October 8, 2025 • 42 mins
One of the greatest threats to our financial and spiritual health isn’t inflation, taxes, or debt—it’s something deeper: covetousness. Left unchecked, it poisons our joy, drives us into unwise financial decisions, and blinds us to God’s generosity. On the next Faith & Finance Live, Rob West explores how to combat covetousness with wisdom from God’s Word. Then, it’s on to your calls. That’s Faith & Finance Live—biblical wisdom for your financial journey. That’s weekdays at 4pm Eastern/3pm Central on Moody Radio.
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Episode Transcript
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S1 (00:08):
One of the greatest threats to our financial and spiritual
health isn't inflation, taxes or debt. It's something deeper. Covetousness. Hi,
I'm Rob West. Left unchecked, it poisons our joy, drives
us into unwise financial decisions, and blinds us to God's generosity.
Today we'll explore how to combat covetousness with wisdom from
(00:30):
God's Word. Then it's on to your calls at 800
525 7000. This is faith and finance. Live. Biblical wisdom
for your financial journey. Covetousness is more than just wanting
something we don't have. It's a disordered desire that says,
I must have that to be happy, safe, or fulfilled.
(00:52):
Paul warns in Colossians three five, put to death, therefore
what is earthly in you, covetousness, which is idolatry. Notice
that covetousness isn't just bad manners, it's idolatry. Why? Because
it dethrones God and puts possessions on the throne. In finances,
this shows up in subtle ways comparing our homes to
(01:13):
our neighbors, upgrading our cars when the old one still
runs fine, or chasing investment returns out of envy. But
wisdom begins when we recognize covetousness for what it is
worship gone wrong. Now, the opposite of covetousness isn't deprivation,
it's contentment in Christ. Philippians 411 through 13 reminds us,
(01:33):
I have learned in whatever situation I am to be content.
I can do all things through him who strengthens me.
That's hopeful news. Contentment isn't natural, but it can be
learned when we trust in God's abundance. We no longer
need to hoard or grasp. Instead, we rest in his provision.
Think of Jesus feeding the 5000. He didn't panic at
(01:55):
the scarcity of loaves and fish. He gave thanks, broke
the bread and there was more than enough. That miracle
reminds us God provides beyond what we can see. So
hope doesn't come from acquiring more, but from knowing the
one who is more than enough. Let's be honest, covetousness
is everywhere and it hits all of us. Social media
(02:15):
magnifies it. Scrolling through posts of dream vacations or newly
remodeled kitchens can stir envy in seconds. For some, coveting
shows up in wanting what others wear or drive. For others,
it's the longing for the life stage someone else enjoys marriage, children, retirement.
God understands this struggle. The 10th commandment you shall not
(02:37):
covet shows he knows the human heart. But notice it
doesn't just forbid the action, it goes straight to desire.
God cares about the why behind what we want. If
you're feeling the sting of covetousness, you're not alone. The
good news is that the spirit empowers us to shift
from envy to Gratitude from restless striving to restful trust
(03:00):
at its core. Fighting covetousness is about worship. Augustine once said,
you have made us for yourself, O Lord, and our
heart is restless until it rests in you. When we
crave what others have, we're really revealing a deeper hunger
only God can satisfy. Jesus cuts to the heart in
Luke 1215. Take care and be on your guard against
(03:21):
all covetousness, for one's life does not consist in the
abundance of possessions. He then tells the parable of the
rich fool who built bigger barns to store his wealth,
but lost his soul that very night. That story warns us.
Accumulating more can never replace intimacy with God. True reverence
redirects our longing from possessions that perish to a Savior
(03:45):
who never fails. So how do we fight this in
daily life? Well, here are three financial practices rooted in Scripture. First,
practice gratitude. First Thessalonians 518 says, give thanks in all circumstances.
Gratitude shifts our eyes from what we lack to what
God has given. Consider keeping a daily list of blessings,
(04:06):
financial and otherwise. Second budget as worship. Instead of seeing
your budget as restrictive, view it as a tool for faithfulness.
Aligned dollars to giving, saving, and living in ways that
reflect God's priorities. It's a chance to say, Lord, I
want you to direct my spending. And third, give generously.
(04:27):
Nothing loosens covetousness like generosity. Paul tells Timothy they are
to do good, to be rich in good works, to
be generous and willing to share. Every time you give,
you declare. My life does not consist in what I own,
but in who owns me. These steps are not self-help tips.
They're spiritual disciplines that retrain our hearts to prioritize what
(04:51):
matters most. So how do we combat covetousness? Not by
shaming ourselves into contentment or pretending we don't feel envy.
We find it by turning our gaze toward God's abundance.
Naming covetousness is idolatry. Embracing gratitude and practicing generosity. Let
me finish with Hebrews 13 five. Keep your life free
(05:12):
from the love of money, and be content with what
you have. For he has said, I will never leave
you or forsake you. Your calls are next. We'll be
right back.
S2 (05:34):
The opinions offered during this program represent the personal or
professional opinions of the participants, given for informational purposes only.
Any information provided is not intended to replace advice from
a financial, medical, legal, or other professional who understands your
specific situation.
S1 (05:58):
Hey, thanks for joining us today on Faith and Finance
Live I'm Rob West. Really looking forward to taking your
calls and questions today. If you've got a question you'd
like to get in on the conversation, something happening in
your financial life where we can be an encouragement to you.
Provide some sound counsel out of God's Word applied to
today's financial decisions? Well, call right now. We've got some
(06:21):
lines open for you. That number 800 525 7000. Again
that number is 800 525 7000. Those questions will build
throughout the course of the program today. And so we'd
love to get you in on the conversation again. That
number 800 525 7000. Uh, in the news today, Gold's
(06:44):
record breaking surge has caught investors attention, with prices topping
4000 an ounce for the first time. However, despite its
recent shine, financial experts caution that gold's long term performance
doesn't measure up to that of other asset classes. If
you look back over the past 30 years, gold has
(07:05):
delivered an annualized return of just under 8%, compared to
north of 9% for the S&P 500 and real estate. Now,
while gold often performs well during times of uncertainties, we're
talking about government shutdowns and hence what we're experiencing right
now geopolitical tension or interest rate cuts. It tends to
(07:28):
lag behind stocks over longer periods. Equities, that is, stocks
not only offer stronger growth potential, but they also generate
income in the form of dividends that provides an income
stream that gold cannot. No income being generated by gold.
Many advisors still view gold as a useful diversifier. fire. Still,
(07:50):
we recommend keeping exposure to perhaps 5 to 10%. You
can look at exchange traded funds that track the price
of gold rather than holding physical gold. Or you can
use a combination of the two. I often recommend that 5%
allocation in a forever allocation that you might not ever
(08:10):
plan to sell, you pass it down. That's likely where
you would have your physical gold that you would secure
in a safe deposit box, or in a safe in
your home. And then if you want to ratchet it
up to a full 10% of your investable assets, perhaps
that second 5% is where you would add exposure through
an exchange traded fund, because you could ratchet that back
(08:32):
or up without a lot of expense. In fact, it's
very liquid because as an ETF, an exchange traded fund,
it trades like a stock on the market on the exchange.
Anytime it's open with the click of a button, you
can sell it or buy it. You don't have all
the extra hassle that comes with physical gold, like storing it.
Dealer markups, having to transport it, all of those things.
(08:56):
So just keep that in mind. But just be careful
that you know you don't. Chase returns and get out
of balance. You know, in the end, gold may glitter
in moments of crisis, but compounding returns from equities have
historically built more lasting wealth. So for investors seeking to
(09:16):
protect and grow their assets, discipline diversification remains far more
reliable than chasing the metals short lived momentum. Hopefully that's
a helpful reminder to you today. All right. Let's dive
into your questions here. We want to tackle whatever you're
wrestling with in your financial life. You can join the
conversation when you contact us at 800 525 7000. Again
(09:41):
that number is 800 525 7000. Let's begin today in Chicago. Thomas.
Go right ahead.
S2 (09:49):
Hello.
S1 (09:51):
Hi. How can I help you?
S3 (09:53):
I had a question. Me and my wife's 20th anniversary
is today. She'll be 62 in November, and I'll be
61 in April. We have. I'm. My life insurance is 18,000.
She has an inequity of 100,000. And the, um, work
(10:21):
has a. Account for that has 50,000. And I'm wondering,
is there an opportunity she could retire early at 62
because they changed her age to 67 for full retirement,
(10:41):
that we could Uphold our station in our father's service.
S1 (10:50):
Mm. Yes. So you're wondering if you're going to have
enough income to retire at this point.
S3 (10:56):
Right? I'm. I'm currently unemployed. I've had Medicare A and
B since 78. And when we got married, they stopped
everything because I'm the status of an adult child. I
had VA and Social Security.
S1 (11:13):
Mhm. Okay. So what do you have coming in in the,
in the form of a monthly income. Or would you,
if you were to both retire at this point.
S3 (11:22):
That's what I don't know because they changed some of
the statuses. Um, I had hadn't had an income since
2025 or 2005. Sorry.
S1 (11:33):
Okay. All right. Yeah. And so what would your income
sources be? Um, so you're you're not going to take full, uh,
Social Security. Are you talking about disability of some sort,
or what is it that you're.
S3 (11:47):
I had been receiving it from the VA and Social Security,
but they said because I was an adult child, that
I couldn't receive it because we're married. And, um, unless
they changed that status, that will remain the same. And
I have enough points to receive Social Security on my
(12:10):
own number.
S1 (12:12):
I see. Okay. And what is your full retirement age?
S3 (12:16):
I'm. I was born in 65, and I don't know
if it changed for me. She was born in 63
and hers is 67 now.
S1 (12:25):
Okay. Yeah. Um, yeah. So I think you need to
do a little bit of digging here just to figure out.
I mean, if you're born in 65, your full retirement
age is going to be 67 like hers. So anything
you take early is going to result in a permanent reduction.
As to whether you'd qualify for something else based on
VA benefits or any kind of disability, I would get
(12:49):
an appointment with the local Social Security Administration office. Go
down there, sit there face to face, go over your work,
record your health status, and get a clear understanding of
what either of you would get now. And if you
wait until full retirement age, obviously the more you can
delay this, especially if you're going to rely heavily on
(13:10):
Social Security as a primary source of income, your ability
to get that check up as high as possible before
you begin to take it is really essential. Obviously, you
know the fact that, you know, you may or may
not be in a status where health wise you can
work is going to have to play into this. But
there's a lot of moving pieces there with regard to
(13:31):
your health, your VA benefits, Social Security. There's more there
than we would be able to kind of navigate here
on the air in a couple of minutes. And so
I think your best option, Thomas, is to make that
in-person visit, go through your entire record and hers and
get a clear understanding of benefits available to you now
(13:52):
and at full retirement age. And then you're going to
have to work up that retirement budget so you can
have an honest conversation between the two of you around
what lifestyle has God called you to? What are your
monthly expenses and how much income do you need to
be able to maintain that? And then that's going to
tell the story as to what the timing of all
(14:13):
of this will ultimately be. So I realize there's a
lot of moving parts here. I think the first step
is that in-person visit with SSA to get some clarity.
I hope that helps. This is Faith and finance live.
We'll be right back. Hey, thanks for joining us today
(14:34):
on Faith and finance. Live our goal each day to
be an encouragement to you, to give you some wise
counsel and help you live as a wise and faithful steward,
holding God's money loosely. Seeing God as the owner, your
role as a manager and managing it according to biblical wisdom.
By the way, there's 2350 verses in God's Word. You know,
(14:55):
if you break them down, if you kind of bucket
them throughout the counsel of Scripture, old and New Testament,
you know, there's a portion of them that really reemphasize
this idea that God owns everything and that we're stewards.
That second bucket, if you will, is around the fact
that our spending reveals what we value. It tells a story,
and it's important to know what story is being told.
(15:18):
And perhaps if we want to change that story, it
means we ought to change our spending. And then third
is those principles in God's Word around wise money management,
things like diversification and setting long term goals and giving generously.
And we take the counsel of Scripture each day and
apply those principles and the big ideas on the heart
(15:39):
of God related to this good gift called money that
was entrusted to us by our Heavenly Father and help
you apply them to the very practical decisions and choices
you're making every day. The lines are nearly full. Lots
of great questions coming up. So let's dive right back in.
We'll go to Cleveland, Ohio. Michelle. Go ahead.
S3 (15:57):
Hello.
S1 (15:58):
Hi there. How can I serve you?
S4 (16:01):
Hi. Yes, I was trying to see, like, my husband
passed away last year and, um, unexpectedly, and, uh, um,
his life insurance. You know, my son was helping me to, like,
invest it, but I. I, um, wasn't sure if I
should pay off the house. Um. Or should I keep
(16:21):
that that portion of the money, the 19,000 that it
would pay it off and and keep it, like making money?
S1 (16:29):
Yeah. Yeah, it's a great question. I have a few
follow up questions. First of all, I'm really sorry to
hear about your husband's passing. Um. Thank you. With regard
to this mortgage, you said the balance is 19,000. What
is the interest rate?
S4 (16:42):
Uh, 6.5.
S1 (16:43):
Okay. And what do you have in liquid assets that
you would pull from for the $19,000 payoff?
S4 (16:50):
Um, well, his life insurance is. What what what I yeah,
I have he was our primary. Yeah, source of income.
I mean, I've been working. I've worked for a long time,
but he he made more money than I did.
S1 (17:03):
Sure. Okay. And so you'll have the life insurance proceeds.
Have you already received that?
S4 (17:08):
Yes. Yeah, I yeah, I have it invested in Charles
Schwab and. Okay. And he, you know, he had a
401 K which I wasn't sure. I think I heard
you talking about that. Like if I should take that
out and put that somewhere else. Yeah.
S1 (17:23):
Yeah. So if you don't mind me asking, what do
you have in terms of the life insurance proceeds that
are invested? And then what's in his 401 K.
S4 (17:31):
Yeah, he had a policy of 300,000. And so, um,
between the two, it's about 300,000 at this point.
S1 (17:40):
Okay. So the the 401 K plus what remains on
the life insurance totals 300,000. Okay.
S4 (17:47):
Right, right. Yeah. There's not much in the 401 K
at this point because I had taken some out to
fix some things and stuff.
S1 (17:53):
Got it, got it. Okay. Yeah. Very good. So the
300,000 obviously because it came by way of life insurance
is in what we call a taxable account. It's not
in any kind of retirement vehicle.
S4 (18:05):
Right.
S1 (18:05):
Yeah. Okay. And then, um, you know, on the mortgage,
I mean, I like that option a lot. Uh, you
paying it off because, you know, that's a relatively high
interest rate. I mean, it's basically comparable to what you
would get today. Maybe slightly lower rates are up near 7%.
But in terms of comparing that to safe returns on investments,
(18:27):
you know, a guaranteed 6.5% return risk free, which is
what you have when you pay off a mortgage, you
know you could earn slightly more, but with market risk
and volatility. And I think the idea that with 19,000
of this toward the mortgage, not only are you going
to save that 6.5% interest annually, but now you're going
(18:48):
to get rid of that mortgage payment, whatever that is,
and that's just going to help you live more comfortably. And,
you know, keep your monthly expenses as modest as possible.
And it's still going to leave a bulk of these
assets that small 401 K and, and what remains in
the life insurance to be invested. Now I really like
the idea, Michelle, of you getting an advisor if you
(19:10):
don't have one to help you manage this, because this
is a significant sum of money. It's obviously a critical
piece of what will be available to both provide income
for you as well as, you know, money you can
tap into down the road. Um, and so protecting it,
investing it so that it grows, but where you're not
taking too much risk. I think that's where an advisor
(19:31):
could play a really critical role. So I like the
idea of you getting the the peace of mind that
comes from paying it off, eliminating that monthly payment. And then,
you know, not having at least that portion tied up
in the market, but with what's left, you know, I
think getting some wise counsel would be really key. What
are your thoughts on that though?
S4 (19:51):
Um, yeah I agree. Yeah. I mean, when this all happened,
you know, my son, my oldest, he's 34 and he,
he already had like Charles Schwab, he's got tons of money.
Him and his wife make a ton of money. And,
you know, he's he's very well off, but, um, he,
he just, like, invested it for me. You know, he's like,
let's do this, you know? And so clearly that was
(20:12):
a good idea because I've made a lot of money.
Thank goodness. Because not that I, you know, it's just been,
you know, with losing his income was really, uh, you know,
a traumatic, uh, for, for our normal life. So I've
had to basically, you know, his that has paid the
house payments since he passed away, because I don't make
(20:33):
enough to pay all the bills and stuff. So.
S1 (20:35):
Yeah. Yeah, well, he's obviously an incredible blessing. And I'm
not saying he's not doing a fabulous job managing it.
And if he wanted to continue, that would certainly be great.
I think there is something to be said, though, about
having somebody overseeing these assets where there is a little
bit of an arm's length. You know, it's it's a
lot of responsibility for him if he's making the buy
(20:56):
and sell decisions, given that it's so central to your, uh,
you know, future financial picture. And I just think that's
a lot of pressure on him, especially if that's not
his primary occupation. If you and he are comfortable with it, great. But,
you know, I think it might make some sense and
take some pressure off him for you to find an
(21:17):
advisor to enter into the equation. You guys pray through that.
You make that call. If you did want to find
an advisor, I'd interview a couple of certified Kingdom advisors
there in Cleveland. You could go to our website and
click Find Us or just go straight there. Find a
certified Kingdom Advisor is the only industry designation of men
(21:39):
and women who've met the high standards to receive Sikayet,
which means they bring biblical financial advice and expertise. But Michelle,
I hope that helps. We appreciate your call today. Lord
bless you. We'll be right back on faith and finance.
Live some great questions coming up. Don't go anywhere. Glad
(22:06):
to have you with us today on Faith and finance live,
I'm Rob West. Let's head right back to the phones.
Fort Myers is where Charlie is located. Go ahead sir.
S5 (22:15):
Yes. Thank you so much for your program. You're you're
truly a blessing. And I, uh, I'm in a place
where you would probably give me a good counsel. Um.
Thank you. I have, uh, I'm debt free, Except for
my mortgage, I only owe around 60,000. They're 3% right now.
It isn't armed. In five years, I would have to
(22:38):
have paid it full. And I have a good friend
that has asked me if I would want to invest
some of it, which is just sitting in a savings
account in crypto. And I thought I would ask you
what percentage of that, uh, if I paid off the mortgage.
I still have a security fund like you advise an
(22:59):
emergency fund. And, um, that's that's all I have. My
property and and the savings to pay that off.
S1 (23:07):
Okay. Yeah. And what is your age, Charlie?
S5 (23:12):
I am 75. I live from my pension and Social Security.
S1 (23:16):
Okay. Got it. Uh, and that's obviously enough to cover
your monthly expenses. And do you have anything left over
at the end of the month? Typically?
S5 (23:24):
Yeah. Around. Yeah. Yeah, that's how I've been putting it into, uh,
being able to have the emergency fund and be able to.
I'm pretty close to having enough to pay it off.
S1 (23:35):
Okay. And so give me a rundown of that you
said the mortgage is sitting at. How much do you
still owe?
S5 (23:41):
Uh, I still owe around 60 something. Okay. And, uh,
it's a 3% interest. In five years. I would have
to pay it all.
S1 (23:50):
Right. And what have you accumulated? Uh, in savings.
S5 (23:55):
That that amount to around 66. About 60.
S1 (23:58):
Yeah. Okay. And that's separate from the emergency fund you said.
S5 (24:03):
Yes, sir.
S1 (24:04):
Okay. Yeah. You know, I would probably. I mean, we'll
get to the crypto here in a second. I would
probably not be looking to rush and pay that off.
I mean, I love the fact that you have the
emergency fund separate, and you'd still have it if you
paid off the mortgage. And if you felt the Lord
leading you to do that, then I'd say go for it.
But apart from that, I like you having some additional liquidity,
(24:26):
especially with that interest rate being so low on that mortgage. Um,
and if you're on track to pay it off in
the next five years, that's great. Once it's gone, then
that's going to further reduce your monthly obligations. And you
know that pension and Social Security is going to go
a little bit further without that mortgage payment. Um, I
do like you investing it. I certainly wouldn't overweight in
(24:47):
the crypto space. So I think it's important, as we
talk about cryptocurrencies to distinguish between Bitcoin and everything else.
You know, Bitcoin has progressed through many of the regulatory stages,
and it is now viewed as really a legitimate and
viable investment option, unlike the broader and more speculative crypto market.
(25:11):
But we still like looking at this as digital gold,
you know, and I think this is the way a
lot of people have come, have come to view it,
because for the first decade or so of Bitcoin's life,
many users hoped it would become an independent currency that
people could use to buy and sell outside the normal
government money system, but that view is mostly dead at
(25:34):
this point. What's replaced it is the current view of
most investors, which is that Bitcoin, like gold, is a
store of value that can protect a person's purchasing power
against the constant debasement of government currencies. And I know
it may sound crazy to call an asset that routinely
drops in value pretty dramatically, and then it rises in
(25:56):
value pretty dramatically to call it with that kind of volatility,
a store of value. And yet it has scarcity built
into its DNA because it has a strict limit of
21 million bitcoins that will ever be produced. And that
scarcity gives it appeal to investors watching the continual debasement
of fiat currencies by global governments and central banks, including
(26:20):
here in the United States. So today's Bitcoin investors like
it for a lot of the same reasons that older
investors have always liked gold. It's a separate asset class.
It can resist debasement and hold its value while other
forms of quote unquote money become less valuable over time.
So with that, I kind of like to see it
(26:41):
as a part of your gold allocation. We talked about
this earlier in the program, where I would even with
the run up in gold as of late, we're now
north of $4,000 an ounce. But just looking historically, gold
doesn't generate income, and historically it has not performed as
well as as a stock portfolio. And so I would
(27:01):
keep your gold allocation in no more than 10%. And
I would put your bitcoin allocation inside your gold allocation.
So maybe you buy 5% in gold, 5% in Bitcoin.
But I would not for you be talking about Overweighting there.
I mean we're talking $3,000 of your 60, you know,
(27:21):
not 6000 or 12,000 or 30,000. Anything like that. I
think that would be, you know, being very speculative. Which
I would not recommend for anybody listening to this program.
Certainly not somebody, you know, in the retirement season of life.
So I would say, does an allocation of $3,000 in
in a $60,000 portfolio makes sense? It certainly could. As
(27:45):
a part of your gold allocation. But I certainly wouldn't
do a lot more than that. I think with the rest,
with the bulk of that money, I'd be looking at
a properly diversified stock and bond portfolio that would come
through some high quality mutual funds. But give me your
thoughts on all that.
S5 (28:02):
So I'm sorry I missed something, but the but the crypto.
What percentage would you say of 60 over the crypto.
S1 (28:11):
Yeah. So I would, I would, I would say maybe
think of if you thought about your gold allocation being 10%
or $6,000 of your 60. I would put your bitcoin
allocation inside that. So maybe you take that 10% and
split it. Half bitcoin half gold. That would mean five 5%
(28:34):
toward the bitcoin 5% toward the gold. That's $3,000.
S5 (28:41):
Oh sounds great. I you know I'm a believer I
give to a church and other things and uh no
I believe me your wisdom is is overwhelming to me
and it's well taken and we really appreciate it.
S1 (28:54):
Well, I appreciate you. And and I will say the
simplest and probably safest approach to buying that is through
one of the Bitcoin ETFs, exchange traded funds. They track
the price without requiring the direct ownership or the digital storage,
which is just an added hassle. So that would be
the way with both the gold and Bitcoin through a
(29:16):
gold tracker ETF like GLD. And one of the Bitcoin
tracker ETFs you could very easily, you know, buy $3,000.
Each of either one of those ETFs have exposure to
both the gold and the Bitcoin. Um, you know, in
one simple transaction and you could sell it just as easily.
It's very liquid. So hopefully that helps you. Thank you
(29:38):
for your, uh, your kind remarks about the program. We
appreciate you listening. Uh, regularly. And if I can do
anything to serve you along the way, let me know.
God bless you. Let's go to Chicago. Hi, Bob. How
can I help?
S6 (29:49):
Hey, Rob West, thank you for your ministry, my friend. Well,
I appreciate that. Thank you. 30 years ago, I started
listening to Larry Burkett at the first, became a believer,
and the Lord became my savior. So, you know, for
the last 30 years, I've tried to live by the
principles and they have helped. Wow.
S1 (30:10):
Anybody you know, it's amazing to me, Bob, how many
people say exactly what you just said? is that the
late Larry Burkett made a huge impact on them. I
hear from people who say, you know what? My my
parents were listening to Larry back in the day here
on Moody Radio. I was in the back seat of
the station wagon. I soaked it in. I've been applying
it all these years. And now, uh, you know, I'm
(30:31):
the beneficiary of that godly, biblical wisdom that Larry brought
to the radio waves and his books every day. It's amazing. Hey,
let's do this. I want to hear your question. I
know you have a question about, uh, a trust and
a transfer on death deed. We'll get to that. I'm
up against a break here. So, Bob, stay right there.
We'll pick it up on the other side. Connie. Manny.
(30:52):
Coming your way as well. This is faith and finance live.
Stick around. You know, it's such a privilege to come
alongside you each day and encourage you. I got some
great news today. You know, a few weeks ago, we
had a caller. Um, she was a widow, uh, a grandmother, uh,
(31:17):
she was carrying full time for her special needs grandchildren
living on a fixed income, just really struggling to make
ends meet. A lot of medical debt. Well, one of
our amazing, moody radio listeners named Dwayne heard her story.
He called after the program, and he said, I really
want to help her. And we have a way to
do that here at Faith five. We actually have partnered
(31:37):
with a ministry called Helping Hands. They reach out whenever
we have this happen to the person in need. They
ask for a lot of information and documents and bills
and tax returns, and they do an interview. And then
if they get to the end of that process and say, yeah,
this is a real need, then the person who's providing
the funding is able to send the money to them,
(31:59):
and then they write the checks, not to the individual,
but to the bills. You know, they'll pay the monthly bills.
They'll pay the doctor bills. This ministry helping hands that
we work with, it's amazing because everybody knows that, you know,
what's being done is God honoring. And we just got
word today that this caller's case was approved, and that
(32:20):
moody radio listener is sending a substantial check to helping hands.
And as soon as they get it, they're going to
start writing checks, and they're going to be paying medical
bills and they're going to be paying utilities. It's incredible.
And so I'm just so thankful to be able to
come alongside you. You're amazing people. You're incredibly generous. And
I know I hear it in your voice when you call,
you want to honor the Lord with what he's entrusted
(32:42):
to you. And it's my privilege to be able to
encourage you in that each day. And I'm sure that's
the case for Bob. He's been listening to Larry Burkett, uh,
for many years. He's a dad. He's got three grown daughters,
and he wants to be a wise steward. So, Bob,
how can I help you do that?
S6 (32:58):
So quick question regarding I've got the house and, um,
my finances all in a trust for the girls and
wanting to find out if it would be better for
me to take that and and put the house into
a transfer on death. Or if it would be prudent
for me to keep everything in that, in that trust
(33:21):
that I do have for them.
S1 (33:22):
Yeah, it's a great question. And let me just say
on the outset, I'm not an attorney. And so when
you want legal advice, always best to get legal advice
from an attorney. However, I will say that because that
trust is already in place, like you've spent the time
and the money to put it in place, and it
sounds like you've already retitled the house in the name
of the trust. I would say leave it right there
(33:45):
because the trust offers more control. You can specify if
you want to, um, how and when your daughters receive
the property. Do they receive it equally? Do they receive
it under certain conditions? Maybe not, but it at least
offers that flexibility if you want to take advantage of it.
It's also helpful if you want to coordinate the home
(34:06):
with other assets already in the trust and the trustee
can manage the assets if you become incapacitated even prior
to death, which would not be the case for the
Todd deed. The Todd deed is cheaper. It's much simpler.
But again, if the if the cost has already been
incurred to put the trust in place and you've already
got the assets there, I would say best to keep
(34:29):
them in the trust because of the reasons I mentioned
more control, more protection and more flexibility, especially if there's
management that needs to happen prior to death. If you
were somehow incapacitated, does that make sense?
S6 (34:45):
It makes absolute sense, yes. Thank you. May I ask
another question? Of course. Would it be beneficial to have, like,
bank accounts transfer on death or some of my accounts?
I have my daughters on those with me, yes, but
with what would be the the better option there?
S1 (35:03):
Yeah. So typically with financial accounts that we're talking investment
brokerage accounts or checking or savings, you would have what's
called a beneficiary designation, which is almost identical to a
transfer on death. And you'd want to make sure that
you have those beneficiary designations in place. Now, those accounts
can also be titled in the name of the trust.
(35:23):
And then, you know, the trust would actually govern how
those are distributed. But if they're outside the trust, it's
just as simple to add the beneficiary designation to those
accounts that will pass outside of probate and outside the
trust directly to those heirs. If you wanted everything inside
the trust, it would require retitling those accounts in the
(35:45):
name of the trust.
S6 (35:48):
Excellent. Thank you very much.
S1 (35:49):
All right, Bob.
S6 (35:51):
You know, your professionalism and how you help people is
there's no no doubt where this is all coming from.
So thank you for listening to the call and taking
action on the call that you have from our Lord. So.
Well thank you.
S1 (36:07):
I appreciate that. That means a lot. And it's my
sincere privilege to be able to serve you and all
these listeners each day in this area. That's so important.
You know, we're money managers of the King of Kings.
We want to do that with great humility and a
desire to honor the Lord with all that we have,
including our resources. So, Bob, that means a lot. Thanks
for your call, sir. Call any time. Uh, let's go
(36:29):
to Ohio. Connie, how can I help you?
S7 (36:31):
Hi. Yes. I'm eligible. I will be receiving an RMD
in November, and I was wondering if it was if
I give it to my church, is it taxable for
my income tax for 2025?
S1 (36:46):
Yeah. Yeah, if you receive it and it's paid directly
to you regardless of what you do with it after
you receive it Connie, it will be taxable. It's it's
taxable income to you is the moment it comes out
as a distribution that's paid to you, even if you
later donate donated now. What is your age, if you
(37:07):
don't mind me asking?
S7 (37:08):
Ooh, 80.
S1 (37:10):
All right, let me just say it this way. If
you're over 70.5, then what you would do is you
would not have it paid to you, and instead you
would have it go directly from your IRA to your church.
And it's called a qualified charitable distribution. And when you
(37:30):
do it that way, it is not taxable to you.
And it's it satisfies your required minimum. So your RMD
that's required of you each year, as long as you're
over 70.5, you can make distributions directly to your church
or your charity. So what you would do is you
would call your brokerage firm and you'd say, listen, you know,
(37:51):
that check you were going to send me in November.
Don't send it to me anymore. I want to do
a qualified charitable distribution in the same amount that equals
or exceeds my required minimum, but I want it to
go straight to the church and they'll tell you how
to do that, and then you'll, uh, it will not
be added to your taxable income and you'll satisfy your
required minimum for the year.
S7 (38:14):
Okay, but can I do that? I can't is it
too late for this year?
S1 (38:17):
No, not at all. It just needs to be done
before December 31st.
S7 (38:21):
Oh, wonderful. Okay, I think I'll do that. Thank you
so much for your help. And I love your ministry.
S1 (38:29):
Thank you Connie, I appreciate it. Lord bless you. Uh,
let's go to Florida. Hi, Manny. How can I help?
S8 (38:34):
Um, yes, I'm looking for advice for my daughter. Um,
she's in a in a job that doesn't have a retirement, uh, program. Um,
so I'm looking for some type of advice for retirement
savings or, uh, investment, uh, for a future.
S1 (38:52):
Yeah, I love that. Uh, you're you're very wise to
recommend that to her, Manny. And it's too bad that
she doesn't have a retirement plan, because the only thing
she's going to bump into through the wrath which I love.
The wrath I'm a big fan is she's going to
bump into that, uh, you know, that contribution limit. Um,
which on the 401 K, if she were to have one, uh,
(39:13):
would be a lot higher than it is on the
Roth IRA for 2025. However, she should take full advantage
of it so she would be able to put in, um,
you know, the, the seven, uh, $7,500 for 20, 25 and, uh,
I would do that in a brokerage account, um, and
(39:35):
then get it invested into a mutual fund. Um, and
when she does that, it's going to start growing and
a tax deferred environment. Um, and actually it's 7000, not
7500 for 2025, but she should fully fund that if
she can for this year, she'll have up until she
files her 2025 return, even into 2026, as long as
(39:56):
it's before. When she files for 25, she can put
in that full $7,000, and then she could turn around
and and fund 2026 as well. Let me send you
a book. I'm going to send you the Sound Mind
Investing handbook that you can pass along to her as
our gift to you, that will begin to educate her
on a lot of these terms. And you know what
(40:18):
a Roth IRA is and how to invest. And it's
all done from a biblical perspective. And I think if
it's something where she's a learner, she's interested in exploring
this further, it'll give her some great information. But in
terms of the actual mechanics opening that Roth at Fidelity
or Schwab funding it for 25 and then moving forward
and getting it invested in some high quality mutual funds,
(40:40):
I think is the way to go.
S8 (40:42):
Thank you so very much. God bless you and everyone
involved in getting this program on the air.
S1 (40:50):
Well, thank you, Manny, I appreciate it. You stay on
the line. We'll we'll get your information and get that
book right out to you as our gift to you. Well, folks,
you all are very kind. I really appreciate your kind
remarks about the program. Let me take this opportunity to
invite you into the ministry. You know, one of the
ways you can support our work here is a listener
supported ministry and a a not for profit organization at
(41:12):
Faith find Kingdom Advisors is for you to consider a
gift to the ministry. And especially as we're now into
the fourth quarter of the year, this is a really
important time for us to hear from those who love
the program and want to support it and help us to, uh,
finish the year strong so that we can enter into
2026 for another great year of ministry. We've have some
(41:34):
incredible things coming out in the days ahead. I'm putting
the finishing touches right now on my new, uh, 21
day devotional. I wanted a resource that I could give
to anyone that says, okay, if you take the next
three weeks and you go through each day, you will
have an understanding of all of the key ideas from
(41:55):
a biblical worldview of what you need to know to
manage God's money. Uh, all of the key areas. And
that's coming out, uh, at the end of this year,
it's called, uh, the working title is Our Ultimate Treasure.
I think you're going to love it. We have a
new version of the Faith fi app coming out. We
just launched the new Faith fi. Com. We're going to
be launching our digital studies next year. Uh, just some
(42:18):
amazing things coming your way, and we can't wait to
put them in your hands. So if you'd like to
support our work, we'd certainly be grateful. Uh, just head
to our website and faith, fi. When you give at
$35 a month or more, or more than $400 a year,
you become a partner and it gets you four issues
of our magazine. Faithful Steward, all of our new studies
(42:40):
and devotions, including my new one coming out this year,
and pro access to the Faith fi app. Again, it's faithfully.
Com faith and finance is a partnership between Moody Radio
and Faith fi. Thank you to Josh Taylor, Omar and Lisa.
We'll see you tomorrow.
One of the greatest threats to our financial and spiritual
health isn't inflation, taxes or debt. It's something deeper. Covetousness. Hi,
I'm Rob West. Left unchecked, it poisons our joy, drives
us into unwise financial decisions, and blinds us to God's generosity.
Today we'll explore how to combat covetousness with wisdom from
(00:30):
God's Word. Then it's on to your calls at 800
525 7000. This is faith and finance. Live. Biblical wisdom
for your financial journey. Covetousness is more than just wanting
something we don't have. It's a disordered desire that says,
I must have that to be happy, safe, or fulfilled.
(00:52):
Paul warns in Colossians three five, put to death, therefore
what is earthly in you, covetousness, which is idolatry. Notice
that covetousness isn't just bad manners, it's idolatry. Why? Because
it dethrones God and puts possessions on the throne. In finances,
this shows up in subtle ways comparing our homes to
(01:13):
our neighbors, upgrading our cars when the old one still
runs fine, or chasing investment returns out of envy. But
wisdom begins when we recognize covetousness for what it is
worship gone wrong. Now, the opposite of covetousness isn't deprivation,
it's contentment in Christ. Philippians 411 through 13 reminds us,
(01:33):
I have learned in whatever situation I am to be content.
I can do all things through him who strengthens me.
That's hopeful news. Contentment isn't natural, but it can be
learned when we trust in God's abundance. We no longer
need to hoard or grasp. Instead, we rest in his provision.
Think of Jesus feeding the 5000. He didn't panic at
(01:55):
the scarcity of loaves and fish. He gave thanks, broke
the bread and there was more than enough. That miracle
reminds us God provides beyond what we can see. So
hope doesn't come from acquiring more, but from knowing the
one who is more than enough. Let's be honest, covetousness
is everywhere and it hits all of us. Social media
(02:15):
magnifies it. Scrolling through posts of dream vacations or newly
remodeled kitchens can stir envy in seconds. For some, coveting
shows up in wanting what others wear or drive. For others,
it's the longing for the life stage someone else enjoys marriage, children, retirement.
God understands this struggle. The 10th commandment you shall not
(02:37):
covet shows he knows the human heart. But notice it
doesn't just forbid the action, it goes straight to desire.
God cares about the why behind what we want. If
you're feeling the sting of covetousness, you're not alone. The
good news is that the spirit empowers us to shift
from envy to Gratitude from restless striving to restful trust
(03:00):
at its core. Fighting covetousness is about worship. Augustine once said,
you have made us for yourself, O Lord, and our
heart is restless until it rests in you. When we
crave what others have, we're really revealing a deeper hunger
only God can satisfy. Jesus cuts to the heart in
Luke 1215. Take care and be on your guard against
(03:21):
all covetousness, for one's life does not consist in the
abundance of possessions. He then tells the parable of the
rich fool who built bigger barns to store his wealth,
but lost his soul that very night. That story warns us.
Accumulating more can never replace intimacy with God. True reverence
redirects our longing from possessions that perish to a Savior
(03:45):
who never fails. So how do we fight this in
daily life? Well, here are three financial practices rooted in Scripture. First,
practice gratitude. First Thessalonians 518 says, give thanks in all circumstances.
Gratitude shifts our eyes from what we lack to what
God has given. Consider keeping a daily list of blessings,
(04:06):
financial and otherwise. Second budget as worship. Instead of seeing
your budget as restrictive, view it as a tool for faithfulness.
Aligned dollars to giving, saving, and living in ways that
reflect God's priorities. It's a chance to say, Lord, I
want you to direct my spending. And third, give generously.
(04:27):
Nothing loosens covetousness like generosity. Paul tells Timothy they are
to do good, to be rich in good works, to
be generous and willing to share. Every time you give,
you declare. My life does not consist in what I own,
but in who owns me. These steps are not self-help tips.
They're spiritual disciplines that retrain our hearts to prioritize what
(04:51):
matters most. So how do we combat covetousness? Not by
shaming ourselves into contentment or pretending we don't feel envy.
We find it by turning our gaze toward God's abundance.
Naming covetousness is idolatry. Embracing gratitude and practicing generosity. Let
me finish with Hebrews 13 five. Keep your life free
(05:12):
from the love of money, and be content with what
you have. For he has said, I will never leave
you or forsake you. Your calls are next. We'll be
right back.
S2 (05:34):
The opinions offered during this program represent the personal or
professional opinions of the participants, given for informational purposes only.
Any information provided is not intended to replace advice from
a financial, medical, legal, or other professional who understands your
specific situation.
S1 (05:58):
Hey, thanks for joining us today on Faith and Finance
Live I'm Rob West. Really looking forward to taking your
calls and questions today. If you've got a question you'd
like to get in on the conversation, something happening in
your financial life where we can be an encouragement to you.
Provide some sound counsel out of God's Word applied to
today's financial decisions? Well, call right now. We've got some
(06:21):
lines open for you. That number 800 525 7000. Again
that number is 800 525 7000. Those questions will build
throughout the course of the program today. And so we'd
love to get you in on the conversation again. That
number 800 525 7000. Uh, in the news today, Gold's
(06:44):
record breaking surge has caught investors attention, with prices topping
4000 an ounce for the first time. However, despite its
recent shine, financial experts caution that gold's long term performance
doesn't measure up to that of other asset classes. If
you look back over the past 30 years, gold has
(07:05):
delivered an annualized return of just under 8%, compared to
north of 9% for the S&P 500 and real estate. Now,
while gold often performs well during times of uncertainties, we're
talking about government shutdowns and hence what we're experiencing right
now geopolitical tension or interest rate cuts. It tends to
(07:28):
lag behind stocks over longer periods. Equities, that is, stocks
not only offer stronger growth potential, but they also generate
income in the form of dividends that provides an income
stream that gold cannot. No income being generated by gold.
Many advisors still view gold as a useful diversifier. fire. Still,
(07:50):
we recommend keeping exposure to perhaps 5 to 10%. You
can look at exchange traded funds that track the price
of gold rather than holding physical gold. Or you can
use a combination of the two. I often recommend that 5%
allocation in a forever allocation that you might not ever
(08:10):
plan to sell, you pass it down. That's likely where
you would have your physical gold that you would secure
in a safe deposit box, or in a safe in
your home. And then if you want to ratchet it
up to a full 10% of your investable assets, perhaps
that second 5% is where you would add exposure through
an exchange traded fund, because you could ratchet that back
(08:32):
or up without a lot of expense. In fact, it's
very liquid because as an ETF, an exchange traded fund,
it trades like a stock on the market on the exchange.
Anytime it's open with the click of a button, you
can sell it or buy it. You don't have all
the extra hassle that comes with physical gold, like storing it.
Dealer markups, having to transport it, all of those things.
(08:56):
So just keep that in mind. But just be careful
that you know you don't. Chase returns and get out
of balance. You know, in the end, gold may glitter
in moments of crisis, but compounding returns from equities have
historically built more lasting wealth. So for investors seeking to
(09:16):
protect and grow their assets, discipline diversification remains far more
reliable than chasing the metals short lived momentum. Hopefully that's
a helpful reminder to you today. All right. Let's dive
into your questions here. We want to tackle whatever you're
wrestling with in your financial life. You can join the
conversation when you contact us at 800 525 7000. Again
(09:41):
that number is 800 525 7000. Let's begin today in Chicago. Thomas.
Go right ahead.
S2 (09:49):
Hello.
S1 (09:51):
Hi. How can I help you?
S3 (09:53):
I had a question. Me and my wife's 20th anniversary
is today. She'll be 62 in November, and I'll be
61 in April. We have. I'm. My life insurance is 18,000.
She has an inequity of 100,000. And the, um, work
(10:21):
has a. Account for that has 50,000. And I'm wondering,
is there an opportunity she could retire early at 62
because they changed her age to 67 for full retirement,
(10:41):
that we could Uphold our station in our father's service.
S1 (10:50):
Mm. Yes. So you're wondering if you're going to have
enough income to retire at this point.
S3 (10:56):
Right? I'm. I'm currently unemployed. I've had Medicare A and
B since 78. And when we got married, they stopped
everything because I'm the status of an adult child. I
had VA and Social Security.
S1 (11:13):
Mhm. Okay. So what do you have coming in in the,
in the form of a monthly income. Or would you,
if you were to both retire at this point.
S3 (11:22):
That's what I don't know because they changed some of
the statuses. Um, I had hadn't had an income since
2025 or 2005. Sorry.
S1 (11:33):
Okay. All right. Yeah. And so what would your income
sources be? Um, so you're you're not going to take full, uh,
Social Security. Are you talking about disability of some sort,
or what is it that you're.
S3 (11:47):
I had been receiving it from the VA and Social Security,
but they said because I was an adult child, that
I couldn't receive it because we're married. And, um, unless
they changed that status, that will remain the same. And
I have enough points to receive Social Security on my
(12:10):
own number.
S1 (12:12):
I see. Okay. And what is your full retirement age?
S3 (12:16):
I'm. I was born in 65, and I don't know
if it changed for me. She was born in 63
and hers is 67 now.
S1 (12:25):
Okay. Yeah. Um, yeah. So I think you need to
do a little bit of digging here just to figure out.
I mean, if you're born in 65, your full retirement
age is going to be 67 like hers. So anything
you take early is going to result in a permanent reduction.
As to whether you'd qualify for something else based on
VA benefits or any kind of disability, I would get
(12:49):
an appointment with the local Social Security Administration office. Go
down there, sit there face to face, go over your work,
record your health status, and get a clear understanding of
what either of you would get now. And if you
wait until full retirement age, obviously the more you can
delay this, especially if you're going to rely heavily on
(13:10):
Social Security as a primary source of income, your ability
to get that check up as high as possible before
you begin to take it is really essential. Obviously, you
know the fact that, you know, you may or may
not be in a status where health wise you can
work is going to have to play into this. But
there's a lot of moving pieces there with regard to
(13:31):
your health, your VA benefits, Social Security. There's more there
than we would be able to kind of navigate here
on the air in a couple of minutes. And so
I think your best option, Thomas, is to make that
in-person visit, go through your entire record and hers and
get a clear understanding of benefits available to you now
(13:52):
and at full retirement age. And then you're going to
have to work up that retirement budget so you can
have an honest conversation between the two of you around
what lifestyle has God called you to? What are your
monthly expenses and how much income do you need to
be able to maintain that? And then that's going to
tell the story as to what the timing of all
(14:13):
of this will ultimately be. So I realize there's a
lot of moving parts here. I think the first step
is that in-person visit with SSA to get some clarity.
I hope that helps. This is Faith and finance live.
We'll be right back. Hey, thanks for joining us today
(14:34):
on Faith and finance. Live our goal each day to
be an encouragement to you, to give you some wise
counsel and help you live as a wise and faithful steward,
holding God's money loosely. Seeing God as the owner, your
role as a manager and managing it according to biblical wisdom.
By the way, there's 2350 verses in God's Word. You know,
(14:55):
if you break them down, if you kind of bucket
them throughout the counsel of Scripture, old and New Testament,
you know, there's a portion of them that really reemphasize
this idea that God owns everything and that we're stewards.
That second bucket, if you will, is around the fact
that our spending reveals what we value. It tells a story,
and it's important to know what story is being told.
(15:18):
And perhaps if we want to change that story, it
means we ought to change our spending. And then third
is those principles in God's Word around wise money management,
things like diversification and setting long term goals and giving generously.
And we take the counsel of Scripture each day and
apply those principles and the big ideas on the heart
(15:39):
of God related to this good gift called money that
was entrusted to us by our Heavenly Father and help
you apply them to the very practical decisions and choices
you're making every day. The lines are nearly full. Lots
of great questions coming up. So let's dive right back in.
We'll go to Cleveland, Ohio. Michelle. Go ahead.
S3 (15:57):
Hello.
S1 (15:58):
Hi there. How can I serve you?
S4 (16:01):
Hi. Yes, I was trying to see, like, my husband
passed away last year and, um, unexpectedly, and, uh, um,
his life insurance. You know, my son was helping me to, like,
invest it, but I. I, um, wasn't sure if I
should pay off the house. Um. Or should I keep
(16:21):
that that portion of the money, the 19,000 that it
would pay it off and and keep it, like making money?
S1 (16:29):
Yeah. Yeah, it's a great question. I have a few
follow up questions. First of all, I'm really sorry to
hear about your husband's passing. Um. Thank you. With regard
to this mortgage, you said the balance is 19,000. What
is the interest rate?
S4 (16:42):
Uh, 6.5.
S1 (16:43):
Okay. And what do you have in liquid assets that
you would pull from for the $19,000 payoff?
S4 (16:50):
Um, well, his life insurance is. What what what I yeah,
I have he was our primary. Yeah, source of income.
I mean, I've been working. I've worked for a long time,
but he he made more money than I did.
S1 (17:03):
Sure. Okay. And so you'll have the life insurance proceeds.
Have you already received that?
S4 (17:08):
Yes. Yeah, I yeah, I have it invested in Charles
Schwab and. Okay. And he, you know, he had a
401 K which I wasn't sure. I think I heard
you talking about that. Like if I should take that
out and put that somewhere else. Yeah.
S1 (17:23):
Yeah. So if you don't mind me asking, what do
you have in terms of the life insurance proceeds that
are invested? And then what's in his 401 K.
S4 (17:31):
Yeah, he had a policy of 300,000. And so, um,
between the two, it's about 300,000 at this point.
S1 (17:40):
Okay. So the the 401 K plus what remains on
the life insurance totals 300,000. Okay.
S4 (17:47):
Right, right. Yeah. There's not much in the 401 K
at this point because I had taken some out to
fix some things and stuff.
S1 (17:53):
Got it, got it. Okay. Yeah. Very good. So the
300,000 obviously because it came by way of life insurance
is in what we call a taxable account. It's not
in any kind of retirement vehicle.
S4 (18:05):
Right.
S1 (18:05):
Yeah. Okay. And then, um, you know, on the mortgage,
I mean, I like that option a lot. Uh, you
paying it off because, you know, that's a relatively high
interest rate. I mean, it's basically comparable to what you
would get today. Maybe slightly lower rates are up near 7%.
But in terms of comparing that to safe returns on investments,
(18:27):
you know, a guaranteed 6.5% return risk free, which is
what you have when you pay off a mortgage, you
know you could earn slightly more, but with market risk
and volatility. And I think the idea that with 19,000
of this toward the mortgage, not only are you going
to save that 6.5% interest annually, but now you're going
(18:48):
to get rid of that mortgage payment, whatever that is,
and that's just going to help you live more comfortably. And,
you know, keep your monthly expenses as modest as possible.
And it's still going to leave a bulk of these
assets that small 401 K and, and what remains in
the life insurance to be invested. Now I really like
the idea, Michelle, of you getting an advisor if you
(19:10):
don't have one to help you manage this, because this
is a significant sum of money. It's obviously a critical
piece of what will be available to both provide income
for you as well as, you know, money you can
tap into down the road. Um, and so protecting it,
investing it so that it grows, but where you're not
taking too much risk. I think that's where an advisor
(19:31):
could play a really critical role. So I like the
idea of you getting the the peace of mind that
comes from paying it off, eliminating that monthly payment. And then,
you know, not having at least that portion tied up
in the market, but with what's left, you know, I
think getting some wise counsel would be really key. What
are your thoughts on that though?
S4 (19:51):
Um, yeah I agree. Yeah. I mean, when this all happened,
you know, my son, my oldest, he's 34 and he,
he already had like Charles Schwab, he's got tons of money.
Him and his wife make a ton of money. And,
you know, he's he's very well off, but, um, he,
he just, like, invested it for me. You know, he's like,
let's do this, you know? And so clearly that was
(20:12):
a good idea because I've made a lot of money.
Thank goodness. Because not that I, you know, it's just been,
you know, with losing his income was really, uh, you know,
a traumatic, uh, for, for our normal life. So I've
had to basically, you know, his that has paid the
house payments since he passed away, because I don't make
(20:33):
enough to pay all the bills and stuff. So.
S1 (20:35):
Yeah. Yeah, well, he's obviously an incredible blessing. And I'm
not saying he's not doing a fabulous job managing it.
And if he wanted to continue, that would certainly be great.
I think there is something to be said, though, about
having somebody overseeing these assets where there is a little
bit of an arm's length. You know, it's it's a
lot of responsibility for him if he's making the buy
(20:56):
and sell decisions, given that it's so central to your, uh,
you know, future financial picture. And I just think that's
a lot of pressure on him, especially if that's not
his primary occupation. If you and he are comfortable with it, great. But,
you know, I think it might make some sense and
take some pressure off him for you to find an
(21:17):
advisor to enter into the equation. You guys pray through that.
You make that call. If you did want to find
an advisor, I'd interview a couple of certified Kingdom advisors
there in Cleveland. You could go to our website and
click Find Us or just go straight there. Find a
certified Kingdom Advisor is the only industry designation of men
(21:39):
and women who've met the high standards to receive Sikayet,
which means they bring biblical financial advice and expertise. But Michelle,
I hope that helps. We appreciate your call today. Lord
bless you. We'll be right back on faith and finance.
Live some great questions coming up. Don't go anywhere. Glad
(22:06):
to have you with us today on Faith and finance live,
I'm Rob West. Let's head right back to the phones.
Fort Myers is where Charlie is located. Go ahead sir.
S5 (22:15):
Yes. Thank you so much for your program. You're you're
truly a blessing. And I, uh, I'm in a place
where you would probably give me a good counsel. Um.
Thank you. I have, uh, I'm debt free, Except for
my mortgage, I only owe around 60,000. They're 3% right now.
It isn't armed. In five years, I would have to
(22:38):
have paid it full. And I have a good friend
that has asked me if I would want to invest
some of it, which is just sitting in a savings
account in crypto. And I thought I would ask you
what percentage of that, uh, if I paid off the mortgage.
I still have a security fund like you advise an
(22:59):
emergency fund. And, um, that's that's all I have. My
property and and the savings to pay that off.
S1 (23:07):
Okay. Yeah. And what is your age, Charlie?
S5 (23:12):
I am 75. I live from my pension and Social Security.
S1 (23:16):
Okay. Got it. Uh, and that's obviously enough to cover
your monthly expenses. And do you have anything left over
at the end of the month? Typically?
S5 (23:24):
Yeah. Around. Yeah. Yeah, that's how I've been putting it into, uh,
being able to have the emergency fund and be able to.
I'm pretty close to having enough to pay it off.
S1 (23:35):
Okay. And so give me a rundown of that you
said the mortgage is sitting at. How much do you
still owe?
S5 (23:41):
Uh, I still owe around 60 something. Okay. And, uh,
it's a 3% interest. In five years. I would have
to pay it all.
S1 (23:50):
Right. And what have you accumulated? Uh, in savings.
S5 (23:55):
That that amount to around 66. About 60.
S1 (23:58):
Yeah. Okay. And that's separate from the emergency fund you said.
S5 (24:03):
Yes, sir.
S1 (24:04):
Okay. Yeah. You know, I would probably. I mean, we'll
get to the crypto here in a second. I would
probably not be looking to rush and pay that off.
I mean, I love the fact that you have the
emergency fund separate, and you'd still have it if you
paid off the mortgage. And if you felt the Lord
leading you to do that, then I'd say go for it.
But apart from that, I like you having some additional liquidity,
(24:26):
especially with that interest rate being so low on that mortgage. Um,
and if you're on track to pay it off in
the next five years, that's great. Once it's gone, then
that's going to further reduce your monthly obligations. And you
know that pension and Social Security is going to go
a little bit further without that mortgage payment. Um, I
do like you investing it. I certainly wouldn't overweight in
(24:47):
the crypto space. So I think it's important, as we
talk about cryptocurrencies to distinguish between Bitcoin and everything else.
You know, Bitcoin has progressed through many of the regulatory stages,
and it is now viewed as really a legitimate and
viable investment option, unlike the broader and more speculative crypto market.
(25:11):
But we still like looking at this as digital gold,
you know, and I think this is the way a
lot of people have come, have come to view it,
because for the first decade or so of Bitcoin's life,
many users hoped it would become an independent currency that
people could use to buy and sell outside the normal
government money system, but that view is mostly dead at
(25:34):
this point. What's replaced it is the current view of
most investors, which is that Bitcoin, like gold, is a
store of value that can protect a person's purchasing power
against the constant debasement of government currencies. And I know
it may sound crazy to call an asset that routinely
drops in value pretty dramatically, and then it rises in
(25:56):
value pretty dramatically to call it with that kind of volatility,
a store of value. And yet it has scarcity built
into its DNA because it has a strict limit of
21 million bitcoins that will ever be produced. And that
scarcity gives it appeal to investors watching the continual debasement
of fiat currencies by global governments and central banks, including
(26:20):
here in the United States. So today's Bitcoin investors like
it for a lot of the same reasons that older
investors have always liked gold. It's a separate asset class.
It can resist debasement and hold its value while other
forms of quote unquote money become less valuable over time.
So with that, I kind of like to see it
(26:41):
as a part of your gold allocation. We talked about
this earlier in the program, where I would even with
the run up in gold as of late, we're now
north of $4,000 an ounce. But just looking historically, gold
doesn't generate income, and historically it has not performed as
well as as a stock portfolio. And so I would
(27:01):
keep your gold allocation in no more than 10%. And
I would put your bitcoin allocation inside your gold allocation.
So maybe you buy 5% in gold, 5% in Bitcoin.
But I would not for you be talking about Overweighting there.
I mean we're talking $3,000 of your 60, you know,
(27:21):
not 6000 or 12,000 or 30,000. Anything like that. I
think that would be, you know, being very speculative. Which
I would not recommend for anybody listening to this program.
Certainly not somebody, you know, in the retirement season of life.
So I would say, does an allocation of $3,000 in
in a $60,000 portfolio makes sense? It certainly could. As
(27:45):
a part of your gold allocation. But I certainly wouldn't
do a lot more than that. I think with the rest,
with the bulk of that money, I'd be looking at
a properly diversified stock and bond portfolio that would come
through some high quality mutual funds. But give me your
thoughts on all that.
S5 (28:02):
So I'm sorry I missed something, but the but the crypto.
What percentage would you say of 60 over the crypto.
S1 (28:11):
Yeah. So I would, I would, I would say maybe
think of if you thought about your gold allocation being 10%
or $6,000 of your 60. I would put your bitcoin
allocation inside that. So maybe you take that 10% and
split it. Half bitcoin half gold. That would mean five 5%
(28:34):
toward the bitcoin 5% toward the gold. That's $3,000.
S5 (28:41):
Oh sounds great. I you know I'm a believer I
give to a church and other things and uh no
I believe me your wisdom is is overwhelming to me
and it's well taken and we really appreciate it.
S1 (28:54):
Well, I appreciate you. And and I will say the
simplest and probably safest approach to buying that is through
one of the Bitcoin ETFs, exchange traded funds. They track
the price without requiring the direct ownership or the digital storage,
which is just an added hassle. So that would be
the way with both the gold and Bitcoin through a
(29:16):
gold tracker ETF like GLD. And one of the Bitcoin
tracker ETFs you could very easily, you know, buy $3,000.
Each of either one of those ETFs have exposure to
both the gold and the Bitcoin. Um, you know, in
one simple transaction and you could sell it just as easily.
It's very liquid. So hopefully that helps you. Thank you
(29:38):
for your, uh, your kind remarks about the program. We
appreciate you listening. Uh, regularly. And if I can do
anything to serve you along the way, let me know.
God bless you. Let's go to Chicago. Hi, Bob. How
can I help?
S6 (29:49):
Hey, Rob West, thank you for your ministry, my friend. Well,
I appreciate that. Thank you. 30 years ago, I started
listening to Larry Burkett at the first, became a believer,
and the Lord became my savior. So, you know, for
the last 30 years, I've tried to live by the
principles and they have helped. Wow.
S1 (30:10):
Anybody you know, it's amazing to me, Bob, how many
people say exactly what you just said? is that the
late Larry Burkett made a huge impact on them. I
hear from people who say, you know what? My my
parents were listening to Larry back in the day here
on Moody Radio. I was in the back seat of
the station wagon. I soaked it in. I've been applying
it all these years. And now, uh, you know, I'm
(30:31):
the beneficiary of that godly, biblical wisdom that Larry brought
to the radio waves and his books every day. It's amazing. Hey,
let's do this. I want to hear your question. I
know you have a question about, uh, a trust and
a transfer on death deed. We'll get to that. I'm
up against a break here. So, Bob, stay right there.
We'll pick it up on the other side. Connie. Manny.
(30:52):
Coming your way as well. This is faith and finance live.
Stick around. You know, it's such a privilege to come
alongside you each day and encourage you. I got some
great news today. You know, a few weeks ago, we
had a caller. Um, she was a widow, uh, a grandmother, uh,
(31:17):
she was carrying full time for her special needs grandchildren
living on a fixed income, just really struggling to make
ends meet. A lot of medical debt. Well, one of
our amazing, moody radio listeners named Dwayne heard her story.
He called after the program, and he said, I really
want to help her. And we have a way to
do that here at Faith five. We actually have partnered
(31:37):
with a ministry called Helping Hands. They reach out whenever
we have this happen to the person in need. They
ask for a lot of information and documents and bills
and tax returns, and they do an interview. And then
if they get to the end of that process and say, yeah,
this is a real need, then the person who's providing
the funding is able to send the money to them,
(31:59):
and then they write the checks, not to the individual,
but to the bills. You know, they'll pay the monthly bills.
They'll pay the doctor bills. This ministry helping hands that
we work with, it's amazing because everybody knows that, you know,
what's being done is God honoring. And we just got
word today that this caller's case was approved, and that
(32:20):
moody radio listener is sending a substantial check to helping hands.
And as soon as they get it, they're going to
start writing checks, and they're going to be paying medical
bills and they're going to be paying utilities. It's incredible.
And so I'm just so thankful to be able to
come alongside you. You're amazing people. You're incredibly generous. And
I know I hear it in your voice when you call,
you want to honor the Lord with what he's entrusted
(32:42):
to you. And it's my privilege to be able to
encourage you in that each day. And I'm sure that's
the case for Bob. He's been listening to Larry Burkett, uh,
for many years. He's a dad. He's got three grown daughters,
and he wants to be a wise steward. So, Bob,
how can I help you do that?
S6 (32:58):
So quick question regarding I've got the house and, um,
my finances all in a trust for the girls and
wanting to find out if it would be better for
me to take that and and put the house into
a transfer on death. Or if it would be prudent
for me to keep everything in that, in that trust
(33:21):
that I do have for them.
S1 (33:22):
Yeah, it's a great question. And let me just say
on the outset, I'm not an attorney. And so when
you want legal advice, always best to get legal advice
from an attorney. However, I will say that because that
trust is already in place, like you've spent the time
and the money to put it in place, and it
sounds like you've already retitled the house in the name
of the trust. I would say leave it right there
(33:45):
because the trust offers more control. You can specify if
you want to, um, how and when your daughters receive
the property. Do they receive it equally? Do they receive
it under certain conditions? Maybe not, but it at least
offers that flexibility if you want to take advantage of it.
It's also helpful if you want to coordinate the home
(34:06):
with other assets already in the trust and the trustee
can manage the assets if you become incapacitated even prior
to death, which would not be the case for the
Todd deed. The Todd deed is cheaper. It's much simpler.
But again, if the if the cost has already been
incurred to put the trust in place and you've already
got the assets there, I would say best to keep
(34:29):
them in the trust because of the reasons I mentioned
more control, more protection and more flexibility, especially if there's
management that needs to happen prior to death. If you
were somehow incapacitated, does that make sense?
S6 (34:45):
It makes absolute sense, yes. Thank you. May I ask
another question? Of course. Would it be beneficial to have, like,
bank accounts transfer on death or some of my accounts?
I have my daughters on those with me, yes, but
with what would be the the better option there?
S1 (35:03):
Yeah. So typically with financial accounts that we're talking investment
brokerage accounts or checking or savings, you would have what's
called a beneficiary designation, which is almost identical to a
transfer on death. And you'd want to make sure that
you have those beneficiary designations in place. Now, those accounts
can also be titled in the name of the trust.
(35:23):
And then, you know, the trust would actually govern how
those are distributed. But if they're outside the trust, it's
just as simple to add the beneficiary designation to those
accounts that will pass outside of probate and outside the
trust directly to those heirs. If you wanted everything inside
the trust, it would require retitling those accounts in the
(35:45):
name of the trust.
S6 (35:48):
Excellent. Thank you very much.
S1 (35:49):
All right, Bob.
S6 (35:51):
You know, your professionalism and how you help people is
there's no no doubt where this is all coming from.
So thank you for listening to the call and taking
action on the call that you have from our Lord. So.
Well thank you.
S1 (36:07):
I appreciate that. That means a lot. And it's my
sincere privilege to be able to serve you and all
these listeners each day in this area. That's so important.
You know, we're money managers of the King of Kings.
We want to do that with great humility and a
desire to honor the Lord with all that we have,
including our resources. So, Bob, that means a lot. Thanks
for your call, sir. Call any time. Uh, let's go
(36:29):
to Ohio. Connie, how can I help you?
S7 (36:31):
Hi. Yes. I'm eligible. I will be receiving an RMD
in November, and I was wondering if it was if
I give it to my church, is it taxable for
my income tax for 2025?
S1 (36:46):
Yeah. Yeah, if you receive it and it's paid directly
to you regardless of what you do with it after
you receive it Connie, it will be taxable. It's it's
taxable income to you is the moment it comes out
as a distribution that's paid to you, even if you
later donate donated now. What is your age, if you
(37:07):
don't mind me asking?
S7 (37:08):
Ooh, 80.
S1 (37:10):
All right, let me just say it this way. If
you're over 70.5, then what you would do is you
would not have it paid to you, and instead you
would have it go directly from your IRA to your church.
And it's called a qualified charitable distribution. And when you
(37:30):
do it that way, it is not taxable to you.
And it's it satisfies your required minimum. So your RMD
that's required of you each year, as long as you're
over 70.5, you can make distributions directly to your church
or your charity. So what you would do is you
would call your brokerage firm and you'd say, listen, you know,
(37:51):
that check you were going to send me in November.
Don't send it to me anymore. I want to do
a qualified charitable distribution in the same amount that equals
or exceeds my required minimum, but I want it to
go straight to the church and they'll tell you how
to do that, and then you'll, uh, it will not
be added to your taxable income and you'll satisfy your
required minimum for the year.
S7 (38:14):
Okay, but can I do that? I can't is it
too late for this year?
S1 (38:17):
No, not at all. It just needs to be done
before December 31st.
S7 (38:21):
Oh, wonderful. Okay, I think I'll do that. Thank you
so much for your help. And I love your ministry.
S1 (38:29):
Thank you Connie, I appreciate it. Lord bless you. Uh,
let's go to Florida. Hi, Manny. How can I help?
S8 (38:34):
Um, yes, I'm looking for advice for my daughter. Um,
she's in a in a job that doesn't have a retirement, uh, program. Um,
so I'm looking for some type of advice for retirement
savings or, uh, investment, uh, for a future.
S1 (38:52):
Yeah, I love that. Uh, you're you're very wise to
recommend that to her, Manny. And it's too bad that
she doesn't have a retirement plan, because the only thing
she's going to bump into through the wrath which I love.
The wrath I'm a big fan is she's going to
bump into that, uh, you know, that contribution limit. Um,
which on the 401 K, if she were to have one, uh,
(39:13):
would be a lot higher than it is on the
Roth IRA for 2025. However, she should take full advantage
of it so she would be able to put in, um,
you know, the, the seven, uh, $7,500 for 20, 25 and, uh,
I would do that in a brokerage account, um, and
(39:35):
then get it invested into a mutual fund. Um, and
when she does that, it's going to start growing and
a tax deferred environment. Um, and actually it's 7000, not
7500 for 2025, but she should fully fund that if
she can for this year, she'll have up until she
files her 2025 return, even into 2026, as long as
(39:56):
it's before. When she files for 25, she can put
in that full $7,000, and then she could turn around
and and fund 2026 as well. Let me send you
a book. I'm going to send you the Sound Mind
Investing handbook that you can pass along to her as
our gift to you, that will begin to educate her
on a lot of these terms. And you know what
(40:18):
a Roth IRA is and how to invest. And it's
all done from a biblical perspective. And I think if
it's something where she's a learner, she's interested in exploring
this further, it'll give her some great information. But in
terms of the actual mechanics opening that Roth at Fidelity
or Schwab funding it for 25 and then moving forward
and getting it invested in some high quality mutual funds,
(40:40):
I think is the way to go.
S8 (40:42):
Thank you so very much. God bless you and everyone
involved in getting this program on the air.
S1 (40:50):
Well, thank you, Manny, I appreciate it. You stay on
the line. We'll we'll get your information and get that
book right out to you as our gift to you. Well, folks,
you all are very kind. I really appreciate your kind
remarks about the program. Let me take this opportunity to
invite you into the ministry. You know, one of the
ways you can support our work here is a listener
supported ministry and a a not for profit organization at
(41:12):
Faith find Kingdom Advisors is for you to consider a
gift to the ministry. And especially as we're now into
the fourth quarter of the year, this is a really
important time for us to hear from those who love
the program and want to support it and help us to, uh,
finish the year strong so that we can enter into
2026 for another great year of ministry. We've have some
(41:34):
incredible things coming out in the days ahead. I'm putting
the finishing touches right now on my new, uh, 21
day devotional. I wanted a resource that I could give
to anyone that says, okay, if you take the next
three weeks and you go through each day, you will
have an understanding of all of the key ideas from
(41:55):
a biblical worldview of what you need to know to
manage God's money. Uh, all of the key areas. And
that's coming out, uh, at the end of this year,
it's called, uh, the working title is Our Ultimate Treasure.
I think you're going to love it. We have a
new version of the Faith fi app coming out. We
just launched the new Faith fi. Com. We're going to
be launching our digital studies next year. Uh, just some
(42:18):
amazing things coming your way, and we can't wait to
put them in your hands. So if you'd like to
support our work, we'd certainly be grateful. Uh, just head
to our website and faith, fi. When you give at
$35 a month or more, or more than $400 a year,
you become a partner and it gets you four issues
of our magazine. Faithful Steward, all of our new studies
(42:40):
and devotions, including my new one coming out this year,
and pro access to the Faith fi app. Again, it's faithfully.
Com faith and finance is a partnership between Moody Radio
and Faith fi. Thank you to Josh Taylor, Omar and Lisa.
We'll see you tomorrow.
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