1 00:00:04,240 --> 00:00:07,160 S1: The following program was pre-recorded, so our phone lines are 2 00:00:07,160 --> 00:00:07,960 S1: not open. 3 00:00:08,320 --> 00:00:10,400 S2: For what will it profit a man if he gains 4 00:00:10,400 --> 00:00:13,760 S2: the whole world and forfeits his soul? Or what shall 5 00:00:13,760 --> 00:00:17,959 S2: a man give in return for his soul? Matthew 1626. 6 00:00:18,120 --> 00:00:21,200 S2: I am blessed in that verse. Jesus is speaking to 7 00:00:21,239 --> 00:00:25,239 S2: his disciples, teaching them about the cost of discipleship and 8 00:00:25,239 --> 00:00:28,680 S2: the value of the soul in contrast to worldly gains. 9 00:00:28,760 --> 00:00:32,680 S2: The question remains, is there a spiritual cost to achieving 10 00:00:32,680 --> 00:00:36,720 S2: financial success? John Reinhart joins us today to talk about it. 11 00:00:36,720 --> 00:00:39,880 S2: And we're prerecorded, so please hold your calls until we're 12 00:00:39,880 --> 00:00:42,880 S2: back in the studio. This is faith and finance. Live 13 00:00:43,080 --> 00:00:48,840 S2: biblical wisdom for your financial decisions. Well, our guest today 14 00:00:48,840 --> 00:00:51,599 S2: is my friend John Reinhart. He's founder and CEO of 15 00:00:51,640 --> 00:00:56,840 S2: Gospel Patrons, the organization that helps business leaders, entrepreneurs and 16 00:00:56,840 --> 00:01:00,710 S2: others marshal their finances and Ansys in influence to support 17 00:01:00,710 --> 00:01:05,030 S2: Christian ministries spreading the gospel around the world. John, great 18 00:01:05,030 --> 00:01:05,830 S2: to have you here. 19 00:01:06,030 --> 00:01:07,910 S3: Thanks so much, Rob. This is exciting. 20 00:01:08,270 --> 00:01:11,789 S2: John, you had a great article in our magazine, Faithful Steward. 21 00:01:11,790 --> 00:01:14,069 S2: It was back in our very first issue, and I 22 00:01:14,069 --> 00:01:16,630 S2: was so thrilled to be able to get this article 23 00:01:16,630 --> 00:01:19,350 S2: in there, because I think this idea is one that 24 00:01:19,350 --> 00:01:22,509 S2: so many people haven't thought about and really need to. 25 00:01:22,550 --> 00:01:27,790 S2: And it's titled Breaking the Cycle How Financial Success Can 26 00:01:27,790 --> 00:01:32,830 S2: Lead to Spiritual Failure. Now, financial success can obviously be 27 00:01:32,830 --> 00:01:35,990 S2: a very good thing, but let's talk about why it's 28 00:01:35,990 --> 00:01:37,910 S2: also something we should be wary of. 29 00:01:38,510 --> 00:01:41,789 S3: Yeah, actually, there's so many warnings in the Bible about 30 00:01:41,790 --> 00:01:44,229 S3: wealth and wealth can be a blessing and God makes 31 00:01:44,230 --> 00:01:46,709 S3: rich and God makes poor. So he's sovereign over that. 32 00:01:46,709 --> 00:01:50,230 S3: We see many wealthy people throughout the scriptures, both Old 33 00:01:50,270 --> 00:01:53,990 S3: Testament and new. And yet when we come to Jesus, 34 00:01:53,990 --> 00:01:58,500 S3: we see that he warned his disciples very specifically and 35 00:01:58,540 --> 00:02:01,820 S3: often constantly about the dangers of wealth. And it just 36 00:02:01,820 --> 00:02:04,300 S3: seems like something we don't talk about very often, that 37 00:02:04,300 --> 00:02:07,380 S3: we have a temptation to love, try to love God 38 00:02:07,380 --> 00:02:11,459 S3: and money. And Jesus says, actually, that's impossible. You can 39 00:02:11,460 --> 00:02:13,700 S3: only have one master. But we live in a culture, 40 00:02:13,700 --> 00:02:16,500 S3: and we live in a world that idolizes wealth and 41 00:02:16,500 --> 00:02:19,900 S3: success and money and possessions. And it's just something we 42 00:02:19,900 --> 00:02:21,980 S3: need to be very careful about and have a watchful 43 00:02:21,980 --> 00:02:22,500 S3: eye on. 44 00:02:22,860 --> 00:02:25,380 S2: Oh, that's well said, John, and I couldn't agree more. 45 00:02:25,380 --> 00:02:29,780 S2: So let's move into this toxic cycle of success. We will, 46 00:02:29,820 --> 00:02:33,340 S2: of course, share the productive side of this, the direction 47 00:02:33,340 --> 00:02:35,260 S2: we should go. But let's talk about where this can 48 00:02:35,260 --> 00:02:35,940 S2: go wrong. 49 00:02:36,540 --> 00:02:39,220 S3: It starts with our view of work. Really many of 50 00:02:39,220 --> 00:02:41,500 S3: us are working and a view of work is to 51 00:02:41,540 --> 00:02:44,580 S3: trade time for money so that we can rest. We 52 00:02:44,620 --> 00:02:47,020 S3: think of work as a means of exchange to get 53 00:02:47,060 --> 00:02:51,380 S3: what I really want, which oftentimes is money, comfort, security 54 00:02:51,380 --> 00:02:54,260 S3: and rest. That's not where the Bible starts. But what 55 00:02:54,260 --> 00:02:58,380 S3: happens is if we hustle and strive and go after work. 56 00:02:58,380 --> 00:03:02,020 S3: In that fashion. We end up prospering because we work hard. Yeah. 57 00:03:02,060 --> 00:03:06,060 S3: And then we find ourselves failing because we succeed and 58 00:03:06,060 --> 00:03:08,220 S3: we forget God, and we end up in a place 59 00:03:08,220 --> 00:03:09,620 S3: that we never intended to be. 60 00:03:10,139 --> 00:03:13,139 S2: Yeah. John. And it can happen, perhaps without us even 61 00:03:13,139 --> 00:03:16,620 S2: realizing it. And so much of this really comes back 62 00:03:16,620 --> 00:03:19,820 S2: to the me and the my that we see in 63 00:03:19,860 --> 00:03:22,820 S2: the parable of the rich fool. You know, when we 64 00:03:22,820 --> 00:03:25,700 S2: think it's all as a result of our hand and 65 00:03:25,700 --> 00:03:29,299 S2: our work, we're not calibrated to the father. And that 66 00:03:29,300 --> 00:03:31,419 S2: tends to take us down the wrong track, doesn't it? 67 00:03:31,460 --> 00:03:33,980 S3: Yeah, that's so good. And the rich fool building bigger 68 00:03:33,980 --> 00:03:36,940 S3: barns hits home for an American audience because that seems 69 00:03:36,940 --> 00:03:39,140 S3: to be the goal. That's the American dream is that 70 00:03:39,140 --> 00:03:42,180 S3: we would make enough to be able to relax, eat, drink, 71 00:03:42,220 --> 00:03:45,060 S3: be merry. And we don't see it coming that Jesus 72 00:03:45,060 --> 00:03:47,340 S3: is going to turn the corner and say, you fool, 73 00:03:47,380 --> 00:03:50,980 S3: tonight your life is required of you. That's our goal 74 00:03:50,980 --> 00:03:53,100 S3: in our culture and we need to be aware of that. 75 00:03:53,460 --> 00:03:55,970 S2: John, you talk about we work hard and that's a 76 00:03:55,970 --> 00:03:59,330 S2: good thing. And we prosper. And we know that production 77 00:03:59,330 --> 00:04:02,330 S2: leads to prosperity. That's part of God's design. That's a 78 00:04:02,330 --> 00:04:04,850 S2: good thing. Rest can be a good thing. But then 79 00:04:04,850 --> 00:04:07,810 S2: you talk about how that slips into forgetting. What is 80 00:04:07,810 --> 00:04:09,010 S2: it that we forget? 81 00:04:09,330 --> 00:04:12,930 S3: Yeah, there's a there's a very well-known passage in Deuteronomy 82 00:04:12,970 --> 00:04:16,330 S3: eight that says that when your wealth prospers, God is 83 00:04:16,370 --> 00:04:19,170 S3: warning Israel before they enter the promised land. This is 84 00:04:19,170 --> 00:04:21,610 S3: the land that had been given to them with milk 85 00:04:21,610 --> 00:04:25,089 S3: and honey. They'd been looking forward to it for decades. 86 00:04:25,370 --> 00:04:27,490 S3: And yet Jesus says, I want to bless you. But 87 00:04:27,490 --> 00:04:29,530 S3: when you get into that land and I bless you, 88 00:04:29,529 --> 00:04:32,730 S3: be careful that when all things are prospering, you don't 89 00:04:32,730 --> 00:04:36,210 S3: forget the Lord. And then he adds this because it's 90 00:04:36,210 --> 00:04:39,690 S3: the Lord who gives you the power to get wealth. 91 00:04:39,970 --> 00:04:42,529 S3: And I think right there is the key. We often 92 00:04:42,570 --> 00:04:44,770 S3: think it's our power to get wealth. And then when 93 00:04:44,770 --> 00:04:47,970 S3: the wealth and prosperity come, it's our wealth. Yes. And 94 00:04:47,970 --> 00:04:51,050 S3: we know from Scripture that everything belongs to God. And 95 00:04:51,050 --> 00:04:53,650 S3: even here he's saying it's the power to get wealth 96 00:04:53,650 --> 00:04:55,080 S3: that comes from God as well. 97 00:04:55,520 --> 00:04:59,039 S2: Yeah, that's exactly right. After 40 years of wandering the desert, 98 00:04:59,040 --> 00:05:03,240 S2: standing across the Jordan River from the Promised Land, Moses 99 00:05:03,240 --> 00:05:07,080 S2: addresses the nation of Israel. And it was prosperity that 100 00:05:07,080 --> 00:05:10,520 S2: would be more challenging than anything. And of course, as 101 00:05:10,520 --> 00:05:13,200 S2: John points out, that can lead to sin. If we 102 00:05:13,200 --> 00:05:16,279 S2: forget the God who created us. Well, when we come back, 103 00:05:16,279 --> 00:05:19,839 S2: we'll talk about the virtuous cycle where we need to go. 104 00:05:19,880 --> 00:05:35,400 S2: John Reinhart with us today. We'll be right back. Thanks 105 00:05:35,400 --> 00:05:38,080 S2: for joining us today on Faith and Finance Live. I'm 106 00:05:38,080 --> 00:05:41,039 S2: Rob West with me today. My friend John Reinhart. He's 107 00:05:41,040 --> 00:05:44,480 S2: founder of Gospel Patrons. You know, if you think about it, 108 00:05:44,520 --> 00:05:48,960 S2: every movement of God that involves a gospel Proclaimer has 109 00:05:48,960 --> 00:05:54,029 S2: a gospel patron, someone funding the work Behind that person 110 00:05:54,310 --> 00:05:56,270 S2: all the way back to Jesus and the three women 111 00:05:56,270 --> 00:05:58,910 S2: that were a part of funding his ministry. Well, John 112 00:05:58,910 --> 00:06:02,430 S2: and his wife, Renee, have been chronicling those stories. It 113 00:06:02,430 --> 00:06:04,909 S2: comes to life in the book Gospel Patrons, but there's 114 00:06:04,910 --> 00:06:08,790 S2: a whole ministry surrounding it, telling just amazing stories of 115 00:06:08,790 --> 00:06:11,910 S2: gospel patrons. And we'll hear from John a little later 116 00:06:11,910 --> 00:06:14,950 S2: in this segment about gospel patrons and how you can 117 00:06:14,950 --> 00:06:19,469 S2: engage more. But John, we're talking now about succeeding financially 118 00:06:19,470 --> 00:06:23,430 S2: without failing spiritually. And before the break, you set up 119 00:06:23,630 --> 00:06:27,310 S2: the cycle that can lead to spiritual failure. When we 120 00:06:27,350 --> 00:06:30,909 S2: work and we prosper and then we rest and withdrawal, 121 00:06:30,910 --> 00:06:34,710 S2: but we can forget. Wealth can blind us from our 122 00:06:34,710 --> 00:06:37,670 S2: need for God, and then that can lead to sin. 123 00:06:37,830 --> 00:06:41,070 S2: I know you've written extensively on the parable of the sower, 124 00:06:41,070 --> 00:06:44,270 S2: which really highlights this idea of, you know, money is 125 00:06:44,270 --> 00:06:46,790 S2: a good gift from God. But when we worship the 126 00:06:46,790 --> 00:06:50,109 S2: creation over the creator, it can lead to problems. And 127 00:06:50,110 --> 00:06:53,950 S2: what that parable points out is that, as Jesus explains, 128 00:06:53,990 --> 00:06:57,029 S2: you know, the deceitfulness of wealth and the desires for 129 00:06:57,029 --> 00:06:59,990 S2: other things, and the cares of this world can choke 130 00:06:59,990 --> 00:07:01,830 S2: out the word from bearing fruit, right? 131 00:07:02,029 --> 00:07:04,830 S3: Yeah. It's startling that Jesus would say that. I wouldn't 132 00:07:04,830 --> 00:07:07,190 S3: think there's anything that can choke out the Word of God, 133 00:07:07,190 --> 00:07:10,350 S3: because it's the most powerful force in the universe. And 134 00:07:10,350 --> 00:07:12,750 S3: yet he does say the cares of this world, the 135 00:07:12,750 --> 00:07:17,110 S3: deceitfulness of riches and the desires for other things, enter 136 00:07:17,110 --> 00:07:19,790 S3: in and choke the word so that it proves unfruitful. Man, 137 00:07:19,790 --> 00:07:22,390 S3: I don't want that for my life or for anyone's life, 138 00:07:22,390 --> 00:07:25,030 S3: because I believe the Word of God is meant to 139 00:07:25,110 --> 00:07:28,150 S3: produce 30, 60, and 100 fold fruit through our lives. 140 00:07:28,390 --> 00:07:30,190 S3: That's what we want. But we got to be careful 141 00:07:30,190 --> 00:07:32,550 S3: about this cycle of success that leads to some of 142 00:07:32,550 --> 00:07:33,310 S3: those things. 143 00:07:33,430 --> 00:07:36,510 S2: Yeah. That's right. So let's talk about where we should go. 144 00:07:36,550 --> 00:07:39,590 S2: What is that better way? God's rhythm for life. 145 00:07:39,910 --> 00:07:44,030 S3: Well, instead of working for rest and working for wealth, 146 00:07:44,030 --> 00:07:46,230 S3: I think the place to start is we actually start 147 00:07:46,230 --> 00:07:50,580 S3: with rest that God has instituted rest into our weekly rhythm. 148 00:07:50,580 --> 00:07:53,220 S3: He calls it the Sabbath. It's in the top ten 149 00:07:53,220 --> 00:07:56,140 S3: commands from the Old Testament. That's. Isn't that mind blowing 150 00:07:56,180 --> 00:07:58,940 S3: that the God of the Bible would command rest? He 151 00:07:58,940 --> 00:08:01,380 S3: doesn't want to treat us like slaves or servants. He 152 00:08:01,380 --> 00:08:04,340 S3: treats us like children who get a day off. And man, 153 00:08:04,340 --> 00:08:06,860 S3: I know many, many business leaders and I just think 154 00:08:06,860 --> 00:08:10,020 S3: that's a really hard command for many of us to obey. 155 00:08:10,060 --> 00:08:13,220 S3: We have always more work that could be done, but 156 00:08:13,220 --> 00:08:16,140 S3: I believe this is actually where the cycle of health 157 00:08:16,140 --> 00:08:19,260 S3: begins for us as business leaders and business owners and 158 00:08:19,260 --> 00:08:21,700 S3: professional people. And we need to start with this place 159 00:08:21,700 --> 00:08:25,620 S3: if we're not working for rest. Yes, we're working from rest, 160 00:08:25,620 --> 00:08:28,580 S3: and that's where it begins. From there, we know that 161 00:08:28,580 --> 00:08:31,740 S3: when we rest, the Sabbath is a great chance to worship. 162 00:08:31,740 --> 00:08:33,580 S3: It's a chance to go to church with your family. 163 00:08:33,580 --> 00:08:35,740 S3: It's a chance to sing God's praises. It's a chance 164 00:08:35,740 --> 00:08:37,939 S3: to be in God's Word, to hear God's Word, to 165 00:08:37,980 --> 00:08:41,059 S3: reset for the week forward. And so what that does 166 00:08:41,059 --> 00:08:43,100 S3: is it takes work out of the center place of 167 00:08:43,100 --> 00:08:46,939 S3: our lives and our hearts. We're not constantly stirring on 168 00:08:46,940 --> 00:08:49,250 S3: it and thinking about it and trying to solve Monday's 169 00:08:49,250 --> 00:08:52,530 S3: problems on Saturday and on Sunday. But we actually lift 170 00:08:52,530 --> 00:08:55,209 S3: our eyes beyond that to God who is sovereign, who 171 00:08:55,210 --> 00:08:57,970 S3: loves us, who cares who's with us in every trial, 172 00:08:58,010 --> 00:09:00,890 S3: who can help us in every problem? And it begins 173 00:09:00,890 --> 00:09:04,730 S3: to reverse this inward spiral outward, where we stop thinking 174 00:09:04,730 --> 00:09:08,130 S3: so much about work and we're conscious of God. Then 175 00:09:08,130 --> 00:09:10,050 S3: when we show up to work on Monday, we've got 176 00:09:10,050 --> 00:09:13,770 S3: a totally different starting place than we did before. We're refreshed, 177 00:09:13,770 --> 00:09:16,290 S3: we're filled up, we're ready to go, and we can 178 00:09:16,330 --> 00:09:19,530 S3: bring the same sense of hard work that we would otherwise. 179 00:09:19,530 --> 00:09:21,929 S3: But we're starting from a different place. And when we 180 00:09:21,929 --> 00:09:24,569 S3: do that work out of the overflow of our time 181 00:09:24,570 --> 00:09:27,209 S3: with God, our work actually becomes a sense of worship. 182 00:09:27,250 --> 00:09:29,850 S3: Instead of just trading time for money. It's an opportunity 183 00:09:29,850 --> 00:09:32,170 S3: to use our skills and our gifts and our talents 184 00:09:32,170 --> 00:09:35,329 S3: that God's given us to bless others, to serve others, 185 00:09:35,330 --> 00:09:37,730 S3: to fulfill the good works he created us for. And 186 00:09:37,730 --> 00:09:41,170 S3: so rest is really the starting place. Then when our 187 00:09:41,170 --> 00:09:44,130 S3: work succeeds and we are blessed and God provides and 188 00:09:44,130 --> 00:09:48,240 S3: we prosper, we understand that that prosperity came from God's hand. 189 00:09:48,240 --> 00:09:52,120 S3: It wasn't just the result of our intelligence, hard work, effort, 190 00:09:52,120 --> 00:09:55,320 S3: but God's hand was in it. Deuteronomy 818 says, it's 191 00:09:55,320 --> 00:09:57,920 S3: the Lord who gives you the power to get wealth. 192 00:09:58,040 --> 00:10:00,079 S3: And we understand that that wealth came from him, and 193 00:10:00,080 --> 00:10:03,120 S3: that wealth ultimately belongs to him. And so therefore, we're 194 00:10:03,120 --> 00:10:07,120 S3: not owners, we're stewards, and we understand that some of 195 00:10:07,120 --> 00:10:08,880 S3: what God wants us to do with our wealth is 196 00:10:08,880 --> 00:10:14,040 S3: to be wildly, radically stunning in our generosity and pass 197 00:10:14,040 --> 00:10:16,360 S3: that along to bless his kingdom, to take care of 198 00:10:16,360 --> 00:10:19,000 S3: the poor, to advance the gospel, to serve his kingdom 199 00:10:19,000 --> 00:10:22,319 S3: purposes everywhere we find them. And that leads to an 200 00:10:22,320 --> 00:10:25,800 S3: incredible amount of joy that we're not just working for ourselves, 201 00:10:25,800 --> 00:10:28,080 S3: but the work that we do can actually contribute to 202 00:10:28,120 --> 00:10:31,240 S3: things God is doing all over our city, our church, 203 00:10:31,280 --> 00:10:33,480 S3: our community, and even to the ends of the earth. 204 00:10:33,480 --> 00:10:35,800 S3: And that puts new purpose back in our work. And 205 00:10:35,800 --> 00:10:37,880 S3: we get really, really excited than to show up again 206 00:10:37,880 --> 00:10:39,560 S3: to go, Lord, can I do more of that? Can 207 00:10:39,559 --> 00:10:42,440 S3: I contribute more to what you're doing? My 9 to 208 00:10:42,440 --> 00:10:44,920 S3: 5 job or my 40 hours a week? Does that 209 00:10:44,920 --> 00:10:48,670 S3: actually have a place in advancing your kingdom? And that 210 00:10:48,670 --> 00:10:50,510 S3: puts new motivation back in our work. 211 00:10:50,790 --> 00:10:53,910 S2: Oh, it's so good. We can break free from the 212 00:10:53,910 --> 00:10:58,070 S2: toxic cycle of success. That seems to be the default 213 00:10:58,190 --> 00:11:01,590 S2: unless we protest to the contrary. Now, John, you've walked 214 00:11:01,590 --> 00:11:06,310 S2: alongside so many business leaders that actually got this right 215 00:11:06,350 --> 00:11:08,710 S2: that they were able to live out what you just 216 00:11:08,710 --> 00:11:13,910 S2: described in that virtuous cycle of success that leads to rejoicing. 217 00:11:13,910 --> 00:11:17,030 S2: What has been a key that you've observed in the 218 00:11:17,030 --> 00:11:19,950 S2: life of those men and women that have pursued it 219 00:11:19,950 --> 00:11:20,590 S2: this way? 220 00:11:21,309 --> 00:11:23,790 S3: Yeah, that's a great question. I mean, believe it or not, 221 00:11:24,150 --> 00:11:27,710 S3: some of the the wealthiest, most successful business leaders that 222 00:11:27,710 --> 00:11:30,630 S3: I have had the privilege to interact with have a 223 00:11:30,630 --> 00:11:34,150 S3: real deep commitment to their local church. That church for 224 00:11:34,150 --> 00:11:36,550 S3: them is not an optional extra if they can fit 225 00:11:36,550 --> 00:11:39,270 S3: it in against all of their other, you know, programs 226 00:11:39,270 --> 00:11:41,470 S3: and work and schedule and travel and all of that. 227 00:11:41,470 --> 00:11:44,309 S3: But they're committed to try to be home to worship 228 00:11:44,309 --> 00:11:46,990 S3: with their local community. I think it's a place where 229 00:11:46,990 --> 00:11:48,630 S3: they can be known. It's a place where they can 230 00:11:48,630 --> 00:11:51,670 S3: be fed. It's a it's a healthy discipline in their lives. 231 00:11:52,030 --> 00:11:54,270 S3: Even if their church isn't the best and they could 232 00:11:54,270 --> 00:11:57,030 S3: listen to better preachers elsewhere, there's a commitment to show 233 00:11:57,030 --> 00:11:58,670 S3: up and be a part of a local church, and 234 00:11:58,670 --> 00:12:02,510 S3: I think that shows humility. It shows teachability. Yeah. I 235 00:12:02,510 --> 00:12:04,950 S3: think there's another piece that's just there's a commitment to 236 00:12:04,990 --> 00:12:07,790 S3: reading the Bible for themselves, that the Word of God 237 00:12:07,790 --> 00:12:09,910 S3: isn't something you just touch for five minutes on a 238 00:12:09,910 --> 00:12:11,829 S3: Sunday and then move on with the rest of your week. 239 00:12:11,830 --> 00:12:15,670 S3: But there's a daily rhythm of learning to ingest God's Word, 240 00:12:15,670 --> 00:12:17,790 S3: soak in God's Word. Let God's Word be the thing 241 00:12:17,790 --> 00:12:20,870 S3: that shapes and forms our lives. So there's so many things, 242 00:12:20,870 --> 00:12:22,750 S3: but those would be the probably the top two. 243 00:12:23,070 --> 00:12:25,030 S2: I love that. Now, one of the things we can 244 00:12:25,030 --> 00:12:27,829 S2: do is we can read stories of those that have 245 00:12:27,830 --> 00:12:31,390 S2: really purposed their lives this way, and that's really gospel 246 00:12:31,390 --> 00:12:35,030 S2: patrons here in the final 90s that we have, just 247 00:12:35,030 --> 00:12:38,110 S2: give us a thumbnail sketch of gospel patrons in the 248 00:12:38,110 --> 00:12:39,030 S2: book that you wrote. 249 00:12:39,510 --> 00:12:42,780 S3: Yeah. Gospel patrons is behind every great movement of God. 250 00:12:42,820 --> 00:12:45,100 S3: There are some who are going to go first in preaching, 251 00:12:45,100 --> 00:12:47,140 S3: and there's many who are going to go first in giving. 252 00:12:47,140 --> 00:12:49,580 S3: And gospel patrons are those leaders who are maybe not 253 00:12:49,580 --> 00:12:52,300 S3: gifted to be on the stage or translating the Bible 254 00:12:52,300 --> 00:12:55,060 S3: or crossing a culture to to be a missionary. But 255 00:12:55,220 --> 00:12:57,420 S3: God's gifted them to make money, to succeed in their 256 00:12:57,420 --> 00:13:00,380 S3: career and to give generously to advance God's kingdom. And 257 00:13:00,380 --> 00:13:03,260 S3: we tell those stories both from history, from Scripture, even 258 00:13:03,260 --> 00:13:06,660 S3: modern day stories through gospel patrons. Org. 259 00:13:07,059 --> 00:13:11,540 S2: HMM. Excellent. Those stories are there. They're beautifully captured. But 260 00:13:11,540 --> 00:13:15,380 S2: the book is really the foundation of all of this. 261 00:13:15,420 --> 00:13:19,220 S2: It chronicles how this all started and how God set 262 00:13:19,260 --> 00:13:21,740 S2: John and Renee out on this course. You can buy 263 00:13:21,740 --> 00:13:24,660 S2: it wherever you buy books. John, what would you leave 264 00:13:24,660 --> 00:13:25,740 S2: our audience with today? 265 00:13:26,380 --> 00:13:28,060 S3: Yeah, I would I would say that you have a 266 00:13:28,059 --> 00:13:30,980 S3: part to play that you're not second class in God's kingdom, 267 00:13:30,980 --> 00:13:34,500 S3: that what you do every day can matter for eternity. 268 00:13:34,500 --> 00:13:37,180 S3: When we connect what we're doing to God's kingdom, when 269 00:13:37,179 --> 00:13:40,620 S3: we live generously, we are actually the most joyful people 270 00:13:40,620 --> 00:13:41,610 S3: on the planet. 271 00:13:42,330 --> 00:13:45,650 S2: Wow. Well, John, I don't say this lightly. I think 272 00:13:45,650 --> 00:13:48,570 S2: you are one of the most important voices today in 273 00:13:48,570 --> 00:13:52,450 S2: this space of biblical stewardship. And I'm so thankful for 274 00:13:52,450 --> 00:13:54,929 S2: your friendship, and I really appreciate you being here today. 275 00:13:55,130 --> 00:13:56,850 S3: Thank you so much, Rob. That's huge. 276 00:13:57,370 --> 00:14:01,010 S2: That's John Reinhart. He's founder and CEO of Gospel Patrons. Folks, 277 00:14:01,010 --> 00:14:04,209 S2: pick up a copy of this book, gospel patrons, wherever 278 00:14:04,210 --> 00:14:08,490 S2: you buy books or head to gospel patrons.org to learn more. 279 00:14:08,530 --> 00:14:12,850 S2: That's gospel patrons.org. All right, we're gonna head to a break, 280 00:14:12,850 --> 00:14:15,449 S2: so don't go anywhere. Still a lot more to come 281 00:14:15,450 --> 00:14:17,890 S2: even though we're away from the studio today and you 282 00:14:17,890 --> 00:14:20,610 S2: shouldn't call in. We have some great questions that you're 283 00:14:20,610 --> 00:14:23,170 S2: really going to enjoy as we continue to apply God's 284 00:14:23,170 --> 00:14:38,490 S2: wisdom to your financial decisions. We'll be right back. Thanks 285 00:14:38,490 --> 00:14:41,520 S2: for joining us today on Faith and Finance Live. Again, 286 00:14:41,560 --> 00:14:43,960 S2: we're not here today. Our team is away from the studio, 287 00:14:43,960 --> 00:14:46,920 S2: so don't call in. But we've got some great questions 288 00:14:46,920 --> 00:14:49,040 S2: coming up. In fact, let's go to one of those 289 00:14:49,040 --> 00:14:52,680 S2: right now. Let's begin today in Tennessee. Mark, you'll be 290 00:14:52,680 --> 00:14:53,800 S2: first up, sir. Go ahead. 291 00:14:54,520 --> 00:14:57,760 S4: Thanks for taking my call. Of course, I had a question. 292 00:14:57,960 --> 00:15:01,000 S4: I heard you say or tell another caller about a 293 00:15:01,000 --> 00:15:05,040 S4: week ago advising him to choose part A, at least 294 00:15:05,080 --> 00:15:08,640 S4: when he became 65 or close to it. Even though 295 00:15:08,680 --> 00:15:12,160 S4: he is working full time, he hasn't retired yet and 296 00:15:12,160 --> 00:15:16,080 S4: he has an insurance through their insurance. What's the advantage 297 00:15:16,080 --> 00:15:18,040 S4: financially to just choose part A? 298 00:15:18,480 --> 00:15:22,359 S2: Yeah, it's a great question and it generally makes sense, 299 00:15:22,360 --> 00:15:25,640 S2: even if you have one of those large employer plans 300 00:15:25,640 --> 00:15:29,720 S2: where you're continuing to be covered unless you're contributing to 301 00:15:29,760 --> 00:15:33,640 S2: an HSA. And let me explain. Um, for most people, 302 00:15:34,040 --> 00:15:39,160 S2: enrolling in part A at 65 is going to be, 303 00:15:39,320 --> 00:15:43,680 S2: you know, a secondary hospital coverage. It doesn't interfere with 304 00:15:43,680 --> 00:15:47,000 S2: your employer plan. And it's typically free. So there's no 305 00:15:47,040 --> 00:15:50,240 S2: monthly premium. So given that there's no cost and it's 306 00:15:50,240 --> 00:15:53,080 S2: going to act as secondary coverage, there's no reason not 307 00:15:53,080 --> 00:15:56,600 S2: to go ahead and take it. Even though your primary 308 00:15:56,600 --> 00:16:00,280 S2: coverage continues to be your employer plan because you have 309 00:16:00,440 --> 00:16:04,920 S2: 20 plus employees. So that premium free part A, there's 310 00:16:04,920 --> 00:16:07,160 S2: just no reason not to take it again. The only 311 00:16:07,160 --> 00:16:10,520 S2: reason you wouldn't want to is, is if you're contributing 312 00:16:10,560 --> 00:16:13,440 S2: to an HSA, a health savings account with a high 313 00:16:13,440 --> 00:16:18,000 S2: deductible plan. Because if you enroll in any part of Medicare, 314 00:16:18,000 --> 00:16:23,600 S2: including part A, that disqualifies you from making new HSA contributions. 315 00:16:23,840 --> 00:16:26,040 S2: And that would be a reason not to. But apart 316 00:16:26,040 --> 00:16:28,520 S2: from that, there's just no reason not to have it. 317 00:16:28,560 --> 00:16:33,160 S4: Okay. Is there an advantage financially with choosing original Medicare 318 00:16:33,160 --> 00:16:34,680 S4: or a Medicare Advantage? 319 00:16:35,120 --> 00:16:38,750 S2: Uh, yeah. In terms of the Medicare Advantage, which is 320 00:16:38,750 --> 00:16:43,350 S2: part C, which is a private plan. Um, you know, 321 00:16:43,390 --> 00:16:47,350 S2: it really comes down to either, you know, that versus Medigap, 322 00:16:47,510 --> 00:16:51,150 S2: the advantage makes sense. When you want lower monthly premiums, 323 00:16:51,350 --> 00:16:55,350 S2: you're generally healthy and don't expect heavy medical use. You know, 324 00:16:55,390 --> 00:16:59,950 S2: you're comfortable with provider networks, you want the simplicity and 325 00:16:59,950 --> 00:17:04,150 S2: you mostly receive care locally. The Medigap is where you 326 00:17:04,150 --> 00:17:09,869 S2: want maximum choice for doctors and hospitals. You might travel frequently. 327 00:17:10,350 --> 00:17:13,389 S2: You know you might have a chronic condition or prefer 328 00:17:13,430 --> 00:17:16,430 S2: no referral. So it's going to be more expensive. But 329 00:17:16,430 --> 00:17:19,110 S2: you're okay with that because you know, you're picking up 330 00:17:19,109 --> 00:17:22,190 S2: some of these other things. Um, so, you know, that 331 00:17:22,190 --> 00:17:26,110 S2: is really, uh, just the benefit of, you know, being 332 00:17:26,109 --> 00:17:28,630 S2: able to have the all in one coverage and then 333 00:17:28,630 --> 00:17:32,350 S2: some of the extra benefits like dental vision, hearing and 334 00:17:32,350 --> 00:17:32,990 S2: so forth. 335 00:17:33,869 --> 00:17:36,419 S4: Sure, sure. All right. Well, thank you so much. I 336 00:17:36,420 --> 00:17:37,780 S4: appreciate your ministry. 337 00:17:37,780 --> 00:17:41,220 S2: Absolutely, Mark, thanks for your call today. Uh, let's go 338 00:17:41,220 --> 00:17:43,020 S2: to Memphis. Hi, Helen. Go right ahead. 339 00:17:43,980 --> 00:17:46,180 S5: Thank you for taking my call. I have a question 340 00:17:46,180 --> 00:17:49,660 S5: about a friend that is very deep in debt, a 341 00:17:49,660 --> 00:17:53,300 S5: Christian friend. And I try to get this person, I'm like, 342 00:17:53,340 --> 00:17:56,180 S5: you know, it's great being debt free. I want that 343 00:17:56,180 --> 00:17:59,939 S5: for you. And he spends kid you not $200 a 344 00:17:59,940 --> 00:18:03,420 S5: month on bank fees, you know, withdrawals from ATMs or 345 00:18:03,420 --> 00:18:06,460 S5: things that have bounced or whatever. And I just he 346 00:18:06,460 --> 00:18:09,980 S5: makes a good income. I just can't seem to impress 347 00:18:09,980 --> 00:18:12,899 S5: on him how great life would be if he didn't 348 00:18:12,900 --> 00:18:15,020 S5: have any debt and he didn't have to throw his 349 00:18:15,020 --> 00:18:17,619 S5: money away. I was wondering if you can help me 350 00:18:17,900 --> 00:18:19,820 S5: in some way to encourage him. 351 00:18:20,140 --> 00:18:22,939 S2: Yeah. Well, a couple of thoughts here, Helen. Number one, 352 00:18:22,940 --> 00:18:24,419 S2: at the end of the day, he's going to have 353 00:18:24,420 --> 00:18:26,700 S2: to make that decision for himself. You can't do it 354 00:18:26,700 --> 00:18:28,580 S2: for him. But I think there's a couple of things 355 00:18:28,580 --> 00:18:31,660 S2: you can do. Number one is just by way of 356 00:18:31,660 --> 00:18:35,570 S2: you living out the joy and the peace of mind 357 00:18:35,570 --> 00:18:39,930 S2: that you have from being unencumbered, I would imagine would 358 00:18:39,930 --> 00:18:43,530 S2: be somewhat contagious for him. So as you all interact 359 00:18:43,530 --> 00:18:46,450 S2: and you have an opportunity to celebrate, not in a 360 00:18:46,450 --> 00:18:50,050 S2: boastful way, but celebrate God's faithfulness and just the the 361 00:18:50,090 --> 00:18:53,729 S2: peace of mind that you have by living simply and 362 00:18:53,890 --> 00:18:58,010 S2: owing nothing. You know, I think over time, especially if 363 00:18:58,010 --> 00:19:02,210 S2: he has some mounting bills and it has some concern 364 00:19:02,210 --> 00:19:05,370 S2: over his ability to pay, you know, that that life 365 00:19:05,369 --> 00:19:09,369 S2: that God designed when we follow his principles and we 366 00:19:09,410 --> 00:19:12,770 S2: follow his ways is contagious. And so I think you 367 00:19:12,770 --> 00:19:15,690 S2: just kind of living that out over time will take 368 00:19:15,690 --> 00:19:17,969 S2: care of some of that. But secondly, perhaps you give 369 00:19:17,970 --> 00:19:20,609 S2: him a gift of a book that would, you know, 370 00:19:20,650 --> 00:19:25,010 S2: really help him to uncover God's design for money. And 371 00:19:25,010 --> 00:19:29,010 S2: so I'd love to send you, um, perhaps, uh, Howard 372 00:19:29,010 --> 00:19:31,570 S2: Dayton's book, Your Money Counts, I think could be a 373 00:19:31,570 --> 00:19:34,889 S2: great one. It certainly addresses this topic of debt from 374 00:19:34,890 --> 00:19:37,650 S2: a biblical perspective, but it covers a host of other 375 00:19:37,650 --> 00:19:42,010 S2: issues from lifestyle and spending plans to, you know, even 376 00:19:42,050 --> 00:19:45,330 S2: talking about generosity and just really kind of is a 377 00:19:45,330 --> 00:19:48,810 S2: great primer for biblical money management. Helen. And perhaps you 378 00:19:48,890 --> 00:19:51,530 S2: give him that as a gift. Uh, you know, next 379 00:19:51,530 --> 00:19:53,450 S2: time you see him and just say, hey, I found 380 00:19:53,450 --> 00:19:55,410 S2: this to be useful. I want to pass it along. 381 00:19:55,410 --> 00:19:57,690 S2: And if he's a reader, maybe it'll be something that 382 00:19:57,690 --> 00:20:00,649 S2: blesses him. But I think beyond that, uh, you know, 383 00:20:00,690 --> 00:20:04,209 S2: there's probably very little you can do other than, you know, 384 00:20:04,250 --> 00:20:07,530 S2: praying for him that God would grip his heart around 385 00:20:07,530 --> 00:20:10,690 S2: the opportunity to be faithful in money management. 386 00:20:11,330 --> 00:20:14,490 S5: Mhm. I agree with you. It just distresses me. I'm 387 00:20:14,530 --> 00:20:17,369 S5: debt free, and it is a blessing. The Lord has 388 00:20:17,369 --> 00:20:18,330 S5: really blessed me. 389 00:20:19,530 --> 00:20:22,290 S2: I know it is. And I'm delighted you shared that 390 00:20:22,290 --> 00:20:25,570 S2: with our listeners today. And I appreciate your burden for 391 00:20:25,570 --> 00:20:28,490 S2: your friend. And I'm confident that your presence in his 392 00:20:28,490 --> 00:20:32,080 S2: life will be an encouragement to him. And as you 393 00:20:32,080 --> 00:20:36,320 S2: live out the ways of Jesus, hopefully he will be 394 00:20:36,320 --> 00:20:38,720 S2: impacted by that and want to pursue that in his 395 00:20:38,720 --> 00:20:41,000 S2: own life. So, Helen, stay on the line. We'll get 396 00:20:41,040 --> 00:20:44,160 S2: your information. I'll get a copy of your Money Counts 397 00:20:44,160 --> 00:20:45,879 S2: from Howard Dayton in the mail to you. It'll be 398 00:20:45,880 --> 00:20:49,200 S2: our gift to you. We appreciate your call today. Uh, 399 00:20:49,200 --> 00:20:50,960 S2: out to Montana, Scott. Go ahead. 400 00:20:51,720 --> 00:20:56,440 S6: Yes, I have a question about, uh, my RMV. I've 401 00:20:56,440 --> 00:20:58,720 S6: heard you talk about this before, but don't remember what 402 00:20:58,720 --> 00:21:01,000 S6: the name of it is. There's a way to take 403 00:21:01,000 --> 00:21:06,000 S6: my RMV and put that into a lump sum plan, 404 00:21:06,000 --> 00:21:09,280 S6: and then I distribute it from that plan. Can you 405 00:21:09,320 --> 00:21:10,959 S6: give me some information about that? 406 00:21:11,320 --> 00:21:14,800 S2: Yeah. So you have an IRA or a 401 K. 407 00:21:14,840 --> 00:21:15,560 S2: What do you have. 408 00:21:16,160 --> 00:21:16,920 S6: IRA? 409 00:21:17,200 --> 00:21:19,560 S2: Okay. You have an IRA. And what is your age? 410 00:21:20,280 --> 00:21:21,600 S6: I'm 79. 411 00:21:21,600 --> 00:21:24,719 S2: Okay. So you have the required minimum distribution that you 412 00:21:24,720 --> 00:21:28,119 S2: have to take out by December 31st each year based 413 00:21:28,119 --> 00:21:31,390 S2: on the balance and then the, uh, the factor on 414 00:21:31,390 --> 00:21:34,510 S2: the IRS table. Uh, there is a way for you 415 00:21:34,510 --> 00:21:38,790 S2: to get that money out. Satisfy the RMD and get 416 00:21:38,790 --> 00:21:41,429 S2: it straight to charity where you don't recognize the income. 417 00:21:41,430 --> 00:21:46,190 S2: And it's called a qualified charitable distribution. So let's do this. Um, 418 00:21:46,190 --> 00:21:47,950 S2: I'm going to take a quick break. When we come back, 419 00:21:47,950 --> 00:21:49,910 S2: we'll give you all the details on how you make 420 00:21:49,910 --> 00:21:52,990 S2: that happen. Just a quick reminder, we're not here today, 421 00:21:52,990 --> 00:21:54,869 S2: so don't call in, but we're going to head to 422 00:21:54,910 --> 00:21:57,670 S2: a break and much more coming just after this. Stay 423 00:21:57,670 --> 00:22:06,310 S2: with us. So glad to have you with us today 424 00:22:06,310 --> 00:22:09,750 S2: on Faith and Finance Live. Our team is away today, 425 00:22:09,750 --> 00:22:12,310 S2: so don't call in. But we lined up some great 426 00:22:12,310 --> 00:22:14,590 S2: questions in advance and we'll be going to those here 427 00:22:14,590 --> 00:22:17,230 S2: in just a moment. Let me also remind you that 428 00:22:17,230 --> 00:22:19,870 S2: the advice that I give each day on this program 429 00:22:19,869 --> 00:22:24,790 S2: is general in nature. We offer principles and ideas that 430 00:22:24,790 --> 00:22:28,190 S2: apply at a high level. They are not personalized. So 431 00:22:28,230 --> 00:22:32,060 S2: that's why you should always seek professional financial advice. And 432 00:22:32,100 --> 00:22:35,220 S2: if you'd like to find a professional who shares your values, 433 00:22:35,220 --> 00:22:37,980 S2: we of course here at Faith and Finance Live recommend 434 00:22:37,980 --> 00:22:41,540 S2: the Certified Kingdom Advisor designation. These are men and women 435 00:22:41,540 --> 00:22:44,700 S2: who've met high standards, and they've been trained to bring 436 00:22:44,700 --> 00:22:47,540 S2: a biblical worldview of financial decision making. You can find 437 00:22:47,540 --> 00:22:50,619 S2: one at faith fi.com. Alright, let's head back to the 438 00:22:50,619 --> 00:22:54,100 S2: phones before the break. We're talking to Scott in Montana. 439 00:22:54,420 --> 00:22:59,619 S2: Scott is 79. Taking his RMDs required minimum distributions from 440 00:22:59,619 --> 00:23:03,060 S2: his IRA each year, and he was familiar with me 441 00:23:03,060 --> 00:23:06,659 S2: mentioning something in the past where he can put charitable 442 00:23:06,660 --> 00:23:09,220 S2: dollars into an account that then can be given out 443 00:23:09,220 --> 00:23:11,940 S2: over time. And Scott, what you're probably referring to as 444 00:23:11,940 --> 00:23:16,340 S2: a donor advised fund, this is like a charitable checking account, 445 00:23:16,340 --> 00:23:19,820 S2: very easy to set up. You make contributions either in cash, 446 00:23:19,820 --> 00:23:23,619 S2: you can even put in appreciated stock, you know, other 447 00:23:23,660 --> 00:23:27,410 S2: non-cash assets, even a business interest or an interest in 448 00:23:27,410 --> 00:23:29,730 S2: a home. And then when it's sold, it funds the 449 00:23:29,770 --> 00:23:33,450 S2: donor advised fund, it would be excluded from capital gains. 450 00:23:33,450 --> 00:23:35,929 S2: And then you give it out over time. Once you 451 00:23:35,930 --> 00:23:38,290 S2: put the money in the donor advised fund you've technically 452 00:23:38,290 --> 00:23:43,050 S2: given away, so you realize the charitable deduction immediately. And 453 00:23:43,050 --> 00:23:46,970 S2: then technically, the donor advised fund sponsor owns it, but 454 00:23:46,970 --> 00:23:50,170 S2: they don't grant it out apart from you recommending grants. 455 00:23:50,170 --> 00:23:53,730 S2: And then they send it to whatever charity you would like. Now, 456 00:23:54,050 --> 00:23:57,170 S2: the challenge is, and this is often a point of confusion, 457 00:23:57,450 --> 00:24:02,250 S2: is that doesn't work with an IRA in terms of 458 00:24:02,290 --> 00:24:05,689 S2: a qualified charitable distribution. So one of the ways to 459 00:24:05,730 --> 00:24:08,490 S2: get money out of an IRA without ever paying tax 460 00:24:08,490 --> 00:24:12,850 S2: on it and still satisfy your required minimum is to 461 00:24:12,890 --> 00:24:16,250 S2: send it directly from the IRA to the charity. But 462 00:24:16,250 --> 00:24:20,209 S2: a donor advised fund does not qualify as one of 463 00:24:20,210 --> 00:24:24,410 S2: the places you can send a qualified charitable distribution. Um, 464 00:24:24,450 --> 00:24:28,649 S2: so when you do a Q CD, you don't count 465 00:24:28,650 --> 00:24:33,690 S2: that money toward your taxable income. It's excluded, which lowers 466 00:24:33,690 --> 00:24:39,129 S2: your adjusted gross income, which can reduce taxation of Social Security. 467 00:24:39,530 --> 00:24:43,970 S2: Avoid any what are called Irma charges for Medicare. Those 468 00:24:43,970 --> 00:24:46,450 S2: kinds of things. And so that's why it's often more 469 00:24:46,450 --> 00:24:49,609 S2: effective to go ahead and send it directly to the 470 00:24:49,609 --> 00:24:52,409 S2: charity without using a donor advised fund. The way the 471 00:24:52,410 --> 00:24:54,970 S2: only way to use a donor advised fund, if you're 472 00:24:54,970 --> 00:24:57,169 S2: pulling money out of your IRA would be to take 473 00:24:57,210 --> 00:25:02,490 S2: the the distribution, recognize it as income, and then put 474 00:25:02,490 --> 00:25:05,450 S2: it into the donor advised fund and get the deduction, 475 00:25:05,450 --> 00:25:10,210 S2: the charitable deduction. The problem is most retirees don't itemize 476 00:25:10,210 --> 00:25:13,609 S2: and so therefore they don't get the benefit of the deduction. 477 00:25:13,609 --> 00:25:17,010 S2: It doesn't fully offset the income. And their adjusted gross 478 00:25:17,010 --> 00:25:19,930 S2: income goes up. So that may mean, you know more 479 00:25:19,930 --> 00:25:24,760 S2: taxes for Social Security and bigger premiums for For Medicare. 480 00:25:24,880 --> 00:25:28,080 S2: The only reason why that might make sense is if 481 00:25:28,119 --> 00:25:32,560 S2: you're already itemizing. You have large deductions that year, and 482 00:25:32,560 --> 00:25:35,560 S2: you really value the ability to give over time or 483 00:25:35,560 --> 00:25:38,640 S2: have family involvement, things like that. And you don't mind 484 00:25:38,680 --> 00:25:41,720 S2: the higher adjusted gross income. But I've thrown a lot 485 00:25:41,720 --> 00:25:43,440 S2: at you there. Does that all make sense? Looks like 486 00:25:43,440 --> 00:25:45,960 S2: we lost you. I hope you were able to hear 487 00:25:45,960 --> 00:25:48,520 S2: all of that. There's a lot there, but the bottom 488 00:25:48,520 --> 00:25:51,960 S2: line is the best way generally for the vast majority 489 00:25:51,960 --> 00:25:55,080 S2: of people to get money out of an IRA, going 490 00:25:55,119 --> 00:25:58,320 S2: to charity is to go straight to the charity. Donor 491 00:25:58,320 --> 00:26:01,119 S2: advised funds are great, but you can't put the money 492 00:26:01,119 --> 00:26:03,240 S2: in straight from the IRA, which means you'd have to 493 00:26:03,280 --> 00:26:06,680 S2: recognize it as income first and then take the deduction 494 00:26:06,720 --> 00:26:09,040 S2: after the fact. Hey, thanks for your call today. Let's 495 00:26:09,040 --> 00:26:11,200 S2: go to Huntsville, Alabama. Barbara. Go ahead. 496 00:26:12,000 --> 00:26:15,680 S7: Um, my husband's turning 70 in May, and we are 497 00:26:15,680 --> 00:26:18,840 S7: about to start the process of signing up for Social Security, 498 00:26:19,240 --> 00:26:22,440 S7: and I've done some looking online about it, but are 499 00:26:22,440 --> 00:26:25,550 S7: there any nuances that we need to know? Pros and 500 00:26:25,550 --> 00:26:27,350 S7: cons of doing it one way or. 501 00:26:27,670 --> 00:26:30,630 S2: Yeah, it's a great question in terms of just kind 502 00:26:30,630 --> 00:26:33,629 S2: of a don't miss anything checklist. It's always a good 503 00:26:33,630 --> 00:26:36,310 S2: idea when you're doing something new. Uh, you know, he's 504 00:26:36,310 --> 00:26:38,869 S2: really in the sweet spot here because at age 70, 505 00:26:38,910 --> 00:26:41,510 S2: you're going to get the maximum benefit. You get those 506 00:26:41,510 --> 00:26:46,150 S2: delayed retirement credits, they're going to stop accruing at 70. 507 00:26:46,190 --> 00:26:49,430 S2: So there's no advantage to waiting. And benefits can start 508 00:26:49,430 --> 00:26:54,030 S2: really any month after turning age 70. So you know, 509 00:26:54,070 --> 00:26:57,189 S2: if he files in the spring, he could choose a 510 00:26:57,190 --> 00:27:01,869 S2: retroactive start date up to six months if that's helpful. Um, 511 00:27:01,910 --> 00:27:05,230 S2: in terms of Medicare status, since he's no longer working, 512 00:27:05,230 --> 00:27:08,350 S2: he should be already enrolled in Medicare Part A, he 513 00:27:08,350 --> 00:27:11,510 S2: needs to have Medicare Part B unless he's covered by, 514 00:27:11,790 --> 00:27:15,510 S2: you know, your active employer plan. I'm not hearing that. 515 00:27:15,510 --> 00:27:18,950 S2: So I'm assuming he is. Um, in terms of taxes 516 00:27:18,950 --> 00:27:22,660 S2: on Social Security, you know, up to 85% of those 517 00:27:22,660 --> 00:27:26,780 S2: benefits can be taxable. It depends on what's called your 518 00:27:26,780 --> 00:27:30,179 S2: combined income, which is half of your Social Security plus 519 00:27:30,180 --> 00:27:36,100 S2: other income. And, you know, other withdrawals from retirement accounts matter. Um, 520 00:27:36,380 --> 00:27:38,660 S2: and so you just need to be aware that, that 521 00:27:38,700 --> 00:27:41,219 S2: a portion of this may be a big portion of 522 00:27:41,220 --> 00:27:44,700 S2: this could be taxable to you. And then, um, you 523 00:27:44,700 --> 00:27:47,540 S2: also just need to have it on your radar that, um, 524 00:27:47,740 --> 00:27:52,260 S2: starting at age 73, he's going to have required minimum distributions. 525 00:27:52,420 --> 00:27:56,740 S2: So that's important to know. And then in terms of, uh, 526 00:27:56,740 --> 00:28:01,100 S2: you know, the Medicare premiums, um, if there's income that's 527 00:28:01,100 --> 00:28:04,820 S2: realized along the way that can increase those premiums through 528 00:28:04,820 --> 00:28:08,580 S2: something called Irma. Um, I think the last thing is just, 529 00:28:08,619 --> 00:28:11,379 S2: you know, your own benefit, whether you're taking it on 530 00:28:11,380 --> 00:28:15,300 S2: your own record or as a spousal benefit. But, you know, 531 00:28:15,340 --> 00:28:17,900 S2: those are the main issues. Is that helpful? 532 00:28:18,540 --> 00:28:22,899 S7: Yes. Uh, the Medicare Part B, he has one of 533 00:28:22,900 --> 00:28:28,060 S7: the Medicare Advantage plans. Yes. So does that that cover 534 00:28:28,100 --> 00:28:31,219 S7: that that would still be applicable even after age 70? 535 00:28:31,260 --> 00:28:32,500 S7: He could still do that. 536 00:28:32,540 --> 00:28:34,980 S2: Oh, absolutely. Yep. He sure can. 537 00:28:35,100 --> 00:28:37,980 S7: Okay. So and then it's my understanding from what I 538 00:28:37,980 --> 00:28:40,620 S7: was hearing on the news that there is with the 539 00:28:40,620 --> 00:28:44,900 S7: new bills passed, that there's no more income taxes on 540 00:28:44,900 --> 00:28:45,860 S7: Social Security. 541 00:28:46,300 --> 00:28:49,580 S2: No, that's not the case. So it is it is 542 00:28:49,580 --> 00:28:54,380 S2: still taxable. You just, you know, seniors get a bigger deduction, uh, 543 00:28:54,420 --> 00:28:57,140 S2: than they did previously, which means, you know, there's less 544 00:28:57,140 --> 00:29:01,660 S2: taxes paid by most folks. But Social Security is, is 545 00:29:01,660 --> 00:29:04,300 S2: still taxable depending on your combined income. 546 00:29:05,180 --> 00:29:09,860 S7: Mhm. Okay. And then, um, the Irma thing again, what, 547 00:29:09,860 --> 00:29:11,820 S7: what was that? What did that stand for? 548 00:29:12,140 --> 00:29:17,660 S2: Yeah. So that's, uh, you know, Irma is the premium that, uh, 549 00:29:17,660 --> 00:29:23,170 S2: you have with Social Security for Medicare premiums. So they 550 00:29:23,170 --> 00:29:26,970 S2: look at your tax return. Medicare does from two years ago. 551 00:29:27,250 --> 00:29:31,130 S2: And if your income goes over a certain threshold, then 552 00:29:31,170 --> 00:29:35,210 S2: you pay more than the standard premium and it's per person, 553 00:29:35,210 --> 00:29:37,570 S2: not per household. So they look at what's called your 554 00:29:37,570 --> 00:29:41,090 S2: modified adjusted gross income, which is, you know, IRA and 555 00:29:41,090 --> 00:29:46,770 S2: 401 K withdrawals, RMDs, pensions, interest, capital gains, you know, 556 00:29:46,810 --> 00:29:49,810 S2: any wages or earnings. You put all that together. And 557 00:29:49,810 --> 00:29:53,170 S2: when that goes over a certain threshold again from two 558 00:29:53,170 --> 00:29:57,410 S2: years prior, then for the, you know, the 12 months, 559 00:29:57,530 --> 00:30:00,290 S2: you know, two years after the fact, it can cause 560 00:30:00,290 --> 00:30:02,570 S2: you to have a Medicare surcharge. 561 00:30:03,290 --> 00:30:07,210 S7: Okay. All right. That makes sense now. Okay. Yeah. Okay. 562 00:30:07,250 --> 00:30:10,130 S2: Well, listen, you are so welcome. It sounds like you're 563 00:30:10,130 --> 00:30:13,130 S2: very well planned here. And if anything comes up along 564 00:30:13,130 --> 00:30:15,650 S2: the way, don't hesitate to call. We appreciate you being 565 00:30:15,650 --> 00:30:17,840 S2: on the broadcast today. Lord bless you. Hey, before we 566 00:30:17,880 --> 00:30:19,880 S2: head to this break, just a quick reminder, our team 567 00:30:19,880 --> 00:30:22,320 S2: is away from the studio today, so don't call in. 568 00:30:22,360 --> 00:30:25,000 S2: We did line up some great questions in advance. And 569 00:30:25,040 --> 00:30:26,640 S2: when we come back from this break, we'll have an 570 00:30:26,640 --> 00:30:30,320 S2: opportunity to hear some of those questions. Let me also 571 00:30:30,320 --> 00:30:32,880 S2: remind you that if you have a question you'd like 572 00:30:32,880 --> 00:30:35,680 S2: to get in front of us and get an answer to, 573 00:30:35,720 --> 00:30:38,800 S2: you can always send it in electronically. That's right. The 574 00:30:38,800 --> 00:30:41,560 S2: way to send an electronic question is just to head 575 00:30:41,560 --> 00:30:46,400 S2: to Moody Radio.com. You'll see the form there on that 576 00:30:46,400 --> 00:30:49,640 S2: page where you can submit your question. We try to 577 00:30:49,680 --> 00:30:52,280 S2: get to a few of those each week on the air. Again, 578 00:30:52,280 --> 00:30:57,880 S2: Moody Radio.com. Back with more on Faith in finance live 579 00:30:57,880 --> 00:31:05,800 S2: right after this. Stick around. Thanks for joining us today 580 00:31:05,800 --> 00:31:08,320 S2: on Faith and Finance live here in our final segment 581 00:31:08,320 --> 00:31:10,840 S2: of the broadcast today. Let me remind you, our team 582 00:31:10,840 --> 00:31:13,280 S2: is not here, so don't call in. But we lined 583 00:31:13,280 --> 00:31:15,600 S2: up some great questions in advance. We'll get back to 584 00:31:15,710 --> 00:31:19,190 S2: those in just a moment. Before we do, let me 585 00:31:19,230 --> 00:31:22,390 S2: remind you, if you haven't downloaded the Faith fi app, 586 00:31:22,390 --> 00:31:24,790 S2: we'd love for you to check it out. It's got 587 00:31:24,790 --> 00:31:27,390 S2: three sections in it. The first is the money management 588 00:31:27,390 --> 00:31:31,910 S2: system based on Larry Burkett's digital envelope system. It helps 589 00:31:31,910 --> 00:31:33,830 S2: you manage God's money in a way where you know 590 00:31:33,830 --> 00:31:37,630 S2: exactly what's left in each envelope at any point during 591 00:31:37,630 --> 00:31:40,270 S2: the month. There's also our learn tab, where you can 592 00:31:40,270 --> 00:31:43,790 S2: access the best content in biblical finance to grow in 593 00:31:43,790 --> 00:31:47,310 S2: your understanding of God's way of handling money and our community. 594 00:31:47,310 --> 00:31:50,750 S2: Where you can post questions, get comments and ideas from 595 00:31:50,750 --> 00:31:54,110 S2: other stewards on the journey. So download it today on 596 00:31:54,110 --> 00:32:00,030 S2: our website. Faith fi.com. Just click app. Let's head to Indiana. Rob, 597 00:32:00,030 --> 00:32:01,430 S2: thanks for your patience. Go ahead. 598 00:32:01,950 --> 00:32:04,870 S8: Hey Rob. No problem. Thank you for your time. Sure. 599 00:32:04,910 --> 00:32:07,510 S8: I just wanted to find out as I'm working for 600 00:32:07,510 --> 00:32:12,310 S8: a new company that's about ten employees or so and 601 00:32:12,310 --> 00:32:16,830 S8: they are looking to start a Sep IRA. And I 602 00:32:16,830 --> 00:32:20,030 S8: was wanting to understand what the difference is because I've 603 00:32:20,030 --> 00:32:24,470 S8: had in the past a 401 K at other companies. 604 00:32:24,790 --> 00:32:27,710 S8: So I'm just trying to understand what the differences are. 605 00:32:28,270 --> 00:32:31,590 S2: Yeah. Very good. So tell me again, just the size 606 00:32:31,590 --> 00:32:33,430 S2: of the company and so forth. 607 00:32:33,670 --> 00:32:35,550 S8: About 10 to 15 at the most. 608 00:32:35,950 --> 00:32:39,270 S2: Yeah. Uh, and so I think that's the key there 609 00:32:39,310 --> 00:32:42,750 S2: in terms of, uh, you know, a ten employee company 610 00:32:42,750 --> 00:32:47,590 S2: can absolutely offer a sep, um, you know, it's basically 611 00:32:47,590 --> 00:32:51,190 S2: any size company can, they're very inexpensive and easy to 612 00:32:51,230 --> 00:32:56,070 S2: set up, but the contributions are employer only. Um, and 613 00:32:56,070 --> 00:32:58,750 S2: if the company contributes anything for the owner, it has 614 00:32:58,750 --> 00:33:04,230 S2: to contribute the same percentage of pay for every eligible employee. Um, 615 00:33:04,270 --> 00:33:08,590 S2: generally they're used for self-employed individuals. Um, you know, a 616 00:33:08,590 --> 00:33:13,110 S2: 401 K, you know, offers a lot of additional benefits where, 617 00:33:13,460 --> 00:33:16,700 S2: you know, they can offer a simple menu of investments 618 00:33:16,700 --> 00:33:20,660 S2: inside of it. You get much higher contribution limits so 619 00:33:20,660 --> 00:33:23,420 S2: you can, you know, put in up to 23,000 with 620 00:33:23,420 --> 00:33:27,980 S2: a $7,500 catch up. Um, you know, the, the contributions 621 00:33:27,980 --> 00:33:30,940 S2: can be traditional or Roth. They can, you know, there's 622 00:33:30,940 --> 00:33:34,979 S2: more rules and paperwork. They can even allow for loans. Um, 623 00:33:35,300 --> 00:33:40,780 S2: you know, the, uh, again, generally for self-employed, but also 624 00:33:40,780 --> 00:33:44,460 S2: small business owners. But I think the key is, um, 625 00:33:44,540 --> 00:33:46,340 S2: you know, that it's, it's, you know, when it's set 626 00:33:46,340 --> 00:33:48,860 S2: up by a company, it's going to be employer only 627 00:33:49,180 --> 00:33:53,900 S2: and it's up to 25% of compensation. So the, the employee, 628 00:33:53,940 --> 00:33:59,060 S2: you can't do the salary deferrals like you would do, 629 00:33:59,100 --> 00:34:01,860 S2: you know, with a 401 K. And so that's the 630 00:34:01,900 --> 00:34:03,060 S2: real trade off there. 631 00:34:03,660 --> 00:34:07,420 S8: Okay. So in the end, I mean, is there going 632 00:34:07,420 --> 00:34:12,330 S8: to be the different types of, uh, investment Capabilities as 633 00:34:12,330 --> 00:34:13,330 S8: a 401 K. 634 00:34:14,010 --> 00:34:18,370 S2: Oh yeah. I mean, there there's essentially unlimited investment options 635 00:34:18,370 --> 00:34:23,530 S2: typically inside that Sep IRA. So that is one feature. 636 00:34:23,530 --> 00:34:25,290 S2: But you know, a lot of people don't like it 637 00:34:25,290 --> 00:34:27,650 S2: just because employers don't like it because they've got to 638 00:34:27,650 --> 00:34:30,850 S2: do the same for everybody. And and then it doesn't 639 00:34:30,850 --> 00:34:33,169 S2: allow the employee to put in their own money, which 640 00:34:33,170 --> 00:34:35,970 S2: is often, you know, where, you know, you can really 641 00:34:35,969 --> 00:34:38,609 S2: build these things up over time. So if they're going 642 00:34:38,610 --> 00:34:40,330 S2: to do it for you, great. I would just have 643 00:34:40,330 --> 00:34:43,450 S2: something else alongside it, like a Roth IRA maybe, where 644 00:34:43,450 --> 00:34:45,290 S2: you're making your own contributions. 645 00:34:46,210 --> 00:34:48,650 S8: I see, so you can't put in your own as 646 00:34:48,650 --> 00:34:53,250 S8: an employee. You cannot put in your own money into it. Additionally. 647 00:34:54,050 --> 00:34:57,169 S2: Exactly. You can't do a salary deferral like you can 648 00:34:57,170 --> 00:34:59,450 S2: with a 401 K when it's set up by a 649 00:34:59,450 --> 00:35:02,090 S2: small business, it's got to be employer only. 650 00:35:02,290 --> 00:35:08,050 S8: Okay. An employer cannot separate and do for one employee 651 00:35:08,290 --> 00:35:12,600 S8: different from another in terms of. For one employee, they 652 00:35:12,600 --> 00:35:16,560 S8: couldn't set up a 401 K for another employee. They 653 00:35:16,560 --> 00:35:20,360 S8: can't set up the CEP. They have to go across 654 00:35:20,360 --> 00:35:21,000 S8: the board. 655 00:35:21,320 --> 00:35:25,600 S2: Exactly. So if the the company contributes anything for the owner, 656 00:35:25,600 --> 00:35:27,920 S2: it has to do the same percentage of pay for 657 00:35:27,920 --> 00:35:30,960 S2: every eligible employee. So if the owner wants to be 658 00:35:31,000 --> 00:35:33,759 S2: able to put in 10%, they got to put in 10% 659 00:35:33,760 --> 00:35:36,560 S2: for all ten. And that's usually a deal breaker. 660 00:35:37,440 --> 00:35:41,160 S8: Sure. But what about can they? For one employee or 661 00:35:41,160 --> 00:35:44,920 S8: two employees, can they do a standard 401 K and 662 00:35:44,920 --> 00:35:48,280 S8: then for 5 or 6 other employees, can they do 663 00:35:48,320 --> 00:35:50,960 S8: the Sep IRA or is it got to be all 664 00:35:50,960 --> 00:35:51,600 S8: in one? 665 00:35:52,200 --> 00:35:56,200 S2: Yeah. You know, typically with the expense and the administration 666 00:35:56,200 --> 00:35:59,839 S2: that comes with a 401 K, um, you know, they 667 00:35:59,840 --> 00:36:03,439 S2: would not do that. So it almost never happens at 668 00:36:03,440 --> 00:36:07,960 S2: the same time. Uh, so generally no, uh, maintaining a 669 00:36:07,960 --> 00:36:11,509 S2: CEP and a 401 K covering the same group of 670 00:36:11,510 --> 00:36:15,150 S2: employees in the same year wouldn't be possible. Um, so 671 00:36:15,150 --> 00:36:21,830 S2: only if the plans cover completely different non-overlapping groups of employees. Uh, 672 00:36:21,830 --> 00:36:24,990 S2: but that's pretty uncommon. And I would say it's probably, 673 00:36:25,030 --> 00:36:28,310 S2: you know, pretty closely scrutinized. And because of the complexity 674 00:36:28,310 --> 00:36:31,109 S2: of that, um, you know, I would say you really 675 00:36:31,110 --> 00:36:32,270 S2: don't ever see that. 676 00:36:32,710 --> 00:36:35,910 S8: Gotcha, gotcha. All right. Well, hey, I appreciate your time. 677 00:36:35,910 --> 00:36:37,070 S8: Thank you very much, Rob. 678 00:36:37,350 --> 00:36:39,870 S2: Absolutely. I would just say, as a follow up to that, 679 00:36:39,870 --> 00:36:42,109 S2: if somebody is looking to do that, typically what you'd 680 00:36:42,110 --> 00:36:45,790 S2: see is a 401 K with a profit sharing plan, uh, 681 00:36:45,790 --> 00:36:48,549 S2: for the highly compensated employees would be often the way 682 00:36:48,550 --> 00:36:50,710 S2: they would go with that. Hey, Rob, thanks for being 683 00:36:50,710 --> 00:36:54,110 S2: on the broadcast today. God bless you. Uh, to Pennsylvania, Diane. 684 00:36:54,150 --> 00:36:54,710 S2: Go ahead. 685 00:36:55,150 --> 00:36:58,750 S9: Thank you so much for taking my call. Uh, my 686 00:36:58,750 --> 00:37:03,109 S9: story is I'm 71 years old, never married, worked my 687 00:37:03,110 --> 00:37:08,750 S9: entire life, and I rented all throughout life. And in 688 00:37:08,790 --> 00:37:13,310 S9: 2020 4th October, I had the opportunity to buy into 689 00:37:13,310 --> 00:37:19,149 S9: a Christian retirement community here in Lancaster. So I did not, 690 00:37:19,190 --> 00:37:21,950 S9: of course, have a house to sell or anything like that. 691 00:37:21,950 --> 00:37:25,750 S9: So I withdrew from my IRA where I put all 692 00:37:25,750 --> 00:37:30,589 S9: my money. And so now, um, two weeks ago, I 693 00:37:30,590 --> 00:37:33,910 S9: got a notice from Social Security. My new rates for 694 00:37:34,190 --> 00:37:39,589 S9: next year is based on the modified adjusted gross income 695 00:37:39,830 --> 00:37:46,950 S9: of $183,692. And that blew me away because usually I 696 00:37:46,950 --> 00:37:52,670 S9: have 17 or 18,000. And my social security payment. Uh, 697 00:37:52,670 --> 00:38:00,230 S9: for next year have gone down $340.40 a month compared, um, to, 698 00:38:00,670 --> 00:38:05,590 S9: to and it'll total like $4,084 a year for the year. 699 00:38:06,100 --> 00:38:09,500 S9: And it's like, I can't believe this because, you know, 700 00:38:09,660 --> 00:38:13,299 S9: it's like. It's so upsetting. I don't know how I'm 701 00:38:13,300 --> 00:38:14,220 S9: going to make it. 702 00:38:14,420 --> 00:38:17,779 S2: Yeah. Well, the good news, this is only temporary, but 703 00:38:17,780 --> 00:38:20,620 S2: I realize it's a big deal. And you're trying to 704 00:38:20,620 --> 00:38:23,100 S2: live on a fixed income. And and this has put 705 00:38:23,100 --> 00:38:25,620 S2: a real strain on that. And I wish I would 706 00:38:25,660 --> 00:38:27,140 S2: have been able to talk to you before you took 707 00:38:27,140 --> 00:38:29,140 S2: the withdrawal so we could have spread it out. But 708 00:38:29,140 --> 00:38:32,620 S2: I certainly understand, you know, you didn't understand what the 709 00:38:32,620 --> 00:38:38,380 S2: implications were. Uh, what happened is tax and Medicare cap 710 00:38:38,460 --> 00:38:43,819 S2: calculations kicked in because of the large IRA withdrawal. So 711 00:38:43,860 --> 00:38:49,580 S2: the 118,000 IRA withdrawal is fully taxable. You normally have 712 00:38:49,580 --> 00:38:53,980 S2: about 17 or 18,000 in income. But that particular year 713 00:38:53,980 --> 00:38:59,899 S2: of the withdrawal, your income jumped to 183,000 because you 714 00:38:59,940 --> 00:39:03,660 S2: used to your IRA to pay the retirement community buy in. 715 00:39:04,060 --> 00:39:08,489 S2: And that big increase pushed you into the highest tier 716 00:39:08,810 --> 00:39:13,730 S2: for both taxation of your Social Security and what's called 717 00:39:13,730 --> 00:39:18,930 S2: a Medicare Irma charge, an income related Medicare premium. So 718 00:39:18,969 --> 00:39:23,290 S2: together they those can easily take 3 to 400 a 719 00:39:23,290 --> 00:39:28,489 S2: month from your Social Security check. So that $340 reduction 720 00:39:28,489 --> 00:39:33,930 S2: is almost certainly higher Medicare premiums being withheld. Plus the 721 00:39:33,930 --> 00:39:37,810 S2: higher tax withholding. So you're not losing benefits. You're just 722 00:39:37,810 --> 00:39:42,410 S2: losing the the net cash flow because your income spiked. 723 00:39:42,690 --> 00:39:46,330 S2: This is a one year problem only. It was, you know, 724 00:39:46,370 --> 00:39:49,930 S2: caused by that IRA withdrawal. Once your income goes back down. 725 00:39:50,130 --> 00:39:54,330 S2: Your Medicare and your tax withholding should also go back down, 726 00:39:54,530 --> 00:39:58,730 S2: but usually with a one year lag because Medicare looks 727 00:39:58,730 --> 00:40:02,330 S2: at income from two years prior. So high income in 728 00:40:02,480 --> 00:40:08,480 S2: 2024 means higher Medicare premiums in 2026. So once your 729 00:40:08,480 --> 00:40:12,640 S2: income drops again, then the premium should return to normal. Now, 730 00:40:12,640 --> 00:40:16,319 S2: what you can do is because the income spike was 731 00:40:16,320 --> 00:40:19,839 S2: one time a life changing event, you can file a 732 00:40:19,840 --> 00:40:26,440 S2: form and request a reduction in your Medicare premium qualifying. 733 00:40:26,480 --> 00:40:30,320 S2: Life changing events include a retirement, a loss of income, 734 00:40:30,600 --> 00:40:34,640 S2: a change in pension, and a large one time withdrawal 735 00:40:34,640 --> 00:40:38,520 S2: will often qualify. When it's tied to a move or 736 00:40:38,560 --> 00:40:42,399 S2: a long term care situation, appeals are very common and 737 00:40:42,440 --> 00:40:46,800 S2: often approved. So I would consider, uh, you know, doing 738 00:40:46,800 --> 00:40:51,000 S2: that and, and reaching out to the Social Security Administration 739 00:40:51,000 --> 00:40:52,400 S2: in that regard. Okay. 740 00:40:53,280 --> 00:40:56,520 S9: Now, um, to, I should have mentioned I received this 741 00:40:56,520 --> 00:40:59,120 S9: Saturday two weeks ago. Monday morning, I did go to 742 00:40:59,120 --> 00:41:02,520 S9: the Social Security office and they told me they gave 743 00:41:02,520 --> 00:41:06,840 S9: me paperwork on life changing events, which this does not qualify. 744 00:41:07,920 --> 00:41:11,160 S9: So they said, I've just got to get through the year. 745 00:41:11,160 --> 00:41:15,120 S9: And I even went to the, um, House of Representatives 746 00:41:15,160 --> 00:41:19,560 S9: here in Lancaster and met with them too, and they're 747 00:41:19,560 --> 00:41:23,640 S9: basically saying the same thing. But, um, the representative did 748 00:41:23,680 --> 00:41:27,040 S9: send a letter back to me today stating that he 749 00:41:27,040 --> 00:41:30,320 S9: has it under review with Social Security again. 750 00:41:30,360 --> 00:41:32,959 S2: So okay, well that's good. Let's make that a matter 751 00:41:32,960 --> 00:41:36,359 S2: of prayer. Uh, the good news is, Diane, regardless of 752 00:41:36,360 --> 00:41:38,719 S2: how this comes out and let's say, you know, maybe 753 00:41:38,719 --> 00:41:41,200 S2: they review it in your favor and it happens right away, 754 00:41:41,640 --> 00:41:44,719 S2: even if it doesn't eventually, you know, once we get 755 00:41:44,719 --> 00:41:48,799 S2: through this, this one year of this, they're going to 756 00:41:48,800 --> 00:41:52,480 S2: see that your income went right back to what it was. And, 757 00:41:52,520 --> 00:41:54,560 S2: you know, this was a one time spike and then 758 00:41:54,560 --> 00:41:57,040 S2: everything will reset. I realize you're going to have to 759 00:41:57,040 --> 00:41:59,839 S2: make it until that point. And so let's, let's hope 760 00:41:59,840 --> 00:42:04,110 S2: and pray that this additional, uh, review that's happening will 761 00:42:04,110 --> 00:42:07,630 S2: result in a decision in your favor. But, uh, this 762 00:42:07,630 --> 00:42:10,230 S2: is temporary. And so maybe you need to reach out 763 00:42:10,230 --> 00:42:12,830 S2: to your church, see if they could help or, uh, 764 00:42:12,870 --> 00:42:16,910 S2: you know, some other mechanism, but that's essentially the explanation 765 00:42:16,910 --> 00:42:19,910 S2: for why it's happening. Uh, all the best to you, Diane. 766 00:42:19,950 --> 00:42:21,830 S2: I appreciate your call today. And if we can help 767 00:42:21,830 --> 00:42:24,469 S2: further along the way, don't hesitate to reach out. God 768 00:42:24,469 --> 00:42:26,790 S2: bless you. Well, folks, it's been a joy to be 769 00:42:26,790 --> 00:42:30,750 S2: along with you today. Thanks for inviting us into your story. 770 00:42:30,910 --> 00:42:33,230 S2: What a joy it is to encourage you with God's 771 00:42:33,230 --> 00:42:36,589 S2: Word as you seek to be that wise and faithful steward. 772 00:42:36,590 --> 00:42:40,069 S2: Our goal that you'd see God as your ultimate treasure. 773 00:42:40,430 --> 00:42:42,430 S2: Let me say thanks to my team today. I couldn't 774 00:42:42,430 --> 00:42:45,589 S2: do it without them. Amy, Dan, Gabby, Tee and Jim. 775 00:42:45,590 --> 00:42:48,390 S2: Faith and finance live as a partnership between Moody Radio 776 00:42:48,390 --> 00:42:51,350 S2: and Faith fi. Have a wonderful day and come back 777 00:42:51,350 --> 00:42:53,950 S2: and join us next time for another edition of Faith 778 00:42:53,950 --> 00:42:55,070 S2: and Finance Live.