S1: Today's version of Faith and Finance Live is pre-recorded, so
S1: our phone lines are not open for, you know, the
S1: grace of our Lord Jesus Christ, that though he was rich,
S1: yet for your sake he became poor, so that you
S1: by his poverty might become rich. Second Corinthians eight nine. Hi,
S1: I'm Rob West. That's an encouraging truth for what is
S1: often felt as a somber day. It's Good Friday, the
S1: day we set aside to reflect on the crucifixion of
S1: Christ and what truly happened on that cross over 2000
S1: years ago. Today we'll talk about the greatest act of
S1: grace in human history. Then we have some great questions
S1: lined up for you. But don't call in today because
S1: we're pre-recorded. This is faith and finance. Live biblical wisdom
S1: for your financial journey. For centuries, Christians have called this
S1: day Good Friday, and it is good, but not because
S1: the events were easy or lighthearted. It's good because of
S1: what Christ accomplished for us. For many believers, this day
S1: carries a mix of emotions. There's the sorrow of remembering
S1: the suffering Jesus endured, and the weight of knowing it
S1: was our sin that led him there. And yet, there's
S1: also overwhelming gratitude for the love of the father who
S1: gave his son, and for the son who willingly laid
S1: down his life. It's a day to reflect on the
S1: reality that Jesus bore the full weight of our sins
S1: on the cross, suffering in our place so that we
S1: could be reconciled to God. That's the wonder of the cross.
S1: But along with sorrow and gratitude, there's also anticipation. Because
S1: we know what Sunday brings the resurrection of Jesus and
S1: the promise of eternal life with him. Good Friday is
S1: not the end of the story. It's the turning point.
S1: And that's why we call it good. Now, here on
S1: faith and finance, we often talk about money, how to
S1: steward it well and use it for God's glory. But
S1: the Bible also uses financial imagery to To describe spiritual realities.
S1: In fact, Scripture is full of words like debt, ransom, redemption,
S1: and inheritance because those terms helped people understand the profound
S1: truths of the gospel in everyday language. Take Romans 623,
S1: for example. For the wages of sin is death, but
S1: the free gift of God is eternal life in Christ
S1: Jesus our Lord. Or Mark 1045 where Jesus says, for
S1: even the Son of Man did not come to be served,
S1: but to serve, and to give his life as a
S1: ransom for many. And First Corinthians 620 reminds us, you
S1: are bought with a price, so glorify God in your body.
S1: These verses speak of something far deeper than finances. They
S1: describe the cost of sin and the beauty of God's grace.
S1: Our sin didn't just lead to guilt. It separated us
S1: from the very presence of God, cutting us off from
S1: the one who is the source of life and love.
S1: Left to ourselves, we had no way to bridge that gap.
S1: But Jesus came to restore what was broken. As Jesus
S1: breathed his last on the cross, the Gospel of John
S1: records him saying, it is finished. In the original Greek,
S1: the word is tetelestai. In ancient times, this saying was
S1: packed with meaning. It was spoken by servants who had
S1: completed their assigned tasks. It was declared by artists when
S1: a masterpiece was complete. It was proclaimed by priests after
S1: inspecting a spotless lamb for sacrifice, and most significantly, it
S1: was written on receipts to indicate that a debt had
S1: been fully paid. No remaining balance, nothing left owed. So
S1: when Jesus declared it is finished from the cross, he
S1: wasn't simply marking the end of his earthly life. He
S1: was proclaiming the completion of his mission. The work of
S1: salvation was done. The debt of sin was cancelled. The
S1: great chasm between God and humanity was bridged not by
S1: our effort, but by his sacrifice. And here's the beauty
S1: of Jesus final words. They remind us that we don't
S1: live in a state of spiritual deficit. We live in
S1: the overflow of grace. Jesus didn't make a down payment
S1: on our salvation. He paid it in full. There is
S1: nothing left for us to earn or achieve. No good
S1: work can add to what he has finished. We simply
S1: receive it by faith and live in the freedom it brings.
S1: So on this Good Friday, as we reflect on the cross,
S1: we're invited to hear those final words of Jesus tetelestai
S1: with awe and gratitude. It is finished. The debt of
S1: sin has been paid in full completely forever. Nothing remains
S1: for us to earn, prove or repay. And that changes everything.
S1: We are free. Free from guilt, free from striving. Free
S1: to live for the one who gave everything for us.
S1: Obedience is no longer a duty to earn favor, but
S1: a joyful response to his grace. In light of the
S1: finished work of Christ, we now live to follow him,
S1: not to gain life, but because in him we've already
S1: found it. All right, we're going to head to a break,
S1: so don't go anywhere. Still a lot more to come,
S1: even though we're away from the studio today and you
S1: shouldn't call in. We have some great questions that you're
S1: really going to enjoy as we continue to apply God's
S1: wisdom to your financial decisions. We'll be right back. Great
S1: to have you with us today on faith and finance live.
S1: By the way, we're not live. Today we're away from
S1: the studio, so don't call in. But we have some
S1: great questions that we lined up in advance, by the way.
S1: This ministry is entirely listener supported. That means we rely
S1: on your financial gifts and support to do what we
S1: do on the air every day. If you consider a gift,
S1: we'd certainly be grateful. Just head to our website, Philly.com.
S1: That's faith for.com and click the give button. Thanks in advance.
S1: All right. Let's get to our calls today that we've
S1: lined up for you. Let's go to Arkansas. Hi, Dennis.
S1: Go ahead.
S2: Uh, yes. Uh, can you recommend a burial insurance of
S2: any kind?
S1: Uh, yeah. You know, I don't recommend specific companies on that,
S1: but I will say just kind of generally this final
S1: expense insurance, you know, is essentially a small life insurance
S1: policy for a specific purpose, and that is funeral and
S1: related costs. The benefits of them are, you know, you're
S1: going to have affordable premiums. They have what is called
S1: guaranteed acceptance. So they generally don't require a medical exam, uh,
S1: you know, a quick payout, it'll cover the funeral expenses
S1: and you have a set premium. The problem with them is, though,
S1: that they have a higher cost per coverage. So compared
S1: to traditional life insurance options. Burial insurance is, you know,
S1: a higher cost per thousand dollars of coverage and it's
S1: limited coverage. It only goes generally up to 50,000. Um,
S1: and so you could, if you live a long time,
S1: pay more in premiums than the policies payout amount. And
S1: then some have a two year waiting period before the
S1: full benefits are even paid. So if you passed away
S1: in those, you know, two years, God forbid, um, your
S1: beneficiaries might not receive the full amount. So another option
S1: would be, you know, just to save and invest, take
S1: that same money and put it into an investment. Um,
S1: you could just use traditional term life insurance while you're
S1: building your assets, because what the likely scenario is that
S1: there'd be plenty there. You know, once you're through your
S1: working years that you could even designate to a, to
S1: a beneficiary, um, so that money is readily available. Uh,
S1: and so you'd just be covering your working years so
S1: that if something happened, you know, you could get more coverage. Um,
S1: you know, with higher coverage amounts and a lower cost
S1: through just traditional life insurance. So I think, you know,
S1: these are the the options that you have. But if
S1: you are wanting to go with a burial policy, then
S1: I think, you know, you need to, uh, you know,
S1: get an insurance agent who can help you find the
S1: very best one. Unfortunately, I wouldn't have a specific company
S1: to recommend.
S2: Yeah. All right. Well, I appreciate you all. And this
S2: is my first time calling.
S1: Well, I'm so glad, and I appreciate you listening. Uh,
S1: God bless you. Call anytime, sir. We appreciate you being
S1: on the program today. Uh, before we head back to
S1: the phones in the news, home buyers are putting down
S1: more money at the closing table these days. That's right.
S1: The typical buyers down payment is now 16.3% of the
S1: home's price. That's up from 15% a year ago. At
S1: the same time, a 31% of home buyers are paying
S1: all cash for a new home, down from 34% a
S1: year ago. All of this from, uh, an analyst by
S1: Redfin of county records in the 40 most populous metropolitan areas. Uh,
S1: the typical home buyer is now putting down about $63,000,
S1: which is 4000 more than last year. Analysts say this
S1: is largely because home prices have risen about 6% in
S1: the past year, and that's on top of all the
S1: increases we had in the years prior. Uh, also, the
S1: larger down payment statistic includes buyers who are using equity
S1: from the previous sale of a home. It's not limited
S1: to first time home buyers who had to save up, uh,
S1: a down payment from scratch. And obviously, with the rising
S1: home prices, if you had an existing home that you sold,
S1: you're pulling out more equity, uh, from those properties, which
S1: is allowing you then to roll that in in the
S1: form of a higher down payment. Bottom line, it's still
S1: a challenge to buy a home these days. Home affordability
S1: is difficult. Uh, But you will not regret saving as
S1: much as you can before doing it. That will help
S1: to lower the amount you have to borrow, and that
S1: will save you thousands of dollars in interest over the years,
S1: you know. Keep in mind among the three budget busters
S1: is food and transportation and yes, housing. So just be careful.
S1: Don't stretch to buy a house you really can't afford,
S1: because that is going to just really hinder your ability
S1: to accomplish your other financial goals, as you have too
S1: much going on in the housing category. What is that number?
S1: I would say certainly no more than 30% of your
S1: take home pay to principal interest, taxes and insurance. I'd
S1: prefer that to be at 25%. I know that's challenging,
S1: but that would really be the key because then you'd
S1: have enough left for everything else. The other piece I
S1: would say is make sure you have at least a 20%
S1: down payment. As I said here, the the typical buyer
S1: right now is putting down 16.3%, which means they have
S1: private mortgage insurance. That doesn't help you. That's for the lender.
S1: It's just an extra unnecessary expense. About 1% of the mortgage. Um,
S1: and so, you know, try to avoid that by getting
S1: that 20% down. That's going to avoid you paying unnecessary interest.
S1: Keep your payment more manageable. And if that means you
S1: need to delay that purchase for a season, I'd just
S1: say do it and uh, and save, save, save. All right.
S1: I hope that's helpful. Let's head back to the phones. Uh,
S1: to Mississippi. Hi, Mike. Go ahead.
S3: Uh, I was just going to comment about the, uh,
S3: the guy that's asking about the insurance policies here in Mississippi.
S3: We can go to our funeral home and make arrangements
S3: through the funeral home and go in and pick out
S3: your casket and everything you want to do and pay
S3: through the funeral home, too. So that's, uh, there's another
S3: option for him if he wants to try that.
S1: Mike, I'm glad you mentioned that. You're exactly right. So
S1: the alternatives would be just save and invest on your own. Uh,
S1: you know, you could have, uh, life insurance, traditional life insurance.
S1: But you're right, that pre-paid funeral plan through a funeral
S1: home is an option. The benefit there is you're locking
S1: in today's funeral costs, and it reduces the burden on
S1: the family at the time of death. The only downside
S1: I would offer there is just limited flexibility. So if
S1: you move, the plan may not transfer. That may not
S1: be a concern. But just know that that's the case.
S1: And then the only other risk here is that if
S1: the funeral home goes out of business and it does happen,
S1: it's rare, but it does happen, then you could lose
S1: that money. So just be aware of the the risk
S1: related to that in that situation. But Mike, it's a
S1: great suggestion, sir, and I appreciate you calling that out today.
S1: Appreciate your call. Uh, you know, when we talk about insurance,
S1: by the way, it's important to note that when we
S1: talk about life insurance, uh, I think it's really critical
S1: that everyone has life insurance during their working years. See, remember,
S1: the purpose of life insurance is to offset the risk
S1: that you died during your working years. You have a dependent,
S1: usually your spouse who's counting on that income and it
S1: goes away. And that's a significant risk in terms of them,
S1: your spouse continuing to main maintain their lifestyle. And so
S1: we get enough coverage, which is usually 10 to 12
S1: times your income, to be able to replace that income
S1: by way of you getting a lump sum that you
S1: could then invest and maintain your lifestyle. Some folks will
S1: add to that 10 to 12 times your income. Uh,
S1: the cost of college for the kids. Some will do
S1: 10 to 12 times plus college plus the home mortgage.
S1: Because think about that. If you knew, okay, my spouse
S1: has passed away. I've got 10 to 12 times his
S1: or her income to invest and draw the income on
S1: the house is now paid off. So that drops the expense.
S1: And the college's, uh, tuitions are funded. Now we're in
S1: a pretty solid financial position. Well, the way to get
S1: that amount of coverage, which is going to be a
S1: sizable policy for most folks, is term insurance. See, that's
S1: going to keep the cost of insurance as low as possible,
S1: because you're getting as much coverage as you need and
S1: keeping that cost at a minimum, probably at 20 or
S1: 30 year policy. But remember, the idea is, Lord willing,
S1: you never collect on it, and then you drop it
S1: when you get to retirement because you have other assets
S1: and your spouse is no longer depending upon your income.
S1: So think about that. If you don't have that coverage,
S1: put that in place. So we're caring for loved ones
S1: even after death. Well folks, we're going to head to
S1: a break. But let me remind you, we're out of
S1: the studio today. Our team is not here, so don't
S1: call in. But much more to come just around the
S1: corner on faith and finance live. Stick around. Thanks so
S1: much for joining us today on Faith and Finance Live.
S1: I'm Rob West, your host. Hey, our team is away
S1: from the studio today. We're not here, but we've got
S1: some great questions that we lined up in advance. I
S1: know you'll enjoy those a little later in our broadcast. Folks,
S1: have you checked out recently? Our website at giphy.com. If not,
S1: I'd encourage you to do that. You'll find our community
S1: there where you can post questions and comments, hear from
S1: others that are on the stewardship journey as well. You
S1: can also access our content and check out the Faith
S1: fi app. It's at Faith Philly.com. Hey, before we get
S1: back to our calls, I want to take a moment
S1: to look at the meaning behind this word steward that
S1: we see so often in Scripture. The Greek word for
S1: steward that we find in the New Testament is oikonomos.
S1: It means household manager. So just as a household manager
S1: oversees a home on behalf of the owner, we manage
S1: God's resources. That's a profound understanding because it means we
S1: own nothing, but we are responsible for everything under our care.
S1: Now this of course, extends beyond finances our time, our talents,
S1: our relationships, even truth. Everything we have is God's and
S1: we have to manage it wisely. Our goal to bring
S1: him honor and glory. But what are the implications of
S1: accepting our role as steward with God as owner? Well,
S1: here's a few of them that we'll unpack throughout today's broadcast.
S1: Number one, as stewards have responsibilities, not rights. You see,
S1: as stewards, we manage God's resources according to his will,
S1: not our own desires. We don't have ownership rights over
S1: what we manage. We're responsible for using it faithfully. This
S1: means making decisions based on what pleases God, not what
S1: benefits us personally. Now, don't get me wrong, money is
S1: one of God's good creations, and part of what we
S1: see in First Timothy is that we're to enjoy what
S1: God has given us. He gave us creation. We're to
S1: be workers, to improve it. We're to take, uh, money,
S1: a gift from God, a means of exchange and use
S1: it to further God's kingdom, but also to enjoy and
S1: to benefit our relationships and use it in a way
S1: that honors him. Um, even giving it away. And so
S1: it doesn't mean that we can't enjoy it. It just
S1: means that we seek the wisdom of the master as
S1: the steward, as we're making decisions. Another implication stewards are accountable.
S1: Romans 1412 tells us that each of us will give
S1: an account to God for how we manage his resources.
S1: Did we use them to advance his kingdom and care
S1: for others and reflect his character, or did we waste
S1: them on selfish pursuits? Here's one more. Stewards live with
S1: an eternal perspective. Instead of focusing on temporal wealth, stewards
S1: invest in things that have eternal significance. Listen to Jesus
S1: words in Matthew 619 to 21, where he says, lay
S1: up for yourselves treasures in heaven. Earthly wealth is fleeting,
S1: but how we use it can absolutely have an eternal impact.
S1: My friend Randy Alcorn writes in his incredible book, The
S1: Treasure Principle. He says, and I quote, you can't take
S1: it with you, but you can send it on ahead.
S1: More of those implications of stewardship in just a bit,
S1: but something to think about today as we accept our
S1: really high calling of being a money manager for the
S1: King of Kings. All right, let's get back to the phones.
S1: Let's go to Alabama. Hi, Jerry. Go ahead. Sir.
S3: I've been a.
S4: Student of Barry Beckett forever.
S1: Ah. Very good.
S4: Got a great problem. I have a question I'm not
S4: sure about. My wife and I thought about buying a
S4: piece of property. We have a lake house, and there's
S4: a piece of property beside us. The older gentleman kind
S4: of let it grow up and go down. And he's
S4: 76 years old, but he's still living there. So is
S4: it a wise thing to make him an offer and
S4: to buy that property, like in a life estate where
S4: he could live there until he dies? And I'm just
S4: curious about the pros and cons.
S1: Mhm. Uh, you know, it could be um, what is
S1: your goal. So you would buy it to be able
S1: to have it as a property you would use in
S1: the future. Um, are you thinking about its use prior
S1: to his passing?
S4: Well, prior to his passing, it'd be his totally delivered.
S4: And enjoy. We won't touch or do anything. If he passed,
S4: we'd like to own it beside of ours. And an improvement.
S4: Like an investment.
S1: Okay. And then, are you planning on moving in at
S1: at some point, or would it be a second property
S1: for you?
S4: It'd be a third or fourth property for us.
S1: Got it. And so is it more of an investment
S1: for you or is it, uh, you know, something you'd
S1: use more of? Okay. Okay. Got it. Um. And is he, uh,
S1: needing to cash out right now or what is his status?
S4: I'm not sure. I hadn't approached him with the value
S4: yet because I wasn't sure exactly how much to offer.
S4: I guess if I wasn't sure if the property is
S4: worth 250, should I offer him Frame 125. Because, you know,
S4: I don't know if he'll be in there five minutes
S4: or 15 years, you know, and if there's a life estate.
S4: I'm curious too. If he lived 3 or 4 years,
S4: then had to go in a nursing home, could they
S4: come back and reclaim the property? I wasn't sure exactly
S4: how that works.
S1: Yeah. Very good. Um, so a couple of things. Yeah.
S1: I think, you know, the benefits are a potential discount. Now,
S1: you want to you want to do the right thing and,
S1: you know, not undercut him. Uh, you know, in a
S1: way that is not appropriate. But I think, you know,
S1: often a buyer will allow a seller to retain a
S1: life estate, and the purchase price is reduced as a
S1: part of the process because, you know, they're the seller
S1: is motivated to sell because they still retain the right
S1: to live on the property. And in exchange for that,
S1: often lower the selling price. I wouldn't typically see it
S1: that dramatic, you know, by 50%, but certainly some acknowledgement, um,
S1: you know, the obviously there's no immediate property management responsibilities
S1: on your part because the seller remains responsible for maintaining
S1: the property. And then there's an estate planning advantage for
S1: the seller because, you know, it allows them to stay
S1: in the home, retain some of the rights, and that
S1: can assist with Medicaid planning or even avoiding probate. So,
S1: you know, that's helpful. I think, you know, the downsides
S1: of giving the life estate to the seller is just
S1: the uncertainty of the timing. And you acknowledge that it
S1: you know, when you will gain full access to the property,
S1: who knows? It could extend for many years in terms of,
S1: you know, being able to take possession, you've got limited
S1: control over the property. Um, and so you can't sell it,
S1: renovate it, rent it out. Uh, you've obviously got market
S1: value risk because market conditions may, you know, may change. Uh,
S1: there's of course the maintenance and repairs. And then I
S1: think to your point, um, you know, there is the,
S1: the legal consideration. So it would be really important to
S1: work with a real estate attorney to ensure the terms
S1: are clearly outlined, including the responsibilities for taxes and maintenance.
S1: So I'm on board with this. I would check with
S1: an estate planning attorney, though, just to make sure you
S1: understand the implications with. Great to have you with us
S1: today on faith and finance live. By the way, we're
S1: not live today. We're away from the studio, so don't
S1: call in. But we have some great questions that we
S1: lined up in advance. By the way, this ministry is
S1: entirely listener supported. That means we rely on your financial
S1: gifts and support to do what we do on the
S1: air every day. If you consider a gift, we'd certainly
S1: be grateful. Just head to our website. Faith. Com that's faith.
S1: Dot com and click the give button. Thanks in advance. Uh,
S1: let's see here. Uh, before we go back to the phones,
S1: I'm sharing just a moment ago that there are real
S1: implications to understanding our role as stewards of God's resources.
S1: You know, when we accept that role as steward, uh,
S1: it changes everything about how we view and handle God's money.
S1: I mentioned that, uh, stewards have responsibilities. Not right. Stewards
S1: are accountable. Stewards live with an eternal perspective. They're also
S1: faithful in small things. Jesus teaches in Luke 1610, one
S1: who is faithful in a very little, is also faithful
S1: in much, and one who is dishonest in a very
S1: little is also dishonest in much. Faithful stewards manage even
S1: the smallest resources with care, knowing that God sees and
S1: rewards our faithfulness. Uh, stewards hold loosely and give generously.
S1: You see, when we recognize that everything belongs to God,
S1: it becomes easier to hold our possessions with an open hand.
S1: We give generously as stewards, knowing that what we offer
S1: is already God's in the first place, and in doing so,
S1: we reflect his generosity and trust him to provide for
S1: our needs, keeping in mind that ultimately, he's the ultimate
S1: giver and we're created in his image. We're image bearers
S1: of God himself. I like to think we're most like
S1: him when we're giving. Finally, stewards don't take credit. What
S1: do I mean by that? Well, I would take you
S1: to Luke 12. Jesus tells the parable. You know it
S1: well of a man who hoards wealth, focusing on his
S1: possessions instead of being what it says in the parable
S1: rich toward God. The man takes full credit for his success,
S1: failing to acknowledge God's provision. You hear him using words
S1: like I and my repeatedly as he talks about what
S1: he's done to generate this prosperity. Well, in contrast, good
S1: stewards recognize that everything we have comes from God, and
S1: we give him credit for any success. Even the power
S1: to create wealth comes from him. And so think about
S1: that today as you accept your role as steward. Let's
S1: move from giving head knowledge and consent to this idea
S1: of God owning it all. And let's allow that to
S1: translate into how we actually make decisions and manage God's
S1: money on a daily basis. All right, back to the
S1: phones we go. Let's go to Texas. Hi, Wayne. Thanks
S1: for your patience. Go ahead.
S5: Uh. Thank you. Uh, I was calling my wife will
S5: be 62, uh, in August. She's 61, obviously. And, uh,
S5: I was thinking about. We were thinking about her taking
S5: her Social security. She's retired. Uh, but we still file jointly.
S5: I didn't know if it would be taxed since I
S5: still work.
S1: Yeah, it certainly, uh, can be. And it's going to
S1: have to do with, uh, the amount of income that
S1: you earn. So let's start with just her taking the
S1: benefits early. So she would be taking these based on
S1: her own work record. And then she you recognize that
S1: she'd get about a, somewhere around a 30% reduction in
S1: that benefit by taking it early.
S5: Right.
S1: Okay.
S5: As opposed to being 67 I think 67 is her
S5: full retirement.
S1: Yeah, exactly. Okay. So you just need to think through
S1: that and and make sure that that makes sense to
S1: lock in that reduced benefit. Now in terms of the taxation, uh,
S1: basically the taxability of those benefits, if you will, depends
S1: on what's called your combined income. So when you combine
S1: all of your income, if that's between 32,000 and 44,000,
S1: then up to 50% of the benefits may be taxable.
S1: If your combined income, and I suspect it would putting
S1: it all together exceeds 44,000, then that's going to be
S1: up to 85% of the benefits may be taxable. Um,
S1: so you would likely, you know, be paying tax on 85%
S1: of those benefits that she's taking.
S5: Would that also be if she waited till full retirement?
S5: It would be the same thing. Right?
S1: That's exactly right.
S5: If I'm still working. So because I was under the
S5: impression that it was not taxed if she doesn't work.
S5: But that's not true.
S1: That's not true. No. It really has to do with, um,
S1: your combined income. Okay. And when you look at. And
S1: that does include your Social Security benefits in that calculation
S1: as well.
S5: Very good. Well thank you.
S1: All right. Thanks for your call today. And by the way,
S1: it's up to 50% of those benefits that would be
S1: factored into that combined income number. So yeah take a
S1: look at that and just make sure you plan ahead
S1: for that. Because that could obviously reduce what you're expecting
S1: to have come in on a on a monthly basis.
S1: Thanks for your call today. You know, as we were
S1: talking a moment ago, just about the implications of stewardship, uh,
S1: it does cause us to want to step back and
S1: think that if every spending decision is ultimately a spiritual
S1: decision because I'm managing God's money, what does that mean
S1: for my daily, uh, you know, allocation? What does that
S1: mean for my budget? Because here's the reality. Ultimately, what
S1: you spend God's money on is the most accurate reflection,
S1: in my view, of what you value and ultimately where
S1: you've placed your trust. And the question is, does that
S1: really line up with what's most important to me? You know,
S1: if you were to take your spending plan, maybe it's
S1: your budget or, uh, you know, you were to take
S1: a printout of, you know, whatever your primary account is
S1: that you, you spend out of, and you just take
S1: a look at those big categories on where you're spending
S1: God's money. Does that really reflect what is most important
S1: to you, and if not, what changes are in order?
S1: I think the other consideration we need to make is,
S1: you know, does this really line up with our values
S1: and our priorities? We talk a lot about goals, and
S1: goals are fine so long as they're originally set by us.
S1: Prayerfully considering what God's doing in our life and as believers,
S1: what are our values and how do we let our
S1: values then inform the goals that we're setting? And then ultimately,
S1: in a very practical way, those those financial decisions we're
S1: making on a daily basis, we need to think through that.
S1: And so often I think we skip past that and
S1: we just kind of spend without a real plan. And
S1: ultimately we're not going to end up in the destination
S1: we want. So give that some thought today as you
S1: think about your own spending, especially now, where it's more
S1: challenging than ever. All right, let's head back to the phones.
S1: We'll go to Louisiana and welcome Mike to the broadcast.
S1: Go ahead sir.
S6: Uh, yes, I'm on Social Security disability. And when I
S6: was in a different state, I had just Medicare. And, uh,
S6: for a supplement, I had Medicaid and I had like
S6: two surgeries that I needed and there was no problem
S6: to get them. And then now that they've, uh, made
S6: it where regular insurance companies like Humana and all these
S6: different companies, uh, have a part in the Medicaid or
S6: Medicare Advantage or whatever. They've denied me a surgery that
S6: a surgeon said I need for my spine, that really
S6: my back really hurts. I was wondering if I could
S6: go just back to regular Medicare and Medicaid as a
S6: supplement somehow. Because they don't deny, like, these insurance companies,
S6: you know, they're just they're out to make money. They're
S6: a business. And they're denying folks.
S1: Yeah. So you can switch back to original Medicare and
S1: Medicaid after enrolling in a Medicare Advantage plan. Uh, there
S1: would be certain conditions and time frames involved in that.
S1: So there's a Medicare advantage. Disenrollment period where you can
S1: switch back to original Medicare. During the Medicare annual enrollment period,
S1: that's between October 15th and December 7th. So that would
S1: be the time that you would drop your Medicare Advantage
S1: and re enroll in original Medicare. There's also a Medicare
S1: open enrollment period. So there's other issues there with regard
S1: to Medicaid eligibility and guaranteed issues. So I think your
S1: next step is probably to contact Medicare directly at one
S1: 800 Medicare and talk through this with them. And then
S1: you can start the enrollment process. We'll be right back.
S1: So glad to have you with us today on Faith
S1: and Finance Live. Our team is away today, so don't
S1: call in. But we lined up some great questions in
S1: advance and we'll be going to those here in just
S1: a moment. Let me also remind you that the advice
S1: that I give each day on this program is general
S1: in nature. We offer principles and ideas that apply at
S1: a high level. They are not personalized. So that's why
S1: you should always seek professional financial advice. And if you'd
S1: like to find a professional who shares your values, we
S1: of course, here at Faith and Finance Live recommend the
S1: Certified Kingdom Advisor designation. These are men and women who've
S1: met high standards, and they've been trained to bring a
S1: biblical worldview of financial decision making. You can find one
S1: at Faith. Com now let's head to the phone calls
S1: we have lined up in Alabama. Matthew. Go ahead.
S7: Yeah, I've got a question. Uh, I know what the
S7: Bible says about our finances. Of course we need more
S7: and more, but I have a question about the, um,
S7: the church, the, um, the finances of the church. Um,
S7: do we preach law or do we preach, um, grace?
S7: So I can't find the word tithing in the New
S7: Testament or in the Gospels. And I'm wondering, can we
S7: mix law with grace? What what does the what is
S7: the real teaching of the apostles? Can you help me
S7: with that?
S1: Yeah, I'd be delighted to. I mean, you will see
S1: reference to the tithe in the New Testament. Jesus mentions
S1: the tithe. But, uh, you, uh, to the first part
S1: of your question, uh, we are absolutely no longer under
S1: the Law of Moses. We're under the law of Christ.
S1: And so we don't give out of obligation because of
S1: the law of Moses. I think we have to look
S1: to the whole counsel of Scripture, and certainly that includes
S1: the New Testament to say, what should our posture be
S1: toward giving at this point as believers on this side
S1: of the cross? And I think the the big idea
S1: there is to recognize that Jesus raises the bar in
S1: every case. And I think that includes our giving. I mean,
S1: the the model we see of giving is around to
S1: whom much is given, much is required. You know, we
S1: talked about the the widow's mite. You know, the most
S1: famous giver in the Bible. We don't know her name,
S1: but we know she gave out of her poverty. And
S1: Jesus celebrated her heart posture in her giving. And she
S1: gave sacrificially. So I think that should be a a
S1: hallmark of our giving, where to give proportionately to what
S1: God has entrusted to us. But we do. We give cheerfully,
S1: not out of, not under compulsion. That's clear in the
S1: New Testament. And so I don't think we need to
S1: take a legalistic approach to it. And yet I think
S1: this idea of systematic giving, starting with the local church,
S1: based on our increase using the tithe, as I'll call it,
S1: a guideline, is a very appropriate beginning place for our giving.
S1: I don't think it's the end though. I think we
S1: start there and then we go beyond that, because those
S1: of us who have seen the cross and know what
S1: Jesus did on our behalf. I think we can give
S1: as an act of worship, as an overflow of our
S1: gratitude to God, knowing that the very power to create
S1: wealth comes from God Himself. That money is one of
S1: his good creations that he entrusted to us, that he's
S1: our provider. But the act of giving is how we
S1: hold it loosely. We demonstrate our trust in him as
S1: our provider, and it's our way to be hardwired into
S1: God's activity by our generosity, participating with where he is
S1: at work and God's plan A is the local church.
S1: It's not that the the local church is has a
S1: mission to reach people for Christ. The local church is
S1: God's strategy to fulfill his mission and calling on the earth.
S1: And I think, you know, our support. There should be
S1: a beginning place, but I think we've got to find
S1: that that giving approach that is an overflow of gratitude
S1: to God and not legalistic where we're checking a box,
S1: if that makes sense.
S7: When we preach tithes, aren't we preaching legalism?
S1: Uh, it depends on the heart posture, I think. You know,
S1: you will find many churches that that preach the tithe
S1: as a beginning point. And I think, you know, we
S1: can look to Scripture and see that again. It is
S1: referenced in the New Testament. It actually, with Melchizedek, preceded
S1: the law of Moses. So I think it's very appropriate
S1: to talk about a systematic gift starting with the local church.
S1: And I think that tithe is a great guideline. My
S1: friend and author, Randy Alcorn calls the tithe the training
S1: wheels of giving. So again, I think as long as
S1: we understand that it's not out of legalism, but instead
S1: we're doing it as a cheerful giver, not under compulsion.
S1: I think it's very appropriate when a church says, hey,
S1: let's start with that systematic gift of the tithe to
S1: the local church, because we see that modeled throughout the
S1: whole of Scripture, preceding the law, in the law and
S1: referenced beyond the Law of Moses under the law of
S1: Christ by Jesus himself. But again, we have to understand
S1: why we're doing it. And just like we don't follow
S1: a lot of the traditions of the Law of Moses
S1: in other cases, because we're not under that any longer,
S1: I think the same would apply to the tithe. So ultimately,
S1: that's between you and the Lord, what you would do
S1: with your giving. But I would see that as more
S1: of a starting point than an ending point, if that
S1: makes sense. Is that helpful at all, Matthew?
S7: It is, but it isn't. So I'll just, um. I
S7: guess I'll have to leave it at that, because when
S7: you talk about Melchizedek, he was a type and shadow
S7: of the he was literally the lineage of the priesthood.
S7: So it's only it goes back to the law and
S7: the priesthood. That's why he gave that to a type
S7: and shadow of Jesus that, you know, he's paying homage
S7: to Jesus, who was you know what I'm talking about?
S7: Because you know what the word I do. Thank you
S7: very much for your time and patience.
S1: You're very welcome. And I you know, I think at
S1: the end of the day, we need to look at
S1: this being something that we need to have, you know,
S1: take up between us and the Lord. And I think,
S1: you know, you make a very clear point here that
S1: we're no longer under the law. In fact, the Old
S1: Testament giving laws went far beyond 10%. Uh, you know,
S1: when we look at it was probably about 23 and
S1: a third percent when you put all of the the
S1: tithes together. Uh, there was the, the one for the Levites.
S1: There was the one for the temple and then the
S1: one for the poor, which was every three years. So
S1: you put that together? That'd be 23 and a third
S1: percent a year. Uh, but again, I would go back
S1: to this idea that when Jesus enters the scene, he
S1: takes giving to a higher level. I would say he
S1: showed a different way of giving. I'll call it whole
S1: life generosity. He modeled that by giving his life as
S1: a sacrifice. So when he talked about money, he taught
S1: that we should give as we've been blessed. In Luke
S1: 638 he said, to whom much is given, much is required.
S1: In Luke 1248 I mentioned a moment ago, he commended
S1: the poor widow who gave her last two copper coins.
S1: He challenged the rich young ruler to give away all
S1: of his wealth. So I understand why there might be
S1: confusion around the tithe, and that's why I think it
S1: always comes back to what is giving that God honors. Uh,
S1: I think it's giving. That's cheerful. It's giving that's free.
S1: Not under compulsion. It's giving. That's sacrificial. It's giving that's
S1: proportionate and systematic. But within those guidelines, I think we
S1: have to decide what is the right amount for us.
S1: And again, it's not about a law. It's about us
S1: coming between the father and saying, God, what would you
S1: have me to do? And I would think anything less
S1: than a tithe would be missing the heart of God,
S1: at least the way I read the counsel of Scripture.
S1: So anyway, that's some thoughts for you, Matthew. I appreciate
S1: you raising the question. It's a it's a it's a
S1: very appropriate question. And I think one that's at the
S1: the center of what we do here on this broadcast
S1: every day, because my heart's desire is that we would
S1: see this role we have as stewards of God's money,
S1: as an incredibly high calling that our goal is faithfulness
S1: to opportunity, which means what have you done with what
S1: you've been given? And we've been given so much before
S1: the first dollar. We have an abundance because of our
S1: position in Christ, because we find our identity in Christ.
S1: We're then blessed with an abundance, and that's what our
S1: heart longs for. But the moment we try to put
S1: that in money, well, we're going to be left disappointed.
S1: So we see money as a tool. God is our
S1: ultimate treasure. And then we give as an overflow of
S1: worship and devotion to him. Take that, think it through,
S1: pray about it, and thanks for your call today. Let's
S1: go to Tennessee. Hi, Amy. Go ahead.
S8: Hi. I just have a quick question. So, um, I'm
S8: kind of trying to figure out right now, you know,
S8: my budget, and, um, I am contributing to a 401 K,
S8: but I was wondering whether I could, if I should
S8: just stop contributing to a 401 K and instead have
S8: just six months of emergency savings saved up first before
S8: I do that?
S1: Yeah, it's a great question, Amy. Um, so how much
S1: do you have in your emergency fund right now? How
S1: many months?
S8: Um, not even too much, but close to two months
S8: right now.
S1: Okay, good. Yeah. That's great. And you're not putting anything
S1: in the 401 K currently?
S8: I am, I'm putting 15% right now.
S9: Oh, wow.
S1: That's tremendous. Uh, and so are you getting any matching?
S8: Yeah, I am. I'm getting, like, 5%, so.
S9: Okay.
S1: But what what I'm hearing is, though, that because you're
S1: doing the 15%, you're not having anything left over, so
S1: you're not able to add to the emergency fund anymore?
S1: Is that right?
S8: Um, yes and no. It's very tight right now, but
S8: the good thing is that I am debt free. Um,
S8: because I paid off my student loan last year, so. Hallelujah.
S8: Thank the Lord.
S9: That's right.
S8: For helping me through that. Um.
S9: Well, here's where I.
S1: Would go from here. I think it's great. I would
S1: absolutely take full advantage of the matching, but beyond the matching. Now,
S1: if you can dial back other spending so that you
S1: can contribute a meaningful amount to your, your savings. So
S1: you're continuing to head towards six months expenses. That would
S1: be great. I'd rather you pull it from other places
S1: than the 401 K if you can find it. You know,
S1: maybe there's a subscription you could cancel, or maybe you
S1: you don't eat out quite as much. I mean, whatever
S1: it is. But if truly the the thing that's preventing
S1: you from really getting your emergency fund up to six
S1: months in a relatively short period of time is the
S1: 401 K contributions. I would say dial that back so
S1: that you're still getting the full match, but you're not
S1: quite doing the 15%. And then when you get up
S1: above three months expenses or perhaps close to six months,
S1: then maybe you turn that back on. But, you know,
S1: I'd rather you have a fully funded emergency fund at
S1: this point in your life than I would you putting
S1: the full 15% in the in the 401 K, as
S1: long as you're still getting the matching portion. Does that
S1: make sense?
S8: Yes it does. That's very that actually completely just helps me.
S1: Thank you so much. You're welcome. Amy. Thanks for calling
S1: and for being such a faithful listener. We appreciate it. Well,
S1: that's going to do it for us today. Faith and
S1: finance live as a partnership between Moody Radio and Faith Fi.
S1: Thank you to my amazing broadcast team. I couldn't do
S1: this without him. I hope you have a great rest
S1: of your day and we'll see you next time on
S1: Faith and Finance live.