July 28, 2025 • 42 mins
For many retirees, mentoring seems like a meaningful way to invest in the next generation—a way to put their life experience to work. But what if there is more to discover about how mentoring fits into God’s design for this season of life? On the next Faith & Finance Live, Jeff Haanen joins Rob West with practical stories and spiritual insight to help us reframe it. Then, it’s on to your calls and questions. That’s Faith & Finance Live—where biblical wisdom meets today’s finances, weekdays at 4pm Eastern/3pm Central on Moody Radio.
Faith & Finance Live is a listener supported program on Moody Radio. To join our team of supporters, click here.
To support the ministry of FaithFi, click here.
To learn more about Rob West, click here.
To learn more about Faith & Finance Live, click here.
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
S1 (00:08):
Mentoring often sounds like the perfect way to steward your
time and retirement until you try it and realize it's
not as intuitive as you hoped. Hi, I'm Rob West.
For many retirees, mentoring seems like a meaningful way to
invest in the next generation, a way to put their
life experience to work. But what if we've misunderstood how
mentoring fits into God's design for this season of life?
(00:31):
Jeff Hanan joins us with practical stories and spiritual insight
to help us reframe it. Then it's on to your
calls at 800 525 7000. This is faith and finance. Live.
Biblical wisdom for your financial journey. My friend Jeff Hanan
is an accomplished entrepreneur and the founder of the Denver
Institute for Faith and work. He's also the author of
(00:54):
the insightful book An Uncommon Guide to Retirement finding God's
purpose for the next season of life. It's my go
to book for this topic and we give away a
ton of them. Jeff, great to have you back on
the program.
S2 (01:08):
Yeah, great to be back. Thanks, Rob.
S1 (01:09):
Jeff, I know mentoring has become a key way you
think about stewarding this season of life. What is it
that makes it so meaningful to you?
S2 (01:18):
Yeah, it's a great question. I think if we believe
that retirement is something less like an ongoing vacation and
more like elders stewarding the season of life to bless
and to lift up a coming generation, we have to
talk about mentoring and mentoring is that opportunity that we
have to pour into somebody's life. And yet, as you
(01:40):
said in the intro, it can be trickier than I thought.
I have actually had great experiences with mentoring, as well
as some very difficult experiences where they did not go
as planned.
S1 (01:49):
Well, let's talk about some of those best practices then.
So as as you've evaluated various mentoring relationships, yours and others,
What key elements make a mentoring relationship truly thrive?
S2 (02:01):
Yeah. You know, I think of a story of somebody
who mentored me. His name was John. And, uh, after
an event that I put on once, he came up
to me and said, you know, that was the best
event that I have ever seen. And I kind of
was humbled and, uh, didn't know actually what to say.
He then, um, both affirmed what I was doing as
well as challenged and said, how come nobody's ever heard
(02:23):
of you guys? I think there's something interesting in that
combination in mentoring of affirming a coming generation, because people
doubt whether they have the skills they really have what
it takes in the world. Right? Young people, as well
as maybe everybody as well as challenging. There are opportunities
before you to grow. And I think that combination is
(02:44):
really golden.
S1 (02:45):
Mm. I love that he had his antenna up for that.
And his natural follow on to seeing God at work
was to invite you into that type of relationship. I'm
wondering how many in our listening audience today. Jeff might
be in that same position, and this is a call
to them to step out and invite somebody into a
relationship like that. Would you agree?
S2 (03:05):
Yeah, I absolutely would agree. And I think, um, one
of the things that we think about with mentoring is
oftentimes they come in the structure of these very formal
programs of you sit together once a month, you have coffee, and,
you know, the Yoda like insight will pass to the
young Padawan at the end of an hour. And it
very rarely actually works like that. And so in the book,
one of the things I advocate for is thinking about
(03:27):
it maybe less than less like mentoring and more like
intergenerational friendship, where there's genuine mutuality, where we're giving and receiving,
and we really enjoy being around each other. I think
that structure of intergenerational friendship has the power to do
what mentoring promises.
S1 (03:44):
Yeah. That's powerful. So let's unpack that a bit more.
What does that actually look like in practice?
S2 (03:50):
Yeah, I think intergenerational friendship really looks like mutuality. So
I think when we're thinking about developing a friendship as
something like the combination of self-disclosure, I will share something
about my life and then potentially reciprocity where somebody else
shares about their life. And if you do both of
those things, we're on the pathway to growing in a relationship.
(04:11):
So I think the intergenerational friendship, one of the things
that that intergenerational piece that's very challenging is we actually
have to be around people from a very different background
than me think about life or tech or culture or
relationships very differently. But I think finding context to be
an organic relationships with people from a different generation, from you,
(04:31):
is the first context. And those can be in programs,
those can be in local churches, it could be at
local clubs. There could be a lot of different ways
to do that. But I think they best actually happen
organically rather than a highly structured process.
S1 (04:45):
Yeah, interesting. And this is quite a bit different than
perhaps the cultural view of mentoring. And so when we
come back after this break, we'll talk about what this
perhaps healthier, more effective model looks like. We'll also talk
about how you can get started. What does this look
like for you and what's your next step? We're talking
with Jeff Hanan today. He's the author of the book
(05:07):
An Uncommon Guide to Retirement Finding God's Purpose for the
Next Season of Life. And we're talking mentoring today. Perhaps
it can become your greatest investment in retirement. Much more
on that just around the corner. Stay with us. We're
just getting started. So you're in retirement, and you're thinking
(05:36):
about how to take the wisdom and experience to be
that elder, to invest in a coming generation. Perhaps mentoring
is the way to do that. Hi, I'm Rob West
with me today, my friend Jeff Hanan. Jeff is the
author of the insightful book An Uncommon Guide to Retirement
Finding God's Purpose for the Next Season of Life. And Jeff,
before the break, you were talking about really a different
(05:59):
vision for mentoring. Perhaps it's more like a intergenerational friendship.
And I know in the book you talk about how
there are some biblical models for this that we can
draw from. I'd love for you to share some of those.
S2 (06:13):
Yeah. So I think as we think about this idea
of mentoring as intergenerational friendship, it finds a natural home
in the Bible. Jesus once said, I no longer call
you servants. Instead, I have called you friends. So we
do have models. Paul mentoring Timothy. Samuel mentored Saul and David.
Elijah mentored Elisha. But what was interesting is that their
hearts were both. They were not focused so much on
(06:34):
the sage as they were focused on God himself. And
I think one of the interesting things for Christians entering
into this relationship, this mentoring relationship is blessing not only
flows from wise to the naive, but from the foolish.
Back to the wise again says in First Corinthians one
that that's the nature of God's upside down kingdom, is
that we become strong through weakness. We gain riches through
(06:56):
giving them away. The first, the last, and the servants
are greatest. So I do think there's a real humility
and a posture of older, of course, giving to the younger,
but potentially learning from the younger as well and younger
giving to the older and vice versa. So I think
there's a lot of opportunity for Christians to think I
have something to receive in this relationship, and I have
(07:18):
something to give real mutuality.
S1 (07:20):
Yeah, well, let's talk about what this looks like then, practically,
because I know you've said our cultural view of mentoring
can actually get in the way of this. So what
does that more effective model look like to you?
S2 (07:34):
Yeah, I think there's a handful of things to think
about if you're considering mentoring in retirement. One, you know,
skilled mentors, they really find genuine delight in a coming generation.
They develop friendships based on common interests. interest. So find
something that you can do or that you just really
enjoy doing with somebody from another generation. I think that's
just the foundation. Uh, second, skilled mentors that are really
blessed and they affirm a younger generation. I do think
(07:57):
that there's people that wonder if they're going to make
it in the world, young people as well as older.
And I think that blessing and affirmation, it doesn't first
start with advice. It first starts with saying you have
something valuable to give to the world. Yes, I also
believe skilled mentors. They share their stories and they're genuinely
vulnerable with their mentees. You don't have to think I've
got it all together and this is what you need
(08:18):
to learn, right? We learn from people's successes. But I
would say having done a whole bunch of events on stage,
people genuinely learn the most from your vulnerability and your failures.
So be willing to share your failures. And so your
mentee doesn't necessarily have to go through those same failures.
And I also say there's nothing magical about 1 hour
or 2 hours. Skilled mentors, they're patient. They commit to
(08:40):
long term relationships. Those long term relationships with a mentor
can open doors and really walk alongside a mentee for
a long time. Makes a big difference. And then the
last thing I would say is mentors that are really good,
they just ask the right questions. Jesus himself, right at
the beginning of his ministry, he says, what do you
want me to do for you? He was always asking
(09:02):
his disciples the right question that allowed his mentees disciples
right to say, huh? What is the right answer here?
And when they come to the answer themselves, the mentees,
they own that answer much more so than if you
just give it to them.
S1 (09:15):
Mm. Boy, that is so well said. All right, so
somebody in our listening audience today, Jeff, is saying, yes,
I'm in. Where do they start? What does that look like?
S2 (09:24):
Well, I got to think that the local church is
the best place to start. Local churches, majority of them.
And there's an adult in a young adults group and
you just being showing up. So I just think there's
a part of showing up in a be less comfortable
with like the young adults group and saying, I'm here
to learn or I'm here to serve in some way.
(09:44):
That could be one opportunity. There could be opportunities. Mentoring
in work. A lot of people have that are retired
or going into retirement, have a ton of professional ability
and skill left to give. And so still staying connected
in some ways to younger people in your profession or
in your work. It could be in a relational way,
(10:05):
but it could be through consulting. But there's a lot
of opportunity as well right there.
S1 (10:09):
Yeah. Jeff, you've talked about elements of these meetings for
intergenerational friendship, but I think folks often think that there
needs to be a more formal plan with some structure.
So talk about whether that's right or whether this more
organic approach is better.
S2 (10:27):
They can both be right. Let's take advantage of the
opportunities that we have. And so, for instance, I'm working
on a project at my church right now training up
future pastors. So we have a program for interns apprentices
and pastoral residents to get experience in church ministry and
to do some of the interior work. And we pull
in mentors, right? And so we do actually create some
(10:49):
of that context and that structure. However, if it's only
around that structure and you check off the boxes and
you've met the four times during the year, it probably
won't be very fruitful for the mentee or the mentor.
It really will have to go to the process of huh,
this is a valuable friendship. This is really something that
is life giving to me. And I think in that respect,
(11:11):
there can be just as much blessing comes to the mentors,
the mentee, when it's a life giving friendship and a relationship.
Because even when I'm around, younger people say in their
earlier or their mid 20s, their hopefulness, uh, their future
looking perspective on the world is incredibly life giving to me.
So I think those are all pieces of mentoring that
(11:32):
that can be helpful.
S1 (11:33):
Yeah. So what would you say to someone who's in
our audience today? They're nearing retirement and they want to
invest their time wisely by mentoring someone younger. Uh, what
would be your next bit of advice?
S2 (11:46):
Yeah. Find where the people are that are in a
different generation and go hang out and build friendships. I
would just say start there.
S1 (11:53):
Excellent. What role has prayer played in these relationships where
you've seen it be effective?
S2 (11:59):
That's great. Yeah. I think prayer actually has to be central,
whether it's in those actual meeting times or outside of it.
But I think prayer is absolutely central because whenever there's two.
Two people in a Christian relationship, of course, there is
a third person that you need to bring in. I
would also say there's a type of prayer that I
do in my meetings that it's almost listening. Prayer in
(12:22):
the context of not only is what's this person saying
to me, but God, what do you want me to
be saying to this person in this context? And so
if Paul says, pray without ceasing, uh, there does need
to be some of this context of being sensitive to
the direction of the Holy Spirit in the meeting as well.
So both for their future, for their relationships, for their work,
(12:43):
all of those things, but also for the moment. What
does it mean for us to be responsive to the
spirit and to really say justice, what God would want
us to say?
S1 (12:52):
Yeah. Very good. Jeff, we have just about a minute left.
You know, I love the Uncommon Retirement because it really
challenges this cultural view of retirement. So for somebody who's
perhaps a couple of years out, what would you leave
them with in terms of preparation for this season? Other
than picking up a copy of the book, which I
completely affirm? What should they be thinking about as they
(13:14):
plan for this next chapter?
S2 (13:16):
Well, in this next chapter, as we think about what
will life look like? And assuming you've been listening to
Faith VI and your finances are, you know, squared and
in place, you've got to think about what your life
will look like and how you will fill your time.
So this could be work, this could be volunteering. But
it mentoring I think is absolutely central to this, and
it is something for your listeners to think about. What if,
(13:39):
you know, the 87% of Boomers and Gen Xers move
into retirement? Like, what if they spent their time mentoring
young people through their church? They swapped retirement villages for impact?
What could that look like for our country and for
our world?
S1 (13:55):
It would change everything. Jeff. So appreciate your time today,
my friend. Thanks for being here.
S2 (14:00):
Thank you.
S1 (14:01):
Folks, pick up a copy of this book. It's called
An Uncommon Guide to Retirement Finding God's Purpose for the
Next Season of Life with Jeff Hannon. A quick break
and then back with your questions after this. 800 525 7000.
We'll be right back.
S3 (14:28):
The opinions offered during this program represent the personal or
professional opinions of the participants are 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 (14:50):
Great to have you with us today on Faith and finance.
Live here on Moody Radio. I'm Rob West. Well, it's
almost time to begin taking your calls and questions, which
means now would be a great time to call. The
number is 800 525 7000. We'll be taking your questions
on anything financial today. Again that number 800 525 7000.
(15:11):
The calls are coming in but at the moment lines open.
You know here's our goal. Each day we want to
help you make a wise financial decision to live as
a faithful steward. There's two pieces to that. They both
start in God's Word. The first piece is to understand
the role of money. We need to understand that money
issues are hard issues, that God owns it all, that
we're a steward. That money has an allure. It can, uh,
(15:35):
tell us a lie about the significance and security that
it can provide. We can't buy into that. So we
have to renew our minds, seeing that God is our
ultimate treasure. But that money is a good gift to
us for our enjoyment, for provision, for us to give
and love our neighbors. And we have to renew our
minds in God's Word to have that perspective. Part two
(15:57):
is the practical principles that God's Word offers around how
we live and how we manage money. You know the
five keys to managing money wisely find their roots in
biblical wisdom. Spending less than we earn, avoiding debt because
it mortgages the future, setting long term goals because the
longer term our perspective, the better the decision we make today.
(16:20):
Having margin. The only way we can accomplish the long
term goals is to live wisely. In the short term,
that means below our means, so we have some margin,
something left over, and then finally give generously because giving
breaks the the grip of money over our lives. We
give out of an expression, out of an overflow of
the undeserved grace that was extended to us generously by
(16:44):
God the Father. And that should then propel our giving.
But we were also created for good works. We're to
be involved in those activities on the heart of God,
supporting our church, supporting missionaries, being involved in solving the
world's biggest problems, being bringing God's redemption to earth. We
can participate that in that through our giving. Well, all
(17:06):
of that is found in a biblical worldview of money.
And so we want to help you cultivate that new,
eternal perspective, that biblical worldview around money. But in doing so,
help you answer those very specific questions that you have
as you manage your spending plan and try to pay
down debt and save for the future and answer the question,
how much is enough? And do I help the kids?
(17:28):
And how much is too much? And all those very
specific things that you wrestle with on a daily basis.
So that's why we have this program to help you
do that. But we can't help you unless you call.
So lines are open. Call right now 800 525 7000.
We will begin to take those calls here in just
a moment. In the news today, it seems that many
Gen Xers, now in their 40s to early 60s, by
(17:51):
the way, that's me, are facing a retirement squeeze with
savings falling short of expectations. Side hustles are emerging as
a core part of their long term financial planning. A
recent Investopedia survey found that 42%, actually more than 42%
of Gen Xers, plan to rely on side hustles or
(18:12):
what's been known since the pandemic as gig work during retirement.
That's more than any other generation. Many in this group
report low confidence in hitting the $1 million dollar savings mark,
which was often viewed as the benchmark for a secure retirement.
It's now head up quite a it's a bit higher
than that just because of how expensive things are, but
(18:33):
nevertheless hitting that mark, whatever it is, is seen as
out of reach for many retirees or prospective retirees. So
instead of slowing down, they're preparing to work longer freelance
or build small businesses to generate income well into their
later years. And it's interesting that the experts who may
(18:54):
or may not be Christian, many of them not say
that Gen Xers may redefine retirement entirely not as an exit,
but as a reinvention. Interesting, given where we started our
conversation today with Jeff Hanan. A side hustle, as they
call it, doesn't necessarily have to be for pay. If
your finances allow it, you might use that margin, they say,
(19:15):
to serve your church or invest in Kingdom work in
other ways, I love it. It's a reminder that retirement
planning isn't just about the numbers, it's about faithfulness. So
whether you're earning extra or giving generously of your time,
the goal is to live with purpose and to be
a faithful steward of the resources God has given you.
And those resources include your. Include the wisdom and the experience,
(19:38):
your stewardship of God's Word. As you're an elder at
that city gate, that you know that tree in Lebanon
that we read about in Scripture. We want to be wise.
We want to be faithful. But what an opportunity to
mentor and invest in the next generation, to continue to
work as unto the Lord. Remember, we were created to
be workers doesn't have an expiration date. And so part
(19:59):
of God's creation is that we would order our lives
to be productive. So through business and enterprise, we can
bless and promote human flourishing. And that virtuous cycle of
hard work and diligence and and provision and economic growth
and prosperity, and then giving back to the God that
created us and provided for us, which recalibrates our hearts.
(20:23):
That's that's a virtuous cycle that God intended. And we're
not to cease all productive activity so we can live
a life of leisure. Now, don't get me wrong. There's
a season for rest, perhaps even a sabbatical season where
you are reinvigorated, but it's ultimately toward an end of fruitfulness.
And that's what we want to promote here on this
(20:43):
program each day. All right, enough with that. Let's head
to your phone calls today. That number to call is
800 525 7000. We will begin to tackle those questions
right after this break. So this would be a great
time to call again. If you have a financial question
today on any topic debt savings, investing giving call right now,
(21:04):
we'll tackle that right after this break. 800 525 7000
beginning with Denise in Michigan. Well, folks, if you love
the program, you want to support the ministry. A great
way to do it is to become a Faith five partner.
You can learn more about the great resources we'll provide
to you as a new partner when you go to. Partner.
(21:25):
Support us at $35 a month or more. We send
four issues of Faithful Steward, all of our new studies
and devotionals, and access to the Faith VI app. Again,
the website faithfully. All right, back with your questions after this.
Stick around. So glad you're with us today on Faith
(21:50):
and Finance Live, I'm Rob West. We do have a
few lines open. You can call right now 800 525 7000.
Let's head to the phones. We're going to begin today
in Michigan. Denise. Go right ahead.
S4 (22:02):
Oh, hi. I'm so happy to have this opportunity to
speak to you.
S1 (22:07):
Um. Thank you.
S4 (22:08):
I own, yes, and I only have a little left
in my savings. Um, only about 11,000. And so I
want to know how to manage it and how to
make it more liquid.
S1 (22:21):
Mhm. Yeah. Where is it right now. Denise. Where do
you have it parked.
S4 (22:27):
It's in full. Full one.
S1 (22:30):
401 K. Okay. So you're down to four. Down to 11,000.
In the 401 K. Or that's just the portion of
the 401 K that's in the money market or the
cash account.
S4 (22:41):
No, that's that's it. Okay. I had to help out
one of my children. And it's just a lot of
things happening in my life.
S1 (22:51):
Okay. Yes, ma'am, I understand. Um. Are you retired fully?
S4 (22:57):
Yes.
S1 (22:58):
Okay. And what are you living on?
S4 (23:02):
Social security.
S1 (23:03):
Okay. And do you have a. I'm sorry. Go ahead.
S4 (23:09):
Which is not cutting it.
S1 (23:11):
Yes, ma'am. Um, do you have a budget that have
you taken the time to kind of put down all
of your expenses, both what I call the fixed expenses,
where you get a bill for them, but also the
discretionary expenses where you spend money on something, but you
don't necessarily get a bill for it, like food and
entertainment and, you know, things like that. If you put
(23:32):
a budget together to figure out what it really takes
to fund your lifestyle every month.
S4 (23:39):
Yes, yes I have.
S1 (23:40):
Okay. And how far away is that from what you
have coming in?
S4 (23:46):
About five, 600.
S1 (23:48):
Okay. So your water about 5 to 600 a month.
S4 (23:52):
Yes.
S1 (23:53):
Okay. All right. And the only asset you have other
than your monthly income, the only asset you have is
the 11,000 that remains in the 401 K.
S4 (24:05):
Yes.
S5 (24:06):
That's correct.
S1 (24:07):
Yeah. All right, well, let's do this because, you know
really what it's going to come down to because the,
you know, if you're going under 600 a month, that's
just not sustainable. Because even with that 11,000, if we
were to liquidate the investments and and you were to
pull that out, you know, you're going to have to
pay tax on it. So let's say that's, you know, 20%.
(24:27):
So now you're down to 9000. And if we if
we divide that by, let's say 600 a month, that's
only going to last you, you know, 14 months and
then it's gone. So what we really need to do
is fix the budget. And I realize that's easier said
than done, but I want to provide some help to
you in the form of a certified Christian financial counselor.
So these are men and women, many of them that
(24:49):
are retired, but their ministry and their training is in
helping God's people be a wise manager of his resources,
specifically in the area of, uh, spending plans and budgets, debt, uh,
you know, just the day to day management of your finances.
And it's not that they're going to bring any silver
bullet to the table, Denise. The numbers are what they are,
(25:11):
but perhaps a fresh perspective might be brought to. How
could we go about trying to rightsize this budget so
that you can live on or within the income that
the Lord has provided, which is the Social Security? Now,
if you can boost your income by working part time or,
you know, find something that would add a little income, great.
(25:32):
But if you can't, we need to really do some
hard work on how do we get that budget balance
so we don't even have to touch the 11,000, because
that's just not sustainable at the current level. Um, so
if you don't mind, I'm going to, uh, have a
certified Christian financial counselor call you. We're going to pay
for it. So you're not going to pay anything. And
(25:53):
that's just going to be our gift to you. And
I think perhaps, Lord willing, with a few sessions over
the phone or the computer, um, you know, maybe they
can give you some new ideas to get you, uh,
in moving in the direction of balancing that budget, is
that something you'd be willing to take advantage of?
S4 (26:09):
Oh, yes. Thank you.
S5 (26:11):
That would be a blessing. Well, good. Well. Go ahead.
S4 (26:16):
You know, but still. I was wondering about this. I
heard you speaking on another program about Marcus. Um. Or
some bank. Some bank? That was.
S5 (26:28):
Yeah.
S1 (26:29):
The challenge is that, you know, inside that that IRA,
you're you're not going to be able to, um, you know,
many of the online banks are not going to let
you have an IRA there. Um, where who is your custodian?
Who sends you the the tax forms and the monthly
statements on the IRA on the 401 K.
S4 (26:50):
Fidelity.
S1 (26:51):
Fidelity. Okay. So fidelity has a money market account and
they have some great ones. And so I would just
leave it right where it is in the fidelity 401
K and move it into the money market, which is
going to give you a nice steady interest. And it's
it's very safe. And, you know, that way the money
(27:13):
will be safe and earning some interest, but also liquid
if you need it. And then let's go to work
on the budget. Uh, but you don't need to move
it to Marcus or anybody else. You've got some great
money markets right there at fidelity that can serve your purposes.
S4 (27:29):
Okay. Thank you very much.
S1 (27:31):
All right. Stay on the line. My team's going to
get your information, and we will get one of those
certified Christian financial counselors in touch with you. God bless you. Denise,
thanks for your call today. Uh, to Ocala. Hi, Cathy.
How can I help?
S6 (27:42):
Hi. Um, my husband and I are both working part time.
He retired in January and gets a a pension amount
and Social security and I recently came. I worked part
time on semi-retired, I retired early, I, um, recently came
into some money from an inheritance. My. My dad passed
(28:03):
in October, and we amassed more debt than we've ever had.
$90,000 mortgage won't be paid off for 29 years. He
just recently bought a vehicle, um, put a substantial amount
down and paying on it for six years. And then
my car be paid off in two years. But I
have such a low interest rate. Um, I'm just hesitant
(28:26):
to take that money out to just pay it off
because it's like under 5000. But he's of the opinion
that we should. Something he heard on the radio or
something that we should just enjoy our life where we can.
We don't go on lavish vacations. We haven't had a
really substantial vacation, like going flying anywhere like over five
(28:46):
years ago. And, um, my husband I know is supposed
to be the leader of of the House of Spiritual Leader.
But I'm just looking to you on what you think
the Lord would have me do, sir? I we did communicate.
I did with a Christian counselor. Sir, um, financial counselor, um,
who we've used before and who we had an investment
(29:07):
with and is now, um, getting that monthly. So, uh,
you know, just wanted to see what the next thing.
S5 (29:17):
Yeah.
S1 (29:17):
Well, I appreciate that. I, I would concur with you. Um,
you know, there is a a way that the Lord
has ordained marriage. And, uh, you know, we need to
work together as husband and wife. As you said, the
Lord has placed him as the head of the household.
But I think when it comes to finances to become one.
And although he is the head of the household, I
think you all need to work together, uh, to make
(29:39):
a plan and bring both of your perspectives to the table.
You know, I think there is a way to enjoy,
and that's part of God's design for the resources he's
provided to us. There is a way to enjoy some
of what God has provided, and yet still have a
plan that reflects your values. And I think part of
the reason why you want to get out of debt
now is so you have the freedom to have more
(30:00):
enjoyment in this next season of life because you're unencumbered,
which means you don't need as much income to cover
your lifestyle spending. So you do have more that you
all could take a a trip here and there. But
I think these next 2 to 3 years while you're
still working, plus this blessing that you've received in the
form of the inheritance, are a unique opportunity for you
(30:22):
all to get your position of finances position. So you
are prepared for this next chapter. And I think that's
the big idea that starts with a conversation about values.
Let's do this. I've got to take a break. Stay
on the line. We'll talk a bit more off the air.
We'll be right back. Great to have you with us
(30:45):
today on Faith and finance live. I'm Rob West. We're
going to talk to Bob Dole here in just a moment.
Just to follow up on that last conversation. I did
get a chance to talk to Kathy during the break. And,
you know, a lot of couples find themselves in this position.
One spouse wants to buckle down, the other wants to
make memories. Neither are wrong. A lot of that has
to do with how God has wired us. Some hold
(31:06):
money loosely and depending on their temperament. And this is me.
I'm this temperament. I like to use money as a
tool to create memories and experiences and deepen relationships. On
the other hand, other temperaments like to hold it a
little tighter. They want to, you know, they like the
the solid foundation of being out of debt, reaching goals,
(31:28):
you know, buckling down. And I think both of those
can be God honoring as long as they're done in
the context of a of an open conference conversation where
we talk together about our values as Christ followers, what's
important to us, um, and then how we can get there.
What does that plan look like that's ultimately going to
(31:49):
take us toward the direction of what we want this
shared plan and future to look like, especially as we're
nearing retirement. And, you know, a good budget isn't about restrictions.
It's about priorities. And agreeing on those priorities together is
key to peace in your finances and in your marriage.
Did you ever think about that? The budget can be
(32:10):
an instrument of peace as you decide together how to
allocate God's resources to accomplish your God given goals, and
that can include some fun to enjoy it along the way.
But I think it also clearly needs to represent financial
discipline and faithfulness that drives toward long term goals that
are prayed over, that are worked out in advance, and
(32:33):
it's going to require some sacrifice and some diligence along
the way. And so I think, you know, praying about
that and then sitting down with your husband or your
wife and having that open and honest conversation that starts
with your values and your role as stewards of managing
God's resources and a plan that reflects both of your
temperaments and wiring that ultimately drives toward your shared goals
(32:56):
and vision for the future. I realize it's easier said
than done, but that's ultimately the picture of, I think,
what we want in these situations. Cathy, I hope that's
helpful to you. We appreciate so much your call today. Well,
here on a Monday, we joined with Bob Dahl. In
this segment. He stops by to give us his take
on the markets as he's managing billions of dollars in
(33:16):
the market and doing it from a faith perspective. And Bob,
the market's little changed. And I think a lot of
people are surprised, just given the, uh, the EU announcement
over the weekend. What do you make of it?
S7 (33:28):
Yeah, I think the announcement, which was significant, might have
pushed the market higher. It did at the start. And
then it kind of faded and we ended as you point,
kind of mixed. Uh, I think the anticipation of earnings
for the rest of the week, this is the heaviest
earnings reporting week uh, is what has investors focused on. Um,
(33:48):
that doesn't mean the tariffs are unimportant, but what companies
are doing, how they're earning their money, what the estimates
look like compared to what's actually reported. That's what's driving
the market these days. And I might add, a lot
of the good news might have been in the market
since it moved up so much in recent weeks.
S5 (34:06):
Yeah.
S1 (34:06):
And all of that, including the fact that the trade
war suddenly might start to look a little less scary,
or at least the prospects of it. A lot of
that is finding its way into recession probabilities. And I
know you talked about that in your, uh, your dolls
deliberations this week.
S7 (34:26):
Yeah. Polymarket, which is one of several, um, services that, uh,
actually measure the probability of a recession, indicated that that
drop recession odds from 60% in late April or early May. Remember,
that was the trough in the market to just get
this number 18% currently. That is a massive drop in
(34:49):
a short period of time we got at Cross Mart
up to 50% and we're using 25% currently. Rob so
however you look at it, big drop and tariffs moving
from I'm scared to I guess we can live with
this as part of the story.
S1 (35:06):
Yeah. No doubt about it. Bob what about forward looking.
You know in terms of the consensus on forecasts for earnings.
Where do those stand right now.
S7 (35:16):
Yeah they're bouncing all over the place. Um earnings for
example for the second quarter are down a bunch from
where they started the year. But they've moved up even
in the last couple of weeks. So first down and
then up. I think that's the story of of this
year for lots of things. We came into the year
feeling good about things. Earnings are a good example of that.
(35:38):
And then oh my goodness maybe we need to reconsider.
Maybe we're going to have recession. Maybe these tariffs are
going to sink us and we have to bring all
those expectations down. And now we're going back up to
the side. I don't know how much of it is
anticipating or just following the market. Only time will tell.
S1 (35:56):
Bob, coming back to these trade deals, I saw a
takeaway from your deliberations this week that I had not considered,
but it had to do with the implications of the
courts and perhaps all the way up to the Supreme
Court ruling that these trade deals are illegal. Boy, what's
the likelihood of that? And what would that do to
the markets?
S7 (36:17):
Yeah, people are not talking about this enough. Not that
I'm trying to look at the glass as half empty.
But as you know, the president has lost some trade
deal arguments in lower courts, and they're going to continue
to be brought as long as people are making a
progress blocking his trade deals. And then when we go
(36:37):
to the Supreme Court, could it be deemed illegal? I mean,
the premise here is the president can make trade deals
The counterargument is the president can make trade deals when
there's a security issue. And the difference between the two
is you get legal minds involved. So we got to
(36:59):
watch this one carefully. Rob.
S5 (37:01):
Yeah.
S1 (37:01):
I mean, what's the argument other than just if you're
on the other side of the aisle, you perhaps don't
want to see the president be successful. Although I guess
I take issue with that premise as well. But, you know,
what is the argument there? Uh, you know, to unwind
these I mean, aren't they all generally seen as good,
or is it really just the legality of it all?
S7 (37:21):
It's the legality of it all. It's. Yes, you're absolutely right.
It's politics. Do I want this president to be successful,
or do I want to try to throw sand in
the gears, as it were? But it's also who's responsible
for things in particular, should Congress be the ones that
pass the trade deal or can the president do it?
(37:42):
And it's obviously not totally clear. Otherwise these things wouldn't
find their way into the courts.
S5 (37:47):
Yeah.
S1 (37:47):
Interesting. Bob, let's finish with just, you know, how you're
feeling about the job market, perhaps even just housing activity.
I think these are some of the things that we're
not as excited about as we look out on how
this economy is performing.
S7 (38:01):
Yeah. Absolutely. Right. Housing first. Housing activity continues to deteriorate.
As you know, we've seen home prices in selective areas
fade somewhat. Um, we've seen with the stubbornness to the
high side of mortgage rates, it makes it difficult. And
so housing is, is is is problematic at this point.
(38:24):
The job markets as you have been better than most
people thought, ourselves included. But the number of new jobs
announced every month in payrolls continues to drop. And we're
going to be close to 100,000 most likely this Friday
as we report for the month of July. We've not
seen a five instead of six figure number in quite
(38:46):
some time, but we could get there soon.
S1 (38:48):
Yeah. Very good. All right, Bob, we appreciate your time
as always, sir.
S7 (38:52):
Have a great week.
S5 (38:53):
All right.
S1 (38:54):
That's Bob Dole. He's CEO and CIO at Crossmark Global Investments.
Learn more at Crossmark global. Com. All right. Back to
the phones as we finish out the broadcast here today. Clearwater, Florida. Hi, Diane.
How can I help?
S8 (39:06):
Hi, Rob. Um, I know you've talked about this before,
but I need to pay better attention on fixed annuities. So, um,
I have a variable annuity, not, you know, and that's that.
But my advisor saying no, a fixed annuity will give
you a better rate, and it's comparable to a CD.
(39:26):
And so I just wanted to rehear your thoughts on
fixed annuities. And then second question if we have time
is to take out a CD now at whatever, 4
to 5% and go out ten years. How do you
feel about that?
S5 (39:43):
Yeah.
S1 (39:44):
Well, just in terms of fixed annuities versus CDs, I mean,
fixed annuities, he's right. Can offer higher rates than CDs.
I think right now, you know, you're going to get
six and three quarters probably on average from on a
one year, maybe a little over six on a three
year and and even five year. Um, you know, you
might even find some that are in the mid sixes,
(40:06):
even as high as seven on a 7 to 10 years.
So you can do pretty well, whereas a five year
CD is right around 4.4. So you could get 1
to 2% higher yields depending on the, the term uh,
of the, the length of the term. Um, you know,
they are offered by insurance companies. They're not FDIC insured.
(40:26):
So they're backed by the insurers financial strength. And they
often have surrender charges. If you withdraw early now, you're
going to get penalized on the CD if you withdraw
early there as well. So I would say just kind
of generally speaking, if you're looking for a high degree
of safety on the shorter term duration, it's where the
CDs are best. They're a little more flexible and you
(40:48):
can get some pretty good rates, uh, you know, for
a relatively short period of time, if you're looking for
longer term savings with guaranteed growth and guaranteed is relative
because it's guaranteed by the insurance company. So as long
as they're solvent, um, you know, then I think a
fixed annuity can be a great option, especially if you
don't need the money right away. So I would say
(41:09):
if you're looking to go out, you know, as far
as ten years, I would probably go the annuity route. Now,
I think better than both of those is to manage
it in a properly diversified stock and bond portfolio. Yes,
you're adding risk, but you also have the prospect of
better returns and more liquidity. You're not, you know, um,
so dependent upon, you know, only taking out a certain
(41:31):
percentage a year so you don't get hit with surrender charges.
But if you really are Are prioritizing safety. Um, then
I think on the shorter term CDs, on the longer term, uh, annuities.
But the last thing I'll say is not all annuities
are created equal. You know, it's just like, uh, some
banks offer better rates with online banks. Well, there's some,
you know, online, highly rated insurance companies like Gainbridge and
(41:55):
others that are offering really attractive rates, but they're not
paying out all those high commissions so they're able to
pass that along. So if you decide to go the
annuity route then I would look at, um, you know,
just really look across the board and make sure you're
looking at not only the options and insurance agent might
bring you, but also those that you could get direct
(42:16):
and just read a lot of reviews online. So hopefully
that helps. Diane is a great question. We're out of
time today. Faith and finance lives of partnership between Moody
Radio and Faith fi. Big thanks to my team today
to hero Omar, Rihanna and Jim and everybody here at
Faith fi. We'll see you tomorrow.
Mentoring often sounds like the perfect way to steward your
time and retirement until you try it and realize it's
not as intuitive as you hoped. Hi, I'm Rob West.
For many retirees, mentoring seems like a meaningful way to
invest in the next generation, a way to put their
life experience to work. But what if we've misunderstood how
mentoring fits into God's design for this season of life?
(00:31):
Jeff Hanan joins us with practical stories and spiritual insight
to help us reframe it. Then it's on to your
calls at 800 525 7000. This is faith and finance. Live.
Biblical wisdom for your financial journey. My friend Jeff Hanan
is an accomplished entrepreneur and the founder of the Denver
Institute for Faith and work. He's also the author of
(00:54):
the insightful book An Uncommon Guide to Retirement finding God's
purpose for the next season of life. It's my go
to book for this topic and we give away a
ton of them. Jeff, great to have you back on
the program.
S2 (01:08):
Yeah, great to be back. Thanks, Rob.
S1 (01:09):
Jeff, I know mentoring has become a key way you
think about stewarding this season of life. What is it
that makes it so meaningful to you?
S2 (01:18):
Yeah, it's a great question. I think if we believe
that retirement is something less like an ongoing vacation and
more like elders stewarding the season of life to bless
and to lift up a coming generation, we have to
talk about mentoring and mentoring is that opportunity that we
have to pour into somebody's life. And yet, as you
(01:40):
said in the intro, it can be trickier than I thought.
I have actually had great experiences with mentoring, as well
as some very difficult experiences where they did not go
as planned.
S1 (01:49):
Well, let's talk about some of those best practices then.
So as as you've evaluated various mentoring relationships, yours and others,
What key elements make a mentoring relationship truly thrive?
S2 (02:01):
Yeah. You know, I think of a story of somebody
who mentored me. His name was John. And, uh, after
an event that I put on once, he came up
to me and said, you know, that was the best
event that I have ever seen. And I kind of
was humbled and, uh, didn't know actually what to say.
He then, um, both affirmed what I was doing as
well as challenged and said, how come nobody's ever heard
(02:23):
of you guys? I think there's something interesting in that
combination in mentoring of affirming a coming generation, because people
doubt whether they have the skills they really have what
it takes in the world. Right? Young people, as well
as maybe everybody as well as challenging. There are opportunities
before you to grow. And I think that combination is
(02:44):
really golden.
S1 (02:45):
Mm. I love that he had his antenna up for that.
And his natural follow on to seeing God at work
was to invite you into that type of relationship. I'm
wondering how many in our listening audience today. Jeff might
be in that same position, and this is a call
to them to step out and invite somebody into a
relationship like that. Would you agree?
S2 (03:05):
Yeah, I absolutely would agree. And I think, um, one
of the things that we think about with mentoring is
oftentimes they come in the structure of these very formal
programs of you sit together once a month, you have coffee, and,
you know, the Yoda like insight will pass to the
young Padawan at the end of an hour. And it
very rarely actually works like that. And so in the book,
one of the things I advocate for is thinking about
(03:27):
it maybe less than less like mentoring and more like
intergenerational friendship, where there's genuine mutuality, where we're giving and receiving,
and we really enjoy being around each other. I think
that structure of intergenerational friendship has the power to do
what mentoring promises.
S1 (03:44):
Yeah. That's powerful. So let's unpack that a bit more.
What does that actually look like in practice?
S2 (03:50):
Yeah, I think intergenerational friendship really looks like mutuality. So
I think when we're thinking about developing a friendship as
something like the combination of self-disclosure, I will share something
about my life and then potentially reciprocity where somebody else
shares about their life. And if you do both of
those things, we're on the pathway to growing in a relationship.
(04:11):
So I think the intergenerational friendship, one of the things
that that intergenerational piece that's very challenging is we actually
have to be around people from a very different background
than me think about life or tech or culture or
relationships very differently. But I think finding context to be
an organic relationships with people from a different generation, from you,
(04:31):
is the first context. And those can be in programs,
those can be in local churches, it could be at
local clubs. There could be a lot of different ways
to do that. But I think they best actually happen
organically rather than a highly structured process.
S1 (04:45):
Yeah, interesting. And this is quite a bit different than
perhaps the cultural view of mentoring. And so when we
come back after this break, we'll talk about what this
perhaps healthier, more effective model looks like. We'll also talk
about how you can get started. What does this look
like for you and what's your next step? We're talking
with Jeff Hanan today. He's the author of the book
(05:07):
An Uncommon Guide to Retirement Finding God's Purpose for the
Next Season of Life. And we're talking mentoring today. Perhaps
it can become your greatest investment in retirement. Much more
on that just around the corner. Stay with us. We're
just getting started. So you're in retirement, and you're thinking
(05:36):
about how to take the wisdom and experience to be
that elder, to invest in a coming generation. Perhaps mentoring
is the way to do that. Hi, I'm Rob West
with me today, my friend Jeff Hanan. Jeff is the
author of the insightful book An Uncommon Guide to Retirement
Finding God's Purpose for the Next Season of Life. And Jeff,
before the break, you were talking about really a different
(05:59):
vision for mentoring. Perhaps it's more like a intergenerational friendship.
And I know in the book you talk about how
there are some biblical models for this that we can
draw from. I'd love for you to share some of those.
S2 (06:13):
Yeah. So I think as we think about this idea
of mentoring as intergenerational friendship, it finds a natural home
in the Bible. Jesus once said, I no longer call
you servants. Instead, I have called you friends. So we
do have models. Paul mentoring Timothy. Samuel mentored Saul and David.
Elijah mentored Elisha. But what was interesting is that their
hearts were both. They were not focused so much on
(06:34):
the sage as they were focused on God himself. And
I think one of the interesting things for Christians entering
into this relationship, this mentoring relationship is blessing not only
flows from wise to the naive, but from the foolish.
Back to the wise again says in First Corinthians one
that that's the nature of God's upside down kingdom, is
that we become strong through weakness. We gain riches through
(06:56):
giving them away. The first, the last, and the servants
are greatest. So I do think there's a real humility
and a posture of older, of course, giving to the younger,
but potentially learning from the younger as well and younger
giving to the older and vice versa. So I think
there's a lot of opportunity for Christians to think I
have something to receive in this relationship, and I have
(07:18):
something to give real mutuality.
S1 (07:20):
Yeah, well, let's talk about what this looks like then, practically,
because I know you've said our cultural view of mentoring
can actually get in the way of this. So what
does that more effective model look like to you?
S2 (07:34):
Yeah, I think there's a handful of things to think
about if you're considering mentoring in retirement. One, you know,
skilled mentors, they really find genuine delight in a coming generation.
They develop friendships based on common interests. interest. So find
something that you can do or that you just really
enjoy doing with somebody from another generation. I think that's
just the foundation. Uh, second, skilled mentors that are really
blessed and they affirm a younger generation. I do think
(07:57):
that there's people that wonder if they're going to make
it in the world, young people as well as older.
And I think that blessing and affirmation, it doesn't first
start with advice. It first starts with saying you have
something valuable to give to the world. Yes, I also
believe skilled mentors. They share their stories and they're genuinely
vulnerable with their mentees. You don't have to think I've
got it all together and this is what you need
(08:18):
to learn, right? We learn from people's successes. But I
would say having done a whole bunch of events on stage,
people genuinely learn the most from your vulnerability and your failures.
So be willing to share your failures. And so your
mentee doesn't necessarily have to go through those same failures.
And I also say there's nothing magical about 1 hour
or 2 hours. Skilled mentors, they're patient. They commit to
(08:40):
long term relationships. Those long term relationships with a mentor
can open doors and really walk alongside a mentee for
a long time. Makes a big difference. And then the
last thing I would say is mentors that are really good,
they just ask the right questions. Jesus himself, right at
the beginning of his ministry, he says, what do you
want me to do for you? He was always asking
(09:02):
his disciples the right question that allowed his mentees disciples
right to say, huh? What is the right answer here?
And when they come to the answer themselves, the mentees,
they own that answer much more so than if you
just give it to them.
S1 (09:15):
Mm. Boy, that is so well said. All right, so
somebody in our listening audience today, Jeff, is saying, yes,
I'm in. Where do they start? What does that look like?
S2 (09:24):
Well, I got to think that the local church is
the best place to start. Local churches, majority of them.
And there's an adult in a young adults group and
you just being showing up. So I just think there's
a part of showing up in a be less comfortable
with like the young adults group and saying, I'm here
to learn or I'm here to serve in some way.
(09:44):
That could be one opportunity. There could be opportunities. Mentoring
in work. A lot of people have that are retired
or going into retirement, have a ton of professional ability
and skill left to give. And so still staying connected
in some ways to younger people in your profession or
in your work. It could be in a relational way,
(10:05):
but it could be through consulting. But there's a lot
of opportunity as well right there.
S1 (10:09):
Yeah. Jeff, you've talked about elements of these meetings for
intergenerational friendship, but I think folks often think that there
needs to be a more formal plan with some structure.
So talk about whether that's right or whether this more
organic approach is better.
S2 (10:27):
They can both be right. Let's take advantage of the
opportunities that we have. And so, for instance, I'm working
on a project at my church right now training up
future pastors. So we have a program for interns apprentices
and pastoral residents to get experience in church ministry and
to do some of the interior work. And we pull
in mentors, right? And so we do actually create some
(10:49):
of that context and that structure. However, if it's only
around that structure and you check off the boxes and
you've met the four times during the year, it probably
won't be very fruitful for the mentee or the mentor.
It really will have to go to the process of huh,
this is a valuable friendship. This is really something that
is life giving to me. And I think in that respect,
(11:11):
there can be just as much blessing comes to the mentors,
the mentee, when it's a life giving friendship and a relationship.
Because even when I'm around, younger people say in their
earlier or their mid 20s, their hopefulness, uh, their future
looking perspective on the world is incredibly life giving to me.
So I think those are all pieces of mentoring that
(11:32):
that can be helpful.
S1 (11:33):
Yeah. So what would you say to someone who's in
our audience today? They're nearing retirement and they want to
invest their time wisely by mentoring someone younger. Uh, what
would be your next bit of advice?
S2 (11:46):
Yeah. Find where the people are that are in a
different generation and go hang out and build friendships. I
would just say start there.
S1 (11:53):
Excellent. What role has prayer played in these relationships where
you've seen it be effective?
S2 (11:59):
That's great. Yeah. I think prayer actually has to be central,
whether it's in those actual meeting times or outside of it.
But I think prayer is absolutely central because whenever there's two.
Two people in a Christian relationship, of course, there is
a third person that you need to bring in. I
would also say there's a type of prayer that I
do in my meetings that it's almost listening. Prayer in
(12:22):
the context of not only is what's this person saying
to me, but God, what do you want me to
be saying to this person in this context? And so
if Paul says, pray without ceasing, uh, there does need
to be some of this context of being sensitive to
the direction of the Holy Spirit in the meeting as well.
So both for their future, for their relationships, for their work,
(12:43):
all of those things, but also for the moment. What
does it mean for us to be responsive to the
spirit and to really say justice, what God would want
us to say?
S1 (12:52):
Yeah. Very good. Jeff, we have just about a minute left.
You know, I love the Uncommon Retirement because it really
challenges this cultural view of retirement. So for somebody who's
perhaps a couple of years out, what would you leave
them with in terms of preparation for this season? Other
than picking up a copy of the book, which I
completely affirm? What should they be thinking about as they
(13:14):
plan for this next chapter?
S2 (13:16):
Well, in this next chapter, as we think about what
will life look like? And assuming you've been listening to
Faith VI and your finances are, you know, squared and
in place, you've got to think about what your life
will look like and how you will fill your time.
So this could be work, this could be volunteering. But
it mentoring I think is absolutely central to this, and
it is something for your listeners to think about. What if,
(13:39):
you know, the 87% of Boomers and Gen Xers move
into retirement? Like, what if they spent their time mentoring
young people through their church? They swapped retirement villages for impact?
What could that look like for our country and for
our world?
S1 (13:55):
It would change everything. Jeff. So appreciate your time today,
my friend. Thanks for being here.
S2 (14:00):
Thank you.
S1 (14:01):
Folks, pick up a copy of this book. It's called
An Uncommon Guide to Retirement Finding God's Purpose for the
Next Season of Life with Jeff Hannon. A quick break
and then back with your questions after this. 800 525 7000.
We'll be right back.
S3 (14:28):
The opinions offered during this program represent the personal or
professional opinions of the participants are 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 (14:50):
Great to have you with us today on Faith and finance.
Live here on Moody Radio. I'm Rob West. Well, it's
almost time to begin taking your calls and questions, which
means now would be a great time to call. The
number is 800 525 7000. We'll be taking your questions
on anything financial today. Again that number 800 525 7000.
(15:11):
The calls are coming in but at the moment lines open.
You know here's our goal. Each day we want to
help you make a wise financial decision to live as
a faithful steward. There's two pieces to that. They both
start in God's Word. The first piece is to understand
the role of money. We need to understand that money
issues are hard issues, that God owns it all, that
we're a steward. That money has an allure. It can, uh,
(15:35):
tell us a lie about the significance and security that
it can provide. We can't buy into that. So we
have to renew our minds, seeing that God is our
ultimate treasure. But that money is a good gift to
us for our enjoyment, for provision, for us to give
and love our neighbors. And we have to renew our
minds in God's Word to have that perspective. Part two
(15:57):
is the practical principles that God's Word offers around how
we live and how we manage money. You know the
five keys to managing money wisely find their roots in
biblical wisdom. Spending less than we earn, avoiding debt because
it mortgages the future, setting long term goals because the
longer term our perspective, the better the decision we make today.
(16:20):
Having margin. The only way we can accomplish the long
term goals is to live wisely. In the short term,
that means below our means, so we have some margin,
something left over, and then finally give generously because giving
breaks the the grip of money over our lives. We
give out of an expression, out of an overflow of
the undeserved grace that was extended to us generously by
(16:44):
God the Father. And that should then propel our giving.
But we were also created for good works. We're to
be involved in those activities on the heart of God,
supporting our church, supporting missionaries, being involved in solving the
world's biggest problems, being bringing God's redemption to earth. We
can participate that in that through our giving. Well, all
(17:06):
of that is found in a biblical worldview of money.
And so we want to help you cultivate that new,
eternal perspective, that biblical worldview around money. But in doing so,
help you answer those very specific questions that you have
as you manage your spending plan and try to pay
down debt and save for the future and answer the question,
how much is enough? And do I help the kids?
(17:28):
And how much is too much? And all those very
specific things that you wrestle with on a daily basis.
So that's why we have this program to help you
do that. But we can't help you unless you call.
So lines are open. Call right now 800 525 7000.
We will begin to take those calls here in just
a moment. In the news today, it seems that many
Gen Xers, now in their 40s to early 60s, by
(17:51):
the way, that's me, are facing a retirement squeeze with
savings falling short of expectations. Side hustles are emerging as
a core part of their long term financial planning. A
recent Investopedia survey found that 42%, actually more than 42%
of Gen Xers, plan to rely on side hustles or
(18:12):
what's been known since the pandemic as gig work during retirement.
That's more than any other generation. Many in this group
report low confidence in hitting the $1 million dollar savings mark,
which was often viewed as the benchmark for a secure retirement.
It's now head up quite a it's a bit higher
than that just because of how expensive things are, but
(18:33):
nevertheless hitting that mark, whatever it is, is seen as
out of reach for many retirees or prospective retirees. So
instead of slowing down, they're preparing to work longer freelance
or build small businesses to generate income well into their
later years. And it's interesting that the experts who may
(18:54):
or may not be Christian, many of them not say
that Gen Xers may redefine retirement entirely not as an exit,
but as a reinvention. Interesting, given where we started our
conversation today with Jeff Hanan. A side hustle, as they
call it, doesn't necessarily have to be for pay. If
your finances allow it, you might use that margin, they say,
(19:15):
to serve your church or invest in Kingdom work in
other ways, I love it. It's a reminder that retirement
planning isn't just about the numbers, it's about faithfulness. So
whether you're earning extra or giving generously of your time,
the goal is to live with purpose and to be
a faithful steward of the resources God has given you.
And those resources include your. Include the wisdom and the experience,
(19:38):
your stewardship of God's Word. As you're an elder at
that city gate, that you know that tree in Lebanon
that we read about in Scripture. We want to be wise.
We want to be faithful. But what an opportunity to
mentor and invest in the next generation, to continue to
work as unto the Lord. Remember, we were created to
be workers doesn't have an expiration date. And so part
(19:59):
of God's creation is that we would order our lives
to be productive. So through business and enterprise, we can
bless and promote human flourishing. And that virtuous cycle of
hard work and diligence and and provision and economic growth
and prosperity, and then giving back to the God that
created us and provided for us, which recalibrates our hearts.
(20:23):
That's that's a virtuous cycle that God intended. And we're
not to cease all productive activity so we can live
a life of leisure. Now, don't get me wrong. There's
a season for rest, perhaps even a sabbatical season where
you are reinvigorated, but it's ultimately toward an end of fruitfulness.
And that's what we want to promote here on this
(20:43):
program each day. All right, enough with that. Let's head
to your phone calls today. That number to call is
800 525 7000. We will begin to tackle those questions
right after this break. So this would be a great
time to call again. If you have a financial question
today on any topic debt savings, investing giving call right now,
(21:04):
we'll tackle that right after this break. 800 525 7000
beginning with Denise in Michigan. Well, folks, if you love
the program, you want to support the ministry. A great
way to do it is to become a Faith five partner.
You can learn more about the great resources we'll provide
to you as a new partner when you go to. Partner.
(21:25):
Support us at $35 a month or more. We send
four issues of Faithful Steward, all of our new studies
and devotionals, and access to the Faith VI app. Again,
the website faithfully. All right, back with your questions after this.
Stick around. So glad you're with us today on Faith
(21:50):
and Finance Live, I'm Rob West. We do have a
few lines open. You can call right now 800 525 7000.
Let's head to the phones. We're going to begin today
in Michigan. Denise. Go right ahead.
S4 (22:02):
Oh, hi. I'm so happy to have this opportunity to
speak to you.
S1 (22:07):
Um. Thank you.
S4 (22:08):
I own, yes, and I only have a little left
in my savings. Um, only about 11,000. And so I
want to know how to manage it and how to
make it more liquid.
S1 (22:21):
Mhm. Yeah. Where is it right now. Denise. Where do
you have it parked.
S4 (22:27):
It's in full. Full one.
S1 (22:30):
401 K. Okay. So you're down to four. Down to 11,000.
In the 401 K. Or that's just the portion of
the 401 K that's in the money market or the
cash account.
S4 (22:41):
No, that's that's it. Okay. I had to help out
one of my children. And it's just a lot of
things happening in my life.
S1 (22:51):
Okay. Yes, ma'am, I understand. Um. Are you retired fully?
S4 (22:57):
Yes.
S1 (22:58):
Okay. And what are you living on?
S4 (23:02):
Social security.
S1 (23:03):
Okay. And do you have a. I'm sorry. Go ahead.
S4 (23:09):
Which is not cutting it.
S1 (23:11):
Yes, ma'am. Um, do you have a budget that have
you taken the time to kind of put down all
of your expenses, both what I call the fixed expenses,
where you get a bill for them, but also the
discretionary expenses where you spend money on something, but you
don't necessarily get a bill for it, like food and
entertainment and, you know, things like that. If you put
(23:32):
a budget together to figure out what it really takes
to fund your lifestyle every month.
S4 (23:39):
Yes, yes I have.
S1 (23:40):
Okay. And how far away is that from what you
have coming in?
S4 (23:46):
About five, 600.
S1 (23:48):
Okay. So your water about 5 to 600 a month.
S4 (23:52):
Yes.
S1 (23:53):
Okay. All right. And the only asset you have other
than your monthly income, the only asset you have is
the 11,000 that remains in the 401 K.
S4 (24:05):
Yes.
S5 (24:06):
That's correct.
S1 (24:07):
Yeah. All right, well, let's do this because, you know
really what it's going to come down to because the,
you know, if you're going under 600 a month, that's
just not sustainable. Because even with that 11,000, if we
were to liquidate the investments and and you were to
pull that out, you know, you're going to have to
pay tax on it. So let's say that's, you know, 20%.
(24:27):
So now you're down to 9000. And if we if
we divide that by, let's say 600 a month, that's
only going to last you, you know, 14 months and
then it's gone. So what we really need to do
is fix the budget. And I realize that's easier said
than done, but I want to provide some help to
you in the form of a certified Christian financial counselor.
So these are men and women, many of them that
(24:49):
are retired, but their ministry and their training is in
helping God's people be a wise manager of his resources,
specifically in the area of, uh, spending plans and budgets, debt, uh,
you know, just the day to day management of your finances.
And it's not that they're going to bring any silver
bullet to the table, Denise. The numbers are what they are,
(25:11):
but perhaps a fresh perspective might be brought to. How
could we go about trying to rightsize this budget so
that you can live on or within the income that
the Lord has provided, which is the Social Security? Now,
if you can boost your income by working part time or,
you know, find something that would add a little income, great.
(25:32):
But if you can't, we need to really do some
hard work on how do we get that budget balance
so we don't even have to touch the 11,000, because
that's just not sustainable at the current level. Um, so
if you don't mind, I'm going to, uh, have a
certified Christian financial counselor call you. We're going to pay
for it. So you're not going to pay anything. And
(25:53):
that's just going to be our gift to you. And
I think perhaps, Lord willing, with a few sessions over
the phone or the computer, um, you know, maybe they
can give you some new ideas to get you, uh,
in moving in the direction of balancing that budget, is
that something you'd be willing to take advantage of?
S4 (26:09):
Oh, yes. Thank you.
S5 (26:11):
That would be a blessing. Well, good. Well. Go ahead.
S4 (26:16):
You know, but still. I was wondering about this. I
heard you speaking on another program about Marcus. Um. Or
some bank. Some bank? That was.
S5 (26:28):
Yeah.
S1 (26:29):
The challenge is that, you know, inside that that IRA,
you're you're not going to be able to, um, you know,
many of the online banks are not going to let
you have an IRA there. Um, where who is your custodian?
Who sends you the the tax forms and the monthly
statements on the IRA on the 401 K.
S4 (26:50):
Fidelity.
S1 (26:51):
Fidelity. Okay. So fidelity has a money market account and
they have some great ones. And so I would just
leave it right where it is in the fidelity 401
K and move it into the money market, which is
going to give you a nice steady interest. And it's
it's very safe. And, you know, that way the money
(27:13):
will be safe and earning some interest, but also liquid
if you need it. And then let's go to work
on the budget. Uh, but you don't need to move
it to Marcus or anybody else. You've got some great
money markets right there at fidelity that can serve your purposes.
S4 (27:29):
Okay. Thank you very much.
S1 (27:31):
All right. Stay on the line. My team's going to
get your information, and we will get one of those
certified Christian financial counselors in touch with you. God bless you. Denise,
thanks for your call today. Uh, to Ocala. Hi, Cathy.
How can I help?
S6 (27:42):
Hi. Um, my husband and I are both working part time.
He retired in January and gets a a pension amount
and Social security and I recently came. I worked part
time on semi-retired, I retired early, I, um, recently came
into some money from an inheritance. My. My dad passed
(28:03):
in October, and we amassed more debt than we've ever had.
$90,000 mortgage won't be paid off for 29 years. He
just recently bought a vehicle, um, put a substantial amount
down and paying on it for six years. And then
my car be paid off in two years. But I
have such a low interest rate. Um, I'm just hesitant
(28:26):
to take that money out to just pay it off
because it's like under 5000. But he's of the opinion
that we should. Something he heard on the radio or
something that we should just enjoy our life where we can.
We don't go on lavish vacations. We haven't had a
really substantial vacation, like going flying anywhere like over five
(28:46):
years ago. And, um, my husband I know is supposed
to be the leader of of the House of Spiritual Leader.
But I'm just looking to you on what you think
the Lord would have me do, sir? I we did communicate.
I did with a Christian counselor. Sir, um, financial counselor, um,
who we've used before and who we had an investment
(29:07):
with and is now, um, getting that monthly. So, uh,
you know, just wanted to see what the next thing.
S5 (29:17):
Yeah.
S1 (29:17):
Well, I appreciate that. I, I would concur with you. Um,
you know, there is a a way that the Lord
has ordained marriage. And, uh, you know, we need to
work together as husband and wife. As you said, the
Lord has placed him as the head of the household.
But I think when it comes to finances to become one.
And although he is the head of the household, I
think you all need to work together, uh, to make
(29:39):
a plan and bring both of your perspectives to the table.
You know, I think there is a way to enjoy,
and that's part of God's design for the resources he's
provided to us. There is a way to enjoy some
of what God has provided, and yet still have a
plan that reflects your values. And I think part of
the reason why you want to get out of debt
now is so you have the freedom to have more
(30:00):
enjoyment in this next season of life because you're unencumbered,
which means you don't need as much income to cover
your lifestyle spending. So you do have more that you
all could take a a trip here and there. But
I think these next 2 to 3 years while you're
still working, plus this blessing that you've received in the
form of the inheritance, are a unique opportunity for you
(30:22):
all to get your position of finances position. So you
are prepared for this next chapter. And I think that's
the big idea that starts with a conversation about values.
Let's do this. I've got to take a break. Stay
on the line. We'll talk a bit more off the air.
We'll be right back. Great to have you with us
(30:45):
today on Faith and finance live. I'm Rob West. We're
going to talk to Bob Dole here in just a moment.
Just to follow up on that last conversation. I did
get a chance to talk to Kathy during the break. And,
you know, a lot of couples find themselves in this position.
One spouse wants to buckle down, the other wants to
make memories. Neither are wrong. A lot of that has
to do with how God has wired us. Some hold
(31:06):
money loosely and depending on their temperament. And this is me.
I'm this temperament. I like to use money as a
tool to create memories and experiences and deepen relationships. On
the other hand, other temperaments like to hold it a
little tighter. They want to, you know, they like the
the solid foundation of being out of debt, reaching goals,
(31:28):
you know, buckling down. And I think both of those
can be God honoring as long as they're done in
the context of a of an open conference conversation where
we talk together about our values as Christ followers, what's
important to us, um, and then how we can get there.
What does that plan look like that's ultimately going to
(31:49):
take us toward the direction of what we want this
shared plan and future to look like, especially as we're
nearing retirement. And, you know, a good budget isn't about restrictions.
It's about priorities. And agreeing on those priorities together is
key to peace in your finances and in your marriage.
Did you ever think about that? The budget can be
(32:10):
an instrument of peace as you decide together how to
allocate God's resources to accomplish your God given goals, and
that can include some fun to enjoy it along the way.
But I think it also clearly needs to represent financial
discipline and faithfulness that drives toward long term goals that
are prayed over, that are worked out in advance, and
(32:33):
it's going to require some sacrifice and some diligence along
the way. And so I think, you know, praying about
that and then sitting down with your husband or your
wife and having that open and honest conversation that starts
with your values and your role as stewards of managing
God's resources and a plan that reflects both of your
temperaments and wiring that ultimately drives toward your shared goals
(32:56):
and vision for the future. I realize it's easier said
than done, but that's ultimately the picture of, I think,
what we want in these situations. Cathy, I hope that's
helpful to you. We appreciate so much your call today. Well,
here on a Monday, we joined with Bob Dahl. In
this segment. He stops by to give us his take
on the markets as he's managing billions of dollars in
(33:16):
the market and doing it from a faith perspective. And Bob,
the market's little changed. And I think a lot of
people are surprised, just given the, uh, the EU announcement
over the weekend. What do you make of it?
S7 (33:28):
Yeah, I think the announcement, which was significant, might have
pushed the market higher. It did at the start. And
then it kind of faded and we ended as you point,
kind of mixed. Uh, I think the anticipation of earnings
for the rest of the week, this is the heaviest
earnings reporting week uh, is what has investors focused on. Um,
(33:48):
that doesn't mean the tariffs are unimportant, but what companies
are doing, how they're earning their money, what the estimates
look like compared to what's actually reported. That's what's driving
the market these days. And I might add, a lot
of the good news might have been in the market
since it moved up so much in recent weeks.
S5 (34:06):
Yeah.
S1 (34:06):
And all of that, including the fact that the trade
war suddenly might start to look a little less scary,
or at least the prospects of it. A lot of
that is finding its way into recession probabilities. And I
know you talked about that in your, uh, your dolls
deliberations this week.
S7 (34:26):
Yeah. Polymarket, which is one of several, um, services that, uh,
actually measure the probability of a recession, indicated that that
drop recession odds from 60% in late April or early May. Remember,
that was the trough in the market to just get
this number 18% currently. That is a massive drop in
(34:49):
a short period of time we got at Cross Mart
up to 50% and we're using 25% currently. Rob so
however you look at it, big drop and tariffs moving
from I'm scared to I guess we can live with
this as part of the story.
S1 (35:06):
Yeah. No doubt about it. Bob what about forward looking.
You know in terms of the consensus on forecasts for earnings.
Where do those stand right now.
S7 (35:16):
Yeah they're bouncing all over the place. Um earnings for
example for the second quarter are down a bunch from
where they started the year. But they've moved up even
in the last couple of weeks. So first down and
then up. I think that's the story of of this
year for lots of things. We came into the year
feeling good about things. Earnings are a good example of that.
(35:38):
And then oh my goodness maybe we need to reconsider.
Maybe we're going to have recession. Maybe these tariffs are
going to sink us and we have to bring all
those expectations down. And now we're going back up to
the side. I don't know how much of it is
anticipating or just following the market. Only time will tell.
S1 (35:56):
Bob, coming back to these trade deals, I saw a
takeaway from your deliberations this week that I had not considered,
but it had to do with the implications of the
courts and perhaps all the way up to the Supreme
Court ruling that these trade deals are illegal. Boy, what's
the likelihood of that? And what would that do to
the markets?
S7 (36:17):
Yeah, people are not talking about this enough. Not that
I'm trying to look at the glass as half empty.
But as you know, the president has lost some trade
deal arguments in lower courts, and they're going to continue
to be brought as long as people are making a
progress blocking his trade deals. And then when we go
(36:37):
to the Supreme Court, could it be deemed illegal? I mean,
the premise here is the president can make trade deals
The counterargument is the president can make trade deals when
there's a security issue. And the difference between the two
is you get legal minds involved. So we got to
(36:59):
watch this one carefully. Rob.
S5 (37:01):
Yeah.
S1 (37:01):
I mean, what's the argument other than just if you're
on the other side of the aisle, you perhaps don't
want to see the president be successful. Although I guess
I take issue with that premise as well. But, you know,
what is the argument there? Uh, you know, to unwind
these I mean, aren't they all generally seen as good,
or is it really just the legality of it all?
S7 (37:21):
It's the legality of it all. It's. Yes, you're absolutely right.
It's politics. Do I want this president to be successful,
or do I want to try to throw sand in
the gears, as it were? But it's also who's responsible
for things in particular, should Congress be the ones that
pass the trade deal or can the president do it?
(37:42):
And it's obviously not totally clear. Otherwise these things wouldn't
find their way into the courts.
S5 (37:47):
Yeah.
S1 (37:47):
Interesting. Bob, let's finish with just, you know, how you're
feeling about the job market, perhaps even just housing activity.
I think these are some of the things that we're
not as excited about as we look out on how
this economy is performing.
S7 (38:01):
Yeah. Absolutely. Right. Housing first. Housing activity continues to deteriorate.
As you know, we've seen home prices in selective areas
fade somewhat. Um, we've seen with the stubbornness to the
high side of mortgage rates, it makes it difficult. And
so housing is, is is is problematic at this point.
(38:24):
The job markets as you have been better than most
people thought, ourselves included. But the number of new jobs
announced every month in payrolls continues to drop. And we're
going to be close to 100,000 most likely this Friday
as we report for the month of July. We've not
seen a five instead of six figure number in quite
(38:46):
some time, but we could get there soon.
S1 (38:48):
Yeah. Very good. All right, Bob, we appreciate your time
as always, sir.
S7 (38:52):
Have a great week.
S5 (38:53):
All right.
S1 (38:54):
That's Bob Dole. He's CEO and CIO at Crossmark Global Investments.
Learn more at Crossmark global. Com. All right. Back to
the phones as we finish out the broadcast here today. Clearwater, Florida. Hi, Diane.
How can I help?
S8 (39:06):
Hi, Rob. Um, I know you've talked about this before,
but I need to pay better attention on fixed annuities. So, um,
I have a variable annuity, not, you know, and that's that.
But my advisor saying no, a fixed annuity will give
you a better rate, and it's comparable to a CD.
(39:26):
And so I just wanted to rehear your thoughts on
fixed annuities. And then second question if we have time
is to take out a CD now at whatever, 4
to 5% and go out ten years. How do you
feel about that?
S5 (39:43):
Yeah.
S1 (39:44):
Well, just in terms of fixed annuities versus CDs, I mean,
fixed annuities, he's right. Can offer higher rates than CDs.
I think right now, you know, you're going to get
six and three quarters probably on average from on a
one year, maybe a little over six on a three
year and and even five year. Um, you know, you
might even find some that are in the mid sixes,
(40:06):
even as high as seven on a 7 to 10 years.
So you can do pretty well, whereas a five year
CD is right around 4.4. So you could get 1
to 2% higher yields depending on the, the term uh,
of the, the length of the term. Um, you know,
they are offered by insurance companies. They're not FDIC insured.
(40:26):
So they're backed by the insurers financial strength. And they
often have surrender charges. If you withdraw early now, you're
going to get penalized on the CD if you withdraw
early there as well. So I would say just kind
of generally speaking, if you're looking for a high degree
of safety on the shorter term duration, it's where the
CDs are best. They're a little more flexible and you
(40:48):
can get some pretty good rates, uh, you know, for
a relatively short period of time, if you're looking for
longer term savings with guaranteed growth and guaranteed is relative
because it's guaranteed by the insurance company. So as long
as they're solvent, um, you know, then I think a
fixed annuity can be a great option, especially if you
don't need the money right away. So I would say
(41:09):
if you're looking to go out, you know, as far
as ten years, I would probably go the annuity route. Now,
I think better than both of those is to manage
it in a properly diversified stock and bond portfolio. Yes,
you're adding risk, but you also have the prospect of
better returns and more liquidity. You're not, you know, um,
so dependent upon, you know, only taking out a certain
(41:31):
percentage a year so you don't get hit with surrender charges.
But if you really are Are prioritizing safety. Um, then
I think on the shorter term CDs, on the longer term, uh, annuities.
But the last thing I'll say is not all annuities
are created equal. You know, it's just like, uh, some
banks offer better rates with online banks. Well, there's some,
you know, online, highly rated insurance companies like Gainbridge and
(41:55):
others that are offering really attractive rates, but they're not
paying out all those high commissions so they're able to
pass that along. So if you decide to go the
annuity route then I would look at, um, you know,
just really look across the board and make sure you're
looking at not only the options and insurance agent might
bring you, but also those that you could get direct
(42:16):
and just read a lot of reviews online. So hopefully
that helps. Diane is a great question. We're out of
time today. Faith and finance lives of partnership between Moody
Radio and Faith fi. Big thanks to my team today
to hero Omar, Rihanna and Jim and everybody here at
Faith fi. We'll see you tomorrow.
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Special Summer Offer: Exclusively on Apple Podcasts, try our Dateline Premium subscription completely free for one month! With Dateline Premium, you get every episode ad-free plus exclusive bonus content.
The Breakfast Club
The World's Most Dangerous Morning Show, The Breakfast Club, With DJ Envy, Jess Hilarious, And Charlamagne Tha God!
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.