October 15, 2025 • 43 mins
The web portal Excite once passed on buying Google for just $750,000. Today, Google’s parent company is worth over $2 trillion. That, my friends, is a legendary financial blunder. While most of us won’t miss out on trillions, we’ve all made financial mistakes. On the next Faith & Finance Live, Rob West shares ten common pitfalls to avoid. Discover how biblical wisdom can help you recover when you’ve taken a wrong step. Then, it’s on to your calls. That’s Faith & Finance Live —where biblical wisdom meets today’s finances, weekdays at 4pm Eastern/3pm Central on Moody Radio.
Faith & Finance Live is a listener supported program on Moody Radio. To join our team of supporters, click here.
To support the ministry of FaithFi, click here.
To learn more about Rob West, click here.
To learn more about Faith & Finance Live, click here.
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
S1 (00:03):
Today's version of faith and finance live is actually not live,
so don't call in.
S2 (00:08):
The web portal excite. Once passed on buying Google for
just $750,000 today, Google's parent company is worth over 2 trillion. That,
my friends, is a legendary financial blunder. Hi, I'm Rob West.
Most of us won't miss out on trillions, but we've
all made financial mistakes. Today I'll share ten common ones
(00:31):
to avoid and how biblical wisdom can help you recover
when you've taken a wrong step. Then we have some
great calls lined up. But we won't be taking your
calls today because we're pre-recorded. This is faith and finance. Live.
Biblical wisdom for your financial decisions. Before we dive into
the list, let's recall what Scripture says about failure. Proverbs
(00:54):
2416 tells us, for the righteous falls seven times and
rises again. Falling isn't the end for those who walk
with God. He lifts us up, forgives us, and helps
us grow in the process. Psalm 85 says, for you,
O Lord, are good and forgiving, abounding in steadfast love
to all who call upon you. In James one five
(01:15):
reminds us that if we need wisdom, all we need
to do is ask. With that encouragement, here are ten
common personal finance mistakes and how to avoid them. Number
one borrowing from your 401. It may seem like borrowing
from yourself, but it often masks deeper issues such as
overspending or debt. While repaying the loan, you're likely not contributing,
(01:39):
missing out on compounding growth and employer matches. If you
leave your job, the unpaid balance may become taxable income
subject to a 10% penalty if you're under 59.5. It's
a short term solution that can lead to long term problems.
Number two claiming Social Security too early. You can start
benefits at 62, but it comes at a cost up
(02:03):
to 30% less per month for life. If you live
into your 80s or beyond, that reduction adds up. If possible,
wait until full retirement age or even later to receive
a larger monthly check. Number three only paying the minimum
on credit cards. A $5,000 balance at 20% interest with
minimum payments can take nearly ten years to pay off,
(02:26):
costing over $8,000 in interest alone. Instead, pay more than
the minimum and use a snowball or avalanche method to
quickly eliminate high interest debt. Delaying retirement savings is number four.
Time is your greatest ally in building wealth, thanks to
compound interest. Starting early, even with small amounts, can result
(02:48):
in a substantial nest egg. Waiting until your 30s or
40s can make it much harder to catch up. Aim
to save 10 to 15% of your income starting in
your 20s, if possible. And if you're starting later, don't panic.
Just start today. The fifth mistake is overextending yourself for
your kids. We all want to bless our children, but
(03:08):
covering college weddings or a down payment shouldn't come at
the cost of your own financial stability. Your kids have
time to earn. You don't. If you sacrifice retirement now,
you may end up relying on them later. Generosity must
be paired with wisdom. Number six going it alone without
wise counsel. Many people panic during downturns and sell low
(03:31):
because they lack guidance. Proverbs 15 reminds us, without counsel,
plans fail, but with many advisers, they succeed. A certified
Kingdom advisor at Faith comm can help you create a
financial plan that aligns with your faith and values. The
seventh mistake cosigning a loan. Scripture offers a strong warning
(03:52):
one who lacks sense gives a pledge and puts up
security in the presence of his neighbor. When you co-sign,
you're legally responsible for the debt. If the other person
can't or won't pay. And it happens, about 40% of
co-signers end up repaying the loan themselves. Be generous, yes,
but be wise. The eighth mistake quitting school too soon.
(04:14):
While a four year degree may not be for everyone,
education remains important. The key is choosing a program, whether
it's a college, trade school, or certification that equips you
with marketable skills. Education is an investment, not just a cost.
Number nine buying a timeshare. They're often marketed as affordable,
luxury or great family investments, but they come with hefty fees.
(04:37):
Limited flexibility and poor resale value. And number ten falling
for scams. Fraudsters prey on fear, urgency and greed, whether emails,
calls or fake investment pitches. Their goal is the same
to separate you from your money. So there you have it.
Ten Financial Mistakes to avoid. But more than that, a
(04:58):
reminder stewardship is a journey. Jesus said in Matthew ten,
I am sending you out as sheep in the midst
of wolves. So be wise as serpents and innocent as doves.
With God's help, you can learn from the past, make
better decisions, and walk forward in freedom as a faithful steward.
All right, we're going to head to a break, so
don't go anywhere. Still a lot more to come, even
(05:19):
though we're not here to take your calls live today.
But we have plenty of calls that we lined up
in advance. And we'll get to those just around the corner.
S1 (05:38):
This is faith in finance. Live with Rob West. Hey,
if you hear a phone number mentioned today, please ignore
that number and don't call us because today's broadcast was
previously recorded. But we think the upcoming information will help
you and make you a wise steward of what God
has given you. So please stay tuned.
S2 (05:58):
You know, as we think about the role of money
in our lives, we need to see it as God
sees it. And that is a good gift from him.
Something that belongs to him, something that has been entrusted
to us as a means of exchange. That's its functional purpose,
but it's also a tool to accomplish God's purposes. You see,
it can add meaning to your life, but it's not
(06:19):
the meaning of life. The problem is when it becomes
the end and not a means to an end. It
puts it in a place that it was never intended
to be, and in doing so, we can allow it
to rival God for first position in our lives. You know,
we get so caught up in the fact that money
can provide security and peace of mind and and safety
(06:40):
and enjoyment and abundance that it was never intended to
provide and cannot provide. Only God can provide those things.
But when money is in its proper place as a
tool to bring God glory to accomplish his purposes. That
includes our enjoyment. We serve the God who created delight
and wonder and enjoyment and awe. And I think money
should fit into that. And you know, when we enjoy
(07:01):
a great meal and celebrate with friends and families, that
brings God glory. He designed that. He hard wired us
for that community. When we give money away to help
a neighbor or a friend in need, that brings God
glory when we use it to spread the gospel to
the ends of the earth, that brings him glory. When
we invest it in a way that aligns with our
Christian values, that does as well. So that's the big idea,
(07:24):
kind of the understanding, the worldview that we need to
have about money. But then as we navigate life, we
realize we have these very practical decisions and choices we
make every day. And what do we get? Where do
we get our advice? Not from the Wall Street Journal,
although there's some some sound advice in there that hearkens
back to God's Word, not from our neighbors or friends,
(07:45):
although they can provide wise counsel if they're God fearing
and understand God's Word. But really, our source of truth
is the Bible. You know, more than 2300 verses deal
with this topic. Now. Bulk of them are around just,
you know, money was used to buy a field, but
there are lessons behind those. We understand from God's word
that God owns it all and that, you know, money
(08:06):
reflects our values and that it does have a seductive
nature to it. And we need to be careful. Just
read the parable of the sower. But we also see
these wise principles in God's Word around our day to
day money management decisions, around spending less than we earn,
and avoiding debt and setting long term goals and giving
generously and having margin. You know, all of those things
(08:27):
really find their roots in Scripture. We we learn the
whole principle of diversification. Uh, King Solomon taught us that
in Ecclesiastes. So we want to look to God's Word
as we navigate our financial lives. All right. Let's get
to our calls today that we've lined up for you.
We'll be headed to Tennessee in a moment, but first,
let's go to New York. Cliff. Go ahead. Sir.
S3 (08:47):
Hi. How are you?
S2 (08:48):
Doing well. Thanks for your call.
S4 (08:51):
No thank you. I have at this agency 20,000. What's
going on? Is what? I'd be able to take that
and pay off the mortgage. Which is? It will be
paid off in 27. Would I be able to take
that and pay off the mortgage now instead of waiting
(09:11):
until then?
S2 (09:14):
Yeah. So you're asking or you've already done that.
S4 (09:17):
I'm asking.
S2 (09:18):
Okay. Got it. Yeah. Got it. Uh, so this is
a retirement plan or a pension? The 20,000, is that right?
S4 (09:24):
Yes, a pension. In other words, we're no longer the
people who are the middle people holding the the money
for us. We're no longer having a relationship with them.
S2 (09:34):
I see.
S4 (09:35):
So they want to, uh. They want me to. Either
I can take it, roll it over, or do something
with it. But I figured if I'm a, uh, would
it be to my advantage just to pay the mortgage
off in advance.
S2 (09:48):
Yeah, yeah, it's a good question. What is the interest
rate on that mortgage?
S3 (09:52):
3.25.
S2 (09:54):
Okay, uh, and talk to me about it. Sounds like
you're considering retirement, but give me the timeline that you're
thinking and praying through at this point.
S3 (10:05):
Um.
S4 (10:06):
I was thinking potentially next year, uh, something to that extent.
S2 (10:15):
Okay. And what is your age?
S3 (10:18):
Uh, 62.
S2 (10:19):
All right. And what are you going to do after
you retire from an income standpoint?
S3 (10:25):
Well.
S4 (10:26):
Once I retire, once I retire, the only bill that
I would have is it would be just a car
payment of by 460 bucks. And that would be perhaps
making almost 5000 retirement.
S2 (10:39):
And where is that going to be coming from?
S4 (10:41):
Oh, uh, retirement and Social Security.
S2 (10:45):
Okay, so you've looked at what you're going to get
at full retirement age, and then you've backed it down
for the permanent reduction you would take by taking it
early at 62.
S4 (10:55):
Right.
S2 (10:56):
Okay. And so that number plus some sort of retirement,
are you going to get a monthly check from a
pension or are you do you have a lump sum
you're going to be drawing income from. Talk to me
about your retirement plan.
S4 (11:09):
Well I have a 401 K of 100,000.
S2 (11:12):
Okay. And so how much of that 5000 a month
is coming from your reduced Social Security?
S4 (11:20):
Oh, actually, it would be like 20 something hundred. Social security?
20 something hundred from the retirement from the job.
S2 (11:32):
Okay. And so that's 2100 a month from the retirement,
meaning you're going to be taking 2100 a month from $100,000,
401 K or something else.
S4 (11:41):
No, no, I'm not going to touch the 401 K. Okay,
just stay where it's at.
S2 (11:46):
So they're going to give you a pension of a
payment for life for 2100.
S4 (11:51):
About 23 2400.
S2 (11:55):
Okay. And that's just a monthly check they're going to
send you for as long as you live. Is that right?
S4 (12:00):
Right. Social security. And then the other job when I. Well,
when I retire is going to be 20 something hundred.
S2 (12:07):
Okay. Um, and so, so you're going to get a
check for 20, around 2300 plus Social Security. Both those
go for the rest of your life. And then on
top of that, you've got a 401 K with about 100,000.
Is that right?
S4 (12:20):
Correct.
S2 (12:21):
All right. And then what? Any other assets or savings?
S4 (12:25):
Uh, I got, uh, 20 something thousand in a savings.
And I have a few other savings with about 2
to 4000 in it, a couple more.
S2 (12:37):
All right. And what's the balance on the mortgage?
S5 (12:41):
Uh Um.
S4 (12:42):
Oh, uh, about 15,050 15 515 five. Okay.
S2 (12:51):
Yeah. Well, you know, here's the thing. I mean, I
would love for you to pay off that mortgage. I'm
all about that. And I'd love for you to do
it kind of in time. The payoff of that, if
not sooner, at least by when you retire. Because it'd
be great if that payment was gone. But here's the
reality I'd rather you not take that 20,000 and add
it to your taxable income, especially while you're still working.
(13:14):
I'd rather you, you know, let that grow. Your interest
rate on that mortgage is low. It sounds like even
once you retire with your, you know, reduced Social Security
and your your monthly check for 2300 a month, not
counting the 401 K and anything else you have, and
you've already got an emergency fund. Sounds like you're going
to have plenty of surplus. So I would just focus
(13:35):
on paying off that mortgage out of current cash flow
and monthly Margin, rather than putting a bunch of additional
income on top of the other income you have. That's
all going to be taxable. And let's, you know, let's
roll that 20,000 into an IRA that ultimately you're going
to roll the 401 K into. And then let's just
(13:57):
keep all that growing for the future. So if you
need it down the road for long term care or something,
you've got it rather than you pulling it out, paying
the tax on it. And now what's bigger than that
is it's no longer available to be invested. So that's
going to be my best advice. I'm up against a
break here. Let's finish off the air. Cliff, I want
to see if you have any questions on that. As
we head to the break. Let me remind you quickly.
(14:19):
We're not here today. We're away from the studio, so
don't call in. But more questions that we lined up
in advance just around the corner. Stick around. So glad
to have you with us today on Faith and Finance Live.
Our team is away today, so don't call in. But
(14:41):
we lined up some great questions in advance and we'll
be going to those here in just a moment. Let
me also remind you that the advice that I give
each day on this program is general in nature. We
offer principles and ideas that apply at a high level.
They are not personalized. So that's why you should always
seek professional financial advice. And if you'd like to find
(15:03):
a professional who shares your values, we of course, here
at Faith and Finance Live recommend the Certified Kingdom Advisor designation.
These are men and women who've met high standards, and
they've been trained to bring a biblical worldview of financial
decision making. You can find one at Faith comm. All right,
back to the phones. We go. Uh, let's go to Tennessee.
James has been waiting patiently. Go ahead. Sir.
S6 (15:24):
Yes, sir. Thank you very much for taking my call. Sure. Um,
I'd like to thank God for blessing you with the
knowledge that you have and and sharing the knowledge with us.
I have a couple of questions. Of course. First thing
I have on my on my list is, uh, reevaluation
of gold and silver. There's a lot of podcasts, a
(15:44):
lot of different sources. Uh, talking about this, I want
to see what you know and what you think, sir.
S2 (15:50):
Yeah. Uh, so tell me what specifically you're hearing that
you want comments on, uh, related to, you know, a
lot of times we're hearing about revaluation of the dollar. Um,
but you're talking specifically gold and silver. What are you
hearing and wanting to know about?
S6 (16:06):
I supposed to skyrocket what I'm hearing? I just want
to know if you've heard anything to that effect, sir.
S2 (16:12):
Yeah. Uh, no, I mean, I don't think, uh, you know,
we should be anticipating, uh, gold skyrocketing. Um, I think,
you know, gold prices have for some, for all intents
and purposes, they've already surged in some respect. I mean,
gold climbed 26% in the first half of, of 2025,
hitting a string of all time highs, uh, you know,
(16:35):
driven by Geopolitical instability. A weaker dollar and investor demand
for safe havens. We've also seen a similar move in
Bitcoin for the same reasons. Um, you know, I think,
you know, when you when you look at, uh, HSBC
or Goldman Sachs or RBC, you know, I mean, I
think they're calling for somewhere around 3700, $3,800 an ounce. Um,
(17:00):
you know, at the, uh, you know, by the end
of 2026. Um, but really, what drives, you know, the
the gold rally is, uh, central bank purchases, uh, not
only here but around the world, uh, ETF flows. So
these exchange traded funds that, uh, have gold in there
are ramping up, and that's driving demand. Uh de-dollarization trends
(17:24):
and uncertainty around fed independence obviously make gold more appealing. Uh,
tariff announcements and geopolitical risks continue to fuel demand as well. Um,
you know, Hypothetical claims about extreme revaluation, where all of
a sudden gold prices, uh, you know, go to 25,000
or $50,000, uh, you know, an ounce, uh, I don't
(17:48):
think are grounded in mainstream financial analysis. So I would
not be, uh, looking to that to be a reality.
What I would say is, um, you know, I think
hedging against uncertainty and having a store of value in
a reasonable allocation, which I think is no more than 10%,
(18:09):
is the right move. I like the idea of 5%
in a physical allocation that you might, you know, hold
forever and pass down, and then maybe another 5% in
an ETF, a gold tracker ETF where you can, you know,
dial that back down if you wanted to with, you know,
just a quick trade, uh, without having to store it
and sell it and, you know, all that kind of stuff. But, um,
(18:31):
I don't think to get to your question here, there's
really any credible forecast of gold skyrocketing into the tens
of thousands.
S6 (18:39):
Okay, sir. Thank you. My second question is, is a
question for one of my sons. He's saving every penny
he can throw in there to build a house. He
asked me the other day what he should do with
the savings, pay for the land, or put it toward
(19:00):
the construction of the house.
S2 (19:02):
Um, so has he picked out a parcel yet at
this point?
S6 (19:06):
No, sir. He's just chugging money.
S2 (19:08):
Okay. Got it. Well, that's a good thing. Uh, you know,
the getting ready to buy a house. The key. And
the hardest piece of that is the diligent savings. And
so he needs to do that. Um, you know, obviously
buying the land first. The pro is you own something
tangible right away. You know, the downside is the land
doesn't produce income or shelter. Um, and, you know, financing
(19:32):
construction later can be more complicated because banks often want
the land and the construction bundled in into one loan.
So I would say, um, you know, obviously building or
buying a home first provides housing immediately, and it can
be financed more easily through a mortgage or a construction loan,
but it requires more upfront. So I think, uh, you know,
(19:55):
if the ultimate goal is a home, it usually makes
sense to prioritize the total project, not just the land,
and then save for the down payment on the full package,
the land, plus the house that's going to put him
in a stronger financial position. Um, you know, if he
buys the land now, he needs to make sure it's
in a location he truly wants long term and that
(20:18):
zoning and utilities support that future construction. But I kind
of like the idea that he would just save, save,
save and then, you know, do the whole package at once,
the land and, you know, probably a construction to permanent
loan option. Um, and perhaps by waiting, uh, a little
bit longer, he's going to enjoy a better interest rate
as well, because we see rates coming down.
S6 (20:39):
Okay, sir. Thank you very much.
S2 (20:41):
All right. God bless you. James, thanks for calling my friend.
We're headed into another break here in just a minute.
So after the break, we'll be talking to Monica in Texas.
She's a stay at home mom, and she's wondering about
contributing to a retirement. Uh, Kent wants to buy a
second home from a neighbor, and he's got some questions
related to that. And, uh, Mike in Missouri wants to
know about a reverse mortgage. You know, that's a an
(21:02):
underutilized tool for a specific need in the fourth quarter
of life where you've not saved enough or you've still
got a mortgage. It can be effective. Now, don't get
me wrong, I love the idea of paying off your
house and being completely debt free. But often, if you're
ill prepared for that season and you're sitting on your
biggest asset, uh, you know that can be a game
changer in terms of quality of life in that particular
(21:25):
season of life. And you still get to live in
the house and, you know, whatever equity remains of death
gets passed on to the kids. So we'll talk about
that straight ahead. Hey, uh, our new issue of Faithful
Steward is out. It's chock full of some incredible content. Uh,
so go ahead and become a partner right now. If
you love the program, we're listener supported. It'll help us
(21:45):
support the ministry. If you give $35 a month, you
get four issues of Faithful Steward. You get ministry updates
and all new studies and devotionals when we release them.
Go to faith.com. We'll be right back. Delighted to have
you with us today on Faith and Finance Live. We're
(22:07):
not here today. Our team is away from the studio.
This is pre-recorded, so don't call in. But we've got
some great questions we lined up in advance before we
go to the phones, let me remind you, faith and
faith in finance live is listener supported. If you'd like
to be a financial partner, you can do that at Faith.
Com just click give thanks in advance. All right. Let's
head to the phones. Let's head right over to Texas
(22:31):
and welcome Monica. Go ahead.
S7 (22:33):
Hi. How are you?
S2 (22:34):
Doing great. Thanks for your call.
S7 (22:36):
Yeah. So my question was, um, I'm a stay at
home mom, and me and my husband were wondering if
we should be contributing to my retirement.
S2 (22:44):
Mhm. Yeah. Uh, I love that. And so I think
it just you have to look at the priority order of,
you know, your financial goals. So let me just ask
a few questions. Um, so your stay at home mom,
he's working. Does he have access to a retirement plan?
S7 (23:01):
Yes. He contributes to his retirement plan through his work.
S2 (23:05):
Okay. And do you know what percent of his income
he's putting in?
S7 (23:08):
Um, I think it's the max, um, that they allow,
but I'm not 100% sure what that is.
S2 (23:14):
Okay. Yeah. So you might want to check, uh, you know, that, um,
because the the max contribution of your under 50, the
employee portion is 23,500. We generally recommend putting 10 to 15%
of your income in. And then do you know if
they offer any matching?
S7 (23:35):
I think they do.
S2 (23:36):
Okay. That's great. So you want at least take full
advantage of the matching. That's free money. But then he
probably wants to get above that and do that 10
to 15%. Now are you all putting anything else away
for retirement? I realize that's the at the heart of
your question, but just making sure I understand what's what's happening.
S7 (23:53):
Um, no, not outside of his job. Um, I have
an account that I had with my previous job, but
I haven't been contributing for a couple of years.
S8 (24:02):
All right. Is that a.
S2 (24:03):
401 K with the previous jobs plan administrator or something else?
S7 (24:08):
Yeah, I think it is. Um, that or an IRA.
I'm not sure.
S8 (24:11):
Okay.
S2 (24:12):
Yeah. So you're not sure if you rolled it out
or if it's still there?
S7 (24:16):
Yeah, I'm not sure.
S8 (24:17):
Okay. Yeah. I would want you to check on that.
S2 (24:19):
How much do you think you had in there last
time you looked?
S7 (24:23):
It's like 8000.
S2 (24:24):
Okay. Yeah. good. Well, that could be the money that
we end up, you know, starting you to contribute to
alongside what your husband's doing. So I think that could
be great. Now, just in terms of a few other
kind of key pieces, do you guys have any consumer
debt like high interest credit card debt or anything like
that that you're carrying month to month?
S7 (24:43):
Um, well, we have just like, vehicles, um, and then
some student loans.
S2 (24:50):
Okay, cool. And on the student loans, do you think
you're on track to get those paid off in ten years?
Or do you think it could extend much further than that?
S7 (24:59):
I think before ten years.
S2 (25:01):
Okay, good. Yeah. So if you're on track with your
budget and you guys have really dialed into your budget,
you have a spending plan that balances, that's got some margin.
You've demonstrated you can stick to that and you're not
kind of going beyond that. And, you know, taking on debt,
which I don't hear that you have any credit card debt.
And if you're on track to pay your student loans
off in ten years, obviously we'll get those cars paid off.
(25:22):
And if you could keep making that payment to yourself
for any of those cars you pay off, and then
you've got something when you need to replace one at
least to get you started. I think that would be great.
And then lastly, do you have an emergency fund of
liquid savings?
S7 (25:37):
We do.
S2 (25:37):
Okay. How many months worth of expenses do you think
you have?
S7 (25:43):
Probably like 3 to 4 months or so.
S2 (25:45):
Yeah.
S7 (25:45):
That's awesome around there.
S2 (25:47):
Okay. So I like this a lot. And I think,
you know, the very first thing you want to do
is max out that free money in the match. And
then I think if you could set a goal to
get his retirement plan contributions to 10%, and then if
you could open up a Roth IRA, which you can
do as a spouse without any earned income, and then
(26:08):
I would roll that retirement plan that you have that
you think has around 8000 out to a traditional IRA.
And then if you all have the ability to cover it,
I'd go ahead and convert that to a Roth. Now
that's going to add $8,000 to your taxable income for
the year, you need to be able to write that check.
If you can't, don't do it. But if you can,
I'd love to get that money into a Roth. What
(26:30):
is your age? If you don't mind me asking?
S7 (26:33):
I'm 31.
S2 (26:34):
Okay, yeah. So you got tons of time here. If
the Lord tarries and, you know, he he you're in
good health. I mean, you need, uh, we need to
be thinking three, four, five decades down the road in
terms of, you know, when this money will be accessed.
And if you could have tax free growth for all
of those years in a Roth IRA, that'd be amazing.
And then you'd be able to start adding to that. So,
(26:55):
you know, with a, you know, a Roth IRA, um,
you know, you would have the ability to put for 20, 25, uh,
$7,000 in there. And so then your your husband would
have the tax deferred 401 K growing, which is great. Um,
and then you'd have the tax free Roth IRA growing.
And I think the combination of the two of those
(27:17):
would get you guys going, you know, in a really
solid direction so that you're going to have quite a
nest egg when you get to that season of life.
S7 (27:26):
Okay, awesome. That sounds good. Um, yeah, that was the
main question. If we should be also contributing like outside
of his job. So.
S2 (27:34):
Yeah. And I think that the opportunity to get that
tax free Roth going, whether it's in your name or his,
I like I kind of like the idea of it
being in yours since he's got the 401 K, I
think that'd be great. And so then you got both
of these working for you, and you could open that
at at Schwab and use like the Schwab Intelligent Portfolios,
which is just a really easy kind of robo advisor
solution where it would use indexes like exchange traded funds.
(27:57):
So you'd capture kind of the big broad moves of
the market, and you wouldn't have to pick the individual
stocks or mutual funds. Again, it's called the Schwab Intelligent Portfolios.
That'd be a real easy way to go. But I
think I think you guys are on the right track here.
It sounds like you're making some great decisions. Uh, thanks
for your call, Monica. Call any time. Let's go to Vermont. Kent,
how can I help?
S9 (28:18):
Hi, Rob. Thanks for taking my call. Um, we, my
wife and I are retired, and we have an older
friend who would like to sell us his second home.
We would like to buy it. The problem is that
most of our assets are invested and would result in
high capital gains and income, and that would trigger Irma
(28:42):
and higher Medicare premiums. So he's proposed that, um, we
pay perhaps 50% of it, and then he would hold
a note for one year, and we would pay the
rest of it a year later. Um, and that would
help keep us under those tax thresholds. But his biggest concern,
(29:07):
and I understand it, is that what if something happened
to either him or to us and, you know, we
died unexpectedly? How can we be sure that we have
a legal protection for for both of us? I just
don't know which way to turn. If I didn't know
if you had any thoughts about how we would approach
(29:29):
that whole thing.
S2 (29:30):
Yeah, yeah. Got it. Um, and this is somebody you,
you know pretty well you've got a long term relationship.
S9 (29:37):
Yes. We do. We do.
S2 (29:39):
Okay. Yeah.
S9 (29:40):
A friend as much as anything.
S2 (29:42):
Yeah. Awesome. Yeah. So I think the key here is,
you know, with seller financing essentially means instead of a
bank loan, the seller becomes the lender. You're going to
then make the monthly payments to him under the terms
set in a promissory note, which would be key regardless
of whether your friends and needs to be all legal
and and clear and above board. And then the mortgage
or the deed would be recorded with the county, and
(30:03):
that gives the seller a legal claim to the property
until it's paid off. So from in terms of protection
for the buyer, you you're, you want to make sure
the property deed is properly transferred into your name with
the seller's lien recorded that way. You're the legal owner.
As long as the payments are made for the seller.
(30:23):
Recording the lien protects his right to take the property
back if the payment stops. And then what happens if
someone dies? Well, if the seller dies, the note becomes
part of his estate and payments would continue. And if
you die as the buyer, your surviving spouse or the
estate is then still responsible for the payments, just like
a bank loan. So you need the promissory note with
(30:45):
the payment terms, interest rate and due dates. You need
that recorded mortgage or deed securing the seller's interest. And
then you need clear terms for what happens upon death,
default or prepayment. Stay on the line. We'll talk a
bit more after the break. Thanks for joining us today
(31:05):
on Faith and Finance Live here in our final segment
of the broadcast today, let me remind you, our team
is not here, so don't call in. But we lined
up some great questions in advance. We'll get to those
in just a moment. Before we do, let me remind you,
if you haven't downloaded the Faith fi app, we'd love
for you to check it out. It's got three sections
in it. The first is the money management system based
(31:27):
on Larry Burkett's digital envelope system. It helps you manage
God's money in a way where you know exactly what's
left in each envelope at any point during the month.
There's also our learn tab, where you can access the
best content in biblical finance to grow in your understanding
of God's way of handling money and our community, where
you can post questions, get comments and ideas from other
(31:50):
stewards on the journey. So download it today on our website. faith.com.
Just click app. All right back to the phones we go.
Before the break we were talking to Kent. Uh, he
and his wife are retired. They have a friend that
wants to sell them his home. It would be a
second home for them. He's offered to hold the note
so they don't have to realize a bunch of capital
(32:12):
gains by selling stocks that are appreciated and don't want
to trigger any kind of Irma on their Medicare premiums
by having additional, uh, you know, capital gains and therefore
the seller has agreed to hold a note. He's just
wanted to be sure he knows how to protect both
of them in case someone dies during the process of
(32:33):
the payback. But give me your thoughts, Kent. On on
what I shared in terms of the steps here.
S9 (32:39):
I think that seems, um, quite logical. Who would who
would we turn to to write up the promissory note
with the attorney that does the the mortgage or deed would, um,
wouldn't really. Well, I guess it would be a mortgage deed, but, um, yeah.
S2 (33:00):
Yeah, a real estate attorney is going to be the
best professional to draft or review a promissory note tied
to the mortgage. Some title companies also prepare them as
a part of a closing. But legal, you know, a
legal review is, is recommended and that's going to set
out the terms of the loan. Um, you know, it
it also needs to be secured by a deed of
(33:21):
trust or a mortgage recorded with the county. Um, so
you don't really want to DIY that? Okay. Yeah. All right.
All right. I think this sounds like a good plan. Yeah.
S9 (33:31):
Well, I appreciate your input on that. And, uh, I
it's kind of the way I was thinking, but, um,
I haven't done this before, so.
S2 (33:41):
Yeah, I totally get it. And that's where the the
attorney can be helpful. And probably even running this by your,
your CPA if you have one. So, uh, Ken, thanks
for your call, my friend. God bless you. Uh, let's
go to, uh, Missouri. Mike, how can I help?
S10 (33:54):
Oh, this is this is Mike. Yeah. Just a quick
note for Kent. That's how we bought this place in
1999 with a, uh, from the owner. And, uh, it
was a very simple process, uh, getting a real estate attorney,
and it was all seamless, so.
S2 (34:09):
Oh. That's great. Well, you that's. You're the perfect next caller.
Thanks for affirming that, Mike. Hey, how can I help you?
S10 (34:15):
Worked out great. So, um. Um, my question is you're
talking about reverse mortgages, and, uh, I was wondering about
your thoughts on that. Um, we, uh, we refinanced the
place in, um, 2020, May of 2020, and we had
less than about, um, well, we needed ten years to
(34:36):
get the loan or have the loan for ten years.
That was a different kind of thing. But anyway, we
got one for ten years. We've got 40 to $50,000
left to pay on it. When we did have the
place refinanced, they, uh, they did, um, you know, they
came out and inspected and all that. And it was, um,
it was evaluated about $350,000 at 2020. So, um, probably
(35:02):
more so we owe probably between 40 to 50, um,
through a life event we do not have, uh, we
had a pretty good nest egg built up, but that
went through our 401 K, my IRA and the savings. Luckily,
I had a pension that was grandfathered in so that
that kind of helped us. But basically we're living off
(35:23):
of Social Security and there's so many different people out
there talking about, uh, like, um, somebody on the radio
won't mention the name, saying it's a very bad idea
to do a reverse mortgage.
S2 (35:36):
I have a sneaking suspicion I know who you're talking about.
S10 (35:40):
Yeah, I just I just reviewed it. A friend of
mine said we were talking over with him. He said, oh, no,
you don't want to do that. And he gave me
the link, and the link went right to this person.
And it's like, you know, you're very it's a very not,
it's not, not a smart thing to do.
S2 (35:55):
Um, yeah. I mean, what is the biggest. And I'll
give you my opinion here, but what's the biggest concern
that has stood out to you as you've thought about
it or as you've listened to the, you know, the
the video you were just referring to or your friend?
I mean, where is the concern around that?
S10 (36:11):
We will be kicked out of the house if, um,
you know, if something happens where we can't make payments? Uh,
but from what I understand, FHA is a guarantee on that. Um,
like I said, we do, uh, have our Social Security.
I have a Social security, uh, decent check. And my
wife does also, she's working part time. I still do
(36:34):
a little part time work bringing in a little extra
cash for the sawmill. So, um, but as far as
everything that we had before, that's gone. So we almost
live paycheck from paycheck to, you know, security, uh, social
security check. The social security check.
S2 (36:50):
Yeah. Yeah. Well, I mean, you know, that is one
of the misnomers, um, you know, about the home equity
conversion mortgage, which is different than the, you know, equity
share or some of the reverse mortgages of decades ago
that were a mess. I would have never recommended them. But,
you know, the reverse mortgage of today, the Hecm you
still own the home, the lender has a lien but
(37:11):
not ownership. So you retain, you remain on the title
just like a forward mortgage. When could you lose the home? Well,
if you don't pay the property taxes or the homeowner's
insurance or, you know, basic maintenance, I mean, if those
aren't paid, the loan could default and foreclose if possible,
but that would be true of any mortgage. Uh, you
have to live in the home as your primary residence. Uh,
(37:33):
moving out permanently triggers repayment, but you and your spouse
can live there for the rest of your life as
long as you keep the property taxes and the the
homeowner's insurance paid. Uh, you maintain the home. Now, you know,
what are the downsides? Uh, you know, potentially to a
reverse mortgage. Um, you know, well, I mean, there there
(37:54):
are fees and expenses, and I would say that the
the fees and the interest are higher than on traditional
loans by maybe a half point over what you would see,
you know, on a traditional loan. Uh, You do have
that one time 2% charge for FHA on the front end,
but that comes with a pretty significant benefit. And that
is that that is a non-recourse loan. And so if
(38:17):
for any reason they paid out, let's say you didn't
take it as a line of credit or just to
pay off the existing mortgage, but you took it as
an income stream because they'll do that. They'll give you
a check for life. And let's say you live a
really long time and you're just you happen to have
that home that depreciates instead of appreciates, and eventually they
pay out more than the home is worth. Well, that 2% feed.
(38:37):
FHA means the only thing that the mortgage company would
ever get is the value of the home. Uh, and
if there's ever a deficient balance, the FHA has to
step in and pay it. So that's a pretty significant
benefit there. That's not true of a forward mortgage. Um,
and so the loan balance is going to grow over time.
(38:58):
But other than that, you know, we've got a lot
of people in this season of life that just haven't
saved enough or they still have a mortgage and it's
their biggest expense. And so whether they come in and
just pay off the existing mortgage and eliminate that payment,
because with reverse you can pay it, but you don't
ever have to make a payment or you get an
income stream, or what most people do is just get
(39:20):
a line of credit. And by the way, that line
of credit increases every year because the homes appreciating and
you're getting older. And so they look at that every year.
And then you just have access to tax free money,
because it's after tax dollars that you can use to
support your lifestyle. You never have to make a payment.
And when you die, your heirs probably don't want the
house anyway. And so just like if you had a
(39:41):
forward mortgage, the home is sold, the mortgage is paid off,
and the balance is then available to give away or
to give as an inheritance. And it's a pretty good
deal in the sense that it's a it's most people's
major asset. And if they don't have other assets or
they would just rather not touch them because they're taxable,
or they'd rather let them grow like in a retirement plan.
(40:04):
And they can take from the the home equity and
they don't have a conviction from the Lord to be
debt free. And they're comfortable with that. Then it can
be a planning tool. Is it for everybody? Absolutely not.
Is it a little more expensive? Yes. But is it
something that's often overlooked and misunderstood? Absolutely. Does that make sense?
S10 (40:24):
It does make sense. Uh, one other one other thing
with the property. The house, though the house is sitting
on 162 acres. And I think that was one of
the things that they, they figured in onto the, uh, the, um, um,
value of the house, uh, because it's you can't they're
(40:44):
not making any more land. So that's considerable, you know,
that is growing more and more. But the house is
on the property and it's all, you know, maintained.
S2 (40:53):
Yeah. Well, uh, you know, in terms of that, having
a large acreage estate, um, a reverse mortgage is designed
for a primary residence. And so, you know, usually FHA
is going to limit that to the property that they're,
you know, including in this to the home and a
reasonable amount of land, which is, you know, usually less
(41:13):
than ten acres. So, um, you know, you would just
have to work through that with the mortgage company. But
here's what I would do. I'd reach out to our
friends at Movement Mortgage. They're the best in this. Uh,
Harlan Eckel, who joins me on the program regularly, uh,
is probably one of the best in the country in
terms of understanding these. And just let him answer your
questions and run some scenarios. Uh, movement. Com is the
(41:37):
place to go. Movement. And then, Mike, I'm going to
send you a copy of a book called Understanding Reverse
that I think will just give you all the nuts
and bolts and really help you think through this fully,
because the last thing I'd want you to do is
rush into this or do something that's not for you.
And again, it's not for everyone, but it could be, uh,
a great option for you. And so just getting some education,
(41:59):
I think is your next step. So stay on the line.
We'll get this book out to you. God bless you,
my friend. Thanks for calling today. Well, we're about out
of time today. Before we go, let me remind us
why we do what we do here on this program.
Every day we gather for faith and finance live because
we recognize we all have a high calling. We're money
managers for the King of kings, which means we're to
(42:21):
be found faithful as we manage God's resources, faithfulness, obedience
over a long period of time, applying the wisdom of
God's Word to every area of our lives. And that
includes our finances. So thanks for being here today. Thanks
for calling and for writing and for your emails. We
love to do what we do and serving you to
be wise stewards of God's money. Want to say thanks
(42:44):
to my team today Clara, Deb, Amy and Jim couldn't
do it without them. Faith and Finance Live is a
partnership between Faith Fi and Moody Radio. We'll see you
next time. God bless you. Bye bye.
Today's version of faith and finance live is actually not live,
so don't call in.
S2 (00:08):
The web portal excite. Once passed on buying Google for
just $750,000 today, Google's parent company is worth over 2 trillion. That,
my friends, is a legendary financial blunder. Hi, I'm Rob West.
Most of us won't miss out on trillions, but we've
all made financial mistakes. Today I'll share ten common ones
(00:31):
to avoid and how biblical wisdom can help you recover
when you've taken a wrong step. Then we have some
great calls lined up. But we won't be taking your
calls today because we're pre-recorded. This is faith and finance. Live.
Biblical wisdom for your financial decisions. Before we dive into
the list, let's recall what Scripture says about failure. Proverbs
(00:54):
2416 tells us, for the righteous falls seven times and
rises again. Falling isn't the end for those who walk
with God. He lifts us up, forgives us, and helps
us grow in the process. Psalm 85 says, for you,
O Lord, are good and forgiving, abounding in steadfast love
to all who call upon you. In James one five
(01:15):
reminds us that if we need wisdom, all we need
to do is ask. With that encouragement, here are ten
common personal finance mistakes and how to avoid them. Number
one borrowing from your 401. It may seem like borrowing
from yourself, but it often masks deeper issues such as
overspending or debt. While repaying the loan, you're likely not contributing,
(01:39):
missing out on compounding growth and employer matches. If you
leave your job, the unpaid balance may become taxable income
subject to a 10% penalty if you're under 59.5. It's
a short term solution that can lead to long term problems.
Number two claiming Social Security too early. You can start
benefits at 62, but it comes at a cost up
(02:03):
to 30% less per month for life. If you live
into your 80s or beyond, that reduction adds up. If possible,
wait until full retirement age or even later to receive
a larger monthly check. Number three only paying the minimum
on credit cards. A $5,000 balance at 20% interest with
minimum payments can take nearly ten years to pay off,
(02:26):
costing over $8,000 in interest alone. Instead, pay more than
the minimum and use a snowball or avalanche method to
quickly eliminate high interest debt. Delaying retirement savings is number four.
Time is your greatest ally in building wealth, thanks to
compound interest. Starting early, even with small amounts, can result
(02:48):
in a substantial nest egg. Waiting until your 30s or
40s can make it much harder to catch up. Aim
to save 10 to 15% of your income starting in
your 20s, if possible. And if you're starting later, don't panic.
Just start today. The fifth mistake is overextending yourself for
your kids. We all want to bless our children, but
(03:08):
covering college weddings or a down payment shouldn't come at
the cost of your own financial stability. Your kids have
time to earn. You don't. If you sacrifice retirement now,
you may end up relying on them later. Generosity must
be paired with wisdom. Number six going it alone without
wise counsel. Many people panic during downturns and sell low
(03:31):
because they lack guidance. Proverbs 15 reminds us, without counsel,
plans fail, but with many advisers, they succeed. A certified
Kingdom advisor at Faith comm can help you create a
financial plan that aligns with your faith and values. The
seventh mistake cosigning a loan. Scripture offers a strong warning
(03:52):
one who lacks sense gives a pledge and puts up
security in the presence of his neighbor. When you co-sign,
you're legally responsible for the debt. If the other person
can't or won't pay. And it happens, about 40% of
co-signers end up repaying the loan themselves. Be generous, yes,
but be wise. The eighth mistake quitting school too soon.
(04:14):
While a four year degree may not be for everyone,
education remains important. The key is choosing a program, whether
it's a college, trade school, or certification that equips you
with marketable skills. Education is an investment, not just a cost.
Number nine buying a timeshare. They're often marketed as affordable,
luxury or great family investments, but they come with hefty fees.
(04:37):
Limited flexibility and poor resale value. And number ten falling
for scams. Fraudsters prey on fear, urgency and greed, whether emails,
calls or fake investment pitches. Their goal is the same
to separate you from your money. So there you have it.
Ten Financial Mistakes to avoid. But more than that, a
(04:58):
reminder stewardship is a journey. Jesus said in Matthew ten,
I am sending you out as sheep in the midst
of wolves. So be wise as serpents and innocent as doves.
With God's help, you can learn from the past, make
better decisions, and walk forward in freedom as a faithful steward.
All right, we're going to head to a break, so
don't go anywhere. Still a lot more to come, even
(05:19):
though we're not here to take your calls live today.
But we have plenty of calls that we lined up
in advance. And we'll get to those just around the corner.
S1 (05:38):
This is faith in finance. Live with Rob West. Hey,
if you hear a phone number mentioned today, please ignore
that number and don't call us because today's broadcast was
previously recorded. But we think the upcoming information will help
you and make you a wise steward of what God
has given you. So please stay tuned.
S2 (05:58):
You know, as we think about the role of money
in our lives, we need to see it as God
sees it. And that is a good gift from him.
Something that belongs to him, something that has been entrusted
to us as a means of exchange. That's its functional purpose,
but it's also a tool to accomplish God's purposes. You see,
it can add meaning to your life, but it's not
(06:19):
the meaning of life. The problem is when it becomes
the end and not a means to an end. It
puts it in a place that it was never intended
to be, and in doing so, we can allow it
to rival God for first position in our lives. You know,
we get so caught up in the fact that money
can provide security and peace of mind and and safety
(06:40):
and enjoyment and abundance that it was never intended to
provide and cannot provide. Only God can provide those things.
But when money is in its proper place as a
tool to bring God glory to accomplish his purposes. That
includes our enjoyment. We serve the God who created delight
and wonder and enjoyment and awe. And I think money
should fit into that. And you know, when we enjoy
(07:01):
a great meal and celebrate with friends and families, that
brings God glory. He designed that. He hard wired us
for that community. When we give money away to help
a neighbor or a friend in need, that brings God
glory when we use it to spread the gospel to
the ends of the earth, that brings him glory. When
we invest it in a way that aligns with our
Christian values, that does as well. So that's the big idea,
(07:24):
kind of the understanding, the worldview that we need to
have about money. But then as we navigate life, we
realize we have these very practical decisions and choices we
make every day. And what do we get? Where do
we get our advice? Not from the Wall Street Journal,
although there's some some sound advice in there that hearkens
back to God's Word, not from our neighbors or friends,
(07:45):
although they can provide wise counsel if they're God fearing
and understand God's Word. But really, our source of truth
is the Bible. You know, more than 2300 verses deal
with this topic. Now. Bulk of them are around just,
you know, money was used to buy a field, but
there are lessons behind those. We understand from God's word
that God owns it all and that, you know, money
(08:06):
reflects our values and that it does have a seductive
nature to it. And we need to be careful. Just
read the parable of the sower. But we also see
these wise principles in God's Word around our day to
day money management decisions, around spending less than we earn,
and avoiding debt and setting long term goals and giving
generously and having margin. You know, all of those things
(08:27):
really find their roots in Scripture. We we learn the
whole principle of diversification. Uh, King Solomon taught us that
in Ecclesiastes. So we want to look to God's Word
as we navigate our financial lives. All right. Let's get
to our calls today that we've lined up for you.
We'll be headed to Tennessee in a moment, but first,
let's go to New York. Cliff. Go ahead. Sir.
S3 (08:47):
Hi. How are you?
S2 (08:48):
Doing well. Thanks for your call.
S4 (08:51):
No thank you. I have at this agency 20,000. What's
going on? Is what? I'd be able to take that
and pay off the mortgage. Which is? It will be
paid off in 27. Would I be able to take
that and pay off the mortgage now instead of waiting
(09:11):
until then?
S2 (09:14):
Yeah. So you're asking or you've already done that.
S4 (09:17):
I'm asking.
S2 (09:18):
Okay. Got it. Yeah. Got it. Uh, so this is
a retirement plan or a pension? The 20,000, is that right?
S4 (09:24):
Yes, a pension. In other words, we're no longer the
people who are the middle people holding the the money
for us. We're no longer having a relationship with them.
S2 (09:34):
I see.
S4 (09:35):
So they want to, uh. They want me to. Either
I can take it, roll it over, or do something
with it. But I figured if I'm a, uh, would
it be to my advantage just to pay the mortgage
off in advance.
S2 (09:48):
Yeah, yeah, it's a good question. What is the interest
rate on that mortgage?
S3 (09:52):
3.25.
S2 (09:54):
Okay, uh, and talk to me about it. Sounds like
you're considering retirement, but give me the timeline that you're
thinking and praying through at this point.
S3 (10:05):
Um.
S4 (10:06):
I was thinking potentially next year, uh, something to that extent.
S2 (10:15):
Okay. And what is your age?
S3 (10:18):
Uh, 62.
S2 (10:19):
All right. And what are you going to do after
you retire from an income standpoint?
S3 (10:25):
Well.
S4 (10:26):
Once I retire, once I retire, the only bill that
I would have is it would be just a car
payment of by 460 bucks. And that would be perhaps
making almost 5000 retirement.
S2 (10:39):
And where is that going to be coming from?
S4 (10:41):
Oh, uh, retirement and Social Security.
S2 (10:45):
Okay, so you've looked at what you're going to get
at full retirement age, and then you've backed it down
for the permanent reduction you would take by taking it
early at 62.
S4 (10:55):
Right.
S2 (10:56):
Okay. And so that number plus some sort of retirement,
are you going to get a monthly check from a
pension or are you do you have a lump sum
you're going to be drawing income from. Talk to me
about your retirement plan.
S4 (11:09):
Well I have a 401 K of 100,000.
S2 (11:12):
Okay. And so how much of that 5000 a month
is coming from your reduced Social Security?
S4 (11:20):
Oh, actually, it would be like 20 something hundred. Social security?
20 something hundred from the retirement from the job.
S2 (11:32):
Okay. And so that's 2100 a month from the retirement,
meaning you're going to be taking 2100 a month from $100,000,
401 K or something else.
S4 (11:41):
No, no, I'm not going to touch the 401 K. Okay,
just stay where it's at.
S2 (11:46):
So they're going to give you a pension of a
payment for life for 2100.
S4 (11:51):
About 23 2400.
S2 (11:55):
Okay. And that's just a monthly check they're going to
send you for as long as you live. Is that right?
S4 (12:00):
Right. Social security. And then the other job when I. Well,
when I retire is going to be 20 something hundred.
S2 (12:07):
Okay. Um, and so, so you're going to get a
check for 20, around 2300 plus Social Security. Both those
go for the rest of your life. And then on
top of that, you've got a 401 K with about 100,000.
Is that right?
S4 (12:20):
Correct.
S2 (12:21):
All right. And then what? Any other assets or savings?
S4 (12:25):
Uh, I got, uh, 20 something thousand in a savings.
And I have a few other savings with about 2
to 4000 in it, a couple more.
S2 (12:37):
All right. And what's the balance on the mortgage?
S5 (12:41):
Uh Um.
S4 (12:42):
Oh, uh, about 15,050 15 515 five. Okay.
S2 (12:51):
Yeah. Well, you know, here's the thing. I mean, I
would love for you to pay off that mortgage. I'm
all about that. And I'd love for you to do
it kind of in time. The payoff of that, if
not sooner, at least by when you retire. Because it'd
be great if that payment was gone. But here's the
reality I'd rather you not take that 20,000 and add
it to your taxable income, especially while you're still working.
(13:14):
I'd rather you, you know, let that grow. Your interest
rate on that mortgage is low. It sounds like even
once you retire with your, you know, reduced Social Security
and your your monthly check for 2300 a month, not
counting the 401 K and anything else you have, and
you've already got an emergency fund. Sounds like you're going
to have plenty of surplus. So I would just focus
(13:35):
on paying off that mortgage out of current cash flow
and monthly Margin, rather than putting a bunch of additional
income on top of the other income you have. That's
all going to be taxable. And let's, you know, let's
roll that 20,000 into an IRA that ultimately you're going
to roll the 401 K into. And then let's just
(13:57):
keep all that growing for the future. So if you
need it down the road for long term care or something,
you've got it rather than you pulling it out, paying
the tax on it. And now what's bigger than that
is it's no longer available to be invested. So that's
going to be my best advice. I'm up against a
break here. Let's finish off the air. Cliff, I want
to see if you have any questions on that. As
we head to the break. Let me remind you quickly.
(14:19):
We're not here today. We're away from the studio, so
don't call in. But more questions that we lined up
in advance just around the corner. Stick around. So glad
to have you with us today on Faith and Finance Live.
Our team is away today, so don't call in. But
(14:41):
we lined up some great questions in advance and we'll
be going to those here in just a moment. Let
me also remind you that the advice that I give
each day on this program is general in nature. We
offer principles and ideas that apply at a high level.
They are not personalized. So that's why you should always
seek professional financial advice. And if you'd like to find
(15:03):
a professional who shares your values, we of course, here
at Faith and Finance Live recommend the Certified Kingdom Advisor designation.
These are men and women who've met high standards, and
they've been trained to bring a biblical worldview of financial
decision making. You can find one at Faith comm. All right,
back to the phones. We go. Uh, let's go to Tennessee.
James has been waiting patiently. Go ahead. Sir.
S6 (15:24):
Yes, sir. Thank you very much for taking my call. Sure. Um,
I'd like to thank God for blessing you with the
knowledge that you have and and sharing the knowledge with us.
I have a couple of questions. Of course. First thing
I have on my on my list is, uh, reevaluation
of gold and silver. There's a lot of podcasts, a
(15:44):
lot of different sources. Uh, talking about this, I want
to see what you know and what you think, sir.
S2 (15:50):
Yeah. Uh, so tell me what specifically you're hearing that
you want comments on, uh, related to, you know, a
lot of times we're hearing about revaluation of the dollar. Um,
but you're talking specifically gold and silver. What are you
hearing and wanting to know about?
S6 (16:06):
I supposed to skyrocket what I'm hearing? I just want
to know if you've heard anything to that effect, sir.
S2 (16:12):
Yeah. Uh, no, I mean, I don't think, uh, you know,
we should be anticipating, uh, gold skyrocketing. Um, I think,
you know, gold prices have for some, for all intents
and purposes, they've already surged in some respect. I mean,
gold climbed 26% in the first half of, of 2025,
hitting a string of all time highs, uh, you know,
(16:35):
driven by Geopolitical instability. A weaker dollar and investor demand
for safe havens. We've also seen a similar move in
Bitcoin for the same reasons. Um, you know, I think,
you know, when you when you look at, uh, HSBC
or Goldman Sachs or RBC, you know, I mean, I
think they're calling for somewhere around 3700, $3,800 an ounce. Um,
(17:00):
you know, at the, uh, you know, by the end
of 2026. Um, but really, what drives, you know, the
the gold rally is, uh, central bank purchases, uh, not
only here but around the world, uh, ETF flows. So
these exchange traded funds that, uh, have gold in there
are ramping up, and that's driving demand. Uh de-dollarization trends
(17:24):
and uncertainty around fed independence obviously make gold more appealing. Uh,
tariff announcements and geopolitical risks continue to fuel demand as well. Um,
you know, Hypothetical claims about extreme revaluation, where all of
a sudden gold prices, uh, you know, go to 25,000
or $50,000, uh, you know, an ounce, uh, I don't
(17:48):
think are grounded in mainstream financial analysis. So I would
not be, uh, looking to that to be a reality.
What I would say is, um, you know, I think
hedging against uncertainty and having a store of value in
a reasonable allocation, which I think is no more than 10%,
(18:09):
is the right move. I like the idea of 5%
in a physical allocation that you might, you know, hold
forever and pass down, and then maybe another 5% in
an ETF, a gold tracker ETF where you can, you know,
dial that back down if you wanted to with, you know,
just a quick trade, uh, without having to store it
and sell it and, you know, all that kind of stuff. But, um,
(18:31):
I don't think to get to your question here, there's
really any credible forecast of gold skyrocketing into the tens
of thousands.
S6 (18:39):
Okay, sir. Thank you. My second question is, is a
question for one of my sons. He's saving every penny
he can throw in there to build a house. He
asked me the other day what he should do with
the savings, pay for the land, or put it toward
(19:00):
the construction of the house.
S2 (19:02):
Um, so has he picked out a parcel yet at
this point?
S6 (19:06):
No, sir. He's just chugging money.
S2 (19:08):
Okay. Got it. Well, that's a good thing. Uh, you know,
the getting ready to buy a house. The key. And
the hardest piece of that is the diligent savings. And
so he needs to do that. Um, you know, obviously
buying the land first. The pro is you own something
tangible right away. You know, the downside is the land
doesn't produce income or shelter. Um, and, you know, financing
(19:32):
construction later can be more complicated because banks often want
the land and the construction bundled in into one loan.
So I would say, um, you know, obviously building or
buying a home first provides housing immediately, and it can
be financed more easily through a mortgage or a construction loan,
but it requires more upfront. So I think, uh, you know,
(19:55):
if the ultimate goal is a home, it usually makes
sense to prioritize the total project, not just the land,
and then save for the down payment on the full package,
the land, plus the house that's going to put him
in a stronger financial position. Um, you know, if he
buys the land now, he needs to make sure it's
in a location he truly wants long term and that
(20:18):
zoning and utilities support that future construction. But I kind
of like the idea that he would just save, save,
save and then, you know, do the whole package at once,
the land and, you know, probably a construction to permanent
loan option. Um, and perhaps by waiting, uh, a little
bit longer, he's going to enjoy a better interest rate
as well, because we see rates coming down.
S6 (20:39):
Okay, sir. Thank you very much.
S2 (20:41):
All right. God bless you. James, thanks for calling my friend.
We're headed into another break here in just a minute.
So after the break, we'll be talking to Monica in Texas.
She's a stay at home mom, and she's wondering about
contributing to a retirement. Uh, Kent wants to buy a
second home from a neighbor, and he's got some questions
related to that. And, uh, Mike in Missouri wants to
know about a reverse mortgage. You know, that's a an
(21:02):
underutilized tool for a specific need in the fourth quarter
of life where you've not saved enough or you've still
got a mortgage. It can be effective. Now, don't get
me wrong, I love the idea of paying off your
house and being completely debt free. But often, if you're
ill prepared for that season and you're sitting on your
biggest asset, uh, you know that can be a game
changer in terms of quality of life in that particular
(21:25):
season of life. And you still get to live in
the house and, you know, whatever equity remains of death
gets passed on to the kids. So we'll talk about
that straight ahead. Hey, uh, our new issue of Faithful
Steward is out. It's chock full of some incredible content. Uh,
so go ahead and become a partner right now. If
you love the program, we're listener supported. It'll help us
(21:45):
support the ministry. If you give $35 a month, you
get four issues of Faithful Steward. You get ministry updates
and all new studies and devotionals when we release them.
Go to faith.com. We'll be right back. Delighted to have
you with us today on Faith and Finance Live. We're
(22:07):
not here today. Our team is away from the studio.
This is pre-recorded, so don't call in. But we've got
some great questions we lined up in advance before we
go to the phones, let me remind you, faith and
faith in finance live is listener supported. If you'd like
to be a financial partner, you can do that at Faith.
Com just click give thanks in advance. All right. Let's
head to the phones. Let's head right over to Texas
(22:31):
and welcome Monica. Go ahead.
S7 (22:33):
Hi. How are you?
S2 (22:34):
Doing great. Thanks for your call.
S7 (22:36):
Yeah. So my question was, um, I'm a stay at
home mom, and me and my husband were wondering if
we should be contributing to my retirement.
S2 (22:44):
Mhm. Yeah. Uh, I love that. And so I think
it just you have to look at the priority order of,
you know, your financial goals. So let me just ask
a few questions. Um, so your stay at home mom,
he's working. Does he have access to a retirement plan?
S7 (23:01):
Yes. He contributes to his retirement plan through his work.
S2 (23:05):
Okay. And do you know what percent of his income
he's putting in?
S7 (23:08):
Um, I think it's the max, um, that they allow,
but I'm not 100% sure what that is.
S2 (23:14):
Okay. Yeah. So you might want to check, uh, you know, that, um,
because the the max contribution of your under 50, the
employee portion is 23,500. We generally recommend putting 10 to 15%
of your income in. And then do you know if
they offer any matching?
S7 (23:35):
I think they do.
S2 (23:36):
Okay. That's great. So you want at least take full
advantage of the matching. That's free money. But then he
probably wants to get above that and do that 10
to 15%. Now are you all putting anything else away
for retirement? I realize that's the at the heart of
your question, but just making sure I understand what's what's happening.
S7 (23:53):
Um, no, not outside of his job. Um, I have
an account that I had with my previous job, but
I haven't been contributing for a couple of years.
S8 (24:02):
All right. Is that a.
S2 (24:03):
401 K with the previous jobs plan administrator or something else?
S7 (24:08):
Yeah, I think it is. Um, that or an IRA.
I'm not sure.
S8 (24:11):
Okay.
S2 (24:12):
Yeah. So you're not sure if you rolled it out
or if it's still there?
S7 (24:16):
Yeah, I'm not sure.
S8 (24:17):
Okay. Yeah. I would want you to check on that.
S2 (24:19):
How much do you think you had in there last
time you looked?
S7 (24:23):
It's like 8000.
S2 (24:24):
Okay. Yeah. good. Well, that could be the money that
we end up, you know, starting you to contribute to
alongside what your husband's doing. So I think that could
be great. Now, just in terms of a few other
kind of key pieces, do you guys have any consumer
debt like high interest credit card debt or anything like
that that you're carrying month to month?
S7 (24:43):
Um, well, we have just like, vehicles, um, and then
some student loans.
S2 (24:50):
Okay, cool. And on the student loans, do you think
you're on track to get those paid off in ten years?
Or do you think it could extend much further than that?
S7 (24:59):
I think before ten years.
S2 (25:01):
Okay, good. Yeah. So if you're on track with your
budget and you guys have really dialed into your budget,
you have a spending plan that balances, that's got some margin.
You've demonstrated you can stick to that and you're not
kind of going beyond that. And, you know, taking on debt,
which I don't hear that you have any credit card debt.
And if you're on track to pay your student loans
off in ten years, obviously we'll get those cars paid off.
(25:22):
And if you could keep making that payment to yourself
for any of those cars you pay off, and then
you've got something when you need to replace one at
least to get you started. I think that would be great.
And then lastly, do you have an emergency fund of
liquid savings?
S7 (25:37):
We do.
S2 (25:37):
Okay. How many months worth of expenses do you think
you have?
S7 (25:43):
Probably like 3 to 4 months or so.
S2 (25:45):
Yeah.
S7 (25:45):
That's awesome around there.
S2 (25:47):
Okay. So I like this a lot. And I think,
you know, the very first thing you want to do
is max out that free money in the match. And
then I think if you could set a goal to
get his retirement plan contributions to 10%, and then if
you could open up a Roth IRA, which you can
do as a spouse without any earned income, and then
(26:08):
I would roll that retirement plan that you have that
you think has around 8000 out to a traditional IRA.
And then if you all have the ability to cover it,
I'd go ahead and convert that to a Roth. Now
that's going to add $8,000 to your taxable income for
the year, you need to be able to write that check.
If you can't, don't do it. But if you can,
I'd love to get that money into a Roth. What
(26:30):
is your age? If you don't mind me asking?
S7 (26:33):
I'm 31.
S2 (26:34):
Okay, yeah. So you got tons of time here. If
the Lord tarries and, you know, he he you're in
good health. I mean, you need, uh, we need to
be thinking three, four, five decades down the road in
terms of, you know, when this money will be accessed.
And if you could have tax free growth for all
of those years in a Roth IRA, that'd be amazing.
And then you'd be able to start adding to that. So,
(26:55):
you know, with a, you know, a Roth IRA, um,
you know, you would have the ability to put for 20, 25, uh,
$7,000 in there. And so then your your husband would
have the tax deferred 401 K growing, which is great. Um,
and then you'd have the tax free Roth IRA growing.
And I think the combination of the two of those
(27:17):
would get you guys going, you know, in a really
solid direction so that you're going to have quite a
nest egg when you get to that season of life.
S7 (27:26):
Okay, awesome. That sounds good. Um, yeah, that was the
main question. If we should be also contributing like outside
of his job. So.
S2 (27:34):
Yeah. And I think that the opportunity to get that
tax free Roth going, whether it's in your name or his,
I like I kind of like the idea of it
being in yours since he's got the 401 K, I
think that'd be great. And so then you got both
of these working for you, and you could open that
at at Schwab and use like the Schwab Intelligent Portfolios,
which is just a really easy kind of robo advisor
solution where it would use indexes like exchange traded funds.
(27:57):
So you'd capture kind of the big broad moves of
the market, and you wouldn't have to pick the individual
stocks or mutual funds. Again, it's called the Schwab Intelligent Portfolios.
That'd be a real easy way to go. But I
think I think you guys are on the right track here.
It sounds like you're making some great decisions. Uh, thanks
for your call, Monica. Call any time. Let's go to Vermont. Kent,
how can I help?
S9 (28:18):
Hi, Rob. Thanks for taking my call. Um, we, my
wife and I are retired, and we have an older
friend who would like to sell us his second home.
We would like to buy it. The problem is that
most of our assets are invested and would result in
high capital gains and income, and that would trigger Irma
(28:42):
and higher Medicare premiums. So he's proposed that, um, we
pay perhaps 50% of it, and then he would hold
a note for one year, and we would pay the
rest of it a year later. Um, and that would
help keep us under those tax thresholds. But his biggest concern,
(29:07):
and I understand it, is that what if something happened
to either him or to us and, you know, we
died unexpectedly? How can we be sure that we have
a legal protection for for both of us? I just
don't know which way to turn. If I didn't know
if you had any thoughts about how we would approach
(29:29):
that whole thing.
S2 (29:30):
Yeah, yeah. Got it. Um, and this is somebody you,
you know pretty well you've got a long term relationship.
S9 (29:37):
Yes. We do. We do.
S2 (29:39):
Okay. Yeah.
S9 (29:40):
A friend as much as anything.
S2 (29:42):
Yeah. Awesome. Yeah. So I think the key here is,
you know, with seller financing essentially means instead of a
bank loan, the seller becomes the lender. You're going to
then make the monthly payments to him under the terms
set in a promissory note, which would be key regardless
of whether your friends and needs to be all legal
and and clear and above board. And then the mortgage
or the deed would be recorded with the county, and
(30:03):
that gives the seller a legal claim to the property
until it's paid off. So from in terms of protection
for the buyer, you you're, you want to make sure
the property deed is properly transferred into your name with
the seller's lien recorded that way. You're the legal owner.
As long as the payments are made for the seller.
(30:23):
Recording the lien protects his right to take the property
back if the payment stops. And then what happens if
someone dies? Well, if the seller dies, the note becomes
part of his estate and payments would continue. And if
you die as the buyer, your surviving spouse or the
estate is then still responsible for the payments, just like
a bank loan. So you need the promissory note with
(30:45):
the payment terms, interest rate and due dates. You need
that recorded mortgage or deed securing the seller's interest. And
then you need clear terms for what happens upon death,
default or prepayment. Stay on the line. We'll talk a
bit more after the break. Thanks for joining us today
(31:05):
on Faith and Finance Live here in our final segment
of the broadcast today, let me remind you, our team
is not here, so don't call in. But we lined
up some great questions in advance. We'll get to those
in just a moment. Before we do, let me remind you,
if you haven't downloaded the Faith fi app, we'd love
for you to check it out. It's got three sections
in it. The first is the money management system based
(31:27):
on Larry Burkett's digital envelope system. It helps you manage
God's money in a way where you know exactly what's
left in each envelope at any point during the month.
There's also our learn tab, where you can access the
best content in biblical finance to grow in your understanding
of God's way of handling money and our community, where
you can post questions, get comments and ideas from other
(31:50):
stewards on the journey. So download it today on our website. faith.com.
Just click app. All right back to the phones we go.
Before the break we were talking to Kent. Uh, he
and his wife are retired. They have a friend that
wants to sell them his home. It would be a
second home for them. He's offered to hold the note
so they don't have to realize a bunch of capital
(32:12):
gains by selling stocks that are appreciated and don't want
to trigger any kind of Irma on their Medicare premiums
by having additional, uh, you know, capital gains and therefore
the seller has agreed to hold a note. He's just
wanted to be sure he knows how to protect both
of them in case someone dies during the process of
(32:33):
the payback. But give me your thoughts, Kent. On on
what I shared in terms of the steps here.
S9 (32:39):
I think that seems, um, quite logical. Who would who
would we turn to to write up the promissory note
with the attorney that does the the mortgage or deed would, um,
wouldn't really. Well, I guess it would be a mortgage deed, but, um, yeah.
S2 (33:00):
Yeah, a real estate attorney is going to be the
best professional to draft or review a promissory note tied
to the mortgage. Some title companies also prepare them as
a part of a closing. But legal, you know, a
legal review is, is recommended and that's going to set
out the terms of the loan. Um, you know, it
it also needs to be secured by a deed of
(33:21):
trust or a mortgage recorded with the county. Um, so
you don't really want to DIY that? Okay. Yeah. All right.
All right. I think this sounds like a good plan. Yeah.
S9 (33:31):
Well, I appreciate your input on that. And, uh, I
it's kind of the way I was thinking, but, um,
I haven't done this before, so.
S2 (33:41):
Yeah, I totally get it. And that's where the the
attorney can be helpful. And probably even running this by your,
your CPA if you have one. So, uh, Ken, thanks
for your call, my friend. God bless you. Uh, let's
go to, uh, Missouri. Mike, how can I help?
S10 (33:54):
Oh, this is this is Mike. Yeah. Just a quick
note for Kent. That's how we bought this place in
1999 with a, uh, from the owner. And, uh, it
was a very simple process, uh, getting a real estate attorney,
and it was all seamless, so.
S2 (34:09):
Oh. That's great. Well, you that's. You're the perfect next caller.
Thanks for affirming that, Mike. Hey, how can I help you?
S10 (34:15):
Worked out great. So, um. Um, my question is you're
talking about reverse mortgages, and, uh, I was wondering about
your thoughts on that. Um, we, uh, we refinanced the
place in, um, 2020, May of 2020, and we had
less than about, um, well, we needed ten years to
(34:36):
get the loan or have the loan for ten years.
That was a different kind of thing. But anyway, we
got one for ten years. We've got 40 to $50,000
left to pay on it. When we did have the
place refinanced, they, uh, they did, um, you know, they
came out and inspected and all that. And it was, um,
it was evaluated about $350,000 at 2020. So, um, probably
(35:02):
more so we owe probably between 40 to 50, um,
through a life event we do not have, uh, we
had a pretty good nest egg built up, but that
went through our 401 K, my IRA and the savings. Luckily,
I had a pension that was grandfathered in so that
that kind of helped us. But basically we're living off
(35:23):
of Social Security and there's so many different people out
there talking about, uh, like, um, somebody on the radio
won't mention the name, saying it's a very bad idea
to do a reverse mortgage.
S2 (35:36):
I have a sneaking suspicion I know who you're talking about.
S10 (35:40):
Yeah, I just I just reviewed it. A friend of
mine said we were talking over with him. He said, oh, no,
you don't want to do that. And he gave me
the link, and the link went right to this person.
And it's like, you know, you're very it's a very not,
it's not, not a smart thing to do.
S2 (35:55):
Um, yeah. I mean, what is the biggest. And I'll
give you my opinion here, but what's the biggest concern
that has stood out to you as you've thought about
it or as you've listened to the, you know, the
the video you were just referring to or your friend?
I mean, where is the concern around that?
S10 (36:11):
We will be kicked out of the house if, um,
you know, if something happens where we can't make payments? Uh,
but from what I understand, FHA is a guarantee on that. Um,
like I said, we do, uh, have our Social Security.
I have a Social security, uh, decent check. And my
wife does also, she's working part time. I still do
(36:34):
a little part time work bringing in a little extra
cash for the sawmill. So, um, but as far as
everything that we had before, that's gone. So we almost
live paycheck from paycheck to, you know, security, uh, social
security check. The social security check.
S2 (36:50):
Yeah. Yeah. Well, I mean, you know, that is one
of the misnomers, um, you know, about the home equity
conversion mortgage, which is different than the, you know, equity
share or some of the reverse mortgages of decades ago
that were a mess. I would have never recommended them. But,
you know, the reverse mortgage of today, the Hecm you
still own the home, the lender has a lien but
(37:11):
not ownership. So you retain, you remain on the title
just like a forward mortgage. When could you lose the home? Well,
if you don't pay the property taxes or the homeowner's
insurance or, you know, basic maintenance, I mean, if those
aren't paid, the loan could default and foreclose if possible,
but that would be true of any mortgage. Uh, you
have to live in the home as your primary residence. Uh,
(37:33):
moving out permanently triggers repayment, but you and your spouse
can live there for the rest of your life as
long as you keep the property taxes and the the
homeowner's insurance paid. Uh, you maintain the home. Now, you know,
what are the downsides? Uh, you know, potentially to a
reverse mortgage. Um, you know, well, I mean, there there
(37:54):
are fees and expenses, and I would say that the
the fees and the interest are higher than on traditional
loans by maybe a half point over what you would see,
you know, on a traditional loan. Uh, You do have
that one time 2% charge for FHA on the front end,
but that comes with a pretty significant benefit. And that
is that that is a non-recourse loan. And so if
(38:17):
for any reason they paid out, let's say you didn't
take it as a line of credit or just to
pay off the existing mortgage, but you took it as
an income stream because they'll do that. They'll give you
a check for life. And let's say you live a
really long time and you're just you happen to have
that home that depreciates instead of appreciates, and eventually they
pay out more than the home is worth. Well, that 2% feed.
(38:37):
FHA means the only thing that the mortgage company would
ever get is the value of the home. Uh, and
if there's ever a deficient balance, the FHA has to
step in and pay it. So that's a pretty significant
benefit there. That's not true of a forward mortgage. Um,
and so the loan balance is going to grow over time.
(38:58):
But other than that, you know, we've got a lot
of people in this season of life that just haven't
saved enough or they still have a mortgage and it's
their biggest expense. And so whether they come in and
just pay off the existing mortgage and eliminate that payment,
because with reverse you can pay it, but you don't
ever have to make a payment or you get an
income stream, or what most people do is just get
(39:20):
a line of credit. And by the way, that line
of credit increases every year because the homes appreciating and
you're getting older. And so they look at that every year.
And then you just have access to tax free money,
because it's after tax dollars that you can use to
support your lifestyle. You never have to make a payment.
And when you die, your heirs probably don't want the
house anyway. And so just like if you had a
(39:41):
forward mortgage, the home is sold, the mortgage is paid off,
and the balance is then available to give away or
to give as an inheritance. And it's a pretty good
deal in the sense that it's a it's most people's
major asset. And if they don't have other assets or
they would just rather not touch them because they're taxable,
or they'd rather let them grow like in a retirement plan.
(40:04):
And they can take from the the home equity and
they don't have a conviction from the Lord to be
debt free. And they're comfortable with that. Then it can
be a planning tool. Is it for everybody? Absolutely not.
Is it a little more expensive? Yes. But is it
something that's often overlooked and misunderstood? Absolutely. Does that make sense?
S10 (40:24):
It does make sense. Uh, one other one other thing
with the property. The house, though the house is sitting
on 162 acres. And I think that was one of
the things that they, they figured in onto the, uh, the, um, um,
value of the house, uh, because it's you can't they're
(40:44):
not making any more land. So that's considerable, you know,
that is growing more and more. But the house is
on the property and it's all, you know, maintained.
S2 (40:53):
Yeah. Well, uh, you know, in terms of that, having
a large acreage estate, um, a reverse mortgage is designed
for a primary residence. And so, you know, usually FHA
is going to limit that to the property that they're,
you know, including in this to the home and a
reasonable amount of land, which is, you know, usually less
(41:13):
than ten acres. So, um, you know, you would just
have to work through that with the mortgage company. But
here's what I would do. I'd reach out to our
friends at Movement Mortgage. They're the best in this. Uh,
Harlan Eckel, who joins me on the program regularly, uh,
is probably one of the best in the country in
terms of understanding these. And just let him answer your
questions and run some scenarios. Uh, movement. Com is the
(41:37):
place to go. Movement. And then, Mike, I'm going to
send you a copy of a book called Understanding Reverse
that I think will just give you all the nuts
and bolts and really help you think through this fully,
because the last thing I'd want you to do is
rush into this or do something that's not for you.
And again, it's not for everyone, but it could be, uh,
a great option for you. And so just getting some education,
(41:59):
I think is your next step. So stay on the line.
We'll get this book out to you. God bless you,
my friend. Thanks for calling today. Well, we're about out
of time today. Before we go, let me remind us
why we do what we do here on this program.
Every day we gather for faith and finance live because
we recognize we all have a high calling. We're money
managers for the King of kings, which means we're to
(42:21):
be found faithful as we manage God's resources, faithfulness, obedience
over a long period of time, applying the wisdom of
God's Word to every area of our lives. And that
includes our finances. So thanks for being here today. Thanks
for calling and for writing and for your emails. We
love to do what we do and serving you to
be wise stewards of God's money. Want to say thanks
(42:44):
to my team today Clara, Deb, Amy and Jim couldn't
do it without them. Faith and Finance Live is a
partnership between Faith Fi and Moody Radio. We'll see you
next time. God bless you. Bye bye.
Popular Podcasts
CrimeLess: Hillbilly Heist
It’s 1996 in rural North Carolina, and an oddball crew makes history when they pull off America’s third largest cash heist. But it’s all downhill from there. Join host Johnny Knoxville as he unspools a wild and woolly tale about a group of regular ‘ol folks who risked it all for a chance at a better life. CrimeLess: Hillbilly Heist answers the question: what would you do with 17.3 million dollars? The answer includes diamond rings, mansions, velvet Elvis paintings, plus a run for the border, murder-for-hire-plots, and FBI busts.
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.