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S1: Hey, it's Diana super Di and so glad you've tuned

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S1: in to the Carl and Crew show cast. You know,

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S1: we air live weekday mornings, 5 to 9 central. For

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S1: all the great ways to listen, just head to Carl

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S1: and crew for.

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S2: Coming to you live from the call of Hope studio.

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S2: This is Carl and crew.

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S3: Carl and crew. And what a joy to be doing

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S3: this all week long. Ask the experts. I am thrilled

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S3: with the content that we are getting into the boom

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S3: crews hand. I mean, Ali, is this tremendous or what?

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S4: This has been a huge week, and I've had my

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S4: papers out and I've been taking notes on each of

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S4: our guests and biggest and biggest takeaways. And I mean,

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S4: it's been a phenomenal week.

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S3: But coming up straight ahead, one of my favorite I've

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S3: been looking forward to him all week long. Ali I'm

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S3: take it away I might spontaneously combust.

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S4: Well, we are bringing money wise faith and finance to

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S4: the morning's Faith and finance Live host Rob West is

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S4: going to be with us taking questions on finances.

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S2: You can take him out of Alaska, but you can't

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S2: take Alaska out of him. Carl is in the crew.

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S2: It's Carl and crew on Moody Radio Scotland crew.

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S3: It's a whole week of Ask the Experts and we've

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S3: got Rob West with us today. Faith and finance. He's

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S3: got a brand new book out. We're going to give

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S3: you a link. Rob. You ready for this?

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S5: Yeah, but I'm an afternoon guy, so, you know, I

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S5: guess I'm going to make it work. Carl I mean,

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S5: here I am, bright and early, right?

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S3: You're gonna kill it, buddy. You're gonna kill it. By

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S3: the way, I want to begin with the question of

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S3: my own. What's going on with 401, 403 B's as

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S3: far as expanding where you can invest your money these days,

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S3: what do you say to all these Christ followers listening

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S3: right now?

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S5: Yeah. What an opportunity, Carl, you're exactly right. I mean,

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S5: this is the chance for us to put something away

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S5: for the future. You know, we got to live in

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S5: this tension between how do I manage what God allows

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S5: to pass through my hands? And it's certainly appropriate to

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S5: save a portion of it for the future. We want

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S5: to balance that with our giving and the here and now.

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S5: But you know, with for one, I love the fact

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S5: that they're expanding the opportunities to invest. You know, one

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S5: of the things that's nice about the 41K is you

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S5: have this simple menu of choices. It makes it a

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S5: little bit easier to choose what investments are right for you,

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S5: especially if you use one of those lifecycle funds or the, uh,

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S5: the the date based funds, where you just pick your

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S5: retirement date and it automatically adjusts it for the right mix.

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S5: But a lot of them are now opening up what's

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S5: called a brokerage window, which means you can essentially invest

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S5: beyond that menu. And the great opportunity for Christ followers

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S5: is one of the new kind of aha's in this

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S5: area of finance for Christians is what's called faith based investing,

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S5: where you can eliminate those companies that are misaligned with

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S5: your values. You can opt in to those companies and

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S5: investments that are promoting human flourishing and even a kingdom impact,

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S5: and those are generally only available beyond the predetermined list.

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S5: And so now you can go access those in many cases.

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S3: Love it, love it. We got our first text message

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S3: in here. Uh, question for Rob West. What is the

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S3: best method to pay off significant credit card debt? Rob

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S3: there's a lot of people listening with this right now.

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S3: What do you say, my man?

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S5: Well, it's a big challenge. And so first of all,

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S5: my heart goes out to you because I know the

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S5: weight that this credit card debt is in your life

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S5: and you're not alone, first of all. So credit card

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S5: debt just reached an all time high 1.2 trillion Carl

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S5: and Ali that's owed. The average household holding a credit

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S5: card balance of over $10,000 now. So this is real.

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S5: And this went down during the pandemic because we were home. And,

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S5: you know, we were paying down those balances and saving more.

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S5: And now, unfortunately, it's back right up to where it

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S5: was pre-pandemic levels. And even beyond that. So where do

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S5: you go from here? Well, my number is around $4,000.

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S5: If you have less than 4000 in credit card debt,

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S5: you can do this yourself. And it's called the snowball method.

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S5: And basically what you do is you first have to

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S5: start with the budget. Remember living within your means, below

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S5: your means. So you have margin is really essential to

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S5: accomplishing any of your goals beyond just this month. And

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S5: so we need to dial back our spending and free

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S5: up margin so we can take 100% of that and

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S5: put it toward debt repayment. All right. And you're going

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S5: to line up your balances smallest to largest balance not

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S5: interest rate but balance. And here's why. Let's say that

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S5: first card is $1,000. And you freed up $250 a

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S5: month out of your budget. Four months later, it's gone.

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S5: That win is going to keep you going. And the

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S5: best repayment plan is the one that you'll actually finish. Okay,

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S5: so smallest to largest balance. We keep them all current,

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S5: but we take that extra money we've freed up by

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S5: cutting back in every area possible. We attack the smallest

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S5: bounds and move right on from there. If you have

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S5: more than 4000 in debt, and I realize that's a

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S5: lot of us listening today. Well, that's where I would

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S5: use debt management and our friends at Christian Credit Counselors

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S5: or Trinity. Either one would be great. Both, uh, you know,

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S5: staffed by believers. They're going to keep the debt right

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S5: where it is. But get those interest rates down that's

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S5: going to allow you to pay it off 80% faster.

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S5: So one of those twos situations can work for you.

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S5: The key is don't go into debt settlement where they

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S5: stop paying them and try to negotiate them. That'll trash

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S5: your credit. And no debt consolidation where you take out

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S5: a new loan. Because often my experience, Carl, is that

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S5: doesn't fix the problem. And then you call me back

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S5: six months later and say, guess what, I've got a

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S5: consolidation loan and the credit card debt is back.

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S3: You know, I've wondered about this, though. Rob, what do

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S3: these services set you back? I have never heard the

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S3: answer to that question. How much do they cost you

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S3: to get hooked up with one of these great faith

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S3: based kind of strategies here for you? How does that work?

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S5: Yeah, yeah. You know, it's there's a typically just a

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S5: small monthly fee. It'd be less than $20 a month

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S5: on average. But when you add, you know, you put

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S5: that alongside the savings. Because remember the average interest rate

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S5: right now is 22%. And typically on credit counseling or

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S5: what's called debt management, they're the same thing. It's between

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S5: 0 and 12%. So those interest rates drop. And when

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S5: you cut that interest rate now a lot more is

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S5: going to principal reduction every month. And that's the key.

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S3: Beautiful.

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S4: Rob West our guest this morning, host of the nationally

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S4: syndicated program Faith and Finance Live. You hear it here

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S4: on Moody Radio. You can text money if you want

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S4: to get to this app. We'll talk about it. But

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S4: if you want resources from Rob West in connection to

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S4: the app, just text money to 800 555 7898. Rob,

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S4: what is the best way to put away money for

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S4: your future generations, for your children and even your grandchildren?

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S4: Obviously you can put it away in a savings account.

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S4: You could put it in a college fund kind of thing,

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S4: but is there a better way to kind of grow that?

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S5: Yeah, it's a great question, Ali. I would say if

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S5: it's earmarked specifically for college, then the 529 college savings

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S5: is my preferred way to go. It's tax free growth

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S5: as long as you've used it for or you will

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S5: use it for qualified education expenses. There's high contribution limits

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S5: and often a state tax deduction or credit. But again,

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S5: you really want to make sure that it's earmarked for college.

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S5: Now if you get to that point and they get

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S5: scholarships or grants, you can get it back equal to

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S5: the amount of the scholarship or grant. I would go

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S5: to Savingforcollege.com to find out which states plan is best

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S5: for you. It may not be your state because another

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S5: state may have better performance or lower fees, or both. Now,

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S5: if you want to save for the kids or the

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S5: grandkids and it's not for college, you can generally do

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S5: that in a Roth IRA. But again, this is long

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S5: term money that you're thinking they're not going to touch

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S5: until retirement. You're just trying to get them started and

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S5: leverage the power of compounding. The only key is they

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S5: have to have earned income. So I would say long

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S5: term with earned income, not college. That's the Roth IRA

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S5: for college. 529 college savings.

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S2: Breaking chains and running free. You're listening to Carl and crew.

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S3: Yeah, a whole week have asked the experts. We got

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S3: Rob West with us right now. Rob, let's let's set

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S3: something in place here. As a pastor, I see a

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S3: lot of people struggling financially. My hot take on this, Rob,

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S3: is that usually there's a spiritual deep component here somewhere.

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S3: Explain that, would you, my man?

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S5: Yeah. You know, as we think about money so often,

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S5: we think about that iceberg. You know, 10% of the

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S5: iceberg is above the water line, but the 90%, the

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S5: real mass of that iceberg is below. And in our finances,

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S5: the 10% above the water line that we focus on

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S5: is the, you know, this college plan and what investment

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S5: and how do I pay down debt and how do

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S5: I live within my means. And that's all important. But

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S5: really it's the 90% below the water line. That's our heart.

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S5: It's the why. Remember Jesus said, where your treasure is,

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S5: there your heart will be also. So money issues are

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S5: heart issues and they reveal how we handle money reveals

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S5: what we value, what our priorities are, and where we've

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S5: placed our trust. And, you know, the challenge is, you know,

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S5: money can compete with God for first position in our lives,

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S5: like very few other things. Uh, you know, the late

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S5: Tim Keller said in his book Counterfeit Gods, the most

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S5: common counterfeit god is money. If something's going to dethrone

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S5: God from first position. It's most often going to be

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S5: money and the things that money can buy. You remember

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S5: what the parable of the sower, what choked out the

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S5: word from bearing 30, 60, 100 fold return was the

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S5: deceitfulness of riches, the desires for other things, the cares

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S5: of this world. So I think we have to start

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S5: and see if we have misplaced trust. Am I trusting

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S5: in the things of this world? My bank account, my

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S5: 401 K? You know the the status that I have

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S5: by the things that I own? Or is God my

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S5: ultimate treasure? And when he is, I realize that I

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S5: already have enough before the first dollar, and then it

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S5: allows me to put money in its proper place. And

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S5: that is a tool to accomplish God's purposes. You remember

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S5: the God who created money is the God of joy

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S5: and delight. He created money for our enjoyment. It says

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S5: in First Timothy and where to use it to give

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S5: to those in need and love our neighbor. We can

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S5: invest in a way that creates human flourishing, but we

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S5: have to order it according to the principles we find

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S5: in His Word. That means spend less than we earn.

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S5: Avoid debt. Set some long term goals. Give generously. Have

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S5: some margin. When we do that, it doesn't mean we'll

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S5: be free. Carl and Allie, as you well know from difficulty,

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S5: we live in a fallen world. But we'll put ourselves

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S5: in a position to experience God's best. The key is

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S5: we can't make money. The end. It's a means to

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S5: an end. And God is our ultimate treasure.

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S3: How do we change the affection of our hearts so

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S3: that the direction of our money isn't following the wrong stuff?

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S5: Yeah, well, here's the key. Uh, giving breaks the power

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S5: of money over our lives. You know, when you hold

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S5: it loosely and give it away, it's a it's a

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S5: tangible demonstration of you saying, God, I trust you. You

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S5: are my provider, not my employer, not the US government,

222
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S5: not anything else. You are my provider. I see how

223
00:11:38,780 --> 00:11:41,260
S5: you provide for the birds of the air. I know

224
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S5: you'll provide for me. created in your image, your child.

225
00:11:45,200 --> 00:11:48,199
S5: And so I trust you today. And that act of

226
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S5: giving is that worship, that demonstration of trust that breaks

227
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S5: the grip or the power of money over our lives,

228
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S5: reorients our hearts to the eternal, not the temporal. And

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S5: it frees us from that trap, Carl, that you're describing.

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S3: Yeah.

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S4: Let's go to David. First time caller from Summerfield, Florida. David,

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S4: go ahead with your question.

233
00:12:12,600 --> 00:12:13,720
S6: Hey, good morning Rob.

234
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S5: Good morning.

235
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S6: I have, um, I have a, um, a 401 K

236
00:12:19,800 --> 00:12:24,160
S6: that was rolled into an IRA three years ago with, uh,

237
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S6: Edward Jones. And, uh, the advisor's been calling me, um,

238
00:12:30,160 --> 00:12:34,960
S6: to want to roll that. It's 117. It was 100

239
00:12:34,960 --> 00:12:38,679
S6: when I. When I left that employment, and now it's

240
00:12:38,679 --> 00:12:42,610
S6: at 117. Three years later. and he wants me to

241
00:12:42,650 --> 00:12:48,090
S6: roll that into a Lincoln fund. That's an annuity. And

242
00:12:48,090 --> 00:12:51,210
S6: he says, when I'm 55. Right now, he said, when

243
00:12:51,210 --> 00:12:55,770
S6: I'm 70, what's my retirement date I picked? Uh, said,

244
00:12:55,770 --> 00:12:59,210
S6: that'll pay me 1000 a month. He said that my

245
00:12:59,210 --> 00:13:03,130
S6: portfolio looks real good, but I he wants to have

246
00:13:03,130 --> 00:13:06,170
S6: me a, you know, a pension for me. Um, like

247
00:13:06,170 --> 00:13:10,449
S6: he has from the government and, uh, and everything that

248
00:13:10,450 --> 00:13:13,010
S6: I've been reading, and I've followed you for years, and

249
00:13:13,010 --> 00:13:16,050
S6: you're not a big fan of them, and, uh, and

250
00:13:16,090 --> 00:13:20,290
S6: I don't want to make a wrong decision here and

251
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S6: everything that I've searched and searched about this and asked

252
00:13:24,410 --> 00:13:27,130
S6: God and everything, and it's the only thing I can

253
00:13:27,130 --> 00:13:29,890
S6: come up with is they make a lot of money

254
00:13:29,929 --> 00:13:33,610
S6: off the the front end when you put it in there. Uh,

255
00:13:33,610 --> 00:13:36,570
S6: my advisor would. And then after that, they really don't

256
00:13:36,570 --> 00:13:40,740
S6: make much. So, um, I'm trying to get your, um.

257
00:13:40,780 --> 00:13:43,260
S6: It was so timely when you were on this, on

258
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S6: this program this morning because, uh, I got to go

259
00:13:45,820 --> 00:13:48,580
S6: next week, and he put in a hard sell on me,

260
00:13:48,620 --> 00:13:51,580
S6: and I've never had that, you know these. Yes.

261
00:13:51,900 --> 00:13:54,700
S3: Yeah, we got it, David. I think we got that.

262
00:13:54,700 --> 00:13:56,860
S3: Thank you. Buddy, this is good stuff. What do you

263
00:13:56,860 --> 00:13:57,580
S3: say Rob.

264
00:13:58,179 --> 00:14:01,100
S5: Yeah, it's a great question. And first of all, I

265
00:14:01,100 --> 00:14:04,060
S5: don't want you to be sold anything. And often annuities

266
00:14:04,059 --> 00:14:06,660
S5: are sold rather than bought. So I really want you

267
00:14:06,660 --> 00:14:10,059
S5: to clarify your goal before you do anything and make

268
00:14:10,059 --> 00:14:12,100
S5: sure this is the right fit for you. You know,

269
00:14:12,140 --> 00:14:15,860
S5: here's some questions to ask. Do I want income now

270
00:14:15,900 --> 00:14:19,260
S5: or soon that I can't outlive? How important is that

271
00:14:19,260 --> 00:14:22,140
S5: to me? Or would I rather have the growth and

272
00:14:22,140 --> 00:14:25,780
S5: flexibility for later? Because I think the answer to that

273
00:14:25,780 --> 00:14:28,580
S5: question will steer this decision. And then you have to

274
00:14:28,620 --> 00:14:32,460
S5: compare the math. What is, you know, the guaranteed payout

275
00:14:32,460 --> 00:14:36,340
S5: in today's dollars and compare it to what your IRA

276
00:14:36,380 --> 00:14:40,840
S5: could generate if invested in a way that's appropriate, conservatively,

277
00:14:40,840 --> 00:14:44,480
S5: let's say, you know, for the foreseeable future. And then

278
00:14:44,480 --> 00:14:46,960
S5: I think you need to understand the costs and restrictions.

279
00:14:46,960 --> 00:14:49,760
S5: What's the annual fee and how long is my money

280
00:14:49,760 --> 00:14:52,560
S5: locked up and what are the surrender charges. And I

281
00:14:52,560 --> 00:14:54,920
S5: think that will drive the decision. You're right. I'm not

282
00:14:54,920 --> 00:14:57,880
S5: a big fan of annuities. I'd rather you keep full

283
00:14:57,880 --> 00:15:00,720
S5: access to your money. Let it grow in a way

284
00:15:00,720 --> 00:15:04,360
S5: that's appropriate. Yes, you're taking some risk on, but you

285
00:15:04,360 --> 00:15:08,040
S5: have the ability to capture the full upside of the market.

286
00:15:08,080 --> 00:15:10,400
S5: You know, between now and however long you know, the

287
00:15:10,400 --> 00:15:14,120
S5: Lord has you here. Now, if you say above everything else, Rob,

288
00:15:14,120 --> 00:15:17,000
S5: I want to transfer risk to an insurance company. And

289
00:15:17,000 --> 00:15:20,320
S5: I want that mailbox money, that income stream for life. Well,

290
00:15:20,320 --> 00:15:23,480
S5: then maybe maybe an annuity is right for you. Apart

291
00:15:23,480 --> 00:15:25,880
S5: from that, I'd say keep it right where it is.

292
00:15:25,880 --> 00:15:27,880
S5: Keep it invested in a way that fits your goals

293
00:15:27,880 --> 00:15:30,520
S5: and objectives. Let it grow and keep full access to

294
00:15:30,560 --> 00:15:31,080
S5: the money.

295
00:15:31,560 --> 00:15:36,080
S2: A basketball mom who's mastered the dad joke. Ali is

296
00:15:36,080 --> 00:15:39,850
S2: in the crew. It's Carl and crew on Moody Radio.

297
00:15:39,890 --> 00:15:41,650
S3: Okay, let's get back to the phones. Ali. Who do

298
00:15:41,650 --> 00:15:41,890
S3: we have?

299
00:15:41,930 --> 00:15:44,410
S4: We've got Lynn. First time caller from Tampa, Florida. Lynn,

300
00:15:44,410 --> 00:15:45,530
S4: go ahead with your question.

301
00:15:46,090 --> 00:15:50,570
S7: Hey, Rob and family out there. Yeah, this is Lynn. Um,

302
00:15:50,730 --> 00:15:53,930
S7: I'm actually a little embarrassed, a little ashamed to call,

303
00:15:53,930 --> 00:15:57,530
S7: but here I am. I've got, uh, I just recently

304
00:15:57,530 --> 00:16:03,050
S7: earned my PhD, and I've got about $200,000 in student

305
00:16:03,050 --> 00:16:07,370
S7: debt on top of all the other life expenses. Uh,

306
00:16:07,450 --> 00:16:11,730
S7: and I am just completely overwhelmed. I'm looking for some

307
00:16:12,090 --> 00:16:14,850
S7: ways of getting this thing paid. I'll just give you

308
00:16:14,890 --> 00:16:19,970
S7: one tiny bit of background. I'm in the, uh, faith program. Uh,

309
00:16:20,010 --> 00:16:23,610
S7: so my student loans are deferred right now, and I

310
00:16:23,650 --> 00:16:26,930
S7: am a public servant, so I've got that going for me.

311
00:16:26,930 --> 00:16:29,930
S7: But because the student loans are deferred right now, I'm

312
00:16:29,930 --> 00:16:32,930
S7: not even paying into it. But I am in the

313
00:16:32,930 --> 00:16:36,900
S7: public service loan forgiveness program. Okay, I've got you.

314
00:16:37,260 --> 00:16:38,260
S5: All right, all right.

315
00:16:38,700 --> 00:16:43,100
S3: He's in pslf. And in. Interest is accruing, though, right, Rob?

316
00:16:43,380 --> 00:16:46,940
S5: Yeah, that's exactly right. Uh, well, first of all, I

317
00:16:46,980 --> 00:16:51,100
S5: realize you know the weight that this is on you, and, uh,

318
00:16:51,100 --> 00:16:53,540
S5: you want to start tackling this as soon as you can.

319
00:16:53,580 --> 00:16:56,420
S5: I mean, I would take full advantage of the PS,

320
00:16:56,980 --> 00:17:00,740
S5: the public service loan forgiveness program. The key is you

321
00:17:00,740 --> 00:17:03,020
S5: want to make sure you get your payments to count.

322
00:17:03,020 --> 00:17:06,820
S5: So once you're in repayment under an income driven plan,

323
00:17:06,820 --> 00:17:10,540
S5: every qualifying payment is going to move you toward that

324
00:17:10,540 --> 00:17:14,540
S5: 120 payment goal that happens over ten years. You want

325
00:17:14,580 --> 00:17:18,820
S5: to keep your documentation clean, certify your employment annually so

326
00:17:18,820 --> 00:17:21,500
S5: there's no surprises at the finish line. And then you

327
00:17:21,500 --> 00:17:25,020
S5: want to focus on your other financial stability. So it's

328
00:17:25,020 --> 00:17:28,220
S5: really important that you build that emergency fund and pay

329
00:17:28,220 --> 00:17:31,980
S5: down higher interest debt. First keep your budget tight so

330
00:17:31,980 --> 00:17:34,960
S5: you're ready when the payments resume. But the bottom line

331
00:17:34,960 --> 00:17:37,720
S5: for you is I would say stick with the pslf.

332
00:17:37,760 --> 00:17:40,399
S5: It's there for you. Take full advantage of it. Make

333
00:17:40,400 --> 00:17:44,080
S5: every payment count and then avoid putting extra toward the

334
00:17:44,080 --> 00:17:47,320
S5: loans if the forgiveness is on the horizon, because that's

335
00:17:47,320 --> 00:17:49,040
S5: going to be available to you once you get to

336
00:17:49,080 --> 00:17:50,880
S5: that 120 payment mark.

337
00:17:51,119 --> 00:17:53,800
S4: Rob West, our guest this morning, got a question. Rob,

338
00:17:53,800 --> 00:17:56,360
S4: that came in by text message. That's going to be

339
00:17:56,600 --> 00:18:01,080
S4: like tossing red meat to a lion. Get ready. Rob,

340
00:18:01,080 --> 00:18:05,600
S4: is there a resource you would recommend for budgeting i.e.

341
00:18:05,640 --> 00:18:11,200
S4: input income, getting recommendations on percentage for mortgage, food, car, etc.?

342
00:18:11,200 --> 00:18:14,240
S4: Do you have anything in mind Rob, that could help us?

343
00:18:14,520 --> 00:18:16,560
S5: Wow, I'm going to have to think hard about that. Oh,

344
00:18:16,600 --> 00:18:19,240
S5: wait a minute. Yeah. So that's why we build the

345
00:18:19,240 --> 00:18:22,800
S5: Faith VI app. I'll tell you, it's amazing. And tens

346
00:18:22,800 --> 00:18:25,400
S5: of thousands of Christians are using it across the country.

347
00:18:25,400 --> 00:18:28,280
S5: It's based on Larry Burkett, so you may. That's a

348
00:18:28,280 --> 00:18:31,359
S5: blast from the past. You may remember Larry's name that I.

349
00:18:31,560 --> 00:18:33,570
S5: There's not a week that goes by that somebody doesn't

350
00:18:33,570 --> 00:18:36,490
S5: mention the impact the late Larry Burkett had on their

351
00:18:36,490 --> 00:18:40,970
S5: life still today, which just is incredible. But Larry popularized

352
00:18:40,970 --> 00:18:43,730
S5: something called the envelope system. A lot of people still

353
00:18:43,730 --> 00:18:48,010
S5: use it very effectively. They literally take their paychecks, cash

354
00:18:48,010 --> 00:18:52,649
S5: it in for those discretionary spending items. They fund those envelopes,

355
00:18:52,650 --> 00:18:54,570
S5: and then when they're going out to eat, they grab

356
00:18:54,570 --> 00:18:57,129
S5: the out to eat envelope or the, you know, the

357
00:18:57,130 --> 00:18:59,770
S5: clothing envelope or whatever it is. And when it's gone,

358
00:18:59,770 --> 00:19:02,129
S5: it's gone, which is kind of a foolproof way to

359
00:19:02,170 --> 00:19:05,450
S5: make sure you don't overspend in any budget category. Well,

360
00:19:05,450 --> 00:19:08,450
S5: we took that and put it into a modern, beautiful

361
00:19:08,450 --> 00:19:11,210
S5: interface right there in the palm of your hand. It's

362
00:19:11,210 --> 00:19:13,810
S5: called the Faith fi app. You connect securely to your

363
00:19:13,810 --> 00:19:17,650
S5: credit cards, your bank account, and then digitally you actually

364
00:19:17,690 --> 00:19:20,850
S5: fund these envelopes. It actually does it for you every

365
00:19:20,890 --> 00:19:24,130
S5: time money comes into one of your accounts. Checking or savings. So,

366
00:19:24,130 --> 00:19:26,449
S5: you know, at any moment, Julie and I use it

367
00:19:26,450 --> 00:19:29,250
S5: this way, what's left in every one of my envelopes.

368
00:19:29,250 --> 00:19:30,530
S5: So we don't wait to get to the end of

369
00:19:30,530 --> 00:19:33,220
S5: the month and figure out how did we overspend? We

370
00:19:33,220 --> 00:19:36,460
S5: can actually make course corrections along the way, so check

371
00:19:36,460 --> 00:19:38,419
S5: it out. Just click app.

372
00:19:38,460 --> 00:19:41,100
S4: We've made it even easier for you. Just text money

373
00:19:41,100 --> 00:19:46,460
S4: to 800 555 7898. You will get linked directly to

374
00:19:46,500 --> 00:19:49,139
S4: the page to get that app. Just text money to

375
00:19:49,180 --> 00:19:52,700
S4: 800 555 7898.

376
00:19:53,140 --> 00:19:56,020
S3: Let's go back to the phone lines here. Matt in Chester, Indiana.

377
00:19:56,020 --> 00:19:57,300
S3: What's your question for Rob?

378
00:19:58,540 --> 00:20:01,900
S8: Good morning Carl and Rob. Quick question. If I could

379
00:20:01,940 --> 00:20:05,260
S8: summarize it, uh, my wife and I are blessed enough

380
00:20:05,260 --> 00:20:09,820
S8: to have defined pension and both of our Social Security's, um,

381
00:20:09,820 --> 00:20:13,340
S8: we were both going to apply for Social Security at 63,

382
00:20:13,900 --> 00:20:17,700
S8: but our our 401, we don't need any of it

383
00:20:17,700 --> 00:20:23,379
S8: to financially survive. And it's about 700,000 reading into it.

384
00:20:23,660 --> 00:20:26,380
S8: Are we better. Am I better not to apply for

385
00:20:26,380 --> 00:20:30,119
S8: Social Security at 63 and wait to my full retirement

386
00:20:30,119 --> 00:20:35,480
S8: social security age and withdraw from the 401. Or just

387
00:20:35,480 --> 00:20:39,640
S8: let the 401 continue to grow up. I know I

388
00:20:39,640 --> 00:20:43,560
S8: probably have to sit down with a financial counselor, but

389
00:20:43,560 --> 00:20:47,280
S8: I'm just wondering what is a better approach.

390
00:20:47,600 --> 00:20:48,480
S3: Great question.

391
00:20:48,720 --> 00:20:51,119
S5: It is a great question. A lot of people are

392
00:20:51,160 --> 00:20:53,960
S5: wrestle with this. So, you know, there's a key trade

393
00:20:54,000 --> 00:20:58,480
S5: off there. Uh, waiting on Social Security allows your benefits

394
00:20:58,480 --> 00:21:01,800
S5: to grow by 8% a year, uh, up to full

395
00:21:01,800 --> 00:21:07,160
S5: retirement age, which is a guaranteed inflation adjusted return that

396
00:21:07,320 --> 00:21:10,800
S5: is locked in place for the rest of your life. Um, now,

397
00:21:10,800 --> 00:21:13,480
S5: withdrawing from Social Security first, as you point out, lets

398
00:21:13,480 --> 00:21:18,320
S5: you delay that Social Security and get that higher lifetime benefit.

399
00:21:18,320 --> 00:21:23,119
S5: But it reduces, uh, your investment account earlier. So I

400
00:21:23,119 --> 00:21:26,639
S5: would say the general principle is here, if you don't

401
00:21:26,640 --> 00:21:30,010
S5: need the income now and you're in good health with

402
00:21:30,010 --> 00:21:34,770
S5: a normal life expectancy. Delaying Social Security often gives you

403
00:21:34,770 --> 00:21:41,369
S5: more lifetime inflation, protected income, and better survivor's benefits for

404
00:21:41,369 --> 00:21:44,810
S5: your spouse. So I would think using that 401 K

405
00:21:44,850 --> 00:21:47,650
S5: in the meantime, just based on the limited information I

406
00:21:47,650 --> 00:21:51,090
S5: have here, is really a smart what I call bridge strategy.

407
00:21:51,290 --> 00:21:53,770
S4: Rob West, our guest this morning, this question came in

408
00:21:53,770 --> 00:21:57,850
S4: Rob by text message. How does the IUL work and

409
00:21:57,890 --> 00:22:01,170
S4: is it worth it indexed universal life insurance policy.

410
00:22:01,730 --> 00:22:04,530
S5: Yeah, it's a great question. And you know, with the

411
00:22:04,570 --> 00:22:08,650
S5: IUL it's basically a form of permanent life insurance. Part

412
00:22:08,650 --> 00:22:12,210
S5: of your premium pays for life insurance. The rest goes

413
00:22:12,210 --> 00:22:15,730
S5: to what's called a cash value account that earns interest

414
00:22:15,770 --> 00:22:19,770
S5: tied to a stock market index. So think S&P 500

415
00:22:19,930 --> 00:22:23,770
S5: but with caps on the gains but also a floor

416
00:22:23,770 --> 00:22:26,820
S5: to limit your losses. And then you can borrow or

417
00:22:26,820 --> 00:22:30,940
S5: withdraw from the cash value, often tax advantaged. You know,

418
00:22:30,980 --> 00:22:34,179
S5: the downside in my perspective, is the caps on the

419
00:22:34,180 --> 00:22:37,460
S5: returns so you don't get the full index growth. Here's

420
00:22:37,460 --> 00:22:39,820
S5: what's interesting. You know, when you look at how the

421
00:22:39,820 --> 00:22:42,700
S5: market we say the market, let's say the S&P 500,

422
00:22:42,740 --> 00:22:45,380
S5: 500 biggest companies in the United States, if we look

423
00:22:45,380 --> 00:22:48,860
S5: at the the last 100 years, 75 years, you pick

424
00:22:48,859 --> 00:22:51,460
S5: the time period you're going to see those average annual

425
00:22:51,460 --> 00:22:56,380
S5: returns are north of 8%, often nine or better per year. Now,

426
00:22:56,380 --> 00:23:01,180
S5: how did we get that? Despite 1929 and the.com bust

427
00:23:01,180 --> 00:23:03,660
S5: and the Great Recession in oh eight and oh nine? Well,

428
00:23:03,660 --> 00:23:06,379
S5: the reason is, you know, those years where the market

429
00:23:06,380 --> 00:23:09,979
S5: was up 20 plus percent when you put all those

430
00:23:09,980 --> 00:23:12,899
S5: alongside even the down years, that's how you get these

431
00:23:12,900 --> 00:23:15,780
S5: higher average annual returns. But you need to be able

432
00:23:15,780 --> 00:23:18,420
S5: to have those big up years like we're having this

433
00:23:18,420 --> 00:23:22,540
S5: year along the way. The problem is the IUL takes

434
00:23:22,540 --> 00:23:25,640
S5: those away because once you reach the cap. Let's say

435
00:23:25,640 --> 00:23:29,440
S5: it's 8%. Then the insurance company keeps the rest. And

436
00:23:29,440 --> 00:23:32,879
S5: when you take out those big peaks along those, you know,

437
00:23:32,960 --> 00:23:36,840
S5: multiple years, it just drives that average annual return down.

438
00:23:36,840 --> 00:23:40,200
S5: So I'd rather keep insurance and savings separate, buy term

439
00:23:40,200 --> 00:23:43,240
S5: insurance for your life insurance and save in a tax

440
00:23:43,240 --> 00:23:44,960
S5: deferred investment account.

441
00:23:45,359 --> 00:23:47,600
S3: Coming up Rob. Got a question. Came in via text.

442
00:23:47,600 --> 00:23:49,479
S3: I don't know if I've ever heard this asked of

443
00:23:49,480 --> 00:23:52,080
S3: you before, and I'm fired up and I'm going to

444
00:23:52,080 --> 00:23:54,000
S3: tee it here. Now, you can think about it for

445
00:23:54,000 --> 00:23:56,320
S3: a couple of minutes. Our church gives a lot of

446
00:23:56,320 --> 00:24:01,119
S3: financial support to the local community, to people we struggled

447
00:24:01,119 --> 00:24:04,560
S3: discerning how to handle these funds wisely. What are some

448
00:24:04,560 --> 00:24:08,160
S3: basic questions? What should we be asking people who are

449
00:24:08,160 --> 00:24:13,159
S3: seeking financial assistance before actually handing out money to them? Wow.

450
00:24:13,200 --> 00:24:17,240
S3: Amazing question. Great question. That is a great question. And

451
00:24:17,240 --> 00:24:19,200
S3: we're going to tackle that straight ahead.

452
00:24:19,840 --> 00:24:22,919
S2: Get your info from a source you can trust. It's

453
00:24:22,960 --> 00:24:25,530
S2: ask the Experts week with Carl and crew.

454
00:24:25,570 --> 00:24:28,410
S3: With us today, Rob West, Faith and finance. We got

455
00:24:28,410 --> 00:24:31,050
S3: a link for you. Text the word money here and

456
00:24:31,050 --> 00:24:32,970
S3: you are going to find all the content you need.

457
00:24:32,970 --> 00:24:36,889
S3: Financial advisors, the app itself that you can begin to

458
00:24:36,930 --> 00:24:43,130
S3: use as an amazing tool. Text money to 855 five 7898.

459
00:24:43,130 --> 00:24:45,970
S3: Almost all your questions that you need answered, you're going

460
00:24:45,970 --> 00:24:51,090
S3: to at least get down different opportunity lanes that will

461
00:24:51,090 --> 00:24:54,290
S3: get those questions answered not only here with Rob, but

462
00:24:54,290 --> 00:25:00,290
S3: on his site as well. Text money to 805, 55, 7898.

463
00:25:00,330 --> 00:25:03,890
S3: And this question that just came in is beautiful. Rob.

464
00:25:03,890 --> 00:25:07,369
S3: Someone is questioning how do we how do we deal

465
00:25:07,369 --> 00:25:10,290
S3: with helping people in need at a local church? They

466
00:25:10,290 --> 00:25:13,970
S3: love to do it, but they're struggling to to discern

467
00:25:13,970 --> 00:25:17,890
S3: how to handle giving funds wisely. And they want to clarify.

468
00:25:17,930 --> 00:25:21,130
S3: They texted back and said, we don't hand out cash,

469
00:25:21,130 --> 00:25:24,260
S3: but we pay a lot of bills. Boy, what a

470
00:25:24,300 --> 00:25:27,740
S3: insightful question here, Rob. And there. As a pastor, a

471
00:25:27,740 --> 00:25:30,700
S3: ton of people are asking this question. What do you say?

472
00:25:31,140 --> 00:25:34,500
S5: Yeah, well, I love that your church is doing this

473
00:25:34,500 --> 00:25:37,780
S5: because this is so needed. Uh, you know, it's it's

474
00:25:37,780 --> 00:25:41,300
S5: helping people in need. And God's word, of course, affirms

475
00:25:41,300 --> 00:25:43,780
S5: this were to be generous. We also want to be

476
00:25:43,780 --> 00:25:46,859
S5: wise stewards. And I certainly understand the heart behind the question.

477
00:25:46,859 --> 00:25:49,420
S5: I think it's it's the right question to ask. So

478
00:25:49,420 --> 00:25:52,500
S5: here's what I would be engaging in. First of all,

479
00:25:52,500 --> 00:25:55,540
S5: what is their story? How did they get here? Is

480
00:25:55,540 --> 00:25:59,219
S5: this a short term crisis or a long term pattern.

481
00:25:59,220 --> 00:26:02,020
S5: So I would be asking questions about that first. The

482
00:26:02,020 --> 00:26:04,740
S5: second is what are their current resources. So what are

483
00:26:04,740 --> 00:26:08,379
S5: their income. What income do they have available? What family help?

484
00:26:08,380 --> 00:26:12,780
S5: What community support is already in place? Uh, then budgeting basics.

485
00:26:12,780 --> 00:26:15,659
S5: So how are they managing what they already have? And

486
00:26:15,660 --> 00:26:18,180
S5: then what is the plan forward? What steps will they

487
00:26:18,180 --> 00:26:22,800
S5: take to move towards stability and then finally as relational support.

488
00:26:22,920 --> 00:26:24,919
S5: Are they willing to meet with somebody from the church

489
00:26:24,920 --> 00:26:27,040
S5: for follow up? And that means that you've got to

490
00:26:27,040 --> 00:26:30,480
S5: have that program in place. There's a great resource that

491
00:26:30,480 --> 00:26:34,600
S5: I would check out. It's called the Chalmers Institute. And

492
00:26:34,720 --> 00:26:37,520
S5: you might know the name Brian Fikkert. He's the author

493
00:26:37,520 --> 00:26:41,160
S5: of the popular book When Helping Hurts. Brian's brilliant in

494
00:26:41,160 --> 00:26:44,840
S5: this area, and they have a resource actually called Faith

495
00:26:44,840 --> 00:26:49,720
S5: and finances, which is amazing. And it's really ideal for

496
00:26:49,840 --> 00:26:53,199
S5: people to help them understand the difference between relief and

497
00:26:53,200 --> 00:26:57,320
S5: then rehabilitation. And then ultimately, uh, you know, their long

498
00:26:57,359 --> 00:27:01,120
S5: term development. And it focuses on, you know, what we

499
00:27:01,119 --> 00:27:05,680
S5: ultimately want, which is holistic, Christ centered, flourishing, not just,

500
00:27:05,720 --> 00:27:08,800
S5: you know, meeting a short term crisis financially. And so

501
00:27:08,800 --> 00:27:11,320
S5: if you put something like that in place, faith and

502
00:27:11,320 --> 00:27:15,960
S5: finances from the Chalmers Institute with a curriculum specifically for

503
00:27:15,960 --> 00:27:19,570
S5: people in this situation. And then you unpack those areas

504
00:27:19,570 --> 00:27:22,490
S5: I just mentioned. I think you can have a phenomenal

505
00:27:22,490 --> 00:27:25,930
S5: ministry to meet some real needs there for people hurting

506
00:27:25,930 --> 00:27:29,290
S5: in your community, which is huge. But also get them

507
00:27:29,290 --> 00:27:32,810
S5: on the road to moving past this and moving toward

508
00:27:32,810 --> 00:27:34,170
S5: all that God has for them.

509
00:27:34,210 --> 00:27:36,610
S4: Great counsel there. I know that's going to help a

510
00:27:36,650 --> 00:27:38,729
S4: lot of pastors, a lot of church leaders. Let's go

511
00:27:38,730 --> 00:27:41,689
S4: back to the phone. Uh, Laura from Naples, Florida. Go

512
00:27:41,730 --> 00:27:43,610
S4: ahead with your question for Rob West.

513
00:27:44,210 --> 00:27:48,530
S9: Yes. Okay, so I have a lady bird deed, and

514
00:27:48,530 --> 00:27:52,170
S9: I just want to make sure that I'm comprehending it. Right.

515
00:27:52,609 --> 00:27:58,129
S9: So that means I bypass probate. That means my kids

516
00:27:58,130 --> 00:28:01,330
S9: are already on the deed. If I wanted to sell

517
00:28:01,369 --> 00:28:06,290
S9: my house or do anything. I have full control. Um.

518
00:28:07,090 --> 00:28:13,050
S9: And when both my husband and I die, then 50%

519
00:28:13,090 --> 00:28:16,649
S9: goes to my son, 50% goes to my daughter. And

520
00:28:16,650 --> 00:28:19,900
S9: that's automatic. Am I understanding that right?

521
00:28:20,220 --> 00:28:22,620
S5: You are. Yeah. So for the benefit of our larger

522
00:28:22,619 --> 00:28:26,220
S5: listening audience, a lady bird deed is also called an

523
00:28:26,220 --> 00:28:30,220
S5: enhanced life estate deed. It's basically a special type of

524
00:28:30,220 --> 00:28:34,140
S5: property deed, but it's only available in certain states. So

525
00:28:34,140 --> 00:28:37,540
S5: if you have it available in your state, you're exactly right.

526
00:28:37,540 --> 00:28:40,500
S5: It allows you to keep full ownership and control of

527
00:28:40,500 --> 00:28:44,220
S5: the property during your lifetime. You can sell it, you

528
00:28:44,220 --> 00:28:47,500
S5: can mortgage it, or you can change the beneficiary at

529
00:28:47,500 --> 00:28:50,820
S5: any time without their consent. But here's the key when

530
00:28:50,820 --> 00:28:56,180
S5: you pass away, the property automatically transfers to the named beneficiary,

531
00:28:56,180 --> 00:28:59,500
S5: bypassing probate, which it sounds like is important to you.

532
00:28:59,500 --> 00:29:02,140
S5: And I can certainly understand why. It takes time and

533
00:29:02,140 --> 00:29:06,180
S5: it's costly. So think about it like a beneficiary designation,

534
00:29:06,220 --> 00:29:08,700
S5: you know, on a 401 K or a a life

535
00:29:08,700 --> 00:29:11,180
S5: insurance policy, it would just be the same thing for

536
00:29:11,180 --> 00:29:14,660
S5: your home. But again, it allows you to retain control.

537
00:29:14,700 --> 00:29:18,750
S5: The other big upside to it is you're not transferring

538
00:29:18,750 --> 00:29:23,790
S5: ownership during your life, which is key, because if you

539
00:29:23,790 --> 00:29:26,950
S5: do that, they keep your cost basis. So when they

540
00:29:26,990 --> 00:29:29,310
S5: sell it, they're going to have to pay capital gains tax.

541
00:29:29,310 --> 00:29:32,430
S5: But with the life estate deed they're going to inherit

542
00:29:32,430 --> 00:29:35,630
S5: it bypassing probate. But they get what's called a stepped

543
00:29:35,630 --> 00:29:38,950
S5: up basis. So now their cost basis to determine if

544
00:29:38,950 --> 00:29:41,950
S5: there's capital gains is stepped up to the market value

545
00:29:41,990 --> 00:29:44,870
S5: as of the date of death, which is really essential.

546
00:29:44,870 --> 00:29:47,470
S5: So yeah, you described it accurately. And I think it's

547
00:29:47,470 --> 00:29:49,990
S5: going to do everything you you hoped it would.

548
00:29:50,510 --> 00:29:54,430
S3: Thank you. Laura from Naples, Florida. Caroline in Myanmar. Florida.

549
00:29:54,430 --> 00:29:56,030
S3: What's your question for Rob West?

550
00:29:57,230 --> 00:30:00,350
S10: Yes. Hi. Good morning. I'm calling because I have a

551
00:30:00,350 --> 00:30:04,190
S10: 401 K that's just sitting somewhere. I'm trying to figure

552
00:30:04,190 --> 00:30:08,190
S10: out what's the best place to put it to secure,

553
00:30:08,230 --> 00:30:11,070
S10: because I want to leave it for my grandchildren. So

554
00:30:11,110 --> 00:30:14,810
S10: I just want to know, what do you suggest? I

555
00:30:14,850 --> 00:30:18,810
S10: like to put in my savings. Or what do you recommend, please?

556
00:30:19,210 --> 00:30:22,410
S5: Yeah, I would leave it in a tax deferred account.

557
00:30:22,410 --> 00:30:25,570
S5: So that means either leaving it where it is rolling

558
00:30:25,570 --> 00:30:29,090
S5: it to a new employer's 401 K. If you've changed

559
00:30:29,090 --> 00:30:32,130
S5: jobs and you have a new 401 K available, or

560
00:30:32,450 --> 00:30:35,490
S5: rolling it to an IRA, an individual retirement account, I

561
00:30:35,490 --> 00:30:37,810
S5: would not pull it out and put it in your savings,

562
00:30:37,810 --> 00:30:39,890
S5: because that means you're going to have to pay tax

563
00:30:39,890 --> 00:30:42,650
S5: on it now. And if it continues to grow, all

564
00:30:42,690 --> 00:30:45,050
S5: of the gains are going to be taxable along the way.

565
00:30:45,050 --> 00:30:48,490
S5: So we want it in the 401 K or in

566
00:30:48,490 --> 00:30:51,010
S5: an IRA. And we want it invested. You don't want

567
00:30:51,010 --> 00:30:53,330
S5: to just leave it in the in the cash account.

568
00:30:53,570 --> 00:30:56,090
S5: Do you have a new 401 K at a new

569
00:30:56,170 --> 00:30:57,050
S5: place of work?

570
00:30:58,410 --> 00:31:03,850
S10: Yes I do, but they don't offer a 401 A41K.

571
00:31:04,450 --> 00:31:06,810
S10: So that was my concern as well.

572
00:31:07,210 --> 00:31:09,850
S5: Yeah. So what I would do is either leave it

573
00:31:09,850 --> 00:31:11,810
S5: where it is and make sure it's invested in a

574
00:31:11,810 --> 00:31:14,739
S5: way that fits your goals and objectives, or roll it

575
00:31:14,740 --> 00:31:17,979
S5: to an IRA, an individual retirement account. I would use

576
00:31:17,980 --> 00:31:21,700
S5: Fidelity or Schwab, one of the big discount providers, and

577
00:31:21,700 --> 00:31:24,180
S5: then just put it in a either an index fund

578
00:31:24,180 --> 00:31:28,500
S5: or a high quality, you know, actively managed mutual fund.

579
00:31:28,500 --> 00:31:30,300
S5: And if you need an advisor to help you, just

580
00:31:30,300 --> 00:31:33,300
S5: go to faith. Com and click Find a Professional and

581
00:31:33,300 --> 00:31:36,620
S5: you can find one of our 1800 certified Kingdom advisors

582
00:31:36,620 --> 00:31:37,620
S5: across the country.

583
00:31:37,660 --> 00:31:40,340
S3: Somebody asked a question and it leads to another one.

584
00:31:40,340 --> 00:31:43,540
S3: Is $1 million enough to retire on? And then the

585
00:31:43,540 --> 00:31:46,740
S3: question I have for you, Rob, is, what should the

586
00:31:47,460 --> 00:31:51,780
S3: Christ follower who sincerely doesn't want to be a wait

587
00:31:51,780 --> 00:31:56,340
S3: on friends, family, or neighbors? What should they target in

588
00:31:56,340 --> 00:31:59,100
S3: this world today? I know North America and beyond is

589
00:31:59,100 --> 00:32:01,500
S3: a big span of earth here, with all kinds of

590
00:32:01,500 --> 00:32:06,820
S3: different costs associated with housing, including taxation and the like.

591
00:32:06,820 --> 00:32:10,340
S3: But what do you say, open site? What's your advice, Rob?

592
00:32:10,660 --> 00:32:14,190
S5: Yeah, well, you know, it all comes down to how

593
00:32:14,190 --> 00:32:16,630
S5: much you want to spend. Uh, so if you have

594
00:32:16,630 --> 00:32:20,510
S5: access to Social Security that was intended to cover maybe

595
00:32:20,510 --> 00:32:24,430
S5: 35 to 40% of your pre-retirement income, and then if

596
00:32:24,430 --> 00:32:27,430
S5: you have $1 million using the 4% rule, which a

597
00:32:27,470 --> 00:32:30,230
S5: lot of planners use, which just simply means you can

598
00:32:30,230 --> 00:32:33,750
S5: pull 4% a year if it's invested conservatively, and that

599
00:32:33,750 --> 00:32:35,990
S5: million dollars should be able to continue for the rest

600
00:32:35,990 --> 00:32:40,470
S5: of your life, that would generate $40,000. So if 40,000

601
00:32:40,510 --> 00:32:43,870
S5: plus Social Security is enough to cover your expenses, and

602
00:32:43,910 --> 00:32:47,390
S5: most people live on about 80% of their pre-retirement income

603
00:32:47,710 --> 00:32:50,310
S5: in retirement because the kids are off the payroll, we're

604
00:32:50,310 --> 00:32:55,430
S5: no longer, you know, saving for retirement payroll, you're no

605
00:32:55,430 --> 00:32:58,150
S5: longer saving for retirement, and hopefully you're out of debt.

606
00:32:58,150 --> 00:33:00,790
S5: So your expenses come down, you know, then it's all

607
00:33:00,790 --> 00:33:03,190
S5: a matter of doing the math. And does the budget

608
00:33:03,190 --> 00:33:06,750
S5: work now to cover those other expenses? Carl. Because you're right,

609
00:33:06,750 --> 00:33:09,750
S5: the biggest potential risk in that fourth quarter of life

610
00:33:10,010 --> 00:33:13,370
S5: is the need for long term care. You know, 70%

611
00:33:13,370 --> 00:33:16,810
S5: of Americans 65 and older will need long term care,

612
00:33:16,850 --> 00:33:20,290
S5: and nursing care can run nine 10,000 a month. And

613
00:33:20,290 --> 00:33:22,250
S5: so that's where I would look into a good long

614
00:33:22,290 --> 00:33:23,530
S5: term care insurance policy.

615
00:33:23,570 --> 00:33:28,010
S3: Excellent. Rob West, our guest, ask the experts all week long.

616
00:33:28,050 --> 00:33:31,330
S3: I want you to get linked up with Rob. His

617
00:33:31,330 --> 00:33:36,650
S3: content is Godward and powerful. This will liberate you. Text

618
00:33:36,690 --> 00:33:41,370
S3: money to 805, 55, 78, 98.

619
00:33:42,530 --> 00:33:45,650
S2: Get to know the team behind the scenes. Follow Carl

620
00:33:45,650 --> 00:33:47,810
S2: and crew on Facebook and Instagram.

621
00:33:47,850 --> 00:33:50,850
S3: That's Micah Tyler I see. Grace and Grace is not

622
00:33:50,850 --> 00:33:53,410
S3: just a word. It's not something you say before you

623
00:33:53,410 --> 00:33:59,930
S3: eat dinner. It is unmerited favor and unparalleled power. And

624
00:33:59,930 --> 00:34:02,010
S3: if there's any area of our life that we need

625
00:34:02,010 --> 00:34:05,250
S3: that in, it's in finance. And so we pray and

626
00:34:05,250 --> 00:34:07,570
S3: posture ourselves before the Lord, and we take the counsel

627
00:34:07,570 --> 00:34:10,060
S3: like we're getting from Rob West today. And we say, Lord,

628
00:34:10,060 --> 00:34:12,660
S3: give me wisdom. Give me your grace to make good

629
00:34:12,660 --> 00:34:17,100
S3: decision making in this area of finance. I love that

630
00:34:17,100 --> 00:34:19,299
S3: it's called faith in finance. And we're going to get

631
00:34:19,300 --> 00:34:22,060
S3: back to Rob West. By the way, any questions you have,

632
00:34:22,100 --> 00:34:24,420
S3: you might just be tuning in. We are in Ask

633
00:34:24,460 --> 00:34:27,780
S3: the Experts week any questions you have for Rob West,

634
00:34:28,180 --> 00:34:31,939
S3: I he's my personal favorite across the landscape of North

635
00:34:31,940 --> 00:34:35,140
S3: America and beyond. He's my favorite. I think he speaks

636
00:34:35,140 --> 00:34:38,380
S3: the truth in such a kind, gentle way. But he's

637
00:34:39,500 --> 00:34:41,900
S3: he's not willing to put the varnish on it as well.

638
00:34:41,940 --> 00:34:45,740
S3: He just unvarnished lays it out. Here's the truth. This

639
00:34:45,739 --> 00:34:48,420
S3: is what you need to know and gives us the

640
00:34:48,420 --> 00:34:51,819
S3: opportunity to make good decisions. There's a lot of questions

641
00:34:51,820 --> 00:34:56,060
S3: when it gets down toward retirement years, that a lot

642
00:34:56,100 --> 00:34:58,899
S3: of people are almost afraid to ask, what are some

643
00:34:58,900 --> 00:35:02,060
S3: of the biggest questions you have that people are afraid

644
00:35:02,060 --> 00:35:02,820
S3: to ask?

645
00:35:03,700 --> 00:35:05,620
S5: Well, I think the biggest one is what will I

646
00:35:05,620 --> 00:35:08,590
S5: do in retirement. You know, we have to back up

647
00:35:08,590 --> 00:35:12,270
S5: and understand that God created us to be workers, right?

648
00:35:12,310 --> 00:35:14,630
S5: God is a worker. We see that on full display

649
00:35:14,630 --> 00:35:18,790
S5: in creation, where he creates with beauty and he orders

650
00:35:18,790 --> 00:35:21,790
S5: and he creates out of nothing, and then he creates us,

651
00:35:21,950 --> 00:35:24,790
S5: and we're created in his image to be workers. And

652
00:35:24,790 --> 00:35:27,589
S5: we take the latent potential of his creation, and we

653
00:35:27,590 --> 00:35:30,669
S5: order it and improve it. And in doing that, it's

654
00:35:30,670 --> 00:35:33,469
S5: an act of worship. And we are a part of

655
00:35:33,469 --> 00:35:37,630
S5: creating human flourishing. And that's just a part of God's design.

656
00:35:37,630 --> 00:35:41,190
S5: And so it's not a matter of what I'm retiring from.

657
00:35:41,190 --> 00:35:44,029
S5: It's a matter of what am I retiring to. And

658
00:35:44,030 --> 00:35:45,950
S5: so I think you really need to have an honest

659
00:35:45,950 --> 00:35:49,110
S5: conversation about what is this fourth quarter going to look like,

660
00:35:49,190 --> 00:35:51,630
S5: and where is God leading me? Because what we know

661
00:35:51,630 --> 00:35:54,670
S5: to be true is God's design is not for us

662
00:35:54,670 --> 00:35:56,790
S5: to sit on the front porch or, you know, just

663
00:35:56,790 --> 00:35:59,310
S5: to walk aimlessly along the beach. Now, there's nothing wrong

664
00:35:59,310 --> 00:36:02,390
S5: with rest. And I think a season of sabbatical is

665
00:36:02,390 --> 00:36:06,290
S5: very wise as you enter. But I like the picture

666
00:36:06,290 --> 00:36:10,130
S5: of that elder at the city gate dispensing wisdom far

667
00:36:10,130 --> 00:36:12,330
S5: more than I like the person who's just in the

668
00:36:12,330 --> 00:36:16,370
S5: lounge chair. Right. And so this is that season where

669
00:36:16,370 --> 00:36:18,410
S5: you have the most to give. But do you have

670
00:36:18,410 --> 00:36:21,290
S5: a plan for it to mentor the next generation, to

671
00:36:21,330 --> 00:36:25,130
S5: be actively involved in ministry? Maybe to continue working as

672
00:36:25,130 --> 00:36:27,890
S5: longer than you planned. And what about for if you're married,

673
00:36:27,890 --> 00:36:30,410
S5: you and your wife or your husband, you know. What

674
00:36:30,410 --> 00:36:34,170
S5: is your plan there? Ron Blue, his wife Judy, runs

675
00:36:34,170 --> 00:36:36,890
S5: one of my mentors, a popular author, more than 20

676
00:36:36,930 --> 00:36:39,850
S5: books on biblical finance. She said, you know, when he

677
00:36:39,850 --> 00:36:41,969
S5: told her he was going to retire for the first time,

678
00:36:42,050 --> 00:36:44,170
S5: she said, just remember, Ron, I married you for better

679
00:36:44,170 --> 00:36:47,530
S5: or worse, but not for lunch. And you know, she

680
00:36:47,530 --> 00:36:52,650
S5: was joking. But you gotta you gotta have a plan, right?

681
00:36:52,810 --> 00:36:54,569
S5: And you gotta need to. You need to know where

682
00:36:54,570 --> 00:36:56,810
S5: you're headed. And I think far too many people really

683
00:36:56,810 --> 00:36:58,250
S5: ask those hard questions.

684
00:36:58,250 --> 00:37:02,049
S4: Rob West, so much wisdom this morning. This came in

685
00:37:02,050 --> 00:37:05,580
S4: by text message is Velocity Banking a good idea to

686
00:37:05,620 --> 00:37:08,259
S4: pay off my mortgage? What's the longest time it is

687
00:37:08,260 --> 00:37:09,700
S4: advised to do it for?

688
00:37:10,260 --> 00:37:14,860
S5: Oh, yeah. Uh, I'm not a big fan of Velocity banking,

689
00:37:14,860 --> 00:37:15,460
S5: so a lot of.

690
00:37:15,500 --> 00:37:16,580
S3: I don't even know what that is.

691
00:37:16,620 --> 00:37:18,940
S5: What are you talking about? Yeah. Yeah. So it's a

692
00:37:18,940 --> 00:37:21,419
S5: it's a debt payoff strategy where you use a home

693
00:37:21,420 --> 00:37:25,820
S5: equity line of credit to make large lump sum payments

694
00:37:25,820 --> 00:37:29,060
S5: towards your mortgage, and then you pay down the home

695
00:37:29,060 --> 00:37:31,899
S5: equity line of credit with your income, and then you

696
00:37:31,900 --> 00:37:35,660
S5: repeat that cycle over and over again. And the reason

697
00:37:35,660 --> 00:37:39,940
S5: that it can work is because it's not amortized interest.

698
00:37:39,940 --> 00:37:43,820
S5: It's simple interest. And there's just a variety of strategies,

699
00:37:43,820 --> 00:37:47,500
S5: but it requires a lot of of high recurring income.

700
00:37:47,700 --> 00:37:51,700
S5: It requires that you really discipline. There's often fees and

701
00:37:51,700 --> 00:37:54,379
S5: closing costs because they want you to not only take

702
00:37:54,380 --> 00:37:57,460
S5: out a HELOC, but a lot of times there's a complicated, uh,

703
00:37:57,460 --> 00:38:00,219
S5: you know, software package that you make that they make

704
00:38:00,219 --> 00:38:04,870
S5: you buy. Basically, my opinion is it's it's overhyped and

705
00:38:04,870 --> 00:38:09,990
S5: just a simple extra payment strategy to your mortgage. Going

706
00:38:09,989 --> 00:38:13,030
S5: right to principle, I think, is a far better approach

707
00:38:13,030 --> 00:38:17,469
S5: than this complicated velocity banking strategy that, you know, if

708
00:38:17,469 --> 00:38:19,870
S5: doesn't work, if it doesn't work right or you have

709
00:38:19,870 --> 00:38:22,950
S5: a disruption in your income can be really problematic.

710
00:38:23,230 --> 00:38:25,989
S3: Velocity banking sounds to me like you're headed for a

711
00:38:25,989 --> 00:38:29,270
S3: wall fast. That's just what it sounds like to me.

712
00:38:30,590 --> 00:38:32,750
S3: I don't know about that. Okay.

713
00:38:33,230 --> 00:38:35,030
S5: And mortgages, not always a good thing.

714
00:38:35,070 --> 00:38:39,430
S3: Yeah, yeah. I'm thinking slow down here and I go fast.

715
00:38:39,590 --> 00:38:42,590
S3: Becky from Akron, Ohio. What's your question for Rob?

716
00:38:42,950 --> 00:38:46,550
S11: Morning. Um, yes. We need to do home repairs, um,

717
00:38:46,550 --> 00:38:50,910
S11: on our home. And my husband wants to take out, uh,

718
00:38:50,910 --> 00:38:54,150
S11: I guess it's early withdrawal from his retirement account at

719
00:38:54,150 --> 00:38:58,630
S11: 59.5 here in a couple weeks, versus I'm thinking a

720
00:38:58,630 --> 00:39:02,009
S11: home equity loan or something like that. What? What is

721
00:39:02,010 --> 00:39:07,049
S11: the better choice? What is the penalty or the downfall

722
00:39:08,090 --> 00:39:12,410
S11: of doing the 59.5, taking the money out of the

723
00:39:12,410 --> 00:39:13,330
S11: retirement account?

724
00:39:13,570 --> 00:39:16,370
S5: Yeah, it's a great question. So there is no penalty

725
00:39:16,370 --> 00:39:19,130
S5: once you get to 59.5. So that's probably why he's

726
00:39:19,130 --> 00:39:21,730
S5: keying off of that age. Uh, so the only thing

727
00:39:21,730 --> 00:39:25,290
S5: that would happen is but these aren't insignificant is you

728
00:39:25,290 --> 00:39:27,450
S5: would first of all, everything you take out would be

729
00:39:27,489 --> 00:39:30,130
S5: added to your taxable income for the year. And second,

730
00:39:30,130 --> 00:39:32,930
S5: and I think this is perhaps, perhaps the biggest one

731
00:39:33,130 --> 00:39:36,410
S5: is now it shrinks your retirement savings and the future

732
00:39:36,450 --> 00:39:39,730
S5: growth potential of that money that was in that tax

733
00:39:39,730 --> 00:39:43,090
S5: deferred account. So it's the opportunity cost that you're giving

734
00:39:43,090 --> 00:39:46,890
S5: up in the future. Um, the pro of the HELOC,

735
00:39:46,930 --> 00:39:49,610
S5: the home equity line of credit that you're wanting to do,

736
00:39:49,610 --> 00:39:53,649
S5: is you keep the retirement savings invested and growing. The

737
00:39:53,650 --> 00:39:56,850
S5: interest may be deductible, but it may not be. But

738
00:39:56,850 --> 00:39:59,819
S5: it's flexible. And I think the key is as long

739
00:39:59,820 --> 00:40:02,660
S5: as you have the ability to get that paid back

740
00:40:02,660 --> 00:40:06,140
S5: in a reasonable period of time, I would actually prefer

741
00:40:06,140 --> 00:40:10,220
S5: the HELOC because it preserves that retirement nest egg, allows

742
00:40:10,219 --> 00:40:14,140
S5: it to keep growing in a tax deferred environment, doesn't, uh,

743
00:40:14,140 --> 00:40:16,900
S5: you know, cause your current year tax bill to go up.

744
00:40:17,100 --> 00:40:19,140
S5: And that would be my preferred approach. Now, if you

745
00:40:19,180 --> 00:40:21,380
S5: guys just have a conviction to be, you know, out

746
00:40:21,420 --> 00:40:24,060
S5: of debt as soon as possible or remain debt free,

747
00:40:24,060 --> 00:40:26,939
S5: I could understand why you'd opt for the retirement account.

748
00:40:26,940 --> 00:40:29,540
S5: I'm not saying that's not an option. I would just

749
00:40:29,540 --> 00:40:32,780
S5: prefer the HELOC over pulling from the retirement account.

750
00:40:32,820 --> 00:40:35,700
S4: Great question Becky from Akron, Ohio. Thank you. This one

751
00:40:35,700 --> 00:40:39,020
S4: came in by text message. I have revolving debt and

752
00:40:39,020 --> 00:40:41,700
S4: I don't know how to turn though and get it fixed.

753
00:40:41,700 --> 00:40:43,300
S4: I feel like I'm drowning.

754
00:40:44,460 --> 00:40:48,580
S5: Yeah. Well you know I think the revolving debt basically,

755
00:40:48,620 --> 00:40:51,140
S5: you know, is something that a lot of people experience.

756
00:40:51,180 --> 00:40:53,339
S5: I mean, when she or he says revolving debt, they

757
00:40:53,340 --> 00:40:56,340
S5: mean credit cards. And so where do you go from here?

758
00:40:56,340 --> 00:40:59,670
S5: And I think it does start with breaking the cycle

759
00:40:59,670 --> 00:41:02,989
S5: of borrowing, and that begins with that spending plan. So

760
00:41:02,989 --> 00:41:05,870
S5: we've got to have a hard conversation around what are

761
00:41:05,870 --> 00:41:09,590
S5: we actually spending and are we living beyond our means.

762
00:41:09,630 --> 00:41:12,110
S5: And so here would be my priority order. Number one,

763
00:41:12,110 --> 00:41:14,629
S5: make sure you continue to give. And that may be

764
00:41:14,630 --> 00:41:18,190
S5: surprising in a period where you're asking about credit card debt.

765
00:41:18,190 --> 00:41:20,230
S5: But I would say it doesn't matter the amount, but

766
00:41:20,230 --> 00:41:23,989
S5: let's just keep exercising that giving muscle of any amount

767
00:41:23,989 --> 00:41:26,630
S5: every month. Number two, let's take a hard look at

768
00:41:26,670 --> 00:41:29,430
S5: that budget and let's have an honest conversation about what

769
00:41:29,430 --> 00:41:32,350
S5: needs to go. Maybe we're we stop eating out. I mean,

770
00:41:32,390 --> 00:41:34,989
S5: maybe you just focus on the big four. Let's, you know,

771
00:41:35,030 --> 00:41:37,350
S5: keep the the mortgage or the rent paid. Let's keep

772
00:41:37,350 --> 00:41:39,629
S5: the utilities on gas in the car to get to work,

773
00:41:39,630 --> 00:41:42,430
S5: food on the table and everything else is negotiable at

774
00:41:42,469 --> 00:41:45,670
S5: that point. And we start dialing back. And once we

775
00:41:45,670 --> 00:41:48,469
S5: get that budget right sized and we've got some margin,

776
00:41:48,469 --> 00:41:51,629
S5: I want you to save $1,000, but then stop. And

777
00:41:51,630 --> 00:41:55,150
S5: then every extra dollar goes toward paying down that revolving

778
00:41:55,150 --> 00:41:57,770
S5: debt until it's gone, and let's not ever get back

779
00:41:57,770 --> 00:41:59,170
S5: in that situation again.

780
00:41:59,210 --> 00:42:01,850
S3: Greg from Winter Haven, what's your question for Rob West?

781
00:42:02,090 --> 00:42:05,330
S12: Good morning. I have a 400 1KI left with my

782
00:42:05,330 --> 00:42:09,489
S12: former employer. I'm 67 and I was wondering whether I

783
00:42:09,489 --> 00:42:13,410
S12: should convert that to an IRA. It's mostly in bonds

784
00:42:13,410 --> 00:42:17,089
S12: right now, and I've got a return of 8.5% over

785
00:42:17,090 --> 00:42:18,290
S12: the last two years.

786
00:42:18,890 --> 00:42:22,649
S5: Yeah, yeah. Good question. There's a difference between where this

787
00:42:22,650 --> 00:42:25,609
S5: account lives and what it's invested in. So the first

788
00:42:25,610 --> 00:42:28,290
S5: question is do you leave it in the 401 K

789
00:42:28,290 --> 00:42:30,130
S5: with your former employer. Or do you roll it to

790
00:42:30,170 --> 00:42:33,609
S5: an IRA? I prefer rolling it to the IRA. It

791
00:42:33,610 --> 00:42:38,010
S5: gives you more investment choices, easier account management, more control

792
00:42:38,010 --> 00:42:41,529
S5: over the fees and flexibility for the withdrawals. So I

793
00:42:41,530 --> 00:42:44,290
S5: would move it out. Uh, if there's enough there, if

794
00:42:44,290 --> 00:42:46,770
S5: this is your life savings, I'd hire an advisor. I'd

795
00:42:46,770 --> 00:42:50,370
S5: go find a certified Kingdom advisor at Faith comm. I'd

796
00:42:50,410 --> 00:42:53,010
S5: interview 2 or 3, and then once you pick one,

797
00:42:53,050 --> 00:42:55,219
S5: he or she can tell you, you know, where they

798
00:42:55,260 --> 00:42:57,819
S5: custody the assets of their clients, and then you'd open

799
00:42:57,820 --> 00:43:00,660
S5: an IRA there, or the advisor would roll it out

800
00:43:00,660 --> 00:43:04,180
S5: in terms of the investments. You know, I think at 67,

801
00:43:04,460 --> 00:43:07,900
S5: I mean, the general rule of thumb would be probably 40%

802
00:43:07,900 --> 00:43:12,620
S5: in stocks, 60% in bonds. You might take 5% off

803
00:43:12,620 --> 00:43:15,500
S5: of each and put it into gold. And that would

804
00:43:15,500 --> 00:43:19,180
S5: be a really good conservative diversified portfolio still gives you

805
00:43:19,180 --> 00:43:22,580
S5: some growth components, but also gives you a lot of income.

806
00:43:22,580 --> 00:43:26,219
S5: And remember, even at 70 pushing 70, you know, you

807
00:43:26,219 --> 00:43:28,980
S5: still have a decades long need for this money. I mean,

808
00:43:28,980 --> 00:43:31,060
S5: we need to be planning for this money if the

809
00:43:31,060 --> 00:43:33,860
S5: Lord tarries and you're in good health until you're 90s

810
00:43:33,900 --> 00:43:36,500
S5: or beyond. And so you can still have a long

811
00:43:36,540 --> 00:43:39,620
S5: time horizon even in this season. But I'd get it

812
00:43:39,620 --> 00:43:41,779
S5: into an IRA and find an advisor to help you

813
00:43:41,780 --> 00:43:42,380
S5: manage it.

814
00:43:42,420 --> 00:43:44,540
S4: Coming up, we've got a question coming in from a

815
00:43:44,540 --> 00:43:48,140
S4: 59 year old grandma moved out of her home to

816
00:43:48,180 --> 00:43:52,060
S4: help with the grandbabies. Now everybody's doing better. But should

817
00:43:52,060 --> 00:43:55,670
S4: I purchase or rent now to live on my own.

818
00:43:55,710 --> 00:43:57,150
S4: We'll tackle that one coming up.

819
00:43:57,989 --> 00:44:02,070
S2: Romans eight brought her to Jesus while broadcasting traffic overnight.

820
00:44:02,310 --> 00:44:06,110
S2: Super di is in the crew. It's Carol and crew

821
00:44:06,110 --> 00:44:07,310
S2: on Moody Radio.

822
00:44:07,350 --> 00:44:10,149
S4: Got a text message that says hi, Rob. Two years

823
00:44:10,150 --> 00:44:11,870
S4: ago I moved in with my son to help out

824
00:44:11,870 --> 00:44:14,830
S4: with my grandkids. Since then, my husband has passed away

825
00:44:14,830 --> 00:44:17,629
S4: and my son is doing better job wise. I've thought

826
00:44:17,630 --> 00:44:20,750
S4: about moving out or purchasing a home. I'm 59 with

827
00:44:20,750 --> 00:44:25,629
S4: no debt. My money market has about 42,000. My 403

828
00:44:25,670 --> 00:44:32,189
S4: has 25,401 K, about 30,000 in CD, about 7000. Question is,

829
00:44:32,190 --> 00:44:34,750
S4: should I buy or just rent?

830
00:44:35,710 --> 00:44:39,310
S5: Yeah. Well, first of all, grandparents never underestimate the seeds

831
00:44:39,310 --> 00:44:42,509
S5: you plant, your prayers, your wisdom, your love can shape

832
00:44:42,510 --> 00:44:45,509
S5: your grandkids faith in ways that last for eternity. So

833
00:44:45,510 --> 00:44:48,509
S5: I just love what you've done here. And this is

834
00:44:48,510 --> 00:44:52,010
S5: the right question. You know, buying or renting comes down

835
00:44:52,010 --> 00:44:56,370
S5: to finances, stability and then ultimately goals. So, you know,

836
00:44:56,410 --> 00:44:59,569
S5: I like buying because it builds equity over time. It

837
00:44:59,570 --> 00:45:02,210
S5: gives you stable housing costs if you use a fixed

838
00:45:02,210 --> 00:45:04,969
S5: rate mortgage. Although I realize that's a little more challenging

839
00:45:04,969 --> 00:45:07,609
S5: right now with rates higher, and it can be an

840
00:45:07,610 --> 00:45:10,170
S5: asset that you have for the future. The challenge is

841
00:45:10,330 --> 00:45:12,730
S5: I don't want you to tie up all of your cash.

842
00:45:12,730 --> 00:45:16,450
S5: And so if getting into a place, would, you know,

843
00:45:16,489 --> 00:45:19,410
S5: limit your ability to keep 3 to 6 months in

844
00:45:19,450 --> 00:45:22,930
S5: emergency funds, then I would say, let's just rent at

845
00:45:22,930 --> 00:45:25,930
S5: this point. But if you could buy something, uh, that

846
00:45:25,930 --> 00:45:28,450
S5: allows you to get into it with at least 20% down,

847
00:45:28,450 --> 00:45:32,170
S5: you'd still have 3 to 6 months in liquid assets.

848
00:45:32,330 --> 00:45:35,170
S5: And the cost of that mortgage that you're taking on

849
00:45:35,210 --> 00:45:37,530
S5: fits well within your budget. And I would say that's

850
00:45:37,530 --> 00:45:41,410
S5: no more than 25% of your income. Uh, and you

851
00:45:41,410 --> 00:45:43,650
S5: plan to stay for at least 5 to 7 years

852
00:45:43,650 --> 00:45:45,690
S5: just based on everything you know, today, it could be

853
00:45:45,690 --> 00:45:48,250
S5: an option, just. But just based on what I'm hearing,

854
00:45:48,250 --> 00:45:50,500
S5: I think renting might be the better approach.

855
00:45:50,780 --> 00:45:54,780
S3: Great. Great word. Okay. Quick text message that came in here.

856
00:45:54,780 --> 00:45:59,060
S3: Very interesting. Uh, they work for several companies, including a

857
00:45:59,060 --> 00:46:02,660
S3: defense company. I'm now in my late 70s not knowing

858
00:46:02,700 --> 00:46:08,260
S3: where my 401 K is. This is not rare, is it, Rob?

859
00:46:08,260 --> 00:46:11,339
S3: How do people track down where their retirement funds are

860
00:46:11,380 --> 00:46:13,460
S3: if they've worked for a few different companies?

861
00:46:13,780 --> 00:46:16,259
S5: Yeah, it's a great question. And you're right, a lot

862
00:46:16,300 --> 00:46:19,620
S5: of people find themselves in this position. Um, if you've

863
00:46:19,620 --> 00:46:22,700
S5: worked for several companies, I think the key starting place

864
00:46:22,700 --> 00:46:27,299
S5: is to contact past employers, HR or benefits department. So

865
00:46:27,300 --> 00:46:29,900
S5: you're going to want to ask who administers the plan

866
00:46:29,900 --> 00:46:33,379
S5: because it likely has changed since you were there. And

867
00:46:33,380 --> 00:46:36,820
S5: then if you can dig up old statements or emails,

868
00:46:36,820 --> 00:46:40,420
S5: you'd look for the plan. Administrator names like Fidelity or

869
00:46:40,420 --> 00:46:42,859
S5: Vanguard would be, you know, two of the biggest. But

870
00:46:42,860 --> 00:46:46,300
S5: you may remember the names from the past that you could,

871
00:46:46,340 --> 00:46:48,660
S5: you know, put your hands on a statement of some kind. Now,

872
00:46:49,030 --> 00:46:52,670
S5: if all else fails, there are some registries out there.

873
00:46:52,830 --> 00:46:55,590
S5: So the one that's the most popular is the National

874
00:46:55,590 --> 00:47:00,470
S5: Registry of Unclaimed Retirement Benefits. Here's the URL. It's unclaimed

875
00:47:00,469 --> 00:47:05,190
S5: retirement benefits. Com. You can also check, uh, you know

876
00:47:05,230 --> 00:47:09,710
S5: the Department of Labor's database, um, where they list all

877
00:47:09,710 --> 00:47:14,030
S5: the planned administrators for old employer plans. So I think

878
00:47:14,030 --> 00:47:19,710
S5: with those approaches, contacting past benefits departments, old statements and emails,

879
00:47:19,710 --> 00:47:23,350
S5: the national registry and the Dol, you're bound to find

880
00:47:23,350 --> 00:47:23,990
S5: what you need.

881
00:47:24,270 --> 00:47:26,350
S3: Okay, Rob, I'm going to go lightning round on a

882
00:47:26,350 --> 00:47:27,950
S3: couple of these here with you that have come in

883
00:47:27,950 --> 00:47:32,750
S3: via text. Uh, with regard to, um, we've we had

884
00:47:32,750 --> 00:47:34,830
S3: somebody call in and said, can I live on a million?

885
00:47:34,830 --> 00:47:39,390
S3: Somebody said, okay, I've done some research. Only about 3.2%

886
00:47:39,390 --> 00:47:42,310
S3: of folks listening here today have $1 million. I'm one

887
00:47:42,310 --> 00:47:46,190
S3: of them. Who doesn't? This can be unnerving. People are

888
00:47:46,190 --> 00:47:51,040
S3: getting older. Maybe opportunities for employment is thin. What do

889
00:47:51,040 --> 00:47:54,040
S3: you do? For the vast majority of people listening right

890
00:47:54,040 --> 00:47:57,960
S3: now who feel like I do not have that cushion

891
00:47:57,960 --> 00:48:00,360
S3: when I retire? What do you say, Rob?

892
00:48:00,600 --> 00:48:03,600
S5: Yeah. That's real. I mean, I talk to them every

893
00:48:03,640 --> 00:48:07,400
S5: day on the radio show. And, you know, I think

894
00:48:07,440 --> 00:48:10,439
S5: the what you can do is, first of all, lower

895
00:48:10,440 --> 00:48:15,040
S5: your expenses so you can downsize housing, you can reduce debt,

896
00:48:15,080 --> 00:48:17,200
S5: you know, if you are still working, let's try to

897
00:48:17,239 --> 00:48:20,160
S5: sync up the payoff of the debt by the time

898
00:48:20,160 --> 00:48:23,360
S5: you enter retirement. Now, that may require that you continue

899
00:48:23,360 --> 00:48:25,719
S5: to work longer than you planned. But the good news

900
00:48:25,719 --> 00:48:28,839
S5: about that is, if you do work longer and you

901
00:48:28,840 --> 00:48:33,040
S5: delay Social Security, perhaps to as late as 70, you

902
00:48:33,040 --> 00:48:37,880
S5: could get 25% more on your Social Security check for

903
00:48:37,880 --> 00:48:41,560
S5: life than what you're supposed to get at full retirement age,

904
00:48:41,560 --> 00:48:44,920
S5: which is a game changer because that's, you know, a

905
00:48:44,920 --> 00:48:49,180
S5: monthly income stream 25% higher. That's going to grow with

906
00:48:49,180 --> 00:48:52,339
S5: inflation adjustments for the rest of your life. And that

907
00:48:52,340 --> 00:48:55,580
S5: could be the key to you balancing the budget so

908
00:48:55,580 --> 00:48:59,660
S5: you lower your expenses, you work longer, you delay Social Security,

909
00:48:59,980 --> 00:49:03,140
S5: you stay out of new debt, and then perhaps you

910
00:49:03,140 --> 00:49:05,660
S5: take on some part time work. In that season of life,

911
00:49:05,660 --> 00:49:09,620
S5: it's not uncommon for you to add some income sources

912
00:49:09,620 --> 00:49:11,779
S5: along the way. But the key is if you can

913
00:49:11,780 --> 00:49:15,299
S5: live modestly, you can make it work and you don't

914
00:49:15,300 --> 00:49:17,300
S5: need to have that million dollars, I agree.

915
00:49:17,780 --> 00:49:21,940
S3: Isn't retirement overbilled? I mean, from a standpoint of a

916
00:49:21,980 --> 00:49:24,419
S3: lot of people feel pressured. It's like, oh, my friends

917
00:49:24,420 --> 00:49:27,259
S3: are retiring at 65. I don't have the bandwidth, but

918
00:49:27,260 --> 00:49:30,140
S3: I'm almost too embarrassed. We got to get over that,

919
00:49:30,140 --> 00:49:35,020
S3: don't we, Rob? Plus retirement, is it? The stats say

920
00:49:35,020 --> 00:49:36,780
S3: it can kill you if you don't have the bigger

921
00:49:36,780 --> 00:49:37,620
S3: yes out there.

922
00:49:38,020 --> 00:49:41,060
S5: Yeah, that's exactly right. I mean, retirement is often sold

923
00:49:41,060 --> 00:49:45,630
S5: as a decades long vacation, but that's not the biblical worldview,

924
00:49:45,630 --> 00:49:49,870
S5: and real life and health doesn't always match the brochure. Carl. So,

925
00:49:50,070 --> 00:49:53,029
S5: you know, I think the bigger question is, what is

926
00:49:53,030 --> 00:49:56,390
S5: God calling you to in this season of life? And remember,

927
00:49:56,390 --> 00:50:00,469
S5: productivity is good for the soul. It's good for your health.

928
00:50:00,870 --> 00:50:04,390
S5: It's God's plan. And it's allowing you to take all

929
00:50:04,390 --> 00:50:06,830
S5: that God has given you and entrusted you, your skills

930
00:50:06,830 --> 00:50:10,910
S5: and your abilities and your wisdom and your experience, and

931
00:50:10,910 --> 00:50:14,870
S5: invest it in a coming generation that leads to human flourishing.

932
00:50:14,870 --> 00:50:18,270
S5: It's a virtuous cycle. The way God designed it. He

933
00:50:18,270 --> 00:50:22,390
S5: created us to be workers, to create out of his creation.

934
00:50:22,630 --> 00:50:26,549
S5: As we work, that creates economic expansion. It allows us

935
00:50:26,550 --> 00:50:28,709
S5: then to give back to the God who made us,

936
00:50:28,710 --> 00:50:32,629
S5: which calibrates our hearts to his. And it's a virtuous

937
00:50:32,630 --> 00:50:36,029
S5: cycle that God designed. You know, he did not intend

938
00:50:36,030 --> 00:50:38,509
S5: for us to be stagnant. We know what happens to

939
00:50:38,550 --> 00:50:43,239
S5: water that becomes stagnant. Nothing good, but it doesn't mean

940
00:50:43,400 --> 00:50:46,280
S5: your rhythms don't change. It doesn't mean it looks different.

941
00:50:46,280 --> 00:50:49,240
S5: All those things can be true. But I think this

942
00:50:49,239 --> 00:50:53,080
S5: idea of the decades long vacation that has been promoted

943
00:50:53,080 --> 00:50:56,239
S5: to us is not something that we see in Scripture.

944
00:50:56,800 --> 00:50:58,920
S4: Let's go back to the phones. Kim, thank you for

945
00:50:58,920 --> 00:51:01,520
S4: holding on from Portage, Indiana. Go ahead with your question

946
00:51:01,520 --> 00:51:02,520
S4: for Rob West.

947
00:51:03,719 --> 00:51:03,959
S11: Hey.

948
00:51:03,960 --> 00:51:07,960
S13: Good morning. I wanted to know what he thinks of

949
00:51:08,520 --> 00:51:11,839
S13: real estate investment trust for passive income.

950
00:51:12,640 --> 00:51:15,640
S5: Yeah. So real estate investment trusts are a way to

951
00:51:15,680 --> 00:51:19,960
S5: invest in real estate without owning property yourself. Um, what

952
00:51:19,960 --> 00:51:23,680
S5: are the pros? It diversifies your portfolio, so it adds

953
00:51:23,680 --> 00:51:27,560
S5: another asset class. So one asset class is stocks. Another

954
00:51:27,560 --> 00:51:31,480
S5: asset class is bonds. A third asset class is real estate.

955
00:51:31,520 --> 00:51:34,360
S5: A fourth would be precious metals. So remember the wisdom

956
00:51:34,400 --> 00:51:37,719
S5: of King Solomon. He said you know, basically don't put

957
00:51:37,719 --> 00:51:41,500
S5: all your eggs in one basket and having real estate

958
00:51:41,500 --> 00:51:45,060
S5: in your portfolio without owning it directly, which requires you

959
00:51:45,060 --> 00:51:46,980
S5: to have a lot more in the way of assets,

960
00:51:47,180 --> 00:51:51,460
S5: is a great way to diversify. REITs pay dividends, often

961
00:51:51,460 --> 00:51:55,580
S5: higher than stocks, so they generate income. They're also easy

962
00:51:55,580 --> 00:51:58,860
S5: to buy and sell like a stock. The downside is

963
00:51:58,860 --> 00:52:02,900
S5: the taxation. They're taxed as ordinary income. They do move

964
00:52:02,900 --> 00:52:04,859
S5: with interest rates. And so we've been in a high

965
00:52:04,860 --> 00:52:07,580
S5: interest rate environment which has not been great for rates.

966
00:52:07,780 --> 00:52:10,140
S5: And then some are illiquid and have high fees. So

967
00:52:10,140 --> 00:52:12,660
S5: you need to understand what you're buying. But at face

968
00:52:12,660 --> 00:52:16,020
S5: value I like REITs real estate investment trusts a lot

969
00:52:16,020 --> 00:52:17,140
S5: for the reasons I mentioned.

970
00:52:17,180 --> 00:52:20,339
S4: Sherry, thanks for holding on from Brooksville, Florida. Go ahead

971
00:52:20,340 --> 00:52:21,299
S4: with your question.

972
00:52:21,660 --> 00:52:27,020
S14: Yes, I have about $50,000 in credit card debt. And

973
00:52:27,380 --> 00:52:30,500
S14: I wasn't being irresponsible. I was fighting breast cancer for

974
00:52:30,500 --> 00:52:32,500
S14: the last two years, so I was out of work.

975
00:52:33,180 --> 00:52:40,709
S14: And now thank you, but thank God I'm cancer free and, um. Yes.

976
00:52:41,350 --> 00:52:44,590
S14: And now you know I'm left with this. I just

977
00:52:44,590 --> 00:52:49,550
S14: started back to work, thank God. And, um, I inherited

978
00:52:49,550 --> 00:52:53,790
S14: my parents house, which is very, very old. And, um,

979
00:52:53,950 --> 00:52:56,510
S14: my daughter lives there, but the house is in my name.

980
00:52:57,030 --> 00:52:59,990
S14: I'm wondering if I should take out a home equity

981
00:52:59,989 --> 00:53:02,350
S14: loan on the house to pay off the debt, because

982
00:53:02,350 --> 00:53:06,629
S14: the interest rate on credit cards is crazy. It's like 26%.

983
00:53:07,230 --> 00:53:11,270
S5: Yeah, yeah. Well, first of all, uh, praise the Lord that, uh,

984
00:53:11,270 --> 00:53:14,670
S5: you are cancer free. I'm so delighted to hear that.

985
00:53:14,670 --> 00:53:18,549
S5: And listen, I can understand, uh, the difficulty of of

986
00:53:18,590 --> 00:53:21,710
S5: medical debt, uh, and now the burden and the weight

987
00:53:21,710 --> 00:53:23,989
S5: that that presents on you. You know, I would love

988
00:53:23,989 --> 00:53:27,109
S5: for you to avoid taking that unsecured debt. And that's

989
00:53:27,110 --> 00:53:29,549
S5: what credit card debt is. And now securing it to

990
00:53:29,590 --> 00:53:33,029
S5: a piece of property. Because if something doesn't go the

991
00:53:33,030 --> 00:53:36,350
S5: way we plan, and by God's grace he's providing. I'm

992
00:53:36,350 --> 00:53:39,200
S5: delighted to hear you're back to work. but I would

993
00:53:39,200 --> 00:53:41,439
S5: hate for you to lose that house over this. So

994
00:53:41,440 --> 00:53:44,359
S5: if you do have some good recurring income, I would

995
00:53:44,400 --> 00:53:49,799
S5: far prefer you to slide this into a debt management program. Uh,

996
00:53:49,800 --> 00:53:52,440
S5: as long as you have enough income to cover those payments.

997
00:53:52,440 --> 00:53:55,160
S5: Because that's going to help get those interest rates down

998
00:53:55,480 --> 00:53:58,560
S5: and help you pay that off 80% faster. The key

999
00:53:58,560 --> 00:54:01,920
S5: will be, you know, whether you can absorb that monthly payment.

1000
00:54:01,920 --> 00:54:04,360
S5: So the first step I would do is to reach

1001
00:54:04,360 --> 00:54:09,480
S5: out to our friends at Christian Credit counselors. Christian credit counselors. Um,

1002
00:54:09,520 --> 00:54:12,080
S5: they will evaluate the debt, tell you what they can

1003
00:54:12,080 --> 00:54:14,480
S5: drop the interest rates to. They'll go over what the

1004
00:54:14,480 --> 00:54:16,719
S5: monthly payment will be. If you can fit that into

1005
00:54:16,719 --> 00:54:20,160
S5: your budget. I would far prefer that than the cost

1006
00:54:20,160 --> 00:54:23,680
S5: and the expense and the reality of securing this debt

1007
00:54:23,680 --> 00:54:26,320
S5: to a home or even an inherited home.

1008
00:54:27,080 --> 00:54:30,080
S2: This is curl and crew on Moody Radio.

1009
00:54:31,280 --> 00:54:33,040
S3: All right. We're going to get back to the phone lines.

1010
00:54:33,040 --> 00:54:33,960
S3: Who do we have here, Ali?

1011
00:54:34,000 --> 00:54:37,060
S4: We have Joe. Any first time caller from plantation, Florida.

1012
00:54:37,060 --> 00:54:38,219
S4: Go ahead with your question.

1013
00:54:38,940 --> 00:54:45,020
S15: Hi. Good morning Rob. I have a 41 or $46,000.

1014
00:54:45,340 --> 00:54:53,100
S15: I have my pension plan of $85,000. My mortgage is $46,000.

1015
00:54:53,620 --> 00:54:56,819
S15: I don't want to have a mortgage payment. When I retire,

1016
00:54:56,860 --> 00:55:01,620
S15: I'll be 66 years. Should I take part of my payment,

1017
00:55:01,660 --> 00:55:04,620
S15: my pension plan, and pay off my mortgage?

1018
00:55:06,020 --> 00:55:08,100
S5: I love the idea that you want to be debt

1019
00:55:08,100 --> 00:55:12,299
S5: free when you get into retirement. That's great because that's

1020
00:55:12,300 --> 00:55:15,540
S5: going to take your largest expense off the table. It

1021
00:55:15,540 --> 00:55:19,420
S5: gives you some peace of mind. The challenge is withdrawals

1022
00:55:19,420 --> 00:55:24,020
S5: from those retirement plans are going to be taxable. And so,

1023
00:55:24,140 --> 00:55:27,180
S5: you know, in order to take enough out to pay

1024
00:55:27,180 --> 00:55:29,700
S5: off that mortgage in full, you're going to have to

1025
00:55:29,739 --> 00:55:33,540
S5: take enough to cover that plus the taxes. And then

1026
00:55:33,540 --> 00:55:38,350
S5: that reduces your retirement savings and future growth? Um, so

1027
00:55:38,390 --> 00:55:41,190
S5: I think, you know, you've got two options here. One

1028
00:55:41,190 --> 00:55:43,430
S5: is you just go ahead and do that. But I

1029
00:55:43,430 --> 00:55:46,670
S5: would be really careful to say, okay, if that mortgage

1030
00:55:46,670 --> 00:55:50,629
S5: is gone with my retirement and what's, what's what's left

1031
00:55:50,630 --> 00:55:53,469
S5: of my retirement and my Social Security, can I make

1032
00:55:53,469 --> 00:55:58,390
S5: the budget balance? If not, you may want to consider, uh,

1033
00:55:58,390 --> 00:56:00,870
S5: you know, just keeping the mortgage and, you know, you've

1034
00:56:00,870 --> 00:56:04,430
S5: got that balance pretty low. Perhaps you take on a

1035
00:56:04,430 --> 00:56:08,390
S5: part time job and continue to work for a season, uh,

1036
00:56:08,390 --> 00:56:11,750
S5: as you work toward paying that off, preserving your retirement

1037
00:56:11,750 --> 00:56:14,350
S5: account so that you now have that to convert to

1038
00:56:14,350 --> 00:56:17,270
S5: an income stream down the road. Um, or if you

1039
00:56:17,270 --> 00:56:19,110
S5: can build it into the budget and just kind of

1040
00:56:19,150 --> 00:56:22,030
S5: tighten that belt for a few years until you knock

1041
00:56:22,030 --> 00:56:24,790
S5: it out, I might go that direction. I think the

1042
00:56:24,790 --> 00:56:26,910
S5: key is I want to hang on to as much

1043
00:56:26,950 --> 00:56:29,790
S5: in the way of retirement assets as possible, and not

1044
00:56:29,790 --> 00:56:33,350
S5: cause you in your final working year to have a

1045
00:56:33,480 --> 00:56:35,280
S5: big tax bill at the same time.

1046
00:56:35,640 --> 00:56:38,359
S3: Good word. Excellent. Going back to the phone lines, Steve.

1047
00:56:38,400 --> 00:56:42,920
S3: First time caller Martinsburg, West Virginia. What's your question for Rob?

1048
00:56:43,880 --> 00:56:45,480
S12: Rob my question.

1049
00:56:45,480 --> 00:56:48,640
S16: Would be I, I lost my job. I'm 64 due

1050
00:56:48,640 --> 00:56:52,320
S16: to the federal budget cuts. And I know the conventional

1051
00:56:52,320 --> 00:56:59,080
S16: wisdom is to postpone filing for Social Security. My my

1052
00:56:59,800 --> 00:57:07,799
S16: my savings are roughly 30% qualified, tax deferred, 40% qualified,

1053
00:57:07,840 --> 00:57:12,600
S16: tax free Roth and then 30% brokerage. But knowing now

1054
00:57:12,600 --> 00:57:16,520
S16: that if Social Security isn't fixed by 2033, it's going

1055
00:57:16,520 --> 00:57:20,160
S16: to take a 23.5% cut. I was thinking of maybe

1056
00:57:20,200 --> 00:57:21,480
S16: I should file earlier.

1057
00:57:22,320 --> 00:57:22,760
S2: Yeah.

1058
00:57:23,400 --> 00:57:26,040
S5: Well, you know, here's the reality. I mean, you're exactly right.

1059
00:57:26,080 --> 00:57:29,160
S5: The if we go on this current trajectory, 2034 is

1060
00:57:29,160 --> 00:57:31,720
S5: when the trust fund runs out and the current estimates

1061
00:57:31,720 --> 00:57:34,260
S5: are you know, somewhere around, uh, they'll be able to

1062
00:57:34,300 --> 00:57:38,100
S5: pay somewhere around 80% of benefits with the trust fund

1063
00:57:38,100 --> 00:57:41,620
S5: at zero, just based on the the current tax revenues.

1064
00:57:41,620 --> 00:57:45,940
S5: But here's the reality. I just can't imagine that, uh,

1065
00:57:45,980 --> 00:57:49,780
S5: we're going to, you know, see Congress not address this.

1066
00:57:49,820 --> 00:57:52,900
S5: It's just too much of a political issue for them

1067
00:57:52,900 --> 00:57:56,580
S5: to ignore it. There's too many voters counting on retirement

1068
00:57:56,580 --> 00:57:58,940
S5: for Congress not to take it up. And so what

1069
00:57:58,940 --> 00:58:00,420
S5: are they going to do to solve it? Well, they're

1070
00:58:00,420 --> 00:58:03,100
S5: going to either push out the full retirement age or

1071
00:58:03,100 --> 00:58:06,180
S5: they're going to hike FICA taxes or both. But I

1072
00:58:06,180 --> 00:58:08,380
S5: just can't imagine that they're not going to do one

1073
00:58:08,380 --> 00:58:10,980
S5: or both of those to at least kick the can

1074
00:58:11,020 --> 00:58:13,580
S5: down the road. So I would say, you know, in

1075
00:58:13,580 --> 00:58:16,660
S5: your situation, I would much prefer you locking in that

1076
00:58:16,660 --> 00:58:20,820
S5: higher check for life and going ahead and delaying despite

1077
00:58:20,820 --> 00:58:23,540
S5: the realities of what you just described, so that you've

1078
00:58:23,540 --> 00:58:26,380
S5: got that for the rest of your life, alongside these

1079
00:58:26,380 --> 00:58:27,660
S5: other retirement assets.

1080
00:58:27,740 --> 00:58:31,190
S4: And a heartfelt text from someone who says, Rob? I

1081
00:58:31,230 --> 00:58:32,990
S4: bit off more than I can chew. I bought a

1082
00:58:32,990 --> 00:58:36,750
S4: house I can't afford. I'm one year in. What should

1083
00:58:36,750 --> 00:58:37,230
S4: I do?

1084
00:58:37,790 --> 00:58:41,870
S5: Um, yeah. So the big three, uh, budget busters, uh,

1085
00:58:41,870 --> 00:58:47,030
S5: are housing, transportation and food. Um, and, you know, we

1086
00:58:47,030 --> 00:58:50,590
S5: can adjust food, uh, much easier than we can a

1087
00:58:50,590 --> 00:58:54,070
S5: car and certainly much easier than a house. And so

1088
00:58:54,110 --> 00:58:56,190
S5: I think you need to get real about the numbers.

1089
00:58:56,190 --> 00:58:58,430
S5: You've got to list all of your income and expenses

1090
00:58:58,430 --> 00:59:01,630
S5: and see how far short you are each month. Uh,

1091
00:59:01,630 --> 00:59:04,830
S5: and then I would say cut costs fast. Let's trim

1092
00:59:04,830 --> 00:59:08,630
S5: every other expense to free up money for the mortgage.

1093
00:59:08,630 --> 00:59:12,350
S5: You can explore income income options. So you could, you know,

1094
00:59:12,390 --> 00:59:14,870
S5: pick up some extra work, see if you can find,

1095
00:59:14,910 --> 00:59:17,990
S5: you know, some short term income streams. You could, uh,

1096
00:59:17,990 --> 00:59:20,990
S5: talk to your lender. You know, once interest rates come down,

1097
00:59:20,990 --> 00:59:24,669
S5: you could look at refinancing. But if it's not sustainable,

1098
00:59:24,710 --> 00:59:27,950
S5: you certainly want to look at selling the house and downsizing,

1099
00:59:27,950 --> 00:59:30,640
S5: even though I would try to avoid that if you can,

1100
00:59:30,640 --> 00:59:34,080
S5: because it's expensive, especially now you know when you can't

1101
00:59:34,080 --> 00:59:37,400
S5: drop down to a lower interest rate on the next home. Um,

1102
00:59:37,400 --> 00:59:39,040
S5: but the last thing I'd want is for you to

1103
00:59:39,080 --> 00:59:41,960
S5: lose the house and or damage your credit. So I

1104
00:59:41,960 --> 00:59:45,040
S5: would just say start with that budget, explore income options,

1105
00:59:45,040 --> 00:59:47,560
S5: and let's try to wait out the interest rates and

1106
00:59:47,560 --> 00:59:49,480
S5: then perhaps downsize. At that point.

1107
00:59:49,520 --> 00:59:53,200
S3: We are getting crushed with calls and text messages. Right now,

1108
00:59:53,200 --> 00:59:56,840
S3: if you really want to get to a site that

1109
00:59:56,840 --> 01:00:01,760
S3: is going to, I would say with 90% certainty, answer

1110
01:00:01,760 --> 01:00:05,240
S3: the questions that you have. Even when we're done with

1111
01:00:05,240 --> 01:00:09,400
S3: our time with Rob, please text the word money. This

1112
01:00:09,400 --> 01:00:12,919
S3: is a one stop shop. You are going to find advice,

1113
01:00:12,920 --> 01:00:17,440
S3: counselors and app. You name it. Budgeting advice. What do

1114
01:00:17,440 --> 01:00:19,920
S3: we do if we got our turkey in a squisher

1115
01:00:19,920 --> 01:00:23,200
S3: with debt? It doesn't say those words there, but it

1116
01:00:23,200 --> 01:00:26,040
S3: helps you get out of it for sure. Make sure

1117
01:00:26,040 --> 01:00:32,380
S3: you text the word money to 800 555 7898. Money

1118
01:00:32,380 --> 01:00:35,740
S3: to 800 555 7898.

1119
01:00:35,780 --> 01:00:38,300
S4: We got a question that's come in by text message.

1120
01:00:38,700 --> 01:00:42,060
S4: It comes from someone who says, oh, just lost it.

1121
01:00:42,100 --> 01:00:44,780
S4: Give me a second, Carl. Grab it, I lost it.

1122
01:00:44,820 --> 01:00:47,820
S3: Uh, we're going to go to Jonathan in Davie, Florida. Jonathan,

1123
01:00:47,820 --> 01:00:49,140
S3: what's your question for Rob?

1124
01:00:50,420 --> 01:00:51,980
S17: Hey, what's going on? Rob?

1125
01:00:52,620 --> 01:00:53,140
S5: Hey, there.

1126
01:00:53,780 --> 01:00:58,260
S17: Uh, my question really is, um, so I have, uh,

1127
01:00:58,900 --> 01:01:01,300
S17: me and my wife have, like, um, like, over, like,

1128
01:01:01,340 --> 01:01:07,100
S17: $150,000 in debt. Um, just recently married. Um, I'm basically

1129
01:01:07,100 --> 01:01:10,300
S17: just asking because we're looking for a house as of

1130
01:01:10,300 --> 01:01:15,180
S17: right now. Um, any advice or, you know, just help

1131
01:01:15,220 --> 01:01:18,700
S17: on whether I, we should do it right now or

1132
01:01:20,420 --> 01:01:21,940
S17: whether we should wait.

1133
01:01:22,580 --> 01:01:26,270
S5: Yeah. It's a great question, Jonathan. Uh, what? Describe the

1134
01:01:26,270 --> 01:01:28,189
S5: debt for me. How does that break down? What type

1135
01:01:28,190 --> 01:01:28,670
S5: of debt?

1136
01:01:29,190 --> 01:01:33,590
S17: Okay, so the debt is mostly in student loans. She

1137
01:01:33,630 --> 01:01:39,030
S17: went to school for like pharmacy or whatever. And you know,

1138
01:01:39,070 --> 01:01:43,350
S17: she's in quite a bit of debt when it comes

1139
01:01:43,350 --> 01:01:46,630
S17: to that. But me on the other on the other hand,

1140
01:01:46,670 --> 01:01:51,590
S17: I have, uh, about $30,000 in debt or $25,000 in

1141
01:01:51,630 --> 01:01:57,430
S17: my car and about 5 to $6000 in debt with

1142
01:01:57,790 --> 01:02:00,230
S17: student loans. I didn't go to college.

1143
01:02:00,710 --> 01:02:03,550
S5: Yeah. And what do you have in the way of

1144
01:02:03,550 --> 01:02:06,110
S5: a down payment that you could put toward this home purchase?

1145
01:02:06,990 --> 01:02:10,590
S17: As of right now, we don't even have a down

1146
01:02:10,670 --> 01:02:13,070
S17: payment for it. We just got a pre-approval.

1147
01:02:14,230 --> 01:02:16,590
S5: Okay. Did you say you do not have a down payment.

1148
01:02:17,710 --> 01:02:21,590
S17: As of right now? Um, I don't have we don't

1149
01:02:21,590 --> 01:02:26,240
S17: have 3.5% of the down payment that we're supposed to.

1150
01:02:26,840 --> 01:02:30,000
S5: Yeah. Well, here, here's the reality. I'm going to encourage

1151
01:02:30,000 --> 01:02:32,240
S5: you to wait on this. Uh, first of all, you're

1152
01:02:32,240 --> 01:02:36,160
S5: just married. That's amazing. Congratulations. I love that, but the

1153
01:02:36,160 --> 01:02:38,080
S5: last thing I would want would be for you to

1154
01:02:38,120 --> 01:02:41,360
S5: start out this marriage with strain on your budget and

1155
01:02:41,360 --> 01:02:46,160
S5: your marriage because you get financially overextended. Um, and just

1156
01:02:46,160 --> 01:02:49,560
S5: because the mortgage company says they will do something, you know,

1157
01:02:49,600 --> 01:02:53,880
S5: a 96.5% loan, it doesn't mean you should. Um, so

1158
01:02:53,920 --> 01:02:56,640
S5: here's the reality. I would focus on paying down the

1159
01:02:56,640 --> 01:02:59,160
S5: debt and building an emergency fund of 3 to 6

1160
01:02:59,160 --> 01:03:02,880
S5: months expenses. Once you get to three months expenses and

1161
01:03:02,880 --> 01:03:04,800
S5: you know you're on track to be able to pay

1162
01:03:04,800 --> 01:03:09,040
S5: off that student loan within ten years, um, then we

1163
01:03:09,040 --> 01:03:12,120
S5: start looking toward the home purchase. But I want you

1164
01:03:12,120 --> 01:03:15,040
S5: to have at least 20% down. And so that means

1165
01:03:15,040 --> 01:03:18,760
S5: if you're buying a $200,000 home, you need 40 grand.

1166
01:03:18,760 --> 01:03:21,080
S5: And you might say, Rob, I just don't see that

1167
01:03:21,080 --> 01:03:24,220
S5: happening anytime soon. And I'd say, then let's wait it out.

1168
01:03:24,420 --> 01:03:26,740
S5: The other thing is, I want to make sure that

1169
01:03:26,740 --> 01:03:29,380
S5: your mortgage payment is no more than 25% of your

1170
01:03:29,380 --> 01:03:32,620
S5: take home pay. So here's the priority order. Number one,

1171
01:03:32,620 --> 01:03:35,220
S5: focus on getting that budget dialed in so you guys

1172
01:03:35,220 --> 01:03:37,580
S5: live within your means. Don't take on any more debt.

1173
01:03:37,620 --> 01:03:41,460
S5: Number two, build that emergency fund as your first priority goal.

1174
01:03:41,500 --> 01:03:45,620
S5: 3 to 6 months expenses three make sure you're on

1175
01:03:45,620 --> 01:03:48,060
S5: a plan to pay off that debt the student loans

1176
01:03:48,060 --> 01:03:51,180
S5: in ten years or less, and then start saving for

1177
01:03:51,220 --> 01:03:55,420
S5: that down payment of 20%. And until you get to

1178
01:03:55,460 --> 01:03:58,340
S5: that point where renting and you will thank me for

1179
01:03:58,340 --> 01:03:58,860
S5: it later.

1180
01:03:59,260 --> 01:04:02,340
S2: He's a sports fanatic with a stat for anything you

1181
01:04:02,340 --> 01:04:06,540
S2: can think of. Young Thunder is in the groove. It's

1182
01:04:06,540 --> 01:04:08,780
S2: curling crew on Moody Radio.

1183
01:04:09,140 --> 01:04:12,500
S4: Our expert today, Rob West, host of Faith and finance,

1184
01:04:12,540 --> 01:04:14,860
S4: live with you here in the afternoons right here on

1185
01:04:14,900 --> 01:04:18,820
S4: Moody Radio. Question in from Don from Chattanooga, Tennessee. Rob,

1186
01:04:18,860 --> 01:04:22,670
S4: do you recommend a trust over a will to avoid probate.

1187
01:04:23,590 --> 01:04:25,910
S5: Yeah, that's a great question. You know, the the challenge

1188
01:04:25,950 --> 01:04:28,950
S5: is the cost and the complexity. So a will is

1189
01:04:28,950 --> 01:04:31,830
S5: going to run you 3 to $500. A trust can

1190
01:04:31,830 --> 01:04:35,590
S5: be anywhere from, you know, 2 to 4000. Typically, uh,

1191
01:04:35,630 --> 01:04:38,590
S5: you know, the bottom line is you have to answer,

1192
01:04:38,630 --> 01:04:41,870
S5: you know, what are my goals? Uh, so a will

1193
01:04:42,030 --> 01:04:45,630
S5: says who gets what you have when you die? It

1194
01:04:45,630 --> 01:04:48,990
S5: goes through probate, which can take months and is public.

1195
01:04:49,350 --> 01:04:52,910
S5: It also does not manage the assets. If you're incapacitated,

1196
01:04:52,910 --> 01:04:56,630
S5: it only takes effect, uh, at death. The revocable living

1197
01:04:56,670 --> 01:05:01,189
S5: trust lets assets pass outside of probate, so that's usually faster.

1198
01:05:01,350 --> 01:05:04,150
S5: It can be anonymous or private. And then you can

1199
01:05:04,150 --> 01:05:07,910
S5: manage the assets if you become incapacitated your trustee would.

1200
01:05:08,150 --> 01:05:11,390
S5: But it costs more and it has to be maintained.

1201
01:05:11,390 --> 01:05:15,150
S5: So I would just say how important is it that you, uh,

1202
01:05:15,150 --> 01:05:18,590
S5: are able to get outside of probate and, uh, you know,

1203
01:05:18,670 --> 01:05:20,720
S5: are you willing and do you have the ability to

1204
01:05:20,760 --> 01:05:22,760
S5: to spend the money to put the trust in place?

1205
01:05:22,760 --> 01:05:24,760
S5: If not, I think the will is your approach.

1206
01:05:24,920 --> 01:05:28,800
S3: To pay in Oswego, Illinois? What's your question for Rob?

1207
01:05:30,440 --> 01:05:31,400
S10: Hi. Good morning.

1208
01:05:31,600 --> 01:05:35,600
S18: Rob. I would like some advice for my daughter. Um,

1209
01:05:36,000 --> 01:05:40,440
S18: how to build credit. Um, she just became an adult.

1210
01:05:41,200 --> 01:05:44,120
S18: And just like some advice on that, if she doesn't

1211
01:05:44,120 --> 01:05:47,960
S18: have any credit, how is she able to start? Any

1212
01:05:47,960 --> 01:05:49,560
S18: guidance or advice on that, please?

1213
01:05:50,040 --> 01:05:53,480
S5: Yeah, I would say first of all, open a starter

1214
01:05:53,480 --> 01:05:56,640
S5: account so this can be a secured credit card or

1215
01:05:56,680 --> 01:06:00,480
S5: a student credit card unsecured. Uh, but the key is

1216
01:06:00,480 --> 01:06:03,720
S5: to get her started in a way where she's learning

1217
01:06:03,720 --> 01:06:08,600
S5: how to be responsible in managing money wisely. Uh, that means,

1218
01:06:08,640 --> 01:06:12,080
S5: you know, a budgeted item hitting that account, whether it's

1219
01:06:12,080 --> 01:06:15,680
S5: secured or unsecured every month. So something she was planning

1220
01:06:15,680 --> 01:06:18,440
S5: on spending that she can then allow it to hit

1221
01:06:18,610 --> 01:06:20,650
S5: the account, she pays it in full, and that's going

1222
01:06:20,690 --> 01:06:24,090
S5: to start building that positive credit history. Another approach a

1223
01:06:24,130 --> 01:06:26,930
S5: lot of people use is making her an authorized user

1224
01:06:26,930 --> 01:06:29,570
S5: on your card, even if she doesn't have access to it.

1225
01:06:29,570 --> 01:06:31,970
S5: But keep in mind she's going to inherit all of

1226
01:06:31,970 --> 01:06:35,130
S5: your credit, good or bad. So if you miss a payment,

1227
01:06:35,130 --> 01:06:37,970
S5: that's going to her account. But if you're a steady

1228
01:06:37,970 --> 01:06:41,250
S5: on time payer, her being an authorized user on your

1229
01:06:41,250 --> 01:06:45,850
S5: account gets all of your information for that particular account

1230
01:06:45,850 --> 01:06:49,130
S5: onto her credit file, which can build it quickly. So

1231
01:06:49,130 --> 01:06:51,450
S5: I think those are probably the two biggest things that

1232
01:06:51,450 --> 01:06:54,250
S5: you can do to get her started in the right direction.

1233
01:06:54,370 --> 01:06:57,410
S4: Great advice. Let's keep it rolling. Robin, first time caller

1234
01:06:57,410 --> 01:06:59,730
S4: from Grand Rapids, Michigan. Go ahead with your question.

1235
01:07:01,170 --> 01:07:04,290
S19: Hi, I was wondering, my father passed away and had

1236
01:07:04,290 --> 01:07:08,850
S19: a trust and he left about 200,000 to my sister,

1237
01:07:09,050 --> 01:07:12,850
S19: but he wanted her to only have $2,000 a month. Um,

1238
01:07:12,850 --> 01:07:15,850
S19: what would be the best, um, way to give her

1239
01:07:15,890 --> 01:07:17,790
S19: that money? So that I don't have to write a

1240
01:07:17,790 --> 01:07:21,230
S19: check every month. Would it be like a money market? Um.

1241
01:07:21,470 --> 01:07:22,310
S19: An annuity?

1242
01:07:23,510 --> 01:07:26,390
S5: Yeah. Yeah. So are you the trustee?

1243
01:07:27,550 --> 01:07:28,150
S19: Yes.

1244
01:07:28,710 --> 01:07:32,190
S5: Okay. Yeah. And so how is that money invested today?

1245
01:07:33,550 --> 01:07:37,390
S19: Um, right now we have an account, an Ein that

1246
01:07:37,390 --> 01:07:41,310
S19: we have set up. I haven't distributed the money yet. Um,

1247
01:07:41,310 --> 01:07:46,390
S19: because we're still in the four month holding period. Gotcha.

1248
01:07:46,790 --> 01:07:50,870
S5: Okay. Yeah. Yeah. And so I think, you know, the

1249
01:07:50,910 --> 01:07:53,270
S5: key is to decide how you want it invested and

1250
01:07:53,270 --> 01:07:55,070
S5: then go ahead and get it invested. But then you're

1251
01:07:55,070 --> 01:07:57,350
S5: going to want to make sure you have enough liquidity

1252
01:07:57,670 --> 01:08:00,430
S5: on an annual basis to cover that 2000 a month.

1253
01:08:00,430 --> 01:08:03,030
S5: And for that, a portion that you're going to be

1254
01:08:03,030 --> 01:08:05,910
S5: paying out of, you know, money market is a great

1255
01:08:05,910 --> 01:08:07,990
S5: place for that to be. So I'd make sure you

1256
01:08:07,990 --> 01:08:11,510
S5: always have at least one year in that money market

1257
01:08:11,510 --> 01:08:14,390
S5: so you can keep those consistent payments going. But with

1258
01:08:14,390 --> 01:08:16,920
S5: the balance of it, I would keep it invested in

1259
01:08:16,920 --> 01:08:19,760
S5: a way that makes sense given the time horizon, so

1260
01:08:19,760 --> 01:08:21,839
S5: that you can keep it growing over the long haul.

1261
01:08:22,960 --> 01:08:27,120
S3: Good question. Okay, Rob. Um, we've got Sherry. First time

1262
01:08:27,120 --> 01:08:29,280
S3: caller Miami, Florida. What do you say? Sherry?

1263
01:08:29,960 --> 01:08:30,360
S11: Hi.

1264
01:08:30,800 --> 01:08:33,719
S14: Good morning. I'm just calling. I just would like some

1265
01:08:33,760 --> 01:08:38,200
S14: advice on. I'm 70 years old, I still work. I

1266
01:08:38,200 --> 01:08:42,679
S14: do have a mortgage, but I'm overwhelmed. And credit card debt. Um,

1267
01:08:42,680 --> 01:08:47,000
S14: I do have a very small, um, savings account. A

1268
01:08:47,000 --> 01:08:52,200
S14: very small 401 K, um, collecting Social Security. I would

1269
01:08:52,200 --> 01:08:56,400
S14: like to retire. Unfortunately, I'm just overwhelmed in credit card debt.

1270
01:08:56,439 --> 01:08:57,920
S14: I just wanted some advice.

1271
01:08:58,880 --> 01:09:01,639
S5: Yeah, well, I know that can weigh on you. And

1272
01:09:01,640 --> 01:09:04,880
S5: I think, first of all, just recognize God is your provider.

1273
01:09:05,120 --> 01:09:07,599
S5: And the key is to just do the best you can,

1274
01:09:07,600 --> 01:09:10,080
S5: managing what passes through your hands. And it sounds like

1275
01:09:10,120 --> 01:09:13,639
S5: you're you're already thinking that way. Um, you know, number

1276
01:09:13,640 --> 01:09:16,210
S5: one is let's try to just really get on a

1277
01:09:16,210 --> 01:09:19,050
S5: bare bones budget and look for areas that you can

1278
01:09:19,050 --> 01:09:22,769
S5: cut back. I would say let's target those highest credit

1279
01:09:22,770 --> 01:09:26,610
S5: card interest rates first. Um, and perhaps a debt management

1280
01:09:26,610 --> 01:09:30,729
S5: program with Christian credit counselors. They'd be delighted to help

1281
01:09:30,729 --> 01:09:34,370
S5: you get those interest rates down, hopefully with one level

1282
01:09:34,370 --> 01:09:37,729
S5: monthly payment that fits your budget. So that would be key.

1283
01:09:37,770 --> 01:09:41,290
S5: Let's try to avoid tapping the retirement savings, if at

1284
01:09:41,290 --> 01:09:45,330
S5: all possible. And I appreciate your willingness to continue to work,

1285
01:09:45,330 --> 01:09:48,290
S5: because I think that's the key to having you, you know,

1286
01:09:48,330 --> 01:09:49,970
S5: be able to get past all of this and get

1287
01:09:49,970 --> 01:09:52,729
S5: to a place where once that debt is gone, hopefully

1288
01:09:52,729 --> 01:09:55,650
S5: now that allows you to rightsize that budget and even

1289
01:09:55,650 --> 01:09:57,970
S5: slow down in your work. The other thing I'd be

1290
01:09:57,970 --> 01:10:00,650
S5: willing to offer Carl and Ellie is one of our

1291
01:10:00,650 --> 01:10:04,050
S5: Christian financial counselors, will cover the cost of that to

1292
01:10:04,090 --> 01:10:06,330
S5: meet with her several times just to go over her

1293
01:10:06,330 --> 01:10:09,370
S5: budget and her spending plan, and give her some ideas

1294
01:10:09,370 --> 01:10:11,010
S5: on how she can navigate this.

1295
01:10:11,050 --> 01:10:14,710
S3: Okay. The way. I'm sorry. Yeah, I'm jumping on this

1296
01:10:14,710 --> 01:10:17,030
S3: with you. Ali. How how does she get Ahold of that? Ali?

1297
01:10:17,070 --> 01:10:19,469
S4: Yeah. Sherry. First time caller. Just hold on the line.

1298
01:10:19,470 --> 01:10:22,510
S4: We'll we'll talk to you offline and get your information.

1299
01:10:22,550 --> 01:10:26,790
S4: We've got an anonymous caller from Indiana. Go ahead. Anonymous.

1300
01:10:27,390 --> 01:10:31,389
S20: Hey, Rob, how are you doing today? I was calling in. Good, good.

1301
01:10:31,390 --> 01:10:34,110
S20: I listen to your show a lot, and I appreciate you, um,

1302
01:10:34,270 --> 01:10:37,830
S20: calling in because I've got about maybe six years, six

1303
01:10:37,830 --> 01:10:39,470
S20: and a half years before I can start going to

1304
01:10:39,510 --> 01:10:43,790
S20: my 401 K at age 55, and I want to

1305
01:10:43,790 --> 01:10:46,509
S20: leave the job so that I can start doing other things,

1306
01:10:46,510 --> 01:10:51,269
S20: family and ministry related. I have about 300 300 something

1307
01:10:51,550 --> 01:10:54,790
S20: and investment accounts plus extra in the savings account. So

1308
01:10:54,790 --> 01:10:57,870
S20: I just wanted your advice on if leaving now would

1309
01:10:57,870 --> 01:10:59,229
S20: be a good thing or a bad thing.

1310
01:11:00,550 --> 01:11:03,189
S5: Yeah, you know, it all just comes down to, first

1311
01:11:03,189 --> 01:11:06,309
S5: of all, what are your goals? Uh, and then second

1312
01:11:06,310 --> 01:11:08,550
S5: of all, what does it look like for you to

1313
01:11:08,590 --> 01:11:11,400
S5: fund your expenses in this next season of life. I

1314
01:11:11,400 --> 01:11:14,680
S5: love that you have some ministry endeavors on your mind,

1315
01:11:14,680 --> 01:11:16,760
S5: but I think as the Lord leads, we need to

1316
01:11:16,760 --> 01:11:20,400
S5: make sure that the finances match that. And so as

1317
01:11:20,400 --> 01:11:22,519
S5: you walk away from this, you're right. With the rule

1318
01:11:22,520 --> 01:11:26,520
S5: of 55, you can tap into those funds without the penalty,

1319
01:11:26,520 --> 01:11:29,120
S5: but it is all going to be taxable. And you

1320
01:11:29,120 --> 01:11:31,439
S5: just need to make sure that you're not pulling so

1321
01:11:31,439 --> 01:11:34,520
S5: much out that you know you're going to deplete that

1322
01:11:34,560 --> 01:11:38,640
S5: really much needed retirement asset that can be converted to

1323
01:11:38,680 --> 01:11:41,599
S5: an income stream, you know, throughout the balance of your life.

1324
01:11:41,600 --> 01:11:44,440
S5: So I think you just need to match your ministry

1325
01:11:44,439 --> 01:11:47,760
S5: endeavors and your goals with the financial resources that you've

1326
01:11:47,800 --> 01:11:50,960
S5: accumulated and perhaps getting with an advisor to kind of

1327
01:11:51,000 --> 01:11:54,120
S5: run some of those projections might be your best next step,

1328
01:11:54,120 --> 01:11:56,000
S5: because I wouldn't want you to kind of go into

1329
01:11:56,000 --> 01:11:58,800
S5: this without all the information. If you don't have one,

1330
01:11:58,800 --> 01:12:00,920
S5: just find a certified Kingdom advisor at Faith.

1331
01:12:01,160 --> 01:12:04,960
S3: Com Rob, I want us to wrap where we began

1332
01:12:04,960 --> 01:12:09,400
S3: as a pastor. My heart is heart posture. Always and forever.

1333
01:12:09,490 --> 01:12:13,610
S3: I find that people that cling to God make good choices.

1334
01:12:13,610 --> 01:12:16,090
S3: Pour out your heart on this for 30s here, my man.

1335
01:12:16,130 --> 01:12:19,410
S5: Well, well. Jesus cuts through the noise in Luke 1215,

1336
01:12:19,410 --> 01:12:22,129
S5: and he warns us that a person's life doesn't consist

1337
01:12:22,130 --> 01:12:24,969
S5: in the abundance of their possessions. And that's a hard truth.

1338
01:12:25,010 --> 01:12:27,969
S5: Carl and Allie, in a world that equates more with

1339
01:12:27,970 --> 01:12:32,730
S5: better gain, with greatness and success, with visibility. So from,

1340
01:12:32,850 --> 01:12:36,290
S5: you know, social media influence to income levels, you know,

1341
01:12:36,330 --> 01:12:40,129
S5: we've been trained to chase a version of success that's loud,

1342
01:12:40,130 --> 01:12:43,889
S5: that's public, that's easily measurable. But Paul offers a radically

1343
01:12:43,890 --> 01:12:48,129
S5: different version. He says, I count everything as loss because

1344
01:12:48,130 --> 01:12:52,130
S5: of the surpassing worth of knowing Christ Jesus, my Lord.

1345
01:12:52,410 --> 01:12:55,490
S5: And in a culture that where worth is, is determined

1346
01:12:55,490 --> 01:12:58,969
S5: by our net worth. Paul flips the script and he says,

1347
01:12:58,970 --> 01:13:02,330
S5: success isn't about climbing higher, it's about bowing lower. It's

1348
01:13:02,330 --> 01:13:06,130
S5: about gaining Christ, even if that means losing status and

1349
01:13:06,130 --> 01:13:09,510
S5: comfort or recognition. And so we need to make God

1350
01:13:09,510 --> 01:13:12,229
S5: our ultimate treasure. We need to see money as a tool.

1351
01:13:12,229 --> 01:13:15,189
S5: We need to live in alignment with God's Word and

1352
01:13:15,189 --> 01:13:18,310
S5: the principles we find in Scripture. And when we do,

1353
01:13:18,750 --> 01:13:21,990
S5: we will experience God's best, the abundant life that he

1354
01:13:21,990 --> 01:13:24,189
S5: designed us for. And it's not found in the things

1355
01:13:24,189 --> 01:13:25,070
S5: of this world.

1356
01:13:25,189 --> 01:13:28,150
S3: Love it. Rob West I love you, my man. I

1357
01:13:28,150 --> 01:13:30,469
S3: wish you lived closer. We'd go to lunch at least

1358
01:13:30,470 --> 01:13:33,150
S3: once a week or more. I mean that from the.

1359
01:13:33,189 --> 01:13:35,309
S5: That would be the highlight of my week, Karl, you

1360
01:13:35,310 --> 01:13:35,910
S5: know that.

1361
01:13:35,950 --> 01:13:39,229
S3: I love you, man. Listen, boom, crew, I need you

1362
01:13:39,229 --> 01:13:43,349
S3: to hear me right now. Get this link. Get this link.

1363
01:13:43,390 --> 01:13:48,790
S3: This is a very christocentric abundance in the spiritual realm.

1364
01:13:48,790 --> 01:13:54,830
S3: Mindset link text money to 800 555 7898. You're going

1365
01:13:54,870 --> 01:13:58,710
S3: to find a clearinghouse of great content here, from budgeting

1366
01:13:58,750 --> 01:14:01,830
S3: to advisors to an app that will help you along

1367
01:14:01,830 --> 01:14:07,390
S3: this way. Text money to 805 55 7898.