S1: All his days are full of sorrow and his work
S1: is a vexation. Even in the night his heart does
S1: not rest. This also is vanity. Ecclesiastes 223. Hi, I'm
S1: Rob West. That verse from Ecclesiastes reveals a painful truth.
S1: Even a productive life can feel empty when our work
S1: is driven by the wrong purpose. Wealth on its own
S1: doesn't bring peace. Often it brings more pressure, but Scripture
S1: offers a better way. Today, another lesson from the preacher
S1: in Ecclesiastes. And then it's on to your calls at
S1: 800 525 7000. This is faith and finance. Live biblical
S1: wisdom for your financial journey. It's easy to admire someone
S1: who plans wisely, saves consistently, and builds steadily over time.
S1: Our culture praises that kind of discipline as responsible and virtuous,
S1: and often it is. But Ecclesiastes challenges us to ask,
S1: what's driving all that effort? In Ecclesiastes 218, the preacher writes,
S1: I hated all my toil, seeing that I must leave
S1: it to the man who will come after me. He
S1: isn't condemning hard work. He's grieving that all he's built
S1: will one day be handed off, possibly to someone who
S1: won't value or steward it well. That's where sorrow begins.
S1: Not in failure, but in success without peace. All his
S1: days are full of sorrow, and his work is a vexation.
S1: Even in the night his heart does not rest. The
S1: more we accumulate, the more we fear losing it. What
S1: promised security only multiplies anxiety. What a striking image. Someone
S1: lying awake at night. Not from failure, but from success.
S1: The more he possesses, the more he worries. Well, this
S1: is the irony of accumulation. It convinces us that security
S1: is just one more achievement away while quietly making us
S1: more anxious the more we gain. Jesus echoes this same
S1: warning in Luke 12. He tells the parable of a
S1: rich man who reaped such a Bountiful harvest that he
S1: decided to build bigger barns to store it all. His
S1: conclusion take life easy, eat, drink and be merry. To
S1: the world that sounds like winning. But Jesus called him
S1: a fool. Why? Because that very night, his life would
S1: be demanded of him. Then comes the haunting question. The
S1: things you have prepared. Whose will they be? What's even
S1: more interesting is the context of that parable. Jesus tells
S1: it in response to a man asking him to settle
S1: an inheritance dispute. This wasn't someone who earned the wealth.
S1: He simply wanted his share, and maybe more. Jesus warning
S1: is clear a greedy heart isn't the only danger. An
S1: entitled heart is just as spiritually destructive. And that's exactly
S1: what the preacher feared in Ecclesiastes. Its wealth falling into
S1: the hands of someone who didn't labor for it and
S1: may not know how to handle it wisely. We see
S1: this all the time in real life. Many financial advisors
S1: and estate planners will tell you that inherited wealth, especially
S1: when passed down without spiritual or emotional maturity, can do
S1: more harm than good. It can fracture families, distort priorities,
S1: and erode purpose. The problem isn't money itself. It's the
S1: absence of wisdom alongside it. That's why this lesson matters.
S1: You can save well, build wealth, and still feel anxious
S1: and unsatisfied. Not because you failed, but because you expected
S1: your efforts to give you only what God can. Peace,
S1: joy and purpose. But here's the good news Ecclesiastes doesn't
S1: leave us in despair. In verse 26 we read. To
S1: the one who pleases him, God has given wisdom and
S1: knowledge and joy. The solution isn't to stop working or saving.
S1: Solution is to stop worshiping our work, stop defining success
S1: by the size of your bank account, and start defining
S1: it by your faithfulness to the one who owns it all.
S1: When we live as stewards instead of owners, the pressure lifts.
S1: We begin to see wealth not as a prize to
S1: secure our future, but as a tool to serve God's kingdom.
S1: Accumulation loses its grip and generosity takes root. That's when
S1: real joy begins. So ask yourself today, am I building
S1: bigger barns? Or am I faithfully stewarding what God has
S1: already entrusted to me? Am I chasing peace through my
S1: possessions or receiving it from the Prince of Peace himself?
S1: Because in the end, peace doesn't come from what we've earned.
S1: It comes from who we trust. Now, if you're wrestling
S1: with these questions, we'd love to help. That's why we're
S1: excited to offer our brand new Bible study based on
S1: Ecclesiastes called Wisdom Over Wealth. It dives deeper into this
S1: theme of dethroning the idol of accumulation and learning to
S1: live with contentment and purpose. This month, when you support
S1: the ministry of faith by with a gift of $35
S1: or more, we'll send you wisdom over wealth as our
S1: way of saying thank you. Just head over to Faith
S1: to request your copy. That's faith. All right. Your calls
S1: are next. 800 525 7000. We'll be right back.
S2: The opinions offered during this program represent the personal or
S2: professional opinions of the participants, given for informational purposes only.
S2: Any information provided is not intended to replace advice from
S2: a financial, medical, legal, or other professional who understands your
S2: specific situation.
S1: Thanks for joining us today on Faith and Finance Live.
S1: I'm Rob West. Looking forward to taking your calls and
S1: questions today. The number to call 800 525 7000. Again
S1: that number 800 525 7000. We've got room for you today.
S1: We'd love to tackle whatever is on your mind. And
S1: we can do so when you call right now before
S1: we head to the phones in the news today, most
S1: people are aware of the dangers of accumulating credit card
S1: debt or missing payments. But there's another risky habit many
S1: haven't heard of. And it's called credit cycling. It happens
S1: when someone repeatedly maxes out their card, pays it off quickly,
S1: and then immediately starts spending again, essentially churning through their
S1: credit limit to spend more than the limit allows. While
S1: it might seem like a clever, clever workaround, experts warn
S1: it can backfire. Doing this occasionally may not raise eyebrows,
S1: but consistent credit cycling is often seen by issuers as
S1: a red flag. It could result in your credit card
S1: being shut down or your credit score taking a hit.
S1: That's because your credit utilization ratio, and that's the amount
S1: you owe compared to your limit, is a major factor
S1: in your score. Even if you're making payments on time,
S1: credit cycling can signal financial stress or risky behavior. If
S1: your credit card is closed or your total credit limit drops,
S1: that could raise your utilization rate and further damage your score.
S1: And so be sure whenever you're using credit cards, only
S1: use them for budgeted items, pay them off in full,
S1: and keep an eye on that credit score. But something
S1: to hopefully just put on your radar today. All right.
S1: We're going to begin taking your calls and questions in
S1: just a minute. We have lines open for you today.
S1: We'd love for you to call right now. Whether it's
S1: paying down some debt you have, maybe it's investing for
S1: the future. Perhaps you're thinking about how to align your
S1: values with your investments. We'd love to help you think
S1: through that today. Or maybe it's just living within your means.
S1: Whatever you're wrestling with today, your opportunity to call right
S1: now is 800 525 7000. By the way, our second
S1: edition of the Faithful Steward magazine is out. Uh, issue
S1: number two. We'd love to put a copy in your hands.
S1: It's full of some incredible content around how you can
S1: steward God's resources wisely. And one of the articles in
S1: there addresses a topic we hear so much on the program,
S1: and that is how do I think about retirement in
S1: light of biblical wisdom? You know, the conventional approach to retirement,
S1: that secular vision of retirement is weighed down with images
S1: of sailboats and gag retirement gifts and vacations to the tropics.
S1: But God's Word really has a different vision of aging.
S1: And this comes right from this article that Jeff Hanan
S1: wrote for us, called An Uncommon Retirement, listen to the
S1: words of Psalm 92 and think about how this sits
S1: alongside the cultural view of retirement. Psalm 92 the righteous
S1: flourish like the palm tree and grow like a cedar
S1: in Lebanon. They're planted in the house of the Lord.
S1: They flourish in the courts of our God. They still
S1: bear fruit in old age. They are ever full of
S1: sap and green. You know, the biblical call and retirement
S1: is certainly to faithful stewardship, but not just in our finances.
S1: I think there's a deeper call in the stewardship of
S1: our experiences and our skills and our very lives for
S1: the well-being of others. You know, we I think Christian
S1: hope means aging and frailty and death are not the end.
S1: We live in the ever shining dawn of the resurrection.
S1: This life is just the beginning of the life that
S1: is truly life that we read about in first Timothy.
S1: And I think that biblical picture of retirement is not
S1: one of heroism or hedonism, but really listening to God's
S1: voice and responding in love as elders, intent on sharing
S1: wisdom and blessing with the next generation. It's simply a
S1: life of service, pointing others beyond ourselves to the servant
S1: in whose image we are made. So the question what
S1: am I going to do with my retirement is an
S1: important one, and I think if we attune our ears
S1: to God, we'll hear Christ say, peace be with you
S1: as the father has sent me. Even so, I am
S1: sending you. That comes from John 20. Think about that
S1: as you consider either an upcoming retirement or this season
S1: that you're in. As you think about the fourth quarter,
S1: perhaps not as something you retire from, but something you
S1: retire to where you're using your wisdom and experience as
S1: an elder at the city gate to invest in the
S1: lives of others. By the way, if you want to
S1: read articles like this, you can receive Faithful steward four
S1: times a year. When you become a faithful partner, you
S1: can do that at Faith comm. All right. We're ready
S1: to dive into your questions today. Again that number 800
S1: 525 7000. You can call right now. Let's go to Chicago. Hi, Finny.
S1: Thanks for calling. Go ahead.
S3: Hey, thanks for taking my call.
S2: Sure.
S3: Yeah. We have an adult, uh, handicap. It's going to
S3: go nowhere. And it seems like whatever you said just
S3: now about peace and joy. And don't put the money
S3: in the barn. It's really not for us. It's really
S3: for the to provide for him. And doesn't look like
S3: there's enough money in the whole world that we can
S3: save enough for him. And how do you how do you.
S3: The question is, how do you, you know, relate it
S3: to what you just said. Doesn't look like it applies for.
S2: Yes.
S1: Yes. Well, I appreciate that so much. And Finny, with
S1: a a child who has special needs, um, there are
S1: special considerations to be given to protect. Protect your child's
S1: future and not Could disqualify them from vital government benefits
S1: like Medicaid or SSI. And so I think we always
S1: have to to take this council and run it through
S1: the lens of where God has placed you. And, you know,
S1: as as parents in this position, I know you feel
S1: the weight of that. I think we can trust absolutely
S1: that and depend on God as provider. But you also
S1: need to exercise wise stewardship. And so I think this
S1: perhaps this idea of accumulation is, is a different situation
S1: when we're talking about preparing for the needs of a
S1: of a lifelong dependent that's going to have ongoing financial needs.
S1: That's completely different than what we're talking about when we're
S1: idolizing accumulation just for our, you know, own enjoyment. Now,
S1: there's nothing wrong with enjoying what God has called us to.
S1: The question is, is that replacing really our desire for
S1: him as our ultimate treasure? But I think you all
S1: are in a different spot here and really should think
S1: about it in a different way. Um, and I think
S1: it's very appropriate for you to say, as God provides,
S1: we are going to store up in a very thoughtful
S1: way the resources that our special needs child is going
S1: to need as an adult throughout the rest of his
S1: or her life. Um, often that most effective tool is
S1: a special needs trust. It will allow you to leave
S1: money for your child's care, be managed by a trustee
S1: without those assets counting against benefit eligibility. Um, you can
S1: use trust an able account a b l e. You
S1: may or may not be familiar with that. The two
S1: of them together can be very effective because they allow
S1: for different types of expenses to be covered. And so
S1: that's where I think these two tools, um, both protecting, uh,
S1: you know, government benefits. Um, but also continuing to provide
S1: resources throughout your your child's life, even as an adult, uh,
S1: as needed. And so I think, uh, you know, I
S1: would listen differently to, uh, today's opening topic. And really,
S1: I would say that doesn't apply to the situation you're describing.
S1: And I would lean into that. If you need a
S1: suggestion on an advisor who has a particular expertise in
S1: special needs planning, uh, we'd be happy to make that connection.
S1: So you can hold the line and we'll find out
S1: if you need that. But regardless, I would seek out
S1: an advisor who has a special competency in this area
S1: and could take advantage of a special needs trust or
S1: an able account or both. So I appreciate your call today.
S1: Thanks for listening and calling. I hope that was helpful.
S1: May the Lord bless you. We'll be right back. Great
S1: to have you with us today on faith in finance
S1: live helping you live as a faithful steward, Recognizing money
S1: is a good gift from God, but that good thing
S1: can become a bad thing when it becomes a ruling
S1: thing in our lives. We want to help you see
S1: God as your ultimate treasure. Money is a tool to
S1: accomplish God's purposes. Whatever you're thinking about in your financial
S1: life today, we'd love to help you navigate that. You
S1: can call right now 800 525 7000. We've got lines
S1: open today. Questions on any financial topic. Investing, getting out
S1: of debt, saving for the future. Giving wisely. We'd love
S1: to hear from you again. Lines are open. You'll get
S1: right through at 800 525 7000. Our team is standing by.
S1: You can call right now. Let's head back to the phones.
S1: Chattanooga is where we're headed next. Adrian, how can I
S1: help you?
S2: Hi.
S1: Hi, there. Thanks for calling.
S4: Thank you for taking my call. So I was calling
S4: about a question. My husband and I are in second marriages,
S4: so we have a blended family and his children are
S4: older than mine. We have amassed wealth together, but he
S4: amassed most of it before our marriage. His children are older,
S4: so they have already become independent. Mine are not. Their
S4: college age. I have three in college, and our conundrum
S4: is using our money in the here and now. He
S4: would like to struggle and save every penny and scrimp
S4: and not live and have the children amass debt and
S4: give generational wealth. And I would like to share the wealth,
S4: not have our friends and family have debt, and us
S4: to enjoy our life now, giving to the church and
S4: charitable causes and keeping our children out of debt.
S1: Yeah, yeah. Well, I appreciate that, Andrea. And I realize
S1: these are difficult but very important conversations to have. And
S1: it becomes even more complex in a blended family because
S1: I recognize there's assets that were brought into the marriage
S1: with kids that were from a prior marriage. So, you know,
S1: now brought into the marriage. And often, even though I
S1: think prenuptial agreements can be difficult and break trust and
S1: is not something I would typically advise. I think there
S1: is a way of of talking about how are we
S1: going to structure our estate plan, recognizing the children that
S1: were from prior marriages, recognizing there are assets from, you know,
S1: that were amassed prior to our marriage, and deciding with
S1: togetherness and oneness and trust and open and honest communication
S1: how we're going to handle, particularly those assets related to
S1: the kids that were amassed prior to the marriage. But
S1: I think it is important, and you all are going
S1: to have to talk through this, that we decide that,
S1: you know, once you're joined together from that point forward,
S1: you know, that we see these as marital assets, and
S1: that's where you need to find, you know, God's heart
S1: and a plan for how you reflect your values and
S1: your wiring and how each of you has come to
S1: the table and you know from prior experiences and create
S1: a plan that reflects the two of you, is now
S1: one flesh moving forward and how you're going to steward
S1: those resources, recognizing, you know, and this is very common,
S1: one might want to hold a little more tightly and
S1: and save the other might want to enjoy and give
S1: and support. And neither of those is bad unless it
S1: creates conflict in the marriage. And that's where we need
S1: to come with understanding and really seeking, starting with our
S1: values as Christ followers, but now as one flesh, to
S1: create a plan that reflects both of us giving and
S1: you know, to one another, and recognizing that there should
S1: be some element of enjoyment now. And certainly generosity is
S1: on the heart of God. And I think, you know,
S1: we were creating the image of the ultimate giver. So
S1: we should be givers as God's people. But I think
S1: there's also a prudent element to, you know, saving. And
S1: I think there's a way to accomplish both, but both
S1: have to be willing to come to the table and
S1: hear and listen and understand, and then be willing to
S1: create a plan that reflects the two of you. And ideally,
S1: that would be done, you know, between the two of you.
S1: But it may involve a third party like a counselor
S1: that or a financial advisor that understands the counsel of
S1: Scripture and can really help you chart that path forward. Uh,
S1: a book that I would recommend, and we'd be happy
S1: to send it to you as our gift by our
S1: friends Ron Diehl and Greg Pettis is a book called
S1: The Smart Step Family Guide to Financial Planning. Money Management.
S1: Before and after you blend a family. And Ron and Greg, uh,
S1: you know, Ron, from the kind of the counseling side of, uh,
S1: of families and Greg from the financial planning side come
S1: together to create this really helpful resource. And it deals
S1: with estate planning, and I think it could help give
S1: you a pathway. They talk about something called a togetherness agreement,
S1: which is kind of a God honoring version of a,
S1: you know, of what you might think of as a
S1: prenuptial agreement, but with an entirely different approach. And I
S1: think it could give you a path forward. But ultimately,
S1: you're both going to need to be willing to come
S1: to the table prayerfully and with a desire to find
S1: God's heart and a path forward that again reflects each
S1: of your wiring. But you know, each of you also
S1: being willing to to give to the other, because I
S1: think there's an element of, listen, you know, our kids
S1: need to make decisions, as you know, emerging adults and,
S1: you know, in some cases experience the the school of
S1: hard knocks. And then there's another element of we also,
S1: you know, have been blessed with much. And so there's
S1: an appropriate role for us to give and support. And,
S1: you know, those are not easy decisions apart from a
S1: blended family, but they're even more difficult after a blended family.
S1: and I recognize that. So I think it's going to
S1: involve you all. Um, you know, praying through this, uh,
S1: hopefully this resource will help. And then whether it's a
S1: counselor or a certified Kingdom advisor there in Chattanooga, I
S1: think you need to find somebody who can help guide
S1: you all toward the vision around what I'm describing here today.
S1: But give me your thoughts on all that, because I've
S1: thrown a lot at you.
S4: Oh, you've given me a just a wealth, no pun intended,
S4: of information. And I think that that's exactly what I
S4: was looking for is something to talk about together. And yes,
S4: very importantly, we did talk about a lot of it beforehand.
S4: But as life evolved, you know, I think both of
S4: our values kind of were very different. So, yeah, you've
S4: given me a lot to talk about and I'm going
S4: to go from that. I appreciate it so much and
S4: I'm very interested in that book.
S1: Awesome. Well, I'm delighted to hear that, Adrian. And I'm
S1: going to be praying for you, because I know these
S1: are hard conversations and yet they can be very God honoring.
S1: When we come to the table with the right heart, posture,
S1: a willingness to learn and understand each of us and
S1: find the path forward in a way that can truly
S1: do something special. As you all use God's resources as
S1: a tool to accomplish God's purposes with your family, enjoying
S1: what God's given you, giving it, but also saving it appropriately.
S1: Stay on the line. We'll get your information and get
S1: this book out to you. God bless you. We'll be
S1: right back.
S5: Great to have you with us today on.
S1: Faith and finance live here on Moody Radio. I'm Rob West.
S1: We're taking your calls and questions, and we do have
S1: a few lines open. You want to call right now
S1: any financial topic today? 800 525 7000. That's 800 525 7000.
S1: Let's go to New York. Sue, I understand you have
S1: a question today as you drive along the way. So
S1: let us know how we can help.
S6: Well, last year about this time, I had like six
S6: credit cards and there was about five, six, $7,000 on each.
S6: And I was told that because we'd had them for
S6: so long and we'd paid so much money in interest
S6: that I should let at least I should let them
S6: all go but one, and then, um, pay off the
S6: one and just use it for when I needed it. Well,
S6: I did let three of them just go. Uh, the
S6: three larger ones. And, um, I've been paying on the
S6: other three this past year, and they've done just exactly
S6: like the guy told me they would do. They, you know,
S6: put it in collections, and then they now have turned
S6: it over to an attorney. And I'm just wondering, what
S6: should I they they also have offered like instead of
S6: being 9000, uh, you know, I could pay that 1500
S6: or something like that. And I'm just wondering, what should
S6: I do now? I mean, it's my credit's already ruined.
S6: And the way he explained it to me is nobody's
S6: going to lose their job. Nobody's going to, you know,
S6: you're not doing anything to hurt anybody. Um, and and
S6: you've paid all this already and in interest. So I
S6: don't know what to do now. Yeah, I kind of
S6: feel convicted about it.
S1: Yeah. I'm so sorry. Uh, Sue, for the situation that
S1: you're in, it sounds like you've connected with what's called
S1: a debt settlement company. Um, which I wish I would
S1: have talked to you a year ago, but we'll talk
S1: about the path forward. I would have not recommended that, uh,
S1: for various reasons. Number one is I resonate with your, uh,
S1: feeling like you need to honor your obligations regardless of
S1: how much you've paid in toward principal repayment and interest. Uh,
S1: as much as we don't like carrying credit card debt,
S1: it is an obligation that we've committed to. There's severe damage,
S1: not to mention the legal implications with judgments and so forth.
S1: And then there's no guarantees the creditors aren't required to settle.
S1: Any forgiven amount can be taxable. And they do often
S1: charge high, high fees. And there's a lot of kind
S1: of bad actors in this space. But I think the
S1: bottom line is the question is how do we proceed forward?
S1: And here's what I'd like for you to do. I mean,
S1: my preferred way for you to handle credit card debt,
S1: and we may actually be able to get the the
S1: accounts in collection re-emerged and into this program is something
S1: called debt management or credit counseling. And our friends at
S1: Christian Credit Counselors is the organization we recommend. Thousands of
S1: our listeners have used them. They're all believers. And unlike
S1: debt settlement where you stop paying and they go into
S1: collections and charge offs and judgments and, and credit, you know,
S1: trashing your credit. This is completely different. The debt management
S1: program credit counseling is a program that is already in
S1: place inside every creditor, Capital One and Citi and Bank
S1: of America. They all have a credit counseling department. So
S1: the account gets closed, it gets moved into the credit
S1: counseling program. It stays with the existing lender. And, you know,
S1: it's a it's a program that's already in place. So
S1: you just pay through the nonprofit credit counseling agency. They
S1: pass it along to your creditor. And by going into
S1: the program, they'll drop the interest rates, not always to zero.
S1: In some cases they do, but usually less than 10%.
S1: But when you go into that program, any accounts that
S1: are past due would be re aged, brought current. And
S1: as long as you stay current on your payment, then
S1: you know you'll get it back on track. Now, the
S1: only question would be whether or not that's going to
S1: be possible, just given how far past due these are,
S1: these accounts are. And the fact that you're now with
S1: a collection agency and it's been purchased away way from
S1: the original creditor. We may or may not be able
S1: to deal with those, but they'll be able to advise
S1: you on that. So if you'd like, I can give
S1: you the website or you can stay on the line
S1: and our team will give you the phone number, but
S1: that would be the direction I would go.
S6: Okay. And then so pay it back. What's left? What
S6: you said now an attorney was going to get involved.
S6: What happens if attorney gets involved?
S5: Yeah.
S1: The attorney is just going to try to get you
S1: to pay on what you owe. And they're going to
S1: add a bunch of fees to it, which is just
S1: going to raise the balance. And they could seek a
S1: judgment where they go to a court. And the judge
S1: just acknowledges that the debt is owed. And then, you know,
S1: depending on how much is owed and so forth, there
S1: are certain ramifications on that in terms of how they
S1: would proceed on collection. But we want to try to
S1: avoid that attorney getting involved because the attorney has to
S1: get paid, and that's going to add additional cost to this.
S1: So I think that's why it would be important for
S1: you to go ahead and get this, you know, over
S1: to Christian credit counselors, let them evaluate all of the accounts,
S1: come up with a plan that allows you to start
S1: moving toward repayment in a way that everybody acknowledges. So
S1: you're back in good standing now.
S6: Okay. Well, the reason we got in this shape, well,
S6: there's a lot of reasons. But one of the things
S6: is I'm we're both I'm 72, my husband's 75. And
S6: I've gone back to work since then just so I
S6: can pay for his medicine. And, you know, that's the
S6: problem is having that much each month to come up
S6: with because, you know, our Social Security's kind of a
S6: joke right now with us. I mean, yes, it is
S6: what it is.
S1: But yeah, I know that's real, Sue. And I totally
S1: get that. And I and I understand that can be challenging.
S1: And he's got to have the medicine and I realize
S1: where it's it's expensive that, you know, can add up quickly. Uh,
S1: would you be in a position. Well, let me ask
S1: you this. What's the total amount you owe today? Do
S1: you know?
S6: Oh, no, not really, because those three I'm just not
S6: kept up with. Um, probably around, probably around 15,000. Maybe
S6: a little more. I don't know.
S1: Okay. Yeah. I mean, all right. So at 20,000, I mean,
S1: typically the payments somewhere between 2 and 3% though. So
S1: that would be somewhere between 4 and $600 a month. Uh,
S1: you know, for you to get, uh, moving toward paying
S1: these back if, if they were all able to be
S1: put in the program and again, they might not be.
S1: Would that be something you could absorb?
S6: Oh, no, I couldn't pay 400. No. That's why I
S6: had to do this because I couldn't pay it. Okay.
S1: Yeah.
S6: Yeah. And I mean, I should.
S1: Well I understand, so I think the key is there,
S1: and I realize you can only do what you can do. And, um,
S1: so it probably would behoove you to get some legal counsel,
S1: just so you understand the implications of what could happen
S1: if they do get a court judgment that could allow
S1: them to garnish wages or, you know, attach a bank account,
S1: depending on the state laws. So that's why some legal
S1: advice would be important. That's not automatic. And it would
S1: involve them going to court and getting that judgment before
S1: any of that could happen. Do you have an attorney?
S1: Perhaps somebody in your church or somebody that's a family
S1: friend or that, you know, that could advise you on this?
S6: Um, not not an attorney, I don't know.
S1: Okay. So you may just want to call your local
S1: church and see if they could make a referral to you,
S1: somebody that might just be able to give you some,
S1: some legal counsel here so you understand what's possible, and
S1: you don't get caught off guard by any, any of it.
S1: You could also reach out to Christian credit counselors. They
S1: may have some suggestions for you. I realize there's not
S1: a quick fix to this, and you've got a lot
S1: on you. And so, um, the Lord, uh, knows your
S1: needs here, and he is our provider, and we can
S1: trust him in that. So we're going to ask him
S1: to provide. I would also encourage you to make this
S1: known to your local church. Perhaps they'd be willing to
S1: step in and help here in some way for you
S1: all to get beyond this. Just given the situation with
S1: the high cost of these, uh, these drugs that your
S1: husband needs. So, uh, we'll be praying for you. You
S1: stay on the line. Our team will give you that
S1: phone number to Christian credit counselors. And, uh, let us
S1: know how this turns out to the Lord. Will be
S1: near to you through all of this. I'm confident in that.
S1: Thanks for your call today. Well, folks, uh, we're going
S1: to take a quick break. When we come back, our
S1: final segment just around the corner. We'll be right back.
S1: Thanks for joining us today on Faith and Finance Live.
S1: I'm Rob West. Let's head right back to the phones
S1: here in our final segment. By the way, I do
S1: have room for perhaps one more question before we round
S1: out the broadcast today. 800 Five. Two. Five. 7000. Uh,
S1: Jeannie is in Florida. Go right ahead.
S6: Yes. Hi.
S7: Uh, thank you for taking this call. I've always wanted
S7: to call. I always loved the wisdom that you give forth. Um,
S7: I have a simple question. Um, I pretty well set, uh, financially.
S7: I don't owe anything. I tithe regularly, I have a
S7: little savings, and I just came into some money, like
S7: about $11,000. And I'm wondering if you could give me
S7: some suggestion as to where to invest this money so
S7: that I can get some, uh, the, the best return
S7: I could get, but yet keep it, uh, you know,
S7: open in case I needed it.
S1: Yeah, yeah. Very good. Jeannie. Uh, a couple of questions. Uh,
S1: if you if you don't mind sharing these. And if
S1: you do, just let me know. That's no problem, too.
S1: What's the total amount that you now have access to?
S7: I have, I have 11. Well actually I have 15,000.
S1: Okay. And is that in savings?
S7: It's cash right now it's just cash.
S1: Okay. You're just keeping that at the house or where
S1: is that.
S7: Yeah. Okay. Yeah. Exactly. Yeah.
S1: All right. I probably would only keep, uh, you know,
S1: maybe up to two weeks worth of expenses. Uh, at
S1: the most cash on hand. I'd put the rest in
S1: a savings account, perhaps a high yield account, which are
S1: still paying a decent amount of interest. But I'd probably
S1: not keep that much cash laying around the house. Um,
S1: what about the, uh, the. Was it an inheritance or
S1: an investment? The gift that you received?
S7: Actually, I had, um, I had a business that, um,
S7: I could I just sold off, you know, some remnants
S7: of it.
S1: Okay, great. And how much do you have from that?
S7: That's what I have. I have, I have 11. I
S7: did have three that I was saving for new, uh,
S7: you know, piece of furniture or something. Okay. Yeah. So
S7: I have $11,000.
S1: Okay. Got it. And then do you have other assets
S1: like investments?
S7: I do, I have, like, about $158,000 in with Stifel
S7: and Nicholas. And, uh, I have a broker who takes
S7: care of all that. Okay. Uh, you know, and then, uh. Yeah.
S7: And then in my checking account, I have way over
S7: what I need to live on, you know? I do
S7: have my emergency funds and all that.
S1: Okay. And do you have do you have 3 to
S1: 6 months worth of expenses in your checking account?
S7: Yes I do.
S1: Okay. Yeah. So I would probably use a combination of
S1: your checking alongside a high yield savings account. So, um,
S1: you know, at 80, I'd probably have at least six
S1: months expenses. Um, how many more months? Over six months
S1: do you think you have in been checking up.
S7: Well, let me think. Uh hmm. Now you got me
S7: having to do math. Um, I would say I probably
S7: have right now, I my monthly expenses are about 2000,
S7: and right now I have eight.
S1: 8000. Okay, so you have four months expenses in the bank. Um,
S1: and maybe one month is already spoken for, so let's
S1: call it three. So I'd probably not, you know, do
S1: anything in the way of investments with this additional 11,000.
S1: I would just kind of see this as shoring up
S1: your emergency fund. Uh, so the goal there would be,
S1: how can we get some interest on it and keep
S1: it safe, but very liquid in case you need it.
S1: And that would be, for me, a high yield savings account. Now,
S1: if you're comfortable using the internet, and I realize you
S1: may not be. Um, I would typically recommend as a
S1: starting point an online savings account. So you know whether
S1: that's a CIT bank or Capital One or Marcus. I mean,
S1: one of them that's paying somewhere around 4% right now
S1: because that would allow you, let's say you had, you know,
S1: 15,000 between, you know, the 11,000 and whatever is considered
S1: your emergency in your checking. Um, you know, on 15,000
S1: that would allow you to earn $600 in interest over
S1: the next year. It would be very safe because it
S1: would be backed by the full faith and credit of
S1: the United States government with FDIC insurance, and you'd be
S1: completely liquid. So if you needed to get to it,
S1: you could, um, if you're not comfortable using the internet
S1: and opening an online savings account, because those are the
S1: only banks that are paying those rates. Um, and by
S1: the way, I'd recommend you check out Christian Community Credit Union. Uh,
S1: join Christian Community. They have a special offer right now
S1: where you can get up to a $400 bonus with
S1: the keyword Faith VI. For our listeners. And there, you know,
S1: it's privately insured. Um, you know, it's you would be, uh,
S1: know that you're with a banking partner that, you know,
S1: shares your values as a Christian. And again, it's join
S1: Christian community.com. Now, if you said to me, Rob, I
S1: just want to stay with a local brick and mortar
S1: operation where I can walk in the door and look
S1: somebody in the eye, I don't want to do it online.
S1: Then I'd probably say, let's look around in your area
S1: there in Florida and see if you can find a
S1: credit union. Perhaps that's offering a rate somewhere close to 4%.
S1: And then I would go with that option, which sounds
S1: like it'd be the best fit for you.
S7: Well, I have looked around here and I've looked even
S7: in my own bank, and, uh, I understand it. I am,
S7: you know, less risky. So I was thinking of doing
S7: it online, but I was a little skeptical, but I
S7: do like what you just told me about the community.
S7: What is it called? I don't have a pencil. So. Okay.
S7: I looked all over my car. I have not one
S7: pencil or pen. Okay. Um.
S8: Yeah, I don't know. Um, well, I think this would
S8: be easy to remember. Or.
S1: Um, we could, uh, have you hold the line and
S1: our team could get your phone number, and we'll send
S1: you a text message or an email with the information.
S1: But essentially, when you get home and you get in
S1: front of your computer, you're going to want to go
S1: to join Christian community.com. And that's going to be a
S1: credit union that shares your values as a Christ follower.
S1: And they have a high yield savings account that you
S1: could use. And there's that special bonus offer for Faith
S1: fi listeners, where you could have an additional $400 added
S1: to your account. Um, but it's a a full service
S1: banking partner. Uh, part of every dollar that you invest,
S1: you know, you put with them, uh, would go to, um,
S1: Christian Ministries, and they pay 5% APY on balances up
S1: to $5,000. And then it's a nice interest rate beyond 5000.
S1: And then you get this, this bonus of up to
S1: $400 when you use the keyword faith fi. So, uh,
S1: why don't you stay on the line? Our team will
S1: get your contact information, and we'll get in touch with
S1: you with all the details. Okay.
S7: I'm so glad. You know, I put your phone number
S7: into my phone. I don't have a computer. And and
S7: it rang so.
S1: Well, there you go.
S7: Oh, I guess I guess it.
S1: Was.
S7: A good time.
S1: Well, I'm so glad that you did so much. Thank you.
S7: You're welcome.
S1: We'll get your information, and one of our team members
S1: will get in touch with you to give you all
S1: the details. Thanks for your call today. Uh, let's go to, uh. Well,
S1: we'll stay in Florida, Dwayne. Go ahead.
S9: Oh, hey, Rob, thank you so much for having me
S9: on your station there?
S1: Absolutely, sir.
S9: Yes, sir. So, um. Yeah, my wife and I were
S9: both chiropractors, and my wife has been called to stay
S9: at home and homeschool our children. And, uh, we we've
S9: started over our business. This will be our third clinic
S9: that we've started. We sold one in the where we
S9: used to live. And, uh, yeah, we're still struggling to
S9: pay off our student loan debt. It seems like every
S9: time we start a clinic, you know, it's hard to
S9: get started back up, so, um. Yeah, just. We would
S9: like to buy a house. We've not bought one down
S9: here yet and just don't know where to start, because
S9: we we both still have a lot of student loan debt.
S9: And I like, I feel like I'm a slave to
S9: the lender. You know, I really have that on my heart.
S9: I want to pay it off, but I also want
S9: to give my wife and my kids the house that
S9: they want.
S1: Yes, yes. Well, I realize these two tensions, Duane and
S1: I certainly get that. And I can understand your conviction
S1: to be debt free. And I also understand that the
S1: security that comes, uh, you know, from your around owning
S1: a home and, you know, your desire to be able
S1: to provide that for your family. And, and I think
S1: we need to move forward toward both and do that
S1: in a way that's thoughtful. And I think the two
S1: of you need to come together and really pray through
S1: this and, and agree on a path forward where you
S1: can honor both of your convictions. Um, give me just
S1: kind of a rundown of where you're at right now.
S1: What do you have in emergency savings? Anything?
S9: Uh, yeah, we have probably 10,000.
S1: Okay. And are you living within your means and have
S1: a little bit left over at the end of the month?
S9: Yeah, but, I mean, I, I think we have trouble
S9: from our personal, like we use the business for. Yeah.
S9: A lot of the. So I think that's always been
S9: our issue when I try to go make the budget,
S9: I don't know if I make the budget for the
S9: business first or the personal, and I don't know how
S9: to separate those two. And I haven't found anyone really
S9: help us with that. So I'd really like some direction
S9: with that.
S1: Yeah. Well, that's going to be a really critical step.
S1: That was the other thing I was going to tell
S1: you is we've got to find separation between those, and
S1: you've got to be able to put yourself on a
S1: consistent salary, you know, or compensation that covers your budget and,
S1: you know, allow the business to run separately by dividing those.
S1: It's going to help with taxes. So you can have
S1: true deductions for business expenses where, you know, you run
S1: into problems when you're mixing personal finances. Because if you
S1: were challenged on that from the IRS, you're going to
S1: have a difficulty justifying those. And so that's why keeping
S1: it separates key. You also can't ever tell truly how
S1: the business is doing. But when it stands on its
S1: own and you create the business, you know, plan, business
S1: plan and budget and so forth, and then you pay
S1: yourself more of a consistent amount where when you have
S1: a big month, you retain it in the business. And
S1: when you have a low month, you pull from some
S1: of those reserves and you try to normalize that compensation
S1: coming over. Then that allows you to build the personal
S1: spending plan on something, you know, that's a little more consistent.
S1: So you don't have these wild fluctuations which make it
S1: nearly impossible to budget against. So there's a lot of
S1: good reason for you to kind of separate these out,
S1: keep a separate set of books for the business and
S1: the personal finances. You really need to find a small
S1: business CPA, somebody who specializes in that. I'd head to
S1: our website. Com and click Find a Professional. And what
S1: you're going to want to do is ask for a
S1: referral to a CPA who specializes in small businesses and
S1: let them know what you're looking for, and you should
S1: find one that can make that connection for you to
S1: a godly accountant or CPA who can really help you.
S1: Because I think that's the next step. And then you
S1: can create the budget, and then you and your wife
S1: can come together on how much are we saving, how
S1: much are we paying off debt? And probably it's a
S1: combination of the two. God bless you, Duane. We appreciate
S1: your call. Faith and Finance lives a partnership between Moody
S1: Radio and Faith fi. Thank you to Tahira, Amy, Omar
S1: Taylor and Rihanna. We'll see you tomorrow.