1 00:00:02,880 --> 00:00:06,360 S1: Today's version of Faith and Finance Live is pre-recorded, so 2 00:00:06,360 --> 00:00:10,240 S1: our phone lines are not open. Every January, millions of 3 00:00:10,240 --> 00:00:13,640 S1: us set resolutions to eat healthier, be more active, or 4 00:00:13,640 --> 00:00:17,079 S1: get our finances in better shape. Hi, I'm Rob West. 5 00:00:17,320 --> 00:00:20,000 S1: Those are good and worthy goals, but studies show most 6 00:00:20,040 --> 00:00:23,200 S1: resolutions fade within just a few weeks. So if you're 7 00:00:23,200 --> 00:00:26,480 S1: hoping to handle money more wisely this year, how can 8 00:00:26,480 --> 00:00:30,319 S1: you build habits that last well beyond January? We'll talk 9 00:00:30,320 --> 00:00:33,440 S1: about that first today and we're prerecorded. So please hold 10 00:00:33,440 --> 00:00:36,199 S1: your calls until we're back in the studio. This is 11 00:00:36,200 --> 00:00:40,400 S1: faith in finance. Live. Biblical wisdom for your financial journey. 12 00:00:43,800 --> 00:00:48,120 S1: Let's be honest, resolutions are hard to keep. Why? Research 13 00:00:48,120 --> 00:00:52,360 S1: shows we often set vague or unrealistic goals, lack a 14 00:00:52,360 --> 00:00:55,920 S1: meaningful why, or jump in without a system. And when 15 00:00:55,920 --> 00:00:59,910 S1: life gets busy or discouraging, old habits take over. If 16 00:00:59,910 --> 00:01:01,950 S1: you're trying to get out of debt, stick to a 17 00:01:01,950 --> 00:01:06,750 S1: spending plan or save more consistently, those tough moments will come. 18 00:01:06,950 --> 00:01:10,910 S1: Success depends on replacing old patterns with new habits, and 19 00:01:10,910 --> 00:01:15,949 S1: that takes intentionality. Another reason resolutions fail is simple we 20 00:01:15,950 --> 00:01:19,229 S1: try to change without a plan. You can't hope your 21 00:01:19,230 --> 00:01:23,630 S1: way into better money habits. A budget turns intentions into 22 00:01:23,630 --> 00:01:26,870 S1: clear choices. It helps you automate your goals so they 23 00:01:26,870 --> 00:01:31,110 S1: become part of normal life, building habits that actually last. 24 00:01:31,110 --> 00:01:34,030 S1: But more than that, a plan helps you steward what 25 00:01:34,110 --> 00:01:37,550 S1: God has entrusted to you with purpose and clarity, not 26 00:01:37,550 --> 00:01:42,070 S1: just willpower. Don't overlook accountability either. We're not meant to 27 00:01:42,110 --> 00:01:45,589 S1: walk alone. Ask a friend to check in regularly. Make 28 00:01:45,590 --> 00:01:49,150 S1: it a family challenge to reduce spending or save consistently. 29 00:01:49,390 --> 00:01:53,150 S1: Celebrate wins and when you fall short, don't quit. Reset 30 00:01:53,150 --> 00:01:56,389 S1: and keep going. Stewardship is a journey, not a single 31 00:01:56,390 --> 00:01:59,900 S1: moment of success. Okay. What if you have a plan 32 00:01:59,900 --> 00:02:03,100 S1: and still struggle to keep your resolutions? It may be 33 00:02:03,100 --> 00:02:06,500 S1: because you're trying to do it all in your own strength. Real, 34 00:02:06,500 --> 00:02:11,340 S1: lasting change requires spiritual power, not just willpower. That's why 35 00:02:11,340 --> 00:02:15,060 S1: the writer of Hebrews reminds us in Hebrews 1211, no 36 00:02:15,060 --> 00:02:19,220 S1: discipline seems pleasant at the time, but painful later on. However, 37 00:02:19,220 --> 00:02:23,020 S1: it produces a harvest of righteousness and peace for those 38 00:02:23,020 --> 00:02:25,860 S1: who have been trained by it. In other words, new 39 00:02:25,900 --> 00:02:29,899 S1: habits often feel uncomfortable. Sticking to a budget may feel 40 00:02:29,900 --> 00:02:34,100 S1: restrictive at first. Cutting back on spending may feel frustrating. 41 00:02:34,260 --> 00:02:38,500 S1: Saying no to impulse purchases may feel like a sacrifice, 42 00:02:38,500 --> 00:02:42,060 S1: but Scripture assures us that this kind of discipline, especially 43 00:02:42,060 --> 00:02:47,780 S1: when rooted in faith, produces something beautiful over time peace, stability, 44 00:02:47,780 --> 00:02:50,980 S1: and a life aligned with God's wisdom. That's why we 45 00:02:51,020 --> 00:02:54,100 S1: don't rely on our own grit alone. We trust the 46 00:02:54,100 --> 00:02:58,300 S1: Lord to strengthen us as we take small steps forward. 47 00:02:58,300 --> 00:03:01,900 S1: Start by praying. Ask God to reshape your desires, guide 48 00:03:01,900 --> 00:03:05,660 S1: your decisions, and help you stay committed when the novelty 49 00:03:05,700 --> 00:03:08,860 S1: wears off. And if you're married, pray together so the 50 00:03:08,860 --> 00:03:12,980 S1: Lord can give you unity as you pursue your financial goals. Now, 51 00:03:13,139 --> 00:03:16,859 S1: once you've bathed your plans in prayer, you need structure. 52 00:03:16,860 --> 00:03:19,260 S1: And one of the most effective ways to build that 53 00:03:19,260 --> 00:03:28,500 S1: structure is by creating smart financial resolutions. Goals that are specific, measurable, achievable, realistic, 54 00:03:28,500 --> 00:03:32,859 S1: and timely. Let's walk through those specific. Don't just say 55 00:03:32,900 --> 00:03:37,100 S1: save more. Say I'll save $100 a month. Clear goals 56 00:03:37,100 --> 00:03:40,220 S1: are easier to follow. A spending plan helps you get there, 57 00:03:40,220 --> 00:03:44,260 S1: and the Faith VI app can set one up in minutes. Measurable. 58 00:03:44,420 --> 00:03:47,260 S1: A good plan allows you to track your progress. Seeing 59 00:03:47,260 --> 00:03:49,620 S1: where your money is going and how your balances are 60 00:03:49,620 --> 00:03:54,940 S1: changing motivates you to keep going. Success builds momentum. Achievable. 61 00:03:55,100 --> 00:03:58,130 S1: Don't expect to eliminate years of debt in a few 62 00:03:58,130 --> 00:04:02,210 S1: weeks or fully fund an emergency account overnight. Set goals 63 00:04:02,210 --> 00:04:06,810 S1: you can genuinely accomplish. Small wins compound over time, and 64 00:04:06,810 --> 00:04:11,530 S1: they prevent discouragement. Realistic. It's great to dream, but your 65 00:04:11,530 --> 00:04:15,090 S1: goals need to match your actual income and expenses. Don't 66 00:04:15,090 --> 00:04:18,610 S1: build a plan that depends on using debt to cover gaps. 67 00:04:18,730 --> 00:04:22,530 S1: That's not progress, that's pressure. Build a plan that reflects 68 00:04:22,529 --> 00:04:26,810 S1: what God has actually entrusted to you. And timely. Every 69 00:04:26,810 --> 00:04:29,969 S1: goal needs a time frame. Whether you're saving for a purchase, 70 00:04:30,010 --> 00:04:33,490 S1: paying down debt, or building savings. Set a timeline you 71 00:04:33,490 --> 00:04:37,250 S1: can stick to. Review your budget weekly or even daily 72 00:04:37,250 --> 00:04:40,890 S1: so you always know where things stand. Adjust as needed, 73 00:04:40,890 --> 00:04:45,770 S1: but keep moving forward. As you set smart financial resolutions 74 00:04:45,770 --> 00:04:48,849 S1: for the new Year, remember that every number tells a 75 00:04:48,850 --> 00:04:52,810 S1: story of God's provision, your heart, priorities, and the opportunities 76 00:04:52,810 --> 00:04:55,680 S1: he gives you to bless others when you commit your 77 00:04:55,680 --> 00:04:58,599 S1: goals to the Lord. Success isn't measured by how much 78 00:04:58,600 --> 00:05:02,320 S1: you accumulate, but by how clearly your finances point to 79 00:05:02,360 --> 00:05:05,680 S1: Jesus as your ultimate treasure. If you need help on 80 00:05:05,720 --> 00:05:08,560 S1: that journey, the Faith fi app could be just the 81 00:05:08,560 --> 00:05:11,560 S1: encouragement you need. Head to your app store or go 82 00:05:11,560 --> 00:05:16,880 S1: to Faith. Com and click app. That's faith. Com. Much 83 00:05:16,880 --> 00:05:34,880 S1: more to come just around the corner. Stick around. I'm 84 00:05:34,880 --> 00:05:37,200 S1: so glad you've joined us today on Faith and Finance 85 00:05:37,200 --> 00:05:39,479 S1: live I'm Rob West. This is where we help you 86 00:05:39,520 --> 00:05:42,400 S1: see God as your ultimate treasure and money, a tool 87 00:05:42,440 --> 00:05:46,280 S1: to accomplish his purposes. A quick reminder our team is 88 00:05:46,279 --> 00:05:48,640 S1: away from the studio, so don't call in. You will 89 00:05:48,640 --> 00:05:51,799 S1: get to hear some great questions we lined up in advance. 90 00:05:51,839 --> 00:05:55,510 S1: And speaking of questions, we do receive questions periodically on 91 00:05:55,510 --> 00:05:59,870 S1: our website, Moody Radio.com, and we try to tackle a 92 00:05:59,870 --> 00:06:01,510 S1: few of those each week. Let's do one of those 93 00:06:01,510 --> 00:06:04,469 S1: right now. This comes from Javier. He writes our mortgage 94 00:06:04,470 --> 00:06:08,549 S1: has an interest rate of 6.7%, and we have about 95 00:06:08,550 --> 00:06:13,230 S1: $75,000 in savings. We're thinking of using a chunk of 96 00:06:13,230 --> 00:06:18,270 S1: our savings to either pay down our mortgage or to invest. 97 00:06:18,390 --> 00:06:20,950 S1: What would be a better use of our savings? Well, 98 00:06:20,990 --> 00:06:23,630 S1: first thing I would say, Javier, is make sure you 99 00:06:23,630 --> 00:06:27,270 S1: preserve at least 3 to 6 months expenses as what 100 00:06:27,270 --> 00:06:30,150 S1: we call your emergency fund. I wouldn't want you to 101 00:06:30,190 --> 00:06:32,950 S1: invest or pay down debt with that, because that needs 102 00:06:32,950 --> 00:06:36,110 S1: to be available for the unexpected. But if you've got 103 00:06:36,110 --> 00:06:39,070 S1: that covered and you have money left over, I think 104 00:06:39,070 --> 00:06:41,070 S1: we want to back up and say, okay, what are 105 00:06:41,070 --> 00:06:43,830 S1: my values and priorities as a Christ follower? What's important 106 00:06:43,830 --> 00:06:46,110 S1: to us? Where is God leading us, and how can 107 00:06:46,110 --> 00:06:49,830 S1: we align money as a tool to accomplish those purposes? 108 00:06:50,110 --> 00:06:53,230 S1: Both are productive uses. I love you paying down debt. 109 00:06:53,270 --> 00:06:56,830 S1: I also like you investing for the future. I would 110 00:06:56,830 --> 00:07:00,070 S1: start with do you have any convictions around this? For instance, 111 00:07:00,070 --> 00:07:03,270 S1: do you feel the Lord leading you to be debt free? 112 00:07:03,430 --> 00:07:06,030 S1: And if so, I would say prioritizing paying off that 113 00:07:06,029 --> 00:07:08,909 S1: mortgage is a great use. In fact, you're going to 114 00:07:08,910 --> 00:07:11,950 S1: get a guaranteed return equal to the interest rate on 115 00:07:11,990 --> 00:07:16,830 S1: that mortgage, which is 6.7%. That's a great return guaranteed. 116 00:07:17,030 --> 00:07:19,830 S1: Could you do better in the market? Possibly. Now remember, 117 00:07:19,830 --> 00:07:23,230 S1: if you're in a taxable environment, whatever you earn, you've 118 00:07:23,230 --> 00:07:25,790 S1: got to reduce it by the taxes that you'll have 119 00:07:25,790 --> 00:07:29,070 S1: to pay. And that is your real return. And so 120 00:07:29,310 --> 00:07:33,309 S1: you could go either way I would say perhaps you 121 00:07:33,350 --> 00:07:35,990 S1: split it maybe between the two. Or again, if you 122 00:07:35,990 --> 00:07:38,550 S1: have a conviction about being debt free, go that route. 123 00:07:38,670 --> 00:07:41,350 S1: If you feel like you don't have enough invested in, 124 00:07:41,350 --> 00:07:44,910 S1: you're trying to catch up a bit. Perhaps you try 125 00:07:44,950 --> 00:07:47,390 S1: to get that into a tax deferred or a tax 126 00:07:47,430 --> 00:07:52,140 S1: free environment by contributing to a Roth or a traditional IRA. 127 00:07:52,180 --> 00:07:55,340 S1: I think either of those could be great options. Again, 128 00:07:55,340 --> 00:07:58,860 S1: not a right or wrong answer here. The key is stop. 129 00:07:58,900 --> 00:08:00,940 S1: Talk about it with your spouse. If you're married, pray 130 00:08:00,940 --> 00:08:03,460 S1: about it and then make a good decision. You really 131 00:08:03,460 --> 00:08:06,460 S1: can't go wrong here. Either would be a really productive 132 00:08:06,500 --> 00:08:08,820 S1: use of this money. Now we're going to get to 133 00:08:08,820 --> 00:08:11,900 S1: the phone calls we lined up in advance today. Let's 134 00:08:11,900 --> 00:08:14,300 S1: go to Mississippi and welcome Roy. Go ahead sir. 135 00:08:15,620 --> 00:08:19,700 S2: Yeah I'm a I'm a truck driver. Um, I'm 62, 136 00:08:19,740 --> 00:08:21,940 S2: so I got a few years before I can retire, 137 00:08:22,500 --> 00:08:24,820 S2: but I've got to the point to where I've got 138 00:08:24,860 --> 00:08:30,260 S2: extra money from my payroll, and I was thinking about, uh, 139 00:08:30,540 --> 00:08:33,420 S2: investing a little bit of it, but I'm not sure 140 00:08:33,420 --> 00:08:36,140 S2: about this market, but I was wanting to see what 141 00:08:36,140 --> 00:08:39,300 S2: your take was on, uh, crypto or Bitcoin. 142 00:08:39,660 --> 00:08:43,100 S1: Hmm. Yeah. Very good. Well, you know, it still is. 143 00:08:43,140 --> 00:08:47,460 S1: And we're seeing this, you know, as of late, incredibly volatile. Um, 144 00:08:47,460 --> 00:08:50,450 S1: but I think with regard to the crypto space, there's 145 00:08:50,450 --> 00:08:54,970 S1: really bitcoin and then there's everything else. Bitcoin clearly stands 146 00:08:54,970 --> 00:08:57,970 S1: apart from the rest of the crypto industry. So that's 147 00:08:57,970 --> 00:09:02,170 S1: the first point. Second is that Bitcoin has reached critical 148 00:09:02,170 --> 00:09:04,970 S1: mass and really appears to be here to stay. That's 149 00:09:04,970 --> 00:09:07,890 S1: really due to two major changes in just the past 150 00:09:07,890 --> 00:09:12,130 S1: few years. One is the regulatory environment, which is completely 151 00:09:12,130 --> 00:09:17,130 S1: reversed from being hostile to being welcoming. Uh, you know, we, uh, 152 00:09:17,130 --> 00:09:20,570 S1: we said a few years ago that the regulatory risk 153 00:09:20,570 --> 00:09:23,689 S1: was an existential threat to the whole industry and really 154 00:09:23,690 --> 00:09:26,890 S1: the biggest risk to crypto investors. But today, now we've 155 00:09:26,890 --> 00:09:29,650 S1: got Bitcoin ETFs that have been approved by the Securities 156 00:09:29,650 --> 00:09:34,329 S1: and Exchange Commission. And we've got the first openly pro-crypto president, 157 00:09:34,330 --> 00:09:37,050 S1: President Trump sitting in the Oval Office. It's been a 158 00:09:37,050 --> 00:09:41,330 S1: complete 180. And that shift in the regulatory environment and 159 00:09:41,330 --> 00:09:44,250 S1: the approval of those Bitcoin ETFs has really opened the 160 00:09:44,250 --> 00:09:48,320 S1: door to institutional adoption, which means now the big players 161 00:09:48,320 --> 00:09:53,199 S1: with big money and influence are now allocating to Bitcoin. Um, 162 00:09:53,320 --> 00:09:56,600 S1: and so Bitcoin really has arrived. Well I would say 163 00:09:56,600 --> 00:09:59,600 S1: everything else in the crypto space is still in the 164 00:09:59,640 --> 00:10:04,080 S1: private stage where most of those projects aren't going to survive. 165 00:10:04,080 --> 00:10:08,280 S1: And that makes bitcoin, uh, really, you know, and everything else, 166 00:10:08,320 --> 00:10:11,959 S1: apples and oranges. Um, with regard to how you might 167 00:10:11,960 --> 00:10:16,559 S1: think about investing it, uh, Bitcoin, like gold, is a 168 00:10:16,559 --> 00:10:20,120 S1: store of value that can protect your purchasing power against 169 00:10:20,120 --> 00:10:23,520 S1: the constant debasement of government currencies. And I know it 170 00:10:23,520 --> 00:10:26,840 S1: may sound crazy to call an asset that routinely drops 171 00:10:26,840 --> 00:10:31,080 S1: in value as much as it does, um, a store 172 00:10:31,080 --> 00:10:34,559 S1: of value. And yet it has scarcity built into its DNA, 173 00:10:34,559 --> 00:10:37,839 S1: because there's a strict limit of 21 million bitcoins that 174 00:10:37,840 --> 00:10:41,440 S1: will ever be produced. And that gives its appeal to 175 00:10:41,480 --> 00:10:46,510 S1: investors watching the continual debasement of fiat currencies by global 176 00:10:46,550 --> 00:10:50,590 S1: governments and and central banks. So you know I think 177 00:10:50,910 --> 00:10:53,309 S1: a lot you know Bitcoin investors like it for a 178 00:10:53,309 --> 00:10:55,750 S1: lot of the same reasons that older investors have always 179 00:10:55,750 --> 00:10:59,070 S1: liked gold. It's a separate asset class. It can resist 180 00:10:59,070 --> 00:11:02,390 S1: debasement and it holds its value while other forms of 181 00:11:02,750 --> 00:11:06,270 S1: money become less valuable over time. So let's get to 182 00:11:06,270 --> 00:11:09,510 S1: your question with that as the backdrop. How much you know, 183 00:11:09,670 --> 00:11:12,710 S1: I like it as a part of your gold allocation. 184 00:11:12,750 --> 00:11:15,430 S1: You know, there's a reason they call it digital gold 185 00:11:15,429 --> 00:11:18,910 S1: because it has some of the same characteristics. And so 186 00:11:19,150 --> 00:11:23,910 S1: I would cap out your gold allocation at 10%. And 187 00:11:23,910 --> 00:11:26,910 S1: so if this fits inside of that I would say 188 00:11:26,910 --> 00:11:30,510 S1: the Bitcoin portion of that is probably no more than, 189 00:11:30,590 --> 00:11:35,150 S1: you know, 1 to 5% of your 10% total allocation 190 00:11:35,350 --> 00:11:37,750 S1: or potential allocation of gold. And you might say, well, 191 00:11:37,750 --> 00:11:40,510 S1: that's not a whole lot. And that's right. I would 192 00:11:40,510 --> 00:11:44,070 S1: just keep it small because it's speculative. It's a long 193 00:11:44,190 --> 00:11:49,070 S1: term play. It's extremely volatile. And therefore, you know, I 194 00:11:49,070 --> 00:11:52,110 S1: would have the bulk of your investments, uh, you know, 195 00:11:52,150 --> 00:11:55,910 S1: in a really well thought out, properly diversified stock and 196 00:11:55,910 --> 00:11:57,910 S1: bond portfolio. Does that make sense? 197 00:11:58,990 --> 00:12:00,830 S2: It does. And it's kind of in line with what 198 00:12:00,830 --> 00:12:02,870 S2: I was thinking, because I didn't want to just dump 199 00:12:02,870 --> 00:12:05,910 S2: a whole bunch into it, not knowing, uh, you know, 200 00:12:05,950 --> 00:12:08,350 S2: the outcome. So that. Yeah, that makes a lot of sense. 201 00:12:08,390 --> 00:12:12,230 S1: Okay. Excellent. Well, listen, Roy, appreciate you. Uh, you, uh, 202 00:12:12,230 --> 00:12:14,190 S1: calling today? What are you hauling? Are you out on 203 00:12:14,190 --> 00:12:14,990 S1: the road right now? 204 00:12:15,950 --> 00:12:18,670 S2: I am, I'm empty at the moment. I'm headed to, uh, 205 00:12:18,790 --> 00:12:20,550 S2: Mississippi to pick up a load and. 206 00:12:20,590 --> 00:12:25,790 S1: Okay. Well, uh, thanks for keeping our economy functioning, my friend. 207 00:12:26,870 --> 00:12:28,310 S2: Thank you, sir, I appreciate you. 208 00:12:28,510 --> 00:12:32,630 S1: All right. Take care. 800 525 7000 is the number 209 00:12:32,630 --> 00:12:34,670 S1: to call. We'd love to hear from you today with 210 00:12:34,670 --> 00:12:40,270 S1: your financial questions. Again, that number 800 525 7000. You know, 211 00:12:40,270 --> 00:12:42,390 S1: a little bit more on this question that Roy had. 212 00:12:42,429 --> 00:12:45,420 S1: You know, when you start to think about bitcoin, uh, 213 00:12:45,420 --> 00:12:49,500 S1: through the the digital gold lens, it's easy to see 214 00:12:49,500 --> 00:12:52,939 S1: how it appeals to younger investors for the same reasons 215 00:12:52,940 --> 00:12:57,220 S1: that gold appeals appear. Uh, I should say appeals to 216 00:12:57,260 --> 00:13:00,900 S1: older investors. You see, both groups see the potential dangers 217 00:13:00,900 --> 00:13:04,579 S1: of currency debasement and are looking for ways to insure 218 00:13:04,580 --> 00:13:09,140 S1: against it. But younger investors are more comfortable with digital assets. 219 00:13:09,179 --> 00:13:11,740 S1: You see, they've grown up on the internet, you know, 220 00:13:11,780 --> 00:13:15,540 S1: transacting with in video games and app stores and so on. 221 00:13:15,540 --> 00:13:19,140 S1: So it's not an uncomfortable leap to do the same 222 00:13:19,140 --> 00:13:22,020 S1: thing with an online investing account. And let's face it, 223 00:13:22,020 --> 00:13:25,780 S1: there's still a speculative, as I said before aspect to 224 00:13:25,820 --> 00:13:30,300 S1: Bitcoin that appeals to younger investors. And, you know, what's 225 00:13:30,300 --> 00:13:35,620 S1: really interesting is the correlation between Bitcoin and gold has 226 00:13:35,620 --> 00:13:39,660 S1: dramatically increased over the past three years. Now as of 227 00:13:39,660 --> 00:13:42,130 S1: late we've seen a little more Whereas gold's been going 228 00:13:42,170 --> 00:13:44,490 S1: straight up and Bitcoin has two, we've seen a little 229 00:13:44,530 --> 00:13:47,809 S1: bit more volatility in the bitcoin portion with some sell offs. 230 00:13:48,250 --> 00:13:52,850 S1: But I think it confirms that, you know it's shifting 231 00:13:52,890 --> 00:13:58,490 S1: store of value use case. And suggesting that those institutional 232 00:13:58,490 --> 00:14:02,090 S1: investors I mentioned a moment ago are becoming bigger players 233 00:14:02,450 --> 00:14:05,890 S1: in the Bitcoin space. And so certainly something to take 234 00:14:05,890 --> 00:14:08,770 S1: a look at. But don't don't go crazy on it again. 235 00:14:08,809 --> 00:14:12,530 S1: I'm saying you know it's part of that up to 10% 236 00:14:12,530 --> 00:14:15,850 S1: gold allocation. Maybe a go a little higher than 10% 237 00:14:15,850 --> 00:14:18,410 S1: on your gold. But I think that Bitcoin is more 238 00:14:18,410 --> 00:14:22,690 S1: like one 2% at the most five. All right. Back 239 00:14:22,690 --> 00:14:35,530 S1: with more questions after this. Stick around. Great to have 240 00:14:35,530 --> 00:14:37,970 S1: you with us today on faith and finance live. By 241 00:14:37,970 --> 00:14:40,800 S1: the way we're not live today. We're away from the studio, 242 00:14:40,800 --> 00:14:43,600 S1: so don't call in. But we have some great questions 243 00:14:43,600 --> 00:14:46,720 S1: that we lined up in advance. By the way, this 244 00:14:46,720 --> 00:14:50,680 S1: ministry is entirely listener supported. That means we rely on 245 00:14:50,720 --> 00:14:53,600 S1: your financial gifts and support to do what we do 246 00:14:53,640 --> 00:14:56,040 S1: on the air every day. If you consider a gift, 247 00:14:56,080 --> 00:14:59,680 S1: we'd certainly be grateful. Just head to our website, faith.com 248 00:14:59,680 --> 00:15:02,640 S1: and click the give button. Thanks in advance. All right, 249 00:15:02,640 --> 00:15:06,760 S1: let's head back to the phones. Let's go to Sanibel Island, Florida. Julia, 250 00:15:06,760 --> 00:15:07,520 S1: how can I help? 251 00:15:08,280 --> 00:15:11,760 S3: Hi I was calling because I live at home, so 252 00:15:11,760 --> 00:15:14,360 S3: I'm 24, I live at home and I am close 253 00:15:14,360 --> 00:15:16,400 S3: to paying off all my student debt, which I'm so 254 00:15:16,400 --> 00:15:17,720 S3: excited about. That's great. 255 00:15:17,800 --> 00:15:18,680 S1: Yeah, congratulations. 256 00:15:18,680 --> 00:15:21,720 S3: I'm like, thank you, thank you. Yeah. I'm in the 257 00:15:21,720 --> 00:15:25,760 S3: process of transitioning from like, I guess real adulthood. So 258 00:15:25,800 --> 00:15:30,360 S3: like going about budgeting and hopefully investing. I've never really 259 00:15:30,360 --> 00:15:33,080 S3: done that. And I guess kind of saving for like 260 00:15:33,120 --> 00:15:36,080 S3: a home or getting ready for rent. Also. What's your 261 00:15:36,080 --> 00:15:39,280 S3: opinion on that to renting versus, you know, owning a 262 00:15:39,280 --> 00:15:41,360 S3: home at, you know, the younger age and just in 263 00:15:41,360 --> 00:15:43,680 S3: the economy. So I guess I'm just a little anxious 264 00:15:43,680 --> 00:15:46,040 S3: to go into the real world. And I'm curious to 265 00:15:46,040 --> 00:15:48,160 S3: what you think about, you know, a younger person that 266 00:15:48,160 --> 00:15:50,840 S3: doesn't have a ton of net worth or whatever, just 267 00:15:50,840 --> 00:15:53,360 S3: going about that. So, and, you know, honoring the Lord 268 00:15:53,360 --> 00:15:55,280 S3: with all of that for sure. 269 00:15:55,280 --> 00:15:58,120 S1: Well, listen, number one, I appreciate your call. Number two, 270 00:15:58,120 --> 00:16:00,320 S1: it sounds like you're doing a fabulous job kind of 271 00:16:00,360 --> 00:16:02,880 S1: right out of the gate here. You know, in adulthood 272 00:16:02,880 --> 00:16:06,120 S1: with finances, I mean, starting with this idea that you're 273 00:16:06,120 --> 00:16:09,600 S1: almost debt free. Uh, so clearly, you know, your parents 274 00:16:09,600 --> 00:16:12,200 S1: have afforded you this opportunity to live at home, which 275 00:16:12,240 --> 00:16:15,800 S1: sounds like you've leveraged to take the resources you have 276 00:16:15,800 --> 00:16:19,680 S1: and prioritize, you know, shoring up your financial foundation, starting 277 00:16:19,680 --> 00:16:22,480 S1: with paying off your school debt, which is amazing. And 278 00:16:22,480 --> 00:16:27,120 S1: that tells me something just about your discipline and your priorities. 279 00:16:27,240 --> 00:16:30,239 S1: And now here you are calling, saying, okay, what's next? 280 00:16:30,280 --> 00:16:32,640 S1: How do I honor the Lord with with his money? 281 00:16:32,640 --> 00:16:35,720 S1: And that's key. And, uh, how do I go about 282 00:16:35,720 --> 00:16:38,910 S1: saving for the future, even potentially buying a house at 283 00:16:38,910 --> 00:16:41,190 S1: some point. And those are the right questions, Julia, that 284 00:16:41,190 --> 00:16:44,110 S1: tells me you're taking serious this role you have as 285 00:16:44,110 --> 00:16:46,630 S1: a steward of God's resources. And so I think the 286 00:16:46,630 --> 00:16:50,030 S1: next opportunity is just to start soaking in kind of 287 00:16:50,070 --> 00:16:52,630 S1: a biblical worldview of money management. I don't think you 288 00:16:52,630 --> 00:16:54,510 S1: need to be in a rush to buy a house, 289 00:16:54,510 --> 00:16:57,950 S1: especially with the affordability being so challenging right now with 290 00:16:57,950 --> 00:17:01,270 S1: high interest rates and houses at the peak. You know, 291 00:17:01,310 --> 00:17:04,070 S1: of their, you know, price points just given what's going 292 00:17:04,070 --> 00:17:06,030 S1: on in the housing market. I'm not saying we're in 293 00:17:06,070 --> 00:17:08,510 S1: for a crash in any respects, but I do think 294 00:17:08,550 --> 00:17:12,550 S1: over the next couple of years, housing prices will level off. 295 00:17:12,869 --> 00:17:15,430 S1: We will see incomes continue to rise and we will 296 00:17:15,430 --> 00:17:18,670 S1: see interest rates come down, which will be helpful to you. 297 00:17:18,670 --> 00:17:21,270 S1: So I think you want to maximize this opportunity while 298 00:17:21,270 --> 00:17:24,150 S1: you're with Mom and dad, looking with an eye toward 299 00:17:24,190 --> 00:17:27,030 S1: based on how you're communicating with them and what timeline 300 00:17:27,030 --> 00:17:29,390 S1: they may have given you an eye toward getting out 301 00:17:29,390 --> 00:17:32,510 S1: on your own, but probably saving as much as you can. 302 00:17:32,510 --> 00:17:34,950 S1: And I think perhaps your first place is not a 303 00:17:35,060 --> 00:17:38,139 S1: purchase unless you can find something and save enough to 304 00:17:38,140 --> 00:17:41,140 S1: put a 20% down payment. But if you can't, then 305 00:17:41,140 --> 00:17:43,419 S1: I would say just continue to keep your lifestyle at 306 00:17:43,420 --> 00:17:45,700 S1: a minimum and save as much as you can. And 307 00:17:45,700 --> 00:17:47,460 S1: then if you get a job that offers you a 308 00:17:47,460 --> 00:17:51,820 S1: retirement plan, great. Let's start somewhere, at least beginning with 309 00:17:51,820 --> 00:17:54,780 S1: the match. If not, I would say starting to put 310 00:17:54,780 --> 00:17:58,100 S1: a little money systematically into a Roth IRA. Even a 311 00:17:58,100 --> 00:18:00,859 S1: couple of hundred dollars a month, if you could swing 312 00:18:00,859 --> 00:18:04,139 S1: it would be amazing, because at your age, with the next, 313 00:18:04,340 --> 00:18:07,740 S1: you know, 40 years for this money to compound, you 314 00:18:07,740 --> 00:18:10,540 S1: could easily be well over $1 million just by putting 315 00:18:10,540 --> 00:18:13,180 S1: in a modest amount each year and letting it compound 316 00:18:13,180 --> 00:18:15,859 S1: for that period of time. So hopefully that's giving you 317 00:18:15,859 --> 00:18:17,540 S1: some things to think about. I'm going to send you 318 00:18:17,540 --> 00:18:19,820 S1: a resource that I think you're going to love. It's 319 00:18:19,820 --> 00:18:22,379 S1: called Open Hands Finance, and it's going to help you 320 00:18:22,380 --> 00:18:24,900 S1: understand God's way of handling money, but even give you 321 00:18:24,900 --> 00:18:28,380 S1: some practical exercises to begin to work it out. So 322 00:18:28,420 --> 00:18:30,699 S1: you stay on the line. We'll get open hands, finance 323 00:18:30,700 --> 00:18:32,939 S1: in your hands and call me back and let me 324 00:18:32,940 --> 00:18:35,850 S1: know what you think. Let's go to Kansas. Hi. Curtis. 325 00:18:35,890 --> 00:18:36,409 S1: Go ahead. 326 00:18:37,609 --> 00:18:39,649 S4: Yes, sir. How are you today? 327 00:18:39,810 --> 00:18:41,690 S1: I'm doing great. Thanks for your call. 328 00:18:42,170 --> 00:18:46,929 S4: Good. I am 57 years old. I have a very 329 00:18:46,930 --> 00:18:50,290 S4: physical job, and I would like to try to retire 330 00:18:50,290 --> 00:18:54,970 S4: at 62. Five more years and I have a little 331 00:18:54,970 --> 00:19:00,050 S4: over 400,000 in my 401 K. All right. And I 332 00:19:00,090 --> 00:19:04,609 S4: also have a life insurance plan that's a retirement that's 333 00:19:04,650 --> 00:19:08,450 S4: got a little over 150. I just wanted to see 334 00:19:09,650 --> 00:19:12,730 S4: if you think that would be enough to go ahead 335 00:19:12,730 --> 00:19:14,810 S4: and hang it up at 62. 336 00:19:15,250 --> 00:19:19,129 S1: Yeah. So would you start taking Social Security at that point? 337 00:19:20,050 --> 00:19:23,570 S4: If I have enough to retire with and think it's 338 00:19:23,570 --> 00:19:24,490 S4: going to be. 339 00:19:24,890 --> 00:19:28,890 S1: Yeah, yeah. Uh, that's helpful. And and we can certainly 340 00:19:28,890 --> 00:19:31,169 S1: weigh into that. Um, tell me a little bit more 341 00:19:31,170 --> 00:19:34,610 S1: about the what you're calling the insurance product for the 150. 342 00:19:34,650 --> 00:19:38,010 S1: Is that money that you can roll out, uh, in 343 00:19:38,050 --> 00:19:40,890 S1: and invest at your leisure, or is it an annuity 344 00:19:40,890 --> 00:19:42,250 S1: product or what is it? 345 00:19:42,890 --> 00:19:46,409 S4: It's a life insurance plan that I started when I 346 00:19:46,410 --> 00:19:49,929 S4: was like 28 years old. And it's built over the years. 347 00:19:50,450 --> 00:19:55,930 S4: And I think at 62, I'll have to double check. 348 00:19:56,210 --> 00:19:59,330 S4: I think I can start drawing on it without penalty. 349 00:19:59,609 --> 00:20:02,850 S1: Okay. So the cash value that has built up in 350 00:20:02,850 --> 00:20:06,130 S1: it is worth 150,000, or is there a death benefit 351 00:20:06,170 --> 00:20:07,929 S1: on it or both? 352 00:20:08,450 --> 00:20:10,890 S4: Uh, the cash value is 150. 353 00:20:10,930 --> 00:20:13,689 S1: Okay. Got it. So let's say you were to able 354 00:20:13,690 --> 00:20:15,730 S1: to to kind of roll that out and invest it. 355 00:20:15,730 --> 00:20:18,610 S1: Let's say you found a financial advisor, maybe a certified 356 00:20:18,609 --> 00:20:21,970 S1: Kingdom advisor, to manage the 401 K that you'd roll 357 00:20:22,010 --> 00:20:24,530 S1: to an IRA worth about 400. And let's say you 358 00:20:24,570 --> 00:20:29,409 S1: rolled that qualified account, if that's what it is, into 359 00:20:29,410 --> 00:20:33,719 S1: that same account. Uh, and so that would give you 550,000. 360 00:20:33,760 --> 00:20:38,720 S1: You know, I'd be comfortable with you pulling 22,000 a year. 4%. 361 00:20:38,720 --> 00:20:42,040 S1: So that'd be about 1800 a month. The challenge is, 362 00:20:42,040 --> 00:20:45,600 S1: if you start taking Social Security at 62, your benefits 363 00:20:45,600 --> 00:20:49,240 S1: are going to be 25 to 30% smaller than what 364 00:20:49,240 --> 00:20:52,720 S1: it will be at full retirement age. Um, and so, 365 00:20:52,840 --> 00:20:55,639 S1: you know, the question is, do you really want to 366 00:20:55,680 --> 00:20:58,320 S1: lock in that lower benefit for the rest of your life, 367 00:20:58,320 --> 00:21:03,159 S1: which also means lower cost of living adjustments? And so 368 00:21:03,200 --> 00:21:07,399 S1: the key would be the longer you can delay in 369 00:21:07,400 --> 00:21:11,320 S1: starting to pull, you know, that, uh, that income in 370 00:21:11,359 --> 00:21:15,000 S1: terms of both beginning your Social Security benefits and beginning 371 00:21:15,000 --> 00:21:19,320 S1: to draw from your roughly 550,000 or whatever that grows 372 00:21:19,320 --> 00:21:22,719 S1: to between now and 62, which is still five years away. 373 00:21:22,720 --> 00:21:26,440 S1: So let's say that's worth, you know, 700 K. Um, 374 00:21:27,280 --> 00:21:29,239 S1: I'd love for you to delay that as long as 375 00:21:29,240 --> 00:21:32,310 S1: you can now because of how taxing your job is, 376 00:21:32,310 --> 00:21:35,670 S1: maybe you switch to other work or part time work 377 00:21:35,670 --> 00:21:38,750 S1: that's less taxing. But the key is I would try 378 00:21:38,750 --> 00:21:42,230 S1: to delay drawing as long as you can. But I think, 379 00:21:42,270 --> 00:21:44,669 S1: let's say that the combination of those two over the 380 00:21:44,670 --> 00:21:47,910 S1: next five years grows to 700,000. That's going to you 381 00:21:47,910 --> 00:21:51,830 S1: could plan on about 28,000 a year, or about 2300 382 00:21:51,869 --> 00:21:54,630 S1: a month, plus Social Security. We'll be right back. 383 00:22:08,670 --> 00:22:11,870 S5: This is faith and finance live with Rob West. Hey, 384 00:22:11,869 --> 00:22:14,750 S5: if you hear a phone number mentioned today, please ignore 385 00:22:14,750 --> 00:22:18,150 S5: that number and don't call us because today's broadcast was 386 00:22:18,150 --> 00:22:21,869 S5: previously recorded. But we think the upcoming information will help 387 00:22:21,869 --> 00:22:24,229 S5: you and make you a wise steward of what God's 388 00:22:24,230 --> 00:22:26,710 S5: given you. So please stay tuned. 389 00:22:28,470 --> 00:22:30,220 S1: I had a chance to visit with Curtis a bit 390 00:22:30,220 --> 00:22:32,180 S1: more off the air. And you know, what we were 391 00:22:32,180 --> 00:22:35,610 S1: talking about is, I mean, most people live on 70 392 00:22:35,609 --> 00:22:38,820 S1: to 80% of their pre-retirement income. So if you can 393 00:22:38,820 --> 00:22:42,820 S1: estimate your monthly budget in retirement, you can see whether 394 00:22:42,820 --> 00:22:46,699 S1: your 401 K can safely support it. Um, and you 395 00:22:46,700 --> 00:22:50,620 S1: know how much is safe withdrawal rate? Uh, well, the 396 00:22:50,619 --> 00:22:55,460 S1: common guideline is 4%. Now, interestingly, the guy who came 397 00:22:55,460 --> 00:22:58,820 S1: up with that a couple of several decades ago, the 398 00:22:58,820 --> 00:23:01,419 S1: last name Bengen, he just came out with a new 399 00:23:01,420 --> 00:23:03,140 S1: book and said, wait a minute. I think you can 400 00:23:03,140 --> 00:23:05,379 S1: take closer to 5%. I think his new number is 401 00:23:05,380 --> 00:23:10,900 S1: like 4.7%. Um, so somewhere between 4 and 5%, you know, 402 00:23:10,940 --> 00:23:14,740 S1: on whatever that 401 K balance is, can that support, 403 00:23:14,780 --> 00:23:17,540 S1: you know, 70 to 80% of your pre-retirement income? If 404 00:23:17,540 --> 00:23:20,460 S1: the answer is no. And for most people it is, well, 405 00:23:20,700 --> 00:23:24,540 S1: can it support 70 to 80% when you add Social 406 00:23:24,540 --> 00:23:29,090 S1: Security to it? Maybe. And that's the goal. The challenge is, 407 00:23:29,130 --> 00:23:32,370 S1: you know, the earlier we start taking Social Security and 408 00:23:32,369 --> 00:23:35,090 S1: start drawing from the 401 K, you know, the harder 409 00:23:35,090 --> 00:23:37,449 S1: it is to get it to last. Because, you know, 410 00:23:37,490 --> 00:23:41,490 S1: if you get to 65 and you're healthy, relatively speaking, 411 00:23:41,850 --> 00:23:44,170 S1: and you've got longevity in your family, I mean, the 412 00:23:44,170 --> 00:23:47,210 S1: data says it's pretty much a coin flip. You could 413 00:23:47,210 --> 00:23:50,050 S1: live into your 90s. And that means your money needs 414 00:23:50,050 --> 00:23:52,929 S1: to last, you know, three decades or more once you 415 00:23:52,970 --> 00:23:57,010 S1: hit retirement. So getting that starting point of your Social 416 00:23:57,010 --> 00:24:00,930 S1: Security up as high as you can get it, which 417 00:24:00,930 --> 00:24:03,570 S1: means waiting at least until full retirement age if possible, 418 00:24:03,570 --> 00:24:06,210 S1: if not all the way to 70, and then getting 419 00:24:06,210 --> 00:24:09,010 S1: those higher cost of living adjustments every year after that. 420 00:24:09,010 --> 00:24:12,290 S1: Because the cost of living adjustment is a percentage of 421 00:24:12,290 --> 00:24:16,210 S1: your base benefit. So as high as it can get, 422 00:24:16,410 --> 00:24:21,010 S1: the better. And delaying pulling from your 401 K or 423 00:24:21,010 --> 00:24:23,970 S1: your retirement account as long as possible also allows it 424 00:24:24,330 --> 00:24:27,609 S1: to continue to grow and compound without you starting to 425 00:24:27,650 --> 00:24:29,970 S1: pull from it. And when we do that, it just 426 00:24:29,970 --> 00:24:33,649 S1: increases the likelihood. Or you might say it reduces the 427 00:24:33,650 --> 00:24:37,650 S1: longevity risk, and that's the risk that you'll outlive your money. 428 00:24:37,970 --> 00:24:40,530 S1: And so you, you know, that's something just to think about. 429 00:24:40,530 --> 00:24:43,410 S1: And you know for Curtis he's saying, listen, you know 430 00:24:43,450 --> 00:24:45,730 S1: I'm in a really taxing job. I mean I've got 431 00:24:45,730 --> 00:24:48,170 S1: a job that's putting a lot of strain on my body. 432 00:24:48,170 --> 00:24:50,810 S1: I got to get out of that. Well, let's not 433 00:24:50,810 --> 00:24:53,649 S1: get into a binary trap where it's like, I either 434 00:24:53,650 --> 00:24:56,369 S1: stay in the taxing job and continue to kind of 435 00:24:56,410 --> 00:24:59,689 S1: help have it deteriorate my body, or I retire completely. 436 00:24:59,730 --> 00:25:03,290 S1: What about the third option, which is maybe I stop 437 00:25:03,290 --> 00:25:06,130 S1: from that job because, you know, my body's wearing out. 438 00:25:06,130 --> 00:25:08,770 S1: I can't keep going at this rate, but I get 439 00:25:08,770 --> 00:25:11,610 S1: part time work or I get another job full time. 440 00:25:11,609 --> 00:25:16,330 S1: That's not as taxing. And again, it just delays Social Security. 441 00:25:16,369 --> 00:25:19,609 S1: Get that checkup. It delays pulling from the 41K. So 442 00:25:19,609 --> 00:25:23,010 S1: lots of things to think about as you consider, uh, 443 00:25:23,170 --> 00:25:26,040 S1: you know, your uh, your retirement. But I think, you know, 444 00:25:26,080 --> 00:25:29,880 S1: this new wrinkle and newer wrinkle is just how long 445 00:25:29,880 --> 00:25:33,360 S1: people are living because of the advancements in technology and 446 00:25:33,359 --> 00:25:37,080 S1: medicine and all these things, which just means our money 447 00:25:37,080 --> 00:25:39,479 S1: needs to last longer. And so we've got to be 448 00:25:39,480 --> 00:25:41,680 S1: prepared for that. But hopefully that gives you a few 449 00:25:41,680 --> 00:25:45,040 S1: things to think about. Uh, you know, as we think about, um, 450 00:25:45,280 --> 00:25:48,480 S1: managing God's money, uh, you know, I think one of 451 00:25:48,480 --> 00:25:53,120 S1: the keys and this really relates to, uh, you know, your, 452 00:25:53,119 --> 00:25:56,480 S1: your lifestyle and your spending both during your working years 453 00:25:56,480 --> 00:26:01,280 S1: and in retirement. One of the keys is to live simply. And, uh, 454 00:26:01,280 --> 00:26:03,919 S1: you know, Randy Alcorn had a great article in Faithful Steward, 455 00:26:03,920 --> 00:26:07,560 S1: our magazine, uh, Randy Alcorn, the author, which, by the way, 456 00:26:07,560 --> 00:26:11,720 S1: he's written more than 60 books. Unbelievable. Uh, he's just 457 00:26:11,720 --> 00:26:14,920 S1: such a gift. Uh, he says, and I love this. 458 00:26:14,920 --> 00:26:18,640 S1: He says we live simply because it shifts our focus 459 00:26:18,640 --> 00:26:21,800 S1: back to God. You see, you know, when we think 460 00:26:21,800 --> 00:26:27,830 S1: about living simply and giving generously. It reorients our life 461 00:26:28,190 --> 00:26:31,470 S1: and our lives around God, not our possessions. We break 462 00:26:31,470 --> 00:26:37,149 S1: free from this gravitational pull of materialism and orbit instead 463 00:26:37,150 --> 00:26:40,950 S1: around heaven's values. You know, giving reminds us that life 464 00:26:40,950 --> 00:26:46,070 S1: isn't about accumulating things. It's about surrendering them to God's purposes. 465 00:26:46,310 --> 00:26:50,310 S1: And when we live simply, you know, we're able to be, 466 00:26:50,310 --> 00:26:52,870 S1: you might call it God's delivery system. I mean, God 467 00:26:52,869 --> 00:26:55,590 S1: uses his people to meet the needs of the world. 468 00:26:55,630 --> 00:27:00,790 S1: We're his stewards, his delivery drivers, Randy says. And if 469 00:27:00,790 --> 00:27:04,189 S1: we forget that everything we've been given ultimately belongs to him, 470 00:27:04,190 --> 00:27:08,230 S1: will horn instead of deliver? Imagine Fedex drivers refusing to 471 00:27:08,390 --> 00:27:11,950 S1: drop off packages because they thought the contents were theirs. 472 00:27:11,990 --> 00:27:14,550 S1: The whole system would break down. Well, we kind of 473 00:27:14,550 --> 00:27:16,590 S1: do the same thing in our own lives on occasion. 474 00:27:16,630 --> 00:27:19,150 S1: And so we've just got to be really careful. And, uh, 475 00:27:19,630 --> 00:27:22,500 S1: I like this idea of just refocusing on what does 476 00:27:22,500 --> 00:27:25,900 S1: it look like to live simply and give generously? Think 477 00:27:25,900 --> 00:27:27,980 S1: about that in your own life today. All right. Let's 478 00:27:27,980 --> 00:27:30,500 S1: head back to the phones. Let's go to North Carolina. Hi, Reba. 479 00:27:30,540 --> 00:27:31,020 S1: Go ahead. 480 00:27:32,260 --> 00:27:37,260 S6: Yes. I was wondering how to make, um, a wheel. 481 00:27:37,300 --> 00:27:40,340 S6: I had one years ago, but, uh, it needs to 482 00:27:40,340 --> 00:27:44,419 S6: be updated. But I have. The only thing I really 483 00:27:44,420 --> 00:27:47,980 S6: have is, uh, to leave my children as my home. 484 00:27:48,420 --> 00:27:53,540 S6: And I was told to better put that in a trust, um, 485 00:27:54,300 --> 00:27:59,260 S6: instead of, uh, in your will. Uh, so how do 486 00:27:59,260 --> 00:28:02,980 S6: I go about that without having to go to an attorney? 487 00:28:03,220 --> 00:28:07,620 S1: Yeah. Yeah, it's a good question. Um, so first question is, 488 00:28:07,660 --> 00:28:10,820 S1: you know, do you need a trust, uh, with a, 489 00:28:10,859 --> 00:28:13,780 S1: with a fairly simple situation and a home that you're 490 00:28:13,780 --> 00:28:16,460 S1: wanting to pass to your kids? You may not need 491 00:28:16,460 --> 00:28:19,859 S1: a trust. It really depends on your goals. A trust 492 00:28:19,859 --> 00:28:23,500 S1: is most helpful when you want to avoid probate, and 493 00:28:23,500 --> 00:28:25,820 S1: when you want to control how and when the property 494 00:28:25,820 --> 00:28:29,820 S1: is passed on, or just make things simpler for your heirs. 495 00:28:30,740 --> 00:28:34,820 S1: But there's an easier option. Uh. Let's see. You are 496 00:28:34,820 --> 00:28:40,300 S1: in North Carolina. Um, there's something called a Todd deed. Um, 497 00:28:40,660 --> 00:28:43,060 S1: and let me just see real quick if it's, uh, 498 00:28:43,060 --> 00:28:46,700 S1: available in North Carolina, because that would make things a 499 00:28:46,700 --> 00:28:52,380 S1: lot simpler. No, it doesn't have a Todd deed. Uh, however, 500 00:28:52,380 --> 00:28:56,060 S1: it does look like maybe there is something that would 501 00:28:56,060 --> 00:28:58,460 S1: allow you. Well, you'd want to check with an estate 502 00:28:58,460 --> 00:29:02,020 S1: planning attorney, but bottom line is, you know, a trust 503 00:29:02,020 --> 00:29:05,660 S1: is great, but not always necessary. Uh, the the reason 504 00:29:05,660 --> 00:29:10,300 S1: people typically want to avoid probate is they don't want 505 00:29:10,300 --> 00:29:14,420 S1: the time and the expense of the court probate process. 506 00:29:14,420 --> 00:29:18,220 S1: So an executor works with the probate court and there 507 00:29:18,220 --> 00:29:20,650 S1: is some cost involved and it can take, you know, 508 00:29:20,690 --> 00:29:24,090 S1: several months. If your situation is fairly simple, it probably 509 00:29:24,090 --> 00:29:27,690 S1: wouldn't take longer than that. Um, but a simple will, 510 00:29:27,690 --> 00:29:33,210 S1: which you either do yourself, uh, through a reputable online tool, um, 511 00:29:33,610 --> 00:29:37,890 S1: you know, and make sure you use your state specific form, um, 512 00:29:38,250 --> 00:29:40,250 S1: you know, that could handle it and make sure that 513 00:29:40,250 --> 00:29:42,810 S1: the kids get the home. It's just that a trust 514 00:29:42,810 --> 00:29:46,130 S1: is going to make it a little more efficient because 515 00:29:46,130 --> 00:29:51,210 S1: it bypasses the estate, the, uh, the probate process. So 516 00:29:51,210 --> 00:29:55,210 S1: thereby alleviating the cost and the time and, you know, 517 00:29:55,250 --> 00:29:59,810 S1: it could transfer immediately, um, you know, to your kids. Um, 518 00:29:59,850 --> 00:30:03,810 S1: but there is more cost involved. And I would say, 519 00:30:04,210 --> 00:30:08,010 S1: you know, whereas I prefer you using an attorney for 520 00:30:08,010 --> 00:30:10,650 S1: either a will or a trust, I would feel a 521 00:30:10,650 --> 00:30:13,690 S1: lot more comfortable with you doing a will online on 522 00:30:13,690 --> 00:30:17,960 S1: your own, using an online tool with a state specific form, 523 00:30:17,960 --> 00:30:20,680 S1: more so than I would a revocable trust, because it 524 00:30:20,680 --> 00:30:25,000 S1: has to be drafted correctly and funded correctly, or it 525 00:30:25,000 --> 00:30:28,240 S1: won't accomplish what you need it to. And that's where 526 00:30:28,240 --> 00:30:30,320 S1: I think a lot of the do it yourself attempts 527 00:30:30,320 --> 00:30:32,960 S1: fall short. So I would say if you're going to 528 00:30:32,960 --> 00:30:36,120 S1: do a will, you could do some online searches and 529 00:30:36,120 --> 00:30:41,080 S1: find a reputable, highly reviewed and rated, uh, tool. Uh, 530 00:30:41,080 --> 00:30:43,560 S1: if you're going to do a trust to avoid probate, 531 00:30:43,560 --> 00:30:46,760 S1: I'd get with a godly estate attorney there. Call your 532 00:30:46,800 --> 00:30:49,920 S1: church or contact a certified Kingdom advisor in your area 533 00:30:49,920 --> 00:30:52,200 S1: to find one. Stay on the line, Reba. We'll talk 534 00:30:52,200 --> 00:31:05,400 S1: a bit more. We'll be right back. Thanks for joining 535 00:31:05,400 --> 00:31:07,640 S1: us today on Faith and Finance Live here in our 536 00:31:07,640 --> 00:31:10,400 S1: final segment of the broadcast today, let me remind you, 537 00:31:10,440 --> 00:31:12,720 S1: our team is not here, so don't call in. But 538 00:31:12,720 --> 00:31:15,280 S1: we lined up some great questions in advance. We'll get 539 00:31:15,280 --> 00:31:18,710 S1: to those in just a moment. Before we do, let 540 00:31:18,710 --> 00:31:22,110 S1: me remind you, if you haven't downloaded the Faith fi app, 541 00:31:22,110 --> 00:31:24,510 S1: we'd love for you to check it out. It's got 542 00:31:24,510 --> 00:31:27,110 S1: three sections in it. The first is the money management 543 00:31:27,110 --> 00:31:31,670 S1: system based on Larry Burkett's digital envelope system. It helps 544 00:31:31,670 --> 00:31:33,550 S1: you manage God's money in a way where you know 545 00:31:33,550 --> 00:31:37,310 S1: exactly what's left in each envelope at any point during 546 00:31:37,310 --> 00:31:39,990 S1: the month. There's also our learn tab, where you can 547 00:31:39,990 --> 00:31:43,510 S1: access the best content in biblical finance to grow in 548 00:31:43,510 --> 00:31:47,070 S1: your understanding of God's way of handling money and our community, 549 00:31:47,070 --> 00:31:50,470 S1: where you can post questions, get comments and ideas from 550 00:31:50,470 --> 00:31:53,830 S1: other stewards on the journey. So download it today on 551 00:31:53,830 --> 00:31:58,510 S1: our website. faith.com. Just click app. Let's head back to 552 00:31:58,550 --> 00:32:01,510 S1: the phones. Back to North Carolina Lacy. Go ahead. 553 00:32:02,310 --> 00:32:08,830 S7: Hi. Um, I'm calling because of trying to organize what 554 00:32:08,830 --> 00:32:17,630 S7: I have, which includes some inherited stock. Uh, Savings in annuity, 555 00:32:18,070 --> 00:32:23,830 S7: CD and insurance. Inheritance in a house. 556 00:32:24,030 --> 00:32:24,870 S1: Oh, boy. Yeah. 557 00:32:24,910 --> 00:32:29,070 S7: And, uh, my dad lived to 100. I'm only 70. 558 00:32:29,110 --> 00:32:32,950 S7: Almost 72. So I've got a plan for 30 years. Yeah. 559 00:32:32,990 --> 00:32:35,110 S7: Without working for 99? 560 00:32:35,350 --> 00:32:35,990 S1: Yes. 561 00:32:36,270 --> 00:32:38,350 S7: I am currently working part time. 562 00:32:39,030 --> 00:32:39,510 S1: Okay. 563 00:32:39,550 --> 00:32:44,590 S7: So, um, I get Social Security. I waited until the 564 00:32:44,590 --> 00:32:47,310 S7: year I turned 70 to start taking that. 565 00:32:47,350 --> 00:32:47,750 S1: Great. 566 00:32:47,790 --> 00:32:51,710 S7: And and and I, I make about the same amount 567 00:32:51,910 --> 00:32:58,390 S7: per month. Yeah. My husband, who is, um, bedbound full care. 568 00:32:58,750 --> 00:33:03,350 S7: He gets social Security of about 3000. So. Okay. Right 569 00:33:03,350 --> 00:33:06,590 S7: now we have about a $9,000 a month income, which 570 00:33:06,590 --> 00:33:10,990 S7: we don't need. Which sort of we're using to fix 571 00:33:10,990 --> 00:33:12,310 S7: up dad's house, but. 572 00:33:12,780 --> 00:33:15,380 S1: Okay. Yeah. I mean, you're in you're in really good 573 00:33:15,380 --> 00:33:17,340 S1: shape here, but I think you're right. I mean, you'll 574 00:33:17,340 --> 00:33:19,820 S1: feel a lot better once kind of everything is. You 575 00:33:19,860 --> 00:33:23,820 S1: know where it is. You've got good records. Um, you 576 00:33:23,820 --> 00:33:25,940 S1: don't feel like, you know, I've got all these pieces 577 00:33:25,940 --> 00:33:28,140 S1: and I don't know where they are. And this is 578 00:33:28,140 --> 00:33:31,900 S1: really just kind of a prime situation. Lacey. For an advisor, 579 00:33:32,300 --> 00:33:34,540 S1: a financial advisor who you could meet with a couple 580 00:33:34,580 --> 00:33:37,940 S1: of times a year, who could, you know, open one 581 00:33:37,940 --> 00:33:41,700 S1: or several accounts for you that he or she would manage, um, 582 00:33:41,900 --> 00:33:44,620 S1: you know, help you get a plan to know, first 583 00:33:44,620 --> 00:33:46,540 S1: of all, how much is enough? Like, what is your 584 00:33:46,540 --> 00:33:49,700 S1: savings goal? To be able to fund your lifestyle? Because 585 00:33:49,740 --> 00:33:52,460 S1: to your point, you may live past 100. You know, 586 00:33:52,500 --> 00:33:55,060 S1: if longevity is in your family and you're healthy, you 587 00:33:55,060 --> 00:33:57,500 S1: need this money to last a long time. We want 588 00:33:57,540 --> 00:33:59,900 S1: to make sure we've got your estate in order. So 589 00:34:00,260 --> 00:34:05,220 S1: durable power of attorney, a health care surrogate, or a 590 00:34:05,220 --> 00:34:08,299 S1: medical power of attorney, an up to date will, a 591 00:34:08,340 --> 00:34:12,130 S1: living will. You know, we need to make sure we know, 592 00:34:12,170 --> 00:34:14,569 S1: you know, what's the status of that annuity and what 593 00:34:14,610 --> 00:34:16,370 S1: needs to be done with it. And when do you 594 00:34:16,370 --> 00:34:20,649 S1: want to quote annuitize it, if at all? Um, you know, 595 00:34:20,690 --> 00:34:24,649 S1: where are those, uh, investments that you inherited and get 596 00:34:24,650 --> 00:34:27,450 S1: all those in one place, you know, make sure that 597 00:34:27,450 --> 00:34:29,529 S1: the house has been dealt with in terms of a 598 00:34:29,530 --> 00:34:33,570 S1: transfer on death deed or, uh, you know, just anything 599 00:34:33,570 --> 00:34:37,450 S1: that considerations there and an advisor could really help you 600 00:34:37,450 --> 00:34:40,569 S1: put all this together so you feel like you know 601 00:34:40,570 --> 00:34:44,410 S1: where everything's at. You know, nothing's on autopilot. Somebody's looking 602 00:34:44,410 --> 00:34:47,009 S1: after it, and then you've got somebody to call when 603 00:34:47,010 --> 00:34:50,210 S1: you have questions. So I would recommend you reach out 604 00:34:50,210 --> 00:34:53,290 S1: to a certified Kingdom advisor there in North Carolina. You 605 00:34:53,290 --> 00:34:58,250 S1: could go to our website find a com find a. 606 00:34:58,810 --> 00:35:03,569 S1: Com stands for Certified Kingdom Advisor. There's about 1800 of 607 00:35:03,570 --> 00:35:07,530 S1: them around the country. This is the only designation for 608 00:35:07,530 --> 00:35:11,680 S1: biblically wise financial advice where these advisors have met high 609 00:35:11,719 --> 00:35:15,799 S1: standards in training and character and competence, and passed a 610 00:35:15,800 --> 00:35:19,200 S1: reference client reference code of ethics. Statement of faith. I mean, 611 00:35:19,239 --> 00:35:21,279 S1: all of it. Plus, they've been trained to bring a 612 00:35:21,280 --> 00:35:25,760 S1: biblical perspective of financial decision making to their clients. So 613 00:35:26,000 --> 00:35:28,560 S1: that would be the steps that I would take Lacey, 614 00:35:28,560 --> 00:35:31,000 S1: to kind of put all this together. Does that make 615 00:35:31,000 --> 00:35:31,600 S1: sense though? 616 00:35:32,680 --> 00:35:35,960 S7: It does make sense. I, I don't know if I 617 00:35:36,520 --> 00:35:40,200 S7: did that or not. I met with I have um 618 00:35:40,200 --> 00:35:48,160 S7: IRA and annuity with a um, denomination based insurance company. 619 00:35:48,600 --> 00:35:49,000 S1: Okay. 620 00:35:49,040 --> 00:35:52,520 S7: And so I was going to try to get everything 621 00:35:52,560 --> 00:35:56,520 S7: my stock into one of their stock places where they 622 00:35:56,520 --> 00:35:59,239 S7: can just right now, the stock is in a place 623 00:35:59,239 --> 00:36:04,279 S7: where I can barely access getting records because they misspelled 624 00:36:04,280 --> 00:36:07,319 S7: my name. Now I'm going to have to do a 625 00:36:07,320 --> 00:36:11,710 S7: medallion to get that changed. And also the crazy stuff. 626 00:36:12,030 --> 00:36:15,870 S1: Sure. Well, if you've got a trusted relationship where you 627 00:36:15,870 --> 00:36:17,910 S1: feel like you've got somebody where you can pick up 628 00:36:17,910 --> 00:36:20,790 S1: the phone and they're on top of things and you meet, 629 00:36:20,830 --> 00:36:24,510 S1: you know, at least once, if not twice a year. And, 630 00:36:24,630 --> 00:36:27,390 S1: you know, everything's kind of in, you know, you, you know, 631 00:36:27,390 --> 00:36:30,029 S1: where to go to access it. And, uh, and all 632 00:36:30,030 --> 00:36:32,509 S1: of that. That's great. If you don't have that and 633 00:36:32,510 --> 00:36:35,509 S1: you feel like you're still kind of uncertain, even though 634 00:36:35,510 --> 00:36:38,230 S1: you've got somebody who, you know, sold you the annuity 635 00:36:38,230 --> 00:36:40,750 S1: or who has the investment account, you may want to 636 00:36:40,750 --> 00:36:43,310 S1: look at making a change there. But I think that's 637 00:36:43,310 --> 00:36:45,390 S1: the key is, is you need to get all this 638 00:36:45,390 --> 00:36:48,109 S1: buttoned up. If there was an error on the titling, 639 00:36:48,270 --> 00:36:51,430 S1: let's use the medallion signature. Get that updated. But you 640 00:36:51,430 --> 00:36:54,310 S1: need that trusted advisor who's kind of walking with you, 641 00:36:54,510 --> 00:36:56,950 S1: helping you answer the question, how much is enough? How 642 00:36:56,950 --> 00:36:59,470 S1: much do you need every month to fund your expenses? 643 00:36:59,469 --> 00:37:01,750 S1: And then what are we doing with the rest? Maybe 644 00:37:01,750 --> 00:37:04,270 S1: you can accelerate your giving right now. Or maybe you 645 00:37:04,270 --> 00:37:07,430 S1: need to continue to save because of your husband's, you know, know, 646 00:37:07,469 --> 00:37:10,989 S1: health status and and, you know, mounting expenses that will 647 00:37:10,989 --> 00:37:13,910 S1: come even more so in the future. So, you know, 648 00:37:13,910 --> 00:37:15,989 S1: just having that advisor who can walk with you is 649 00:37:15,989 --> 00:37:18,990 S1: really important. But I hope that helps and we appreciate 650 00:37:18,989 --> 00:37:21,590 S1: your call today. It sounds like you're doing great. And 651 00:37:21,630 --> 00:37:23,549 S1: I know it's a lot, but it sounds like God 652 00:37:23,550 --> 00:37:25,710 S1: has blessed you and we're grateful to hear that. Thanks 653 00:37:25,710 --> 00:37:28,390 S1: for being on the program, Indiana. Louis. Go ahead. 654 00:37:29,110 --> 00:37:35,070 S8: Okay. I'm making a car payment, um, of 206 74 655 00:37:35,110 --> 00:37:41,550 S8: a month. And, um, I'm paying $30 against the principal. 656 00:37:41,550 --> 00:37:45,589 S8: So how do I figure how much? How soon will 657 00:37:45,590 --> 00:37:48,070 S8: I have it paid off? It's a five year loan, 658 00:37:48,350 --> 00:37:50,910 S8: and I've been paying a little over a year. I've 659 00:37:51,270 --> 00:37:54,190 S8: made the payments, and I don't know how to figure 660 00:37:54,190 --> 00:37:56,150 S8: out how soon I would be. 661 00:37:56,430 --> 00:37:59,830 S1: Yeah, the best thing to do if you're comfortable, Louis 662 00:37:59,870 --> 00:38:05,630 S1: online is just use an online loan amortization calculator. Uh, 663 00:38:05,630 --> 00:38:08,060 S1: and basically what you would do is and you could 664 00:38:08,060 --> 00:38:12,980 S1: just search for, you know, uh, car loan payoff calculator, 665 00:38:13,180 --> 00:38:15,739 S1: but you're going to plug in the loan amount, the 666 00:38:15,739 --> 00:38:20,060 S1: interest rate, the monthly payment, and then the extra $30 667 00:38:20,100 --> 00:38:23,859 S1: a month to principal. And the calculator will show you 668 00:38:23,900 --> 00:38:26,900 S1: how many months sooner the loan will be paid off, 669 00:38:27,180 --> 00:38:30,420 S1: and it'll show you, uh, you know, how much interest 670 00:38:30,460 --> 00:38:34,459 S1: you'll save over the life of the loan. Um, you know, 671 00:38:34,500 --> 00:38:37,620 S1: the simple rule of thumb is every dollar you pay 672 00:38:37,660 --> 00:38:42,620 S1: toward extra principal lowers the balance immediately and shortens the loan. 673 00:38:43,020 --> 00:38:45,500 S1: So in your case, you know that extra $30 a 674 00:38:45,500 --> 00:38:48,379 S1: month you know, is probably going to cut this loan 675 00:38:48,380 --> 00:38:52,540 S1: by several months, depending on the rate and the remaining term. 676 00:38:52,540 --> 00:38:56,020 S1: But that online loan calculator is going to give you 677 00:38:56,060 --> 00:38:58,339 S1: just with a few clicks of a button. It's going 678 00:38:58,380 --> 00:39:02,060 S1: to give you the exact amount of time remaining and 679 00:39:02,060 --> 00:39:05,170 S1: show you exactly how much sooner you're going to pay 680 00:39:05,170 --> 00:39:09,930 S1: it off. You know, by this extra $360 a year 681 00:39:09,930 --> 00:39:12,169 S1: you're sending and how much interest you're going to save 682 00:39:12,170 --> 00:39:13,049 S1: as a result. 683 00:39:13,410 --> 00:39:16,490 S8: Okay. Yeah. Okay. Well, thanks a lot. And I really 684 00:39:16,489 --> 00:39:19,169 S8: enjoy your program. I work five days a week, and 685 00:39:19,170 --> 00:39:22,010 S8: I get to listen the whole time. It worked. You know, 686 00:39:22,010 --> 00:39:25,770 S8: it makes work go great. And I just enjoy your show. 687 00:39:25,969 --> 00:39:28,210 S1: Well, thank you very much. I'm delighted to hear you're 688 00:39:28,250 --> 00:39:31,330 S1: a regular listener and you have that opportunity at work. 689 00:39:31,370 --> 00:39:34,810 S1: Lord bless you. Louis, thanks for calling today. Uh, let's see, 690 00:39:34,810 --> 00:39:37,530 S1: we'll head to, uh, Mississippi. Mark. Go ahead. 691 00:39:38,730 --> 00:39:42,010 S9: Thank you for taking my call. Uh, my question is, 692 00:39:42,489 --> 00:39:46,650 S9: about a year ago, the gentleman I was working for, uh, doing, uh, 693 00:39:46,650 --> 00:39:48,890 S9: repairing all the equipment in his laundromats, he sold all 694 00:39:48,890 --> 00:39:52,969 S9: his laundromats. So at that point in time, I just 695 00:39:52,969 --> 00:39:57,370 S9: started doing this on my own, and I've been paying taxes. Uh, 696 00:39:57,370 --> 00:39:59,009 S9: you know, once a quarter and stuff like that. The 697 00:39:59,010 --> 00:40:03,919 S9: estimated taxes. But I never really considered Social Security. When 698 00:40:03,920 --> 00:40:04,880 S9: I started this. 699 00:40:05,200 --> 00:40:05,640 S1: Yeah. 700 00:40:05,680 --> 00:40:08,040 S9: And the question that I have. I'm 63 years old. 701 00:40:08,040 --> 00:40:09,920 S9: I get the statements that tell me, you know, I 702 00:40:09,920 --> 00:40:11,680 S9: could start taking it now and how much it would 703 00:40:11,680 --> 00:40:14,080 S9: be and how much if I wait until full retirement age. 704 00:40:14,520 --> 00:40:17,520 S9: And I don't think I could make it on the 22,000. 705 00:40:17,560 --> 00:40:20,240 S9: They allow you to earn plus what the Social Security is. 706 00:40:20,360 --> 00:40:20,800 S1: Yeah. 707 00:40:21,280 --> 00:40:24,800 S9: But my question is if if my income is probably 708 00:40:24,800 --> 00:40:27,760 S9: going to be greatly reduced from what I was making 709 00:40:27,760 --> 00:40:30,200 S9: when I was working on a, in a W-2 job? 710 00:40:30,360 --> 00:40:30,800 S1: Yeah. 711 00:40:31,040 --> 00:40:35,760 S9: Uh, if I continue to work at that reduced amount, 712 00:40:35,760 --> 00:40:38,279 S9: is that going to reduce the amount of Social Security 713 00:40:38,280 --> 00:40:41,680 S9: that I'm going to be eligible for at full retirement? 714 00:40:41,719 --> 00:40:45,359 S1: Not necessarily because your Social Security benefits are based on 715 00:40:45,360 --> 00:40:48,520 S1: what's called your high 35. So they look at your 716 00:40:48,520 --> 00:40:52,680 S1: highest 35 years of earnings. And that's what they determine 717 00:40:52,680 --> 00:40:55,719 S1: your benefits by now. Usually at this point in your 718 00:40:55,719 --> 00:40:59,719 S1: working life, you're knocking off some of those lower earnings 719 00:40:59,760 --> 00:41:02,960 S1: years from the early part of your work career and 720 00:41:02,960 --> 00:41:05,759 S1: you're replacing it with higher ones. You may not be 721 00:41:05,760 --> 00:41:10,640 S1: doing that because of your income situation. And so whatever 722 00:41:10,640 --> 00:41:14,120 S1: those high 35 are that are, you know, resulting in 723 00:41:14,160 --> 00:41:17,160 S1: the calculation of your benefit today or what it will 724 00:41:17,160 --> 00:41:20,160 S1: be at full retirement age, which you can find online 725 00:41:20,160 --> 00:41:24,520 S1: at my ssa.gov. That's what it's going to be. Okay. 726 00:41:24,560 --> 00:41:27,719 S1: So although you're not increasing it by knocking off some 727 00:41:27,719 --> 00:41:30,920 S1: of those lower years, it's not hurting you. As long 728 00:41:30,920 --> 00:41:33,799 S1: as you know you've got at least 35 years of earnings. 729 00:41:34,200 --> 00:41:38,320 S1: Social security is based on earned income, not business profits. 730 00:41:38,320 --> 00:41:41,480 S1: So if you're self-employed, your Social Security earnings come from 731 00:41:41,480 --> 00:41:47,080 S1: your net self-employment income. That's the number after business expenses okay. 732 00:41:47,120 --> 00:41:51,840 S1: And you're paying what's called self-employment tax. So basically both 733 00:41:51,840 --> 00:41:57,160 S1: the employer and the employee side, that 15.3% that's going 734 00:41:57,200 --> 00:42:01,270 S1: to Social Security. Um, and so you should be in 735 00:42:01,270 --> 00:42:03,790 S1: pretty good shape. And I would just check your benefit 736 00:42:03,790 --> 00:42:07,430 S1: statement online. But the fact that, uh, you know, you're 737 00:42:07,430 --> 00:42:11,190 S1: in a self-employment situation and, you know, sometimes that means 738 00:42:11,190 --> 00:42:16,549 S1: you underreport income to reduce taxes. That's reducing Social Security. 739 00:42:16,550 --> 00:42:19,790 S1: But as long as you've got your high 35 locked in, 740 00:42:19,910 --> 00:42:22,070 S1: you know you should be in pretty good shape. Mark, 741 00:42:22,070 --> 00:42:24,989 S1: I hope that helps. Thanks for being on the program. Well, folks, 742 00:42:24,989 --> 00:42:26,790 S1: it's been a joy to be along with you today. 743 00:42:26,790 --> 00:42:30,669 S1: Thanks for inviting us into your story. What a joy 744 00:42:30,670 --> 00:42:33,270 S1: it is to encourage you with God's Word as you 745 00:42:33,310 --> 00:42:36,509 S1: seek to be that wise and faithful steward. Our goal 746 00:42:36,510 --> 00:42:39,870 S1: that you'd see God as your ultimate treasure. Let me 747 00:42:39,910 --> 00:42:41,750 S1: say thanks to my team today. I couldn't do it 748 00:42:41,750 --> 00:42:45,109 S1: without them. Amy, Dan, Gabby, T, and Jim. Faith and 749 00:42:45,110 --> 00:42:48,390 S1: Finance Live is a partnership between Moody Radio and Faith fi. 750 00:42:48,550 --> 00:42:51,029 S1: Have a wonderful day and come back and join us 751 00:42:51,030 --> 00:42:54,230 S1: next time for another edition of Faith and Finance live.