1 00:00:08,760 --> 00:00:11,320 S1: Christmas can be a season of joy, but it can 2 00:00:11,320 --> 00:00:15,440 S1: also bring stress, overspending, and a packed calendar. Hi, I'm 3 00:00:15,440 --> 00:00:18,200 S1: Rob West. The good news it doesn't have to be 4 00:00:18,200 --> 00:00:20,360 S1: that way. With a little bit of planning in the 5 00:00:20,360 --> 00:00:24,200 S1: right perspective, you can slow down and truly savour the season. 6 00:00:24,280 --> 00:00:26,880 S1: Today we're joined by Crystal Payne to talk about how 7 00:00:26,880 --> 00:00:30,680 S1: to simplify your Christmas. Stay organized and keep your focus 8 00:00:30,680 --> 00:00:33,200 S1: on what really matters. And then it's on to your 9 00:00:33,200 --> 00:00:38,320 S1: calls at 800 525 7000. This is faith in finance. Live. 10 00:00:38,479 --> 00:00:45,519 S1: Biblical wisdom for your financial decisions. Well, it's always a 11 00:00:45,520 --> 00:00:48,520 S1: pleasure to have Crystal Payne back on the program. She's 12 00:00:48,520 --> 00:00:52,960 S1: the creator of the amazing website Money Saving Moms, which 13 00:00:52,960 --> 00:00:56,120 S1: you should only check out if you like, saving money 14 00:00:56,120 --> 00:00:59,320 S1: and simplifying your life. Crystal, great to have you back 15 00:00:59,320 --> 00:01:00,100 S1: with us. 16 00:01:00,140 --> 00:01:01,700 S2: It's such an honor to be here. Thank you for 17 00:01:01,700 --> 00:01:02,620 S2: having me back. 18 00:01:02,820 --> 00:01:05,380 S1: Well, we're delighted, and we're going to get into a 19 00:01:05,380 --> 00:01:08,900 S1: lot of the practical steps folks can take to keep 20 00:01:08,900 --> 00:01:12,340 S1: costs down at Christmas. But first, tell us maybe a 21 00:01:12,340 --> 00:01:15,220 S1: few of the things your family does to savor the 22 00:01:15,220 --> 00:01:16,340 S1: meaning of Christmas. 23 00:01:16,700 --> 00:01:18,420 S2: Yes, well, there's a lot of different things we do. 24 00:01:18,420 --> 00:01:20,420 S2: We really try to keep it simple, and we'll talk 25 00:01:20,420 --> 00:01:23,580 S2: more about that as we get into this interview. But 26 00:01:23,620 --> 00:01:26,540 S2: two things that we do one, we like to have 27 00:01:26,540 --> 00:01:29,220 S2: an advent calendar. So this is just usually we do 28 00:01:29,220 --> 00:01:33,139 S2: different things. But we've loved Ann Voskamp has an advent 29 00:01:33,140 --> 00:01:37,580 S2: calendar book that actually has this, um, the little ornaments 30 00:01:37,580 --> 00:01:39,619 S2: and the tree that opens up on the book. And 31 00:01:39,620 --> 00:01:41,940 S2: there's just a devotional for every day. It's really short 32 00:01:41,940 --> 00:01:45,180 S2: and easy, and it's great because all ages can get involved, 33 00:01:45,180 --> 00:01:47,179 S2: and it's just a good way to start your day 34 00:01:47,180 --> 00:01:50,700 S2: or end your day just reminding yourself of, you know, 35 00:01:50,740 --> 00:01:53,300 S2: what Christmas is really all about. So that's one thing 36 00:01:53,300 --> 00:01:55,300 S2: that we do. And then also we like to have 37 00:01:55,300 --> 00:01:58,450 S2: a giving project that we decide as a family. This 38 00:01:58,450 --> 00:02:00,970 S2: is something that we're all going to give money towards 39 00:02:00,970 --> 00:02:03,410 S2: and kind of we sort of raise money per se 40 00:02:03,450 --> 00:02:05,690 S2: all through December and then kind of see how much 41 00:02:05,690 --> 00:02:07,730 S2: we've raised and be able to give that at the 42 00:02:07,730 --> 00:02:10,250 S2: end of the month. And it just helps, again, to 43 00:02:10,290 --> 00:02:13,290 S2: remind us of the reason for Christmas. 44 00:02:13,490 --> 00:02:16,050 S1: Yeah. And did you say the kids actually choose the 45 00:02:16,050 --> 00:02:17,130 S1: project each year? 46 00:02:17,169 --> 00:02:19,490 S2: Yes they do. They like to choose different things. And 47 00:02:19,490 --> 00:02:22,050 S2: then I think that that really gives them ownership like 48 00:02:22,090 --> 00:02:24,930 S2: they've chosen it. And so then they they will in fact, 49 00:02:24,930 --> 00:02:27,690 S2: they have, you know, created little boxes and been like, 50 00:02:27,690 --> 00:02:30,530 S2: put your donations here and, you know, put your change here. 51 00:02:30,530 --> 00:02:32,490 S2: And it just helps them to have some buy in 52 00:02:32,530 --> 00:02:33,290 S2: for it. 53 00:02:33,570 --> 00:02:34,769 S3: Oh, that's so good. 54 00:02:34,930 --> 00:02:37,690 S1: Well those are great suggestions. Now let's go over some 55 00:02:37,690 --> 00:02:40,850 S1: of the things Crystal, that most folks feel they have 56 00:02:40,850 --> 00:02:43,250 S1: to do at Christmas. So where do we start? 57 00:02:43,610 --> 00:02:45,250 S2: Well, I think one of the biggest things is to 58 00:02:45,290 --> 00:02:47,970 S2: really start with, you know, thinking, who do you need 59 00:02:47,970 --> 00:02:50,090 S2: to buy for? And I, I really don't like the 60 00:02:50,090 --> 00:02:54,250 S2: word need because honestly, especially in, you know, none of 61 00:02:54,250 --> 00:02:57,990 S2: us really need to buy anything for anyone. But who 62 00:02:57,990 --> 00:03:00,310 S2: do we feel like you know, we should buy for? 63 00:03:00,430 --> 00:03:02,710 S2: And then who do we want to buy for? And 64 00:03:02,710 --> 00:03:05,630 S2: then really thinking about how much of a budget do 65 00:03:05,669 --> 00:03:08,270 S2: we have? And when we look at that list of 66 00:03:08,310 --> 00:03:09,830 S2: who we need to buy for, who we want to 67 00:03:09,870 --> 00:03:11,950 S2: buy for, and how much budget we have, do we 68 00:03:11,950 --> 00:03:14,670 S2: need to pare back? Do we need to simplify? Or 69 00:03:14,710 --> 00:03:17,470 S2: maybe we're going to give family gifts this year instead 70 00:03:17,470 --> 00:03:20,549 S2: of giving gifts to every member of a certain family, 71 00:03:20,550 --> 00:03:23,669 S2: or we're going to give experience gifts, and that's going 72 00:03:23,710 --> 00:03:25,350 S2: to be something that's going to help us to stay 73 00:03:25,350 --> 00:03:26,550 S2: within our budget. 74 00:03:26,669 --> 00:03:27,590 S3: Yeah, and I know you're. 75 00:03:27,590 --> 00:03:30,670 S1: Helping with that with the guide you have on your website. Right? 76 00:03:31,030 --> 00:03:33,750 S2: Yes. So we put together some of just our very 77 00:03:33,750 --> 00:03:37,710 S2: favorite gift ideas. These are things that could be really anybody. 78 00:03:37,750 --> 00:03:39,710 S2: You know there's your you always have those people that 79 00:03:39,710 --> 00:03:41,350 S2: you're like I don't know. It feels like they have everything, 80 00:03:41,350 --> 00:03:43,470 S2: but I want to do something for them. So these 81 00:03:43,470 --> 00:03:45,270 S2: are gifts that you could give to anyone. Some of 82 00:03:45,270 --> 00:03:48,470 S2: them are things that can be made really inexpensively and 83 00:03:48,470 --> 00:03:51,510 S2: really quickly. Like maybe you don't have a lot of time, 84 00:03:51,550 --> 00:03:54,070 S2: you can't do this elaborate project, but some of them 85 00:03:54,070 --> 00:03:56,740 S2: are food items. Some of them are just cute little 86 00:03:56,740 --> 00:04:01,460 S2: things like DIY Sharpie marker mugs or movie night in 87 00:04:01,460 --> 00:04:04,020 S2: a box or pedicure in a jar. Just some fun 88 00:04:04,020 --> 00:04:07,780 S2: things that could people would, you know, find that they're 89 00:04:07,780 --> 00:04:10,900 S2: unique and would be something that would bless someone else. 90 00:04:10,900 --> 00:04:15,500 S2: But also anybody pretty much could benefit from something in 91 00:04:15,500 --> 00:04:18,020 S2: this gift guide that we put together. And that's for 92 00:04:18,020 --> 00:04:19,859 S2: free on moneysaving.com. 93 00:04:19,900 --> 00:04:20,779 S3: Check it out today. 94 00:04:20,779 --> 00:04:23,500 S1: All right. Now you mentioned budget a few moments ago. 95 00:04:23,540 --> 00:04:26,620 S1: What is the best way to keep spending in check? Crystal. 96 00:04:27,300 --> 00:04:29,340 S2: Well, there are a couple of things that I recommend. 97 00:04:29,380 --> 00:04:33,100 S2: Now we're already into December. And so, you know, hindsight 98 00:04:33,100 --> 00:04:35,500 S2: is 2020. You can't start this now. But thinking ahead 99 00:04:35,500 --> 00:04:38,860 S2: for next year really ideally saving up for Christmas all 100 00:04:38,860 --> 00:04:42,300 S2: year long. So setting aside money each month, I like 101 00:04:42,300 --> 00:04:44,180 S2: to also encourage people. There are lots of ways that 102 00:04:44,180 --> 00:04:46,460 S2: you can earn gift cards. We talk about this on 103 00:04:46,460 --> 00:04:48,860 S2: Money Saving Mom. Com, but that you can then set 104 00:04:48,860 --> 00:04:51,500 S2: those aside as your earning gift cards for maybe scanning 105 00:04:51,500 --> 00:04:53,700 S2: your receipts or taking surveys and then at the end 106 00:04:53,700 --> 00:04:56,800 S2: of the year, use those gift cards that you've accumulated 107 00:04:56,800 --> 00:04:58,840 S2: to be able to buy things for Christmas. 108 00:04:59,120 --> 00:05:02,120 S1: Oh, that's so good. We're talking to Crystal Payne today. 109 00:05:02,320 --> 00:05:05,080 S1: You'll find all of her great work to help you 110 00:05:05,120 --> 00:05:08,919 S1: save money and simplify your life at Money Saving Mom. Com. 111 00:05:08,960 --> 00:05:12,479 S1: You can also download this free Christmas resource that will 112 00:05:12,480 --> 00:05:17,520 S1: help you plan for and execute a wonderful, Christ filled Christmas. Now, 113 00:05:17,520 --> 00:05:19,960 S1: when we come back, she's going to help us stretch 114 00:05:19,960 --> 00:05:24,080 S1: your Christmas budget and be more intentional just around the corner. 115 00:05:33,440 --> 00:05:36,000 S1: Thanks for joining us today on Faith and Finance Live. 116 00:05:36,160 --> 00:05:38,839 S1: Our guest today is Crystal Payne. She's the creator of 117 00:05:38,839 --> 00:05:43,599 S1: the amazing website Money Saving Mom. Com we're talking about 118 00:05:43,600 --> 00:05:47,960 S1: how you can have an intentional, Christ filled Christmas this year. 119 00:05:48,000 --> 00:05:51,119 S1: And Crystal's got some great ideas. Just before the break 120 00:05:51,120 --> 00:05:54,630 S1: we were talking about how you can keep spending in track. 121 00:05:54,670 --> 00:05:58,630 S1: What about stretching that Christmas budget? Crystal, what ideas do 122 00:05:58,630 --> 00:05:59,469 S1: you have for us? 123 00:06:00,230 --> 00:06:02,789 S2: So first off, I would really recommend, you know, you 124 00:06:02,830 --> 00:06:05,350 S2: got to have a budget. And then also if you 125 00:06:05,350 --> 00:06:06,990 S2: want to stick with your budget, one of the best 126 00:06:06,990 --> 00:06:09,830 S2: things that you can do is stick with cash only. 127 00:06:09,870 --> 00:06:12,150 S2: Now a lot of people, they really balk when I 128 00:06:12,150 --> 00:06:14,430 S2: say this, and especially because you're like, well, there's such 129 00:06:14,430 --> 00:06:17,750 S2: great deals online. And yes, I absolutely agree with you. 130 00:06:17,790 --> 00:06:19,950 S2: Money saving mom. Com we share lots and lots of 131 00:06:19,950 --> 00:06:24,790 S2: great online deals, but you can actually stick with a 132 00:06:24,790 --> 00:06:28,910 S2: Christmas budget when shopping online by buying a prepaid gift 133 00:06:28,910 --> 00:06:32,150 S2: card or Amazon gift card or store gift cards. That 134 00:06:32,150 --> 00:06:35,590 S2: way it helps you that you don't go over budget. 135 00:06:35,589 --> 00:06:38,909 S2: And so yes, it's an extra hassle, but I promise 136 00:06:38,910 --> 00:06:40,670 S2: that you will be glad that you've stuck with your 137 00:06:40,670 --> 00:06:43,750 S2: budget come January. And so really, starting with the budget, 138 00:06:43,750 --> 00:06:46,789 S2: sticking with cash and then what are some ways that 139 00:06:46,790 --> 00:06:49,029 S2: you could maybe, you know, you don't have a big 140 00:06:49,029 --> 00:06:54,049 S2: budget this year. So some simple, inexpensive homemade gift ideas. 141 00:06:54,050 --> 00:06:57,330 S2: I love homemade gift ideas and I think most people do. 142 00:06:57,370 --> 00:06:59,650 S2: And it also is something you put your time and 143 00:06:59,650 --> 00:07:02,810 S2: effort into it. It's unique. It's different things like homemade 144 00:07:02,850 --> 00:07:06,330 S2: treats and baked goods, cookie dough for the freezer, homemade 145 00:07:06,330 --> 00:07:10,570 S2: breads or granola, baking mixes and jars, or homemade experience 146 00:07:10,570 --> 00:07:13,650 S2: gifts like a treat every month. You could give them 147 00:07:13,650 --> 00:07:16,010 S2: a calendar that it's like every month. On this day, 148 00:07:16,010 --> 00:07:18,050 S2: I'm going to make you a treat. If it's someone 149 00:07:18,050 --> 00:07:20,890 S2: who lives locally or you're going to make them dinner, 150 00:07:20,890 --> 00:07:24,210 S2: or you're going to provide some laundry help or babysitting, 151 00:07:24,250 --> 00:07:26,890 S2: you know, giving gifts of your time, that is something 152 00:07:26,890 --> 00:07:30,210 S2: that's really valuable and can be really meaningful. Or things 153 00:07:30,210 --> 00:07:33,450 S2: like photo gifts or meaningful letter, or putting together a 154 00:07:33,450 --> 00:07:37,130 S2: collection of recipes or journal entries from a loved one. 155 00:07:37,130 --> 00:07:39,330 S2: I just feel like sometimes we always think it has 156 00:07:39,330 --> 00:07:42,530 S2: to be something we buy at the store, but making 157 00:07:42,530 --> 00:07:45,410 S2: something for someone, giving gifts of our time, these can 158 00:07:45,410 --> 00:07:47,850 S2: be the things that someone's going to remember for years 159 00:07:47,850 --> 00:07:48,810 S2: and years to come. 160 00:07:49,010 --> 00:07:53,510 S1: Yeah, it really sends a message around how important that 161 00:07:53,510 --> 00:07:55,790 S1: person is to you. When you take the time to 162 00:07:55,830 --> 00:07:58,990 S1: create something or give a thoughtful gift. All right. What 163 00:07:58,990 --> 00:08:01,750 S1: about cooking? I mean, this comes up at Christmas time. 164 00:08:01,750 --> 00:08:04,990 S1: There's so many meals and we want to celebrate, but 165 00:08:04,990 --> 00:08:08,390 S1: it's time consuming. So what ideas do you have for us? 166 00:08:08,950 --> 00:08:11,710 S2: So I really think about what can I make ahead 167 00:08:11,710 --> 00:08:14,510 S2: of time to make hosting more enjoyable if I'm going 168 00:08:14,550 --> 00:08:17,150 S2: to be hosting, or just that I want to do 169 00:08:17,150 --> 00:08:19,910 S2: some fun things with my kids. And I want, you know, 170 00:08:19,950 --> 00:08:22,470 S2: us to be able to bake cookies together or to 171 00:08:22,470 --> 00:08:24,790 S2: be able to decorate cookies. What can I do ahead 172 00:08:24,790 --> 00:08:27,310 S2: of time so that we can have those memories? But 173 00:08:27,310 --> 00:08:29,350 S2: it's not going to take a lot of effort. And 174 00:08:29,350 --> 00:08:33,350 S2: so maybe on a weekend sometime, you know, in this 175 00:08:33,350 --> 00:08:36,750 S2: next weekend, you could just sit down and make a 176 00:08:36,750 --> 00:08:39,590 S2: little list and then do the grocery shopping and take 177 00:08:39,590 --> 00:08:42,910 S2: a few hours to make some things ahead, like cookie 178 00:08:42,910 --> 00:08:45,630 S2: dough or rolls, sweet breads, desserts, look at your holiday 179 00:08:45,670 --> 00:08:47,790 S2: menu and things you want to make or hope to make, 180 00:08:47,830 --> 00:08:51,340 S2: and then plan some time to freezer cook ahead, because 181 00:08:51,340 --> 00:08:53,620 S2: that is going to save you so much time. And 182 00:08:53,620 --> 00:08:56,740 S2: also thinking about what shortcuts could you use? Could you 183 00:08:56,740 --> 00:09:00,180 S2: buy pre-made cookie dough or bread dough? Sometimes I found 184 00:09:00,179 --> 00:09:02,980 S2: that it's the same price. If you add up the 185 00:09:02,980 --> 00:09:05,020 S2: cost of the ingredients and it'll save you a lot 186 00:09:05,020 --> 00:09:05,620 S2: of time. 187 00:09:06,140 --> 00:09:09,699 S1: Those are so helpful and practical. Now, Krystal, how do 188 00:09:09,700 --> 00:09:13,699 S1: you encourage your family to spend meaningful time together at Christmas? 189 00:09:13,940 --> 00:09:16,219 S2: So something that we have done for years is we 190 00:09:16,220 --> 00:09:19,460 S2: call it our December bucket list, and we have everyone 191 00:09:19,460 --> 00:09:22,940 S2: pick out 1 to 2 special things that they want 192 00:09:22,940 --> 00:09:25,980 S2: to do during the month of December. And I find 193 00:09:25,980 --> 00:09:28,620 S2: that as a mom, this relieves so much from me 194 00:09:28,620 --> 00:09:30,740 S2: because I feel like mom. Sometimes we feel like we 195 00:09:30,740 --> 00:09:33,900 S2: have to be the purveyor of entertainment and memories for 196 00:09:33,900 --> 00:09:36,980 S2: our children, and sometimes the things that we think that 197 00:09:36,980 --> 00:09:39,380 S2: they would really like and want to do and be 198 00:09:39,380 --> 00:09:42,459 S2: all excited about. That's not what they pick. And so 199 00:09:42,460 --> 00:09:45,060 S2: letting everybody pick 1 to 2 things, it means that 200 00:09:45,059 --> 00:09:49,320 S2: December is not just packed full of all the things. 201 00:09:49,360 --> 00:09:51,560 S2: It allows us to really focus on those few things 202 00:09:51,559 --> 00:09:54,480 S2: that are important to each member of our family. And 203 00:09:54,480 --> 00:09:57,280 S2: it simplifies it for us and makes sure that we 204 00:09:57,280 --> 00:09:59,839 S2: prioritize those things that they really want to do. And 205 00:09:59,840 --> 00:10:02,800 S2: maybe you're like, oh, nobody chose the, you know, going 206 00:10:02,800 --> 00:10:05,200 S2: to see The Nutcracker. Okay, I guess that's not an 207 00:10:05,200 --> 00:10:05,959 S2: important thing. 208 00:10:06,000 --> 00:10:06,080 S1: You. 209 00:10:06,080 --> 00:10:08,600 S2: Know? And so we we sit down, we make that 210 00:10:08,600 --> 00:10:10,960 S2: December bucket list, and then we just put it on 211 00:10:10,960 --> 00:10:13,600 S2: the calendar and make sure to prioritize those things. And 212 00:10:13,600 --> 00:10:16,360 S2: so another thing that we've done is, um, especially if 213 00:10:16,360 --> 00:10:18,720 S2: you have younger kids, this is a fun thing, wrapping 214 00:10:18,720 --> 00:10:22,120 S2: up Christmas books and then every day getting to unwrap 215 00:10:22,120 --> 00:10:24,360 S2: one and read it together and Christmas books that you 216 00:10:24,360 --> 00:10:26,800 S2: already own. You can even get them from the library. 217 00:10:26,800 --> 00:10:29,400 S2: I've done that before and just wrap them up, and 218 00:10:29,400 --> 00:10:31,400 S2: it makes it like it's this fun thing and you 219 00:10:31,400 --> 00:10:34,280 S2: do it together. And my older kids have just loved 220 00:10:34,280 --> 00:10:36,679 S2: that and remembering that, and I'm excited to do it 221 00:10:36,679 --> 00:10:38,839 S2: with our younger kids now and then. Another thing that 222 00:10:38,840 --> 00:10:41,440 S2: we've done is so we always go back to Kansas, 223 00:10:41,440 --> 00:10:43,760 S2: where our family is from. We live in Tennessee, but 224 00:10:43,760 --> 00:10:46,990 S2: we have an all day Christmas celebration that we do 225 00:10:47,030 --> 00:10:50,550 S2: just with our kids before we leave to go to Kansas. 226 00:10:50,550 --> 00:10:52,910 S2: And so it'll be on a day that's sometimes a 227 00:10:52,910 --> 00:10:55,430 S2: week before Christmas. But we just set this aside and 228 00:10:55,429 --> 00:10:57,870 S2: it's been really, really special. And all of the kids 229 00:10:57,870 --> 00:11:00,429 S2: get to kind of help plan parts of it, prioritizing 230 00:11:00,429 --> 00:11:02,830 S2: what's important to them. And it's just a special day 231 00:11:02,830 --> 00:11:06,630 S2: that we get to just savor Christmas just with our 232 00:11:06,670 --> 00:11:09,030 S2: immediate family, and then we can go enjoy it with 233 00:11:09,030 --> 00:11:11,750 S2: grandparents as well and not feeling like we have to, 234 00:11:11,790 --> 00:11:14,550 S2: you know, try to fit everything in right on Christmas 235 00:11:14,550 --> 00:11:15,630 S2: Eve and Christmas Day. 236 00:11:15,870 --> 00:11:19,430 S1: Yes. Oh, those are great ideas, Crystal. As we close today, 237 00:11:19,470 --> 00:11:22,990 S1: what final advice would you share for keeping things organized 238 00:11:22,990 --> 00:11:24,189 S1: this holiday season? 239 00:11:24,590 --> 00:11:28,150 S2: I am a huge believer in asking yourself the question 240 00:11:28,150 --> 00:11:31,550 S2: how can I make this easier? And just, you know, 241 00:11:31,590 --> 00:11:33,710 S2: really thinking as we go through things, sometimes I think 242 00:11:33,710 --> 00:11:35,990 S2: we overcomplicate things. So how can I make things easier 243 00:11:35,990 --> 00:11:40,390 S2: and then write everything down? In my book, The Time 244 00:11:40,429 --> 00:11:42,710 S2: Saving Mom, I talk about how I use Google Calendar 245 00:11:42,710 --> 00:11:44,650 S2: and a time block to do list. And there is 246 00:11:44,650 --> 00:11:47,890 S2: just something about writing all the things down. I like 247 00:11:47,890 --> 00:11:50,970 S2: to brain dump everything that's in my head. I actually 248 00:11:50,970 --> 00:11:53,689 S2: put it as all day task in Google Calendar. And 249 00:11:53,690 --> 00:11:56,290 S2: so then it's not just swimming around in my head. 250 00:11:56,290 --> 00:11:58,250 S2: And I have, you know, it feels like a thousand 251 00:11:58,250 --> 00:12:00,690 S2: things up there in my head. And so write it down, 252 00:12:00,730 --> 00:12:02,569 S2: put it in a safe place, and so that you know, 253 00:12:02,570 --> 00:12:05,250 S2: that you've put it where you can access it. But 254 00:12:05,250 --> 00:12:07,490 S2: it's not just all up there in your head and 255 00:12:07,490 --> 00:12:11,330 S2: then also divvying up the work and letting others help. 256 00:12:11,330 --> 00:12:13,170 S2: So if you have kids, if you have a spouse, 257 00:12:13,170 --> 00:12:17,090 S2: if you are going to an event or hosting an event, 258 00:12:17,130 --> 00:12:20,170 S2: you know, see how you can help out or ask 259 00:12:20,170 --> 00:12:23,050 S2: people to help you out. So if someone offers to help, 260 00:12:23,050 --> 00:12:26,530 S2: if you're hosting, take them up on it. Do not say, oh, 261 00:12:26,530 --> 00:12:29,130 S2: I'm good. Like, yeah, can you bring bread or can 262 00:12:29,130 --> 00:12:31,689 S2: you bring dessert? Or, you know, whatever it is, ask 263 00:12:31,690 --> 00:12:33,730 S2: for help. Let other people help you so that it's 264 00:12:33,730 --> 00:12:36,209 S2: not all just falling on your shoulders. 265 00:12:36,410 --> 00:12:39,850 S1: Yeah, that's so good. Uh, you mentioned before the break 266 00:12:39,890 --> 00:12:43,800 S1: this new resource you've put together at money-saving Rom-com that's 267 00:12:43,800 --> 00:12:46,199 S1: available for our listeners to go get right now. For 268 00:12:46,200 --> 00:12:48,960 S1: those that missed that, just recap what's available there. 269 00:12:49,360 --> 00:12:51,960 S2: Yes. So we put together it's a brand new Christmas 270 00:12:51,960 --> 00:12:56,880 S2: guide that has 15 different DIY Christmas gift ideas. Some 271 00:12:56,880 --> 00:12:58,760 S2: of them are food items, some of them are just 272 00:12:58,760 --> 00:13:01,200 S2: homemade gifts. And it's really we want to just help 273 00:13:01,200 --> 00:13:04,480 S2: you simplify your holiday season. Come up with creative ideas 274 00:13:04,480 --> 00:13:06,240 S2: for those people on your list that you're like, I 275 00:13:06,280 --> 00:13:07,760 S2: don't know what to get them, but I want to 276 00:13:07,760 --> 00:13:10,680 S2: do something for them and also to save you some 277 00:13:10,679 --> 00:13:13,560 S2: money this year. And so you can go to Moneysaving Comm. 278 00:13:13,559 --> 00:13:15,079 S2: And right at the top you'll see where you can 279 00:13:15,120 --> 00:13:17,960 S2: download that Christmas guide for free. We are just here. 280 00:13:17,960 --> 00:13:20,160 S2: We want to help to save you money and to 281 00:13:20,200 --> 00:13:22,920 S2: help make your Christmas simpler and more meaningful. 282 00:13:23,080 --> 00:13:26,560 S1: Crystal, we always love having you stop by. You bring 283 00:13:26,559 --> 00:13:30,360 S1: practical advice, but help us remember why we're doing what 284 00:13:30,360 --> 00:13:33,360 S1: we're doing, which is critical this time of year during Christmas. 285 00:13:33,360 --> 00:13:36,440 S1: So Crystal, Merry Christmas. Thanks for being here today. 286 00:13:36,440 --> 00:13:38,079 S2: Thank you so much for having me. 287 00:13:38,360 --> 00:13:41,580 S1: All right. That's family financial expert Crystal Payne. If you 288 00:13:41,620 --> 00:13:45,660 S1: haven't been to our website money saving. Com be sure 289 00:13:45,660 --> 00:13:47,980 S1: to check it out. It's filled with practical ways to 290 00:13:48,020 --> 00:13:51,420 S1: save money and simplify your life. You know, a thoughtful 291 00:13:51,420 --> 00:13:55,860 S1: plan helps you give joyfully this Christmas rather than with regret. 292 00:13:55,860 --> 00:13:58,620 S1: And when it comes to Christmas budgeting, or any season 293 00:13:58,620 --> 00:14:01,580 S1: for that matter, the Faith VI app can really help. 294 00:14:01,660 --> 00:14:03,500 S1: We designed it to be more than just a money 295 00:14:03,500 --> 00:14:07,740 S1: management tool, but a hub for biblical financial wisdom. With 296 00:14:07,740 --> 00:14:11,500 S1: a Faith VI Pro account, you'll gain access to exclusive articles, 297 00:14:11,580 --> 00:14:15,660 S1: digital studies, and daily encouragement to guide your financial journey. 298 00:14:16,059 --> 00:14:18,780 S1: Download the Faith V app at Faith fi. Com and 299 00:14:18,780 --> 00:14:22,500 S1: click app. Or just search Faith VI in your app store. 300 00:14:22,540 --> 00:14:23,380 S1: We'll be right back. 301 00:14:33,900 --> 00:14:37,140 S4: The opinions offered during this program represent the personal or 302 00:14:37,140 --> 00:14:41,600 S4: professional opinions of the participants, given for informational purposes only. 303 00:14:41,920 --> 00:14:45,360 S4: Any information provided is not intended to replace advice from 304 00:14:45,360 --> 00:14:49,560 S4: a financial, medical, legal or other professional who understands your 305 00:14:49,560 --> 00:14:51,080 S4: specific situation. 306 00:14:59,360 --> 00:15:02,040 S1: Great to have you with us today on Faith and finance. Live, 307 00:15:02,040 --> 00:15:05,080 S1: I'm Rob West. I'm looking forward to taking your calls 308 00:15:05,080 --> 00:15:08,720 S1: and questions today on anything financial. That number to call 309 00:15:08,720 --> 00:15:12,440 S1: is 800 525 7000. We'll get to those calls here 310 00:15:12,440 --> 00:15:14,600 S1: in just a moment. We've already got several that have 311 00:15:14,600 --> 00:15:16,840 S1: come in here to start the show. But I've got 312 00:15:16,920 --> 00:15:19,840 S1: at least at the moment, room for you to jump 313 00:15:19,840 --> 00:15:21,680 S1: in the mics. If you've got something going on in 314 00:15:21,680 --> 00:15:27,160 S1: your financial life, call right now. 800 525 7000. Uh, 315 00:15:27,160 --> 00:15:29,760 S1: before we head to those phones in the news today, 316 00:15:29,800 --> 00:15:34,480 S1: a new survey suggests that for many Americans, financial peace 317 00:15:34,800 --> 00:15:38,990 S1: matters more than increased spending. That's right. A YouGov poll 318 00:15:38,990 --> 00:15:42,790 S1: showed that 72% of respondents say they would be happier 319 00:15:42,790 --> 00:15:47,510 S1: if they saved or invested more money, while only about 21% 320 00:15:47,510 --> 00:15:52,430 S1: say spending more would improve their happiness. This is particularly interesting. 321 00:15:52,790 --> 00:15:57,190 S1: The preference for saving over spending spans income levels, including 322 00:15:57,190 --> 00:16:01,510 S1: high earners, indicating this isn't just about financial struggle, but 323 00:16:01,510 --> 00:16:04,750 S1: really about peace of mind. Now, a relatively small share 324 00:16:04,750 --> 00:16:09,750 S1: of respondents believed more spending would increase happiness, reinforcing the 325 00:16:09,750 --> 00:16:14,830 S1: idea that material purchases often provide only short term satisfaction. 326 00:16:15,190 --> 00:16:18,390 S1: The results point to a broader shift in mindset, though 327 00:16:18,430 --> 00:16:22,990 S1: people are less focused on consumption, more focused on preparedness. 328 00:16:23,590 --> 00:16:28,110 S1: That's a really a biblical view of stewardship, if you will. 329 00:16:28,150 --> 00:16:33,790 S1: It values foresight and faithfulness over immediate gratification. And clearly, 330 00:16:33,830 --> 00:16:37,650 S1: we're reminded in Proverbs 21 that precious treasure and oiler, 331 00:16:37,650 --> 00:16:41,170 S1: and a wise man's dwelling. Uh, so the principle is simple, 332 00:16:41,170 --> 00:16:45,530 S1: but it's timeless, and that is wisdom. Plans ahead. Peace 333 00:16:45,530 --> 00:16:49,050 S1: often follows, and this certainly backs up what we read 334 00:16:49,330 --> 00:16:53,050 S1: in God's Word. And, uh, that would expected, uh, we 335 00:16:53,050 --> 00:16:56,130 S1: would expect that to be true because God's Word is 336 00:16:56,130 --> 00:16:59,490 S1: our source. All right, let's, uh, begin taking your calls 337 00:16:59,490 --> 00:17:03,170 S1: and questions today. Uh, we're going to begin in Chicago. Uh, NRL, 338 00:17:03,210 --> 00:17:03,930 S1: how can I help? 339 00:17:05,690 --> 00:17:07,969 S5: Hi, Bob. Thank you so much for your radio work 340 00:17:07,970 --> 00:17:12,490 S5: and educating the public. My, uh, my employer closed over 341 00:17:12,490 --> 00:17:17,410 S5: six months ago, and I've been unemployed since. Um, my 342 00:17:17,410 --> 00:17:21,370 S5: employment benefits have been exhausted since last month, and I 343 00:17:21,410 --> 00:17:25,170 S5: have been supplicating my mortgage and monthly expenses from savings. 344 00:17:25,369 --> 00:17:28,129 S5: And I'm now unsettled that I have not landed a 345 00:17:28,130 --> 00:17:31,930 S5: job as yet to secure mortgage payments. My funds are depleting. 346 00:17:32,450 --> 00:17:36,280 S5: I am a homeowner for over 30 years with good credit. 347 00:17:36,520 --> 00:17:39,480 S5: How can I work this out to secure my home? 348 00:17:39,760 --> 00:17:43,320 S5: And also, is mortgage forbearance the best option without damage 349 00:17:43,320 --> 00:17:44,400 S5: to credit score? 350 00:17:44,840 --> 00:17:48,360 S1: Yeah, yeah. Well, the most important thing at this point, 351 00:17:48,359 --> 00:17:51,280 S1: although I understand your desire to keep your credit score high. 352 00:17:51,480 --> 00:17:53,720 S1: But the most important thing for you at this point 353 00:17:53,720 --> 00:17:56,159 S1: is just to protect your home, to make sure you 354 00:17:56,160 --> 00:17:59,240 S1: don't go into foreclosure or anything like that. I'm delighted 355 00:17:59,240 --> 00:18:02,240 S1: to hear you had the emergency fund. That's what that's for. 356 00:18:02,240 --> 00:18:05,960 S1: But I can understand as this continues on, uh, you know, 357 00:18:06,000 --> 00:18:08,000 S1: that is going to run dry at some point. And 358 00:18:08,000 --> 00:18:10,760 S1: so you're wanting to have a fallback plan, and you 359 00:18:10,760 --> 00:18:14,000 S1: need to start working on that now. Um, if you're 360 00:18:14,000 --> 00:18:16,399 S1: really struggling to make that mortgage payment now that the 361 00:18:16,400 --> 00:18:20,359 S1: unemployment benefits have ended, um, you really need to lean into, 362 00:18:20,400 --> 00:18:23,720 S1: if you haven't already calling your lender right right away 363 00:18:24,119 --> 00:18:27,840 S1: and just ask about what are called hardship options. Uh, 364 00:18:27,840 --> 00:18:33,520 S1: it could be forbearance where they pause or reduce payments temporarily, 365 00:18:33,520 --> 00:18:36,619 S1: but they're not forgiven. You're going to repay them later 366 00:18:36,619 --> 00:18:41,820 S1: through either a lump sum or, more typically, a payment plan, 367 00:18:41,820 --> 00:18:45,020 S1: or by adding them to the back of the loan. 368 00:18:45,060 --> 00:18:48,540 S1: It just depends on how they approach it. But that's, 369 00:18:48,580 --> 00:18:50,859 S1: you know, it can be an option to get through 370 00:18:50,900 --> 00:18:54,980 S1: a tough period here. Um, beyond that, maybe there's a 371 00:18:54,980 --> 00:18:59,460 S1: payment reduction or even something called a loan modification where 372 00:18:59,500 --> 00:19:04,140 S1: someone who's lost income can essentially, you know, restructure the loan, 373 00:19:04,180 --> 00:19:07,659 S1: maybe extend the term, try to get those payments down. 374 00:19:07,980 --> 00:19:10,419 S1: They don't want to go into foreclosure either, if at 375 00:19:10,420 --> 00:19:13,139 S1: all possible, because they're going to lose, you know, a 376 00:19:13,220 --> 00:19:16,419 S1: lot of money themselves. So it's better for them to 377 00:19:16,460 --> 00:19:19,740 S1: work with the homeowner if there's a path forward here. 378 00:19:19,740 --> 00:19:22,180 S1: And that's why they have these, uh, so I would 379 00:19:22,180 --> 00:19:24,420 S1: do that first. Have you reached out to them yet? 380 00:19:25,780 --> 00:19:32,580 S5: Uh, yes, I did, um, and they did a preliminary questionnaire. Um, 381 00:19:32,730 --> 00:19:34,970 S5: but I really wasn't sure if that was the right 382 00:19:35,010 --> 00:19:39,130 S5: option for me. Um, I do understand that you have 383 00:19:39,130 --> 00:19:41,330 S5: to pay that back, which, you know, I'm hoping that 384 00:19:41,330 --> 00:19:43,370 S5: I land a job very soon. I feel like it's very, 385 00:19:43,369 --> 00:19:47,490 S5: very close, but not quite there. I've been interviewing, um, 386 00:19:48,050 --> 00:19:49,450 S5: and aggressively looking. 387 00:19:49,810 --> 00:19:53,130 S1: Yeah, well, that's the key, obviously, is to keep your 388 00:19:53,250 --> 00:19:56,010 S1: full time job right now is finding a job. The 389 00:19:56,010 --> 00:20:00,730 S1: good news is it's still a relatively robust job market. 390 00:20:00,770 --> 00:20:03,130 S1: I mean, I realize the end of the day, it 391 00:20:03,170 --> 00:20:05,570 S1: comes down to whether you can find a job, not 392 00:20:05,570 --> 00:20:10,530 S1: national statistics. But I'm just saying the environment is pretty favorable. 393 00:20:10,890 --> 00:20:13,650 S1: And I think you might, you know, need to be flexible. 394 00:20:13,690 --> 00:20:16,250 S1: I mean, think in terms of not landing, you know, 395 00:20:16,290 --> 00:20:19,649 S1: your your permanent job from this point forward, but just 396 00:20:19,650 --> 00:20:22,730 S1: something that could get some income going here, even if it, 397 00:20:22,770 --> 00:20:25,530 S1: you know, is temporary. But I think, you know, really 398 00:20:25,530 --> 00:20:28,210 S1: reaching out to your lender, not waiting until you, you've 399 00:20:28,210 --> 00:20:30,730 S1: missed that payment, but going ahead and doing that now 400 00:20:31,150 --> 00:20:34,550 S1: and consider going ahead and completing that form just to 401 00:20:34,590 --> 00:20:37,710 S1: find out what options your lender has, because again, they're 402 00:20:37,710 --> 00:20:41,230 S1: not all the same. Um, you could contact your state's 403 00:20:41,230 --> 00:20:46,150 S1: housing finance agency. That would be another option. Um, you know, 404 00:20:46,190 --> 00:20:51,429 S1: where you look at whether there might be assistance programs, um, 405 00:20:51,670 --> 00:20:55,630 S1: obviously cutting all non-essentials right now to preserve cash as 406 00:20:55,630 --> 00:20:58,469 S1: long as possible is key. You know, I call it 407 00:20:58,470 --> 00:21:01,229 S1: a mayday budget. I mean, you you basically cover the 408 00:21:01,230 --> 00:21:04,030 S1: big four, which is keep a roof over your head 409 00:21:04,070 --> 00:21:06,750 S1: the best you can, keep food on the table, gas 410 00:21:06,750 --> 00:21:08,310 S1: in the car so you can look for a job. 411 00:21:08,310 --> 00:21:11,590 S1: And the utilities paid and everything else is negotiable. I mean, 412 00:21:11,590 --> 00:21:14,149 S1: we got to strip it all out and, you know, 413 00:21:14,190 --> 00:21:16,230 S1: just try to make it through and then let's pray. 414 00:21:16,230 --> 00:21:18,310 S1: And I'm going to be praying. I'll ask our faith 415 00:21:18,310 --> 00:21:20,590 S1: and finance community to be praying for you as well, 416 00:21:20,590 --> 00:21:24,470 S1: that you land something quickly. But I would, uh, going ahead, 417 00:21:24,510 --> 00:21:27,630 S1: go ahead and explore those programs with your lender. Hopefully 418 00:21:27,630 --> 00:21:30,179 S1: you don't have to take advantage of them, but at 419 00:21:30,220 --> 00:21:33,580 S1: least you know your options beyond that. And then, um, 420 00:21:33,619 --> 00:21:35,660 S1: we're going to just trust the Lord that he's going 421 00:21:35,700 --> 00:21:38,619 S1: to provide, uh, this next job. Let me do this. 422 00:21:38,619 --> 00:21:41,460 S1: I'd be happy to have a Christian credit counselor walk 423 00:21:41,460 --> 00:21:43,980 S1: alongside you. So stay on the line. Our team will 424 00:21:43,980 --> 00:21:47,260 S1: get your information. We'll get a certified Christian financial counselor 425 00:21:47,260 --> 00:21:48,940 S1: in touch with you. So you have a sounding board, 426 00:21:48,940 --> 00:21:51,020 S1: somebody to pray with you and help you with your 427 00:21:51,020 --> 00:22:07,260 S1: spending plan. And God bless you. Well, this is faith 428 00:22:07,260 --> 00:22:10,140 S1: and finance live on Moody Radio, helping you live as 429 00:22:10,140 --> 00:22:13,260 S1: a faithful steward, helping you understand the heart of God 430 00:22:13,260 --> 00:22:15,620 S1: and the counsel of Scripture related to your role as 431 00:22:15,619 --> 00:22:19,859 S1: a money manager and helping you tackle those very practical, 432 00:22:19,900 --> 00:22:22,740 S1: real things going on in your financial life each day. 433 00:22:22,740 --> 00:22:24,500 S1: We do have a few lines open. If you've got 434 00:22:24,500 --> 00:22:32,040 S1: a question today, call right now 800 525 7805. Two. Five. 7000. Hey, 435 00:22:32,040 --> 00:22:34,240 S1: before we head back to the phones, three days left 436 00:22:34,240 --> 00:22:39,040 S1: in this national research project we're conducting at Kingdom Advisors 437 00:22:39,040 --> 00:22:42,680 S1: and Faith five, we're studying the impact of a certified 438 00:22:42,680 --> 00:22:47,119 S1: Kingdom Advisors advice on his or her clients. You know, 439 00:22:47,160 --> 00:22:50,080 S1: how do they define success? What happens with charitable giving? 440 00:22:50,080 --> 00:22:52,200 S1: Does it go up? I can give you a little 441 00:22:52,200 --> 00:22:55,920 S1: sneak preview. It will. But how much do they use 442 00:22:55,960 --> 00:22:59,199 S1: God honoring investments? Do they help their clients prepare the 443 00:22:59,200 --> 00:23:02,880 S1: next generation? We're studying that, looking for empirical data on 444 00:23:02,880 --> 00:23:06,679 S1: the outcomes of working with a. Now, you may hear 445 00:23:06,720 --> 00:23:08,719 S1: me say that and say, I've been listening. I've heard 446 00:23:08,720 --> 00:23:10,720 S1: you say that a few times. I don't understand what 447 00:23:10,720 --> 00:23:14,359 S1: that means. A certified Kingdom advisor. It's the only designation 448 00:23:14,359 --> 00:23:18,639 S1: in the financial services industry that's widely accepted across all 449 00:23:18,640 --> 00:23:23,400 S1: the major Wall Street firms for biblically wise financial advice. 450 00:23:23,400 --> 00:23:28,540 S1: So CFP Certified Financial Planner, CPA Certified Public Accountant. Those 451 00:23:28,540 --> 00:23:33,140 S1: are designations seek a Certified Kingdom Advisor is the only 452 00:23:33,140 --> 00:23:37,619 S1: one for biblically wise advice. We created it decades ago 453 00:23:37,859 --> 00:23:41,340 S1: specifically to protect the public because we saw so much fraud, 454 00:23:41,820 --> 00:23:45,060 S1: what they call affinity fraud in the local church, people 455 00:23:45,100 --> 00:23:50,220 S1: being taken advantage of, uh, around, uh, understanding or a 456 00:23:50,260 --> 00:23:53,460 S1: belief that they're working with somebody who has shared faith values. 457 00:23:53,619 --> 00:23:56,580 S1: And so we said, let's create a designation that provides 458 00:23:56,580 --> 00:24:00,540 S1: rigorous training, a 50 hour university course with a proctored exam, 459 00:24:00,540 --> 00:24:05,380 S1: but also creates a high bar for advisors that want 460 00:24:05,380 --> 00:24:09,740 S1: to hold this designation past a reference client. Reference statement 461 00:24:09,740 --> 00:24:14,940 S1: of faith. Code of ethics. Regulatory review ten years minimum experience. Uh, 462 00:24:14,940 --> 00:24:18,420 S1: you know, just a host of issues, not to mention ongoing, uh, 463 00:24:18,420 --> 00:24:21,740 S1: ten hours of continuing education. So these men and women, 464 00:24:21,780 --> 00:24:24,660 S1: 1800 of them across the country at all the big 465 00:24:24,660 --> 00:24:29,050 S1: firms and independents in the US and Canada. Uh, you know, 466 00:24:29,090 --> 00:24:31,850 S1: have really met high standards. And that gives us confidence 467 00:24:31,850 --> 00:24:35,290 S1: to know that, uh, this is somebody that you can 468 00:24:35,290 --> 00:24:37,770 S1: turn to who can bring advice that aligns with the 469 00:24:37,770 --> 00:24:41,290 S1: counsel of Scripture. Uh, so that's a certified Kingdom advisor, 470 00:24:41,290 --> 00:24:45,330 S1: and you can find one in your area at find a.com. 471 00:24:45,330 --> 00:24:48,210 S1: But if you happen to already have a relationship with one, 472 00:24:48,210 --> 00:24:50,850 S1: that's where we could use your help in completing, uh, 473 00:24:50,850 --> 00:24:53,450 S1: one of these surveys. We are still looking for dozens 474 00:24:53,450 --> 00:24:56,169 S1: more of you, and we only have three days left. 475 00:24:56,170 --> 00:24:59,530 S1: So if that's you, and you could head to faith. Com, 476 00:25:00,650 --> 00:25:02,689 S1: it'll take you about ten minutes, but it'll be really 477 00:25:02,690 --> 00:25:09,210 S1: valuable for us clients of faith. Com. Thanks in advance. 478 00:25:09,250 --> 00:25:11,130 S1: All right. We've got a lot of phone calls here, 479 00:25:11,130 --> 00:25:14,250 S1: so let's dive in. Uh, Baltimore. Gladys, how can I help? 480 00:25:15,490 --> 00:25:18,409 S6: Hi, Robin. Thank you so much for taking my call. 481 00:25:18,450 --> 00:25:22,850 S6: Appreciate you and your men and your ministry. And I'm 482 00:25:22,850 --> 00:25:27,270 S6: calling because my son lives in Baltimore and he has 483 00:25:27,310 --> 00:25:29,950 S6: a rental property. It was his first home, and then 484 00:25:29,950 --> 00:25:32,350 S6: they bought a second home, and they rented out that 485 00:25:32,350 --> 00:25:35,270 S6: first home. And the tenant hasn't paid their rent in 486 00:25:35,310 --> 00:25:37,630 S6: the last two months. And this isn't the first time 487 00:25:37,630 --> 00:25:42,270 S6: she's gotten behind, and it is putting a burden on them. Uh, 488 00:25:42,470 --> 00:25:46,310 S6: so now they're considering selling the home. So but in 489 00:25:46,310 --> 00:25:48,750 S6: order to do that, they'd have to do some additional 490 00:25:48,750 --> 00:25:52,030 S6: work in the house. And, uh, I just wanted to 491 00:25:52,030 --> 00:25:55,030 S6: see what you thought. And even if they don't sell it, 492 00:25:55,070 --> 00:25:58,030 S6: is are there tax advantages or, you know, things that 493 00:25:58,030 --> 00:26:00,870 S6: they can apply to their taxes because they're they're not 494 00:26:00,869 --> 00:26:02,070 S6: able to rent the house? 495 00:26:02,750 --> 00:26:07,110 S1: Yeah. Yeah, it's a great question. Uh, it's a tough situation, Gladys. Uh, 496 00:26:07,109 --> 00:26:11,150 S1: before deciding to sell, I think we need to separate 497 00:26:11,150 --> 00:26:14,149 S1: the short term problem from the long term viability of 498 00:26:14,150 --> 00:26:16,830 S1: the problem of the property. So here's one way to 499 00:26:16,869 --> 00:26:20,710 S1: think about it. First, we need to address the non-paying tenant. 500 00:26:20,710 --> 00:26:23,860 S1: So if rent hasn't been paid for a couple of months. Uh, 501 00:26:23,859 --> 00:26:29,540 S1: does your son understand? You know, his state's eviction process, 502 00:26:29,540 --> 00:26:32,460 S1: even a mediation process? If the goal is to try 503 00:26:32,460 --> 00:26:35,860 S1: to get the renter back on track. Track. And is 504 00:26:35,859 --> 00:26:40,020 S1: there an opportunity to begin taking steps? I mean, typically 505 00:26:40,060 --> 00:26:44,700 S1: letting this, you know, drag on can make it worse. Um, 506 00:26:44,859 --> 00:26:47,699 S1: but has he looked into that at all? 507 00:26:49,300 --> 00:26:52,220 S6: Yes. Yeah. Just to consider what the option would be 508 00:26:52,220 --> 00:26:53,820 S6: for the eviction process. 509 00:26:53,859 --> 00:26:58,460 S1: Yeah. Okay. So I think I think that would be important. First, um, 510 00:26:58,580 --> 00:27:00,859 S1: and you know, I think you need to then step 511 00:27:00,859 --> 00:27:04,220 S1: back and evaluate whether, whether the rental still makes sense, 512 00:27:04,420 --> 00:27:09,300 S1: even under ideal conditions. Um, you know, if it's draining 513 00:27:09,300 --> 00:27:13,380 S1: cash and creating stress, I would say selling can absolutely 514 00:27:13,380 --> 00:27:17,660 S1: be a wise decision, especially in today's market where prices 515 00:27:17,660 --> 00:27:21,600 S1: are still strong in most areas. Um, so I would 516 00:27:21,640 --> 00:27:24,640 S1: look at that as, as a real option here. And 517 00:27:24,640 --> 00:27:27,120 S1: the fact that, you know, we need if we're going 518 00:27:27,119 --> 00:27:29,080 S1: to be in the rental business because the money is 519 00:27:29,080 --> 00:27:32,760 S1: so illiquid and especially when there's debt service involved, you 520 00:27:32,760 --> 00:27:34,879 S1: really need to have a pretty good cushion to be 521 00:27:34,920 --> 00:27:38,240 S1: able to weather, you know, these storms, whether it's a 522 00:27:38,280 --> 00:27:42,000 S1: non-paying tenant or a gap, you know, one tenant moves 523 00:27:42,000 --> 00:27:46,040 S1: out and, you know, the market conditions or the economy 524 00:27:46,040 --> 00:27:48,400 S1: is such that it's hard to replace it if we're 525 00:27:48,400 --> 00:27:50,840 S1: not in a position to be able to cover that, 526 00:27:51,000 --> 00:27:53,200 S1: then I think, you know, it's probably time to get 527 00:27:53,200 --> 00:27:57,480 S1: out of the landlord business, recoup your capital, and then 528 00:27:57,480 --> 00:28:00,800 S1: either invest it in more of a passive investment, or 529 00:28:01,160 --> 00:28:04,560 S1: just continue to sock money away so that, you know, 530 00:28:04,600 --> 00:28:06,719 S1: the next time he goes into the rental business, which 531 00:28:06,720 --> 00:28:10,080 S1: I like a lot. Don't get me wrong, he's able to, 532 00:28:10,119 --> 00:28:12,440 S1: you know, either buy with cash or buy something where 533 00:28:12,440 --> 00:28:16,320 S1: he has a significant, uh, you know, position of equity. 534 00:28:16,320 --> 00:28:19,879 S1: So the debt service is very small. And, you know, even, 535 00:28:20,350 --> 00:28:22,790 S1: you know, as he's getting rental income from an on 536 00:28:22,830 --> 00:28:25,870 S1: time payer, he's sucking some money away to build up 537 00:28:25,869 --> 00:28:29,670 S1: a really healthy emergency fund. So I think just given 538 00:28:29,670 --> 00:28:32,070 S1: what you're describing, I think, you know, getting out of 539 00:28:32,070 --> 00:28:34,910 S1: it and just, you know, being free from that, that 540 00:28:34,910 --> 00:28:38,430 S1: burden and stress until he can have a stronger financial 541 00:28:38,430 --> 00:28:41,950 S1: foundation under him, uh, you know, is important on the 542 00:28:41,950 --> 00:28:45,630 S1: tax side. You know, you can of course, deduct ordinary 543 00:28:45,630 --> 00:28:51,190 S1: rental expenses. So all the typical things mortgage interest, property taxes, insurance, repairs, 544 00:28:51,230 --> 00:28:54,790 S1: HOA fees, utilities you pay, even if the tenant isn't 545 00:28:54,790 --> 00:28:59,150 S1: paying as long as the property is available for rent, um, 546 00:28:59,310 --> 00:29:02,870 S1: you can deduct depreciation whether it's occupied or not. So 547 00:29:02,870 --> 00:29:07,830 S1: if the property is temporarily vacant but it's listed and advertised, 548 00:29:07,830 --> 00:29:10,310 S1: or it's got a tenant in it who's just not paying, 549 00:29:10,510 --> 00:29:14,430 S1: then you can keep all the normal rental deductions. But 550 00:29:14,430 --> 00:29:17,590 S1: if he ultimately sells, then of course capital gains rules 551 00:29:17,590 --> 00:29:21,170 S1: apply where he would have to pay capital gains tax 552 00:29:21,170 --> 00:29:26,010 S1: on any gain from the original purchase price, minus any improvements. 553 00:29:26,050 --> 00:29:26,890 S1: Does that make sense? 554 00:29:27,610 --> 00:29:29,610 S6: It makes a lot of sense, and I had not 555 00:29:29,610 --> 00:29:32,890 S6: even considered the capital gains tax. That's something that we 556 00:29:32,890 --> 00:29:35,130 S6: would have to really look into. Right. 557 00:29:35,810 --> 00:29:38,570 S1: Uh, yeah. I mean, it's not terrible. I mean, most 558 00:29:38,570 --> 00:29:42,890 S1: people fall into a 15% capital gains bracket, and that's 559 00:29:42,890 --> 00:29:44,970 S1: only on the gain. So he would take his selling 560 00:29:44,970 --> 00:29:50,490 S1: price minus his original purchase price, minus any improvements. Not 561 00:29:50,530 --> 00:29:53,930 S1: regular maintenance, but things that improve the value of the property. 562 00:29:53,930 --> 00:29:56,610 S1: And then that's going to result in the true gain 563 00:29:56,610 --> 00:30:00,250 S1: that he had on the asset. And then that gain 564 00:30:00,450 --> 00:30:04,330 S1: based on his income and the total gain. Generally, if it's, 565 00:30:04,370 --> 00:30:08,530 S1: you know, between 90 and 500,000, uh, it's going to 566 00:30:08,530 --> 00:30:10,650 S1: end up being 15% of that number. 567 00:30:11,410 --> 00:30:13,930 S6: Okay. Thank you so much. That helps a lot. 568 00:30:14,290 --> 00:30:14,850 S1: All right. 569 00:30:14,890 --> 00:30:16,610 S6: Thanks, program. Bye bye. 570 00:30:16,650 --> 00:30:19,430 S1: Well thank you, Gladys. I appreciate that very much. Bye bye. 571 00:30:19,430 --> 00:30:22,590 S1: Thank you for calling today. Well, folks, we still got 572 00:30:22,590 --> 00:30:25,750 S1: another segment. Jerry Bowyer is going to stop by as well. 573 00:30:25,750 --> 00:30:28,910 S1: We'll get to Jerry's take on the market. We had 574 00:30:28,910 --> 00:30:35,070 S1: the fed decision. Uh, where is this economy headed in 2026? Also, uh, 575 00:30:35,070 --> 00:30:40,030 S1: Jerry's always working on something in the area of corporate engagement, and, uh, we'll, uh, 576 00:30:40,030 --> 00:30:42,230 S1: we'll get the latest from him, uh, when he joins 577 00:30:42,230 --> 00:30:44,430 S1: us here in just a moment. This is Faith and 578 00:30:44,430 --> 00:30:48,270 S1: finance live. I'm Rob West. You're listening on Moody Radio today. 579 00:30:48,270 --> 00:30:50,670 S1: We're delighted you're here. Stay with us. Much more to 580 00:30:50,710 --> 00:31:05,390 S1: come in our final segment right after this. Well, I'm 581 00:31:05,390 --> 00:31:07,470 S1: so thankful you're with us today on Faith and finance. 582 00:31:07,470 --> 00:31:10,030 S1: Live here on Moody Radio. Here on a Friday. Jerry 583 00:31:10,030 --> 00:31:12,990 S1: Boyer's here. He stops by in this segment to, uh, 584 00:31:12,990 --> 00:31:15,070 S1: wrap up the week for us in the markets, in 585 00:31:15,070 --> 00:31:17,580 S1: the economy and, uh, a lot going on this week, Jerry, 586 00:31:17,620 --> 00:31:21,140 S1: with the fed decision markets uh, retreating a little bit 587 00:31:21,140 --> 00:31:23,860 S1: here I guess a rotation out of tech. But, uh, 588 00:31:23,860 --> 00:31:25,020 S1: what do you make of things? 589 00:31:25,660 --> 00:31:29,100 S7: Yeah. Well, the fed made its decision, um, and revealed 590 00:31:29,100 --> 00:31:33,340 S7: information about its decision. And the decision didn't surprise anybody. Um, 591 00:31:33,820 --> 00:31:36,660 S7: the reasoning around the decision didn't add a lot of 592 00:31:36,660 --> 00:31:39,660 S7: new information about what's expected in the future. There had 593 00:31:39,660 --> 00:31:42,140 S7: been a little bit of discussion about whether they might 594 00:31:42,180 --> 00:31:46,540 S7: actually hike rates, meaning contract the money supply, um, that 595 00:31:46,540 --> 00:31:48,420 S7: there was a 10% chance of that. That's now down 596 00:31:48,420 --> 00:31:53,220 S7: to zero. So, uh, it looks like maybe another rate hike. 597 00:31:53,500 --> 00:31:57,620 S7: Excuse me. Rate cut again, easing money supply creation. Um, 598 00:31:58,060 --> 00:32:00,820 S7: you know, next year. So what does all that mean? Well, 599 00:32:00,820 --> 00:32:04,459 S7: we've talked about this before. The biggest investor in the world, uh, 600 00:32:04,460 --> 00:32:07,180 S7: is our own central bank. They just have this gigantic 601 00:32:07,180 --> 00:32:09,900 S7: balance sheet, and they buy and sell. They don't buy 602 00:32:09,900 --> 00:32:12,420 S7: and sell stocks, but they buy and sell bonds, and 603 00:32:12,420 --> 00:32:15,320 S7: that affects the price of stocks. Um, so they are 604 00:32:15,320 --> 00:32:18,520 S7: buying and selling in the market. And so markets tend 605 00:32:18,520 --> 00:32:20,040 S7: to move based on what they think the fed is 606 00:32:20,040 --> 00:32:22,360 S7: going to do. So why didn't why didn't they move 607 00:32:22,400 --> 00:32:25,360 S7: a lot this week. Uh, when the fed announced that 608 00:32:25,360 --> 00:32:27,480 S7: they were going to ease the money supply. Answer because 609 00:32:27,480 --> 00:32:30,640 S7: they already knew it. Markets move on what they think 610 00:32:30,640 --> 00:32:33,240 S7: is going to change in the future. Markets don't move 611 00:32:33,240 --> 00:32:36,560 S7: when something that they fully expected happens. I mean, they're 612 00:32:36,560 --> 00:32:39,040 S7: just markets are just people, right? So if there's something 613 00:32:39,040 --> 00:32:41,560 S7: you're expecting in life and it happens, the thing you're 614 00:32:41,560 --> 00:32:44,920 S7: expecting happens. You don't change anything, right? Yeah. Um, you 615 00:32:44,920 --> 00:32:46,640 S7: don't say, oh, wait, the sun rose. Hmm. I'm going 616 00:32:46,640 --> 00:32:48,480 S7: to change my plans. You expect the sun to rise 617 00:32:48,480 --> 00:32:51,880 S7: in the morning, right? And you know, the the rate 618 00:32:51,880 --> 00:32:54,280 S7: cut was about as expected as the sunrise. It was 619 00:32:54,280 --> 00:32:59,440 S7: something like 95%, um, probability. So, um, that means markets 620 00:32:59,440 --> 00:33:02,400 S7: don't have a lot of new information coming from the fed. Well, 621 00:33:02,400 --> 00:33:05,000 S7: what do they have new information coming from? Well, some 622 00:33:05,000 --> 00:33:08,280 S7: of the companies like Broadcom and Oracle that are very 623 00:33:08,280 --> 00:33:13,270 S7: involved in the AI um technology sector. Uh Broadcom is 624 00:33:13,270 --> 00:33:17,030 S7: a chip maker. Oracle has uh, they produce um hardware. 625 00:33:17,030 --> 00:33:20,230 S7: But they also do software. They're they're involved with this. 626 00:33:20,230 --> 00:33:23,270 S7: And they came out with earnings which were pretty good. 627 00:33:23,510 --> 00:33:28,190 S7: But pretty good doesn't justify these multi-trillion dollar valuations in 628 00:33:28,270 --> 00:33:31,470 S7: many cases for the sector. So now markets are starting 629 00:33:31,470 --> 00:33:36,190 S7: to say look you promised us magic. You you promised 630 00:33:36,190 --> 00:33:39,190 S7: us the whole world is going to change in the 631 00:33:39,190 --> 00:33:42,910 S7: next year. Uh, and that this is the greatest invention 632 00:33:42,910 --> 00:33:46,550 S7: since the wheel. Uh, so let's see it in your 633 00:33:46,550 --> 00:33:49,670 S7: financial reporting. And these companies are coming in and saying, well, 634 00:33:49,670 --> 00:33:52,870 S7: we're growing, but it ain't exactly like going from walking 635 00:33:52,910 --> 00:33:55,110 S7: to riding. It's not it's not the wheel. It's not 636 00:33:55,110 --> 00:33:58,510 S7: the invention of writing. It's important, but it's not. It's 637 00:33:58,510 --> 00:34:01,229 S7: not magic robots. Um, who are going to be in 638 00:34:01,230 --> 00:34:03,790 S7: every home in the next few years? Uh, so the 639 00:34:03,790 --> 00:34:07,110 S7: growth is like normal growth for the tech sector, not 640 00:34:07,150 --> 00:34:09,910 S7: hyper normal growth, which is the basis on which people 641 00:34:09,910 --> 00:34:12,250 S7: were willing to spend so much on this, and these 642 00:34:12,250 --> 00:34:14,050 S7: companies are coming in and saying, listen, we have a 643 00:34:14,050 --> 00:34:17,210 S7: lot of expenses building all this out. So yes, they 644 00:34:17,210 --> 00:34:20,730 S7: have growth in revenues, but they're buying those revenues in 645 00:34:20,730 --> 00:34:23,649 S7: a very expensive way. And I think that's why we're 646 00:34:23,650 --> 00:34:28,570 S7: seeing especially the tech sector and especially anything connected with AI, 647 00:34:28,890 --> 00:34:31,130 S7: which has been a great performer for the past couple 648 00:34:31,170 --> 00:34:34,290 S7: of years, kind of going down this week because it's not. 649 00:34:34,610 --> 00:34:37,570 S7: Here's the thing. It's living up to the promise of 650 00:34:37,610 --> 00:34:41,370 S7: human flourishing, but it's not living up to the hype. 651 00:34:41,570 --> 00:34:44,850 S7: And that's kind of what always happens with technology. Because human. 652 00:34:45,050 --> 00:34:48,210 S7: What did Calvin John Calvin said? I'm not taking sides theologically. 653 00:34:48,210 --> 00:34:50,930 S7: I'm just a quote. He said, the human heart is 654 00:34:50,930 --> 00:34:54,770 S7: an idol factory. It creates idols. And just because we're 655 00:34:54,770 --> 00:34:57,810 S7: in finance doesn't mean we're any less prone to idolatry. 656 00:34:58,050 --> 00:35:02,610 S7: And bubbles are the financial expression of idolatry. It was 657 00:35:02,650 --> 00:35:04,730 S7: it was, um, you know, it was the internet in 658 00:35:04,730 --> 00:35:09,210 S7: the late 90s. Uh, and now it's AI. AI is 659 00:35:09,210 --> 00:35:12,320 S7: not going to change the human race. It's a useful tool. 660 00:35:12,480 --> 00:35:16,959 S7: So the, the financial, um, revelations of this week are saying, oh, 661 00:35:17,320 --> 00:35:20,480 S7: it's a useful tool. It's not a god. Uh, and then, 662 00:35:20,520 --> 00:35:22,840 S7: you know, markets have to respond to the, you know, 663 00:35:22,880 --> 00:35:26,560 S7: revelation that it's not magic. Um, it's not it's not 664 00:35:26,560 --> 00:35:29,080 S7: the wheel, but it is a nice technology to have. 665 00:35:29,080 --> 00:35:30,399 S7: And now we're going to have to figure out how 666 00:35:30,400 --> 00:35:33,200 S7: to pay for it and how to implement it in business. 667 00:35:33,640 --> 00:35:36,800 S1: Yeah, that's exactly right, Jerry. We're not in the business 668 00:35:36,800 --> 00:35:40,080 S1: of Prognosticating here, but I am interested in just the 669 00:35:40,080 --> 00:35:42,600 S1: themes that you're talking about and whether or not they 670 00:35:42,600 --> 00:35:48,719 S1: will continue into 2026. At UBS out today, calling for 7700, 671 00:35:48,760 --> 00:35:52,319 S1: potentially on the S&P by the end of 2026, that 672 00:35:52,320 --> 00:35:55,160 S1: would be a 13% run. I mean, that'd be a 673 00:35:55,560 --> 00:35:59,960 S1: pretty healthy move higher from these levels in 2026. And 674 00:35:59,960 --> 00:36:05,439 S1: they're talking about, again, AI themes, longevity themes, health and wellness, 675 00:36:05,680 --> 00:36:10,459 S1: consumer demand being healthy, easy monetary policy. I mean, if 676 00:36:10,460 --> 00:36:14,940 S1: that's the case, then, you know, it's not necessarily real 677 00:36:14,940 --> 00:36:18,660 S1: fundamentals there, but maybe just the the fed trade that 678 00:36:18,860 --> 00:36:20,580 S1: is really keeping this thing going. 679 00:36:21,460 --> 00:36:24,500 S7: Yeah. Well, I guess I mean, if they're saying 13% 680 00:36:24,580 --> 00:36:27,020 S7: that's got to be the fed trade. Um, it's not 681 00:36:27,020 --> 00:36:30,060 S7: going to be all ozempic and AI. Um, so one 682 00:36:30,060 --> 00:36:31,980 S7: of the things we pointed out at the conference for 683 00:36:32,020 --> 00:36:36,260 S7: CCA this year is, hey, okay, ozempic mounjaro whatever. Uh, 684 00:36:36,420 --> 00:36:41,860 S7: these drugs are selling well, right. But basically, whatever money 685 00:36:41,860 --> 00:36:45,900 S7: they make comes out of McDonald's and Burger King and KFC. Uh, 686 00:36:45,980 --> 00:36:49,180 S7: I mean, for eating less, we're eating less. All right. So, um, 687 00:36:49,580 --> 00:36:53,580 S7: I mean, it doesn't. Boy, I'm all for longevity drugs 688 00:36:53,580 --> 00:36:56,140 S7: and for, you know, people have diabetes or obesity having 689 00:36:56,140 --> 00:36:59,379 S7: a good solution to that. But, um, that that comes 690 00:36:59,420 --> 00:37:03,739 S7: at the it comes at the expense of other sectors. Um, so, um, 691 00:37:03,780 --> 00:37:07,799 S7: including other diabetes drugs, um, that maybe aren't needed when 692 00:37:07,800 --> 00:37:09,640 S7: you have, you know, some of these GLP one or 693 00:37:09,640 --> 00:37:12,680 S7: GLP one or tri agonists, which is the new one coming. 694 00:37:12,680 --> 00:37:15,480 S7: I think these are really wonderful breakthroughs, but it's not 695 00:37:15,480 --> 00:37:17,560 S7: a free lunch. Well, it's not a lunch at all. 696 00:37:17,560 --> 00:37:21,560 S7: You can skip lunch, uh, with these I guess. Um, and, uh, 697 00:37:21,600 --> 00:37:23,600 S7: you know, the same with AI. There's a certain amount 698 00:37:23,600 --> 00:37:26,960 S7: of AI which replaces other activities. Uh, so people are 699 00:37:26,960 --> 00:37:30,719 S7: going to be put out of work by AI, right? So, yes. 700 00:37:30,719 --> 00:37:33,800 S7: So when you have productivity gains, when the internal combustion 701 00:37:33,800 --> 00:37:36,839 S7: engine was, was invented, that was a great thing for 702 00:37:36,840 --> 00:37:39,960 S7: the human race. But it wasn't so great for blacksmiths 703 00:37:39,960 --> 00:37:43,839 S7: and buggy whip manufacturers and horse breeders. Uh, so there 704 00:37:43,840 --> 00:37:48,160 S7: are some trade offs here. Uh, so again, um, there's 705 00:37:48,200 --> 00:37:53,239 S7: an almost like a technological utopianism, which is based in 706 00:37:53,239 --> 00:37:57,440 S7: a longing for transcendence that can only be satisfied by God. 707 00:37:57,760 --> 00:38:01,400 S7: And a lot of Silicon Valley says, oh, you know, 708 00:38:01,719 --> 00:38:05,080 S7: so what are longevity drugs? Well, for some people, they're 709 00:38:05,080 --> 00:38:07,150 S7: a way of having the last five years of your 710 00:38:07,150 --> 00:38:10,109 S7: life be more productive and you're spending more time with grandkids. 711 00:38:10,230 --> 00:38:14,550 S7: For other people, they're an alternative to personal salvation. If 712 00:38:14,590 --> 00:38:17,270 S7: I can just get another ten years until the AI 713 00:38:17,270 --> 00:38:19,989 S7: is big enough, I can download my consciousness. I can 714 00:38:19,989 --> 00:38:23,470 S7: live forever. And that sounds silly. That is a real 715 00:38:23,469 --> 00:38:28,030 S7: thing going on, uh, in elite culture. Uh, so anyone 716 00:38:28,030 --> 00:38:30,430 S7: who's put their hopes on that, uh, it's not going 717 00:38:30,469 --> 00:38:34,190 S7: to work. Um, but yeah, but having more health for 718 00:38:34,190 --> 00:38:36,350 S7: the last several years of your life and maybe having 719 00:38:36,390 --> 00:38:40,029 S7: the average life expectancy go from 80 to 85 and healthy, 720 00:38:40,070 --> 00:38:44,910 S7: that's a wonderful blessing. It's not a substitute for personal regeneration, however, uh, 721 00:38:44,910 --> 00:38:47,230 S7: and valuations that act like it's going to give us 722 00:38:47,230 --> 00:38:50,030 S7: eternal life are not going to be able to be sustainable. 723 00:38:50,390 --> 00:38:54,390 S1: Yeah. Uh, incidentally, I did see yesterday, speaking of AI 724 00:38:54,390 --> 00:38:58,350 S1: and tech, uh, McDonald's opened their first store in Texas 725 00:38:58,790 --> 00:39:05,330 S1: without a human in it. Everything is robotics. That's going 726 00:39:05,370 --> 00:39:06,130 S1: to be interesting. 727 00:39:06,610 --> 00:39:09,570 S7: It is. Right. So what does that mean? That that's 728 00:39:09,570 --> 00:39:13,930 S7: probably going to be more profitable for McDonald's. Um, again. 729 00:39:13,969 --> 00:39:17,210 S7: But they're they're in a war with them on that. Right. Um, 730 00:39:17,890 --> 00:39:22,090 S7: so uh, but that is people out of work. Um, 731 00:39:22,250 --> 00:39:24,729 S7: and so that's a loss to those people who are 732 00:39:24,730 --> 00:39:28,130 S7: out of work. Now, the hope is that those people 733 00:39:28,130 --> 00:39:31,689 S7: get other jobs, that AI kind of pushes humans up 734 00:39:31,690 --> 00:39:34,730 S7: the value chain to the degree that AI does things 735 00:39:34,730 --> 00:39:38,090 S7: that it can do that should if we're doing this right, 736 00:39:38,130 --> 00:39:41,450 S7: free up humans for the things that only humans can do. 737 00:39:41,890 --> 00:39:44,170 S7: So I would prefer not to go to a McDonald's 738 00:39:44,170 --> 00:39:47,049 S7: with no humans because we. Susan and I stopped at 739 00:39:47,050 --> 00:39:49,969 S7: McDonald's today on the way home from DC, and there 740 00:39:49,969 --> 00:39:52,770 S7: were people working there. It was an immigrant family working there, 741 00:39:52,930 --> 00:39:55,130 S7: and there were immigrants. I think they were owners of 742 00:39:55,130 --> 00:39:57,490 S7: the franchise. There was a lot of service. They were smiling. 743 00:39:57,489 --> 00:40:00,250 S7: They brought the stuff out to us. Um, you know, 744 00:40:00,290 --> 00:40:02,649 S7: and I said, well, here, I'll give you the garbage. No, no, no, sir. 745 00:40:02,690 --> 00:40:04,960 S7: I'll pick that up. I like that, you know. So 746 00:40:04,960 --> 00:40:06,640 S7: I'm not ready to give up. Give it all up 747 00:40:06,640 --> 00:40:09,759 S7: to the robots yet. Um, so I think that we 748 00:40:09,760 --> 00:40:13,160 S7: need a transition that accounts for human dignity. And we 749 00:40:13,160 --> 00:40:15,440 S7: don't just want to completely hand things over to the 750 00:40:15,440 --> 00:40:19,240 S7: robots to quickly, um, because, frankly, the robots aren't ready 751 00:40:19,280 --> 00:40:22,040 S7: to have it handed off to them. And relationships matter, 752 00:40:22,040 --> 00:40:23,799 S7: and an actual human face matters. 753 00:40:24,120 --> 00:40:27,520 S1: Yeah, that's exactly right. Well, Jerry, that's something we'll, uh, 754 00:40:27,520 --> 00:40:29,600 S1: we'll be talking about for a long time to come. 755 00:40:29,600 --> 00:40:32,040 S1: And I would agree with you. I much prefer the, uh, 756 00:40:32,040 --> 00:40:34,880 S1: the human solution there. All right, my friend, we'll, uh, 757 00:40:34,880 --> 00:40:37,200 S1: have a wonderful weekend. We appreciate your time today. 758 00:40:37,480 --> 00:40:38,800 S7: Same to you. God bless you. 759 00:40:38,840 --> 00:40:41,799 S1: All right, that's Jerry Bowyer. He's our resident economist. We 760 00:40:41,800 --> 00:40:43,600 S1: always have a lot of fun when he stops by. 761 00:40:43,600 --> 00:40:47,240 S1: And it's always very informative. Uh, quickly to Michigan. Milton, 762 00:40:47,239 --> 00:40:48,640 S1: thanks for your patience. Go ahead. 763 00:40:49,600 --> 00:40:54,120 S8: Hi. I have a trust. And here's my question. When 764 00:40:54,120 --> 00:40:58,239 S8: I die, does the cost basis of the house and 765 00:40:58,239 --> 00:41:00,720 S8: the stocks that I have in the trust get stepped 766 00:41:00,719 --> 00:41:03,020 S8: up to the value of the items as of the 767 00:41:03,020 --> 00:41:05,380 S8: date of my birth or date of my death. 768 00:41:06,260 --> 00:41:10,219 S1: Yes. Yes. Uh, if you have a revocable living trust, 769 00:41:10,219 --> 00:41:12,540 S1: which is usually what people are referring to when you 770 00:41:12,540 --> 00:41:15,660 S1: say a trust, then yes, if your house and your 771 00:41:15,660 --> 00:41:19,420 S1: house and stocks do receive a step up in basis 772 00:41:19,739 --> 00:41:23,620 S1: at your death. Uh, why? Because with a revocable trust, 773 00:41:23,660 --> 00:41:27,900 S1: you're still the owner for tax purposes. So when you die, 774 00:41:27,940 --> 00:41:31,860 S1: the basis steps up to the fair market value on 775 00:41:31,860 --> 00:41:35,180 S1: the date of death. And then your heirs can sell 776 00:41:35,180 --> 00:41:38,859 S1: with little or no capital gain. The trust itself does 777 00:41:38,860 --> 00:41:42,100 S1: not pay any capital gains tax at death. Death is 778 00:41:42,100 --> 00:41:45,380 S1: not a taxable event for capital gains. The only time 779 00:41:45,739 --> 00:41:49,180 S1: assets don't receive a step up in basis is when 780 00:41:49,180 --> 00:41:53,780 S1: they're held in certain irrevocable trusts that remove the asset 781 00:41:53,780 --> 00:41:57,100 S1: from the taxable estate. But that's not the typical estate 782 00:41:57,100 --> 00:42:01,970 S1: plan for most families. So, uh, at its most simple level. Yes, 783 00:42:01,969 --> 00:42:05,450 S1: that revocable trust would get the step up. No capital 784 00:42:05,450 --> 00:42:06,810 S1: gains would be due at death. 785 00:42:07,650 --> 00:42:09,210 S8: Oh, excellent. Excellent. 786 00:42:10,290 --> 00:42:12,770 S1: All right. Well, thanks for your call today. God bless you, 787 00:42:12,770 --> 00:42:15,770 S1: my friend. Thanks for being here. Well, folks, that's going 788 00:42:15,770 --> 00:42:17,290 S1: to do it for us. You know, as we round 789 00:42:17,290 --> 00:42:19,850 S1: out the broadcast here today and another week we draw 790 00:42:19,850 --> 00:42:23,370 S1: ever so closely to the end of the month. And 791 00:42:23,370 --> 00:42:26,090 S1: as a listener supported ministry, this is a really important 792 00:42:26,090 --> 00:42:27,930 S1: time for us to hear from you. So many of 793 00:42:27,930 --> 00:42:30,450 S1: you have already stepped forward and said, I love the program. 794 00:42:30,450 --> 00:42:32,210 S1: I want to be a part of supporting it. That's 795 00:42:32,210 --> 00:42:34,850 S1: great because we have some big plans for next year. 796 00:42:34,850 --> 00:42:37,410 S1: We would invite you to consider a gift. Every gift 797 00:42:37,410 --> 00:42:39,969 S1: is doubled between now and December 31st when you go 798 00:42:39,969 --> 00:42:44,209 S1: to Faith fi. And with a gift of any amount, 799 00:42:44,210 --> 00:42:46,970 S1: I'll send you my new devotional as soon as it's out. 800 00:42:47,210 --> 00:42:49,850 S1: Faith and finance is a partnership between Moody Radio and 801 00:42:49,850 --> 00:42:53,610 S1: Faith by. Big thanks today to Jim, Lisa, Taylor and Dan. 802 00:42:53,650 --> 00:42:55,170 S1: We'll see you next time. Bye bye.