with 111 00:07:02,680 --> 00:07:06,719 S1: what is a proper view of enjoying what God has provided. 112 00:07:06,720 --> 00:07:11,720 S1: But clearly Scripture teaches that God richly provides for our enjoyment. 113 00:07:12,000 --> 00:07:15,280 S1: A statement that can even feel unsettling. So how do 114 00:07:15,280 --> 00:07:18,360 S1: we understand enjoyment through the lens of God's Word? 115 00:07:18,680 --> 00:07:23,360 S2: So we begin with recognizing that God richly blesses us now, 116 00:07:23,360 --> 00:07:27,560 S2: often in different ways with different people. But enjoyment is 117 00:07:27,560 --> 00:07:31,440 S2: God's intention. That's actually a purpose clause there, but it's 118 00:07:31,440 --> 00:07:35,680 S2: something we must choose. Now, when you think enjoyment, that's 119 00:07:35,720 --> 00:07:40,960 S2: actually not indulgence. Binging does not lead to an enjoyable life. 120 00:07:41,200 --> 00:07:45,160 S2: Enjoyment is when we take the rich provision and we 121 00:07:45,160 --> 00:07:49,200 S2: put it to work, we use it to accomplish real, 122 00:07:49,200 --> 00:07:52,880 S2: intrinsically good outcomes. We use it to become rich in 123 00:07:53,030 --> 00:07:56,430 S2: beautifully good works. We use it to become a joyful 124 00:07:56,430 --> 00:08:00,910 S2: sharer with our fellowship community. Now, that's not just me speculating. 125 00:08:00,910 --> 00:08:04,990 S2: Those are actually the phrases from first Timothy 618. It 126 00:08:04,990 --> 00:08:09,630 S2: becomes distorted when it's separated from its intended purpose. That's 127 00:08:09,630 --> 00:08:12,470 S2: when we follow the path of using it to binge, 128 00:08:12,470 --> 00:08:15,430 S2: or using it to just bury in the ground, rather 129 00:08:15,430 --> 00:08:17,510 S2: than aligning it with generosity. 130 00:08:17,710 --> 00:08:20,590 S1: Yeah, that's a powerful idea. And you go so far 131 00:08:20,590 --> 00:08:23,550 S1: as to say that enjoyment can actually be a faithful 132 00:08:23,550 --> 00:08:27,350 S1: response to God. So how does enjoyment function then as 133 00:08:27,430 --> 00:08:29,750 S1: a moral or a spiritual category? 134 00:08:30,190 --> 00:08:35,189 S2: Well, we begin by enjoyment acknowledging God as the giver. 135 00:08:35,510 --> 00:08:40,309 S2: You see, if we recognize God is our ongoing rich provider, 136 00:08:40,510 --> 00:08:42,990 S2: we're not going to have a scarcity mindset where we're 137 00:08:42,990 --> 00:08:45,390 S2: in fear all the time, and we have to just 138 00:08:45,390 --> 00:08:49,550 S2: keep hoarding more. We're going to be freed to actually 139 00:08:49,550 --> 00:08:55,459 S2: enjoy because of our trust in our richly providing God. 140 00:08:55,460 --> 00:08:59,500 S2: That's what frees people to make an impact through their 141 00:08:59,500 --> 00:09:01,020 S2: generous sharing. 142 00:09:01,380 --> 00:09:05,660 S1: Yeah. Now you make a distinction between private wealth and 143 00:09:05,660 --> 00:09:08,540 S1: public good works. So I'd love for you to unpack 144 00:09:08,540 --> 00:09:11,260 S1: that a bit. Why does the Bible care about generosity 145 00:09:11,260 --> 00:09:14,300 S1: that shows up in real and visible ways? 146 00:09:14,500 --> 00:09:17,340 S2: Well, we see examples of this kind of giving in Scripture, 147 00:09:17,340 --> 00:09:22,939 S2: in part because visible good works encourages the whole community. Uh, 148 00:09:22,980 --> 00:09:26,300 S2: Scripture calls believers to be rich in good works that 149 00:09:26,300 --> 00:09:30,940 S2: share generosity, encourages others to share. It builds trust and 150 00:09:30,980 --> 00:09:33,540 S2: witness pointing the giver to God. 151 00:09:33,860 --> 00:09:37,140 S1: HMM. Now, some listeners may actually feel a tension here, 152 00:09:37,140 --> 00:09:41,020 S1: and I'm, uh, drawing from Jesus in Matthew six where 153 00:09:41,020 --> 00:09:43,060 S1: he says not to let our left hand know what 154 00:09:43,100 --> 00:09:45,500 S1: our right hand is doing when we give. So how 155 00:09:45,500 --> 00:09:49,260 S1: do we reconcile that idea with visible generosity? 156 00:09:49,740 --> 00:09:53,170 S2: Big conflict here, but it's only a conflict in the 157 00:09:53,170 --> 00:09:56,490 S2: English translations. Actually, it's not a conflict in the original 158 00:09:56,490 --> 00:09:59,810 S2: Greek text. What people miss is that there are two 159 00:10:00,010 --> 00:10:02,969 S2: different kinds of gifts in the New Testament, and they 160 00:10:02,970 --> 00:10:08,209 S2: often have different, often opposite, rules. Now, you mentioned Jesus's reference, 161 00:10:08,250 --> 00:10:11,850 S2: those he gives the rules for Elijah Mason, what we 162 00:10:11,850 --> 00:10:15,010 S2: might call almsgiving or giving down. And that type of 163 00:10:15,050 --> 00:10:18,730 S2: giving must be hidden. But starting with the book of acts, 164 00:10:18,730 --> 00:10:22,130 S2: there's actually a new type of giving. In addition, by 165 00:10:22,130 --> 00:10:26,449 S2: a different word, this is koinonia sharing. The koinonia is 166 00:10:26,450 --> 00:10:30,490 S2: the fellowship community fellowship. Community sharing is not giving down. 167 00:10:30,490 --> 00:10:34,090 S2: It's sharing across. It's a gift of equality. And it's 168 00:10:34,130 --> 00:10:38,170 S2: actually supposed to be open and public. When Paul urges 169 00:10:38,170 --> 00:10:42,329 S2: the Corinthians to give, he says therefore openly before the churches, 170 00:10:42,330 --> 00:10:44,690 S2: show them the proof of your love and our reason 171 00:10:44,690 --> 00:10:47,730 S2: for boasting about you. And after he had boasted to 172 00:10:47,770 --> 00:10:51,240 S2: them about the giving of the Macedonians, inspired by his 173 00:10:51,240 --> 00:10:54,960 S2: boasting about their own pledge to give. Of course, ministry 174 00:10:55,000 --> 00:11:00,760 S2: donors have always been named and recognized individually, whether it's Mary, Joanna, Susanna, 175 00:11:00,800 --> 00:11:04,880 S2: Barnabas or even Phoebe. So different rules for different gifts. 176 00:11:04,880 --> 00:11:07,199 S2: And just like the Old Testament, we don't mix and 177 00:11:07,200 --> 00:11:09,400 S2: match the different rules for the different gifts. 178 00:11:09,640 --> 00:11:12,079 S1: MM, that is so helpful. I want to pivot and 179 00:11:12,080 --> 00:11:15,439 S1: talk a bit about legacy and preparing the next steward. 180 00:11:15,480 --> 00:11:18,640 S1: Often when we talk about legacy Doctor James, we mean 181 00:11:18,800 --> 00:11:23,640 S1: passing money on to heirs. However, you argue that Scripture 182 00:11:23,679 --> 00:11:28,120 S1: casts a broader vision for inheritance. Unpack what that looks like. 183 00:11:28,640 --> 00:11:32,520 S2: So the idea here is we leave a legacy of 184 00:11:32,720 --> 00:11:38,199 S2: values and an example that endures over time, that shapes 185 00:11:38,559 --> 00:11:43,280 S2: the future generations, those good works that we accomplish. They're 186 00:11:43,280 --> 00:11:47,239 S2: going to outlast the uncertainty of wealth, which can disappear 187 00:11:47,240 --> 00:11:51,310 S2: with market shifts or bad investments. Paul calls this storing 188 00:11:51,309 --> 00:11:54,830 S2: up for themselves the treasure of a good foundation for 189 00:11:54,830 --> 00:11:58,310 S2: the future, where a financial inheritance may not last very 190 00:11:58,309 --> 00:11:59,790 S2: long and oftentimes doesn't. 191 00:12:00,110 --> 00:12:04,550 S1: Yeah. And so when we read that passage about, uh, giving, uh, 192 00:12:04,550 --> 00:12:07,710 S1: an inheritance to our children's children that was bigger than 193 00:12:07,710 --> 00:12:09,630 S1: just financial resources, wasn't it? 194 00:12:09,990 --> 00:12:13,510 S2: Indeed. And in fact, that passage talks about a direct 195 00:12:13,510 --> 00:12:18,790 S2: transfer to the grandchildren, which during that time was actually 196 00:12:18,790 --> 00:12:23,510 S2: legally impossible. You couldn't leave an inheritance directly, a financial 197 00:12:23,510 --> 00:12:27,949 S2: inheritance directly to grandchildren. So it's actually talking about leaving 198 00:12:27,950 --> 00:12:33,070 S2: a direct inheritance of faithfulness and the example that they 199 00:12:33,070 --> 00:12:36,069 S2: can follow that they can take from us immediately. 200 00:12:36,350 --> 00:12:39,830 S1: Wow, that is so good. Alright, I want to finish with, uh, 201 00:12:39,830 --> 00:12:42,910 S1: the Apostle Paul when he speaks of taking hold of 202 00:12:42,950 --> 00:12:46,990 S1: that which is truly life. How does joyful wealth management 203 00:12:46,990 --> 00:12:50,530 S1: help us to do that in ways anxious wealth management 204 00:12:50,530 --> 00:12:51,370 S1: never can. 205 00:12:51,490 --> 00:12:54,330 S2: Well, that life, which is truly life as we know it, 206 00:12:54,330 --> 00:12:57,210 S2: has a long term meaning, but it starts right now. 207 00:12:57,410 --> 00:13:01,890 S2: When we take this approach, you can replace fear with trust. 208 00:13:02,050 --> 00:13:05,690 S2: It can really help to restore gratitude, giving wealth meaning 209 00:13:05,690 --> 00:13:09,090 S2: beyond just a spreadsheet or some numbers. It allows people 210 00:13:09,090 --> 00:13:14,050 S2: to experience the abundant life that Jesus described. Because we 211 00:13:14,090 --> 00:13:18,450 S2: are trusting in God's rich provision. We can actually see 212 00:13:18,450 --> 00:13:22,849 S2: it in the science and research. Generosity brings joy. 213 00:13:23,010 --> 00:13:26,210 S1: Mhm. Wow. And so that's one of the big ideas 214 00:13:26,210 --> 00:13:29,290 S1: that should just leap off the page. We serve an 215 00:13:29,290 --> 00:13:33,490 S1: incredibly generous God. And our natural response as an overflow 216 00:13:33,490 --> 00:13:37,450 S1: of that gratitude should be to be a generous people ourselves, right? 217 00:13:37,730 --> 00:13:38,570 S2: Absolutely. 218 00:13:38,970 --> 00:13:42,250 S1: I love it. Well, folks, God richly provides not to 219 00:13:42,290 --> 00:13:46,690 S1: make us anxious stewards of temporary wealth, but grateful participants 220 00:13:46,690 --> 00:13:50,559 S1: in his generous kingdom. Doctor James, thank you for reminding 221 00:13:50,559 --> 00:13:52,760 S1: us of that today and for being on the program. 222 00:13:53,000 --> 00:13:54,079 S2: It's been my pleasure. 223 00:13:54,640 --> 00:13:57,920 S1: That's Doctor Russell James the third, the C. H Foundation 224 00:13:57,920 --> 00:14:01,640 S1: chair of personal financial planning and charitable giving at Texas 225 00:14:01,640 --> 00:14:05,120 S1: Tech University. He's the author of A Christian's Guide to 226 00:14:05,160 --> 00:14:09,319 S1: Joyful Wealth Management and the accompanying study guide as well. 227 00:14:09,320 --> 00:14:14,560 S1: You can download both for free at encourage generosity.com. That's 228 00:14:14,559 --> 00:14:17,760 S1: encourage generosity.com. We'll be right back. 229 00:14:28,720 --> 00:14:31,840 S3: The opinions offered during this program represent the personal or 230 00:14:31,840 --> 00:14:36,239 S3: professional opinions of the participants given for informational purposes only. 231 00:14:36,360 --> 00:14:39,800 S3: Any information provided is not intended to replace advice from 232 00:14:39,800 --> 00:14:44,200 S3: a financial, medical, legal or other professional who understands your 233 00:14:44,200 --> 00:14:45,800 S3: specific situation. 234 00:14:52,390 --> 00:14:54,950 S1: Thanks for joining us today on Faith and Finance Live. 235 00:14:54,950 --> 00:14:57,910 S1: I'm Rob West. Well, looking forward to taking your calls 236 00:14:57,910 --> 00:15:00,750 S1: and questions here shortly. Now is the time to call. 237 00:15:00,750 --> 00:15:03,470 S1: We've got some lines open for you and the team 238 00:15:03,470 --> 00:15:08,230 S1: is ready. So just pick up the phone 800 525 7000. 239 00:15:08,270 --> 00:15:12,830 S1: That's 800 525 7000. We'd love to tackle whatever you're 240 00:15:12,830 --> 00:15:15,750 S1: thinking about in your financial life today, and we'll do 241 00:15:15,750 --> 00:15:18,350 S1: that between now and the end of the program. We'll 242 00:15:18,350 --> 00:15:20,630 S1: head to those phones here in just a moment. But 243 00:15:20,630 --> 00:15:24,350 S1: first in the news today, according to IRS data, the 244 00:15:24,390 --> 00:15:31,470 S1: average refund is about $3,676. That's about 10.5% higher than 245 00:15:31,510 --> 00:15:35,110 S1: at the same time last year. That increase is largely 246 00:15:35,110 --> 00:15:38,350 S1: tied to recent tax law changes, and the fact that 247 00:15:38,350 --> 00:15:42,270 S1: many workers had too much withheld from their paychecks after 248 00:15:42,270 --> 00:15:45,900 S1: those changes took effect in mid 2025. In other words, 249 00:15:45,900 --> 00:15:49,620 S1: many households simply overpaid the IRS during the year and 250 00:15:49,620 --> 00:15:53,540 S1: are now getting that money back. Some refunds may also 251 00:15:53,540 --> 00:15:57,700 S1: be larger because of new deductions tied to overtime pay. 252 00:15:57,860 --> 00:16:01,860 S1: Tip income seniors remember they have a new deduction 65 253 00:16:01,860 --> 00:16:05,420 S1: and older this year as well as auto loan interest. Still, 254 00:16:05,420 --> 00:16:08,940 S1: the size of a refund varies widely depending on income 255 00:16:09,060 --> 00:16:13,900 S1: withholding and which tax breaks apply. With these new laws 256 00:16:13,900 --> 00:16:16,780 S1: in place, it's helpful to revisit your withholding to align 257 00:16:16,780 --> 00:16:21,020 S1: more closely with what you actually owe. In light of 258 00:16:21,020 --> 00:16:23,220 S1: the new tax law so that you aren't giving the 259 00:16:23,220 --> 00:16:27,580 S1: government an interest free loan throughout the year, uh, hopefully 260 00:16:27,580 --> 00:16:30,540 S1: that's a good reminder for you today. Um, you know, 261 00:16:30,580 --> 00:16:32,020 S1: keep in mind, if you don't know where to go 262 00:16:32,020 --> 00:16:34,740 S1: from here, just check with your HR department. They should 263 00:16:34,740 --> 00:16:36,700 S1: be able to give you a worksheet that would allow 264 00:16:36,700 --> 00:16:40,620 S1: you to determine how much withholding. And I would rather 265 00:16:40,620 --> 00:16:43,140 S1: you get that back as a part of your monthly check. 266 00:16:43,140 --> 00:16:45,970 S1: Not a windfall. Here's why. You know, when it's in 267 00:16:45,970 --> 00:16:49,130 S1: our plan, we can direct it to the things that 268 00:16:49,130 --> 00:16:52,330 S1: are most important, hopefully, that align with your values as 269 00:16:52,330 --> 00:16:55,290 S1: a Christ follower. But when you're getting it as a 270 00:16:55,290 --> 00:16:59,770 S1: lump sum, often you're finding somewhere maybe to buy a 271 00:16:59,770 --> 00:17:03,210 S1: big ticket item or to use it all at once. Again, 272 00:17:03,250 --> 00:17:05,610 S1: that's not as helpful. I'd rather you get that on 273 00:17:05,609 --> 00:17:08,170 S1: a monthly basis. Not to mention the fact that you 274 00:17:08,170 --> 00:17:12,010 S1: aren't earning any interest by loaning it to Uncle Sam 275 00:17:12,050 --> 00:17:14,409 S1: throughout the year. So this is a great time to 276 00:17:14,450 --> 00:17:17,490 S1: revisit that withholding and hopefully get a little bit more 277 00:17:17,490 --> 00:17:21,050 S1: in your paycheck each time you receive that. All right, 278 00:17:21,050 --> 00:17:23,369 S1: let's head to the phones today. We're going to begin 279 00:17:23,730 --> 00:17:27,369 S1: in Tennessee. Isaiah, thanks for calling today. How can I help? 280 00:17:27,730 --> 00:17:31,810 S4: Hey Rob. Uh, I'm 16. I'm just starting off in life. 281 00:17:31,850 --> 00:17:34,450 S4: Got a job, a car. I'm just looking for some 282 00:17:34,490 --> 00:17:37,210 S4: advice that I can get, um, to set up for 283 00:17:37,210 --> 00:17:41,090 S4: retirement in the long run. Also looking to stay out 284 00:17:41,090 --> 00:17:44,760 S4: of debt. So any, uh, any advice you can give 285 00:17:44,760 --> 00:17:46,040 S4: me would be great. 286 00:17:46,320 --> 00:17:49,240 S1: Awesome. Man. I love that you're thinking about this. Isaiah 287 00:17:49,280 --> 00:17:52,360 S1: at 16. What is that first job that you just got? 288 00:17:52,800 --> 00:17:57,880 S4: Uh, I am a waiter at a, uh, assisted living home. Cool. 289 00:17:59,040 --> 00:18:03,440 S1: I love that. That's great. And, uh, are you able to, 290 00:18:03,720 --> 00:18:05,600 S1: you know, have you put a plan together just in 291 00:18:05,600 --> 00:18:07,800 S1: terms of what you're saving for? I know you mentioned 292 00:18:07,840 --> 00:18:11,000 S1: the long term retirement, but do you have some other 293 00:18:11,040 --> 00:18:13,560 S1: or short term goals that you'd like to, uh, save 294 00:18:13,560 --> 00:18:14,600 S1: for specifically? 295 00:18:15,160 --> 00:18:20,440 S4: Uh, yes, sir. So I've been, uh, doing very basic 296 00:18:20,600 --> 00:18:26,040 S4: dividing money between, you know, emergency savings, ties, uh, etcetera, 297 00:18:26,640 --> 00:18:30,760 S4: short term saving up for not necessarily just kind of 298 00:18:30,800 --> 00:18:33,400 S4: having another account that I might spend some money on. 299 00:18:33,560 --> 00:18:36,760 S1: Yeah. Awesome. Well, here's what I would say. I mean, 300 00:18:36,800 --> 00:18:39,200 S1: you know, this is an opportunity for you to begin 301 00:18:39,200 --> 00:18:43,230 S1: forming a healthy biblical view of money, uh, from a 302 00:18:43,270 --> 00:18:48,350 S1: biblical perspective. Financial success isn't defined by how much you accumulate, 303 00:18:48,350 --> 00:18:53,310 S1: but by how faithfully you manage what God has entrusted 304 00:18:53,310 --> 00:18:55,590 S1: to you. You steward it because you and I are 305 00:18:55,590 --> 00:18:58,750 S1: managers for the King of kings and how you trust him, 306 00:18:58,750 --> 00:19:02,510 S1: because ultimately, he is your provider. And Scripture reminds us, Isaiah, 307 00:19:02,510 --> 00:19:05,590 S1: that everything we have ultimately belongs to him. So the 308 00:19:05,630 --> 00:19:08,310 S1: goal is to manage money in a way that brings 309 00:19:08,310 --> 00:19:11,470 S1: him glory and honors him. But it's also a good 310 00:19:11,470 --> 00:19:13,429 S1: gift from a good God, so he wants us to 311 00:19:13,470 --> 00:19:16,630 S1: enjoy it along the way. A great place to start. 312 00:19:16,630 --> 00:19:20,109 S1: And you've already acknowledged this is just setting up that 313 00:19:20,109 --> 00:19:23,790 S1: rhythm of giving right off the top, right out of 314 00:19:23,830 --> 00:19:27,149 S1: every dollar that you receive. So setting aside a portion 315 00:19:27,150 --> 00:19:29,870 S1: of your income for the Lord, it really helps to 316 00:19:29,910 --> 00:19:33,870 S1: shape your heart toward generosity. And it's a good reminder 317 00:19:33,869 --> 00:19:38,790 S1: that God, not money, is your provider beyond automatic giving, 318 00:19:38,790 --> 00:19:42,419 S1: I would saying developing the habit of saving and living 319 00:19:42,420 --> 00:19:46,460 S1: within your means is really important. Saving consistently helps you 320 00:19:46,460 --> 00:19:51,500 S1: prepare for future needs and and avoids unnecessary stress. But 321 00:19:51,500 --> 00:19:54,899 S1: spending wisely keeps you from relying on debt. So I 322 00:19:54,900 --> 00:19:59,020 S1: would say avoid debt wherever possible. And that's a key 323 00:19:59,060 --> 00:20:02,300 S1: step toward financial freedom that allows you to focus on 324 00:20:02,340 --> 00:20:06,619 S1: using your resources for God's purposes rather than paying interest. Uh, 325 00:20:06,619 --> 00:20:10,620 S1: it's also important to begin learning how money works. So budgeting, saving, 326 00:20:10,619 --> 00:20:14,460 S1: investing so you can steward what God entrusts to you. Well, 327 00:20:14,859 --> 00:20:18,419 S1: and if you eventually have the opportunity to invest for retirement, 328 00:20:18,420 --> 00:20:20,340 S1: and I know you're wanting to start that right now, 329 00:20:20,340 --> 00:20:22,820 S1: and you certainly can do that with earned income, then 330 00:20:22,820 --> 00:20:26,620 S1: I would say a Roth IRA would be a great resource. 331 00:20:26,780 --> 00:20:29,899 S1: So here's where I would go from here. I think, 332 00:20:29,940 --> 00:20:32,619 S1: you know, the first thing is to establish that regular 333 00:20:32,660 --> 00:20:35,420 S1: giving rhythm. Sounds like you've already done that. That's great. 334 00:20:35,420 --> 00:20:39,300 S1: I think the second is I would start looking at 335 00:20:39,700 --> 00:20:43,810 S1: what your short term savings goals are and define them. 336 00:20:43,930 --> 00:20:47,810 S1: So is it something related to college? Is it a car, 337 00:20:48,130 --> 00:20:51,370 S1: you know, or is it really just long term savings 338 00:20:51,369 --> 00:20:53,730 S1: at this point? Because, you know, really all of your 339 00:20:53,730 --> 00:20:57,690 S1: short term goals are covered. And you know, beyond that, 340 00:20:57,690 --> 00:21:00,010 S1: you just want some spending money. But I think really 341 00:21:00,010 --> 00:21:03,369 S1: thinking and praying through that and even getting some advice 342 00:21:03,369 --> 00:21:06,449 S1: from your parents along those lines would be great for 343 00:21:06,450 --> 00:21:09,090 S1: anything that you do truly want to set aside for 344 00:21:09,090 --> 00:21:13,450 S1: the long term. Opening a Roth IRA would really be key, 345 00:21:13,450 --> 00:21:16,250 S1: because any money you put in there is going to 346 00:21:16,250 --> 00:21:20,210 S1: grow tax free for the next 50 years, and all 347 00:21:20,250 --> 00:21:22,369 S1: of that tax free growth is going to amount to 348 00:21:22,410 --> 00:21:26,290 S1: a significant amount, you know, down the road. I mean, 349 00:21:26,330 --> 00:21:29,530 S1: you'll have hundreds of thousands of dollars if you just 350 00:21:29,530 --> 00:21:33,770 S1: invest $2,000 a year, you know, starting at 16 with, 351 00:21:33,810 --> 00:21:36,930 S1: let's say, 8% growth. Um, I want to send you 352 00:21:36,930 --> 00:21:40,190 S1: a resource called Open Hands Finance that's going to walk 353 00:21:40,190 --> 00:21:42,630 S1: you through all of this. So stay on the line. 354 00:21:42,630 --> 00:21:44,270 S1: You and I will talk a bit more off the air. 355 00:21:44,310 --> 00:21:52,389 S1: We'll be right back. Great to have you with us 356 00:21:52,430 --> 00:21:54,629 S1: on Faith and Finance Live. I'm Rob West had a 357 00:21:54,630 --> 00:21:57,109 S1: chance to visit with Isaiah a bit more off the air. 358 00:21:57,109 --> 00:22:00,270 S1: And we talked about what a Roth IRA is and 359 00:22:00,270 --> 00:22:04,270 S1: just the importance of for that money where he's not giving, 360 00:22:04,270 --> 00:22:06,990 S1: that's what he's going to do first. Uh, so once 361 00:22:06,990 --> 00:22:09,869 S1: that's done, it's coming out of the account. Then he 362 00:22:09,869 --> 00:22:13,150 S1: develops a plan for what he might spend, but he's 363 00:22:13,150 --> 00:22:15,550 S1: also going to set up an automatic amount that would 364 00:22:15,550 --> 00:22:19,110 S1: go into a long term savings account. And we talked 365 00:22:19,109 --> 00:22:22,310 S1: about the benefit of a Roth IRA over a long 366 00:22:22,310 --> 00:22:25,109 S1: period of time, all that tax free growth and the 367 00:22:25,109 --> 00:22:28,030 S1: power of compounding. We're going to send him a great resource. 368 00:22:28,030 --> 00:22:30,150 S1: It's going to get pointed and pointed in the right 369 00:22:30,150 --> 00:22:33,750 S1: direction and then, uh, reconnect after the fact. But what 370 00:22:33,790 --> 00:22:36,590 S1: a great thought that we've got 16 year olds thinking 371 00:22:36,590 --> 00:22:40,180 S1: about how to honor God with the resources he's entrusted 372 00:22:40,180 --> 00:22:45,060 S1: to them being set up for a lifetime of faithful stewardship. Amazing. 373 00:22:45,100 --> 00:22:48,100 S1: All right, let's head to Florida. Zoran, thanks for calling. 374 00:22:48,100 --> 00:22:48,660 S1: Go ahead. 375 00:22:49,859 --> 00:22:52,700 S5: Uh, hello. Hi. Uh, I was wondering. I have this, like, 376 00:22:52,740 --> 00:22:58,220 S5: Roth IRA, and I have, like, 21,400 something. It's with 377 00:22:58,220 --> 00:23:01,540 S5: the local credit union, and it's pretty much bringing, like, 378 00:23:01,580 --> 00:23:04,300 S5: dollar 80 in interest every month. And I was just, 379 00:23:04,340 --> 00:23:06,740 S5: I won't be able to draw for another 13 years 380 00:23:06,740 --> 00:23:11,340 S5: when I'll be 59.5. So I was wondering, where would you, 381 00:23:11,380 --> 00:23:13,540 S5: would you put it in some kind of fund, like 382 00:23:13,580 --> 00:23:17,220 S5: a Vanguard 500 or Franklin Technology Fund? Or maybe you 383 00:23:17,220 --> 00:23:18,859 S5: have something else to do with it so you can 384 00:23:18,900 --> 00:23:19,659 S5: grow a little bit. 385 00:23:19,700 --> 00:23:22,619 S1: Yeah. Very good. And you said the time horizon until 386 00:23:22,619 --> 00:23:25,620 S1: retirement is how long? 13, I mean. Got it. Yeah. 387 00:23:26,140 --> 00:23:27,820 S5: That's when I'll be able to do it. That's when 388 00:23:27,820 --> 00:23:29,820 S5: I'm going to be 59.5. 389 00:23:29,859 --> 00:23:32,260 S1: I see okay very good. But you plan to work 390 00:23:32,260 --> 00:23:33,100 S1: beyond that? 391 00:23:33,700 --> 00:23:34,340 S5: Absolutely. 392 00:23:34,619 --> 00:23:37,100 S1: Okay, great. Yeah. So the idea would be that you 393 00:23:37,100 --> 00:23:39,810 S1: wouldn't want to touch this until you needed to, which 394 00:23:39,810 --> 00:23:43,890 S1: gives you even more years to let this grow and compound. So, 395 00:23:44,090 --> 00:23:46,490 S1: you know, given the time horizon we're talking about, which 396 00:23:46,490 --> 00:23:49,889 S1: is a minimum of 13 years, but probably somewhere closer 397 00:23:49,890 --> 00:23:52,970 S1: to like 18 years. Um, you do want to get 398 00:23:52,970 --> 00:23:55,530 S1: this invested. So the idea that you've got money in 399 00:23:55,530 --> 00:23:58,290 S1: a Roth IRA, meaning you've already paid the tax on it, 400 00:23:58,330 --> 00:24:01,169 S1: it's growing tax free. We certainly don't want to be 401 00:24:01,170 --> 00:24:03,209 S1: just earning a little bit of interest on that. We 402 00:24:03,210 --> 00:24:07,810 S1: want that to be growing in a properly diversified portfolio 403 00:24:07,810 --> 00:24:10,850 S1: of stocks and bonds. Um, so what I would do 404 00:24:10,850 --> 00:24:14,490 S1: is probably consider moving that Roth IRA, which is not 405 00:24:14,490 --> 00:24:18,490 S1: a taxable event. You'd roll it over to another institution 406 00:24:18,490 --> 00:24:22,330 S1: that's going to give you more access to low cost, 407 00:24:22,490 --> 00:24:26,090 S1: high quality investments. So, for instance, what you may want 408 00:24:26,130 --> 00:24:30,609 S1: to consider doing is rolling it to, let's say, Charles Schwab, Schwab, 409 00:24:30,609 --> 00:24:33,889 S1: or Fidelity or two of the discount brokerage firms that 410 00:24:33,890 --> 00:24:37,960 S1: are known for their customer service, great websites or smartphone apps, 411 00:24:37,960 --> 00:24:41,800 S1: but a wide array, almost an unlimited number of investment 412 00:24:41,840 --> 00:24:45,840 S1: options available to you. If you wanted to manage it yourself, 413 00:24:45,840 --> 00:24:50,720 S1: you could use some exchange traded funds to basically capture 414 00:24:50,880 --> 00:24:54,960 S1: certain segments of the stock market. So you could get 415 00:24:54,960 --> 00:24:57,879 S1: a broad market index like the Russell 2000, or you 416 00:24:57,880 --> 00:25:00,879 S1: could get the S&P 500. You could even get a 417 00:25:00,880 --> 00:25:03,800 S1: little bit more granular into certain sectors. But the idea 418 00:25:03,800 --> 00:25:08,280 S1: would be it's a low cost way to capture a 419 00:25:08,400 --> 00:25:11,520 S1: broad swath of the stock market and just let your 420 00:25:11,520 --> 00:25:14,800 S1: money grow with it. Now. With any portion that's in 421 00:25:14,800 --> 00:25:17,080 S1: the market like that, you need to be prepared that 422 00:25:17,119 --> 00:25:20,679 S1: in any given year, it could be down 20 or 30%. 423 00:25:20,680 --> 00:25:23,359 S1: I mean, if we hit a major correction or what 424 00:25:23,359 --> 00:25:27,040 S1: you might call a crash, which we have historically. Um, 425 00:25:27,200 --> 00:25:30,200 S1: you know, you have to be able to wait it out. Now, 426 00:25:30,200 --> 00:25:33,280 S1: the good news is every time that's happened in the past, 427 00:25:33,320 --> 00:25:36,190 S1: the market recovers and moves to new highs. In fact, 428 00:25:36,230 --> 00:25:37,990 S1: you know, as of just a couple of months ago, 429 00:25:37,990 --> 00:25:41,550 S1: we were hitting all time record highs on the stock market. 430 00:25:41,550 --> 00:25:44,389 S1: And that's despite all of the challenges we've had in 431 00:25:44,390 --> 00:25:47,430 S1: the past, like the Great Recession and, you know, the.com 432 00:25:47,430 --> 00:25:51,470 S1: bubble bursting and, you know, 911 and the pandemic, not 433 00:25:51,470 --> 00:25:55,550 S1: to mention, you know, 1929 and 1987. I mean, each 434 00:25:55,550 --> 00:25:59,350 S1: of those major problems has resulted in the market pulling back, 435 00:25:59,550 --> 00:26:02,830 S1: but those that waited it out saw the market recover 436 00:26:02,830 --> 00:26:05,830 S1: fully and move to new highs. And with a 15 437 00:26:05,869 --> 00:26:09,189 S1: plus year time horizon, you have the ability to wait 438 00:26:09,190 --> 00:26:12,229 S1: that out. So then we're just saying, okay, what's the 439 00:26:12,230 --> 00:26:16,590 S1: best way to maximize the return on this and grow 440 00:26:16,630 --> 00:26:19,350 S1: this money plus whatever you'll add to it over the 441 00:26:19,350 --> 00:26:22,830 S1: next 15 plus years so that you've got a nice 442 00:26:22,830 --> 00:26:27,270 S1: little nest egg alongside Social Security and whatever other retirement 443 00:26:27,270 --> 00:26:30,070 S1: assets you have. And that's not going to be something 444 00:26:30,070 --> 00:26:32,830 S1: that's just earning a modest amount of interest. It really 445 00:26:32,830 --> 00:26:35,220 S1: is going to be a stock and bond portfolio. So 446 00:26:35,500 --> 00:26:38,260 S1: what I would say is I would open that Roth 447 00:26:38,260 --> 00:26:43,020 S1: IRA at. Let's say Charles Schwab, transfer the Roth from 448 00:26:43,020 --> 00:26:45,859 S1: the credit union over to Schwab. And then if you 449 00:26:45,859 --> 00:26:48,580 S1: want to pick the investments, you can, you know, pick 450 00:26:48,580 --> 00:26:53,060 S1: from those index ETFs. Yourself or if you want it 451 00:26:53,060 --> 00:26:57,619 S1: done for you, the Schwab Intelligent Portfolios is the robo advisor. 452 00:26:57,859 --> 00:27:01,420 S1: That would essentially ask you a series of questions and 453 00:27:01,420 --> 00:27:04,940 S1: then build the portfolio for you. On a very low 454 00:27:04,940 --> 00:27:08,620 S1: cost basis, probably, you know, 20 basis points. So less 455 00:27:08,619 --> 00:27:11,780 S1: than one quarter of 1% a year. And then you 456 00:27:11,780 --> 00:27:16,020 S1: could start contributing to that Roth with additional money and 457 00:27:16,020 --> 00:27:20,460 S1: letting that. You know, reinvest and grow over time so that, 458 00:27:20,500 --> 00:27:23,380 S1: you know, you can really maximize the amount you have 459 00:27:23,380 --> 00:27:26,060 S1: growing on a tax free basis. But give me your 460 00:27:26,060 --> 00:27:27,619 S1: follow up questions or thoughts. 461 00:27:27,859 --> 00:27:28,660 S6: Uh, well. 462 00:27:28,980 --> 00:27:32,379 S5: Thank you. You know, you mentioned how I could let 463 00:27:32,380 --> 00:27:35,290 S5: them invest that money or I can take more hands 464 00:27:35,290 --> 00:27:42,369 S5: on approach. I'm, I'm not that that, uh, into, into stocks. 465 00:27:42,369 --> 00:27:46,210 S5: And so I think for my personal situation, probably to 466 00:27:46,250 --> 00:27:51,730 S5: have them, uh, diversify their diversified diversify that those, that 467 00:27:51,770 --> 00:27:55,250 S5: those funds and invest them, I mean, uh, I would 468 00:27:55,290 --> 00:27:58,010 S5: kind of prefer that, if that makes any sense. Or 469 00:27:58,050 --> 00:28:00,410 S5: do you think I should still try to take an 470 00:28:00,410 --> 00:28:01,250 S5: active role? 471 00:28:01,570 --> 00:28:04,570 S1: No, I like that. Actually. That would be my preference 472 00:28:04,570 --> 00:28:07,770 S1: because if you know, you're focused on your career and 473 00:28:07,770 --> 00:28:11,050 S1: your family and you know other things. And so I think, 474 00:28:11,090 --> 00:28:13,250 S1: you know, if this is not something, you know, you 475 00:28:13,250 --> 00:28:17,210 S1: have expertise in, I like you, you know, taking advantage 476 00:28:17,210 --> 00:28:20,650 S1: of something that's more automated and done for you. And 477 00:28:20,650 --> 00:28:23,770 S1: that's where I think the, the Schwab Intelligent Portfolios could 478 00:28:23,770 --> 00:28:26,090 S1: be a great solution for you. So if you just 479 00:28:26,090 --> 00:28:29,530 S1: go to your search engine type in Schwab Intelligent Portfolios, 480 00:28:29,530 --> 00:28:32,290 S1: it'll take you there. You can open a Roth IRA. 481 00:28:32,330 --> 00:28:35,400 S1: Once it's open, you do a transfer from the credit 482 00:28:35,400 --> 00:28:38,760 S1: union over there, and then every thing that's in the 483 00:28:38,760 --> 00:28:42,360 S1: portfolio today, plus whatever you add to it would automatically 484 00:28:42,360 --> 00:28:46,800 S1: be reinvested. Um, you know, in the, uh, the portfolio 485 00:28:46,920 --> 00:28:49,160 S1: that is built just for you based on the way 486 00:28:49,160 --> 00:28:52,440 S1: that you answer the questions. So it's a low cost, 487 00:28:52,440 --> 00:28:55,640 S1: very effective way, especially with a, you know, a Roth 488 00:28:55,640 --> 00:28:58,400 S1: like the one you've got, you've got less than 25,000. 489 00:28:58,400 --> 00:29:02,000 S1: So you don't have enough for an advisor to actively management. 490 00:29:02,080 --> 00:29:05,040 S1: A robo advisor is a great solution in this case. 491 00:29:05,800 --> 00:29:07,840 S5: Well, I thank you very much for your time and 492 00:29:07,840 --> 00:29:09,840 S5: for for advice. I do appreciate it, sir. 493 00:29:10,160 --> 00:29:12,160 S1: You're very welcome. Stay on the line. I'm going to 494 00:29:12,160 --> 00:29:16,120 S1: send you a book. It's called the Sound Mind Investing Handbook, 495 00:29:16,520 --> 00:29:18,600 S1: and I think it will give you a little bit 496 00:29:18,600 --> 00:29:22,760 S1: more help just in understanding some of the terms. And 497 00:29:22,800 --> 00:29:25,120 S1: you know what you need to know about investing from 498 00:29:25,120 --> 00:29:28,760 S1: a biblical perspective. Um, that will just help to add 499 00:29:28,760 --> 00:29:31,910 S1: some more education in this area, give you more confident 500 00:29:31,910 --> 00:29:35,950 S1: so you understand what's going on in these investment accounts. 501 00:29:35,950 --> 00:29:38,630 S1: So we'll send that to you as our gift. Zoran. 502 00:29:38,630 --> 00:29:41,230 S1: And hope you enjoy it. Call back anytime if you 503 00:29:41,230 --> 00:29:43,790 S1: have further questions. All right. We're going to take another 504 00:29:43,790 --> 00:29:46,190 S1: break here in just a moment. But when we come back, 505 00:29:46,190 --> 00:29:48,670 S1: we'll be taking more phone calls today. By the way, 506 00:29:48,670 --> 00:29:51,430 S1: if you have a question today you'd like to get 507 00:29:51,430 --> 00:29:53,910 S1: in on the conversation, you can call right now. We've 508 00:29:53,910 --> 00:29:56,910 S1: got a few lines open for you. That number 800 509 00:29:56,950 --> 00:30:01,950 S1: 525 7000. By the way, if you have enough in 510 00:30:01,990 --> 00:30:04,630 S1: the way of assets where you'd like to bring an 511 00:30:04,630 --> 00:30:08,190 S1: advisor into your life and help you manage what God 512 00:30:08,190 --> 00:30:11,070 S1: has entrusted to you, or you need help with financial 513 00:30:11,070 --> 00:30:15,670 S1: planning or insurance, maybe it's estate planning. The Certified Kingdom 514 00:30:15,670 --> 00:30:20,590 S1: Advisor is the only industry designation in financial services for 515 00:30:20,590 --> 00:30:23,950 S1: biblically wise financial advice, and you can find a certified 516 00:30:23,950 --> 00:30:27,510 S1: Kingdom advisor in your area. When you head to the website, 517 00:30:27,510 --> 00:30:34,290 S1: find a.com. That's. find a c k.com. Back with more 518 00:30:34,290 --> 00:30:43,650 S1: questions after this. Stick around. Great to have you with 519 00:30:43,650 --> 00:30:46,050 S1: us today on Faith and Finance Live. Hey, let's head 520 00:30:46,050 --> 00:30:47,969 S1: right back to the phones. By the way, we do 521 00:30:47,970 --> 00:30:53,050 S1: have three lines open 800 525, 7000. Illinois. Lois, how 522 00:30:53,050 --> 00:30:55,570 S1: can I help you? 523 00:30:55,650 --> 00:30:59,730 S7: Hey, I found some old bank statements of mine that 524 00:30:59,730 --> 00:31:05,410 S7: were at least 25 years or more old. And I'm wondering, 525 00:31:05,410 --> 00:31:09,250 S7: how can I, uh, search them and find out if 526 00:31:09,490 --> 00:31:12,450 S7: there was anything left in those accounts or if it 527 00:31:12,450 --> 00:31:16,690 S7: was turned over to the government for, uh, inactivity or what? 528 00:31:16,730 --> 00:31:19,130 S7: How can I search and find what's what I did 529 00:31:19,130 --> 00:31:19,770 S7: with them? 530 00:31:20,490 --> 00:31:23,810 S1: Yes. Yeah. Happy to help there. Um, were these bank 531 00:31:23,810 --> 00:31:25,650 S1: statements in your name only? 532 00:31:26,290 --> 00:31:28,130 S7: Yes. They were. Okay. 533 00:31:30,240 --> 00:31:33,640 S1: Very, very good. The first step, Lois, would be to 534 00:31:33,680 --> 00:31:38,080 S1: contact the bank listed on those statements. Even if it's 535 00:31:38,080 --> 00:31:41,600 S1: been many years, the bank may still have records or 536 00:31:41,640 --> 00:31:44,320 S1: be able to tell you what ultimately happened to the account, 537 00:31:44,320 --> 00:31:48,680 S1: whether it was closed or transferred or withdrawn. If the 538 00:31:48,680 --> 00:31:53,080 S1: bank has merged or changed names and that happens, you 539 00:31:53,080 --> 00:31:57,240 S1: can still track it down because the current institution usually 540 00:31:57,240 --> 00:32:01,840 S1: keeps the historical records. Second, if the account was closed 541 00:32:01,840 --> 00:32:05,280 S1: and the funds sat unclaimed for a period of time, 542 00:32:05,600 --> 00:32:09,040 S1: the money may have been turned over to the state's 543 00:32:09,280 --> 00:32:13,480 S1: Unclaimed Property Office. So banks are required to do that 544 00:32:13,480 --> 00:32:16,840 S1: after a certain number of years of inactivity. And so 545 00:32:16,840 --> 00:32:19,760 S1: there's a couple of websites I will direct you to. 546 00:32:19,800 --> 00:32:27,000 S1: The first is called missing Money.com. Missing Money.com. I would 547 00:32:27,000 --> 00:32:30,870 S1: do a search there. The second will be your state. 548 00:32:30,870 --> 00:32:32,989 S1: So this is Illinois. So you're going to want to 549 00:32:32,990 --> 00:32:38,150 S1: go to the Illinois's official unclaimed property website. And if 550 00:32:38,150 --> 00:32:41,390 S1: you just put that into a search engine Illinois Unclaimed 551 00:32:41,390 --> 00:32:45,310 S1: Property website, you'll be able to find the website for 552 00:32:45,310 --> 00:32:49,190 S1: your state. And all you'll need is your name and 553 00:32:49,190 --> 00:32:51,790 S1: the state where you lived at the time. And you'll 554 00:32:51,790 --> 00:32:54,350 S1: be able to do a search. And then the third 555 00:32:54,350 --> 00:32:58,670 S1: would be if the statements that you have show account numbers, 556 00:32:59,070 --> 00:33:01,830 S1: you know, that's going to be a lot easier for 557 00:33:01,830 --> 00:33:05,870 S1: the bank to research it. Even partial numbers can sometimes 558 00:33:05,870 --> 00:33:10,590 S1: help them locate archived records. So I think that's really 559 00:33:10,590 --> 00:33:12,950 S1: where the steps you want to take to try to 560 00:33:12,990 --> 00:33:15,030 S1: chase this down. And let's see if there's something that's 561 00:33:15,030 --> 00:33:17,430 S1: still sitting out there that's unclaimed. 562 00:33:17,470 --> 00:33:20,910 S7: Okay, I I'm a full writer and I only caught 563 00:33:20,910 --> 00:33:23,510 S7: part of the names of where you said I should contact. 564 00:33:23,550 --> 00:33:26,390 S7: The first one was missing money and then what was it? 565 00:33:26,710 --> 00:33:31,060 S1: Yeah. Missing missingmoney.com. And then the second one is the 566 00:33:31,100 --> 00:33:36,260 S1: state's unclaimed property website. So if you just put into 567 00:33:36,260 --> 00:33:42,940 S1: your search engine whatever browser you use. Illinois Unclaimed Property website, 568 00:33:43,140 --> 00:33:47,060 S1: you'll find the website for your state. Um, then you 569 00:33:47,060 --> 00:33:49,900 S1: can do a search by your name. And then the 570 00:33:49,900 --> 00:33:54,220 S1: third is go to the bank that, um, that held 571 00:33:54,220 --> 00:33:59,140 S1: the account and ask them to research this account. And 572 00:33:59,140 --> 00:34:01,780 S1: if you have the statement, you should have the account number. 573 00:34:01,780 --> 00:34:04,860 S1: And even if it's from many years ago, they may 574 00:34:04,860 --> 00:34:06,980 S1: still be able to track it down and tell you 575 00:34:07,020 --> 00:34:10,899 S1: what the status was at the, you know, um, at 576 00:34:10,940 --> 00:34:13,660 S1: the last time they have information on it. 577 00:34:14,300 --> 00:34:18,259 S7: Okay. I appreciate your help so much. And then the 578 00:34:18,260 --> 00:34:23,460 S7: second one you said was to, uh, search. You said, 579 00:34:24,020 --> 00:34:26,770 S7: wait a minute, you said Yeah. 580 00:34:26,850 --> 00:34:29,969 S1: Illinois unclaimed property is what you're going to want to 581 00:34:29,969 --> 00:34:31,730 S1: search for in your search engine. 582 00:34:33,010 --> 00:34:36,930 S7: Oh, wait. Illinois on claimed. I'm sorry to keep you. 583 00:34:36,969 --> 00:34:41,009 S1: No. It's okay. Yeah. And I'm looking at it right now. 584 00:34:41,010 --> 00:34:43,690 S1: So I just did that I put into my search 585 00:34:43,690 --> 00:34:49,370 S1: engine Illinois Unclaimed Property. And the first website that came 586 00:34:49,370 --> 00:34:53,490 S1: up was the state of Illinois. And it's, uh, welcome 587 00:34:53,489 --> 00:34:58,089 S1: to the Illinois State Treasurer's unclaimed property page. And right 588 00:34:58,090 --> 00:34:59,850 S1: there at the top of the page is a link 589 00:34:59,850 --> 00:35:03,529 S1: to search for unclaimed property. So if you just do 590 00:35:03,530 --> 00:35:08,569 S1: that same search, Illinois unclaimed property, the first result will 591 00:35:08,570 --> 00:35:12,170 S1: probably be the State of Illinois Unclaimed property website. And 592 00:35:12,170 --> 00:35:13,569 S1: you can start your search. 593 00:35:13,570 --> 00:35:16,850 S7: And then you said it's unclaimed property.com, right? 594 00:35:17,450 --> 00:35:21,090 S1: Uh, missingmoney.com was the first one. And then the second 595 00:35:21,090 --> 00:35:24,009 S1: one is I want you to search for the Illinois 596 00:35:24,250 --> 00:35:26,160 S1: Unclaimed Property website. 597 00:35:26,360 --> 00:35:29,160 S7: Oh, okay. Missing money.com. 598 00:35:29,200 --> 00:35:31,160 S1: Yes, ma'am. Let me do this. Let me have you 599 00:35:31,200 --> 00:35:33,480 S1: hold the line and I'll have my team give you 600 00:35:33,480 --> 00:35:36,320 S1: that information again and make sure you're clear on it. Uh, 601 00:35:36,320 --> 00:35:38,400 S1: all the best to you. Lois, thanks for calling today. 602 00:35:38,400 --> 00:35:40,360 S1: Let's go out to Alaska. Barbara. Go ahead. 603 00:35:40,520 --> 00:35:45,279 S8: Hi. So this is kind of complicated. We need an 604 00:35:45,280 --> 00:35:49,920 S8: extra deduction in order to get the, um, that extra 605 00:35:49,920 --> 00:35:55,760 S8: 12,000 bucks from the big, beautiful bill. And so my 606 00:35:55,760 --> 00:36:00,839 S8: husband has since retired, but last year had a retirement 607 00:36:00,840 --> 00:36:06,600 S8: account at his office. And, um, so, but I don't, 608 00:36:07,400 --> 00:36:11,400 S8: I still work a little bit, um, doing home care. 609 00:36:12,320 --> 00:36:17,160 S8: And so we want to open an IRA for me, I, 610 00:36:17,320 --> 00:36:21,440 S8: but we also put in a little bit into, um, 611 00:36:21,480 --> 00:36:26,550 S8: a Timothy plan Roth IRA. Okay. so do we have 612 00:36:26,550 --> 00:36:30,950 S8: to take the 1200 I gave to Timothy plan out 613 00:36:30,950 --> 00:36:35,230 S8: of what I can put into the regular IRA? Traditional 614 00:36:35,230 --> 00:36:37,109 S8: IRA to claim for taxes? 615 00:36:37,510 --> 00:36:41,790 S1: Yes. Because the most you're able to put in, uh, 616 00:36:41,910 --> 00:36:46,230 S1: is across all of the IRAs. So, um, you know, 617 00:36:46,270 --> 00:36:49,550 S1: if regardless of whether you put some in a traditional 618 00:36:49,550 --> 00:36:53,190 S1: and some in a Roth, uh, you can only, you know, 619 00:36:53,230 --> 00:36:57,950 S1: go up to the max contribution for the year. And 620 00:36:57,950 --> 00:37:04,430 S1: so for 2026, uh, you know, that's $7,500. Um, and 621 00:37:04,430 --> 00:37:07,310 S1: if you're 50 or older, you can put in an 622 00:37:07,310 --> 00:37:12,030 S1: extra 1100. So it'd be $8,600. So if you've already 623 00:37:12,030 --> 00:37:16,029 S1: put 1200 in, then you've got to subtract that from 624 00:37:16,030 --> 00:37:20,190 S1: the 8600, which means you could do another 7400, but 625 00:37:20,190 --> 00:37:22,310 S1: you each can do that. So you'd be able to 626 00:37:22,350 --> 00:37:26,859 S1: put in, you know, 8600 times two in each of 627 00:37:26,860 --> 00:37:31,140 S1: your IRAs. But any contributions that have gone in for 628 00:37:31,300 --> 00:37:35,739 S1: for 2025, if that's what we're still talking about, would 629 00:37:35,739 --> 00:37:38,180 S1: have to be subtracted from the total amount. 630 00:37:38,820 --> 00:37:42,859 S8: Okay. So yeah, well, he, he, I think he had 631 00:37:42,860 --> 00:37:48,020 S8: 14,000 or something like that in his extra contributions and 632 00:37:48,020 --> 00:37:52,740 S8: stuff to his company. Okay. Um, and then our hope 633 00:37:52,739 --> 00:37:55,460 S8: is to set that up for one of the charitable 634 00:37:55,460 --> 00:38:00,780 S8: giving accounts. How do we do that? So we, our 635 00:38:00,820 --> 00:38:06,340 S8: financial guy retired at the end of December and we 636 00:38:06,380 --> 00:38:10,300 S8: called up and they have three little, three young hotshots 637 00:38:10,500 --> 00:38:13,339 S8: that took his place. And all he really wants to 638 00:38:13,340 --> 00:38:15,660 S8: do is change out all my Timothy plan and put 639 00:38:15,660 --> 00:38:20,620 S8: it into something more active. And we're pretty strong on 640 00:38:20,660 --> 00:38:26,480 S8: only doing Christian based. anyway. Okay, but how do we 641 00:38:26,520 --> 00:38:28,719 S8: set up the charitable giving account? 642 00:38:29,520 --> 00:38:32,920 S1: Okay. Yeah. And so when you say charitable giving account, 643 00:38:32,920 --> 00:38:35,760 S1: are you talking about a donor advised fund or something 644 00:38:35,760 --> 00:38:37,640 S1: connected to the investments? 645 00:38:39,080 --> 00:38:43,440 S8: Well, I thought when you're over 70, you can put 646 00:38:44,160 --> 00:38:49,960 S8: your money into, um, your IRAs have your IRAs. 647 00:38:50,600 --> 00:38:51,000 S1: Yes. 648 00:38:51,040 --> 00:38:54,400 S8: Go into an account, then we can do our giving 649 00:38:54,400 --> 00:38:55,840 S8: out of that account. 650 00:38:55,880 --> 00:38:59,720 S1: I see. Yes. You're talking about a qualified charitable distribution. 651 00:38:59,719 --> 00:39:02,040 S1: So yeah, let me just clarify that because I think 652 00:39:02,040 --> 00:39:04,160 S1: you're on the right track here. So as long as 653 00:39:04,160 --> 00:39:09,400 S1: you're 70.5 or older, you can take money that's currently 654 00:39:09,400 --> 00:39:13,600 S1: in a traditional IRA, not a Roth, but a traditional IRA. 655 00:39:14,120 --> 00:39:17,040 S1: So that money, when that money went in, you got 656 00:39:17,040 --> 00:39:20,720 S1: a deduction on it. And normally when you take money 657 00:39:20,719 --> 00:39:24,750 S1: out of a traditional IRA. It's added to your taxable income. 658 00:39:25,150 --> 00:39:30,069 S1: The only way to avoid that, if you're 70.5 or older, 659 00:39:30,190 --> 00:39:33,710 S1: is to do a qualified charitable distribution. And what happens 660 00:39:33,710 --> 00:39:37,310 S1: is you would call your IRA custodian and you would say, 661 00:39:37,310 --> 00:39:40,270 S1: I want to do a qualified charitable distribution, and they're 662 00:39:40,270 --> 00:39:44,190 S1: going to send whatever amount you tell them directly to 663 00:39:44,230 --> 00:39:49,190 S1: a 500, 1C3 charity, a ministry. And by doing so, 664 00:39:49,870 --> 00:39:52,550 S1: it is not going to be added to your taxable income. 665 00:39:52,550 --> 00:39:54,509 S1: So it allows you to get the money out of 666 00:39:54,510 --> 00:39:58,669 S1: your IRA, never pay tax on it, and therefore get 667 00:39:58,670 --> 00:40:01,630 S1: more money into the kingdom because you're giving to a 668 00:40:01,630 --> 00:40:03,750 S1: Christian ministry. Does that make sense? 669 00:40:04,950 --> 00:40:07,870 S8: Totally. Yeah. And but I just didn't know what the 670 00:40:07,870 --> 00:40:09,950 S8: exact name of that was. Yeah. 671 00:40:10,150 --> 00:40:11,989 S1: Um, and so you don't need to set up a 672 00:40:11,989 --> 00:40:14,549 S1: separate account though. Let me just make sure that's clear. 673 00:40:14,670 --> 00:40:16,910 S1: It's not like you need to create a separate account 674 00:40:16,910 --> 00:40:19,629 S1: for this money to go into. Uh, it's just the 675 00:40:19,630 --> 00:40:22,739 S1: way that it comes out, is referred to as a 676 00:40:22,739 --> 00:40:26,660 S1: qualified charitable distribution. And as long as you're 70.5 and 677 00:40:26,660 --> 00:40:29,379 S1: as long as the money is in a traditional IRA, 678 00:40:29,820 --> 00:40:32,940 S1: then they can send it directly from that traditional IRA 679 00:40:33,180 --> 00:40:36,540 S1: to the charity. And it is not a taxable event. 680 00:40:37,300 --> 00:40:43,060 S8: Okay. So in the past you have advertised a Christian 681 00:40:43,100 --> 00:40:46,780 S8: online banking and I don't know the whole name of that. 682 00:40:46,820 --> 00:40:49,940 S8: What is it? Could that be where you would go 683 00:40:49,980 --> 00:40:52,379 S8: or would you go to a bank? Well, I think 684 00:40:52,380 --> 00:40:55,180 S8: we're kind of done with this financial agency. 685 00:40:55,780 --> 00:40:59,339 S1: Oh, okay. Yes. And this would be truly for your 686 00:40:59,340 --> 00:41:02,620 S1: banking and your savings. We're not talking about the investments now. 687 00:41:02,940 --> 00:41:05,379 S8: Oh, they don't do they don't do IRAs. 688 00:41:06,540 --> 00:41:09,939 S1: Do they? Do not. No, no. So you would need 689 00:41:09,940 --> 00:41:14,620 S1: to be at, um, at a brokerage firm for the IRAs, 690 00:41:14,739 --> 00:41:18,340 S1: but for your banking, like your savings account and your checking, 691 00:41:18,340 --> 00:41:20,140 S1: I think it's a great option because more and more 692 00:41:20,250 --> 00:41:24,250 S1: of our listeners are wanting to align their biblical values 693 00:41:24,250 --> 00:41:27,450 S1: with their banking partner. And the name is Christian Community 694 00:41:27,450 --> 00:41:32,050 S1: Credit Union. They're actually in the process of merging with Adelphi, 695 00:41:32,450 --> 00:41:36,170 S1: which happened to be the other major Christian banking option. 696 00:41:36,170 --> 00:41:39,089 S1: And now together, they're going to be by far the 697 00:41:39,090 --> 00:41:44,410 S1: biggest Christian banking operation in the country. It's Christian Community 698 00:41:44,410 --> 00:41:47,930 S1: Credit Union. And actually, in addition to having great rates, 699 00:41:47,930 --> 00:41:50,370 S1: I think they have 4% right now on their money markets, 700 00:41:50,370 --> 00:41:54,210 S1: up to $100,000 for faith by listeners. They're adding a 701 00:41:54,210 --> 00:41:57,570 S1: 400 up to $400 as a bonus when you open 702 00:41:57,570 --> 00:41:59,690 S1: a new account. So I think it could be a 703 00:41:59,690 --> 00:42:01,490 S1: great option for you. Let me give you a website. 704 00:42:01,489 --> 00:42:09,689 S1: Here's where you go. Go to faith.com/faith fi.com/banking. Barbara, thanks 705 00:42:09,690 --> 00:42:11,410 S1: for your call today. Deb, let's see if we can 706 00:42:11,410 --> 00:42:13,850 S1: get you on tomorrow. I'd love to answer your question. 707 00:42:13,890 --> 00:42:16,530 S1: Faith and Finance Live is a partnership between Moody Radio 708 00:42:16,530 --> 00:42:18,370 S1: and Faith fi. We'll see you tomorrow.