June 16, 2025 • 42 mins
If you’re the “money person” in your marriage, you may think you’re doing everything right. But what if your spouse feels shut out of the process? It happens more than you think. On today's Faith & Finance Live, Shaunti Feldhahn will join Rob West to talk about how you can avoid that disconnect or fix it if necessary. Then, Rob will answer your calls and financial questions.
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Episode Transcript
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S1 (00:08):
What if being great with money doesn't guarantee you're doing
great with your spouse? Hi, I'm Rob West. If you're
the money person in your marriage, you may think you're
doing everything right. But what if your spouse feels shut
out of the process? It happens more than you think.
Shaunti Feldhahn joins us today to talk about how you
can avoid that disconnect or fix it if need be.
(00:30):
And then it's on to your calls at 800 525 7000.
That's 800 525 7000. This is faith in finance. Live.
Biblical wisdom for your financial journey. Well, it's always a
joy to welcome back relationship expert and researcher Shaunti Feldhahn.
(00:50):
She's the best selling author of numerous books on marriage
and relationships, including Thriving in Love and Money, co-authored with
her husband, Jeff. Shanti. Great to have you back on
the program.
S2 (01:02):
It's always great to be with you.
S1 (01:05):
We look forward to it. And boy, this is a
topic that I'm excited about covering because I think it
happens much more often than we might imagine. As you
well know, you have a new article in our Faithful
Steward magazine. It's titled A Penny for Your Thoughts. If
you are money minded, don't silence your spouse. So let's
begin with that. What's the key takeaway? Shanti. You hope
(01:28):
readers remember after reading this.
S2 (01:30):
Well, here's the main thing is that I think that
a lot of money people who sort of, by definition,
is anybody listening to your program. Yeah. That they don't
realize how often they might be signaling to their spouse
this message that, you know, I'm kind of right, you're
kind of necessarily wrong, and your opinions may not matter. Um,
(01:56):
and we we spend a lot of time, we spend
a lot of energy trying to, you know, figure out
what the sort of the financial plan is and all
that kind of stuff, which is fantastic. Yeah. But what
happens to your marriage if one person doesn't feel like
what they value is honored?
S1 (02:15):
Yes. Well, there's no question about it. And I know
the issue of honoring what each person values is so key.
And that was a big realization, obviously, in the work
you did for Thriving in Love and Money, what did
you and Jeff discover about how spouses perceive each other's
financial judgment? Uh, in marriage?
S2 (02:37):
Well, it was it was actually really interesting to to
notice that we asked it in multiple different ways on
the survey, and it always came out to being about
two thirds of people kind of thought their way was right. Interesting.
And and that they knew more than what their spouse
did about okay, I know more about how to manage
for our well-being and maybe the long term well-being rather
(03:00):
than the short term. Um, and so what that means
is kind of like the we're all above average drivers.
We all we all have that kind of that mindset,
and that's fine. Again, like everybody has their opinion. But
here's the problem. Is that where the money person again,
probably the person listening to this, um, where the money
(03:22):
person feels like, well, of course we need to handle
things this way. The person who may be less interested in,
you know, listening to the money radio programs or reading
the money books, they may feel completely that their opinion
is dismissed. Yes. And that is just not good for
the long term. And I honestly don't think, based again
(03:46):
on the statistics, that most money people realize they're even
doing that.
S1 (03:50):
Yeah. Now we can acknowledge this radio show is the exception.
Everybody wants to listen to it. But most financial shows. Yeah, absolutely.
S2 (03:58):
Yes, absolutely.
S1 (04:00):
Now this can lead of course, to tension. And really Shanti,
it comes down to this or that. Right. So the
vacation or the college fund and depending on what you
value and how you've, you know, grown up and what
your environment was and your temperament that can lead to
valuing different things for one spouse versus the other. Right.
S2 (04:21):
Oh, of course. And this is one of the things
that we found was depending on the survey question, depending
on how we asked it, this happened in more than 80%
of couples, where you just value different things and you
don't realize that you're thinking, for example, well, of course,
it's just obvious that we need to save for, for example,
(04:43):
our kids college fund. Or maybe it's the grandkids college
fund where the other spouse is thinking. Of course, it's
just obvious that now is the time, while they're young,
to go to Disney World and enjoy it while they're young.
And that neither is wrong or right. You're just different.
S1 (05:01):
Yeah, that's exactly right. And if you're not careful, this
can spill out in the marriage well beyond the finances.
So what's the solution? Well, we'll give you some steps
to be more intentional about involving each other in financial
decisions with us today. Shaunti Feldhahn, author of Thriving in
Love and Money. Back with more after this. Don't go anywhere.
(05:32):
So are you the money person in your marriage? Do
you think you're getting everything right? But perhaps your spouse
feels shut out of the process? Well, we've got help
for you today. Shaunti Feldhahn is here. She's a regular
contributor on the program. She's the author with her husband, Jeff,
of Thriving in Love and Money. An incredible book. It's
(05:53):
a must read on money and marriage. It can be
a game changer in your life. She's also the author
of the article in our recent edition of Faithful Steward,
our magazine of a penny for your thoughts. If you're
money minded, don't silence your spouse. And if you want
to receive for issues of Faithful Steward each year, plus
our new studies and devotionals, become a faithful partner. When
(06:15):
you go to faithful com, just click give at the
top of the page. Well, Shante, before the break we
were talking about how so often that spouse that is
not money inclined, they don't get excited about the spending
plan and they don't necessarily like paying the bills, but
that doesn't mean they don't have things that they value.
We all do, but they may be different, and perhaps
(06:37):
we're unintentionally communicating or practically leaving one spouse out completely
of the conversation. And that can go beyond even the finances,
can it?
S2 (06:47):
Well, it often does go beyond the finances because, I mean,
think about it. How would you feel if you felt
like your spouse just completely didn't care about what you're
trying to say? You know, what is it that is
the most dangerous here? Is it the the risk to
the budget or the risk to the marriage? And I
(07:08):
think that that's what a lot of folks on all
sides of this equation, by the way, I'm not I'm
not just trying to hammer the money people out there. Sure. Um,
but I think that's a lot of what people don't recognize.
We ended up doing a pretty extensive analysis of, um,
what some of the biggest risks were in these situations.
(07:29):
And it we found out that the biggest thing by
far that can cause issues is resentment, and that if
one spouse starts to feel one spouse, okay, not necessarily both.
It can happen if just one spouse feels this way,
if one spouse starts to feel resentment and starts to
feel like you just seem to think that your way
(07:51):
is the only way, and that therefore my way doesn't matter.
That starts this domino effect of all these other issues
that never had to happen. And so that's what I'm
trying to sound the alarm about, is just for people
to be aware of the need to listen to things
that maybe they didn't think kind of subconsciously, maybe weren't
(08:15):
they didn't think they were worth listening to because, well,
my spouse isn't a money person and I'm the planner,
and so they need to listen to me treat that
very carefully.
S1 (08:23):
Yeah. Now, Shante, one thing and this won't be a
surprise to you. I know you've heard it yourself, but
we hear a lot from the Certified Kingdom Advisors. Is
this can happen in your advisor's office, where your advisor
is talking to one spouse and not the other. Right?
S2 (08:38):
Yes. And that was actually an example that we heard
because as you I think, know, we ended up doing
some conversations Is that one of the Kingdom Advisors conference
and doing some interviews. And when I was speaking there
at 1 or 2 of the times I was speaking there,
and that was something that we heard frequently from the
Kingdom Advisors, was that there is a tendency that they
(09:02):
have to fight to talk to both the spouses. And frankly,
many of them said to get both the spouses in
the room, because often, you know, one will say, well,
I'll just let the money person. They'll they'll just go,
which is fine sometimes, right? Nothing wrong with that. Um,
and yet that means, by definition, if you're not touching
(09:24):
base with both of them purposefully, you are only hearing
what one person values. And over time again, may not
be a big deal. Yeah, you know, in the short term.
But over time, you know, that analogy of a 2%
degree off in a plane that's flying. It leads to
a different continent. Yes, that could cause an issue.
S1 (09:46):
The vector principle. That is a powerful idea. All right, well,
let's help our listeners break through, then. Today's shanty. So
for couples who want to be more intentional about involving
each other in financial decisions, what advice do you have?
S2 (10:00):
Okay, so in the article that you've mentioned a couple times,
I suggest three steps. There's many different ways you could
do this, but this is sort of an easy way.
The first one is to sit down at some non-emotional
time and you know you're having coffee in the morning,
say and say, okay, on a scale of 1 to 5,
(10:21):
how heard and how valued do you feel in our
financial decisions? So whoever the money person is that's listening
to this, ask your spouse that and then, you know,
trade off and ask each other. Right. And here is
the key. This is step two that comes from it.
If you hear anything less than a five. Like if
(10:43):
your spouse says, well, kind of a three, like take
that as honestly a bit of a red flashing warning light.
Like that's something that it should be a five. Like
every person, every marriage, whether everybody agrees with one another,
everyone should say, you know what? I know we don't
always like, have the same opinions, but yeah, I totally
(11:06):
feel heard. I feel like my what I care about
is incorporated. If it's not, then you need to have
a really honest conversation about why that is.
S1 (11:16):
Yeah, that is so good because that opens up the conversation.
And that's obviously the key to making progress now. I
know there's a particular chapter in Thriving in Love and
Money that could be really helpful here as we try
to uncover each other's money values. Right?
S2 (11:32):
Yes. And that is actually step three that I mentioned
in the article. Um, because it's the chapter that we
put together based on seeing all these different types of
money values. Now, that might sound funny, but there are
a bunch of different ways that people view money and
it could be like you value. I mean, this is silly,
(11:53):
but do you value things versus experiences? Like, yeah, you think,
you know, it makes perfect sense to spend $1,000 on
the big, you know, beautiful monitors that you use for
your computer, but $1,000 for a weekend away. Yeah. You know,
you might think that that's wasted money. So everybody has
(12:13):
these different kind of perceptions of money values. And so
what we did in chapter three of Thriving in Love
and Money was we actually outlined what all of those
are so that you can read it together. The whole
point behind the way that we designed the book was
so that you could read it together, and even sometimes
(12:35):
people read it out loud to each other and take notes,
or maybe if it's uncomfortable to do that, read it
separately and write notes on what you value in the
margin so that when your spouse reads what you've said,
you so you. When you read what each other have said,
you're actually reading a personalized copy. You're you're saying, oh
my goodness. Yes. You know, I value time over money
(12:59):
like I will spend. This is a personal example. What
Jeff and I found out when we started doing we
actually did this, was that I totally value the ability
to pay for like a movie ticket ahead of time,
even though it adds $1.50 to each ticket to to,
you know, for the convenience fee. So I don't have
to get to the theater, you know, half an hour
(13:21):
early to get a, get a good seat like that
is completely of course, I'm going to do that where
Jeff is like, are you kidding? Get there half an
hour early.
S1 (13:32):
Yeah, exactly.
S2 (13:34):
And we would never have figured that out if we
hadn't actually gone through that process.
S1 (13:39):
Oh, Shanti! This is so good. And we've just scratched
the surface. So, folks, pick up a copy of her book.
It can be a game changer in your relationship. It's
called Thriving in Love and Money. Five game changing insights
about your relationship, your money, and yourself. You can also
check out Shanti's article in Faithful Steward Faith Fi's new
(14:00):
quarterly magazine designed to help you connect your faith with
your finances for the glory of God. Just go to
faith.com and click give. We'll be back with your questions
after this. 800 525 7000. That's 800 525 7000. I'm
Rob West and this is Faith and finance. Live biblical
(14:20):
wisdom for your financial journey. We'll be right back. Great
to have you with us today on Faith in finance live.
I'm Rob Westpoint. Looking forward to taking your calls and
questions today. Now's the time to call if you've got
something you've been wrestling with, maybe over the weekend. You
(14:41):
and your brother in law have been trying to figure
out the best way forward for something you've been wrestling with.
He has an opinion. You have an opinion. You can't
settle on it. I'd love to weigh in on that.
Perhaps now's the day for you to call 800 525 7000.
Whether it's debt repayment, giving wisely, maybe it's living within
your means or investing for the future. We'd love to
(15:04):
tackle whatever you have going on in your financial life. Again,
that number 800 525 7000. Here's a bit of encouraging
news about the economy before we head to the phones.
Consumer sentiment ticked up in June for the first time
in six months. That's according to a University of Michigan's
index of consumer sentiment. It rose 16% compared to May.
(15:28):
That's a great progress, but we're still about 20% below
where we were in December 2024 and well under pre-pandemic norms.
The improvement seems tied to optimism around trade talks. Americans
are feeling a little less anxious that tariffs will drive
up inflation. That's important because consumer spending makes up nearly 70%
(15:50):
of our economy. When people feel confident, they're more likely
to spend. But here's a red flag from the data. 44%
of Americans believe they'll be worse off a year from now.
That's the highest level of pessimism in the survey's history.
So even with a little relief, Americans are still weary.
Bottom line being cautious isn't the same as living in fear.
(16:12):
It's just wise stewardship. And as always, we walk forward
in faith, not fear. We'll get Bob Dole to weigh
in on this and more when he stops by in
our final segment today. The market closing up today, nearly
three quarters of a point on the Dow Jones, about
300 points, the S&P 500 almost 1% higher. The Nasdaq
(16:32):
up a full point and a half. That was on
oil coming down off of its highs, with hopes that
the Israel-iran conflict will be contained. I think that's why
we saw oil come down today. That's good. Uh, and
the markets rally again. We'll get Bob's take on that
and more in our final segment. In the meantime, if
(16:54):
you have questions today, we're taking those calls you can
call right now with anything that's on your mind. 800
525 7000. Let's dive in. Erie, PA today. Hi, Christy. Uh,
excuse me. Christine. Go ahead.
S3 (17:07):
Hi, Rob. Thank you for your ministry. What a blessing
it is to us. And thanks for helping with my question. Sure. Um,
so we are blessed to be a blended family. We
have two older sons who are in their 30s and
out on their own. Self-sufficient, self-supporting. Um, we have two
youngers that are, um, going to college, um, in different circumstances.
(17:32):
So our 21 year old and 18 year old are
still with us at home. And my question revolves around asking, um,
to get your thoughts and advice on whether or not
them contributing to the monthly household expenses is advisable and wise,
and how can we help them to determine what you know,
(17:54):
what that might look like as they get older? Um,
they're both working. Uh, one is a junior in college.
She's going to be completing his senior year next year
and go on to grad school. The other just graduated,
and he will be from high school, and he'll be
going to, um, online college in the fall.
S1 (18:14):
Yeah. Very good. Yeah. I mean, I think the bottom
line is it's absolutely appropriate to expect some sort of contribution,
especially if it's done with love and clarity. Um, you know,
it can be a meaningful step toward their maturity and
your peace of mind. Is this really about helping them
to establish the right disciplines and kind of grow up
(18:35):
a little bit, financially speaking, so they're prepared to go
out on their own? Is it just as much about,
you know, helping to offset those expenses that are real,
that you all are incurring and perhaps feeling the squeeze
on that or a little bit of both?
S3 (18:51):
It's definitely both. We have had a change in the
income with the departure of, um, the graduation of our
youngest son. Um, there was child support involved there. And
so we have taken, um, you know, a decrease in
monthly income on that side of things as well as, um,
(19:12):
the increase in just the cost of living. Um, so
it would definitely help us financially, but it would also
set them up for success in being self-supporting and independent
in their own right.
S1 (19:25):
Yeah, exactly. No, I think that makes a lot of sense. Well,
I would just say, you know, you and your husband
need to be completely unified. And so you certainly want
to present a united front and be willing to listen
to their concerns, if any. Their resistance may reflect fear
or uncertainty, not entitlement. So you want to take that in,
but it's key that you all be unified. So I
(19:45):
would say step one is for you all to come together,
really think and pray through this. Develop a plan that
makes sense to you, and then make sure you're definitely
on the same page. The next step would be communication.
I think it's important to make sure the kids understand
the why, that it's not punishment, it's an invitation to
grow and in your case, help with a real financial need.
(20:07):
That exists because not only is there a need there
for you all, but there are real elevated expenses that
go along with them living there. I think you could
frame it as discipleship. You know, this is an opportunity
to teach stewardship and budgeting and responsibility. Uh, it can
be gentler training ground and learning those lessons the hard
(20:27):
way and and perhaps step them into being ready, you know,
to bear the the full responsibility of their finances when
they're fully on their own. And obviously, they're still enjoying,
you know, some of the benefits of living at home
without having those, uh, you know, full expenses that they
have to be able to take on. And then, you know,
you could consider a graduated approach, but I don't think
(20:50):
you have to. I mean, if they're just getting on
their feet, maybe you start small. Even $100 a month
could help build the habit of contributing. And it helps
you to. But I think just really thinking about what
that rent or contribution might be have some rationale to
it that helps with the groceries and the utilities. Uh,
or it could be just a flat monthly amount. Um,
(21:11):
and then, you know, some people will take it and
put it into savings and then give it back as
a gift at the end. Um, you know, when they
have the financial capacity to do that, that can be
a real blessing to help them kind of make some
of those moves for first, last and security. But I
think in your situation, because the need is real, I
think you decide on the amount that's fair. Again, be united,
(21:32):
start with some clear communication, explain the why, frame it
as an opportunity for them to grow and set themselves
up for success down the road. And you know, I'm
confident that'll go well. But I think to answer your question,
it's perfectly appropriate and wise on both sides. Hope that helps. Christine,
thanks for your call. God bless you. We'll be right back.
S4 (21:57):
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 (22:21):
Great to have you with us today on Faith and
Finance Live. Coming up in our next segment, Bob Dole
Stops by. Bob is chief investment officer at Crossmark Global Investments,
a frequent contributor on Fox business and CNBC. He joins
us each Monday with his investment commentary. A lot of
economic data out last week, more data expected this week.
(22:41):
We'll get Bob's take on all of it straight ahead.
In the meantime, we're taking your calls and questions today
on anything financial. So something you're wrestling with in your
financial life, living within your means, paying down debt. Perhaps
it's managing adult kids like we just talked about a
moment ago. And what does it look like to love
them well, and yet not set them up for failure
(23:02):
by incurring too much of the burden for them financially,
not allowing them to make some mistakes along the way?
That and really anything else you have on your mind today?
We'd love to hear from you. Call right now 800
525 7000. Again, that number is 800 525 7000. We've
got lines open, so this would be a great time
(23:23):
to call. Let's go to Florida and welcome Miss Brown.
How can we help?
S5 (23:27):
Hi. Good afternoon. I was given a call to you regarding.
And thanks for taking my call, by the way.
S1 (23:32):
Sure. Yeah.
S5 (23:33):
I was giving you a call. I wanted to find
out about Social Security. Age 60. I'm 66.6, and I
know retirement age is 67 versus taking it at 70.
And then coinciding with that is the the idea of
break even. What is the break? What is break even
mean and is that a valid concern?
S1 (23:51):
Yeah. Boy, it's a great question, Miss Brown. So let
me just kind of unpack each piece of this. First
of all, full retirement age, um, versus age 70. So
if you wait beyond full retirement age, which is probably, uh,
either 66 or 67 or somewhere in between, depending on
your birth year, then your benefit will increase 8% per
(24:13):
year until age 70. So for as long as you
wait beyond full retirement age up to age 70, you're
going to get an 8% increase per year. So that's
a 24 to 32% higher monthly benefit at age 70
compared to claiming at full retirement age. Now what's the
(24:34):
break even point? Well, the break even point is the
age at which the total benefits you've received from waiting
equal the benefits you would have received had you started earlier.
Because remember, if you wait until age 70, you're not
going to receive any benefits between, let's say, your full
retirement age is 67. You're not going to receive a
(24:56):
check starting at 67. So you're giving up those three
years of benefits. The break even point is when you
get that check, let's say it's a check 24% higher
at age 70, when the total amount paid out equals
the amount you would have received if you would have
(25:18):
started at full retirement age. That's called the break even point,
and the typical break even age is around 82. So
it takes about 12 years from age 70 to age
82 for you to be repaid for everything you didn't
receive between 67 and 70, which comes to you by
(25:38):
way of that higher monthly check. And then from that
point forward, you've you've broken even. And so now you
just enjoy that check that's 24% higher for the rest
of your life, which makes the bottom line. Then if
you need income now at age 67 or you have
health concerns, then claiming at full retirement age can make
(26:01):
some sense. If you're healthy and you expect to live
well into your 80s and you can wait, meaning you
don't need the money right now, then it's generally advisable
to say I'm going to hold off until age 70,
because that's going to give me more long term security
with that higher check for the rest of my life
and higher survivor benefits for a spouse, if that's a factor.
(26:26):
Does that all make sense there? I know there's a
lot to that.
S5 (26:29):
It does. It really does. And it clarified a whole lot.
I was very confused about this break even business.
S1 (26:34):
Okay. Yeah. Very good. So where are you at right now?
What what age are you today?
S5 (26:39):
I'm at 66.6.
S1 (26:41):
Okay. Yep. And so what is your full retirement age
right now?
S5 (26:45):
67. Yes. Okay. And I plan to work until I'm 70, so. Okay.
So I do have income coming in and I'm healthy.
I have no issues with health.
S1 (26:54):
Yeah. So in your case you've got the ability to
wait because you're going to continue to work. And that's great.
And you could just let that check continue to grow.
You start taking at age 70. You get a check.
You know if you went to Ssa.gov today, you could
check your primary insurance amount, the benefit that you're expected
to receive based on all your years of earnings and
(27:16):
whatever that number is, you could increase it by about,
you know, 24%. And that would be the check that
you would receive beginning at age 70, somewhere close to that.
And then again, if you live 10 to 12 years
beyond that, you're going to be repaid for everything you
gave up. And then you get that higher check for
the rest of your life.
S5 (27:34):
Sounds good.
S1 (27:35):
All right.
S5 (27:35):
Thanks so much.
S1 (27:36):
Yes, ma'am. Thank you for your call today. We appreciate it.
God bless you. 852 five. 7000 is the number to
call taking your calls and questions on anything financial. We'd
love to hear from you today. Let's go to Lockport, Illinois. Cindy,
how can I help you?
S6 (27:51):
Yeah. Hi. We're going to be selling my mom's house shortly,
and we're in our upper 50s. And I was just
wondering if you would have a recommendation for what we
should do with that. My mom is splitting it between
my sister and I right away because she lives between
our houses, like, sometimes my sister, sometimes at mine. Um,
and so she wants to split it right away. So
we don't have a lot in like a, like an
(28:13):
income when we retire. So I just wonder what you
would recommend if you would recommend putting it in something?
Or should we buy some land? I'm really not sure
what to do with it.
S1 (28:23):
Yeah, it's a great question. Um, so a couple of
questions related to the transaction. So your mom is still living, correct?
S6 (28:30):
Yes.
S1 (28:31):
Okay. And so she's going to sell the property. Where
is she going? Is she going to need to buy
something else?
S6 (28:36):
She's going to live between my my house and my
sister's house.
S1 (28:39):
Okay? She's just going to kind of bounce back and forth.
And then what is she going to. What is she
selling it for? Do you know.
S6 (28:46):
300,000?
S1 (28:48):
Okay. Um. And does she owe anything on it?
S6 (28:51):
No.
S1 (28:52):
Okay, great. And so this was her primary residence. And
so she would be able to get the capital gains exclusion.
So it doesn't sound like she'd have any capital gains
on it. Now, this is going to be a gift
to you and your sister. She's going to need to
file gift tax form 709 to let the IRS know,
because it's going to go above the annual gift exclusion
of 1900, it still wouldn't be taxable. It's just going
(29:14):
to chip away at her lifetime exemption. So just make
sure she knows she needs to tell her CPA. You
know that that she's making this gift so it can
be reported properly. Now in terms of you having this
extra 150,000, do you all have an emergency fund?
S6 (29:30):
Yeah we do.
S1 (29:31):
Okay. And do you have any debt?
S6 (29:33):
No.
S1 (29:34):
Okay, great. Yeah. So I think, um, I probably wouldn't
buy land. Land is not my favorite investment. It doesn't
generate any income, typically, unless it's used for agricultural or
farming purposes. Um, and there's a lot of other risks
associated with it, because it's ultimate value is going to
have to do with the infrastructure that it has access to,
(29:55):
whether or not it's going to be desirable for somebody
to buy and developer to use it. Um, and so
that would not be my favorite option. Um, because it
doesn't sound like you all have a lot in the
way of other investable assets. I think your best option
would be to find an advisor, perhaps a certified Kingdom advisor. They'll.
There in Illinois. Who could invest it for you? You
don't have to take an inordinate amount of risk. You
(30:18):
could make sure that it's an appropriate level of risk
for your age and risk tolerance. But I'd get it
working in a stock and bond portfolio so it can
grow and generate some income. The other thing I would
say is that that advisor could help you systematically move
it into retirement accounts, so that it has the ability
to grow tax deferred. You wouldn't be able to do
(30:38):
that all up front, but you could do that over time.
So my suggestion go to COVID-19, click find a professional
interview 2 to 3 and find one to manage it
for you. Thanks for your call. Thanks for joining us
today on Faith and Finance Live. We've got room for
(31:00):
perhaps 1 to 2 more questions 800 525 7000. You
have something on your mind today, financially speaking. Call right now.
Bob Dole is here. It's Monday. Bob stops by with
his market commentary. By the way, if you haven't signed
up for Dole's deliberations, do that at Crossmark. Global.com. Bob's
a frequent contributor here. He's our resident market guy. Bob.
(31:21):
There's a lot of economic data to cover, but first,
seems like what's moving the market today is the Israel-iran
conflict and specifically oil. Give us an update.
S7 (31:32):
Yeah. As goes, the price of oil in this environment
sows the market and the price of oil has fallen. Uh,
so the market's up question why? And the answer is
market observers have come to the conclusion that, uh, it's
this war is going to be contained, not that it's over,
but it's not going to broaden such to a degree
(31:54):
that we have to worry about oil supply and spiking
oil and global recession. We'll figure out over the days
if that's the right assessment. But that's the that's the
tip of the hat today, Rob.
S1 (32:06):
Bob, certainly we don't ever like the loss of life.
I will say, though, just in terms of the overall
geopolitical risk, you know, as much as we don't like
unrest in the Middle East and conflict, I would imagine
a headline that said Iran has successfully tested a nuclear
weapon would have probably been a far greater risk in
(32:26):
terms of the fallout of the markets. Would you agree?
S7 (32:29):
Absolutely agree. Um, that was the direction the consensus felt
they were moving. And that's among the reasons why Israel
took action, not willing to accept an Iran nuclear threat.
And the world echoed that. So you're absolutely right. That
would have been a horrible headline.
S1 (32:47):
Yeah, Bob, a lot of data out last week. I'd
love for you just to kind of give us a
summary of what we're reading with regard to the economy.
S7 (32:56):
Yeah. So let's start with consumers who, uh, are two
thirds of the U.S. economy, uh, their expectations, their sentiment
has moved up. Rob. After several months of decline, their
concern about inflation, while still high, has dropped a bit
and actually got a couple of inflation numbers last week.
(33:17):
As you know, the CPI and PPI, Consumer Price and
Producer Price index, and both of them showed slightly less
of an increase in prices than expected. I'd say two
things for the bulls on that one. Um, we're still
notably over the 2% target for fed. And number two,
(33:38):
the tariffs have likely not made their way into final
goods pricing yet. Uh, and that will happen over the
next couple of quarters and probably increase the level of
inflation maybe to over 3%. Not a horrible number, but
nowhere close to the two target. Um, I guess the
last comment I made is the labor market, as goes
the labor market, so goes consumer spending. And we're seeing
(34:00):
mixed results there. I would argue that cyclical industry, manufacturing, construction,
temporary help services are beginning to contract. And that's not healthy.
S1 (34:11):
Yeah, there's no question about that, Bob. We didn't see
a whole lot of movement on the news around the
framework or the the some of the meeting of the
minds related to the US and China. Why do you
think that is?
S7 (34:24):
Yeah, I think the sign there was, hey, we've come
to an agreement and the market yawns. Uh, why did
it do that? Because a lot of the good news
around tariffs is in the market. Sentiment already elevated. Uh,
we've obviously had the, uh, after 20% decline. We've had
a 20% recovery. And we're within spitting distance of new
(34:46):
all time highs.
S1 (34:47):
Yeah. Incredible. Bob, uh, six months into the year, just
what is your analysis on what's to come the back
half of the year in terms of the likelihood of recession?
Just given what we know today.
S7 (34:59):
Uh, likelihood of recession Still under 50%, but not zero. Um,
a noticeable slowdown. I think we'll see. It will start
with the labor markets. It will spread to the consumer
and then it will show itself in corporate earnings. Not
that they're going to be down, Rob. They're just going
to be up less than expected. And that these high
(35:20):
valuation levels, expectations are high and they need to be met.
Or stocks struggle a bit. So I think we're going
to have a a bumpy second half. Not all that
different from the bumpy first half that we saw.
S1 (35:32):
Yeah. Bob what about the fed and all of this.
It seems like the fed has had less of an impact, uh,
in the last year versus the last decade or two.
It seemed like everything was about the Fed's moves.
S7 (35:46):
In some ways, it still is. But the fed. The
fed is on hold. They meet this week, as you know,
and we're likely to come out with, you know, thousands
of words. No change in policy. Um, the fed is
fighting between a rock and a hard place. On the
one hand, they are witnessing inflation not coming down to target,
but they're also seeing the labor market, um, struggling a bit.
(36:08):
So they'd like to lower rates, but they really can't.
So they'll sit on their hands for several more months,
most likely.
S1 (36:15):
All right, last question, Bob. I know that the dollar
has continued to weaken. Is there much to make of
that and what are the implications of that for the economy?
S7 (36:24):
Yeah. As as dollar drops, uh, that makes, um, international
stocks more interesting. Uh, and uh, it also is part
of the reason that we're seeing the fed think about
easing rates, uh, when the dollar, uh, when the fed
raised rates, the dollar tends to go up and vice versa.
(36:45):
So currency to be watched carefully. Uh, it's at its
lowest level in more than three years, Rob.
S1 (36:53):
Very good. All right, Bob, we appreciate your thoughts as always.
We'll talk to you next week.
S7 (36:58):
Thank you much. Have a great week.
S1 (36:59):
All right. That's Bob Dole. He's CEO and CIO at
Crossmark Global Investments. You can sign up for his weekly
investment commentary dolls deliberations Crossmark global.com. Let's round out the
broadcast today. We'll get to as many calls as we
can here. We'll go to round Rock, Texas. Maribel, thank
you for calling. Go ahead.
S8 (37:18):
Hello. Thank you for taking my call.
S1 (37:21):
Yes, ma'am.
S8 (37:22):
I am calling about a education fund that I was
saving up for my son to use after high school graduation.
He graduated and was not ready to use it. Um,
he was allowed up to ten years to be able
(37:43):
to use it for educational purposes, for tuition and books.
And the ten year time passed, and I, unfortunately was
not able to use the funds for his education or
even for mine. It's kind of a sad, sad situation
because I was just eager to get some more schooling. Uh,
(38:06):
two years have since passed. I have received payment for, uh,
for that plan, and that's been about two years, and
I am wanting to know what I could do with
those funds. Um, yes, I have received a check, but I,
I have no idea where to go, so I'm needing
(38:28):
some directions.
S1 (38:29):
Yes. Alrighty. Very good. Well, I think the first question is, um,
you know, does that check expire? They often expire after
a certain period of time, often 6 to 12 months.
So you may want to check that. And if you
need to contact the Texas Comptroller's office, uh, explain the situation.
(38:49):
Ask for it to be reissued. They may require some
proof of identification or an affidavit of some kind, but
that's likely the case. The funds are still yours, but
you need to request a new one, so I wouldn't
delay on that. In terms of what to do with
to do with the money, how do you envision using this?
Are you wanting to use it for your son's benefit,
(39:12):
or are you wanting to use this for something in
your financial life?
S8 (39:18):
I am undecided on that. My primary concern was tax implication. Um,
I would like to be able to give that, uh,
funding to him. He, however, has generously said, uh, he
would like to just give it, gift it back to me.
S1 (39:36):
Yeah. Okay. Yeah. Very good. Um, yeah. So I think
it would be good to, uh, check on any kinds of, uh,
of tax implications there. Um, you know, whether that's a penalty, uh,
or it becoming taxable because it was not used for
education expenses. Um, you know, so typically there would be
(39:59):
like in the case of a, a 529, uh, you know,
you would have a plus, it would be, uh, the
gains would be taxable to you. So I would check
with a CPA on that because you don't want to
get caught off guard on that in terms of how
to use it. I mean, if you decide to use
it for your own purposes, you know, the key is
always to really take a step back and just think
(40:21):
through kind of what are your values and your priorities, uh,
starting with, uh, you know, is there any giving you
want to do on it? If you want to use
it to shore up your financial foundation, it's always a
good idea to build or replenish your emergency fund. The
target there is 3 to 6 months liquid expenses for
the unexpected. Never a bad idea. Alongside that, to pay
(40:42):
down high interest debt. So we're thinking, you know, credit
cards there or other types of of debt that you
might have if you want to grow it. Uh, You
could think about putting it into a Roth IRA if
you're eligible, and you could get it invested to grow
for the future. So you have something you know, that
you could tap into down the road if you wanted
to use it for, you know, another child, you could
(41:03):
roll it into a 529, uh, and that would allow
you to miss any kind of tax implications. But you
may be in a situation where you have no one
else that's needing, uh, you know, qualified educational expenses. So
if that's the case, I think really your opportunities are
the emergency fund. Paying down debt, investing it or giving
it away would be the priority there. And I just
(41:25):
kind of think through that and pray through that as
you think about your values and your priorities.
S8 (41:32):
Wonderful. I would definitely want to invest it. I am
pretty much debt free except for my mortgage, which I
am doing very well on and will have it paid
within five years, so that's great.
S1 (41:44):
Excellent. Okay. Well, yeah, I think investing it would be great.
You could open that Roth IRA. You could use Fidelity
or Schwab. You could use a robo advisor like Schwab
Intelligent Portfolios, or our friends at Soundmind investing. Org could
recommend some mutual funds for you. Again, that's Soundmind investing. Org.
And if you wanted to open an account at Schwab,
(42:05):
that would be great. If you want more of a
kind of a turnkey solution, the Schwab Intelligent Portfolios, you
could just put that in your search engine. That would
be another way for you just to drop this into
an account. Based on the questions and answers you provide,
it will build a portfolio for you that's very low
cost and just capture the broad moves of the stock
(42:26):
and bond market in a way that's appropriate for your
age and risk tolerance. Hope that helps. We appreciate your
call today. Big thanks to my team today. Rihanna, Lisa,
Dan and Jim. Couldn't do it without them. Faith and
finance lives a partnership between Moody Radio and Faith fi.
Come back and join us tomorrow. We'll see you then.
Bye bye.
What if being great with money doesn't guarantee you're doing
great with your spouse? Hi, I'm Rob West. If you're
the money person in your marriage, you may think you're
doing everything right. But what if your spouse feels shut
out of the process? It happens more than you think.
Shaunti Feldhahn joins us today to talk about how you
can avoid that disconnect or fix it if need be.
(00:30):
And then it's on to your calls at 800 525 7000.
That's 800 525 7000. This is faith in finance. Live.
Biblical wisdom for your financial journey. Well, it's always a
joy to welcome back relationship expert and researcher Shaunti Feldhahn.
(00:50):
She's the best selling author of numerous books on marriage
and relationships, including Thriving in Love and Money, co-authored with
her husband, Jeff. Shanti. Great to have you back on
the program.
S2 (01:02):
It's always great to be with you.
S1 (01:05):
We look forward to it. And boy, this is a
topic that I'm excited about covering because I think it
happens much more often than we might imagine. As you
well know, you have a new article in our Faithful
Steward magazine. It's titled A Penny for Your Thoughts. If
you are money minded, don't silence your spouse. So let's
begin with that. What's the key takeaway? Shanti. You hope
(01:28):
readers remember after reading this.
S2 (01:30):
Well, here's the main thing is that I think that
a lot of money people who sort of, by definition,
is anybody listening to your program. Yeah. That they don't
realize how often they might be signaling to their spouse
this message that, you know, I'm kind of right, you're
kind of necessarily wrong, and your opinions may not matter. Um,
(01:56):
and we we spend a lot of time, we spend
a lot of energy trying to, you know, figure out
what the sort of the financial plan is and all
that kind of stuff, which is fantastic. Yeah. But what
happens to your marriage if one person doesn't feel like
what they value is honored?
S1 (02:15):
Yes. Well, there's no question about it. And I know
the issue of honoring what each person values is so key.
And that was a big realization, obviously, in the work
you did for Thriving in Love and Money, what did
you and Jeff discover about how spouses perceive each other's
financial judgment? Uh, in marriage?
S2 (02:37):
Well, it was it was actually really interesting to to
notice that we asked it in multiple different ways on
the survey, and it always came out to being about
two thirds of people kind of thought their way was right. Interesting.
And and that they knew more than what their spouse
did about okay, I know more about how to manage
for our well-being and maybe the long term well-being rather
(03:00):
than the short term. Um, and so what that means
is kind of like the we're all above average drivers.
We all we all have that kind of that mindset,
and that's fine. Again, like everybody has their opinion. But
here's the problem. Is that where the money person again,
probably the person listening to this, um, where the money
(03:22):
person feels like, well, of course we need to handle
things this way. The person who may be less interested in,
you know, listening to the money radio programs or reading
the money books, they may feel completely that their opinion
is dismissed. Yes. And that is just not good for
the long term. And I honestly don't think, based again
(03:46):
on the statistics, that most money people realize they're even
doing that.
S1 (03:50):
Yeah. Now we can acknowledge this radio show is the exception.
Everybody wants to listen to it. But most financial shows. Yeah, absolutely.
S2 (03:58):
Yes, absolutely.
S1 (04:00):
Now this can lead of course, to tension. And really Shanti,
it comes down to this or that. Right. So the
vacation or the college fund and depending on what you
value and how you've, you know, grown up and what
your environment was and your temperament that can lead to
valuing different things for one spouse versus the other. Right.
S2 (04:21):
Oh, of course. And this is one of the things
that we found was depending on the survey question, depending
on how we asked it, this happened in more than 80%
of couples, where you just value different things and you
don't realize that you're thinking, for example, well, of course,
it's just obvious that we need to save for, for example,
(04:43):
our kids college fund. Or maybe it's the grandkids college
fund where the other spouse is thinking. Of course, it's
just obvious that now is the time, while they're young,
to go to Disney World and enjoy it while they're young.
And that neither is wrong or right. You're just different.
S1 (05:01):
Yeah, that's exactly right. And if you're not careful, this
can spill out in the marriage well beyond the finances.
So what's the solution? Well, we'll give you some steps
to be more intentional about involving each other in financial
decisions with us today. Shaunti Feldhahn, author of Thriving in
Love and Money. Back with more after this. Don't go anywhere.
(05:32):
So are you the money person in your marriage? Do
you think you're getting everything right? But perhaps your spouse
feels shut out of the process? Well, we've got help
for you today. Shaunti Feldhahn is here. She's a regular
contributor on the program. She's the author with her husband, Jeff,
of Thriving in Love and Money. An incredible book. It's
(05:53):
a must read on money and marriage. It can be
a game changer in your life. She's also the author
of the article in our recent edition of Faithful Steward,
our magazine of a penny for your thoughts. If you're
money minded, don't silence your spouse. And if you want
to receive for issues of Faithful Steward each year, plus
our new studies and devotionals, become a faithful partner. When
(06:15):
you go to faithful com, just click give at the
top of the page. Well, Shante, before the break we
were talking about how so often that spouse that is
not money inclined, they don't get excited about the spending
plan and they don't necessarily like paying the bills, but
that doesn't mean they don't have things that they value.
We all do, but they may be different, and perhaps
(06:37):
we're unintentionally communicating or practically leaving one spouse out completely
of the conversation. And that can go beyond even the finances,
can it?
S2 (06:47):
Well, it often does go beyond the finances because, I mean,
think about it. How would you feel if you felt
like your spouse just completely didn't care about what you're
trying to say? You know, what is it that is
the most dangerous here? Is it the the risk to
the budget or the risk to the marriage? And I
(07:08):
think that that's what a lot of folks on all
sides of this equation, by the way, I'm not I'm
not just trying to hammer the money people out there. Sure. Um,
but I think that's a lot of what people don't recognize.
We ended up doing a pretty extensive analysis of, um,
what some of the biggest risks were in these situations.
(07:29):
And it we found out that the biggest thing by
far that can cause issues is resentment, and that if
one spouse starts to feel one spouse, okay, not necessarily both.
It can happen if just one spouse feels this way,
if one spouse starts to feel resentment and starts to
feel like you just seem to think that your way
(07:51):
is the only way, and that therefore my way doesn't matter.
That starts this domino effect of all these other issues
that never had to happen. And so that's what I'm
trying to sound the alarm about, is just for people
to be aware of the need to listen to things
that maybe they didn't think kind of subconsciously, maybe weren't
(08:15):
they didn't think they were worth listening to because, well,
my spouse isn't a money person and I'm the planner,
and so they need to listen to me treat that
very carefully.
S1 (08:23):
Yeah. Now, Shante, one thing and this won't be a
surprise to you. I know you've heard it yourself, but
we hear a lot from the Certified Kingdom Advisors. Is
this can happen in your advisor's office, where your advisor
is talking to one spouse and not the other. Right?
S2 (08:38):
Yes. And that was actually an example that we heard
because as you I think, know, we ended up doing
some conversations Is that one of the Kingdom Advisors conference
and doing some interviews. And when I was speaking there
at 1 or 2 of the times I was speaking there,
and that was something that we heard frequently from the
Kingdom Advisors, was that there is a tendency that they
(09:02):
have to fight to talk to both the spouses. And frankly,
many of them said to get both the spouses in
the room, because often, you know, one will say, well,
I'll just let the money person. They'll they'll just go,
which is fine sometimes, right? Nothing wrong with that. Um,
and yet that means, by definition, if you're not touching
(09:24):
base with both of them purposefully, you are only hearing
what one person values. And over time again, may not
be a big deal. Yeah, you know, in the short term.
But over time, you know, that analogy of a 2%
degree off in a plane that's flying. It leads to
a different continent. Yes, that could cause an issue.
S1 (09:46):
The vector principle. That is a powerful idea. All right, well,
let's help our listeners break through, then. Today's shanty. So
for couples who want to be more intentional about involving
each other in financial decisions, what advice do you have?
S2 (10:00):
Okay, so in the article that you've mentioned a couple times,
I suggest three steps. There's many different ways you could
do this, but this is sort of an easy way.
The first one is to sit down at some non-emotional
time and you know you're having coffee in the morning,
say and say, okay, on a scale of 1 to 5,
(10:21):
how heard and how valued do you feel in our
financial decisions? So whoever the money person is that's listening
to this, ask your spouse that and then, you know,
trade off and ask each other. Right. And here is
the key. This is step two that comes from it.
If you hear anything less than a five. Like if
(10:43):
your spouse says, well, kind of a three, like take
that as honestly a bit of a red flashing warning light.
Like that's something that it should be a five. Like
every person, every marriage, whether everybody agrees with one another,
everyone should say, you know what? I know we don't
always like, have the same opinions, but yeah, I totally
(11:06):
feel heard. I feel like my what I care about
is incorporated. If it's not, then you need to have
a really honest conversation about why that is.
S1 (11:16):
Yeah, that is so good because that opens up the conversation.
And that's obviously the key to making progress now. I
know there's a particular chapter in Thriving in Love and
Money that could be really helpful here as we try
to uncover each other's money values. Right?
S2 (11:32):
Yes. And that is actually step three that I mentioned
in the article. Um, because it's the chapter that we
put together based on seeing all these different types of
money values. Now, that might sound funny, but there are
a bunch of different ways that people view money and
it could be like you value. I mean, this is silly,
(11:53):
but do you value things versus experiences? Like, yeah, you think,
you know, it makes perfect sense to spend $1,000 on
the big, you know, beautiful monitors that you use for
your computer, but $1,000 for a weekend away. Yeah. You know,
you might think that that's wasted money. So everybody has
(12:13):
these different kind of perceptions of money values. And so
what we did in chapter three of Thriving in Love
and Money was we actually outlined what all of those
are so that you can read it together. The whole
point behind the way that we designed the book was
so that you could read it together, and even sometimes
(12:35):
people read it out loud to each other and take notes,
or maybe if it's uncomfortable to do that, read it
separately and write notes on what you value in the
margin so that when your spouse reads what you've said,
you so you. When you read what each other have said,
you're actually reading a personalized copy. You're you're saying, oh
my goodness. Yes. You know, I value time over money
(12:59):
like I will spend. This is a personal example. What
Jeff and I found out when we started doing we
actually did this, was that I totally value the ability
to pay for like a movie ticket ahead of time,
even though it adds $1.50 to each ticket to to,
you know, for the convenience fee. So I don't have
to get to the theater, you know, half an hour
(13:21):
early to get a, get a good seat like that
is completely of course, I'm going to do that where
Jeff is like, are you kidding? Get there half an
hour early.
S1 (13:32):
Yeah, exactly.
S2 (13:34):
And we would never have figured that out if we
hadn't actually gone through that process.
S1 (13:39):
Oh, Shanti! This is so good. And we've just scratched
the surface. So, folks, pick up a copy of her book.
It can be a game changer in your relationship. It's
called Thriving in Love and Money. Five game changing insights
about your relationship, your money, and yourself. You can also
check out Shanti's article in Faithful Steward Faith Fi's new
(14:00):
quarterly magazine designed to help you connect your faith with
your finances for the glory of God. Just go to
faith.com and click give. We'll be back with your questions
after this. 800 525 7000. That's 800 525 7000. I'm
Rob West and this is Faith and finance. Live biblical
(14:20):
wisdom for your financial journey. We'll be right back. Great
to have you with us today on Faith in finance live.
I'm Rob Westpoint. Looking forward to taking your calls and
questions today. Now's the time to call if you've got
something you've been wrestling with, maybe over the weekend. You
(14:41):
and your brother in law have been trying to figure
out the best way forward for something you've been wrestling with.
He has an opinion. You have an opinion. You can't
settle on it. I'd love to weigh in on that.
Perhaps now's the day for you to call 800 525 7000.
Whether it's debt repayment, giving wisely, maybe it's living within
your means or investing for the future. We'd love to
(15:04):
tackle whatever you have going on in your financial life. Again,
that number 800 525 7000. Here's a bit of encouraging
news about the economy before we head to the phones.
Consumer sentiment ticked up in June for the first time
in six months. That's according to a University of Michigan's
index of consumer sentiment. It rose 16% compared to May.
(15:28):
That's a great progress, but we're still about 20% below
where we were in December 2024 and well under pre-pandemic norms.
The improvement seems tied to optimism around trade talks. Americans
are feeling a little less anxious that tariffs will drive
up inflation. That's important because consumer spending makes up nearly 70%
(15:50):
of our economy. When people feel confident, they're more likely
to spend. But here's a red flag from the data. 44%
of Americans believe they'll be worse off a year from now.
That's the highest level of pessimism in the survey's history.
So even with a little relief, Americans are still weary.
Bottom line being cautious isn't the same as living in fear.
(16:12):
It's just wise stewardship. And as always, we walk forward
in faith, not fear. We'll get Bob Dole to weigh
in on this and more when he stops by in
our final segment today. The market closing up today, nearly
three quarters of a point on the Dow Jones, about
300 points, the S&P 500 almost 1% higher. The Nasdaq
(16:32):
up a full point and a half. That was on
oil coming down off of its highs, with hopes that
the Israel-iran conflict will be contained. I think that's why
we saw oil come down today. That's good. Uh, and
the markets rally again. We'll get Bob's take on that
and more in our final segment. In the meantime, if
(16:54):
you have questions today, we're taking those calls you can
call right now with anything that's on your mind. 800
525 7000. Let's dive in. Erie, PA today. Hi, Christy. Uh,
excuse me. Christine. Go ahead.
S3 (17:07):
Hi, Rob. Thank you for your ministry. What a blessing
it is to us. And thanks for helping with my question. Sure. Um,
so we are blessed to be a blended family. We
have two older sons who are in their 30s and
out on their own. Self-sufficient, self-supporting. Um, we have two
youngers that are, um, going to college, um, in different circumstances.
(17:32):
So our 21 year old and 18 year old are
still with us at home. And my question revolves around asking, um,
to get your thoughts and advice on whether or not
them contributing to the monthly household expenses is advisable and wise,
and how can we help them to determine what you know,
(17:54):
what that might look like as they get older? Um,
they're both working. Uh, one is a junior in college.
She's going to be completing his senior year next year
and go on to grad school. The other just graduated,
and he will be from high school, and he'll be
going to, um, online college in the fall.
S1 (18:14):
Yeah. Very good. Yeah. I mean, I think the bottom
line is it's absolutely appropriate to expect some sort of contribution,
especially if it's done with love and clarity. Um, you know,
it can be a meaningful step toward their maturity and
your peace of mind. Is this really about helping them
to establish the right disciplines and kind of grow up
(18:35):
a little bit, financially speaking, so they're prepared to go
out on their own? Is it just as much about,
you know, helping to offset those expenses that are real,
that you all are incurring and perhaps feeling the squeeze
on that or a little bit of both?
S3 (18:51):
It's definitely both. We have had a change in the
income with the departure of, um, the graduation of our
youngest son. Um, there was child support involved there. And
so we have taken, um, you know, a decrease in
monthly income on that side of things as well as, um,
(19:12):
the increase in just the cost of living. Um, so
it would definitely help us financially, but it would also
set them up for success in being self-supporting and independent
in their own right.
S1 (19:25):
Yeah, exactly. No, I think that makes a lot of sense. Well,
I would just say, you know, you and your husband
need to be completely unified. And so you certainly want
to present a united front and be willing to listen
to their concerns, if any. Their resistance may reflect fear
or uncertainty, not entitlement. So you want to take that in,
but it's key that you all be unified. So I
(19:45):
would say step one is for you all to come together,
really think and pray through this. Develop a plan that
makes sense to you, and then make sure you're definitely
on the same page. The next step would be communication.
I think it's important to make sure the kids understand
the why, that it's not punishment, it's an invitation to
grow and in your case, help with a real financial need.
(20:07):
That exists because not only is there a need there
for you all, but there are real elevated expenses that
go along with them living there. I think you could
frame it as discipleship. You know, this is an opportunity
to teach stewardship and budgeting and responsibility. Uh, it can
be gentler training ground and learning those lessons the hard
(20:27):
way and and perhaps step them into being ready, you know,
to bear the the full responsibility of their finances when
they're fully on their own. And obviously, they're still enjoying,
you know, some of the benefits of living at home
without having those, uh, you know, full expenses that they
have to be able to take on. And then, you know,
you could consider a graduated approach, but I don't think
(20:50):
you have to. I mean, if they're just getting on
their feet, maybe you start small. Even $100 a month
could help build the habit of contributing. And it helps
you to. But I think just really thinking about what
that rent or contribution might be have some rationale to
it that helps with the groceries and the utilities. Uh,
or it could be just a flat monthly amount. Um,
(21:11):
and then, you know, some people will take it and
put it into savings and then give it back as
a gift at the end. Um, you know, when they
have the financial capacity to do that, that can be
a real blessing to help them kind of make some
of those moves for first, last and security. But I
think in your situation, because the need is real, I
think you decide on the amount that's fair. Again, be united,
(21:32):
start with some clear communication, explain the why, frame it
as an opportunity for them to grow and set themselves
up for success down the road. And you know, I'm
confident that'll go well. But I think to answer your question,
it's perfectly appropriate and wise on both sides. Hope that helps. Christine,
thanks for your call. God bless you. We'll be right back.
S4 (21:57):
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 (22:21):
Great to have you with us today on Faith and
Finance Live. Coming up in our next segment, Bob Dole
Stops by. Bob is chief investment officer at Crossmark Global Investments,
a frequent contributor on Fox business and CNBC. He joins
us each Monday with his investment commentary. A lot of
economic data out last week, more data expected this week.
(22:41):
We'll get Bob's take on all of it straight ahead.
In the meantime, we're taking your calls and questions today
on anything financial. So something you're wrestling with in your
financial life, living within your means, paying down debt. Perhaps
it's managing adult kids like we just talked about a
moment ago. And what does it look like to love
them well, and yet not set them up for failure
(23:02):
by incurring too much of the burden for them financially,
not allowing them to make some mistakes along the way?
That and really anything else you have on your mind today?
We'd love to hear from you. Call right now 800
525 7000. Again, that number is 800 525 7000. We've
got lines open, so this would be a great time
(23:23):
to call. Let's go to Florida and welcome Miss Brown.
How can we help?
S5 (23:27):
Hi. Good afternoon. I was given a call to you regarding.
And thanks for taking my call, by the way.
S1 (23:32):
Sure. Yeah.
S5 (23:33):
I was giving you a call. I wanted to find
out about Social Security. Age 60. I'm 66.6, and I
know retirement age is 67 versus taking it at 70.
And then coinciding with that is the the idea of
break even. What is the break? What is break even
mean and is that a valid concern?
S1 (23:51):
Yeah. Boy, it's a great question, Miss Brown. So let
me just kind of unpack each piece of this. First
of all, full retirement age, um, versus age 70. So
if you wait beyond full retirement age, which is probably, uh,
either 66 or 67 or somewhere in between, depending on
your birth year, then your benefit will increase 8% per
(24:13):
year until age 70. So for as long as you
wait beyond full retirement age up to age 70, you're
going to get an 8% increase per year. So that's
a 24 to 32% higher monthly benefit at age 70
compared to claiming at full retirement age. Now what's the
(24:34):
break even point? Well, the break even point is the
age at which the total benefits you've received from waiting
equal the benefits you would have received had you started earlier.
Because remember, if you wait until age 70, you're not
going to receive any benefits between, let's say, your full
retirement age is 67. You're not going to receive a
(24:56):
check starting at 67. So you're giving up those three
years of benefits. The break even point is when you
get that check, let's say it's a check 24% higher
at age 70, when the total amount paid out equals
the amount you would have received if you would have
(25:18):
started at full retirement age. That's called the break even point,
and the typical break even age is around 82. So
it takes about 12 years from age 70 to age
82 for you to be repaid for everything you didn't
receive between 67 and 70, which comes to you by
(25:38):
way of that higher monthly check. And then from that
point forward, you've you've broken even. And so now you
just enjoy that check that's 24% higher for the rest
of your life, which makes the bottom line. Then if
you need income now at age 67 or you have
health concerns, then claiming at full retirement age can make
(26:01):
some sense. If you're healthy and you expect to live
well into your 80s and you can wait, meaning you
don't need the money right now, then it's generally advisable
to say I'm going to hold off until age 70,
because that's going to give me more long term security
with that higher check for the rest of my life
and higher survivor benefits for a spouse, if that's a factor.
(26:26):
Does that all make sense there? I know there's a
lot to that.
S5 (26:29):
It does. It really does. And it clarified a whole lot.
I was very confused about this break even business.
S1 (26:34):
Okay. Yeah. Very good. So where are you at right now?
What what age are you today?
S5 (26:39):
I'm at 66.6.
S1 (26:41):
Okay. Yep. And so what is your full retirement age
right now?
S5 (26:45):
67. Yes. Okay. And I plan to work until I'm 70, so. Okay.
So I do have income coming in and I'm healthy.
I have no issues with health.
S1 (26:54):
Yeah. So in your case you've got the ability to
wait because you're going to continue to work. And that's great.
And you could just let that check continue to grow.
You start taking at age 70. You get a check.
You know if you went to Ssa.gov today, you could
check your primary insurance amount, the benefit that you're expected
to receive based on all your years of earnings and
(27:16):
whatever that number is, you could increase it by about,
you know, 24%. And that would be the check that
you would receive beginning at age 70, somewhere close to that.
And then again, if you live 10 to 12 years
beyond that, you're going to be repaid for everything you
gave up. And then you get that higher check for
the rest of your life.
S5 (27:34):
Sounds good.
S1 (27:35):
All right.
S5 (27:35):
Thanks so much.
S1 (27:36):
Yes, ma'am. Thank you for your call today. We appreciate it.
God bless you. 852 five. 7000 is the number to
call taking your calls and questions on anything financial. We'd
love to hear from you today. Let's go to Lockport, Illinois. Cindy,
how can I help you?
S6 (27:51):
Yeah. Hi. We're going to be selling my mom's house shortly,
and we're in our upper 50s. And I was just
wondering if you would have a recommendation for what we
should do with that. My mom is splitting it between
my sister and I right away because she lives between
our houses, like, sometimes my sister, sometimes at mine. Um,
and so she wants to split it right away. So
we don't have a lot in like a, like an
(28:13):
income when we retire. So I just wonder what you
would recommend if you would recommend putting it in something?
Or should we buy some land? I'm really not sure
what to do with it.
S1 (28:23):
Yeah, it's a great question. Um, so a couple of
questions related to the transaction. So your mom is still living, correct?
S6 (28:30):
Yes.
S1 (28:31):
Okay. And so she's going to sell the property. Where
is she going? Is she going to need to buy
something else?
S6 (28:36):
She's going to live between my my house and my
sister's house.
S1 (28:39):
Okay? She's just going to kind of bounce back and forth.
And then what is she going to. What is she
selling it for? Do you know.
S6 (28:46):
300,000?
S1 (28:48):
Okay. Um. And does she owe anything on it?
S6 (28:51):
No.
S1 (28:52):
Okay, great. And so this was her primary residence. And
so she would be able to get the capital gains exclusion.
So it doesn't sound like she'd have any capital gains
on it. Now, this is going to be a gift
to you and your sister. She's going to need to
file gift tax form 709 to let the IRS know,
because it's going to go above the annual gift exclusion
of 1900, it still wouldn't be taxable. It's just going
(29:14):
to chip away at her lifetime exemption. So just make
sure she knows she needs to tell her CPA. You
know that that she's making this gift so it can
be reported properly. Now in terms of you having this
extra 150,000, do you all have an emergency fund?
S6 (29:30):
Yeah we do.
S1 (29:31):
Okay. And do you have any debt?
S6 (29:33):
No.
S1 (29:34):
Okay, great. Yeah. So I think, um, I probably wouldn't
buy land. Land is not my favorite investment. It doesn't
generate any income, typically, unless it's used for agricultural or
farming purposes. Um, and there's a lot of other risks
associated with it, because it's ultimate value is going to
have to do with the infrastructure that it has access to,
(29:55):
whether or not it's going to be desirable for somebody
to buy and developer to use it. Um, and so
that would not be my favorite option. Um, because it
doesn't sound like you all have a lot in the
way of other investable assets. I think your best option
would be to find an advisor, perhaps a certified Kingdom advisor. They'll.
There in Illinois. Who could invest it for you? You
don't have to take an inordinate amount of risk. You
(30:18):
could make sure that it's an appropriate level of risk
for your age and risk tolerance. But I'd get it
working in a stock and bond portfolio so it can
grow and generate some income. The other thing I would
say is that that advisor could help you systematically move
it into retirement accounts, so that it has the ability
to grow tax deferred. You wouldn't be able to do
(30:38):
that all up front, but you could do that over time.
So my suggestion go to COVID-19, click find a professional
interview 2 to 3 and find one to manage it
for you. Thanks for your call. Thanks for joining us
today on Faith and Finance Live. We've got room for
(31:00):
perhaps 1 to 2 more questions 800 525 7000. You
have something on your mind today, financially speaking. Call right now.
Bob Dole is here. It's Monday. Bob stops by with
his market commentary. By the way, if you haven't signed
up for Dole's deliberations, do that at Crossmark. Global.com. Bob's
a frequent contributor here. He's our resident market guy. Bob.
(31:21):
There's a lot of economic data to cover, but first,
seems like what's moving the market today is the Israel-iran
conflict and specifically oil. Give us an update.
S7 (31:32):
Yeah. As goes, the price of oil in this environment
sows the market and the price of oil has fallen. Uh,
so the market's up question why? And the answer is
market observers have come to the conclusion that, uh, it's
this war is going to be contained, not that it's over,
but it's not going to broaden such to a degree
(31:54):
that we have to worry about oil supply and spiking
oil and global recession. We'll figure out over the days
if that's the right assessment. But that's the that's the
tip of the hat today, Rob.
S1 (32:06):
Bob, certainly we don't ever like the loss of life.
I will say, though, just in terms of the overall
geopolitical risk, you know, as much as we don't like
unrest in the Middle East and conflict, I would imagine
a headline that said Iran has successfully tested a nuclear
weapon would have probably been a far greater risk in
(32:26):
terms of the fallout of the markets. Would you agree?
S7 (32:29):
Absolutely agree. Um, that was the direction the consensus felt
they were moving. And that's among the reasons why Israel
took action, not willing to accept an Iran nuclear threat.
And the world echoed that. So you're absolutely right. That
would have been a horrible headline.
S1 (32:47):
Yeah, Bob, a lot of data out last week. I'd
love for you just to kind of give us a
summary of what we're reading with regard to the economy.
S7 (32:56):
Yeah. So let's start with consumers who, uh, are two
thirds of the U.S. economy, uh, their expectations, their sentiment
has moved up. Rob. After several months of decline, their
concern about inflation, while still high, has dropped a bit
and actually got a couple of inflation numbers last week.
(33:17):
As you know, the CPI and PPI, Consumer Price and
Producer Price index, and both of them showed slightly less
of an increase in prices than expected. I'd say two
things for the bulls on that one. Um, we're still
notably over the 2% target for fed. And number two,
(33:38):
the tariffs have likely not made their way into final
goods pricing yet. Uh, and that will happen over the
next couple of quarters and probably increase the level of
inflation maybe to over 3%. Not a horrible number, but
nowhere close to the two target. Um, I guess the
last comment I made is the labor market, as goes
the labor market, so goes consumer spending. And we're seeing
(34:00):
mixed results there. I would argue that cyclical industry, manufacturing, construction,
temporary help services are beginning to contract. And that's not healthy.
S1 (34:11):
Yeah, there's no question about that, Bob. We didn't see
a whole lot of movement on the news around the
framework or the the some of the meeting of the
minds related to the US and China. Why do you
think that is?
S7 (34:24):
Yeah, I think the sign there was, hey, we've come
to an agreement and the market yawns. Uh, why did
it do that? Because a lot of the good news
around tariffs is in the market. Sentiment already elevated. Uh,
we've obviously had the, uh, after 20% decline. We've had
a 20% recovery. And we're within spitting distance of new
(34:46):
all time highs.
S1 (34:47):
Yeah. Incredible. Bob, uh, six months into the year, just
what is your analysis on what's to come the back
half of the year in terms of the likelihood of recession?
Just given what we know today.
S7 (34:59):
Uh, likelihood of recession Still under 50%, but not zero. Um,
a noticeable slowdown. I think we'll see. It will start
with the labor markets. It will spread to the consumer
and then it will show itself in corporate earnings. Not
that they're going to be down, Rob. They're just going
to be up less than expected. And that these high
(35:20):
valuation levels, expectations are high and they need to be met.
Or stocks struggle a bit. So I think we're going
to have a a bumpy second half. Not all that
different from the bumpy first half that we saw.
S1 (35:32):
Yeah. Bob what about the fed and all of this.
It seems like the fed has had less of an impact, uh,
in the last year versus the last decade or two.
It seemed like everything was about the Fed's moves.
S7 (35:46):
In some ways, it still is. But the fed. The
fed is on hold. They meet this week, as you know,
and we're likely to come out with, you know, thousands
of words. No change in policy. Um, the fed is
fighting between a rock and a hard place. On the
one hand, they are witnessing inflation not coming down to target,
but they're also seeing the labor market, um, struggling a bit.
(36:08):
So they'd like to lower rates, but they really can't.
So they'll sit on their hands for several more months,
most likely.
S1 (36:15):
All right, last question, Bob. I know that the dollar
has continued to weaken. Is there much to make of
that and what are the implications of that for the economy?
S7 (36:24):
Yeah. As as dollar drops, uh, that makes, um, international
stocks more interesting. Uh, and uh, it also is part
of the reason that we're seeing the fed think about
easing rates, uh, when the dollar, uh, when the fed
raised rates, the dollar tends to go up and vice versa.
(36:45):
So currency to be watched carefully. Uh, it's at its
lowest level in more than three years, Rob.
S1 (36:53):
Very good. All right, Bob, we appreciate your thoughts as always.
We'll talk to you next week.
S7 (36:58):
Thank you much. Have a great week.
S1 (36:59):
All right. That's Bob Dole. He's CEO and CIO at
Crossmark Global Investments. You can sign up for his weekly
investment commentary dolls deliberations Crossmark global.com. Let's round out the
broadcast today. We'll get to as many calls as we
can here. We'll go to round Rock, Texas. Maribel, thank
you for calling. Go ahead.
S8 (37:18):
Hello. Thank you for taking my call.
S1 (37:21):
Yes, ma'am.
S8 (37:22):
I am calling about a education fund that I was
saving up for my son to use after high school graduation.
He graduated and was not ready to use it. Um,
he was allowed up to ten years to be able
(37:43):
to use it for educational purposes, for tuition and books.
And the ten year time passed, and I, unfortunately was
not able to use the funds for his education or
even for mine. It's kind of a sad, sad situation
because I was just eager to get some more schooling. Uh,
(38:06):
two years have since passed. I have received payment for, uh,
for that plan, and that's been about two years, and
I am wanting to know what I could do with
those funds. Um, yes, I have received a check, but I,
I have no idea where to go, so I'm needing
(38:28):
some directions.
S1 (38:29):
Yes. Alrighty. Very good. Well, I think the first question is, um,
you know, does that check expire? They often expire after
a certain period of time, often 6 to 12 months.
So you may want to check that. And if you
need to contact the Texas Comptroller's office, uh, explain the situation.
(38:49):
Ask for it to be reissued. They may require some
proof of identification or an affidavit of some kind, but
that's likely the case. The funds are still yours, but
you need to request a new one, so I wouldn't
delay on that. In terms of what to do with
to do with the money, how do you envision using this?
Are you wanting to use it for your son's benefit,
(39:12):
or are you wanting to use this for something in
your financial life?
S8 (39:18):
I am undecided on that. My primary concern was tax implication. Um,
I would like to be able to give that, uh,
funding to him. He, however, has generously said, uh, he
would like to just give it, gift it back to me.
S1 (39:36):
Yeah. Okay. Yeah. Very good. Um, yeah. So I think
it would be good to, uh, check on any kinds of, uh,
of tax implications there. Um, you know, whether that's a penalty, uh,
or it becoming taxable because it was not used for
education expenses. Um, you know, so typically there would be
(39:59):
like in the case of a, a 529, uh, you know,
you would have a plus, it would be, uh, the
gains would be taxable to you. So I would check
with a CPA on that because you don't want to
get caught off guard on that in terms of how
to use it. I mean, if you decide to use
it for your own purposes, you know, the key is
always to really take a step back and just think
(40:21):
through kind of what are your values and your priorities, uh,
starting with, uh, you know, is there any giving you
want to do on it? If you want to use
it to shore up your financial foundation, it's always a
good idea to build or replenish your emergency fund. The
target there is 3 to 6 months liquid expenses for
the unexpected. Never a bad idea. Alongside that, to pay
(40:42):
down high interest debt. So we're thinking, you know, credit
cards there or other types of of debt that you
might have if you want to grow it. Uh, You
could think about putting it into a Roth IRA if
you're eligible, and you could get it invested to grow
for the future. So you have something you know, that
you could tap into down the road if you wanted
to use it for, you know, another child, you could
(41:03):
roll it into a 529, uh, and that would allow
you to miss any kind of tax implications. But you
may be in a situation where you have no one
else that's needing, uh, you know, qualified educational expenses. So
if that's the case, I think really your opportunities are
the emergency fund. Paying down debt, investing it or giving
it away would be the priority there. And I just
(41:25):
kind of think through that and pray through that as
you think about your values and your priorities.
S8 (41:32):
Wonderful. I would definitely want to invest it. I am
pretty much debt free except for my mortgage, which I
am doing very well on and will have it paid
within five years, so that's great.
S1 (41:44):
Excellent. Okay. Well, yeah, I think investing it would be great.
You could open that Roth IRA. You could use Fidelity
or Schwab. You could use a robo advisor like Schwab
Intelligent Portfolios, or our friends at Soundmind investing. Org could
recommend some mutual funds for you. Again, that's Soundmind investing. Org.
And if you wanted to open an account at Schwab,
(42:05):
that would be great. If you want more of a
kind of a turnkey solution, the Schwab Intelligent Portfolios, you
could just put that in your search engine. That would
be another way for you just to drop this into
an account. Based on the questions and answers you provide,
it will build a portfolio for you that's very low
cost and just capture the broad moves of the stock
(42:26):
and bond market in a way that's appropriate for your
age and risk tolerance. Hope that helps. We appreciate your
call today. Big thanks to my team today. Rihanna, Lisa,
Dan and Jim. Couldn't do it without them. Faith and
finance lives a partnership between Moody Radio and Faith fi.
Come back and join us tomorrow. We'll see you then.
Bye bye.
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