July 22, 2025 • 42 mins
In a world where scarcity seems to define our daily experience, it’s easy to feel like there’s never enough--whether it’s not enough money, not enough time, or not enough security. But is that really the whole story? On the next Faith & Finance Live, Rob West helps us rethink the scarcity mindset in light of God’s Word. He explains how faith frees us to live with hope and wisdom, as we trust in God’s abundant care. 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.
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Episode Transcript
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S1 (00:08):
In a world where scarcity seems to define our daily experience,
it's easy to feel like there's never enough. Hi, I'm
Rob West. Where it's not enough money. Not enough time
or not enough security. But is that really the whole story?
Today on faith in finance, we're rethinking the scarcity mindset
in light of God's Word and exploring how faith frees
(00:29):
us up to live with hope, wisdom, and trust in
God's abundant care. And then it's on to your calls
at 800 525 7000 and finance live. Biblical wisdom for
your financial journey. The belief that there won't be enough
is anything but new. From the moment sin entered the world,
(00:50):
scarcity became part of the human story. Not because God
lacked resources, but because fear and distrust entered our hearts.
Jesus described the enemy, the thief, as one who comes
only to steal and kill and destroy in John 1010.
That's exactly what a scarcity mindset does. It steals our peace,
(01:10):
kills our joy, and destroys our trust in God's provision.
It convinces us to hoard instead of share, to grasp
instead of give, and to stress instead of rest. This
mindset traps us in anxiety. It's a form of slavery
where we measure life by what we don't have, rather
than by who God is. But Jesus didn't leave us there.
(01:33):
Later in that same verse, he continues saying, I came
that they may have life and have it abundantly. God's
abundance isn't a prosperity slogan. It's a promise rooted in
his character. Just look at the opening pages of Scripture.
Genesis one reveals a God who doesn't create out of stinginess,
but out of overflowing generosity. He fills the skies with stars,
(01:55):
the oceans with creatures, and the land with fruit bearing trees.
Not because he had to, but because he delighted to.
We don't serve a God of just enough. We serve
a God of more than enough. As Elizabeth Elliott once
put it, God has promised to supply all our needs.
What we don't have now. We don't need now. Jesus
(02:16):
himself modeled this kind of trust, though he had no
home of his own, and faced hunger and rejection and
the cross. He never lived from fear. Instead, he lived generously.
Turning water into wine, feeding thousands with a boy's lunch,
and offering forgiveness freely to all who came to him.
And he invited his followers to live the same way.
(02:37):
In Matthew 625 through 34, Jesus says, do not be
anxious about your life. Look at the birds of the air.
They neither sow nor reap, nor gather into barns, and
yet your heavenly father feeds them. That passage doesn't promise
us a life free from hardship, but it does promise
something better, a life free from worry. when we trust
(02:59):
our father in heaven. Seek first the kingdom of God
and His righteousness. Jesus says, and all these things will
be added to you. So how do we shift from
anxiety to peace, from striving to trust, from hoarding to generosity? Well,
it starts with renewing our minds. We ask God to
help us see the world, not through the lens of lack,
(03:21):
but through the lens of his abundant love. We practice gratitude,
which turns our focus from what we're missing to what
God has already provided. We embrace stewardship, not ownership. Everything
we have is a gift from God entrusted to us
for his glory and others good. That's why Proverbs three
nine encourages us to honor the Lord with your wealth
(03:42):
and with the first fruits of all your produce. And
we give not out of fear of losing what we have,
but in faith that God will provide all that we need.
As Second Corinthians says, God is able to make all
grace abound to you, so that having all sufficiency in
all things at all times, you may abound in every
(04:03):
good work. Living in God's abundance doesn't mean you'll never
face hard times, but it does mean that you'll never
face them alone, and you'll never have to live in
slave to fear. So when the world says there's not enough,
we can look to the one who owns the cattle
on a thousand hills. And know he is more than enough.
His abundance isn't just about material provision. It's about peace
(04:26):
that in the midst of need God more deeply, especially
in times of financial fear. I want to invite you
to pick up a copy of our 21 day devotional,
look at the sparrows. It's written to help you experience
the freedom that comes from seeing God as your ultimate treasure.
You can order a copy today, even place a bulk
(04:48):
order for your small group at Faith. That's. All right,
it's time to take your phone calls today. The number
800 525 7000. That's 800 525 7000. I'm Rob West,
and this is Faith in finance Live, where we help
(05:09):
you connect your faith to your finances for the glory
of God. Stay with us. We're just getting started.
S2 (05:26):
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 (05:48):
Great to have you with us today on Faith and finance. Live.
I'm Rob West. We're taking your calls and questions today.
The number 800 525 7000. We'll look forward to diving
into those questions today in just a moment. Again, that
number for you to call right now 800 525 7000.
One more time. 800 525 7000. Uh, in the news today, boy,
(06:11):
a lot going on. Uh, market at a new all
time high. But also, you may not be aware of
this coming out of the one big, beautiful bill now
signed into law. Uh, starting in 2026 children born between
2025 and 2028 will receive a $1,000 federal deposit into
a new Trump account. Uh, that's a tax advantaged savings vehicle. Decided.
(06:35):
Excuse me. Designed to jump start long term investing. Uh,
parents and employers will be able to contribute up to
$5,000 and 25,000 annually with funds invested in a low
cost US stock index. Uh, while the intent is to
build wealth early through compound growth, there are significant limitations.
(06:59):
These accounts operate like a traditional IRA, so earnings will
grow tax deferred, but early withdrawals before 59.5 will face
that 10% penalty we're accustomed to, even though future funds
become accessible at age 18, qualified early withdrawals, such as
(07:19):
for education or first time home purchase, may be allowed
but do remain partially taxable, experts note. The account lacks
key advantages of the Roth and the 529 plan, offering
neither tax free withdrawals nor flexible investment options, compared to
529 plans which allow much higher contributions. Diversified investments, excuse me,
(07:43):
and tax free education withdrawals. The Trump accounts may offer
less flexibility for college savings. Still, the $1,000 Seed makes
the account attractive for eligible families. Wealthier families might pair
that with a 529 to diversify future savings, but most
Americans aren't maxing out either. We're still waiting for more
(08:07):
IRS guidance on these, but financial planners pretty much all
agree that the Trump accounts are best viewed as long
term retirement savings vehicles for children, rather than a primary
savings vehicle for college. Still more to be clarified, but
still some good news with regard to jump starting the
long term savings for kids born between 2025 and 2028.
(08:32):
All right, let's dive into your questions today. Again, that
number with lines open 800 525 7000. You can call
right now. Uh, we're going to begin in Tennessee. Hi, David.
Go ahead sir.
S3 (08:46):
Uh, yes. Rob. Um, I belong to a little church,
a small church, old church. It's got a real small
parsonage right beside of it. And, uh, we were insured,
but we had two claims with this insurance company on
the plumbing busting and having to. And so they wouldn't
re-insure us, and we ain't been able to get insurance nowhere.
(09:11):
Do you know of a a company or insurance company
that's church friendly or one that just does business with
churches only or.
S1 (09:21):
Yeah, it's a great question. I could give you a
few names. Um, you know, I think, uh, an independent
agent who understands ministry insurance could help you compare some options.
I realize that the options are limited. Uh, but there
are some church focused insurers, uh, ready to work with
smaller congregations. So if you've got a pen handy, I'll
(09:42):
give you a few names for you to, uh, check out.
One would be, uh, Brotherhood Mutual. Uh, they specialize in
churches and Christian ministries, and Ministries, and they offer the
property insurance alongside liability and others. They do work with
a lot of small and rural churches nationwide, so they
may be an option. Brotherhood mutual another one is called
(10:04):
guide one. They're one of the largest insurers for faith
based organizations, and they work with churches of all sizes. Uh,
I'll give you a third one. And that is Church
Mutual Insurance. Uh, they're known for working with, uh, small
churches and ministries, Church Mutual. So I think, uh, that'd
be the first three that I would start with.
S3 (10:28):
Okay. Well, I'll check them out. Um, you got time
for a second question?
S1 (10:33):
Yes, sir.
S3 (10:36):
Um, last year, you in 24, you could give 18.
A parent could give a child 18,000 without reporting it
to the IRS or filing it with the IRS. What
about this year, 2025? Have. Do you know what that
amount is?
S1 (10:52):
Yeah. So you're looking just to make a personal gift
to one individual, is that right?
S3 (10:59):
Yeah, yeah. Parent to a child.
S1 (11:02):
Yeah. Got it. Yeah. You can gift that. That limit
basically just went up by $1,000 for 2025. So you
can do 19,000, uh, to any one individual without reporting
that to the IRS. If you go beyond that, you'd
have to do gift tax form 709. That would just
go against your lifetime exemption, which now is north of
(11:25):
$13 million. But yeah, for the annual amount, 19,000 per person.
So if it was a married couple, they could each
do 19,000 to 1 recipient for a total of 38,000.
But any one individual, um, you know, without it being
a married couple is going to be 19,000 for this year.
S3 (11:47):
Okay. Thank you a lot. I'll get in touch with
these insurance companies. Thank you very much.
S1 (11:52):
Absolutely, sir. Call any time. God bless you. 800 525
7000 is the number to call. We'd love to hear
from you with any financial question today. Let's go to Cleveland, Tennessee. Hi, Bonnie.
Go ahead.
S4 (12:06):
Hi, Rob. Thank you so much for taking my call today.
We have had a terrible thing happen. My daughter Amanda's
bank account was hacked, and they got $7,000. And, um,
they got her money market account number and cleaned her out.
What steps does she take going forward? She's gone to
(12:29):
the bank. She. I told her to file a police report. What?
What do we do?
S1 (12:35):
Yeah. Boy, first of all, I am just so sorry
that you're going through this. I know that's stressful. And
not to mention, you know, the money that she is out. Um,
so this was a bank, not a brokerage firm, is
that right?
S4 (12:48):
No, a bank.
S5 (12:49):
A local bank.
S1 (12:50):
Yeah. So have they closed the account at this point?
S4 (12:53):
Yes. Yeah. She went directly to the bank and.
S5 (12:56):
They.
S4 (12:57):
Went from there.
S1 (12:58):
Okay. Have you did she ask if the 7000 was
covered under their fraud protection policy? Most banks offer that.
S4 (13:06):
Oh, I don't know. I have to find that out.
S5 (13:09):
Okay. Yeah, I would just tell her to.
S1 (13:12):
Oh, I'm sure she is. Yeah. She's going to want
to request an official investigation and ask if there is
fraud protection that would allow her to be made whole
on that 7000. Uh, of course she's going to want
to update all banking usernames and passwords and, you know,
perhaps even email accounts. If the if any apps are
(13:34):
linked to her bank, then she's going to want to
file that replace report. I think you mentioned that she
did that. So that's great because the bank is often
going to require that for the fraud investigation. Um, she's
going to want to, you know, go ahead and start
monitoring her credit report. Or you can help her do
this at annualcreditreport.com. And the next step would be to
(13:54):
place a fraud alert and a credit freeze on each
of the three bureaus Experian, Equifax and TransUnion, and then
finally report this to the FTC, the Federal Trade Commission
at Identitytheft.gov. Let's do this. I know I threw a
lot at you there, and I'm up against a break,
so stay there. I'll review this when we come back
(14:15):
and see if you have any questions. We'll be right
back on faith in finance live. Great to have you
with us today on Faith and finance live. I'm Rob West. We, uh,
do have a few lines open today, although they're filling
up quickly. If you have a financial question, call right now.
800 525 7000. Before the break, we were talking to
(14:39):
Bonnie in Cleveland, Tennessee. Uh, boy, they went through it
this weekend. Her daughter's bank account was hacked. She had
$1,000 that was Some stolen from that account, and she
immediately went to the bank. They closed the account and
her daughter was obviously very shaken up over it. And
she's just wondering, Bonnie is what are the best next steps?
So just to review the steps and some of these
(15:01):
have already been done and that's great, Bonnie. But first
of all, we've just got to immediately get that account closed. Um,
and report that fraud, asking the bank to do an
official investigation. Hopefully they, through their fraud protection policy, would
provide coverage for that 7000. That's a question. You certainly
need a police report. I think your daughter has already
(15:21):
done that. Um, that's going to be required for the bank.
You want to change passwords and logins. You want to
start monitoring her credit, perhaps, you know, uh, once a
month for the next several months just to see if
anything pops up on there. I would go ahead and
place what's called a fraud alert, just alerting the, um,
the credit bureaus that she's been the victim of some
(15:45):
sort of, uh, Identity theft in this case, fraudulent activity
and a credit freeze. That's just going to alert any
creditors that if someone tries to open an account in
her name, that they need to be on their guard.
And then finally, I would go to Identitytheft.gov to report
the theft. You know, moving forward, she needs to use
(16:06):
what's called two factor authentication. Certainly don't click on suspicious links,
that type of thing. But, um, you know, hopefully this
is an isolated event and she can be made whole
by the bank. But it sounds like you all have
done many of the the right things in these, you know,
as an early response to this. And I realize this
is weighing heavily on you, but does all that make sense?
S4 (16:28):
Yeah it does. And that other that, uh, website, is
it FTC identity theft? Is that what you said?
S1 (16:37):
Not quite, but you're close. So it's just simply identity theft. Gov. Gov.
Which is mean. It's it's a government entity. So identitytheft.gov.
And that is the website of the Federal Trade Commission.
S4 (16:51):
Okay. Okay. Gotcha. Gotcha. Okay. Well thank you. And just
remember Amanda in prayer. She is so embarrassed and so,
so sad. Yeah. And.
S6 (17:02):
You know, it happens.
S1 (17:03):
It does. And more and more these days. Yes, ma'am. Yeah,
that's exactly right. I think the good the good news is,
you know, hopefully she's made whole. And this is a
great learning opportunity. That number one this can happen. But
number two, we just need to be vigilant and really
trying to do everything we can do. Now in many
cases it goes beyond what we can do. But at
(17:26):
least you know it will keep her on her guard
in terms of doing what she needs to do to
protect herself moving forward. So, Bonnie, thanks for calling today.
We appreciate it. To Kansas. Hi, Scott. How can I help?
S7 (17:38):
Hi. Uh, you spoke of a, uh, investment you could
do over the phone app. It was Christian based and
invested for you.
S1 (17:49):
Mm. Yeah. Was this on a prior broadcast? Perhaps.
S7 (17:53):
Maybe it was. Okay.
S1 (17:56):
Yeah. What I was saying was that, you know, with
the robo advisors, you know, more and more of our
listeners are wanting their investments screened for their Christian values.
And the good news is, there is a whole industry
of faith based investments that has emerged with some wonderful
world class investment providers, both mutual fund companies and exchange
(18:17):
traded funds that are doing just that. They're eliminating those
companies from their portfolio that are misaligned with their values.
They're embracing companies that they're buying because they are blessing
the world, loving their neighbors, creating human flourishing, even in
some cases promoting a kingdom impact. And that's great. And
you hear many of those on this program, they're national
(18:40):
sponsors of this broadcast each day like one ascent and, uh,
you know, Guidestone and Eventide and, um, you know, inspire
and many others. Crossmark global. And so that's great. And
you now have options to ensure that, you know, as
you invest, you're investing with asset managers that are aligning
(19:02):
those investments with Christian values. What does not exist today
is a robo advisor with faith based investments where, you know,
like Betterment and Schwab. On the secular side, you could,
you know, complete a questionnaire and based on your age
and your risk tolerance, it would create a very low
cost kind of automated portfolio that would, you know, automatically
(19:25):
invest your assets for you. Uh, you know, in these
funds in a turnkey way. Um, but I think what
you perhaps heard me share was that, you know, because
this space is evolving and innovating so quickly, there are
new products coming and one of those that's spoke to
the team that's building it, um, is, um, in the
(19:48):
robo advisor space. So it's essentially going to be a
robo advisor that's app based with only faith based investments.
It's not out yet. It's coming. And so if you
want to, um, you know, check it out and perhaps get, uh,
on the list, uh, you know, to, to get the
alpha of it when it launches. Um, you can do that.
(20:11):
And I don't have the website in front of me
right now, but before the end of the broadcast today,
I will give it so you could sign up to
be notified when it's available. And I believe they go
into the the alpha stage later this summer. Okay.
S7 (20:25):
Great I appreciate that. Thank you.
S1 (20:27):
Absolutely. Just keep listening. And before, uh, after the next break,
I will mention the name of that if you want
to sign up to be notified, uh, on their progress.
Thanks for your call, Scott. Uh, to Iowa. Hi, Mary.
How can I help?
S8 (20:41):
Thank you, Rob, for picking up my call. Yes, ma'am. Listening.
First time caller.
S6 (20:46):
Oh, great. I'm so glad you called. Thank you.
S8 (20:48):
Yeah. Now, um, I'm doing some investment, and, uh, me
and my husband, we don't want risky investment. They agreed.
They said it's not going to be a market index.
So if it's not market index, then what kind of
investment are out there if it's not market index?
S6 (21:07):
Got it. Yeah it's a great question.
S1 (21:09):
So let's do this. I've got to hit that break.
But I appreciate that explanation Mary. Uh, when I come
about what other options might exist for someone to invest
on your behalf without using just a broad market index,
there are options. It's going to require that advisor to
explain what they're going to do, but I'll give some
of the possible options that they might consider, and we'll
(21:33):
take that after the break. Just hang on right there, Mary.
We do have some lines open if you have a
financial question today. 800 Five, two, five, 7000. We'll be
right back. I'm so thankful to have you with us
today on Faith and finance live here on Moody Radio.
(21:54):
We're taking your calls and questions. That number 800 525 7000.
We have just a few lines open. You can call
right now. Uh, before the break, we were talking to
Mary in Iowa. She's a first time caller. Listens regularly.
She's just. It sounds like getting started with investing. Um,
she doesn't want anything risky. And the person who. Investing
(22:14):
for her, the professional or the advisor, um, told her
that they will not be investing in market indexes. And
so she's wondering what other investment vehicles are there. Is
that right, Mary? Am I describing that correctly?
S8 (22:29):
Yes, sir.
S1 (22:31):
Okay. Very good. So basically, you know, when you invest
in a market index, uh, it means you're buying into
a broad Rod slice of the stock market. So rather
than picking individual companies, you're owning a little bit of
hundreds of companies all at once. And so, you know,
(22:51):
an example of a market index might be or is
the S&P 500 largest US companies. Another one is the
Dow Jones Industrial Average. It's the oldest index. It tracks
30 large well-known companies. Another one that's very popular is
the Nasdaq Composite. And that focuses on tech and growth stocks.
(23:13):
There's about 3000 companies. So that's market indexes. And what
you're being told is we're not going to invest in that.
So what other options would there be. Well the other
options would be individual stocks. Um so the the investment
advisor might be individually selecting companies that when you put
(23:34):
them all together in the portfolio, would represent a diversified
wide portfolio of stock holdings. Another option would be instead
of indexes, an alternative would be actively managed funds. So
this is where a fund manager picks the companies that
(23:55):
go into his or her mutual fund. And they're trying
to beat the index by picking the winners. And they
don't always beat the index. In some cases they do.
But kind of it's the other alternative to a mutual
fund instead of an index, you'd have an actively managed fund.
And then there's plenty of other investments like bonds, certificates
(24:16):
of deposits, real estate, things like that. So given that
description of the various options beyond index investing, what is
what did you communicate to the investment advisor and what
other questions do you have for me?
S8 (24:34):
Um, basically you've answered it and directed me. I want
to read about them. The other options that are out
there before we go and meet them the second time
or the third time.
S1 (24:46):
Yeah.
S8 (24:47):
Very good. So, um, um, uh, you mentioned the mutual
stocks and, and then you also mentioned, um, the actively
managing the funds. Yes. And then bonds and real estate. Yeah.
S9 (25:02):
So, um, and CDs.
S1 (25:04):
Well, let's do this. Mary, I'm going to send you
a book that I think will be helpful for you
to read before you go back for the second visit.
It's called the Sound Mind Investing Handbook, and it's just
that it's an investing handbook that's going to familiarize you
with the various terms, the investment terms, the various types
of investments. And it will do it through the lens
(25:27):
of worldview. And I think it will be helpful to
give you some language and some understanding investment options. And
then when you sit down with the investment advisor for
the second visit. Hopefully you'll have a lot more working
knowledge of the various options so that when he or
she describes how they would recommend you invest based on
(25:48):
your goals and objectives, hopefully you'll understand some of the
terms they're using because you've spent some time reading through
the handbook, so you stay on the line. Mary, we're
going to get your information and we'll put the Sound
Mind Investing handbook in the mail to you. And it's
just our gift to you for being a faithful listener.
Thanks for your call today. Let's go to Lake. Lake County, Illinois. Hi, Carla.
(26:09):
Go ahead.
S10 (26:11):
Yes. Hi. Good afternoon. So my concern is a property
that I inherited from my dad. And the problem is,
for one, um, I don't want to say that I
have a high credit score, and I don't want it
to affect the home because it's different. And I think
(26:35):
he left it for me to pass down to the
next generation. And so I don't want to put it
in my name because I don't want to, um, jeopardize it. Um.
I had insurance on it through him. He'd been with
(26:56):
his insurance company for since he was 18 years old.
He had a claim, um, while he was sick, which
stopped us from having to do to do any more
work because he was sick. He was in the hospital,
so we stopped all the work with the contractor. Once
the contractor found out, my dad was dead, um, he
(27:16):
kept the 10,500. Wouldn't give an itemized bill. So we
lost that. So then I had to try and come
up with the money to finish the repairs on my own.
But we got them done. We had, uh, once I
got all the repairs done, the furnace went out. So
we filed a claim on that and the, um, exhaust, um,
(27:38):
sewer exhaust fell in because the house is old. It's
only maybe 160, $70,000 home. Um, but I put in
the hardwood floors and did all the work. Got it. Nice.
You know, you name it, I've done it. Um, took
a year, but when it was time for them to renew,
I guess because there were three insurance claims on it,
(28:01):
they refused to renew or they didn't give the offer
to renew. And now I'm inherited a home that, um.
And I have the will that says it belongs to me, but, um,
no insurance, which is worse than putting it in my
name because there's no insurance on it if something happens
(28:23):
to it.
S1 (28:24):
Yeah. Now, why so you to use or was left
to you, plus others?
S10 (28:30):
No, it was left to me solely. Everything he owned,
he left to me. The cars, the home, the jewels.
S9 (28:37):
The fur.
S1 (28:38):
Why is it that you don't want to put your
name on the deed?
S10 (28:42):
Because. Okay. Because I have an old student loan, which I'm.
By being a service worker. They were supposed to exempt
me from that after ten years. Well, just my luck.
After working for the state for seven, seven years, uh,
we were in a trucking accident where my spouse was killed,
and I survived and had severe injuries, which stopped me
(29:07):
from being able to work. So I lose the exemption for, um,
the repayment on the loan. Um, I want to say
the credit score couldn't could not be more than six, six, six, 600.
And to make matters even worse, uh, now I'm on
disability and I don't want it to affect that because
(29:28):
the mortgage that I'm paying for, for my own house
is like 24, For and I'm only getting 14, so
I'm already short coming through the door. But God has
been good. Hallelujah! Glory to God. And I, I tell you,
he gave me this home. And I share this home
with people who need it. They need somewhere to lay
their head, I share it, I have no problem with it.
(29:51):
It's beautiful inside and out. It's my dream. This was
my dream home.
S9 (29:56):
Yeah. Um. But. Well, here, here's the thing.
S1 (29:58):
Let me let me give you some thoughts, and then
we can talk a bit more off the air. I mean,
first of all, you know, if the home isn't in
your name, then you may not have the legal right
or authority to insure it. Now, keep in mind, federal
student loans don't come after inherited property unless you default
in a court gets involved. But owning the home gives
(30:19):
you the right to shop for insurance, and there are
surplus line and high risk insurers that will cover this
with an independent agent. So hang on the line. We'll
talk a bit more after this break. We'll be right back.
Great to have you with us today on Faith and
(30:40):
finance live. I'm Rob West. We're taking your calls and
questions today. 800 525 7000. Before the break, we were
talking to Carla in Lake County. She's got a little
bit of a complicated situation. Uh, she inherited a home
from her father who has passed away. Uh, while he
was living in very ill. There was a pipe that burst.
(31:00):
His home was insured at the time with property insurance.
They started the claim. The claim paid out. The contractor
got the money. He learned of her father's death during this.
Kept the money. She has since made the repairs and
and then some has got the home which is older,
back into a very nice place. Right now. It's, um,
(31:20):
you know, she's done quite a bit in the way
of renovations. Um, she believe her? Believes her father gave
her the home to pass down to future generations, but
she's not wanting to put her name on it because
she's had some financial challenges of her own, and she
doesn't want to do anything that would jeopardize the home
now or in the future. Did I get that correct, Carla?
S10 (31:41):
Yes you did.
S1 (31:43):
Okay. So, you know, I think the key is, I mean,
you are the steward of this asset, and one of
the ways we steward assets well is by insuring them,
because we know there's a risk that may exceed our
ability to keep this property in good working order, and
that could include a complete loss. And really, the only
way to offset that is through insurance. Um, the challenge is,
(32:06):
as I said before, the break is, you know, you're
not going to be able to get insurance on this
property until you take title to it. And so I
think you're going to have to try to, you know,
satisfy yourself with regard to, you know, are you, in fact,
putting this home at risk because of some of the
challenges you've had? Uh, as I mentioned, federal student loans,
(32:29):
you know, don't come after inherited property unless a court
gets involved. But even then, there's all kinds of remedies
there for federal student loans. And so, you know, I
think your ownership of this property is going to be
key to you going out and working with if it
takes a specialty insurance agent to get even basic coverage
(32:50):
in place. Now, you may find that because you're now
a new owner and you've got this home in good
working order and you're kind of starting fresh, you may
find that, you know, you have, uh, it's a little
easier than you might expect to get somebody to cover it,
especially if you're willing to pay for it. Um, but
I think it all starts with you taking title to
(33:11):
this home. So you have the legal authority to be
the one to insure it. And if you're not comfortable
doing that right now, I think the next step is
for you to work through, you know, understanding what actual
liability are you taking on by putting this in your name?
Because if you can get comfortable with that, then I
think that's the the key to you being able to
(33:32):
get this insured, which I agree is very important as
soon as possible.
S10 (33:38):
What about the trust? I've had people suggest a trust
that protects the home and doesn't, um, uh, actually affect your, um, income.
S1 (33:52):
Yeah. Um, so, yeah. So you're talking about what affect
your income? In what way?
S10 (34:00):
Because, you know, when you're. Okay, so I'm disabled and
I don't want them to say, oh, well, you have
this home here. Um, you don't qualify, you know, financially
because you have this home. I don't want them to
do that.
S9 (34:19):
Yeah.
S10 (34:20):
I don't want to lose that. You see what I mean?
I mean, I really have a problem. I mean, it's
a blessing and a curse at the same time.
S9 (34:27):
Yeah, yeah.
S1 (34:28):
Um, you know, first of all, you would need, um,
a special needs trust. Uh, you know, if you would
qualify for it, you could also get a Medicare asset
protection trust, you know, down to, you know, um, having
I think, uh, you know, you need to go visit
with an estate attorney who could help you work through
(34:49):
all of this to determine, you know, whether or not
any assets may disqualify you from government assistance. And then
even beyond that, um, you know, heck, the home, uh,
from being counted for public assistance and then ultimately being
able to transfer the property, you know, to heirs without, um,
(35:09):
you know, Medicaid, uh, coming back and trying to reclaim
anything that was paid out, which might require the sale
of the home. So I think the next step for
you is to get some legal counsel and really a
either a Medicare or Medicaid attorney or an elder care
attorney would be the one that would be most familiar
with the types of trusts that are available, and could
(35:32):
look at your specific situation and give you some legal advice.
I think that's where you need to go from here.
S10 (35:37):
Yeah. I mean, I love my my brother in 2020,
my spouse in 2022, my dad in 2023. And it
took me a year, um, because I'm on a fixed
income to get all the work done that was needed
on a childhood home, you know, in 2024. And so now,
(35:59):
now there's, you know, I need insurance.
S9 (36:04):
Yeah.
S1 (36:04):
Well, the next step is really for you to get
this sorted out so you can have some peace of
mind that you're able to honor your wishes as the steward,
inheriting this from your father, given the the medical and
financial challenges you have. And there are going to be
some solutions there. But you need to make sure you
get that from a competent attorney who can help you
navigate all this. Thank you so much for calling today, Carla.
(36:27):
All the best to you. We'll be praying for you
as as you navigate this in the days ahead. Uh,
let's go to Chicago. Jessica, how can I help?
S11 (36:35):
Hi, Rob. Thank you for taking my call. I have
a question. I have two sons that are currently in college.
One is a sophomore, the other one's a senior. In
the past, I was able to claim them as my dependents.
I received a 1098 from the universities. Wrote off the
portion of the tuition that I covered. However, in 2024,
(36:58):
they both had summer jobs, and the amount they made
apparently caused them to no longer be claimed as my dependents,
and therefore I couldn't write off any of their tuition expenses.
So I was wondering, is there any other tool I
can use mine open one now, or give them like
(37:19):
an inheritance, and they can use that to pay for
looking for some type of breaks if there are any.
S1 (37:28):
Yeah. Well, you know, what I would say is that, uh,
you know, even if you can't claim them as dependents.
And you're right, they it could be that they earn
too much income or provided more than half of their
own support, which would disqualify you from claiming them. But
even if you can't claim them, you can still wisely
(37:49):
help them if you have the ability to do so
with with their college expenses. Um, and so, you know,
in terms of a tax efficient way to do that,
I would say, you know, there really isn't anything that
would allow you to to get a deduction. Uh, the
money you put into a 529 is after tax dollars.
The tax benefit comes in the tax free growth, so
(38:13):
long as it's used for qualified educational expenses. The problem
is your proximity to them needing the funds is so close,
there really isn't enough in the way of a time horizon. Uh,
you know, for you to get any kind of growth
that would ultimately benefit them in terms of having more
to spend on college. But in terms of you getting
some sort of current tax benefit now by, you know,
(38:36):
helping them write those checks for college, unfortunately, apart from
you claiming them as a dependent, which to your point,
is no longer available to you, there really isn't a
way for you to channel those funds through any kind
of vehicle that offers you a tax break, um, in
the current tax code, unfortunately.
S11 (38:58):
Thank you. And how about like, I think we're allowed
to give, like, annual gifts to our children with that
help at all?
S1 (39:07):
Yeah. I mean, the only thing there is, it's just
it's not going to be taxable to them when they
receive the gift. And, um, you know, you if you
stay under 19,000 a year, you don't have to tell
the IRS about it, but you're not able to deduct
that gift in any way to an individual. You can
just give the gift without them having to pay any
tax on it. They're receiving it as a gift, and
(39:29):
you don't have to tell the IRS about it until
you go over 19,000. But that's not going to take any,
you know, tax liability off when you file your taxes
for this year.
S11 (39:39):
Got it. Thank you.
S9 (39:41):
Okay.
S1 (39:42):
I'm sorry Jessica I wish I had better news for you.
I know that can be discouraging, but I'm confident your
boys are grateful for anything you're doing to help them
along the way. We appreciate your call today. Let's finish
in Kansas today. Bill. Go ahead.
S7 (39:55):
Hi.
S3 (39:56):
I'm 66 and eight months.
S12 (39:58):
I filed for Social Security, and I did turn down
the Medicaid part because my company furnishes me insurance. I'm
planning on working longer. I was told I need some
kind of supplemental Medicaid like part B something. Is there
any truth to that?
S1 (40:14):
Uh, yeah. So you're talking about Medicare, not Medicaid, probably, yeah.
But if you're still working full time and your employer
provides health insurance you don't need to file for Medicare
right now, which if you don't and you you know,
if it was required and you didn't do it, you'd
have a penalty. Uh, but because you have an employer
(40:34):
providing that health coverage, um, and they have your employer
has 20 or more employees, the insurance is generally considered creditable.
And that then allows you to delay enrolling in Medicare
Part B, and then you'll get a special enrollment period
when you retire or lose coverage. And that's essentially eight
(40:57):
months to sign up without penalty. Now Medicare Part A,
you can still enroll in part A for free even
while you're working. Um, and so, uh, you know, I
would go ahead and take advantage of that right now,
but part B, which is where you would have a cost,
you can delay that until you don't any longer have
(41:20):
creditable coverage.
S12 (41:22):
Thank you. That helps a lot. You have a great day.
S1 (41:25):
All right. You're welcome. Thanks, Bill. We appreciate your call today. Uh,
thanks for being on the program. Well, folks, uh, we're
right here at the end of today's broadcast, but let
me just say a big thanks to my team today.
I certainly can't do this without their amazing support, including, uh,
Moody Radio, which we're grateful to be a part of.
The Moody Radio family. Faith is a partnership between Faith
(41:46):
Fi and Moody Radio, helping us, serving us well. Today
here on the broadcast to Hera, Omar, Rihanna, Taylor and
everybody here at Faith. Fi, let me just remind you,
if you'd like to, uh, be a faith fi partner,
we'd certainly be grateful. As a listener supported ministry. We
can't do this without you. Just head to Faith fi
com and click give at the top of the page.
(42:06):
That's faith. Com partners support us at $35 or more,
and we send you wonderful resources to encourage you, our
magazine Faithful steward and all of our studies and devotionals. Hey,
come back and join us tomorrow. We'll see you then.
Bye bye.
In a world where scarcity seems to define our daily experience,
it's easy to feel like there's never enough. Hi, I'm
Rob West. Where it's not enough money. Not enough time
or not enough security. But is that really the whole story?
Today on faith in finance, we're rethinking the scarcity mindset
in light of God's Word and exploring how faith frees
(00:29):
us up to live with hope, wisdom, and trust in
God's abundant care. And then it's on to your calls
at 800 525 7000 and finance live. Biblical wisdom for
your financial journey. The belief that there won't be enough
is anything but new. From the moment sin entered the world,
(00:50):
scarcity became part of the human story. Not because God
lacked resources, but because fear and distrust entered our hearts.
Jesus described the enemy, the thief, as one who comes
only to steal and kill and destroy in John 1010.
That's exactly what a scarcity mindset does. It steals our peace,
(01:10):
kills our joy, and destroys our trust in God's provision.
It convinces us to hoard instead of share, to grasp
instead of give, and to stress instead of rest. This
mindset traps us in anxiety. It's a form of slavery
where we measure life by what we don't have, rather
than by who God is. But Jesus didn't leave us there.
(01:33):
Later in that same verse, he continues saying, I came
that they may have life and have it abundantly. God's
abundance isn't a prosperity slogan. It's a promise rooted in
his character. Just look at the opening pages of Scripture.
Genesis one reveals a God who doesn't create out of stinginess,
but out of overflowing generosity. He fills the skies with stars,
(01:55):
the oceans with creatures, and the land with fruit bearing trees.
Not because he had to, but because he delighted to.
We don't serve a God of just enough. We serve
a God of more than enough. As Elizabeth Elliott once
put it, God has promised to supply all our needs.
What we don't have now. We don't need now. Jesus
(02:16):
himself modeled this kind of trust, though he had no
home of his own, and faced hunger and rejection and
the cross. He never lived from fear. Instead, he lived generously.
Turning water into wine, feeding thousands with a boy's lunch,
and offering forgiveness freely to all who came to him.
And he invited his followers to live the same way.
(02:37):
In Matthew 625 through 34, Jesus says, do not be
anxious about your life. Look at the birds of the air.
They neither sow nor reap, nor gather into barns, and
yet your heavenly father feeds them. That passage doesn't promise
us a life free from hardship, but it does promise
something better, a life free from worry. when we trust
(02:59):
our father in heaven. Seek first the kingdom of God
and His righteousness. Jesus says, and all these things will
be added to you. So how do we shift from
anxiety to peace, from striving to trust, from hoarding to generosity? Well,
it starts with renewing our minds. We ask God to
help us see the world, not through the lens of lack,
(03:21):
but through the lens of his abundant love. We practice gratitude,
which turns our focus from what we're missing to what
God has already provided. We embrace stewardship, not ownership. Everything
we have is a gift from God entrusted to us
for his glory and others good. That's why Proverbs three
nine encourages us to honor the Lord with your wealth
(03:42):
and with the first fruits of all your produce. And
we give not out of fear of losing what we have,
but in faith that God will provide all that we need.
As Second Corinthians says, God is able to make all
grace abound to you, so that having all sufficiency in
all things at all times, you may abound in every
(04:03):
good work. Living in God's abundance doesn't mean you'll never
face hard times, but it does mean that you'll never
face them alone, and you'll never have to live in
slave to fear. So when the world says there's not enough,
we can look to the one who owns the cattle
on a thousand hills. And know he is more than enough.
His abundance isn't just about material provision. It's about peace
(04:26):
that in the midst of need God more deeply, especially
in times of financial fear. I want to invite you
to pick up a copy of our 21 day devotional,
look at the sparrows. It's written to help you experience
the freedom that comes from seeing God as your ultimate treasure.
You can order a copy today, even place a bulk
(04:48):
order for your small group at Faith. That's. All right,
it's time to take your phone calls today. The number
800 525 7000. That's 800 525 7000. I'm Rob West,
and this is Faith in finance Live, where we help
(05:09):
you connect your faith to your finances for the glory
of God. Stay with us. We're just getting started.
S2 (05:26):
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 (05:48):
Great to have you with us today on Faith and finance. Live.
I'm Rob West. We're taking your calls and questions today.
The number 800 525 7000. We'll look forward to diving
into those questions today in just a moment. Again, that
number for you to call right now 800 525 7000.
One more time. 800 525 7000. Uh, in the news today, boy,
(06:11):
a lot going on. Uh, market at a new all
time high. But also, you may not be aware of
this coming out of the one big, beautiful bill now
signed into law. Uh, starting in 2026 children born between
2025 and 2028 will receive a $1,000 federal deposit into
a new Trump account. Uh, that's a tax advantaged savings vehicle. Decided.
(06:35):
Excuse me. Designed to jump start long term investing. Uh,
parents and employers will be able to contribute up to
$5,000 and 25,000 annually with funds invested in a low
cost US stock index. Uh, while the intent is to
build wealth early through compound growth, there are significant limitations.
(06:59):
These accounts operate like a traditional IRA, so earnings will
grow tax deferred, but early withdrawals before 59.5 will face
that 10% penalty we're accustomed to, even though future funds
become accessible at age 18, qualified early withdrawals, such as
(07:19):
for education or first time home purchase, may be allowed
but do remain partially taxable, experts note. The account lacks
key advantages of the Roth and the 529 plan, offering
neither tax free withdrawals nor flexible investment options, compared to
529 plans which allow much higher contributions. Diversified investments, excuse me,
(07:43):
and tax free education withdrawals. The Trump accounts may offer
less flexibility for college savings. Still, the $1,000 Seed makes
the account attractive for eligible families. Wealthier families might pair
that with a 529 to diversify future savings, but most
Americans aren't maxing out either. We're still waiting for more
(08:07):
IRS guidance on these, but financial planners pretty much all
agree that the Trump accounts are best viewed as long
term retirement savings vehicles for children, rather than a primary
savings vehicle for college. Still more to be clarified, but
still some good news with regard to jump starting the
long term savings for kids born between 2025 and 2028.
(08:32):
All right, let's dive into your questions today. Again, that
number with lines open 800 525 7000. You can call
right now. Uh, we're going to begin in Tennessee. Hi, David.
Go ahead sir.
S3 (08:46):
Uh, yes. Rob. Um, I belong to a little church,
a small church, old church. It's got a real small
parsonage right beside of it. And, uh, we were insured,
but we had two claims with this insurance company on
the plumbing busting and having to. And so they wouldn't
re-insure us, and we ain't been able to get insurance nowhere.
(09:11):
Do you know of a a company or insurance company
that's church friendly or one that just does business with
churches only or.
S1 (09:21):
Yeah, it's a great question. I could give you a
few names. Um, you know, I think, uh, an independent
agent who understands ministry insurance could help you compare some options.
I realize that the options are limited. Uh, but there
are some church focused insurers, uh, ready to work with
smaller congregations. So if you've got a pen handy, I'll
(09:42):
give you a few names for you to, uh, check out.
One would be, uh, Brotherhood Mutual. Uh, they specialize in
churches and Christian ministries, and Ministries, and they offer the
property insurance alongside liability and others. They do work with
a lot of small and rural churches nationwide, so they
may be an option. Brotherhood mutual another one is called
(10:04):
guide one. They're one of the largest insurers for faith
based organizations, and they work with churches of all sizes. Uh,
I'll give you a third one. And that is Church
Mutual Insurance. Uh, they're known for working with, uh, small
churches and ministries, Church Mutual. So I think, uh, that'd
be the first three that I would start with.
S3 (10:28):
Okay. Well, I'll check them out. Um, you got time
for a second question?
S1 (10:33):
Yes, sir.
S3 (10:36):
Um, last year, you in 24, you could give 18.
A parent could give a child 18,000 without reporting it
to the IRS or filing it with the IRS. What
about this year, 2025? Have. Do you know what that
amount is?
S1 (10:52):
Yeah. So you're looking just to make a personal gift
to one individual, is that right?
S3 (10:59):
Yeah, yeah. Parent to a child.
S1 (11:02):
Yeah. Got it. Yeah. You can gift that. That limit
basically just went up by $1,000 for 2025. So you
can do 19,000, uh, to any one individual without reporting
that to the IRS. If you go beyond that, you'd
have to do gift tax form 709. That would just
go against your lifetime exemption, which now is north of
(11:25):
$13 million. But yeah, for the annual amount, 19,000 per person.
So if it was a married couple, they could each
do 19,000 to 1 recipient for a total of 38,000.
But any one individual, um, you know, without it being
a married couple is going to be 19,000 for this year.
S3 (11:47):
Okay. Thank you a lot. I'll get in touch with
these insurance companies. Thank you very much.
S1 (11:52):
Absolutely, sir. Call any time. God bless you. 800 525
7000 is the number to call. We'd love to hear
from you with any financial question today. Let's go to Cleveland, Tennessee. Hi, Bonnie.
Go ahead.
S4 (12:06):
Hi, Rob. Thank you so much for taking my call today.
We have had a terrible thing happen. My daughter Amanda's
bank account was hacked, and they got $7,000. And, um,
they got her money market account number and cleaned her out.
What steps does she take going forward? She's gone to
(12:29):
the bank. She. I told her to file a police report. What?
What do we do?
S1 (12:35):
Yeah. Boy, first of all, I am just so sorry
that you're going through this. I know that's stressful. And
not to mention, you know, the money that she is out. Um,
so this was a bank, not a brokerage firm, is
that right?
S4 (12:48):
No, a bank.
S5 (12:49):
A local bank.
S1 (12:50):
Yeah. So have they closed the account at this point?
S4 (12:53):
Yes. Yeah. She went directly to the bank and.
S5 (12:56):
They.
S4 (12:57):
Went from there.
S1 (12:58):
Okay. Have you did she ask if the 7000 was
covered under their fraud protection policy? Most banks offer that.
S4 (13:06):
Oh, I don't know. I have to find that out.
S5 (13:09):
Okay. Yeah, I would just tell her to.
S1 (13:12):
Oh, I'm sure she is. Yeah. She's going to want
to request an official investigation and ask if there is
fraud protection that would allow her to be made whole
on that 7000. Uh, of course she's going to want
to update all banking usernames and passwords and, you know,
perhaps even email accounts. If the if any apps are
(13:34):
linked to her bank, then she's going to want to
file that replace report. I think you mentioned that she
did that. So that's great because the bank is often
going to require that for the fraud investigation. Um, she's
going to want to, you know, go ahead and start
monitoring her credit report. Or you can help her do
this at annualcreditreport.com. And the next step would be to
(13:54):
place a fraud alert and a credit freeze on each
of the three bureaus Experian, Equifax and TransUnion, and then
finally report this to the FTC, the Federal Trade Commission
at Identitytheft.gov. Let's do this. I know I threw a
lot at you there, and I'm up against a break,
so stay there. I'll review this when we come back
(14:15):
and see if you have any questions. We'll be right
back on faith in finance live. Great to have you
with us today on Faith and finance live. I'm Rob West. We, uh,
do have a few lines open today, although they're filling
up quickly. If you have a financial question, call right now.
800 525 7000. Before the break, we were talking to
(14:39):
Bonnie in Cleveland, Tennessee. Uh, boy, they went through it
this weekend. Her daughter's bank account was hacked. She had
$1,000 that was Some stolen from that account, and she
immediately went to the bank. They closed the account and
her daughter was obviously very shaken up over it. And
she's just wondering, Bonnie is what are the best next steps?
So just to review the steps and some of these
(15:01):
have already been done and that's great, Bonnie. But first
of all, we've just got to immediately get that account closed. Um,
and report that fraud, asking the bank to do an
official investigation. Hopefully they, through their fraud protection policy, would
provide coverage for that 7000. That's a question. You certainly
need a police report. I think your daughter has already
(15:21):
done that. Um, that's going to be required for the bank.
You want to change passwords and logins. You want to
start monitoring her credit, perhaps, you know, uh, once a
month for the next several months just to see if
anything pops up on there. I would go ahead and
place what's called a fraud alert, just alerting the, um,
the credit bureaus that she's been the victim of some
(15:45):
sort of, uh, Identity theft in this case, fraudulent activity
and a credit freeze. That's just going to alert any
creditors that if someone tries to open an account in
her name, that they need to be on their guard.
And then finally, I would go to Identitytheft.gov to report
the theft. You know, moving forward, she needs to use
(16:06):
what's called two factor authentication. Certainly don't click on suspicious links,
that type of thing. But, um, you know, hopefully this
is an isolated event and she can be made whole
by the bank. But it sounds like you all have
done many of the the right things in these, you know,
as an early response to this. And I realize this
is weighing heavily on you, but does all that make sense?
S4 (16:28):
Yeah it does. And that other that, uh, website, is
it FTC identity theft? Is that what you said?
S1 (16:37):
Not quite, but you're close. So it's just simply identity theft. Gov. Gov.
Which is mean. It's it's a government entity. So identitytheft.gov.
And that is the website of the Federal Trade Commission.
S4 (16:51):
Okay. Okay. Gotcha. Gotcha. Okay. Well thank you. And just
remember Amanda in prayer. She is so embarrassed and so,
so sad. Yeah. And.
S6 (17:02):
You know, it happens.
S1 (17:03):
It does. And more and more these days. Yes, ma'am. Yeah,
that's exactly right. I think the good the good news is,
you know, hopefully she's made whole. And this is a
great learning opportunity. That number one this can happen. But
number two, we just need to be vigilant and really
trying to do everything we can do. Now in many
cases it goes beyond what we can do. But at
(17:26):
least you know it will keep her on her guard
in terms of doing what she needs to do to
protect herself moving forward. So, Bonnie, thanks for calling today.
We appreciate it. To Kansas. Hi, Scott. How can I help?
S7 (17:38):
Hi. Uh, you spoke of a, uh, investment you could
do over the phone app. It was Christian based and
invested for you.
S1 (17:49):
Mm. Yeah. Was this on a prior broadcast? Perhaps.
S7 (17:53):
Maybe it was. Okay.
S1 (17:56):
Yeah. What I was saying was that, you know, with
the robo advisors, you know, more and more of our
listeners are wanting their investments screened for their Christian values.
And the good news is, there is a whole industry
of faith based investments that has emerged with some wonderful
world class investment providers, both mutual fund companies and exchange
(18:17):
traded funds that are doing just that. They're eliminating those
companies from their portfolio that are misaligned with their values.
They're embracing companies that they're buying because they are blessing
the world, loving their neighbors, creating human flourishing, even in
some cases promoting a kingdom impact. And that's great. And
you hear many of those on this program, they're national
(18:40):
sponsors of this broadcast each day like one ascent and, uh,
you know, Guidestone and Eventide and, um, you know, inspire
and many others. Crossmark global. And so that's great. And
you now have options to ensure that, you know, as
you invest, you're investing with asset managers that are aligning
(19:02):
those investments with Christian values. What does not exist today
is a robo advisor with faith based investments where, you know,
like Betterment and Schwab. On the secular side, you could,
you know, complete a questionnaire and based on your age
and your risk tolerance, it would create a very low
cost kind of automated portfolio that would, you know, automatically
(19:25):
invest your assets for you. Uh, you know, in these
funds in a turnkey way. Um, but I think what
you perhaps heard me share was that, you know, because
this space is evolving and innovating so quickly, there are
new products coming and one of those that's spoke to
the team that's building it, um, is, um, in the
(19:48):
robo advisor space. So it's essentially going to be a
robo advisor that's app based with only faith based investments.
It's not out yet. It's coming. And so if you
want to, um, you know, check it out and perhaps get, uh,
on the list, uh, you know, to, to get the
alpha of it when it launches. Um, you can do that.
(20:11):
And I don't have the website in front of me
right now, but before the end of the broadcast today,
I will give it so you could sign up to
be notified when it's available. And I believe they go
into the the alpha stage later this summer. Okay.
S7 (20:25):
Great I appreciate that. Thank you.
S1 (20:27):
Absolutely. Just keep listening. And before, uh, after the next break,
I will mention the name of that if you want
to sign up to be notified, uh, on their progress.
Thanks for your call, Scott. Uh, to Iowa. Hi, Mary.
How can I help?
S8 (20:41):
Thank you, Rob, for picking up my call. Yes, ma'am. Listening.
First time caller.
S6 (20:46):
Oh, great. I'm so glad you called. Thank you.
S8 (20:48):
Yeah. Now, um, I'm doing some investment, and, uh, me
and my husband, we don't want risky investment. They agreed.
They said it's not going to be a market index.
So if it's not market index, then what kind of
investment are out there if it's not market index?
S6 (21:07):
Got it. Yeah it's a great question.
S1 (21:09):
So let's do this. I've got to hit that break.
But I appreciate that explanation Mary. Uh, when I come
about what other options might exist for someone to invest
on your behalf without using just a broad market index,
there are options. It's going to require that advisor to
explain what they're going to do, but I'll give some
of the possible options that they might consider, and we'll
(21:33):
take that after the break. Just hang on right there, Mary.
We do have some lines open if you have a
financial question today. 800 Five, two, five, 7000. We'll be
right back. I'm so thankful to have you with us
today on Faith and finance live here on Moody Radio.
(21:54):
We're taking your calls and questions. That number 800 525 7000.
We have just a few lines open. You can call
right now. Uh, before the break, we were talking to
Mary in Iowa. She's a first time caller. Listens regularly.
She's just. It sounds like getting started with investing. Um,
she doesn't want anything risky. And the person who. Investing
(22:14):
for her, the professional or the advisor, um, told her
that they will not be investing in market indexes. And
so she's wondering what other investment vehicles are there. Is
that right, Mary? Am I describing that correctly?
S8 (22:29):
Yes, sir.
S1 (22:31):
Okay. Very good. So basically, you know, when you invest
in a market index, uh, it means you're buying into
a broad Rod slice of the stock market. So rather
than picking individual companies, you're owning a little bit of
hundreds of companies all at once. And so, you know,
(22:51):
an example of a market index might be or is
the S&P 500 largest US companies. Another one is the
Dow Jones Industrial Average. It's the oldest index. It tracks
30 large well-known companies. Another one that's very popular is
the Nasdaq Composite. And that focuses on tech and growth stocks.
(23:13):
There's about 3000 companies. So that's market indexes. And what
you're being told is we're not going to invest in that.
So what other options would there be. Well the other
options would be individual stocks. Um so the the investment
advisor might be individually selecting companies that when you put
(23:34):
them all together in the portfolio, would represent a diversified
wide portfolio of stock holdings. Another option would be instead
of indexes, an alternative would be actively managed funds. So
this is where a fund manager picks the companies that
(23:55):
go into his or her mutual fund. And they're trying
to beat the index by picking the winners. And they
don't always beat the index. In some cases they do.
But kind of it's the other alternative to a mutual
fund instead of an index, you'd have an actively managed fund.
And then there's plenty of other investments like bonds, certificates
(24:16):
of deposits, real estate, things like that. So given that
description of the various options beyond index investing, what is
what did you communicate to the investment advisor and what
other questions do you have for me?
S8 (24:34):
Um, basically you've answered it and directed me. I want
to read about them. The other options that are out
there before we go and meet them the second time
or the third time.
S1 (24:46):
Yeah.
S8 (24:47):
Very good. So, um, um, uh, you mentioned the mutual
stocks and, and then you also mentioned, um, the actively
managing the funds. Yes. And then bonds and real estate. Yeah.
S9 (25:02):
So, um, and CDs.
S1 (25:04):
Well, let's do this. Mary, I'm going to send you
a book that I think will be helpful for you
to read before you go back for the second visit.
It's called the Sound Mind Investing Handbook, and it's just
that it's an investing handbook that's going to familiarize you
with the various terms, the investment terms, the various types
of investments. And it will do it through the lens
(25:27):
of worldview. And I think it will be helpful to
give you some language and some understanding investment options. And
then when you sit down with the investment advisor for
the second visit. Hopefully you'll have a lot more working
knowledge of the various options so that when he or
she describes how they would recommend you invest based on
(25:48):
your goals and objectives, hopefully you'll understand some of the
terms they're using because you've spent some time reading through
the handbook, so you stay on the line. Mary, we're
going to get your information and we'll put the Sound
Mind Investing handbook in the mail to you. And it's
just our gift to you for being a faithful listener.
Thanks for your call today. Let's go to Lake. Lake County, Illinois. Hi, Carla.
(26:09):
Go ahead.
S10 (26:11):
Yes. Hi. Good afternoon. So my concern is a property
that I inherited from my dad. And the problem is,
for one, um, I don't want to say that I
have a high credit score, and I don't want it
to affect the home because it's different. And I think
(26:35):
he left it for me to pass down to the
next generation. And so I don't want to put it
in my name because I don't want to, um, jeopardize it. Um.
I had insurance on it through him. He'd been with
(26:56):
his insurance company for since he was 18 years old.
He had a claim, um, while he was sick, which
stopped us from having to do to do any more
work because he was sick. He was in the hospital,
so we stopped all the work with the contractor. Once
the contractor found out, my dad was dead, um, he
(27:16):
kept the 10,500. Wouldn't give an itemized bill. So we
lost that. So then I had to try and come
up with the money to finish the repairs on my own.
But we got them done. We had, uh, once I
got all the repairs done, the furnace went out. So
we filed a claim on that and the, um, exhaust, um,
(27:38):
sewer exhaust fell in because the house is old. It's
only maybe 160, $70,000 home. Um, but I put in
the hardwood floors and did all the work. Got it. Nice.
You know, you name it, I've done it. Um, took
a year, but when it was time for them to renew,
I guess because there were three insurance claims on it,
(28:01):
they refused to renew or they didn't give the offer
to renew. And now I'm inherited a home that, um.
And I have the will that says it belongs to me, but, um,
no insurance, which is worse than putting it in my
name because there's no insurance on it if something happens
(28:23):
to it.
S1 (28:24):
Yeah. Now, why so you to use or was left
to you, plus others?
S10 (28:30):
No, it was left to me solely. Everything he owned,
he left to me. The cars, the home, the jewels.
S9 (28:37):
The fur.
S1 (28:38):
Why is it that you don't want to put your
name on the deed?
S10 (28:42):
Because. Okay. Because I have an old student loan, which I'm.
By being a service worker. They were supposed to exempt
me from that after ten years. Well, just my luck.
After working for the state for seven, seven years, uh,
we were in a trucking accident where my spouse was killed,
and I survived and had severe injuries, which stopped me
(29:07):
from being able to work. So I lose the exemption for, um,
the repayment on the loan. Um, I want to say
the credit score couldn't could not be more than six, six, six, 600.
And to make matters even worse, uh, now I'm on
disability and I don't want it to affect that because
(29:28):
the mortgage that I'm paying for, for my own house
is like 24, For and I'm only getting 14, so
I'm already short coming through the door. But God has
been good. Hallelujah! Glory to God. And I, I tell you,
he gave me this home. And I share this home
with people who need it. They need somewhere to lay
their head, I share it, I have no problem with it.
(29:51):
It's beautiful inside and out. It's my dream. This was
my dream home.
S9 (29:56):
Yeah. Um. But. Well, here, here's the thing.
S1 (29:58):
Let me let me give you some thoughts, and then
we can talk a bit more off the air. I mean,
first of all, you know, if the home isn't in
your name, then you may not have the legal right
or authority to insure it. Now, keep in mind, federal
student loans don't come after inherited property unless you default
in a court gets involved. But owning the home gives
(30:19):
you the right to shop for insurance, and there are
surplus line and high risk insurers that will cover this
with an independent agent. So hang on the line. We'll
talk a bit more after this break. We'll be right back.
Great to have you with us today on Faith and
(30:40):
finance live. I'm Rob West. We're taking your calls and
questions today. 800 525 7000. Before the break, we were
talking to Carla in Lake County. She's got a little
bit of a complicated situation. Uh, she inherited a home
from her father who has passed away. Uh, while he
was living in very ill. There was a pipe that burst.
(31:00):
His home was insured at the time with property insurance.
They started the claim. The claim paid out. The contractor
got the money. He learned of her father's death during this.
Kept the money. She has since made the repairs and
and then some has got the home which is older,
back into a very nice place. Right now. It's, um,
(31:20):
you know, she's done quite a bit in the way
of renovations. Um, she believe her? Believes her father gave
her the home to pass down to future generations, but
she's not wanting to put her name on it because
she's had some financial challenges of her own, and she
doesn't want to do anything that would jeopardize the home
now or in the future. Did I get that correct, Carla?
S10 (31:41):
Yes you did.
S1 (31:43):
Okay. So, you know, I think the key is, I mean,
you are the steward of this asset, and one of
the ways we steward assets well is by insuring them,
because we know there's a risk that may exceed our
ability to keep this property in good working order, and
that could include a complete loss. And really, the only
way to offset that is through insurance. Um, the challenge is,
(32:06):
as I said before, the break is, you know, you're
not going to be able to get insurance on this
property until you take title to it. And so I
think you're going to have to try to, you know,
satisfy yourself with regard to, you know, are you, in fact,
putting this home at risk because of some of the
challenges you've had? Uh, as I mentioned, federal student loans,
(32:29):
you know, don't come after inherited property unless a court
gets involved. But even then, there's all kinds of remedies
there for federal student loans. And so, you know, I
think your ownership of this property is going to be
key to you going out and working with if it
takes a specialty insurance agent to get even basic coverage
(32:50):
in place. Now, you may find that because you're now
a new owner and you've got this home in good
working order and you're kind of starting fresh, you may
find that, you know, you have, uh, it's a little
easier than you might expect to get somebody to cover it,
especially if you're willing to pay for it. Um, but
I think it all starts with you taking title to
(33:11):
this home. So you have the legal authority to be
the one to insure it. And if you're not comfortable
doing that right now, I think the next step is
for you to work through, you know, understanding what actual
liability are you taking on by putting this in your name?
Because if you can get comfortable with that, then I
think that's the the key to you being able to
(33:32):
get this insured, which I agree is very important as
soon as possible.
S10 (33:38):
What about the trust? I've had people suggest a trust
that protects the home and doesn't, um, uh, actually affect your, um, income.
S1 (33:52):
Yeah. Um, so, yeah. So you're talking about what affect
your income? In what way?
S10 (34:00):
Because, you know, when you're. Okay, so I'm disabled and
I don't want them to say, oh, well, you have
this home here. Um, you don't qualify, you know, financially
because you have this home. I don't want them to
do that.
S9 (34:19):
Yeah.
S10 (34:20):
I don't want to lose that. You see what I mean?
I mean, I really have a problem. I mean, it's
a blessing and a curse at the same time.
S9 (34:27):
Yeah, yeah.
S1 (34:28):
Um, you know, first of all, you would need, um,
a special needs trust. Uh, you know, if you would
qualify for it, you could also get a Medicare asset
protection trust, you know, down to, you know, um, having
I think, uh, you know, you need to go visit
with an estate attorney who could help you work through
(34:49):
all of this to determine, you know, whether or not
any assets may disqualify you from government assistance. And then
even beyond that, um, you know, heck, the home, uh,
from being counted for public assistance and then ultimately being
able to transfer the property, you know, to heirs without, um,
(35:09):
you know, Medicaid, uh, coming back and trying to reclaim
anything that was paid out, which might require the sale
of the home. So I think the next step for
you is to get some legal counsel and really a
either a Medicare or Medicaid attorney or an elder care
attorney would be the one that would be most familiar
with the types of trusts that are available, and could
(35:32):
look at your specific situation and give you some legal advice.
I think that's where you need to go from here.
S10 (35:37):
Yeah. I mean, I love my my brother in 2020,
my spouse in 2022, my dad in 2023. And it
took me a year, um, because I'm on a fixed
income to get all the work done that was needed
on a childhood home, you know, in 2024. And so now,
(35:59):
now there's, you know, I need insurance.
S9 (36:04):
Yeah.
S1 (36:04):
Well, the next step is really for you to get
this sorted out so you can have some peace of
mind that you're able to honor your wishes as the steward,
inheriting this from your father, given the the medical and
financial challenges you have. And there are going to be
some solutions there. But you need to make sure you
get that from a competent attorney who can help you
navigate all this. Thank you so much for calling today, Carla.
(36:27):
All the best to you. We'll be praying for you
as as you navigate this in the days ahead. Uh,
let's go to Chicago. Jessica, how can I help?
S11 (36:35):
Hi, Rob. Thank you for taking my call. I have
a question. I have two sons that are currently in college.
One is a sophomore, the other one's a senior. In
the past, I was able to claim them as my dependents.
I received a 1098 from the universities. Wrote off the
portion of the tuition that I covered. However, in 2024,
(36:58):
they both had summer jobs, and the amount they made
apparently caused them to no longer be claimed as my dependents,
and therefore I couldn't write off any of their tuition expenses.
So I was wondering, is there any other tool I
can use mine open one now, or give them like
(37:19):
an inheritance, and they can use that to pay for
looking for some type of breaks if there are any.
S1 (37:28):
Yeah. Well, you know, what I would say is that, uh,
you know, even if you can't claim them as dependents.
And you're right, they it could be that they earn
too much income or provided more than half of their
own support, which would disqualify you from claiming them. But
even if you can't claim them, you can still wisely
(37:49):
help them if you have the ability to do so
with with their college expenses. Um, and so, you know,
in terms of a tax efficient way to do that,
I would say, you know, there really isn't anything that
would allow you to to get a deduction. Uh, the
money you put into a 529 is after tax dollars.
The tax benefit comes in the tax free growth, so
(38:13):
long as it's used for qualified educational expenses. The problem
is your proximity to them needing the funds is so close,
there really isn't enough in the way of a time horizon. Uh,
you know, for you to get any kind of growth
that would ultimately benefit them in terms of having more
to spend on college. But in terms of you getting
some sort of current tax benefit now by, you know,
(38:36):
helping them write those checks for college, unfortunately, apart from
you claiming them as a dependent, which to your point,
is no longer available to you, there really isn't a
way for you to channel those funds through any kind
of vehicle that offers you a tax break, um, in
the current tax code, unfortunately.
S11 (38:58):
Thank you. And how about like, I think we're allowed
to give, like, annual gifts to our children with that
help at all?
S1 (39:07):
Yeah. I mean, the only thing there is, it's just
it's not going to be taxable to them when they
receive the gift. And, um, you know, you if you
stay under 19,000 a year, you don't have to tell
the IRS about it, but you're not able to deduct
that gift in any way to an individual. You can
just give the gift without them having to pay any
tax on it. They're receiving it as a gift, and
(39:29):
you don't have to tell the IRS about it until
you go over 19,000. But that's not going to take any,
you know, tax liability off when you file your taxes
for this year.
S11 (39:39):
Got it. Thank you.
S9 (39:41):
Okay.
S1 (39:42):
I'm sorry Jessica I wish I had better news for you.
I know that can be discouraging, but I'm confident your
boys are grateful for anything you're doing to help them
along the way. We appreciate your call today. Let's finish
in Kansas today. Bill. Go ahead.
S7 (39:55):
Hi.
S3 (39:56):
I'm 66 and eight months.
S12 (39:58):
I filed for Social Security, and I did turn down
the Medicaid part because my company furnishes me insurance. I'm
planning on working longer. I was told I need some
kind of supplemental Medicaid like part B something. Is there
any truth to that?
S1 (40:14):
Uh, yeah. So you're talking about Medicare, not Medicaid, probably, yeah.
But if you're still working full time and your employer
provides health insurance you don't need to file for Medicare
right now, which if you don't and you you know,
if it was required and you didn't do it, you'd
have a penalty. Uh, but because you have an employer
(40:34):
providing that health coverage, um, and they have your employer
has 20 or more employees, the insurance is generally considered creditable.
And that then allows you to delay enrolling in Medicare
Part B, and then you'll get a special enrollment period
when you retire or lose coverage. And that's essentially eight
(40:57):
months to sign up without penalty. Now Medicare Part A,
you can still enroll in part A for free even
while you're working. Um, and so, uh, you know, I
would go ahead and take advantage of that right now,
but part B, which is where you would have a cost,
you can delay that until you don't any longer have
(41:20):
creditable coverage.
S12 (41:22):
Thank you. That helps a lot. You have a great day.
S1 (41:25):
All right. You're welcome. Thanks, Bill. We appreciate your call today. Uh,
thanks for being on the program. Well, folks, uh, we're
right here at the end of today's broadcast, but let
me just say a big thanks to my team today.
I certainly can't do this without their amazing support, including, uh,
Moody Radio, which we're grateful to be a part of.
The Moody Radio family. Faith is a partnership between Faith
(41:46):
Fi and Moody Radio, helping us, serving us well. Today
here on the broadcast to Hera, Omar, Rihanna, Taylor and
everybody here at Faith. Fi, let me just remind you,
if you'd like to, uh, be a faith fi partner,
we'd certainly be grateful. As a listener supported ministry. We
can't do this without you. Just head to Faith fi
com and click give at the top of the page.
(42:06):
That's faith. Com partners support us at $35 or more,
and we send you wonderful resources to encourage you, our
magazine Faithful steward and all of our studies and devotionals. Hey,
come back and join us tomorrow. We'll see you then.
Bye bye.
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