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September 23, 2025 • 42 mins

When you board a plane, you trust the pilot to get you to your destination safely. Shouldn’t you be just as careful about who’s advising you on your financial future? Wise financial decisions don’t happen in a vacuum—they require wise counsel. But how do you know if the person giving advice shares your values and convictions? On the next Faith & Finance Live, Rob West provides details. Then, it’s on to your calls. That’s Faith & Finance Live—biblical wisdom for your financial journey. That’s weekdays at 4pm Eastern/3pm Central on Moody Radio.

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Episode Transcript

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S1 (00:08):
When you board a plane, you trust the pilot to
get you to your destination safely. Shouldn't you be just
as careful about who's advising you on your financial future? Hi,
I'm Rob West. Wise financial decisions don't happen in a vacuum.
They require wise counsel. But how do you know if
the person giving you advice shares your values and convictions?

(00:28):
We'll talk about that today. And then it's on to
your calls at 800 525 7000. This is faith in finance.
Live biblical wisdom for your financial decisions. You know, biblical
wisdom and financial guidance should go hand in hand because
financial advice is never neutral. Every advisor brings their worldview

(00:50):
into the conversation. That's why this choice is not just financial,
it's spiritual. You're entrusting someone with influence over how you
manage God's money, and that's a significant responsibility. Too often,
advisers operate with a cultural mindset that defines success in
terms of accumulation. And while you certainly want your advisor

(01:11):
to grow the wealth, they are managing for you. Biblical
stewardship points even higher toward faithfulness, contentment, and generosity. When
you work with an advisor who shares those convictions, their
counsel can help you stay aligned with God's design and
make financial decisions that reflect your values and trust in him.
Before you start looking, be clear about what you need.

(01:34):
Are you seeking comprehensive planning covering retirement, taxes, insurance, estate
planning and generosity or just investment management? Do you want
a one time plan or an ongoing relationship? The clearer
you are on your goals, the easier it will be
to evaluate whether an advisor is a good fit for
your situation. Next, ask if your advisor is a fiduciary

(01:57):
Douchery legally required to put your interests first, because how
they're compensated can shape their advice. Commission based advisors earn
money by selling products which can create potential conflicts of interest.
Fee based advisors charge fees but may also take commissions.
Fee only advisors are paid solely by their clients, helping

(02:18):
ensure recommendations are truly in your best interest, regardless of
the model. Insist on full transparency so you can make
informed and confident decisions without any surprises. Credentials are also
vital as they demonstrate the training and licensing required by
law to provide sound financial advice. But just as important,

(02:39):
if not more, is character. As you evaluate potential advisors,
consider three key areas values. Do they share your biblical
worldview and integrate it into their counsel competence? Do they
possess the necessary training and experience to serve families like
yours effectively and process. Can they clearly explain how they're

(03:00):
compensated and how they build a financial plan or investment portfolio?
Here's a practical process to find the right advisor. First,
build a short list. Ask trusted friends, family, or church
leaders for recommendations. You can also explore advisors in your
area who share your biblical values, like Certified Kingdom Advisors

(03:21):
at find a next, do a background check, verify licenses,
review disclosure documents, and look for any disciplinary history. All
of this is accessible in the case profile at findarticles.com.
Third interview at least three advisors treat it like a
job interview. You're hiring for a critical role. Next, request

(03:43):
a written scope and fee schedule. Get everything in writing
for clarity. And finally, pray and take your time. If
someone pressures you to sign quickly, that's a signal to
step back. Now, when you sit down for those interviews,
you'll want a few strong questions. Ready? Here are some
to consider first. How are you compensated? Please outline every
fee and expense. Second, what role does faith play in

(04:06):
your financial advice and how do you define success? And third,
what's your process for creating a financial plan or investment strategy?
Remember Proverbs 1114 says where there is no guidance, a
people falls, but in an abundance of counselors there is safety.
The right advisor offers that kind of wisdom guidance grounded
in competence, integrity, and a biblical perspective that helps you

(04:30):
avoid missteps and make decisions with confidence. A trusted advisor
can help you avoid costly mistakes, manage taxes wisely, stay
invested during periods of volatility, and design a generosity plan
that reflects your unique desires. Most importantly, the right advisor
helps you keep your focus on faithfulness, not just finances,

(04:51):
so your financial decisions reflect trust in God's provision and purposes.
So are you looking for biblically wise financial advice? Certified
Kingdom advisors meet high standards of character, competence, and biblical training.
Finding the right advisor doesn't have to be complicated. You
can start your search for a call today at find Naca.com.

(05:14):
Let's find. Back with your calls after this. 800 525 7000.
Stick around.

S2 (05:33):
The opinions offered during this program represent the personal or
professional opinions of the participants, given for informational purposes only.
Any information provided is not intended to replace advice from
a financial, medical, legal, or other professional who understands your
specific Situation.

S1 (05:59):
Great to have you with us today on Faith and
finance live here on Moody Radio. I'm Rob West. We're
taking your calls and questions today. The calls have already
started coming in, but we've got room for you. So
if you want to call right now, just call 800
525 7000. We'd love to tackle as many questions as
we can today and things going on in your financial
life helping you process those in light of biblical wisdom.

(06:21):
805 two five 7000. Let's begin today in Chattanooga, Tennessee. Christian,
go right ahead.

S3 (06:29):
Hi. Yes, sir. I have about somewhere in the neighborhood
of around 600 to 600 and 30 to 40,000 that
I'm looking to invest. Um, at the moment, we probably
have around $20,000 in debt. We'd like to pay off.
And we'd also like to purchase a home within the
next year. Um, and so just, I guess, you know,

(06:51):
trying to decide whether to how much to put into
retirement versus, um, I guess just general advice, you know,
down payment on a house, pay cash for a home
and just what's going to be most advantageous, you know,
for our future.

S1 (07:06):
Yeah. It's a great question. Uh, so a couple of
questions for you. One is where is the 630,000 today?

S3 (07:14):
Um, it would be in a savings account.

S1 (07:16):
Okay. Got it. And then, um, do you have a
retirement plan available to you?

S3 (07:23):
Um, at the moment, we don't have have one.

S1 (07:26):
Okay. Are you a self-employed? Do you have your own
business or do you work for someone?

S3 (07:31):
Um, I work for. For someone.

S1 (07:33):
Okay. And do you?

S4 (07:35):
My wife. Go ahead. We're going to continue to work.

S3 (07:37):
My wife and I, we plan on continuing to work
for the next 15 to 20 years. And we're both 30,
35 years old.

S1 (07:44):
Okay. Uh, and you're both W-2 employees.

S3 (07:48):
Correct.

S1 (07:49):
Okay. And so, do you have any reason to believe
that either of your employers will add a retirement account
in the future?

S3 (07:57):
Um, yeah, I think it's possible. Yeah. Uh, we were
both newer to our positions within, you know, with new companies.
And so I think that may be an option for
us in the future going forward. Um, and I've got
a couple appointments set up to meet with some financial advisors, um,
in our area. Um.

S1 (08:16):
Got it. Yep. Uh, that's really good. Um, because, you know,
getting as much money in a tax deferred environment as possible, uh,
is really key. And, you know, when you don't have
a small business, um, you lose some of those options, like,
you know, a Sep IRA or a solo 401 K. Um,

(08:37):
and so, you know, hopefully as these companies grow just
to retain and attract good talent, they'll add a retirement option,
which is going to give you more retirement contribution limit
because you're going to bump up against those IRA limits.
You know, under the age of 50, you're only going
to be able to put in 7000 a year. You
and your spouse could each do that. Um, but apart

(08:59):
from that, really, if you don't have a small business
and you don't have access to any other tools, uh,
it's really going to be limited to, uh, probably an
insurance product in terms of getting that into a tax
deferred environment. Um, I think as to how to think
about the 630,000, because obviously you've amassed quite a bit

(09:19):
of a nest egg, even though it's all in a
taxable environment. I think we need to carve off. First
of all, you know, no reason with that kind of
nest egg for you to have any kind of high
interest consumer debt. So I think knocking that out immediately
makes a lot of sense. Uh, beyond that, you'd probably
want to set aside into another account, um, you know,
3 to 6 months of emergency funds or whatever you

(09:43):
decide you want. Um, but that I would pull out
from the savings account. And then the extent to which,
you know, you're looking to buy a house. Um, how
far off is that? And have you guys begun to
to think and and talk about how much you'd be
spending on that purchase, roughly.

S3 (10:01):
Yeah. We would like to stay around 350. Um, and
we're just, you know, want some kind of modest. But
we were thinking about putting around 200 down. Um, and
I don't know if it's going to be better to
put more into your retirement or investments or, you know,
go ahead and pay for a house. Cash.

S1 (10:22):
Yeah. Yeah, it's a good question. I mean, you guys
are young. You've got time on your side. And so
I'd love to get this into a tax deferred environment. Uh,
I mean, I realize it it makes more sense now
than it did several years ago to just go ahead
and pay for that cash, pay cash for that house
just because of where interest rates are. So in order to,
you know, cover a 7% interest rate on your mortgage.

(10:45):
You know, after tax, you're going to have to earn
quite a bit more than that, maybe eight, eight and
a quarter. So you can pay the tax and then, uh,
you know, have seven left. And so, you know, from
that standpoint, it would make sense for you just to
go ahead and and own that home free and clear,
especially if that's one of your goals. And if you
guys are looking to retire early, being as you know,
debt free is obviously going to make your lifestyle expenses

(11:07):
much less. And it would keep you in a position
where it sounds like you've had quite a bit of surplus,
and that would allow you to continue to fund some
of these retirement accounts, not to mention if that's a
priority or a conviction for you to be debt free,
I would say go for it. Obviously, as these interest
rates come down, you know, that's where we start to see, uh, okay.

(11:28):
You know, maybe we can outpace the rate of interest
with our investment earnings over time. At least with the
stock portion of our investments. Um, you know, where we can,
you know, have that compounding effect and then by starting
with a really nice, healthy down payment where, you know,
maybe you only, you know, oh, 30% in terms of

(11:50):
loan to value, um, you know, that seems like something
very reasonable to get paid off in the next 20 years,
if not sooner. And so, you know, I think you
could kind of split the difference there where you're not
using up all of your liquid capital, uh, which allows
you to go ahead and get a good chunk of
it invested. But it also, you know, by putting a

(12:11):
couple of hundred thousand toward this $350,000 home, not only
does it put you in a position to pay it off,
but it also keeps your your mortgage really, you know, modest.
And so it could fit nicely in your budget where
you've still got plenty of margin. You're giving, you're saving,
you know, all those other priorities. So I kind of
like the direction you were headed with the 200,000 down payment.

(12:33):
Apart from you telling me you or your wife or
the two of you really just have a real conviction
to be debt free. And if you did, I'd say
go for it and don't look back. Um, in terms of,
you know, the options for getting that into a retirement account,
I'd really stress with your employer to the to the
extent you have this influence to, you know, get an

(12:53):
account set up, uh, some sort of retirement option sooner
rather than later, even if it was something like a
simple IRA, which is very easy to administer. Not nearly
as complex as a 401 K, but you're going to
want to look for ways to get money in a
tax deferred environment, which today is just going to be
that Roth IRA for each you and your wife. And
then you could look at some insurance products, you know,

(13:16):
like a whole life insurance or an annuity. Typically not
my first choice. But again, you you kind of have
limited options here, just given that you're a W2 employee
without a retirement plan at work. Does that make sense?

S3 (13:30):
It does. Um, and so we should both be maxing
out our, um, the Roth. So it would be the
14,000 a year. So just max that out before we
do any more retirement.

S1 (13:42):
Absolutely. I would I would start with that Roth IRA
in each fully max out what you've got there. Uh,
in order to, you know, put as much, as much
away as you can.

S3 (13:53):
Okay. Well, I definitely appreciate the advice.

S1 (13:55):
Absolutely. Christian, thanks for your call today. Lord bless you.
By the way, if you want to connect with an
advisor to do some planning and perhaps with, you know,
whatever's left, even in a taxable environment to help you
perhaps give oversight to the investments, you can connect with
a certified Kingdom advisor there in Chattanooga. There's some good ones.
Just go to faith. Com click find a professional. That's

(14:17):
faith fi.com. Thanks for your call today. A quick break. Uh,
talking to Woody in Florida. Many in Chicago right after this.
Stay with us. Hey, thanks for joining us today on
Faith and in finance. Live. I'm Rob West taking your
calls and questions. We do have some lines. Open 800

(14:39):
525 7000. We're going to head right back to the
phones here in a moment. But first, in the news today,
the U.S. Treasury and IRS released proposed regulations not final
on Friday of last week, clarifying details of President Trump's
new no tax on tips deduction. So this was enacted
in July and allows eligible workers to deduct up to

(15:02):
$25,000 in qualified tips per year. This is from 2025
to 2028 only, at least in the current legislation, and
the benefit phases out once income exceeds 150,000. Now, um,
there's been some questions about which jobs qualify. The Treasury
previously identified 68 occupations that customarily and regularly receive tips,

(15:27):
although they excluded some service specified service, trade or businesses
like health care, law, financial services, and the performing arts. Um,
they also clarified that automatic gratuities, those that are not
given voluntarily, like if you're in a large party at
a restaurant where there they require it, um, you know,

(15:49):
over a certain number of, uh, of guests that would
not qualify for the no tax on tips. Uh, the
deduction again caps out at 25,000 per return. And that's
regardless of your filing status. Um, and basically what they're
saying is about 4 million Americans worked in these tipped
occupations in 2023 and 24. It's about 2.5% of the

(16:13):
labor force. Uh, Treasury officials acknowledge the rules are complex.
They will release final guidance after the public comment period,
but it is expected to provide significant relief to many
service workers, and we'll certainly keep an eye on it
in the days ahead. All right. let's head back to
the phones again. Lines are open. 800 525 7000. Uh,

(16:36):
to Florida. Hi, Woody. Go ahead.

S5 (16:39):
Hi, Rob. Thanks for taking my call. Of course, my
question will probably be quick and easy for you. Uh,
so that's why I'm calling, is to get your guidance
and instruction. I'm convicted over that parable where the servant
was given ten talents and took it to the money
changers and brought back ten talents to his master, and

(17:03):
then the other five talents, and then the other one talent,
and then the one with the one talent hid his money,
and he was the wicked servant. I've been convicted over this,
and I'm trying to learn, uh, coming from a family
where I received no financial education, I'm. I'm trying to
learn how to invest my money. And I'm at a

(17:25):
point now where I have a little bit of money,
less than 10,000. But I would like to learn to invest.
So I've been watching YouTube videos. I've been trying my
best to get educated on how to invest in stocks
and funds. And, um, you know, the markets. So what

(17:45):
my question is this what can you recommend for me
as far as resources, websites or books that would help
me gain my education with investing? And I'm thinking, for example, uh,
this week I watched a YouTube video on a stock, uh,
labeled Q. Which was getting attention because it paid out

(18:11):
a large dividend. And I had no idea how to
learn anything about this stock. So, for example, maybe Finviz
is a website that offers for pay, some stock backgrounds
and such, but honestly, I don't know if they're legit

(18:32):
or good. Yeah, what about Marketwatch.com? You know, there are
so many resources. Which ones do you recommend?

S1 (18:41):
Yeah, well, it's a great question and I love that
you really want to be educated on this. I think
that's the right starting point. Um, let me send you
a book. That could be a great beginning point. It's
called the Sound Mind Investing Handbook. And it really I mean,
that handbook piece of it is it's meant to be,
you know, something that is for learners. It is an

(19:01):
educational tool. But sound mind investing because it comes from
a biblical perspective. So while you're getting a lot of
the blocking and tackling the mechanics of investing that I
think will be an important foundation for you, you can
trust that it's through the lens of biblical wisdom. So
I'll send you that. That'd be a great starting point. Uh,
the organization behind it is a long time underwriter of

(19:23):
this program. Sound mind investing course. You could check that
out as well. The Sound Mind Investing newsletter not only has,
you know, great content, but they actually will provide, uh,
you know, investment recommendations. So they have a couple of
different mutual fund strategies where, you know, every month in

(19:44):
the Sound Mind Investing newsletter, which is available electronically and
in print, you know, they will give you based on
your investment approach, the actual investments, the mutual funds you
should own and you know, the tickers and then when
it's time to swap them out. So for a beginning
kind of DIY investor, which is a great place to begin,

(20:04):
you know, if you're just getting started, you know, that
would be a real trusted source of wisdom and counsel,
but also some very actionable investment recommendations as well. So
let me send you this handbook. I think that'll get
you going. Uh, if you became a Sound Mind investing
newsletter subscriber, that would give you further education, but also

(20:25):
those actual mutual fund recommendations, which could be great. And
I think that will get you pointed in the right direction.
You also may want to learn, and we're going to
roll out a new we're launching the new Faith com
here in the next couple of weeks. And one of
the the portals or one of the pages that will
be on our new site is a new kind of
front door to faith based investing, where you're going to

(20:48):
be able to read about not only what is investing
and you know, what is a mutual fund and ETF
and how do you create a diversified portfolio and you
know what's the right mix of investments. But, you know,
in the last five years, Woody, this whole area of
faith based investing where the actual companies or holdings in
a fund are screened to make sure they aren't they're

(21:09):
not misaligned with someone who holds to Christian values. Um,
you know, that whole area is just really exploding, and
it's exciting time to be an investor in a way
that is aligned with your values. And so we're going
to create kind of a, an educational portal for you
to not only learn about faith based investing, but then
how do you find those asset managers that actually are,

(21:32):
you know, creating investment solutions like ETFs and mutual funds
that also have that faith screen so that you're not
investing in things that you don't agree with inadvertently, perhaps
without even knowing it. So you stay on the line.
I'm going to get your information as our gift. We're
going to send you the Sound Mind Investing Handbook, and
I think that'll get you pointed in the right direction.

(21:53):
Thanks for your call. We'll be right back. Thanks for
joining us today on Faith and Finance Live. I'm Rob West.
We're taking your calls and questions today. Let's get right
back to the phones. Uh, out to Chicago. Minnie. Go ahead.

S6 (22:11):
Hey, Rob, how are you doing?

S1 (22:12):
I'm doing great. Thanks for your call.

S6 (22:14):
Thank you. Hey. I'm a retiring 2027, and I wanted
to move my, uh, deferred comp. Could you tell me,
how did I do that?

S1 (22:23):
Uh, yeah, absolutely. So you've got a deferred compensation compensation plan,
which is a tax deferred vehicle. And so you would
have the ability to roll that out. Um, you know,
when you separate from service, uh, what is your age
right now? Did you say.

S6 (22:41):
I'm only 56? I'm 57 this year, but I'll be
58 next year.

S1 (22:46):
Okay. Yeah. Um, and so, yeah, you you would have
the ability to roll that to an IRA, which is
typically what I would recommend. So you'd connect with an advisor, uh,
that you would, you know, interview perhaps. And then once
you landed on that advisor, unless you wanted to manage
it yourself, I would have that advisor open the IRA

(23:06):
wherever he or she custodies their assets. And then you
essentially just do that rollover from the deferred comp. At
that point, the money would come in as cash. And
then based on the discovery that was done and your
goals and objectives and risk tolerance, that advisor would then,
you know, begin to, you know, invest on your behalf
at that point. Um, so that would be really the

(23:29):
the next steps. Are you seeing a need to pull
any of this money out, or are you just going
to get it invested and let it grow for the future?

S6 (23:37):
Yes, sir. Get it invested. Let it grow for the future.

S1 (23:39):
Yeah. Good. Um, I love that because you really want
to leave that there and let it continue to compound
and then be able to pull that out as needed
down the road. If, you know, you supplement Social Security
or something like that. Uh, are you how do you
like the idea of of having an advisor manage this
for you versus doing all that yourself?

S6 (24:00):
Uh, I like someone else managing. I'm really, like, a student.
I don't know anything about investments. Just hearing and hearing.
Say now and then I'm like, okay, I would like
to learn more, but I don't have a lot of time.
That's why when I retire, I would like to sit
down with an advisor to learn how to do it
and understanding.

S1 (24:17):
Yeah. Very good. Now, are you retiring now or you're
just changing employers?

S6 (24:22):
No, no, I'm retiring in 2027.

S1 (24:25):
Oh, you are okay in 2027. Got it. Yeah. So
this wouldn't be too soon to go ahead and and
start interviewing and selecting that advisor. So if I were
you I would head to our website. Com and click
Find a Professional. And you could do a zip code
search for a certified Kingdom advisor there in Chicago. So

(24:45):
CSKA is the only industry accepted designation in financial services
across Wall Street. All the major firms for biblically wise
financial advice. So, you know, they have to have at
least ten years of experience. A pastor reference, a client reference,
a statement of faith, a code of ethics. You know,
50 hours of training, an annual continuing education, a regulatory review.

(25:10):
I mean, it's a high bar. And the idea is
for investors and, you know, Christians looking for an advisor
who shares their values as a Christ follower to be
able to have a designation that's trusted and has high standards.
And so when you head to Faith com and do
a zip code search for a K, you'll see all
the certified Kingdom advisors there in Chicago. I'd probably interview

(25:34):
2 or 3. Find the one that's the best fit.
And that way you've already established that relationship so that
when you retire, you know you're ready with the account
open to do that direct rollover from the deferred comp
into the IRA. And then the advisor would begin managing
it at that point, and then you would sit down,
you know, based on the frequency you determine maybe quarterly

(25:55):
or semi-annually to kind of review it. You'd obviously get
a statement every month. But in terms of your face
to face with that advisor, that would happen on a
regular rhythm throughout the year.

S6 (26:05):
Okay. Yeah. My next question would be, do I need
to get insurance when I retire?

S1 (26:10):
Yeah. Are you talking about health or what?

S6 (26:13):
Life insurance. I'm sorry.

S1 (26:15):
Okay. Got it. You know, I generally would say no.
I mean, unless, uh, you know, you've got a buy
sell agreement because you own a business. I'm not hearing that.
But oftentimes that's why people will get a whole life policy.
Maybe if they have lifelong dependents, uh, you know, children
that have special needs, something like that. But apart from that,
you know, generally life insurance is only to offset the

(26:39):
risk that exists. Uh, let's say if you're married and you're,
you know, working, providing an income for to cover the
lifestyle expenses of your spouse, maybe your family. And if
the Lord calls you home and you pass away. Now
all of a sudden that income is gone and there's
a significant need there. That's a risk. And your family's

(26:59):
not able to maintain their lifestyle. So we keep the
life insurance in place to cover that risk. But once
you hit retirement, if you were to pass away, the
assets that you've accumulated are still there. So there is
no need for life insurance at that point. So generally speaking,
you know, that's an unnecessary expense when you get to
that season of life.

S6 (27:19):
Thank you so much. Thank you. Rob.

S1 (27:21):
Absolutely, Manny. Listen, all the best to you. Stay on
the line. I'm going to send you a book by
my friend Jeff Hanan. It's called An Uncommon Retirement, and
I think you'll enjoy reading about a biblical approach to retirement.
So stay on the line. We'll get your information. Get
that right out to you. Thanks for your call today. Uh,
let's head to Twin Lakes, Wisconsin. Mike. Go ahead.

S7 (27:42):
Hi, Rob. Thank you for taking my call. Um, of course,
my wife and I, we just bought a house, and
we moved in July 1st. We have. It was a
new construction, so we had to do an adjustable rate mortgage. Um,
and our interest is 6.188, and it's for three years.
We're already one year in. And so I'm wondering, um,
as rates have been coming down, if it would be

(28:05):
a good idea to go ahead and get into a
30 year fixed so that we don't have the the
risk of it going up after the three years. Um,
but rates right now are at about 6.125. Uh, or
should we continue to wait out, uh, and see if
rates come down over the next couple of years?

S1 (28:26):
Yeah. Is this a three year arm, mike? Meaning that
it stays at 6.188 until the end of the third year. Fixed?

S7 (28:34):
Yes. Three years.

S1 (28:34):
Yeah, yeah. Okay. And then at that point, it would
start to adjust.

S7 (28:39):
Correct.

S1 (28:40):
Yeah. Um, you know, I mean, nobody knows what the
future holds, where rates are going to be in three years.
I have no idea. But what I would say is,
just given the fact that you would essentially be locking
in the 30 year at just about the same as
the arm. If we think the general direction over the
next three years of rates is down, it probably behoove

(29:02):
you to wait. Um, but on a timing is unpredictable And,
you know, you might be in a situation where it's higher,
you know, than it is today. But I would say
most economists would expect that 30 year rates would be
below what they are today in three years. And so

(29:23):
I think for that reason, I would probably, you know,
try to to lock in something at the, in the fives. Um,
if not, you know, the high fours, um, you know,
before you, you know, you convert this to a fixed mortgage.

S7 (29:39):
Okay. Um, and so you're recommending just kind of wait
it out. Uh, that that would that the risk of
of it going up is not as high versus locking
in kind of my, you know, my worst case scenario
for a 30 year kind of.

S1 (29:55):
Yeah. I mean, is there any cost to you going
ahead and locking it in as a 30 year fixed
right now?

S7 (30:01):
Um, I mean, the cost to refinance, I was quoted
at about 2700, which I was assuming I would just
roll into into the loan.

S8 (30:09):
Um, yeah.

S1 (30:10):
And so that's what the current lender rolling it into
a fixed mortgage with the same lender.

S7 (30:16):
Yes.

S1 (30:17):
Yeah. So I would say now. Yeah, now's not the
time to do it. I'd rather you avoid that $2,700.
Continue to ride out the arm for the next three
years with the expectation that when you do refinance for
a fixed, you're going to have the opportunity to do
it below what you're at today.

S7 (30:37):
Okay. Thank you I appreciate that.

S8 (30:39):
All right Mike.

S1 (30:39):
God bless you, my friend. Thanks for calling. All right.
A quick break when we come back. Our final segment. Tony. Mike. Chris,
coming your way after the break. Stay with us. Hey,
thanks for joining us today on Faith and Finance Live.
Before we head back to the phones, you know, here

(31:02):
at Faith fi, it's all about helping you live as
a wise and faithful steward, and one of the byproducts
of understanding that you are a money manager for the
King of Kings is that we are to be a
generous people. You know, we have seen those of us
who have surrendered our lives to Jesus, what he's done
on our behalf, the grace that he's extended to us

(31:24):
as he, uh, went and and shed his own blood and, uh,
was crucified on the cross so that we might, through
his death and burial and resurrection, conquering death, that when
we surrender our lives to him, that we might be
reconciled to God the Father, because we can't measure up
to his perfect standard. Apart from Jesus taking our place,

(31:47):
and that as an overflow of gratitude to that grace,
that unmerited grace that was extended to us, we then
give our lives to him, and in part, uh, we
then are charged with being stewards to whatever he's entrusted
to us. And I love to think that that natural
response to the grace God has extended to us is

(32:09):
that we would become generous in every way, generous with
our lives, generous with our resources, God's resources entrusted to us.
And that's going to look like supporting our local church.
But it's also going to look like supporting ministries on
the heart of God. And that's one of the reasons
why we throughout the year, in addition to Moody and
in addition to faithfully, we highlight some great ministries that

(32:32):
are doing incredible work in the name of Jesus here
at Faith Fi. And this month, September, our partnership is
with Buckner Shoes for Orphan Souls, because we know September
is typically a back to school month and or a
month of the year. And if you're like my kids,
when it's time for back to school, they're saying, hey,
you think I can get a new pair of shoes? Well,
in other parts of the world, the lack of shoes

(32:55):
is completely different than what we have here. It's not
a lifestyle thing. It's a health thing, you know. Protection
against foodborne illness for these sweet children in a vulnerable
situation that have no shoes. It's access to school because
without shoes, they can't go. It's hope. By demonstrating God's worth,
it's also an opportunity to share the gospel. And so

(33:17):
here's what we're doing at Faith VI this month for
the next seven days, is we're partnering to put 1000
pairs of shoes on a child's feet somewhere around the
world who does not have a pair of shoes right now.
And every gift of $15 pays for a pair of shoes,
a pair of socks, and the cost to transport them
to this shoe distribution, where they'll be presented the shoes

(33:40):
placed on their feet after their feet are washed. The
gospel of Jesus Christ will be shared. It is amazing.
And so, uh, we'd love to have you participate in that.
We're about 600 of the 1000 shoes that we're looking
for this month. Every $15 covers a pair of shoes
and socks. And if you'd partner with us, we'd certainly
be grateful. So we can reach, if not exceed, the

(34:03):
shoe goal before the end of September. The website to
give today. Give shoes today.org that's give shoes today dot.
And we would certainly be grateful if you partnered with us.
All right let's head back to the phones. Florida is
where we're headed next, Tony. Go ahead. Hey, Tony, are
you there?

S7 (34:21):
Yes.

S1 (34:22):
Oh, there you are. Go right ahead.

S9 (34:26):
Yeah. I was just saying to your producer that, um,
I have a few savings, but I don't feel, um,
if if I were to be in a real emergency. Um,
I don't think that would cover me. So that's been
a concern. Um, I, I work a full time, and

(34:47):
then I have a part time, but it feels like
I'm just working to pay bills. Um, I have a
few savings, But it's just. I feel like I'm stretching myself.

S8 (35:01):
Yeah.

S9 (35:02):
And I don't know what to do.

S8 (35:04):
Yeah.

S9 (35:04):
In addition to my student loans, which I'm trying to
pay off.

S8 (35:10):
Yes.

S1 (35:11):
Well, the first thing I would say to you, Tony, is, uh,
you're not alone. Uh, there is a lot of people
in this same position in their 50s who feel like
they're behind. And I would also say it's not too
late to make progress with a focused plan. And so
I think the steps forward are, first of all, you
need to get a clear picture of your cash flow.

(35:33):
So you need to write down all of your income.
Write down your expenses. And just like all of us,
look for places to trim. Even the smallest amounts can
free up money to save or pay down debt faster.
And then second, you want to attack the debt strategically.
The student loans may feel never ending, but there are options.

(35:53):
If it's federal student loans, there's income driven repayment options.
There's possible forgiveness programs. At the very least, you can
just stay current with the monthly payment, even if it's
going to extend for a, you know, a considerable period
of time. You do you want to stay on top
of that? If you have the ability to to reduce
the payment through an income driven option, great. Take it,

(36:16):
because that's going to free up resources that you can
use for step three, which is to build a starter
emergency fund. You know, even saving up to 250 or
$500 is going to provide a cushion that's going to
keep you from adding new debt when surprises come. And
they will. So if you could get to a place,
once you write down your income and expenses and find

(36:38):
a few place to trim small you know, expenses, if
you could even put away 25 or $50 a month
to get that savings account started, that's going to break
that cycle of debt. And, you know, those are really
the next steps. Um, here's what I'd like to do
for you. I'd be happy to provide a certified Christian
financial counselor who could walk alongside you. We would pick

(37:00):
up the cost for this just as our gift to you.
But this is somebody who's trained, who works with God's
people to help them with their budget, help them with
creating a spending plan, a debt repayment plan, and answer questions. Um,
you all would meet together, probably through a zoom meeting
or over the phone several times. Again, it wouldn't cost

(37:21):
you anything. And perhaps as they pray for you and
answer your questions and help you create that budget, maybe
giving you some fresh ideas on ways you could cut back,
perhaps that would be the the missing piece to kind
of get you pointed in the right direction and feel
like you're making some progress. But how does that sound?

S9 (37:41):
Um, that sounds good. I have I did start, um,
I itemize my bills, so I did start doing that. Okay. Um.
And what I, um, my biggest thing right now is
my student loan. I have been paying down on my
credit card. I did pay off two. Um, and what

(38:03):
I did, I kind of divided my paycheck and just
kind of divide it up. Um, so that's how I
was able to pay off the other two. Um, but
it's it is a stretch. Um, but. Yeah. Um, that
sounds good.

S8 (38:20):
Are these.

S1 (38:21):
Federal loans?

S9 (38:23):
Yeah. Um, so I was, I taught before, um, I
recently went to my district and applied for the teacher
loan forgiveness. Um, so I sent in that application. Um,
so I'm hoping I'll be able to take some money
off that, or they'll be able to take some money
off that.

S1 (38:43):
So obviously that would be a game changer. And so
I would certainly pursue that. You could look at income
driven repayment options. So. So depending on what your income is,
you may be able to get those payments down. Now
that's going to extend it out longer because the interest
doesn't come down. Just the payment does. But it may
be the key to you being able to balance the
budget and have a little bit more cushion. Um, so

(39:04):
both of those are options I would pursue. But if
you would like one of our certified financial counselors to
work with you, we'd be happy to provide that.

S9 (39:13):
Yes I would.

S8 (39:14):
Okay.

S1 (39:14):
All right. Great. Well, you stay on the line. We'll
get your information and get somebody in touch with you.
And listen, you keep it up. It sounds like you're
doing a great job. I love that you've made some
progress on some of your debts. You've got this. Remember,
the Lord is your provider. Um, but it's our job
to be that faithful steward, which means we make the
hard decisions. We're disciplined, one step at a time. Realizing

(39:35):
this is a high calling. Because you and I are
money managers for the Lord's resources. And that's a pretty
important task we have. Thanks for your call today, Tony.
Let's go to Alabama. Hi, Mike. Go ahead.

S10 (39:47):
Hi. I called a while back and told you I
was going to talk to my advisor. I told you
I was thinking about separating because of differences of moral
issues with my work right now. You'll be happy to know.
You'll be happy to know that the only thing my
advisor didn't say was I listened to Rob, and I
agree with Rob on everything he should have told me. So, uh,

(40:07):
it was like listening to you in the office. So
you two guys were 100% spot on.

S1 (40:14):
I love it. That's great. It was good. Next time
I go on vacation, maybe he's gonna be the host.

S10 (40:22):
Uh, maybe, uh, I've got a 401 K regular, 401
K with my employer and a hour and a Roth.
All right. About a hundred K in each one is
there when it comes time to retire and I move
those out. Do you have to take one before the other,
or is there a better option to take one before

(40:43):
the other?

S1 (40:44):
You mean in terms of which one to to draw
from first?

S10 (40:47):
Yes, yes. Do I have to draw from one? Or
is there a better? Is it better to draw from
a particular one than another one?

S1 (40:56):
Yeah. No, I mean, the only requirement you're going to
have is that the, the traditional 401 is going to
eventually when you get to age 73, unless the law changes,
is going to have a required minimum distribution each year,
which the Roth never does. So that when you never
have to take anything out. But apart from that, it's
going to be completely up to you. Um, and really,

(41:19):
what it's going to come down to is the tax environment.
And so what is your taxable income? What are tax rates. And,
you know, does it make more sense to pull from
the tax free, which is going to be the Roth
versus the taxable. Um, you know, depending on what's going
on at that time. And I think that will be
a decision you'll probably make in real time with your

(41:39):
CPA as you evaluate the situation. But you're not going
to be forced to take one or the other. apart
from that required minimum from the traditional. Is that helpful? Oh,
looks like we lost him. Hey, I hope that helps
you and we appreciate your call today. Thanks for your, uh,
kind encouragement about the program. Uh, let's see, Chris is
in Florida, and, uh, you know what, Chris? Let's do this. Unfortunately,

(42:03):
I am out of time, and I don't want to
cut you short. So, uh, let's see if we can
get you scheduled for a future broadcast. Uh, with your
life insurance question. Thanks for calling in. I apologize we
didn't get you on. Well, folks, uh, that's going to
do it for us today. Big thanks to my team today,
the amazing, uh, Josh, Omar, Taylor and Tyra. Plus everybody

(42:23):
here at Faith. Fi, listen, if you love the program,
one of the things you could do to help us
reach more people as a listener supported ministry is become
a faith fi partner. When you support us at $35
a month or $400 a year, we'll send you great resources.
Learn more at Faith Fi partner. We'll see you tomorrow.
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