1 00:00:08,440 --> 00:00:11,840 S1: Are you looking for tools that make stewardship clearer, simpler, 2 00:00:11,840 --> 00:00:14,920 S1: and more anchored in God's wisdom each day? Hi, I'm 3 00:00:14,920 --> 00:00:18,440 S1: Rob West. The newly updated Faith V app was built 4 00:00:18,440 --> 00:00:22,720 S1: for exactly that, helping you create financial rhythms that bring peace, 5 00:00:22,720 --> 00:00:26,360 S1: clarity and Christ centered focus. Today, Chad Clark joins us 6 00:00:26,360 --> 00:00:29,560 S1: to walk through the biggest improvements and a preview of 7 00:00:29,560 --> 00:00:31,800 S1: what's ahead. And then it's on to your calls at 8 00:00:31,800 --> 00:00:38,240 S1: 800 525 7000. That's 800 525 7000. This is faith 9 00:00:38,240 --> 00:00:45,840 S1: and finance. Live. Biblical wisdom for your financial decisions. Well, 10 00:00:45,840 --> 00:00:47,839 S1: it's always fun to have Chad Clark in the studio. 11 00:00:47,840 --> 00:00:51,360 S1: He's the chief technology officer here at Kingdom Advisors and 12 00:00:51,360 --> 00:00:54,000 S1: Faith fi, and he's been leading the development of the 13 00:00:54,000 --> 00:00:56,800 S1: Faith fi app since day one. Chad, great to have 14 00:00:56,800 --> 00:00:57,240 S1: you back. 15 00:00:57,240 --> 00:00:58,400 S2: Thanks, Rob. Great to be here. 16 00:00:58,440 --> 00:01:00,820 S1: All right. Take us back to those early days? Chad, 17 00:01:00,820 --> 00:01:03,660 S1: what was the vision initially for the Faith fi app 18 00:01:03,660 --> 00:01:04,740 S1: when it first launched? 19 00:01:04,980 --> 00:01:09,380 S2: Yeah, the original vision was to create a biblical stewardship 20 00:01:09,819 --> 00:01:13,580 S2: tool that was accessible and practical for real families. The 21 00:01:13,580 --> 00:01:17,619 S2: early versions really focused on simple budgeting and cash flow management, 22 00:01:17,620 --> 00:01:19,940 S2: and over the years we expanded it to include an 23 00:01:19,940 --> 00:01:23,940 S2: extensive content library of articles, podcasts and videos, as well 24 00:01:23,940 --> 00:01:26,780 S2: as a really robust community discussion board where users can 25 00:01:26,780 --> 00:01:29,260 S2: help and encourage each other on their stewardship journeys. 26 00:01:29,300 --> 00:01:31,740 S1: Yeah, and it's been received really well, but we are 27 00:01:31,740 --> 00:01:35,700 S1: so excited about the biggest update ever for the Faith 28 00:01:35,740 --> 00:01:38,740 S1: fi app. So walk us through what is new in 29 00:01:38,740 --> 00:01:40,339 S1: this version that's available today. 30 00:01:40,380 --> 00:01:42,380 S2: Yeah, I think one of the most important questions we 31 00:01:42,380 --> 00:01:44,500 S2: can ask when building technology is how can we make 32 00:01:44,500 --> 00:01:47,980 S2: it simpler for the user? And money management can be complex. 33 00:01:48,020 --> 00:01:50,980 S2: A lot of decisions are made every day, but that 34 00:01:50,980 --> 00:01:54,980 S2: complexity gets compounded if you're budgeting software is challenging to use, 35 00:01:54,980 --> 00:01:57,780 S2: which can lead to frustration and wasted time. A lot 36 00:01:57,780 --> 00:02:01,000 S2: of people give up on it if it becomes too difficult. 37 00:02:01,000 --> 00:02:03,040 S2: And this new update is designed to make it easier 38 00:02:03,040 --> 00:02:05,800 S2: to get started with your budget and more importantly, to 39 00:02:05,840 --> 00:02:08,359 S2: help you stick with it. Some of the key features 40 00:02:08,360 --> 00:02:12,600 S2: include secure bank connections to import your balances and transactions. 41 00:02:12,880 --> 00:02:16,480 S2: A brand new, simplified budgeting capability that helps you create 42 00:02:16,480 --> 00:02:21,639 S2: and maintain your budget with ease, and improved automated transaction categorizations, 43 00:02:21,639 --> 00:02:24,200 S2: to name a few. You see, our vision for this 44 00:02:24,240 --> 00:02:26,200 S2: app is to help reduce the amount of time and 45 00:02:26,200 --> 00:02:28,840 S2: energy you spend managing your budget, so you can spend 46 00:02:28,840 --> 00:02:32,359 S2: more time focusing on the why behind your financial decisions. 47 00:02:32,400 --> 00:02:36,200 S1: That's exactly right. I mean, think of this as financial discipleship. 48 00:02:36,480 --> 00:02:40,000 S1: On your phone, ready to help you every day. And 49 00:02:40,000 --> 00:02:42,320 S1: one of the standout features that I think is going 50 00:02:42,360 --> 00:02:44,640 S1: to be a game changer in the brand new app 51 00:02:44,760 --> 00:02:47,839 S1: is what we're calling rhythms. What is it and why 52 00:02:47,840 --> 00:02:48,760 S1: is it so important? 53 00:02:48,760 --> 00:02:52,560 S2: Yeah. Rhythms are structured daily, weekly and monthly check ins 54 00:02:52,560 --> 00:02:56,280 S2: designed to help users slow down, to reflect and not 55 00:02:56,280 --> 00:03:00,929 S2: just react to money decisions. Daily rhythms include brief transaction 56 00:03:00,930 --> 00:03:05,370 S2: overviews along with an encouraging and helpful devotional and reflection question, 57 00:03:05,650 --> 00:03:08,290 S2: which helps bridge the gap between the practical side of 58 00:03:08,290 --> 00:03:12,010 S2: money management and the spiritual side of faithful stewardship. We 59 00:03:12,010 --> 00:03:15,050 S2: also have weekly and monthly rhythms that show broader patterns 60 00:03:15,050 --> 00:03:18,530 S2: and cash flow, goals and habits, with suggested adjustments for 61 00:03:18,530 --> 00:03:21,210 S2: the upcoming week or month. And each of these rhythms 62 00:03:21,210 --> 00:03:24,290 S2: include more in-depth reflection questions. Again, to get to the 63 00:03:24,290 --> 00:03:26,610 S2: heart of these financial decisions. 64 00:03:26,650 --> 00:03:29,050 S1: Yeah, if you can establish these habits through our new 65 00:03:29,050 --> 00:03:31,770 S1: rhythms in the app, it'll be a game changer for you. 66 00:03:31,810 --> 00:03:34,290 S1: Not only will you be able to stay on plan, 67 00:03:34,450 --> 00:03:37,090 S1: but it'll really help you grow in your financial stewardship. 68 00:03:37,090 --> 00:03:39,890 S1: And these rhythms can be used by couples as well, right? 69 00:03:39,930 --> 00:03:42,770 S2: Yeah. I'm personally really excited about the weekly and monthly 70 00:03:42,770 --> 00:03:45,250 S2: rhythms and how they can be used by couples. It's 71 00:03:45,250 --> 00:03:47,690 S2: such an easy tool for a couple to sit down, 72 00:03:47,690 --> 00:03:51,050 S2: review and discuss their financial decisions together. 73 00:03:51,090 --> 00:03:54,890 S1: Mhm. We're also excited that the Faith VI content is 74 00:03:54,890 --> 00:03:58,110 S1: coming into the app in a beautiful way. Our faithful 75 00:03:58,110 --> 00:04:02,310 S1: steward magazine articles are going to have a beautiful mobile expression, 76 00:04:02,310 --> 00:04:05,670 S1: and then eventually our studies and devotionals will come in 77 00:04:05,710 --> 00:04:08,630 S1: through an in-app experience as well. You're going to love 78 00:04:08,630 --> 00:04:12,270 S1: it again. It's a part of this stewardship discipleship right 79 00:04:12,270 --> 00:04:14,950 S1: in the app. Now, I know we've made a step 80 00:04:14,950 --> 00:04:18,190 S1: like so many others into AI, and that's a big 81 00:04:18,190 --> 00:04:20,670 S1: piece of this. Just give us a quick overview of that. 82 00:04:20,710 --> 00:04:24,070 S2: Yeah, we have integrated some AI features that are entirely 83 00:04:24,070 --> 00:04:26,150 S2: opt in, and your data is never sent to third 84 00:04:26,150 --> 00:04:30,150 S2: party AI services. We do some self-hosting AI models and 85 00:04:30,150 --> 00:04:33,670 S2: we're only offering it in places we think it's really helpful. Yeah. Um, 86 00:04:33,670 --> 00:04:35,870 S2: we're still in the early stages of these features, but 87 00:04:35,870 --> 00:04:37,669 S2: our goal in building this into the app is to 88 00:04:37,670 --> 00:04:43,070 S2: help users automate and simplify the tedious side of money management. Um, again, 89 00:04:43,070 --> 00:04:45,030 S2: because the goal is to not be focused so much 90 00:04:45,070 --> 00:04:47,470 S2: on what we're doing with the money, but more importantly, 91 00:04:47,470 --> 00:04:49,750 S2: why we're doing it and being obedient to what God 92 00:04:49,750 --> 00:04:52,550 S2: is calling us to do with the resources he's entrusted 93 00:04:52,550 --> 00:04:53,150 S2: to us. 94 00:04:53,470 --> 00:04:56,650 S1: As well, said, folks. Stewardship grows when we slow down, 95 00:04:56,690 --> 00:05:00,370 S1: pay attention, and invite God into our financial rhythms. And 96 00:05:00,370 --> 00:05:02,490 S1: the updated Faith buy app is built to help you 97 00:05:02,490 --> 00:05:05,010 S1: do just that. We're out of time today, but Chad, 98 00:05:05,010 --> 00:05:06,010 S1: thanks for stopping by. 99 00:05:06,050 --> 00:05:06,770 S2: Thanks so much. 100 00:05:06,810 --> 00:05:09,050 S1: All right, folks, now is your time. Go get it. 101 00:05:09,089 --> 00:05:12,410 S1: It's available in your app store. Just search for Faith 102 00:05:12,410 --> 00:05:18,330 S1: fi or go to faith.com and click app. That's faith.com 103 00:05:18,330 --> 00:05:23,050 S1: and click app. Your calls are next 800 525 7000. 104 00:05:23,089 --> 00:05:23,969 S1: We'll be right back. 105 00:05:34,570 --> 00:05:37,930 S3: The opinions offered during this program represent the personal or 106 00:05:37,930 --> 00:05:42,770 S3: professional opinions of the participants, given for informational purposes only. 107 00:05:43,010 --> 00:05:46,610 S3: Any information provided is not intended to replace advice from 108 00:05:46,610 --> 00:05:51,369 S3: a financial, medical, legal, or other professional who understands your 109 00:05:51,370 --> 00:05:52,870 S3: specific Situation. 110 00:05:59,390 --> 00:06:01,869 S1: Hey, thanks for joining us today on Faith and Finance Live. 111 00:06:01,870 --> 00:06:04,469 S1: I'm Rob West. Well, we're, uh, looking forward to taking 112 00:06:04,470 --> 00:06:07,229 S1: your calls and questions today. Our team is standing by. 113 00:06:07,470 --> 00:06:09,150 S1: The lines are open. So the only thing we need 114 00:06:09,190 --> 00:06:13,830 S1: now is you call right now 800 525 7000 with 115 00:06:13,830 --> 00:06:19,350 S1: any financial questions. 800 525 7000. Coming up in our 116 00:06:19,350 --> 00:06:22,470 S1: final segment today, Jerry Bowyer stops by. We'll get to 117 00:06:22,510 --> 00:06:27,350 S1: Jerry's take on the announcement around the choice for the 118 00:06:27,350 --> 00:06:32,950 S1: next fed chairman. That's right. President Trump out today, uh, 119 00:06:32,950 --> 00:06:37,150 S1: naming or at least putting forward the name Kevin Warsh, uh, 120 00:06:37,150 --> 00:06:40,310 S1: as his pick to lead the Federal Reserve when Chairman 121 00:06:40,310 --> 00:06:43,830 S1: Powell's term is up, uh, in April, uh, we'll get 122 00:06:43,870 --> 00:06:46,310 S1: Jerry's take. I'll give you a little spoiler alert. He's 123 00:06:46,310 --> 00:06:49,350 S1: pretty happy with the pick. He'll tell you why. Markets 124 00:06:49,350 --> 00:06:51,930 S1: selling off today. We'll get to Jerry's take on that 125 00:06:51,930 --> 00:06:54,969 S1: and some updates. Pretty big announcement in the area of 126 00:06:54,970 --> 00:06:59,090 S1: corporate engagement that you won't want to miss. It broke 127 00:06:59,130 --> 00:07:02,410 S1: this morning, and Jerry will tell you about the incredible 128 00:07:02,410 --> 00:07:05,570 S1: work with one of literally the biggest companies in the 129 00:07:05,570 --> 00:07:09,890 S1: world announcing their position on something that is very important 130 00:07:09,890 --> 00:07:13,730 S1: to Christ followers. All right. Let's head to the phones here. 131 00:07:13,730 --> 00:07:16,530 S1: Indiana is where we're going to begin today. Anthony, are 132 00:07:16,530 --> 00:07:18,730 S1: you buried in snow still up there in Indiana. 133 00:07:19,690 --> 00:07:22,890 S4: We are definitely buried in snow. Rob. It is it's wild. But, 134 00:07:22,890 --> 00:07:24,410 S4: you know, we get used to it. Over the years, 135 00:07:24,450 --> 00:07:26,850 S4: my my young kids hate it more than anything, but, 136 00:07:27,410 --> 00:07:29,890 S4: but but hey, it's so cool to talk to you. 137 00:07:29,890 --> 00:07:31,530 S4: I've been listening to you almost ten years. 138 00:07:32,050 --> 00:07:34,210 S1: Oh, awesome. Well, thanks for calling in. 139 00:07:34,890 --> 00:07:37,970 S4: Oh, absolutely. And my question was, my wife and I, 140 00:07:38,010 --> 00:07:39,890 S4: over the last few years, have accrued some debt and 141 00:07:39,890 --> 00:07:42,170 S4: kind of just let our finances get away from us. 142 00:07:42,170 --> 00:07:45,730 S4: We're both in our late 30s, and we've really felt 143 00:07:45,730 --> 00:07:48,410 S4: convicted that we're not being great stewards of God's money. 144 00:07:48,410 --> 00:07:51,030 S4: And it's not that we're living some extravagant lifestyle or 145 00:07:51,030 --> 00:07:53,430 S4: anything like that. It's just that we're not. We're not 146 00:07:53,430 --> 00:07:56,270 S4: budgeting properly. Every time I've ever made a budget, we 147 00:07:56,310 --> 00:07:58,989 S4: don't get past a month or two of sticking with it. And, um, 148 00:07:58,990 --> 00:08:00,990 S4: you know, we we tried the first phase VI app, 149 00:08:00,990 --> 00:08:02,630 S4: and I, I remember loving it. I was using the 150 00:08:02,630 --> 00:08:04,430 S4: envelope system and then I just for whatever reason, I 151 00:08:04,430 --> 00:08:06,510 S4: don't remember why, but it got away from me. And 152 00:08:06,510 --> 00:08:08,950 S4: then now we're trying to use the Dave Ramsey Every 153 00:08:08,990 --> 00:08:11,710 S4: dollar app. But it's pretty expensive. And I you know, 154 00:08:11,750 --> 00:08:13,390 S4: it doesn't have all the stuff I remember from the 155 00:08:13,390 --> 00:08:15,670 S4: original phase five app. So we're just kind of looking 156 00:08:15,670 --> 00:08:18,870 S4: for what you would, you would think for basic budgeting, uh, 157 00:08:18,870 --> 00:08:21,790 S4: guidance and like money management tips to be good stewards. 158 00:08:22,110 --> 00:08:24,870 S1: Yeah, I love that. Well, listen, what you're calling out 159 00:08:24,870 --> 00:08:28,470 S1: is really the key because, uh, your ability to live 160 00:08:28,470 --> 00:08:30,630 S1: faithfully as a steward means, first of all, we have 161 00:08:30,630 --> 00:08:33,510 S1: to decide even before we start budgeting. What is that 162 00:08:33,510 --> 00:08:36,430 S1: lifestyle God has called us to? What's our number? And 163 00:08:36,429 --> 00:08:38,589 S1: that's not an answer I can give you. It's something 164 00:08:38,590 --> 00:08:41,750 S1: you and your wife have to come together around prayerfully. 165 00:08:41,990 --> 00:08:44,910 S1: But I think you need to have a number because remember, 166 00:08:44,950 --> 00:08:46,830 S1: if if God were to bless you with a whole 167 00:08:46,830 --> 00:08:49,679 S1: lot more, even Then unexpectedly, what would that mean for 168 00:08:49,679 --> 00:08:52,640 S1: your lifestyle? Would you just automatically, you know, spend up 169 00:08:52,640 --> 00:08:55,080 S1: to the limit? Or is there some number where you say, no, 170 00:08:55,120 --> 00:08:57,920 S1: you know, this is really enough for us. And then 171 00:08:57,920 --> 00:09:01,200 S1: once you pick your finish line from a lifestyle standpoint, 172 00:09:01,200 --> 00:09:03,520 S1: that does a couple of things. Number one is it 173 00:09:03,520 --> 00:09:06,680 S1: really helps to inform how much you need as a 174 00:09:06,679 --> 00:09:09,480 S1: finish line for your balance sheet. The other thing it 175 00:09:09,480 --> 00:09:13,439 S1: does is it really requires that you begin to track 176 00:09:13,480 --> 00:09:16,559 S1: your spending, because once you define enough, then you need 177 00:09:16,559 --> 00:09:19,640 S1: to say, okay, let's put a plan together that allows 178 00:09:19,640 --> 00:09:23,000 S1: us to stay within that and give every dollar a 179 00:09:23,000 --> 00:09:26,240 S1: job and make sure that's ultimately where those dollars are going. 180 00:09:26,480 --> 00:09:29,760 S1: But if you can, you know, do that successfully and 181 00:09:29,760 --> 00:09:31,800 S1: then God blesses you with more. Well, it just gives 182 00:09:31,800 --> 00:09:35,040 S1: you a lot of freedom for additional giving and all 183 00:09:35,040 --> 00:09:37,840 S1: kinds of other things. But you're right, it can get 184 00:09:37,840 --> 00:09:41,040 S1: away from you even if you're not, you know, living lavishly. 185 00:09:41,280 --> 00:09:43,320 S1: You know, money just has a way of kind of 186 00:09:43,360 --> 00:09:49,020 S1: finding its way into places that maybe we don't even intend, 187 00:09:49,020 --> 00:09:52,340 S1: and just getting that clarity and visibility that can be 188 00:09:52,740 --> 00:09:55,740 S1: that can come with a budget, I think is really key. 189 00:09:55,980 --> 00:09:59,140 S1: But to your other point, you know, it can't get 190 00:09:59,140 --> 00:10:01,620 S1: away from you in the sense that you've got to 191 00:10:01,620 --> 00:10:06,300 S1: find a system of tracking that fits your temperament and 192 00:10:06,300 --> 00:10:08,780 S1: personality and kind of the way you and your wife 193 00:10:08,780 --> 00:10:12,140 S1: want to handle things. Do you want to be, you know, directional, 194 00:10:12,140 --> 00:10:14,660 S1: or do you want to be detailed and, you know, 195 00:10:14,700 --> 00:10:16,620 S1: do you want to go with the full blown envelope 196 00:10:16,620 --> 00:10:19,459 S1: system or kind of you can see every dollar in 197 00:10:19,460 --> 00:10:22,060 S1: each category and it rolls over from month to month, 198 00:10:22,059 --> 00:10:25,219 S1: or you just want to track against the budget and 199 00:10:25,220 --> 00:10:27,300 S1: have a barometer of how we're doing. And then we 200 00:10:27,340 --> 00:10:30,380 S1: kind of start over in the next month. You know, 201 00:10:30,420 --> 00:10:32,460 S1: one is a little more hands on, one is a 202 00:10:32,460 --> 00:10:36,740 S1: little less hands on, more directional. We actually literally just 203 00:10:36,740 --> 00:10:40,300 S1: yesterday came out with the brand new update to Faith 204 00:10:40,300 --> 00:10:44,020 S1: by Faith by 5.0. It just hit the App Store yesterday. 205 00:10:44,020 --> 00:10:46,840 S1: It's the biggest update we've ever had. and it's completely 206 00:10:46,840 --> 00:10:50,839 S1: overhauled from the ground up. The user experience, the user interface, 207 00:10:50,840 --> 00:10:54,640 S1: the onboarding, you know, just all the features and functionality, 208 00:10:54,679 --> 00:10:57,679 S1: plus all of the the faith by content comes in 209 00:10:57,720 --> 00:11:00,200 S1: as well. Um, we are going to be adding in 210 00:11:00,200 --> 00:11:03,600 S1: the next couple of weeks, uh, some opt in, um, 211 00:11:03,679 --> 00:11:08,520 S1: AI solutions. So imagine you going into the app connecting 212 00:11:08,520 --> 00:11:12,160 S1: your account securely using plaid, the biggest third party aggregator 213 00:11:12,160 --> 00:11:15,200 S1: out there. That's who we use. Um, and let's say 214 00:11:15,200 --> 00:11:18,480 S1: the last 3 or 6 months of transactions flow in. 215 00:11:18,760 --> 00:11:20,880 S1: And let's say you didn't have to go through and 216 00:11:20,880 --> 00:11:25,319 S1: assign the category, but the local secure, not out over 217 00:11:25,320 --> 00:11:28,480 S1: the internet, but on our secure servers. The local AI 218 00:11:28,480 --> 00:11:32,120 S1: model goes through and analyzes everything, assigns the category, and 219 00:11:32,120 --> 00:11:35,040 S1: then essentially presents you back with a budget that you 220 00:11:35,040 --> 00:11:38,160 S1: either accept or modify. I mean, in just a couple 221 00:11:38,200 --> 00:11:40,280 S1: of minutes, all of a sudden you've got your spending 222 00:11:40,280 --> 00:11:43,520 S1: plan based on real data of you and your wife 223 00:11:43,520 --> 00:11:46,140 S1: and how you've been spending. And then once you kind 224 00:11:46,179 --> 00:11:48,260 S1: of work into, okay, this is what we're going to 225 00:11:48,300 --> 00:11:51,020 S1: lock it down at, then it's just a matter of 226 00:11:51,020 --> 00:11:54,940 S1: tracking it moving forward and having a simple system where 227 00:11:55,100 --> 00:11:56,699 S1: in the palm of your hand, you can see at 228 00:11:56,700 --> 00:11:59,260 S1: any point during the month, how are we doing and 229 00:11:59,260 --> 00:12:00,900 S1: where do we need to dial it back? You know, 230 00:12:00,940 --> 00:12:03,339 S1: if we've already used, you know, more than half of 231 00:12:03,340 --> 00:12:06,260 S1: our eating out money and we're only a week into 232 00:12:06,260 --> 00:12:09,340 S1: the month? Well, we need to slow it down and 233 00:12:09,340 --> 00:12:11,180 S1: start eating at home a little bit more. But having 234 00:12:11,179 --> 00:12:14,580 S1: that visibility is key. The other thing that we introduced 235 00:12:14,580 --> 00:12:16,819 S1: in this new version is what we call daily, weekly 236 00:12:16,820 --> 00:12:20,140 S1: and monthly rhythms. So there's a daily rhythm that takes 237 00:12:20,140 --> 00:12:23,580 S1: two minutes or less where you just review yesterday's transactions 238 00:12:23,580 --> 00:12:26,220 S1: and the categories you hit accept. You get a quick 239 00:12:26,260 --> 00:12:30,179 S1: 62nd devotional thought and you're done. And then a weekly 240 00:12:30,179 --> 00:12:33,340 S1: recap with, you know, here's how you're doing. Here's, you know, 241 00:12:33,380 --> 00:12:36,059 S1: what the software is identifying as some areas you need 242 00:12:36,059 --> 00:12:39,900 S1: to pay attention to. And then monthly kind of analyzing 243 00:12:39,900 --> 00:12:42,939 S1: what happened the prior month and then making suggestions for 244 00:12:43,080 --> 00:12:45,880 S1: how you can proceed in the month following. So all 245 00:12:45,880 --> 00:12:49,720 S1: of that kind of functionality is baked in and all 246 00:12:49,760 --> 00:12:52,400 S1: of the faith component as well, because what we want 247 00:12:52,400 --> 00:12:54,400 S1: to do with the Faith fi app, and, you know, 248 00:12:54,440 --> 00:12:56,920 S1: it will continue to even improve every couple of weeks 249 00:12:56,920 --> 00:12:59,480 S1: as new features come in. We want to take the 250 00:12:59,480 --> 00:13:03,360 S1: mechanics of money management out so you can focus on 251 00:13:03,360 --> 00:13:06,880 S1: the why of the decision making and how it intersects 252 00:13:06,880 --> 00:13:09,719 S1: with your faith and your values. So I say all 253 00:13:09,720 --> 00:13:12,040 S1: that to say, I think you should give it another look. 254 00:13:12,040 --> 00:13:14,480 S1: I'd be happy to give you a six month Pro 255 00:13:14,480 --> 00:13:16,640 S1: subscription to the Faith fi app, just as our gift 256 00:13:16,640 --> 00:13:18,800 S1: to you. That would give you six months to kind 257 00:13:18,800 --> 00:13:20,600 S1: of get it set up, get it working for you, 258 00:13:20,640 --> 00:13:23,079 S1: make sure it is going to be the right solution 259 00:13:23,080 --> 00:13:25,760 S1: for you. And, um, you know, hopefully you guys will 260 00:13:25,760 --> 00:13:27,240 S1: be back on track at that point. 261 00:13:28,480 --> 00:13:31,880 S4: That sounds phenomenal. And yeah, I was really excited about, uh, 262 00:13:32,120 --> 00:13:34,000 S4: you guys launching that and I didn't know all the 263 00:13:34,000 --> 00:13:37,920 S4: details about it. And, um, no, I think and thank 264 00:13:37,920 --> 00:13:40,559 S4: you so much for the for the subscription. That is 265 00:13:40,559 --> 00:13:43,570 S4: just incredible. And you know, I, the Lord prompted me 266 00:13:43,570 --> 00:13:46,290 S4: to call. So there was something here, man, you know. 267 00:13:46,330 --> 00:13:46,610 S1: Yeah. 268 00:13:46,650 --> 00:13:48,130 S4: So no, thank you very much, Rob. 269 00:13:48,170 --> 00:13:50,850 S1: Well, Anthony, I appreciate you being a faithful listener, my friend. 270 00:13:50,850 --> 00:13:52,810 S1: Thanks for being on the broadcast today. Yeah. If you 271 00:13:52,809 --> 00:13:55,050 S1: just hang on the line, our team will pick up. 272 00:13:55,050 --> 00:13:57,850 S1: They'll get your information. We'll get you a six month, uh, 273 00:13:57,850 --> 00:14:00,929 S1: complimentary pro subscription to the app. And all the best. 274 00:14:00,929 --> 00:14:03,689 S1: If you have any trouble, reach out to our team. Uh, 275 00:14:03,690 --> 00:14:06,450 S1: they'd be delighted to walk alongside you and answer any 276 00:14:06,450 --> 00:14:09,570 S1: questions you have so we can help you any further 277 00:14:09,570 --> 00:14:11,970 S1: along the way. Don't hesitate to call. Well, folks, uh, 278 00:14:11,970 --> 00:14:13,930 S1: we're going to take a quick break. When we come back, 279 00:14:13,929 --> 00:14:17,170 S1: we'll head to Pennsylvania. Uh, Debbie's got a question about 280 00:14:17,170 --> 00:14:19,930 S1: the faith buy app. We'll also go down to Sarasota. 281 00:14:19,970 --> 00:14:23,690 S1: David has a 401 K, and they're wondering about, uh, 282 00:14:23,690 --> 00:14:26,130 S1: converting some to a Roth. We'll be right back on 283 00:14:26,130 --> 00:14:38,090 S1: Faith and finance live. Great to have you with us 284 00:14:38,090 --> 00:14:40,910 S1: today on Faith and finance live. I'm Rob West, by 285 00:14:40,910 --> 00:14:42,390 S1: the way. If you want to check out the brand 286 00:14:42,390 --> 00:14:44,070 S1: new Faith V app, a great way to get a 287 00:14:44,070 --> 00:14:49,350 S1: good overview is to head to discover.com, or just go 288 00:14:49,350 --> 00:14:52,510 S1: to faith.com and click app. At the top of the page, 289 00:14:52,510 --> 00:14:55,670 S1: you'll see a brand new landing page with some incredible 290 00:14:55,670 --> 00:14:58,830 S1: images and all the features of the new app, explained 291 00:14:58,830 --> 00:15:03,990 S1: faith 55.0 dropped yesterday. It's our biggest update ever. It's 292 00:15:03,990 --> 00:15:09,750 S1: really a stewardship ecosystem where content around your journey with 293 00:15:09,750 --> 00:15:12,750 S1: the Lord in the area of financial management intersects with 294 00:15:12,750 --> 00:15:17,590 S1: your daily money management, tracking, staying on budget, and then 295 00:15:17,590 --> 00:15:22,430 S1: also rhythms that allow you to develop a habit around 296 00:15:22,430 --> 00:15:26,830 S1: reviewing your spending, staying on plan, and being reminded of 297 00:15:26,830 --> 00:15:31,030 S1: God's truths in His Word around money and money management 298 00:15:31,030 --> 00:15:36,110 S1: and some really short but beautiful, uh, short devotionals, uh, 299 00:15:36,110 --> 00:15:39,650 S1: a short video that comes up with an audio, file 300 00:15:39,650 --> 00:15:43,810 S1: that's playing just encouraging you and on various topics as 301 00:15:43,810 --> 00:15:46,050 S1: you manage God's money. It's all there. In the new app, 302 00:15:46,050 --> 00:15:48,890 S1: just go to faith. Com click app at the top 303 00:15:48,890 --> 00:15:51,690 S1: of the page. Let's go to Pennsylvania Debbie. Go ahead. 304 00:15:53,090 --> 00:15:56,810 S5: Hi. I thank you for taking my call. Um, I've 305 00:15:56,810 --> 00:16:01,410 S5: been spending way too much time on an online banking 306 00:16:01,450 --> 00:16:06,010 S5: tool on my bank, and, um, I just felt like 307 00:16:06,010 --> 00:16:08,850 S5: I would like to know more about the Faith fi 308 00:16:08,890 --> 00:16:13,010 S5: app and how much it is to utilize as well 309 00:16:13,010 --> 00:16:16,330 S5: as I had some questions. Can it be used where 310 00:16:16,330 --> 00:16:19,250 S5: I want my husband to be able? Is it possible 311 00:16:19,450 --> 00:16:23,690 S5: that he could jointly use his phone to see what 312 00:16:23,730 --> 00:16:25,890 S5: our budgets going like? If he's in a store to 313 00:16:25,890 --> 00:16:28,530 S5: check and see, do we have money in the account 314 00:16:28,850 --> 00:16:31,050 S5: for us to do this, or is it only a 315 00:16:31,050 --> 00:16:37,750 S5: one phone activity? Uh, that was one thing. And, um, does, uh, 316 00:16:38,350 --> 00:16:42,590 S5: how does it, like, roll over when it rolls over? Like, 317 00:16:42,630 --> 00:16:45,270 S5: if I have my budget set up, is it going 318 00:16:45,270 --> 00:16:49,270 S5: to know I have $100 still left in gifts? Um, 319 00:16:49,270 --> 00:16:50,950 S5: is it going to put that in, or do I 320 00:16:50,990 --> 00:16:53,950 S5: manually have to do that? And then if there are 321 00:16:53,950 --> 00:16:59,590 S5: transactions that happen, does it show those transactions? And do 322 00:16:59,590 --> 00:17:02,830 S5: I assign a category to those transactions, or is that 323 00:17:02,830 --> 00:17:07,550 S5: an automatic thing that happens with the app? And the 324 00:17:07,550 --> 00:17:10,310 S5: last thing is if I didn't stay on budget very 325 00:17:10,310 --> 00:17:14,109 S5: well and I need to pull from one, um, one 326 00:17:14,109 --> 00:17:17,670 S5: category to another. Am I able to do that? Can 327 00:17:17,670 --> 00:17:21,070 S5: I exchange funds between categories? Yeah. 328 00:17:21,390 --> 00:17:23,229 S1: Well, I've got good news. The answer to all of 329 00:17:23,270 --> 00:17:25,350 S1: that is yes. So let me try to roll through these. 330 00:17:25,350 --> 00:17:27,470 S1: If I miss anything, let me know. First of all, 331 00:17:27,470 --> 00:17:29,949 S1: what is the cost for five Pro, which is what 332 00:17:29,950 --> 00:17:31,950 S1: is going to give you all these features and allow 333 00:17:31,950 --> 00:17:34,270 S1: you to connect securely to all of your credit cards, 334 00:17:34,270 --> 00:17:38,650 S1: bank savings accounts, investments. That requires faith by Pro. It's 335 00:17:38,650 --> 00:17:42,850 S1: 8.99 a month. Um, and that includes all the content. 336 00:17:42,850 --> 00:17:45,690 S1: So you'll have access to all the faithful steward content 337 00:17:45,690 --> 00:17:49,170 S1: as well the daily, weekly and monthly rhythms, plus all 338 00:17:49,170 --> 00:17:53,130 S1: the new features we're planning, including the AI features that 339 00:17:53,130 --> 00:17:57,409 S1: do a lot of the automatic categorization. Uh, so 8.99 340 00:17:57,410 --> 00:18:00,010 S1: a month. I'd be happy to offer you six months 341 00:18:00,010 --> 00:18:03,169 S1: at no cost. Uh, as our gift to you, just 342 00:18:03,210 --> 00:18:05,050 S1: to get you into it, make sure it's going to 343 00:18:05,090 --> 00:18:07,689 S1: work for you. Uh, as to you and your husband. Yeah, 344 00:18:07,690 --> 00:18:10,490 S1: the way we do that, and we've talked about having 345 00:18:10,490 --> 00:18:13,330 S1: shared accounts where each of you have your own login, 346 00:18:13,330 --> 00:18:15,650 S1: but you're connected as husband and wife, and so you 347 00:18:15,650 --> 00:18:19,649 S1: can each get to the same basically account. Um, but 348 00:18:19,650 --> 00:18:21,850 S1: we we haven't put that in place yet. The way 349 00:18:21,890 --> 00:18:24,090 S1: most couples do this now is how Julie and I 350 00:18:24,090 --> 00:18:27,130 S1: do it. We just use the same login, so you 351 00:18:27,130 --> 00:18:30,570 S1: can have the app on as many computers as you want, 352 00:18:30,570 --> 00:18:33,010 S1: because there's a web app using a web browser, as 353 00:18:33,010 --> 00:18:35,910 S1: many phones as you want, as many tablets as you want, 354 00:18:35,950 --> 00:18:38,470 S1: and as long as you always use the same login 355 00:18:38,470 --> 00:18:41,630 S1: username and password you and your husband. Then you'll both 356 00:18:41,670 --> 00:18:43,990 S1: be in the account. You can both check it. See 357 00:18:43,990 --> 00:18:46,869 S1: in real time how much is left in each category. 358 00:18:47,030 --> 00:18:50,710 S1: Move money around. Make all the decisions. But both of 359 00:18:50,710 --> 00:18:53,270 S1: you coming in under that same login is what allows 360 00:18:53,270 --> 00:18:55,830 S1: you to share the same account. So that works really, 361 00:18:55,830 --> 00:18:59,149 S1: really well. Can you? If you use the envelope system 362 00:18:59,150 --> 00:19:01,430 S1: and that's the system you would want to use. By 363 00:19:01,430 --> 00:19:03,590 S1: the way, this is the only app that offers three 364 00:19:03,590 --> 00:19:07,830 S1: different system types. So we've got a track only option 365 00:19:07,830 --> 00:19:10,270 S1: where you just essentially get to see kind of like 366 00:19:10,270 --> 00:19:13,310 S1: the old mint if you're familiar with that, that went away, 367 00:19:13,550 --> 00:19:16,109 S1: where you can just kind of see based on the categories, 368 00:19:16,109 --> 00:19:18,070 S1: how much have I spent in each of these categories 369 00:19:18,070 --> 00:19:20,790 S1: at any point during the month? And then it starts over. 370 00:19:20,830 --> 00:19:24,030 S1: That's track only. That's one system. The second system is 371 00:19:24,030 --> 00:19:26,990 S1: what's called the monthly budget. You set up the budget 372 00:19:27,270 --> 00:19:30,030 S1: and then you track against it. And again at the 373 00:19:30,030 --> 00:19:31,990 S1: end of the month, you just say, how did I do? 374 00:19:32,030 --> 00:19:34,440 S1: And then all right, now let's try again the next month. 375 00:19:34,440 --> 00:19:36,199 S1: And that's kind of the middle of the road option. 376 00:19:36,200 --> 00:19:38,560 S1: The third option. And again we're the only one that 377 00:19:38,560 --> 00:19:40,600 S1: gives you all three. And you get to pick the 378 00:19:40,600 --> 00:19:44,000 S1: one that's best for you would be the envelope system 379 00:19:44,000 --> 00:19:47,080 S1: which is really what you're describing, which is like the 380 00:19:47,080 --> 00:19:51,479 S1: old cash envelope system where you know, it connects to 381 00:19:51,480 --> 00:19:54,600 S1: your accounts, and then you basically tell it how much 382 00:19:54,600 --> 00:19:58,359 S1: you want out of each paycheck to fund all of 383 00:19:58,359 --> 00:20:01,560 S1: your envelopes that you've created. And they're digital. They're just 384 00:20:01,560 --> 00:20:04,840 S1: basically categories. And every time you get a paycheck, it'll 385 00:20:04,840 --> 00:20:08,040 S1: automatically fund it in the app. And then it rolls 386 00:20:08,040 --> 00:20:12,080 S1: over month to month. So as those transactions come in 387 00:20:12,280 --> 00:20:16,320 S1: and once you assign the transactions, once the system learns 388 00:20:16,320 --> 00:20:20,400 S1: where they go. And so future transactions for that same 389 00:20:20,400 --> 00:20:24,160 S1: vendor will automatically go to the right envelope. So at 390 00:20:24,160 --> 00:20:26,880 S1: any moment you come in, you open up that envelope 391 00:20:26,880 --> 00:20:29,920 S1: or that category. You can see how much was funded, 392 00:20:29,920 --> 00:20:32,379 S1: how much has been reduced by your spending and how 393 00:20:32,380 --> 00:20:34,260 S1: much remains. Does that make sense? 394 00:20:35,340 --> 00:20:39,100 S5: My goodness, yes it does. It sounds exactly what I want. 395 00:20:39,460 --> 00:20:44,179 S5: This is wonderful. Really wonderful. This was so convicted about 396 00:20:44,180 --> 00:20:49,220 S5: spending so much time on the computer trying to keep 397 00:20:49,220 --> 00:20:52,780 S5: this in line. And, and the system would, would put 398 00:20:52,780 --> 00:20:55,699 S5: a transaction as incorrect. And then I couldn't get it 399 00:20:55,700 --> 00:20:59,340 S5: to change. And I thought, something's got to be better. 400 00:20:59,340 --> 00:21:02,139 S5: And then I remembered your wonderful program, which I listened 401 00:21:02,140 --> 00:21:05,940 S5: to often, and I thought, I bet that Apple helped me. 402 00:21:05,940 --> 00:21:09,379 S5: And it sounds like it's just created in a wonderful way. 403 00:21:09,420 --> 00:21:11,740 S5: Thank you so much for whoever created this. 404 00:21:12,380 --> 00:21:15,180 S1: We have an amazing team. Well, listen, if you want 405 00:21:15,180 --> 00:21:18,180 S1: to head to Faith. Com click app at the top 406 00:21:18,180 --> 00:21:19,940 S1: of the page. You can start just kind of reading 407 00:21:19,940 --> 00:21:22,540 S1: through and and seeing all the features. But hang on 408 00:21:22,540 --> 00:21:24,780 S1: the line. We're going to make sure you get six 409 00:21:24,780 --> 00:21:26,619 S1: months in the app. And I'm going to get a 410 00:21:26,619 --> 00:21:30,140 S1: certified Christian financial counselor to set up a meeting with 411 00:21:30,140 --> 00:21:32,439 S1: you and your husband just to kind of walk you 412 00:21:32,480 --> 00:21:34,439 S1: through it and make sure that we've got somebody to 413 00:21:34,480 --> 00:21:38,160 S1: answer your questions. So you sound like a wonderful, faithful listener. 414 00:21:38,160 --> 00:21:40,560 S1: And we want to do everything we can to get 415 00:21:40,560 --> 00:21:42,640 S1: you all set up and pointed in the right direction 416 00:21:42,640 --> 00:21:45,160 S1: so you feel really good about it. And so hang 417 00:21:45,160 --> 00:21:47,080 S1: on the line. My team will get your information. Debbie. 418 00:21:47,119 --> 00:21:50,720 S1: Lord bless you, David and Sarasota, Lee and Pennsylvania coming 419 00:21:50,720 --> 00:21:53,520 S1: your way. This is faith and finance live on Moody Radio. 420 00:21:53,520 --> 00:21:55,960 S1: I'm Rob West and we'll be right back. Stay with us. 421 00:22:11,520 --> 00:22:13,840 S1: Thanks for joining us today on Faith and Finance Live. 422 00:22:13,840 --> 00:22:17,159 S1: I'm Rob West. Let's head right back to the phone. Sarasota, Florida. 423 00:22:17,160 --> 00:22:18,000 S1: David go ahead. 424 00:22:19,440 --> 00:22:20,840 S6: Hi. How are you all doing today? 425 00:22:21,160 --> 00:22:22,600 S1: Doing great. Thanks for your call. 426 00:22:23,119 --> 00:22:26,520 S6: Great. Well, I'm three years or so from retirement. I'm 427 00:22:26,520 --> 00:22:30,620 S6: 61 years old, and we've got a little over 500,000 428 00:22:30,660 --> 00:22:34,459 S6: in the bank between all of our savings and 401. 429 00:22:34,740 --> 00:22:37,020 S6: And my wife has been researching and thought, we need 430 00:22:37,060 --> 00:22:41,460 S6: to open for me a 401, a Roth 401 K now. 431 00:22:41,740 --> 00:22:45,060 S6: So we have the tax deferred income and retirement. But 432 00:22:45,060 --> 00:22:47,619 S6: if I'm only going to work about three or so years, 433 00:22:47,619 --> 00:22:51,220 S6: I have a progressive neuromuscular disorder. So we're hoping to 434 00:22:51,220 --> 00:22:54,940 S6: last that long. Is it was it better to put 435 00:22:54,940 --> 00:22:57,940 S6: money where we've been putting it where it'll grow faster? 436 00:22:58,220 --> 00:23:01,060 S6: Or is it wise to open up a Roth account 437 00:23:01,460 --> 00:23:02,899 S6: for the last three years? 438 00:23:03,420 --> 00:23:07,740 S1: Yeah. And so everything you have, that roughly 500,000 is 439 00:23:07,740 --> 00:23:10,820 S1: all in a tax deferred kind of pre-tax environment in 440 00:23:10,820 --> 00:23:12,700 S1: a traditional 401 K, correct? 441 00:23:13,580 --> 00:23:14,300 S6: Correct. 442 00:23:14,619 --> 00:23:17,660 S1: Yeah. Yeah. I mean, I like the way she's thinking, 443 00:23:17,700 --> 00:23:20,660 S1: you know, for someone 61 and close to retirement, Roth 444 00:23:20,660 --> 00:23:26,740 S1: contributions are often very attractive. And typically if you can 445 00:23:26,740 --> 00:23:32,240 S1: afford the tax hit. Now you want tax diversification, meaning 446 00:23:32,240 --> 00:23:35,720 S1: you're going to have a choice then in retirement regardless, 447 00:23:35,760 --> 00:23:38,560 S1: you know, depending on the the tax environment to pull 448 00:23:38,560 --> 00:23:41,360 S1: from the pre-tax or the after tax, which is going 449 00:23:41,400 --> 00:23:44,280 S1: to give you more flexibility. And if you already have 450 00:23:44,280 --> 00:23:47,760 S1: strong savings, which you do. So it's kind of retirement 451 00:23:47,760 --> 00:23:51,600 S1: tax insurance if you will. And having both the pre-tax 452 00:23:51,600 --> 00:23:54,520 S1: and the Roth buckets is going to give you enormous 453 00:23:54,520 --> 00:23:59,760 S1: control over your taxable income later. Um, so I like 454 00:23:59,800 --> 00:24:02,880 S1: the fact that you would be balancing that future tax 455 00:24:02,880 --> 00:24:07,640 S1: exposure by you starting at this point, just to obviously 456 00:24:07,640 --> 00:24:10,080 S1: keep that current 401 K invested in a way that's 457 00:24:10,080 --> 00:24:13,640 S1: appropriate for your age and risk tolerance, and then starting 458 00:24:13,640 --> 00:24:17,040 S1: putting the additional contributions for the next 36 months or 459 00:24:17,040 --> 00:24:20,199 S1: so in the Roth 401 K. That makes a lot 460 00:24:20,240 --> 00:24:23,560 S1: of sense. There was a study done looking at thousands 461 00:24:23,560 --> 00:24:28,170 S1: of different retirees, actual situations, trying to determine what is 462 00:24:28,170 --> 00:24:31,770 S1: the right mix between pre-tax and after tax. And what 463 00:24:31,770 --> 00:24:34,929 S1: they came up with was that you take your age 464 00:24:35,330 --> 00:24:38,970 S1: and you add 20 to it, and you put that 465 00:24:38,970 --> 00:24:42,970 S1: in the pre-tax environment and you put the balance in 466 00:24:42,970 --> 00:24:46,810 S1: the Roth in the after tax environment. So at 60, 467 00:24:47,050 --> 00:24:49,969 S1: you know, you'd add 20 to it, that'd be 80% 468 00:24:49,970 --> 00:24:54,010 S1: into the traditional and, you know, 20% in the Roth. 469 00:24:54,050 --> 00:24:56,889 S1: The difference for you is you've got nothing in the 470 00:24:57,170 --> 00:24:59,650 S1: in the after tax. So I think this idea that 471 00:24:59,650 --> 00:25:02,210 S1: you'd say, okay, we've got a good healthy nest egg 472 00:25:02,210 --> 00:25:04,970 S1: in the pre-tax and we'll spend the next three years, 473 00:25:05,010 --> 00:25:08,129 S1: you know, funding our after tax. And then that gives 474 00:25:08,130 --> 00:25:12,770 S1: us good tax diversification. And we can make the appropriate decisions. 475 00:25:12,770 --> 00:25:16,530 S1: Because so much of that future tax environment for your 476 00:25:16,530 --> 00:25:19,570 S1: retirement years over the next let's call it three decades. 477 00:25:19,570 --> 00:25:22,729 S1: There's just uncertainty around it. And we're probably at the 478 00:25:22,730 --> 00:25:25,990 S1: lowest we're ever going to be. So if it's going anywhere, 479 00:25:25,990 --> 00:25:29,149 S1: it's going up. And so therefore, you know, you taking 480 00:25:29,150 --> 00:25:32,149 S1: advantage of that now, uh, you know, in the Roth 481 00:25:32,150 --> 00:25:34,350 S1: I think makes a lot of sense. Is that helpful? 482 00:25:35,430 --> 00:25:36,830 S6: It is. Thank you so much. 483 00:25:37,109 --> 00:25:41,030 S1: All right, David, appreciate your call. Uh, Lee is in Pennsylvania. Lee. 484 00:25:41,070 --> 00:25:41,630 S1: Go ahead. 485 00:25:42,630 --> 00:25:44,869 S7: Hi. And how are you today? Thank you for taking 486 00:25:44,869 --> 00:25:45,510 S7: my call. 487 00:25:45,710 --> 00:25:47,470 S1: Yes, ma'am. I'm doing very well. Thank you. 488 00:25:48,550 --> 00:25:50,270 S8: This call is being recorded. 489 00:25:51,670 --> 00:25:57,030 S7: Talk to. I'm 77. I own my home. Uh, it's 490 00:25:57,030 --> 00:26:02,389 S7: about 450. Close to 500,000. The only debt I have 491 00:26:02,430 --> 00:26:08,109 S7: is paying off a floor replacement, which is about 2000. Um, I. 492 00:26:08,390 --> 00:26:11,910 S7: The question is, um, I have a son that's a physicist, 493 00:26:12,190 --> 00:26:15,150 S7: so he's pretty good with numbers, and he does do 494 00:26:15,150 --> 00:26:20,350 S7: things in the market. So I've had a fund with, um, Schwab. 495 00:26:20,869 --> 00:26:25,410 S7: It's only about 3 or 4000 in it. That's pretty good, though. Um, 496 00:26:25,609 --> 00:26:29,410 S7: and he manages and moves things around to try to earn, 497 00:26:29,410 --> 00:26:34,210 S7: but not being really loose with my money. Yeah. You know, 498 00:26:34,250 --> 00:26:37,890 S7: he's very careful. Uh, recently, he had gone into some gold. 499 00:26:37,930 --> 00:26:40,570 S7: I don't know what they're called. Funds. And there's some 500 00:26:40,570 --> 00:26:44,530 S7: petroleum and a few other things. Uh, then I have, um, 501 00:26:44,570 --> 00:26:48,129 S7: that's about 34,000 then. And he's saying to me, I 502 00:26:48,130 --> 00:26:51,609 S7: see this dollar and there's some other funds is devaluing. 503 00:26:51,609 --> 00:26:54,650 S7: And I'm wondering, since you have quite a bit of cash, mom, 504 00:26:54,930 --> 00:26:58,130 S7: if you shouldn't take about 25 to 30% of the 505 00:26:58,130 --> 00:27:03,250 S7: cash and put it in something else. Um, gold or 506 00:27:03,890 --> 00:27:05,929 S7: I'm scared of the market, so I don't even look 507 00:27:05,970 --> 00:27:09,609 S7: at what he does. Um, so that would be the question. 508 00:27:09,650 --> 00:27:12,969 S7: The other monies, it's probably not as good as the 509 00:27:12,970 --> 00:27:16,970 S7: last guy, but it's close to 200,000, all told. Um, 510 00:27:17,490 --> 00:27:20,770 S7: and so there's some, I think close to 30, some 511 00:27:20,810 --> 00:27:25,150 S7: thousand or more in CDs. And then the cash that 512 00:27:25,150 --> 00:27:28,670 S7: I have, which is in the bank. Um, there's a 513 00:27:28,670 --> 00:27:33,110 S7: SPACs government account with fidelity. It's got about 30 some 514 00:27:33,150 --> 00:27:40,230 S7: thousand in it. And then, um. Oh, boy. Um, there's 515 00:27:40,230 --> 00:27:42,990 S7: some I think there's some more. I can't think right now. Uh, 516 00:27:42,990 --> 00:27:45,910 S7: but anyhow, all told, I think it's like I told you, 517 00:27:45,950 --> 00:27:50,030 S7: close to 100,000, 200,000. What would you tell me, sir? 518 00:27:50,590 --> 00:27:53,190 S1: Yeah, well, I like the the mix that you have 519 00:27:53,190 --> 00:27:56,590 S1: right now. I mean, I think, you know, typically at, 520 00:27:56,630 --> 00:27:59,909 S1: you know, 75, let's call it, um, you know, we 521 00:27:59,910 --> 00:28:05,270 S1: would say, okay, we probably want about, uh, you know, 30%, uh, 522 00:28:05,270 --> 00:28:09,189 S1: in stocks. And they could be high quality dividend paying 523 00:28:09,190 --> 00:28:12,190 S1: stocks that are, you know, not high growth stocks, but 524 00:28:12,190 --> 00:28:16,230 S1: something a little more stable that pays an income. And 525 00:28:16,230 --> 00:28:19,189 S1: and then about 70% in what we'll call the fixed 526 00:28:19,190 --> 00:28:23,530 S1: income category. And I think inside that fixed income category 527 00:28:23,530 --> 00:28:25,970 S1: where you might have some money market and some CDs 528 00:28:25,970 --> 00:28:29,330 S1: and some treasuries, you could also have your gold allocation there, 529 00:28:29,330 --> 00:28:31,889 S1: which I like a lot. And clearly gold has done 530 00:28:31,890 --> 00:28:35,570 S1: phenomenally well, especially as of late. And so maybe you 531 00:28:35,570 --> 00:28:39,170 S1: have 10% of that, 70% in gold and then the 532 00:28:39,170 --> 00:28:42,490 S1: rest with a good mix. So, you know, I like 533 00:28:42,530 --> 00:28:45,490 S1: a lot of what you're hearing, I would agree with 534 00:28:45,490 --> 00:28:48,890 S1: you in terms of the dollar losing some of its value. 535 00:28:48,890 --> 00:28:51,450 S1: But I think the key for you is, you know, 536 00:28:51,490 --> 00:28:55,250 S1: not to try to, you know, predict where this economy 537 00:28:55,250 --> 00:28:57,570 S1: is headed and what the, you know, future is with 538 00:28:57,570 --> 00:29:01,130 S1: regard to, you know, the valuation of the US dollar 539 00:29:01,210 --> 00:29:03,850 S1: or anything like that. I mean, the bottom line that 540 00:29:03,850 --> 00:29:05,890 S1: we need to be thinking about related to the dollar 541 00:29:05,890 --> 00:29:08,370 S1: is no matter what happens, you're going to be losing 542 00:29:08,370 --> 00:29:13,090 S1: purchasing power by holding too much cash. And, you know, 543 00:29:13,130 --> 00:29:16,810 S1: predicting the strength of the dollar is difficult even by 544 00:29:16,810 --> 00:29:21,790 S1: professional economists because, you know, uh, it just there's so 545 00:29:21,790 --> 00:29:25,030 S1: many factors there. But if you focus on building a 546 00:29:25,030 --> 00:29:30,030 S1: portfolio that can weather inflation and, you know, is appropriate 547 00:29:30,030 --> 00:29:34,790 S1: for your age and risk tolerance and with proper diversification, 548 00:29:34,790 --> 00:29:37,550 S1: I think that's really the key. And so for you 549 00:29:37,550 --> 00:29:39,910 S1: to have, you know, somewhere between 6 and 12 months 550 00:29:39,910 --> 00:29:43,550 S1: in a liquid account, um, where you're earning interest, but 551 00:29:43,550 --> 00:29:47,790 S1: it's safe and protected, backed by the US government, let's say, um, 552 00:29:47,790 --> 00:29:50,510 S1: and then you take maybe, you know, 25 or 30% 553 00:29:50,510 --> 00:29:53,709 S1: and put it in some high quality stocks, maybe 10% 554 00:29:53,710 --> 00:29:57,070 S1: in gold, the rest in some bonds and CDs, things 555 00:29:57,070 --> 00:29:59,950 S1: like that. I think that gives you a good mix. 556 00:29:59,950 --> 00:30:02,670 S1: It's not going to be as volatile as quote unquote, 557 00:30:02,670 --> 00:30:04,870 S1: the stock market, but it's going to give you the 558 00:30:04,870 --> 00:30:07,710 S1: ability to offset the effects of inflation, because at least 559 00:30:07,710 --> 00:30:11,030 S1: you'll have a portion of the portfolio that has the 560 00:30:11,030 --> 00:30:15,910 S1: potential to grow faster than just the prevailing savings interest rates, 561 00:30:15,910 --> 00:30:16,990 S1: if that makes sense. 562 00:30:17,960 --> 00:30:21,880 S7: Okay. The SPACs is earning 3.3 right now at fidelity, 563 00:30:21,920 --> 00:30:25,520 S7: as well as the IRAs backs. And I have about 564 00:30:25,800 --> 00:30:29,479 S7: 11 or 12,000. Avon. And you got to hang up. 565 00:30:29,760 --> 00:30:30,840 S7: So let's. 566 00:30:30,840 --> 00:30:33,560 S1: Do this. Why don't we, uh. What why don't you 567 00:30:33,560 --> 00:30:35,840 S1: and I talk a little bit more off the air? Uh, 568 00:30:35,840 --> 00:30:38,959 S1: you know, we can talk about that. SPACs, uh, from fidelity, 569 00:30:38,960 --> 00:30:42,280 S1: that kind of cash money market, and, um, you know, 570 00:30:42,320 --> 00:30:46,120 S1: whatever else uh, you want to think about there as well. So, Lee, 571 00:30:46,160 --> 00:30:47,720 S1: stay right there. You and I will talk a bit 572 00:30:47,720 --> 00:30:49,600 S1: more off the air, and, uh, we'll see if we 573 00:30:49,600 --> 00:30:51,840 S1: can get you pointed in the right direction. Folks. Coming 574 00:30:51,840 --> 00:30:53,920 S1: up after the break, Jerry Boyer stops by. We'll get 575 00:30:53,920 --> 00:30:56,840 S1: Jerry's take on the markets. And a big announcement from 576 00:30:56,840 --> 00:31:08,960 S1: some recent work in corporate engagement. Stay with us. Great 577 00:31:08,960 --> 00:31:10,720 S1: to have you with us today on faith and finance. 578 00:31:10,720 --> 00:31:13,600 S1: Live here in our final segment. Jerry Boyer's Here. In 579 00:31:13,600 --> 00:31:16,680 S1: just a moment, Jerry's going to share with you some incredible, 580 00:31:17,020 --> 00:31:21,820 S1: news related to some recent corporate engagement work that's just 581 00:31:21,820 --> 00:31:25,420 S1: coming out in the last couple of days. But first, Jerry, 582 00:31:25,420 --> 00:31:29,500 S1: let's talk about the market. Obviously market's selling off ever 583 00:31:29,500 --> 00:31:32,740 S1: so slightly today. The big headline today was around the 584 00:31:32,940 --> 00:31:35,979 S1: the new or at least naming the president Trump naming 585 00:31:35,980 --> 00:31:41,940 S1: his pick to succeed Powell as Fed chairman Kevin Warsh. 586 00:31:41,940 --> 00:31:42,700 S1: What do you think? 587 00:31:43,220 --> 00:31:47,420 S9: I think it's a very good move. Um, I like it. Um, 588 00:31:47,860 --> 00:31:52,340 S9: I think that given all the possibilities. Right. Um, you know, 589 00:31:52,380 --> 00:31:56,380 S9: because the president could have chosen someone who's personally extremely 590 00:31:56,380 --> 00:31:58,500 S9: loyal to him, right? He could have been, you know, 591 00:31:58,540 --> 00:32:01,380 S9: his own lawyer or whatever. You know, maybe his accountant. 592 00:32:01,540 --> 00:32:03,700 S9: He could do the job. He'd be the best ever. Um, 593 00:32:05,060 --> 00:32:07,580 S9: you know, he could have done something like that. Instead, 594 00:32:07,580 --> 00:32:11,220 S9: he chose someone who's been on the fed, who was, um, 595 00:32:11,220 --> 00:32:14,740 S9: on the fed during the Great Recession, uh, who, in 596 00:32:14,740 --> 00:32:17,720 S9: my opinion, basically took the right, right point of view 597 00:32:17,720 --> 00:32:20,959 S9: on the big issues. Then, um, at least the right 598 00:32:20,960 --> 00:32:22,400 S9: point of view, meaning he agreed with me. Right. So 599 00:32:22,400 --> 00:32:24,640 S9: that's my definition of the right point of view. Um, 600 00:32:24,680 --> 00:32:27,320 S9: you know, which is that when the Great Recession was occurring, 601 00:32:27,320 --> 00:32:29,719 S9: that was a deflationary event and there needed to be 602 00:32:29,720 --> 00:32:32,680 S9: some fed loosening. Uh, not because I believe in inflation, 603 00:32:32,680 --> 00:32:35,480 S9: but because I don't believe in deflation either. Right. So, 604 00:32:35,640 --> 00:32:37,240 S9: you know, I think, I think he was right to 605 00:32:37,240 --> 00:32:40,040 S9: see that when others didn't, when others said, oh, it's okay, 606 00:32:40,080 --> 00:32:43,080 S9: it'll all blow over. Um, and it didn't. Uh, but 607 00:32:43,080 --> 00:32:47,120 S9: he also resisted that, you know, Operation Twist and Quantitative 608 00:32:47,120 --> 00:32:52,320 S9: easing and all this, like, really super aggressive, legally dubious 609 00:32:52,320 --> 00:32:55,080 S9: power grabs by the fed, which turned it into the 610 00:32:55,080 --> 00:32:58,040 S9: biggest investor in the world. Uh, because it bought all 611 00:32:58,040 --> 00:33:01,040 S9: these Treasury bonds, it didn't have clear statutory authority to 612 00:33:01,040 --> 00:33:04,960 S9: do that and has caused tremendous market distortions, which ultimately 613 00:33:04,960 --> 00:33:07,040 S9: caused the inflation that we had a few years ago. 614 00:33:07,040 --> 00:33:08,960 S9: So I think he's made the right calls. But he's 615 00:33:08,960 --> 00:33:12,560 S9: an insider. He's an insider with an outsider point of view. 616 00:33:12,720 --> 00:33:15,780 S9: So what did markets do? Markets responded in exactly the 617 00:33:15,780 --> 00:33:18,260 S9: way I would have wanted from a good fed pick, 618 00:33:18,420 --> 00:33:21,340 S9: which is what are you saying, Jerry? The markets went down. Yes, 619 00:33:21,340 --> 00:33:25,020 S9: they did, because markets were up to some degree because 620 00:33:25,020 --> 00:33:27,900 S9: they believed the president was going to choose an easy 621 00:33:27,940 --> 00:33:30,700 S9: money populist who's just going to run the printing press 622 00:33:30,700 --> 00:33:34,940 S9: to make everybody feel good. So some of that market value, 623 00:33:34,980 --> 00:33:39,380 S9: some of those very high, you know, expansions of valuation 624 00:33:39,420 --> 00:33:42,580 S9: were driven by an expectation of easy money, not just expectation. 625 00:33:42,580 --> 00:33:45,460 S9: We've had three cuts, right. Three interest rate cuts, three 626 00:33:45,460 --> 00:33:48,420 S9: infusions of new money creation. And it was expected we're 627 00:33:48,420 --> 00:33:50,540 S9: going to have another 2 or 3 infusions of new 628 00:33:50,540 --> 00:33:54,100 S9: money creation. And you can't really inflate your way into prosperity. 629 00:33:54,260 --> 00:33:56,780 S9: So some of the froth in the markets was an 630 00:33:56,780 --> 00:34:00,660 S9: expectation of easy money. Well we got somebody. He'll probably 631 00:34:00,660 --> 00:34:02,060 S9: do a cut. I mean, he's not going to say 632 00:34:02,260 --> 00:34:04,620 S9: no completely to the president. But I don't think you 633 00:34:04,620 --> 00:34:07,980 S9: have an easy money guy. Um, and I think markets 634 00:34:07,980 --> 00:34:11,420 S9: went down for good reason, but I don't mean good reason. 635 00:34:11,420 --> 00:34:13,680 S9: Like they had a reason. I mean, good reason because 636 00:34:13,680 --> 00:34:16,600 S9: it's taking out some of the valuation that shouldn't have 637 00:34:16,600 --> 00:34:19,880 S9: been there. Where I think things should be in God's 638 00:34:19,880 --> 00:34:24,880 S9: design is that markets go up when we're more productive, 639 00:34:24,880 --> 00:34:28,440 S9: and that shows in the form of profitability. Markets shouldn't 640 00:34:28,440 --> 00:34:31,400 S9: go up when the world's biggest investor is a branch 641 00:34:31,400 --> 00:34:34,040 S9: of the government. And they are they're the buyer. That's 642 00:34:34,040 --> 00:34:36,640 S9: not why we want markets to go up. So I 643 00:34:36,640 --> 00:34:39,440 S9: think with Kevin Warsh will have something a little more normal. 644 00:34:39,440 --> 00:34:41,319 S9: And I think markets can still go up, but they're 645 00:34:41,320 --> 00:34:45,839 S9: going to have to earn those gains by earning profit, 646 00:34:45,880 --> 00:34:48,399 S9: not by just, you know, having a fed chairman who's 647 00:34:48,400 --> 00:34:51,480 S9: just going to, you know, keep the punchbowl and keep 648 00:34:51,680 --> 00:34:54,440 S9: keep the party going when, when the hangovers are starting 649 00:34:54,440 --> 00:34:55,120 S9: to kick in. 650 00:34:55,680 --> 00:34:57,719 S1: You know, when you look at his resume, Jerry I 651 00:34:57,719 --> 00:35:02,400 S1: mean you see Hoover Institution here, Harvard Law, Stanford, I 652 00:35:02,400 --> 00:35:05,000 S1: guess it's possible to make it through all those institutions 653 00:35:05,000 --> 00:35:10,080 S1: and still have a worldview that allows for proper monetary policy. 654 00:35:10,080 --> 00:35:10,840 S1: Is that right? 655 00:35:11,090 --> 00:35:13,970 S9: Well, I don't like the Harvard Law part. Uh, Stanford 656 00:35:13,969 --> 00:35:16,370 S9: could go either way. Um, but Hoover's great. I mean, 657 00:35:16,410 --> 00:35:18,489 S9: that's Thomas Sowell is at Hoover. Uh, so I've got 658 00:35:18,489 --> 00:35:21,009 S9: friends at Hoover Institution. That's a that's a that's the 659 00:35:21,010 --> 00:35:24,690 S9: one that makes me happiest. Uh, so that means probably 660 00:35:24,730 --> 00:35:28,569 S9: either a supply side point of view or a monetarist. 661 00:35:28,770 --> 00:35:31,649 S9: Each each of which means that they don't think that 662 00:35:31,650 --> 00:35:34,930 S9: we should inflate our way out of trouble. Um, so 663 00:35:34,969 --> 00:35:37,089 S9: those are steps in the right direction. But, you know, 664 00:35:37,130 --> 00:35:39,170 S9: the thing going down that I liked most going down 665 00:35:39,170 --> 00:35:45,530 S9: was gold. Gold at $5,500 an ounce is scary, right? 666 00:35:45,570 --> 00:35:49,850 S9: I mean, that's gold is a fear hedge. Um, so 667 00:35:49,890 --> 00:35:52,049 S9: I know that it's strange because, you know, I just 668 00:35:52,050 --> 00:35:55,290 S9: heard a caller earlier when people are afraid, they buy gold, right? 669 00:35:55,330 --> 00:35:59,010 S9: So it's a fear hedge. But at 50, at these prices, 670 00:35:59,050 --> 00:36:02,850 S9: I mean, it's pretty, pretty expensive, right? Um, so if a, 671 00:36:02,850 --> 00:36:06,770 S9: if a fear hedge goes down, it's nowhere near normal yet. 672 00:36:06,770 --> 00:36:08,930 S9: But if it goes down, that seems to be a 673 00:36:08,930 --> 00:36:11,750 S9: good thing. Gold went down. That's the fear hedge. The 674 00:36:11,750 --> 00:36:15,670 S9: dollar went up. Markets went down a little. If you 675 00:36:15,710 --> 00:36:17,910 S9: had asked me, Jerry, what's the sign that we've chosen 676 00:36:17,910 --> 00:36:21,430 S9: the right fed chairman, it would have been speculative. Stocks 677 00:36:21,469 --> 00:36:24,710 S9: go down. That's the Nasdaq. The most other stocks go 678 00:36:24,710 --> 00:36:27,710 S9: down a little. And like the broad index like the 679 00:36:27,750 --> 00:36:31,190 S9: Russell 3000 stays the same or goes up a little 680 00:36:31,230 --> 00:36:34,989 S9: dollar strengthens gold goes down. All of those things happened. 681 00:36:35,430 --> 00:36:37,509 S9: And you know I'm willing to criticize the president when 682 00:36:37,510 --> 00:36:39,270 S9: I think he's wrong. You certainly know that. And I 683 00:36:39,270 --> 00:36:41,270 S9: get a lot of heat for that. But I think 684 00:36:41,270 --> 00:36:44,989 S9: this was out of the multiple choice people attest that 685 00:36:44,989 --> 00:36:47,270 S9: he would have chosen from this would have been, I 686 00:36:47,270 --> 00:36:48,470 S9: think this is the best pick. 687 00:36:48,870 --> 00:36:51,549 S1: Yeah. All right. Very good. That's encouraging. All right Jared 688 00:36:51,590 --> 00:36:54,630 S1: let's pivot here I know you and I spoke this morning. 689 00:36:54,630 --> 00:36:58,550 S1: And pretty exciting announcement coming out from Walmart. Tell us that. 690 00:36:59,190 --> 00:37:03,910 S9: Well they've said that they're not selling the abortion drug mifepristone. Uh, 691 00:37:03,910 --> 00:37:07,390 S9: they don't plan to sell the abortion drug mifepristone. They 692 00:37:07,390 --> 00:37:11,650 S9: don't plan to apply for the licenses, the special licenses 693 00:37:11,650 --> 00:37:14,089 S9: that it takes to sell that drug. They want to 694 00:37:14,090 --> 00:37:17,490 S9: stay out of the political stuff, and they have no 695 00:37:17,530 --> 00:37:19,609 S9: you know, they're not like reconsidering this at this point. 696 00:37:19,610 --> 00:37:22,089 S9: They're not like it's not an ongoing discussion. You know, 697 00:37:22,130 --> 00:37:25,010 S9: that's where they are. Um, and I think that's just 698 00:37:25,010 --> 00:37:27,890 S9: wonderful news. And it wasn't just that news. It was 699 00:37:27,890 --> 00:37:31,529 S9: just it was a really helpful engagement. You know, the, um, 700 00:37:32,210 --> 00:37:34,489 S9: I think he's the head of IR said, you know what? 701 00:37:34,530 --> 00:37:36,330 S9: You know, we're not in we're not here for politics. 702 00:37:36,330 --> 00:37:38,330 S9: We're not here for all this stuff. We're a store. 703 00:37:38,489 --> 00:37:43,330 S9: We sell bananas. Right. Um, and I thought, yeah, that's great. 704 00:37:43,330 --> 00:37:44,690 S9: And then I thought a little later and then I 705 00:37:44,690 --> 00:37:47,169 S9: said to him, you know what? I'm glad you said bananas. 706 00:37:47,210 --> 00:37:51,210 S9: Because you know who eats bananas? Babies eat bananas, right? 707 00:37:51,650 --> 00:37:55,250 S9: Toddlers eat bananas. I've got I've got seven kids. I've 708 00:37:55,250 --> 00:37:59,770 S9: got five grandkids. I have fed bananas to all of them. Um, 709 00:37:59,770 --> 00:38:02,730 S9: so you can you can sell, you know, on the 710 00:38:02,730 --> 00:38:06,010 S9: borders alone. You can sell hundreds and hundreds of pounds 711 00:38:06,010 --> 00:38:10,950 S9: of Walmart bananas. Uh, you know, for a lifetime. Or 712 00:38:11,230 --> 00:38:14,549 S9: you can sell one abortion drug once you made the 713 00:38:14,550 --> 00:38:16,110 S9: right choice. Wow. 714 00:38:16,350 --> 00:38:21,030 S1: Wow. Jerry, it seems like these companies are more, uh, 715 00:38:21,310 --> 00:38:26,629 S1: aware and willing to hear out, uh, these point viewpoints 716 00:38:26,630 --> 00:38:29,750 S1: that you're bringing around, uh, you know, religious values and 717 00:38:29,750 --> 00:38:32,310 S1: staying focused on your core business, not getting pulled off 718 00:38:32,310 --> 00:38:35,230 S1: into politics. And they're willing to respond more than they 719 00:38:35,230 --> 00:38:36,350 S1: ever have. Is that right? 720 00:38:36,630 --> 00:38:38,310 S9: Yeah. And I think it took time for them to 721 00:38:38,350 --> 00:38:41,509 S9: understand that we weren't just an opposite version of the 722 00:38:41,510 --> 00:38:44,430 S9: other side. So the other side comes along and says, 723 00:38:44,430 --> 00:38:46,910 S9: what you really need to do is side with us. Uh, 724 00:38:46,950 --> 00:38:49,430 S9: you know, get a 100% from the Human Rights Campaign. Well, 725 00:38:49,430 --> 00:38:50,590 S9: what do you what do you need to do to 726 00:38:50,630 --> 00:38:53,229 S9: get that? Well, we'll work with your people. Don't don't 727 00:38:53,230 --> 00:38:54,910 S9: worry about that. We'll work with your people. And what 728 00:38:54,910 --> 00:38:56,589 S9: do you need to do that you need to do? 729 00:38:56,630 --> 00:39:00,470 S9: Dylan Mulvaney type branding like Bud Light. You need to do, uh, 730 00:39:00,870 --> 00:39:04,109 S9: you know, puberty blockers for the children of employees. You 731 00:39:04,110 --> 00:39:07,330 S9: need to do some really way out there stuff, and 732 00:39:07,330 --> 00:39:09,330 S9: that kind of crept up on them. And then we 733 00:39:09,330 --> 00:39:12,530 S9: came along and the initial response is, oh, you're just 734 00:39:12,570 --> 00:39:15,410 S9: the same thing, and we're coming and we're saying, no, 735 00:39:15,410 --> 00:39:18,009 S9: we're not. We're saying you shouldn't give to the Human 736 00:39:18,010 --> 00:39:21,010 S9: Rights Campaign because it's controversial. I even said to someone today, 737 00:39:21,210 --> 00:39:24,049 S9: I'm not saying you should give to Turning Point. I'm 738 00:39:24,050 --> 00:39:28,290 S9: saying you shouldn't give to any ideological or, you know, group. 739 00:39:28,410 --> 00:39:30,810 S9: Turning point is a very conservative group. Human Rights Campaign 740 00:39:30,810 --> 00:39:33,490 S9: is a very liberal group. Just don't give to those things. 741 00:39:33,489 --> 00:39:37,250 S9: That's not what corporate dollars are for. Um, and it 742 00:39:37,250 --> 00:39:39,810 S9: took a couple of years for them to realize that 743 00:39:39,810 --> 00:39:42,330 S9: we really wanted them to focus on their core business 744 00:39:42,330 --> 00:39:46,250 S9: rather than move them from some kind of, uh, you know, 745 00:39:46,290 --> 00:39:51,010 S9: quote unquote, left orientation towards some kind of, quote, right orientation. Um, 746 00:39:51,010 --> 00:39:52,930 S9: we want them to have a right orientation, and the 747 00:39:52,930 --> 00:39:58,370 S9: right orientation is towards doing banking, uh, selling sneakers and, yes, 748 00:39:58,410 --> 00:40:00,210 S9: selling bananas for the babies. 749 00:40:00,530 --> 00:40:03,009 S1: Yeah. And then pay your people well and let them 750 00:40:03,010 --> 00:40:04,170 S1: give wherever they want. 751 00:40:04,550 --> 00:40:08,069 S9: Precisely. And match to it. Yeah. And and honor them. 752 00:40:08,070 --> 00:40:10,110 S9: If you have a if you have a charitable match program, 753 00:40:10,110 --> 00:40:14,110 S9: don't say well, we'll match except if it's Family Research 754 00:40:14,110 --> 00:40:16,390 S9: Council or except if it's your church or except if 755 00:40:16,390 --> 00:40:20,190 S9: it's whatever match everything. That's a bona fide 501 C3. 756 00:40:20,430 --> 00:40:22,390 S9: And a number of them have changed policies on that. 757 00:40:22,390 --> 00:40:23,950 S9: And they said, you know, you're right. If someone wants 758 00:40:23,950 --> 00:40:26,750 S9: to give to First Baptist or Yeshiva or Tree of 759 00:40:26,750 --> 00:40:30,710 S9: Life or, um, you know, Saint Mary's, if they're the 760 00:40:30,710 --> 00:40:32,989 S9: employee and we have an employee match program, well, then 761 00:40:32,989 --> 00:40:34,750 S9: we're going to match the employees grants. 762 00:40:35,150 --> 00:40:38,510 S1: Yeah. Love it. Jerry, as always, we appreciate your time today. 763 00:40:38,510 --> 00:40:39,390 S1: Well done sir. 764 00:40:39,630 --> 00:40:41,150 S9: My pleasure. And to you as well. 765 00:40:41,469 --> 00:40:44,910 S1: All right. That's Jerry Bowyer. He's our resident economist. Joins 766 00:40:44,910 --> 00:40:47,350 S1: us each Friday in this segment. Let's finish up today 767 00:40:47,350 --> 00:40:49,110 S1: in Evans Georgia. Tom go ahead. 768 00:40:50,630 --> 00:40:53,390 S10: Yeah. Hi Rob I thank you very much for taking 769 00:40:53,390 --> 00:40:54,070 S10: my call. 770 00:40:54,310 --> 00:40:54,830 S1: Sure. 771 00:40:54,870 --> 00:40:59,149 S10: I appreciate I appreciate what you do. And, uh, I've 772 00:40:59,150 --> 00:41:03,400 S10: been listening uh, for a long time, uh, daily and, um, 773 00:41:03,920 --> 00:41:07,799 S10: I also give to Point of View and other charities. Um, 774 00:41:07,800 --> 00:41:12,279 S10: my question has to do with, uh, sum of money 775 00:41:12,280 --> 00:41:16,760 S10: that I'm coming into from my late brother who passed away, 776 00:41:16,760 --> 00:41:21,799 S10: who did not have children or parent living parents. And 777 00:41:21,800 --> 00:41:25,320 S10: I want to give that money away. Me and my wife, uh, 778 00:41:25,560 --> 00:41:30,000 S10: are doing okay. We're blessed. We're not rich by any means, 779 00:41:30,000 --> 00:41:35,880 S10: but we we do good. We don't need the money. And, uh. Wow. Um, this, uh, 780 00:41:36,080 --> 00:41:40,240 S10: inheritance from my brother, uh, a majority will be coming 781 00:41:40,239 --> 00:41:44,040 S10: from an IRA, and I understand the taxes have not 782 00:41:44,040 --> 00:41:47,560 S10: been paid. And I realize that Uncle Sam gets his 783 00:41:47,560 --> 00:41:50,880 S10: money and the taxes are due on it, and I 784 00:41:50,920 --> 00:41:55,280 S10: have no qualms about that. But, uh, it's about $60,000. 785 00:41:55,719 --> 00:41:59,840 S10: And roughly 20,000 of that will be, uh, having to 786 00:41:59,840 --> 00:42:04,980 S10: be paid in taxes. which increases me and my wife's 787 00:42:04,980 --> 00:42:08,779 S10: tax burden, which is not a big deal, but I'd 788 00:42:08,780 --> 00:42:10,820 S10: like to avoid that. And yeah. 789 00:42:12,500 --> 00:42:15,300 S1: Well, I've got good news for you, and that is 790 00:42:15,300 --> 00:42:20,739 S1: that if you're receiving what's called an inherited IRA and 791 00:42:20,739 --> 00:42:28,140 S1: inherited IRAs are eligible for qualified charitable distributions, which means 792 00:42:28,140 --> 00:42:32,299 S1: if you're 70.5 or older, then you can take the 793 00:42:32,300 --> 00:42:36,140 S1: money in the IRA, including an inherited IRA, and give 794 00:42:36,140 --> 00:42:40,620 S1: it straight to a 500 1C3 charity or ministry, including 795 00:42:40,620 --> 00:42:45,020 S1: your church. And it doesn't ever get recognized as taxable 796 00:42:45,020 --> 00:42:48,540 S1: income to you, which means 100% goes into the kingdom. 797 00:42:48,540 --> 00:42:50,140 S1: Stay on the line. We'll talk more off the air. 798 00:42:50,140 --> 00:42:52,140 S1: I want to make sure you understand that Faith and 799 00:42:52,140 --> 00:42:55,020 S1: finance live as a partnership between Moody Radio and Faith. By. 800 00:42:55,060 --> 00:42:58,460 S1: Big thanks to my team today, the amazing crew Taylor, Lisa, 801 00:42:58,500 --> 00:42:59,980 S1: Dan and Tara. See you tomorrow.