1 00:00:08,600 --> 00:00:12,200 S1: Every day we're faced with financial decisions, big and small 2 00:00:12,200 --> 00:00:16,760 S1: decisions about spending, saving, giving, borrowing, investing and providing for 3 00:00:16,760 --> 00:00:20,200 S1: our families. Hi, I'm Rob West. Yet behind all of 4 00:00:20,200 --> 00:00:23,760 S1: those practical choices lies a deeper question where do we 5 00:00:23,760 --> 00:00:28,280 S1: go to find wisdom? Today we'll explore how Scripture, though ancient, 6 00:00:28,280 --> 00:00:32,360 S1: offers wisdom for every modern day financial decision. And then 7 00:00:32,360 --> 00:00:36,600 S1: it's on to your calls at 800 525 7000. This 8 00:00:36,600 --> 00:00:40,920 S1: is faith and finance. Live. Biblical wisdom for your financial journey. 9 00:00:47,520 --> 00:00:50,920 S1: There's a common assumption about the Bible that's gone mostly 10 00:00:50,920 --> 00:00:54,480 S1: unspoken in our modern world. Many believe that Scripture is 11 00:00:54,480 --> 00:00:58,360 S1: a spiritual book written for spiritual matters, but not necessarily 12 00:00:58,360 --> 00:01:01,779 S1: for financial ones, and certainly not for the complexity of 13 00:01:01,780 --> 00:01:05,300 S1: financial life today. If you've ever wondered whether the Bible 14 00:01:05,300 --> 00:01:11,700 S1: could possibly speak to retirement planning, debt diversification, generosity, or contentment, 15 00:01:11,700 --> 00:01:15,060 S1: you're not alone. After all, Scripture was written thousands of 16 00:01:15,060 --> 00:01:19,060 S1: years ago. There were no index funds, tax advantaged accounts 17 00:01:19,060 --> 00:01:22,340 S1: or credit cards in ancient Israel. But what Scripture does 18 00:01:22,340 --> 00:01:26,020 S1: give us is something better timeless wisdom rooted in the 19 00:01:26,020 --> 00:01:30,220 S1: character of God. Biblical wisdom is not about financial formulas 20 00:01:30,220 --> 00:01:34,260 S1: or modern strategies. It's about learning who God is, who 21 00:01:34,300 --> 00:01:37,179 S1: we are, and what we were made for. And that 22 00:01:37,180 --> 00:01:40,779 S1: matters because until you know the author, you won't trust 23 00:01:40,780 --> 00:01:44,339 S1: his instruction. And if you don't trust his instruction, you 24 00:01:44,340 --> 00:01:47,860 S1: won't build your life on his word, financially or otherwise. 25 00:01:48,180 --> 00:01:50,940 S1: Scripture is primary. Purpose is not merely to tell us 26 00:01:50,940 --> 00:01:53,900 S1: what to do, but to reveal who we belong to. 27 00:01:54,140 --> 00:01:57,860 S1: It reveals the God who provides, who owns all things, 28 00:01:57,860 --> 00:02:01,880 S1: who defines true success and who invites us to steward 29 00:02:01,880 --> 00:02:05,040 S1: not just money, but all of life. And once that 30 00:02:05,040 --> 00:02:08,840 S1: foundation is laid, Scripture certainly speaks to how we live. 31 00:02:09,040 --> 00:02:12,320 S1: Paul told Timothy, All Scripture is breathed out by God 32 00:02:12,320 --> 00:02:15,560 S1: and profitable, that the man of God may be complete, 33 00:02:15,560 --> 00:02:20,000 S1: equipped for every good work. Financial decisions are included in 34 00:02:20,000 --> 00:02:23,560 S1: those good works, which means the Bible isn't irrelevant to 35 00:02:23,600 --> 00:02:27,560 S1: a modern economy. It's indispensable. In fact, the Bible speaks 36 00:02:27,560 --> 00:02:30,880 S1: directly to the very questions so many listeners call this 37 00:02:30,880 --> 00:02:34,880 S1: program to ask. We see principles calling us to diversify 38 00:02:34,880 --> 00:02:38,560 S1: what we have. Invest in seven ventures. Yes, in eight. 39 00:02:38,600 --> 00:02:43,000 S1: That's Ecclesiastes 11 two. We see warnings about co-signing for 40 00:02:43,000 --> 00:02:46,359 S1: another's debt. Be not one of those who gives pledges, 41 00:02:46,360 --> 00:02:51,120 S1: it says in Proverbs 22, Scripture commends living below your means. 42 00:02:51,120 --> 00:02:54,280 S1: Proverbs 21 says, precious treasure and oil are in a 43 00:02:54,280 --> 00:02:57,799 S1: wise man's dwelling, but a foolish man devours it. It 44 00:02:57,840 --> 00:03:01,530 S1: calls causes to plan ahead. In Proverbs 27, the prudent 45 00:03:01,530 --> 00:03:05,730 S1: sees danger and hides himself. It causes to generosity. You 46 00:03:05,730 --> 00:03:08,890 S1: will be enriched in every way to be generous in 47 00:03:08,889 --> 00:03:12,690 S1: every way. That's in Second Corinthians nine, and it promises 48 00:03:12,690 --> 00:03:16,609 S1: wisdom to those who ask for it. James one five says, 49 00:03:16,610 --> 00:03:19,810 S1: if any of you lacks wisdom, let him ask God. 50 00:03:20,130 --> 00:03:23,330 S1: But I want you to notice something. Biblical wisdom isn't 51 00:03:23,330 --> 00:03:27,530 S1: merely practical, it's relational. The Bible doesn't just tell us 52 00:03:27,530 --> 00:03:31,450 S1: what to do. It shows us why God is trustworthy. 53 00:03:31,450 --> 00:03:34,270 S1: It reveals a father who owns the cattle on a 54 00:03:34,270 --> 00:03:36,970 S1: thousand hills, who feeds the birds of the air, who 55 00:03:36,970 --> 00:03:40,530 S1: gives good gifts to his children, and who never abandons 56 00:03:40,530 --> 00:03:44,530 S1: those who walk by faith. So much financial anxiety today 57 00:03:44,530 --> 00:03:48,330 S1: isn't about money. It's about trust. And trust doesn't come 58 00:03:48,330 --> 00:03:51,770 S1: from spreadsheets or strategies. It comes from knowing the one 59 00:03:51,770 --> 00:03:55,369 S1: who inspired the story of Scripture. Once you know who 60 00:03:55,410 --> 00:04:00,510 S1: God is, financial obedience becomes freedom, not drudgery. Living below 61 00:04:00,510 --> 00:04:05,150 S1: your means becomes contentment. Avoiding debt becomes wisdom rather than fear. 62 00:04:05,390 --> 00:04:09,310 S1: Giving becomes a joyful response to his abundant grace, and 63 00:04:09,310 --> 00:04:14,510 S1: planning becomes an act of stewardship rather than self-sovereignty. Scripture 64 00:04:14,510 --> 00:04:19,469 S1: is ancient but not outdated. The technology changes, the products change, 65 00:04:19,470 --> 00:04:22,909 S1: the markets change, but the human heart does not. And 66 00:04:22,910 --> 00:04:26,229 S1: because the heart hasn't changed, the Word of God continues 67 00:04:26,230 --> 00:04:29,510 S1: to speak. It equips us for every season of life, 68 00:04:29,510 --> 00:04:33,870 S1: every financial decision, every act of stewardship. It also keeps 69 00:04:33,870 --> 00:04:37,469 S1: us from making money. Ultimate. The Bible never treats money 70 00:04:37,470 --> 00:04:40,909 S1: as evil, but it refuses to let it become a savior. 71 00:04:40,910 --> 00:04:44,310 S1: It teaches that money is a tool good when stewarded, wisely, 72 00:04:44,310 --> 00:04:48,910 S1: dangerous when worshiped, and temporary no matter how well invested. 73 00:04:49,070 --> 00:04:52,990 S1: That's why the goal of biblical financial wisdom is an accumulation. 74 00:04:52,990 --> 00:04:57,410 S1: It's transformation. And that's really the heart behind my new devotional. 75 00:04:57,450 --> 00:05:01,850 S1: Our Ultimate Treasure A 21 day journey to faithful stewardship, 76 00:05:01,890 --> 00:05:05,409 S1: showing how Scripture doesn't just shape what we do with money, 77 00:05:05,410 --> 00:05:08,890 S1: but who we become as stewards of God's grace. If 78 00:05:08,930 --> 00:05:11,089 S1: you'd like to take that journey, you can get your 79 00:05:11,089 --> 00:05:13,730 S1: copy or place a bulk order for your church or 80 00:05:13,730 --> 00:05:21,650 S1: small group. Just head to faith. That's faith. We'll be 81 00:05:21,650 --> 00:05:22,290 S1: right back. 82 00:05:33,170 --> 00:05:36,050 S2: The opinions offered during this program represent the personal or 83 00:05:36,050 --> 00:05:40,210 S2: professional opinions of the participants, given for informational purposes only. 84 00:05:40,330 --> 00:05:43,610 S2: Any information provided is not intended to replace advice from 85 00:05:43,610 --> 00:05:47,409 S2: a financial, medical, legal, or other professional who understands your 86 00:05:47,410 --> 00:05:48,850 S2: specific situation. 87 00:05:57,270 --> 00:05:58,990 S1: Great to have you with us today on Faith and 88 00:05:58,990 --> 00:06:03,430 S1: finance live. I'm Rob West live from National Religious Broadcasters. 89 00:06:03,430 --> 00:06:07,349 S1: That's right. The convention where media professionals come together, hear 90 00:06:07,350 --> 00:06:10,789 S1: a part of the Moody team, and connecting with others 91 00:06:10,790 --> 00:06:14,670 S1: from all over the globe to worship, to learn, to connect. Uh, 92 00:06:14,670 --> 00:06:19,630 S1: just an incredible time here at the Gaylord Opryland in Nashville, Tennessee. 93 00:06:19,630 --> 00:06:23,310 S1: But broadcasting all week and looking forward to taking your 94 00:06:23,310 --> 00:06:26,349 S1: questions live. So if you have a financial question, now's 95 00:06:26,350 --> 00:06:28,669 S1: the time to call. We've got lines open for you. 96 00:06:28,710 --> 00:06:35,590 S1: The number is 800 525 7000. Again that's 800 525 7000. 97 00:06:35,630 --> 00:06:38,589 S1: We'll look forward to diving into whatever's on your mind today, 98 00:06:38,589 --> 00:06:42,590 S1: whether it's living, giving, owing or growing God's money. Uh, 99 00:06:42,589 --> 00:06:44,950 S1: everything rolls up into one of those. Maybe it's your 100 00:06:44,950 --> 00:06:48,910 S1: spending plan or your investments preparing the next steward. How 101 00:06:48,910 --> 00:06:52,390 S1: do you pay down debt effectively or get that credit 102 00:06:52,390 --> 00:06:55,130 S1: score up? Whatever you're thinking about today, now is the 103 00:06:55,130 --> 00:07:01,969 S1: time to call again. 800 525 7000. That's 800 525 7000. 104 00:07:02,010 --> 00:07:05,490 S1: In the news today, workers who earned overtime in 2020 105 00:07:05,529 --> 00:07:09,890 S1: 5th May see larger tax refunds this filing season, thanks 106 00:07:09,890 --> 00:07:13,130 S1: to a new federal break tied to President Trump's no 107 00:07:13,130 --> 00:07:17,530 S1: tax on overtime provision. The deduction allows eligible workers to 108 00:07:17,570 --> 00:07:23,210 S1: write off up to $12,500, or 25,000, for married couples 109 00:07:23,210 --> 00:07:27,050 S1: filing jointly. Though it phases out at higher incomes and 110 00:07:27,090 --> 00:07:31,370 S1: it runs through 2028, but the benefit comes with complications. 111 00:07:31,370 --> 00:07:35,730 S1: You see, employers aren't required to separate overtime from regular 112 00:07:35,730 --> 00:07:40,730 S1: pay on 2025 tax forms. That's leaving many taxpayers to 113 00:07:40,770 --> 00:07:45,610 S1: calculate the deduction themselves using their pay stubs or payroll records. 114 00:07:46,090 --> 00:07:50,530 S1: The tax break applies to certain non-exempt workers covered by 115 00:07:50,810 --> 00:07:54,910 S1: federal law only, and only covers the extra portion of 116 00:07:54,910 --> 00:07:59,510 S1: overtime pay above a normal wage rate. Some W-2 forms 117 00:07:59,510 --> 00:08:03,470 S1: may include the amount, but many won't. Experts say keeping 118 00:08:03,470 --> 00:08:09,070 S1: detailed records will be critical as missing documentation or calculation errors. 119 00:08:09,070 --> 00:08:13,790 S1: Errors could delay refunds or raise questions with the IRS. 120 00:08:13,830 --> 00:08:16,270 S1: So given the number of changes this year with the 121 00:08:16,270 --> 00:08:19,030 S1: one big, beautiful bill now being the law of the land, 122 00:08:19,070 --> 00:08:21,350 S1: probably a good idea to work with a CPA or 123 00:08:21,390 --> 00:08:24,230 S1: accountant in most cases. All right, let's dive into your 124 00:08:24,230 --> 00:08:26,790 S1: questions today. We've got lines filling up here, but we've 125 00:08:26,790 --> 00:08:31,030 S1: still got room at the moment 800 525 7000. Let's 126 00:08:31,030 --> 00:08:33,470 S1: begin in Illinois today. Ramone. Go ahead. 127 00:08:33,510 --> 00:08:35,750 S3: Yes. Hi, Rob. My name is Ramone, and I've been 128 00:08:35,750 --> 00:08:38,590 S3: listening to your program for about two years. And my 129 00:08:38,590 --> 00:08:43,070 S3: question today for you is, um, your thoughts on a 130 00:08:43,590 --> 00:08:49,790 S3: certified financial planner? I currently have a 401 K through 131 00:08:49,790 --> 00:08:55,920 S3: my employer, and I'm about three years away from retiring, 132 00:08:56,160 --> 00:08:58,800 S3: and I want to be able to take those funds 133 00:08:58,800 --> 00:09:04,720 S3: approximately 900,000 right now, um, because it's limited with the 134 00:09:04,720 --> 00:09:07,520 S3: number with the type of assets that I have. Yes. 135 00:09:07,600 --> 00:09:12,880 S3: And I'm just trying to get that 1%, um, um, 136 00:09:13,040 --> 00:09:16,760 S3: value out of it. And I wanted your thoughts on that. 137 00:09:17,000 --> 00:09:18,920 S1: Yeah. Tell me more about what you just said right 138 00:09:18,920 --> 00:09:21,280 S1: there at the tail end when you said get the 1% 139 00:09:21,280 --> 00:09:23,400 S1: value out, are you talking about a fee you would 140 00:09:23,400 --> 00:09:24,240 S1: pay to an advisor? 141 00:09:24,280 --> 00:09:31,400 S3: Right. Yes. The fee from an advisor, uh, would be 1%. Um, 142 00:09:31,640 --> 00:09:36,880 S3: I just interviewed with one, and I wanted to interview 143 00:09:36,920 --> 00:09:37,840 S3: a couple of more. 144 00:09:38,120 --> 00:09:41,240 S1: Yeah. Very good. Yeah, I think it's a great thought. 145 00:09:41,240 --> 00:09:44,520 S1: And I love the idea of you having financial planning 146 00:09:44,520 --> 00:09:49,559 S1: right now. More so than you necessarily having active management 147 00:09:49,559 --> 00:09:53,580 S1: of the 401 K now, once you're ready to separate 148 00:09:53,580 --> 00:09:57,059 S1: from your employer and you can then roll the 401 149 00:09:57,059 --> 00:09:59,540 S1: K out to an IRA, which I would recommend at 150 00:09:59,580 --> 00:10:03,140 S1: that point. And let's say you've got $1 million or more. 151 00:10:03,460 --> 00:10:07,140 S1: That's absolutely the time that you want to have professional management, 152 00:10:07,140 --> 00:10:11,339 S1: somebody to come alongside you to determine among the unlimited 153 00:10:11,340 --> 00:10:15,140 S1: investment options. At that point, how do I best manage this? 154 00:10:15,140 --> 00:10:18,620 S1: Build a portfolio that's appropriate for your age. Let's say 155 00:10:18,900 --> 00:10:22,660 S1: you're 67 at that point or, you know, 68. What's 156 00:10:22,660 --> 00:10:25,780 S1: the right mix of investments? Um, you know, what is 157 00:10:25,780 --> 00:10:30,300 S1: the best timing on withdrawals to minimize taxes? Uh, you know, 158 00:10:30,300 --> 00:10:32,220 S1: there's a host of issues you're going to want to 159 00:10:32,220 --> 00:10:35,500 S1: look at. But most importantly, what is the right investment 160 00:10:35,500 --> 00:10:38,500 S1: mix for you? And paying the 1% at that point 161 00:10:38,500 --> 00:10:40,980 S1: is going to be a no brainer. Uh, because there'd 162 00:10:41,020 --> 00:10:44,100 S1: be a lot of value that that advisor would add. 163 00:10:44,220 --> 00:10:46,340 S1: I think at this point you could go either way. 164 00:10:46,340 --> 00:10:50,140 S1: One option would be you just pay an advisor for 165 00:10:50,140 --> 00:10:53,480 S1: his or her time to do a financial plan and 166 00:10:53,480 --> 00:10:57,160 S1: begin to establish a relationship where you're doing some planning 167 00:10:57,160 --> 00:11:01,160 S1: around what is your ultimate financial finish line, and how 168 00:11:01,160 --> 00:11:05,000 S1: would that finish line then perhaps be able to fund 169 00:11:05,280 --> 00:11:09,280 S1: your monthly living expenses, your lifestyle that you've defined? And 170 00:11:09,280 --> 00:11:11,439 S1: I think all of us need to ask the question, 171 00:11:11,440 --> 00:11:13,800 S1: how much is enough? And I can't give you the 172 00:11:13,800 --> 00:11:16,280 S1: answer to that. That's between you and the Lord. And 173 00:11:16,280 --> 00:11:18,760 S1: if you're married, you and your spouse and the Lord 174 00:11:18,880 --> 00:11:22,360 S1: on what is the appropriate lifestyle for us. But once 175 00:11:22,360 --> 00:11:25,640 S1: you determine what that number is, then it's just a 176 00:11:25,640 --> 00:11:28,840 S1: math equation to determine, okay, how much do I need 177 00:11:28,840 --> 00:11:31,080 S1: to save in order to be able to fund that 178 00:11:31,280 --> 00:11:33,280 S1: well into the future? If I were to live into 179 00:11:33,320 --> 00:11:36,199 S1: my 90s or beyond, and you're going to look at 180 00:11:36,200 --> 00:11:38,120 S1: Social Security as a part of that, you're going to 181 00:11:38,120 --> 00:11:41,280 S1: look at a reasonable withdrawal rate from the 401 K. 182 00:11:41,559 --> 00:11:45,160 S1: But all of that is a financial planning process that 183 00:11:45,160 --> 00:11:48,839 S1: doesn't necessarily require that you hire an advisor, you know, 184 00:11:48,880 --> 00:11:52,579 S1: paying an annual fee tied to the assets under management, 185 00:11:52,580 --> 00:11:55,420 S1: at least at this point. Now, as a part of that, 186 00:11:55,420 --> 00:11:58,380 S1: the advisor could look over the menu of options in 187 00:11:58,380 --> 00:12:01,339 S1: your 401 K and give you some counsel on are 188 00:12:01,340 --> 00:12:04,020 S1: you in the right mix of investments? Maybe they advise 189 00:12:04,020 --> 00:12:06,580 S1: you to make a change here or there. But I 190 00:12:06,580 --> 00:12:10,700 S1: think the key is that that 1% ongoing annual management 191 00:12:10,700 --> 00:12:14,860 S1: fee is really necessary from the point that you retire 192 00:12:14,860 --> 00:12:20,140 S1: or separate and therefore can have full discretion over those investments. 193 00:12:20,340 --> 00:12:23,180 S1: And I think that's where an advisor would be invaluable. 194 00:12:23,220 --> 00:12:24,340 S1: Does that make sense though? 195 00:12:25,460 --> 00:12:29,500 S3: Oh yeah. Absolutely. That actually answers my question whether I 196 00:12:29,500 --> 00:12:33,300 S3: should start now, because in addition to that, um, I 197 00:12:33,340 --> 00:12:37,500 S3: do have a Roth IRA and a pension. Um, you know, 198 00:12:37,540 --> 00:12:39,980 S3: if you want to add Social Security into the mix 199 00:12:39,980 --> 00:12:45,059 S3: as well. But my concern was now that I'm getting closer. 200 00:12:45,100 --> 00:12:48,500 S3: Should I, because I'm able to pull it out and 201 00:12:48,500 --> 00:12:50,720 S3: have him okay managing it. 202 00:12:51,000 --> 00:12:53,640 S1: But you. Oh, really? Okay, so even while you're there, 203 00:12:53,640 --> 00:12:59,080 S1: you have the ability for a rollover. Yes I do. Okay. 204 00:12:59,360 --> 00:13:02,240 S1: Well that changes things a bit because a lot of times, 205 00:13:02,280 --> 00:13:04,400 S1: you know, while you're still there we look at a 206 00:13:04,400 --> 00:13:07,079 S1: middle ground option. So it doesn't have to be higher 207 00:13:07,080 --> 00:13:09,560 S1: and advisor forever on one end and on the other 208 00:13:09,559 --> 00:13:13,280 S1: end go completely alone. That middle option is a flat 209 00:13:13,280 --> 00:13:17,760 S1: fee financial plan or hourly advice sessions, or maybe an 210 00:13:17,800 --> 00:13:21,800 S1: annual retirement checkup instead of the 1% management fee. But 211 00:13:21,800 --> 00:13:24,160 S1: if you're going to start to move some of this 212 00:13:24,160 --> 00:13:27,640 S1: out of the 401 K, and you have the ability 213 00:13:27,640 --> 00:13:30,800 S1: to have an advisor take discretion over it, then I 214 00:13:30,800 --> 00:13:33,440 S1: think that's where the 1% management fee comes in. So 215 00:13:33,480 --> 00:13:37,640 S1: in either case you need the retirement. Whether you the planning, 216 00:13:37,640 --> 00:13:40,440 S1: whether you pay for it as a flat fee or 217 00:13:40,440 --> 00:13:43,439 S1: it rolls into that management. And I think if you're 218 00:13:43,440 --> 00:13:44,920 S1: going to go ahead and start moving some of this 219 00:13:44,920 --> 00:13:49,929 S1: money out, then perhaps going ahead and beginning that relationship now. Uh, 220 00:13:49,929 --> 00:13:52,050 S1: I like the CFP a lot. That's going to give 221 00:13:52,050 --> 00:13:55,130 S1: him or her the technical proficiency. I think that the 222 00:13:55,330 --> 00:13:58,970 S1: paired with that would be the CCA, the certified Kingdom 223 00:13:58,970 --> 00:14:02,849 S1: Advisor designation. Uh, that's going to bring the biblical worldview 224 00:14:02,850 --> 00:14:06,290 S1: and all of the high standards that go with that, uh, 225 00:14:06,290 --> 00:14:09,890 S1: industry designation. And if you want to bring some Sikhs 226 00:14:09,890 --> 00:14:12,690 S1: into the mix as you evaluate your options, just go 227 00:14:12,690 --> 00:14:16,770 S1: to find a. Com. So Ramon sounds like you're on 228 00:14:16,770 --> 00:14:18,610 S1: the right track here, my friend. Thanks for your call. 229 00:14:18,610 --> 00:14:28,650 S1: We'll be right back. Thanks for joining us today on 230 00:14:28,650 --> 00:14:31,610 S1: Faith and Finance Live. We're taking your calls and questions. 231 00:14:31,610 --> 00:14:34,210 S1: Nearly all the lines full. We've got two open at 232 00:14:34,210 --> 00:14:38,730 S1: 800 525 7000. Let's head right back to those phones. 233 00:14:38,730 --> 00:14:41,130 S1: We'll head to Florida. Wanda, go right ahead. 234 00:14:41,970 --> 00:14:46,330 S4: Thank you. Um, I'm calling because my husband and I 235 00:14:46,450 --> 00:14:53,470 S4: find ourselves in a situation where we, from a financial standpoint, 236 00:14:53,710 --> 00:14:59,270 S4: need to figure out how to and get guidance and 237 00:14:59,270 --> 00:15:05,470 S4: direction on purchases that we made years ago of gold 238 00:15:05,470 --> 00:15:09,590 S4: and silver, and we have not touched any of that. 239 00:15:10,030 --> 00:15:13,590 S4: And we're in a situation our home is paid for 240 00:15:13,910 --> 00:15:16,990 S4: from one part of our finances. We're doing very well. 241 00:15:17,030 --> 00:15:21,110 S4: But from a health standpoint, um, there are some things 242 00:15:21,110 --> 00:15:24,670 S4: that that we need to do in order to take 243 00:15:24,670 --> 00:15:28,190 S4: care of that kind of thing. And we don't have 244 00:15:28,190 --> 00:15:31,110 S4: a clue how to get started on that. And I 245 00:15:31,110 --> 00:15:35,670 S4: know that we can't just, you know, put a notice 246 00:15:35,670 --> 00:15:38,350 S4: out there. We're looking for somebody to help us with 247 00:15:38,350 --> 00:15:41,270 S4: this because that isn't the right thing to do either. 248 00:15:41,750 --> 00:15:45,670 S4: So can you give me any advice as to where 249 00:15:45,670 --> 00:15:50,050 S4: we would start who we could start with and hopefully 250 00:15:50,050 --> 00:15:54,290 S4: know that we're going to get someone we can trust, 251 00:15:54,690 --> 00:15:59,850 S4: and also someone that, you know, understands what what we 252 00:15:59,850 --> 00:16:01,330 S4: want to accomplish. 253 00:16:01,730 --> 00:16:04,970 S1: Yes, I'd be happy to help. And I think the 254 00:16:04,970 --> 00:16:07,250 S1: key is, first of all, to know what you have 255 00:16:07,610 --> 00:16:10,890 S1: and then sell through reputable channels so you don't leave 256 00:16:11,050 --> 00:16:14,290 S1: money on the table. So figuring out what you own 257 00:16:14,330 --> 00:16:18,810 S1: is obviously key. Are there coins or bars or jewelry? Uh, 258 00:16:18,810 --> 00:16:22,330 S1: the gold versus the silver content. Is it 10-K or 259 00:16:22,330 --> 00:16:25,850 S1: 14 K or uh, you know, 22 K. What is it. 260 00:16:25,850 --> 00:16:28,650 S1: And then is there a brand associated with it or 261 00:16:28,690 --> 00:16:32,650 S1: a mint like American Eagle or Canadian Maple Leaf and 262 00:16:32,650 --> 00:16:36,770 S1: the weights? This matters because some pieces are worth more 263 00:16:37,210 --> 00:16:43,210 S1: than the melt value if they're collectible or highly recognized. Bullion. Uh, 264 00:16:43,290 --> 00:16:46,510 S1: if you're unsure, then that's where a reputable coin shop 265 00:16:46,510 --> 00:16:49,870 S1: could help you identify these items, usually for free. And 266 00:16:49,870 --> 00:16:52,510 S1: then that helps you lead. You know yourself to the 267 00:16:52,510 --> 00:16:55,830 S1: next step, which is to know the value currently so 268 00:16:55,830 --> 00:16:59,230 S1: you don't get lowballed. And the current spot price of 269 00:16:59,270 --> 00:17:01,910 S1: gold and silver in a simple internet search would tell 270 00:17:01,910 --> 00:17:05,189 S1: you what that is multiplied by the weight and the 271 00:17:05,190 --> 00:17:08,430 S1: purity for a rough estimate would give you at least 272 00:17:08,430 --> 00:17:12,629 S1: an idea of what this is worth. Um, you know, 273 00:17:12,670 --> 00:17:16,510 S1: if a dealer is asking for a huge discount, that's 274 00:17:16,510 --> 00:17:20,670 S1: a red flag. It should be slightly below retail. What 275 00:17:20,670 --> 00:17:23,550 S1: they're willing to pay you. And then you have to 276 00:17:23,590 --> 00:17:26,709 S1: then determine, and this is your key question, uh, you 277 00:17:26,710 --> 00:17:29,669 S1: know where to sell safely. And so you could start 278 00:17:29,670 --> 00:17:34,910 S1: with local established options, not random online buyers. So you 279 00:17:34,910 --> 00:17:37,750 S1: could look at a local coin shop, um, you know, 280 00:17:37,790 --> 00:17:41,470 S1: often the best balance of price and simplicity. You could 281 00:17:41,470 --> 00:17:47,170 S1: look at reputable bullion dealers or major online retailers. Um, 282 00:17:47,330 --> 00:17:50,210 S1: I'd read a lot of reviews. I would also be 283 00:17:50,250 --> 00:17:52,730 S1: happy to offer a referral if you want to hold 284 00:17:52,730 --> 00:17:54,889 S1: the line, our team can give you the name of 285 00:17:54,890 --> 00:17:57,810 S1: somebody that we know personally who's a believer who could 286 00:17:57,810 --> 00:18:01,210 S1: be trusted at least to consider alongside some other, maybe 287 00:18:01,210 --> 00:18:03,929 S1: local options. But I think that would be the the 288 00:18:03,970 --> 00:18:06,130 S1: best next step. Does that make sense, Wanda? 289 00:18:06,330 --> 00:18:10,330 S4: It certainly does. And thank you so much I appreciate that. 290 00:18:10,890 --> 00:18:13,210 S1: Absolutely. So let's have you hold the line. Our team 291 00:18:13,210 --> 00:18:15,449 S1: will pick it up and and give you, uh, at 292 00:18:15,490 --> 00:18:18,650 S1: least one suggestion that you could look at alongside any 293 00:18:18,650 --> 00:18:20,450 S1: others that you find. And if we can help further 294 00:18:20,450 --> 00:18:25,210 S1: along the way, don't hesitate to reach out. 800 525 7000. 295 00:18:25,250 --> 00:18:27,290 S1: This is Faith and finance Live coming to you from 296 00:18:27,290 --> 00:18:31,170 S1: the National Religious Broadcasters Convention all week long here as 297 00:18:31,170 --> 00:18:34,010 S1: a part of the Moody team connecting with other media 298 00:18:34,010 --> 00:18:37,490 S1: professionals in Nashville. But excited to bring you the broadcast 299 00:18:37,490 --> 00:18:40,490 S1: from here as well. Uh, let's head out to Chattanooga. Olivia, 300 00:18:40,490 --> 00:18:41,250 S1: how can I help? 301 00:18:41,850 --> 00:18:48,820 S5: Yes. My question is I have a 4.3 variable rate 302 00:18:48,820 --> 00:18:54,300 S5: that's fixed at 4.3 for ten years. I want to know, 303 00:18:54,340 --> 00:18:59,060 S5: should I pay extra on the principal to pay down 304 00:18:59,060 --> 00:19:03,820 S5: the mortgage as much as I can before it's time 305 00:19:03,820 --> 00:19:07,580 S5: to refinance? When that ten years is up, I have 306 00:19:08,420 --> 00:19:13,020 S5: six and a half more years left on it at 307 00:19:13,020 --> 00:19:14,260 S5: the 4.3. 308 00:19:15,140 --> 00:19:18,180 S1: Yeah, yeah, it's a great question because with your ten 309 00:19:18,220 --> 00:19:23,180 S1: year variable or what some call adjustable rate mortgage at 4.3%, 310 00:19:23,340 --> 00:19:26,820 S1: the decision isn't just about interest, it's also about risk 311 00:19:26,820 --> 00:19:31,100 S1: management before the reset. So the first thing you have 312 00:19:31,100 --> 00:19:33,020 S1: to do is understand. And you may know this, but 313 00:19:33,020 --> 00:19:35,580 S1: for the benefit of our audience, here's what happens at 314 00:19:35,580 --> 00:19:38,300 S1: the ten year mark. Uh, you know, with a ten 315 00:19:38,340 --> 00:19:48,359 S1: year arm, the first ten years of. And so hey guys, 316 00:19:48,359 --> 00:19:51,200 S1: it's Rob West of Faith and finance live and the 317 00:19:51,200 --> 00:19:54,960 S1: secret's out. We've got technical problems that are causing some 318 00:19:54,960 --> 00:19:58,000 S1: challenges around here. Now I'm confident our team will get 319 00:19:58,000 --> 00:20:01,960 S1: it all straightened out, so don't go anywhere. Instead, do 320 00:20:02,000 --> 00:20:04,760 S1: hang on to that question or comment you wanted to share. 321 00:20:04,920 --> 00:20:08,320 S1: Since we have this moment, let me say thanks. First, 322 00:20:08,320 --> 00:20:11,280 S1: thanks for listening. Just knowing we've got friends like you 323 00:20:11,280 --> 00:20:14,479 S1: is a big encouragement. Second, thanks for calling in with 324 00:20:14,480 --> 00:20:18,520 S1: your questions. We love listening to and ministering to people 325 00:20:18,520 --> 00:20:21,160 S1: like you, but unless you grab your phone and give 326 00:20:21,160 --> 00:20:24,000 S1: us a ring, well, the program wouldn't be near as 327 00:20:24,000 --> 00:20:28,080 S1: fun or interesting. Third, thanks for visiting our website. We've 328 00:20:28,080 --> 00:20:31,040 S1: got some great content for you there that you'll appreciate. 329 00:20:31,040 --> 00:20:34,280 S1: For example, you can ask a question and learn more 330 00:20:34,280 --> 00:20:36,760 S1: about our ministry. Now, if it's been a while or 331 00:20:36,760 --> 00:20:41,980 S1: you've never checked it out, you'll find us at Moody Radio.com. Finance. 332 00:20:41,980 --> 00:20:47,300 S1: That's moody. Radio.com. Last, I encourage you to let your 333 00:20:47,300 --> 00:20:50,180 S1: friends know about the program. You may have noticed we 334 00:20:50,180 --> 00:20:53,860 S1: have no advertising budget for faith and finance live. You 335 00:20:53,859 --> 00:20:57,619 S1: won't see my smiling face on billboards, TV commercials, or 336 00:20:57,660 --> 00:21:01,380 S1: pop up ads online, so we're relying on you to 337 00:21:01,420 --> 00:21:05,020 S1: share us with your friends. Let them know how and 338 00:21:05,020 --> 00:21:08,420 S1: why you listen. Tell them how the broadcast has benefited you. 339 00:21:08,460 --> 00:21:12,020 S1: Maybe helped you become a better steward of God's money. 340 00:21:12,020 --> 00:21:15,500 S1: And thanks for passing the word along. We appreciate you 341 00:21:15,540 --> 00:21:18,500 S1: hanging in there as we work through some tech issues, 342 00:21:18,500 --> 00:21:22,060 S1: and do stand by as we reconnect you with faith 343 00:21:22,060 --> 00:21:48,080 S1: and finance. Live just as soon as we can. Great 344 00:21:48,080 --> 00:21:50,000 S1: to have you with us today on Faith and Finance Live. 345 00:21:50,000 --> 00:21:53,760 S1: We're back live broadcasting from Nashville at the National Religious 346 00:21:53,760 --> 00:21:58,520 S1: Broadcasters Convention. I apologize for that technical difficulty we had 347 00:21:58,520 --> 00:22:01,240 S1: in the last segment, but, uh, at least for the moment, 348 00:22:01,240 --> 00:22:04,640 S1: everything's looking good. So we'll head back to Chattanooga. Olivia, 349 00:22:04,680 --> 00:22:07,280 S1: I was explaining that, you know, we need to understand 350 00:22:07,280 --> 00:22:10,480 S1: what's going to happen when that rate adjusts after the 351 00:22:10,480 --> 00:22:13,640 S1: ten year fixed period. Now, the reason you may want 352 00:22:13,680 --> 00:22:16,600 S1: to go ahead and pay the extra principal is because 353 00:22:16,600 --> 00:22:21,360 S1: that would lower the future payment after refinancing or the adjustment. 354 00:22:21,359 --> 00:22:25,520 S1: But you'll likely refinance, reduce your exposure if interest rates 355 00:22:25,520 --> 00:22:30,280 S1: are higher and in the meantime provides that guaranteed 4.3% 356 00:22:30,280 --> 00:22:34,920 S1: return equal to your current fixed interest rate before it adjusts. 357 00:22:34,920 --> 00:22:37,080 S1: I think the only reason why you wouldn't want to 358 00:22:37,080 --> 00:22:39,879 S1: rush to do that, because we always like paying down debt, 359 00:22:39,920 --> 00:22:42,700 S1: would be if you don't have a strong emergency fund 360 00:22:43,140 --> 00:22:47,500 S1: or you're behind on retirement savings, or you plan to 361 00:22:47,540 --> 00:22:51,780 S1: move or sell before the adjustment. But beyond that, I 362 00:22:51,820 --> 00:22:54,780 S1: love the idea of you, you know, in a reasonable way, 363 00:22:54,780 --> 00:22:57,219 S1: as long as it fits with your other goals, going 364 00:22:57,220 --> 00:23:00,419 S1: ahead and trying to get that principal balance as low 365 00:23:00,420 --> 00:23:03,260 S1: as possible even while you're in the fixed portion of 366 00:23:03,260 --> 00:23:05,340 S1: the loan. But give me your thoughts on all that. 367 00:23:06,460 --> 00:23:10,340 S5: Um, I think that sounds great. And, um, I would 368 00:23:10,340 --> 00:23:14,420 S5: like to do that, um, I do, I am already 369 00:23:14,420 --> 00:23:19,420 S5: retired and I get my, uh, state retirement, plus my 370 00:23:19,460 --> 00:23:24,060 S5: Social security. And I was just wondering, I and I 371 00:23:24,060 --> 00:23:30,379 S5: do save, but I've noticed, um, that I'm spending when 372 00:23:30,380 --> 00:23:33,540 S5: I more than I intend to when I don't have 373 00:23:33,859 --> 00:23:38,820 S5: something specific to put that left over after paying bills toward. 374 00:23:39,040 --> 00:23:42,679 S5: So yes. Now I will put it toward my principal. 375 00:23:43,280 --> 00:23:46,160 S1: Okay. I think that's a great choice. And that will 376 00:23:46,160 --> 00:23:48,000 S1: get you in a position, hopefully, where you can get 377 00:23:48,000 --> 00:23:50,800 S1: closer and closer to being out of debt completely. And 378 00:23:50,800 --> 00:23:53,640 S1: if you're not there, by the time this begins to adjust, 379 00:23:53,640 --> 00:23:56,600 S1: it may make sense to refinance with either a small 380 00:23:56,600 --> 00:23:59,840 S1: forward loan or because you're in this season of life, 381 00:23:59,840 --> 00:24:03,760 S1: which you could always do is refinance whatever remains with 382 00:24:03,760 --> 00:24:06,760 S1: a reverse mortgage, a home equity conversion mortgage, and then 383 00:24:06,760 --> 00:24:10,000 S1: that payment would go away at that point, which, by 384 00:24:10,000 --> 00:24:11,800 S1: the way, you could do at any point if it 385 00:24:11,800 --> 00:24:15,080 S1: becomes problematic for you to balance your budget in this 386 00:24:15,080 --> 00:24:18,120 S1: season of life, that would just, you know, allow you 387 00:24:18,119 --> 00:24:22,240 S1: to get rid of that payment, recapture that money. Now, 388 00:24:22,240 --> 00:24:26,400 S1: whatever balances owed would grow over time with interest and fees. But, 389 00:24:26,440 --> 00:24:28,720 S1: you know, it's at least an option for you to consider. 390 00:24:29,520 --> 00:24:33,880 S5: Okay. Thank you. Because that that sounds helpful. I was 391 00:24:33,880 --> 00:24:36,800 S5: just wondering, um, yeah. 392 00:24:37,359 --> 00:24:37,800 S1: Yeah. 393 00:24:37,840 --> 00:24:39,970 S5: Well, listen, any other debts? 394 00:24:40,369 --> 00:24:40,770 S1: Okay? 395 00:24:40,970 --> 00:24:42,370 S5: I don't have any other debts. 396 00:24:42,609 --> 00:24:44,850 S1: Well, that's going to help. Help you keep your expenses 397 00:24:44,850 --> 00:24:46,970 S1: as low as possible in this season. But thank you 398 00:24:46,970 --> 00:24:50,210 S1: for your call, Olivia. Call any time if we can help. Uh, folks, 399 00:24:50,210 --> 00:24:52,250 S1: we've got room for a few more questions between now 400 00:24:52,250 --> 00:24:54,330 S1: and the end of the program. Uh, if you have 401 00:24:54,369 --> 00:24:57,129 S1: something going on in your financial life, call right now. 402 00:24:57,130 --> 00:25:03,530 S1: 800 525 7000. We'd love to chat. Uh, let's head to, uh, Illinois. Kathleen. 403 00:25:03,530 --> 00:25:04,090 S1: Go ahead. 404 00:25:04,890 --> 00:25:06,530 S6: Hi. Can you hear me? Okay. 405 00:25:06,890 --> 00:25:07,970 S1: I sure can, yeah. 406 00:25:08,530 --> 00:25:12,850 S6: Okay. Wonderful. Yeah. I'm calling because I'm trying to figure 407 00:25:12,850 --> 00:25:18,570 S6: out how to, um, itemize. And I have a loved one, 408 00:25:18,609 --> 00:25:23,369 S6: my husband that has early onset Alzheimer's, and he's in 409 00:25:23,369 --> 00:25:28,730 S6: a facility. So for, say, half the year, I paid 410 00:25:28,730 --> 00:25:32,970 S6: in about $46,000. So they gave me, you know, I 411 00:25:32,970 --> 00:25:36,610 S6: have my printout for that. And then I'm getting everything 412 00:25:36,609 --> 00:25:41,150 S6: else that I paid, like co-pays. Um, you know, for 413 00:25:41,150 --> 00:25:45,750 S6: doctor visits. Um, you know, just everything that I paid. Glasses, 414 00:25:45,750 --> 00:25:48,150 S6: all kinds of stuff. So I'm trying to figure out 415 00:25:48,150 --> 00:25:52,310 S6: some people are saying it. It's not. It probably wouldn't 416 00:25:52,310 --> 00:25:59,550 S6: benefit me to to do the itemizing versus getting the. 417 00:25:59,590 --> 00:26:02,270 S6: What is it that we they already give us the, um. 418 00:26:03,109 --> 00:26:04,709 S1: Yeah. The standard deduction. 419 00:26:04,750 --> 00:26:08,350 S6: Yeah. The standard deduction. Yes. And then they. 420 00:26:08,350 --> 00:26:09,390 S1: Said, well it's a good question. 421 00:26:09,510 --> 00:26:14,150 S6: Like it has to be something like 7.5% of my. 422 00:26:15,470 --> 00:26:20,910 S1: Adjusted gross income. That's right. So medical expenses. Okay. Yeah. 423 00:26:20,910 --> 00:26:24,629 S1: So medical expenses only count once they go over 7.5% 424 00:26:24,630 --> 00:26:27,870 S1: of your AGI. So let's say your adjusted gross income 425 00:26:28,270 --> 00:26:34,550 S1: is $80,000. Then the first $6,000 of medical expenses don't 426 00:26:34,550 --> 00:26:40,410 S1: count only the amount above may be deductible, and so 427 00:26:40,450 --> 00:26:46,290 S1: itemizing only helps if your total deductions exceed the standard deduction, 428 00:26:46,290 --> 00:26:48,850 S1: which is what you're getting at now. The first question 429 00:26:48,850 --> 00:26:53,690 S1: is really can those facility costs be deducted? Uh, possibly. 430 00:26:53,690 --> 00:26:56,889 S1: If the loved one qualifies and the care is considered 431 00:26:56,890 --> 00:27:02,129 S1: medical care. So generally deductible medical expenses can include nursing 432 00:27:02,130 --> 00:27:05,690 S1: home or assisted living costs if it's primarily for medical care, 433 00:27:05,810 --> 00:27:11,090 S1: memory care, skilled nursing, things like that. Doctor bills, prescriptions. Uh, 434 00:27:11,090 --> 00:27:14,810 S1: if the person is just living in independent living for convenience, 435 00:27:14,810 --> 00:27:19,050 S1: then the housing costs don't count. Second, does the loved 436 00:27:19,050 --> 00:27:22,730 S1: one qualify under your taxes? And this is where many 437 00:27:22,730 --> 00:27:25,770 S1: people get tripped up. You see, you may be able 438 00:27:25,770 --> 00:27:29,490 S1: to deduct the expenses if it's a spouse or a 439 00:27:29,490 --> 00:27:34,490 S1: qualifying dependent, often a parent or a relative you financially support. 440 00:27:34,490 --> 00:27:37,310 S1: So the preparer is going to look at things like, 441 00:27:37,310 --> 00:27:41,310 S1: did you provide more than 50% of their financial support? Uh, 442 00:27:41,310 --> 00:27:44,550 S1: what is the loved ones income? What is the person's 443 00:27:44,550 --> 00:27:48,110 S1: relationship to you? So even if you don't claim them 444 00:27:48,109 --> 00:27:51,430 S1: as a dependent, you may still be able to deduct 445 00:27:51,430 --> 00:27:56,109 S1: medical expenses in some situations. But the rules get more 446 00:27:56,109 --> 00:27:59,949 S1: technical at that point. And you do have to both 447 00:27:59,990 --> 00:28:05,710 S1: exceed the standard deduction and get above that 7.5% threshold 448 00:28:05,710 --> 00:28:08,510 S1: of your adjusted gross income. So there's a lot of 449 00:28:08,510 --> 00:28:11,270 S1: moving parts here, which is why I would recommend that 450 00:28:11,270 --> 00:28:13,910 S1: you connect with a CPA to kind of talk through 451 00:28:13,910 --> 00:28:14,790 S1: all of this. 452 00:28:14,830 --> 00:28:15,429 S5: Okay. 453 00:28:16,230 --> 00:28:18,630 S6: Okay. Yeah, I'll try to do that because that's where 454 00:28:18,630 --> 00:28:21,830 S6: it's confusing the it would have to be so like 455 00:28:21,830 --> 00:28:23,430 S6: over the 6000. 456 00:28:23,869 --> 00:28:27,390 S1: So if in my example, if your AGI your adjusted 457 00:28:27,390 --> 00:28:32,470 S1: gross income was 80,000, then you'd have to get above 7.5% 458 00:28:32,470 --> 00:28:35,890 S1: of that or $6,000 before anything would count. 459 00:28:36,170 --> 00:28:38,290 S6: Oh I see. Okay. 460 00:28:38,610 --> 00:28:39,010 S1: Yeah. 461 00:28:39,050 --> 00:28:40,730 S6: Okay. I appreciate. 462 00:28:40,730 --> 00:28:43,610 S1: That. And by the way, adjusted gross income in plain 463 00:28:43,610 --> 00:28:49,010 S1: English is your total income minus certain allowed adjustments. So 464 00:28:49,010 --> 00:28:52,370 S1: it's not your final taxable income. It's a starting point. 465 00:28:52,610 --> 00:28:55,850 S1: So you take all of your income wages, salary, the 466 00:28:55,850 --> 00:29:01,290 S1: taxable portion of your Social security IRA withdrawals pensions interest. 467 00:29:01,450 --> 00:29:07,330 S1: And then you subtract things like IRA contributions, HSAs, you know, 468 00:29:07,370 --> 00:29:10,410 S1: student loan interest, things like that. You may not have 469 00:29:10,410 --> 00:29:13,570 S1: any of those. And then that's what equals your adjusted 470 00:29:13,570 --> 00:29:17,610 S1: gross income. And then you've got to back out 7.5%. 471 00:29:17,770 --> 00:29:20,570 S1: And then anything above that would be where you could 472 00:29:20,570 --> 00:29:24,490 S1: potentially deduct it if it's a qualifying individual. So I 473 00:29:24,490 --> 00:29:26,690 S1: think that's where your next step is really to to 474 00:29:26,730 --> 00:29:29,090 S1: reach out to a CPA, walk through all of these 475 00:29:29,090 --> 00:29:32,450 S1: things and make sure you're on the same page. Kathleen, 476 00:29:32,450 --> 00:29:36,060 S1: I appreciate your call today. Thanks for being on the program, folks. 477 00:29:36,100 --> 00:29:37,420 S1: We're going to head to a break here in just 478 00:29:37,420 --> 00:29:39,420 S1: a moment. When we come back, we'll have one final 479 00:29:39,420 --> 00:29:41,820 S1: segment to take more of your questions, but this is 480 00:29:41,820 --> 00:29:45,260 S1: a great time for me to remind you that faith 481 00:29:45,260 --> 00:29:48,860 S1: and finance live is going on the road. That's right. 482 00:29:48,900 --> 00:29:52,540 S1: If you're in the Cleveland area, we'd love for you 483 00:29:52,540 --> 00:29:55,660 S1: to come be a part of our live broadcast. We're 484 00:29:55,660 --> 00:29:59,900 S1: going to be live at Cuyahoga Valley Christian Academy at 485 00:29:59,900 --> 00:30:05,700 S1: four eastern next Thursday. So that's the 26th of February, 486 00:30:05,940 --> 00:30:08,980 S1: will be live there in Cleveland, and you're welcome to come. 487 00:30:08,980 --> 00:30:11,300 S1: There'll be a lot of students there. But if you're 488 00:30:11,340 --> 00:30:14,620 S1: there in that community in Cleveland, it's free and open 489 00:30:14,620 --> 00:30:19,940 S1: to everyone. Just go to Moody Radio for details. Click 490 00:30:19,940 --> 00:30:22,820 S1: on the community calendar and I'll hope to see you 491 00:30:22,820 --> 00:30:26,580 S1: there again. Live from Cuyahoga Valley Christian Academy. We'll be 492 00:30:26,580 --> 00:30:29,420 S1: doing this broadcast and we'd love to have you. Go 493 00:30:29,420 --> 00:30:34,120 S1: to npr.org. Click on the community calendar. A quick break 494 00:30:34,120 --> 00:30:42,640 S1: and back with more after this. Stay with us. Great 495 00:30:42,640 --> 00:30:44,720 S1: to have you with us today on Faith and finance live. 496 00:30:44,720 --> 00:30:48,840 S1: We're live from the National Religious Broadcasters Convention in Nashville, Tennessee. 497 00:30:48,840 --> 00:30:52,280 S1: Coming to you all week from this incredible gathering of 498 00:30:52,280 --> 00:30:55,840 S1: media professionals from around the globe. But delighted to take 499 00:30:55,840 --> 00:30:59,000 S1: your calls and questions each day on the broadcast. Let's 500 00:30:59,000 --> 00:31:02,320 S1: get right back to the phones and go to Saint Louis. Hi, Anthony. 501 00:31:02,360 --> 00:31:02,880 S1: Go ahead. 502 00:31:03,560 --> 00:31:05,080 S7: Hi, sir. How are you doing? Thank you for taking 503 00:31:05,080 --> 00:31:10,720 S7: my call. Of course I for. So my daughter was 504 00:31:10,720 --> 00:31:14,400 S7: on my phone plan. Um, and but this year, uh, 505 00:31:14,400 --> 00:31:17,160 S7: last year in April, she got married and she moved 506 00:31:17,160 --> 00:31:19,520 S7: to Georgia with her husband. He put her on the 507 00:31:19,520 --> 00:31:21,840 S7: phone plan, but I had to call my daughter and 508 00:31:21,840 --> 00:31:24,360 S7: give her permission to be taken off my plan. They 509 00:31:24,360 --> 00:31:26,760 S7: had to give her the Ein number and all that information. 510 00:31:26,960 --> 00:31:29,880 S7: We did that last April. I'm thinking she told them 511 00:31:29,880 --> 00:31:32,040 S7: already to cut the line off. She knows we need 512 00:31:32,040 --> 00:31:34,900 S7: Similarly to service. I check my account the other day 513 00:31:35,220 --> 00:31:37,540 S7: and they've been charging me the same thing for that 514 00:31:37,540 --> 00:31:39,980 S7: phone all this time, and they're telling me that no 515 00:31:39,980 --> 00:31:42,740 S7: one told them to disconnect the line. They see that 516 00:31:42,740 --> 00:31:45,420 S7: has no service, been on the line for almost a year, 517 00:31:45,580 --> 00:31:49,780 S7: and they're charging me for for the line and insurance 518 00:31:49,780 --> 00:31:52,380 S7: for a whole year, and they will not give me 519 00:31:52,420 --> 00:31:53,900 S7: my money back. They told me there's nothing I can 520 00:31:53,900 --> 00:31:55,580 S7: do about it. Is that true, sir? 521 00:31:55,620 --> 00:31:56,100 S6: Yeah. 522 00:31:57,060 --> 00:32:00,460 S1: Well, yeah. This is challenging. Have you tried to escalate 523 00:32:00,460 --> 00:32:03,860 S1: it beyond just the the customer service agent you got 524 00:32:03,860 --> 00:32:05,219 S1: when you first called? 525 00:32:07,140 --> 00:32:09,940 S7: Uh, no, I only tried the billing department, and then 526 00:32:09,940 --> 00:32:12,420 S7: I left a comment on where you leave a comment 527 00:32:12,420 --> 00:32:14,340 S7: on the service. I left that on their line. 528 00:32:15,260 --> 00:32:20,580 S1: Yeah. Yeah. Well, I think, you know, oftentimes companies rarely 529 00:32:20,580 --> 00:32:24,700 S1: refund fully until you move it beyond the normal customer 530 00:32:24,700 --> 00:32:27,620 S1: service conversation. So here's what I would do. I think 531 00:32:27,620 --> 00:32:30,780 S1: the first step is always to gather any kind of 532 00:32:30,960 --> 00:32:33,560 S1: documentation that you have, and you may be limited on 533 00:32:33,560 --> 00:32:36,200 S1: this if it was all via phone. But if you have, 534 00:32:36,520 --> 00:32:39,240 S1: you know, bills showing that the line was still being charged, 535 00:32:39,240 --> 00:32:43,280 S1: of course you do. The date your daughter left the plan, 536 00:32:43,560 --> 00:32:48,160 S1: any emails, texts or account notes that you've got. At 537 00:32:48,160 --> 00:32:51,240 S1: the very least, just documentation on when she called and 538 00:32:51,240 --> 00:32:55,080 S1: and what the conversation was. The stronger the timeline, the 539 00:32:55,080 --> 00:32:57,640 S1: better your leverage. And then you're going to want to 540 00:32:57,640 --> 00:33:04,000 S1: call back and ask for either a retention or executive support. Uh, 541 00:33:04,000 --> 00:33:07,760 S1: somebody that, you know, could can escalate this beyond just 542 00:33:07,760 --> 00:33:11,520 S1: the basic billing or customer service. And you would say 543 00:33:11,520 --> 00:33:14,720 S1: something like, this line had no service and should have 544 00:33:14,720 --> 00:33:18,840 S1: been removed. I need this escalated to a supervisor or 545 00:33:18,880 --> 00:33:22,239 S1: retention specialist. Of course, you want to be polite, but 546 00:33:22,240 --> 00:33:24,640 S1: I would also be firm and ask them to note 547 00:33:24,640 --> 00:33:28,080 S1: the account. And then, you know, let's see if if 548 00:33:28,080 --> 00:33:34,540 S1: through you getting to a higher escalation. Escalation department, you know, 549 00:33:34,580 --> 00:33:38,460 S1: could get some movement on this thing. Your best leverage 550 00:33:38,460 --> 00:33:40,260 S1: is just that they're going to want to retain you 551 00:33:40,260 --> 00:33:43,180 S1: as a client. And obviously, if you're not happy with 552 00:33:43,180 --> 00:33:47,740 S1: the resolution here, uh, they're likely to lose you. And so, 553 00:33:47,780 --> 00:33:50,820 S1: you know, they have some leverage. And, um, again, if 554 00:33:50,820 --> 00:33:53,380 S1: you get to the right party, then that's where you'd 555 00:33:53,380 --> 00:33:56,620 S1: have the ability to hopefully see some. At the very least, 556 00:33:56,620 --> 00:33:58,540 S1: somebody who'd meet you in the middle, even if they 557 00:33:58,540 --> 00:34:03,700 S1: can't refund the whole thing. Um, ultimately, the account owner 558 00:34:03,700 --> 00:34:06,580 S1: is responsible for removing the line. You may hear them 559 00:34:06,620 --> 00:34:11,779 S1: say that, and a lack of usage doesn't automatically cancel billing. 560 00:34:11,980 --> 00:34:14,620 S1: So you may not recover every dollar, but at the 561 00:34:14,620 --> 00:34:19,100 S1: very least, you could get a partial refund. Perhaps account credits, 562 00:34:19,100 --> 00:34:21,939 S1: which could help save you money going forward, could be 563 00:34:21,940 --> 00:34:25,340 S1: a a good middle ground there. But, um, you know, 564 00:34:25,420 --> 00:34:26,819 S1: at the end of the day, I think those would 565 00:34:26,820 --> 00:34:27,980 S1: be your next steps. 566 00:34:29,100 --> 00:34:31,589 S7: Okay. So that's been very helpful. Thank you very much. 567 00:34:31,590 --> 00:34:33,390 S7: You're very knowledgeable. May God bless you. 568 00:34:33,390 --> 00:34:37,189 S1: And this well thank you Anthony. I appreciate you, sir. 569 00:34:37,230 --> 00:34:42,750 S1: Call anytime 800 525 7000. Uh, let's go to, uh, Florida. Uh, Susan. 570 00:34:42,750 --> 00:34:43,350 S1: Go ahead. 571 00:34:46,350 --> 00:34:46,830 S5: Hello. 572 00:34:47,710 --> 00:34:49,230 S1: Hi, Susan. How can I help you? 573 00:34:50,310 --> 00:34:53,870 S8: Oh, hello. Yes, we've been kind of following the savings 574 00:34:53,870 --> 00:34:58,150 S8: account that's being introduced for children with, uh, President Trump. 575 00:34:58,590 --> 00:35:01,950 S8: We have boys that are 12 years old, and I 576 00:35:01,950 --> 00:35:05,190 S8: was wondering. I know we won't get that thousand dollar input, 577 00:35:05,230 --> 00:35:08,310 S8: but if we start opening up an account and put 578 00:35:08,310 --> 00:35:13,069 S8: that through, uh, I read that as it accumulates, if 579 00:35:13,070 --> 00:35:16,150 S8: they hit a certain age, it can convert to a Roth. 580 00:35:17,070 --> 00:35:18,590 S8: Is there anything? Yeah. 581 00:35:19,469 --> 00:35:24,110 S1: Well, no, the, um, it's similar to a Roth. Essentially. 582 00:35:24,110 --> 00:35:28,030 S1: What happens is if your kids are older so under 18, 583 00:35:28,030 --> 00:35:31,489 S1: which clearly they are as 12 year olds. Uh, you 584 00:35:31,530 --> 00:35:33,609 S1: can open the account. You're not going to receive that 585 00:35:33,650 --> 00:35:37,690 S1: thousand dollar bonus, but you can use the program. And, 586 00:35:37,890 --> 00:35:41,930 S1: you know, you have the ability to put those funds in, um, 587 00:35:41,969 --> 00:35:46,130 S1: similar to a 529 but simpler and, you know, gives 588 00:35:46,130 --> 00:35:51,370 S1: you the ability to see that money grow over time. Um, and, 589 00:35:51,410 --> 00:35:53,890 S1: you know, you could add to it up to 5000 590 00:35:53,930 --> 00:35:58,129 S1: a year. It grows tax deferred until they're 18. So 591 00:35:58,170 --> 00:36:02,569 S1: it's similar to a traditional IRA. And then you can, uh, 592 00:36:02,570 --> 00:36:08,090 S1: officially enroll right now by filing the IRS form four, five, four, 593 00:36:08,130 --> 00:36:12,489 S1: seven with your 2025 return. That's what's going to establish 594 00:36:12,489 --> 00:36:15,330 S1: the account. And then you can start contributing to it 595 00:36:15,330 --> 00:36:19,210 S1: as soon as that's available. The latest details on that, Susan, 596 00:36:19,210 --> 00:36:22,850 S1: is available because this is still obviously just rolling out. 597 00:36:22,850 --> 00:36:25,850 S1: So people are kind of getting familiar with it over time. 598 00:36:26,050 --> 00:36:29,870 S1: But if you go to Trump accounts.gov. That's the best 599 00:36:29,870 --> 00:36:33,070 S1: website and going to have the most up to date information. 600 00:36:33,070 --> 00:36:38,190 S1: Trump accounts.gov. But essentially this is going to act like 601 00:36:38,230 --> 00:36:43,950 S1: a a traditional IRA growing tax deferred similar uh to 602 00:36:43,989 --> 00:36:47,870 S1: what you've got with a normal IRA until they turn 18. 603 00:36:49,110 --> 00:36:51,030 S8: So what how do we know what the interest rates 604 00:36:51,030 --> 00:36:53,270 S8: would be? Or is it just going to be like 605 00:36:53,430 --> 00:36:54,590 S8: a standard rate? 606 00:36:56,230 --> 00:37:02,550 S1: Uh, no. You can. Yeah. Uh, you can invest inside, uh, the, 607 00:37:02,550 --> 00:37:06,069 S1: the Trump account. And so it would be whatever, you know, 608 00:37:06,150 --> 00:37:09,870 S1: the investments do inside the account. So it's not just 609 00:37:09,870 --> 00:37:12,870 S1: a flat interest rate that you would be earning on it. 610 00:37:12,870 --> 00:37:14,950 S1: You would be able to put that money to work. 611 00:37:16,670 --> 00:37:20,469 S8: And like for us who have conviction that we don't 612 00:37:20,469 --> 00:37:24,430 S8: want to do any, um, investing in, like, you know, 613 00:37:24,469 --> 00:37:29,489 S8: pornography or anything, uh, companies that might be questionable. How 614 00:37:29,489 --> 00:37:31,370 S8: can you avoid that in this kind of thing? 615 00:37:32,650 --> 00:37:35,049 S1: Yeah. My understanding is that these are going to be 616 00:37:35,050 --> 00:37:37,930 S1: just US stock index funds. So they're going to be 617 00:37:37,930 --> 00:37:42,689 S1: broad market indexes like the S&P 500, which unfortunately means 618 00:37:42,810 --> 00:37:46,690 S1: you're going to have to take the entire index with it. Um, 619 00:37:47,370 --> 00:37:51,730 S1: I'm not familiar with any kind of, um, uh, ability 620 00:37:51,730 --> 00:37:56,770 S1: to actually select individual investments. So unfortunately, while we're waiting 621 00:37:56,770 --> 00:38:01,010 S1: for faith aligned, values, aligned investments to go more mainstream, 622 00:38:01,010 --> 00:38:03,650 S1: which there's a lot of things happening in, and that's 623 00:38:03,690 --> 00:38:06,489 S1: exactly what's is going to be the case in the future. 624 00:38:06,770 --> 00:38:08,969 S1: I don't think that's going to be possible inside these 625 00:38:08,969 --> 00:38:12,410 S1: Trump accounts. Unfortunately. You're going to just be invested in 626 00:38:12,410 --> 00:38:13,970 S1: the broad US indexes. 627 00:38:14,610 --> 00:38:20,569 S8: Um, so are the chances probably high that they'll be questionable? Um, 628 00:38:20,850 --> 00:38:23,010 S8: businesses that are being invested? 629 00:38:24,370 --> 00:38:27,750 S1: Absolutely. Yeah. So for instance, you know, depending on what 630 00:38:27,750 --> 00:38:30,870 S1: screening criteria you would look at, uh, you know, it 631 00:38:30,870 --> 00:38:33,190 S1: could be as much as the third of the S&P 632 00:38:33,230 --> 00:38:38,710 S1: 500 if you were actively screening for faith values in 633 00:38:38,710 --> 00:38:43,350 S1: terms of primary businesses, uh, what they're producing, you would 634 00:38:43,350 --> 00:38:46,750 S1: probably be somewhere between a third and a half of 635 00:38:46,750 --> 00:38:48,390 S1: the S&P that you might pull out. 636 00:38:49,190 --> 00:38:51,470 S8: Well, I didn't hardly hear you, but I get it. 637 00:38:51,469 --> 00:38:54,190 S8: So okay. Well I appreciate your input on that. 638 00:38:54,790 --> 00:38:57,589 S1: Okay. Well I appreciate your call today. And unfortunately we're 639 00:38:57,590 --> 00:39:00,950 S1: having some technical difficulties. We're, uh, on a remote broadcast 640 00:39:00,989 --> 00:39:04,550 S1: today from Nashville. And if we're having some, uh, faith 641 00:39:04,550 --> 00:39:08,190 S1: in finance live. And the secret's out, we've got technical 642 00:39:08,190 --> 00:39:11,629 S1: problems that are causing some challenges around here. Now, I'm 643 00:39:11,630 --> 00:39:14,350 S1: confident our team will get it all straightened out, so 644 00:39:14,350 --> 00:39:18,030 S1: don't go anywhere. Instead, do hang on to that question 645 00:39:18,030 --> 00:39:21,070 S1: or comment you wanted to share. Since we have this moment, 646 00:39:21,070 --> 00:39:25,049 S1: let me say thanks. First, thanks for listening. Just knowing 647 00:39:25,090 --> 00:39:28,489 S1: we've got friends like you is a big encouragement. Second, 648 00:39:28,489 --> 00:39:31,450 S1: thanks for calling in with your questions. We love listening 649 00:39:31,489 --> 00:39:34,969 S1: to and ministering to people like you, but unless you 650 00:39:34,969 --> 00:39:37,370 S1: grab your phone and give us a ring, well, the 651 00:39:37,370 --> 00:39:41,570 S1: program wouldn't be near as fun or interesting. Third, thanks 652 00:39:41,570 --> 00:39:44,609 S1: for visiting our website. We've got some great content for 653 00:39:44,610 --> 00:39:47,570 S1: you there that you'll appreciate. For example, you can ask 654 00:39:47,570 --> 00:39:50,770 S1: a question and learn more about our ministry. Now, if 655 00:39:50,770 --> 00:39:53,250 S1: it's been a while or you've never checked it out, 656 00:39:53,250 --> 00:40:01,050 S1: you'll find us at Moody Radio.com. That's Moody Radio.com. Last, 657 00:40:01,050 --> 00:40:03,890 S1: I encourage you to let your friends know about the program. 658 00:40:03,890 --> 00:40:07,089 S1: You may have noticed we have no advertising budget for 659 00:40:07,090 --> 00:40:10,370 S1: faith and finance live. You won't see my smiling face 660 00:40:10,370 --> 00:40:14,610 S1: on billboards, TV commercials, or pop up ads online, so 661 00:40:14,770 --> 00:40:18,450 S1: we're relying on you to share us with your friends. 662 00:40:18,450 --> 00:40:21,569 S1: Let them know how and why you listen. Tell them 663 00:40:21,570 --> 00:40:24,940 S1: how the broadcast has benefited you. Maybe helped you become 664 00:40:24,940 --> 00:40:28,260 S1: a better steward of God's money. And thanks for passing 665 00:40:28,260 --> 00:40:31,540 S1: the word along. We appreciate you hanging in there as 666 00:40:31,540 --> 00:40:34,860 S1: we work through some tech issues, and do stand by 667 00:40:34,900 --> 00:40:38,620 S1: as we reconnect you with faith and finance. Live just 668 00:40:38,620 --> 00:40:41,780 S1: as soon as we can. All right, we're back on. 669 00:40:41,780 --> 00:40:44,940 S1: And again, thanks for your patience today. You all are amazing. 670 00:40:44,980 --> 00:40:48,780 S1: We're broadcasting live from Nashville, which has worked just fine 671 00:40:49,219 --> 00:40:51,940 S1: all week long, but obviously some technical issues that we're 672 00:40:51,940 --> 00:40:54,739 S1: going to work to get ironed out, uh, over the 673 00:40:54,739 --> 00:40:58,060 S1: next 24 hours and make sure we're ready to go tomorrow, 674 00:40:58,060 --> 00:41:01,060 S1: Lord willing. But, uh, thanks for hanging in there with us. Uh, 675 00:41:01,060 --> 00:41:03,820 S1: what a privilege to come alongside you each day and 676 00:41:04,100 --> 00:41:06,180 S1: be able to serve you as we help you live 677 00:41:06,219 --> 00:41:10,100 S1: as that wise and faithful steward. Uh, we'll be back tomorrow. 678 00:41:10,100 --> 00:41:12,100 S1: And if you didn't get through, David, I know you've 679 00:41:12,100 --> 00:41:15,140 S1: been holding there in Chicago, Steve in Florida and others. 680 00:41:15,140 --> 00:41:18,020 S1: Let's try to get you on first tomorrow. We'd be 681 00:41:18,020 --> 00:41:21,299 S1: delighted to take your calls and, uh, tackle your questions. 682 00:41:21,300 --> 00:41:24,240 S1: Let me again mention, if you're listening in the Cleveland area, 683 00:41:24,239 --> 00:41:27,520 S1: will be live and in person next week on Thursday 684 00:41:27,560 --> 00:41:32,359 S1: the 26th. Uh, we'll be in Cuyahoga Falls, Ohio, and, uh, 685 00:41:32,360 --> 00:41:36,719 S1: we'll be broadcasting in person from Cuyahoga Valley Christian Academy. 686 00:41:36,719 --> 00:41:39,080 S1: There'll be some students there, but we'd love to have 687 00:41:39,080 --> 00:41:41,640 S1: you there as well. We'll be taking your questions live 688 00:41:41,640 --> 00:41:44,719 S1: on the air and, uh, sharing biblical wisdom for your 689 00:41:44,719 --> 00:41:47,719 S1: financial journey. So if you'd like to come join us, 690 00:41:47,719 --> 00:41:50,359 S1: I'd love to say hello, shake your hand and, uh, 691 00:41:50,360 --> 00:41:52,560 S1: have you in our live studio audience. So, again, if 692 00:41:52,560 --> 00:41:54,560 S1: you want to learn more about that, just go to 693 00:41:55,520 --> 00:42:00,040 S1: npr.org and click on the Community calendar. Folks, uh, thank 694 00:42:00,080 --> 00:42:02,560 S1: you for being with us today. You know, as we 695 00:42:02,760 --> 00:42:05,759 S1: accept our role as stewards of God's resources, what a 696 00:42:05,760 --> 00:42:09,320 S1: privilege we have of managing money for the King of Kings. 697 00:42:09,360 --> 00:42:11,480 S1: Our goal each day to help you live as a 698 00:42:11,480 --> 00:42:14,600 S1: wise and faithful steward. Big thanks to my team today, Josh, 699 00:42:14,640 --> 00:42:18,360 S1: Omar Taylor, Teheran. Everybody at Faith by Faith and Finance 700 00:42:18,400 --> 00:42:21,399 S1: Live is a partnership between Moody Radio and Faith. Come 701 00:42:21,400 --> 00:42:22,880 S1: back and join us tomorrow by.