WEBVTT - Wisdom Over Wealth: Idolizing Accumulation 0:00:08.320 --> 0:00:10.920 All his days are full of sorrow and his work 0:00:10.920 --> 0:00:13.880 is a vexation. Even in the night his heart does 0:00:13.880 --> 0:00:19.360 not rest. This also is vanity. Ecclesiastes 223. Hi, I'm 0:00:19.360 --> 0:00:23.680 Rob West. That verse from Ecclesiastes reveals a painful truth. 0:00:23.680 --> 0:00:26.840 Even a productive life can feel empty when our work 0:00:26.840 --> 0:00:29.880 is driven by the wrong purpose. Wealth on its own 0:00:29.880 --> 0:00:33.760 doesn't bring peace. Often it brings more pressure, but Scripture 0:00:33.800 --> 0:00:37.360 offers a better way. Today, another lesson from the preacher 0:00:37.360 --> 0:00:39.879 in Ecclesiastes. And then it's on to your calls at 0:00:39.880 --> 0:00:45.560 800 525 7000. This is faith and finance. Live biblical 0:00:45.560 --> 0:00:51.760 wisdom for your financial journey. It's easy to admire someone 0:00:51.760 --> 0:00:55.960 who plans wisely, saves consistently, and builds steadily over time. 0:00:56.000 --> 0:01:00.860 Our culture praises that kind of discipline as responsible and virtuous, 0:01:00.900 --> 0:01:04.860 and often it is. But Ecclesiastes challenges us to ask, 0:01:04.860 --> 0:01:09.540 what's driving all that effort? In Ecclesiastes 218, the preacher writes, 0:01:09.540 --> 0:01:12.420 I hated all my toil, seeing that I must leave 0:01:12.420 --> 0:01:14.780 it to the man who will come after me. He 0:01:14.780 --> 0:01:18.419 isn't condemning hard work. He's grieving that all he's built 0:01:18.420 --> 0:01:21.300 will one day be handed off, possibly to someone who 0:01:21.300 --> 0:01:25.500 won't value or steward it well. That's where sorrow begins. 0:01:25.500 --> 0:01:29.580 Not in failure, but in success without peace. All his 0:01:29.580 --> 0:01:33.180 days are full of sorrow, and his work is a vexation. 0:01:33.220 --> 0:01:36.300 Even in the night his heart does not rest. The 0:01:36.300 --> 0:01:39.619 more we accumulate, the more we fear losing it. What 0:01:39.620 --> 0:01:45.660 promised security only multiplies anxiety. What a striking image. Someone 0:01:45.660 --> 0:01:49.180 lying awake at night. Not from failure, but from success. 0:01:49.420 --> 0:01:52.380 The more he possesses, the more he worries. Well, this 0:01:52.380 --> 0:01:56.260 is the irony of accumulation. It convinces us that security 0:01:56.260 --> 0:02:00.240 is just one more achievement away while quietly making us 0:02:00.240 --> 0:02:03.920 more anxious the more we gain. Jesus echoes this same 0:02:03.920 --> 0:02:06.480 warning in Luke 12. He tells the parable of a 0:02:06.480 --> 0:02:09.320 rich man who reaped such a Bountiful harvest that he 0:02:09.320 --> 0:02:12.079 decided to build bigger barns to store it all. His 0:02:12.080 --> 0:02:16.040 conclusion take life easy, eat, drink and be merry. To 0:02:16.120 --> 0:02:19.200 the world that sounds like winning. But Jesus called him 0:02:19.200 --> 0:02:22.919 a fool. Why? Because that very night, his life would 0:02:22.919 --> 0:02:26.880 be demanded of him. Then comes the haunting question. The 0:02:26.880 --> 0:02:30.359 things you have prepared. Whose will they be? What's even 0:02:30.360 --> 0:02:33.959 more interesting is the context of that parable. Jesus tells 0:02:33.960 --> 0:02:36.639 it in response to a man asking him to settle 0:02:36.680 --> 0:02:40.760 an inheritance dispute. This wasn't someone who earned the wealth. 0:02:40.760 --> 0:02:44.600 He simply wanted his share, and maybe more. Jesus warning 0:02:44.600 --> 0:02:48.600 is clear a greedy heart isn't the only danger. An 0:02:48.600 --> 0:02:53.000 entitled heart is just as spiritually destructive. And that's exactly 0:02:53.000 --> 0:02:56.980 what the preacher feared in Ecclesiastes. Its wealth falling into 0:02:56.980 --> 0:02:59.860 the hands of someone who didn't labor for it and 0:02:59.860 --> 0:03:02.739 may not know how to handle it wisely. We see 0:03:02.740 --> 0:03:05.940 this all the time in real life. Many financial advisors 0:03:05.940 --> 0:03:09.740 and estate planners will tell you that inherited wealth, especially 0:03:09.740 --> 0:03:13.700 when passed down without spiritual or emotional maturity, can do 0:03:13.700 --> 0:03:17.900 more harm than good. It can fracture families, distort priorities, 0:03:17.900 --> 0:03:22.020 and erode purpose. The problem isn't money itself. It's the 0:03:22.020 --> 0:03:26.380 absence of wisdom alongside it. That's why this lesson matters. 0:03:26.380 --> 0:03:29.780 You can save well, build wealth, and still feel anxious 0:03:29.780 --> 0:03:34.019 and unsatisfied. Not because you failed, but because you expected 0:03:34.020 --> 0:03:37.540 your efforts to give you only what God can. Peace, 0:03:37.580 --> 0:03:41.700 joy and purpose. But here's the good news Ecclesiastes doesn't 0:03:41.700 --> 0:03:45.340 leave us in despair. In verse 26 we read. To 0:03:45.380 --> 0:03:48.700 the one who pleases him, God has given wisdom and 0:03:48.700 --> 0:03:53.140 knowledge and joy. The solution isn't to stop working or saving. 0:03:53.140 --> 0:03:57.320 Solution is to stop worshiping our work, stop defining success 0:03:57.320 --> 0:04:00.360 by the size of your bank account, and start defining 0:04:00.360 --> 0:04:03.440 it by your faithfulness to the one who owns it all. 0:04:03.720 --> 0:04:07.680 When we live as stewards instead of owners, the pressure lifts. 0:04:07.800 --> 0:04:10.640 We begin to see wealth not as a prize to 0:04:10.680 --> 0:04:14.320 secure our future, but as a tool to serve God's kingdom. 0:04:14.480 --> 0:04:19.039 Accumulation loses its grip and generosity takes root. That's when 0:04:19.040 --> 0:04:23.039 real joy begins. So ask yourself today, am I building 0:04:23.040 --> 0:04:26.640 bigger barns? Or am I faithfully stewarding what God has 0:04:26.640 --> 0:04:29.800 already entrusted to me? Am I chasing peace through my 0:04:29.800 --> 0:04:33.800 possessions or receiving it from the Prince of Peace himself? 0:04:34.120 --> 0:04:37.240 Because in the end, peace doesn't come from what we've earned. 0:04:37.279 --> 0:04:40.560 It comes from who we trust. Now, if you're wrestling 0:04:40.560 --> 0:04:43.160 with these questions, we'd love to help. That's why we're 0:04:43.160 --> 0:04:46.200 excited to offer our brand new Bible study based on 0:04:46.200 --> 0:04:51.239 Ecclesiastes called Wisdom Over Wealth. It dives deeper into this 0:04:51.240 --> 0:04:55.460 theme of dethroning the idol of accumulation and learning to 0:04:55.500 --> 0:04:58.940 live with contentment and purpose. This month, when you support 0:04:58.940 --> 0:05:01.660 the ministry of faith by with a gift of $35 0:05:01.660 --> 0:05:04.620 or more, we'll send you wisdom over wealth as our 0:05:04.620 --> 0:05:07.500 way of saying thank you. Just head over to Faith 0:05:09.420 --> 0:05:15.940 to request your copy. That's faith. All right. Your calls 0:05:15.940 --> 0:05:19.940 are next. 800 525 7000. We'll be right back. 0:05:32.700 --> 0:05:35.580 The opinions offered during this program represent the personal or 0:05:35.580 --> 0:05:39.700 professional opinions of the participants, given for informational purposes only. 0:05:39.820 --> 0:05:43.140 Any information provided is not intended to replace advice from 0:05:43.140 --> 0:05:46.940 a financial, medical, legal, or other professional who understands your 0:05:46.940 --> 0:05:48.380 specific situation. 0:05:56.730 --> 0:05:59.130 Thanks for joining us today on Faith and Finance Live. 0:05:59.130 --> 0:06:01.250 I'm Rob West. Looking forward to taking your calls and 0:06:01.250 --> 0:06:06.130 questions today. The number to call 800 525 7000. Again 0:06:06.130 --> 0:06:10.570 that number 800 525 7000. We've got room for you today. 0:06:10.570 --> 0:06:13.890 We'd love to tackle whatever is on your mind. And 0:06:13.890 --> 0:06:16.250 we can do so when you call right now before 0:06:16.250 --> 0:06:18.369 we head to the phones in the news today, most 0:06:18.370 --> 0:06:22.210 people are aware of the dangers of accumulating credit card 0:06:22.210 --> 0:06:25.729 debt or missing payments. But there's another risky habit many 0:06:25.770 --> 0:06:29.450 haven't heard of. And it's called credit cycling. It happens 0:06:29.450 --> 0:06:33.450 when someone repeatedly maxes out their card, pays it off quickly, 0:06:33.450 --> 0:06:37.810 and then immediately starts spending again, essentially churning through their 0:06:37.810 --> 0:06:41.489 credit limit to spend more than the limit allows. While 0:06:41.490 --> 0:06:44.929 it might seem like a clever, clever workaround, experts warn 0:06:44.930 --> 0:06:49.310 it can backfire. Doing this occasionally may not raise eyebrows, 0:06:49.310 --> 0:06:53.790 but consistent credit cycling is often seen by issuers as 0:06:53.790 --> 0:06:57.270 a red flag. It could result in your credit card 0:06:57.310 --> 0:07:00.510 being shut down or your credit score taking a hit. 0:07:00.550 --> 0:07:04.589 That's because your credit utilization ratio, and that's the amount 0:07:04.589 --> 0:07:07.510 you owe compared to your limit, is a major factor 0:07:07.670 --> 0:07:10.630 in your score. Even if you're making payments on time, 0:07:10.630 --> 0:07:15.750 credit cycling can signal financial stress or risky behavior. If 0:07:15.750 --> 0:07:19.790 your credit card is closed or your total credit limit drops, 0:07:19.950 --> 0:07:24.350 that could raise your utilization rate and further damage your score. 0:07:24.350 --> 0:07:27.309 And so be sure whenever you're using credit cards, only 0:07:27.310 --> 0:07:30.430 use them for budgeted items, pay them off in full, 0:07:30.710 --> 0:07:33.550 and keep an eye on that credit score. But something 0:07:33.550 --> 0:07:36.630 to hopefully just put on your radar today. All right. 0:07:36.630 --> 0:07:38.670 We're going to begin taking your calls and questions in 0:07:38.670 --> 0:07:41.510 just a minute. We have lines open for you today. 0:07:41.510 --> 0:07:43.990 We'd love for you to call right now. Whether it's 0:07:44.030 --> 0:07:46.510 paying down some debt you have, maybe it's investing for 0:07:46.510 --> 0:07:49.890 the future. Perhaps you're thinking about how to align your 0:07:49.890 --> 0:07:52.770 values with your investments. We'd love to help you think 0:07:52.770 --> 0:07:55.730 through that today. Or maybe it's just living within your means. 0:07:55.730 --> 0:07:59.570 Whatever you're wrestling with today, your opportunity to call right 0:07:59.570 --> 0:08:05.690 now is 800 525 7000. By the way, our second 0:08:05.690 --> 0:08:09.730 edition of the Faithful Steward magazine is out. Uh, issue 0:08:09.730 --> 0:08:12.010 number two. We'd love to put a copy in your hands. 0:08:12.010 --> 0:08:16.010 It's full of some incredible content around how you can 0:08:16.050 --> 0:08:20.130 steward God's resources wisely. And one of the articles in 0:08:20.170 --> 0:08:24.010 there addresses a topic we hear so much on the program, 0:08:24.010 --> 0:08:26.850 and that is how do I think about retirement in 0:08:26.850 --> 0:08:31.290 light of biblical wisdom? You know, the conventional approach to retirement, 0:08:31.290 --> 0:08:35.290 that secular vision of retirement is weighed down with images 0:08:35.290 --> 0:08:39.569 of sailboats and gag retirement gifts and vacations to the tropics. 0:08:39.570 --> 0:08:42.810 But God's Word really has a different vision of aging. 0:08:43.130 --> 0:08:45.470 And this comes right from this article that Jeff Hanan 0:08:45.470 --> 0:08:48.590 wrote for us, called An Uncommon Retirement, listen to the 0:08:48.590 --> 0:08:51.950 words of Psalm 92 and think about how this sits 0:08:51.950 --> 0:08:56.070 alongside the cultural view of retirement. Psalm 92 the righteous 0:08:56.070 --> 0:08:58.950 flourish like the palm tree and grow like a cedar 0:08:58.950 --> 0:09:01.550 in Lebanon. They're planted in the house of the Lord. 0:09:01.550 --> 0:09:04.350 They flourish in the courts of our God. They still 0:09:04.390 --> 0:09:07.710 bear fruit in old age. They are ever full of 0:09:07.710 --> 0:09:10.829 sap and green. You know, the biblical call and retirement 0:09:10.830 --> 0:09:14.230 is certainly to faithful stewardship, but not just in our finances. 0:09:14.230 --> 0:09:17.590 I think there's a deeper call in the stewardship of 0:09:17.590 --> 0:09:20.670 our experiences and our skills and our very lives for 0:09:20.670 --> 0:09:24.910 the well-being of others. You know, we I think Christian 0:09:24.910 --> 0:09:28.270 hope means aging and frailty and death are not the end. 0:09:28.510 --> 0:09:31.230 We live in the ever shining dawn of the resurrection. 0:09:31.230 --> 0:09:34.110 This life is just the beginning of the life that 0:09:34.110 --> 0:09:36.670 is truly life that we read about in first Timothy. 0:09:36.870 --> 0:09:39.510 And I think that biblical picture of retirement is not 0:09:39.510 --> 0:09:43.810 one of heroism or hedonism, but really listening to God's 0:09:43.809 --> 0:09:47.850 voice and responding in love as elders, intent on sharing 0:09:47.850 --> 0:09:51.530 wisdom and blessing with the next generation. It's simply a 0:09:51.530 --> 0:09:55.610 life of service, pointing others beyond ourselves to the servant 0:09:55.770 --> 0:09:59.650 in whose image we are made. So the question what 0:09:59.650 --> 0:10:01.690 am I going to do with my retirement is an 0:10:01.690 --> 0:10:04.410 important one, and I think if we attune our ears 0:10:04.410 --> 0:10:07.689 to God, we'll hear Christ say, peace be with you 0:10:07.730 --> 0:10:10.410 as the father has sent me. Even so, I am 0:10:10.410 --> 0:10:13.530 sending you. That comes from John 20. Think about that 0:10:13.530 --> 0:10:17.250 as you consider either an upcoming retirement or this season 0:10:17.250 --> 0:10:19.290 that you're in. As you think about the fourth quarter, 0:10:19.290 --> 0:10:22.370 perhaps not as something you retire from, but something you 0:10:22.370 --> 0:10:26.050 retire to where you're using your wisdom and experience as 0:10:26.050 --> 0:10:28.730 an elder at the city gate to invest in the 0:10:28.730 --> 0:10:30.370 lives of others. By the way, if you want to 0:10:30.370 --> 0:10:34.130 read articles like this, you can receive Faithful steward four 0:10:34.170 --> 0:10:36.810 times a year. When you become a faithful partner, you 0:10:36.809 --> 0:10:39.730 can do that at Faith comm. All right. We're ready 0:10:39.730 --> 0:10:42.630 to dive into your questions today. Again that number 800 0:10:42.670 --> 0:10:47.350 525 7000. You can call right now. Let's go to Chicago. Hi, Finny. 0:10:47.390 --> 0:10:48.590 Thanks for calling. Go ahead. 0:10:50.030 --> 0:10:51.870 Hey, thanks for taking my call. 0:10:52.110 --> 0:10:52.550 Sure. 0:10:53.350 --> 0:10:56.390 Yeah. We have an adult, uh, handicap. It's going to 0:10:56.390 --> 0:10:59.270 go nowhere. And it seems like whatever you said just 0:10:59.270 --> 0:11:02.990 now about peace and joy. And don't put the money 0:11:02.990 --> 0:11:05.910 in the barn. It's really not for us. It's really 0:11:05.910 --> 0:11:09.469 for the to provide for him. And doesn't look like 0:11:09.470 --> 0:11:12.510 there's enough money in the whole world that we can 0:11:12.750 --> 0:11:16.030 save enough for him. And how do you how do you. 0:11:16.070 --> 0:11:18.510 The question is, how do you, you know, relate it 0:11:18.510 --> 0:11:22.230 to what you just said. Doesn't look like it applies for. 0:11:22.270 --> 0:11:22.750 Yes. 0:11:23.670 --> 0:11:27.510 Yes. Well, I appreciate that so much. And Finny, with 0:11:27.510 --> 0:11:30.750 a a child who has special needs, um, there are 0:11:30.750 --> 0:11:36.110 special considerations to be given to protect. Protect your child's 0:11:36.110 --> 0:11:42.170 future and not Could disqualify them from vital government benefits 0:11:42.170 --> 0:11:46.610 like Medicaid or SSI. And so I think we always 0:11:46.610 --> 0:11:50.090 have to to take this council and run it through 0:11:50.090 --> 0:11:54.010 the lens of where God has placed you. And, you know, 0:11:54.050 --> 0:11:57.170 as as parents in this position, I know you feel 0:11:57.170 --> 0:12:00.370 the weight of that. I think we can trust absolutely 0:12:00.370 --> 0:12:03.890 that and depend on God as provider. But you also 0:12:03.890 --> 0:12:07.250 need to exercise wise stewardship. And so I think this 0:12:07.650 --> 0:12:12.930 perhaps this idea of accumulation is, is a different situation 0:12:13.330 --> 0:12:16.050 when we're talking about preparing for the needs of a 0:12:16.090 --> 0:12:19.730 of a lifelong dependent that's going to have ongoing financial needs. 0:12:20.530 --> 0:12:23.610 That's completely different than what we're talking about when we're 0:12:23.929 --> 0:12:28.689 idolizing accumulation just for our, you know, own enjoyment. Now, 0:12:28.690 --> 0:12:31.210 there's nothing wrong with enjoying what God has called us to. 0:12:31.250 --> 0:12:36.250 The question is, is that replacing really our desire for 0:12:36.250 --> 0:12:38.590 him as our ultimate treasure? But I think you all 0:12:38.630 --> 0:12:41.390 are in a different spot here and really should think 0:12:41.390 --> 0:12:44.390 about it in a different way. Um, and I think 0:12:44.390 --> 0:12:47.390 it's very appropriate for you to say, as God provides, 0:12:47.390 --> 0:12:50.830 we are going to store up in a very thoughtful 0:12:50.830 --> 0:12:54.870 way the resources that our special needs child is going 0:12:54.870 --> 0:12:57.750 to need as an adult throughout the rest of his 0:12:57.750 --> 0:13:01.270 or her life. Um, often that most effective tool is 0:13:01.270 --> 0:13:03.949 a special needs trust. It will allow you to leave 0:13:03.950 --> 0:13:08.510 money for your child's care, be managed by a trustee 0:13:08.870 --> 0:13:14.430 without those assets counting against benefit eligibility. Um, you can 0:13:14.429 --> 0:13:18.230 use trust an able account a b l e. You 0:13:18.230 --> 0:13:20.630 may or may not be familiar with that. The two 0:13:20.630 --> 0:13:24.189 of them together can be very effective because they allow 0:13:24.190 --> 0:13:27.630 for different types of expenses to be covered. And so 0:13:27.630 --> 0:13:32.230 that's where I think these two tools, um, both protecting, uh, 0:13:32.710 --> 0:13:37.449 you know, government benefits. Um, but also continuing to provide 0:13:37.450 --> 0:13:43.090 resources throughout your your child's life, even as an adult, uh, 0:13:43.090 --> 0:13:46.490 as needed. And so I think, uh, you know, I 0:13:46.490 --> 0:13:50.370 would listen differently to, uh, today's opening topic. And really, 0:13:50.370 --> 0:13:54.370 I would say that doesn't apply to the situation you're describing. 0:13:54.570 --> 0:13:56.410 And I would lean into that. If you need a 0:13:56.410 --> 0:13:59.770 suggestion on an advisor who has a particular expertise in 0:13:59.770 --> 0:14:02.849 special needs planning, uh, we'd be happy to make that connection. 0:14:02.850 --> 0:14:04.970 So you can hold the line and we'll find out 0:14:04.970 --> 0:14:08.170 if you need that. But regardless, I would seek out 0:14:08.170 --> 0:14:11.490 an advisor who has a special competency in this area 0:14:11.490 --> 0:14:14.370 and could take advantage of a special needs trust or 0:14:14.410 --> 0:14:18.170 an able account or both. So I appreciate your call today. 0:14:18.170 --> 0:14:20.650 Thanks for listening and calling. I hope that was helpful. 0:14:20.850 --> 0:14:29.730 May the Lord bless you. We'll be right back. Great 0:14:29.730 --> 0:14:31.570 to have you with us today on faith in finance 0:14:31.570 --> 0:14:34.790 live helping you live as a faithful steward, Recognizing money 0:14:34.790 --> 0:14:37.310 is a good gift from God, but that good thing 0:14:37.310 --> 0:14:40.070 can become a bad thing when it becomes a ruling 0:14:40.110 --> 0:14:41.950 thing in our lives. We want to help you see 0:14:41.990 --> 0:14:44.830 God as your ultimate treasure. Money is a tool to 0:14:44.870 --> 0:14:47.910 accomplish God's purposes. Whatever you're thinking about in your financial 0:14:47.910 --> 0:14:50.990 life today, we'd love to help you navigate that. You 0:14:50.990 --> 0:14:55.750 can call right now 800 525 7000. We've got lines 0:14:55.750 --> 0:14:59.990 open today. Questions on any financial topic. Investing, getting out 0:15:00.030 --> 0:15:02.870 of debt, saving for the future. Giving wisely. We'd love 0:15:02.870 --> 0:15:04.750 to hear from you again. Lines are open. You'll get 0:15:04.750 --> 0:15:09.910 right through at 800 525 7000. Our team is standing by. 0:15:09.910 --> 0:15:12.150 You can call right now. Let's head back to the phones. 0:15:12.150 --> 0:15:14.590 Chattanooga is where we're headed next. Adrian, how can I 0:15:14.630 --> 0:15:15.150 help you? 0:15:15.910 --> 0:15:16.310 Hi. 0:15:17.390 --> 0:15:18.790 Hi, there. Thanks for calling. 0:15:20.230 --> 0:15:22.830 Thank you for taking my call. So I was calling 0:15:22.830 --> 0:15:26.630 about a question. My husband and I are in second marriages, 0:15:26.630 --> 0:15:29.830 so we have a blended family and his children are 0:15:29.830 --> 0:15:34.370 older than mine. We have amassed wealth together, but he 0:15:34.370 --> 0:15:39.370 amassed most of it before our marriage. His children are older, 0:15:39.370 --> 0:15:43.490 so they have already become independent. Mine are not. Their 0:15:43.490 --> 0:15:47.210 college age. I have three in college, and our conundrum 0:15:47.210 --> 0:15:51.370 is using our money in the here and now. He 0:15:51.370 --> 0:15:54.810 would like to struggle and save every penny and scrimp 0:15:54.810 --> 0:16:00.770 and not live and have the children amass debt and 0:16:00.770 --> 0:16:05.250 give generational wealth. And I would like to share the wealth, 0:16:05.610 --> 0:16:09.810 not have our friends and family have debt, and us 0:16:09.810 --> 0:16:13.250 to enjoy our life now, giving to the church and 0:16:13.410 --> 0:16:16.130 charitable causes and keeping our children out of debt. 0:16:16.530 --> 0:16:20.450 Yeah, yeah. Well, I appreciate that, Andrea. And I realize 0:16:20.450 --> 0:16:25.010 these are difficult but very important conversations to have. And 0:16:25.010 --> 0:16:28.170 it becomes even more complex in a blended family because 0:16:28.170 --> 0:16:31.600 I recognize there's assets that were brought into the marriage 0:16:31.760 --> 0:16:37.200 with kids that were from a prior marriage. So, you know, 0:16:37.240 --> 0:16:40.960 now brought into the marriage. And often, even though I 0:16:40.960 --> 0:16:44.880 think prenuptial agreements can be difficult and break trust and 0:16:44.880 --> 0:16:47.880 is not something I would typically advise. I think there 0:16:47.880 --> 0:16:51.040 is a way of of talking about how are we 0:16:51.040 --> 0:16:56.400 going to structure our estate plan, recognizing the children that 0:16:56.400 --> 0:17:00.360 were from prior marriages, recognizing there are assets from, you know, 0:17:00.400 --> 0:17:04.639 that were amassed prior to our marriage, and deciding with 0:17:04.800 --> 0:17:09.760 togetherness and oneness and trust and open and honest communication 0:17:09.760 --> 0:17:12.760 how we're going to handle, particularly those assets related to 0:17:12.760 --> 0:17:16.080 the kids that were amassed prior to the marriage. But 0:17:16.080 --> 0:17:18.400 I think it is important, and you all are going 0:17:18.400 --> 0:17:21.720 to have to talk through this, that we decide that, 0:17:21.760 --> 0:17:25.000 you know, once you're joined together from that point forward, 0:17:25.640 --> 0:17:28.320 you know, that we see these as marital assets, and 0:17:28.320 --> 0:17:31.540 that's where you need to find, you know, God's heart 0:17:31.540 --> 0:17:36.140 and a plan for how you reflect your values and 0:17:36.140 --> 0:17:39.060 your wiring and how each of you has come to 0:17:39.100 --> 0:17:42.820 the table and you know from prior experiences and create 0:17:42.820 --> 0:17:44.940 a plan that reflects the two of you, is now 0:17:44.940 --> 0:17:48.139 one flesh moving forward and how you're going to steward 0:17:48.140 --> 0:17:51.820 those resources, recognizing, you know, and this is very common, 0:17:51.820 --> 0:17:54.139 one might want to hold a little more tightly and 0:17:54.180 --> 0:17:57.899 and save the other might want to enjoy and give 0:17:58.180 --> 0:18:02.260 and support. And neither of those is bad unless it 0:18:02.260 --> 0:18:04.620 creates conflict in the marriage. And that's where we need 0:18:04.619 --> 0:18:08.500 to come with understanding and really seeking, starting with our 0:18:08.500 --> 0:18:12.219 values as Christ followers, but now as one flesh, to 0:18:12.260 --> 0:18:16.100 create a plan that reflects both of us giving and 0:18:16.260 --> 0:18:19.780 you know, to one another, and recognizing that there should 0:18:19.780 --> 0:18:23.340 be some element of enjoyment now. And certainly generosity is 0:18:23.340 --> 0:18:25.179 on the heart of God. And I think, you know, 0:18:25.220 --> 0:18:27.400 we were creating the image of the ultimate giver. So 0:18:27.400 --> 0:18:30.280 we should be givers as God's people. But I think 0:18:30.280 --> 0:18:34.000 there's also a prudent element to, you know, saving. And 0:18:34.000 --> 0:18:36.879 I think there's a way to accomplish both, but both 0:18:36.880 --> 0:18:38.800 have to be willing to come to the table and 0:18:38.800 --> 0:18:41.679 hear and listen and understand, and then be willing to 0:18:41.680 --> 0:18:44.600 create a plan that reflects the two of you. And ideally, 0:18:44.600 --> 0:18:46.920 that would be done, you know, between the two of you. 0:18:46.920 --> 0:18:49.600 But it may involve a third party like a counselor 0:18:49.600 --> 0:18:53.040 that or a financial advisor that understands the counsel of 0:18:53.040 --> 0:18:57.880 Scripture and can really help you chart that path forward. Uh, 0:18:57.880 --> 0:19:00.280 a book that I would recommend, and we'd be happy 0:19:00.280 --> 0:19:02.399 to send it to you as our gift by our 0:19:02.400 --> 0:19:05.359 friends Ron Diehl and Greg Pettis is a book called 0:19:05.359 --> 0:19:09.040 The Smart Step Family Guide to Financial Planning. Money Management. 0:19:09.040 --> 0:19:13.080 Before and after you blend a family. And Ron and Greg, uh, 0:19:13.080 --> 0:19:17.000 you know, Ron, from the kind of the counseling side of, uh, 0:19:17.000 --> 0:19:20.760 of families and Greg from the financial planning side come 0:19:20.760 --> 0:19:24.879 together to create this really helpful resource. And it deals 0:19:24.880 --> 0:19:27.140 with estate planning, and I think it could help give 0:19:27.140 --> 0:19:31.139 you a pathway. They talk about something called a togetherness agreement, 0:19:31.140 --> 0:19:34.580 which is kind of a God honoring version of a, 0:19:34.900 --> 0:19:36.379 you know, of what you might think of as a 0:19:36.380 --> 0:19:39.459 prenuptial agreement, but with an entirely different approach. And I 0:19:39.460 --> 0:19:42.700 think it could give you a path forward. But ultimately, 0:19:42.820 --> 0:19:44.620 you're both going to need to be willing to come 0:19:44.619 --> 0:19:48.900 to the table prayerfully and with a desire to find 0:19:48.940 --> 0:19:52.619 God's heart and a path forward that again reflects each 0:19:52.619 --> 0:19:56.139 of your wiring. But you know, each of you also 0:19:56.140 --> 0:19:58.540 being willing to to give to the other, because I 0:19:58.540 --> 0:20:01.219 think there's an element of, listen, you know, our kids 0:20:01.260 --> 0:20:05.500 need to make decisions, as you know, emerging adults and, 0:20:05.540 --> 0:20:08.500 you know, in some cases experience the the school of 0:20:08.500 --> 0:20:11.540 hard knocks. And then there's another element of we also, 0:20:11.580 --> 0:20:14.020 you know, have been blessed with much. And so there's 0:20:14.020 --> 0:20:17.300 an appropriate role for us to give and support. And, 0:20:17.340 --> 0:20:20.060 you know, those are not easy decisions apart from a 0:20:20.060 --> 0:20:23.619 blended family, but they're even more difficult after a blended family. 0:20:23.760 --> 0:20:26.359 and I recognize that. So I think it's going to 0:20:26.400 --> 0:20:29.560 involve you all. Um, you know, praying through this, uh, 0:20:29.560 --> 0:20:32.840 hopefully this resource will help. And then whether it's a 0:20:32.840 --> 0:20:37.040 counselor or a certified Kingdom advisor there in Chattanooga, I 0:20:37.040 --> 0:20:39.840 think you need to find somebody who can help guide 0:20:39.840 --> 0:20:44.600 you all toward the vision around what I'm describing here today. 0:20:44.600 --> 0:20:46.440 But give me your thoughts on all that, because I've 0:20:46.440 --> 0:20:47.399 thrown a lot at you. 0:20:48.560 --> 0:20:52.879 Oh, you've given me a just a wealth, no pun intended, 0:20:52.880 --> 0:20:55.359 of information. And I think that that's exactly what I 0:20:55.359 --> 0:20:59.600 was looking for is something to talk about together. And yes, 0:20:59.640 --> 0:21:02.840 very importantly, we did talk about a lot of it beforehand. 0:21:02.840 --> 0:21:05.040 But as life evolved, you know, I think both of 0:21:05.040 --> 0:21:08.920 our values kind of were very different. So, yeah, you've 0:21:08.960 --> 0:21:10.920 given me a lot to talk about and I'm going 0:21:10.960 --> 0:21:13.160 to go from that. I appreciate it so much and 0:21:13.160 --> 0:21:14.760 I'm very interested in that book. 0:21:15.119 --> 0:21:17.800 Awesome. Well, I'm delighted to hear that, Adrian. And I'm 0:21:17.800 --> 0:21:19.320 going to be praying for you, because I know these 0:21:19.320 --> 0:21:23.140 are hard conversations and yet they can be very God honoring. 0:21:23.140 --> 0:21:25.700 When we come to the table with the right heart, posture, 0:21:25.940 --> 0:21:30.540 a willingness to learn and understand each of us and 0:21:30.540 --> 0:21:33.500 find the path forward in a way that can truly 0:21:33.500 --> 0:21:36.900 do something special. As you all use God's resources as 0:21:36.900 --> 0:21:41.380 a tool to accomplish God's purposes with your family, enjoying 0:21:41.380 --> 0:21:44.620 what God's given you, giving it, but also saving it appropriately. 0:21:44.660 --> 0:21:46.619 Stay on the line. We'll get your information and get 0:21:46.619 --> 0:21:48.540 this book out to you. God bless you. We'll be 0:21:48.540 --> 0:21:49.100 right back. 0:21:58.100 --> 0:21:59.340 Great to have you with us today on. 0:21:59.340 --> 0:22:02.020 Faith and finance live here on Moody Radio. I'm Rob West. 0:22:02.020 --> 0:22:03.859 We're taking your calls and questions, and we do have 0:22:03.859 --> 0:22:06.380 a few lines open. You want to call right now 0:22:06.700 --> 0:22:13.700 any financial topic today? 800 525 7000. That's 800 525 7000. 0:22:13.740 --> 0:22:15.660 Let's go to New York. Sue, I understand you have 0:22:15.700 --> 0:22:19.020 a question today as you drive along the way. So 0:22:19.060 --> 0:22:20.360 let us know how we can help. 0:22:22.000 --> 0:22:25.880 Well, last year about this time, I had like six 0:22:26.280 --> 0:22:32.000 credit cards and there was about five, six, $7,000 on each. 0:22:32.680 --> 0:22:36.000 And I was told that because we'd had them for 0:22:36.000 --> 0:22:38.920 so long and we'd paid so much money in interest 0:22:38.920 --> 0:22:41.880 that I should let at least I should let them 0:22:41.880 --> 0:22:45.760 all go but one, and then, um, pay off the 0:22:45.760 --> 0:22:49.000 one and just use it for when I needed it. Well, 0:22:49.240 --> 0:22:52.440 I did let three of them just go. Uh, the 0:22:52.440 --> 0:22:56.760 three larger ones. And, um, I've been paying on the 0:22:56.760 --> 0:23:01.960 other three this past year, and they've done just exactly 0:23:01.960 --> 0:23:04.080 like the guy told me they would do. They, you know, 0:23:04.119 --> 0:23:07.280 put it in collections, and then they now have turned 0:23:07.280 --> 0:23:11.240 it over to an attorney. And I'm just wondering, what 0:23:11.240 --> 0:23:14.280 should I they they also have offered like instead of 0:23:14.320 --> 0:23:18.580 being 9000, uh, you know, I could pay that 1500 0:23:18.580 --> 0:23:20.980 or something like that. And I'm just wondering, what should 0:23:20.980 --> 0:23:23.460 I do now? I mean, it's my credit's already ruined. 0:23:23.900 --> 0:23:26.140 And the way he explained it to me is nobody's 0:23:26.140 --> 0:23:28.700 going to lose their job. Nobody's going to, you know, 0:23:29.220 --> 0:23:34.140 you're not doing anything to hurt anybody. Um, and and 0:23:34.140 --> 0:23:39.260 you've paid all this already and in interest. So I 0:23:39.300 --> 0:23:42.020 don't know what to do now. Yeah, I kind of 0:23:42.060 --> 0:23:43.540 feel convicted about it. 0:23:44.020 --> 0:23:47.980 Yeah. I'm so sorry. Uh, Sue, for the situation that 0:23:47.980 --> 0:23:50.340 you're in, it sounds like you've connected with what's called 0:23:50.340 --> 0:23:54.020 a debt settlement company. Um, which I wish I would 0:23:54.060 --> 0:23:56.140 have talked to you a year ago, but we'll talk 0:23:56.140 --> 0:23:59.219 about the path forward. I would have not recommended that, uh, 0:23:59.220 --> 0:24:03.100 for various reasons. Number one is I resonate with your, uh, 0:24:03.100 --> 0:24:06.780 feeling like you need to honor your obligations regardless of 0:24:06.780 --> 0:24:11.820 how much you've paid in toward principal repayment and interest. Uh, 0:24:11.820 --> 0:24:14.500 as much as we don't like carrying credit card debt, 0:24:14.660 --> 0:24:18.440 it is an obligation that we've committed to. There's severe damage, 0:24:18.440 --> 0:24:22.080 not to mention the legal implications with judgments and so forth. 0:24:22.080 --> 0:24:25.840 And then there's no guarantees the creditors aren't required to settle. 0:24:26.400 --> 0:24:30.080 Any forgiven amount can be taxable. And they do often 0:24:30.080 --> 0:24:32.840 charge high, high fees. And there's a lot of kind 0:24:32.840 --> 0:24:35.719 of bad actors in this space. But I think the 0:24:35.720 --> 0:24:38.600 bottom line is the question is how do we proceed forward? 0:24:38.840 --> 0:24:40.720 And here's what I'd like for you to do. I mean, 0:24:40.760 --> 0:24:43.879 my preferred way for you to handle credit card debt, 0:24:43.880 --> 0:24:47.639 and we may actually be able to get the the 0:24:48.200 --> 0:24:53.119 accounts in collection re-emerged and into this program is something 0:24:53.119 --> 0:24:57.760 called debt management or credit counseling. And our friends at 0:24:57.760 --> 0:25:02.359 Christian Credit Counselors is the organization we recommend. Thousands of 0:25:02.359 --> 0:25:05.880 our listeners have used them. They're all believers. And unlike 0:25:05.880 --> 0:25:08.040 debt settlement where you stop paying and they go into 0:25:08.040 --> 0:25:12.479 collections and charge offs and judgments and, and credit, you know, 0:25:12.520 --> 0:25:16.980 trashing your credit. This is completely different. The debt management 0:25:16.980 --> 0:25:19.980 program credit counseling is a program that is already in 0:25:19.980 --> 0:25:23.820 place inside every creditor, Capital One and Citi and Bank 0:25:23.820 --> 0:25:27.260 of America. They all have a credit counseling department. So 0:25:27.260 --> 0:25:30.300 the account gets closed, it gets moved into the credit 0:25:30.300 --> 0:25:34.540 counseling program. It stays with the existing lender. And, you know, 0:25:34.580 --> 0:25:37.540 it's a it's a program that's already in place. So 0:25:37.660 --> 0:25:41.140 you just pay through the nonprofit credit counseling agency. They 0:25:41.140 --> 0:25:43.780 pass it along to your creditor. And by going into 0:25:43.780 --> 0:25:47.340 the program, they'll drop the interest rates, not always to zero. 0:25:47.380 --> 0:25:50.860 In some cases they do, but usually less than 10%. 0:25:51.140 --> 0:25:53.300 But when you go into that program, any accounts that 0:25:53.300 --> 0:25:56.460 are past due would be re aged, brought current. And 0:25:56.460 --> 0:25:58.899 as long as you stay current on your payment, then 0:25:58.940 --> 0:26:00.899 you know you'll get it back on track. Now, the 0:26:00.900 --> 0:26:03.300 only question would be whether or not that's going to 0:26:03.300 --> 0:26:06.780 be possible, just given how far past due these are, 0:26:07.180 --> 0:26:10.340 these accounts are. And the fact that you're now with 0:26:10.340 --> 0:26:13.400 a collection agency and it's been purchased away way from 0:26:13.400 --> 0:26:15.480 the original creditor. We may or may not be able 0:26:15.480 --> 0:26:17.280 to deal with those, but they'll be able to advise 0:26:17.280 --> 0:26:20.320 you on that. So if you'd like, I can give 0:26:20.320 --> 0:26:22.320 you the website or you can stay on the line 0:26:22.320 --> 0:26:24.400 and our team will give you the phone number, but 0:26:24.400 --> 0:26:26.160 that would be the direction I would go. 0:26:28.240 --> 0:26:31.720 Okay. And then so pay it back. What's left? What 0:26:32.720 --> 0:26:34.880 you said now an attorney was going to get involved. 0:26:34.880 --> 0:26:37.080 What happens if attorney gets involved? 0:26:37.520 --> 0:26:37.760 Yeah. 0:26:37.760 --> 0:26:39.600 The attorney is just going to try to get you 0:26:39.600 --> 0:26:41.679 to pay on what you owe. And they're going to 0:26:41.680 --> 0:26:43.840 add a bunch of fees to it, which is just 0:26:43.840 --> 0:26:46.280 going to raise the balance. And they could seek a 0:26:46.320 --> 0:26:48.879 judgment where they go to a court. And the judge 0:26:48.880 --> 0:26:52.439 just acknowledges that the debt is owed. And then, you know, 0:26:52.480 --> 0:26:54.680 depending on how much is owed and so forth, there 0:26:54.680 --> 0:26:57.440 are certain ramifications on that in terms of how they 0:26:57.440 --> 0:27:01.320 would proceed on collection. But we want to try to 0:27:01.359 --> 0:27:04.040 avoid that attorney getting involved because the attorney has to 0:27:04.040 --> 0:27:06.840 get paid, and that's going to add additional cost to this. 0:27:06.840 --> 0:27:09.000 So I think that's why it would be important for 0:27:09.000 --> 0:27:11.389 you to go ahead and get this, you know, over 0:27:11.390 --> 0:27:14.830 to Christian credit counselors, let them evaluate all of the accounts, 0:27:14.869 --> 0:27:17.149 come up with a plan that allows you to start 0:27:17.150 --> 0:27:20.910 moving toward repayment in a way that everybody acknowledges. So 0:27:20.910 --> 0:27:24.430 you're back in good standing now. 0:27:24.430 --> 0:27:27.150 Okay. Well, the reason we got in this shape, well, 0:27:27.190 --> 0:27:29.630 there's a lot of reasons. But one of the things 0:27:29.670 --> 0:27:34.389 is I'm we're both I'm 72, my husband's 75. And 0:27:34.670 --> 0:27:37.590 I've gone back to work since then just so I 0:27:37.590 --> 0:27:41.310 can pay for his medicine. And, you know, that's the 0:27:41.310 --> 0:27:45.830 problem is having that much each month to come up 0:27:45.830 --> 0:27:49.709 with because, you know, our Social Security's kind of a 0:27:49.710 --> 0:27:53.070 joke right now with us. I mean, yes, it is 0:27:53.109 --> 0:27:53.750 what it is. 0:27:53.790 --> 0:27:57.070 But yeah, I know that's real, Sue. And I totally 0:27:57.070 --> 0:28:00.030 get that. And I and I understand that can be challenging. 0:28:00.030 --> 0:28:02.310 And he's got to have the medicine and I realize 0:28:02.310 --> 0:28:06.909 where it's it's expensive that, you know, can add up quickly. Uh, 0:28:07.350 --> 0:28:10.010 would you be in a position. Well, let me ask 0:28:10.010 --> 0:28:12.290 you this. What's the total amount you owe today? Do 0:28:12.290 --> 0:28:12.690 you know? 0:28:15.090 --> 0:28:19.010 Oh, no, not really, because those three I'm just not 0:28:19.010 --> 0:28:25.290 kept up with. Um, probably around, probably around 15,000. Maybe 0:28:25.290 --> 0:28:26.450 a little more. I don't know. 0:28:26.890 --> 0:28:31.770 Okay. Yeah. I mean, all right. So at 20,000, I mean, 0:28:31.810 --> 0:28:35.290 typically the payments somewhere between 2 and 3% though. So 0:28:35.290 --> 0:28:39.530 that would be somewhere between 4 and $600 a month. Uh, 0:28:39.570 --> 0:28:42.530 you know, for you to get, uh, moving toward paying 0:28:42.530 --> 0:28:44.730 these back if, if they were all able to be 0:28:44.730 --> 0:28:47.450 put in the program and again, they might not be. 0:28:47.490 --> 0:28:49.410 Would that be something you could absorb? 0:28:51.170 --> 0:28:53.610 Oh, no, I couldn't pay 400. No. That's why I 0:28:53.610 --> 0:28:57.810 had to do this because I couldn't pay it. Okay. 0:28:57.850 --> 0:28:58.090 Yeah. 0:28:58.130 --> 0:28:59.290 Yeah. And I mean, I should. 0:29:00.770 --> 0:29:03.450 Well I understand, so I think the key is there, 0:29:03.490 --> 0:29:06.490 and I realize you can only do what you can do. And, um, 0:29:06.530 --> 0:29:09.910 so it probably would behoove you to get some legal counsel, 0:29:09.910 --> 0:29:13.630 just so you understand the implications of what could happen 0:29:14.030 --> 0:29:16.990 if they do get a court judgment that could allow 0:29:17.270 --> 0:29:20.630 them to garnish wages or, you know, attach a bank account, 0:29:20.670 --> 0:29:23.830 depending on the state laws. So that's why some legal 0:29:23.830 --> 0:29:27.750 advice would be important. That's not automatic. And it would 0:29:27.750 --> 0:29:30.510 involve them going to court and getting that judgment before 0:29:30.510 --> 0:29:32.910 any of that could happen. Do you have an attorney? 0:29:32.950 --> 0:29:36.190 Perhaps somebody in your church or somebody that's a family 0:29:36.190 --> 0:29:38.630 friend or that, you know, that could advise you on this? 0:29:40.590 --> 0:29:43.790 Um, not not an attorney, I don't know. 0:29:43.910 --> 0:29:46.030 Okay. So you may just want to call your local 0:29:46.030 --> 0:29:48.350 church and see if they could make a referral to you, 0:29:48.750 --> 0:29:50.510 somebody that might just be able to give you some, 0:29:50.510 --> 0:29:54.350 some legal counsel here so you understand what's possible, and 0:29:54.350 --> 0:29:56.870 you don't get caught off guard by any, any of it. 0:29:56.910 --> 0:29:59.150 You could also reach out to Christian credit counselors. They 0:29:59.150 --> 0:30:02.470 may have some suggestions for you. I realize there's not 0:30:02.470 --> 0:30:04.830 a quick fix to this, and you've got a lot 0:30:04.870 --> 0:30:08.050 on you. And so, um, the Lord, uh, knows your 0:30:08.050 --> 0:30:10.970 needs here, and he is our provider, and we can 0:30:10.970 --> 0:30:13.090 trust him in that. So we're going to ask him 0:30:13.370 --> 0:30:16.010 to provide. I would also encourage you to make this 0:30:16.010 --> 0:30:18.370 known to your local church. Perhaps they'd be willing to 0:30:18.530 --> 0:30:20.650 step in and help here in some way for you 0:30:20.650 --> 0:30:23.330 all to get beyond this. Just given the situation with 0:30:23.330 --> 0:30:26.570 the high cost of these, uh, these drugs that your 0:30:26.570 --> 0:30:29.330 husband needs. So, uh, we'll be praying for you. You 0:30:29.330 --> 0:30:30.890 stay on the line. Our team will give you that 0:30:30.890 --> 0:30:34.610 phone number to Christian credit counselors. And, uh, let us 0:30:34.610 --> 0:30:37.489 know how this turns out to the Lord. Will be 0:30:37.490 --> 0:30:39.530 near to you through all of this. I'm confident in that. 0:30:39.530 --> 0:30:42.010 Thanks for your call today. Well, folks, uh, we're going 0:30:42.050 --> 0:30:43.570 to take a quick break. When we come back, our 0:30:43.570 --> 0:30:46.490 final segment just around the corner. We'll be right back. 0:30:53.170 --> 0:30:55.570 Thanks for joining us today on Faith and Finance Live. 0:30:55.570 --> 0:30:57.570 I'm Rob West. Let's head right back to the phones 0:30:57.570 --> 0:30:59.090 here in our final segment. By the way, I do 0:30:59.090 --> 0:31:01.890 have room for perhaps one more question before we round 0:31:01.890 --> 0:31:06.790 out the broadcast today. 800 Five. Two. Five. 7000. Uh, 0:31:06.790 --> 0:31:08.630 Jeannie is in Florida. Go right ahead. 0:31:09.430 --> 0:31:10.150 Yes. Hi. 0:31:10.750 --> 0:31:13.870 Uh, thank you for taking this call. I've always wanted 0:31:13.870 --> 0:31:18.270 to call. I always loved the wisdom that you give forth. Um, 0:31:18.270 --> 0:31:24.030 I have a simple question. Um, I pretty well set, uh, financially. 0:31:24.070 --> 0:31:28.310 I don't owe anything. I tithe regularly, I have a 0:31:28.430 --> 0:31:31.710 little savings, and I just came into some money, like 0:31:31.710 --> 0:31:35.990 about $11,000. And I'm wondering if you could give me 0:31:36.270 --> 0:31:41.030 some suggestion as to where to invest this money so 0:31:41.030 --> 0:31:44.430 that I can get some, uh, the, the best return 0:31:44.430 --> 0:31:48.350 I could get, but yet keep it, uh, you know, 0:31:48.390 --> 0:31:50.750 open in case I needed it. 0:31:51.070 --> 0:31:54.709 Yeah, yeah. Very good. Jeannie. Uh, a couple of questions. Uh, 0:31:54.710 --> 0:31:56.469 if you if you don't mind sharing these. And if 0:31:56.470 --> 0:31:58.590 you do, just let me know. That's no problem, too. 0:31:58.750 --> 0:32:01.990 What's the total amount that you now have access to? 0:32:03.170 --> 0:32:07.770 I have, I have 11. Well actually I have 15,000. 0:32:08.210 --> 0:32:10.450 Okay. And is that in savings? 0:32:10.650 --> 0:32:12.850 It's cash right now it's just cash. 0:32:13.250 --> 0:32:15.490 Okay. You're just keeping that at the house or where 0:32:15.530 --> 0:32:16.050 is that. 0:32:16.410 --> 0:32:18.810 Yeah. Okay. Yeah. Exactly. Yeah. 0:32:19.090 --> 0:32:21.930 All right. I probably would only keep, uh, you know, 0:32:21.970 --> 0:32:25.290 maybe up to two weeks worth of expenses. Uh, at 0:32:25.290 --> 0:32:28.450 the most cash on hand. I'd put the rest in 0:32:28.490 --> 0:32:31.410 a savings account, perhaps a high yield account, which are 0:32:31.410 --> 0:32:34.209 still paying a decent amount of interest. But I'd probably 0:32:34.210 --> 0:32:37.370 not keep that much cash laying around the house. Um, 0:32:37.450 --> 0:32:41.330 what about the, uh, the. Was it an inheritance or 0:32:41.370 --> 0:32:44.010 an investment? The gift that you received? 0:32:44.290 --> 0:32:47.850 Actually, I had, um, I had a business that, um, 0:32:47.850 --> 0:32:50.850 I could I just sold off, you know, some remnants 0:32:50.850 --> 0:32:51.490 of it. 0:32:51.490 --> 0:32:53.610 Okay, great. And how much do you have from that? 0:32:54.890 --> 0:32:57.610 That's what I have. I have, I have 11. I 0:32:57.610 --> 0:33:00.370 did have three that I was saving for new, uh, 0:33:00.910 --> 0:33:04.270 you know, piece of furniture or something. Okay. Yeah. So 0:33:04.270 --> 0:33:06.150 I have $11,000. 0:33:06.430 --> 0:33:08.950 Okay. Got it. And then do you have other assets 0:33:08.950 --> 0:33:10.030 like investments? 0:33:10.910 --> 0:33:16.270 I do, I have, like, about $158,000 in with Stifel 0:33:16.270 --> 0:33:19.870 and Nicholas. And, uh, I have a broker who takes 0:33:19.870 --> 0:33:24.710 care of all that. Okay. Uh, you know, and then, uh. Yeah. 0:33:24.750 --> 0:33:27.750 And then in my checking account, I have way over 0:33:27.790 --> 0:33:30.190 what I need to live on, you know? I do 0:33:30.190 --> 0:33:33.470 have my emergency funds and all that. 0:33:33.870 --> 0:33:37.080 Okay. And do you have do you have 3 to 0:33:37.080 --> 0:33:39.830 6 months worth of expenses in your checking account? 0:33:40.110 --> 0:33:41.110 Yes I do. 0:33:41.430 --> 0:33:45.230 Okay. Yeah. So I would probably use a combination of 0:33:45.230 --> 0:33:49.990 your checking alongside a high yield savings account. So, um, 0:33:49.990 --> 0:33:52.350 you know, at 80, I'd probably have at least six 0:33:52.350 --> 0:33:57.390 months expenses. Um, how many more months? Over six months 0:33:57.390 --> 0:34:01.170 do you think you have in been checking up. 0:34:01.850 --> 0:34:05.650 Well, let me think. Uh hmm. Now you got me 0:34:05.690 --> 0:34:09.290 having to do math. Um, I would say I probably 0:34:09.290 --> 0:34:15.290 have right now, I my monthly expenses are about 2000, 0:34:15.330 --> 0:34:16.770 and right now I have eight. 0:34:17.610 --> 0:34:23.050 8000. Okay, so you have four months expenses in the bank. Um, 0:34:23.090 --> 0:34:26.049 and maybe one month is already spoken for, so let's 0:34:26.050 --> 0:34:29.370 call it three. So I'd probably not, you know, do 0:34:29.370 --> 0:34:32.730 anything in the way of investments with this additional 11,000. 0:34:32.770 --> 0:34:36.010 I would just kind of see this as shoring up 0:34:36.250 --> 0:34:39.890 your emergency fund. Uh, so the goal there would be, 0:34:39.930 --> 0:34:43.330 how can we get some interest on it and keep 0:34:43.330 --> 0:34:46.730 it safe, but very liquid in case you need it. 0:34:46.730 --> 0:34:51.210 And that would be, for me, a high yield savings account. Now, 0:34:51.410 --> 0:34:54.130 if you're comfortable using the internet, and I realize you 0:34:54.130 --> 0:34:57.509 may not be. Um, I would typically recommend as a 0:34:57.510 --> 0:35:00.710 starting point an online savings account. So you know whether 0:35:00.710 --> 0:35:05.350 that's a CIT bank or Capital One or Marcus. I mean, 0:35:05.390 --> 0:35:09.310 one of them that's paying somewhere around 4% right now 0:35:09.510 --> 0:35:13.270 because that would allow you, let's say you had, you know, 0:35:13.310 --> 0:35:18.350 15,000 between, you know, the 11,000 and whatever is considered 0:35:18.510 --> 0:35:22.670 your emergency in your checking. Um, you know, on 15,000 0:35:22.750 --> 0:35:26.069 that would allow you to earn $600 in interest over 0:35:26.070 --> 0:35:29.950 the next year. It would be very safe because it 0:35:29.950 --> 0:35:31.630 would be backed by the full faith and credit of 0:35:31.630 --> 0:35:35.950 the United States government with FDIC insurance, and you'd be 0:35:35.950 --> 0:35:38.230 completely liquid. So if you needed to get to it, 0:35:38.230 --> 0:35:41.870 you could, um, if you're not comfortable using the internet 0:35:41.870 --> 0:35:44.430 and opening an online savings account, because those are the 0:35:44.430 --> 0:35:48.830 only banks that are paying those rates. Um, and by 0:35:48.830 --> 0:35:53.430 the way, I'd recommend you check out Christian Community Credit Union. Uh, 0:35:53.469 --> 0:35:56.609 join Christian Community. They have a special offer right now 0:35:56.610 --> 0:35:59.370 where you can get up to a $400 bonus with 0:35:59.370 --> 0:36:03.009 the keyword Faith VI. For our listeners. And there, you know, 0:36:03.050 --> 0:36:06.890 it's privately insured. Um, you know, it's you would be, uh, 0:36:06.930 --> 0:36:09.450 know that you're with a banking partner that, you know, 0:36:09.489 --> 0:36:12.930 shares your values as a Christian. And again, it's join 0:36:12.930 --> 0:36:16.009 Christian community.com. Now, if you said to me, Rob, I 0:36:16.010 --> 0:36:19.770 just want to stay with a local brick and mortar 0:36:19.770 --> 0:36:21.650 operation where I can walk in the door and look 0:36:21.650 --> 0:36:23.850 somebody in the eye, I don't want to do it online. 0:36:23.850 --> 0:36:26.370 Then I'd probably say, let's look around in your area 0:36:26.370 --> 0:36:28.609 there in Florida and see if you can find a 0:36:28.610 --> 0:36:33.450 credit union. Perhaps that's offering a rate somewhere close to 4%. 0:36:33.450 --> 0:36:35.850 And then I would go with that option, which sounds 0:36:35.850 --> 0:36:37.370 like it'd be the best fit for you. 0:36:38.690 --> 0:36:41.850 Well, I have looked around here and I've looked even 0:36:41.850 --> 0:36:46.810 in my own bank, and, uh, I understand it. I am, 0:36:47.290 --> 0:36:51.410 you know, less risky. So I was thinking of doing 0:36:51.450 --> 0:36:55.509 it online, but I was a little skeptical, but I 0:36:55.510 --> 0:36:58.790 do like what you just told me about the community. 0:36:58.830 --> 0:37:01.830 What is it called? I don't have a pencil. So. Okay. 0:37:02.510 --> 0:37:05.630 I looked all over my car. I have not one 0:37:05.630 --> 0:37:08.230 pencil or pen. Okay. Um. 0:37:08.830 --> 0:37:11.270 Yeah, I don't know. Um, well, I think this would 0:37:11.270 --> 0:37:12.830 be easy to remember. Or. 0:37:13.110 --> 0:37:15.790 Um, we could, uh, have you hold the line and 0:37:15.790 --> 0:37:18.190 our team could get your phone number, and we'll send 0:37:18.190 --> 0:37:21.069 you a text message or an email with the information. 0:37:21.070 --> 0:37:23.950 But essentially, when you get home and you get in 0:37:23.950 --> 0:37:25.670 front of your computer, you're going to want to go 0:37:25.670 --> 0:37:31.589 to join Christian community.com. And that's going to be a 0:37:31.590 --> 0:37:35.230 credit union that shares your values as a Christ follower. 0:37:35.630 --> 0:37:39.629 And they have a high yield savings account that you 0:37:39.630 --> 0:37:42.590 could use. And there's that special bonus offer for Faith 0:37:42.590 --> 0:37:46.509 fi listeners, where you could have an additional $400 added 0:37:46.510 --> 0:37:50.350 to your account. Um, but it's a a full service 0:37:50.590 --> 0:37:54.940 banking partner. Uh, part of every dollar that you invest, 0:37:54.980 --> 0:37:58.900 you know, you put with them, uh, would go to, um, 0:37:58.940 --> 0:38:04.460 Christian Ministries, and they pay 5% APY on balances up 0:38:04.460 --> 0:38:08.660 to $5,000. And then it's a nice interest rate beyond 5000. 0:38:08.660 --> 0:38:10.940 And then you get this, this bonus of up to 0:38:10.980 --> 0:38:14.339 $400 when you use the keyword faith fi. So, uh, 0:38:14.340 --> 0:38:16.100 why don't you stay on the line? Our team will 0:38:16.100 --> 0:38:18.859 get your contact information, and we'll get in touch with 0:38:18.860 --> 0:38:20.380 you with all the details. Okay. 0:38:21.180 --> 0:38:23.940 I'm so glad. You know, I put your phone number 0:38:23.980 --> 0:38:27.379 into my phone. I don't have a computer. And and 0:38:27.380 --> 0:38:28.820 it rang so. 0:38:28.860 --> 0:38:29.620 Well, there you go. 0:38:29.739 --> 0:38:31.700 Oh, I guess I guess it. 0:38:31.700 --> 0:38:31.980 Was. 0:38:31.980 --> 0:38:32.940 A good time. 0:38:33.300 --> 0:38:35.940 Well, I'm so glad that you did so much. Thank you. 0:38:35.940 --> 0:38:36.540 You're welcome. 0:38:36.780 --> 0:38:38.740 We'll get your information, and one of our team members 0:38:38.739 --> 0:38:40.100 will get in touch with you to give you all 0:38:40.100 --> 0:38:43.540 the details. Thanks for your call today. Uh, let's go to, uh. Well, 0:38:43.540 --> 0:38:45.340 we'll stay in Florida, Dwayne. Go ahead. 0:38:47.100 --> 0:38:48.859 Oh, hey, Rob, thank you so much for having me 0:38:48.860 --> 0:38:50.000 on your station there? 0:38:50.400 --> 0:38:51.360 Absolutely, sir. 0:38:52.440 --> 0:38:55.160 Yes, sir. So, um. Yeah, my wife and I were 0:38:55.320 --> 0:38:58.239 both chiropractors, and my wife has been called to stay 0:38:58.239 --> 0:39:02.160 at home and homeschool our children. And, uh, we we've 0:39:02.200 --> 0:39:04.920 started over our business. This will be our third clinic 0:39:04.920 --> 0:39:07.560 that we've started. We sold one in the where we 0:39:07.560 --> 0:39:10.799 used to live. And, uh, yeah, we're still struggling to 0:39:10.800 --> 0:39:12.799 pay off our student loan debt. It seems like every 0:39:12.800 --> 0:39:14.719 time we start a clinic, you know, it's hard to 0:39:14.719 --> 0:39:18.520 get started back up, so, um. Yeah, just. We would 0:39:18.520 --> 0:39:20.800 like to buy a house. We've not bought one down 0:39:20.800 --> 0:39:23.760 here yet and just don't know where to start, because 0:39:23.800 --> 0:39:26.280 we we both still have a lot of student loan debt. 0:39:26.560 --> 0:39:29.239 And I like, I feel like I'm a slave to 0:39:29.239 --> 0:39:31.080 the lender. You know, I really have that on my heart. 0:39:31.080 --> 0:39:33.040 I want to pay it off, but I also want 0:39:33.040 --> 0:39:35.160 to give my wife and my kids the house that 0:39:35.160 --> 0:39:35.840 they want. 0:39:36.200 --> 0:39:39.960 Yes, yes. Well, I realize these two tensions, Duane and 0:39:39.960 --> 0:39:43.040 I certainly get that. And I can understand your conviction 0:39:43.160 --> 0:39:45.719 to be debt free. And I also understand that the 0:39:45.719 --> 0:39:49.900 security that comes, uh, you know, from your around owning 0:39:49.900 --> 0:39:52.339 a home and, you know, your desire to be able 0:39:52.340 --> 0:39:54.739 to provide that for your family. And, and I think 0:39:54.739 --> 0:39:57.899 we need to move forward toward both and do that 0:39:57.900 --> 0:39:59.540 in a way that's thoughtful. And I think the two 0:39:59.540 --> 0:40:01.580 of you need to come together and really pray through 0:40:01.580 --> 0:40:04.660 this and, and agree on a path forward where you 0:40:04.660 --> 0:40:07.940 can honor both of your convictions. Um, give me just 0:40:07.980 --> 0:40:09.940 kind of a rundown of where you're at right now. 0:40:09.940 --> 0:40:12.420 What do you have in emergency savings? Anything? 0:40:13.460 --> 0:40:15.740 Uh, yeah, we have probably 10,000. 0:40:16.060 --> 0:40:18.739 Okay. And are you living within your means and have 0:40:18.739 --> 0:40:20.460 a little bit left over at the end of the month? 0:40:21.700 --> 0:40:24.260 Yeah, but, I mean, I, I think we have trouble 0:40:24.739 --> 0:40:28.259 from our personal, like we use the business for. Yeah. 0:40:28.260 --> 0:40:29.739 A lot of the. So I think that's always been 0:40:29.739 --> 0:40:31.580 our issue when I try to go make the budget, 0:40:31.580 --> 0:40:33.219 I don't know if I make the budget for the 0:40:33.219 --> 0:40:35.940 business first or the personal, and I don't know how 0:40:35.940 --> 0:40:38.259 to separate those two. And I haven't found anyone really 0:40:38.260 --> 0:40:40.740 help us with that. So I'd really like some direction 0:40:40.739 --> 0:40:41.500 with that. 0:40:41.540 --> 0:40:44.100 Yeah. Well, that's going to be a really critical step. 0:40:44.219 --> 0:40:45.460 That was the other thing I was going to tell 0:40:45.460 --> 0:40:48.839 you is we've got to find separation between those, and 0:40:48.840 --> 0:40:51.200 you've got to be able to put yourself on a 0:40:51.200 --> 0:40:59.120 consistent salary, you know, or compensation that covers your budget and, 0:40:59.160 --> 0:41:02.799 you know, allow the business to run separately by dividing those. 0:41:02.840 --> 0:41:05.240 It's going to help with taxes. So you can have 0:41:05.280 --> 0:41:08.600 true deductions for business expenses where, you know, you run 0:41:08.600 --> 0:41:11.480 into problems when you're mixing personal finances. Because if you 0:41:11.480 --> 0:41:13.960 were challenged on that from the IRS, you're going to 0:41:13.960 --> 0:41:17.120 have a difficulty justifying those. And so that's why keeping 0:41:17.120 --> 0:41:20.200 it separates key. You also can't ever tell truly how 0:41:20.200 --> 0:41:22.799 the business is doing. But when it stands on its 0:41:22.800 --> 0:41:26.280 own and you create the business, you know, plan, business 0:41:26.280 --> 0:41:29.279 plan and budget and so forth, and then you pay 0:41:29.280 --> 0:41:31.640 yourself more of a consistent amount where when you have 0:41:31.640 --> 0:41:33.920 a big month, you retain it in the business. And 0:41:33.920 --> 0:41:35.520 when you have a low month, you pull from some 0:41:35.520 --> 0:41:39.560 of those reserves and you try to normalize that compensation 0:41:39.560 --> 0:41:42.560 coming over. Then that allows you to build the personal 0:41:42.560 --> 0:41:46.020 spending plan on something, you know, that's a little more consistent. 0:41:46.020 --> 0:41:49.140 So you don't have these wild fluctuations which make it 0:41:49.140 --> 0:41:52.259 nearly impossible to budget against. So there's a lot of 0:41:52.260 --> 0:41:54.379 good reason for you to kind of separate these out, 0:41:54.420 --> 0:41:57.020 keep a separate set of books for the business and 0:41:57.020 --> 0:41:59.700 the personal finances. You really need to find a small 0:41:59.700 --> 0:42:03.859 business CPA, somebody who specializes in that. I'd head to 0:42:03.860 --> 0:42:08.100 our website. Com and click Find a Professional. And what 0:42:08.100 --> 0:42:10.299 you're going to want to do is ask for a 0:42:10.300 --> 0:42:14.739 referral to a CPA who specializes in small businesses and 0:42:14.739 --> 0:42:16.979 let them know what you're looking for, and you should 0:42:16.980 --> 0:42:19.060 find one that can make that connection for you to 0:42:19.060 --> 0:42:22.380 a godly accountant or CPA who can really help you. 0:42:22.860 --> 0:42:24.700 Because I think that's the next step. And then you 0:42:24.700 --> 0:42:26.299 can create the budget, and then you and your wife 0:42:26.300 --> 0:42:28.580 can come together on how much are we saving, how 0:42:28.580 --> 0:42:30.900 much are we paying off debt? And probably it's a 0:42:30.900 --> 0:42:33.620 combination of the two. God bless you, Duane. We appreciate 0:42:33.620 --> 0:42:36.660 your call. Faith and Finance lives a partnership between Moody 0:42:36.660 --> 0:42:40.100 Radio and Faith fi. Thank you to Tahira, Amy, Omar 0:42:40.100 --> 0:42:42.260 Taylor and Rihanna. We'll see you tomorrow.